ECOPETROL (EC) Company Report

Analyst Coverage

Research analysts who have asked questions during ECOPETROL earnings calls.

Andres Duarte

Corficolombiana

3 questions for EC

Daniel Guardiola

BTG Pactual

2 questions for EC

Also covers: GPRK, VIST, YPF

Guilherme Costa Martins

Goldman Sachs

2 questions for EC

Also covers: CSAN

João Barichello

UBS

2 questions for EC

Luisa Belin

Morgan Stanley

2 questions for EC

Also covers: YPF

Nicholas Barros

Bank of America

2 questions for EC

Ricardo Sandoval

Bancolombia

2 questions for EC

Alejandro Andrade

JPMorgan Chase & Co.

1 question for EC

Andres Cardona

Citigroup Inc.

1 question for EC

Also covers: CAAP, LOMA, VIST +1 more

Anne Milne

Bank of America Merrill Lynch

1 question for EC

Also covers: BAK, CX, GPRK +1 more

Bruno Montanari

Morgan Stanley

1 question for EC

Also covers: BAK, CSAN, PBR +4 more

Catherine Ortiz

Davivienda

1 question for EC

Deal

Strutgers

1 question for EC

Hernán Poicocha

Finance

1 question for EC

José Ortiz

Bancolombia

1 question for EC

Juan Jose Munoz

BTG Pactual

1 question for EC

Also covers: GPRK, VIST, YPF

Juan Pablo Ramírez

Banco da Vivienda

1 question for EC

Mason Bocanegra

Roblet

1 question for EC

Pablo Gonzalez

Energy News

1 question for EC

Latest news

Recent press releases and 8-K filings for EC.

Ecopetrol Assumes Full Ownership of Southern Caribbean Offshore Blocks

New Projects/Investments

Ecopetrol S.A. has assumed 100% interest and operatorship in the COL 5, Purple Angel, and Fuerte Sur offshore blocks in the Southern Caribbean, following the formal transfer of Shell EP Offshore Venture's 50% interest.
The company will continue developing these projects, which include discoveries such as Kronos-1, Purple Angel, Gorgon-1, Gorgon-2 ST2, and Glaucus-1, with a focus on onshore gas evacuation and connection to the national transportation system.
Ecopetrol plans to evaluate whether to retain full interest or seek a strategic partner to provide expertise and financial support for these projects.

Dec 29, 2025, 11:22 AM

6-K

Ecopetrol's Global Rating Downgraded by Fitch Ratings

Fitch Ratings downgraded Ecopetrol's global rating from BB+ to BB with a Stable Outlook.
This downgrade, announced on December 22, 2025, aligns with the adjustment of Colombia's sovereign rating to BB with a Stable Outlook on December 16, 2025, reflecting the strong link between Ecopetrol and the country.
Fitch Ratings maintained Ecopetrol's Standalone Credit Profile (SACP) at 'bbb-', which is within investment grade, highlighting the company's strategic importance as Colombia's leading hydrocarbon producer.

Dec 22, 2025, 11:24 PM

6-K

Ecopetrol negotiates acquisition of solar photovoltaic projects

M&A

New Projects/Investments

Ecopetrol S.A. successfully concluded negotiations on November 28, 2025, for the potential acquisition of seven companies from Grenergy Renovables S.A. in Colombia.
These companies own solar photovoltaic projects with an estimated total generation capacity of up to 88.2 MWp.
The acquisition is intended to advance Ecopetrol's decarbonization and energy transition goals, contributing to its target of 900 MW of self-generated renewable energy.

