Ecopetrol Q2 Earnings Call Highlights

Ecopetrol’s second-quarter results surged: Revenue rose 35% year over year to COP 40.2 trillion, EBITDA increased 59% to COP 17.7 trillion, and net income jumped 235% to COP 6.1 trillion, aided by higher Brent prices, improved crude differentials and stronger refining margins. Record refining and transportation performance offset production disruptions. Refinery throughput reached 439,000 barrels per day and refining gross margin climbed to $29.80 per barrel, while production was 706,000 barrels of oil equivalent per day; management maintained its full-year production target of 730,000–740,000 barrels per day.

Ecopetrol strengthened its growth and energy-security pipeline: It reported new offshore gas discoveries, continued development of regasification projects and received approvals to pursue a tender offer that could give it 51% of Brazil’s Brava Energia, potentially adding about 42,000 barrels of oil equivalent per day.

Ecopetrol reported sharply higher second-quarter earnings as stronger crude prices, improved commercial differentials and record refining performance lifted results across its integrated operations. Acting Chief Executive Officer Juan Carlos Hurtado said the company generated second-quarter revenue of COP 40.2 trillion, EBITDA of COP 17.7 trillion and net income of COP 6.1 trillion. The figures represented year-over-year increases of 35%, 59% and 235%, respectively. EBITDA margin rose to 44%, about six percentage points above the prior-year period.

Hurtado attributed the performance to Brent crude averaging $97 per barrel during the quarter, a recovery in international refining margins, improved crude differentials and operational execution in transportation and refining. Ecopetrol said its commercial management improved crude differentials by $3.67 per barrel from the first quarter despite challenging conditions for heavy crude grades.

Refining was a principal contributor to quarterly results. The company achieved record integrated refinery throughput of 439,000 barrels per day, up 6% from the second quarter of 2025, while refining gross margin reached $29.80 per barrel, compared with $12.50 per barrel a year earlier. The Cartagena Refinery posted a record gross margin of $31.60 per barrel, supported by improved operating stability and the completion of maintenance work in key units. Ecopetrol also reported record throughput and margins at its Barrancabermeja Refinery.

Midstream volumes exceeded 1.1 million barrels per day, up 3.8% year over year, as the company used optimized logistics corridors, transported imported crude and added refined-product volumes. These measures helped offset lower domestic oil production. Production reached 706,000 barrels of oil equivalent per day in the second quarter, while first-half output averaged 715,000 barrels of oil equivalent per day. The company said production was affected by environmental and electrical disruptions at assets including CPO-09, Chichimene, Castilla and Rubiales. Ávila said temporary restrictions at CPO-09, Castilla and Chichimene resulted in deferred output of as much as 23,000 barrels per day. A blockade in Meta Department also halted 16 workover teams for more than 70 days, he said. The restrictions have been lifted, and Ecopetrol said production had approached 730,000 barrels per day by the end of June. Management maintained its full-year production target of 730,000 to 740,000 barrels per day.