Ecopetrol

What Ecopetrol does

Ecopetrol S.A. is Colombia's largest integrated oil and gas company and a state-owned enterprise (Sociedad de Economía Mixta) with 88.49% ownership held by the Republic of Colombia. Headquartered in Bogotá and listed on the NYSE under ticker EC, the company operates the full hydrocarbon value chain: onshore and offshore exploration, production from approximately 160 active oil fields at ~745 thousand barrels of oil equivalent per day, pipeline transportation via wholly-owned subsidiary Cenit, refining at the Barrancabermeja and Cartagena (Reficar) refineries, and domestic plus international commercialization of crude, natural gas, refined products, and petrochemicals. Ecopetrol commands more than 60% of Colombia's hydrocarbon production and controls the country's largest pipeline network plus three export/import ports (Coveñas, Cartagena, Tumaco).

The company has expanded beyond hydrocarbons into power transmission, owning 51.41% of Interconexión Eléctrica S.A. (ISA), which operates more than 30,000 km of transmission lines across Colombia, Brazil, Chile, Peru, and Bolivia plus road concessions. Ecopetrol is also pursuing an energy-transition portfolio that includes the 128 MW Portón del Sol solar park, the 259 MW Jemeiwaa Ka'I wind cluster (JK1 and JK2), the Nereidas geothermal exploration project with Baker Hughes and Grupo EPM, the Puerto Bahía LNG regasification terminal with Frontera Energy, and a Power-to-Liquid e-SAF pilot with Germany's GIZ at the Cartagena refinery. Most consequentially, Ecopetrol holds a 55.6% participating interest in the Sirius gas discovery in the Caribbean offshore (operated by Petrobras), the largest gas find in Colombian history at over 6 Tcf of reserves, planned to produce up to 249 mcf/d starting in 2030.

Ecopetrol generates revenue primarily through commodity sales priced against the Brent benchmark, with domestic Colombian fuel prices partially subsidized through the Fuel Price Stabilization Fund (FEPC), supplemented by regulated electricity transmission tariffs via ISA and growing renewables subscription-style revenue from wind and solar assets. The largest single counterparty exposure is the Government of Colombia, both as majority shareholder and as counterparty for FEPC settlements. The customer base spans millions of downstream fuel consumers, industrial users (e.g., Cerro Matoso), international commodity traders, and grid operators across five South American countries. FY2025 operational revenue was approximately COP 100.59 trillion (~$25 billion USD), with net profit of COP 9.03 trillion, both down materially versus 2024 reflecting weaker crude prices. The company maintains a workforce of over 19,000 employees and is currently navigating a leadership transition after the May 2026 ouster of CEO Ricardo Roa.

Name

Ecopetrol

Legal name

Ecopetrol S.A.

Website

http://www.ecopetrol.com.co

Company type

Public

Founded year

1948

Headcount range

5,001–10,000 employees

Short description

Ecopetrol S.A. is Colombia's largest integrated oil and gas company, majority-owned (88.49%) by the Republic of Colombia. Listed on the NYSE as EC, it operates the full hydrocarbon value chain — exploration, production (~745 kboed), pipeline transportation via Cenit, refining at Barrancabermeja and Cartagena, and commercialization — serving domestic Colombian energy demand and international commodity markets, and controls power transmission across South America through 51.41%-owned ISA.

Ownership category

akta.pro rank

Product category

Integrated Oil and Gas

NAICS

Crude Petroleum Extraction (21112), Petroleum Refineries (32411), Oil and Gas Extraction (211), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Petroleum Refining (2911), Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM)

akta.pro secondary industries

Oilfield & Refining Specialty Chemicals (IMAEABAI), Biofuels & Renewable Fuels Switching (Biomethane/RNG, Bio-oils, Sustainable Biomass) (EUABAJAD)

Keywords

• Crude oil production
• Natural gas exploration
• Petroleum refining services
• Pipeline transportation logistics
• Power transmission infrastructure

