BOGOTÁ, COLOMBIA (By Ecopetrol, 13.Nov.2025, Words: 1,248) — During the first-9-months of the year, “[we at Ecopetrol] focused our efforts on strengthening the operation of our traditional business, maintaining rigorous capital discipline, driving sustainable value through the consolidation of strategic projects that enable the country’s energy transition and reinforcing energy security,” Ecopetrol president Ricardo Roa Barragán said.
“The robustness of these pillars and the savings plan have enabled us to successfully navigate crude prices and exchange rate volatility, mitigate environmental impacts, and remain committed to meeting our 2025’s targets.
The financial results reported reflect the strength of our market and portfolio diversification strategy, in addition to the efficient integration of the hydrocarbon business. During the third quarter, our financial outcome was: revenues of COP 29.8tn, EBITDA of COP 12.3tn with a 41% EBITDA margin, and a Net Income of COP 2.6tn.
During the nine months of the year, revenues totaled COP 90.9tn, EBITDA stood at COP 36.7tn to an EBITDA margin of 40.4%, and Net Income stood at COP 7.5tn.
As part of our contribution to national energy security, we advanced towards increasing natural gas output from our self-operated fields, the development of offshore reserves in the Caribbean, and optimized midstream infrastructure to enable gas transportation from coastal facilities to inland demand centers. We have secured environmental clearance from the ANLA (National Environmental Licensing Authority) to execute LNG import and regasification activities through the retrofit of existing assets at the Coveñas Marine Terminal. This includes the planned deployment of a Floating Storage and Regasification Unit (FSRU), which positions Coveñas as a strategic natural gas hub in the Colombian Caribbean. This critical infrastructure will enhance supply-demand balancing and ensure reliable gas availability across the country.
The commercial segment, capitalized market opportunities, maximizing the Group’s financial results. In the third quarter, a sound trading differential was upheld to -3.9 USD/bbl, resulting from efficient, strategic management.
In the hydrocarbons business, we reached a quarterly production of 751 mboed, driven by key fields in Colombia such as Caño Sur, CPO-09, and the Permian in the United States. Transported volumes reached 1,118 mbd, leveraged by maximizing infrastructure usage, higher third-party volumes, and the reversal of the Coveñas–Ayacucho system. Refining throughputs reached 429 mbd driven by the completion of major maintenance work in Barrancabermeja and operational improvements during the first half of the year.
In the Energy Transition business line, we started operations of La Iguana Solar Farm, a new project with a capacity of 26 MW, which is expected to strengthen power supply of the Barrancabermeja refinery and to contribute towards the decarbonization of its operations. With this facility, our installed renewable energy capacity in operation reached 234 MW by the end of 3Q 2025, representing a 77% increase compared to the 132 MW available in 3Q 2024. Furthermore, we successfully completed the first phase of gas commercialization from the Floreña field, executing 39 sales agreements with 22 off-takers.
We are pleased to share our progress in measuring organizational culture and workplace environment through the Great Place to Work Institute, which ranked us at the ‘Highly Satisfactory’ level, improving from 60 points in 2024 to 68 points in 2025 on the Workplace Environment Index. This achievement reflects our commitment to employee well-being, sustainable development, and value creation.
In line with our commitment to transparency, sustainable value creation, and a fair and equitable energy transition for the country, we became the first Colombian company to voluntarily publish our first 2024 Financial Sustainability Report, incorporating reference elements from the International Sustainability Standards Board (ISSB).
The results achieved during this period position us strongly to deliver on our operational and financial targets for 2025. We will continue to enhance our operational flexibility and uphold the fundamentals of each business line, with the clear purpose of navigating market challenges and safeguarding value creation for all our shareholders,” Barragán said.
Hydrocarbons
At 3Q 2025, investments in hydrocarbons accounted for 62% of the Ecopetrol’s total, reaching $2,582mn (COP 10.7tn).1 Thus, $2,139mn (COP 8.8tn) was allocated to exploration and production activities, mainly in the department of Meta, in assets such as Caño Sur Rubiales, Castilla, and Chichimene. Internationally, investments were focused on the Permian basin (Midland, US) and in Brazil, in the Orca Brazil project (formerly Gato do Mato).
In the refining segment, $240mn (COP 1tn) have been invested, focused on operational continuity of the refineries (94%), as well as on strategic projects such as Sox Emission Control and Base Line of Fuel Quality of Fuels in the Barrancabermeja Refinery, in addition to major maintenance and plant shutdowns in both refineries.
In turn, in the transport segment, investments amounted to $162mn (COP 0.7tn), mainly focused on ensuring the operational continuity of the different oil and polyduct systems in crossing activities, mechanical repairs and geotechnics.
Energies for transition
In 3Q 2025, the Ecopetrol reaffirmed its commitment to the energy transition and allocated $529mn (COP 2.2tn) to investments in the Energy for Transition line, which represented 13% of total investment. To strengthen the value chain and gas supply, $425mn (COP 1.8tn) was invested, mainly in the GUAOFF-0 block, located in the Colombian offshore Caribbean, and in fields in the Piedemonte Llanero region, such as Floreña and Cupiagua, concentrated in the department of Casanare. Additionally, $104mn were allocated (COP 0.4tn) to energy efficiency and renewable energy projects.
Transmission and toll roads
In 3Q 2025, the Ecopetrol invested a total of $1,068mn (COP 4.4tn) in the Transmission and Roads business line, representing 25% of total investments. Most of these investments (91%) were concentrated in the power transmission business, with a presence in Brazil, Peru, and Colombia. The road segment accounted for 8%, with outstanding projects such as Ruta del Este in Panama and, in Chile, the Ruta del Maipo and Ruta de los Ríos initiatives. The remaining 1% was destined to the telecommunications business in Colombia-.
Exploration
At the end of 3Q 2025, 10 exploratory wells had been drilled, 8 with investment from the Ecopetrol Group, and 2 drilled under association contracts, with 100% investment by the partner.
In the onshore exploration activity, the following stands out:
— the declaration of commerciality on September 30, 2025, of the Toritos discoveries (includes the Curucutu-1 well) and Saltador wells (includes the Bisbita Este-1, Bisbita Centro-1 and Bisbita Oeste-1 wells) located in the LLA 123 block in the department of Meta. Operated by Geopark in association with Hocol, these fields contribute a net production of 1.9 mboed crude ranging between 14° and 23° API. This approval is expected to allow us to certify proved reserves (1P) and contingent resources for the 2025 balance.
— drilling continued on the Floreña N18Y well operated by Ecopetrol (100%), located in the Piedemonte, and Toritos Este-1 operated by Geopark (50%) in association with our subsidiary Hocol (50%), located in Los Llanos. Both wells are expected to reach final depth in 4Q 2025.
To highlight, the offshore exploration activity with the progress of the Sirius project, regarding the contracting model and the ethnic, social and environmental feasibility activities; the environmental licensing process is expected to continue in a next stage.
Internationally, activities related to the development of the Orca field in Brazil advanced in the execution of detailed engineering for the hull and topside facilities of the floating production, storage, and offloading vessel (FPSO). In addition, the approval of the development plan, by the ANP is currently being processed, as well as the installation of the SURF subsea system and the drilling campaign of development wells planned for 2027.
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