Statement by Ecopetrol's Board of Directors Accessibility StatementSkip Navigation BOGOTA, Colombia, March 25, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that its Board of Directors concluded a meeting on March 24, 2026, during which, among other matters, the following issues were discussed: After a thorough and diligent review of these matters, the Board of Directors states the following: Ecopetrol's Board of Directors remains fully committed to safeguarding the interests of t ...

Ecopetrol S.A. (NYSE:EC) is included among the 13 Oil Stocks with Highest Dividends. Ecopetrol (EC) Price Target Raised to $13 Amid the Soaring Oil Prices With a workforce of over 18,000, Ecopetrol S.A. (NYSE:EC) is among the largest companies in Colombia and one of the leading integrated energy groups on the American continent. On March 12, HSBC analyst Lilyanna Yang increased the firm’s price target on Ecopetrol S.A. (NYSE:EC) from $10 to $13, while maintaining a ‘Hold’ rating on the shares. The revis ...

CALGARY, Alberta, March 17, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce that it has signed a contract (collectively, “the Contract”) whereby the Company is expected to earn, subject to regulatory approvals and other conditions precedent, a 49 percent working interest (“WI”) in the Tisquirama block located in the Middle Magdalena Valley Basin of Colombia (“the Block”) which contains the Tisquirama and San Roque ...

Core Insights - Ecopetrol achieved its 2025 operational and financial goals despite a 15% decline in crude prices, maintaining stable production and transportation volumes, and recording efficiency gains [4][6] - The company reported its second-highest net profit in history, with a net income of COP 9 trillion and an EBITDA of COP 46.7 trillion for 2025 [5][17] - Ecopetrol's investment plan for 2026 is projected between $5.4 billion and $6.7 billion, targeting production of 730,000 to 740,000 barrels of oil equivalent per day [23] Financial Performance - The company maintained an EBITDA margin aligned with a 39% annual target, with the exploration and production segment contributing approximately 51% of EBITDA [17] - Net income decreased due to market factors, including a drop in Brent prices from $80 in 2024 to $68 in 2025, and external disruptions [18] - Liquidity at year-end included consolidated cash of COP 12.7 trillion and free cash flow of COP 11 trillion, supported by early collections and working capital optimization [20] Production and Operations - Average production reached 745,000 barrels per day, with transportation volumes exceeding 1.1 million barrels per day and refining throughput at 417,000 barrels per day [3][6] - The company achieved a reserves replacement ratio of 121%, the highest in four years, and added significant reserves through enhanced recovery [3][7] - In upstream activities, Ecopetrol drilled 16 wells, achieving a 44% exploration success rate [3][8] Commercial Strategy - Improved crude differentials were noted, with a $4.6-per-barrel differential for 2025, an increase of $2 from 2024 [2] - The company mitigated freight exposure through fixed-rate vessel contracts and is exploring similar options for Asian routes [1] Energy Transition and ESG Initiatives - Ecopetrol reached nearly 951 MW of renewable capacity by the end of 2025, exceeding its target, and made significant progress in reducing CO₂ emissions [15][16] - The company marketed long-term natural gas volumes and signed contracts covering 76% of demand for 2026 [14] Future Outlook - The company aims to maintain a net income breakeven close to $47 per barrel and targets COP 5.7 trillion in efficiencies for 2026 [23] - Management plans to drill 38 to 40 wells in the Permian-related program, with activity contingent on market prices [12]

Core Viewpoint - Ecopetrol SA is currently a stock to watch due to its aggressive expansion initiatives aimed at capitalizing on rising global oil prices, resulting in an 8.80% increase in stock price to $12.61 [1]. Group 1: Financial Performance - Ecopetrol's net income decreased by 39% to 9.03 trillion Colombian pesos in 2024 from 14.9 trillion Colombian pesos in 2023, with total sales dropping by 10.2% to 119.7 trillion Colombian pesos from 133.3 trillion Colombian pesos year-on-year [5]. - The company announced a dividend distribution of 110 Colombian pesos per share, representing a payout of 50.1% of its 2025 net income, payable by April 30, 2026 [4]. Group 2: Strategic Initiatives - The CEO, Ricardo Roa, indicated that the company would reassess its investment plan in April if oil prices continue to rise [1]. - Ecopetrol is exploring partnerships with Venezuela to leverage its crude oil resources, following the U.S. control of Venezuelan oil after the capture of President Nicolas Maduro [3]. Group 3: Growth Opportunities - CFO Camilo Barco mentioned that the company may consider taking on additional debt to pursue inorganic growth opportunities, including acquisitions or asset purchases [4].

