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.

US private lender takes on land with approvals still pending

Cocoa & Company SAS has raised $1.26 million USD in working capital against an undeveloped tract on the Cartagena-Barranquilla corridor, closing a cash-out refinance with Kennedy Funding, a private direct lender based in Englewood, New Jersey. The lender said it reached the borrower through commercial mortgage brokers in Colombia, disclosed the transaction on July 28, 2026. The property lies near Cartagena, off the route to Barranquilla.

Kennedy Funding said subdivision approvals are still in process and the project remains at the feasibility stage. The collateral is a roughly 20-hectare parcel — nearly 50 acres — with direct access to National Route 90A-01. Cocoa & Company plans a residential subdivision there.

The board of the Banco de la Républica (Bank of the Republic), the country’s central bank, voted on July 31, 2026, to hold the monetary policy rate at 12%. Four directors backed the hold and three voted for a 50-basis-point increase. Analysts at Bancolombia (NYSE: CIB) had forecast in April 2026 that the rate would climb to 12%, Finance Colombia reported at the time.

National Route 90A-01 is the Vía al Mar (Road to the Sea). It forms the Cartagena-Barranquilla leg of a 146-kilometer toll road concession signed with the Agencia Nacional de Infraestructura (National Infrastructure Agency), or ANI, as Contract 004 on September 10, 2014. The concession pairs 109.3 kilometers between the two cities with the 36.7-kilometer Circunvalar de la Prosperidad (Prosperity Ring Road) linking Malambo, Galapa, Puerto Colombia and Barranquilla. The concessionaire, Concesión Costera Cartagena Barranquilla, which trades as Ruta Costera, brought the full corridor into service in December 2021. Colombian transmission and infrastructure group ISA (BVC: ISA) acquired all of its shares through its Chilean roads unit, closing in October 2020.

Developers sold 3,965 homes in the department of Bolívar, which contains Cartagena, in the first half of 2026, started 3,012 units and launched 3,557, according to Camacol Bolívar, the regional chapter of the Colombian construction chamber, in figures reported by El Universal. Only the subsidized tier grew: social-interest housing accounted for 2,452 of those sales, up 26.6% year over year, while the mid- and upper-tier segment fell 28.8%, to 1,513 units from 2,126. Irvin Pérez, manager of Camacol Bolívar, told the newspaper that recent months have been challenging for the construction sector, citing macroeconomic conditions, difficulty accessing credit and the need to strengthen housing policy instruments.

Kennedy Funding has operated since 1987 and moved into its Englewood headquarters in January 2022. It announced in April 2022 that it had passed $4 billion USD in closed loans.

“International lending isn’t just about financing a property—it’s about understanding the market behind it,” said Edwin Urrego, executive loan officer at Kennedy Funding. “Every country has its own legal, regulatory, and cultural landscape. Our experience allows us to navigate those differences and provide financing solutions for borrowers pursuing opportunities that many lenders simply aren’t equipped to handle.”

“International lending has been part of Kennedy Funding’s DNA for decades,” said Kevin Wolfer, the firm’s chief executive officer. “Our experience, creativity, and willingness to think beyond traditional lending boundaries allow us to help borrowers move projects forward where others may not.”

Edwin Urrego, executive loan officer at Kennedy Funding. (Photo: Kennedy Funding handout)

Bylaw rewrite would clear the way for a mostly new nine-member board

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) will hold an extraordinary shareholders’ meeting on September 15, 2026, at which the Colombian government, acting through the Ministerio de Hacienda y Crédito Público (Ministry of Finance and Public Credit) as holder of 88.49% of the company’s shares, intends to elect a new nine-member board of directors and amend the bylaw that has limited how many sitting directors can be replaced in a single vote.

Ecopetrol reported on August 28 that all corporate procedures required to formalize the Nation’s slate of candidates have been completed and that the slate will be put to shareholders at the meeting. The government’s request arrived in a letter dated August 26 from Finance Minister Miguel Gómez Martínez to Juan Carlos Hurtado Parra as Ecopetrol’s acting president, answering communications the company sent on August 4, 10 and 14 reporting director resignations and asking that an assembly be convened to fill the vacancies.

