Colombia's Ecopetrol Reports Weaker Q3 Earnings

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

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Summary

A drop in Ecopetrol's earnings was mainly driven by lower crude prices as oil production and refining operations remained robust.

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Ecopetrol Earnings Down 29.8%

Ecopetrol (Bogota, Colombia) reported net income of 2.56 trillion Colombian pesos (US$681 million) in the third quarter, down 29.8% from the same period last year. The weaker financial performance, unrelated to operational performance, was driven by lower crude prices and sales.

In the first nine months of 2025, net income was 7.5 trillion pesos (US$1.9 billion), well below last year's 11 trillion pesos (US$2.9 billion), mainly due to lower prices.

At the end of the third quarter, Ecopetrol's debt stood at 114.3 trillion pesos (US$29.1 billion), about 6 trillion pesos (US$1.5 billion) lower than in the second quarter of this year.

Hydrocarbon Operations

The company maintained overall output at 751,500 barrels of oil equivalent per day (BOE/d), flat year over year. In the U.S., Ecopetrol Permian averaged crude oil production of 105,000 BOE/d and Ecopetrol America averaged 8,900 BOE/d, up 2.3% and 23.6% year on year, respectively.

However, Ecopetrol said it saw production losses in Colombia, stemming from a natural decline at Cusiana-Cupiagua and increased water at the Guajira and Gibraltar fields. The company lost 23,000 BOE/d due to power failures in Meta and Magdalena Medio, and to social unrest affecting operations and leading to some project delays.

During the first nine months of the year, the company had drilled 10 exploration wells.

In the downstream segment, processed crude reached 429,000 barrels per day (BBL/d), up 7% from last year and the second highest level in the company's history. The 245,000-BBL/d Cartagena refinery processed crude at a pace of 200,000 BBL/d in the third quarter, and the 250,000-BBL/d Barrancabermeja refinery averaged 229,000 BBL/d. Subscribers to Industrial Info's Global Market Intelligence Petroleum Refining Plant Database can learn more about the Cartagena and Barrancabermeja refineries.

Renewable Energy

Ecopetrol brought the 26 megawatt (MW) La Iguana solar plant online in the just-ended quarter, raising renewable capacity to 234 MW from 132 MW a year earlier. The company also resumed due diligence and community engagement for the 200-MW Windpeshi project in La Guajira, acquired from Enel SpA (Rome, Italy) in June.

Key Takeaways

• Ecopetrol's third-quarter was down 29.8% from a year earlier.
• The company maintained output at 751,500 BOE/d, flat year over year.
• Processed crude at Ecopetrol's refineries reached 429,000 BBL/d, up 7% from last year.

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