Ecopetrol SA – Recent Developments

1. Financial Performance in the First Quarter of 2025

According to the company’s quarterly report released on 15 December 2025, Ecopetrol recorded a net profit of US 3.12 billion for the first quarter, a decline of 22.1 % from the US 4.01 billion reported for the same period in 2024.

  • Revenue for the quarter reached US 31.36 billion, marginally higher (0.2 %) than the US 31.30 billion reported in the first quarter of 2024.
  • The 2025 quarterly results are comparable to the company’s first‑quarter earnings in 2021, when profit was US 3.10 billion, indicating a return to pandemic‑era profitability levels rather than an improvement.

On 15 December 2025, Ricardo Roa, president of Ecopetrol, appeared before the National Prosecutor’s Office in Bogotá. The hearing, originally scheduled for 10 December, was postponed to that date.

  • The investigation concerns the alleged irregular acquisition of apartment 901 in northern Bogotá in 2023.
  • Prior to the questioning, Roa’s legal team submitted a packet of 76 pages containing financial documents (cheques, bank statements, and other traceability records) aimed at demonstrating that the purchase was conducted legally.
  • The case is part of a broader scrutiny of high‑profile officials in the country, reflecting ongoing anti‑corruption efforts.

3. Tax Dispute Over IVA at Reficar

The Colombian Court of Appeals in Cartagena confirmed a tax assessment of US 1.30 billion for the importation of gasoline by Reficar, the company’s refinery in Cartagena.

  • Ecopetrol, the DIAN (Tax Administration), and the Ministry of Finance are negotiating a compensation arrangement that would offset the tax liability against existing fiscal balances.
  • The DIAN’s director, Carlos Emilio Betancourt, explained that the compensation would benefit both the company and the state by preserving the net tax revenue.

4. Market Position and Valuation

  • Market capitalization: USD 79.49 billion.
  • Price‑to‑earnings ratio: 6.72.
  • Stock price (12 Dec 2025): USD 9.73, within the 52‑week range of USD 7.41 to USD 11.05.

Ecopetrol remains a major integrated oil producer in Colombia, controlling extraction sites across the country, refineries, ports, and an extensive pipeline network. The recent financial results, legal challenges, and tax negotiations will influence investor perception and the company’s ability to maintain its market position.