Ecopetrol Group to Invest Between COP 22 and 27 Trillion in 2026

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]