Ecopetrol S.A. (Ecopetrol) (BVC: ECOPETROL; NYSE: EC) is replacing five vice presidents, the company said in a statement, continuing an executive overhaul that has moved in step with Colombia’s change of government and the corruption-clouded exit of former President Ricardo Roa Barragán. The Board of Directors adopted the changes at a meeting on Thursday, August 27, 2026, and all five outgoing executives will hand off their duties by August 30, with internal candidates from the same divisions taking over on an acting basis starting August 31.

Sandra Lucía Rodríguez Rojas, corporate vice president of Territorial Transformation and HSE since August 2024, will be succeeded on an acting basis by Miguel Ángel Cortés Angarita, a senior environmental management professional in the same area. Jaime Andrés García Cuello, vice president of Administration and Services since September 2024, will be replaced by Álvaro Iván Saavedra Barón, the unit’s hydrocarbons supply manager. Diana Marcela Jiménez Rodríguez, corporate director of Institutional Relations and Communications, hands the role to Juliana Perdomo Valencia, a senior communications specialist in the same office. Julián Fernando Lemos Valero, corporate vice president of Strategy and New Business, gives way to Adrian Santiago Coral Pantoja, the area’s hydrocarbons new business manager. And Felipe Trujillo López, vice president of Refining and Industrial Processes since January 2025, is succeeded by Ana Carolina Ríos Junco, a senior process engineer in the same vice presidency.

Ecopetrol said the arrangements are temporary assignments while it runs formal selection processes for each position, and that it will announce permanent appointments “in due course.” In its statement, the company thanked the departing executives for their leadership and results and wished them success in their next professional steps.

The reshuffle is the latest step in a broader leadership turnover that began with Roa’s July 30 exit as Ecopetrol’s president after more than three years in the job. Colombia’s Fiscalía General de la Nación (Attorney General’s Office) said in February it would charge Roa over two separate matters: violating campaign spending limits during Gustavo Petro’s 2022 presidential campaign, which Roa managed, and trafficking in influence tied to his purchase of a Bogotá apartment prosecutors say cost $1.8 billion COP. Colombia’s Consejo Nacional Electoral (National Electoral Council) had already ratified a $5.922 billion COP sanction against the 2022 campaign in April for spending-limit violations exceeding $5.3 billion COP combined across both election rounds, ordering Roa, the campaign’s treasurer and its internal auditor to pay it, and referring the matter to prosecutors. The Fiscalía filed a formal accusation over the apartment purchase on June 9, alleging the payments moved through a company controlled by a retired police colonel, Juan Guillermo Mancera, to a seller linked to oil and gas investor Serafino Iacono. Roa has denied wrongdoing and has said he intends to remain in Colombia to answer the proceedings.

In farewell remarks on July 30 reported by Infobae, Roa apologized to Ecopetrol’s staff, saying he “deeply regretted that the personal matters of the human being that is Ricardo Roa had been the focus of this organization’s attention.” He added that the controversy had “kept us from showing the real achievements and results we accomplished during this time.”

Juan Carlos Hurtado Parra has served as Ecopetrol’s acting president since July 31 while a headhunting firm runs a formal search for a permanent successor. Martín Ravelo, a leader of the Unión Sindical Obrera (USO), Ecopetrol’s main oil workers’ union, told Semana that President Abelardo De la Espriella told union leaders his close adviser, Joaquín Gutiérrez, was a strong candidate for the post, though the choice formally rests with the board.

De la Espriella took office August 7, days after narrowly winning a June 21 runoff against left-wing Senator Iván Cepeda, and has moved quickly to reshape Ecopetrol’s governance, which his government has called a priority. Luis Felipe Henao now chairs the nine-member board, and six governors of oil-producing departments recently backed the continued board membership of Ricardo Rodríguez Yee, a holdover from the previous administration, according to El País. The government plans to propose a new board slate on September 15 alongside a bylaw reform that would let it replace most of the board’s remaining seats while keeping Henao, Rodríguez Yee and worker representative César Loza in place, Infobae reported.

