Ecopetrol (NYSE: EC) Q2 2026 profit soars as Brent averages 97 USD/bl
Rhea-AI Filing Summary
Ecopetrol S.A. reported strong unaudited results in billions of Colombian pesos (BCOP) for 2Q 2026, supported by a higher Brent price of 97 USD/bl, up 45% from 2Q 2025. Total sales reached 40,198 BCOP, a 35% increase. EBITDA rose to 17,675 BCOP with a 44.0% margin, while net income climbed to 6,064 BCOP, up 235% year over year.
For the first half of 2026, total sales were 68,823 BCOP, up 13%, and EBITDA was 31,133 BCOP with a 45.2% margin; net income reached 8,951 BCOP, an 81% increase versus the prior year. Average production decreased to 705.8 kboed in 2Q 2026, down 6.6%, including lower gas and liquids volumes, while refinery throughput rose 6.1% to 438.5 and transported volume increased 3.8% to 1,125.
Positive
- Net income for 2Q 2026 was 6,064 BCOP, up 235% versus 2Q 2025, with EBITDA increasing 59% to 17,675 BCOP and the EBITDA margin improving to 44.0%, reflecting much higher earnings than a year earlier.
Negative
- Gas and liquids production declined to 145.1 kboed in 2Q 2026 from 170.4 kboed in 2Q 2025, a drop of 14.8%, alongside a 6.6% decrease in total production to 705.8 kboed.
Key Figures
Key Terms
EBITDA financial
EBITDA Margin financial
thousands of barrels of oil equivalent per day (mboed) technical
Forward-Looking Statements regulatory
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2026
Commission File Number 001-34175
| ECOPETROL S.A. |
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(Exact name of registrant as specified in its charter)
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| N.A. |
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(Translation of registrant’s name into English)
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| COLOMBIA |
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(Jurisdiction of incorporation or organization)
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| 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 x 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 x
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 x
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 x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A
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. | ||||
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By: |
/s/ Alfonso Camilo Barco | |||
| Name: |
Alfonso Camilo Barco |
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| Title: | Chief Financial Officer | |||
Date: August 3, 2026
The Ecopetrol Group’s first-half 2026 results demonstrate the strength of our integrated business model and the operational excellence of our businesses, enabling us to respond effectively and with agility to evolving market dynamics.
The quarter was marked by record performance in the Refining segment, which successfully captured exceptionally favorable market conditions and delivered historic operational and financial results.
In the second quarter, revenue reached COP 40.2 trillion (+35% vs. 2Q25), EBITDA totaled COP 17.7 trillion (+59% vs. 2Q25), with an EBITDA margin of 44% (+6.5 percentage points vs. 2Q25), and net income reached COP 6.1 trillion (+235% vs. 2Q25). These results were driven by strong commercial execution, the operational flexibility of our asset base, and disciplined financial management. We also continued advancing on shareholder value creation, by completing the outstanding dividend payment to our major shareholder and distributed a total of COP 5.0 trillion in dividends during the period. As of the end of the second quarter, we collected COP 1.0 trillion corresponding to the Fuel Price Stabilization Fund (FEPC) balance from 2Q25. The FEPC receivable balance reached COP 8.0 trillion at quarter-end and is expected to remain within a range of approximately COP 8 trillion to COP 12 trillion. We also maintained a Gross Debt-to-EBITDA ratio of 2.0x (-0.2x vs. 2Q25), while preserving a strong liquidity position, with cash and cash equivalents totaling COP 11.3 trillion.
From an operational perspective, hydrocarbon production averaged 706 mboed during the quarter, reflecting the impact of external disruptions and operational constraints in strategic fields, which limited the anticipated growth in domestic crude oil production. Transported volumes increased 3.8% year-over-year to 1,125 kbpd, supported by efficient infrastructure management and enhanced commercial flexibility, enabling us to effectively meet market demand. The exceptional performance of the Refining segment was driven by our decision to optimize maintenance schedules and maximize refinery availability, allowing us to fully capture the benefits of a highly favorable margin environment. As a result, we achieved all-time highs in refinery throughput (439 kbpd), gross refining margin of USD 29.8/bbl, and EBITDA reached COP 3.1 trillion. |
On the commercial front, our trading operations in Houston and Singapore continued to play a key role in maximizing the value of the Group’s production, strengthening the positioning of our crude oil and refined products in international markets, and contributing positively to financial performance. Despite increased competition following the return of Venezuelan crude supplies to international markets.
Within our Energy Transition business, we continued to advance initiatives that strengthen Colombia’s energy security while supporting increasingly efficient and sustainable operations in preparation for the expected El Niño conditions. Key achievements during the period included: (i) progress in expanding natural gas supply, (ii) continued delivery against our energy efficiency targets, (iii) expansion of self-generation and renewable energy capabilities, and (iv) responsible water resource management. Today, the Ecopetrol Group supplies approximately 62% of Colombia’s natural gas demand, and contributes to the reliability, competitiveness, and long-term security of the country’s energy system.
