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Ricardo Sandoval

Research Analyst at Bancolombia

Ricardo Andres Sandoval Carrera is a Research Analyst at Bancolombia, specializing in financial analysis and investment strategy across multiple industries within Colombia. His research supports investment decisions for key client portfolios, though specific company coverage and performance metrics are not publicly available. Sandoval’s career has focused on research analysis at Bancolombia, where he continues to apply his expertise, but there is no record of prior roles at other financial institutions. Professional credentials or securities licenses such as FINRA registration have not been disclosed.

Ricardo Sandoval's questions to ECOPETROL (EC) leadership

Question · Q3 2025

Ricardo Sandoval asked about the process with the DIAN, specifically if a potential embargo would trigger a bond default, whether bond prospects contain relevant clauses, and the anticipated effects of such an embargo.

Answer

CFO Camilo Barco clarified that the DIAN officially discarded any embargo related to the VAT controversy. He stated that Ecopetrol and Reficar have taken all necessary measures, including tutelas and requests for anticipated intervention from control agencies, to protect their rights and avoid any measure that could affect normal operations. Barco emphasized Ecopetrol's consistent fulfillment of financial obligations and its preparedness with cash flow projections for any contingencies, though he expressed confidence that an embargo would not proceed.

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Question · Q2 2025

Ricardo Sandoval from Bancolombia questioned the outlook for the EBITDA margin, asking if 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 year-end reserves report.

Answer

CFO Camilo Barco Muñoz attributed the margin pressure to lower prices and a one-off adjustment, stating that significant efficiency efforts are underway to compensate. Acting VP of Hydrocarbons Juan Carlos Ortado confirmed the Orca project is on track to be incorporated into reserves at year-end, while the Lorito discovery's inclusion is contingent on receiving necessary licenses in Q4.

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