Nov 29, 2025, 1:31 AM

Press Release

Ecopetrol Group Announces 2026 Annual Investment Plan

New Projects/Investments

Guidance Update

Ecopetrol S.A.'s Board of Directors has approved the Ecopetrol Group's Annual Investment Plan for 2026, with an amount ranging between COP 22 and 27 trillion.
Approximately COP 17.2 trillion (about 70%) of the budget is expected to be allocated to profitably produce between 730 and 740 thousand barrels of oil equivalent per day, maintain an average refinery throughput of 410 to 420 thousand barrels per day, and transport between 1,110 and 1,120 thousand barrels per day.
Around COP 7.1 trillion (approximately 30%) is expected to be invested in Energy Transition and Power Transmission projects, as well as roads and other corporate investments.
The 2026 Annual Investment Plan considers an estimated Brent price of US$60 per barrel and an average annual exchange rate close to COP 4,050, targeting an approximate EBITDA margin of 40% and estimated transfers to the Nation of COP 28 trillion.
Interconexión Eléctrica S.A. E.S.P. (ISA), an Ecopetrol subsidiary, is expected to invest between COP 6.2 and 6.8 trillion in 2026, with roughly 80% allocated to the electric transmission business.

Nov 28, 2025, 1:47 PM

Press Release

Ecopetrol Group Approves 2026 Annual Investment Plan

New Projects/Investments

Guidance Update

Ecopetrol Group's Board of Directors has approved the 2026 Annual Investment Plan, with an investment range of COP 22 to 27 trillion.
Approximately 70% of the budget (COP 17.2 trillion) is allocated to the hydrocarbons line, targeting production of 730-740 thousand barrels of oil equivalent per day, refinery throughput of 410-420 thousand barrels per day, and transported volumes of 1,110-1,120 thousand barrels per day.
Around 30% of the budget (COP 7.1 trillion) is designated for Energy Transition and Power Transmission projects, including an investment of COP 6.2 to 6.8 trillion by subsidiary ISA.
The plan is based on an estimated Brent price of US$60 per barrel and an average annual exchange rate of COP 4,050, with an expected EBITDA margin of 40%.

Nov 28, 2025, 11:16 AM

6-K

Ecopetrol Reports Strong Q3 2025 Financial and Operational Performance

Earnings

Guidance Update

New Projects/Investments

Ecopetrol reported strong Q3 2025 financial results with an EBITDA of $12.3 TCOP and an EBITDA Margin of 41%, alongside Net Income of $2.6 TCOP.
Operationally, the company exceeded its 2025 production target with 751 mboed in upstream production for Q3 2025 and met its exploration target by drilling 10 wells.
For the first nine months of 2025, Ecopetrol achieved 4.1 TCOP in efficiencies, surpassing the period's target by 40%, and disbursed 4,179 MUSD in CapEx, representing 72% of the annual target.
The company also demonstrated financial resilience through the early repayment of $1,200 MUSD in short-term debt and advanced its energy transition with 234 MW of Non-Conventional Renewable Energy (NCRE) capacity in operation.

Nov 14, 2025, 2:00 PM

Presentation

Ecopetrol Reports Strong Q3 2025 Financial and Operational Performance

Earnings

Guidance Update

New Projects/Investments

Ecopetrol Group reported a strong Q3 2025 with an 11% increase in EBITDA to COP 12.3 trillion and a 41% margin, alongside a 42% growth in net income to COP 2.6 trillion. Cumulative EBITDA for the first nine months of 2025 reached COP 36.7 trillion.
Operational performance remained robust, with average production for the last nine months at 751,000 barrels per day, placing the company near the top of its annual guidance range. Transportation throughput averaged 1,098,000 barrels per day as of September, and refining operations rebounded to 413,000 barrels per day over the nine-month period.
The company demonstrated strong cost efficiency, with its efficiency program contributing COP 4.1 trillion by the end of Q3, 40% above target. Lifting costs were reduced to $11.8 per barrel as of September 2025, $0.44 lower than 2024, with a commitment to keep it below $12 per barrel in 2026.
Strategic investments included $4,179 million in cumulative CapEx, representing 72% of the annual plan, with 62% allocated to hydrocarbons. Ecopetrol also advanced its energy transition efforts by increasing renewable self-generation capacity to 234 megawatts and announcing the commercialization of natural gas from the offshore Sirius field.
Financially, the group maintained a healthy cash position of COP 14.1 trillion at the end of September. The gross debt-to-EBITDA ratio stood at 2.4 times (1.7 times excluding ISA's debt), and Fitch Ratings reaffirmed its credit rating at BB+ (global) and BBB- (standalone).

