Ecopetrol publishes financial results for second Quarter 2025
Ecopetrol (NYSE:EC) reported solid Q2 2025 financial results despite challenging market conditions. The company achieved revenues of COP 29.7 trillion, EBITDA of COP 11.1 trillion with a 37.5% margin, and net income of COP 1.8 trillion.
Key operational highlights include: production of 751 mboed, transported volumes of 1,088 mbd, and refining throughput of 405 mbd. The company declared commercial feasibility for the Lorito discovery, the largest in the last decade. In energy transition, Ecopetrol acquired the Windpeshi wind project with 205 MW capacity and secured significant natural gas commercialization deals.
The company maintained operational growth across business lines with total investments reaching USD 2,582 million in Q2 2025, while implementing cost optimization initiatives and completing dividend payments of COP 8.8 trillion.
Ecopetrol (NYSE:EC) ha riportato risultati finanziari solidi nel 2° trimestre 2025 nonostante un contesto di mercato difficile. La società ha raggiunto ricavi per COP 29.7 trillion, un EBITDA di COP 11.1 trillion con margine del 37,5% e un utile netto di COP 1.8 trillion.
Punti salienti operativi: produzione di 751 mboed, volumi trasportati di 1,088 mbd e capacità di raffinazione lavorata di 405 mbd. È stata dichiarata la fattibilità commerciale della scoperta Lorito, la più grande dell'ultimo decennio. Nella transizione energetica, Ecopetrol ha acquisito il progetto eolico Windpeshi da 205 MW e ha siglato rilevanti accordi di commercializzazione di gas naturale.
L'azienda ha mantenuto la crescita operativa in tutte le linee di business con investimenti totali pari a USD 2,582 million nel Q2 2025, implementando iniziative di ottimizzazione dei costi e completando il pagamento dei dividendi per COP 8.8 trillion.
Ecopetrol (NYSE:EC) registró sólidos resultados financieros en el 2.º trimestre de 2025 a pesar de un entorno de mercado desafiante. La compañía alcanzó ingresos por COP 29.7 trillion, un EBITDA de COP 11.1 trillion con un margen del 37,5% y una utilidad neta de COP 1.8 trillion.
Aspectos operativos clave: producción de 751 mboed, volúmenes transportados de 1,088 mbd y procesamiento en refinería de 405 mbd. Se declaró la viabilidad comercial del hallazgo Lorito, el mayor en la última década. En transición energética, Ecopetrol adquirió el proyecto eólico Windpeshi de 205 MW y aseguró importantes acuerdos de comercialización de gas natural.
La compañía mantuvo el crecimiento operativo en todas las líneas de negocio con inversiones totales por USD 2,582 million en el Q2 2025, implementando iniciativas de optimización de costos y completando el pago de dividendos por COP 8.8 trillion.
Ecopetrol (NYSE:EC)은(는) 2025년 2분기에 어려운 시장 환경 속에서도 견조한 재무실적을 발표했습니다. 매출은 COP 29.7 trillion, EBITDA는 COP 11.1 trillion으로 마진은 37.5%, 순이익은 COP 1.8 trillion을 기록했습니다.
주요 운영 성과로는 생산 751 mboed, 운송 물량 1,088 mbd, 정유 처리량 405 mbd가 있습니다. 지난 10년간 최대 규모인 Lorito 탐사에 대해 상업적 타당성을 선언했습니다. 에너지 전환 측면에서는 용량 205MW의 풍력 프로젝트 Windpeshi를 인수하고 천연가스 상업화 계약을 다수 확보했습니다.
회사는 모든 사업부에서 운영 성장을 유지했으며 2025년 2분기 총투자는 USD 2,582 million에 달했습니다. 비용 최적화 조치를 시행하고 COP 8.8 trillion의 배당금 지급을 완료했습니다.
Ecopetrol (NYSE:EC) a publié des résultats financiers solides au 2e trimestre 2025 malgré un contexte de marché difficile. La société a réalisé des revenus de COP 29.7 trillion, un EBITDA de COP 11.1 trillion avec une marge de 37,5 % et un résultat net de COP 1.8 trillion.
Points opérationnels clés : production de 751 mboed, volumes transportés de 1,088 mbd et débit de raffinage de 405 mbd. La faisabilité commerciale de la découverte Lorito — la plus importante de la dernière décennie — a été déclarée. Dans la transition énergétique, Ecopetrol a acquis le projet éolien Windpeshi de 205 MW et sécurisé d'importants contrats de commercialisation de gaz naturel.
La société a maintenu la croissance opérationnelle sur l'ensemble des lignes d'activité, avec des investissements totaux de USD 2,582 million au T2 2025, a mis en œuvre des initiatives d'optimisation des coûts et a procédé au paiement des dividendes pour COP 8.8 trillion.
Ecopetrol (NYSE:EC) meldete im 2. Quartal 2025 trotz schwieriger Marktbedingungen solide Finanzergebnisse. Das Unternehmen erzielte Erlöse von COP 29.7 trillion, ein EBITDA von COP 11.1 trillion mit einer Marge von 37,5 % sowie ein Nettoergebnis von COP 1.8 trillion.
Wesentliche operative Kennzahlen: Produktion 751 mboed, transportierte Mengen von 1,088 mbd und Raffineriedurchsatz von 405 mbd. Für den Fund Lorito, den größten des letzten Jahrzehnts, wurde die kommerzielle Bewirtschaftbarkeit festgestellt. Im Bereich Energiewende erwarb Ecopetrol das Windprojekt Windpeshi mit 205 MW Kapazität und schloss bedeutende Verträge zur Vermarktung von Erdgas ab.
Das Unternehmen hielt das operative Wachstum in allen Geschäftsbereichen aufrecht; die Gesamtinvestitionen beliefen sich im Q2 2025 auf USD 2,582 million. Zudem wurden Kostenoptimierungsmaßnahmen umgesetzt und Dividendenauszahlungen in Höhe von COP 8.8 trillion abgeschlossen.
- None.
- Revenue decreased 9.1% YoY to COP 29.7 trillion
- Net income declined 46.4% YoY to COP 1.8 trillion
- EBITDA dropped 20.8% YoY to COP 11.1 trillion
- Gas sales volume decreased 21.6% due to natural field decline
- Operating and exploration expenses increased 14.3% YoY
Insights
Ecopetrol posted solid H1 2025 results despite weaker oil prices, with strong operational performance offsetting market headwinds through diversification and cost management.
Ecopetrol delivered resilient financial results in Q2 2025 despite challenging market conditions, reporting
The company has effectively navigated lower Brent prices through portfolio diversification and operational optimization. Production reached 751 mboed in H1, driven by strong performance in key Colombian fields and the Permian Basin. The declaration of commercial feasibility for the Lorito discovery, described as the largest in the last decade, represents a significant milestone for Colombian energy security.
Ecopetrol's trading operations achieved their best crude differential in four years at -USD 3.7/Bl, demonstrating strong commercial execution. Meanwhile, refining throughput reached 405 mbd following major maintenance at the Barrancabermeja refinery, which has restored full processing capacity for H2.
The company has made strategic progress in energy transition with the acquisition of the 205 MW Windpeshi wind project in La Guajira. Additionally, natural gas commercialization agreements (58 GBTUD for four years and 60 GBTUD for five years starting Q2 2026) represent important steps in addressing Colombia's gas supply deficit.
Financial discipline remains evident with
Total capital investments reached
Ecopetrol demonstrates operational resilience amid lower oil prices, with strategic diversification buffering market headwinds while advancing energy transition initiatives.
Ecopetrol's Q2 results reveal the significant impact of lower hydrocarbon prices on financial performance, with Brent prices declining
The company has effectively mitigated price weakness through commercial excellence, improving crude differentials substantially from -$6.28/Bbl in Q2 2024 to -$3.71/Bbl in Q2 2025 – the best performance in four years. This optimization of the sales portfolio demonstrates the value of Ecopetrol's international trading capabilities through subsidiaries in Houston and Singapore.
In the domestic market, natural gas sales volumes decreased
The acquisition of the Windpeshi wind project in La Guajira represents a significant step in Ecopetrol's energy transition strategy. With 205 MW of capacity in a region recognized for world-class renewable resources, this project will support Ecopetrol's emissions reduction goals while diversifying its energy portfolio.
The company's tactical hedging program covering 9.4 million barrels in Q2 demonstrates prudent risk management in a volatile price environment. Combined with cost optimization initiatives and strategic portfolio management, these measures have helped maintain a
BOGOTÁ,
Our financial results were underpinned by market and portfolio diversification, integration across the hydrocarbons value chain, cost cutting maximization, and operational optimization, enabling us to achieve competitive profitability levels within the industry.
In 2Q25, revenues totaled
Our cash management strategy in response to falling prices has progressed through the identification of cost, expense, and CAPEX optimization initiatives; early collection of the 2024 FEPC receivable balance; implementation of foreign exchange hedging; and tax credit offsets, among others, allowing us to uphold the value promise of 2025's financial plan. We have also completed the payment of dividends to shareholders totaling
In the Hydrocarbons business, we continued our growth trend, reaching a production of 751 mboed during the first half of the year, driven by strong performance in Colombian fields such as Caño Sur and CPO-09, as well as in the Permian Basin in the
A key milestone for the country's energy security was the declaration of commercial feasibility for the Lorito discovery in Meta Department, the largest in the last decade, realizing the benefits of acquiring a
In the commercial segment, we highlight the strong contribution of our subsidiaries in
In the Energy Transition business line, we closed the acquisition agreement for the Windpeshi wind project, with 205 MW of self-generation capacity in La Guajira, recognized worldwide as one of the world's most promising regions for solar and wind energy development. This marks the first project of its kind to be executed and built by Ecopetrol. We also highlight the commercialization of natural gas for an average of 58 GBTUD for the next four years, and the long-term commercialization of imported gas at 60 GBTUD (starting 2Q26 for five years), a first in the Company's history, marking a significant step in addressing the country's gas supply deficit while advancing on our gas supply portfolio.
In the Transmission and Toll Roads line, we maintained stable operational results, including the award and commissioning of seven transmission network reinforcements in
Finally, I would like to emphasize that the Group continues to invest strategically to maximize long-term results, maintaining operational growth across all business lines, with total investments reaching
We will continue to strengthen our operational and strategic flexibility, while monitoring market prices and global developments to effectively navigate external challenges and protect and maximize value for all our shareholders, whilst seeking to accomplish our year's financial targets.
Ricardo Roa Barragán
President of Ecopetrol S.A.
