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Nicholas Barros

Vice President and Equity Research Analyst at Bank of America

Nicholas Barros is a Vice President and Equity Research Analyst at Bank of America, focusing on the Latin American financials sector and providing in-depth analysis of major banks across Brazil, Mexico, and other key regional markets. He covers leading companies such as Itaú Unibanco, Banco Bradesco, Banco do Brasil, Grupo Financiero Banorte, and Grupo Financiero Inbursa, regularly delivering investment recommendations that are closely followed by institutional investors. Barros began his career in finance after earning his degree from a top university, held roles at Credit Suisse and other firms, and joined Bank of America in 2017, steadily advancing to his current position. He holds FINRA Series 7, 63, and 86/87 licenses, and is recognized for his thorough coverage, having been ranked among the top stock pickers for Latin American banks by independent research evaluators.

Nicholas Barros's questions to ECOPETROL (EC) leadership

Question · Q3 2025

Nicholas Barros asked about the Permian joint venture, specifically whether the contract with JB (Oxy) that began in June would be extended, and if not, how Ecopetrol would continue working with the asset. He also questioned how Ecopetrol views CapEx reduction in light of oil price volatility.

Answer

Corporate VP of Hydrocarbons Rafael Guzmán explained that the current JV with Oxy extends until mid-next year, with ongoing discussions about extension or continuing under a Joint Operating Agreement (JOA). He stated that Ecopetrol aims to maintain Permian production close to 90,000 barrels per day for next year, with investment levels currently under review. He reiterated that the decision on JV extension or JOA will influence future investment strategies.

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Question · Q3 2025

Nicholas Barros asked about the future of the Permian joint venture with Oxy after mid-next year, specifically if an extension, a JOA, or other options were being considered. He also inquired about the expected production and investment levels for Permian next year.

Answer

Rafael Guzmán, Corporate VP of Hydrocarbons, explained that the JV with Oxy runs until mid-next year with predetermined investment, and Ecopetrol is studying whether to extend the JV or continue under a JOA, to be proposed to Oxy. He stated that Permian production for next year is expected to be close to 90,000 bpd, similar to this year, and investment levels are currently being worked on, with the interest being to maintain production in the assets.

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