During the first-nine-months of the year, we 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.
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 29.8 trillion, EBITDA of COP 12.3 trillion with a 41% EBITDA margin, and a Net Income of COP 2.6 trillion.
During the nine months of the year, revenues totaled COP 90.9 trillion, EBITDA stood at COP 36.7 trillion to an EBITDA margin of 40.4%, and Net Income stood at COP 7.5 trillion.
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.
Ricardo Roa BarragánPresident of Ecopetrol S.A.
Stable operations in the refining segment, control of operating expenditures ("opex"), and improved results in Interconexión Eléctrica S.A. ("ISA" and together with its subsidiaries) translated into 42% recovery in net profit compared to 2Q 2025, amid an environment of low prices and a lower exchange rate.
During the first nine months of 2025, the Ecopetrol Group generated a net profit of COP 7.5 trillion, EBITDA of COP 36.7 trillion, and an EBITDA margin of 40%. The results were leveraged by increased crude oil production, the efficiency program, and improved differentials between the basket and Brent, despite lower market prices, challenges in the hydrocarbon sector, and scheduled maintenance at the Barrancabermeja Refinery.
Table 1: Income Statement Financial Summary - Ecopetrol Group
Billion (COP)
3Q 2025
3Q 2024
∆ ($)
∆ (%)
9M 2025
9M 2024
∆ ($)
∆ (%)
Total sales
29,840
34,607
(4,767)
(13.8 %)
90,875
98,536
(7,661)
(7.8 %)
Depreciation and amortization
3,954
3,811
143
3.8 %
12,042
10,857
1,185
10.9 %
Variable cost
10,509
13,611
(3,102)
(22.8 %)
33,812
36,452
(2,640)
(7.2 %)
Fixed cost
5,407
5,222
185
3.5 %
15,882
14,978
904
6.0 %
Cost of sales
19,870
22,644
(2,774)
(12.3 %)
61,736
62,287
(551)
(0.9 %)
Gross income
9,970
11,963
(1,993)
(16.7 %)
29,139
36,249
(7,110)
(19.6 %)
Operating and exploratory expenses
2,635
2,657
(22)
(0.8 %)
7,787
7,606
181
2.4 %
Operating income
7,335
9,306
(1,971)
(21.2 %)
21,352
28,643
(7,291)
(25.5 %)
Financial income (loss), net
(2,046)
(2,051)
5
(0.2 %)
(6,549)
(6,143)
(406)
6.6 %
Share of profit of companies
187
116
71
61.2 %
585
502
83
16.5 %
Income before income tax
5,476
7,371
(1,895)
(25.7 %)
15,388
23,002
(7,614)
(33.1 %)
Income tax
(1,710)
(2,264)
554
(24.5 %)
(4,933)
(8,418)
3,485
(41.4 %)
Net income consolidated
3,766
5,107
(1,341)
(26.3 %)
10,455
14,584
(4,129)
(28.3 %)
Non-controlling interest
(1,203)
(1,458)
255
(17.5 %)
(2,953)
(3,547)
594
(16.7 %)
Net income attributable to owners of Ecopetrol
2,563
3,649
(1,086)
(29.8 %)
7,502
11,037
(3,535)
(32.0 %)
EBITDA
12,326
13,976
(1,650)
(11.8 %)
36,720
42,266
(5,546)
(13.1 %)
EBITDA Margin
41.3 %
40.4 %
-
0.9 %
40.4 %
42.9 %
-
(2.5 %)
The figures included in this report are unaudited and are expressed in billions Colombian pesos (COP), or US dollars (USD), thousand barrels of oil equivalent per day (mboed), or tons, as indicated where applicable. For purposes of presentation, some figures in this report were rounded to the nearest decimal place. The comparison periods correspond to those of the previous year, unless a different period is referred to.
Forward-looking statement: This release may contain forward-looking statements related to business prospects, estimates for operating and financial results and growth of Ecopetrol within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These are projections and, as such, are based solely on management's expectations regarding the future of the Company and its permanent access to capital to fund its business plan. Actual results could differ materially from those expressed or forecasted in any forward-looking statements as a result of a variety of factors. Such forward-looking statements depend, basically, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. Accordingly, readers should not place undue reliance on forward-looking statements.