The Transmission and Roads business continued to deliver solid results. ISA and its subsidiaries in Brazil secured new power transmission awards totaling USD 428 million and brought additional projects into operation, further strengthening their growth platform and generating value for the Group.
As of the end of the first half of 2026, we remain firmly on track to achieve our annual objectives. This performance reflects the disciplined execution of our investment plan and continued progress under our 2040 Strategy, which is focused on enhancing value creation, strengthening business sustainability, and reinforcing the long-term competitiveness of the Ecopetrol Group.
Juan Carlos Hurtado Parra Acting Chief Executive Officer, Ecopetrol S.A. |
Table 1: Financial and Operational Summary – Ecopetrol Group
| Main Results Indicators | 2Q 2026 | 2Q 2025 | ∆ ($) | ∆ (%) | 6M 2026 | 6M 2025 | ∆ ($) | ∆ (%) | |
| External variables | |||||||||
| Brent USD/Bl | 97 | 67 | 30 | 45% | 88 | 71 | 17 | 24% | |
| Brent COP | 349 | 280 | 69 | 25% | 320 | 297 | 23 | 8% | |
| Financial Figures (BCOP) | |||||||||
| Total sales | 40,198 | 29,669 | 10,529 | 35% | 68,823 | 61,035 | 7,788 | 13% | |
| EBITDA | 17,675 | 11,136 | 6,539 | 59% | 31,133 | 24,394 | 6,739 | 28% | |
| EBITDA Margin | 44.0% | 37.5% | 6.5% | 45.2% | 40.0% | 5.2% | |||
| Net Income | 6,064 | 1,811 | 4,252 | 235% | 8,951 | 4,938 | 4,013 | 81% | |
| Operative Figures Kbp/kboed | |||||||||
| Total Sales | 979.1 | 986.6 | (7.5) | (0.8%) | 941.5 | 971.4 | (29.9) | (3.1%) | |
| Production | 705.8 | 755.5 | (49.7) | (6.6%) | 715.5 | 750.5 | (35) | (4.7%) | |
| Crude Oil | 560.8 | 585.1 | (24.3) | (4.2%) | 569.4 | 583.4 | (14) | (2.4%) | |
| Gas and Liquid | 145.1 | 170.4 | (25.3) | (14.8%) | 146.0 | 167.1 | (21.1) | (12.6%) | |
| Refineries Throughput | 438.5 | 413.3 | 25.2 | 6.1% | 428.1 | 404.6 | 23.5 | 5.8% | |
| Transported Volume | 1,125 | 1,084 | 41 | 3.8% | 1,124 | 1,088 | 36 | 3.3% | |
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See in Annex Table 1 the Consolidated Income Statement
The figures included in this report are unaudited and are expressed in billions of Colombian pesos (COP), U.S. dollars (USD), Euros (EUR), Brazilian reais (BRL), thousands of barrels of oil equivalent per day (mboed), or tons, as applicable. For presentation purposes, certain figures in this report have been rounded to the nearest decimal place.
Forward-Looking Statements: This release may contain forward-looking statements related to Ecopetrol’s business outlook, estimates of operating and financial results, and growth prospects. Such statements constitute projections and, as such, are based solely on management’s expectations regarding the Company’s future performance and its continued access to capital to finance its business plan. These forward-looking statements are subject, among other things, to changes in market conditions, government regulations, competitive pressures, and the performance of the Colombian economy and the industry, among other factors. Actual results may differ materially, and such statements are subject to change without prior notice.
Key Messages for the Quarter
| · | During 1H26, Ecopetrol Group delivered EBITDA of COP 31.1 trillion, with an EBITDA margin of 45%, and Net Income of COP 9.0 trillion. In 2Q26, Net Income rose 235% year-over-year, while first-half results matched the total Net Income generated in 2025. Results reflected the strength of the Group’s integrated business model, supported by record refinery throughput, higher transportation volumes, and a favorable pricing environment. These results enabled the Company to absorb a higher tax burden and a less favorable foreign exchange environment. |
| · | Organic investments totaled COP 10.9 trillion (USD 2,985 million), reflecting a disciplined and balanced capital allocation strategy between Colombia (71%) and international operations (29%). Investments focused on maintaining operational reliability, strengthening value generation, and advancing portfolio diversification initiatives. |
| · | Production during the period was impacted by lower international output in the Permian Basin, in line with planned activity levels and the natural decline of mature fields. Expected growth in domestic crude oil production from fields such as CPO-9, Caño Sur, Rubiales, Castilla, and Chichimene, which was anticipated to offset natural production decline (approximately 18% at Ecopetrol S.A.) and lower Permian contribution, has been delayed due to external factors and power supply disruptions. |
| · | As of June 2026, Ecopetrol Group reported a consolidated cash position of COP 11 trillion. The main sources of liquidity were cash generated from operations, collections related to the FEPC, and the redemption of investment portfolio securities. The primary cash outflows during the period were: (i) dividend payments, (ii) CAPEX disbursements, and (iii) debt interest payments. |