The Colombian government holds about 88.5% of Ecopetrol’s shares, which is why the fight over its board and leadership carries weight well beyond the company itself. Ecopetrol employs more than 19,000 people, produces more than 60% of Colombia’s oil and gas, and controls most of the country’s pipeline, logistics, and refining network, alongside major petrochemical and gas-distribution businesses. Its 51.4% stake in ISA extends its reach into power transmission, Colombia’s real-time grid operator, XM, and the Barranquilla-Cartagena highway concession, while its own upstream operations reach the United States’ Permian Basin and Gulf of Mexico, Brazil, and Mexico, and, through ISA, power transmission in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and telecommunications.

Headline photo: Ricardo Roa during his inauguration as President of Ecopetrol, April 2023. Photo courtesy of Ecopetrol.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has successfully completed the Brazilian tender offer that will allow the Colombian energy company to take control of Brava Energia S.A. (B3: BRAV3), acquiring approximately 25% of the Brazilian oil and gas producer through an August 5 auction on the B3 exchange.

Ecopetrol’s Brazilian subsidiary, Ecopetrol Investimentos do Brasil Ltda., acquired 116,110,717 common shares at R$23 per share. The shares represent approximately 25% of Brava Energia’s issued and outstanding share capital. Ecopetrol said the auction attracted strong market demand and was completed after all applicable regulatory requirements and conditions precedent for the offer were satisfied.

“We expect to disclose the results of the OPAV together with any other material developments related to the transaction.” – Ecopetrol S.A.

The auction is the second major component of Ecopetrol’s plan to obtain a 51% controlling voting stake in Brava Energia. In April, Ecopetrol agreed to acquire approximately 26% of Brava from a group of significant shareholders through a separate share purchase agreement. Combining that transaction with the shares acquired through the OPAV is expected to give Ecopetrol approximately 51% of Brava’s voting share capital.

CVM suspension cleared the way for the auction

The successful auction follows a regulatory dispute that temporarily interrupted the transaction.

Brazil’s Comissão de Valores Mobiliários (CVM) suspended the tender offer on June 16 after its technical division identified issues requiring adjustments to the offer documentation. The suspension initially threatened the planned June 25 auction.

Ecopetrol and the offer’s intermediary institution appealed the decision. On July 14, the CVM’s Collegiate Board granted the appeal, reversing the basis for the suspension and allowing the offer process to proceed following the required amendments.

Ecopetrol subsequently published a revised offer document on July 20 incorporating the regulator’s recommendations and reopened the OPAV. The revised timetable established August 5 as the auction date and August 17 as the financial settlement date.

The transaction also cleared another important condition before the auction. Brazil’s competition authority, CADE, granted the relevant merger-control approval, which became final in June. The amended offer documentation also reflected waivers obtained from Brava’s debenture holders concerning the change of control.

Ecopetrol targets a larger Brazilian oil and gas position

The Brava transaction represents a bigger expansion of Ecopetrol’s position in Brazil, where the Colombian company has operated for approximately two decades.

Brava Energia was created in 2024 through the merger of 3R Petroleum Óleo e Gás and Enauta Participações. The company operates oil and natural gas assets across multiple Brazilian basins, including both offshore and onshore operations, as well as midstream activities. At the end of 2025, Brava reported approximately 459 million barrels of oil equivalent in reserves.

Ecopetrol said the acquisition is intended to strengthen its international exploration and production portfolio and diversify its reserve and production base. The company already holds Brazilian upstream interests, including a stake in the Gato do Mato development in the Santos Basin.

Settlement will complete the control transaction

Although the auction has been successfully completed, the transaction is not yet fully settled.

Ecopetrol said the OPAV shares will be paid for and settled on August 17, 2026. On the same date, the company expects to consummate the April share purchase agreement covering the approximately 26% stake held by the existing shareholder group, subject to completion of the remaining procedures required under the transaction agreements and applicable regulations.

