Ecopetrol records 1,944 billion barrels of oil equivalent in proven reserves at the close of 2025, replacing 121% of production, with the highest contribution in the last four years

Rhea-AI Summary

Ecopetrol (NYSE:EC) reported proven reserves of 1,944.2 mmboe at the close of 2025, a 2.7% increase versus 2024, with 99% certified by three independent firms.

Reserves contributions totaled 300 mmboe, the company achieved a 121% reserves replacement ratio (highest in four years) and average reserve life of 7.8 years. Contracts with the ANH added significant volume.

Positive

• Proven reserves reached 1,944.2 mmboe (+2.7% YoY)
• Reserves contributions of 300 mmboe in 2025
• Reserves replacement ratio at 121%, highest in four years
• Average reserve life of 7.8 years
• 99% certification by three independent firms

Negative

• Brent reference price fell 13.9% in 2025 versus 2024
• Production reduced reserves by 248.0 mmboe in 2025

News Market Reaction – EC

-0.64%

1 alert

-0.64% News Effect

On the day this news was published, EC declined 0.64%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

1P proven reserves 2025: 1,944.2 mmboe Reserve additions 2025: 300 mmboe Reserves replacement ratio: 121% +5 more

8 metrics

1P proven reserves 2025 1,944.2 mmboe Proven reserves as of Dec 31, 2025

Reserve additions 2025 300 mmboe Proven reserves contributions in 2025

Reserves replacement ratio 121% 2025 reserves replacement vs production

Average reserve life 7.8 years Ecopetrol Group average reserve life

Brent 2025 reference price USD 68.64/Bbl SEC reference price for 2025 reserves

Brent 2024 reference price USD 79.69/Bbl SEC reference price for 2024 reserves

Revisions from ANH contracts 95.8 mmboe Crude-oil royalties allocated under ANH Resolution 0977 of 2025

Extensions and discoveries 16.1 mmboe 2025 extensions and discoveries in reserves balance

Market Reality Check

Price: $12.58 Vol: Volume 3,789,935 is 1.21x...

normal vol

$12.58 Last Close

Volume Volume 3,789,935 is 1.21x its 20-day average of 3,131,252 shares, indicating elevated interest ahead of this reserves update. normal

Technical Shares at $12.58 trade above the 200-day MA of $9.61 and sit 5.2% below the 52-week high of $13.27, reflecting a strong pre-existing uptrend.

Peers on Argus

EC gained 4.31% while key integrated peers like CVE, YPF, IMO, SU, and PBR rose ...

EC gained 4.31% while key integrated peers like CVE, YPF, IMO, SU, and PBR rose between 0.71% and 2.86%. EC outperformed peers, and no peers appeared in the momentum scanner, suggesting a company-specific reaction to the reserves news rather than a broad sector move.

Common Catalyst One peer, CVE, reported quarterly and full-year results, but there is no shared reserves-specific theme across peers today.

Historical Context

5 past events · Latest: Feb 19 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 19	Board leadership change	Neutral	+4.3%	Board elected new chairwoman and vice chairman with committee assignments.
Feb 19	Shareholders' meeting call	Neutral	+4.3%	Company summoned shareholders to March 27, 2026 General Meeting in Bogota.
Feb 19	Governance measures	Neutral	+4.3%	Announced proxy and representation rules to ensure adequate AGM participation.
Feb 18	Earnings call schedule	Neutral	+0.9%	Set dates for Q4 and 2025 results release and a bilingual conference call.
Feb 05	Extraordinary meeting	Neutral	+4.3%	Extraordinary Meeting approved agenda and elected board for 2025–2029 term.

Pattern Detected

Recent price strength has often coincided with governance and shareholder-meeting announcements, with generally positive moves even on neutral operational news.

Recent Company History

Over the past weeks, Ecopetrol has focused on governance and shareholder matters, including an Extraordinary Shareholders’ Meeting on Feb 5, 2026, the election of a new board, and subsequent board leadership changes on Feb 18–19, 2026. The company also set dates for releasing Q4 2025 and full-year 2025 results and called its General Shareholders’ Meeting for Mar 27, 2026. These events, mostly governance-related, were accompanied by repeated positive price reactions. Today’s reserves update adds a concrete operational milestone to that backdrop.

