Ecopetrol S.A. submitted the Corporate Governance Best Practices Implementation Report - Código País for 2025

Rhea-AI Summary

Ecopetrol (NYSE: EC) submitted its Corporate Governance Best Practices Implementation Report – Código País to the Financial Superintendence of Colombia on January 30, 2026.

The report, digitally signed by Ecopetrol's legal representative, outlines governance practices adopted during 2025 and is available on Ecopetrol and Superintendence websites.

Key Figures

Employees: more than 19,000 Hydrocarbon production share: more than 60% ISA ownership stake: 51.4%

3 metrics

Employees more than 19,000 Company workforce size described in release

Hydrocarbon production share more than 60% Share of Colombia’s hydrocarbon production

ISA ownership stake 51.4% Stake in ISA’s shares

Market Reality Check

Price: $12.57 Vol: Volume 4,017,915 is at 1....

normal vol

$12.57 Last Close

Volume Volume 4,017,915 is at 1.12x its 20-day average. normal

Technical Price at $12.57, trading above 200-day MA at $9.39 and 5.28% below 52-week high.

Peers on Argus

EC fell 1.57% with mixed peer moves: several large integrated peers (CVE, IMO, S...

EC fell 1.57% with mixed peer moves: several large integrated peers (CVE, IMO, SU, PBR) down between 0.53% and 1.74%, while YPF rose 1.9%, suggesting company- and stock-specific factors alongside broader energy pressure.

Historical Context

5 past events · Latest: Jan 23 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 23	Tax/VAT ruling	Negative	+1.4%	DIAN confirmed VAT and penalty of COP 5.3 trillion on gasoline imports.
Jan 20	Board nomination	Neutral	+2.5%	Hydrocarbon-producing departments nominated Ricardo Rodriguez Yee for board seat.
Jan 16	Board nomination	Neutral	+4.9%	Employees elected Cesar Eduardo Loza Arenas as their board candidate.
Jan 07	Labor relations	Neutral	+2.8%	Company reported on renegotiations of its collective bargaining agreement.
Dec 29	M&A exploration	Positive	+1.6%	Company commented on preliminary inorganic growth assessments in Brazil with no commitments.

Pattern Detected

Recent headlines show mostly positive price alignment, with one divergence on a negative tax ruling.

Recent Company History

Over the last months, Ecopetrol news has centered on governance, shareholder representation, labor relations, and tax disputes. A DIAN ruling on a VAT and penalty totaling COP 5.3 trillion saw shares rise, indicating a divergence from the negative tone. Board composition has been an active theme, with employee, regional, and minority nominees and an extraordinary shareholders’ meeting. Against this backdrop, the 2025 Código País governance report continues the focus on formal governance processes.

Market Pulse Summary

This announcement details Ecopetrol’s 2025 Código País Corporate Governance Best Practices report fi...

Analysis

This announcement details Ecopetrol’s 2025 Código País Corporate Governance Best Practices report filed with the Colombian regulator. It formalizes governance practices already applied during 2025, complementing recent updates on board nominations, shareholder representation, and an upcoming extraordinary meeting. Given Ecopetrol’s scale—over 19,000 employees, more than 60% of Colombia’s hydrocarbon production, and a 51.4% ISA stake—investors may track how governance policies interact with tax disputes, regulatory oversight, and strategic decisions.

Key Terms

corporate governance, forward-looking statements, hydrocarbon

3 terms

corporate governance regulatory

"The report outlines the corporate governance practices adopted and implemented"

Corporate governance is the system of rules, roles and oversight that determines how a company is directed and controlled, including the responsibilities of its board, executives and shareholders. Like the steering wheel and map for a car trip, it shapes decisions, sets checks on power and defines who can hold leaders accountable; strong governance reduces risk, builds trust and helps investors judge whether a company is likely to protect capital and deliver reliable returns.

forward-looking statements regulatory

"This release contains statements that may be considered forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

hydrocarbon technical

"responsible for more than 60% of the hydrocarbon production"

Hydrocarbon is a molecule made only of hydrogen and carbon atoms that forms the basis of fuels like oil, gasoline and natural gas as well as many industrial chemicals. Think of hydrocarbons as the raw energy “logs” and building blocks the economy burns or transforms into products; their abundance, quality and price directly affect company revenues, exploration value and investment risk, including exposure to regulatory and environmental costs.

AI-generated analysis. Not financial advice.

BOGOTA, Colombia, Jan. 30, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol") announces that it submitted its Corporate Governance Best Practices Implementation Report – Código País (the "Report")  to the Financial Superintendence of Colombia  today. The report outlines the corporate governance practices adopted and implemented by Ecopetrol during 2025. The Report was digitally signed by Ecopetrol's legal representative.

For further information, please access the report at the following link:
https://www.ecopetrol.com.co/wps/portal/Home/es/ResponsabilidadEtiqueta/Gobernabilidad/ResCorpMediciones/

You may also access the report on the website of the Financial Superintendence of Colombia at the following link:

https://www.superfinanciera.gov.co/publicacion/10085968. Access path: Generate Report File / 2025 / Public Entities / Ecopetrol S.A.

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 Department
Email: investors@ecopetrol.com.co 

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

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SOURCE Ecopetrol S.A.

FAQ

What did Ecopetrol (EC) file with the Financial Superintendence on January 30, 2026?

Ecopetrol filed its Corporate Governance Best Practices Implementation Report – Código País summarizing governance measures for 2025. According to the company, the report was digitally signed by its legal representative and is publicly available on both Ecopetrol and the Superintendence websites.

Where can investors access Ecopetrol's Código País 2025 report for EC?

Investors can download the report from Ecopetrol's website or the Financial Superintendence portal. According to the company, direct links are provided for the report under Public Entities > Ecopetrol S.A in the Superintendence filing system.

Does Ecopetrol's Código País 2025 report include implemented governance practices for 2025?

Yes, the report details corporate governance practices implemented during 2025 at Ecopetrol. According to the company, it outlines adopted measures, governance structure, and implementation status and is signed by Ecopetrol's legal representative for formal submission.

Will Ecopetrol's submission of the Código País 2025 report affect EC shareholder disclosure?

The filing enhances transparency by documenting governance practices but does not itself change financial results. According to the company, the report is a compliance and disclosure document providing stakeholders with governance information and the company's implementation status for 2025.

Who signed Ecopetrol's Corporate Governance Best Practices Implementation Report – Código País for 2025?

The report was digitally signed by Ecopetrol's legal representative at the time of submission. According to the company, the digital signature confirms formal submission to the Financial Superintendence on January 30, 2026 and public availability of the document.