Investment Plan Overview - Ecopetrol has announced its annual investment plan for 2026, with a budget ranging from 22 trillion to 27 trillion pesos ($5.8 billion to $7.2 billion) [1] - The investment in exploration and production is projected to be 14 trillion pesos, with 89% allocated to crude oil and 11% to gas [1] Production Targets - The company aims for an organic production target of 730,000 to 740,000 barrels of oil equivalent per day (boepd), consisting of 80% crude oil, 15% gas, and 5% white products [1] - Crude oil output is expected to increase, compensating for declines in natural gas fields [2] Drilling and Exploration - Ecopetrol plans to drill between 380 and 430 development wells in 2026, with 95% located in Colombia and 5% in the US [2] - The company will also conduct eight to ten exploratory wells in Colombia, focusing on offshore regions and the Meta and Putumayo areas [2] Gas Investment - A total of 1.5 trillion pesos is allocated for gas investments, particularly in the Llanos Foothills and offshore zones to support Caribbean gas projects, aiming for production of approximately 105,000 to 110,000 boepd [3] Transport Infrastructure - The planned investment in transport infrastructure is 1.5 trillion pesos, representing 6% of the total budget, aimed at maintaining the integrity and reliability of assets managed by Cenit, Ocensa, ODC, and ODL [3] Refining Investments - Refining investments are expected to reach nearly 1.7 trillion pesos, accounting for 7% of the overall budget, to reduce product imports and enhance fuel quality [4] - Funds will be allocated to the Barrancabermeja and Cartagena refineries, with a projected combined throughput of 410,000 to 420,000 barrels per day (bpd) [4] Leadership Changes - Ecopetrol's Board of Directors has elected Ángela María Robledo Gómez as chairwoman and Álvaro Torres Macías as vice-chairman [5] - Guillermo García Realpe will resign from his position as an independent director effective December 12, 2025, for personal reasons [5]

Core Insights - Ecopetrol has successfully negotiated the potential acquisition of seven companies from Grenergy Renovables S.A. in Colombia, which are involved in solar photovoltaic projects with a total estimated renewable energy generation capacity of approximately 12.6 MWp per project [1][2]. Group 1: Acquisition Details - The acquisition involves companies located in the departments of Córdoba (3), Cesar (2), Magdalena (1), and Sucre (1) [1]. - The transaction is subject to certain conditions precedent and legal requirements before finalization [2][4]. Group 2: Strategic Goals - Upon completion, the acquisition will help Ecopetrol advance its decarbonization and energy transition goals, contributing to its target of 900 MW of self-generated renewable energy [3]. - These initiatives are aligned with Ecopetrol's 2040 Strategy, "Energy that Transforms," and aim to enhance the company's energy matrix while supporting low-emission energy generation for self-consumption [3]. Group 3: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy player in the Americas, responsible for over 60% of the country's hydrocarbon production [5]. - The company has significant operations in energy transmission, drilling, and exploration across various countries in the Americas, including the United States, Brazil, and Mexico [5].

Core Viewpoint - Ecopetrol S.A. plans to invest COP 22 trillion ($5.9 billion) and COP 27 trillion ($7.2 billion) for 2026, maintaining investment levels in line with projected 2025 year-end levels [1][2]. Investment Plan - The company expects to allocate approximately COP 17.2 trillion (about 70% of the total) for production, targeting an output of 730–740 thousand barrels of oil equivalent per day [3]. - An average refinery throughput of 410–420 thousand barrels per day is planned, along with transportation of 1,110–1,120 thousand barrels per day [3]. - Around COP 7.1 trillion (30% of the budget) is earmarked for Energy Transition and Power Transmission projects, roads, and other corporate initiatives [4]. Cost Management - Ecopetrol aims for a cost reduction strategy, targeting an EBITDA margin of approximately 40%, consistent with 2025 [5]. - Transfers to the nation are projected at about COP 28 trillion, with the Profitability and Efficiency Program expected to contribute around COP 5.7 trillion [5]. Business Line Investments - The company plans to invest COP 14 trillion in exploration and production, with 89% allocated for crude oil and 11% for gas, aiming for organic output of 730–740 thousand barrels of oil equivalent per day [6]. - Ecopetrol intends to drill 380–430 development wells (95% in Colombia, 5% in the U.S.) and eight–10 exploratory wells in Colombia [6]. Refining Investments - Projected refining investments are approximately COP 1.7 trillion (7%), with a throughput target of 410–420 thousand barrels per day [7]. Recent Financial Performance - In the third quarter, Ecopetrol reported sales of $7.46 billion, exceeding the estimate of $7.35 billion, with a net income of $700 million [8].

