Ecopetrol S.A. (NYSE: EC, BVC: ECOPETROL) reported first-quarter 2026 consolidated revenues of 28.6 trillion COP, a decline of 8.7% from 31.4 trillion COP in the year-earlier period, as lower crude oil prices and reduced hydrocarbon production compressed the top line for Colombia’s state-controlled oil and gas company. Against that backdrop, a marked recovery in refining margins and disciplined cost management lifted EBITDA by 1.5% to 13.5 trillion COP, yielding a 47% EBITDA margin and partially offsetting the revenue headwind. At the Q1 2026 average exchange rate of approximately 3,700 COP per USD, the quarter’s revenues translate to roughly $7.73 billion USD and EBITDA to approximately $3.65 billion USD.

Embattled Ecopetrol CEO Ricardo Roa was appointed to the position by Colombian President Gustavo Petro after managing his political campaign. (photo: Ecopetrol)

Net income for the quarter reached 2.9 trillion COP (approximately $784 million USD), down 7.7% year-over-year, reflecting the combined drag of lower revenues, a sharply elevated effective tax rate of 37.1%, and a one-time charge of 1.2 trillion COP for the impuesto al patrimonio — Colombia’s government-mandated wealth levy on large corporations established to fund post-disaster reconstruction measures. The company is also subject to a 10% income tax surcharge applicable for fiscal year 2026, which is embedded in the reported effective rate. The aggregate tax burden absorbed a disproportionate share of operating improvement relative to prior periods, limiting the flow-through of refining gains to the net income line.

Total hydrocarbon production averaged 725.2 thousand barrels of oil equivalent per day (kboed) in Q1 2026, below the 745 kboed recorded in the 2025 annual average cited by management during the March 2026 general shareholders’ meeting. Domestic crude output represented the largest component at approximately 520 thousand barrels per day (kbd). Ecopetrol’s Permian Basin operations in the United States contributed 91.8 kbd, underscoring the continued strategic importance of the international segment. Gas production continued a multi-year declining trend that poses a medium-term domestic supply challenge; management has sought to address this partially through regasification capacity additions at Puerto Bahía and on the Pacific coast, expected to come online in the second half of 2026 with a combined contribution of up to 430 billion BTU per day.

The refining segment delivered the quarter’s most pronounced operational outperformance. Ecopetrol’s domestic refineries, led by Refinería de Cartagena, processed 417.5 kbd of crude throughput. The integrated refining margin rose to $17.3 USD per barrel, a 60% improvement over the same quarter of 2025, driven by favorable differential pricing between domestic crude benchmarks and refined product values alongside ongoing operational efficiency improvements. The Comisión de Regulación de Energía y Gas (CREG) and the Ministerio de Minas y Energía remain central to the regulatory framework governing downstream margins over the medium term.

The balance sheet carries significant structural and contingent risk items of direct relevance to institutional credit and equity holders. Gross debt stood at 108.1 trillion COP (approximately $29.2 billion USD), representing a leverage ratio of 2.3 times trailing EBITDA — a level that leaves limited room for further deterioration before debt covenants or rating agency thresholds become binding. Ecopetrol holds a receivable of 4.2 trillion COP (approximately $1.14 billion USD) from the Fondo de Estabilización de Precios de los Combustibles (FEPC), a government fuel price stabilization mechanism that represents a claim on the Colombian treasury with timing and recovery risk. A dispute with the Dirección de Impuestos y Aduanas Nacionales (DIAN) over value-added tax assessments totals 12.26 trillion COP (approximately $3.31 billion USD) in aggregate, of which 10.22 trillion COP relates to Ecopetrol’s consolidated operations and 2.04 trillion COP to Refinería de Cartagena. Both cases are under administrative and judicial review; no provisions have been recognized in the financial statements pending resolution, but the potential liability represents a material contingency relative to the company’s quarterly net income.

On the corporate development front, Ecopetrol disclosed three significant transactions during or following the quarter. The company agreed to acquire producing assets from Gran Tierra Energy (NYSE: GTE, TSX: GTE) for $92.4 million USD, adding Colombian upstream production inventory in basins where both companies have operated. In Brazil, Ecopetrol launched a tender offer for shares of Brava Energia (BVMF: BRAV3) at 23 BRL per share, seeking to expand its footprint in that country’s oil and gas sector. And in a transaction that would reshape the mid-size independent landscape in Colombia, the company reached an agreement to acquire Parex Resources (TSX: PXT) for $250 million USD; Parex is a Colombia-focused producer with a complementary asset base across the Llanos and other producing basins. Collectively, the three transactions signal that Ecopetrol’s capital allocation strategy under the current government continues to favor upstream consolidation despite the elevated leverage profile.

