EC earnings call summary

Prepared Highlights

• Segment Revenue & EBITDA: Group revenues COP 28.6 trillion, EBITDA COP 13.5 trillion, net income COP 2.9 trillion (prepared). EBITDA margin expanded to 47% (prepared).
• Production: Consolidated production 725,000 boe/d, domestic crude 527,000 bbl/d (prepared). Full-year target maintained at 730,000–740,000 boe/d (CFO).
• Refining: Consolidated throughput 417,000 bbl/d (+5% YoY) (prepared); refining margin $17.3/bbl (+60% YoY) (prepared); segment EBITDA COP 1.9 trillion (~2.9x YoY) (CFO).
• Transportation: Volumes 1,122,000 bbl/d (~2% YoY increase) (CEO); capture of third-party volumes ~27,000 bbl/d, Coveñas-Ayacucho bidirectional flow enabled 18,000 bbl/d imports (CFO).
• Hydrocarbon Segment: EBITDA per barrel $27, margin 40% (CFO); total unit cost COP 166,601/bbl (-9% QoQ, -13% YoY); lifting cost COP 45,916/bbl (-4% QoQ, -11% YoY) in pesos, $12.2/bbl in USD (CFO).
• Exploration: Copoazú-1 well confirmed new gas accumulations in Caribbean offshore; initial testing underway (CEO/CFO). Five wells drilled in Q1 (CFO).
• Brava Energia Acquisition: Plan to acquire ~26% equity, launch tender offer for up to 51% controlling stake (CEO). Brava had 459 mmboe 1P reserves, ~81,000 boe/d production, ~$806 million EBITDA (2025) (CEO).
• Farm-in Agreements: Parex – $250 million partner-funded investment, potential +94 mmboe gross (CEO). Gran Tierra – $92 million partner-funded, potential +30 mmboe gross (CEO).
• CapEx: Q1 organic CapEx $1.4 billion (73% growth, 27% maintenance) (CFO). Full-year range $5.4–$6.7 billion, with base case $83/bbl Brent (CFO).
• Free Cash Flow: Positive at COP 4 trillion (CFO). Operating cash flow COP 7.2 trillion; investing outflows COP 3 trillion (CFO).
• Debt & Leverage: Gross debt-to-EBITDA 2.3x (Group), 1.6x (ex-ISA); interest coverage improved vs prior quarter (CFO). Liability management transaction $1.25 billion, ~90 bps cost savings (CFO).
• FEPC: Balance COP 4.2 trillion at quarter-end (CEO/CFO). Accumulated COP 1.2 trillion in Q1 plus 2025 balance (CFO). Payment agreement ~COP 1.6 trillion in TES bonds due Dec 2026 (CFO).

Official Guidance

• Full-year production: 730,000–740,000 boe/d (CFO).
• Full-year CapEx: $5.4–$6.7 billion, trending upper end with base case $83/bbl Brent (CFO).
• 2026 import gas volumes: 126–370 MMcf/d via Caribbean regasification (CEO); open tender for Pacific LNG (Bayron).
• Renewable capacity addition: 347 MW expected in 2026, total 1,298 MW (432 MW in operation by year-end) (Bayron).

Management Quotes

• "2026 began in a volatile international environment marked by an intensification of geopolitical tensions, with direct impacts on energy markets and global logistics." — CEO
• "We are maintaining our full year production target between 730,000 and 740,000 barrels of oil equivalent per day." — CFO
• "Total unit costs in the hydrocarbon segment... a reduction of 9% quarter-over-quarter and 13% year-over-year." — CFO
• "EBITDA margin of 47%, a level comparable to some of the best historical quarters of the Group." — CFO
• "The full-year investment range remains in line with the investment plan between $5.4 billion and $6.7 billion, with execution trending toward the upper end of the range." — CFO

Prepared Metrics