I. Financial and Operating Results
Sales revenues
Sales revenue totaled COP 29.8 trillion in 3Q 2025, a decrease of 13.8% or COP -4.8 trillion compared to 3Q 2024, due to:
Lower sales volume (COP -2.2 trillion, -91.6 mboed), mainly due to: i) increased crude oil inventory volumes, ii) lower availability of crude oil associated with higher requirements from refineries, and iii) decreased domestic gas sales volume.
Lower weighted average sales price of crude oil and products of -4.3 USD/bbl (COP -1.9 trillion), in line with the decrease in Brent price, partially offset by better crude oil and product differentials.
Negative exchange rate effect (COP -0.5 trillion), associated with a lower average exchange rate.
Lower income from energy and road transmission services (COP -0.2 trillion).
Cumulative sales revenue in 9M 2025 of COP 90.9 trillion showed a decrease of 7.8% corresponding to COP -7.7 trillion versus 9M 2024, as a net result of: i) lower weighted average selling price of crude oil and products of -6.9 USD/bbl (COP -7.8 trillion), due to the factors explained above, ii) a decrease in sales volume (COP -2.3 trillion, -32.2 mboed) due to increased crude oil inventory volumes and lower domestic gas sales, iii) an increase in the average exchange rate, which had a positive impact on revenues (COP +2.3 trillion), and iv) higher revenues from energy and road transmission services (COP +0.1 trillion).
Table 2: Volumetric Sales - Ecopetrol Group
Domestic Sales Volume - mboed
3Q 2025
3Q 2024
∆ (%)
9M 2025
9M 2024
∆ (%)
Medium distillates
186.9
184.6
1.3 %
186.2
183.7
1.4 %
Gasolines
129.3
126.2
2.5 %
129.5
129.2
0.2 %
Natural Gas
69.4
86.4
(19.7 %)
69.1
86.4
(20.0 %)
Petrochemicals and Industrial
20.2
17.6
14.8 %
19.2
18.2
5.5 %
LPG and Propane
11.8
15.0
(21.3 %)
12.7
15.6
(18.6 %)
Crude oil
(0.1)
0.1
(200 %)
0.0
0.0
-
Fueloil
0.2
0.2
0.0 %
0.2
0.2
0.0 %
Total Local Volumes
417.7
430.1
(2.9 %)
416.9
433.4
(3.8 %)
Export Volumes - mboed
3Q 2025
3Q 2024
∆ (%)
9M 2025
9M 2024
∆ (%)
Crude oil
403.1
477.7
(15.6 %)
421.9
440.0
(4.1 %)
Products
117.2
123.8
(5.3 %)
109.9
110.7
(0.7 %)
Natural Gas*
17.2
15.2
13.2 %
17.2
14.0
22.9 %
Total Export Volumes
537.5
616.7
(12.8 %)
549.0
564.8
(2.8 %)
Total Sold Volumes
955.2
1,046.8
(8.8 %)
965.9
998.1
(3.2 %)
*Natural gas exports correspond to local sales by Ecopetrol America LLC and Ecopetrol Permian LLC.
The total volume sold during 3Q 2025 amounted to 955 mboed, 8.8% less vs. 3Q 2024 (91.6 mboed), mainly because of a lower export sales volume.
Sales in Colombia decreased by 2.9% (-12.4 mboed) compared to 3Q 2024, mainly due to:
Decrease of 20% (-17.2 mboed) in gas sales explained by lower quantities contracted in Cusiana - Cupiagua due to the natural decline of the fields.
Decrease of 21.3% (-3.2 mboed) in LPG and Propane sales explained by less quantities offered, mainly in Cusiana and Cupiagua.
Increase in fuel sales of 5.4 mboed due to greater product availability.
Increase in petrochemical product sales by 2.6 mboed due to higher demand for asphalt, polypropylene, and lubricant bases.
International sales decreased by12.8% (-79.2 mboed) versus 3Q 2024, mainly due to:
Decrease of 15.6% (-74.6 mboed) in crude exports due to greater throughput at the refineries (+28 mboed), and variation in inventories in the logistics chain (45 mboed).
