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Ecopetrol S.A.

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Ecopetrol S.A. • NYSE
$9.82 ▼ -0.51% (-0.05)
Market Cap $20.19 B
52w High $11.05
52w Low $7.41
Dividend Yield 0.52%
P/E 7.38
Volume 1.33M
Outstanding Shares 2.06B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $29.84T ▲ $2.635T ▼ $2.563T ▲ 8.589% ▲ $1.247K ▲ $11.405T ▲
Q2-2025 $29.669T ▼ $2.871T ▲ $1.811T ▼ 6.104% ▼ $881 ▼ $10.131T ▲
Q1-2025 $31.365T ▼ $2.28T ▲ $3.127T ▲ 9.97% ▲ $1.521K ▼ $8.38T ▼
Q4-2024 $34.794T ▲ $781.277B ▼ $2.804T ▼ 8.059% ▼ $1.896K ▲ $11.907T ▲
Q3-2024 $34.607T $2.657T $3.649T 10.544% $1.775K $9.306T

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.734T ▼ $291.872T ▼ $184.862T ▼ $80.714T ▲
Q2-2025 $14.34T ▼ $294.61T ▼ $189.029T ▼ $79.225T ▲
Q1-2025 $16.63T ▲ $300.321T ▼ $197.023T ▲ $77.485T ▼
Q4-2024 $14.906T ▼ $301.345T ▲ $191.369T ▲ $83.697T ▲
Q3-2024 $16.338T $292.711T $187.79T $78.274T

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.563T ▲ $8.878T ▲ $-3.127T ▲ $-5.187T ▲ $246B ▲ $3.805T ▼
Q2-2025 $1.762T ▼ $8.487T ▲ $-6.287T ▼ $-5.814T ▼ $-3.623T ▼ $6.375T ▲
Q1-2025 $3.08T ▼ $4.157T ▼ $-5.71T ▲ $1.633T ▲ $715.697B ▲ $2.564T ▼
Q4-2024 $3.942T ▲ $8.277T ▼ $-7.024T ▲ $-1.614T ▲ $-825.393B ▼ $4.465T ▼
Q3-2024 $3.722T $11.077T $-7.972T $-2.802T $767.228B $8.879T

Revenue by Products

Product Q2-2021Q4-2021Q3-2022Q4-2022
Crude oil
Crude oil
 $0 ▲$0 ▲$214.59Bn ▲$161.20Bn ▼
Asphalts
Asphalts
 $279.85Bn ▲$331.20Bn ▲$0 ▼$0 ▲
Cash Flow Hedging
Cash Flow Hedging
 $124.43Bn ▲$0 ▼$0 ▲$0 ▲
Crude
Crude
 $14.38Tn ▲$0 ▼$0 ▲$0 ▲
Fuel Gas Services
Fuel Gas Services
 $346.31Bn ▲$0 ▼$0 ▲$0 ▲
Other Product
Other Product
 $266.85Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ecopetrol’s income statement shows a classic oil cycle pattern. Sales and profits surged in 2021–2022 with strong oil prices, then eased in 2023–2024 as conditions normalized and costs stayed high. Even with the pullback, the company remains clearly profitable, with healthy operating and cash earnings. The main watchpoints are margin pressure as prices soften, exposure to global oil price swings, and whether efficiency gains and higher-value products can offset any future downturn in crude markets.

Balance Sheet

Balance Sheet The balance sheet reflects a large, capital‑intensive national oil company: sizable asset base, meaningful debt, and a solid but not ultra‑conservative equity cushion. Debt has risen over time and is significant relative to equity, which makes funding costs and interest rates important to monitor. Cash on hand is reasonable but not excessive, suggesting some reliance on continued cash generation and refinancing rather than a very large liquidity buffer. Overall, it looks robust but leveraged, which can amplify both good and bad cycles in the energy market.

Cash Flow

Cash Flow Ecopetrol’s cash flows are a key strength. The business consistently generates cash from operations, even in weaker years, and free cash flow has stayed positive after investment spending. Cash generation improved notably in the most recent year, helped by still-strong underlying operations and disciplined capital expenditures. This gives the company room to service debt, fund its transition projects, and handle volatility, though cash flows will remain closely tied to oil prices and refining margins.

Competitive Edge

Competitive Edge The company has a strong home‑market position, supported by majority state ownership and control of critical infrastructure such as pipelines and storage through its Cenit subsidiary. Its integrated model—spanning production, transport, refining, and marketing—helps capture value at multiple stages and offers some insulation when one segment weakens. Expertise in heavy crude and tailor‑made crude blends also gives it differentiation in export markets. The flip side is concentrated exposure to Colombia’s regulatory, political, and security environment, and to global shifts away from fossil fuels over time.

Innovation and R&D

Innovation and R&D Ecopetrol is unusually active in technology and transition for a traditional oil and gas company. It has built know‑how in heavy crude extraction and recovery, supported by in‑house research institutions and patents. The company is also pushing digitalization—using cloud, data, and automation to cut costs and improve reliability. On the transition side, it has set out a 2040 strategy with meaningful plans in cleaner fuels, refinery upgrades, green hydrogen, biofuels, and sustainable aviation fuel, often via partnerships. The opportunity is to reposition itself as a broader energy company; the risk is execution complexity, capital intensity, and uncertain long‑term returns from emerging technologies.

Summary

Ecopetrol looks like a mature, integrated national oil company that is still strongly tied to hydrocarbons but actively investing in a lower‑carbon future. Financially, it remains profitable and cash‑generative, but with earnings and margins that clearly move with the oil cycle and a balance sheet that carries notable leverage. Strategically, it benefits from state backing, control of key infrastructure, and technical strengths in heavy crude and specialized products, while facing long‑term challenges from energy transition, political risk at home, and the need to deliver on ambitious hydrogen and clean‑fuel projects. The company’s long‑term value will hinge on balancing stable cash from its core oil business with disciplined execution of its transformation agenda.

NEWS

November 28, 2025 · 8:31 PM UTC

Ecopetrol S.A. Negotiates Acquisition of a Portfolio of up to 88.2 MWp in Solar Photovoltaic Projects in Colombia

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November 28, 2025 · 8:53 AM UTC

Updates from Ecopetrol S.A.'s Board of Directors

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November 28, 2025 · 8:47 AM UTC

Ecopetrol Group to Invest Between COP 22 and 27 Trillion in 2026

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November 18, 2025 · 10:42 PM UTC

Decision of the Board of Directors of Ecopetrol S.A.

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November 13, 2025 · 9:10 PM UTC

Ecopetrol Group Releases Its Financial Results for Third Quarter 2025

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