Three of the board’s nine seats have been empty since July 31. According to the ministry’s letter, Juan Gonzalo Castaño Valderrama resigned as a non-independent director on May 12, 2026, and Ángela María Robledo Gómez, who chaired the board, and Lilia Tatiana Roa Avendaño resigned effective July 31. The letter also notes that Ricardo Roa Barragán remained at the head of the company through July 30 and that Hurtado Parra has held the acting presidency since July 31, one week before President Abelardo de la Espriella was inaugurated on August 7. Hurtado Parra, the company’s executive vice president of hydrocarbons, had already been running Ecopetrol on an interim basis since April 7, the day after the board approved Roa’s request for vacation followed by unpaid leave, according to Portafolio. Roa’s exit followed months of controversy, including the leak in March of an internal report pointing to a possible $42 million USD payment to a company in the British Virgin Islands.

The first substantive item on the agenda is a reform of Article 20 of Ecopetrol’s bylaws. The current text requires that any slate presented to the assembly include at least three sitting directors, not counting the candidates for seats eight and nine. The ministry proposes replacing that requirement with language under which the slate “will seek to” retain at least three current members, without making it a condition of the slate’s validity or a bar to a full renewal of the board. A second change to the same article would allow the Nation to renominate the employee representative already elected for the current period without repeating the employee vote.

The ministry argues that the existing rule makes the composition and validity of a slate depend on whether a set number of directors agree to be renominated, so that a decision belonging to shareholders is conditioned on the individual will of the administrators themselves, which it describes as an unjustified risk of blocking the electoral process. “The continuity of current members would remain a relevant corporate governance criterion, but not an absolute condition that could prevent the recomposition of the body when the company’s circumstances, the vacancies that have arisen or the profiles required call for its renewal,” Gómez Martínez wrote.

Shareholders will then elect all nine directors by the electoral quotient system for the remainder of the 2025–2029 institutional period. Six of the nine names on the Nation’s slate are new to the board: Carlos Augusto Suárez Rojas, Jorge Alberto Jaller Jaramillo, José Camilo Manzur Jattin, Ludmila del Carmen Vergara Rosales, Betzy Patricia Martínez Zapatero and Claudia Margarita Lafaurie Taboada.

According to the candidate profiles Ecopetrol published, Suárez Rojas is a lawyer who founded and heads Estrategia & Poder and previously served as secretary general and operations director of the Contraloría General de Cundinamarca (Cundinamarca comptroller’s office); El Tiempo describes him as the president’s political communications strategist. Jaller Jaramillo was vice president of retail and vice president of Éxito and Carulla at Almacenes Éxito S.A., which trades as Grupo Éxito (BVC: EXITO). Manzur Jattin has been president of the Asociación Colombiana de Distribuidores de Energía Eléctrica (Colombian Association of Electric Power Distributors, Asocodis) since 2006 and previously served as an expert commissioner of the Comisión de Regulación de Energía y Gas (Energy and Gas Regulatory Commission, CREG). Vergara Rosales was named head of the Superintendencia de Transporte (Superintendency of Transportation), the agency announced on August 14. Martínez Zapatero is a lawyer who has held several public-sector advisory posts and currently manages the Fundación Sé Valiente. Lafaurie Taboada is a former head legal adviser and vice president of hydrocarbon contracts at the Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency, ANH) and is now legal vice president of CNE Oil & Gas. El Tiempo also reported that Jorge Mario Velásquez, the former president of Grupo Argos (BVC: GRUPOARGOS) whom de la Espriella had named in July as a prospective director, was left off the slate.

The remaining three seats are filled under procedures set out in Article 20 rather than chosen directly by the ministry. Seat seven belongs to a representative elected by Ecopetrol’s employees; the company reports that César Eduardo Loza Arenas, a former president of the Unión Sindical Obrera (Workers’ Trade Union, USO), was previously elected under that procedure and has been nominated again. For seat eight, the governors of the hydrocarbon-producing departments where Ecopetrol operates reaffirmed Ricardo Rodríguez Yee in a communication received August 26. For seat nine, the minority shareholders with the largest holdings reaffirmed Luis Felipe Henao Cardona, the board’s current chairman and a former housing minister, in a communication received August 21.

The agenda also asks shareholders to instruct the board, including the one elected at the meeting, to bring the company’s director succession policy into line with the amended Article 20 and provides that any internal rule still requiring a minimum number of continuing directors will not apply to this election. Ecopetrol stated that its board and Corporate Governance and Sustainability Committee completed the verification of all candidates, so no dispensation from the succession policy’s review procedures will be needed.