Nov 14, 2025, 2:00 PM

Transcript

Ecopetrol Group Reports Strong Q3 2025 Financials and Operational Performance

Earnings

Guidance Update

New Projects/Investments

The Ecopetrol Group reported a strong third quarter of 2025, with EBITDA reaching COP 12.3 trillion (an 11% increase compared to the previous quarter) and a 41% EBITDA margin. Net income grew 42% quarter-over-quarter to COP 2.6 trillion. Cumulative EBITDA for the first nine months of 2025 was COP 36.7 trillion.
Operational performance remained robust, with average production for the nine-month period at 751,000 barrels per day, placing the company near the top of its annual guidance range. Refining operations rebounded to 413,000 barrels per day over the same period.
The company maintained financial discipline, with cumulative CapEx reaching $4,179 million as of September 2025, representing 72% of the annual plan. Ecopetrol's cash position stood at COP 14.1 trillion at the end of September , and its gross debt-to-EBITDA ratio was 2.4 times.
Ecopetrol affirmed its strategic direction, stating that it is not interested in divesting its Permian asset. The company is also advancing energy transition projects, including the energization of the Laiguana Solar Project, which increased total operational renewable self-generation capacity to 234 megawatts.

Nov 14, 2025, 2:00 PM

Transcript

Ecopetrol Reports Strong Q3 2025 Financial and Operational Results

Earnings

Guidance Update

New Projects/Investments

Ecopetrol reported a strong Q3 2025, with EBITDA increasing 11% and net income growing 42% compared to the previous quarter, reaching COP 12.3 trillion and COP 2.6 trillion respectively. Year-to-date September 2025, cumulative EBITDA reached COP 36.7 trillion.
Operational performance remained robust, with average production at 751,000 barrels per day for the first nine months, near the top of annual guidance. Refining operations rebounded strongly, reaching 413,000 barrels per day over the nine-month period, and consolidated throughput hit 429,000 barrels of oil per day in Q3, the second highest quarterly level in the segment's history.
The company demonstrated strong financial discipline and efficiency, achieving COP 4.1 trillion in efficiencies this year, 40% above its target. Lifting costs were reduced to $11.8 per barrel as of September 2025, a $0.44 reduction compared to 2024.
Ecopetrol maintained healthy liquidity with a cash position of COP 14.1 trillion at the end of September 2025. The gross debt-to-EBITDA ratio stood at 2.4 times (or 1.7 times excluding ISA's debt), and Fitch Ratings reaffirmed its credit rating at BB+ (global) and BBB- (standalone).
Year-to-date investment reached nearly $4.2 billion (or COP 4,179 million), representing 72% of the annual target and supporting strategic projects including energy transition initiatives like the CORAN hydrogen project, which is 55% complete.

Nov 14, 2025, 2:00 PM

Transcript

Ecopetrol Group Reports Third Quarter 2025 Financial Results

Earnings

New Projects/Investments

Demand Weakening

Ecopetrol Group reported revenues of COP 29.8 trillion, EBITDA of COP 12.3 trillion, and net income attributable to owners of Ecopetrol of COP 2,563 billion for the third quarter of 2025. These figures represent a 13.8% decrease in revenues and a 29.8% decrease in net income attributable to owners of Ecopetrol compared to 3Q 2024.
For the first nine months of 2025, revenues totaled COP 90.9 trillion, EBITDA was COP 36.7 trillion, and net income attributable to owners of Ecopetrol reached COP 7,502 billion.
The company's installed renewable energy capacity reached 234 MW by the end of 3Q 2025, marking a 77% increase compared to 3Q 2024.
Total investments in 3Q 2025 included USD 2,582 million in hydrocarbons, USD 529 million in Energy for Transition, and USD 1,068 million in Transmission and Toll Roads.