In the first half of 2025, the Ecopetrol Group generated net income of
The results highlight: i) the increase in crude oil production leveraged by the contribution of Permian, Caño Sur, and the acquisition of
Table 1: Financial Summary Income Statement - Ecopetrol Group | ||||||||||
Billion (COP) | 2Q25 | 2Q24 | ∆ ($) | ∆ (%) | 6M 2025 | 6M 2024 | ∆ ($) | ∆ (%) | ||
Total Sales | 29,669 | 32,627 | (2,958) | (9.1 %) | 61,035 | 63,929 | (2,894) | (4.5 %) | ||
Depreciation and amortization | 4,349 | 3,594 | 755 | 21.0 % | 8,087 | 7,046 | 1,041 | 14.8 % | ||
Variable costs | 11,382 | 12,020 | (638) | (5.3 %) | 23,302 | 22,841 | 461 | 2.0 % | ||
Fixed Costs | 5,430 | 4,966 | 464 | 9.3 % | 10,478 | 9,757 | 721 | 7.4 % | ||
Sale costs | 21,161 | 20,580 | 581 | 2.8 % | 41,867 | 39,644 | 2,223 | 5.6 % | ||
Gross profit | 8,508 | 12,047 | (3,539) | (29.4 %) | 19,168 | 24,285 | (5,117) | (21.1 %) | ||
Operating and exploration expenses | 2,871 | 2,512 | 359 | 14.3 % | 5,151 | 4,948 | 203 | 4.1 % | ||
Operating profit | 5,637 | 9,535 | (3,898) | (40.9 %) | 14,017 | 19,337 | (5,320) | (27.5 %) | ||
Financial revenues (expenses), net | (2,085) | (2,090) | 5 | (0.2 %) | (4,503) | (4,092) | (411) | 10.0 % | ||
Share in profit of companies | 189 | 189 | 0 | 0.0 % | 398 | 386 | 12 | 3.1 % | ||
Profit before tax on gains | 3,741 | 7,634 | (3,893) | (51.0 %) | 9,912 | 15,631 | (5,719) | (36.6 %) | ||
Tax on gains provision | (1,285) | (3,234) | 1,949 | (60.3 %) | (3,224) | (6,154) | 2,930 | (47.6 %) | ||
Net consolidated profit | 2,456 | 4,400 | (1,944) | (44.2 %) | 6,688 | 9,477 | (2,789) | (29.4 %) | ||
Non-controlling interest | (645) | (1,024) | 379 | (37.0 %) | (1,750) | (2,090) | 340 | (16.3 %) | ||
Net profit attributable to Ecopetrol shareholders | 1,811 | 3,376 | (1,565) | (46.4 %) | 4,938 | 7,387 | (2,449) | (33.2 %) | ||
EBITDA | 11,136 | 14,052 | (2,916) | (20.8 %) | 24,394 | 28,291 | (3,897) | (13.8 %) | ||
EBITDA Margin | 37.5 % | 43.1 % | - | (5.6 %) | 40.0 % | 44.3 % | - | (4.3 %) | ||
The figures included in this report are audited and are expressed in trillion of Colombian pesos (COP), or
Forward-looking Statements: This release may contain forward-looking statements related to business prospects, estimates for operating and financial results, and growth of Ecopetrol. These are projections and, as such, are based solely on management's expectations regarding the future of the Company and its permanent access to capital to fund its business plan. Such forward-looking statements depend, basically, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, without limitation thereto; therefore, they are subject to change without prior notice.
I. Financial and Operating Results
Sales Revenues
Accumulated sales revenue in 2Q25 totaled
- Lower weighted average sales price of crude oil and products of -
12.0 USD /Bl (COP -4.4 trillion ), in line with the decrease in Brent, partially offset by strengthening crude trading and product differentials. - Lower income from energy and road transmission services (
COP -0.1 trillion ), due to the combined effect of: i) timely recognition in June of the adjustment to the financial component of the Basic Network of the Existing System in ISA Brazil forCOP -0.6 trillion , and ii) higher income from rate indexation to inflation indicators. - Positive exchange effect on income (
COP +1.4 trillion ), due to a higher average exchange rate. - Positive effect on sales volume of
COP +0.1 trillion , due to the offsetting effects of: i) higher crude oil exports (+12.4 mboed), given commercial management that allowed closing with lower shipments in transit in 2Q25 versus 2Q24 and ii) lower gas sales volume (-14.1 mboed), mainly associated to lower domestic production due to natural decline of fields and other effects on the local environment.
Table 2: Volumetric Sales - Ecopetrol Group | ||||||||
Local Sales Volume - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Middle Distillates | 186.9 | 189.4 | (1.3 %) | 185.8 | 183.3 | 1.4 % | ||
Gasoline | 126.9 | 126.2 | 0.6 % | 129.6 | 130.8 | (0.9 %) | ||
Natural Gas | 68.0 | 86.7 | (21.6 %) | 69.0 | 86.4 | (20.1 %) | ||
Petrochemicals and Industrial | 19.1 | 18.1 | 5.5 % | 18.8 | 18.5 | 1.6 % | ||
LPG and Propane | 13.2 | 15.4 | (14.3 %) | 13.2 | 15.9 | (17.0 %) | ||
Crude oil | 0.1 | 0.0 | - | 0.1 | 0.0 | - | ||
Fuel oil | 0.2 | 0.1 | 100.0 % | 0.2 | 0.1 | 100.0 % | ||
Total Local Volumes | 414.4 | 435.9 | (4.9 %) | 416.6 | 435.0 | (4.2 %) | ||
Exports Volumes - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Crude oil | 440.8 | 428.5 | 2.9 % | 431.4 | 421.0 | 2.5 % | ||
Products | 112.7 | 109.1 | 3.3 % | 106.3 | 104.2 | 2.0 % | ||
Natural Gas* | 18.7 | 14.1 | 32.6 % | 17.2 | 13.4 | 28.4 % | ||
Total Export Volumes | 572.2 | 551.7 | 3.7 % | 554.8 | 538.5 | 3.0 % | ||
Total Sold Volumes | 986.6 | 987.6 | (0.1 %) | 971.4 | 973.5 | (0.2 %) | ||
* Natural gas exports correspond to local sales by Ecopetrol America LLC and Ecopetrol Permian LLC. | ||||||||
The total volume sold during 2Q25 amounted to 987 mboed,
Sales in
- Decrease of
21.6% (-18.7 mboed) in gas sales explained by lower quantities contracted in Cusiana - Cupiagua due to the decline in production fields.
- Decrease of
14.3% (-2.2 mboed) in sales of LPG and Propane as a consequence of the financial prioritization of the use of energy for own consumption, which reduces the cost of dilution of crude oil and gas purchases. - Decrease of
1.3% (-2.5 mboed) in middle distillate sales, explained by lower domestic diesel demand in thermal power generation, large consumers, and industrial burners.
International sales, which represented
- Increase of
2.9% (+12.3 mboed) in crude oil exports due to lower shipments in transit in 2Q25 versus 2Q24.
- Increase of
32.6% (+4.6 mboed) in natural gas sales due to a solid performance of the Permian development campaign.
Table 3: Basket Realization Prices – Ecopetrol Group | ||||||||
USD/Bl | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Brent | 66.7 | 85.0 | (21.5 %) | 70.8 | 83.5 | (15.2 %) | ||
Gas Sales Basket | 26.9 | 27.1 | (0.7 %) | 27.9 | 27.7 | 0.7 % | ||
Crude Sales Basket | 63.0 | 78.7 | (19.9 %) | 65.8 | 76.2 | (13.6 %) | ||
Product Sales Basket | 79.2 | 91.4 | (13.3 %) | 82.7 | 92.0 | (10.1 %) | ||
Crudes: In 2Q25 versus 2Q24, a weakening of
Refined Products: In 2Q25 versus 2Q24, the product sales basket weakened by
Natural Gas: The price of gas sales decreased by
Hedging program: During 2Q25, tactical hedging operations continued due to exposure to different price indices and pricing periods between the purchase and sale of physical barrels. Ecopetrol S.A. covered volumes of 1.5 million barrels during 2Q25, based on crude export indicators and pricing periods. From Ecopetrol Trading Asia, tactical hedges were executed for 7.2 million barrels based on indicators and pricing periods, and from Ecopetrol US Trading, tactical hedges were executed for 0.7 million barrels under similar conditions.
Sale Costs
The cost of sales showed an increase of
Variable Costs
Variable costs showed a decrease of
- Lower value of purchases of crude oil, gas and products (
COP -1.6 trillion ), due to the net effect of:
- Decrease in the weighted average price of national purchases and imports of -
14.2 USD /Bl (COP -2.0 trillion ), in line with international indicators. - Decrease in volume of crude oil purchased (
COP -0.5 trillion , -23.2 mbod), mainly at domestic level given lower throughput from the refineries and external events. - Increase in the volume of refined products purchased (
COP +0.3 trillion , +10.3 mboed), due to greater fuel imports to meet national demand, because of major maintenance cycle at the Barrancabermeja Refinery. - Negative effect on purchases due to the higher average exchange rate (
COP +0.6 trillion ).
- Decrease in the weighted average price of national purchases and imports of -
- Increase in other variable costs (
COP +1.0 trillion ), mainly due to: i) greater consumption of crude oil inventories in transit, in line with commercial management, ii) impact of higher average exchange rate on transactions executed inU.S. dollars, and iii) inflationary effect on contract rates.
Fixed Costs: Increase of
Depreciation and Amortization: Increase of
Operational and Exploratory Expenses, net of Other Income
Operating expenses, net of other income, increased by
- Higher tax rate given the internal commotion decree (062 issued in January 2025) amounting to
COP +0.1 trillion . - Higher provisions (
COP +0.2 trillion ), mainly due to: i) impairment of the Air-E portfolio in ISA, and ii) updating of environmental and labor provisions. - Higher labor expenses, mainly associated to salary increases, affected by the inflationary effect
COP +0.1 trillion .
Financial Results (Non-Operational)
Financial expenses remained at similar levels compared to 2Q24, mainly due to the net effect of: i) higher income from exchange rate difference vs. 2Q24, given the Group's net liability position in the face of a lower closing exchange rate, and ii) an increase in financial expenses from interest on debt denominated in
Income Taxes
The Effective Tax Rate for 2Q25 was
Progress in the customs correction process started by DIAN related to VAT on fuel imports
The National Taxes and Customs Directorate ("DIAN") issued Opinion No. 100202208-2305 on December 19, 2024, which, according to its interpretation, stated that the imports and nationalization of gasoline and Diesel are subject to Sales Tax (VAT) at the general rate of
Ecopetrol S.A. ("the Company") and Refinería de Cartagena S.A.S. ("the Refinery") differ from the DIAN's interpretation for the reasons that were opportunely presented to the tax authority. The tax authority, in line with its interpretation and current application, has notified the Refinery of two official assessments and four special customs requirements totaling
The Refinery and the Company, in the framework of due diligence and the protection of their legitimate interests, have responded to DIAN's actions within the legally established timeframes, challenging the issued rulings and questioning the regulatory interpretation. Under DIAN's interpretation, the collection process may continue in accordance with the procedural rules of the customs regime and the Tax Statute, which include coercive collection procedures. However, the Refinery and the Company may exercise the corresponding administrative or judicial remedies, as provided by the same regulations. Although the Refinery and the Company plan to pursue these remedies, a potential coercive collection could have a materially adverse effect on their operations, liquidity, and financial position, depending on the amount and duration of such collection. Furthermore, based on opinions issued by external advisors, who consider the probability of success to be greater than
Considering that DIAN has decided to apply its regulatory interpretation, starting January 2025, the Company and the Refinery have been making VAT payments on the importation of gasoline and diesel (ACPM), in compliance with DIAN's interpretation of the
The projected value of VAT payments related to gasoline and Diesel imports for 2025 is estimated at
Ecopetrol and the Refinery reiterate their commitment to fully comply with their customs and tax obligations and will be respectful of the decisions that resolve this controversy before the corresponding authority.
