Macro Environment ChallengesThe underperform rating is maintained due to a challenging macro environment for the oil and gas industry in Colombia, along with lower production estimates and higher lifting costs.
Politicization ConcernsInvestor risk aversion to Ecopetrol has been driven by politicization concerns, with risks such as potential divestiture of the Permian assets and fiscal challenges.
Production And Reserve ChallengesLower production estimates for the upstream business and challenges replenishing reserves contribute to the Underperform rating.