Alejandro Andrade's questions to Ecopetrol SA (EC) leadership • Q2 2025
Question
Alejandro Andrade from JPMorgan Chase & Co. asked for an explanation of the tax reimbursement seen in the Q2 cash flow. He also questioned how the company plans to manage acquisitions, investments, and dividends given that consolidated leverage is near its ceiling.
Answer
CFO Camilo Barco explained the Q2 cash flow included a COP 2.2 trillion tax compensation, part of a total expected recovery of COP 6.7 trillion for the year. Regarding leverage, he stated that organic investments are covered by operational cash flow without new debt. Inorganic investments, like CPO-9, are covered by authorized financing, and future renewable projects may use project finance structures. He emphasized that the net debt to EBITDA ratio of 2.2x (1.6x excluding ISA) is well within a healthy range, providing flexibility.