Ecopetrol H1 2026 profit rises 48.5% to COP 11.3T
Higher international reference prices lifted FEPC receivables as operating cash flow declined 12.5% in the first half of 2026.
Sentiment and the balance of points
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Rhea-AI Filing Summary
Ecopetrol S.A. reported first-half 2026 sales of COP 68.823 trillion and net profit of COP 11.316 trillion, up 12.8% and 48.5%, respectively, from the same period in 2025. Operating income rose 48.2% to COP 20.776 trillion; the company cited average crude prices of US$87.6 per barrel, US$16.8 above the prior-year period.
Operating cash flow fell 12.5% to COP 14.139 trillion, partly because higher international reference prices increased receivables from the Fuel Price Stabilization Fund (FEPC); the FEPC balance was COP 7.979 trillion as of June 30, 2026. Planned 2026 capital spending is US$5.4 billion (COP 22 trillion) to US$6.7 billion (COP 27 trillion), mainly from internal cash generation. Shareholders approved COP 4.975 trillion in dividends for fiscal 2025, or COP 121 per share, paid April 30 and June 30, 2026.
The Board appointed Joaquín Gutiérrez Caballero CEO, effective September 28, 2026. In July, unauthorized access to digital resources at approximately 15 group companies led to file downloads; an attempted ransomware attack was blocked and operations continued without interruption. The incident’s full scope, impact and costs remain uncertain.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFirst-half sales rose 12.8%; net profit rose 48.5%.
Negative
- Moderate pointFirst-half operating cash flow fell 12.5% to COP 14.139 trillion.
Filing Explained
Ecopetrol says its Board-requested forensic audit of potential hiring, procurement and contracting irregularities is ongoing and at an early stage. So far, it has identified no amounts or conclusive findings requiring material financial-statement adjustments and no related material weakness; the company says this is not a conclusion on whether irregularities occurred or the audit’s outcome.
Key Figures
Key Terms
Fuel Price Stabilization Fund financial
effective income tax rate financial
non-controlling interest financial
cash flow hedge financial
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2026
Commission File Number 001-34175
(Exact name of registrant as specified in its charter)
N.A.
(Translation of registrant’s name into English)
COLOMBIA
(Jurisdiction of incorporation or organization)
Carrera 13 No. 36 – 24
BOGOTA D.C. – COLOMBIA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
Yes ☐ No ☒
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A
Ecopetrol S.A. hereby designates this report on Form 6-K as being incorporated by reference into its registration statement on Form F-3, as filed with the SEC on April 19, 2024 (File No. 333-278823).
Exhibits
Exhibit 99.1 – Recent Developments and Ecopetrol S.A.’s Unaudited Interim Condensed Consolidated Financial Statements for the six month periods ended June 30, 2025 and 2026 and as of June 30, 2026.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Ecopetrol S.A. | ||
By: | /s/ Alfonso Camilo Barco | |
Name: Alfonso Camilo Barco | ||
Title: Chief Financial Officer, Legal Representative and Attorney in Fact | ||
Date: November 9, 2026
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RECENT DEVELOPMENTS
The following discussion of Ecopetrol S.A.’s (which we refer to as “Ecopetrol,” the “Company” or “we” and together with Ecopetrol’s subsidiaries, the “Ecopetrol Group”) results of operations for the six-month periods ended “Financial Review” in the June 30, 2026 and 2025 should be read in conjunction with our annual report on Form 20-F for the fiscal year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (which we refer to as the “SEC”) on April 30, 2026 (which we refer to as the “2025 Form 20-F”) and, in particular, “Business Overview” and “Financial Review” in the 2025 Form 20-F, with our unaudited interim condensed consolidated financial statements for the six-month periods ended June 30, 2026 and 2025 and as of June 30, 2026, included as Exhibit 99.1 to this Form 6-K (which we refer to as the “unaudited interim condensed consolidated financial statements”). We hereby designate this report on Form 6-K (which we refer to as this “Form 6-K”) as being incorporated by reference into our registration statement on Form F-3, as filed with the SEC on April 19, 2024 (File No. 333-278823).
Our consolidated financial statements for the years ended December 31, 2025, 2024 and 2023 included in the 2025 Form 20-F were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The unaudited interim condensed consolidated financial statements for the six-month periods ended June 30, 2026 and 2025 were prepared in accordance with IFRS as issued by the IASB and published in accordance with IAS 34 – “Interim Financial Reporting”.
Our consolidated financial statements were consolidated line by line and all transactions and balances among subsidiaries have been eliminated. These financial statements include the financial results of all subsidiary companies controlled, directly or indirectly, by Ecopetrol S.A.
Ecopetrol also files financial information with the Superintendencia Financiera de Colombia (the “SFC” for its acronym in Spanish), which is prepared in accordance with current reporting standards as in effect in Colombia (“Colombian IFRS”) and are not included in this report on Form 6-K. Ecopetrol’s financial information under Colombian IFRS filed with the SFC is not directly comparable to its financial information presented under IFRS as issued by the IASB in this report on Form 6-K or its filings with the SEC.
Overview
Our interim consolidated financial results for the first six months of 2026 reflect the overall positive effect of a materially stronger crude oil price environment relative to the corresponding period of 2025, driven primarily by heightened geopolitical tensions in the Middle East that disrupted crude oil and refined product trade flows, tightened global market fundamentals and elevated risk premiums across energy markets. Although market conditions began to stabilize following the Memorandum of Understanding signed between the United States and Iran in June 2026, crude oil prices remained significantly above prior-year levels throughout most of the period. During the first six months of 2026, crude oil prices averaged US$87.6/bl, an increase of US$16.8/bl as compared to the average price for the first six months of 2025. In addition, our positive results were also driven by various other factors, including elevated physical crude oil premiums, low global inventory levels, and persistent concerns regarding energy security, which prevailed despite the gradual normalization of market conditions during the second quarter of 2026. See “Ecopetrol’s results of operations for the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025.”
On the demand front, global economic activity moderated during the first six months of 2026, as higher energy prices, geopolitical uncertainty and supply disruptions weighed on industrial output and fuel consumption. China accounted for a significant share of the adjustment in crude oil demand, as refiners lowered operating rates, drew on accumulated inventories and responded to weaker economic conditions and higher feedstock costs. Comparable trends across other major Asian economies contributed to reduced refinery utilization and softer crude oil purchasing activity over the period. Overall, on an annual basis, crude oil demand declined by 1.9 million barrels per day (mmbd) in the first six months of 2026 (according to S&P Global Commodity Insights), exerting downward pressure on the market. This effect, however, was offset by significant supply disruptions and a pronounced tightening of global balances during the period.
On the supply front, the Organization of Petroleum Exporting Countries’ (“OPEC”) decisions remain key to maintaining a balanced market. Non-OPEC production growth of 0.9 mmbd, on an annual basis, was fully offset by a 5.1 mmbd reduction in OPEC supply in the first six months of 2026. As a result, the global crude oil market shifted from an estimated surplus of 0.5 mmbd in the first six months of 2025 to a deficit of 2.5 mmbd in the first six months of 2026. Non-OPEC supply proved resilient amid the disruptions, underpinned by production growth in the Americas, while geopolitical events affecting the Middle East constrained exports from key OPEC producers. Emergency inventory releases, higher exports from non-OPEC producers and the use of alternative trade routes partially mitigated the supply shortfall. Market conditions also improved gradually following the Memorandum of Understanding signed between the United States and Iran in June 2026. Overall, the crude oil market was in deficit, as supply disruptions across key producing regions offset weaker demand, driving a marked tightening of global balances during the first six months of 2026. The period was
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characterized by supply uncertainty, low inventory levels and elevated price volatility, with conditions stabilizing progressively toward the end of the semester as international trade flows partially recovered.
Under current Colombian regulations, depending on the price of fuels in the international markets, participants in the Colombian fuel market either contribute to, or receive, payments from the Fuel Price Stabilization Fund (“FEPC” for its acronym in Spanish), a fund assigned and administered by the Ministry of the Treasury and Public Credit (“MHCP” for its acronym in Spanish) to attenuate, in the domestic market, the impact of fluctuations of fuel prices in international markets. As a result, the increase in the Brent price indicator has resulted in an increase in amounts due by the FEPC to Ecopetrol. See “Regulation Concerning Production and Prices—Fuel Price Stabilization Fund (FEPC)” in our 2025 Form 20-F. As of December 31, 2025, the outstanding balance for the 2025 FEPC accounts receivable was COP 3.0 trillion. In April 2026, a payment agreement was signed with the National Government, represented by the MHCP, to cover the FEPC’s obligations for the first quarter of 2025, totaling COP 1.6 trillion, which are expected to be paid in full in December 2026. In June 2026, Ecopetrol received a COP 1.0 trillion equivalent in Colombian Government Bonds (“TES”), reducing the overall balance of the FEPC account receivable, but unrelated to the payment agreement executed in April 2026. Such payments have an impact on the Company’s financial and liquidity position. See “Strategy and Market Overview—Our Corporate Strategy—2026 Investment Plan” in our 2025 Form 20-F. As of June 30, 2026, the cumulative balance of the FEPC account receivable was COP 8.0 trillion.
Proceedings Involving Ecopetrol’s Former CEO
On March 11, 2026, Ecopetrol announced that Colombia’s Attorney General’s Office had formally charged Ecopetrol’s former CEO, Ricardo Roa, in connection with his alleged responsibility for the crime of influence peddling by a public servant.. Subsequently, on May 11, 2026, Ecopetrol reported that Colombia’s General Prosecutor’s Office had also filed charges against Mr. Roa for alleged violations of spending limits related to the 2022 presidential campaign. Under Colombian law, these proceedings constitute formal acts through which Mr. Roa is made a party to the respective investigations and informed of the facts under review, but do not constitute a conviction or a final determination on the merits of the cases and do not affect the presumption of innocence to which he is entitled. On July 23, 2026, Ecopetrol announced that Mr. Roa was expected to return from his leave of absence on July 27, 2026, and to serve as CEO through July 30, 2026, after which the Board of Directors appointed Juan Carlos Hurtado Parra, First Alternate to the CEO, as Acting CEO effective July 31, 2026, to serve until a new selection process for the Company’s presidency had been completed in accordance with the applicable Succession Policy. With respect to the proceeding for alleged violations of campaign spending limits, the General Prosecutor’s Office filed a formal indictment (escrito de acusación) against Mr. Roa in August 2026, and the indictment hearing in that proceeding is scheduled for October 30, 2026. As of the date of this report, there are no public reports confirming the outcome of such hearing. With respect to proceedings related to the crime of influence peddling by a public servant, the General Prosecutor’s Office filed a formal indictment (escrito de acusación) against Mr. Roa in June 2026. The indictment hearing in that proceeding began on August 20, 2026, and was suspended until November 25, 2026, after Mr. Roa’s defense announced a motion to annul the indictment.
See “Risk Review – Risk Factors – Risks Related to Our Business – Investigations and other actions by Colombian control entities involving our current or former employees or those of our current or former subsidiaries may impact our reputation.” in our 2025 Form 20-F. At the Extraordinary General Shareholders’ Meeting held on September 15, 2026, the shareholders approved the election of nine members of the Board of Directors for the remainder of the 2025–2029 institutional term, as well as an amendment to Article 20 of the Company’s bylaws regarding the composition, renewal and election of the Board of Directors. On September 17, 2026, the Board of Directors elected its new leadership, with Carlos Augusto Suárez Rojas as Chair and Claudia Margarita Lafaurie Taboada as Vice Chair, and approved the reconstitution of its six supporting committees. On September 15, 2026, following the departure of Mr. Hurtado Parra, the Board of Directors appointed Alfonso Camilo Barco Muñoz as Acting CEO, effective September 15, 2026. On September 24, 2026, following a selection process conducted by the Board’s Compensation, Nomination and Culture Committee in accordance with the Company’s Succession Policy, the Board of Directors, acting unanimously, appointed Joaquín Gutiérrez Caballero as CEO and principal legal representative of the Company on a permanent basis, effective September 28, 2026, and Mr. Barco Muñoz’s interim appointment concluded effective September 27, 2026.
Cybersecurity Incident
In July 2026, the Company identified an unauthorized access to certain digital resources owned of approximately 15 companies within the Ecopetrol Group, including the Company by an unidentified external actor, as well as an attempted ransomware attack that was blocked by the cybersecurity controls implemented across the Company and its subsidiaries. The Company initiated an investigation, activated its incident response protocols, filed a criminal complaint before the Office of the Attorney General of Colombia, and, in coordination with Colombian governmental authorities, undertook efforts to have the illegally published information removed from public access. Subsequent analyses indicated that the impact was limited to the downloading of files, with no compromise to the integrity of information or to the transactional technology solutions within the Company’s digital ecosystem, and the operational activities of the Company and its Business Group continued without interruption.
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The full scope, impact, and costs of this cybersecurity incident remain uncertain. There can be no assurance that the Company’s remediation efforts will be effective, that additional data will not be disclosed, or that the incident will not result in regulatory proceedings, litigation, reputational harm, or other material adverse effects on the Company’s business, financial condition, or results of operations. For additional information regarding the cybersecurity incident, see the Company’s current reports on Form 6-K furnished to the SEC on July 17, July 20, and July 27, 2026.
Forensic Audit
In connection with allegations of potential irregularities in the hiring, procurement and contracting processes of the Company and certain of its subsidiaries, our Board of Directors requested and approved the engagement of an international firm to conduct a comprehensive forensic investigation. The investigation is intended to cover matters involving transactions that may involve alleged irregular conduct, including matters previously investigated under the supervision of the former management or the former board of directors.
Our Board of Directors also requested the engagement of a local team to support the related review and investigative activities, including any actions that may be required before the relevant authorities.
As of the date of this report, the internal and external forensic audit is ongoing and is at an early stage.
Based on the procedures performed to date and the information currently available to us, we have not identified any amounts or conclusive findings in respect of the matters subject to the forensic audit that would require material adjustments to, or additional disclosure in, our audited consolidated financial statements included in our 2025 Form 20-F or our unaudited interim condensed consolidated financial information, included elsewhere in this report. We have also not identified any material weakness in our internal control over financial reporting relating to these matters.
The foregoing statements reflect only the current, preliminary status of the forensic audit. They are not, and should not be read as, a conclusion as to the existence, nature or extent of any irregularity, or as to the outcome of the forensic audit. As the forensic audit progresses, we may identify additional facts or matters, including matters outside its current scope. Any of these could have a material adverse effect on our business, financial condition, results of operations and reputation. We cannot predict the duration or outcome of the forensic audit.
2040 Strategy
Following the 2040 Strategy, Ecopetrol is organized into three corporate business lines: (A) hydrocarbons, which includes three operating segments: (i) exploration and production, (ii) transport and logistics, and (iii) refining and petrochemicals; (B) energies for the transition and (C) energy transmission and toll roads concessions. Ecopetrol Group seeks to maintain the competitiveness of the Hydrocarbons business, the development and scaling of the businesses in the energies for the transition portfolio, and the growth of the energy transmission and toll roads concession line. Following the changes to the Company as a result of the ISA acquisition and in line with our 2040 Strategy, we started a process in 2022 to align our current segments more closely to the business lines set forth in the 2040 Strategy for the Ecopetrol Group, and such process is expected to continue throughout 2026. For purposes of this report, financial information is presented and organized into the following segments: (i) exploration and production, (ii) transport and logistics, (iii) refining and petrochemicals, and (iv) energy transmission and toll roads concessions. This segmentation is consistent with the Company’s 2025 Form 20-F. We expect to use this segmentation until the Company’s management completes the restructuring of its operating and financial reporting model, with the objective of aligning it more effectively with the 2040 Strategy. See “2040 Strategy: Energy That Transforms” in our 2025 Form 20-F.
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Ecopetrol’s results of operations for the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025
The following table sets forth a summary of Ecopetrol’s unaudited interim condensed consolidated income statement for the six-month periods ended June 30, 2026 and 2025.
| For the six-month period ended | | |
| |||
June 30, | |||||||
2026 | 2025 | % Change | |||||
(unaudited) | |||||||
Sales | 68,823 | | 61,034 | | 12.8 | ||
Cost of sales | 41,586 | 41,866 | (0.7) | ||||
Gross profit | 27,237 | 19,168 | 42.1 | ||||
Operation and project, administration and other operating expenses | 6,461 | 5,151 | 25.4 | ||||
Operating income | 20,776 | 14,017 | 48.2 | ||||
Financial result | (4,404) | (4,503) | (2.2) | ||||
Share of profits of associates and joint ventures | 418 | 398 | 5.0 | ||||
Profit before income tax expense | 16,790 | 9,912 | 69.4 | ||||
Income tax expense | (5,474) | (2,294) | 138.6 | ||||
Net profit for the period | 11,316 | 7,618 | 48.5 | ||||
Net profit attributable to: | |||||||
Owners of parent | 9,344 | 5,841 | 60.0 | ||||
Non-controlling interest | 1,972 | 1,777 | 11.0 | ||||
Net profit for the period | 11,316 | 7,618 | 48.5 | ||||
Sales
The following table sets forth our foreign and local sales of crude oil, natural gas, refined and petrochemical products, services associated with the transportation of hydrocarbons and energy transmission and toll roads, for the six-month periods ended June 30, 2026 and 2025.
