Ecopetrol Completes Acquisition of a Controlling 51% Stake in Brava Energia S.A. and Strengthens Its Growth Platform in Brazil

Rhea-AI Summary

Ecopetrol (NYSE: EC), through its subsidiary Ecopetrol Investimentos do Brasil, has completed the acquisition of a controlling interest of approximately 51% of Brava Energia’s voting share capital in Brazil after all regulatory approvals and conditions were satisfied.

The stake was built via a voluntary tender offer on B3 for 116,110,717 shares (≈25%) and a share purchase agreement dated April 23, 2026 for 120,813,490 shares (≈26%). According to Ecopetrol, aggregate consideration was about US$1.2 billion, funded through an intercompany loan from Ecopetrol Capital AG.

Brava adds an estimated 459 mmboe of proved reserves (1P), 605 mmboe of 2P reserves, and average output of 78.8 kboed for the six months ended June 30, 2026 (June: 84.4 kboed). For the twelve months ended June 30, 2026, Brava reported unaudited revenue of US$2.341 billion, EBITDA of US$1.050 billion, and net income of US$122.2 million. Ecopetrol plans a conference call on August 25, 2026 to discuss the Transaction.

Positive

• Completed acquisition of a controlling ~51% stake in Brava Energia
• Aggregate consideration of approximately US$1.2 billion fully funded via intercompany loan
• Brava adds estimated proved reserves (1P) of 459 mmboe and 2P of 605 mmboe
• Brava’s average production 6M ended June 30, 2026 of 78.8 kboed (June: 84.4 kboed)
• Brava unaudited TTM revenue of US$2.341 billion and EBITDA of US$1.050 billion
• Implied transaction metrics of US$8.4/boe (1P) and US$6.3/boe (2P)

Negative

• Acquisition requires an intercompany loan of approximately US$1.2 billion to Ecopetrol Investimentos

Market Context

Ecopetrol’s prior Brava acquisition update was followed by a 6.16% 24-hour reaction, giving the plat...

Analysis

Ecopetrol’s prior Brava acquisition update was followed by a 6.16% 24-hour reaction, giving the platform a direct transaction-specific reference. The completed deal added operating assets, while commodity prices and integration remained relevant risks to monitor.

Key Figures

Transaction consideration: approximately US$1.2 billion Controlling interest: approximately 51% Proved reserves: approximately 459 mmboe +5 more

8 metrics

Transaction consideration approximately US$1.2 billion Brava acquisition

Controlling interest approximately 51% Brava outstanding voting share capital

Proved reserves approximately 459 mmboe As of December 31, 2025; 1P reserves

Proved plus probable reserves approximately 605 mmboe As of December 31, 2025; 2P reserves

Average daily production approximately 78.8 kboed Six-month period ended June 30, 2026

Revenue approximately US$2.341 billion Twelve-month period ended June 30, 2026; Brava

EBITDA approximately US$1.050 billion Twelve-month period ended June 30, 2026; Brava

Net income approximately US$122.2 million Twelve-month period ended June 30, 2026; Brava

Previous Acquisition Reports

5 past events · Latest: Aug 05 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 05	Brava stake auction	Positive	+6.2%	Successful tender-offer auction advanced Ecopetrol toward control of Brava Energia.
Jul 20	Brava tender offer	Positive	+3.1%	Resumed Brazilian tender offer after revised documentation incorporated regulator recommendations.
May 26	Brava tender launch	Positive	+7.3%	Launched voluntary tender offer as part of planned controlling Brava stake.
May 20	Wind project acquisition	Positive	-2.1%	Purchased an interest in two Jemeiwaa Ka'I wind projects in Colombia.
Apr 23	Brava share agreement	Positive	+0.8%	Signed share purchase agreement seeking a controlling interest in Brava Energia.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Four of five tag-specific acquisition events aligned with positive price reactions, while one diverged.