Table 3: Basket Realization Prices - Ecopetrol Group
USD/bbl
3Q 2025
3Q 2024
∆ (%)
9M 2025
9M 2024
∆ (%)
Brent
68.2
78.7
(13.3 %)
69.9
81.8
(14.5 %)
Gas Sales Basket
28.8
26.8
7.5 %
28.2
27.4
2.9 %
Crude Sales Basket
64.3
74.0
(13.1 %)
65.3
75.4
(13.4 %)
Product Sales Basket
81.8
84.1
(2.7 %)
82.3
89.2
(7.7 %)
Crudes: During the 3Q 2025, there was a decline of 9.7 USD/bbl in crude oil basket prices, mainly related to the weakening of Brent by 10.5 USD/bbl. This effect was partially offset by the company's ability to capture a better differential (0.8 USD/bbl) driven by the uncertainty generated internationally by the imposition of tariffs, as well as from the better positioning in more profitable markets through the commercial offices in Houston and Singapore.
Refined products: Despite the weakening of Brent by USD 10.5 USD/bbl during 3Q 2025 , the product sales basket weakened by only USD 2.3 USD/bbl. This variation was mitigated thanks to the strengthening of indicators versus Brent, especially in gasoline, diesel, and fuel oil, generated by low inventories, higher demand, and logistical disruptions in the Middle East, all together with the sale of more valuable products within the group's product basket.
Natural Gas: The price of gas sales strengthened by 2.0 USD/bbl, rising from USD 26.8 USD/bbl to 28.8 USD/bbl, mainly due to the strengthening of domestic prices in line with contract indexation.
Sale Costs
Costs of sales decreased by 12.3%, equivalent to COP -2.8 trillion in 3Q25 and by 0.9%, equivalent to COP -0.6 trillion in 9M 2025 compared to the same periods of the previous year:
Variable Costs
Variable costs decreased by 22.8%, equivalent to COP -3.1 trillion in 3Q25 compared to 3Q 2024, explained by:
Decrease in purchases of crude oil, gas, and products (COP -2.4 trillion), due to: i) lower purchase volume (COP -1.1 trillion, -40.4 mboed), mainly of fuels, given operational stability at the refineries, which allowed domestic demand to be met with more of our own product, ii) lower weighted average purchase price of -USD 7.7 USD/bbl, associated with the lower Brent reference price (COP -1.1 trillion); and iii) positive effect on purchases due to lower average exchange rate (COP -0.2 trillion).
Higher inventory levels and other items (COP -0.7 trillion), with sales expected to be realized in subsequent months.
Variable costs decreased by 7.2%, equivalent to COP -2.6 trillion in 9M 2025 compared to 9M 2024, explained by the net effect between: i) lower weighted average purchase price of -7.7 USD/bbl, associated with the lower Brent reference price (COP -3.6 trillion), ii) a decrease in purchase volume (COP -0.1 trillion, -5.8 mboed), and iii) a negative effect on purchases due to a higher average exchange rate (COP +1.1 trillion).
Fixed Costs
Fixed costs increased by 3.5% (COP +0.2 trillion) in 3Q 2025 compared to 3Q 2024, associated with: i) greater construction activity in ISA; ii) increase in contracted services and other general costs, mainly due to inflationary effect on contract rates; partially offset by iii) control and capture of cost efficiencies; and iv) lower average exchange rate.
Fixed costs in 9M 2025 increased by 6.0%, (+0.9 trillion) due to: i) increased construction activity by ISA, and ii) increased maintenance, general, and other costs associated with increased activities to support operations, the inflationary effect on contract rates, and higher average exchange rate costs. The foregoing was partially offset with iii) control and capture of cost efficiencies.
Depreciation and Amortization
D&A increased by 3.8% (COP +0.1 trillion) in 3Q 2025, due to higher level of capital investment and local crude production and by 10.9%, equivalent to COP +1.2 trillion in 9M 2025 compared to the same periods of last year. In addition to the factors explained above, the cumulative figure as of September 30, 2025, was impacted by a negative exchange rate effect on the depreciation of Ecopetrol S.A.'s ("Ecopetrol"), subsidiaries which use the US dollar as their functional currency, given the higher average exchange rate.