| For the six-month period ended |
| |||||
June 30, | |||||||
2026 | 2025 | % Change | |||||
(unaudited) | |||||||
Crude oil: | | | | ||||
Local sales (mbod) | — | — | — | ||||
Foreign sales (mbod) | 412.7 | 431.4 | (4.3) | ||||
Average price per local barrel (US$/bl) | — | — | — | ||||
Average price per export barrel (US$/bl) | 79.8 | 65.8 | 21.3 | ||||
Natural gas: | | | | ||||
Local sales (mboed) | 53.0 | 69.0 | (23.2) | ||||
Foreign sales (mboed) | 15.5 | 17.2 | (9.9) | ||||
Average local price (US$/bl) | 48.1 | 33.4 | 44.0 | ||||
Average export price (US$/bl) | (9.6) | 5.8 | (265.5) | ||||
Refined products (including petrochemicals and industrial products): | | | | ||||
Local sales (mboed) | 346.1 | 347.6 | (0.4) | ||||
Foreign sales (mboed) | 114.2 | 106.3 | 7.4 | ||||
Average local price per barrel (US$/bl) | 125.7 | 90.2 | 39.4 | ||||
Average export price per barrel (US$/bl) | 69.8 | 58.1 | 20.1 | ||||
Services sales with third parties: (in billions of Colombian pesos): | | | | ||||
Electric Power Transmission and Toll Roads Concessions | 8,211 | 7,025 | 16.9 | ||||
Transportation | 2,358 | 2,256 | 4.5 | ||||
In the six-month period ended June 30, 2026, total sales increased by 12.8% or COP 7,789 billion as compared to the same period in 2025, as a result of:
| ● | A COP 13,142 billion increase in sales, primarily driven by higher commodity price and reliable operations. Our average refined products basket price increased by 35.3% (US$ 29.2 per barrel), while our average crude oil basket price increased by |
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| 21.3% (US$ 14 per barrel) and our average gas basket price increased by 25.6% (US$ 7.1 per barrel) primarily reflecting a higher Brent benchmark price, stronger refined product spreads against Brent and improved negotiated crude oil differentials. |
| ● | A COP 1,149 billion increase in sales attributable to increased sales from the Energy Transmission and Toll Roads Concessions business, primarily due to: (i) a favorable year-over-year comparison, as 2025 included a one-time recognition of COP 0.6 trillion related to the financial component adjustment of the Existing Basic Network (RBSE by its acronym in Portuguese) at ISA Brasil; and (ii) higher construction revenues driven by progress on ISA’s ongoing projects. |
These increases were partially offset by the following decreases:
| ● | A COP 927 billion or 29.9 mboed decrease in sales primarily due to: (i) lower volumes sold of crude oil by 18.8 mboed, or COP 990 billion, and (ii) lower volumes sold of gas by 17.6 mboed, or COP 492 billion, both associated with lower production by declining production in our fields. This decrease was partially offset by higher volumes sold of refined products and petrochemicals by 6.51 mboed, or COP 555 billion due to maximizing throughput and utilization of installed refining capacity. |
| ● | A COP 5,575 billion decrease in sales due to appreciation of the Colombian Peso against the U.S. dollar, as the average exchange rate decreased by COP 541 or 12.9% from COP 4,196.15/US$ 1.00 in 2025 to an average exchange rate of COP 3,655.50/US$ 1.00 in 2026, which reduced export sales when translated into Colombian pesos. |
Costs of Sales and Expenses
The following table sets forth the components of our cost of sales, operation and project, administration and other operating expenses for the six-month period ended June 30, 2026 and 2025.
| For the six-month period ended | | |
| |||
June 30, | |||||||
2026 | 2025 | % Change | |||||
(unaudited) | | ||||||
Fixed cost of sales | 13,146 | | 12,991 | | 1.2 | ||
Variable cost of sales | 28,440 | 28,875 | (1.5) | ||||
Total cost of sales | 41,586 | 41,866 | (0.7) | ||||
Operation and project, administration and other operating expenses | 6,461 | 5,151 | 25.4 | ||||
Total Costs of Sales and Expenses | 48,047 | 47,017 | 2.2 | ||||
Cost of sales
Our total cost of sales is comprised of a fixed portion and a variable portion:
Our fixed cost of sales includes, among other items, contracted services, labor costs, maintenance, taxes and depreciation. Our fixed cost of sales increased by 1.2% or COP 155 billion in the six-month period ended June 30, 2026 as compared to the same period in 2025, in part due to the combined net effect of:
| ● | A COP 570 billion increase in the construction services costs due to higher execution levels in energy infrastructure projects and inflationary pressure. |
The above item was partially offset by:
| ● | A COP 276 billion decrease in the costs of professional services, maintenance and other operational activity costs as a result of several cost optimization initiatives, including: (i) circular economy initiatives involving the reuse of materials in well maintenance and surface equipment operations; and (ii) reductions in transportation costs. |
| ● | A COP 72 billion decrease in depreciation and amortization, resulting from a favorable foreign exchange effect, driven by a lower average COP/US$ exchange rate, in the depreciation expense of subsidiaries with a U.S. dollar functional currency. |
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| ● | A COP 67 billion decrease in other items such as transportation services, taxes and contributions and labor costs resulting from cost discipline and efficiency program initiatives, primarily in general costs, which offset inflationary pressures on tariffs and services. |
Our variable cost of sales includes, among other items, purchases of hydrocarbons from the Agencia Nacional de Hidrocarburos (the “National Agency of Hydrocarbons” or “ANH” for its acronym in Spanish), purchases of crude oil from business partners, imported products, hydrocarbon transportation services, depletion of fields and inventories. Our variable cost of sales decreased by 1.5% or COP 435 billion in the six-month period ended June 30, 2026 as compared to the same period in 2025, primarily as a result of:
| ● | A COP 1,520 billion decrease primarily due to (i) higher inventory valuation gains realized during the period, reflecting higher Brent benchmark prices in the first half of 2026 compared to the same period in 2025, which reduced the net cost recognized upon the sale of inventories, and (ii) lower net costs from other cost-allocated projects. |
| ● | A COP 854 billion decrease in depreciation and amortization, primarily due to a favorable foreign exchange effect, driven by a lower average COP/US$ exchange rate, in the depreciation expense of subsidiaries with a U.S. dollar functional currency. |
The above items were partially offset by:
| ● | A COP 500 billion increase in the purchase costs of crude oil, gas and refined products, due to the net effect of: |
- | A COP 5,034 billion increase in costs related to the purchase of crude oil, gas and refined products, primarily due to higher international benchmark prices for crude oil and refined products. |
- | A COP 2,619 billion decrease in purchase costs due to a lower average exchange rate of the Colombian Peso against the U.S. dollar, as mentioned above. |
- | A COP 1,915 billion decrease in purchase cost due to lower volumes purchased from third parties, primarily due to (i) lower refined product import requirements as a result of improved refinery performance, (ii) lower crude oil trading volumes with third parties, and (iii) lower purchases from the ANH due to the change to cash settlement of royalties, explained below. |
| ● | A COP 1,314 billion increase in cash payments of gas and crude oil royalties, primarily due to the ANH’s change in the crude oil royalty collection scheme from in-kind to cash payments, pursuant to Resolution 977 of December 2025. |
| ● | A COP 125 billion increase in other items, taxes and contributions and transportation services and other minor items, primarily due to inflationary pressures on tariffs and services. |
Operation and project, administration and other operating expenses
In the six-month period ended June 30, 2026 as compared to the same period in 2025, our operation and project, administration and other operating expenses increased by 25.4% or COP 1,310 billion, primarily due to:
| ● | A COP 955 billion increase in tax expenses, primarily due to the recognition of the extraordinary wealth tax enacted by the Colombian Government for 2026 fiscal year, partially offset by lower taxes due to the absence of the temporary fiscal measures enacted under the 2025 “state of internal disturbance”, including the reinstatement of 1% stamp tax on certain transactions, recognized during the same period in 2025. |
| ● | A COP 214 billion increase in commissions, fees, freight, services and general expenses of customs and administrative operations. |
| ● | A COP 205 billion increase in exploration expenses, primarily due to higher exploration activities. |
The factors discussed above were partially offset by:
| ● | A COP 64 billion decrease in general expenses and other minor items primarily due to administrative efficiencies. |
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Impairment of non-current assets
In the six-month periods ended June 30, 2026 and 2025 Ecopetrol did not recognize significant impairment expenses or reversals, as there were no trigger events that required the recognition of additional impairments or reversals to those recorded at the end of 2025 and 2024.
Financial results
The following table sets forth our financial results for the six-month periods ended June 30, 2026 and 2025.
| For the six-month period ended | | |
| |||
June 30, | |||||||
2026 | | 2025 | % Change | ||||
(unaudited) | | ||||||
Foreign exchange gain | 560 | 164 | 241.5 | ||||
Financial cost of loans and borrowings interest | (3,510) | (3,776) | (7.0) | ||||
Financial cost of other liabilities (1) | (2,194) | (1,727) | 27.0 | ||||
Other finance income(2) | 740 | 836 | (11.5) | ||||
Financial results | (4,404) | (4,503) | (2.2) | ||||
| (1) | Includes the financial expenses related to updating abandonment costs liabilities, and the interest cost, net of post-employment benefits and other long-term employee benefits. |
| (2) | Includes financial income from financial assets for the six-month periods ending on June 30, 2026 and 2025. |
Our financial results decreased by COP 99 billion, primarily as a result of the net effect of:
| ● | A COP 396 billion decrease due to foreign exchange gains as a result of the appreciation of the Colombian peso against the U.S. dollar. |
| ● | A COP 170 billion decrease in financial cost of loans and borrowings interest and other financial income due to decreasing interest rates and a lower exchange rate, offset by higher levels of debt. |
These decreases were partially offset by:
| ● | A COP 467 billion increase in financial cost from other liabilities due to the tax credit monetization. |
Profit before income tax expense
Profits before income tax expense increased by 69.4% in the six-month period ended June 30, 2026, compared with the same period in 2025, as a result of the factors discussed above.
Income tax
The effective income tax rates for the six-month period ended June 30, 2026 and 2025, were 32.6% and 23.1%, respectively. The increase in the effective tax rate during 2026 is mainly due to (i) the recognition of the wealth tax, which is non-deductible for income tax purposes, and (ii) a higher income tax surcharge applicable as of June 2026 (10%), compared with June 2025 (0%). These effects were partially offset by stronger earnings contributions from subsidiaries subject to special tax regimes, particularly Refinería de Cartagena.
Net profit attributable to equity holders of Ecopetrol
As a result of the foregoing, net profit attributable to the owners of Ecopetrol increased by 60% or COP 3,503 billion in the six-month period ended June 30, 2026, as compared to the same period in 2025.
10
Liquidity and Capital Resources
Liquidity
Our principal sources of liquidity for the six-month period ended June 30, 2026 were as follows: (i) COP 14,139 billion in net cash provided by operating activities; (ii) COP 251 billion in dividends received from subsidiaries; and (iii) COP 619 billion in redemption of securities from our portfolio.
Our principal uses of liquidity in the six-month period ended June 30, 2026 were: (i) COP 8,351 billion for investments in natural and environmental resources and reserves, and additions to our property, plant and equipment and intangible assets, (ii) COP 1,124 billion for payments of principal and interest of our debt, and (iii) dividend payments amounting to COP 6,038 billion.
For 2026, on a consolidated basis, we expect our major cash needs to include planned capital expenditures ranging between US$5.4 billion (COP 22 trillion) and US$6.7 billion (COP 27 trillion).
Use of Funds
Capital Expenditures
We plan to meet our budgeted organic capital expenditures for 2026 mainly through cash from internal cash generation.
Cash provided by operating activities
Net cash provided by operating activities decreased by 12.5% or COP 2,029 billion in the six-month period ended June 30, 2026, as compared to the same period in 2025, primarily due to lower cash generation from changes in working capital of COP 6,184 billion, mainly attributable to a COP 13,323 billion increase in trade and other receivables due to FEPC accruals recognized during the period as a result of higher international reference prices. These impacts were partially offset by a COP 6,724 billion increase in cash generation from other working capital changes, a COP 2,770 billion increase in operating income before depreciation, depletion and amortization (DD&A), primarily attributable to (a) higher market prices for crude oil and refined products; and (b) the implementation of cost and expense efficiency programs, partially offset by the effect of new taxes.
Cash used in investing activities
For the six-month period ended June 30, 2026, net cash used in investing activities decreased by 29.9%, or COP 3,450 billion, as compared to the same period in 2025, primarily due to: (i) a COP 1,748 billion decrease in cash used, primarily due to lower capital expenditures and absence in 2026 of the payment related to the CPO-9 field acquisition made in 2025, (ii) a COP 1,579 billion increase in proceeds from the redemption of investments held within the Group’s investment portfolio, and (iii) a COP 130 billion increase in dividends received from associates and other minor items.
Cash used in financing activities
For the six-month period ended June 30, 2026, net cash used in financing activities was COP 7,464 billion compared to net cash used in financing activities of COP 8,264 billion for the same period in 2025, which represents a decrease in cash used of COP 800 billion. The difference was mainly due to (i) a COP 3,846 billion decrease in net cash from loans and borrowings, mainly due to the favorable effect of a lower average exchange rate on U.S. dollar-denominated debt and interest payments, and (ii) a COP 4,657 billion decrease in dividend payments.
Dividends
On March 27, 2026, the Ordinary Shareholders’ Meeting approved the plan for distribution of Ecopetrol S.A.’s profits for the 2025 fiscal year, which included the distribution of dividends for an aggregate amount of COP 4,975 billion, which comprised an ordinary dividend per share of COP 121 based on the number of outstanding shares as of December 31, 2025. The total dividends approved correspond to an ordinary dividend pursuant to our current dividend policy. The payment was made on April 30 and June 30, 2026 to all our shareholders, including the Nation.
11
During the six-month period ended June 30, 2026, a total amount of COP 6,038 billion in cash dividends has been paid to our shareholders. The COP 6,038 billion cash dividends mentioned above have been distributed as follows:
| ● | COP 4,274 billion paid to the controlling shareholder. |
| ● | COP 1,191 billion paid by subsidiaries to non-controlling shareholders. |
| ● | COP 573 billion paid to minority shareholders. |
Subsequent events
None, other than the subsequent events described above, and in note 32 to our unaudited interim condensed consolidated financial statements included in this Form 6-K.
12
FORWARD-LOOKING STATEMENTS
This current report on Form 6-K contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not based on historical facts and reflect our expectations for future events and results. Most facts are uncertain because of their nature. Words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”, “plan”, “potential”, “predict”, “prognosticate”, “project”, “target”, “achieve” and “intend”, among other similar expressions, are understood as forward-looking statements. We have made forward-looking statements that address, among other things:
| ● | changes in international crude oil and natural gas prices; |
| ● | our exploration and production activities, including drilling; and import and export activities; |
| ● | our liquidity, cash flow, and sources of funding; |
| ● | the results of our energy transmission and toll roads concessions activities through our subsidiary, Interconexión Eléctrica S.A. (“ISA”); |
| ● | our projected and targeted capital expenditures and other cost commitments and sales; and |
| ● | dates by which certain areas will be developed or will come on-stream. |
Our forward-looking statements and sensitivity analysis are not guarantees of future performance and are subject to assumptions that may prove incorrect and to risks and uncertainties that are difficult to predict. Actual results could differ materially from those expressed or forecasted in any forward-looking statements as a result of a variety of factors. These factors may include, but are not limited to, the following:
| ● | future growth and development of the energy industry and its transition into lower carbon sources of energy; |
| ● | general economic and business conditions, including increased and prolonged inflation in Colombia and worldwide, volatility in crude oil and other commodity prices, refining margins and prevailing exchange rates; |
| ● | competition; |
| ● | our ability to obtain financing; |
| ● | our ability to find, acquire or gain access to additional reserves and our ability to develop existing reserves; |
| ● | uncertainties inherent in making estimates of our reserves; |
| ● | the modification, adjustment or reduction of the tariffs, rates or fees charged by the electricity transmission and transport businesses in the countries where they operate; |
| ● | significant political, economic and social developments in Colombia, our neighboring countries or other countries where we do business; |
| ● | the impact of tariffs, trade barriers and other restrictions imposed on global trade; |
| ● | natural disasters, pandemics and other public health events; |
| ● | the continuing Russian invasion of Ukraine and the eruption, escalation or continuation of conflicts in the Middle East; |
| ● | other military operations, terrorist acts, wars or embargoes; |
| ● | regulatory developments, including regulations related to climate change and cybersecurity; |
| ● | receipt and maintenance of government approvals and licenses; |
| ● | technical difficulties; and |
| ● | other factors described in our press releases and filings with the SEC, including our 2025 Form 20-F. |
All forward-looking statements attributed to us are qualified in their entirety by this cautionary statement. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this current report on Form 6-K.
13
Table of Contents
Exhibit 99.1
ECOPETROL S.A.
Unaudited interim condensed consolidated
financial statements
June 30, 2026
Table of Contents
Ecopetrol S.A.
(Amounts stated in billions of Colombian pesos)
Index
Interim condensed consolidated statement of financial position | 4 | |
Interim condensed consolidated statement of profit or loss | 5 | |
Interim condensed consolidated statement of comprehensive income | 6 | |
Interim condensed consolidated statement of changes in equity | 7 | |
Interim condensed consolidated statement of cash flows | 8 | |
1. | Reporting entity | 9 |
2. | Basis of presentation | 9 |
3. | Material accounting judgments and estimates | 10 |
4. | Accounting policies | 11 |
5. | New standards and regulatory changes | 11 |
6. | Cash and cash equivalents | 12 |
7. | Trade and other receivables | 13 |
8. | Inventories | 15 |
9. | Other financial assets | 16 |
10. | Taxes | 18 |
11. | Other assets | 19 |
12. | Investments in associates and joint ventures | 20 |
13. | Property, plant, and equipment | 22 |
14. | Natural and environmental resources | 24 |
15. | Right-of-use assets | 26 |
16. | Intangible assets | 27 |
17. | Impairment of long-term assets | 28 |
2
Table of Contents
Ecopetrol S.A.
(Amounts stated in billions of Colombian pesos)
18. | Goodwill | 29 |
19. | Loans and borrowings | 29 |
20. | Trade and other payables | 32 |
21. | Provisions for employee benefits | 32 |
22. | Accrued liabilities and provisions | 33 |
23. | Equity | 36 |
24. | Revenue from contracts with customers | 38 |
25. | Cost of sales | 39 |
26. | Administrative, operative and project expenses | 40 |
27. | Other operating (expenses) income | 40 |
28. | Financial results | 41 |
29. | Risk management | 41 |
30. | Related parties | 47 |
31. | Business segments information | 48 |
32. | Subsequent and relevant events | 53 |
Exhibit 1. Consolidated companies, associates, and joint ventures | 57 | |
Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P. | 62 | |
3
Table of Contents
Ecopetrol S.A.
(Amounts stated in billions of Colombian pesos)
Interim condensed consolidated statement of financial position
June 30, | December 31, | |||||
| Note | | 2026 | | 2025 | |
| |
| (Unaudited) |
| | |
Assets |
| |
|
| | |
Current Assets | ||||||
Cash and cash equivalents |
| 6 |
| | | |
Trade and other receivables |
| 7 |
| | | |
Inventories |
| 8 |
| | | |
Other financial assets |
| 9 |
| | | |
Current tax assets |
| 10 |
| | | |
Other assets |
| 11 |
| | | |
Total current assets |
|
| | | ||
Non–current assets |
|
|
| |||
Trade and other receivables | 7 | | | |||
Other financial assets |
| 9 |
| | | |
Investments in associates and joint ventures |
| 12 |
| | | |
Property, plant, and equipment |
| 13 |
| | | |
Natural and environmental resources |
| 14 |
| | | |
Right-of-use assets | 15 | | | |||
Intangible assets |
| 16 |
| | | |
Non-current tax assets |
| 10 |
| | | |
Goodwill |
| 18 |
| | | |
Other assets |
| 11 |
| | | |
Total non–current assets |
|
| | | ||
Total assets |
|
| | | ||
Liabilities |
|
| ||||
Current liabilities |
|
| ||||
Loans and borrowings |
| 19 |
| | | |
Trade and other payables |
| 20 |
| | | |
Provisions for employee benefits |
| 21 |
| | | |
Current tax liabilities |
| 10 |
| | | |
Accrued liabilities and provisions |
| 22 |
| | | |
Other liabilities |
|
| | | ||
Total current liabilities |
|
| | | ||
Non–current liabilities |
|
|
| |||
Loans and borrowings |
| 19 |
| | | |
Provisions for employee benefits |
| 21 |
| | | |
Non-current tax liabilities | 10 | | | |||
Accrued liabilities and provisions |
| 22 |
| | | |
Other liabilities |
|
| | | ||
Total non–current liabilities |
|
| | | ||
Total liabilities |
|
| | | ||
Equity |
|
|
| |||
Subscribed and paid in capital |
| 23.1 |
| | | |
Additional paid-in capital |
| 23.2 |
| | | |
Reserves |
| 23.3 |
| | | |
Accumulated other comprehensive income |
| 23.5 |
| | | |
Retained earnings |
| |
| | | |
Equity attributable to owners of the parent |
| |
| | | |
Non–controlling interest |
| |
| | | |
Total equity |
| |
| | | |
Total liabilities and equity |
| |
| | |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
4
Table of Contents
Ecopetrol S.A.