Core Viewpoint - Ecopetrol may increase capital spending and boost oil output in response to elevated oil prices driven by geopolitical tensions in the Middle East, particularly following U.S.-Israel strikes on Iran and disruptions in the Persian Gulf [1][2]. Group 1: Capital Expenditures and Production Plans - Ecopetrol has budgeted between $5.4 billion and $6.7 billion for capital expenditures in 2023, with approximately 57% allocated to exploration and production [2]. - The company is considering adjusting its capital expenditures to the higher end of its guidance if market conditions allow for increased investments and production [2]. - Ecopetrol's previous production forecast for 2023 indicated a slight decrease, with expected average output of 730,000 to 740,000 barrels of oil equivalent per day in 2026, down from 751,000 barrels per day in the first half of the previous year [3]. Group 2: Impact of Geopolitical Events - The ongoing Middle East conflict's impact on Ecopetrol's finances remains uncertain, as higher crude prices may be offset by increased shipping and transportation costs [4]. - Shipping costs have surged by approximately 150% to 160% due to the geopolitical turmoil, which could diminish the benefits of higher oil prices for the company [5].

Group 1 - Ecopetrol plans to review its investment strategy in April if oil prices continue to rise due to the U.S.-Israeli conflict with Iran [1] - The company anticipates investing closer to the upper limit of its 22 to 27 trillion peso range ($5.79-7.11 billion) as a result of increased crude prices [1] - Ecopetrol's CEO has requested the U.S. Treasury Department to lift restrictions on negotiations with Venezuela, indicating potential opportunities for resource exchanges [1] Group 2 - The company may consider taking on additional debt for inorganic growth opportunities, such as acquisitions, while maintaining a controlled leverage ratio [1] - Ecopetrol will distribute a dividend of 110 pesos per share on March 27, representing 50% of last year's profit [1] - Shares of Ecopetrol rose over 7% in early trading, reaching 2,340 pesos per share, with ADRs in New York also increasing by nearly 7% [1]

Core Insights - Ecopetrol S.A. has published its chapter for 2025 on social and environmental issues, including climate practices, policies, processes, and indicators [1] - The company is the largest in Colombia and a major integrated energy player in the Americas, responsible for over 60% of the country's hydrocarbon production [1] - Ecopetrol has expanded its operations through the acquisition of 51.4% of ISA's shares, enhancing its presence in energy transmission and other sectors [1] Company Overview - Ecopetrol employs more than 19,000 individuals and holds leading positions in petrochemicals and gas distribution [1] - The company is involved in drilling and exploration operations in the United States (Permian basin and Gulf of Mexico), Brazil, and Mexico [1] - Through ISA and its subsidiaries, Ecopetrol has significant roles in power transmission in Brazil, Chile, Peru, and Bolivia, as well as road concessions in Chile and telecommunications [1]

Financial Data and Key Metrics Changes - In 2025, the company achieved an EBITDA of COP 46.7 trillion, maintaining a stable EBITDA margin of 39% despite lower crude prices compared to 2024 [31] - Net income for the year totaled COP 9 trillion, close to the target established in the financial plan, despite a decline in Brent prices from $80 in 2024 to $68 per barrel in 2025 [36][39] - The company transferred COP 35 trillion to the nation in dividends, taxes, and royalties, reaffirming its role in national economic development [6] Business Line Data and Key Metrics Changes - Average production reached 745,000 barrels per day, with national crude production at 517,000 barrels, the highest level in the last five years [15] - The transportation segment achieved an EBITDA of COP 11 trillion and net income close to COP 5 trillion, marking one of the highest results in its history [18] - Refining throughput reached 417,000 barrels per day, with a gross refinement margin increasing by 32% compared to 2024 [19] Market Data and Key Metrics Changes - The company achieved the best crude differential in four years, closing 2025 at $4.6 per barrel, an improvement of $2 compared to 2024 [6] - The company marketed 100% of the Ceres gas in advance and signed gas sales contracts for an average of 326 GBTUde for 2026, covering 76% of demand [24][25] Company Strategy and Development Direction - The company aims to maintain a clear strategic focus on traditional business while advancing energy transition initiatives, including offshore projects and green hydrogen production [47] - The investment plan for 2026 ranges between $5.4 billion and $6.7 billion, with approximately 70% allocated to hydrocarbons and 30% to low-emission businesses [44][46] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of financial discipline and operational efficiency in navigating a challenging environment marked by lower crude prices and inflationary pressures [31][39] - The company expects to maintain a net income breakeven close to $47 per barrel in 2026, with a focus on optimizing financial costs and debt structure [46][72] Other Important Information - The company achieved a reserves replacement ratio of 121%, the highest in the last four years, driven by organic growth and operational optimization [7][8] - The efficiency program delivered historic results, accumulating more than COP 16 trillion over the past three years [5] Q&A Session Summary Question: Production fall in Termo and drilling intensity - Management explained that the production fall is related to the development plans and market prices, estimating 38-40 wells to be drilled in 2026 [51][53] Question: Dividend approval and cash flow impact - The dividend proposal of COP 110 per share is subject to the collection of fiscal balances, with discussions ongoing with the Ministry of Treasury to align payment timelines [55][56] Question: Tax and equity payments - The estimated equity tax payment is between COP 1 billion and COP 1.3 billion, with sufficient liquidity to manage these payments [64][65] Question: Changes in agreements with the National Hydrocarbons Agency - Management clarified that there were no changes in contracts, but a legal decision allowed for royalties to be paid in cash, which has been validated by the SEC [66][67] Question: Breakeven profits and tax impact - The breakeven is expected to be closer to $46 per barrel in 2026, with a tax component of $9-$10 per barrel contributing to the overall costs [72]