Corporate Governance - The board of directors of Ecopetrol S.A. elected Ángela María Robledo Gómez as Chairwoman and Álvaro Torres Macías as Vice Chairman during a meeting on November 27, 2025 [1] - Dr. Guillermo García Realpe intends to resign from his position as Independent Director for personal reasons, effective December 12, 2025 [2] - The company expressed gratitude to Dr. García Realpe for his leadership and contributions [3] Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [4] - The company is responsible for more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [4] - Ecopetrol has a 51.4% stake in ISA, participating in energy transmission and other infrastructure projects [4] - Internationally, Ecopetrol is involved in drilling and exploration in the U.S., Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [4]

Core Viewpoint - Ecopetrol Group has approved its Annual Investment Plan for 2026, with investments ranging from COP 22 to 27 trillion, maintaining investment levels compared to projected 2025 figures while adhering to capital discipline [1] Hydrocarbons Line - Investments in exploration and production are expected to reach COP 14 trillion, with 89% allocated to crude oil and 11% to gas, aiming for organic production levels of 730–740 thousand barrels of oil equivalent per day [2] - The plan includes drilling between 380 and 430 development wells, primarily in Colombia, and 8 to 10 exploratory wells, mainly offshore [3] - Gas investments are estimated at COP 1.5 trillion, focusing on the Llanos Foothills and offshore areas, contributing around 105–110 thousand barrels of oil equivalent per day [3] Transport Investments - Transport investments are projected at COP 1.5 trillion, accounting for 6% of the budget, primarily for integrity and reliability projects [4] - Expected transported volumes are between 1,110 and 1,120 thousand barrels per day, aligned with national production and refined product demand [4] Refining Investments - Refining investments are anticipated to be close to COP 1.7 trillion, focusing on reliability and sustainability at the Barrancabermeja and Cartagena refineries [5] - Combined refinery throughput is expected to be between 410 and 420 thousand barrels per day [5] Energy Transition and Corporate Investments - Approximately COP 7.1 trillion, or 30% of the budget, is expected to be invested in Energy Transition and Power Transmission projects, as well as roads and corporate investments [8] - Around COP 0.9 trillion (3% of the plan) is expected to be allocated to non-conventional renewable energy and energy efficiency projects, aiming for an additional 750 MW of clean energy generation capacity [9] Financial Strategy - The plan considers a challenging environment with an estimated Brent price of US$60 per barrel and an average exchange rate of COP 4,050 [8] - The Profitability and Efficiency Program is expected to contribute approximately COP 5.7 trillion, positively impacting EBITDA and working capital [8] - Ecopetrol Group aims to maintain lifting costs below US$12 per barrel and expects to implement a portfolio rotation program to safeguard cash and maintain healthy debt metrics [8]

Core Insights - Colombian state-run energy company Ecopetrol plans to invest between 22 trillion and 27 trillion pesos, equivalent to approximately $5.88 billion to $7.21 billion, in 2026 [1] Investment Plans - The investment range specified by Ecopetrol is between 22 trillion pesos and 27 trillion pesos [1] - The dollar equivalent of the investment is projected to be between $5.88 billion and $7.21 billion [1]

Core Insights - Ecopetrol S.A. (NYSE:EC) experienced a 5.46% decline in share price from November 19 to November 26, 2025, ranking among the energy stocks that lost the most during that week [1] - The company reported a 30% year-over-year decrease in net profit for Q3, attributed to weaker sales volumes and lower crude prices [2] - Total production volume for the quarter decreased by 0.4% year-over-year to 751 mboed, although it remained close to the top of the annual guidance range [3] Production and Sales Performance - Key production fields in Colombia, such as Caño Sur and CPO-09, along with contributions from the Permian in the United States, supported production levels [3] - Local sales volumes fell by 2.9% year-over-year, while international sales volumes dropped by 12.8% compared to the previous year, primarily due to increased refinery throughput and changes in logistics chain inventories [3] Market Conditions - Global crude oil prices are currently at a one-month low, influenced by potential peace negotiations in the Russia-Ukraine conflict, which could lead to increased supply from Russian oil [4]

Core Insights - A major oil producer is currently trading at a valuation that suggests it may cease to exist within a decade, which is an unusual situation for such companies [1] - The company is also noted for paying a significant dividend, which adds to the complexity of its valuation [1] Group 1 - The valuation implies a potential existential risk for the oil producer, indicating market skepticism about its long-term viability [1] - The rarity of such a situation highlights the unique challenges faced by major oil producers in the current economic environment [1]

Core Viewpoint - Colombian state-run energy company Ecopetrol has issued a warning regarding potential risks to natural gas supply in the northern and central regions of Colombia due to a roadblock at its Guajira field [1] Company Summary - Ecopetrol is currently facing challenges in maintaining natural gas supply due to an ongoing roadblock affecting operations at the Guajira field [1]

Core Insights - The article discusses the investment potential of Ecopetrol, highlighting its 23% dividend yield and improving outlook as of April 2023, indicating significant changes since then [1]. Group 1 - Ecopetrol's dividend yield was noted to be 23% in April 2023, suggesting a strong return for investors [1]. - The article emphasizes the importance of ongoing research and updates for investors interested in Latin American markets, particularly in Colombia [1]. Group 2 - The author, Ian Bezek, has extensive experience in Latin American markets and focuses on high-quality compounders and growth stocks [1]. - The investment group led by Ian offers various features including market updates, trade alerts, and direct access to the author for insights [1].