(Amounts stated in billions of Colombian pesos, except for the earnings per share which are expressed in Colombian pesos)
Interim condensed consolidated statement of profit or loss
Six-month period ended | ||||||
June 30, | ||||||
| | Note | | 2026 | | 2025 |
(Unaudited) | ||||||
Sales | 24 | | | |||
Cost of sales |
| 25 |
| ( |
| ( |
Gross profit |
| |
| |
| |
Administration expenses |
| 26 |
| ( |
| ( |
Operation and project expenses |
| 26 |
| ( |
| ( |
Impairment of long-term non-monetary assets |
|
| — |
| ( | |
Other operating expenses, net |
| 27 |
| ( |
| ( |
Operating income |
| |
| |
| |
Financial results |
| 28 |
|
| ||
Finance income |
| |
| |
| |
Finance expenses |
| |
| ( |
| ( |
Foreign exchange gain |
| |
| |
| |
Total financial result |
| |
| ( |
| ( |
Share of profits of associates and joint ventures |
| 12 |
| |
| |
Profit before income tax expense |
| |
| |
| |
Income tax expense |
| 10 |
| ( |
| ( |
Net profit for the period |
| |
| |
| |
Net profit for the period attributable to: |
| |
|
| ||
Owners of parent |
| |
| |
| |
Non–controlling interest |
| |
| |
| |
| |
| |
| | |
Basic and diluted earnings per share |
|
| |
| | |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
5
Table of Contents
Ecopetrol S.A.
(Amounts stated in billions of Colombian pesos)
Interim condensed consolidated statement of comprehensive income
Six-month period ended | ||||||
June 30, | ||||||
| Note | | 2026 | | 2025 | |
(Unaudited) | ||||||
Net profit for the period | | | ||||
Other comprehensive income: |
| |
| |
| |
Other comprehensive income that may be reclassified to profit or |
| |
| |
| |
Unrealized gain on hedges: |
| |
| |
| |
Cash flow hedge for future exports |
|
| | | ||
Hedge of a net investment in a foreign operation |
|
| | | ||
Cash flow hedge with derivative instruments |
|
| | | ||
Financial instruments measured at fair value | | | ||||
Foreign currency translation |
|
| ( | ( | ||
|
| ( | ( | |||
Other comprehensive income that will not to be reclassified to |
|
| |
| | |
Actuarial gain |
|
| | | ||
Equity financial instruments measured at fair value |
|
| — |
| | |
|
| | | |||
Other comprehensive income for the period, net of tax |
|
| ( | ( | ||
Total comprehensive income for the period, net of tax |
|
| | | ||
Total comprehensive income for the period attributable to: |
|
| ||||
Owners of the parent |
|
| | | ||
Non-controlling interest |
|
| | | ||
|
| | | |||
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
6
Table of Contents
Ecopetrol S.A.
(Amounts stated in billions of Colombian pesos)
Interim condensed consolidated statement of changes in equity
Attributable to owners of parent | ||||||||||||||||||
Accumulated | ||||||||||||||||||
| Subscribed | | Additional | | | Other | | | | Non | | |||||||
| and paid–in |
| paid–in |
| comprehensive |
| Retained |
| controlling |
| Total | |||||||
| Note | | capital | | capital | | Reserves | | income | | earnings | | Total | | interest | | Equity | |
Balance as of December 31, 2025 | | | | | | |
| | | | | |||||||
Net profit for the period |
| |
| — | — | — | — |
| | | | | ||||||
Release of reserves | 23.3 | — | — | ( | — | | — | — | — | |||||||||
Dividends declared |
| 23.4 |
| — | — | — | — |
| ( | ( | ( | ( | ||||||
Appropriation of reserves |
|
|
| |||||||||||||||
Fiscal and statutory reserves | 23.3 | — | — | | — | ( | — | — | — | |||||||||
Other reserves | 23.3 | — | — | | — | ( | — | — | — | |||||||||
Other comprehensive income |
| |
| |||||||||||||||
Gain of hedging instruments: |
| |
|
|
|
| ||||||||||||
Cash flow hedge for future exports |
| |
| — | — | — | |
| — | | | | ||||||
Hedge of a net investment in a foreign operation |
| |
| — | — | — | |
| — | | | | ||||||
Cash flow hedge with derivative instruments |
| |
| — | — | — | |
| — | | | | ||||||
Financial instruments measured at fair value | — | — | — | | — | | — | | ||||||||||
Foreign currency translation |
| |
| — | — | — | ( |
| — | ( | ( | ( | ||||||
Actuarial gain (loss) |
| |
| — | — | — | |
| — | | ( | | ||||||
Balance as of June 30, 2026 (Unaudited) |
| |
| | | | |
| | | | | ||||||
Attributable to owners of parent | ||||||||||||||||||
Accumulated | ||||||||||||||||||
Subscribed |
| Additional |
|
| Other |
|
|
| Non |
| ||||||||
| and paid–in |
| paid–in |
| comprehensive |
| Retained |
| controlling |
| Total | |||||||
| Note | | capital | | capital | | Reserves | | income | | earnings | | Total | | interest | | Equity | |
Balance as of December 31, 2024 |
| | | | | |
| | | | | |||||||
Net profit for the period | — | — | — | — |
| | | | | |||||||||
Release of reserves |
| 23.3 |
| — | — | ( | — | | — | — | — | |||||||
Dividends declared | 23.4 | — | — | — | — | ( | ( | ( | ( | |||||||||
Appropriation of reserves | ||||||||||||||||||
Legal | 23.3 | — | — | | — | ( | — | — | — | |||||||||
Fiscal and statutory reserves | 23.3 | — | — | | — | ( | — | — | — | |||||||||
Occasional | 23.3 | — | — | | — | ( | — | — | — | |||||||||
Other comprehensive income | ||||||||||||||||||
Gain (loss) of hedging instruments: | ||||||||||||||||||
Cash flow hedge for future exports | — | — | — | | — | | | | ||||||||||
Hedge of a net investment in a foreign operation | — | — | — | | — | | ( | | ||||||||||
Cash flow hedge with derivative instruments | — | — | — | | — | | | | ||||||||||
Financial instruments measured at fair value | — | — | — | | — | | — | | ||||||||||
Foreign currency translation | — | — | — | ( | — | ( | | ( | ||||||||||
Actuarial gains | — | — | — | | — | | | | ||||||||||
Balance as of June 30, 2025 (Unaudited) | | | | | | | | | ||||||||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
7
Table of Contents
Ecopetrol S.A.
(Amounts stated in billions of Colombian pesos)
Interim condensed consolidated statement of cash flows
Six-month period ended | ||||||
June 30, | ||||||
| Note | | 2026 | | 2025 | |
(Unaudited) | ||||||
Cash flow from operating activities: |
| |
| |
| |
Net profit for the period |
| |
| | | |
Adjustments to reconcile the net profit to net cash provided by operating activities: |
| |
| |||
Income taxes expense |
| 10 |
| | | |
Depreciation, depletion, and amortization |
| 13-14-15-16 |
| | | |
Foreign exchange gain |
| 28 |
| ( | ( | |
Finance cost of loans and borrowings |
| 28 |
| | | |
Finance cost of post-employment benefits and abandonment costs |
| 28 |
| | | |
Write off exploratory assets and dry wells |
| 14 |
| | | |
(Gain) loss on disposal of non–current assets |
|
| ( | | ||
Impairment of non-current assets |
|
| | | ||
Impairment loss of current assets | 27 | | | |||
Gain on fair value adjustment of financial assets and interest |
|
| ( | ( | ||
Loss on hedging transactions with derivatives |
|
| | | ||
Share of profit of associates and joint ventures |
| 12 |
| ( | ( | |
(Gain) loss on the sale of assets held for sale | ( | | ||||
(Gain) loss on hedge ineffectiveness |
| 29.3 |
| ( | | |
Realized (gain) loss on foreign exchange cash flow hedges |
| 24 |
| ( | | |
Movements in provisions | 22 | | | |||
Net change in operational assets and liabilities: |
|
| ||||
Trade and other receivables |
|
| ( | | ||
Inventories |
|
| ( | ( | ||
Trade and other payables |
|
| | | ||
Tax assets and liabilities |
|
| | ( | ||
Provisions for employee benefits |
|
| ( | ( | ||
Provisions and contingencies |
|
| ( | ( | ||
Other assets and liabilities |
|
| ( | ( | ||
Income tax paid | ( | ( | ||||
Net cash provided by operating activities |
|
| | | ||
Cash flow from investing activities: |
|
| ||||
Investment in joint ventures |
| 12 |
| ( | ( | |
Consideration paid for the acquisition of assets | | ( | ||||
Investment in property, plant, and equipment |
| 13 |
| ( | ( | |
Investment in natural and environmental resources |
| 14 |
| ( | ( | |
Acquisition of intangibles |
| 16 |
| ( | ( | |
Purchase/sale of other financial assets net |
|
| ( | ( | ||
Interests received |
| 28 |
| | | |
Dividends received |
|
| | | ||
Proceeds from sales of assets |
|
| | | ||
Net cash used in investment activities |
|
| ( | ( | ||
Cash flow from financing activities: | ||||||
Proceeds from loans and borrowings | 19.1 | | | |||
Repayment of loans and borrowings | 19.1 | ( | ( | |||
Interest payments | 19.1 | ( | ( | |||
Lease payments | 15 | ( | ( | |||
Dividends paid | 23.4 | ( | ( | |||
Net cash used in financing activities | ( | ( | ||||
Exchange difference in cash and cash equivalents |
|
| ( | ( | ||
Net decrease in cash and cash equivalents |
|
| ( | ( | ||
Cash and cash equivalent at the beginning of the year | | | ||||
Cash and cash equivalent at the end of the period |
| 6 |
| | | |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
8
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
1. | Reporting entity |
Ecopetrol S.A. is a mixed economy company, with a commercial nature, formed in 1948 in Bogotá – Colombia, headquarters of the Ecopetrol Group (collectively called “Ecopetrol Group”), which is dedicated to commercial or industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services.
An
The address of the main office of Ecopetrol S.A. is Bogotá – Colombia, Carrera 13 No. 36 – 24.
2. | Basis of presentation |
2.1. | Statement of compliance and authorization of interim condensed consolidated financial statements |
The financial information contained in this report has been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB.
The interim-condensed consolidated financial statements are unaudited and, in the management’s opinion, include all necessary adjustments for a fair presentation of the results of each period.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with policies expected to follow in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2026, which do not differ significantly from those used immediately the previous year.
The Company has not identified, during the reported period, any seasonal or cyclical effects that significantly impact its financial results.
These interim condensed consolidated financial statements were approved by the Company’s Ecopetrol Board meeting at its sessions on August 27, 2026.
2.2. | Functional and presentation currency |
The interim condensed consolidated financial statements are presented in Colombian pesos, which is the Group’s functional currency and is determined based on the primary economic environment in which it operates.
Interim condensed consolidated financial statements are presented in Colombian pesos rounded to the nearest billion (COP $000,000,000), except where otherwise indicated.
2.3. | Basis of consolidation |
The interim condensed consolidated financial statements were prepared by consolidating all companies set out in Exhibits 1 and Exhibits 2, which are those over which Ecopetrol S.A. exercises direct or indirect control. Control is achieved when the Ecopetrol Group:
| ◾ | has power over the investee (consisting of rights to manage relevant activities); |
| ◾ | is exposed, or has the rights, to variable returns from its involvement with the investee; and |
9
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
| ◾ | has the ability to use its power to affect its returns. It can occur even when the Ecopetrol Group has less than a majority of the voting rights of an investee; |
| ◾ | has the power over the investee to provide it with the practical ability to direct the relevant activities of the investee unilaterally, even though Ecopetrol Group has less than a majority of the voting rights of an investee. The Ecopetrol Group considers all relevant facts and circumstances in assessing whether or not its voting rights in an investee are sufficient or not to give it power, including: |
a) | the percentage of the Ecopetrol Group’s voting rights relative to the size and apportionment of the shares of other vote holders; |
b) | potential voting rights held by the Ecopetrol Group, other vote holders or other parties; |
c) | rights arising from other contractual arrangements; and |
d) | any additional facts and circumstances that indicate that the Ecopetrol Group has, or does not have, the current ability to direct the relevant activities, at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. |
Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases.
All intercompany assets and liabilities, equity, income, expenses, and cash flows relating to transactions between entities of the Ecopetrol Group were eliminated on consolidation. Unrealized losses are also eliminated. Non–controlling interest represents the proportion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders.
The interim condensed consolidated financial statements were prepared on the basis that the Ecopetrol Group it will continue to operate as a going concern.
All business combinations are recognized using the acquisition method.
The following subsidiary brought about changes to the Ecopetrol Group’s structure:
2026
During 2026, Ecopetrol S.A. established the subsidiary Ecopetrol Investimentos do Brasil Ltda. as an investment vehicle for the acquisition of a controlling interest in Brava Energia S.A., a Brazilian oil and gas company. The establishment of this subsidiary aligns with the Ecopetrol Group’s growth and internationalization strategy and seeks to strengthen its presence in Brazil by incorporating exploration and production assets with long-term value-creation potential. For further details of this transaction, please refer to the note 32 of these unaudited interim condensed consolidates financial statements.
In June 2026, Ruta de los Lagos Sociedad Concesionaria S.A. became a subsidiary of the ISA Group. As part of its incorporation and initial capitalization, Intervial Chile S.A. and ISA Inversiones Tolden Ltda. made capital contributions totaling $
3. | Material accounting judgments and estimates |
The preparation of the interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, sales, cost of sales, income, expenses and commitments recognized in the consolidated financial statements and the accompanying disclosures. The Ecopetrol Group based its assumptions and estimates on parameters available when these consolidated financial statements were prepared. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future years. Changes in estimates are adjusted prospectively in the year in which the estimate is revised.
As of the date of this report, there have been no changes in the material accounting estimates and judgments used in the preparation of the financial statements as of December 31, 2025.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
4. | Accounting policies |
The Group’s main accounting policies are described in the annual consolidated financial statements as of December 31, 2025, and for the year then ended, and they have been applied consistently for the period comprising these interim condensed consolidated financial statements, except for the adoption of new standards effective as of January 1, 2026 (Note 5).
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annuals and therefore should be read in conjunction with the annual consolidated financial statements as of December 31, 2025.
5. | New standards and regulatory changes |
5.1. | New standards issued by the IASB, effective as of January 1, 2026 |
The International Accounting Standards Board (IASB) issued limited scope amendments to International Financial Reporting Standard (IFRS) 7 and 9. These amendments will improve the consistency and understanding of accounting requirements by clarifying terms and procedures, introducing detailed disclosure requirements, and allowing for flexible early adoption. This will reduce diversity in accounting practice and increase the transparency and consistency of financial reporting. The amendments are effective as of January 1, 2026, and early adoption is permitted. These amendments include clarifications such as the classification of financial assets with environmental, social, and governance (ESG) and similar characteristics, and specific criteria for defining when financial liability is derecognized in the accounting records upon electronic payment.
5.2. | New standards issued by the IASB that will come into effect in future periods |
| ◾ | IFRS 18, “Presentation and Disclosure in Financial Statements,” will replace IAS 1, “Presentation of Financial Statements,” and will be effective for annual periods beginning on or after January 1, 2027, but companies can apply it earlier. IFRS 18 introduces several new requirements, including: 1) classifying all income and expenses in the income statement into one of five categories and presenting two new mandatory subtotals; 2) using the operating profit subtotal as the starting point for the indirect method in the statement of cash flows; 3) classifying interest paid/received and dividends received in the statement of cash flows so that interest receipts and dividends are included in investing activities and interest paid as financing cash flows; 4) disclosing management-defined “Performance Measures” in a single note to the financial statements; and 5) enhanced guidance on the aggregation of information across all primary financial statements and notes. This new standard is effective internationally for annual reporting periods beginning on or after January 1, 2027. The standard also allows for early adoption. An assessment of the impact of adopting IFRS 18 on the Ecopetrol Group is underway, and it is anticipated that this standard will have a significant impact on the presentation of financial statements and related disclosures. |
The Ecopetrol Group is currently evaluating the impact of implementing this standard on the presentation of its financial statements.
| ◾ | Volume 11 of the annual improvements to IFRS. The document includes clarifications, simplifications, corrections and changes intended to improve the consistency of the following standards: |
| o | IFRS 1 – First-time adoption of International Financial Reporting Standards |
| o | IFRS 7 – Financial instruments: disclosures |
| o | IFRS 9 – Financial instruments |
| o | IFRS 10 – Consolidated financial statements |
| o | IAS 7 – Statement of cash flows |
To date, the Ecopetrol Group is in the process of evaluating the material impacts on its financial statements resulting from the implementation of these standards.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
| ◾ | Issuance of IFRS 19 – Subsidiaries not in the public interest: disclosures. This new standard allows subsidiaries to disclose reduced information, instead of disclosing information in accordance with other IFRS. Thus, the application of this standard will reduce the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of the information for users of their financial statements. |
| ◾ | IFRS 20 “Regulatory assets and regulatory liabilities” In May 2026, the IASB issued IFRS 20 which replaces IFRS 14 “Regulatory deferral accounts”, with the objective of providing more complete information about the effects of rate regulation on the financial performance and financial position of entities subject to a rate regulation agreement. This standard is effective for fiscal years beginning on or after January 1, 2029. IFRS 20 establishes requirements for the recognition, measurement, presentation and disclosure of regulatory assets, liabilities, income and expense arising from differences in timing between the period in which an entity provides regulatory goods or services and the period in which the entity collects payment from customers through regulated rates. As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 20. |
5.3. | New standards issued by the ISSB that with effect in future periods. |
The International Sustainability Standards Committee (ISSB), in September 2023 issued the first international sustainability and climate standards: IFRS S1 General Requirements for the Information to be Disclosed on Sustainability related to Financial Information and IFRS S2 Weather-related Disclosures. The purpose of these standards is for entities to disclose information about their risks and opportunities related to sustainability and climate that are useful to the primary users of financial information for decision-making. An entity will apply these standards for reports for annual periods beginning on or after January 1, 2026. Starting in August 2023, the Ecopetrol Group began assessing and understanding the new regulations, identifying the information requested in the regulations across their pillars (Governance, Strategy, Risks, Metrics and Objectives) versus the information already contained in the ESG reports adopted by the Group to develop a roadmap for their implementation.
