Ecopetrol Q1 2026 Earnings Call Transcript

Ecopetrol (NYSE: EC ) reported first-quarter financial results on Wednesday.

The transcript from the company's first-quarter earnings call has been provided below.

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The full earnings call is available at Summary Ecopetrol recorded first-quarter 2026 revenues of 28.6 trillion pesos, with an EBITDA of 13.5 trillion pesos and net income of 2.9 trillion pesos.

The EBITDA margin expanded to 47%, driven by cost discipline and a strong refining business.

The company highlighted successful exploration results, including the Copua Sul one well in the Caribbean, and production reaching 725,000 barrels of oil equivalent per day, despite challenges with gas production.

Strategic initiatives include the acquisition of a majority stake in Brava Energia in Brazil, aiming to strengthen the company's asset base and international presence.

Ecopetrol advanced transportation and refining capabilities, with a notable refining margin increase to $17.3 per barrel, and significant progress in optimizing logistics and gas import solutions.

Future guidance maintains a full-year production target between 730,000 and 740,000 barrels of oil equivalent per day, with capital investment plans trending towards the upper end of the range.

Management emphasized strategic partnerships with Parex and Gran Tierra to enhance asset development and production efficiency, alongside a focus on renewable energy projects.

The company addressed financial stability with strong cash flow management, maintaining a cash balance of 14 trillion pesos and leverage ratios reflecting disciplined capital allocation.

Full Transcript OPERATOR Good morning.

My name is Natalia and I will be your operator today.

Welcome to Ecopetrol's earnings conference call in which we will discuss the main financial and operating results of the first quarter of 2026.

There will be a question and answer session at the end of the presentation.

Before we begin, it is important to mention that the comments in this call by Ecopetrol senior management include projections of the company's future performance.

These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize as a result.

Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.

The call will be led by Mr.

Juan Carlos Urtal, Acting CEO of Ecopetrol; Carlos Mauricio Avila, Acting Executive Vice President of Hydrocarbons; Camilo Varco, CFO; and Byron Triana, Executive Vice President of Energies for the Transition.

Thank you for your attention, Mr.

Hurtado.

You may begin your conference.

Welcome to the first quarter 2026 earnings call.

It's an honor to address you as acting president of the Ecopetron group.

2026 began in a volatile international environment marked by an intensification of geopolitical tensions with direct impacts on energy markets and global logistics.

Within this context, our operational capabilities were key to sustaining the group's performance.

Let me highlight the main milestones of the quarter.

In exploration, we underscored the successful result of the Copua Sul one well in the Caribbean offshore.

This confirms new gas accumulations independently from Sirius and expands the bloc's potential contributing to the country's energy security.

In production, we reached 725,000 barrels of oil equivalent per day.

The strength of domestic crude production at 527,000 barrels per day partially offset lower gas production, a structural challenge that we continue to address.

In addition, we advanced with the optimization of our upstream portfolio through agreements with Perex and Grand Tierra in the Magdalena Mello region.

In transportation, we moved 1,122,000 barrels per day, close to a 2% increase compared to the same period of the prior year, driven by integrated management aimed at maximizing infrastructure utilization.

The reversal of the Convenhos Atecucho system was key to incorporating crude oil and mitigating lower domestic production.