Financial Position Statements
Group's assets decreased by
Liabilities decreased by
As of the end of 2Q25, Group's equity totaled
Cash Flow, Debt and FEPC
Table 4: Cash Position- Ecopetrol Group | ||||||
Billion (COP) | 2Q25 | 2Q24 | 6M 2025 | 6M 2024 | ||
Initial cash and cash equivalents | 14,101 | 15,167 | 14,054 | 12,336 | ||
(+) Cash flow from operations | 10,046 | 17,071 | 16,168 | 23,084 | ||
(-) CAPEX | (5,031) | (4,628) | (8,990) | (8,901) | ||
(-) Consideration paid for acquisition of assets | 0 | 0 | (1,109) | 0 | ||
(+/-) Investment portfolio movement | (1,456) | (522) | (2,258) | (685) | ||
(+) Other investment activities | 403 | 625 | 805 | 1,052 | ||
(+/-) Adquisition, borrowings and interest payments of debt | 1,980 | (2,790) | 2,431 | (1,915) | ||
(-) Dividend payments | (9,672) | (11,922) | (10,695) | (12,192) | ||
(+/-) Exchange difference (cash impact) | (253) | 251 | (288) | 473 | ||
(-) Return of capital | 0 | (15) | 0 | (15) | ||
Final cash and cash equivalents | 10,118 | 13,237 | 10,118 | 13,237 | ||
Investment portfolio | 3,024 | 2,702 | 3,024 | 2,702 | ||
Total cash | 13,142 | 15,939 | 13,142 | 15,939 | ||
Cash Flow
As of the end of 2Q25, Group held a cash balance of
Debt
At the end of 2Q25, the balance of debt in the balance sheet amounts to
The Gross Debt/EBITDA indicator of the Group at the end of March 2025 was 2.4 times lower than the upper limit established for 2025 (2.5 times) while the net Debt/EBITDA ratio of the Group closed at 2.2 times. The Debt/Equity ratio at the end of June remained at 1.1 times.
Fuel Price Stabilization Fund (FEPC for its initials in Spanish)
At the end of June 2025, the account receivable from FEPC amounted to
Efficiencies
In 2025, the Group continues materializing its comprehensive strategy of efficiencies and competitiveness with a contribution of
i)
OPEX
- Cost efficiencies in the Corporate and Support Areas (
COP 147 billion ), including initiatives in digital solutions and infrastructure at the corporate level and in control of service demand in operations, - New service contracting achieving better rates than planned (
COP 133 billion ), - Cost efficiency in self-generation and energy purchase management (
COP 104 billion ), - Energy efficiency in operations (
COP 51 billion ), and - Lower crude oil evacuation costs, mainly due to the entry of the Caño Sur Este - ODL pipeline (
COP 77 billion ), among others.
Income
- Capture of synergies in the crude transportation systems associated to the segregation and routing of crudes (Caño Limón and Araguaney Blend) (
COP 82 billion ), - Higher margins achieved in product purchases and imports (
COP 73 billion ) and crude exports (COP 68 billion ), - Gain from volumetric compensation for quality, obtaining more volumes for sale (
COP 48 billion ), and higher asphalt production at the Barrancabermeja refinery (COP 12 billion ), among others.
From the unit costs standpoint, the efficiencies obtained are reflected as follows:
47% of the aforementioned efficiencies with an effect on EBITDA reduced the lifting cost by0.81 USD /Bl.- Efficiencies affecting the refining cash cost and the cost per barrel transported reduced such costs by
0.07 USD /bl and0.015 USD /bl, respectively.
ii) Efficiencies of
- In drilling and completion, design and engineering initiatives stand out, together with optimization of cementing and directional services, negotiation of steel rates and implementation of lessons learned from reduction of process times.
- Permian notable progress was made through the implementation of best practices aimed at reducing time and costs in drilling and completion operations. Design and engineering initiatives introduced new well designs with lower fracture pressures and shorter pumping times, resulting in reduced cost per foot drilled and cost per barrel pumped, thereby enabling an increase in planned activity.
- In surface facility projects, efficiencies are highlighted by redefining scopes (design and engineering) without affecting the value promise of the projects, using existing facilities and materials available in the warehouse, thus reducing purchases.
iii) Actions focused on improving working capital, positive effect on the company's cash flow by
Investments
Table 5: Investments by Segment - Ecopetrol Group | ||||
Ecopetrol Group Investments Business | Total 6M 2025 | |||
Millions USD | Trillions COP | % Share | ||
Hydrocarbons* | 1,583 | 6.6 | 61 % | |
Energies for the Transition** | 348 | 1.5 | 14 % | |
Transmission and Toll Roads | 651 | 2.7 | 25 % | |
Total*** | 2,582 | 10.8 | 100 % | |
* Includes the total amount of investments in hydrocarbon transportation of each of the Ecopetrol Group Companies (Ecopetrol S.A. Participation and non-controlling interest). | ||||
Average exchange rate: 4,196.15 | ||||
** Includes investment in Gas and Energy Transition | ||||
***Includes only organic investments | ||||
At the end of 2Q25, the Ecopetrol Group invested
Hydrocarbons
The investments registered in the hydrocarbons line represented
In the Refining segment,
In turn, in the transport segment, investments at the end of 2Q25 amounted to
Energy for Transition:
So far in 2025,
Within the business line, investments were made in energy efficiency and renewable energies amounting to
Transmission and Toll Roads
In 2Q25, in the Transmission and Toll Roads business line, investments were executed for
II. Business Lines Results
For purposes of this report, the financial information included in this annual report is organized by the following segments: (i) exploration and production, (ii) transportation and logistics, (iii) refining and petrochemicals, and (iv) power transmission and highways, which is consistent with the Company's previous reports. Management is currently reviewing different options to update the Company's operating and financial reporting model to be better aligned with Strategy 2040.
1. HYDROCARBONS
1.1 Exploration, Development and Production
Exploration
At the end of 2Q25, 6 exploratory wells were drilled compared to the 10 planned for the year. Of these wells, 2 were successful (Sirius-2 ST2 and Currucutu-1), 2 are under evaluation (Toritos Oeste-1 and Toritos Sur-3), and 2 had no commercial hydrocarbon shows (Andina Este-1 and Buena Suerte-1).
In the onshore exploration activity, the following stands out:
- The declaration of commerciality of the Lorito discovery, in the Llanos Sur basin (municipality of Guamal, Meta), materializes the benefits derived from the acquisition of
45% of the CPO-09 block. This asset is incorporated into the production portfolio with two wells that have a joint potential of 1,450 barrels per day. Its proximity to existing production and transportation infrastructure facilitates its commercial production and allows to leverage on operational synergies with Ecopetrol's producing fields. - The success of the Currucutú-1 well, operated by GeoPark in partnership with our subsidiary Hocol, located in the Department of Meta, municipality of Cabuyaro, in block LLA-123, was confirmed, which found heavy crude oil accumulation of 14.2 °API. This well is located in the same Eastern Llanos basin as the Toritos discovery, which reduces the technical uncertainty of the block and expands its production potential to the North.
- Of the wells drilled in previous years that were under evaluation, Bisbita Oeste-1,drilled in 2024, and Zorzal Este-2, drilled in 2023, confirmed the presence of hydrocarbons in the departments of Meta and Casanare, both wells are operated by GeoPark in partnership with our subsidiary Hocol.
- Drilling continues on the Floreña N18Y well operated by Ecopetrol (
100% ), located in the Piedemonte, which is expected to reach final depth in 4Q25. - Approval was obtained to extend the term of the exploration phase for contracts LLA-4-1 and LLA-141 for two- year and one and a half year periods, respectively.
In the offshore exploration activity, the following stands out:
- The exploration campaign in the GUAOFF-0 block continued with the completion of the Buena Suerte-1 well, with no commercial hydrocarbon shows. This well targeted a different play2 than Sirius. Additionally, the evaluation of the block continues with the objective of identifying additional volumes, maximizing value capture from the asset, and reducing technical uncertainty, through the drilling of the Papayuela-1 well, which is expected to be completed in 4Q25.
- The Sirius project is progressing with the contracting model for the design, construction and operation of the facilities that will allow gas to be treated to meet regulatory conditions for commercialization in the domestic market. At the same time, ethnic, social and environmental feasibility activities are being performed to continue with the environmental licensing process.
- Regarding the Fuerte Sur, Purple Angel and COL-5 blocks, where the Kronos, Gorgon and Glaucus (KGG) gas discoveries are located, work continues with Shell and the ANH to formalize the transfer of Shell's
50% ownership and operation to Ecopetrol, in accordance with current regulations. On June 9, 2025, a request was filed with the ANH for the assignment of Shell's participation interest (50% ) in the contracts in favor of Ecopetrol, which continues making progress in maturing the development alternatives for the discoveries.3
Gato do Mato (Change of name to "Orca and Sul de Orca Field" approved by the Brazilian National Petroleum and Biofuels Agency (ANP) as of May 20, 2025)
The following progress was made during the quarter:
- Recognition of the effectiveness of the Declaration of Commerciality of the Orca (ORC) and South Orca (SOR) development areas was obtained on May 20, 2025, from the Brazilian National Petroleum and Biofuels Agency (ANP), which is one of the milestones that are expected to enable the start of the gradual incorporation of proven reserves as of 2025.
- During the quarter, detailed engineering of the vessel (FPSO4) and processing facilities started along with process safety analyses and consolidation of work teams by the contractors and the operator.
Production
Table 6: Gross Production - Ecopetrol Group | ||||||||
Production - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Crude oil | 491.5 | 497.0 | (1.1 %) | 495.6 | 493.9 | 0.3 % | ||
Natural Gas | 103.9 | 121.3 | (14.3 %) | 104.6 | 120.8 | (13.4 %) | ||
Total Ecopetrol S.A. | 595.4 | 618.4 | (3.7 %) | 600.1 | 614.7 | (2.4 %) | ||
Crude oil | 21.6 | 17.9 | 20.7 % | 21.4 | 17.9 | 19.6 % | ||
Natural Gas | 13.8 | 17.6 | (21.6 %) | 14.4 | 17.8 | (19.1 %) | ||
Total Hocol | 35.4 | 35.5 | (0.3 %) | 35.8 | 35.7 | 0.3 % | ||
Crude oil | 8.4 | 6.5 | 29.2 % | 7.9 | 7.6 | 3.9 % | ||
Natural Gas | 0.9 | 0.9 | 0.0 % | 0.9 | 0.9 | 0.0 % | ||
Total Ecopetrol America | 9.2 | 7.4 | 24.3 % | 8.8 | 8.5 | 3.5 % | ||
Crude oil | 63.6 | 59.5 | 6.9 % | 58.5 | 54.4 | 7.5 % | ||
Natural Gas | 51.9 | 38.8 | 33.8 % | 47.3 | 37.0 | 27.8 % | ||
Total Ecopetrol Permian | 115.5 | 98.2 | 17.6 % | 105.8 | 91.4 | 15.8 % | ||
Crude oil | 585.1 | 581.0 | 0.7 % | 583.4 | 573.9 | 1.7 % | ||
Natural Gas | 170.4 | 178.6 | (4.6 %) | 167.1 | 176.5 | (5.3 %) | ||
Total Ecopetrol Group | 755.5 | 759.6 | (0.5 %) | 750.5 | 750.3 | 0.0 % | ||
Note 1: Gross production includes royalties and is prorated by Ecopetrol's holding in each Company. The Natural Gas data includes Gas and Blanks (LPG, propane and butane). | ||||||||
Note 2: Consolidated data presented in rounded up figures. | ||||||||
Note 3: The table of this report includes | ||||||||
Note 4: Quarterly production figures subject to minor updates due to ministerial forms to the ANH of associated fields and closures in international subsidiaries. | ||||||||
The production of the Ecopetrol Group in 2Q25 was 755.5 thousand barrels of oil equivalent per day (mboed), of which Ecopetrol S.A. contributed 595.4 mboed and the subsidiaries 160.1 mboed, incorporating the production of the Guando and Guando SW fields (4.3 mboed) into the subsidiary, Hocol, given the transfer from Ecopetrol S.A. at the end of 2024, in line with the Ecopetrol Group's presence strategy in the department of Tolima through this subsidiary.
