Ecopetrol SA - ADR

Strong Financial Performance: In 2024, Ecopetrol recorded total revenues of 133.3 trillion pesos, with an EBITDA of 54.1 trillion pesos and a net income of 14.9 trillion pesos. The EBITDA margin stood at 41%, although this is projected to decrease to 39% for 2025 due to weaker price forecasts and higher operating costs linked to currency fluctuations and inflation.

Robust Reserve Growth: The reserve replacement ratio reached 104%, with the addition of 260 million barrels of oil equivalent (BOE) in proven reserves, primarily from successful drilling campaigns and acquisitions, including a 45% stake in the CPO-9 block from Repsol. This achievement reflects a strong commitment to energy security amid external market pressures.

Investment Focus & Future Plans: Ecopetrol plans to invest between 24 and 28 trillion pesos in 2025, with 60% earmarked for enhancing crude oil production and domestic fuel demand and 40% toward energy transition initiatives. This aligns with their goal of preserving competitive returns while addressing efficiency and cost challenges.