Group 1 - Ecopetrol's employees have elected Mr. Cesar Eduardo Loza Arenas as their candidate to the Board of Directors, making him the seventh director on the slate proposed by the Government of Colombia [1] - The complete slate of nominees proposed by the Government of Colombia is pending the completion of certain corporate procedures [2] Group 2 - 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 petrochemicals and gas distribution [3] - Ecopetrol has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and other sectors [3] - 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 [3]

Core Viewpoint - Ecopetrol S.A. is currently engaged in the renegotiation of its Collective Bargaining Agreement with various labor organizations, indicating a proactive approach to labor relations and commitment to dialogue [1][2]. Group 1: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 individuals [3]. - The company is responsible for more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [3]. - Ecopetrol has expanded its operations through the acquisition of 51.4% of ISA's shares, which enhances its involvement in energy transmission and other sectors [3]. Group 2: Labor Relations - Several labor organizations, including Adeco, Sindispetrol, and others, have initiated the renegotiation of their respective chapters of the Collective Bargaining Agreement by filing complaints with the Ministry of Labor [1]. - The Colombian Labor Code allows parties to request amendments to collective bargaining agreements through such complaints, emphasizing the legal framework governing these negotiations [2]. - Ecopetrol has reaffirmed its commitment to maintaining open and constructive dialogue as a foundation for reaching agreements that benefit workers and the country [2].

Group 1 - Ecopetrol S.A. (NYSE:EC) experienced a share price increase of 5.81% from December 22 to December 29, 2025, ranking it among the top-performing energy stocks for that week [1] - The company has over 18,000 employees and is recognized as one of the largest firms in Colombia and a leading integrated energy group in the Americas [2] - On December 24, 2025, Ecopetrol announced that Colombia's National Hydrocarbons Agency formalized the transfer of a 50% stake from Shell EP Offshore Venture, granting Ecopetrol full ownership and operatorship of several offshore exploration and production contracts [3] Group 2 - Shell's withdrawal from its offshore assets in the region was part of a global portfolio strategy, allowing Ecopetrol to take full control and continue developing existing gas discoveries in the Caribbean [4] - Ecopetrol is evaluating whether to retain 100% ownership of the newly acquired assets or to seek a new partner for technical and financial support [4]

Group 1 - Indian Oil Corp has purchased its first Colombian oil under an optional supply deal with Ecopetrol, indicating a strategic move to diversify its oil sources [1] - This deal marks a significant step for India's top refiner as it seeks to reduce reliance on traditional suppliers and explore new markets [1] - The collaboration with Ecopetrol reflects the growing importance of Latin American oil in the global market, particularly for Asian refiners [1]

Core Insights - Ecopetrol has finalized negotiations to potentially acquire seven companies from Grenergy Renovables, which hold a total of 88.2 megawatt-peak (MWp) of solar projects in Colombia [1] - The acquisition is contingent upon fulfilling specific conditions and legal requirements, aiming to enhance Ecopetrol's renewable energy capacity towards its goal of 900MW of self-generated renewable energy [2][3] Group 1: Acquisition Details - The companies in Grenergy's portfolio are located in the Córdoba, Cesar, Magdalena, and Sucre departments, each with permits and assets for solar photovoltaic (PV) projects, estimated at 12.6MWp per project [1] - The acquisition aligns with Ecopetrol's strategy to diversify its energy mix and support its decarbonization objectives [2][3] Group 2: Strategic Goals - Ecopetrol aims to generate low-emission energy for its own use, reducing reliance on bilateral energy contracts and exposure to spot market prices [3] - The company currently accounts for over 60% of hydrocarbon production in Colombia and is involved in power transmission across several South American countries [4]

Investment Plan Overview - Ecopetrol has announced its annual investment plan for 2026, with a budget ranging from 22 trillion to 27 trillion pesos ($5.8 billion to $7.2 billion) [1] - The investment in exploration and production is projected to be 14 trillion pesos, with 89% allocated to crude oil and 11% to gas [1] Production Targets - The company aims for an organic production target of 730,000 to 740,000 barrels of oil equivalent per day (boepd), consisting of 80% crude oil, 15% gas, and 5% white products [1] - Crude oil output is expected to increase, compensating for declines in natural gas fields [2] Drilling and Exploration - Ecopetrol plans to drill between 380 and 430 development wells in 2026, with 95% located in Colombia and 5% in the US [2] - The company will also conduct eight to ten exploratory wells in Colombia, focusing on offshore regions and the Meta and Putumayo areas [2] Gas Investment - A total of 1.5 trillion pesos is allocated for gas investments, particularly in the Llanos Foothills and offshore zones to support Caribbean gas projects, aiming for production of approximately 105,000 to 110,000 boepd [3] Transport Infrastructure - The planned investment in transport infrastructure is 1.5 trillion pesos, representing 6% of the total budget, aimed at maintaining the integrity and reliability of assets managed by Cenit, Ocensa, ODC, and ODL [3] Refining Investments - Refining investments are expected to reach nearly 1.7 trillion pesos, accounting for 7% of the overall budget, to reduce product imports and enhance fuel quality [4] - Funds will be allocated to the Barrancabermeja and Cartagena refineries, with a projected combined throughput of 410,000 to 420,000 barrels per day (bpd) [4] Leadership Changes - Ecopetrol's Board of Directors has elected Ángela María Robledo Gómez as chairwoman and Álvaro Torres Macías as vice-chairman [5] - Guillermo García Realpe will resign from his position as an independent director effective December 12, 2025, for personal reasons [5]