Market Pulse Summary

This announcement highlights Ecopetrol’s 2025 reserves performance, with 1P proven reserves of 1,944...

Analysis

This announcement highlights Ecopetrol’s 2025 reserves performance, with 1P proven reserves of 1,944.2 mmboe, contributions of 300 mmboe, a reserves replacement ratio of 121%, and average reserve life of 7.8 years, all achieved despite a lower Brent reference price of USD 68.64/Bbl. In recent months, governance and shareholder-meeting news also accompanied positive price action. Investors may watch upcoming 2025 financial results and future reserves reports to see whether this level of replacement and reserve life is maintained.

Key Terms

proven reserves, 1p reserves, barrels of oil equivalent, mmboe, +4 more

8 terms

proven reserves technical

"Ecopetrol Group´s proven reserves totaled 1,944 billion barrels of oil equivalent"

Proven reserves are quantities of natural resources (such as oil, gas or minerals) that geological and engineering data show are reasonably certain to be recoverable under current economic and operating conditions. Think of them as a company’s confirmed inventory of sellable product: they help investors gauge future production, revenue potential and the useful life of resource assets, so increases or decreases can materially change valuation and lending risk.

1p reserves technical

"reported today its proven reserves of oil, condensate, and natural gas (1P reserves)"

1P reserves are the volume of oil or gas that geologists and engineers consider proved recoverable with high confidence—commonly interpreted as about a 90% chance the resource can be produced using current technology and under current economic conditions. For investors, 1P is like a company’s confirmed inventory: it helps gauge the baseline value, predict future production and cash flow, and set a conservative floor for asset worth compared with less-certain reserve categories.

barrels of oil equivalent technical

"1,944 billion barrels of oil equivalent (mmboe), representing a 2.7% increase"

Barrels of oil equivalent (BOE) is a way to measure and compare different types of energy resources, like oil and natural gas, in a common unit. It helps investors understand the total amount of energy a company has or produces, regardless of the resource type, by converting natural gas into a comparable oil amount. This simplifies assessing a company's overall energy assets and making informed investment decisions.

mmboe technical

"Proven reserves totaled 300 mmboe, the highest value in the last four years"

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.

reserves replacement ratio technical

"The reserves replacement ratio reached 121%, driven by the execution of recovery projects"

A reserves replacement ratio compares the amount of new or newly confirmed natural resources a company adds in a period to the amount it produced in that same period, usually shown as a percentage. It matters to investors because it shows whether a resource company is replenishing what it uses—like measuring if you refill your gas tank as fast as you drive—and therefore whether current production levels and future cash flow are sustainable.

enhanced recovery technical

"enhanced recovery projects with outstanding performance in the Castilla, Chichimene"

Enhanced recovery describes a coordinated set of medical steps and practices designed to help patients recover faster and with fewer complications after surgery, like a tuned checklist that gets someone back on their feet sooner. For investors it matters because faster recovery typically means shorter hospital stays, lower costs, different demand for devices and drugs, and clearer measures of quality that can affect hospital revenues and reimbursement.

extensions and discoveries technical

"Extensions and Discoveries | 16.1"

Extensions and discoveries describe two outcomes from exploration work: an extension means finding that an already-known deposit is larger or continues beyond previously mapped boundaries, while a discovery is locating a new, previously unknown deposit. For investors these outcomes matter because they can increase a project’s potential value or life span much like finding extra rooms or a new house adds real estate value, affecting future production forecasts and company worth.

royalties financial

"allocation of crude–oil royalties amounting to 95.8 mmboe from the Castilla"

Payments made to the owner of an asset or intellectual property each time that asset is used or a product is sold, often calculated as a percentage of sales or a set amount per unit. Royalties matter to investors because they create predictable, ongoing income streams and affect a company’s cash flow and valuation—like a landlord collecting rent or an author getting a steady cut whenever a book is sold.

AI-generated analysis. Not financial advice.

• Proven reserves totaled 300 mmboe, the highest value in the last four years.
• The reserves replacement ratio reached 121%, driven by the execution of recovery projects.
• The average reserve life stands at 7.8 years for the Ecopetrol Group.