The exploration portfolio generated positive news announcements. The Copoazú-1 exploratory well, drilled in Colombia’s Llanos foothills region, was confirmed as a commercial discovery, adding to the domestic reserve base. The Sirius offshore project advanced through the Consulta Previa process — a legally mandated prior consultation with indigenous and Afro-Colombian communities required before development of projects in or near their territories — reaching a milestone in community engagement that brings the project closer to formal development sanction. The Agencia Nacional de Hidrocarburos (ANH) oversees the licensing framework within which both projects operate.

“Ecopetrol is listed on the New York Stock Exchange; we are governed by the strict regulations of US federal agencies. Agencies like OFAC and the SEC could intervene in the company and could even accelerate the payment of financial obligations, which would be extremely grave for Ecopetrol.” — Martín Ravelo, President, Unión Sindical Obrera (USO)

The ISA transmission segment, managed through Ecopetrol’s majority stake in ISA — Interconexión Eléctrica S.A., contributed stable regulated cash flows during the quarter. ISA completed 46 transmission reinforcement works across its Latin American concession portfolio. The segment also completed the acquisition of 100% of IE Madeira in Brazil, consolidating its position in that country’s power grid interconnection infrastructure. ISA further submitted a competitive bid for the Río Bueno–Puerto Montt high-voltage transmission line concession in Chile, demonstrating the group’s appetite for long-duration, inflation-linked infrastructure assets across the Andes region. For institutional investors evaluating Ecopetrol as a blended hydrocarbons-and-infrastructure holding, ISA’s consistent cash generation provides partial diversification from crude price volatility, though it does not insulate the consolidated entity from headline governance risk.

The most consequential variable for the investment thesis over the near term is Ecopetrol’s prolonged governance crisis. At the company’s general shareholders’ meeting on March 27, 2026, held at the Corferias convention center in Bogotá, minority shareholders loudly heckled president Ricardo Roa — with audible shouts of “¡Fuera, fuera!” reverberating through the hall — as debate over his leadership erupted into open confrontation. The meeting approved a dividend of 121 COP per share for minority holders and a 4 trillion COP distribution to the Colombian government as majority shareholder, payable in two installments by June 30, 2026. Despite the financial business conducted, governance overshadowed the proceedings.

Roa faces two separate judicial proceedings. The Fiscalía General de la Nación formally charged him in connection with alleged influence peddling related to the purchase of an apartment in northern Bogotá — charges he has denied. Separately, the Consejo Nacional Electoral (CNE) is examining whether campaign spending limits were violated during President Gustavo Petro’s 2022 presidential campaign, which Roa managed — an investigation that Finance Colombia has covered in detail. Angela Maria Robledo, Chair of the Board of Directors, defended the board’s decision to retain Roa at the March assembly, citing the constitutional presumption of innocence. However, four of the nine board members had already formally recorded their support for his removal at that point, exposing a divided governance structure at a time when strategic and operational decisions require unified leadership.

The Unión Sindical Obrera (USO), which represents approximately one-third of Ecopetrol’s workforce, issued a production strike ultimatum timed to a March 30 board meeting. Martín Ravelo, president of the USO, framed the leadership crisis explicitly in terms of US regulatory risk: “Ecopetrol is listed on the New York Stock Exchange; we are governed by the strict regulations of US federal agencies. Agencies like OFAC and the SEC could intervene in the company and could even accelerate the payment of financial obligations, which would be extremely grave for Ecopetrol.” Ravelo further warned that the company’s outstanding international debt — which he placed at approximately $30 billion USD and which is exacerbated by elevated interest rates — left Ecopetrol exposed to potential covenant triggers or early repayment demands in a scenario where the Securities and Exchange Commission (SEC) or the Office of Foreign Assets Control were to take enforcement action.

Following sustained pressure from the USO, minority shareholders, and opposition political figures, Ecopetrol’s board approved an extended leave of absence for Roa beginning April 7, 2026. Under the arrangement, Roa used accrued vacation through May 27, followed by 30 calendar days of unpaid leave beginning May 28, extending his absence through the end of June — a period encompassing Colombia’s presidential first round on May 31 and a potential runoff on June 21. Juan Carlos Hurtado Parra, the company’s executive vice president of hydrocarbons and designated first alternate to the presidency since November 2025, was appointed acting president. Hurtado Parra holds an MBA in International Oil and Gas and brings more than 28 years of energy sector experience to the acting role, having previously served as vice president of exploration, development, and production.

