Core Insights - Colombia is facing a significant energy crisis due to a sharp decline in natural gas production and reserves, exacerbated by policy changes and increased reliance on imports [5][8][11] Group 1: Natural Gas Supply and Demand - Domestic natural gas production has decreased from a high of 1.1 billion cubic feet per day in February 2020 to only 693 million cubic feet in December 2025, marking a 9% drop from November 2025 and a 23% decline year-over-year [1] - Colombia's natural gas reserves have fallen from 5.7 trillion cubic feet in 2012 to just over 2 trillion cubic feet by 2024, indicating a production life of only 5.9 years [4] - The country is increasingly reliant on natural gas for electricity generation, with thermal facilities generating over 20% of Colombia's electricity [2][3] Group 2: Policy and Economic Impact - President Petro's policies aimed at reducing fossil fuel dependency have led to the replacement of coal-fired plants with natural gas facilities, contributing to the energy crisis [2][5] - The cessation of new exploration contracts and increased taxes on the extractive industries have resulted in reduced drilling activities and foreign investment [8] - The reliance on costly liquefied petroleum gas (LPG) imports has surged, with imports reaching 94.33 billion cubic feet in 2024, nearly triple the previous year's volume [9] Group 3: Future Projections and Challenges - Without new domestic sources of natural gas, the supply deficit is projected to reach 56% of demand by 2029 [11] - The Sirius natural gas project, expected to come online by 2030, aims to develop 6 billion cubic feet of natural gas but will require a $5 billion investment [13] - Rising natural gas prices, driven by increased imports, are contributing to inflation and impacting the cost of living for households [12]

Core Insights - Ecopetrol reported proven reserves of 1,944 million barrels of oil equivalent (mmboe) at the end of 2025, achieving a reserves replacement ratio of 121% [1][1][1] - The average reserve life for the Ecopetrol Group is 7.8 years, with a 2.7% increase in proven reserves compared to the end of 2024 [1][1][1] - The company’s effective management and execution of recovery projects contributed significantly to the reserves replacement, marking the highest contribution in the last four years [1][1][1] Reserves Details - Proven reserves as of December 31, 2024, were 1,892.7 mmboe, with revisions adding 140.8 mmboe and enhanced recovery contributing 142.6 mmboe [1][1] - The reserves contributions were primarily from enhanced recovery projects in the Castilla, Chichimene, and Akacias fields, as well as improved operational management in the Rubiales and La Cira-Infantas fields [1][1][1] - The Brent reference price for 2025 was USD 68.64 per barrel, a decrease of 13.9% from USD 79.69 per barrel in 2024 [1][1][1] Company Overview - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [1][1][1] - The company has expanded its operations internationally, with interests in strategic basins in the United States, Brazil, and Mexico, and holds significant positions in power transmission in several South American countries [1][1][1] - Ecopetrol employs more than 19,000 people and has a diverse portfolio that includes energy transmission and road concessions [1][1][1]

Core Viewpoint - Ecopetrol S.A. is convening a General Shareholders' Meeting on March 27, 2026, to discuss key corporate matters including a merger and financial statements [1] Group 1: Meeting Agenda - The agenda includes the review and approval of a merger agreement with Parque Solar Portón del Sol S.A.S. [1] - Shareholders will vote on the planned profit distribution for 2025 [1] - Approval of the audited individual and consolidated financial statements for 2025 is on the agenda [1] - The meeting will also cover the Integrated Management Report and the Corporate Governance Report for 2025 [1] Group 2: Meeting Logistics - The meeting will be held in person and streamed live on Ecopetrol's website [1] - Shareholders are encouraged to attend with smart mobile devices for electronic voting [1] - Proxies can represent shareholders, and specific requirements for proxy representation are outlined [1] Group 3: Shareholder Rights and Information - Shareholders can inspect Ecopetrol's books starting March 5, 2026, with prior appointment [1] - The merger proposal will be available at Ecopetrol's main domicile within the legally required timeframe [1] - Shareholders have the right to object to the merger under certain conditions as per local law [1]

Core Viewpoint - Ecopetrol S.A. is implementing measures to ensure adequate representation of shareholders at the Annual General Meeting scheduled for March 27, 2026, in compliance with Colombian regulations [1]. Group 1: Measures for Shareholder Representation - The Corporate Legal Vice Presidency and General Secretariat will be responsible for reviewing and verifying proxies [1]. - Employees are reminded that they cannot represent shares other than their own during the meeting, except in cases of legal representation [1]. - Powers of attorney cannot be granted to individuals connected to the management or employees of Ecopetrol [1]. - Managers and employees are instructed not to suggest or determine appointees in proxies, recommend specific candidate lists for the board, or coordinate with shareholders on proposals or voting [1]. - Proxies that do not meet legal requirements will not be accepted, and the name of the appointed representative must be clearly stated [1]. - Shareholders will be informed of their right to be represented by proxy and the legal requirements for such proxies [1]. Group 2: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [1]. - The company is responsible for over 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [1]. - Ecopetrol has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and other sectors [1]. - Internationally, Ecopetrol has operations in strategic basins in the U.S., Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [1].

