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Ecopetrol SA
(NYSE:EC)
Ecopetrol SA (EC) vs. SPDR S&P 500 ETF (SPY)
Ecopetrol SA Business Overview & Revenue Model
Ecopetrol SA Key Performance Indicators (KPIs)
Highlights earnings before interest, taxes, depreciation, and amortization for each business segment, providing insight into the profitability and operational efficiency of different areas within the company.
The FlyEcopetrol SA Earnings Call Summary
Ecopetrol SA Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 91.88T |
| Gross Profit | 35.05T | 46.85T | 55.01T | 70.15T | 36.30T |
| EBITDA | 39.29T | 55.75T | 59.83T | 73.81T | 40.72T |
| Net Income | 8.40T | 13.84T | 21.06T | 31.60T | 15.65T |
Balance Sheet | |||||
| Total Assets | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Cash, Cash Equivalents and Short-Term Investments | 12.52T | 14.91T | 14.20T | 16.56T | 16.18T |
| Total Debt | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 95.06T |
| Total Liabilities | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Stockholders Equity | 83.67T | 83.70T | 78.39T | 91.03T | 68.49T |
Cash Flow | |||||
| Free Cash Flow | 16.19T | 32.54T | 5.77T | 26.69T | 14.62T |
| Operating Cash Flow | 25.30T | 42.83T | 14.42T | 36.28T | 21.22T |
| Investing Cash Flow | -18.56T | -26.01T | -20.71T | -22.45T | -22.64T |
| Financing Cash Flow | -8.54T | -16.37T | 5.76T | -14.70T | 11.10T |
Ecopetrol SA Technical Analysis
Ecopetrol SA Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $117.51B | 3.80 | 27.02% | 14.10% | -11.63% | -15.67% | |
71 Outperform | $8.99B | 10.05 | 21.09% | 2.57% | 28.56% | 593.72% | |
67 Neutral | $29.03B | 12.89 | 11.20% | 18.88% | -7.45% | -28.80% | |
67 Neutral | $91.21B | 12.11 | 3.33% | 7.43% | 1.53% | -35.81% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $75.75B | 19.50 | 5.20% | 5.41% | -3.84% | 15.75% | |
57 Neutral | $15.49B | -17.14 | -2.22% | ― | -2.76% | 56.81% |
Ecopetrol SA Corporate Events
Ecopetrol S.A. has reported its audited full-year 2025 results, showing that in a year of lower Brent prices and market volatility it maintained production at 745,000 barrels of oil equivalent per day, hit record refining throughputs of 430,000 barrels per day in the fourth quarter, and expanded its transport system while delivering COP 46.7 trillion in EBITDA and COP 9.0 trillion in net income. The group strengthened its reserve base with a 121% replacement index, advanced key discoveries to development, achieved a four-year-best crude differential, accelerated its energy transition by surpassing its 2030 self-generation target and securing material new gas volumes and import capacity, won over USD 1 billion in regional transmission and roads projects, and, despite a 10.2% drop in sales revenue versus 2024, sustained a robust 39% EBITDA margin and proposed a COP 110 per share dividend for 2026, underlining continued significant contributions to the Colombian state.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On March 4, 2025, Ecopetrol S.A. announced it had published its 2025 chapter detailing practices, policies, processes and indicators on social and environmental matters, including climate, in line with Colombian financial regulator requirements. The material, available in Spanish on the company’s website, reflects ongoing regulatory-driven transparency on non-financial performance and offers investors and other stakeholders deeper insight into Ecopetrol’s management of environmental and social risks.
By formally disclosing this information, Ecopetrol reinforces its positioning as a regional integrated energy leader that is increasingly framing its strategy and reporting around sustainability metrics. The move may help support market confidence, align the group with evolving ESG expectations in global capital markets and clarify how social and climate considerations intersect with its core oil, gas and infrastructure businesses.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Ecopetrol S.A., Colombia’s dominant hydrocarbon producer, operates most of the country’s transportation, logistics, and refining systems and holds leading positions in petrochemicals and gas distribution. Through its controlling stake in ISA, it has expanded into power transmission in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and regional telecoms, while maintaining exploration and production interests in the U.S., Brazil, and Mexico.
On March 4, 2026, Ecopetrol filed a Form 6-K detailing a board-approved proposal for distributing 2025 earnings that will be presented to shareholders at a meeting expected on March 26, 2026. The plan calls for an ordinary dividend of COP 110 per share, equivalent to a 50.1% payout of 2025 net income, with dividends to be paid no later than April 30, 2026 in coordination with Fuel Price Stabilization Fund debt payments, while COP 21.14 trillion would be allocated to an occasional reserve to bolster financial sustainability and strategic flexibility.
