Ecopetrol (EC) Q3 2026 earnings summary

Executive summary

• 9M26 revenue rose 14.3% YoY to COP 103.9tn, EBITDA increased 28.0% to COP 47.0tn, and net income attributable to shareholders grew 82.7% to COP 13.7tn.

• Higher oil and refined-product prices, strong refining margins and Brava’s September contribution supported results, offsetting lower production, currency effects and higher taxes.

• 3Q26 consolidated production was 747 mboed, including 100% of Brava’s production; net-interest production was 728 mboed.

Financial highlights

• 3Q26 sales were COP 35.1tn, up 17.5% YoY; EBITDA was COP 15.9tn, up 28.8%, with a 45.3% margin, up 4.0pp.

• 3Q26 net income attributable to shareholders increased 85.6% YoY to COP 4.8tn; 9M26 reached COP 13.7tn versus COP 7.5tn.

• 9M26 sales growth reflected higher crude, gas and refined-product prices, Brava consolidation and increased power transmission and toll-road revenue.

• 9M26 operating profit grew 51.6% to COP 32.4tn; income tax expense doubled to COP 9.9tn, and effective tax rate rose to 37.3% from 32.1%.

Outlook and guidance

• 2026E net income guidance was COP 12–16tn; management emphasized stronger free cash flow, sustainable debt, cost discipline and competitive shareholder returns.

• Orca could add over 33 thousand net barrels per day in its first operating year, targeted for 2029; Sandía-1 confirmed an offshore gas discovery, with volumes under evaluation.

• Pacific regasification, capacity 60 Gbtud, was 90% complete with operations likely in late Nov. 2026; Caribbean, 150–300 Gbtud, was 53.5% complete, targeting Feb. 2027.

• Windpeshi remained targeted for 4Q28 commissioning; the JK1/JK2 final investment decision was expected in 1Q27, subject to bank credit approvals.