Headquarters

HQ city

Bogotá

HQ country

Colombia

HQ region

Latin America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Hydrocarbon Production and Sales: Revenue from exploration, production, and sale of crude oil and natural gas from approximately 160 active oil fields across Colombia and international operations in Brazil, Mexico, and US Gulf Coast. The company manages regional production through Central, Orinoquía, Andina Oriente, and Piedemonte regions.
2. Refining and Petrochemicals: Revenue from processing crude oil at the Barrancabermeja and Cartagena refineries into refined petroleum products, fuels, and petrochemicals. The Cartagena refinery underwent major modernization through the Ibn project.
3. Transportation and Logistics: Revenue from pipeline transportation of crude oil and refined products through Cenit subsidiary, Colombia's largest hydrocarbon logistics company. Includes multimodal transport via river fleet and tanker trucks, plus port operations at Coveñas, Cartagena, and Tumaco.
4. Power Transmission (through ISA): Revenue from electricity transmission, power transmission in Brazil, Chile, Peru, and Bolivia through its 51.41% owned subsidiary Interconexión Eléctrica S.A. E.S.P. (ISA). ISA operates over 30,000 km of transmission lines.
5. Renewable Energy and Transition Solutions: Revenue from renewable energy projects including wind farms, solar parks, and emerging green hydrogen and sustainable aviation fuel initiatives aligned with the company's energy transition strategy.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Ecopetrol is Colombia's largest integrated oil and gas company, operating the full hydrocarbon value chain: exploration (onshore and deepwater offshore), production from approximately 160 active oil fields, transportation through its wholly-owned Cenit pipeline/multimodal subsidiary, refining at Barrancabermeja and Cartagena, and commercialization of crude, natural gas, refined fuels, petrochemicals, and electricity. Through 51.41%-owned ISA, Ecopetrol also operates over 30,000 km of power transmission lines across Colombia, Brazil, Chile, Peru, and Bolivia.

Product overview

Ecopetrol is an integrated energy group participating in all segments of the hydrocarbon value chain (exploration, production, transport, refining, and commercialization) and linear infrastructure including power transmission and road concessions. The company operates through multiple divisions: Exploration for discovering hydrocarbon deposits, Production for extracting crude oil and gas from approximately 160 active fields, Transport via 100%-owned subsidiary Cenit operating pipelines and multimodal logistics, Refining and Petrochemicals through Barrancabermeja and Cartagena refineries, and Commercial/Marketing for selling products domestically and internationally. The company is expanding into renewable energy with the 128 MW Portón del Sol solar park, 259 MW Jemeiwaa Ka'I wind projects, and a sustainable aviation fuel pilot. Through its 51.4% subsidiary ISA, Ecopetrol operates power transmission networks across Colombia, Brazil, Chile, Peru, and Bolivia, plus road concessions. The company is pursuing international expansion through Brazil operations including the proposed Brava Energia acquisition.