Ecopetrol plans to initially finance the transaction through a short-term bridge facility arranged through Ecopetrol Capital AG. The company said it expects to refinance that facility through a combination of long-term debt and equity contributions, with the objective of maintaining a capital structure consistent with its leverage targets and credit ratings.

Once both components are completed, Ecopetrol is expected to hold approximately 51% of Brava Energia’s voting share capital, giving Colombia’s state-controlled energy company control of a major independent Brazilian oil and gas producer.

The successful August 5 auction therefore marks the key operational step in Ecopetrol’s planned takeover. The remaining milestone is financial settlement on August 17, after which the company expects the combined transactions to establish its controlling position in Brava Energia.

Headline photo: Ecopetrol headquarters in Colombia (Photo shared by Ecopetrol via their website)

The five-day exhibition is expected to welcome more than 500 exhibitors and approximately 50,000 professional visitors, providing a platform for companies to showcase technologies, strengthen commercial relationships, and explore opportunities across Colombia and Latin America’s industrial sectors.

The event will feature solutions and innovations spanning areas such as industrial machinery, automation, advanced manufacturing, robotics, artificial intelligence, digital transformation, tools, equipment, raw materials, and specialized industrial services.

Beyond the exhibition floor, FIB 2026 will include a specialized academic programme and innovation-focused spaces such as the Innovation Laboratory, 3D Tech Zone, Industry Talks, networking areas, coworking spaces, and a business matchmaking forum, creating opportunities for knowledge exchange and strategic partnerships.

Designed for decision-makers including executives, engineers, production managers, maintenance professionals, and procurement specialists, the Feria Internacional Industrial de Bogotá serves as a meeting point for companies looking to discover new technologies and solutions shaping the future of industry.

Dates: September 28–October 2, 2026
Venue: Corferias, Bogotá, Colombia

For more information, visit https://www.feriainternacional.com.

Organized by the Petroleum Trade Committee (Comité Gremial Petrolero – CGP), the summit is coordinated by CAMPETROL, the Colombian Petroleum and Gas Association (ACP), the Colombian Association of Oil and Gas Geologists and Geophysicists (ACGGP), and Colombian Association of Electrical and Mechanical Engineers (ACIEM).

The event is expected to attract more than 3,500 participants and feature around 90 exhibitors, combining a business exhibition with academic and technical programs, as well as a dedicated business matchmaking forum.

Executives, policymakers, operators, suppliers, and technical specialists will examine topics including energy security, offshore development, hydrocarbons, natural gas, and the future of Colombia’s energy transition. The summit traditionally includes participation from senior industry leaders, including executives from Ecopetrol and CAMPETROL.

Dates: November 4–6, 2026
Venue:Convention Center in Cartagena de Indias

For more information and registration details, follow this link.

Grupo Energía Bogotá (BVC: GEB) and La Caisse, the investment arm of Caisse de dépôt et placement du Québec, have signed a final agreement to merge their respective Brazilian power transmission assets into a single 50/50 jointly controlled platform operating under the name Verene Energia S.A. The transaction was announced May 15, 2026, from Montréal and Bogotá.

The combined entity will consolidate 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and a workforce of over 400 employees across 17 Brazilian states. At that scale, Verene will rank among the five largest power transmission operators in Brazil, a market that has drawn sustained interest from international infrastructure investors as the country advances grid modernization programs.

Verene, which had previously operated as La Caisse’s dedicated transmission platform in Brazil, will continue as the reference vehicle for the combined portfolio. The partners have indicated that the platform will be positioned to pursue acquisitions and network expansions in Brazil’s transmission concession market, with grid modernization and decarbonization cited as the broader policy context driving new investment opportunities.

“By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing.” — Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse

Grupo Energía Bogotá, headquartered in Bogotá and listed on the Bolsa de Valores de Colombia (BVC: GEB), has operated in Latin America’s energy sector for more than 130 years. The company holds assets in electricity generation, transmission, distribution, and gas transportation and distribution across Colombia, Peru, Brazil, and Guatemala. Its entry into the joint venture contributes its existing Brazilian transmission concessions to the merged platform alongside La Caisse’s Verene assets.