The political calendar creates a structural transition risk that sits above the operational and financial results as the primary concern for long-duration investors. Colombia’s incoming government, to be inaugurated August 7, 2026, is widely expected to appoint a new Ecopetrol board and select a new company president. That transition may bring material shifts in strategic priorities — including the pace of upstream investment, the approach to the FEPC receivable recovery, the trajectory of energy transition spending, and the capital allocation balance between the hydrocarbons segment and the ISA infrastructure platform. The Ministerio de Hacienda y Crédito Público and the Ministerio de Minas y Energía will both play key roles in establishing the post-election policy framework under which Ecopetrol operates. Institutional investors holding exposure to Ecopetrol via NYSE: EC or BVC: ECOPETROL must weigh Q1’s genuine operational improvement — most visibly in refining margins and EBITDA stability — against a governance and policy transition risk profile that is unlikely to be resolved before the August handover.

Ecopetrol’s Cartagena refinery (photo courtesy Ecopetrol)

The allocation follows capital discipline criteria and maintains investment levels comparable to projected 2025 year-end figures. Approximately 70% of the total budget ($17.2 trillion COP) is designated for core hydrocarbons operations, including production, refining, and transportation. The remaining 30% ($7.1 trillion COP) is slated for energy transition initiatives, power transmission, and corporate investments.

The 2026 financial model is built on an estimated Brent crude price of $60 USD per barrel and an average annual exchange rate near COP 4,050:1 USD. Under these assumptions, the Ecopetrol Group projects an approximate EBITDA margin of 40%, in line with 2025 levels. Transfers to the Colombian government are estimated at approximately $28 trillion COP. To support these financial targets and maintain debt metrics, the group plans to implement a portfolio rotation program.

A profitability and efficiency program is expected to contribute approximately $5.7 trillion COP, impacting EBITDA, investments, and working capital. This program is structured to support performance in total refining costs and transported barrel costs, while sustaining lifting costs below $12 USD per barrel.

Approximately $1.7 trillion COP is allocated to the company’s “SosTECnibility” strategy, focusing on climate change, sustainable territories, materials and waste management, and occupational health.

Hydrocarbons and Midstream Operations

Investment in exploration and production totals $14 trillion COP, constituting the largest single allocation. This is split with 89% dedicated to crude oil and 11% to natural gas, focused on achieving organic production levels of 730–740 thousand barrels of oil equivalent per day (BOED). Production is anticipated to consist of 80% crude, 15% gas, and 5% white products, utilizing recovery technologies to optimize resources. The strategy involves increasing crude oil output in Colombia to offset natural gas field declines.

The Ecopetrol Group plans to drill between 380 and 430 development wells, with 95% located in Colombia and 5% in the US. The exploration program includes 8 to 10 exploratory wells in Colombia, primarily in offshore, Meta, and Putumayo areas. Gas investments are estimated at $1.5 trillion COP, mainly targeting the Llanos Foothills and offshore areas to develop Caribbean gas, contributing an estimated 105–110,000 BOED.

Transport investments total about $1.5 trillion COP, representing 6% of the budget. The funding is primarily for integrity and reliability projects managed by Cenit, Ocensa, Oleoducto de Colombia S.A.), and Oleoducto del Llano S.A. Transported volumes are targeted between 1,110,000 and 1,120,000 barrels per day.

Refining investments are set at close to $1.7 trillion COP (7% of the budget), targeting reliability, availability, and sustainability at the Barrancabermeja and Cartagena refineries, aiming to reduce product imports and improve fuel quality. Combined refinery throughput is forecast between 410,000 and 420,000 barrels per day.

Energy Transition and Transmission Segment Growth

Interconexión Eléctrica S.A. E.S.P. (ISA) (BVC: ISA), an Ecopetrol subsidiary, is allocated between $6.2 and $6.8 trillion COP in 2026, comprising roughly 26% of the group’s annual budget, with approximately 80% dedicated to its electric transmission business.

For the core energy transition efforts, approximately $0.9 trillion COP (3% of the plan) is earmarked for non-conventional renewable energy and energy efficiency projects. This investment seeks to add approximately 750 MW of clean energy generation capacity from projects in operation, construction, and development.

