Ecopetrol (EC) Q2 2026 earnings summary

Executive summary

• Achieved record financial and operational results in Q2 2026, with net income up 235% and EBITDA up 59% year-over-year, driven by favorable crude prices, strong refining margins, and disciplined execution.

• Revenue reached COP 40.2 trillion, EBITDA COP 17.7 trillion, and net income COP 6.1 trillion, all significantly higher year-over-year.

• Maintained robust operational performance across exploration, production, refining, and transportation, with record refining throughput and margins.

• Advanced strategic investments in energy transition, infrastructure, and inorganic growth, including Brava Energia and major renewable projects.

• Focused on growth, competitiveness, and sustainable value creation, with actions underway to recover impacted production volumes.

Financial highlights

• Q2 2026 revenue: COP 40.2 trillion (+35% YoY); EBITDA: COP 17.7 trillion (+59% YoY, margin 44%); net income: COP 6.1 trillion (+235% YoY).

• H1 2026 net income: COP 9.0 trillion (+81% YoY); free cash flow: COP 6 trillion; operating cash flow: COP 14.1 trillion.

• Dividend payments totaled COP 6 trillion in H1 2026.

• EBITDA margin reached 44%, up six percentage points from Q2 2025.

• Cash and cash equivalents at COP 11.3 trillion as of June 2026.

Outlook and guidance

• Production target for 2026 maintained at 730,000–740,000 barrels per day, with recovery actions underway after disruptions.

• Expect to consolidate Brava Energia results in Q3 2026, adding ~42,000 boe/d.

• FEPC receivable projected at COP 8–12 trillion by year-end, depending on Brent and FX rates.

• Continued focus on energy transition, efficiency, and resilience against El Niño impacts.

• On track to achieve annual objectives under the 2040 Strategy, focusing on value creation and sustainability.