Compared to the same period of the previous year, the production of gas -4.1 mboed due mainly to: i) lower gas production related to the decline of the Cusiana and Recetor fields (Piedemonte Llanero), and Ballena and Chuchupa in Guajira, ii) lower crude oil production due to blockades in the Orinoquia, associated to events beyond Ecopetrol's control, and iii) the impact of the Llanos Norte asset due to the unavailability of the Bicentennial Pipeline because of damage to the infrastructure caused by third parties. These effects were partially mitigated by: i) improved performance of Permian's incremental campaign due to the optimization of the development plan, ii) acquisition of Repsol's
Compared to the first half of 2024, production levels are maintained in the order of (+0.21 mboed) with an increase in domestic crudes of +5.2 mboed, driven by the growth in Caño Sur and Chichimene, and the acquisition of
With respect to production impact derived from external events, during 2Q25 there was a deferred production of 1.5 million barrels for a cumulative total of 1.8 million barrels for the first half of the year.
These impacts were mainly concentrated in April (
In terms of drilling, as of June 2025, in the Ecopetrol Group, 220 development wells were completed with an average monthly occupancy of 21 active drilling rigs.
Lifting and Dilution Cost
Table 7: Lifting Cost - Ecopetrol Group | ||||||||||
USD/Bl | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | % USD | |||
Lifting Cost* | 11.97 | 12.08 | (0.9 %) | 11.59 | 12.04 | (3.7 %) | 26.4 % | |||
Dilution Cost** | 4.36 | 5.38 | (19.0 %) | 4.89 | 5.40 | (9.4 %) | 100.0 % | |||
* Calculated based on barrels produced without royalties. Figures subject to minor updates between periods. | ||||||||||
**Calculated based on Ecopetrol S.A barrels sold. | ||||||||||
Lifting Cost
The 1H25 lifting cost decreased by -
Exchange Rate Effect (
Cost effect (
- Energy optimization: optimization of self-generation and energy purchase tariffs, as well as a reduction in energy consumption thanks to the optimal operation of production processes and the widespread adoption of more efficient technologies.
- Optimization of the operations and maintenance model for non-industrial areas.
- Reuse of materials in subsurface operations.
- New maintenance and production facilities contracts, achieving better rates than originally planned.
These efficiencies partially offset the following cost increases:
- Cumulative inflation impact on operating service and labor costs (
+0.28 USD /Bl). - Maintenance at international assets: increased maintenance activities at
Big Spring and Lomax, located in the Permian Basin. - Fluid treatment: Increase in volumes treated (+736 KBWPD6), mainly in Caño Sur, Rubiales and Castilla and in Akacias due to the acquisition of a stake in the CPO-09 block, which require additional energy, chemical treatment, and maintenance associated with the expansion of facilities for their processing.
- Increased subsurface activities: Early scheduling of interventions as a strategy to leverage available equipment and manage external conditions.
Dilution Cost
The 1H25 dilution cost decreased
Cost effect (
Volume Effect (
Financial Results
Table 8: Income Statement - Exploration and Production | ||||||||||
Billion (COP) | 2Q25 | 2Q24 | ∆ ($) | ∆ (%) | 6M 2025 | 6M 2024 | ∆ ($) | ∆ (%) | ||
Total revenue | 18,089 | 21,499 | (3,410) | (15.9 %) | 36,506 | 40,215 | (3,709) | (9.2 %) | ||
Depreciation, amortization and depletion | 3,208 | 2,517 | 691 | 27.5 % | 5,866 | 4,894 | 972 | 19.9 % | ||
Variable costs | 7,604 | 8,091 | (487) | (6.0 %) | 14,782 | 14,698 | 84 | 0.6 % | ||
Fixed costs | 3,412 | 3,404 | 8 | 0.2 % | 6,585 | 6,642 | (57) | (0.9 %) | ||
Total cost of sales | 14,224 | 14,012 | 212 | 1.5 % | 27,233 | 26,234 | 999 | 3.8 % | ||
Gross income | 3,865 | 7,487 | (3,622) | (48.4 %) | 9,273 | 13,981 | (4,708) | (33.7 %) | ||
Operating and exploratory expenses | 1,633 | 1,644 | (11) | (0.7 %) | 2,876 | 3,105 | (229) | (7.4 %) | ||
Operating income | 2,232 | 5,843 | (3,611) | (61.8 %) | 6,397 | 10,876 | (4,479) | (41.2 %) | ||
Financial result, net | (922) | (1,074) | 152 | (14.2 %) | (2,043) | (1,960) | (83) | 4.2 % | ||
Share of profit of companies | 8 | 6 | 2 | 33.3 % | 14 | 17 | (3) | (17.6 %) | ||
Income before income tax | 1,318 | 4,775 | (3,457) | (72.4 %) | 4,368 | 8,933 | (4,565) | (51.1 %) | ||
Provision for income tax | (498) | (2,455) | 1,957 | (79.7 %) | (1,490) | (4,334) | 2,844 | (65.6 %) | ||
Consolidated net income | 820 | 2,320 | (1,500) | (64.7 %) | 2,878 | 4,599 | (1,721) | (37.4 %) | ||
Non-controlling interest | 22 | 21 | 1 | 4.8 % | 46 | 40 | 6 | 15.0 % | ||
Net income attributable to owners of Ecopetrol | 842 | 2,341 | (1,499) | (64.0 %) | 2,924 | 4,639 | (1,715) | (37.0 %) | ||
EBITDA | 5,915 | 8,661 | (2,746) | (31.7 %) | 13,121 | 16,376 | (3,255) | (19.9 %) | ||
EBITDA Margin | 32.7 % | 40.3 % | - | (7.6 %) | 35.9 % | 40.7 % | - | (4.8 %) | ||
Revenues decreased during 2Q25 compared to 2Q24 mainly due to a lower Brent reference price; this was partially offset by: i) higher average exchange rate ii) higher foreign sales, and iii) strengthening of the crude oil differential.
The cost of sales increased in 2Q25 compared to 2Q24 due to:
- Increase in depreciation, amortization and depletion, mainly associated with the higher level of capitalization in CPO-09 and Caño Sur, in addition to the higher production levels in these assets and Permian. This increase was also affected by the exchange rate for companies with a functional currency other than the Colombian peso.
- Increase in transportation costs due to: i) higher average exchange rate, ii) increase in rates and iii) greater Banadía-Araguaney contingent operation as a result of the external events, partially offset by the entry of the Caño Sur Este - ODL pipeline.
- Offset by a decrease in purchases from third parties mainly due to: i) lower reference price, and ii) lower volumes purchased.
Operating and exploration costs in 2Q25 compared to 2Q24 decreased mainly due to a lower write-off of exploratory assets.
The financial (non-operational) result of 2Q25 compared to 2Q24 presented a lower expense mainly due to the effect of the exchange difference on the segment's net passive position in dollars, the above partially offset by the higher interest expense.
The decrease in income tax expense for 2Q25 compared to 2Q24 was generated in line with the segment results and a lower rental surcharge given the current Brent price projection.
1.2 Transport and Logistics
Table 9: Transported Volumes - Ecopetrol Group | ||||||||
mbd | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Crude oil | 786.7 | 848.9 | (7.3 %) | 794.8 | 831.2 | (4.4 %) | ||
Products | 297.4 | 303.5 | (2.0 %) | 293.0 | 304.2 | (3.7 %) | ||
Total | 1,084.0 | 1,152.4 | (5.9 %) | 1,087.8 | 1,135.4 | (4.2 %) | ||
Note: The reported volumes are subject to adjustments due to changes in the quality volumetric compensation (CVC for its initials in Spanish), associated to the officialization of volumetric balances. | ||||||||
The total volume transported at the end of 2Q25 was 1,084 mboed, decreasing by 68.4 mboed compared to 2Q24. Likewise, in 1H25, the total volume transported decreased by 47.6 mboed as compared to 1H24.
Crudes: The transported volumes decreased by
During 1H25, and with greater intensity in 2Q25, we faced operational challenges derived from the external events and damages to the infrastructure by third parties, particularly in the Caño Limón-Coveñas pipelines suspended in the Banadía - Ayacucho section since 3Q24, as well as damages in the Caño Limón-Banadía section and in the Bicentennial Pipeline. These events forced the suspension of operations through this alternate route for 43 days during 2Q25 and 68 days in 1H25, limiting production and transportation of approximately 14 mboed in 2Q25 and 8 mboed in 1H25.
Faced with operating challenges derived from the above-mentioned affectations, various strategies were implemented seeking to guarantee operational continuity and minimizing impact on the logistics chain, ensuring evacuation of the fields, supply to the refineries, and meeting export commitments. Among the measures adopted, it should be highlighted the implementation of effective mitigation strategies, strengthening of operational control and coordination with governmental entities, which enabled the evacuation of crude from Arauca through the alternate route of the Bicentennial Pipeline in the Banadía-Araguaney direction, through which nearly 7.2 million barrels were transported in 1H25, vs. almost 1.5 million barrels mobilized in the same period of the previous year, thus allowing to evacuate the filelds and reduce the impact of production deferrals. Additionally, through the implementation of logistic schemes, the transportation of segregated Caño Limón crude from Araguaney to the Barrancabermeja refinery was ensured, without compromising its quality or properties, which allowed it to be used in the refining units.
We were also able to increase the operating capacity of strategic systems such as Araguaney - Cusiana, where the capacity to evacuate Caño Limón crude oil in reversion was increased from 50 to 80 mbod, which allowed us to reduce the field's inventories
Year to date in 2025, approximately
Refined products: Transported volumes decreased
In 2025, Ecopetrol S.A. products represented approximately
Despite the measures and strategies implemented, which include the use of advanced technologies and the strengthening of inter-institutional coordination to mitigate the risk of hydrocarbon seizure, during 1H25, the installing of illicit valves affected the operation in different systems, particularly in the Pozos-Galán system, which restricted product transportation by approximately 16 mboed (~
Third party affectation on transportation infrastructure: During 2Q25 and 1H25, there was an increase in the number of incidents involving third parties affecting the transport infrastructure, reaching a total of 20 events in 1H25 (8 in 2Q25), compared to 2 events reported in 1H24 (0 in 2Q24). In turn, in 2Q25, the number of illicit valves removed in the transportation infrastructure was reduced by
Table 10: Cost per Transported Barrel - Ecopetrol Group | ||||||||||
USD/Bl | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | % USD | |||
Cost per Transported Barrel | 3.24 | 3.23 | 0.3 % | 3.14 | 3.07 | 2.3 % | 17.0 % | |||
Cost per Transported Barrel: The cost per transported barrel in 2Q25 had a similar behavior to that of 2Q24, at
Volume Effect (
Cost Effect (
Exchange Rate Effect (
Financial Results
Table 11: Profit or Loss Statement - Transport | ||||||||||
Billion (COP) | 2Q25 | 2Q24 | ∆ ($) | ∆ (%) | 6M 2025 | 6M 2024 | ∆ ($) | ∆ (%) | ||
Total revenue | 3,868 | 3,625 | 243 | 6.7 % | 7,849 | 7,194 | 655 | 9.1 % | ||
Depreciation, amortization and depletion | 338 | 311 | 27 | 8.7 % | 665 | 627 | 38 | 6.1 % | ||
Variable costs | 193 | 219 | (26) | (11.9 %) | 411 | 415 | (4) | (1.0 %) | ||
Fixed costs | 504 | 533 | (29) | (5.4 %) | 969 | 948 | 21 | 2.2 % | ||
Total cost of sales | 1,035 | 1,063 | (28) | (2.6 %) | 2,045 | 1,990 | 55 | 2.8 % | ||
Gross income | 2,833 | 2,562 | 271 | 10.6 % | 5,804 | 5,204 | 600 | 11.5 % | ||
Operating expenses | 313 | 203 | 110 | 54.2 % | 536 | 399 | 137 | 34.3 % | ||
Operating income | 2,520 | 2,359 | 161 | 6.8 % | 5,268 | 4,805 | 463 | 9.6 % | ||
Financial result, net | (4) | 136 | (140) | (102.9 %) | (194) | 182 | (376) | (206.6 %) | ||
Income before income tax | 2,516 | 2,495 | 21 | 0.8 % | 5,074 | 4,987 | 87 | 1.7 % | ||
Provision for income tax | (899) | (871) | (28) | 3.2 % | (1,830) | (1,734) | (96) | 5.5 % | ||
Consolidated net income | 1,617 | 1,624 | (7) | (0.4 %) | 3,244 | 3,253 | (9) | (0.3 %) | ||
Non-controlling interest | (318) | (307) | (11) | 3.6 % | (650) | (604) | (46) | 7.6 % | ||
Net income attributable to owners of Ecopetrol | 1,299 | 1,317 | (18) | (1.4 %) | 2,594 | 2,649 | (55) | (2.1 %) | ||
EBITDA | 2,906 | 2,728 | 178 | 6.5 % | 6,028 | 5,546 | 482 | 8.7 % | ||
EBITDA Margin | 75.1 % | 75.3 % | - | (0.2 %) | 76.8 % | 77.1 % | - | (0.3 %) | ||
Revenues in 2Q25 increased compared to 2Q24, due to: i) a higher average exchange rate, ii) a higher Banadía-Araguaney contingent operation, and iii) rate updates. These effects offset: i) lower revenues associated to the release of contracted capacity under the "Ship or Pay" modality in the Bicentenario and Caño Limón-Coveñas pipelines, as well as ii) lower volumes transported compared to the previous period due to the impact of the local environment, lower production of third parties in the country and higher maintenance at the Barrancabermeja Refinery.