Renewable Energy Acquisition Moves Ecopetrol Closer to 900 MW Target

In a separate announcement, Ecopetrol confirmed the successful conclusion of negotiations on November 28, 2025, with Grenergy Renovables S.A. (BME: GRE), a Spanish renewable energy company. The negotiations concern the potential acquisition by Ecopetrol of seven solar photovoltaic project companies in Colombia, located across the departments of Córdoba (3), Cesar (2), Magdalena (1), and Sucre (1).

Each of the seven companies owns the assets, licenses, agreements, and permits for a solar project with an estimated renewable energy generation capacity of up to ~12.6 MWp. The completion of this acquisition is contingent upon certain conditions precedent and legal requirements.

Upon closing, the transaction would contribute to Ecopetrol’s decarbonization and energy transition goals by adding installed capacity toward its internal target of 900 MW of self-generated renewable energy. These projects are intended to support low-emission energy generation under competitive conditions for the Ecopetrol Group’s self-consumption, reducing the company’s reliance on bilateral energy contracts and mitigating exposure to spot market energy purchases.

Corporate Governance Changes

Ecopetrol also reported changes to its corporate leadership. During a meeting held on November 27, 2025, the board of directors elected Ángela María Robledo Gómez as Chairwoman and Álvaro Torres Macías as Vice Chairman of the Board. Both individuals were elected to the Ecopetrol Board of Directors in a slate that was “proposed by the government” (President Gustavo Petro’s administration).

Additionally, the company reported the resignation of Independent Director Guillermo García Realpe, citing personal reasons. His resignation is effective as of December 12, 2025. Ecopetrol acknowledged his service to the company during his tenure.

Ecopetrol operates as a key integrated energy firm on the American continent. In Colombia, it is responsible for more than 60% of hydrocarbon production and manages the majority of the nation’s transportation, logistics, and hydrocarbon refining systems. Through its 51.4% stake in ISA, the company holds positions in energy transmission across Brazil, Chile, Peru, and Bolivia, as well as road concessions in Chile, and participates in real-time systems management through XM and the Barranquilla – Cartagena coastal highway concession. Internationally, Ecopetrol has drilling and exploration operations in oilfields across the US (Permian basin and the Gulf of Mexico), Brazil, and Mexico.

The transaction is structured as a non-revolving committed credit line. The loan is expected to have a term of five years, calculated from the date of the first disbursement, with the principal repayment structured as a single “bullet” payment due at maturity. Interest will accrue at a variable rate indexed to the IBR rate, per the terms agreed upon with the lender. The credit line will allow for drawdowns over a period of 12 months following the execution date of the loan agreement.

The loan from by the state controlled petroleum company from a Colombian private bank is roughly $180.3 million USD.

The funds raised from this transaction are designated for non-investment expenditures, aligning with the terms outlined in Minhacienda’s Resolution and the company’s established financing plan. Ecopetrol confirmed that it has fulfilled all internal procedures and approvals required to execute the loan agreement.

Minhacienda reviewed and authorized the terms of the draft agreement, and the loan documentation includes standard provisions that define borrower default events. These include, but are not limited to, failure to pay principal or interest, any event potentially impairing the borrower’s repayment capacity, issues affecting the integrity of its financial information, and the breach of contractual obligations. In the event of such a default, the lenders would possess the right to demand the early repayment of the loan, in accordance with the procedures specified in the agreement. Conversely, the draft agreement also grants Ecopetrol the right to seek recourse against the lenders in the event of a failure to disburse the loan.

Ecopetrol reported that the spread rate secured for this committed credit line is the lowest obtained in the local market by the company. The company views the terms as an affirmation of support from the domestic financial sector.

The committed credit line is anticipated to provide Ecopetrol with a reliable and flexible source of liquidity. The company projects this will contribute to its overall financial stability, strengthen its cash position, and potentially convey a positive signal to credit rating agencies. The company noted that securing favorable financing terms occurred despite what it characterized as challenging market conditions.

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The loan has a term of five years commencing on the signing date, subject to two conditions: First, the principal is amortizable in four equal semiannual installments during the last two years of the term of the agreement, and second, a variable interest rate of SOFR + 210 basis points is payable semiannually.

Ecopetrol says the loan will primarily be used to pay existing debt.

The contract was authorized by the Ministry of Finance and Public Credit (Minhacienda) through resolution 3373 of December 19, 2022, within the framework of a request submitted by Ecopetrol to execute an external public debt management operation:

1. For the substitution of the current nominal amount of $665 million USD under the non-revolving committed line entered on September 20, 2018 with Mizuho Bank Ltd., The Bank of Nova Scotia and Banco Sabadell, which was authorized by the MHCP pursuant to Resolution No. 2733 of September 04, 2018; and,
2. To make payments on the principal maturities of the Cartagena Refinery loans assumed by the company, authorized by the MHCP pursuant to Resolution No. 4112 of December 7, 2017.