Differentiator

Problem solved

Functional benefit

Products and services

• Exploration Services Hydrocarbon exploration services including onshore and offshore drilling, seismic surveys, and prospect evaluation across Colombia, Brazil, and the U.S. Gulf of Mexico, marketed to upstream investors and JV partners.
• Crude Oil and Natural Gas Production Extraction and sale of crude oil and natural gas from approximately 160 active oil fields across Colombia, with international operations in Brazil, Mexico, and U.S. Gulf of Mexico, supplying industrial buyers and the international market.
• Pipeline Transportation and Logistics (Cenit) Crude and refined product pipeline transportation plus multimodal logistics services through 100%-owned subsidiary Cenit (Colombia's largest hydrocarbon logistics operator), connecting production fields to refineries and export terminals via major oil and multiproduct pipelines, river fleet, tanker trucks, and ports.
• Refining and Petrochemicals Processing of crude oil into gasoline, diesel, jet fuel, petrochemicals, and other refined products at the Barrancabermeja and Cartagena refineries for domestic and export markets.
• Commercial and Marketing (Domestic Sales) Domestic sale and marketing of Ecopetrol's crude, natural gas, refined products, petrochemicals, biofuels, LPG, and electricity to industrial customers, electricity generators, and through fuel distribution networks across Colombia.
• LNG Regasification Services LNG import and regasification services via the Puerto Bahía FSRU project in Cartagena, addressing Colombia's natural gas supply deficit (≈200 MMcfd shortfall) with up to 370 MMcfd of regasification capacity, in collaboration with Frontera Energy.
• Electricity Power Transmission (via ISA) Electricity transmission services, regulated by CREG and other South American regulators, delivered through Ecopetrol's 51.41%-owned subsidiary Interconexión Eléctrica S.A. (ISA), covering more than 30,000 km of transmission lines across five South American countries.
• Road Concessions (via ISA) Road infrastructure concessions operated through the ISA subsidiary, providing linear transportation infrastructure services alongside power transmission corridors across South American markets.
• Solar Power Generation - Portón del Sol (128 MW) Solar power generation from the 128 MW Portón del Sol solar park in Caldas, Colombia, integrated directly into Ecopetrol's portfolio to support decarbonization and corporate energy demand.
• Wind Power Generation - Jemeiwaa Ka'I (JK1 and JK2) Combined 259 MW of wind generation capacity from the JK1 and JK2 projects in the Jemeiwaa Ka'I cluster, La Guajira, Colombia, providing approximately 1,100 GWh annually and reducing approximately 4.3 million tons CO2 equivalent per year.

