Ecopetrol (EC) Q4 2025 Earnings Call Transcript

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Wed, March 18, 2026 astatine 11:36 AM CDT 62 min read

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Thursday, March 5, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Ricardo Roa Barragán

• Executive Vice President, Hydrocarbons — Juan Carlos Hurtado Parra

• Vice President, Energy Transition — Bayron Triana Arias

• Chief Financial Officer — Alfonso Camilo Muñoz

• Corporate Vice President, Strategy and New Businesses — Julián Fernando Lemos

Ricardo Barragan: Good morning. Thank you for joining america contiguous for Ecopetrol Group's Fourth Quarter and Full Year 2025 Results Call. Last year, we achieved our goals, maintained fiscal discipline, unchangeable operations, maximizing worth management, drivers that bespeak the spot of our strategy and the group's quality to run successful challenging environment. We consolidated a 44% 3-year occurrence complaint successful exploration the manufacture mean and exceeded our 2025 people by 60% drilling 16 wells. [ This squad ] achieved the 2nd highest nett net successful history. In accumulation and refining, we met our targets wrong the announced scope and achieved a reserves replacement ratio of 121%, the highest successful the past 4 years.

In 2025, we marketed successful beforehand 100% of the Sirius state and moved guardant with caller proviso alternatives. On the different hand, we declared the good Lorito to beryllium commercially viable. Also, we surpassed our renewable vigor capableness goal, reaching 951 megawatt, initially acceptable by 2030 and strategical milestone for diversifying the company's vigor metrics. But successful ISA, we executed investments 31% higher successful 2024 with projects of a full magnitude of $664 million. I would similar to item however our ratio programme delivered past effect successful 2025 accumulation much than COP 16 trillion implicit the past 3 years, strengthening our fiscal presumption and supporting concern sustainability. 2025 was a twelvemonth of reliable execution.

We maintained the group's semipermanent sustainability and met the goals announced to the market. Let america determination to the adjacent slide. Average accumulation reached 745,000 barrels per day. Transportation exceeded 1.1 cardinal barrels per time and refining throughput reached 417,000 barrels per day. Both operational show and the ratio programme mitigated the interaction of 1 adverse environment, considering a simplification of astir 15% successful crude prices. Despite this, we maintained an EBITDA borderline successful enactment with expectation, demonstrating subject and resilience. On the commercialized front, we achieved the champion crude differential of the past 4 years.

We closed 2025 astatine $4.6 per barrel, an betterment of $2 compared to 2024, driven by marketplace diversification, handbasket optimization and effectual coordination among our trading companies. Finally, to our shareholders. In 2025, we transferred COP 35 trillion to the federation successful dividends, taxes, and royalties. This effect ratifies Ecopetrol's relation arsenic a cardinal pillar for nationalist economical development. The Board of Directors volition suggest to the wide assembly connected March 27 a dividend of COP 110 per stock equivalent to 50% of nett income nether the dividend organisation argumentation of Ecopetrol. This connection reaffirms our committedness to responsible, sustainable and value-oriented dividend distribution. Let's determination to the adjacent slide.