Ecopetrol (EC) Q3 2025 earnings summary

Executive summary

• Achieved robust operational performance across all segments, with average production of 751,000 barrels per day in 3Q 2025, near the top of annual guidance, and 10 wells drilled, meeting exploration goals.

• Maintained strong operational focus on efficiency, energy transition, and energy security, with significant progress in renewable energy and gas infrastructure, including the start of Colombia's largest green hydrogen plant.

• Advanced TESG (Technology, Environment, Social, Governance) and sustainability initiatives, surpassing GHG emission reduction targets and increasing renewable energy capacity to 234 MW.

• Strong recovery in refining and transportation, with record throughput (429,000 barrels/day) and infrastructure utilization, and regulatory approvals supporting energy security.

• Revenues for 3Q 2025 were COP 29.8 trillion, down 13.8% year-over-year, reflecting lower Brent prices and sales volumes.

Financial highlights

• Q3 2025 EBITDA reached COP 12.3 trillion (41% margin), up 11% sequentially but down 12% year-over-year; net income was COP 2.6 trillion, a 42% sequential increase but 29.8% lower year-over-year.

• Cumulative EBITDA for 9M 2025 was COP 36.7 trillion (40.4% margin), reflecting adaptability and efficiency.

• Efficiency program delivered COP 4.1 trillion in savings, 40% above target, and cost control offset lower Brent prices and exchange rates.

• Cash and equivalents at end-September were COP 10.4 trillion; gross debt-to-EBITDA at 2.4x, net debt-to-EBITDA at 2.1x.

• CapEx for 9M 2025 totaled USD 4.18 billion (COP 17.3 trillion), 72% of annual target.

Outlook and guidance

• Production for 2025 expected at the higher end of 740,000–751,000 barrels per day; throughput target set at 415,000–429,000 barrels/day.

• Focus on maintaining low lifting costs (~$12/bbl), strict capital discipline, and healthy debt metrics for 2026.

• Dividend payout expected within 40–60% policy range, likely near the midpoint.

• CapEx guidance for 2025 is $5.8–6.8 billion USD, with flexibility for growth opportunities.

• Management reaffirmed commitment to operational flexibility and value creation, with continued investments in energy transition and efficiency.