Ecopetrol (EC) Q1 2026 Earnings Call Transcript

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Wed, May 20, 2026 astatine 10:34 AM CDT 33 min read

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DATE

Wednesday, May 13, 2026 astatine 9 a.m. ET

CALL PARTICIPANTS

• Acting President — Juan Carlos Hurtado Parra

• Head of Hydrocarbons — Carlos Ávila Saldarriaga

• Head of Energy Transition — Bayron Triana Arias

• Chief Financial Officer — Camilo Barco Muñoz

Full Conference Call Transcript

Juan Carlos Hurtado Parra

Welcome to the archetypal 4th 2026 net call. It's an grant to code you arsenic acting president of the Ecopetrol Group. 2026 began successful a volatile planetary situation marked by an intensification of geopolitical tensions, with nonstop impacts connected vigor markets and planetary logistics. Within this context, our operational capabilities were cardinal to sustaining the Group's performance. Let maine item the main milestones of the quarter. In exploration, we underscore the palmy effect of the Copoazú-1 good successful the Caribbean offshore. This confirms caller state accumulations independently from Sirius and expands the block's potential, contributing to the country's vigor security. In production, we reached 725,000 barrels of lipid equivalent per day.

The spot of home crude accumulation astatine 527,000 barrels per day, partially offset little state production, a structural situation that we proceed to address.

In addition, we precocious with the optimization of our upstream portfolio done agreements with Parex and Gran Tierra successful the Magdalena Medio region. In transportation, we moved 1,122,000 barrels per day, adjacent to a 2% summation compared to the aforesaid play of the anterior year, driven by integrated absorption aimed astatine maximizing infrastructure utilization. The reversal of the Coveñas Ayacucho strategy was cardinal to incorporating crude lipid and mitigating little home production. In refining, we achieved a consolidated throughput of 417,000 barrels per day, a 5% summation versus the archetypal 4th of 2025. The Barrancabermeja Refinery reached 1 of the highest throughput levels successful its history, portion Cartagena maintained coagulated show contempt operational events successful March.

As a result, the refining borderline reached $17.3 per barrel, a 60% summation versus the archetypal 4th 2025, reflecting favorable marketplace conditions and accordant operational execution. Consistent with our diversification and planetary enlargement strategy, we precocious since the statement to get bulk involvement successful Brava Energia successful Brazil. Upon closing, this concern is expected to fortify our beingness successful a strategical geography, adhd reserves, and incorporated high-quality assets to our portfolio. On the commercialized front, we managed increases successful freight rates by implementing strategies to fortify logistics reliability and proviso continuity, including the contracting of time-chartered vessels for products and crude. That aims to unafraid proscription capableness successful a volatile environment, amended proviso timing, and trim logistics costs.