The Group is in the process of evaluating this standard.
6. | Cash and cash equivalents |
June 30, | December 31, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Short–term investments |
| | | |
Cash and banks |
| | | |
| | |
As of June 30, 2026, the balance of cash and cash equivalents includes $
The fair value of cash and cash equivalents approximates its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to a non-significant risk of changes in value.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
7. | Trade and other receivables |
June 30, | December 31, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Current |
|
| | |
Fuel Price Stabilization Fund (1) |
| | | |
Concessions (2) |
| | | |
Customers | ||||
Domestic |
| | | |
Foreign |
| | | |
Accounts receivable from employees | | | ||
Related parties (Note 30) |
| | | |
Industrial services |
| | | |
Other |
| | | |
| | |||
Allowance for expected losses (3) | ( | ( | ||
| | | ||
Non–current |
| |
| |
Concessions (2) | | | ||
Accounts receivable from Sao Paulo State (4) | | | ||
Accounts receivable from employees | | | ||
Related parties (Note 30) | | | ||
Customers |
| |||
Domestic |
| | | |
Foreign | | | ||
Other | | | ||
| | |||
Allowance for expected losses |
| ( | ( | |
| | |
| (1) | It corresponds to the outstanding balance owed to the Fuel Price Stabilization Fund (FEPC), which was created by the National Government to mitigate fluctuations in international prices of oil and its derivatives, such as gasoline and diesel. Its main objective is to prevent drastic increases in international prices from being passed directly on to the end consumer. The amount is the estimate established in accordance with Resolution 180522 of March 29, 2010, and other regulations that modify and supplement it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure for recognizing the subsidy for refiners and importers of regular gasoline and diesel, and the methodology for calculating the net position (the difference between the parity price and the regulated price, which can be positive or negative). |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The movement of the account receivable from the Fuel Price Stabilization Fund is as follows:
| June 30, | | December 31, | |
2026 | 2025 | |||
Opening balance |
| |
| |
Revenue of the period (Note 24) |
| |
| |
Mobilizations and other |
| |
| |
Collections (1.1) |
| ( |
| ( |
Opportunity cost adjustment (1.2) |
| |
| — |
Dividends offsets (1.2) |
| ( |
| — |
Closing balance |
| |
| |
(1.1) During 2026, the following resolutions regarding FEPC payments were presented:
| | | | Amount paid as | | Pending amount | ||||
Resolution | Settlement | Payment Date | Payment Method | of June 30, 2026 | to be received | |||||
Resolution 00368 March 31, 2026 (*) |
| First quarter of 2025 |
| 04/01/2026 |
| Cash |
| |
| — |
12/15/2026 (*) | TES (Colombia Treasury sovereign bond) | — | | |||||||
Resolution 1492 June 30, 2026 |
| Second quarter of 2025 |
| 06/30/2026 |
| TES class B - (Colombia Treasury sovereign bond) |
| |
| — |
| |
| |
(*)In the first quarter of 2026, Ecopetrol S.A. and the Ministry of Finance and Public Credit (MHCP), entered into a payment agreement under which the Nation commits to settling the entire FEPC balance corresponding to the first quarter of 2025.
(1.2) Pursuant to Resolution 00368 of March 31, 2026, the Nation recognized the opportunity cost incurred by Ecopetrol S.A. due to the time elapsed between the signing of the agreement and the payment scheduled for December 2026. The Nation paid this opportunity cost amount of $
(2) | It corresponds to accounts receivable for concessions to provide public energy transport services and public road transport services, mainly in Brazil (see Note 7.1) and Chile. |
(3) | This corresponds to the recognition of the Company’s customer that is exposed to credit risk. As of June 30, 2026, it includes the accumulated impairment for the accounts receivable of AIR-E S.A.S. E.S.P., an ISA customer, for $ |
(4) | It corresponds to accounts receivable of ISA Energía Brasil S.A. from the Government of Brazil for employee benefits governed by Law 4819 of 1958. The gross value of these receivables is $ |
The book value of trade accounts and other accounts receivable approximates their fair value.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
7.1 | Movement of the contractual asset of Law No. 12,783 – RBSE |
The balance of contractual assets includes the contractual rights arising from the extension of the concession contract of ISA ENERGÍA Brasil (formerly ISA CTEEP), pursuant to Law No. 12,783/2013, which extended concession contract 059 of 2001 until December 2042. This extension gave rise to the right to recognize and recover the values associated with the undepreciated transmission assets existing as of May 31, 2000, under the concept of RBSE (Rede Básica do Sistema Existente in Portuguese). The future cash flows of the RBSE are composed of: (a) a portion corresponding to the remuneration base (economic component); and (b) another portion corresponding to the monetary update at the cost of equity (Ke) (financial component).
The following details the movements of ISA ENERGÍA’s contractual asset in Brazil, associated with the RBSE (Basic Network of the Existing System):
| June 30, | | December 31, | |
2026 | 2025 | |||
Opening balance (1) |
| |
| |
Remuneration of concession assets (accrual) |
| |
| |
Regulatory adjustment on remuneration according to Resolução Homologatória (REH) nº 3.466/2025 (2) |
| — |
| ( |
Payments for concession assets |
| ( |
| ( |
Currency translation effect |
| ( |
| ( |
Ending balance (1) |
| |
| |
(1) | On June 10, 2025, at the meeting of directors of ANEEL (National Electric Energy Agency), the discussion in the administrative sphere was concluded on the request submitted in 2021 by trade associations and market agents in Brazil to reconsider the calculations presented for the payment of the financial component (Ke) of the RBSE to all energy transmission companies that renewed their concessions in 2012. |
(2) | These amounts are included in the lines of concessions in Note 7. |
Additionally, the net movements, less PIS/Confins taxes, are shown below:
| June 30, | | December 31, | |
2026 | 2025 | |||
Remuneration of concession assets, net of taxes (accrual) |
| |
| |
Payments for concession assets, net of taxes (cash) |
| ( |
| ( |
Net movement for the period |
| |
| ( |
8. | Inventories |
The inventories balance is presented net of the allowance for inventory losses.
June 30, | December 31, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Crude oil (1) |
| | | |
Materials for goods production |
| | | |
Fuels and petrochemicals |
| | | |
| | |
| (1) | As of June 30, 2025, the crude oil inventory includes |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
9. | Other financial assets |
June 30, | December 31, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Assets measured at fair value |
| |
| |
Assets measured at fair value through profit or loss |
| |||
Investment portfolio – Local currency (1) |
| | | |
Investments in equity securities and trust funds (2) |
| | | |
Investment portfolio – Foreign currency |
| | | |
Hedging instruments (3) | | | ||
Assets measured at fair value through other comprehensive income | ||||
Equity investments and others (4) | | | ||
| | |||
Assets measured at amortized cost | | | ||
| | |||
Current |
| | | |
Non–current |
| | | |
| | |
| (1) | It corresponds to National Government TES to meet liquidity needs in Ecopetrol S.A. |
| (2) | Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia. See Note 9.1. |
| (3) | As of June 30, 2026, the balance mainly includes foreign exchange put options at Ecopetrol S.A., foreign exchange forwards at Oleoducto Central S.A. and Interconexión Eléctrica SA E.S.P., and commodity swaps at Ecopetrol Trading Asia. These derivative instruments are intended for cash flow and fair value hedging. |
| (4) | It corresponds mainly to |
The fair value measurement is recognized against other comprehensive income (Note 23.5) or financial results (Note 28), in accordance with the business model established by Ecopetrol Group.
The securities in the Ecopetrol Group’s portfolio are valued daily following the regulations defined by the Financial Superintendency of Colombia. For this purpose, information provided by authorized entities is used, which corresponds to collected data from active markets. In cases where market data is unavailable, other directly or indirectly observable data is used.
For investments denominated in US dollars, Bloomberg is the information provider, and for those denominated in Colombian pesos, Precia, an entity authorized by the Financial Superintendency of Colombia to provide this service, is the provider.
Within the investment rating process, in addition to the information used for valuation, other relevant aspects are considered, such as the issuer rating, investment classification, liquidity, active market, and the issuer risk analysis carried out by the Ecopetrol Group, which permit the appropriate hierarchy level classification of the investments.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
9.1 | Restrictions |
As of June 30, 2026 and December 31, 2025, there were restricted funds for $
9.2 | Fair value |
The following is the balance of other financial assets by fair value hierarchy level as of June 30, 2025 and December 31, 2026:
Level 1 | Level 2 (1) | Level 3 (2) | Total | |||||||||||||
| June | | December | | June | | December | | June | | December | | June | | December | |
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||
Investment portfolio |
| | | | | — | — | | | |||||||
Investments in equity securities and trust funds | — | — | | | — | — | | | ||||||||
Hedging instruments | — | — | | | — | — | | | ||||||||
Equity investments |
| — | — | — | — | | | | | |||||||
| | | | | | | | | ||||||||
(1) | The valuation techniques and inputs used in the fair value measurement of level 2 instruments are the following: for investment portfolio, the valuation techniques consist in income approach (discounted cash flows) using the cash flows of the instruments, yield curves and credit spreads based on credit ratings. For investment in equity securities and trust funds the valuation techniques consist in a market approach based on net assets value (NAV). For hedging instruments, the valuation technique consists in income approach (discounted cash flows) using forward and yield curves. |
(2) | Mainly corresponds to the McDermott Series B preferred shares held by Refinería de Cartagena S.A.S., resulting from an arbitration award with CB&I in 2024. These equity investments, recognized as part of other financial assets, were recorded as an equity instrument recognized at fair value at hierarchy level 3, are not publicly traded, and Refinería de Cartagena S.A.S. has a minority stake. All changes in the valuation of these shares will be recognized in other comprehensive income. |
Ecopetrol Group is a holder of the Series B Preferred Shares, and the Group has the right to demand that all the Series B Preferred Shares be converted at any time after June 30, 2028, into common shares representing up to
The valuation technique applied to the shares of McDermott International Ltd. is an income approach, projecting discounted cash flows to present value, and considering factors such as risk premiums, available information from McDermott International Ltd., the absence of significant influence and control by the Refinería de Cartagena, and restructuring scenarios over time. The valuation process for this stock is reviewed quarterly to identify changes in the established variables.
Within the measurement performed, the most significant unobservable input data are the following:
| o | Discount rates applied to future cash flows. |
| o | Assumptions of revenue and operating margin growth. |
| o | Estimates of restructuring costs and operational efficiency. |
| o | Demand projections in the markets where McDermott operates. |
| o | Adjustments for country risk and industry-specific risk. |
There were no transfers between hierarchy levels for the six-month period ended June 30, 2026, and the year ended December 31, 2025.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
10. | Taxes |
10.1Current and non-current tax assets and liabilities
| June 30, | | December 31, | |
2026 | 2025 | |||
Current tax assets |
| |
| |
VAT refund |
| |
| |
Income tax |
| |
| |
Other taxes |
| |
| |
| |
| | |
Non-current tax assets |
| |
| |
Deferred tax assets |
| |
| |
Income tax credits |
| |
| |
| |
| | |
Current tax liabilities |
| |
| |
National tax and surcharge on gasoline |
| |
| |
Income tax payable |
| |
| |
Wealth tax (1) |
| |
| — |
Industry and commerce tax |
| |
| |
Carbon tax |
| |
| |
Value added tax |
| |
| |
Other taxes |
| |
| |
| |
| | |
Non-current tax liabilities |
| |
| |
Deferred tax liabilities |
| |
| |
Income tax |
| |
| |
| |
| |
(1) | The variation is due to the entry into force of Decree 0173 of 2026 issued by the Ministry of Finance and Public Credit, which temporarily established a wealth tax for legal entities. (Refer to the description of the wealth tax in Note 10.3.) |
10.2Income tax expense
Six-month period ended | ||||
June 30, | ||||
| 2026 | | 2025 | |
(Unaudited) | ||||
Current income tax |
| | | |
Deferred income tax |
| ( | ( | |
Adjustments to prior years’ current and deferred tax |
| | ( | |
Income tax expenses |
| | | |
The effective tax rate for six-month period ended June 30, 2026 and 2025 was
As of June 30, 2026 and 2025, the nominal corporate income tax rate was
The
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
11. | Other assets |
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Current |
| |
| |
Prepaid expenses |
| | | |
Partners in joint operations |
| | | |
Advanced payments to contractors and suppliers | | | ||
Trust funds |
| | | |
Non-current assets held for sale |
| | | |
Other assets |
| | | |
| | | ||
Non-current |
| |||
Abandonment fund |
| | | |
Employee benefits |
| | | |
Trust funds |
| | | |
Judicial deposits and attachments |
| | | |
Advanced payments and deposits |
| | | |
Other assets |
| | | |
| | |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
12. | Investments in associates and joint ventures |
12.1.Composition and movements
June 30, | December 31, | |||
| 2026 | | 2025 | |
| (Unaudited) |
| | |
Joint ventures | ||||
Interligação Elétrica do Madeira S.A. | | | ||
Transmissora Aliança de Energia Elétrica S.A. | | | ||
Equion Energía Limited | | | ||
Interligação Elétrica Ivaí S.A. | | | ||
Interligação Elétrica Garanhuns S.A. | | | ||
Interligação Elétrica Paraguaçu S.A. | | | ||
Interligação Elétrica Aimorés S.A. | | | ||
Conexión Kimal Lo Aguirre S.A. | | |||
Ecodiesel Colombia S.A. | | | ||
Consorcio Eléctrico Yapay S.A. | | | ||
Transnexa S.A. E.M.A. | | | ||
PA Energía para la paz | | | ||
Interconexión Eléctrica Colombia Panamá S.A. | | | ||
Derivex S.A. and others (1) | | | ||
| | | ||
Less impairment: |
| |||
Equion Energía Limited |
| ( | ( | |
Transnexa S.A. E.M.A. |
| ( | ( | |
| | | ||
Associates |
| |||
Gases del Caribe S.A. E.S.P. |
| | | |
ATP Tower Holdings |
| | | |
Gas Natural del Oriente S.A. E.S.P. |
| | | |
Gases de la Guajira S.A. E.S.P. | | | ||
E2 Energía Eficiente S.A. E.S.P. | | | ||
Extrucol S.A. | | | ||
Serviport S.A. | | | ||
Sociedad Portuaria Olefinas | | | ||
| | | ||
Less impairment: Serviport S.A. |
| ( | ( | |
| | | ||
| | |
(1) | Includes investments in Parques de Rio and Interconexión Eléctrica Colombia Panamá S.A.S. E.S.P. |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The movement of investments in associates and joint ventures for the period June 30, 2026, and December 31, 2025, are as follows:
| Associates | | Join ventures | | Total | |
Balance as of December 31, 2025 |
| | | | ||
Capital contributions | | | | |||
Effects of equity method through: | ||||||
Profit or loss |
| | | | ||
Other comprehensive income |
| ( |
| ( |
| ( |
Dividends declared (1) |
| ( | ( | ( | ||
Balance as of June 30, 2026 (Unaudited) |
| | | |
(1) | During 2026, the Ecopetrol Group received cash dividends of $ |
| Associates | | Join ventures | | Total | |
Balance as of December 31, 2024 |
| |
| |
| |
Capital contributions |
| — |
| |
| |
Effects of equity method through: |
|
|
| |||
Profit or loss |
| |
| |
| |
Other comprehensive income |
| ( | ( | ( | ||
Dividends declared | ( |
| ( |
| ( | |
Balance as of December 31, 2025 |
| |
| |
| |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
13. | Property, plant, and equipment |
The movement of property, plant and equipment for the period ended June 30, 2026, with its corresponding depreciation and impairment, is as follows:
| | Pipelines, | | | | | | |||||||
Plant and | networks, and | Construction | ||||||||||||
equipment | lines | in progress | Buildings | Lands | Other | Total | ||||||||
Cost |
| |
| |
| |
| |
| |
| |
| |
Balance as of December 31, 2025 |
| | | | | | | | ||||||
Additions/capitalizations (1) |
| | | | | | | | ||||||
Abandonment cost update (Note 22) | | | | | | | | |||||||
Capitalized financial interests (2) | | | | | | | | |||||||
Exchange differences capitalized |
| | | | | | | | ||||||
Disposals | ( | ( | ( | ( | ( | ( | ( | |||||||
Foreign currency translation |
| ( | ( | ( | ( | ( | ( | ( | ||||||
Reclassifications/transfers |
| | | ( | | | ( | ( | ||||||
Balance as of June 30, 2026 (Unaudited) | | | | | | | | |||||||
| ||||||||||||||
Accumulated depreciation and impairment losses |
| |||||||||||||
Balance as of December 31, 2025 |
| ( | ( | ( | ( | ( | ( | ( | ||||||
Depreciation expense |
| ( | ( | | ( | | ( | ( | ||||||
Disposals | | | | | | | | |||||||
Foreign currency translation |
| | | | | | | | ||||||
Reclassifications/transfers |
| | ( | | ( | | | | ||||||
Balance as of June 30, 2026 (Unaudited) | ( | ( | ( | ( | ( | ( | ( | |||||||
Net Balance as of December 31, 2025 |
| | | | | | | | ||||||
Net Balance as of June 30, 2026 (Unaudited) |
|