Financial Data and Key Metrics Changes - In 2025, the company achieved an EBITDA of COP 46.7 trillion, maintaining a stable EBITDA margin of 39% despite lower crude prices compared to 2024 [30][31] - Net income for the year totaled COP 9 trillion, close to the target established in the financial plan, despite a decline in Brent prices from $80 in 2024 to $68 per barrel in 2025 [34][36] - The company transferred COP 35 trillion to the nation in dividends, taxes, and royalties, reaffirming its role in national economic development [7] Business Line Data and Key Metrics Changes - Average production reached 745,000 barrels per day, with national crude production at 517,000 barrels, the highest level in five years [5][16] - The transportation segment achieved an EBITDA of COP 11 trillion and net income close to COP 5 trillion, marking one of the highest results in its history [19] - Refining throughput reached 417,000 barrels per day, with a gross refinement margin increasing by 32% compared to 2024, from $9.9 to $31 per barrel [20][21] Market Data and Key Metrics Changes - The company achieved the best crude differential in four years, closing 2025 at $4.6 per barrel, an improvement of $2 compared to 2024 [6] - The company marketed 100% of the Ceres gas in advance and signed gas sales contracts for an average of 326 GBTUde for 2026, covering 76% of demand [24][25] Company Strategy and Development Direction - The company aims to maintain a clear strategic focus on traditional business while advancing in energy transition projects, including green hydrogen production [45] - The investment plan for 2026 ranges between $5.4 billion and $6.7 billion, with approximately 70% allocated to hydrocarbons and 30% to low-emission businesses [42][44] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of financial discipline and operational efficiency in navigating a challenging environment marked by lower crude prices and inflation [30][31] - The company expects to maintain a net income breakeven close to $47 per barrel in 2026, with a focus on optimizing financial costs and debt structure [44] Other Important Information - The company achieved a reserves replacement ratio of 121%, the highest in the last four years, driven by organic growth and operational optimization [8][9] - The efficiency program delivered historic results, accumulating more than COP 16 trillion over the past three years [5] Q&A Session All Questions and Answers Question: Can you provide more details on the sequential fall of production and the total production of Permian and Delaware? - The company indicated that production levels depend on activity and prices, estimating to drill 38-40 wells in 2026 [50][52] Question: Is the dividend subject to the collection of fiscal and ISAPEC? - The dividend distribution is subject to the authority of the shareholders meeting, with a recommendation of COP 110 per share [54] Question: Can you provide guidance on the equity tax and liquidity for dividend payments? - The estimated equity tax payment is between COP 1 billion and COP 1.3 billion, with a strong cash position of COP 12.7 trillion supporting liquidity [63] Question: What changes were made in the agreements with the National Agency of Hydrocarbons? - There were no changes in contracts; however, a decision was made to change the royalty payment method from in-kind to cash, which has been validated by the SEC [65][66] Question: What is the expected breakeven profit for 2026? - The breakeven is expected to be closer to $46 per barrel, with a tax component of $9-$10 per barrel [70]