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Ecopetrol (EC) investor relations material
Ecopetrol Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved production at the upper end of 2025 guidance with 751,000 boe/d, strong operational performance across all segments, and 10 exploratory wells drilled.
Advanced energy transition with renewable capacity at 234 MW, start of Colombia's largest green hydrogen plant, and significant GHG emission reductions.
Recognized for sustainability and workplace improvements, including ISO 37001 certification and higher workplace index.
Revenues and net income declined year-over-year due to lower Brent prices, but operational efficiencies and higher refining margins supported results.
Major maintenance at refineries, board leadership changes, and environmental approvals for LNG and solar projects marked significant developments.
Financial highlights
Q3 2025 EBITDA was COP 12.3 trillion (41% margin), net income COP 2.6 trillion, both up sequentially but down year-over-year.
9M 2025 EBITDA reached COP 36.7 trillion (40.4% margin); CapEx totaled $4.18 billion, 72% of annual target.
Achieved COP 4.1 trillion in efficiencies, 40% above target, and maintained a cash position of COP 14.1 trillion.
Gross debt/EBITDA at 2.4x (1.6x–1.7x excluding ISA); net debt/EBITDA at 2.1x.
Dividend payments for 9M 2025 were COP 11 trillion.
Outlook and guidance
2025 production target reaffirmed at 740,000–751,000 boe/d; similar range for 2026 amid oil price volatility.
Focus on maintaining low lifting costs (~$12/bbl), strict capital discipline, and healthy debt metrics.
Dividend payout expected within 40–60% of distributable profit, likely near the mid-range.
CapEx guidance for 2025 is $5.8–6.8 billion, with flexibility for growth opportunities.
Continued investment in energy transition and efficiency programs to support results.
DIAN VAT dispute resolution strategy
How does Coveñas LNG import enhance energy security?
What drove 3Q25 lifting cost reduction?
Permian divestment: What value analysis supports current stance?
DIAN tax dispute: What are bond default mitigation plans?
2026 CapEx strategy for production growth/resilience?
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Q4 202524 Feb, 2026
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Frequently asked questions
Ecopetrol S.A. is an integrated energy company based in Colombia, engaging in a comprehensive range of activities across the oil and gas value chain. Its operations include the exploration and production of oil and gas, the transportation of crude oil, motor fuels, fuel oil, and other refined products including diesel, jet, and biofuels. Furthermore, Ecopetrol is involved in processing and refining crude oil, distributing natural gas and LPG, selling refined and petrochemical products, and supplying electric power transmission services. The company also focuses on the design, development, construction, operation, and maintenance of road and energy infrastructure projects, in addition to supplying information technology and telecommunications services.Ecopetrol is headquartered in Bogotá, Colombia, and its shares are listed on the New York Stock Exchange.
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