To obtain the loan, Ecopetrol says that it complied with all the required internal and external procedures and approvals, and that it believes the conditions obtained illustrate confidence of the international financial sector in the company and its proactive management of the 2023 debt maturities.

The pilot, which will run over the next three months, uses industrial water from the refinery to produce 20 kg of high-purity green hydrogen (99.999%) daily. This pilot will allow Ecopetrol to collect information on the operation, maintenance, reliability and scalability of the technologies used.

The main objective of the pilot is to evaluate the technical and environmental feasibility, as well as the performance of the generation of green hydrogen at the Cartagena Refinery. The impact on the use of inputs such as water and electrical power will also be studied. The green hydrogen produced in the pilot will serve to improve the quality of the fuels produced in the refinery, for which gray hydrogen is currently used.

Ecopetrol says it is advancing in the acquisition of two electrolytic hydrogen generation systems with charging stations for bus and vehicle mobility applications. These initiatives are expected to be underway by early next year.

“Today we are the largest producer of hydrogen in Colombia. We use it to produce cleaner gasoline and diesel. However, we want to go further in our commitment to “SosTECnibility” and that is why we are announcing a robust portfolio of initiatives that seek the development of the industry of this energy in the country, while we advance in reducing the carbon footprint to meet the goal of being a company with net zero emissions by 2050, a fundamental step in our path towards the energy transition,” said Felipe Bayón, president of the Ecopetrol Group.

Low Carbon Hydrogen Plan

With an average annual investment close to $140 million USD by 2040, the Ecopetrol Group claims robust plans for the production of green, blue and white hydrogen for energy that will contribute between 9% and 11% to the target of reducing Scope 1, 2 and 3 emissions by 50% by 2050.

To execute this plan, the company has mapped out a route that will be developed over three horizons. The first, between 2022 and 2030, focused on the expansion of hydrogen in its own operations with industrial-scale projects and the start of applications in sustainable mobility with cars and buses.

The second, from 2030 to 2040, seeks to obtain meaningful results in the decarbonization of operations, diversify in maritime and aviation mobility with hydrogen and new opportunities commercial in the markets of Europe and Asia.

The third horizon, from 2040 onwards, is focused on the mass commercialization of the use of hydrogen and the expansion of the portfolio.

This year, Ecopetrol has budgeted $6 million USD for the development of the pilot at the Cartagena Refinery; the mobility of a bus of 50 passengers with hydrogen cell of mass transport in alliance with Fanalca; the feasibility development of new green/blue hydrogen plants in refineries of between 40 and 60 MW each, and the evaluation of white hydrogen sites in different regions of the country.

The hydrogen produced will have four applications: use in own operations, sustainable mobility, hydrogen blending with gas for thermal use and new low-carbon products for the market domestic and export.

“In September last year we presented the zero and low emission hydrogen sheet, and just 6 months later we are already putting into operation the first pilot projects of green hydrogen in the country. Today marks a historic milestone in the energy transition with the first green hydrogen molecules, the one energy called to decarbonize energy-intensive industries, and the first vehicle with hydrogen cells in Colombia. But this Ecopetrol project is just the beginning, our goal is to develop between 2 and 3 GW of electrolysis for the production of zero and low emission hydrogen in the next 10 years, with investments close to US$5.5 billion and the creation of between 7,000 and 15,000 jobs,” said Mines and Energy Minister Diego Mesa.

In order to accomplish this, the company has adopted a new series of savings and austerity measures aimed at optimizing cash flow and reducing costs of all of its processes. The measures are expected to help mitigate the impact of the drop in international crude prices on production and reserves, allowing for continued profitability on produced oil, gas and petroleum products.