The proposal is based on net income after tax of COP 9.03 trillion and the release of COP 17.14 trillion in reserves from previous years, leaving COP 25.66 trillion available to shareholders. By channeling the bulk of this amount into a sustainability reserve and limiting cash distributions to ordinary dividends aligned with its stated policy, Ecopetrol signals a cautious capital allocation stance aimed at preserving balance sheet strength as it executes its broader energy and infrastructure strategy.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
In a board meeting held on February 18 and 19, 2026, Ecopetrol S.A. elected Ángela María Robledo Gómez as chairwoman and Hildebrando Vélez Galeano as vice chairman of its board of directors. The company also reconstituted the membership of its audit and risk, business, corporate governance and sustainability, remuneration and culture, territorial transformation and HSE, and technology and innovation committees.
The reshuffle formalized on February 19, 2026 reflects a broader refresh of Ecopetrol’s governance, with new directors gaining key committee roles and long‑serving member Álvaro Torres Macías stepping down from his posts. The company highlighted its gratitude to Torres and formally welcomed new board members Carolina Arias Hurtado, Juan Gonzalo Castaño Valderrama and Cesar Eduardo Loza Arenas, signaling continuity in oversight as it manages its extensive energy and infrastructure portfolio.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Ecopetrol S.A., the Colombian state-linked energy major, reported on February 19, 2026, that its proven oil, condensate, and natural gas reserves (1P) reached 1,944 billion barrels of oil equivalent at the end of 2025, a 2.7% increase year on year. The group said 99% of these reserves were certified by three independent firms under U.S. SEC standards, underscoring transparency and technical rigor in its reserve accounting.
Despite a 13.9% drop in the 2025 Brent reference price to USD 68.64 per barrel versus 2024, the company posted reserve additions of 300 mmboe and achieved a reserves replacement ratio of 121%. Management highlighted that enhanced recovery projects in fields such as Castilla, Chichimene, and Akacias, improved operational efficiency in Rubiales and La Cira–Infantas, and royalty-related contracts with Colombia’s ANH drove the gains.
Ecopetrol noted that the 300 mmboe contribution marks its highest reserves replacement in four years and supports an average reserve life of 7.8 years for the group. The 2025 reserve balance also reflects 140.8 mmboe of revisions, including 100 mmboe tied to ANH contracts, 142.6 mmboe from enhanced recovery, and 16.1 mmboe from extensions and discoveries, against production of 248 mmboe, reinforcing the company’s long-term sustainability and resilience strategy.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Ecopetrol S.A., Colombia’s dominant integrated energy company with extensive operations in hydrocarbons, refining, petrochemicals, gas distribution, and power transmission across the Americas, continues to consolidate its role as a regional infrastructure and energy player. Through its stake in ISA, it also controls key electricity transmission assets, road concessions, and telecommunications businesses in Brazil, Chile, Peru, Bolivia, and Colombia, as well as upstream positions in the United States, Brazil, and Mexico.
On January 19, 2025, Ecopetrol announced a package of governance measures to ensure proper shareholder representation at its Annual General Meeting scheduled for March 27, 2026. The company will tighten proxy validation rules, bar managers and employees from influencing proxy appointments or voting choices, prohibit powers of attorney to individuals linked to management, and assign its Corporate Legal Vice Presidency and General Secretariat to verify that all proxies comply with Colombian regulatory requirements, reinforcing transparency and minority shareholder protections.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Ecopetrol S.A. has convened its General Shareholders’ Meeting for March 27, 2026, at Corferias in Bogotá, with the session to be held in person and streamed online, and voting expected to be conducted electronically via smart mobile devices. The company is also opening its books for shareholder inspection from March 5, 2026, and has flagged a merger proposal on the agenda which it says will not increase shareholder liability or impair economic rights, while clarifying proxy rules and representation limits for managers and employees in line with Colombian securities regulations.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Ecopetrol S.A., Colombia’s largest integrated energy company, has extensive operations across hydrocarbon production, transportation, refining, petrochemicals, gas distribution, and regional power transmission and infrastructure. Through its controlling stake in ISA, it has broadened its footprint into electricity transmission, road concessions, and telecommunications across several Latin American markets.
On February 18, 2026, Ecopetrol announced it will publish its fourth-quarter and full-year 2025 financial and operating results after market close on March 4, 2026. The company will follow this with a virtual conference call on March 5, 2026, in Spanish and English, underscoring its engagement with global investors and stakeholders ahead of potentially market-moving disclosures on its recent performance and strategic direction.