Operational and Exploratory Expenses, net of Other Income
Operating and exploration expenses, net of other income, decreased by 0.8%, equivalent to COP 22 billion in 3Q 2025 compared to 3Q 2024, mainly due to: i) a decrease in exploration expenses due to lower recognition in the results of exploration assets, and ii) higher taxes due to the decree declaring a state of internal commotion, inflationary effect, and provision updates in ISA.
Operating and exploration expenses, net of other income, increased by 2.4%, equivalent to COP 0.2 trillion in 9M 2025 vs. 9M 2024. In addition to the items explained above, it is worth noting the provision for the energy transmission and roads business line.
Financial Results (Non-Operational)
The financial result during 3Q25 remained in line with 3Q24, as a net result of improved financial performance due to portfolio valuation, offset by increased debt interest, mostly derived from higher short-term debt.
Net financial result (expense) increased by 6.6% (COP 0.4 trillion) in 9M 2025 from higher financial costs due to increased short-term debt and the effect of the average depreciation of the peso against the dollar, partially offset by foreign exchange gains from lower currency exposure and the financial update of long-term liabilities.
Income Taxes
The effective tax rate in 9M 2025 decreased to 32.1% from 36.6% in 9M 2024, mainly due to a lower income tax surcharge in 2025 (0%) vs. 2024 (10%) given the Brent price projection at the closing date. Meanwhile, the quarterly rate stood at 31.2%, at similar levels compared to 3Q 2024.
Progress in the customs correction process started by the DIAN related to VAT on fuel imports
During 3Q25, the DIAN ratified Opinion No. 100202208-2305 of 19 December 2024, which, according to its interpretation, stated that the imports and nationalization of gasoline and Diesel are subject to Sales Tax (VAT) at the general rate of 19%, with the cost of the products at customs being the base for calculating the tax.
Regarding VAT on fuel imports for the taxable periods 2022 (partial) to 2024, and pursuant to the aforementioned doctrine, to date, the DIAN has notified the Cartagena Refinery of six Special Customs Requirements (REAs) worth COP 1.89 trillion in VAT, penalties, and interest. Four of these assessments are currently in the reconsideration appeal stage. In two cases, the DIAN ruled on the appeal, confirming and maintaining its initial position. Meanwhile, Ecopetrol has been notified of two official assessments totaling COP 9.39 trillion, including VAT, penalties, and interest. Ecopetrol has filed reconsideration appeals against these assessments. These total amounts may increase as additional requirements are received from the DIAN
Ecopetrol and Refinería de Cartagena (together, the "Companies") disagree with the DIAN's interpretation that favors retroactive VAT collection, for reasons that have been duly explained to the DIAN in response to the REAs and, subsequently, in the appeals for reconsideration against the Official Correction Settlement LOCs (LOC for its initials in Spanish). In addition, the Cartagena Refinery and Ecopetrol have involved regulatory bodies such as the Attorney General's Office and the Comptroller General's Office to accompany DIAN's audit process and the review of DIAN's opinions and doctrine, as requested by the Companies.
In its interpretation, the DIAN may continue with the collection process in accordance with the procedural rules of the customs regime and Tax Code, which includes coercive collection procedures. In accordance with the customs regime and the Tax Code, the Companies have exercised the corresponding administrative or judicial resources, in accordance with the same regulations. Although both companies plan to continue exercising these resources, any eventual enforcement action could have a material adverse effect on their operations, liquidity, and financial position, depending on the amount and duration of such actions. The filing of a preventive protection action (tutela) to safeguard the companies' rights would be enabled, as recently occurred in the case of the Cartagena Refinery, where such action is currently underway.
In general terms, considering the DIAN questioning and based on the opinions issued by our external advisors, who consider that the probability of success is greater than 50%, the Companies believe that there are not grounds for establishing any accounting provision.
The Companies reiterate their commitment to fully comply with their customs and tax obligations and will be respectful of the decisions that resolve this controversy before the corresponding authority.
Financial Position Statement
The assets of the Ecopetrol Group decreased by COP -2.7 trillion, equivalent to -0.9% between June and September 2025, mainly due to: i) he remeasurement effect of subsidiaries' assets with US dollar functional currency at a lower closing exchange rate versus the previous quarter, ii) the depreciation of assets for the period (COP -3.8 trillion), iii) the update of deferred tax and other items. This was offset by a higher level of CAPEX, recognition of the FEPC for the quarter, and an increase in cash and equivalents, driven by the positive effect on operating cash flow.