New measures announced by Ecopetrol include:

1. The freezing of the expense budget at 50% for all areas (OPEX).
2. A freeze on personnel except for critical operational positions. The company will reorganize itself internally in order to take over the Rubiales and Cusiana fields, events that will take place during 2016.
3. The adoption of a new model of contract management. Technical and administrative management, previously handled through contractors, will be handled directly by Ecopetrol personnel, which will involve a reorganization of tasks and transfer of personnel between operational areas and sites.
4. The budget for travel will be reduced to the minimum required to support operations.
5. The elimination of consulting and professional services not strictly necessary for operations.
6. 66% reduction in advertising and sponsorship commitments. This translates into a reduction from $9 billion COP in 2015 to $3.35 billion in 2016.
7. A shock policy to ensure the efficient use of inventory. Material or parts purchases will only be authorized when the necessary part is available in Ecopetrol or affiliate warehouses.
8. Giving priority to the carrying out of business by group companies before any third parties as long as they are carried out under conditions equal to or better than market.
9. Implementation of the 2016 investment plan will depend on crude oil price evolution. Investments will be evaluated by means of a strict process of capital allocation and value creation and cash generation criteria.
10. Proceeds from the divestment plan for non-strategic assets and share ownership are expected to be between $400 million USD and $900 million for the period 2016-2017. As the 2016 budget does not have uses for proceeds derived from this program, resources obtained will strengthen the company’s cash flow.
11. In exploration, investments will be redirected to onshore projects (continental territory) and will focus on recent deep water discoveries with strong potential (Kronos).
12. In 2015, Ecopetrol obtained $3.42 billion USD in financing, while in 2016 the company has adjusted its financing needs to a range between $1.5 billion and $1.9 billion USD.

This strengthens financial metrics and seeks to preserve the company’s investment grade rating. It is estimated that in the current environment, the debt/EBITDA ratio would fluctuate between 3.8 and 4 times in 2016 and gradually drop in the following years. These figures could vary depending on the price situation, changes in the investment plan and divestment program results.

Ecopetrol, an integrated oil and gas company, is the largest company in Colombia and among the top 4 Latin American oil companies, and 50 oil companies in the world. Besides Colombia – where it generates over 60% of the national production – it has exploration and production activities in Brasil, Peru and the US Gulf of Mexico. Ecopetrol owns Reficar (pictured above), the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.

Chemical engineer Adolfo Tomás Hernández Núñez is Ecopetrol’s new Refining & Industrial Processes Manager (Photo courtesy Ecopetrol)

Ecopetrol (BVC:ECOPETROL; NYSE:EC; TSX:ECP) has announced that effective February 15, chemical engineer Adolfo Tomás Hernández Núñez has been appointed the new vice president of refining and industrial processes for the Colombian-government controlled petroleum company.

Hernandez has worked for 37 years in the oil and gas sector—20 years with Chevron, most recently as Upgrader Manager in Petropiar, a mixed enterprise with Chevron participation, located in Venezuela. Hernandez has also worked as business manager in Chevron’s Pascagoula, Mississippi refinery, and as regional marketing operations manager at Chevron Texaco.

The Dominican Republic native matriculated from the University of Missouri – Rolla in the United States.

The Colombian state controlled oil company also cited the time and effort necessary by the company to comply with the Toronto exchange’s listing requirements. The delisting will take effect March 2. After that time, Ecopetrol securities will continue to trade as before on the NYSE and BVC in the US and Colombia, respectively.

Ecopetrol is Colombia’s largest company and accounts for 60% of Colombia’s petroleum production. As one of the 40 largest oil companies globally, the national government of Colombia is the majority shareholder, but a minority of shares actively trade on the private capital markets. In addition to Colombian production, Ecopetrol is active in petroleum exploration and production in Brasil, Peru, and the Gulf of Mexico in the United States.

Polipropileno del Caribe S.A. markets polypropylene, polyethelyne, and resins for the plastics industry under the trade name Esenttia, and has corporate offices in Bogotá and manufacturing facilities in Cartagena. This sale process will proceed in accordance with Colombia’s Law 226 of 1995, which requires Ecopetrol S.A. to apply for and obtain the approval of the national government of Colombia.

New offshore exploration and production company to take advantage of tax benefits

Meanwhile, Ecopetrol also reports that Hocol Petroleum Limited, a fully owned subsidiary of Ecopetrol S.A., has formed a new company, Ecopetrol Costa Afuera Colombia S.A.S., as approved by Hocol Petroleum Limited’s board of directors. The new company will be responsible for offshore exploration and production activities in Colombia, which are currently being carried out by Ecopetrol S.A. as operator and non-operator.

Ecopetrol Costa Afuera Colombia S.A.S. will benefit from the tax, tariff and other benefits of Decree 2682 of 2014, as recently modified by Decree 2129 of 2015, which establishes the conditions and requirements for forming permanent offshore free trade zones in colombia.

Ecopetrol Costa Afuera Colombia S.A.S. is an indirect subsidiary of Ecopetrol S.A. and located in Colombia.  It has an authorized capital of $2 billion COP and subscribed capital of $400 million COP.