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. (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 Ecopetrol (NYSE: EC, BVC: ECOPETROL) General Shareholders’ Meeting concluded at the Corferias convention center in Bogotá, marked by a decline in annual profits and an intensifying debate regarding the continuity of the company’s president, Ricardo Roa. During the assembly, shareholders approved a dividend of $121 COP per share for minority holders and a total payment of $4 trillion COP to the Colombian government, which serves as the majority shareholder. The government’s payout is scheduled for distribution in two installments, to be completed by June 30, 2026.

Click on above image to view shareholder meeting

The financial results for the 2025 fiscal year revealed a significant contraction in net income, which fell to $9 trillion COP from the $14.9 trillion COP reported in 2024. Roa attributed this decline primarily to the volatility of international crude prices. He noted that the average price of Brent crude dropped from $80 USD per barrel to $68 USD per barrel over the period. According to company data, every $1 USD drop in the price of Brent corresponds to a reduction of approximately $500 billion COP in net profit and $700 billion COP in EBITDA. Despite the lower earnings, the company maintained a production level of 745,000 barrels per day and achieved a reserve replacement rate of 121%, the highest in five years.

Governance issues remained the primary focus of the assembly. Minority shareholders expressed concern over the legal challenges facing Roa, who is currently under investigation by the Fiscalía General de la Nación for alleged influence peddling. Additionally, the Consejo Nacional Electoral (CNE) has raised accusations regarding the alleged violation of spending caps during the presidential campaign of Gustavo Petro, which Roa managed. Angela Maria Robledo, Chair of the Board of Directors, defended the decision to retain Roa, stating that the board has activated a evaluation protocol while respecting the constitutional principle of the presumption of innocence.

Shareholders Erupt In Anger At CEO Ricardo Roa:

🚨Abuchean a Ricardo Roa en asamblea de Ecopetrol

“¡Fuera, fuera!”: Este es el momento del tenso abucheo de los accionistas al presidente de la empresa 🔽

Videos: Néstor Gómez pic.twitter.com/uyjh4chpl2

— EL TIEMPO (@ELTIEMPO) March 27, 2026

“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,” stated Martín Ravelo, President of the USO.

The Unión Sindical Obrera (USO), the primary labor union representing nearly one-third of the company’s workforce, has issued an ultimatum for Roa’s removal. Martin Ravelo, president of the USO, warned that the union will initiate a national strike and affect crude production if Roa is not aparted from his position by Monday, March 30. Ravelo expressed concern that Ecopetrol, which is subject to the regulations of the Securities and Exchange Commission (SEC) and the Office of Foreign Assets Control (OFAC), could face federal intervention. He highlighted that Ecopetrol’s current debt has reached $30 billion USD, exacerbated by rising interest rates, and warned that the company lacks the cash flow to respond to potential demands for early repayment of international obligations.

President Gustavo Petro responded to the union’s concerns via social media, stating that the executive branch will take measures to shield the company’s financial future. Petro emphasized the importance of maintaining investment during periods of high oil prices to prepare for future market downturns. He also criticized past administrations for failing to invest sufficiently in clean energy during previous price cycles. In contrast, Ravelo called for the board to maintain its independence from political influence, noting that four of the nine board members have already left formal records supporting Roa’s departure.

Ecopetrol also addressed the national gas supply, with Roa announcing that new regasification alternatives at Puerto Bahía and on the Pacific coast are expected to begin operations in the second half of 2026. These projects are intended to contribute between 186 and 430 Gbtud to the national grid. A third regasification facility in Coveñas is projected to start operations in 2029 with a capacity of 400 Gbtud. Despite these operational plans, the immediate focus of the international investment community remains fixed on the board’s upcoming meeting on Monday, where the leadership deadlock must be resolved to avoid a potential halt in national production.

Headline photo: Former Senator Jorge Robledo admonishes the Ecopetrol board of directors at the March 2026 shareholders’ meeting.

One of Colombia’s principal petroleum worker’s unions, the Unión Sindical Obrera (USO), has formally requested that Ecopetrol’s board of directors remove Ricardo Roa Barragán as president of the state-controlled oil company, amid ongoing investigations against him by the Attorney General’s Office. The union warned that it will call a nationwide strike if the request is not addressed.