The cost of sales for 2Q25 decreased compared to 2Q24, mainly due to: i) lower variable costs associated to lower consumption of crude oil, fuel and energy, in line with the reduction in volumes transported, ii) lower purchases for product replacement, and iii) reduction in contracted services, especially in information technology. These factors are partially offset by: i) higher restatement costs due to a higher average exchange rate and, ii) the increase associated to the inflationary effect.
Operating expenses, net for 2Q25 increased compared to 2Q24, mainly due to higher emergency care expenses given the local external events; additionally, in 2Q24 lower expenses were recognized due to the non-recurring favorable effect of the sale of the excess volume of the full line in Ocensa to Ecopetrol S.A.
The net financial result (not operational) for 2Q25 decreased compared to 2Q24, mainly due to: i) the exchange rate effect given a lower closing exchange rate on the segment's net active dollar position, and ii) lower financial returns associated to the behavior of interest rates on deposits and investments.
1.3 Refining and Petrochemicals
In 2Q25, major maintenance was carried out at the Barrancabermeja and
In 2Q25, the refining segment achieved an integrated gross margin of
In this context, tactical, operational and commercial strategies were implemented that made it possible to: i) mitigate the effects of the lower availability of light crude oil in the diet of the refineries, as a result of the attacks that affected the Caño Limón - Coveñas pipeline, ii) comply with maintenance plans guaranteeing operational reliability, which was reflected in an operational availability of
Downstream made material progress in its internationalization and sustainability, with significant milestones occurring since May 2025:
- Ecopetrol made its first export on June 9, 2025 of 185 thousand barrels of IFO 380 marine fuel from the Cartagena Refinery to Cape Canaveral, marking its entry into a competitive global market. This operation represents the incorporation of this product into the company's export portfolio, strengthening its offer with a more efficient alternative with a lower environmental footprint, due to the reduction of emissions by removing streams with high sulfur content, reused in alternative industrial processes.
- Ecopetrol sets a record in liquid asphalt exports. Reached a historic volume of 56,700 tons exported on May, consolidating its position as the main exporter of asphalt in
Latin America after four years of operations from the Barrancabermeja Refinery. - Ecopetrol and Aerocivil signed the "SAF Vuela" program to promote the development of sustainable aviation fuels (SAF), strengthening infrastructure and positioning the country as a regional benchmark in aerial decarbonization.
- The company completed its first direct export operation of 200 tons of light liquid paraffin from the Barrancabermeja Refinery to
Brazil , where it is expected to be used in the manufacture of wood panels. This milestone marks the beginning of a new stage in the opening of markets, with higher profit margins and projection towards new destinations inLatin America , includingChile ,Peru andMexico .
In 2Q25, the Cartagena Refinery recorded a throughput of 193.4 mboed, which represents a slight decrease of
The gross refining margin in 2Q25 was
Table 12: Throughput, Utilization Factor, Production and Refining Margin | ||||||||
- Cartagena Refinery | ||||||||
Cartagena Refinery | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Throughput* (mbd) | 193.4 | 195.1 | (0.9 %) | 191.1 | 199.3 | (4.1 %) | ||
Utilization Factor (%) | 82.3 % | 88.6 % | (7.1 %) | 81.8 % | 89.3 % | (8.4 %) | ||
Refined Production (mbd) | 186.0 | 187.7 | (0.9 %) | 183.2 | 192.4 | (4.8 %) | ||
Gross Margin (USD/Bl) | 11.0 | 9.1 | 20.9 % | 10.7 | 12.4 | (13.7 %) | ||
*Corresponds to actual throughput volumes processed, not received | ||||||||
Barrancabermeja Refinery
In 2Q25, the Barrancabermeja Refinery processed a load of 219.9 mboed, a decrease of
Refining gross margin in 2Q25 reached
Table 13: Throughput, Utilization Factor, Production and Refining Margin | ||||||||
- Barrancabermeja Refinery | ||||||||
Barrancabermeja Refinery | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Throughput* (mbd) | 219.9 | 229.2 | (4.1 %) | 213.5 | 227.1 | (6.0 %) | ||
Utilization Factor (%) | 69.5 % | 79.1 % | (12.1 %) | 70.4 % | 80.0 % | (12.0 %) | ||
Refined Production (mbd) | 221.3 | 232.4 | (4.8 %) | 215.6 | 230.7 | (6.5 %) | ||
Gross Margin (USD/Bl) | 13.9 | 9.2 | 51.1 % | 12.6 | 11.6 | 8.6 % | ||
*Corresponds to actual throughput volumes processed, not received | ||||||||
Esenttia
In 2Q25, Esenttia continued to face a challenging environment, marked by moderate demand for propylene and high international competition, especially from
In 1H25, cumulative sales were 207.1 Kton,
Table 14: Sales – Esenttia | ||||||||
Esenttia | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Total Sales (MTon) | 95.8 | 94.1 | 1.8 % | 207.1 | 185.4 | 11.7 % | ||
Refining Cash Cost
Table 15: Refining Cash Cost * | ||||||||||
USD/Bl | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | % USD | |||
Refining Cash Cost | 5.74 | 5.56 | 3.2 % | 5.66 | 5.49 | 3.1 % | 16.8 % | |||
* Includes refineries in Barrancabermeja, | ||||||||||
The refining cash cost increased by
- Volume effect (
+0.12 USD /Bl): Mainly due to lower crude oil loading in refineries of -11.1 mboed. - Cost effect (
+0.46 USD /Bl): Higher costs associated with inflationary effect (+0.25 USD /Bl), higher gas cost due to price effect (+0.12 USD /Bl) and higher operational activity in Esenttia (+0.09 USD /Bl), driven by highter throughputs and production level - Exchange rate effect (
-0.40 USD /Bl): Impact of average devaluation against the dollar at+273 pesos per dollar, going from 3,926 to4,199 pesos per dollar.
Financial Results
Table 16: Income Statement - Refining | ||||||||||
Billion (COP) | 2Q25 | 2Q24 | ∆ ($) | ∆ (%) | 6M 2025 | 6M 2024 | ∆ ($) | ∆ (%) | ||
Total revenue | 15,682 | 16,733 | (1,051) | (6.3 %) | 32,958 | 34,378 | (1,420) | (4.1 %) | ||
Depreciation, amortization and depletion | 518 | 497 | 21 | 4.2 % | 989 | 986 | 3 | 0.3 % | ||
Variable costs | 13,912 | 15,339 | (1,427) | (9.3 %) | 29,765 | 30,606 | (841) | (2.7 %) | ||
Fixed costs | 848 | 702 | 146 | 20.8 % | 1,599 | 1,394 | 205 | 14.7 % | ||
Total cost of sales | 15,278 | 16,538 | (1,260) | (7.6 %) | 32,353 | 32,986 | (633) | (1.9 %) | ||
Gross income | 404 | 195 | 209 | 107.2 % | 605 | 1,392 | (787) | (56.5 %) | ||
Operating expenses | 610 | 551 | 59 | 10.7 % | 1,199 | 1,114 | 85 | 7.6 % | ||
Operating income (loss) | (206) | (356) | 150 | (42.1 %) | (594) | 278 | (872) | (313.7 %) | ||
Financial result, net | (319) | (392) | 73 | (18.6 %) | (564) | (787) | 223 | (28.3 %) | ||
Share of profit of companies | 51 | 48 | 3 | 6.3 % | 97 | 98 | (1) | (1.0 %) | ||
Loss before income tax | (474) | (700) | 226 | (32.3 %) | (1,061) | (411) | (650) | 158.2 % | ||
Provision for income tax | 141 | 230 | (89) | (38.7 %) | 365 | 191 | 174 | 91.1 % | ||
Consolidated net income | (333) | (470) | 137 | (29.1 %) | (696) | (220) | (476) | 216.4 % | ||
Non-controlling interest | (46) | (47) | 1 | (2.1 %) | (96) | (98) | 2 | (2.0 %) | ||
Net income attributable to owners of Ecopetrol | (379) | (517) | 138 | (26.7 %) | (792) | (318) | (474) | 149.1 % | ||
EBITDA | 665 | 435 | 230 | 52.9 % | 1,147 | 1,881 | (734) | (39.0 %) | ||
EBITDA Margin | 4.2 % | 2.6 % | - | 1.6 % | 3.5 % | 5.5 % | - | (2.0 %) | ||
Revenues decreased in 2Q25 compared to 2Q24 due to lower sales volumes associated with the scheduled plant shutdowns of the major maintenance cycle at the Barrancabermeja Refinery, which was partially offset by: i) the positive effect of a higher average exchange rate and ii) the strengthening of the product differential.
The cost of sales decreased in 2Q25 compared to 2Q24, mainly due to: i) a reduction in the cost of diet due to a drop in the price of Brent, and ii) lower crude oil purchases due to lower cargoes due to the plant shutdown plan at the Barrancabermeja Refinery and lower receipt of light crude oil. The decrease is partially offset by the effect of the higher average exchange rate on purchases.
Operating expenses for 2Q25 remained at similar levels to those recorded in 2Q24. This performance reflects the effectiveness of the efficiency plan implemented, which allowed us to contain OPEX growth, limiting it only to the impact of the inflationary adjustment.
The financial (non-operational) result of 2Q25 versus 2Q24 presented a lower expense mainly due to the effect of the exchange difference in the valuation of the segment's net position.
1.4 Commercial Management
The good performance of the commercial offices in
Continuing with the incorporation of new products into the portfolio, in the products and petrochemicals segment, the first export of RMG380-grade fuel oil (marine residual fuel) was carried out, totaling 320 thousand barrels. Additionally, the first delivery of IFO380 (marine diesel for vessels) from Refinería de Cartagena S.A. was completed, amounting to 186 thousand barrels, and the first direct sale of paraffin to
In line with the Ecopetrol Group's decarbonization strategy, during second quarter of 2025 the Carbon Trading Desk traded through Ecopetrol S.A. approximately 280 thousand carbon credits (tCO2e) from carbon capture and reduction projects in
2. ENERGIES FOR THE TRANSITION
Natural Gas
During 2Q25 the process of marketing natural gas from major fields and imported gas through the Colombian Pacific coast was carried out. This process involved the participation of over 40 companies and secured quantities for an average of 58 GBTUD for the next four years. Furthermore, for the first time in Ecopetrol's history, a block of 60 GBTUD of imported natural gas was commercialized for five years.