The board reshuffle is unfolding alongside a turnover in senior management. At its August 31 meeting, Ecopetrol’s board accepted the departure of Sergio Andrés Moreno Acevedo as corporate vice president of science, technology and innovation and named Diana Marcela Acero Rojas, who manages that portfolio, to the post on an acting basis from September 1. The same meeting formalized the appointment of Henryk Manuel Porras Villamil, until then a project leader in the energy transition projects department, as acting executive vice president of energy transition from August 31, succeeding Ernesto Alfonso Gómez Cabarcas, who had held the job on an interim basis through August 30 and will take statutory leave before pursuing other opportunities. The company said permanent appointments will be disclosed when made.

Four days earlier, at its August 27 meeting, the board had approved five other interim replacements covering the vice presidencies of territorial transformation and health, safety and environment; administration and services; strategy and new business; and refining and industrial processes, as well as the corporate directorate of institutional relations and communications, with outgoing executives leaving August 30 and internal replacements taking over the next day. La República also reported management changes at the Ecopetrol subsidiary Hocol, where general manager Luis Eduardo Parra left on August 25.

Ahead of the vote, Ecopetrol published the measures it will apply to shareholder representation, as required by the Circular Básica Jurídica (Basic Legal Circular) of the Superintendencia Financiera de Colombia (Financial Superintendency of Colombia). Proxies that do not meet the legal minimums or that fail to name the representative will be rejected, and none may be granted to Ecopetrol employees or to anyone tied to its management. Managers and employees are barred from suggesting proxy names, recommending a vote for any slate, or coordinating with shareholders on proposals or votes; the Corporate Legal Vice Presidency and the General Secretariat will review the powers of attorney.

The meeting is scheduled for 11 a.m. at Ecopetrol’s main building at Carrera 13 No. 36-24 in Bogotá, in person and streamed live on the company’s website, according to the convocation notice the company published on August 28. Registration of shareholders and proxies opens at 9 a.m. Meeting documents, candidate profiles and acceptance letters are posted on the company’s investor site.

Ecopetrol says it accounts for more than 60% of Colombia’s hydrocarbon production and holds 51.4% of the power transmission company ISA (BVC: ISA). Finance Colombia reported in May that the company’s first-quarter results were weighed down by lower crude prices and reduced output even as refining margins recovered.

Headline image: The six new nominees on the Nation’s slate for the Ecopetrol board, to be voted on September 15. (Photos courtesy Ecopetrol; composite: Finance Colombia)

Ecopetrol closed its purchase of Enerfín Colombia — the Statkraft renewables subsidiary that owns Portón del Sol — along with six other special-purpose solar entities totaling roughly 0.6 gigawatts, on November 13, 2025, for $157.5 million USD, part of a broader deal that also includes wind assets still pending closing. Announcing the sale in May 2025, Statkraft’s Executive Vice President for Europe, Barbara Flesche, said: “The deal confirms that Enerfín has built a skilled team and an attractive portfolio in Colombia. We are looking forward to watching the business grow under new ownership.” Ecopetrol and Portón del Sol signed a merger commitment on March 5, 2026, and Ecopetrol’s shareholders approved the absorption at the General Shareholders’ Meeting on March 27, 2026. The plant, located in La Dorada, in the department of Caldas, was Colombia’s first utility-scale solar plant and would fold entirely into Ecopetrol, which has said the move is meant to simplify management of its renewable-generation assets and capture tax and administrative efficiencies. Because Ecopetrol is the surviving entity, Article 6.4.1.1.42 of Decree 2555 of 2010 requires it to bring the transaction before a General Bondholders’ Meeting for each outstanding local issuance before it can close.

Alianza Valores Fiduciaria S.A. and Itaú Fiduciaria Colombia S.A., the legal representatives of Ecopetrol’s local bondholders, issued the meeting notices at Ecopetrol’s request under Article 6.4.1.1.18 of Decree 2555 of 2010, publishing them in the newspaper La República.

Holders of the 2010 issuance, Series A (COC04CBVP023) — Colombian peso bonds indexed to the Consumer Price Index (CPI), placed December 1, 2010, maturing December 1, 2040, paying CPI plus 4.90%, with $284,300 million COP outstanding — meet at 2 p.m. Bogotá time. Attendance is in person at Carrera 37 No. 24-24, Centro de Innovación Bogotá, or virtually via Ecopetrol’s 2010 bondholder platform, hosted on the electronic system of Deceval S.A. (Depósito Centralizado de Valores de Colombia), Colombia’s central securities depository. Besides voting on the merger itself, that meeting will hear Alianza Fiduciaria’s opinion on the transaction and a reading of the opinion issued by Fitch Ratings Colombia S.A.S., and will delegate the appointment of a chairperson and secretary to the Bondholders’ Representatives under Legal Circular 006 of 2025 from the Superintendencia Financiera de Colombia (Financial Superintendency of Colombia).