Liabilities decreased by COP -4.2 trillion, equivalent to -2.2% during 3Q 2025, mainly due to the net effect between: i) the decrease in the balance of financial obligations for short-term debt payments added to the effect of restating the debt in US dollars at the closing exchange rate (COP -6.0 trillion), ii) higher current taxes for the period (COP +0.9 trillion), and iii) higher accounts payable and other liabilities (COP +0.9 trillion).
The Ecopetrol Group's equity at the end of 3Q 2025 was COP 107.0 trillion, an increase of COP 1.4 trillion compared to 2Q25, mainly because of profits generated during the period, offset by the adjustment for the conversion of subsidiaries with USD as their functional currency at the closing rate. 75% of the equity corresponds to Ecopetrol shareholders and the remaining 25% to non-controlling interests.
Cash Flow, Debt and FEPC
Table 4: Cash Position - Ecopetrol Group
Billion (COP)
3Q 2025
3Q 2024
9M 2025
9M 2024
Initial cash and cash equivalents
10,118
13,237
14,054
12,336
(+) Cash flow from operations
8,878
12,465
25,047
35,549
(-) CAPEX
(5,073)
(5,157)
(14,063)
(14,059)
(-) Consideration paid for acquisition of assets
0
0
(1,109)
0
(+/-) Investment portfolio movement
1,249
(2,552)
(1,009)
(3,237)
(-) Acquisition of subsidiaries, net of cash acquired
(65)
(159)
(65)
(158)
(+) Other investment activities
762
596
1,567
1,646
(+/-) Adquisition, borrowings and interest payments of debt
(4,858)
(2,150)
(2,427)
(4,064)
(-) Dividend payments
(329)
(2,741)
(11,024)
(14,933)
(+/-) Exchange difference (cash impact)
(318)
566
(607)
1,040
(-) Return of capital
0
(6)
0
(21)
Final cash and cash equivalents
10,364
14,099
10,364
14,099
Investment portfolio
3,700
4,721
3,700
4,721
Total cash
14,064
18,820
14,064
18,820
Cash Flow
At the end of 3Q 2025, the Ecopetrol Group closed with a cash flow of COP 14.1 trillion (23% COP and 77% USD). Operating cash flow for the quarter and the sales of short-term treasury securities (TCOs) covered: i) capex expenditures for the quarter, and ii) principal and interest payments on debt for the quarter.
Debt
At the end of 3Q 2025, the balance of debt on the balance sheet was COP 114.3 trillion, equivalent to USD 29,124 million (ISA's Group´s consolidated debt contributed USD 8,736 million), representing a decrease of COP 6.0 trillion compared to 2Q 2025. The decrease is explained by the combined effect of: i) prepayment of short-term financing operations, and ii) the restatement of financial obligations in US dollars at the closing rate, recognized mainly in equity through hedge accounting.
The Ecopetrol Group's Gross Debt/EBITDA ratio at the end of September 2025 was 2.4 times, below the upper limit set for 2025 (2.5 times), while the Ecopetrol Group's Net Debt/EBITDA ratio closed at 2.1 times and the Debt/Equity ratio at the end of September remained at 1.1 times.
Fuel Price Stabilization Fund, FEPC
At the end of September 2025, the account receivable of the FEPC stood at COP 3.3 trillion. In 3Q 2025, there is an increase compared to 2Q 2025, due to the accrual of COP +0.8 trillion for the quarter.
Efficiencies
In 2025, the Ecopetrol Group continues materializing its comprehensive strategy of efficiencies and competitiveness with a contribution of COP 4.1 trillion at the close of 3Q 2025, of which 60% has had a direct impact on the EBITDA of COP 2.45 trillion (COP 1.27 trillion for efficiencies in Opex and COP 1.18 trillion for additional income generation), as detailed below:
OPEX
Savings of COP 270 billion through improvements in energy efficiency, self-generation, and energy purchasing were achieved, added to COP 265 billion in maintenance thanks to the reutilization of materials, optimization of artificial lift systems, and reliability strategies.