Quantifiable outcome

• Production maintained at approximately 745,000 barrels of oil equivalent per day despite challenging operating environment
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)coreStrategic or Co-development Partner · 22 June 2026Partnership between Ecopetrol Group and Germany's GIZ to conduct feasibility and engineering studies for a pilot sustainable synthetic aviation fuel (e-SAF) plant at the Cartagena Refinery. Germany's Federal Ministry for Economic Affairs and Climate Action funds the initial 24-month analysis phase. Technical experts will contribute Power-to-Liquid technology transfer. Study aims to evaluate commercial and technical viability of e-SAF production using green hydrogen from the Coral project (up to 800 tonnes annually).
• Baker HughesminorStrategic or Co-development Partner · 20 May 2026Partnership with Baker Hughes and Grupo EPM (through subsidiary CHEC) for the Nereidas geothermal project in the Ruiz Volcano Massif, Caldas province. Colombia's first major geothermal exploration initiative, with the government granting an exploration license and issuing new environmental rules for the sector. National geological institute SGC estimates Colombia's geothermal potential at over 1,170 megawatts.
• Grupo EPM (CHEC)minorStrategic or Co-development Partner · 20 May 2026Central Hidroelectrica de Caldas (CHEC/Grupo EPM) joint development partner for Nereidas geothermal project with Ecopetrol and Baker Hughes. CHEC serves as the hydroelectric power plant component of the joint venture for Colombia's first major geothermal exploration initiative.
• Parex ResourcescoreStrategic or Co-development Partner · 4 May 2026Strategic partnership expanded to include Casabe and Llanito blocks in Colombia's Magdalena Basin. Parex earns 50% participating stake by committing $250 million gross capital program over five years. Blocks currently produce approximately 14,900 bbl/d of medium crude oil with estimated original oil in place exceeding 3 billion barrels and recovery factor under 15%. Parex acts as executor for drilling activities while Ecopetrol remains operator. Additionally, separate partnership for 49% interest in Tisquirama block.
• Frontera EnergyminorStrategic or Co-development Partner · 16 April 2026Collaboration on LNG import terminal at Puerto Bahía in Cartagena. Initial regasification capacity of 126 MMcfd starting in 2027, scaling to 370 MMf³/d by 2028 with $80 million investment. Project addresses Colombia's growing natural gas supply deficit, which currently stands at around 200 MMcfd (roughly a fifth of demand).
• Gran Tierra EnergyminorStrategic or Co-development Partner · 30 March 2026Partnership for Tisquirama block in Colombia's Middle Magdalena Valley Basin. Gran Tierra acquired 49% working interest in block containing Tisquirama and San Roque fields, which produced approximately 2,500 boepd in 2025. Phase 1 requires minimum $15 million capital expenditure for waterflood expansion, wellbore optimization, and infill drilling, expected to complete in Q1 2027.
• PetrobrascoreStrategic or Co-development Partner · 23 April 2024Joint operation of the Gua Off 0 block in Colombian Caribbean offshore where the Sirius gas field was discovered. Ecopetrol holds 55.6% participating interest and Petrobras operates with 44.4%. Sirius represents Colombia's largest gas discovery (over 6 Tcf reserves), with Sirius-2 confirming the largest offshore gas find in the country's history in late 2024. Production expected to start in 2030 at up to 249 mcf/d.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Petrobras: Brazil's state-controlled integrated oil & gas company operating across E&P, refining, transportation, and commercialization. Petrobras is Ecopetrol's partner on the Sirius gas discovery (Ecopetrol 55.6%, Petrobras 44.4% operator) and operates at a comparable scale and integrated value chain model in a neighboring Latin American jurisdiction.
• Pemex: Mexico's state-owned integrated petroleum company with upstream, refining, and petrochemical operations. Pemex mirrors Ecopetrol's state-owned integrated model in another Latin American jurisdiction and faces similar reserve depletion, sovereign credit linkage, and political interference dynamics.
• YPF: Argentina's leading integrated energy company with major positions in upstream (Vaca Muerta unconventional), refining, and gas distribution. YPF is directly comparable to Ecopetrol as a Latin American integrated state-influenced O&G operator, both serving as national energy security anchors with diversified portfolios.
• Equinor: Norway's state-influenced international integrated energy company with major offshore E&P, refining, and renewables (hydrogen, offshore wind). Equinor is one of the closest analogues to Ecopetrol's integrated-plus-transition model and showcases how state-tied integrated O&G operators can transition at scale while protecting cash flow.
• Eni: Italy's state-influenced integrated O&G company with global E&P, refining (Enilive), and a deep energy transition portfolio ( Plenitude renewables, biofuels, fusion). Eni reflects Ecopetrol's emerging strategy of leveraging integrated cash flow to fund renewables and SAF/blue-green hydrogen optionalities.
• Parex Resources: Colombia-focused upstream operator currently partnering with Ecopetrol on Casabe, Llanito, and Tisquirama blocks (combined ~17,400 boe/d). Parex is the most direct Colombian upstream comparable, with overlapping asset base and operational footprint in the Magdalena Basin.
• Gran Tierra Energy: Colombia and Ecuador-focused upstream operator with a minority stake partnership (49%) on Ecopetrol's Tisquirama block. Gran Tierra is a comparable Colombian-focused E&P operator overlapping Ecopetrol's core producing basins and competing for the same operator and acreage partnerships.
• Frontera Energy: Latin American upstream operator with primary Colombian producing assets and a partner in Ecopetrol's Puerto Bahía LNG regasification terminal (Cartagena). Frontera is a directly comparable Colombian-focused E&P peer overlapping Ecopetrol's transportation, midstream, and upstream footprint.
• Repsol: Spain-based integrated energy company with significant Latin American upstream (Peru, Colombia, Brazil) and refining/marketing operations. Repsol overlaps Ecopetrol across upstream asset locations, refining technology, energy transition investments, and integrated commercial operations in overlapping South American geographies.

Broad incumbents

• Saudi Aramco: Saudi Arabia's national oil company is the global benchmark state-owned integrated O&G operator. Aramco shares Ecopetrol's state-control governance structure and integrated value chain, but operates at dramatically larger scale across all segments and serves as a useful reference point for integrated state-tied O&G economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ecopetrol_sa
• Facebookfacebook.com/ecopetrolcolombia
• LinkedInlinkedin.com/company/ecopetrol

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries9 records

Funding overview

Funding rounds6 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ecopetrol