The results release and related materials will be made available on Ecopetrol’s website, and investors will be able to submit questions via the webcast platform during the call. This structured communication plan highlights the company’s focus on transparency and accessibility as it manages its role as a key regional energy and infrastructure player.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On February 5, 2026, Ecopetrol S.A. held an Extraordinary Shareholders’ Meeting at which investors approved the full agenda and elected the company’s Board of Directors for the remainder of the 2025–2029 term, in line with Colombian corporate law. The meeting confirmed Germán Ávila, Colombia’s Minister of Finance, as chair of the assembly, appointed the elections and vote-counting and minutes review committees proposed by shareholders, and ratified a nine-member board slate combining independent and non-independent directors, with all resolutions passing by overwhelming majorities. The decisions consolidate Ecopetrol’s corporate governance structure for the current board term, providing continuity and clarity in oversight at a time when the state-controlled energy group plays a central role in Colombia’s hydrocarbons, energy transmission and infrastructure sectors.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 30, 2026, Ecopetrol S.A. reported that it had submitted its 2025 Corporate Governance Best Practices Implementation Report – known as Código País – to the Financial Superintendence of Colombia. The filing, which was digitally signed by the company’s legal representative, details the governance practices Ecopetrol adopted and applied during 2025 and is available through both the company’s website and the regulator’s platform, underscoring the state-controlled energy group’s emphasis on disclosure standards and regulatory compliance for investors and other stakeholders.
The most recent analyst rating on (EC) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 19, 2026, Ecopetrol S.A. announced a series of governance and procedural measures to ensure proper shareholder representation at its Extraordinary Shareholders’ Meeting scheduled for February 5, 2026. The company will formally remind investors of their right to be represented by proxy and detail the legal requirements for valid powers of attorney, empower its Corporate Legal Vice Presidency and General Secretariat to review and verify these proxies, and instruct meeting personnel to reject any that do not meet legal standards or fail to clearly identify the designated representative. Ecopetrol is also reinforcing restrictions on the conduct of managers and employees, prohibiting them from influencing shareholders’ choice of proxies, from recommending voting slates or coordinating voting strategies, from acting as attorneys-in-fact for others’ shares except in limited legal cases, and from receiving proxy appointments if they are directly or indirectly connected to company management. These steps underscore the company’s effort to align with Colombian regulatory guidance, bolster corporate governance practices, and provide greater transparency and safeguards for minority shareholders ahead of a key extraordinary meeting.
The most recent analyst rating on (EC) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 20, 2026, Ecopetrol S.A. announced that its chief executive officer has called an extraordinary General Shareholders’ Meeting for February 5, 2026, at the company’s main offices in Bogotá, primarily to elect directors to serve for the remainder of the 2025–2029 term. The in‑person meeting, which will also be streamed online, will feature electronic voting supported by shareholders’ mobile devices, with alternative mechanisms for those lacking the required technology, and is governed by Colombian commercial and securities-market rules that limit proxy representation by company managers and employees. Detailed logistical and compliance guidelines were provided, including rules for proxy documentation, limits on the number of proxies per representative, health-related attendance recommendations, and restrictions on publicity materials, underscoring Ecopetrol’s focus on orderly corporate governance and broad, regulated shareholder participation in a key board election that could influence the company’s strategic direction for the remainder of the current board period.
The most recent analyst rating on (EC) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 19, 2026, Ecopetrol S.A. announced that it has completed the corporate procedures needed to formalize the Colombian government’s slate of candidates for its Board of Directors, confirming the inclusion of Cesar Eduardo Loza Arenas as the employee-elected nominee to occupy the seventh seat. The company said that nominees for the eighth and ninth board seats will be disclosed in subsequent communications, signaling an ongoing refresh of its board composition that reflects both state ownership and employee representation and may shape future strategic oversight and governance for shareholders and other stakeholders.
The most recent analyst rating on (EC) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 19, 2026, Ecopetrol S.A. announced that the hydrocarbon-producing departments where it operates have once again nominated Ricardo Rodriguez Yee as their representative candidate to the company’s Board of Directors. His nomination will be presented to shareholders as the eighth director on the slate proposed by the Government of Colombia, underscoring the continued influence of regional hydrocarbon-producing areas in Ecopetrol’s governance structure and reinforcing the link between the company’s board composition, government oversight and the interests of key producing regions.
The most recent analyst rating on (EC) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 19, 2026, Ecopetrol S.A. announced that minority shareholders have again nominated Luis Felipe Henao Cardona as their candidate for the company’s Board of Directors, with his name to be submitted for election as the ninth director on the slate proposed by the Government of Colombia. The move underscores the continuing participation of minority investors in Ecopetrol’s governance process and reflects the ongoing balance between state influence and private shareholder representation at one of Latin America’s key integrated energy companies, a dynamic that may shape future strategic decisions and oversight at the group.
The most recent analyst rating on (EC) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 15, 2026, Ecopetrol S.A. announced that its employees elected Cesar Eduardo Loza Arenas as their representative candidate to the company’s Board of Directors, completing the employee-designated seat as the seventh director on the slate of nominees proposed by the Government of Colombia. The appointment, which still requires completion of certain corporate formalities, underscores the company’s governance framework that incorporates employee participation and confirms the government’s continuing central role in shaping Ecopetrol’s board composition, a point of interest for investors monitoring corporate control and strategic direction at Colombia’s flagship energy group.