Efficiencies of COP 244 billion through initiatives in digital solutions, service demand control, and insurance management, complemented by a more efficient procurement strategy that generated savings of COP 194 billion.
Savings of COP 165 billion in crude evacuation and dilution, mainly for the early entry of the Caño Sur Este - ODL project.
Revenue
Production increase strategies contributed COP 347 billion through deferred reductions, operational improvements in well service, and process optimization in Piedemonte.
Capture of synergies generated income for COP 155 billion in the crude transportation systems associated with the segregation and routing of crudes as well as for volumetric compensations for quality.
Greater margins for crude exports (COP 105 billion), product imports (COP 99 billion) and the fee of the ANH purchases (COP 73 billion).
Value creation in refining operations due to quality migration from HSFO to IFO-380 (COP 69 billion) and increased asphalt production in the Barranca refinery (COP 23 billion).
From the point of view of unit costs, the efficiencies obtained during 9M 2025 were as follows:
52% of the efficiencies mentioned with an effect on Opex mitigated impacts on the cost of production by 0.91 USD/bbl.
Efficiencies affecting refining cash costs and costs per barrel transported enabled reductions of 0.10 USD/bbl and 0.013 USD/bbl, respectively.
Efficiencies of COP 1.05 trillion achieved in capex related to the optimization of project investment costs, seen at:
In direct operation drilling and completion, efficiencies were achieved through improvements in design and engineering, optimization of services, rate negotiation, and reduction of processing times.
Reductions in operating times and costs in Permian, thanks to new well designs, lower fracture pressures, and pumping times, which resulted in lower costs per foot drilled and per barrel pumped compared to the plan.
As for surface facilities, efficiencies were achieved through the optimization of scopes in project design and engineering.
Actions focused on improving working capital were implemented, with a positive cash impact of COP 0.6 trillion. This was achieved through advanced payment management with entities, avoiding debt, inventory optimization, and savings in the payment of inspection fees.
Investments
Table 5: Investment by Segment - Ecopetrol Group
Ecopetrol Group InvestmentsBusiness
Total 9M 2025
%
Share
Million USD
Trillion COP
Hydrocarbons*
2,582
10.7
62 %
Energies for the Transition**
529
2.2
13 %
Transmission and Toll Roads
1,068
4.4
25 %
Total
4,179
17.3
100 %
*Includes the total amount of investments in hydrocarbon transportation of each of the Ecopetrol Group Companies (Ecopetrol S.A. participation and non-controlling).Average exchange rate: 4,131.52**Includes investment in Gas and Energy TransitionIncludes only organic investments
At the end of 3Q 2025, the Ecopetrol Group made investments totaling USD 4,179 million (COP 17.3 trillion); 62% percent in Colombia, while the remaining 38% went to international operations, mainly in Brazil (21%), the United States (12%), and other locations (5%).
Hydrocarbons
At 3Q 2025, investments in hydrocarbons accounted for 62% of the Ecopetrol Group's total, reaching USD 2,582 million (COP 10.7 trillion).1 Thus, USD 2,139 million (COP 8.8 trillion) 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, USA) and in Brazil, in the Orca Brazil project (formerly Gato do Mato).
In the refining segment, USD 240 million (COP 1.0 trillion) 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 USD 162 million (COP 0.7 trillion), 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 Group reaffirmed its commitment to the energy transition and allocated USD 529 million (COP 2.2 trillion) to investments in the Energy for Transition line, which represented 13% of total investment. To strengthen the value chain and gas supply, USD 425 million (COP 1.8 trillion) 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, USD 104 million were allocated (COP 0.4 trillion) to energy efficiency and renewable energy projects.
Transmission and Toll Roads
In 3Q 2025, the Ecopetrol Group invested a total of USD 1,068 million (COP 4.4 trillion) 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-.
II. Business Lines Results
For purposes of this report, the financial information included is organized by the following segments: (i) exploration and production, (ii) transportation and logistics, (iii) refining and petrochemicals, and (iv) energy transmission and toll roads, which is consistent with the Company's previous reports. Nevertheless, management is reviewing other options to update the Company's operating, management, and financial reporting model in line with Strategy 2040.