| (1) | Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Rubiales, Akacias, Castilla, Chichimene and Refinería de Barrancabermeja, ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, Copey Second Circuit Project - Cuestecitas 500kV, connection of the Windpeshi wind project to the Cuestecitas 200kV substation, asset optimization plan and San Mateo and Betania substation renovation projects. |
| (2) | Financial interest is capitalized based on the weighted average rate of borrowing costs. |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The movement of property, plant and equipment for the period ended December 31, 2025, with its corresponding depreciation and impairment, is as follows:
| | Pipelines, | | | | | | |||||||
Plant and | networks, and | Construction | ||||||||||||
equipment | lines | in progress | Buildings | Lands | Other | Total | ||||||||
Cost |
| |
| |
| |
| |
| |
| |
| |
Balance as of December 31, 2024 |
| |
| |
| |
| |
| |
| |
| |
Additions/capitalizations (1) |
| |
| |
| |
| |
| |
| |
| |
Acquisition of wind and solar energy companies (2) | — | — | | | — | — | | |||||||
Abandonment cost update (Note 23) |
| |
| |
| — |
| — |
| — |
| — |
| |
Capitalized financial interests (3) |
| |
| |
| ( |
| |
| |
| |
| |
Exchange differences capitalized |
| |
| |
| — |
| |
| — |
| — |
| |
Disposals |
| ( |
| ( |
| ( |
| ( |
| ( |
| ( |
| ( |
Foreign currency translation | ( | ( | ( | ( | ( | ( | ( | |||||||
Reclassifications/transfers | | ( | ( | | | | ||||||||
Balance as of December 31, 2025 |
| |
| |
| |
| |
| |
| |
| |
Accumulated depreciation and impairment losses |
|
|
|
|
|
|
| |||||||
Balance as of December 31, 2024 |
| ( |
| ( |
| ( |
| ( |
| ( |
| ( |
| ( |
Depreciation expense |
| ( |
| ( |
| — |
| ( |
| — |
| ( |
| ( |
Recovery (loss) impairment (Note 18) |
| |
| |
| |
| |
| |
| ( |
| |
Disposals |
| |
| |
| — |
| |
| |
| |
| |
Foreign currency translation | | | — | | | | | |||||||
Reclassifications/transfers |
| ( |
| ( |
| |
| ( |
| |
| |
| |
Balance as of December 31, 2025 |
| ( |
| ( |
| ( |
| ( |
| ( |
| ( |
| ( |
Net balance as of December 31, 2024 |
| |
| |
| |
|
| |
| |
| | |
Net balance as of December 31, 2025 |
| |
| |
| |
|
| |
| |
| |
1) | It mainly includes: i) Ecopetrol S.A. ongoing projects associated with the Caño Sur, Rubiales, Akacias, Castilla, and Chichimene fields and the Barrancabermeja Refinery; ii) Interconexión Eléctrica S.A. E.S.P. ongoing projects: UPME 04-2019 La Loma - Sogamoso 500 kV Transmission Line, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, connection of the Windpeshi wind project to the Cuestecitas 200 kV substation, asset optimization plan, and the San Mateo and Betania substation renovation projects. |
2) | The assets in this acquisition consist of the Windpeshi wind project in La Guajira ($ |
3) | Financial interest is capitalized based on the weighted average rate of borrowing costs. |
23
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
14. | Natural and environmental resources |
The movement of natural and environmental resources for the period ended June 30, 2026, with their corresponding depletions, calculated based on production units, and impairment, is as follows:
Exploration and | ||||||||
| Oil investments | | Asset retirement cost | | evaluation | | Total | |
Cost |
| |
| |
| |
| |
Balance as of December 31, 2025 |
| | | | | |||
Additions/capitalizations (1) |
| | | | | |||
Abandonment cost update (Note 22) | | | | | ||||
Disposals |
| ( | ( | | ( | |||
Write off exploratory assets and dry wells (2) | | | ( | ( | ||||
Capitalized financial interests (3) |
| | | | | |||
Exchange differences capitalized |
| | | | | |||
Foreign currency translation |
| ( | ( | ( | ( | |||
Transfers/reclassifications |
| | ( | ( | ( | |||
Balance as of June 30, 2026 (Unaudited) |
| | | | | |||
Accumulated depletions and impairment losses |
| |||||||
Balance as of December 31, 2025 |
| ( | ( | ( | ( | |||
Depletion expense | ( | ( | | ( | ||||
Disposals |
| | | | | |||
Foreign currency translation |
| | | | | |||
Transfers/reclassifications |
| ( | | | ( | |||
Balance as of June 30, 2026 (Unaudited) |
| ( | ( | ( | ( | |||
Net Balance as of December 31, 2025 |
| | | | | |||
Net Balance as of June 30, 2026 (Unaudited) |
| | | | |
| (1) | Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in Midland/Delaware, b) Ecopetrol S.A. mainly the fields Rubilales, Caño Sur, Akacias y Castilla, and c) Hocol S.A. mainly in projects for the blocks Llanos 100, Llanos 123, Saman, Vim8, Llanos 86-87-104, Malacate, La Cañada, SN-18, La Punta, Guarrojo, and SSJN1. |
| (2) | Includes the recognition in the expense of the exploratory activity of Ecopetrol S.A. mainly of the Drago 1 and Vencejo 1 wells. |
| (3) | Financial interest is capitalized based on the weighted average rate of borrowing costs. |
24
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The movement of natural and environmental resources for the period ended December 31, 2025, with their corresponding depletions, calculated based on production units, and impairment, is as follows:
Exploration and | ||||||||
| Oil investments | | Asset retirement cost | | evaluation | | Total | |
Cost |
| | | | | |||
Balance as of December 31, 2024 |
| | | | | |||
Additions /capitalizations (1) |
| | | | | |||
Abandonment cost update | — | | ( | | ||||
Disposals | ( | — | ( | ( | ||||
Write off exploratory assets and dry wells (2) |
| — | — | ( | ( | |||
Capitalized financial interests (3) |
| | — | | | |||
Exchange differences capitalized | | — | | | ||||
Foreign currency translation | ( | ( | ( | ( | ||||
Transfers/reclassifications |
| | | ( | ( | |||
Balance as of December 31, 2025 |
| | | | | |||
Accumulated depletions and impairment losses |
| |||||||
Balance as of December 31, 2024 |
| ( |
| ( |
| ( |
| ( |
Depletion expense |
| ( |
| ( |
| — |
| ( |
(Loss) recovery of impairment |
| ( |
| |
| ( |
| ( |
Disposals |
| |
| — |
| — |
| |
Foreign currency translation |
| |
| |
| — |
| |
Transfers/reclassifications |
| |
| ( |
| |
| ( |
Balance as of December 31, 2025 |
| ( |
| ( |
| ( |
| ( |
Net Balance as of December 31, 2024 |
| |
| |
| |
| |
Net Balance as of December 31, 2025 |
| |
| |
| |
| |
(1) | Includes mainly: a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities carried out in Midland/Delaware, b) Ecopetrol S.A. mainly the Rubiales, Caño Sur, Akacias and Castilla fields, and c) Hocol S.A. mainly the execution of the Llanos 100, Llanos 123, Saman, Vim8, Llanos 86-87-104, Malacate, La Cañada, SN-18, La Punta, Guarrojo and SSJN1 projects. |
(2) | Includes the recognition in the expense of the exploratory activity of Ecopetrol S.A., mainly of the Papayuela and Buena Suerte wells. |
(3) | Financial interest is capitalized based on the weighted average rate of borrowing costs. |
25
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
15. | Right-of-use assets |
The movement of right-of-use assets and lease liabilities for the period ending June 30, 2026, is as follows:
Right-of-use assets | ||||||||||||
| | | | | Right-of- | | Lease | |||||
|
| Lands and | Plant and |
| use |
| liabilities | |||||
Pipelines | buildings | equipment | Vehicles | assets | (2) | |||||||
Balance as of December 31, 2025 |
| | | | | | | |||||
Additions |
| | | | | | | |||||
Depreciation of the period |
| ( | ( | ( | ( | ( | — | |||||
Remeasurements (1) |
| — | | | | | | |||||
Disposals |
| ( | ( | ( | ( | ( | ( | |||||
Finance cost |
| — | — | — | — | — | | |||||
Repayment of borrowings (capital) |
| — | — | — | — | — | ( | |||||
Payment of interests | — | — | — | — | — | ( | ||||||
Transfers | — | ( | — | — | ( | | ||||||
Exchange difference |
| ( | ( | ( | ( | ( | ( | |||||
Net carrying amount as of June 30, 2026 (Unaudited) |
| | | | | | | |||||
| (1) | It corresponds mainly to updating rates and conditions in lease contracts. |
| (2) | Lease liabilities are presented as part of loans and borrowings (Note 19.1). |
The movement of right-of-use assets and lease liabilities for the period ending December 31, 2025, is as follows:
Right-of-use assets | ||||||||||||
| | | | | Right-of- | | Lease | |||||
|
| Lands and | Plant and |
| use |
| liabilities | |||||
Pipelines | buildings | equipment | Vehicles | assets | (2) | |||||||
Balance as of December 31, 2024 |
| | | | | | | |||||
Additions |
| | | | | | | |||||
Depreciation of the period |
| ( | ( | ( | ( | ( | — | |||||
Remeasurements (1) |
| — | | | | | | |||||
Impairment loss | — | | | — | | — | ||||||
Disposals | ( | | | ( | | | ||||||
Finance cost |
| — | — | — | — | — | | |||||
Repayment of borrowings (capital) |
| — | — | — | — | — | ( | |||||
Payment of interests |
| — | — | — | — | — | ( | |||||
Transfers |
| — | — | — | — | — | | |||||
Exchange difference |
| ( | ( | ( | ( | ( | ( | |||||
Net carrying amount as of December 31, 2025 |
| | | | | | | |||||
(1) | It corresponds mainly to updating rates and conditions in lease contracts. |
(2) | Lease liabilities are presented as part of loans and borrowings (Note 19.1). |
26
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
16. | Intangible assets |
The movement of intangibles assets for the period ending June 30, 2026, with their corresponding amortizations, is as follows:
| Licenses | | | | | |||||
and | Other | Concessions | ||||||||
software | intangibles | and rights | Easements (1) | Total | ||||||
Cost |
| |
|
| | |
| | ||
Balance as of December 31, 2025 |
| | | | | | ||||
Additions | | — | | | | |||||
Disposals | ( | — | — | — | ( | |||||
Foreign currency translation |
| ( | ( | ( | ( | ( | ||||
Transfers/reclassifications |
| | ( | — | | | ||||
Balance as of June 30, 2026 (Unaudited) |
| | | | | | ||||
Accumulated amortization and impairment losses |
| |||||||||
Balance as of December 31, 2025 |
| ( | ( | ( | ( | ( | ||||
Amortization expense |
| ( | ( | ( | ( | ( | ||||
Disposals |
| | — | — | — | | ||||
Foreign currency translation |
| | | | | | ||||
Transfers/reclassifications |
| | | — | — | | ||||
Balance as of June 30, 2026 (Unaudited) |
| ( | ( | ( | ( | ( | ||||
Net Balance as of December 31, 2025 |
| | | | | | ||||
Net Balance as of June 30, 2026 (Unaudited) |
| | | | | |
(1) | Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. |
27
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The movement of intangibles assets for the period ending December 31, 2025, with their corresponding amortizations, is as follows:
| Licenses | | | | | |||||
and | Other | Concessions | ||||||||
| software | intangibles | and rights | Easements (1) | Total | |||||
Cost |
| |
|
| | |
| | ||
Balance as of December 31, 2024 |
| | | | | | ||||
Additions | | ( | | | | |||||
Disposals |
| ( | — | ( | — | ( | ||||
Foreign currency translation |
| ( | ( | ( | ( | ( | ||||
Transfers/reclassifications |
| | — | | | | ||||
Balance as of December 2025 | | | | | | |||||
Accumulated amortization and impairment losses |
| |||||||||
Balance as of December 31, 2025 | ( | ( | ( | ( | ( | |||||
Amortization expense |
| ( | ( | ( | ( | ( | ||||
Impairment recovery |
| — | — | | — | | ||||
Disposals |
| | — | | — | | ||||
Foreign currency translation |
| | | | | | ||||
Transfers/reclassifications |
| | — | — | — | | ||||
Balance as of December 31, 2025 | ( | ( | ( | ( | ( | |||||
Net Balance as of December 31, 2024 | | | | | | |||||
Net Balance as of December 31, 2025 | | | | | |
| (1) | Easements correspond to acquired rights for the passage of its operating assets, mainly energy transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. The Ecopetrol Group also owns easements associated with rights-of-way for oil pipelines, which do have a finite useful life and generate amortization charges. |
17. | Impairment of long-term assets |
Based on the behavior of key market assumptions as of June 30, 2026, no factors or circumstances are identified that indicate that the carrying amount of The Group´s assets may be above their recoverable amount, considering the behavior of the markets, international crude oil and product prices and indicators, and the geopolitical context.
Consequently, no significant changes or events were identified that would constitute indications of impairment requiring a quantitative recalculation or the material reversal of impairments in the business lines. The Group will continue to monitor the environment and continuously assess potential impacts on results.
28
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
18. | Goodwill |
June 30, | December 31, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Interconexión Eléctrica S.A. E.S.P. (1) | | | ||
Oleoducto Central S.A. |
| | | |
Hocol Petroleum Ltd |
| | | |
Invercolsa S.A. | | | ||
Andean Chemical Limited | | | ||
Esenttia S.A. |
| | | |
Parque Solar Portón del Sol S.A.S. y Energuana S.A.S. |
| | | |
| | | ||
Less Impairment Hocol Petroleum Ltd |
| ( | ( | |
Total |
| | |
(1) | The variance is attributable to the foreign currency translation effect arising from the conversion of the subsidiaries’ functional currencies into the Group’s presentation currency. |
19. | Loans and borrowings |
19.1.Composition of loans and borrowings
Interest rate* | June 30, | December 31, | ||||||
| 2026 | | 2025 | | 2026 | | 2025 | |
(Unaudited) | ||||||||
Local currency | | | | | ||||
Bonds |
| | % | | % | | | |
Commercial and syndicated loans |
| | % | | % | | | |
Lease liabilities | | % | | % | | | ||
| | | ||||||
Foreign currency |
| |
| |
| |||
Bonds (1) |
| | % | | % | | | |
Commercial and syndicated loans |
| | % | | % | | | |
Loans from related parties (Nota 30) |
| | % | | % | | | |
Lease liabilities |
| | % | | % | | | |
| | | ||||||
| | | ||||||
Current |
|
| | | ||||
Non–current |
|
| | | ||||
| | | ||||||
* Weighted average effective interest rate for the end of each period.
| (1) | The reduction in foreign currency debt is primarily due to the decline in the exchange rate. Spot rate fell from $ |
The value of debt acquisitions made by the Group during 2026 corresponds to $
29
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
As a result of the Business Group’s strategy, related to the comprehensive management of maturities, during 2026 capital payments were made for $
19.2.Fair value
The following are the fair values of the loans and financings as of June 30, 2026 and December 31, 2025:
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | | |||
Local currency | ||||
Bonds |
| |
| |
Commercial and syndicated loan |
| |
| |
Lease liabilities |
| |
| |
| |
| | |
Foreign currency |
| |
| |
Bonds |
| |
| |
Commercial, syndicated loans and related parties |
| |
| |
Lease liabilities and related parties |
| |
| |
| |
| | |
| |
| |
19.3.Maturity profiles
The following is the maturity profile of loans and borrowings as of June 30, 2026 (unaudited):
| Up to 1 year | | 1 - 5 years | | 5-10 years | | > 10 years | | Total | |
Local currency |
| |
| |
| |
| |
| |
Bonds |
| |
| |
| |
| |
| |
Commercial and syndicated loan |
| |
| |
| |
| |
| |
Lease liabilities | | | | | | |||||
| |
| |
| |
| |
| | |
Foreign currency |
|
|
|
|
| |||||
Bonds |
| |
| |
| |
| |
| |
Commercial and syndicated loans and lease liabilities | | | | | | |||||
Loans from related parties | | | | | | |||||
| |
| |
| |
| |
| | |
| |
| |
| |
| |
| |
30
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The following is the maturity profile of loans and borrowings as of December 31, 2025:
| Up to 1 year | | 1 - 5 years | | 5-10 years | | > 10 years | | Total | |
Local currency |
| |
| |
| |
| |
| |
Bonds |
| |
| |
| |
| |
| |
Commercial and syndicated loan |
| |
| |
| |
| |
| |
Lease liabilities | | | | | | |||||
| |
| |
| |
| |
| | |
Foreign currency |
| |
| |
|
| |
| | |
Bonds |
| |
| |
| |
| |
| |
Commercial and syndicated loans and lease liabilities |
| |
| |
| |
| |
| |
Loans from related parties |
| | | | | | ||||
| |
| |
| | | | |||
| |
| |
| | | |
19.4.Loans designated as hedging instrument
As of June 30, 2026, the Ecopetrol Group designated USD$
19.5.Guarantees and covenants
As of June 30, 2026, the total value of the current guarantees provided by Interconexión Eléctrica S.A. E.S.P. and its companies, within the framework of the definition of paragraph 14 of IFRS 7, used to support growth in its different business units and ensure strategic commercial and operational viability amount to $
ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others.
Ecopetrol USA and its companies have commitments (covenants) related to periodic financial reporting and compliance with the obligations arising from a volumetric prepayment agreement with a third party.
In the reporting period, the Ecopetrol Group has complied with the payment obligations, guarantees and commitments acquired with its bondholders and local and/or international financing entities.
31
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
20. | Trade and other payables |
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Current | ||||
Suppliers |
| | | |
Withholding tax |
| | | |
Advances for associated operations |
| | | |
Dividends payable |
| | | |
Insurance and reinsurance |
| | | |
Agreements in transport contracts |
| | | |
Deposits received from third parties | | | ||
Related parties (Note 30) |
| | | |
Hedging operations | | — | ||
Various creditors |
| | | |
| | |
The carrying amount of trade accounts and other accounts payable approximates their fair value due to their short–term nature.
21. | Provisions for employee benefits |
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Post-employment benefits |
| |
| |
Health |
| | | |
Pension |
| | | |
Education |
| | | |
Bonds |
| | | |
Other plans |
| | | |
Termination benefits - Voluntary retirement plan |
| | | |
| | | ||
Social benefits and salaries |
| | | |
Other employee benefits |
| |
| |
| | | ||
Current |
| | | |
Non-current |
| | | |
| | |
21.1.Plan assets
The assets of the plan are represented by the resources delivered to the Autonomous Pension Funds for the payment of the pension liability of the obligations for pension and pension bonds; related to health and education oversees Ecopetrol S.A. and XM (Ecopetrol S.A. oversees health and education matters). The destination of the resources of the autonomous patrimonies, as well as their yields, cannot be changed or returned to the Group until all the obligations are fulfilled.
