Ecopetrol SA Business Summary

Ecopetrol SA (EC) operates as a vertically integrated energy conglomerate, generating revenue through the exploration, production, refining, and marketing of hydrocarbons, as well as through significant midstream and infrastructure operations. The company’s business is structured into four primary segments: Exploration and Production (E&P), which remains its largest profit engine; Refining, Petrochemicals, and Biofuels; Transportation and Logistics; and Energy Transmission and Toll Roads, the latter managed through its 51.4% stake in Interconexión Eléctrica S.A. (ISA). This diversified model allows Ecopetrol to hedge against oil price volatility by leveraging stable cash flows from its power transmission and toll road concessions. In the regional market, Ecopetrol is the dominant player in Colombia and a major competitor to Latin American state-owned giants like Petrobras and Pemex, as well as international majors such as Shell and Equinor, distinguishing itself through an aggressive 2026 investment plan that allocates 30% of capital to energy transition and low-emission initiatives. Founded in 1951 by the Colombian State following the reversion of the De Mares Concession, Ecopetrol is currently led by President and CEO Ricardo Roa Barragán, a mechanical engineer and former head of Grupo Energía Bogotá with over 30 years of experience in the energy and public utilities sectors. The executive leadership team includes Sergio Andrés Moreno as Chief Technology Officer, Camilo Barco Muñoz as Chief Value Officer, and Juan Carlos Hurtado as Executive Vice-President of Hydrocarbons. Following an extraordinary shareholders' meeting on February 5, 2026, a new Board of Directors was finalized for the 2025–2029 term, featuring prominent independent members such as Ángela María Robledo Gómez and Luis Felipe Henao Cardona. The company remains 88.49% state-owned, with the Colombian government serving as the primary institutional anchor, while the remaining shares are held by institutional and individual investors via the BVC and NYSE.