Ecopetrol Sa Stock Earnings Reports

Ecopetrol reported solid first-quarter 2026 operational and financial results despite a volatile geopolitical environment. Key operational highlights: production of 725,000 boe/d (guidance 730–740k for 2026), domestic crude 527,000 bpd, successful Copoazú-1 offshore gas discovery, farm‑in agreements with Parex and Gran Tierra to mature Magdalena Medio assets, transportation volumes ~1.12 million bpd, and consolidated refinery throughput of 417,000 bpd with refining margin of $17.3/boe (up ~60% YoY). Financial highlights: Group revenues COP 28.6 trillion, EBITDA COP 13.5 trillion (47% margin), net income COP 2.9 trillion, cash ~COP 14 trillion, free cash flow ~COP 4 trillion, FEPC balance COP 4.2 trillion. CapEx YTD ~$1.4 billion (full-year guidance $5.4–6.7 billion; execution trending toward the high end) with 64% to hydrocarbons and 8% to energy transition. Balance-sheet/financing: gross debt/EBITDA ~2.3x (1.6x excl. ISA), recent $1.25bn liability-management transaction improved cost of debt; management expects no incremental debt to fund organic CapEx at Ecopetrol S.A. Strategic items: announced proposed acquisition of ~26% of Brava Energia with a volunteered tender offer to reach up to 51% (closing subject to tender offer success and approvals); if 51% cannot be reached, Ecopetrol says it will not proceed as a partner. Gas and energy transition: advancing regasification/import solutions (Caribbean and Pacific) and commercialization initiatives (Puerto Bahía) to deliver between ~126 and 370 MMcf/day of imported gas; renewable self-generation buildout and efficiency measures progressing (target ~1,298 MW total capacity in 2026). Risks and sensitivities: FX appreciation pressured reported results; company is using a base case Brent range ~$83/ bbl (management mentions planning scenarios $83–$93). Management provided sensitivity guidance: ~COP 1.6 trillion EBITDA impact per COP 100 exchange-rate move, and material sensitivity to Brent movements.