Group 1 - Ecopetrol S.A. plans to release its financial and operating results for Q4 2025 and the full year on March 4, 2026, after market close [1] - A virtual conference will be held on March 5, 2026, at 9:00 a.m. Colombia Time and New York Time, with simultaneous transmission in Spanish and English [1] - The company is the largest in Colombia, responsible for over 60% of the country's hydrocarbon production, and has significant roles in transportation, logistics, and refining [1] Group 2 - Ecopetrol has acquired 51.4% of ISA's shares, expanding its participation in energy transmission and real-time systems management [1] - The company has international operations in strategic basins across the Americas, including drilling and exploration in the U.S., Brazil, and Mexico [1] - Ecopetrol holds leading positions in power transmission in Brazil, Chile, Peru, and Bolivia, as well as in road concessions and telecommunications in Chile [1]

Core Points - Ecopetrol S.A. held an Extraordinary Shareholders' Meeting on February 5, 2026, where shareholders approved the election of the Board of Directors for the 2025–2029 term [1] - The meeting's agenda included the appointment of key positions and committees, all of which were approved with overwhelming support [2][3] Board of Directors Election - The newly elected members of Ecopetrol's Board of Directors include: - Ángela María Robledo Gómez (Independent) - Carolina Arias Hurtado (Independent) - Juan Gonzalo Castaño Valderrama (Not independent) - Hildebrando Vélez Galeano (Independent) - Lilia Tatiana Roa Avendaño (Not independent) - Alberto José Merlano Alcocer (Not independent) - César Eduardo Loza Arenas (Not independent) - Ricardo Rodriguez Yee (Independent) - Luis Felipe Henao Cardona (Independent) [3] - The voting results for the election of the Board of Directors showed 95.18% in favor, with 4.82% against [3] Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [4] - The company is responsible for over 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [4] - Ecopetrol has expanded its operations internationally, with interests in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [4]

Core Insights - Ecopetrol S.A. submitted its Corporate Governance Best Practices Implementation Report for 2025 to the Financial Superintendence of Colombia, highlighting the governance practices adopted during the year [1][2] Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [3] - The company is responsible for more than 60% of Colombia's hydrocarbon production and holds leading positions in transportation, logistics, refining, petrochemicals, and gas distribution [3] - Ecopetrol acquired 51.4% of ISA's shares, expanding its involvement in energy transmission, real-time systems management, and road concessions [3] - Internationally, Ecopetrol has operations in strategic basins in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [3]

Group 1 - Ecopetrol S.A. has nominated Mr. Luis Felipe Henao Cardona as the candidate for the Board of Directors by minority shareholders [1] - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [2] - The company is responsible for more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [2] Group 2 - Ecopetrol has acquired 51.4% of ISA's shares, expanding its participation in energy transmission and real-time systems management [2] - The company has drilling and exploration operations in the United States (Permian basin and Gulf of Mexico), Brazil, and Mexico [2] - Through ISA and its subsidiaries, Ecopetrol holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia, as well as road concessions in Chile and telecommunications [2]

Group 1 - Ecopetrol S.A. has been notified by the Colombian National Tax and Customs Authority (DIAN) regarding a resolution mandating the payment of COP 5.3 trillion in Value Added Tax (VAT) on gasoline imports, along with penalties and interest for late payment accrued between 2022 and 2024 [1][2] - The company disagrees with DIAN's interpretation of the laws and plans to pursue legal actions to resolve the regulatory differences [2][3] - Ecopetrol emphasizes its commitment to comply with customs and tax obligations while working collaboratively with the tax authority to address the dispute [3] Group 2 - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production, and has significant roles in transportation, logistics, and refining [3] - The company has expanded its operations through the acquisition of 51.4% of ISA's shares, engaging in energy transmission and other infrastructure projects [3] - Ecopetrol holds interests in strategic basins across the Americas, including drilling and exploration activities in the United States, Brazil, and Mexico, and has a strong presence in power transmission and telecommunications in several South American countries [3]

Group 1 - Ecopetrol S.A. has been nominated by hydrocarbon-producing departments for Mr. Ricardo Rodriguez Yee to join the Board of Directors as the eighth director [1] - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [2] - The company has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and real-time systems management, as well as road concessions and telecommunications in various countries [2] Group 2 - Ecopetrol operates drilling and exploration activities in strategic basins across the Americas, including the Permian basin and the Gulf of Mexico [2]