32
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Plan assets balance is $
Level 1 | Level 2 (1) | Total | ||||||||||
| June | | December | | June | | December | | June | | December | |
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||
Other foreign currency denominated securities | | | — | | | | ||||||
Bonds issued by the national government |
| |
| |
| |
| |
| |
| |
Securities denominated in local currency |
| |
| |
| |
| |
| |
| |
Variable yield bonds |
| |
| |
| — |
| — |
| |
| |
Bonds issued by private entities |
| |
| |
| |
| |
| |
| |
Other public bonds |
| — |
| — |
| — |
| — |
| — |
| — |
Others |
| — |
| — |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| | |
| (1) | The valuation techniques and inputs used in the fair value measurement of level 2 instruments consist in income approach (discounted cash flows) using the cash flows of the instruments, yield curves and credit spreads based on credit ratings. |
There were
22. | Accrued liabilities and provisions |
The movement of provisions and contingencies for the period ending June 30, 2026, was as follows:
| Abandonment | | | Environmental | | |||
and dismantling | contingencies | |||||||
costs | Litigations | and others | Total | |||||
Balance as of December 31, 2025 |
| | | | | |||
Abandonment cost update |
| | — | — | | |||
Additions (1) |
| — | | | | |||
Uses (2) |
| ( | ( | ( | ( | |||
Financial cost and interest (2) |
| | | | | |||
Foreign currency translation |
| ( | ( | ( | ( | |||
Transfers |
| — | | | | |||
Balance as of June 30, 2026 (Unaudited) |
| | | | | |||
Current |
| | | | | |||
Non-current | | | | | ||||
| | | |
| (1) | It mainly includes the recognition of provisions related to environmental compensation at Ecopetrol S.A., among others. |
| (2) | This represents the financial cost associated with the discounting of the liability and its respective use. |
22.1.Contingencies
22.1.1Progress in the customs correction process initiated by the DIAN related to VAT on fuel imports
The National Tax and Customs Directorate (DIAN by its acronym in Spanish) issued Ruling No. 100202208-2305 on December 19, 2024 (and reaffirmed in July 2025) stating, according to its interpretation, that the importation of gasoline and diesel fuel is subject to Value-Added Tax (VAT) at the general rate of
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Ecopetrol S.A. and Refinería de Cartagena S.A.S. disagree with this interpretation by the DIAN. The tax authority considers that the importation of gasoline and diesel during the 2022–2024 period should have been subject to Value Added Tax (VAT) at the general rate of
As part of their due diligence efforts and the protection of their legitimate interests, Refinería de Cartagena and the Company timely responded to DIAN’s actions, challenging both the administrative acts issued and DIAN’s statutory interpretation. They have also developed and presented the corresponding legal arguments in the annulment and restoration of rights actions.
According to DIAN’s interpretation, once the administrative stage has been exhausted, DIAN may continue the collection process pursuant to the procedural provisions of the customs regime and the Colombian Tax Code, including enforcement and compulsory collection proceedings, notwithstanding the fact that Refinería de Cartagena and the Company are exercising the applicable administrative and judicial remedies available under the same legal framework. Although Refinería de Cartagena and the Company have exercised such remedies, any compulsory collection action could have a material adverse effect on the operations, liquidity, and financial position of both entities, depending on the amount involved and the duration of the collection process. Likewise, based on the opinions issued by our external advisors, who consider the probability of success to be greater than
Given that DIAN has decided to apply its regulatory interpretation, since January 2025 the Company and Refinería de Cartagena have been making VAT payments on the importation of gasoline and diesel fuel (ACPM), in compliance with the DIAN’s interpretation of the
The value of the VAT payments related to the importation of gasoline and diesel fuel for 2025 amounted to COP $
The Company and the Refinería de Cartagena reiterate their commitment to fully comply with their customs and tax obligations and will respect the decisions made by the relevant authorities regarding this dispute.
22.1.2Administrative Investigation by the Colombian Superintendence of Industry and Commerce (SIC)
On June 19, 2026, the Colombian Superintendence of Industry and Commerce (SIC by its acronym in Spanish) notified Ecopetrol S.A., Cenit Transporte y Logística de Hidrocarburos S.A.S., and Oleoducto Central S.A. (“Ocensa”) of the Statement of Objections (reasons report) issued in connection with an administrative investigation concerning alleged anti-competitive practices in helicopter transportation services procurement processes conducted between 2011 and 2023. The report includes a recommendation to impose sanctions on investigated companies.
On July 22, 2026, Companies submitted their respective responses to the Statement of Objections. As of the date of issuance of these financial statements, the Superintendence of Industry and Commerce has not issued a final decision regarding the administrative proceeding.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
22.1.3Refinería de Cartagena S.A.S procedings
Below are the most recent changes related to contingencies associated with the processes of Refinería de Cartagena S.A.S.
Investigations of control entities
Prosecutor’s Office (Fiscalía General de la Nación - FGN)
Proceeding 1 – 110016000101201600023 - MOA - PIP and EPC
This process is being carried out against some ex- members of the Board of Directors and ex-employees of Refinería de Cartagena S.A.S, workers of the Chicago Bridge and Iron Company (CB&I) and the Statutory Auditor of Refinería de Cartagena S.A.S between 2013 and 2015, for crimes of undue interest in the execution of contracts, embezzlement by appropriation in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsehood in a public document.
The pretrial hearing concluded on February 2, 2024. The oral trial hearings subsequently proceeded, and the evidentiary phase was completed as of December 31, 2025. In April 2026, the parties concluded the submission of closing arguments, and a hearing for the announcement of the court’s decision and the reading of the judgment was scheduled for the second half of 2026.
As of June 30, 2026, there were no significant changes to the process.
Proceeding 2 - 110016000101201800132 Business line
This process is being carried out against ex-members of the Board of Directors and an ex-president of Refinería de Cartagena S.A.S, for the crimes of aggravated unfair administration, and obtaining a false public document.
The trial began on October 28, 2024, and hearings have been taking place since then.
As of June 30, 2026, there were no significant changes to the process.
Proceeding 3 – 110016000101201800134 – Subscription of contract PMC - Foster Wheeler
This case is being brought against
Following convictions in the first and second instances, an extraordinary appeal is currently pending before the Supreme Court of Justice.
On March 5, 2025, the Criminal Cassation Chamber of the Supreme Court of Justice declared the criminal action regarding the death of Orlando José Cabrales Martínez extinguished and, consequently, dismissed the proceedings against him for the crime of entering a contract without complying with legal requirements.
The case was returned to the court for the issuance of the corresponding decision regarding the appeal filed on behalf of Felipe Castilla Canales.
As of June 30, 2026, there were no significant changes in the process.
Proceeding 4 - 110016000000201702546 – Principle of opportunity
This proceeding has been initiated against a former employee of Refinería de Cartagena S.A.S. on charges related to crimes against the public administration and improper influence in the execution of contracts.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
On November 21, 2025, Resolution No. 00561 established a
As of June 30, 2026, there were no significant changes in the process.
23. | Equity |
23.1.Subscribed and paid–in capital
Ecopetrol S.A.’s authorized capital amounts to $
23.2.Additional and paid–in capital
As of June 30, 2026, and December 31, 2025, additional paid in capital mainly corresponds to: (i) share premium from the Ecopetrol Group’s capitalization in 2007, for $
23.3.Equity reserves
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Legal reserve |
| | | |
Fiscal and statutory reserves |
| | | |
Other reserves (1) |
| | | |
Total |
| | |
| (1) | The increase in other reserves is due to the General Shareholders’ Meeting of Ecopetrol S.A., held on March 28, 2026, approved the project for the distribution of profits for 2025 and defined to establish a discretionary reserve of $ |
The movement of the equity reserves is as follows:
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Opening balance |
| | | |
Release of reserves |
| ( | ( | |
Allocation to reserves |
| | | |
Closing balance |
| | |
23.4.Retained results and dividends
The Ecopetrol Group distributes dividends based on its financial statements prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish).
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The shareholders, in an Ordinary General Meeting of Shareholders held on March 27, 2026, approved the distribution of profits for the 2025 fiscal year and payment of ordinary dividends of $
The shareholders approved the payment of dividends to minority shareholders on April 30, 2026, in the amount of $
Dividends were paid as follows:
June 30, | June 30, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Ecopetrol S.A. |
| | | |
Interconexión Electrica S.A. ESP |
| | | |
Oleoducto Central S.A. - Ocensa |
| | | |
Oleoducto de los Llanos Orientales S.A. - ODL |
| | | |
Invercolsa S.A. |
| | | |
Oleoducto de Colombia S.A. - ODC |
| | | |
Total |
| | | |
23.5.Accumulated other comprehensive income attributable to owners of parent
The following is the composition of the other comprehensive results attributable to the shareholders, net of deferred income tax:
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Accumulated foreign currency translation |
| | | |
Hedges of a net investment in a foreign operation |
| ( | ( | |
Accumulated actuarial gain on defined benefit plans |
| ( | ( | |
Cash flow hedges for future exports | | | ||
Cash flow hedge with derivative instruments |
| | | |
Financial instruments measured at fair value | | | ||
| | |
23.6.Basic and diluted earnings per share
| June 30, | June 30, | ||
| 2026 | | 2025 | |
(Unaudited) | ||||
Profit attributable to Ecopetrol’s shareholders | | | ||
Weighted average number of outstanding ordinary shares | | | ||
Basic and diluted ordinary shares earnings per share (Colombian pesos) | | | ||
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
24. | Revenue from contracts with customers |
Six-month period ended June 30, | ||||
| 2026 | | 2025 | |
(No auditado) | ||||
National sales |
| |
| |
Mid-distillates (1) |
| | | |
Gasolines and turbo fuels (1) |
| | | |
Services |
| | | |
Energy transmission services (2) |
| | | |
Natural gas |
| | | |
Fuel gas service |
| | | |
Plastic and rubber |
| | | |
Asphalts |
| | | |
LPG and propane |
| | | |
Roads and construction services (2) | | | ||
Aromatics | | | ||
Polyethylene | | | ||
Crude oil | — | | ||
Other products |
| | | |
| | | ||
Foreign sales |
| |
| |
Crude oil |
| | | |
Roads and construction services (2) | | | ||
Energy transmission services (2) | | | ||
Fuel oil |
| |
| |
Plastic and rubber |
| | | |
Diesel |
| |
| |
LPG and propane |
| | | |
Natural gas | ( | | ||
Cash flow hedges (3) | | ( | ||
Other products |
| | | |
| | | ||
| | | ||
| (1) | Includes the compensation received from the application of Decree 180522 of March 29, 2010, and other standards that modify and add (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the mechanisms of settlement between importers of ordinary motor gasoline and diesel and the Fuel Price Stabilization Fund (FEPC, for its acronym in Spanish), and the methodology for calculating the net position, which can be positive or negative, as described on Note 4.17. As of June 30, 2026, the value recognized for price differential corresponds to $ |
| (2) | It corresponds to the revenue related to the energy transmission contracts and toll roads concessions of Interconexión Eléctrica S.A. E.S.P. |
| (3) | Includes the result of hedging for future exports for ($ |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
25. | Cost of sales |
| Six-month period ended June 30, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Variable costs |
| |
| |
Imported products |
| | | |
Purchases of crude |
| | | |
Depreciation, amortization, and depletion |
| | | |
Purchases of hydrocarbons - ANH (1) |
| | | |
Crude and gas royalties in cash (2) |
| | | |
Electric Energy |
| | | |
Hydrocarbon transport services | | | ||
Process materials |
| | | |
Purchases of other products and gas |
| | | |
Taxes and contributions |
| | | |
Contracted services in association |
| | | |
Extensive tests | | | ||
Others (3) |
| ( | ( | |
| | | ||
Fixed costs |
| |||
Depreciation and amortization |
| | | |
Construction cost |
| | | |
Maintenance |
| | | |
Labor costs |
| | | |
Services contracted |
| |
| |
Taxes and contributions |
| | | |
Contracted services in association |
| | | |
Materials and operating supplies |
| | | |
Hydrocarbon transport services | | | ||
General costs |
| | | |
| | | ||
| | | ||
| (1) | It corresponds to purchases of crude oil by the Ecopetrol Group from the National Hydrocarbons Agency derived from national production. |
| (2) | This includes the payment of gas and crude oil royalties in cash. Effective January 1, 2026, the National Hydrocarbons Agency (ANH) modified the crude oil royalty collection scheme to cash payments, with application limited to nine fields, in accordance with Resolution 977 of December 2025 issued by the same entity. |
| (3) | It includes i) the result of the process of valuation of inventories of crude oil and refining products, ii) measurement at net realizable value, and iii) other capitalizable charges to projects. |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
26. | Administrative, operative and project expenses |
| Six-month period ended June 30, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Administrative expenses |
| |
| |
Taxes other than taxes on income | | | ||
Labor expenses |
| | | |
General expenses |
| | | |
Depreciation and amortization |
| | | |
| | | ||
Operations and project expenses |
| |||
Commissions, fees, freight, and services | | | ||
Exploration costs |
| | | |
Taxes other than taxes on income |
| | | |
Labor expenses |
| | | |
Maintenance |
| | | |
Fee for regulatory entities |
| | | |
Depreciation and amortization |
| | | |
Others | | | ||
| | | ||
27. | Other operating (expenses) income |
| Six-month period ended June 30, | |||
| 2026 | | 2025 | |
(Unaudited) | ||||
Expense for legal provision | ( | ( | ||
Loss on sale of assets |
| ( | ( | |
Impairment loss of current assets (1) |
| ( | ( | |
Other income (expenses) |
| | ( | |
| ( | ( | ||
| (1) | Corresponds mainly to the impairment of |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
28. | Financial results |
Six-month period ended June 30, | ||||
| 2026 | | 2025 | |
(Unaudited) | ||||
Finance income |
| |
| |
Yields and interests |
| | | |
Financial assets measured at fair value |
| | | |
Gain on remeasurement of derivatives |
| | | |
Other financial incomes |
| | | |
| | | ||
Finance expenses |
| |||
Interests |
| ( | ( | |
Financial cost of other liabilities (1) |
| ( | ( | |
Financial assets measured at fair value |
| ( | ( | |
Other financial expenses |
| ( | ( | |
| ( | ( | ||
Foreign gain |
| |||
Gain from exchange difference | | | ||
| | |||
| ( | ( | ||
| (1) | Includes the financial expense for the update of the liability for cost of retirement obligation and the net interest on post-employment benefits and other long-term employee benefits. |
29. | Risk management |
29.1.Exchange rate risk
The Ecopetrol Group operates mainly in Colombia and makes sales in the local and international markets, for that reason, it is exposed to exchange rate risk.
As of June 30, 2026, the Colombian peso appreciated
The amounts of financial assets and liabilities denominated in foreign currency are presented in the following table:
| June 30, | | December 31, | |
(In USD$million) | 2026 | 2025 | ||
(Unaudited) | ||||
Cash and cash equivalents |
| | | |
Other financial assets |
| | | |
Trade receivables and payables |
| ( | | |
Loans and borrowings |
| ( | ( | |
Other assets and liabilities |
| ( | ( | |
Net liability position |
| ( | ( |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Of the total net position, USD$(
The Group has also implemented hedging strategies using financial derivatives (forwards and options) to mitigate exchange rate risk. As of June 30, 2026, the net balance of these hedges is $
29.2.Sensitivity analysis for exchange rate risk
The following is the effect that a variation of
Scenario / variation in the | | Effect on income | | Effect on other |
exchange rate | before taxes +/- | comprehensive income +/ | ||
| % | ( | ( | |
| % | ( | ( |
29.3.Cash flow hedge for future exports
To express in the consolidated financial statements, the effect of the existing natural hedge between exports and indebtedness, understanding that the exchange rate risk materializes when exports are made, On September 30, 2015, the Board of Directors made the first designation of Ecopetrol’s debt as a hedging instrument for its future income from crude oil exports.
Ecopetrol Group has designated part of its loans and borrowings denominated in US Dollars to hedge the exposure to future cashflows exports in USD. The following is the movement of this non-derivative hedging instrument designated in this hedge relationship:
| June 30, | | December 31, | |
(USD$ Million) | 2026 | 2025 | ||
(Unaudited) | ||||
Opening balance |
| | ||
Reassignment of hedging instruments |
| | | |
Realization of exports revenue |
| ( | ( | |
Designation of new hedge items |
| | | |
Closing balance |
| | |
The following is the movement in accumulated other comprehensive income for the period ended June 30, 2026 and the year ended December 31, 2025:
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Opening balance |
| ( | | |
Exchange difference |
| ( | ( | |
Reclassification to profit or loss (Note 24) |
| | | |
Ineffectiveness reclassified to profit and loss |
| | ( | |
Deferred income tax |
| | | |
Closing balance |
| ( | ( |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss is as follows:
Year | | Before taxes | | Taxes | | After taxes |
2026 |
| | ( | | ||
2027 |
| | ( | | ||
2028 |
| | ( | | ||
2029 | | ( | | |||
2030 | | ( | | |||
2031 | | ( | | |||
2032 | | ( | | |||
2033 | | ( | | |||
| ( | |
29.4.Hedge of a net investment in a foreign operation
The Board of Directors approved the application of net investment hedge accounting from June 8, 2016. The measure is intended to reduce the volatility of non–operating income due to exchange rate variations. The net investment hedge will be applied on a portion of the Ecopetrol Group’s investments in foreign operations, in this case on investments in subsidiaries which have the U.S. dollar as their functional currency, using a portion of the Ecopetrol Group’s U.S. dollar denominated debt as the hedging instrument.
As of June 30, 2026, the total hedged balance is USD$
The following is the movement in the other comprehensive income:
| June 30, | | December 31, | |
2026 | 2025 | |||
(Unaudited) | ||||
Opening balance |
| | | |
Exchange difference |
| ( | ( | |
Deferred income tax |
| | | |
Closing balance |
| | |
29.5.Commodity Price risk
The price risk of raw materials is associated with the Ecopetrol Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Ecopetrol Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices.
The risk of such exposure is partially hedged in a natural way, as an integrated Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Ecopetrol Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures, and controls for their management.
| ● | The main purpose of the strategic hedging program is to protect the Group’s consolidated financial statements from the volatility of market variables in each period, to protect income and thus cash flow. |
| ● | On the other hand, tactical hedges allow them to capture value in trading operations and Asset Backed Trading (ABT), thereby mitigating the market risk of specific operations. In the trading activity, commitments in physical spot and forward contracts could represent an exposure to commodity price risk, in particular the risk associated with the volatility of the price of crude oil and refined products. Although this exposure is part of the natural risk of production, refining, and marketing activity made by Ecopetrol, sometimes marketing done to maximize value capture, can concentrate the exposure to risk in terms of time and/ or indicator that differs from the Company’s natural price risk profile. |
As of the date of this report, Ecopetrol Group has a total net liability position in commodity derivatives of ($
29.6.Risk and opportunities related to climate
Ecopetrol Group has an identification of physical and transition risks considering short, medium, and long-term climate scenarios, and opportunities, based on energy transition scenarios that guide the company’s long-term strategic analysis.
| ● | Physical risks: related to the Group’s exposure and vulnerability to the impacts of climate change and climate variability, which could affect operational continuity and increase the exposure of assets to possible damages. Physical risks are classified as acute and chronic. |
| o | Acute risks are those caused by extreme weather events, whose frequency and intensity have been increasing due to the gradual increase in global temperature. In Colombian territory they are mainly reflected in the occurrence of the climate variability phenomenon “El Niño” and its opposite phase “La Niña”. These conditions could result in, among others, water shortages, heat waves, floods, and fires. |
| o | Chronic risks derive from a sustained change in the medium and long term in climate conditions, which for the Group can be reflected in the rise in sea level, thermal overload and droughts beyond 2050. |
Ecopetrol S.A. has conducted a physical risk assessment based on the most probable hazards associated with extreme weather conditions (flooding, water scarcity, landslides, and wildfires), with a time horizon extending to 2100. The scenarios used correspond to those developed by the Intergovernmental Panel on Climate Change (IPCC): (i) aligned with the objectives of the Paris Agreement (SSP1 / RCP 2.6), (ii) emissions peak by 2040 (SSP2 / RCP 4.5), and (iii) “Business as Usual” (SSP5 / RCP 8.5). Under these scenarios, seven (7) hazards were assessed: two (2) chronic (drought and heat stress) and five (5) acutes (precipitation, coastal and riverine flooding, wildfires, and wind) across 95 locations associated with the Company’s main assets.