Key Terms

spa, mmboe, ebitda, non-gaap financial measure

4 terms

spa financial

"Closing of the share purchase agreement dated April 23, 2026 (the "SPA")"

A sale and purchase agreement (SPA) is a legally binding contract that lays out the exact terms for buying or selling a company, business unit, or shares, including price, what is being transferred, and conditions that must be met before the deal closes. For investors it matters because the SPA determines who gets what, when money changes hands, what warranties or indemnities protect buyers and sellers, and therefore directly affects the value, timing and risk of a transaction — much like a detailed recipe and checklist for a home sale.

mmboe technical

"approximately 459 million barrels of oil equivalent ("mmboe")"

mmboe stands for million barrels of oil equivalent, a unit that converts different forms of energy (natural gas, condensates and other hydrocarbons) into the energy value of one million barrels of crude oil. Investors use mmboe to compare production, reserves and project size across companies and assets—like using a single currency to add apples and oranges—so it helps gauge potential supply, future revenue and company scale.

ebitda financial

"Revenue: approximately US$2.341 billionEBITDA: approximately US$1.050 billion"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial measure financial

"EBITDA is a non-GAAP financial measure"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOGOTÁ, Aug. 18, 2026 /PRNewswire/ -- Ecopetrol S.A. ("Ecopetrol" or the "Company") (BVC: ECOPETROL; NYSE: EC) announces that, through its wholly owned subsidiary Ecopetrol Investimentos do Brasil Ltda. ("Ecopetrol Investimentos"), it has completed the acquisition of a controlling interest equivalent to approximately 51% of the outstanding voting share capital of Brava Energia S.A. ("Brava," and such acquisition, the "Transaction"). The closing of the Transaction followed the satisfaction of all applicable regulatory approvals and other conditions precedent required under the terms described below.

The Transaction represents a significant milestone in the execution of Ecopetrol's growth, strengthening, and portfolio diversification strategy. It expands the Company's presence in Brazil, one of the most dynamic energy markets in the region and adds a substantial reserve and production base intended to enhance the Company's capacity to generate long-term value for its shareholders.

The Transaction was completed through the following milestones achieved on the date of this report:

• Settlement and payment of the voluntary tender offer (Oferta Pública de Aquisição Voluntária, or "OPAV") conducted on the B3 S.A. – Brasil, Bolsa, Balcão stock exchange, pursuant to which Ecopetrol Investimentos acquired 116,110,717 common shares of Brava, representing approximately 25% of Brava's outstanding share capital.
• Closing of the share purchase agreement dated April 23, 2026 (the "SPA"), entered into with certain shareholders of Brava, pursuant to which Ecopetrol Investimentos acquired 120,813,490 common shares of Brava, representing approximately 26% of Brava's outstanding share capital. Consummation of the SPA was conditioned upon the OPAV resulting in the acquisition of an additional approximately 25% of Brava's share capital, which condition was satisfied.

The aggregate consideration paid in connection with the Transaction was approximately US$1.2 billion[1], which was funded through an intercompany loan extended to Ecopetrol Investimentos by Ecopetrol Capital AG, another subsidiary of the Company.

Operational and Financial Profile of Brava

Brava contributes a complementary asset base to the Ecopetrol Group, consisting of producing assets and development opportunities that the Company believes will enhance the geographic and operational diversification of its hydrocarbons business.

Key Operating Metrics (as reported by Brava):

• Estimated proved reserves (1P) as of December 31, 2025: approximately 459 million barrels of oil equivalent ("mmboe"), estimated in accordance with the Petroleum Resources Management System ("PRMS") standard.
• Estimated proved plus probable reserves (2P) as of December 31, 2025: approximately 605 mmboe, estimated in accordance with the PRMS standard.
• Average daily production for the six-month period ended June 30, 2026: approximately 78.8 thousand barrels of oil equivalent per day ("kboed").
• Production for the month of June 2026: approximately 84.4 kboed.

Implied Transaction Metrics:

• Approximately US$8.4 per barrel of oil equivalent of estimated proved reserves (1P).
• Approximately US$6.3 per barrel of oil equivalent of estimated proved plus probable reserves (2P).
• Approximately US$45.7 thousand per barrel of oil equivalent of daily production.

