Andres Cardona's questions to ECOPETROL (EC) leadership • Q2 2025
Question
Andres Cardona from Citigroup Inc. asked if management still considers the Permian assets strategic, expressed concern about declining oil production in Colombia (excluding CPO-9), and questioned the priority between dividends and inorganic expansion amid M&A appetite.
Answer
President Ricardo Roa Barragán affirmed the Permian assets remain strategic for reserves and profitability. Acting VP of Hydrocarbons Juan Carlos Ortado countered the production concern, noting that Colombian crude output actually increased semester-over-semester. Julian Lemos, VP of New Businesses, and CFO Camilo Barco Muñoz clarified that capital allocation balances portfolio optimization with a disciplined dividend policy (40-60% payout).