In particular, the Ecopetrol S.A. developed a Climate Risk Index for 34 producing blocks in Colombia to identify areas with higher vulnerability to climate change. In addition to current conditions, this analysis incorporated three climate pathways (SSP1, SSP2, and SSP5) to project the evolution of risk over the 2011–2040-time horizon.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
| ● | Transition risk: related to the challenges that the Company has identified to move towards a low-carbon, sustainable and competitive operation. Ecopetrol carried out a prioritization of transition risks to establish their financial impact, identifying the following: |
| o | Regulatory risk, associated with regulatory changes that may directly affect the Company in the short and medium term. The regulatory changes include the following: (i) new regulation related to the incorporation of climate change considerations into environmental permitting processes; (ii) greater requirements associated with regulations for the detection and repair of gas leaks, flares, and venting; (iii) limitations on the use of offsets to meet decarbonization goals; (iv) new requirements for the validation and verification of reduction projects and their registration in the National Registry of GHG Emission Reductions (RENARE); (v) the launch of the National Program for Tradable Emissions Quotas (PNCTE), similar to an Emissions Trading System, in which emission rights would be allocated. This program is currently in the design and regulatory framework development phase and is scheduled for full implementation by 2030. |
| o | Legal risk, associated with the negative reactions and lawsuits against the climate action of Ecopetrol S.A. |
| o | Market risk, related to the change in preferences in the use of low-carbon products in the long term, which implies a risk for the Company of not being able to meet market demand and of not making effective progress in the development of these products. |
| o | Technological risk, associated with the negative effects on the profitability of the business if there are no preparation and capacity to adapt to new technologies because of the transition process. |
To manage the risks, Ecopetrol updated its enterprise risk map, defining the risk of “Lagging commitments in climate change mitigation, water neutrality, and biodiversity relative to market and stakeholder expectations.” This risk reflects the Company’s exposure to adverse impacts resulting from limited progress in the implementation of its commitments and obligations associated with these areas.
These business risks incorporate treatment actions, Key Risk Indicators (KRIs), and controls to effectively manage the causes and mitigate the materialization of the risk.
Based on reports issued by IDEAM and leading international climate forecasting centers, which estimate a probability exceeding 95% for the occurrence of the 2026–2027 El Niño phenomenon and forecast a strong to very strong intensity, the related corporate risk indicator and associated control measures were proactively activated. This enabled the timely development of an Action Plan aimed at preparing for and responding to the potential impacts of the event. The plan incorporates historical background, climate context, forward-looking scenarios, risk assessments, and mitigation measures designed to safeguard operational continuity and business sustainability against potential disruptions affecting gas, power and water supply, river transportation logistics, biodiversity management, and stakeholder engagement within the areas of operation.
As of June 30, 2026, no operational events attributable to El Niño conditions had materialized. However, continuous monitoring and oversight remain in place given the high likelihood that the phenomenon will become fully established during the second half of 2026 and first half of 2027.
With respect to transition risks, Ecopetrol S.A. has developed three scenarios that aim to provide a solid and unified framework that allows to anticipate and understand the challenges and opportunities of the energy transition:
| o | Climate Alignment (1,7°–1,8°C): Transformation toward low-emission economies, which aligns governments and institutions around climate change. Furthermore, developed countries are reaching Net-Zero, while other countries are following a slower path. This is not sufficient to achieve Net-Zero ambition globally (1.5°C). |
| o | Energy Balance (1,9°–2,3°C): Fundamental changes in governments, markets, and society are setting in motion a long-term energy transition. The debate between energy security and transition acceleration continues. |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
| o | Climate Divergence (2,5°–2,8°C): Dissimilar interests in decarbonization despite changes in policy, regulation, and markets. Global public policy decisions are insufficient to close the climate ambition gap. |
Ecopetrol S.A. considers it relevant to compare three possible scenarios. While the first and third do not reflect the Group’s core vision, it is necessary to compare other possible perspectives on the global energy transition. Based on the strategic vision contemplated for 2040, Ecopetrol Group considers the second scenario to be the most likely and aligned with situations in which the energy future will be led by a gradual energy transition, which contemplates the additional use of low-emission energy sources without eliminating the existence and use of conventional energy within the energy matrix.
In this sense, climate-related opportunities arise from risk analysis, the review of energy transition scenarios, and their alignment with corporate strategy. In the process of identifying and evaluating opportunities, the Company monitors and evaluates the energy market and the business environment.
Opportunities have been identified related to the diversification of traditional business, expansion into sustainable businesses, and advancements in energy efficiency and renewable energy.
| o | Diversification of traditional business: Ecopetrol Group has identified opportunities to make its hydrocarbon business more resilient, taking advantage of the gas outlook, the need for logistics and transportation for other types of fuels and energy, and the growing demand for more sustainable petrochemical products. |
| o | Diversification into sustainable businesses: Considering that the demand for solutions and services in this line will increase in the coming decades, the Group defines, within its pillar of “Growing with the energy transition”, the potential for generating EBITDA in the following business lines: Transmission, roads and telecommunications (through ISA) and Energies for the transition (natural gas and hydrogen mainly). |
| o | Energy efficiency: As one of the largest energy consumers in Colombia, Ecopetrol optimizes its energy consumption as a key lever to address climate change. |
| o | Renewable energy: this is one of the Group’s strategic levels. The Company expectation is to have an installed capacity of |
29.7.Capital management
The main objective of the capital management of the Ecopetrol Group is to ensure a financial structure that optimizes the cost of capital, maximizes the rate of return to its shareholders and allows access to financial markets at a competitive cost to cover financial needs.
The following is the leverage index over the periods reported:
| June 30, | | December 31, |
| |
2026 | 2025 | ||||
(Unaudited) | |||||
Loans and borrowings (Note 19) |
| | | ||
Cash and cash equivalents (Note 6) |
| ( | ( | ||
Other financial assets (Note 9) |
| ( |
| ( | |
Net financial debt |
| |
| | |
Equity (Note 23) |
| |
| | |
Leverage (1) |
| | % | | % |
(1)Net financial debt / (Net financial debt + Equity)
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
30. | Related parties |
The balances with associates and joint ventures as of June 30, 2026 (unaudited), and December 31, 2025, are as follows:
| Trade and | Trade and | Trade and | |||||||
other | other receivables | other | Loans and | Other | ||||||
| receivables | | – Loans | | payables | | borrowings | | liabilities | |
Joint ventures |
| |||||||||
Equion Energía Limited |
| | | | | | ||||
Ecodiesel Colombia S.A. |
| | | | | | ||||
Interligação Elétrica do Madeira S.A. |
| | | | | | ||||
Interligação Elétrica Garanhuns S.A. | | | ( | | | |||||
Interligação Elétrica Ivaí S.A. | | | | | | |||||
Transmissora Aliança de Energia Elétrica S.A. | | | ( | | | |||||
Consorcio Eléctrico Yapay | | | | | | |||||
Conexión Kimal Lo Aguirre S.A. | | | | | | |||||
Associates |
| |||||||||
Gases del Caribe S.A. E.S.P. | | | | | | |||||
Gas Natural del Oriente S.A. E.S.P. | | | | | | |||||
Gases de la Guajira S.A. E.S.P. | | | | | | |||||
Extrucol S.A. | | | | | | |||||
Balance as of June 30, 2026 (unaudited) |
| | | | | | ||||
Current |
| | | | | | ||||
Non-current |
| | | | | | ||||
| | | | | | |||||
| (Note 7) | (Note 7) | (Note 20) | (Note 19) |
| Trade and | Trade and | Trade and | |||||||
other | other receivables | other | Loans and | Other | ||||||
| receivables | | – Loans | | payables | | borrowings | | liabilities | |
Joint ventures |
| |||||||||
Equion Energía Limited (1) |
| | | | | | ||||
Ecodiesel Colombia S.A. |
| | | | | | ||||
Interligação Elétrica do Madeira S.A. | | | | | | |||||
Interligação Elétrica Garanhuns S.A. |
| | | | | | ||||
Interligação Elétrica Ivaí S.A. | | | | | | |||||
Transmissora Aliança de Energia Elétrica S.A. | | | | | | |||||
Consorcio Eléctrico Yapay | | | | | | |||||
Conexión Kimal Lo Aguirre S.A. | | | | | | |||||
Associates |
|
|
|
|
| |||||
Gases del Caribe S.A. E.S.P. | | | | | | |||||
Extrucol S.A. | | | | | | |||||
Balance as of December 31, 2025 |
| | | | | | ||||
Current |
| | | | | | ||||
Non-current |
| | | | | | ||||
| | | | | | |||||
| (Note 7) | (Note 7) | (Note 20) | (Note 19) |
Loans payable:
| (1) | Deposits held by Equion in Ecopetrol Capital AG. |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The main transactions with related parties for the period ending June 30, are detailed as follows:
| 2026 | 2025 | ||||||
| Cost of sales, | Cost of sales, | ||||||
purchases and | purchases and | |||||||
| Sales | | others | | Sales | | others | |
(Unaudited) | (Unaudited) | |||||||
Joint ventures |
| |
| |
| |
| |
Equion Energía Limited |
| — | | — | | |||
Ecodiesel Colombia S.A. |
| | | | | |||
| | | | |||||
Associates |
| |||||||
Gases del Caribe S.A. E.S.P. |
| — | | — | | |||
Extrucol S.A. | — | | — | | ||||
E2 Energía Eficiente S.A. E.S.P. | — | — | | | ||||
| — | | | | ||||
| | | | |||||
31. | Business segments information |
A description of the Ecopetrol Group’s business segments is in Note 4.20 – Business segment information of the consolidated financial statements December 31, 2025.
The segmented information used by the Board of Directors, the highest strategic and operational decision-making body for these business segments, is prepared in accordance with our internal reporting policies, which follow the guidelines provided by IFRS. The performance of the business segments is based primarily on an analysis of income, costs, expenses, and results for the year generated by each business segment which are regularly monitored.
The information disclosed in each business segment is presented net of transactions between the Ecopetrol Group companies.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
31.1.Net profit by operating segment
Below are the measures of profit or loss by business segment as of and for the periods ended June 30, 2026 and 2025:
| Six-month period ended June 30, 2026 (Unaudited) | |||||||||||
Energy | ||||||||||||
| Exploration | Transmission | ||||||||||
and | | Refining and | | Transport and | | and Toll Roads | | |||||
| Production | Petrochemicals | Logistics | Concessions | Intersegment | | Total | |||||
Third party sales |
| | | | | ( | | |||||
Inter-segment sales |
| | | | | ( | — | |||||
Sales from contracts with customers |
| | | | | ( | | |||||
Costs of sales |
| ( | ( | ( | ( | | ( | |||||
Gross profit |
| | | | | ( | | |||||
Administrative expenses |
| ( | ( | ( | ( | | ( | |||||
Operation and projects expenses |
| ( | ( | ( | — | | ( | |||||
Other operating (expenses) income, net |
| | ( | | ( | ( | ( | |||||
Operating income (loss) |
| | | | | | | |||||
Financial results |
| |||||||||||
Financial income |
| | | | | ( | | |||||
Financial expenses |
| ( | ( | ( | ( | | ( | |||||
Foreign exchange gain |
| | | | | — | | |||||
| ( | ( | | ( | ( | ( | ||||||
Share of profit of associates and joint ventures |
| | | — | | — | | |||||
Profit before income tax expense |
| | | | | — | | |||||
Income tax expense |
| ( | ( | ( | ( | — | ( | |||||
Net profit for the period |
| | | | | — | | |||||
Net profit (loss) attributable to: |
| |||||||||||
Owners of the parent |
| | | | | — | | |||||
Non-controlling interest |
| ( | | | | — | | |||||
| | | | | — | | ||||||
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Six-month period ended June 30, 2025 (Unaudited) | ||||||||||||
| Energy | |||||||||||
Exploration | Transmission | |||||||||||
| and | | Refining and | | Transport and | | and Toll Roads | | ||||
Production | Petrochemicals | Logistics | Concessions | Intersegment | | Total | ||||||
Third party sales |
| | | | | | | |||||
Inter-segment sales |
| | | | | ( | — | |||||
Sales from contracts with customers |
| | | | | ( | | |||||
Costs of sales |
| ( | ( | ( | ( | | ( | |||||
Gross profit |
| | | | | ( | | |||||
Administrative expenses |
| ( | ( | ( | ( | | ( | |||||
Operation and projects expenses |
| ( | ( | ( | — | | ( | |||||
Impairment of non–current assets |
| — | — | — | ( | — | ( | |||||
Other operating (expense) income, net |
| ( | ( | | ( | ( | ( | |||||
Operating income (loss) |
| | ( | | | | | |||||
Financial results |
| |||||||||||
Financial income |
| | | | | ( | | |||||
Financial expenses |
| ( | ( | ( | ( | | ( | |||||
Foreign exchange (loss) gain |
| | | ( | | — | | |||||
| ( | ( | ( | ( | ( | ( | ||||||
| ||||||||||||
Share of profit of associates and joint ventures |
| | | — | | — | | |||||
Profit (loss) before income tax expense | | ( | | | — | | ||||||
| ||||||||||||
Income tax expense |
| ( | | ( | ( | — | ( | |||||
Net profit (loss) for the period | | ( | | | — | | ||||||
| ||||||||||||
Net profit (loss) attributable to: |
| |||||||||||
Owners of the parent |
| | ( | | | — | | |||||
Non–controlling interest | ( | | | | — | | ||||||
| | ( | | | — | | ||||||
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
31.2.Sales revenue by product
Revenue from contracts with customers - Segments | ||||||||||||
Six-month period ended June 30, 2026 (Unaudited) | ||||||||||||
| Electric Energy | | ||||||||||
| Exploration | Transmission | ||||||||||
and | Refining and | Transport and | and Toll Roads | |||||||||
| Production | | Petrochemicals | | Logistics | Concessions | Intersegment | | Total | |||
National sales |
| |
| |
| | |
| |
| | |
Mid-distillates |
| — | | — | — | ( | | |||||
Gasolines |
| | | — | — | ( | | |||||
Services |
| | | | | ( | | |||||
Electric power transmission services |
| — | — | — | | — | | |||||
Natural gas | | — | ( | — | ( | | ||||||
Fuel gas service | — | | — | — | ( | | ||||||
Plastic and rubber | — | | — | — | — | | ||||||
Asphalts |
| | | — | — | — | | |||||
L.P.G. and propane | | | — | — | ( | | ||||||
Roads and construction services |
| — | — | — | | — | | |||||
Aromatics |
| — | | — | — | — | | |||||
Polyethylene | — | | — | — | — | | ||||||
Crude oil | | — | — | — | ( | — | ||||||
Other products | | | | | ( | | ||||||
|
| | | | | ( | | |||||
Foreign sales |
|
|
|
|
| |||||||
Crude oil |
| | — | — | — | — | | |||||
Construction services |
| — | — | — | | — | | |||||
Electric power transmission services | — | — | — | | — | | ||||||
Fuel oil | — | | — | — | — | | ||||||
Plastic and rubber |
| — | | — | — | — | | |||||
Diesel |
| — | | — | — | — | | |||||
L.P.G. and propane |
| | — | — | — | — | | |||||
Natural gas |
| ( | — | — | — | — | ( | |||||
Cash flow hedging |
| | — | — | — | — | | |||||
Other products |
| ( | | ( | | — | | |||||
| | | ( | | — | | ||||||
| | | | ( | | |||||||
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Revenue from contracts with customers - Segments | ||||||||||||
| Six-month period ended June 30, 2025 (Unaudited) | |||||||||||
| | Energy | | |||||||||
Exploration | Transmission | |||||||||||
and | Refining and | Transport and | and Toll Roads | |||||||||
Production | | Petrochemicals | | Logistics | Concessions | Intersegment | | Total | ||||
National sales |
| |
| |
| | |
| |
| | |
Mid-distillates |
| — | | — | — | ( | | |||||
Gasolines |
| — | | — | — | ( | | |||||
Services |
| | | | | ( | | |||||
Electric power transmission services |
| — | — | — | | — | | |||||
Natural gas |
| | — | — | — | ( | | |||||
Fuel gas service |
| — | | — | — | ( | | |||||
Plastic and rubber |
| — | | — | — | — | | |||||
Asphalts |
| | | — | — | — | | |||||
L.P.G. and propane |
| | | — | — | ( | | |||||
Roads and construction services |
| — | — | — | | — | | |||||
Aromatics |
| — | | — | — | — | | |||||
Polyethylene |
| — | | — | — | — | | |||||
Crude oil | | — | — | — | ( | | ||||||
Other products | | | — | — | ( | | ||||||
| | | | | ( | | ||||||
Foreign sales |
|
|
|
|
| |||||||
Crude oil |
| | | — | — | — | | |||||
Construction services |
| — | — | — | | — | | |||||
Electric power transmission services |
| — | — | — | | — | | |||||
Fuel oil |
| — | | — | — | | | |||||
Plastic and rubber |
| — | | — | — | — | | |||||
Diesel |
| — | | — | — | — | | |||||
L.P.G. and propane |
| | — | — | — | — | | |||||
Natural gas |
| | — | — | — | — | | |||||
Cash flow hedging | ( | — | — | — | — | ( | ||||||
Other products |
| | | — | | ( | | |||||
| | | — | | | | ||||||
| | | | | ( | | ||||||
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
32. | Subsequent and relevant events |
- | Cybersecurity Incident |
On July 17, 2026, Ecopetrol S.A. informed that it had been the victim of a cybersecurity incident in which an external threat actor gained unauthorized access to and unlawfully exfiltrated information relating to
In response, Ecopetrol promptly activated its cybersecurity incident management and response protocols and continued to undertake containment, investigation, and assessment activities. These efforts were being carried out in coordination with Colombia’s Office of the Attorney General (Fiscalía General de la Nación, by its name in Spanish), specifically through its Cybercrime Unit, and with the Ministry of Information and Communications Technologies (MinTIC, by its acronym in Spanish).