On the other hand, Ecopetrol continues to optimize its natural gas consumption. During the first half of the year, there was an
Natural Gas Options
Regarding the regasification on the Pacific coast, the contract signed with PIO SAS is still in the execution phase and the operation start-up date is planned for the second half of 2026.
Regarding regasification options in the
Renewable Energy
As of the end of Q2 2025, the Group had incorporated a total of 630 MW of renewable energy, of which 208 MW are in operation, 228 MW correspond to purchases in the Wholesale Energy Market (MEM for its initials in Spanish), 95 MW are under construction, and 99 MW are in execution.
With respect to the operation of the Brisas, Castilla,
Similarly, during the quarter, Ecopetrol made progress in strengthening its renewable energy portfolio:
- The conditions precedent for the acquisition of
100% of Wind Autogeneración S.A.S. owner of the Windpeshi wind project (205 MW) in La Guajira were fulfilled on July 7, 2025. Once operational, the project is expected to contribute to optimizing energy costs and advancingColombia's energy transition, with an expected decarbonization impact of approximately 4.8 million tons of CO₂ and an estimated investment ofUSD 350 million between 2025 and 2027. - A Master Investment Agreement (MIA) was signed with AES for the potential acquisition of a
49% stake in the Jemeiwaa Ka'l wind cluster (1,087 MW). - A contract was signed with Statkraft to acquire a solar and wind portfolio of up to 1,300 MW, subject to legal and contractual requirements.
Wholesale Energy Market (MEM for its initials in Spanish)
During the first half of 2025, the Ecopetrol Group's total electricity demand averaged approximately 23.3 GWh per day. Of this demand,
Similarly, year to date in 2025, management performed has allowed to uphold the average rates settled in contracts to meet the energy demand of the Ecopetrol Group in
Energy efficiency
By the end of the first half of 2025, an accumulated energy optimization of 2.42 PJ was achieved, with an impact on 171,226 tons of CO2e and savings of around
Social gas
Through the social gas initiative, Ecopetrol made 19,242 new home connections in social strata 1 and 2 during the first half of the year. Since 2019, a total of 94,507 physical connections have been installed across 19 departments.
Invercolsa
At the close of 2Q25, Invercolsa and its affiliates, both controlled and non-controlled, registered mor than 4.1 million users connected to the gas service, which represents an increase of
3. ENERGY TRANSMISSION AND TOLL ROADS
3.1 Energy Transmission
Projects awarded
In
Entry into operation of projects
In 2Q25, the following projects came into operation:
- In
Colombia , ISA completed the renovation of the Bolivar Sabanalarga and Bolivar Termocartagena transmission line, which had an estimated investment ofCOP 16 billion .
- In
Brazil , seven reinforcements and improvements to the ISA Energia Brasil network, with a baseline investment ofUSD 57 million (~COP 232 billion ). In addition, the Água Vermelha project, a project with a baseline investment ofBRL 94 million (~COP 70 billion ). The project is intended to facilitate the integration of new solar energy projects in the northwest of São Paulo and in the Triângulo Mineiro, helping to accelerateBrazil's energy transition.
ISA Energía
In 2012, the early termination of Concession 059 in ISA CTEEP led to the recognition of the outstanding payment value, separating two groups of assets: i) RBNI (New Investment Basic Network) – non-depreciated assets built after the year 2000, which were paid between 2013 and 2015; and ii) RBSE (Existing System Basic Network) – non-depreciated assets built before the year 2000, for which effective payment only began in 2017, following regulatory efforts by ISA CTEEP with ANEEL (
In 2017, ANEEL issued a ruling on the payment of the RBSE, establishing that it should be divided into two components: an economic component, which reviewed the outstanding balance, and a financial component (hereinafter referred to as "Ke"), corresponding to the monetary update from 2013 to 2017.
Although the effective payment of the RBSE began in 2017, the financial component was disputed and subsequently suspended until 2021, when ANEEL recognized the payment of "Ke" for the period from 2013 to 2020.
In 2024, ANEEL decided to review certain methodological criteria for calculating the financial component, following a request submitted in 2021 by industry associations and market agents in
In June 2025, ANEEL's board issued a decision adjusting the flow base used to calculate "Ke," considering only the unpaid financial component that had been under dispute since 2017.
This decision led to a reduction of
The adjustment in RBSE financial component payments between 2025 and 2028 does not compromise the company's financial strength, investment execution, or the development of the ISA2040 Strategy.
3.2 Toll Roads
On June 16, 2025, the Caracolí vehicular bridge was inaugurated on the Circunvalar de la Prosperidad, improving mobility and reducing risks for the users. The project's investment amounted to
On June 26, 2025, the construction phase began for the rehabilitation, improvement, and maintenance of the Eastern Pan-American Highway in
In
3.3 Telecommunications
Internexa has focused its efforts on expanding its coverage and reach in
Financial Results
Table 17: Income Statement - Energy Transmission and Toll Roads | ||||||||||
Billion (COP) | 2Q25 | 2Q24 | ∆ ($) | ∆ (%) | 6M 2025 | 6M 2024 | ∆ ($) | ∆ (%) | ||
Total revenue | 3,343 | 3,427 | (84) | (2.5 %) | 7,354 | 7,095 | 259 | 3.7 % | ||
Depreciation, amortization and depletion | 285 | 269 | 16 | 5.9 % | 567 | 539 | 28 | 5.2 % | ||
Fixed costs | 1,525 | 1,255 | 270 | 21.5 % | 3,039 | 2,639 | 400 | 15.2 % | ||
Total cost of sales | 1,810 | 1,524 | 286 | 18.8 % | 3,606 | 3,178 | 428 | 13.5 % | ||
Gross income | 1,533 | 1,903 | (370) | (19.4 %) | 3,748 | 3,917 | (169) | (4.3 %) | ||
Operating expenses | 448 | 215 | 233 | 108.4 % | 818 | 540 | 278 | 51.5 % | ||
Operating income (loss) | 1,085 | 1,688 | (603) | (35.7 %) | 2,930 | 3,377 | (447) | (13.2 %) | ||
Financial result, net | (834) | (760) | (74) | 9.7 % | (1,685) | (1,527) | (158) | 10.3 % | ||
Share of profit of companies | 130 | 136 | (6) | (4.4 %) | 286 | 272 | 14 | 5.1 % | ||
Loss before income tax | 381 | 1,064 | (683) | (64.2 %) | 1,531 | 2,122 | (591) | (27.9 %) | ||
Provision for income tax | (30) | (138) | 108 | (78.3 %) | (270) | (277) | 7 | (2.5 %) | ||
Consolidated net income | 351 | 926 | (575) | (62.1 %) | 1,261 | 1,845 | (584) | (31.7 %) | ||
Non-controlling interest | (301) | (691) | 390 | (56.4 %) | (1,049) | (1,426) | 377 | (26.4 %) | ||
Net income attributable to owners of Ecopetrol | 50 | 235 | (185) | (78.7 %) | 212 | 419 | (207) | (49.4 %) | ||
EBITDA | 1,644 | 2,227 | (583) | (26.2 %) | 4,081 | 4,487 | (406) | (9.0 %) | ||
EBITDA Margin | 49.1 % | 65.0 % | - | (15.9 %) | 55.5 % | 63.2 % | - | (7.7 %) | ||
Sales revenue in 2Q25 increased by
Cost of sales and operating expenses mainly reflected the impact of inflation, increased construction activity, the commissioning of new projects, and the recognition of portfolio impairment, primarily related to Air-E in 2Q25.
The net financial result for 2Q25 reflected higher indebtedness to support operations, mainly in
III. Corporate Governance and Social Bodies
Board of Directors
The Board of Directors of Ecopetrol S.A. adopted, among others, the following decisions:
- Approved the appointment of Dr. Guillermo García Realpe and Dr. Mónica de Greiff Lindo, as President and Vice President of the Board of Directors, respectively.
- Approved the formation of the support committees of the Board of Directors and appointed the presidents of said committees. See: https://www.ecopetrol.com.co/wps/portal/Home/en/Ourcompany/about-us/Board%20of%20Directors%20Committees
- Approved the financial statements of the Group under Full IFRS regulations with a cut-off date of December 31, 2024, to be incorporated into the 20F 2024 report.
- Approved the 20F Report and its filing at the Securities and Exchange Commission (SEC) in
the United States . See: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001444406/000141057825000839/ec-20241231x20f.htm - Approved separate Financial Statements of Ecopetrol and consolidated statements of the Group corresponding to the first quarter of 2025.
- Approved the following appointments:
- Julián Fernando Lemos, officially appointed to the role of Corporate Vice President of Strategy and Business Development.
- Diana Marcela Jiménez, officially appointed to the role of Director of Institutional Relations and Communications.
- Julio César
Herrera , officially appointed to the role of Commercial and Marketing Vice President. - Rodolfo Mario García, temporarily appointed to the role of Compliance Corporate Director and money laundering compliance officer.
IV. Presentation of Results
On Wednesday, 13 August 2025, management will offer a single virtual conference with transmission in Spanish and English, to comment on the results obtained by Ecopetrol S.A. Listed below are the times and information to participate in the conference:
Conference |
9:00 a.m. Colombian time |
10:00 a.m. New York Time |
To access the webcast, the following connection link is available:
https://xegmenta.co/ecopetrol/registro-conferencia-de-resultados-2t-2025/
Once you receive the invitation, you will find the link for the broadcast in Spanish and the link for the broadcast in English. To ask questions, you can access through the platform once the call transmission begins.
The announcement of the results, the presentation, the webcast, and the recording of the conference will be available on the Ecopetrol website: www.ecopetrol.com.co.
