Ecopetrol (EC) Q3 2025 earnings summary

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.