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].