Q1 2026 Ecopetrol SA Earnings Call (English, Spanish) Transcript
Key Points
- Ecopetrol SA (EC) achieved a significant increase in refining margins, reaching $17.3 per barrel, a 60% increase compared to the first quarter of 2025.
- The company recorded a strong EBITDA margin of 47%, driven by disciplined cost execution and a stronger contribution from the refining business.
- Ecopetrol SA (EC) advanced its international expansion strategy by acquiring a majority stake in Brava and Iljia in Brazil, which is expected to strengthen its presence in a strategic geography.
- The company successfully moved 1,122,000 barrels per day in transportation, marking a close to 2% increase compared to the same period of the prior year.
- Ecopetrol SA (EC) maintained a solid cash balance of 14 trillion pesos, supported by healthy operating cash flow and efficient working capital management.
- The appreciation of the Colombian peso put pressure on revenues, while differentials widened versus the previous year.
- Higher logistics costs, particularly freight, generated significant pressures across the value chain.
- International production declined by approximately 5,000 barrels of oil equivalent per day due to investment plans and scheduled maintenance.
- The company faced challenges in gas production, with sales decreasing by around 5,000 barrels of oil equivalent per day.
- Ecopetrol SA (EC) experienced a marginal decrease in net income compared to the first quarter of 2025, mainly due to tax-related factors and operational costs.
Good morning, my name is Natalia and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results of the first quarter of 2026. There will be a questions and answer session at the end of the presentation.
Before we begin, it is important to mention that the comments in this call by Ecopetrol Senior Management include projections of the company's future performance. These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize.
As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call. The call will be led by Mr. Juan Carlos Urtal, Acting CEO of Ecopetrol, Carlos Mauricio Avila, Acting Executive Vice President of Hydrocarbons, Camilo Barco, CFO. And Byron Triana, Executive Vice President of Energies for the Transition. Thank you for your attention. Mr. Hurtado, you may begin your conference.
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