1. HYDROCARBONS
1.1 Exploration, Development and Production
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 (see annexes, Table 11: Details of Exploratory Wells, Ecopetrol Group).
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.
Production
Table 6: Gross Production - Ecopetrol Group
Production - mboed
3Q 2025
3Q 2024
∆ (%)
9M 2025
9M 2024
∆ (%)
Crude Oil
500.0
493.0
1.4 %
497.1
493.6
0.7 %
Natural Gas
102.3
117.4
(12.9 %)
103.8
119.6
(13.2 %)
Total Ecopetrol S.A.
602.3
610.4
(1.3 %)
600.9
613.2
(2.0 %)
Crude Oil
21.5
17.9
20.1 %
21.5
17.9
20.1 %
Natural Gas
13.7
16.4
(16.5 %)
14.2
17.3
(17.9 %)
Total Hocol
35.2
34.3
2.6 %
35.6
35.2
1.1 %
Crude Oil
7.9
6.2
27.4 %
7.9
7.2
9.7 %
Natural Gas
1.0
0.9
11.1 %
0.9
0.9
0.0 %
Total Ecopetrol America
8.9
7.2
23.6 %
8.8
8.1
8.6 %
Crude Oil
54.9
58.0
(5.3 %)
57.3
55.6
3.1 %
Natural Gas
50.1
44.6
12.3 %
48.2
39.6
21.7 %
Total Ecopetrol Permian
105.0
102.6
2.3 %
105.5
95.2
10.8 %
Crude Oil
584.3
575.1
1.6 %
583.7
574.3
1.6 %
Natural Gas
167.1
179.3
(6.8 %)
167.1
177.4
(5.8 %)
Total Ecopetrol Group
751.5
754.4
(0.4 %)
750.9
751.7
(0.1 %)
Note 1: Gross production includes royalties and is prorated by Ecopetrol's holding in each company. The Natural Gas data includes Gas and Blanks (LPG, propane and butane).Note 2: Consolidated data presented in rounded up figures.Note 3: The table of this report includes 100% production of Arauca-8 for both 2024 and 2025 figures. The owner of the Arauca Agreement is Ecopetrol; therefore, 100% of the ownership of the production of the Arauca Agreement Area is in the hands of Ecopetrol; however, by virtue of the private agreement (Bussiness Collaboration Agreement (BCA), entered into between Ecopetrol and Parex, once the hydrocarbons of the Arauca Agreement are produced, Ecopetrol, immediately transfers to Parex 50% of all the production obtained in the contracted area.Note 4: Quarterly production figures subject to minor updates due to ministerial forms to the ANH of associated fields and closures in international subsidiaries.Note 5: 2025 figures include production from the El Niño, Guando and Guando SW fields (4.3 mboed in 3Q 2025) in the Hocol subsidiary, given the transfer made by Ecopetrol S.A. in late 2024, in line with the Ecopetrol Group's presence strategy in the Department of Tolima through this subsidiary.
The Ecopetrol Group's production in 3Q 2025 was 751 thousand barrels of oil equivalent per day (mboed), 3 mboed less than in the same period of the previous year, mainly due to the net effect of:
i) (+30 mboed) Growth of Caño Sur supported by the increase in fluid treatment capacity at the Centauros Station and the acquisition of 45% of Repsol's stake in block CPO9, in addition to the growth actions associated with the progressive entry of the Orotoy Station.ii) (+5 mboed) Improved performance by Permian and Ecopetrol América.iii) (-15 mboed) Lower gas production and blanks due to natural decline of the Cusiana-Cupiagua node, Recetor (Piedemonte Llanero), and higher-than-expected water intrusion in the Guajira and Gibraltar fields.iv) (-23 mboed) in domestic crude oil due to electrical events in Meta and Magdalena Medio, public order issues, natural decline of fields, and delays in projects and drilling associated with blockades at the beginning of the year.
In response to the effect on production caused by environmental events, during 3Q25 there was a cumulative impact of 369,000 barrels, with cumulative deferred production for the 9M 2025 amounting to 2.15 million barrels. The impacts in 3Q 2025 were mainly concentrated in the departments of Meta and Putumayo due to: i) permanent blockades in CPO-9 that lasted until October, and ii) operational and access road events in Cupiagua that affected the delivery of white products in August and September.