BOGOTÁ, Colombia, Feb. 19, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" and together with its subsidiaries, the "Ecopetrol Group") reported today its proven reserves of oil, condensate, and natural gas (1P reserves), including its share in proven reserves from subsidiaries, estimated based on the standards of the U.S. Securities and Exchange Commission (SEC). 99% of 1P reserves have been certified by three recognized, specialized, and independent firms: Ryder Scott Company, DeGolyer & MacNaughton, and GaffneyCline & Associates.

As of the end of 2025, Ecopetrol Group´s  proven reserves totaled 1,944 billion barrels of oil equivalent (mmboe), representing a 2.7% increase compared to the reserves at the end of 2024.

Although the 2025 Brent reference price (USD 68.64/Bbl) decreased by 13.9% compared to the 2024 price (USD 79.69/Bbl)¹, proven reserves contributions reached 300 mmboe and the reserves replacement ratio was 121%, demonstrating the Company's effective management in line with its long–term sustainability and resilience strategy.

The reserves contributions were mainly the result of: (i) enhanced recovery projects with outstanding performance in the Castilla, Chichimene, and Akacias fields; (ii) better operational management in the Rubiales and La Cira–Infantas fields, focused on asset efficiency and value; and (iii)  contracts with the ANH².

These results represent the highest reserves replacement achieved in the last four years and reflect the capability and commitment of the Ecopetrol Group to generate value across its exploration, development, and production assets, thereby strengthening the sustainability of the Ecopetrol Group.

The following table presents the consolidated balance of proven reserves (1P) for 2025, in million barrels of oil equivalent³:

Concept(SEC)	MMBOE
Proven reserves as of Dec 31, 2024	1,892.7
Revisions*	140.8
Enhanced Recovery	142.6
Extensions and Discoveries	16.1
Purchases/Sales	0.0
Production	–248.0
Proven reserves as of Dec 31, 2025	1,944.2

* "Revisions" includes additions from contracts with the ANH, contributing 100 mmboe."

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 Brent marker prices referenced in accordance with SEC standards for reserve purposes.
² Contracts with the ANH enabled the allocation of crude–oil royalties amounting to 95.8 mmboe from the Castilla, Akacias, Caño Sur Este, Chichimene, Rubiales, and Yariguí–Cantagallo fields, under ANH Resolution 0977 of 2025, and 4.5 mmboe from economic rights in Tello – La Jagua.
³ Totals may not exactly equal the sum of the figures due to rounding.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-records-1-944-billion-barrels-of-oil-equivalent-in-proven-reserves-at-the-close-of-2025--replacing-121-of-production-with-the-highest-contribution-in-the-last-four-years-302693276.html

SOURCE Ecopetrol S.A.

FAQ

How many proven reserves did Ecopetrol (EC) report for 2025?

Ecopetrol reported 1,944.2 mmboe of proven reserves for 2025. According to the company, this represents a 2.7% increase versus year-end 2024 and reflects certifications by three independent firms.

What drove Ecopetrol's 121% reserves replacement ratio in 2025?

Enhanced recovery projects and ANH contracts drove the 121% replacement ratio. According to the company, key contributions came from Castilla, Chichimene, Akacias and ANH contract allocations.

How much did reserves contributions add to Ecopetrol's 2025 totals (EC)?

Reserves contributions added 300 mmboe in 2025. According to the company, those additions included enhanced recovery, operational improvements, extensions, and ANH-related allocations.

What is Ecopetrol's average reserve life reported for 2025 (EC)?

Average reserve life is 7.8 years for the Ecopetrol Group as of 2025. According to the company, this metric reflects proved reserves relative to current production levels.

Did Ecopetrol (EC) disclose independent certification of its 2025 reserves?

Yes — 99% of 1P reserves were certified by Ryder Scott, DeGolyer & MacNaughton, and GaffneyCline. According to the company, these firms independently validated the reserve estimates.

How did 2025 oil prices affect Ecopetrol's reserve estimate (EC)?

2025 Brent reference price fell 13.9%, which influenced reserve economics. According to the company, reserves were estimated under SEC price standards despite the lower 2025 Brent marker.