The most recent analyst rating on (EC) stock is a Hold with a $8.70 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On January 7, 2026, Ecopetrol S.A. reported that, in addition to the December 24, 2025 complaint filed by Unión Sindical Obrera (USO), multiple labor organizations – including Adeco, Sindispetrol, Asopetrogas, Asteco, Trasine, Asintrahc, Sintramen, Sup, and Utipec – have formally initiated the renegotiation of their respective chapters of the company’s Collective Bargaining Agreement by filing complaints with Colombia’s Ministry of Labor within the legally established timeframe. These moves, made under the framework of the Colombian Labor Code, signal a broad-based round of labor talks that could affect Ecopetrol’s labor relations and cost structure, but the company emphasized its commitment to open, respectful, and constructive dialogue aimed at reaching agreements that support worker well-being, national interests, and the development of sustainable, value-creating solutions.
The most recent analyst rating on (EC) stock is a Hold with a $8.70 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On December 22, 2025, Ecopetrol S.A. announced that Colombia’s National Hydrocarbons Agency has formalized the transfer of Shell EP Offshore Venture’s 50% stake and operatorship in the COL 5, Purple Angel and Fuerte Sur offshore contracts in the southern Caribbean, giving Ecopetrol full ownership of the rights, interests and obligations in these exploration and production blocks. The company said it will continue advancing the development of existing gas discoveries in these areas—such as Kronos-1, Purple Angel, Gorgon-1, Gorgon-2 ST2 and Glaucus-1—by moving toward the project development phase, including planning an onshore gas evacuation route, integrating with the national gas transportation system and shaping the necessary regulatory and commercialization frameworks. Ecopetrol will also assess whether to retain 100% of the assets or bring in a strategic partner to add technical expertise and financial support, a decision that could influence capital allocation and risk-sharing for these offshore projects. The move underscores Ecopetrol’s strategy to bolster Colombia’s future natural gas supply and reinforces its positioning of gas as a key complementary fuel in the country’s broader energy transition efforts.
The most recent analyst rating on (EC) stock is a Hold with a $8.70 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On December 19, 2025, Ecopetrol S.A. began an early collective bargaining process with the Unión Sindical Obrera (USO), after the union filed a complaint before Colombia’s Ministry of Labor against the current collective bargaining agreement that runs from January 1, 2023, to December 31, 2025. The filing, made within the legally required 60-day window before the agreement’s expiration, triggers a formal process under the Colombian Labor Code in which Ecopetrol must first await administrative steps by the Ministry before USO presents its list of demands that will frame the negotiations; the company has indicated it will report further developments as required, signaling a potentially significant negotiation phase for labor relations and operational stability ahead of the agreement’s expiry.
The most recent analyst rating on (EC) stock is a Hold with a $8.70 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On December 22, 2025, Ecopetrol S.A. reported that Fitch Ratings downgraded the company’s global credit rating from BB+ to BB with a Stable Outlook, mirroring the cut to Colombia’s sovereign rating made on December 16 and underscoring the tight linkage between the state-controlled oil major and the country’s credit profile. Despite the downgrade at the global level, Fitch kept Ecopetrol’s Standalone Credit Profile at ‘bbb-’ within investment grade, recognizing its strategic importance as Colombia’s dominant hydrocarbon producer, which may help reassure investors and other stakeholders about the underlying strength of its operations even as the sovereign-driven rating action could influence its future funding costs and market perception.
The most recent analyst rating on (EC) stock is a Hold with a $8.70 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On December 22, 2025, Ecopetrol S.A. issued a clarification in response to media reports about a potential acquisition in Brazil, stating that it is routinely evaluating inorganic growth opportunities as part of its diversification strategy and is currently assessing alternatives in the Brazilian market where it already operates. The company emphasized that these reviews remain at a preliminary stage, with no binding commitments or obligations in place that would qualify as material information, and pledged to inform the market in line with regulatory requirements should any decision on a specific transaction arise, signaling a cautious but active stance on regional expansion that stakeholders should watch closely for future developments.
The most recent analyst rating on (EC) stock is a Hold with a $8.70 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On December 10 and 11, 2025, Ecopetrol S.A.’s board of directors approved a new composition for its supporting committees following the resignations of directors Mónica de Greiff Lindo and Guillermo García Realpe. The changes reflect a strategic reorganization aimed at strengthening the company’s governance and operational efficiency. The company expressed gratitude to the departing directors for their significant contributions, emphasizing their roles in advancing Ecopetrol’s strategic initiatives and commitment to Colombia’s development.
The most recent analyst rating on (EC) stock is a Hold with a $8.70 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.