As for drilling, at the end of September, 331 development wells were completed, with an average of 22 active drilling rigs over the period.
Lifting and Dilution Cost
Table 7: Lifting and Dilution Cost - Ecopetrol Group
USD/bbl
3Q 2025
3Q 2024
∆ (%)
9M 2025
9M 2024
∆ (%)
% USD
Lifting Cost*
12.18
12.65
(3.8 %)
11.81
12.25
(3.6 %)
26.0 %
Dilution Cost**
4.76
4.70
1.7 %
4.85
5.14
(5.6 %)
100.0 %
Lifting Cost
The lifting cost in 3Q 2025 decreased by -0.48 USD/bbl compared to the same period last year, mainly leveraged by the efficiencies achieved as follows:
Exchange rate effect (+0.27 USD/bbl): negative effect due to the conversion of costs from pesos to dollars, given the lower average exchange rate, which went from 4,094 to 4,004 COP/USD. Considering that 74% of the costs are expressed in pesos, the peso indicator decreased by 6% from 51,795 COP/bbl to 48,755 COP/bbl.
Cost Effect (-0.74 USD/bbl): Operating optimizations achieved include:
Optimization of the operations and maintenance model for non-industrial areas.
Energy optimization: optimization of self-generation mainly in Rubiales and Caño Sur, as well as a reduction in energy consumption thanks to the massification of more efficient technologies and operational control of production and injection facilities.
Efficiencies in well maintenance, reutilization of materials for subsurface operations, optimization of artificial lift systems, and optimization of reliability strategies, among others.
These efficiencies allowed us to partially offset the following cost increases:
Cumulative inflation impact on operating service.
Fluids treatment: Increase in volumes treated (+813 MBWPD)2.
Increased subsurface activities associated with new treatment and production facilities.
Dilution Cost
The dilution cost increased by USD 0.08/Bl compared to 3Q24, mainly explained by:
Cost effect (-0.02 USD/bbl): lower purchase price of naphtha associated with the Brent benchmark indicator at -11 USD/bbl.
Volume Effect (0.10 USD/bbl): Fewer barrels of crude oil marketed.
Financial Results
Table 8: Income Statement - Exploration and Production
Billion (COP)
3Q 2025
3Q 2024
∆ ($)
∆ (%)
9M 2025
9M 2024
∆ ($)
∆ (%)
Total revenue
17,378
20,474
(3,096)
(15.1 %)
53,884
60,689
(6,805)
(11.2 %)
Depreciation, amortization and depletion
2,846
2,794
52
1.9 %
8,712
7,689
1,023
13.3 %
Variable costs
6,889
7,439
(550)
(7.4 %)
21,670
22,137
(467)
(2.1 %)
Fixed costs
3,259
3,560
(301)
(8.5 %)
9,845
10,200
(355)
(3.5 %)
Total cost of sales
12,994
13,793
(799)
(5.8 %)
40,227
40,026
201
0.5 %
Gross income
4,384
6,681
(2,297)
(34.4 %)
13,657
20,663
(7,006)
(33.9 %)
Operating and exploratory expenses
1,391
1,673
(282)
(16.9 %)
4,267
4,778
(511)
(10.7 %)
Operating income
2,993
5,008
(2,015)
(40.2 %)
9,390
15,885
(6,495)
(40.9 %)
Financial result, net
(949)
(991)
42
(4.2 %)
(2,992)
(2,951)
(41)
1.4 %
Share of profit of companies
3
9
(6)
(66.7 %)
18
25
(7)
(28.0 %)
Income before income tax
2,047
4,026
(1,979)
(49.2 %)
6,416
12,959
(6,543)
(50.5 %)
Provision for income tax
(674)
(1,320)
646
(48.9 %)
(2,163)
(5,654)
3,491
(61.7 %)
Consolidated net income
1,373
2,706
(1,333)
(49.3 %)
4,253
7,305
(3,052)
(41.8 %)
Non-controlling interest
20
23
(3)
(13.0 %)
65
63
2
3.2 %
Net income attributable to owners of Ecopetrol
1,393
2,729
(1,336)
(49.0 %)
4,318
