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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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 91.88T | 50.22T |
| Gross Profit | 39.74T | 46.85T | 55.01T | 70.15T | 36.30T | 12.66T |
| EBITDA | 41.82T | 55.75T | 59.83T | 73.81T | 40.72T | 17.36T |
| Net Income | 10.31T | 13.84T | 21.06T | 31.60T | 15.65T | 1.59T |
Balance Sheet | ||||||
| Total Assets | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Cash, Cash Equivalents and Short-Term Investments | 13.73T | 14.91T | 14.20T | 16.56T | 16.18T | 7.28T |
| Total Debt | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 95.06T | 46.73T |
| Total Liabilities | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 84.19T |
| Stockholders Equity | 80.71T | 83.70T | 78.39T | 91.03T | 68.49T | 49.90T |
Cash Flow | ||||||
| Free Cash Flow | 17.21T | 32.54T | 5.77T | 26.69T | 14.62T | 2.10T |
| Operating Cash Flow | 29.80T | 42.83T | 14.42T | 36.28T | 21.22T | 6.77T |
| Investing Cash Flow | -22.15T | -26.01T | -20.71T | -22.45T | -22.64T | -8.34T |
| Financing Cash Flow | -10.98T | -16.37T | 5.76T | -14.70T | 11.10T | -262.99B |
Ecopetrol SA Technical Analysis
Ecopetrol SA Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $61.68B | 20.48 | 5.31% | 5.41% | -3.84% | 15.75% | |
74 Outperform | $26.34B | 9.91 | 13.79% | 18.88% | -7.45% | -28.80% | |
70 Outperform | $92.61B | 7.01 | 18.20% | 14.10% | -11.63% | -15.67% | |
69 Neutral | $66.25B | 12.45 | 13.49% | 7.43% | 1.53% | -35.81% | |
67 Neutral | $7.90B | 14.63 | 17.45% | 2.57% | 28.56% | 593.72% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
54 Neutral | $15.71B | ― | -4.01% | ― | -2.76% | 56.81% |
Ecopetrol SA Corporate Events
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.
Ecopetrol S.A. announced its 2026 Annual Investment Plan, with a budget between COP 22 and 27 trillion, maintaining investment levels similar to 2025. The plan allocates 70% of the budget to oil production and refining, while 30% is dedicated to energy transition and infrastructure projects. The company aims to produce up to 740 thousand barrels of oil equivalent per day and maintain refinery throughput of up to 420 thousand barrels per day. The plan anticipates a challenging market environment with a Brent price of US$60 per barrel and focuses on profitability and liquidity through cost reductions. Ecopetrol plans to drill up to 430 development wells and invest significantly in energy transition projects to enhance clean energy capacity.
The most recent analyst rating on (EC) stock is a Buy 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 November 27, 2025, Ecopetrol S.A.’s board of directors appointed Ángela María Robledo Gómez as Chairwoman and Álvaro Torres Macías as Vice Chairman. Additionally, Dr. Guillermo García Realpe announced his resignation as an Independent Director, effective December 12, 2025, citing personal reasons. The board expressed gratitude for his contributions. These changes reflect ongoing governance adjustments within the company, potentially impacting its strategic direction and stakeholder relations.
The most recent analyst rating on (EC) stock is a Buy 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 November 21, 2025, Ecopetrol S.A. received authorization from the Ministry of Finance and Public Credit to enter into a loan agreement with international banks for up to USD 530 million. This five-year credit facility, involving Banco Latinoamericano de Comercio Exterior and Sumitomo Mitsui Banking Corporation, will support Ecopetrol’s investment plans as part of its 2025 financing strategy. The agreement, governed by New York law, underscores the financial sector’s confidence in Ecopetrol’s strategy despite market volatility, ensuring favorable financing terms for the company.
The most recent analyst rating on (EC) stock is a Buy 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 November 18, 2025, Ecopetrol S.A. announced the appointment of Mr. Juan Carlos Hurtado Parra as the Alternate Legal and Commercial Representative. This decision by the Board of Directors is part of the company’s ongoing efforts to strengthen its leadership and operational capabilities, potentially impacting its strategic positioning in the energy sector.
The most recent analyst rating on (EC) stock is a Buy 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 November 13, 2025, Ecopetrol S.A. announced the acquisition of a solar project portfolio in Colombia from Statkraft, including six special purpose entities owning solar projects totaling approximately 0.6 GW, for USD157.5 million. This acquisition aligns with Ecopetrol’s 2040 Strategy, enhancing its low-emission energy generation capabilities and supporting its energy transition goals. The transaction strengthens Ecopetrol’s competitive position in renewable energy, complementing its traditional oil and gas operations.
The most recent analyst rating on (EC) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Ecopetrol S.A. reported strong financial performance for the first nine months of 2025, with revenues of COP 90.9 trillion and a net income of COP 7.5 trillion, despite challenges such as crude price volatility and exchange rate fluctuations. The company has made significant strides in enhancing Colombia’s energy security by increasing natural gas output and securing environmental clearance for LNG import activities. Additionally, Ecopetrol has expanded its renewable energy capacity with the launch of La Iguana Solar Farm and improved its workplace environment, achieving a ‘Highly Satisfactory’ ranking from the Great Place to Work Institute.
The most recent analyst rating on (EC) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On November 11, 2025, Ecopetrol S.A. held an extraordinary General Shareholders’ Meeting where shareholders approved an amendment to the company’s bylaws. The meeting, which complied with Colombian legal requirements, also saw the appointment of Germán Ávila as Chair and the establishment of committees for elections and minutes review. The amendment approval reflects Ecopetrol’s ongoing efforts to adapt its governance structure, potentially impacting its strategic operations and stakeholder relations.
The most recent analyst rating on (EC) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On November 11, 2025, Ecopetrol S.A. announced significant changes in its senior management, effective November 16. Juan Carlos Hurtado Parra was appointed as Executive Vice President of Hydrocarbons, succeeding Rafael Ernesto Guzmán Ayala, who will pursue new challenges within the company. Rodolfo Mario García Paredes was confirmed as Chief Compliance Officer. These appointments are expected to bolster Ecopetrol’s leadership and strategic direction in the energy sector.
The most recent analyst rating on (EC) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Ecopetrol S.A. announced it will release its third-quarter 2025 financial and operating results after market close on November 13, 2025. A virtual conference call to discuss these results will be held on November 14, 2025, with options for Spanish and English transmission. This announcement is significant as it provides stakeholders with insights into the company’s performance and strategic direction, potentially impacting its market position and investor relations.
The most recent analyst rating on (EC) stock is a Sell with a $7.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
On October 30, 2025, Fitch Ratings reaffirmed Ecopetrol’s global credit rating at ‘BB+’ with a Negative Outlook, while maintaining its Standalone Credit Profile at ‘bbb-‘. The national long- and short-term ratings were affirmed at ‘AAA (col)’ with a Stable Outlook and ‘F1+(col)’, respectively. These ratings reflect Ecopetrol’s strategic importance to Colombia, its solid financial profile, and stable operating metrics, indicating a strong investment-grade standing that surpasses its global rating by one notch.
The most recent analyst rating on (EC) stock is a Sell with a $7.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.