Holders of the 2013 issuance (COC04CBVP007) — also CPI-linked pesos, placed August 27, 2013, split into a 15-year tranche maturing 2028 at CPI plus 4.90% ($347,500 million COP outstanding) and a 30-year tranche maturing 2043 at CPI plus 5.15% ($262,950 million COP outstanding) — meet at the same venue at 3:30 p.m., or virtually via Ecopetrol’s 2013 bondholder platform. That meeting follows a similar agenda, with two differences: bondholders appoint their own chairperson and secretary directly rather than delegating the task, and the opinion on the merger comes from Itaú Fiduciaria Colombia S.A. (formerly Helm Fiduciaria S.A.) rather than Alianza.

Both meetings are convened under Article 19 of Law 222 of 1995 and Decree 398 of 2020, Colombia’s rules governing virtual corporate meetings. Requirements for participating are posted on Ecopetrol’s investor relations site.

The bondholder votes follow other recent debt moves at Ecopetrol, which in April 2026 refinanced $1.25 billion USD in external debt and closed a separate state subsidy settlement. Ecopetrol employs more than 19,000 people and, besides oil and gas production and refining, holds a 51.4% stake in Interconexión Eléctrica S.A. (ISA) (BVC: ISA), giving it interests in regional power transmission, the Barranquilla-Cartagena highway concession, and, through XM, administration of Colombia’s wholesale electricity market.

Above image: Gas well Orca Norte -1. Photo: Ecopetrol

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)

Under the terms of Resolutions 00368 and 00369 issued by the Dirección de Hidrocarburos, the total amount is divided between Ecopetrol S.A., which is owed $1.2 trillion COP, and Refinería de Cartagena S.A.S. (Reficar), which is owed $0.4 trillion COP. The repayment schedule began with a cash transfer of $2.89 billion COP on April 1, 2026. The remaining balance of approximately $1.55 trillion COP is scheduled to be paid on December 15, 2026, through the issuance of Treasury Securities, or Títulos de Tesorería (TES). The Colombian state has acknowledged the financial costs associated with the time elapsed until the final December payment.

“The Ecopetrol Group continues to work in close coordination with the Ministries of Finance and Public Credit and of Mines and Energy — the authorities responsible for fuel pricing policy — in the implementation of payment mechanisms and the reduction of FEPC balances.” — Ecopetrol S.A.

Concurrent with the subsidy settlement, Ecopetrol received authorization from the Ministerio de Hacienda y Crédito Público via Resolution 0666 to execute an external public debt management transaction totaling $1.25 billion USD. The five-year loan was secured through a consortium of international lenders including BBVA (BME: BBVA; NYSE: BBVA), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), and Bank of China (HKG: 3988). The credit facility carries a floating interest rate indexed to the Secured Overnight Financing Rate (SOFR) and will be repaid in four equal installments.

The proceeds from the $1.25 billion USD loan are designated for the repayment of existing obligations. Specifically, $1.2 billion USD will be used to settle a 2024 loan previously authorized for the acquisition of the state’s interest in Interconexión Eléctrica S.A. E.S.P. (ISA), while the remaining $50 million USD will be applied to an outstanding balance from a 2025 credit agreement. The loan agreement is governed by the laws of the State of New York and includes standard covenants regarding the borrower’s payment capacity and financial integrity.

These financial maneuvers are intended to optimize the maturity profile of the Ecopetrol Group, which remains responsible for over 60% of hydrocarbon production in Colombia. The company continues to operate integrated systems in transportation, refining, and petrochemicals, with additional international operations in the US Permian basin, the Gulf of Mexico, Brazil, and Mexico.

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 shareholder meeting, chaired by Colombia’s Minister of Finance and Public Credit, Germán Ávila, approved amendments to the company’s bylaws. Notably, the proposal submitted by the company’s majority shareholder, the Colombian government, which owns 88.49% of shares, was approved with 91.14% of the vote. An alternative proposal from Ecopetrol management received only 0.03% support, with 4.6% voting for neither proposal and 4.2% abstaining.

