Ecopetrol faces governance turbulence following the resignation of Mónica de Greiff

On the evening of October 14, 2025, Ecopetrol SA, Colombia’s largest integrated oil company, entered a period of political and legal uncertainty after the resignation of Mónica de Greiff from its board of directors. The announcement, made public at 20:20 UTC by El Colombiano and subsequently reported by Somosfan and Portafolio, was sent to key state officials—including President Gustavo Petro, Minister of Mines Edwin Palma, and Ecopetrol’s chief executive Ricardo Roa—indicating the gravity of the decision.

Context of the resignation

Mónica de Greiff had served on Ecopetrol’s board as a representative of the prominent Greiff family, a major stakeholder in the company. Her departure, announced through a formal letter, was described as a “sacrifice” for the organization and a “moment of crisis” that could alter the strategic direction of the firm. The move comes at a time when the company’s governance structure and alignment with the Colombian government’s energy policies are under scrutiny, especially given the recent passage of Law 2536, which encourages companies such as Ecopetrol, Grupo Éxito, Postobón, Ramo, Terpel, and Hilton to participate in surplus food management initiatives.

Implications for Ecopetrol’s strategic direction

The resignation has sparked debate among stakeholders about the future trajectory of Ecopetrol. Analysts note that the company, which owns and operates oil fields across central, southern, western, and northern Colombia, refineries, coastal ports, and an extensive pipeline network, must navigate both domestic political pressures and fluctuating global oil markets. The recent drop in Brent crude prices—closing at approximately US $62.73 per barrel—has already impacted the company’s revenue projections, as highlighted in a May 2025 report on production in Santander and the Magdalena Medio region. While Ecopetrol’s management has pledged to maintain production levels in the Magdalena Medio, the decline from the historical average of 62,101 barrels per day to around 40,269 barrels per day in the same period underscores the operational challenges facing the company.

The resignation triggers a formal review under Colombian corporate law. Under Article 225 of the Colombian Corporation Law, a board member’s resignation requires notification to the company’s shareholders and the competent authorities. Ecopetrol’s board is now tasked with filling the vacancy while ensuring continuity of governance. The company’s market capitalization—approximately US 74.18 billion—and a price‑earnings ratio of 5.781 place it in a relatively undervalued position compared to peers, suggesting that the board’s decisions will closely affect investor sentiment.

Market reaction and outlook

Following the announcement, Ecopetrol’s share price on the New York Stock Exchange closed at US $9.09 on October 12, 2025. The stock has experienced a range between a 52‑week high of US $11.05 (February 18) and a low of US $7.21 (November 12). Market participants are closely monitoring the board’s response and any changes to the company’s long‑term strategy, particularly in the context of Colombia’s energy transition plans and the global shift toward more sustainable fuels.

Conclusion

The resignation of Mónica de Greiff marks a pivotal moment for Ecopetrol, prompting questions about governance stability, strategic direction, and the company’s resilience amid volatile oil prices and evolving regulatory landscapes. Stakeholders—including investors, government officials, and the broader energy sector—will be watching the board’s next steps with keen interest, as they may redefine the company’s role within Colombia’s energy framework and its position on the international market.