Core Insights - Ecopetrol has successfully negotiated the potential acquisition of seven companies from Grenergy Renovables S.A. in Colombia, which are involved in solar photovoltaic projects with a total estimated renewable energy generation capacity of approximately 12.6 MWp per project [1][2]. Group 1: Acquisition Details - The acquisition involves companies located in the departments of Córdoba (3), Cesar (2), Magdalena (1), and Sucre (1) [1]. - The transaction is subject to certain conditions precedent and legal requirements before finalization [2][4]. Group 2: Strategic Goals - Upon completion, the acquisition will help Ecopetrol advance its decarbonization and energy transition goals, contributing to its target of 900 MW of self-generated renewable energy [3]. - These initiatives are aligned with Ecopetrol's 2040 Strategy, "Energy that Transforms," and aim to enhance the company's energy matrix while supporting low-emission energy generation for self-consumption [3]. Group 3: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy player in the Americas, responsible for over 60% of the country's hydrocarbon production [5]. - The company has significant operations in energy transmission, drilling, and exploration across various countries in the Americas, including the United States, Brazil, and Mexico [5].

Core Viewpoint - Ecopetrol S.A. plans to invest COP 22 trillion ($5.9 billion) and COP 27 trillion ($7.2 billion) for 2026, maintaining investment levels in line with projected 2025 year-end levels [1][2]. Investment Plan - The company expects to allocate approximately COP 17.2 trillion (about 70% of the total) for production, targeting an output of 730–740 thousand barrels of oil equivalent per day [3]. - An average refinery throughput of 410–420 thousand barrels per day is planned, along with transportation of 1,110–1,120 thousand barrels per day [3]. - Around COP 7.1 trillion (30% of the budget) is earmarked for Energy Transition and Power Transmission projects, roads, and other corporate initiatives [4]. Cost Management - Ecopetrol aims for a cost reduction strategy, targeting an EBITDA margin of approximately 40%, consistent with 2025 [5]. - Transfers to the nation are projected at about COP 28 trillion, with the Profitability and Efficiency Program expected to contribute around COP 5.7 trillion [5]. Business Line Investments - The company plans to invest COP 14 trillion in exploration and production, with 89% allocated for crude oil and 11% for gas, aiming for organic output of 730–740 thousand barrels of oil equivalent per day [6]. - Ecopetrol intends to drill 380–430 development wells (95% in Colombia, 5% in the U.S.) and eight–10 exploratory wells in Colombia [6]. Refining Investments - Projected refining investments are approximately COP 1.7 trillion (7%), with a throughput target of 410–420 thousand barrels per day [7]. Recent Financial Performance - In the third quarter, Ecopetrol reported sales of $7.46 billion, exceeding the estimate of $7.35 billion, with a net income of $700 million [8].

Corporate Governance - The board of directors of Ecopetrol S.A. elected Ángela María Robledo Gómez as Chairwoman and Álvaro Torres Macías as Vice Chairman during a meeting on November 27, 2025 [1] - Dr. Guillermo García Realpe intends to resign from his position as Independent Director for personal reasons, effective December 12, 2025 [2] - The company expressed gratitude to Dr. García Realpe for his leadership and contributions [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 more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [4] - Ecopetrol has a 51.4% stake in ISA, participating in energy transmission and other infrastructure projects [4] - Internationally, Ecopetrol is involved in drilling and exploration in the U.S., Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [4]

Core Viewpoint - Ecopetrol Group has approved its Annual Investment Plan for 2026, with investments ranging from COP 22 to 27 trillion, maintaining investment levels compared to projected 2025 figures while adhering to capital discipline [1] Hydrocarbons Line - Investments in exploration and production are expected to reach COP 14 trillion, with 89% allocated to crude oil and 11% to gas, aiming for organic production levels of 730–740 thousand barrels of oil equivalent per day [2] - The plan includes drilling between 380 and 430 development wells, primarily in Colombia, and 8 to 10 exploratory wells, mainly offshore [3] - Gas investments are estimated at COP 1.5 trillion, focusing on the Llanos Foothills and offshore areas, contributing around 105–110 thousand barrels of oil equivalent per day [3] Transport Investments - Transport investments are projected at COP 1.5 trillion, accounting for 6% of the budget, primarily for integrity and reliability projects [4] - Expected transported volumes are between 1,110 and 1,120 thousand barrels per day, aligned with national production and refined product demand [4] Refining Investments - Refining investments are anticipated to be close to COP 1.7 trillion, focusing on reliability and sustainability at the Barrancabermeja and Cartagena refineries [5] - Combined refinery throughput is expected to be between 410 and 420 thousand barrels per day [5] Energy Transition and Corporate Investments - Approximately COP 7.1 trillion, or 30% of the budget, is expected to be invested in Energy Transition and Power Transmission projects, as well as roads and corporate investments [8] - Around COP 0.9 trillion (3% of the plan) is expected to be allocated to non-conventional renewable energy and energy efficiency projects, aiming for an additional 750 MW of clean energy generation capacity [9] Financial Strategy - The plan considers a challenging environment with an estimated Brent price of US$60 per barrel and an average exchange rate of COP 4,050 [8] - The Profitability and Efficiency Program is expected to contribute approximately COP 5.7 trillion, positively impacting EBITDA and working capital [8] - Ecopetrol Group aims to maintain lifting costs below US$12 per barrel and expects to implement a portfolio rotation program to safeguard cash and maintain healthy debt metrics [8]