Ecopetrol
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Ecopetrol (EC) investor relations material

Ecopetrol Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Achieved second-highest net profit in history for 2025, maintaining financial discipline and stable operations despite a 15% drop in crude prices.

  • Highest national crude production in five years, with average production of 745,000 barrels per day and record reserves replacement ratio of 121%.

  • Surpassed renewable energy capacity goal, reaching 951 MW, a milestone initially set for 2030, and advanced major solar and wind projects.

  • Significant progress in ESG, including 561,454 tCO2e GHG reduction and 800 tons/year green hydrogen production.

  • Transferred COP 35 trillion to the nation in dividends, taxes, and royalties, reinforcing its role in national economic development.

Financial highlights

  • EBITDA for 2025 was COP 46.7 trillion with a margin of 39–41%, in line with targets.

  • Net income totaled COP 9.0 trillion, close to the financial plan target, despite lower Brent prices and higher taxes.

  • Free cash flow reached COP 11 trillion, supported by strong operating cash generation and disciplined CapEx execution.

  • Dividend proposal of COP 110 per share, equivalent to 50% of net income.

  • Total shareholder return was 24% for local investors and 39% for U.S. investors.

Outlook and guidance

  • 2026 investment plan ranges from $5.4 billion to $6.7 billion, focusing 70% on hydrocarbons and 30% on energy transition.

  • Production target for 2026 is 730,000–750,000 barrels of oil equivalent per day, with 80% oil and 15% gas.

  • Refinery throughput expected between 410,000–420,000 barrels per day; over 1.1 million barrels transported daily.

  • Net income breakeven targeted at $47 per barrel for 2026.

  • Plan to incorporate an additional 750 MW of renewable energy projects in 2026.

DIAN VAT claim: liquidity impact if lost
Future renewable capacity targets post-2025
Sustaining efficiency gains amid market volatility
DIAN tax controversy: How manage COP 9.6T risk?
Permian production strategy given price volatility?
Renewable energy: New targets after 2025 overachievement?
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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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