Selected Financial Information of Brava. For the twelve-month period ended June 30, 2026, Brava reported [(on an unaudited basis, as derived from Brava's publicly disclosed financial information)][2]:

• Revenue: approximately US$2.341 billion
• EBITDA: approximately US$1.050 billion
• Net income: approximately US$122.2 million

EBITDA is a non-GAAP financial measure. Investors should refer to Brava's publicly available financial statements and disclosures for a reconciliation of EBITDA to the most directly comparable financial measure prepared in accordance with applicable accounting standards.

The Company believes the Transaction complements its strategy of building a resilient, competitive, and diversified portfolio supported by high-quality assets, sustained cash generation, and profitable long-term growth.

Conference Call to Provide Further Information

For further information regarding the Transaction, Ecopetrol plans to host a conference call on August 25, 2026. Participation details are provided below:

Conference Call

10:30 a.m. Colombia Time

11:30 a.m. Nueva York Time

To join the call, please use the following link and select your preferred language for the webcast:

https://xegmenta.co/ecopetrol/registration-ecopetrol-update-on-brava-acquisition/

Participants will be able to submit questions through the platform once the webcast begins.

To ensure access, participants are encouraged to verify in advance that their web browsers support normal webcast functionality and are updated to the latest versions of Internet Explorer, Google Chrome, and/or Mozilla Firefox.

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Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla–Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with drilling and exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. 

For more information, please contact:

Investor Relations Office
Email: investors@ecopetrol.com.co 

Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co 

---

^[1] Based on an average exchange rate of BRL 5.12 per US dollar.
^[2] Note to Ecopetrol: Please confirm.

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SOURCE Ecopetrol S.A.

FAQ

What did Ecopetrol (NYSE: EC) announce regarding Brava Energia on August 18, 2026?

Ecopetrol announced completion of acquiring a controlling 51% voting stake in Brava Energia. According to Ecopetrol, this was achieved through a voluntary tender offer and a share purchase agreement, expanding its reserves, production base, and presence in Brazil’s energy market.

How much did Ecopetrol pay for its 51% stake in Brava Energia (EC)?

Ecopetrol reported paying aggregate consideration of approximately US$1.2 billion for the Transaction. According to Ecopetrol, the purchase was funded via an intercompany loan from subsidiary Ecopetrol Capital AG to Ecopetrol Investimentos do Brasil, which executed the acquisitions.

What reserves and production does Brava Energia add to Ecopetrol (EC) after the acquisition?

Brava contributes estimated proved reserves of 459 mmboe and 2P reserves of 605 mmboe. According to Ecopetrol, Brava’s average daily production was about 78.8 kboed for the six months ended June 30, 2026, and 84.4 kboed in June 2026.

What are Brava Energia’s recent financial results relevant to Ecopetrol (NYSE: EC) investors?

For the twelve months ended June 30, 2026, Brava reported unaudited revenue of about US$2.341 billion. According to Ecopetrol, Brava also reported EBITDA of roughly US$1.050 billion and net income of approximately US$122.2 million, based on publicly disclosed information.

What are the implied valuation metrics of Ecopetrol’s Brava Energia acquisition (EC)?

The Transaction implies about US$8.4 per barrel of proved reserves (1P) and US$6.3 per barrel of 2P reserves. According to Ecopetrol, it also implies roughly US$45.7 thousand per barrel of daily production, based on Brava’s reported metrics.

When is Ecopetrol’s conference call about the Brava Energia acquisition and how can investors join?

Ecopetrol plans a conference call on August 25, 2026 at 10:30 a.m. Colombia Time. According to Ecopetrol, investors can register and join via the provided webcast link, choose their preferred language, and submit questions through the platform during the event.

How does Ecopetrol describe the strategic rationale for acquiring Brava Energia (EC)?

Ecopetrol describes the Transaction as complementing its strategy to build a resilient, competitive, and diversified portfolio. According to Ecopetrol, Brava’s producing assets and development opportunities enhance geographic and operational diversification and support sustained cash generation and profitable long-term growth.