Ricardo Sandoval's questions to Ecopetrol SA (EC) leadership • Q2 2025
Question
Ricardo Sandoval of Bancolombia questioned the drop in the EBITDA margin and whether a more profitable second half was expected to meet the 39% annual guidance. He also sought clarification on whether the Lorito and Orca discoveries would impact the 2025 reserves report and if they would be classified as contingent or proved reserves.
Answer
CFO Camilo Barco acknowledged the margin pressure from lower prices, operational disruptions, and a one-off regulatory adjustment in Brazil (RBSE). He stated the company is accelerating efficiency efforts to compensate and reach historical margin levels. Acting VP of Hydrocarbons Juan Carlos Ortado explained that the Orca (Gato do Mato) project's commercial approval allows for its progression to reserves. The Lorito project's development plan is underway, with license applications expected in Q4, and its progression to reserves depends on those approvals.