Ecopetrol Group Appendices
Table 1: Income Statement - Ecopetrol Group
Billion (COP) | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Revenue | ||||||||
Local | 14,355 | 15,667 | (8.4 %) | 29,568 | 31,175 | (5.2 %) | ||
Export | 15,314 | 16,960 | (9.7 %) | 31,467 | 32,754 | (3.9 %) | ||
Total revenue | 29,669 | 32,627 | (9.1 %) | 61,035 | 63,929 | (4.5 %) | ||
Cost of sales | ||||||||
Depreciation, amortization and depletion | 4,349 | 3,594 | 21.0 % | 8,087 | 7,046 | 14.8 % | ||
Variable depreciation, amortization and depletion | 3,057 | 2,383 | 28.3 % | 5,572 | 4,643 | 20.0 % | ||
Fixed cost depreciation | 1,292 | 1,211 | 6.7 % | 2,515 | 2,403 | 4.7 % | ||
Variable costs | 11,382 | 12,020 | (5.3 %) | 23,302 | 22,841 | 2.0 % | ||
Imported products | 4,676 | 4,632 | 0.9 % | 10,848 | 9,301 | 16.6 % | ||
Local purchases | 4,209 | 5,875 | (28.4 %) | 9,136 | 10,917 | (16.3 %) | ||
Hydrocarbon transportation services | 433 | 438 | (1.1 %) | 917 | 835 | 9.8 % | ||
Inventories and others | 2,064 | 1,075 | 92.0 % | 2,401 | 1,788 | 34.3 % | ||
Fixed costs | 5,430 | 4,966 | 9.3 % | 10,478 | 9,757 | 7.4 % | ||
Contracted services | 1,227 | 1,304 | (5.9 %) | 2,304 | 2,384 | (3.4 %) | ||
Construction services | 907 | 705 | 28.7 % | 1,792 | 1,588 | 12.8 % | ||
Maintenance | 1,316 | 1,165 | 13.0 % | 2,482 | 2,232 | 11.2 % | ||
Labor costs | 1,122 | 1,085 | 3.4 % | 2,187 | 2,139 | 2.2 % | ||
Other | 858 | 707 | 21.4 % | 1,713 | 1,414 | 21.1 % | ||
Total cost of sales | 21,161 | 20,580 | 2.8 % | 41,867 | 39,644 | 5.6 % | ||
Gross income | 8,508 | 12,047 | (29.4 %) | 19,168 | 24,285 | (21.1 %) | ||
Operating expenses | 2,871 | 2,512 | 14.3 % | 5,151 | 4,948 | 4.1 % | ||
Administration expenses | 2,584 | 2,044 | 26.4 % | 4,767 | 4,123 | 15.6 % | ||
Exploration and projects expenses | 287 | 468 | (38.7 %) | 384 | 825 | (53.5 %) | ||
Operating income | 5,637 | 9,535 | (40.9 %) | 14,017 | 19,337 | (27.5 %) | ||
Finance result, net | (2,085) | (2,090) | (0.2 %) | (4,503) | (4,092) | 10.0 % | ||
Foreign exchange, net | 213 | (9) | (2,466.7 %) | 164 | 45 | 264.4 % | ||
Interest, net | (1,575) | (1,378) | 14.3 % | (3,124) | (2,714) | 15.1 % | ||
Financial income/loss | (723) | (703) | 2.8 % | (1,543) | (1,423) | 8.4 % | ||
Share of profit of companies | 189 | 189 | 0.0 % | 398 | 386 | 3.1 % | ||
Income before income tax | 3,741 | 7,634 | (51.0 %) | 9,912 | 15,631 | (36.6 %) | ||
Income tax | (1,285) | (3,234) | (60.3 %) | (3,224) | (6,154) | (47.6 %) | ||
Net income consolidated | 2,456 | 4,400 | (44.2 %) | 6,688 | 9,477 | (29.4 %) | ||
Non-controlling interest | (645) | (1,024) | (37.0 %) | (1,750) | (2,090) | (16.3 %) | ||
Net income attributable to owners of Ecopetrol | 1,811 | 3,376 | (46.4 %) | 4,938 | 7,387 | (33.2 %) | ||
EBITDA | 11,136 | 14,052 | (20.8 %) | 24,394 | 28,291 | (13.8 %) | ||
EBITDA margin | 37.5 % | 43.1 % | (5.6 %) | 40.0 % | 44.3 % | (4.3 %) |
Table 2: Statement of Financial Position / Balance Sheet - Ecopetrol Group
Billion (COP) | June 30, 2025 | March 31, 2025 | ∆ (%) | |||
Current assets | ||||||
Cash and cash equivalents | 10,118 | 14,102 | (28.3 %) | |||
Trade and other receivables | 13,797 | 19,252 | (28.3 %) | |||
Inventories | 10,398 | 11,032 | (5.7 %) | |||
Current tax assets | 16,927 | 13,340 | 26.9 % | |||
Other financial assets | 4,222 | 2,528 | 67.0 % | |||
Other assets | 3,694 | 3,718 | (0.6 %) | |||
59,156 | 63,972 | (7.5 %) | ||||
Non-current assets held for sale | 14 | 23 | (39.1 %) | |||
Total current assets | 59,170 | 63,995 | (7.5 %) | |||
Non-current assets | ||||||
Investments in associates and joint ventures | 8,913 | 8,696 | 2.5 % | |||
Trade and other receivables | 34,566 | 33,510 | 3.2 % | |||
Property, plant and equipment | 104,913 | 105,457 | (0.5 %) | |||
Natural and environmental resources | 46,889 | 47,184 | (0.6 %) | |||
Assets by right of use | 984 | 1,028 | (4.3 %) | |||
Intangibles | 15,130 | 15,559 | (2.8 %) | |||
Deferred tax assets | 13,826 | 14,680 | (5.8 %) | |||
Other financial assets | 3,700 | 3,583 | 3.3 % | |||
Goodwill and Other assets | 6,519 | 6,629 | (1.7 %) | |||
Total non-current assets | 235,440 | 236,326 | (0.4 %) | |||
Total assets | 294,610 | 300,321 | (1.9 %) | |||
Current liabilities | ||||||
Loans and borrowings | 15,640 | 13,041 | 19.9 % | |||
Trade and other payables | 17,624 | 26,609 | (33.8 %) | |||
Provision for employees benefits | 2,988 | 3,041 | (1.7 %) | |||
Current tax liabilities | 1,938 | 2,479 | (21.8 %) | |||
Accrued liabilities and provisions | 1,408 | 1,472 | (4.3 %) | |||
Other liabilities | 1,091 | 1,496 | (27.1 %) | |||
Total current liabilities | 40,689 | 48,138 | (15.5 %) | |||
Non-current liabilities | ||||||
Loans and borrowings | 104,619 | 105,620 | (0.9 %) | |||
Trade and other payables | 22 | 18 | 22.2 % | |||
Provision for employees benefits | 14,361 | 13,992 | 2.6 % | |||
Non-current taxes | 14,246 | 14,173 | 0.5 % | |||
Accrued liabilities and provisions | 13,140 | 12,967 | 1.3 % | |||
Other liabilities | 1,952 | 2,115 | (7.7 %) | |||
Total non-current liabilities | 148,340 | 148,885 | (0.4 %) | |||
Total liabilities | 189,029 | 197,023 | (4.1 %) | |||
Equity | ||||||
Equity attributable to owners of the company | 79,225 | 77,485 | 2.2 % | |||
Non-controlling interests | 26,356 | 25,813 | 2.1 % | |||
Total equity | 105,581 | 103,298 | 2.2 % | |||
Total liabilities and equity | 294,610 | 300,321 | (1.9 %) |
Table 3: Cash Flow Statement - Ecopetrol Group
Billion (COP) | 2Q25 | 2Q24 | 6M 2025 | 6M 2024 | ||
Cash flow provided by operating activities | ||||||
Net income attributable to owners of Ecopetrol S.A. | 1,811 | 3,376 | 4,938 | 7,387 | ||
Adjustments to reconcile net income to cash provided by operating activities | ||||||
Non-controlling interests | 645 | 1,024 | 1,750 | 2,090 | ||
Income tax | 1,285 | 3,234 | 3,224 | 6,154 | ||
Depreciation, depletion and amortization | 4,494 | 3,714 | 8,384 | 7,287 | ||
Foreign exchange (gain) loss | (213) | 9 | (164) | (45) | ||
Finance costs recognized in profit or loss | 2,647 | 2,394 | 5,227 | 4,761 | ||
Dry wells | 252 | 338 | 268 | 605 | ||
Loss (gain) on disposal of non-current assets | (6) | 9 | 7 | 16 | ||
Impairment of current and non-current assets | 89 | 21 | 194 | 49 | ||
Fair value (gain) on financial assets valuation | (454) | (7) | (787) | (47) | ||
Gain on financial derivatives | 28 | 6 | 3 | (1) | ||
Gain on assets for sale | 5 | 13 | 1 | 16 | ||
(Gain) loss on share of profit of associates and joint ventures | (189) | (189) | (398) | (386) | ||
Exchange difference on export hedges and ineffectiveness | 53 | (4) | 125 | (40) | ||
Provisions and contingencies | 202 | 78 | 244 | 239 | ||
Others minor items | (2) | 1 | 2 | (2) | ||
Net changes in operating assets and liabilities | (4,288) | 7,489 | (6,103) | 2,191 | ||
Income tax paid | 3,687 | (4,435) | (747) | (7,190) | ||
Cash provided by operating activities | 10,046 | 17,071 | 16,168 | 23,084 | ||
Cash flows from investing activities | ||||||
Investment in joint ventures | 0 | (11) | (1) | (12) | ||
Investment in property, plant and equipment | (2,191) | (2,124) | (3,808) | (3,739) | ||
Investment in natural and environmental resources | (2,692) | (2,328) | (4,963) | (4,773) | ||
Payments for intangibles | (148) | (176) | (219) | (389) | ||
Consideration paid for acquisition of assets | 0 | 0 | (1,109) | 0 | ||
(Purchases) sales of other financial assets | (1,456) | (522) | (2,258) | (685) | ||
Interest received | 347 | 400 | 652 | 784 | ||
Dividends received | 98 | 187 | 121 | 213 | ||
Proceeds from sales of assets | (42) | 49 | 33 | 67 | ||
Net cash used in investing activities | (6,084) | (4,525) | (11,552) | (8,534) | ||
Cash flows from financing activities | ||||||
Proceeds (repayment of) from borrowings | 3,826 | (901) | 6,654 | 1,939 | ||
Interest paid | (1,702) | (1,749) | (3,932) | (3,572) | ||
Lease Payments | (144) | (140) | (291) | (282) | ||
Return of capital | 0 | (15) | 0 | (15) | ||
Dividends paid | (9,672) | (11,922) | (10,695) | (12,192) | ||
Net cash used in financing activities | (7,692) | (14,727) | (8,264) | (14,122) | ||
Exchange difference in cash and cash equivalents | (253) | 252 | (288) | 473 | ||
Net (decrease) increase in cash and cash equivalents | (3,983) | (1,930) | (3,936) | 901 | ||
Cash and cash equivalents at the beginning of the period | 14,101 | 15,167 | 14,054 | 12,336 | ||
Cash and cash equivalents at the end of the period | 10,118 | 13,237 | 10,118 | 13,237 |
Table 4: EBITDA Reconciliation - Ecopetrol Group
Billion (COP) | 2Q25 | 2Q24 | 6M 2025 | 6M 2024 | ||
Net income attributable to the owners of Ecopetrol | 1,811 | 3,376 | 4,938 | 7,387 | ||
(+) Depreciation, amortization and depletion | 4,494 | 3,714 | 8,384 | 7,287 | ||
(+/-) Impairment of long-term assets | 3 | (1) | 3 | 8 | ||
(+/-) Financial result, net | 2,085 | 2,090 | 4,503 | 4,092 | ||
(+) Income tax | 1,285 | 3,234 | 3,224 | 6,154 | ||
(+) Taxes and others | 813 | 615 | 1,592 | 1,273 | ||
(+/-) Non-controlling interest | 645 | 1,024 | 1,750 | 2,090 | ||
Consolidated EBITDA | 11,136 | 14,052 | 24,394 | 28,291 |
Table 5: EBITDA Consolidation by Segment (2Q25)
Billion (COP) | Upstream | Downstream | Midstream | Energy | Eliminations | Consolidated | |
Net income attributable to the owners of Ecopetrol | 842 | (379) | 1,299 | 50 | (1) | 1,811 | |
(+) Depreciation, amortization and depletion | 3,224 | 562 | 342 | 366 | 0 | 4,494 | |
(+/-) Impairment of long-term assets | 0 | 0 | 0 | 3 | 0 | 3 | |
(+/-) Financial result, net | 922 | 319 | 4 | 834 | 6 | 2,085 | |
(+) Income tax | 498 | (141) | 899 | 30 | (1) | 1,285 | |
(+) Other taxes | 451 | 258 | 44 | 60 | 0 | 813 | |
(+/-) Non-controlling interest | (22) | 46 | 318 | 301 | 2 | 645 | |
Consolidated EBITDA | 5,915 | 665 | 2,906 | 1,644 | 6 | 11,136 |
Table 6: Investment by Segment - Ecopetrol Group
Million (USD) | Ecopetrol | Affiliates | Total 6M | % Share | |
Hydrocarbons | 1,202 | 689 | 1,891 | 73 % | |
Production | 928 | 511 | 1,439 | 55.7 % | |
Downstream | 127 | 45 | 172 | 6.7 % | |
Exploration | 125 | 31 | 156 | 6.0 % | |
Midstream* | 0 | 102 | 102 | 3.9 % | |
Corporate** | 22 | 0 | 22 | 0.9 % | |
Energies for the Transition** | 36 | 4 | 40 | 1.6 % | |
Energy Transmission and Toll Roads | 0 | 651 | 651 | 25.2 % | |
Energy Transmission | 0 | 568 | 568 | 22.0 % | |
Toll Roads | 0 | 72 | 72 | 2.8 % | |
Telecommunications | 0 | 11 | 11 | 0.4 % | |
Total | 1,238 | 1,344 | 2,582 | 100.0 % | |
* Includes the total amount of investments of each of the Ecopetrol Group Companies (Ecopetrol S.A. Participation and non-controlling interest). | |||||
*Includes only total organic investments | |||||
Ecopetrol S.A. Appendices
Following are the Income Statement and Statement of Financial Position of Ecopetrol S.A.
