EC earnings call summary

Prepared Highlights

• Semester production reached 751,000 boe/d, the highest level in a decade (CEO) (prepared).
• Domestic crude production hit 57,000 bbl/d, the highest since 2021, driven by CPO-09 (+11,000 bbl/d) and Permian Basin (106,000 boe/d, +14,000 bbl/d vs. H1 2024) (Rafael Guzmán) (prepared).
• Midstream EBITDA grew 9% in H1 2025 vs. H1 2024; transported volumes fell 6% QoQ and 4% YoY due to blockades, attacks, theft, and refinery maintenance (Rafael Guzmán) (prepared).
• Downstream EBITDA rose 53% in Q2 2025 vs. Q2 2024; operational availability reached 95.8% (up from 91.2% in Q1 2025); throughput 413,000 bbl/d in Q2 (Rafael Guzmán) (prepared).
• Integrated gross refining margin $12.5/bbl in Q2 2025 (+37% vs. Q2 2024); H1 2025 margin $11.7/bbl (-2% vs. H1 2024) (Rafael Guzmán) (prepared).
• Efficiencies totaled COP 2.2 trillion in H1 2025, exceeding semester target by 27%; 66% directly benefited OpEx and revenues (CFO) (prepared).
• CapEx committed $2.5 billion in H1 2025; upstream investment $1.4 billion; total projected upstream CapEx $4.0 billion ($3.6B production, $0.4B exploration) (CEO, Rafael Guzmán) (prepared).
• Free cash flow positive COP 3.1 trillion; cash position COP 13.1 trillion; dividends paid COP 8.8 trillion (CFO) (prepared).
• Gross debt-to-EBITDA 2.4x; net debt-to-EBITDA 2.2x (excluding ISA: 1.7x and 1.6x) (CFO) (prepared).
• Lifting cost $11.59/bbl in H1 2025, down $0.45/bbl vs. H1 2024 (Rafael Guzmán) (prepared).
• Renewable energy portfolio 630 MW (208 operational, 228 purchased, 95 under construction, 99 in execution); on track for 900 MW by year-end (Bayron Triana) (prepared).
• Gas & LPG production 161,000 boe/d; gas segment EBITDA COP 1.5 trillion (+4.5% vs. H1 2024) (Bayron Triana) (prepared).
• Lorito discovery commercial viability declared; ~250 million barrels recoverable resources, including 109 million barrels certified contingent resources; development plan to ANH in Q4 2025 (Rafael Guzmán) (prepared).
• ISA contributed ~17% of consolidated EBITDA; RBSE adjustment reduced EBITDA by ~COP 0.6 trillion and net income by ~COP 0.1 trillion (CFO) (prepared).

Official Guidance

• 2025 production target: 740,000–750,000 boe/d (maintained) (CEO, Rafael Guzmán) (prepared).
• 2025 upstream CapEx: $4.0 billion total ($3.6B production, $0.4B exploration) (Rafael Guzmán) (prepared).
• 2025 EBITDA margin target: 39% (actual H1 2025: 40%) (CFO) (prepared).
• 2025 lifting cost target: below $12/bbl (CFO) (prepared).
• 2025 cost/expense reduction target: COP 1 trillion; additional efficiencies >COP 5 trillion (CFO) (prepared).
• 2025 working capital optimization target: COP 2 trillion (51% progress as of June) (CFO) (prepared).
• 2025 CapEx flexibility target: $500 million (56% progress as of June) (CFO) (prepared).
• 2025 dividend/royalty/tax transfers to nation: estimated COP 35–40 billion (CFO) (prepared).

Mgmt Quotes

• "We reached a semester production of 751,000 barrels of oil equivalent per day, the highest level in a decade." (CEO) (prepared)
• "We achieved efficiencies totaling COP 2.2 trillion, exceeding the semester's target by 27%, helping to mitigate the impact of lower prices." (CEO) (prepared)
• "The declaration of commerciality for the Lorito discovery... represents the most significant discovery in terms of resource potential over the past decade with approximately 250 million barrels of oil in recoverable resources." (Rafael Guzmán) (prepared)
• "The Ecopetrol Group's energy transition is not only possible but also profitable, sustainable and socially inclusive." (Bayron Triana) (prepared)
• "EBITDA margin remained strong at 40%, exceeding the annual target of 39%." (CFO) (prepared)

Prepared Metrics