Juan Jose Munoz's questions to ECOPETROL (EC) leadership • Q2 2025
Question
Juan Jose Munoz of BTG Pactual inquired about the expected cash and EBITDA breakeven price for the upstream business amid lower Brent prices. He also asked whether the decade-low gas production was a result of natural field decline or reduced exploration efforts.
Answer
CFO Camilo Barco Muñoz stated the group's net profit breakeven is approximately $50 per barrel, noting that 99% of fields are profitable below this level. President Ricardo Roa Barragán and Acting VP of Hydrocarbons Juan Carlos Ortado explained that while natural decline is a factor in gas production, it's also impacted by reduced internal consumption and is being mitigated by new projects and exploration.