The cybersecurity incident was formally closed on September 30, 2026. Based on the assessment completed as part of the incident response process, the Company did not identify any financial impact or operational disruption resulting from the incident.
| - | Successful acquisition of control of Brava Energía S.A. and obtention of a short-term credit facility |
On August 5, 2026, Ecopetrol S.A. announces that its Brazilian subsidiary, Ecopetrol Investimentos Do Brasil LTDA, successfully concluded the auction for the Voluntary Public Tender Offer on the B3 market in Brazil. The auction was for the acquisition of
The Company was proceeding with the steps to settle and pay for the Voluntary Public Tender Offer on August 17, 2026, and, on that same date, finalized the Share Purchase Agreement signed on April 23, 2026, with a group of significant shareholders holding an approximately
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
With that transaction, Ecopetrol acquired
Brava is an independent oil and gas company focused on the exploration, production, refining, import, and export of oil, natural gas, and other liquid hydrocarbons in Brazil and abroad. As of June 30, 2026, Brava conducts its operations through
Due to the proximity of the closing of the Brava transaction and the issuance of these financial statements, Ecopetrol Group is unable to determine if the transaction will result in the recognition of any goodwill or gain on bargain purchase in financial statements.
Ecopetrol Group is also unable to disclose the fair value of the receivables, the gross contractual amounts receivable; and the best estimate at the acquisition date of the contractual cash flows not expected to be collected, the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed, the amounts of revenue and profit or loss of the acquiree since the acquisition date up to the issuance date of these unaudited interim condensed consolidated financial statements.
Upon the completion of the purchase price allocation, we will recognize any contingent liability recognized in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. However, Ecopetrol Group is unable to determine at this point if any contingent liability would require recognition in Ecopetrol consolidated financial statements.
Also, Ecopetrol is performing tax analysis to determine the impact for tax purposes of this acquisition. At this point, we are unable to determine if the transaction will have any tax implication on the Ecopetrol consolidated financial statements.
According to IFRS 3, Business combinations, applying the acquisition method implies identifying the assets acquired and liabilities assumed and measure them at fair value on the acquisition date, subject to certain exceptions. For each kind of asset or liability, fair value methodologies are applied considering the observable inputs and elements described in IFRS 13 – Fair value measurement.
The Ecopetrol Group accounts for business combinations using the acquisition method. Identifiable assets acquired and liabilities assumed are initially measured at fair value on the acquisition date.
The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Ecopetrol Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The Ecopetrol Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.
When Ecopetrol Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Ecopetrol Business Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Ecopetrol Business Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
To finance the Brava transaction, Ecopetrol Capital AG, a subsidiary of Ecopetrol S.A. organized under the laws of Switzerland, entered a short-term credit facility governed by the laws of the State of New York on August 5, 2026 (the “Brava Bridge Loan”).
On August 2026, Ecopetrol Capital AG entered an intercompany loan with Ecopetrol Investimento do Brasil to fund the acquisition. The Brava Bridge Loan was entered into among, inter alia, Ecopetrol Capital AG, as borrower, Ecopetrol S.A., as guarantor, UMB Bank, National Association, as administrative agent and certain lenders, including certain affiliates of Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, for an aggregate amount of up to US$
- | Acquisition of control of IE Madeira |
On July 31, 2026, ISA Energía Brasil S.A., a subsidiary of ISA, completed an equity interest exchange transaction with AXIA Energia S.A. and AXIA Energia Nordeste S.A., through which it obtained exclusive control of Interligação Elétrica do Madeira S.A. (“Madeira”).
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The acquisition is part of ISA’s strategy aimed at simplifying corporate structures, strengthening control over strategic assets, and improving the operational and financial efficiency of its transmission businesses in Brazil. The transaction enabled the consolidation of control over Madeira—one of the most significant High Voltage Direct Current (HVDC) systems in Latin America—thereby eliminating constraints stemming from a shared governance model and facilitating the realization of operational, financial, and management efficiencies.
As an integral part of the transaction, ISA Energía Brasil acquired AXIA’s
The transaction was previously authorized by the competent Brazilian regulatory authorities, including ANEEL (Agência Nacional de Energia Elétrica) and CADE (Conselho Administrativo de Defesa Econômica), and resulted in the termination of the shareholders’ agreements that supported the existing joint control over both entities.
As a result of the transaction, ISA Energía Brasil transitioned from exercising joint control over Madeira to obtaining exclusive control of
For purposes of IFRS 3, the acquisition date was July 31, 2026, the date on which ISA Energia Brasil obtained control of Madeira and the contractual closing of the transaction was completed.
Prior to the transaction, ISA Energía Brasil held a
Due to the proximity of the closing of the Madeira transaction and the issuance of these financial statements, Ecopetrol Group is unable to determine if the transaction will result in the recognition of any goodwill or gain on bargain purchase in financial statements.
Finally, as an integral part of the transaction related to the acquisition of control of IE Madeira, ISA Energía Brasil transferred its
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Exhibit 1. Consolidated companies, associates, and joint ventures
The following information is presented as of and for the six-month period ended June 30, 2026, unless otherwise indicated:
Ownership | Geographic | Profit (loss) |
| ||||||||||||||||
Functional | Interest | Country/ | area of | for the | Total | Total |
| ||||||||||||
Company | | Currency | Ecopetrol | | Activity | Domicile | operations | Net equity | period | assets | liabilities |
| |||||||
Subsidiaries | | | | | | | | | | ||||||||||
Refinería de Cartagena S.A.S. |
|
| % |
|
|
| |
| |
| |
| | | |||||
Cenit transporte y logística de hidrocarburos S.A.S. | % | | | | | ||||||||||||||
Ecopetrol Global Energy S.L.U. | % | | | | — | ||||||||||||||
Oleoducto Central S.A. - Ocensa | % | | | | | ||||||||||||||
Hocol Petroleum Limited. |
|
| % |
|
|
| |
| |
| |
| | | |||||
Ecopetrol América LLC. |
|
| % |
|
|
| |
| |
| |
| | | |||||
Hocol S.A. |
|
| % |
|
|
| |
| |
| |
| | | |||||
Esenttia S.A. |
|
| % |
|
|
| |
| |
| |
| | | |||||
Ecopetrol Capital AG |
|
| % |
|
|
| |
| ( |
| |
| | | |||||
Oleoducto de Colombia S. A. – ODC |
|
| % |
|
|
| |
| |
| |
| | | |||||
Black Gold Re Ltd. |
|
| % |
|
|
| |
| |
| |
| | | |||||
Andean Chemicals Ltd. |
|
| % |
|
|
| |
| |
| |
| ( | | |||||
Oleoducto de los Llanos Orientales S. A. - ODL |
|
| % |
|
|
| |
| |
| |
| | | |||||
Interconexión Electrica S.A. E.S.P |
|
| % |
|
|
|
| |
| |
| |
| | |
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Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The following information is presented as of June 30, 2026, unless otherwise indicated:
Ownership | Geographic | Profit | ||||||||||||||||
Functional | Interest | Country/ | area of | (loss) for | Total | Total | ||||||||||||
Company | | Currency | | Ecopetrol | | Activity | | Domicile | | operations | | Net equity | | the period | | assets | | liabilities |
Inversiones de Gases de Colombia S.A. Invercolsa S.A. | % | | | | | |||||||||||||
Alcanos de Colombia S.A. E.S.P. (1) |
|
| % |
|
|
| |
| |
| |
| | |||||
Metrogas de Colombia S.A E.S.P. (1) |
|
| % |
|
|
| |
| |
| |
| | |||||
Gases del Oriente S.A. E.S.P. (1) |
|
| % |
|
|
| |
| |
| |
| | |||||
Promotora de Gases del Sur S.A. E.S.P. (1) | % | | | | | |||||||||||||
Combustibles Liquidos de Colombia S.A E.S.P. (1) | % | | | | |
58
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The following information is presented as of June 30, 2026, unless otherwise indicated:
Ownership | Geographic | Profit (loss) | ||||||||||||||||
Functional | Interest | Country/ | area of | for the | Total | Total | ||||||||||||
Company | Currency | Ecopetrol | Activity | Domicile | operations | Net equity | period | assets | liabilities | |||||||||
Ecopetrol USA Inc. | | | % | | | | | | | | | | | |||||
Ecopetrol Permian LLC. |
|
| % |
|
|
| |
| |
| |
| | |||||
Ecopetrol Oleo é Gas do Brazil Ltda. |
|
| % |
|
|
| |
| ( |
| |
| | |||||
Esenttia Masterbatch Ltda. | % | | | | | |||||||||||||
Ecopetrol del Perú S. A. | % | | | | | |||||||||||||
ECP Hidrocarburos de México | % | | — | | | |||||||||||||
Ecopetrol Costa Afuera Colombia S.A.S. | % | | — | | — | |||||||||||||
Esenttia Resinas del Perú SAC |
|
| % |
|
|
| |
| |
| |
| | |||||
Esenttia Resinas de México |
|
| % |
|
|
| |
| |
| |
| | |||||
Ecopetrol US Trading LLC |
|
| % |
|
|
| |
| |
| |
| | |||||
Econova Technology & innovation S.L. |
|
| % |
|
|
| |
| ( |
| |
| — | |||||
Ecopetrol Singapore PTE. LTD | % | | | | — | |||||||||||||
Ecopetrol Trading Asia PTE. LTD | % | | | | |
59
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The following information is presented as of June 30, 2026, unless otherwise indicated:
| | Ownership | | | | Geographic | | | Profit (loss) | | | |||||||
Functional | Interest | Country/ | area of | for the | Total | |||||||||||||
Company | Currency | Ecopetrol | Activity | Domicile | operations | Net equity | period | Total assets | liabilities | |||||||||
Wind Autogeneración S.A.S. |
|
| | % |
|
|
| |
| ( |
| |
| | ||||
Parque Solar Porton del Sol S.A.S E.S.P. |
|
| | % |
|
|
| |
| ( |
| |
| | ||||
Enerfin Servicios S.A.S. |
|
| | % |
|
|
| |
| ( |
| |
| — | ||||
Planta Solar Sahagun S.A.S. |
|
| | % |
|
|
| |
| — |
| |
| | ||||
El Roble Solar S.A.S. |
|
| | % |
|
|
| |
| — |
| |
| — | ||||
Girasol I S.A.S. |
|
| | % |
|
|
| |
| — |
| |
| — | ||||
La Cayena Solar S.A.S. |
|
| | % |
|
|
| |
| — |
| |
| — | ||||
Córdoba Solar 2 S.A.S. |
|
| | % |
|
|
| |
| — |
| |
| | ||||
Ecopetrol Investimentos do Brazil |
|
| | % |
|
|
| — |
| ( |
| |
| |
60
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The following information is presented as of June 30, 2026, unless otherwise indicated:
| | Ownership | | | | Geographic | | | Profit (loss) | | | |||||||
Functional | Interest | Country/ | area of | for the | Total | Total | ||||||||||||
Company | Currency | Ecopetrol | Activity | Domicile | operations | Net equity | period | assets | liabilities | |||||||||
Asociadas | ||||||||||||||||||
Serviport S.A. (2) |
|
| | % |
|
|
| |
| ( |
| |
| | ||||
Sociedad Portuaria Olefinas y Derivados S.A. (3) |
|
| | % |
|
|
| |
| — |
| |
| | ||||
Negocios conjuntos |
| |
| |
| |
| |
| |
|
|
| |
| | ||
Equion Energía Limited |
|
| | % |
|
|
| |
| |
| |
| | ||||
Ecodiesel Colombia S.A. (3) |
|
| | % |
|
|
| |
| |
| |
| |
| (1) | Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A. |
| (2) | Information available as of March 31, 2026, the investment is totally impaired. |
| (3) | Information available as of May 31, 2026. |
61
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P.
The following information is presented as of June 30, 2026, unless otherwise indicated:
| | | Ownership | | ||||||||||||
Functional | Interest | |||||||||||||||
Company | | Activity | | Currency | | Country | | ISA | | Assets | | Liabilities | | Equity | | Profit (loss) |
Subsidiarias | ||||||||||||||||
Consorcio Transmantaro |
|
| % | | | |
| | ||||||||
Interligação Eléctrica Evrecy |
|
| % | | | |
| | ||||||||
Fundo de Investimento Assis |
|
| % | | — | |
| | ||||||||
Fundo de Investimento Barra Bonita Renda Fixa Referenciado |
|
| % | | — | |
| | ||||||||
Fundo de Investimento Referenciado di Bandeirantes |
|
| % | | — | |
| | ||||||||
Fundo de Investimento Xavantes Referenciado di |
|
| % | | — | |
| | ||||||||
Interconexiones Viales |
|
| % | — | — | — |
| — | ||||||||
Interligação Elétrica Aguapeí |
|
| % | | | |
| | ||||||||
Interligação Elétrica Biguaçu |
|
| % | | | |
| | ||||||||
Interligação Elétrica De Minas Gerais |
|
| % | | | |
| | ||||||||
Interligação Elétrica Itapura |
|
| % | | | |
| | ||||||||
Interligação Elétrica Itaquerê |
|
| % | | | |
| | ||||||||
Interligação Elétrica Itaúnes |
|
| % | | | |
| | ||||||||
Interligação Elétrica Norte E Nordeste |
|
| % | | | |
| | ||||||||
Interligação Elétrica Pinheiros |
|
| % | | | |
| | ||||||||
Interligação Elétrica Riacho Grande |
|
| % | | | |
| | ||||||||
Interligação Elétrica Serra Do Japi |
|
| % | | | |
| | ||||||||
Interligação Elétrica Sul |
|
| % | | | |
| | ||||||||
Interligação Elétrica Tibagi |
|
| % | | | |
| | ||||||||
Internexa |
|
| % | | | |
| | ||||||||
Interligação Elétrica JAGUAR 6 S.A. | % | |||||||||||||||
Interligação Elétrica JAGUAR 8 S.A. | % | |||||||||||||||
Interligação Elétrica JAGUAR 9 S.A. | % |
62
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The following information is presented as of June 30, 2026, unless otherwise indicated:
| | Ownership | | | | |||||||||||
Functional | Interest | Profit | ||||||||||||||
Company | | Activity | | Currency | | Country | | ISA | | Assets | | Liabilities | Equity | (loss) | ||
Subsidiarias | ||||||||||||||||
Internexa Perú |
|
| % | | |
| |
| | |||||||
ISA Bolivia |
|
| % | | |
| |
| | |||||||
ISA Capital Do Brasil |
|
| % | | ( |
| |
| | |||||||
ISA CTEEP |
|
| % | | |
| |
| | |||||||
ISA Interchile |
|
| % | | |
| |
| | |||||||
ISA Intercolombia |
|
| % | | |
| |
| | |||||||
Hub Digital de Servicios ISA S.A.S |
|
| % | | |
| |
| | |||||||
ISA Intervial Chile |
|
| % | | |
| |
| | |||||||
ISA Intervial Colombia |
|
| % | | — |
| |
| — | |||||||
ISA Inversiones Chile SpA |
|
| % | | |
| |
| | |||||||
ISA Inversiones Chile Vías SpA |
|
| % | | — |
| |
| | |||||||
ISA Inversiones Costera Chile |
|
| % | | |
| ( |
| | |||||||
ISA Inversiones Tolten |
|
| % | | — |
| |
| — | |||||||
ISA Investimentos E Participações |
|
| % | | |
| |
| | |||||||
ISA Perú |
|
| % | | |
| |
| | |||||||
ISA REP |
|
| % | | |
| |
| | |||||||
ISA Transelca |
|
| % | | |
| |
| | |||||||
Linear Systems RE |
|
| % | | |
| |
| | |||||||
Proyectos de Infraestructura del Perú |
|
| % | | — |
| |
| — | |||||||
Ruta Costera |
|
| % | | |
| |
| | |||||||
Ruta de La Araucanía |
|
| % | | |
| |
| | |||||||
Ruta de Los Ríos |
|
| % | | |
| |
| | |||||||
Ruta del Bosque |
|
| % | | — |
| |
| — | |||||||
Ruta del Loa |
|
| % | | |
| |
| | |||||||
Ruta del Maipo |
|
| % | | |
| |
| | |||||||
Ruta del Este Sociedad Concesionaria S.A. |
|
| % | | |
| |
| | |||||||
Sistemas Inteligentes en Red |
|
| % | | |
| |
| ( | |||||||
XM | % | | | | ( | |||||||||||
INTERCONEXIONES DEL NORTE S.A. | % | | | |||||||||||||
Ruta ORBITAL SUR Sociedad Concesionaria S.A. | % | | | |||||||||||||
Interconexiones Eléctricas Qoyllur SpA | % | — | — | — | — | |||||||||||
Ruta de los Lagos Sociedad concesionaria S.A. | % | — | | — |
63
Table of Contents
Ecopetrol S.A.
Notes to interim condensed consolidated financial statements
June 30, 2026
(Amounts stated in billions of Colombian pesos, unless otherwise stated)
The following information is presented as of June 30, 2026, unless otherwise indicated:
| | Ownership |
| |||||||||||||
Functional | Interest |
| Profit | |||||||||||||
Company | | Activity | | Currency | Country | ISA | | Assets | | Liabilities | | Equity | | (loss) | ||
Joint ventures | |
| |
| |
| |
| |
| |
| | |||
Interligação Elétrica do Madeira |
|
| % | |
| |
| | | |||||||
Interligação Elétrica Garanhuns |
|
| % | |
| |
| | | |||||||
Interligação Elétrica Paraguaçu |
|
| % | |
| |
| | | |||||||
Interligação Elétrica Aimorés |
|
| % | |
| |
| | | |||||||
Interligação Elétrica Ivaí |
|
| % | |
| |
| | | |||||||
Transmissora Aliança de Energia Elétrica |
|
| % | |
| |
| | | |||||||
Interconexión Eléctrica Colombia Panamá-Panamá |
|
| % | |
| |
| | ( | |||||||
Interconexión Eléctrica Colombia Panamá Colombia |
|
| % | — |
| — |
| — | — | |||||||
Transnexa (1) |
|
| % | — |
| — |
| — | — | |||||||
Derivex |
|
| % | |
| — |
| | — | |||||||
Conexión Kimal Lo Aguirre S.A. |
|
| % | |
| |
| | — | |||||||
Consorcio Electrico YAPAY S.A |
|
| % | |
| |
| | ( | |||||||
PA Energía para la paz | % | | | | — | |||||||||||
Associates |
|
|
|
| ||||||||||||
ATP Tower Holdings |
|
| % | |
| |
| | |
| (1) | Transnexa is in the process of liquidation, and its investment has been completely impaired. |
64