The request was made in a letter dated March 24, sent after a meeting between union representatives and the company’s board. In the document, the USO stated that, “understanding the feelings of the Colombian people as reflected by the thousands of Ecopetrol workers, we immediately request that, within the framework of due diligence, the board of directors adopt the necessary measures to remove Dr. Ricardo Roa Barragán from his position as president of Ecopetrol.”

The union added that, if the request is not met, “this union will call for nationwide mobilization in defense of the most important asset of the Colombian people.”

On the same day, March 24, Ecopetrol’s board issued a public response, reported by outlets such as Caracol Radio, stating that it had reviewed requests from employees, the union and some minority shareholders.

In its statement, the board said it is “aware of its responsibilities within the framework of due diligence” and has been assessing the risks to the company stemming from reports related to Roa. However, it confirmed that Roa will remain in his position while the evaluation process continues.

The union’s request follows charges filed by the Attorney General’s Office on March 11 against Roa for alleged influence peddling. According to prosecutors, Roa is accused of favoring a third party in the allocation of a project in exchange for a reduction in the price of an apartment he purchased in 2023.

More details on the case can be found in the article “Colombia’s Top Prosecutor Charges Ecopetrol President in Alleged Influence-Peddling Case,” published by Finance Colombia.

At this stage, although the information has been publicly reported, judicial decisions remain under the authority of the Attorney General’s Office, which is leading the proceedings.

Roa’s legal situation is also linked to another investigation involving alleged irregularities in the financing of the Pacto Histórico presidential campaign in 2022, which he managed and which resulted in Gustavo Petro’s election as president.

In February, the Attorney General’s Office said investigators found indications that the campaign may have exceeded legal spending limits. A similar case had already been reviewed by Colombia’s elections authority, the National Electoral Council, which fined those responsible more than $5 billion Colombian pesos (over $1.4 million USD).

Photo by Ecopetrol.

Ecopetrol and the unions agreed that for 2023, an annual wage increase of Colombian CPI + 1.5%, and, for 2024-2026, annual wage increases of Colombian CPI + 1.6%.

The agreements also include a commitment to continue promoting diversity, equity, and inclusion with a gender focus in the workplace, and to improve the well-being of workers, while also complying with criteria based on reasonableness, austerity and efficiency. The parties also agreed to allocate resources for social investment projects and energy transition forums.

Ecopetrol acknowledged the commitment and professionalism of the negotiating teams, all of whom it says contributed to the success of the new contract which will improve the company’s sustainability standards and the welfare of its workforce and contribute to the development of the country.

The USO issued a statement saying in part:

We want to thank all the workers who mobilized throughout the country during these 43 days of negotiations. Your rallies, assemblies, information sessions, marches, publications on networks and the media, and partial cessations of activities made a difference and gave us the strength that allows us to announce this new agreement.

We thank all the leadership of the USO in all the subdirectives for their commitment to this negotiation and with the permanent impulse to the mobilization of all our allies and affiliates. We recognize the good role played by the negotiating team and by the union advisers, this achievement and this good news is from them.

We thank the president of Ecopetrol Ricardo Roa and his team for having the political will to reach an agreement and the Ministry of Labor for its mediation.

Above photo courtesy USO

Ecopetrol Video

“The company respects the free exercise of union activity. The entry of the [union] leaders is permitted under article nine of the labor agreement, always, and when those visits are scheduled and comply with the entry procedures that apply to all workers, and that don’t risk the security of personnel or installations,” said the comany in a statement sent to Finance Colombia.

For its part, the union says, via its website,  “The USO emphatically rejects the anti-union conduct of the Ecopetrol administration, such as their lying press release of April 14th, where, without basis, accuses some union leaders of entering the company’s installation, generating physical damage, and putting the security of the workers at risk.”

The petroleum sector is facing massive layoffs in Colombia and across the globe, as oil prices remain in a slump, creating labor pressure from unions and oil producing regions of the country, as the sector accounts for over half of Colombia’s exports, and a major portion of GDP. The union voted March fourth to authorize a strike, though it has not done so. Under Colombian law, it would be illegal for full time petroleum sector workers to strike, as they are considered an essential service. The government has assured the union that there are no plans for a full privatization of Ecopetrol in the works.