Table 7: Income Statement
Billion (COP) | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Local | 13,717 | 16,007 | (14.3 %) | 28,514 | 31,705 | (10.1 %) | ||
Exports | 9,542 | 11,388 | (16.2 %) | 19,751 | 21,022 | (6.0 %) | ||
Total revenue | 23,259 | 27,395 | (15.1 %) | 48,265 | 52,727 | (8.5 %) | ||
Variable costs | 15,741 | 16,910 | (6.9 %) | 32,534 | 32,596 | (0.2 %) | ||
Fixed costs | 3,991 | 3,957 | 0.9 % | 7,715 | 7,776 | (0.8 %) | ||
Total cost of sales | 19,732 | 20,867 | (5.4 %) | 40,249 | 40,372 | (0.3 %) | ||
Gross income | 3,527 | 6,528 | (46.0 %) | 8,016 | 12,355 | (35.1 %) | ||
Operating expenses | 1,512 | 1,350 | 12.0 % | 2,569 | 2,327 | 10.4 % | ||
Operating income | 2,015 | 5,178 | (61.1 %) | 5,447 | 10,028 | (45.7 %) | ||
Financial income/loss | (1,505) | (1,544) | (2.5 %) | (3,141) | (2,997) | 4.8 % | ||
Share of profit of companies | 1,516 | 1,786 | (15.1 %) | 3,475 | 4,028 | (13.7 %) | ||
Income before income tax | 2,026 | 5,420 | (62.6 %) | 5,781 | 11,059 | (47.7 %) | ||
Income tax | (215) | (2,044) | (89.5 %) | (843) | (3,672) | (77.0 %) | ||
Net income attributable to owners of Ecopetrol | 1,811 | 3,376 | (46.4 %) | 4,938 | 7,387 | (33.2 %) | ||
EBITDA | 4,656 | 7,260 | (35.9 %) | 10,345 | 14,201 | (27.2 %) | ||
EBITDA margin | 20.0 % | 26.50 % | (6.5 %) | 21.40 % | 26.90 % | (5.5 %) |
Table 8: Statement of Financial Position / Balance Sheet
Billion (COP) | June 30, 2025 | March 31, 2025 | ∆ (%) | |||
Current assets | ||||||
Cash and cash equivalents | 3,866 | 4,521 | (14.5 %) | |||
Trade and other receivables | 11,162 | 19,456 | (42.6 %) | |||
Inventories | 6,978 | 7,373 | (5.4 %) | |||
Current tax assets | 13,419 | 11,095 | 20.9 % | |||
Other financial assets | 4,666 | 41 | > | |||
Other assets | 1,762 | 1,971 | (10.6 %) | |||
41,853 | 44,457 | (5.9 %) | ||||
Non-current assets held for sale | 11 | 20 | (45.0 %) | |||
Total current assets | 41,864 | 44,477 | (5.9 %) | |||
Non-current assets | ||||||
Investments in associates and joint ventures | 86,169 | 87,528 | (1.6 %) | |||
Trade and other receivables | 623 | 595 | 4.7 % | |||
Property, plant and equipment | 38,260 | 37,357 | 2.4 % | |||
Natural and environmental resources | 28,315 | 28,226 | 0.3 % | |||
Assets by right of use | 2,523 | 2,590 | (2.6 %) | |||
Intangibles | 547 | 544 | 0.6 % | |||
Deferred tax assets | 7,082 | 7,958 | (11.0 %) | |||
Other financial assets | 2,263 | 2,166 | 4.5 % | |||
Goodwill and other assets | 1,207 | 1,304 | (7.4 %) | |||
Total non-current assets | 166,989 | 168,268 | (0.8 %) | |||
Total assets | 208,853 | 212,745 | (1.8 %) | |||
Current liabilities | ||||||
Loans and borrowings | 12,543 | 9,483 | 32.3 % | |||
Trade and other payables | 15,086 | 23,538 | (35.9 %) | |||
Provision for employees benefits | 2,677 | 2,678 | (0.0 %) | |||
Current tax liabilities | 874 | 495 | 76.6 % | |||
Accrued liabilities and provisions | 950 | 1,009 | (5.8 %) | |||
Other liabilities | 458 | 492 | (6.9 %) | |||
Total current liabilities | 32,588 | 37,695 | (13.5 %) | |||
Non-current liabilities | ||||||
Loans and borrowings | 71,762 | 72,918 | (1.6 %) | |||
Provision for employees benefits | 13,892 | 13,526 | 2.7 % | |||
Non-current tax liabilities | 560 | 546 | 2.6 % | |||
Accrued liabilities and provisions | 10,547 | 10,291 | 2.5 % | |||
Other liabilities | 279 | 284 | (1.8 %) | |||
Total non-current liabilities | 97,040 | 97,565 | (0.5 %) | |||
Total liabilities | 129,628 | 135,260 | (4.2 %) | |||
Equity | ||||||
Equity attributable to owners of the company | 79,225 | 77,485 | 2.2 % | |||
Total equity | 79,225 | 77,485 | 2.2 % | |||
Total liabilities and equity | 208,853 | 212,745 | (1.8 %) |
Table 9: Export Destinations - Ecopetrol Group
Crudes - mboed | 2Q25 | 2Q24 | % Share | 6M 2025 | 6M 2024 | % Share | ||
181.2 | 164.8 | 41.1 % | 181.5 | 176.4 | 42.1 % | |||
190.4 | 236.8 | 43.2 % | 190.4 | 226.9 | 44.1 % | |||
5.5 | 5.5 | 1.2 % | 2.8 | 2.8 | 0.6 % | |||
Others | 0.0 | 8.0 | 0.0 % | 0.0 | 8.2 | 0.0 % | ||
31.7 | 9.4 | 7.2 % | 26.9 | 4.7 | 6.2 % | |||
10.9 | 0.0 | 2.5 % | 19.2 | 0.0 | 4.5 % | |||
0.0 | 4.0 | 0.0 % | 0.0 | 2.0 | 0.0 % | |||
21.3 | 0.0 | 4.8 % | 10.7 | 0.0 | 2.5 % | |||
Total | 441.0 | 428.5 | 100.0 % | 431.5 | 421.0 | 100.0 % | ||
Products - mboed | 2Q25 | 2Q24 | % Share | 6M 2025 | 6M 2024 | % Share | ||
35.0 | 45.1 | 31.1 % | 27.3 | 40.8 | 25.7 % | |||
42.2 | 42.8 | 37.5 % | 40.4 | 39.1 | 38.0 % | |||
8.7 | 15.6 | 7.7 % | 9.0 | 15.9 | 8.5 % | |||
9.5 | 5.1 | 8.4 % | 9.5 | 5.2 | 9.0 % | |||
17.2 | 0.0 | 15.3 % | 12.2 | 0.0 | 11.5 % | |||
0.0 | 0.1 | 0.0 % | 6.2 | 2.8 | 5.9 % | |||
0.0 | 0.0 | 0.0 % | 0.0 | 0.0 | 0.0 % | |||
Others | 0.0 | 0.5 | 0.0 % | 1.4 | 0.4 | 1.3 % | ||
Total | 112.6 | 109.1 | 100.0 % | 106.2 | 104.2 | 100.0 % |
Note: The information is subject to change after the end of the quarter, due to the fact that some destinations are reclassified according to the results of exports. |
Table 10: Local Purchases and Imports - Ecopetrol Group
Local Purchases - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Crude Oil | 178.5 | 217.9 | (18.1 %) | 185.4 | 211.0 | (12.1 %) | ||
Gas | 4.9 | 6.4 | (23.4 %) | 3.8 | 6.6 | (42.4 %) | ||
Products | 2.8 | 3.4 | (17.6 %) | 3.1 | 3.3 | (6.1 %) | ||
Diluent | 0.2 | 0.0 | - | 0.1 | 0.0 | - | ||
Total | 186.4 | 227.8 | (18.2 %) | 192.3 | 220.9 | (12.9 %) | ||
Imports - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | ||
Crude Oil | 63.1 | 46.9 | 34.5 % | 65.6 | 50.6 | 29.6 % | ||
Products | 78.0 | 67.0 | 16.4 % | 87.0 | 65.4 | 33.0 % | ||
Diluent | 27.4 | 27.6 | (0.7 %) | 32.9 | 29.3 | 12.3 % | ||
Total | 168.5 | 141.5 | 19.1 % | 185.5 | 145.2 | 27.8 % | ||
Total | 354.9 | 369.3 | (3.9 %) | 377.8 | 366.1 | 3.2 % |
Table 11: Exploratory Well Details - Ecopetrol Group
# | Quartes | Name | Initial Well Classification (Lahee) | Block | Basin | Operator / Partner | Status | TD Date |
1 | First | Toritos Oeste-1 | A1 | LLA123 | LLanos Central | Geopark | Under Evaluation | Feb 10/2025 |
2 | First | Currucutu-1 | A3 | LLA123 | LLanos Central | Geopark | Successful | Apr 4/2025 |
3 | First | Sirius-2 ST2 | A1 | Gua Off 0 | Caribe Offshore | Petrobras | Successful | Jan 7/2025 |
4 | First | Andina Este-1 | A3 | Capachos | Piedemonte | Parex | Dry | Feb 4/2025 |
5 | Second | Buena Suerte-1 | A3 | Gua Off 0 | Caribe Offshore | Parex | Dry | Jun 3/2025 |
6 | Second | Toritos Sur-3 | A1 | LLA123 | Llanos Central | Geopark | Under Evaluation | Apr 19/2025 |
Table 12: HSE Performance (Health, Safety and Environment)
HSE Indicators* | 2Q 2025 | 2Q 2024 | 6M 2025 | 6M 2024 | ||
Frequency of total registrable injuries (No. Recordable cases / Million man hours) | 0.30 | 0.21 | 0.31 | 0.19 | ||
Environmental incidents** | 1 | 0 | 2 | 0 |
* The results of the indicators are subject to change after the end of the quarter due to the fact that some of the accidents and incidents are reclassified according to the results of the investigations. **Environmental incidents are those hydrocarbon spills greater than 1 barrel, with environmental impact. |
1 Excluding investments in gas and energy efficiency projects
2 Conceptual geological model that describes an area believed to contain hydrocarbon accumulations (oil or gas).
3 The name change is in response to a requirement from the ANP for offshore projects, which must adopt marine fauna names once commerciality is declared.
4 Floating Production Storage and Offloading
5 Includes a volume effect of +0.01
6 Increase in water production in 1H-2025 compared to 1H-2024 in fields directly operated by Ecopetrol S.A.
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SOURCE Ecopetrol S.A.
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