La Caisse manages net assets of 517 billion CAD as of December 31, 2025, on behalf of 48 depositors representing more than six million Quebecers. The fund is active across major financial markets, private equity, infrastructure, real estate, and private credit, and has built a significant infrastructure portfolio in Latin America through investments including the Verene platform.

Juan Ricardo Ortega, president of Grupo Energía Bogotá, described the rationale for the transaction in terms of combining complementary strengths. “By combining our operational expertise and regional market knowledge with the financial strength and global perspective of our partner, we are creating a platform positioned to accelerate growth, expand transmission energy infrastructure, and support Brazil’s energy transition,” he said. “We believe this alliance will generate sustainable value for our stakeholders and contribute to Brazil’s economic and energy development.”

Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, framed the deal as a consolidation play. “By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing,” Jaclot said. “GEB brings more than 130 years of operating heritage and ranks among Latin America’s leading energy infrastructure groups, with deep expertise across the region’s transmission sector. Together, we share a vision to strengthen Verene’s footprint in Brazil through value-creating acquisitions and continued support for the country’s energy transition.”

Financial close is expected by the fourth quarter of 2026, subject to customary closing conditions, regulatory consents, and approvals. BTG Pactual (BVMF: BPAC11) acted as financial advisor to La Caisse, with Pinheiro Neto Advogados serving as legal counsel. Citibank (NYSE: C) advised Grupo Energía Bogotá on the financial side, while Mayer Brown provided legal advice to GEB.

The Medellín utility unit, EPM, contributed $20 trillion COP in revenue and $4.9 trillion COP in net income. Management attributed the stability of these figures to a diversified portfolio. Power generation remains the primary driver of profitability, accounting for 49% of net income, followed by energy distribution at 27%. The water, sewage, and waste management sectors contributed 15%, while transmission and natural gas accounted for 3% and 1% respectively.

In 2025, Grupo EPM obtained results that confirm its ability to advance in complex scenarios, reflecting work to achieve lasting efficiencies.” — John Maya Salazar, General Manager of EPM

Financial leverage remained within contractual covenants. The debt-to-EBITDA ratio for the group closed at 2.9x, comfortably below the 3.5x threshold required by many credit agreements. For the individual EPM entity, the ratio stood at 3.5x. This solvency allows the organization to continue its capital expenditure program, which saw $5 trillion COP ($1.36 billion USD) invested in infrastructure and social programs throughout the year.

John Maya Salazar, General Manager of EPM (photo courtesy EPM)

A significant portion of the capital budget was directed toward the Hidroituango hydroelectric project. Approximately $1 trillion COP was allocated to Stage 2 of the project, specifically turbine units 5 through 8. Beyond energy, the company continued funding the Unidos por el Agua and Unidos por el Gas initiatives, which target utility access for vulnerable populations in the department of Antioquia and other regions.

Dividend and Fiscal Transfers

During the 2025 fiscal period, EPM executed transfers totaling $2.6 trillion COP to the Distrito de Medellín. These funds, representing 55% of the utility’s 2024 net income, serve as a primary funding source for the municipal development plan. Additionally, the group generated $21.8 trillion COP in total added value across its areas of operation, including $3.7 trillion COP in taxes, fees, and contributions to the state.

The company is currently undergoing a structural reorganization intended to modernize its operating model. According to management, this transition is designed to improve strategic efficiency as the group faces future macroeconomic shifts. The group’s economic footprint in 2025 included $6.7 trillion COP paid to suppliers and the financial system, along with $3 trillion COP dedicated to direct and indirect employment costs. Total reinvestment into the group’s various subsidiaries reached $5.6 trillion COP to ensure infrastructure modernization.

Financial data and sustainability reports are routinely filed with the Superintendencia Financiera de Colombia. Interested parties can find further information on the company’s investor relations portal or through the Alcaldía de Medellín official website.

Above video: An aerial view of EPM’s Hidroituango hydroelectric dam(video © Loren Moss)