Separately, the Board of Directors appointed new leadership for two key executive positions, effective November 16.

Juan Carlos Hurtado Parra was named Executive Vice President of Hydrocarbons. Mr. Hurtado, who has been with Ecopetrol for approximately 23 of his 25 years in the energy sector, previously served as Vice President of Exploration, Development, and Production. He holds an Electrical Engineering degree from Universidad Industrial de Santander, a specialization from Universidad del Rosario, and an MBA from the University of Dundee. He replaces Rafael Ernesto Guzmán Ayala.

Rodolfo Mario García Paredes was appointed as the permanent Chief Compliance Officer. Mr. García, an attorney from Universidad del Rosario with a specialization from Universidad de los Andes, has been with the company for over 25 years and had been serving as the acting compliance head since June 2025.

The confirmation of a permanent Chief Compliance Officer occurs during a period of heightened legal and political scrutiny for the company. The appointment follows reporting by El Tiempo that senior compliance officials from Ecopetrol visited the United States Embassy in Bogotá this week. That visit was noted for its timing, coming after the United States Treasury Department imposed OFAC sanctions on President Gustavo Petro along with his wife, son, and interior minister, as reported here by Finance Colombia. The company is also managing the fallout from a contracting scandal at its affiliate Ocensa, also revealed this week by El Tiempo, which led to the resignation of Ocensa’s president.

Ecopetrol S.A. is the largest company in Colombia and is responsible for over 60% of the nation’s hydrocarbon production, in addition to managing transportation, logistics, and refining systems. Following its acquisition of 51.4% of Interconexión Eléctrica S.A. (ISA) (BVC: ISA), the company expanded into energy transmission, management of real-time systems through XM, and road concessions. Ecopetrol also maintains exploration and drilling operations in the United States (Permian basin and Gulf of Mexico) and Brazil. Through ISA, it holds positions in power transmission in Brazil, Chile, Peru, and Bolivia.

Above photo: Ecopetrol’s Reficar petroleum refinery in Cartagena. (photo courtesy Ecopetrol)

The conference agenda included discussions on artificial intelligence (AI), smart cities, and cybersecurity. Over 120 speakers were scheduled to present. Keynote speakers included physicist and author Dr. Michio Kaku. Additional participants include Spain’s Minister for Digital Transformation and Public Administration, Óscar López, and a delegation from the United Arab Emirates.

Event Focus and Speakers

According to Adriana Leal, manager of ANDICOM, the event has positioned Cartagena as a hub for technology and innovation. Leal noted the participation of Kaku, an author recognized for his work on quantum computing, and the presence of López, along with the delegation from the UAE.

Yamil Arana Padauí, governor of Bolívar, stated that ANDICOM provides an opportunity to showcase projects such as Mompox Inteligente, a local connectivity and technology initiative.

Agenda and Thematic Tracks

The pre-conference on September 2 featured three main tracks:

• CyberShield Forum: This track addresses cybersecurity, deepfakes, and cyber-resilience.
• Autonomous Agents: This segment focuses on the application of AI in corporate processes.
• CINTEL Future Cities: This track covers topics such as digital tourism, smart cities, and urban mobility.

From September 3 to 5, the main conference focused on digital evolution, the future of the IT sector, and the role of the economy in the AI era. International delegations from countries including the United States, Belgium, Spain, the United Arab Emirates, Israel, the Czech Republic, and Canada are expected to attend.

The conference also hosted three award ceremonies to recognize regional innovation: the Digital Transformation Innovation Awards (in collaboration with PwC), the Smart City Innovator Awards 2025, and the Enterprise Cybersecurity Awards (a partnership between ETEK International and CINTEL).

Business and Networking

ANDICOM’s networking initiatives include the “Meet and Business” room, which will bring together executives from 28 companies, including Coca-Cola FEMSA (NYSE: KOF), ISA (BVC: ISA), Allianz (FWB: ALV; SIX: ALV), and Arturo Calle. This space is designed to facilitate direct connections between companies seeking technological solutions and providers.

The event also features a business roundtable for one-on-one meetings between sponsors and C-level executives, with the capacity for up to 400 scheduled meetings over the four days.

Conference Statistics

• Estimated Participants: 6,s00+
• Participating Countries: 35+
• Companies Represented: 250+
• Speakers: 120+
• Academic Sessions: 80+

ANDICOM 2025. Photo credit: CINTEL.