Ecopetrol Plans $5.9B–$7.2B Investments for 2026, Targets 40% EBITDA Margin

<p><strong>Ecopetrol S.A. </strong><a class="ticker-link" data-ticker="EC" data-exchange="NYSE" href="https://www.benzinga.com/quote/EC" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EC">EC</a>)</a>, based in Colombia, on Friday disclosed that its board targets investments of COP 22 trillion ($5.9 billion) and COP 27 trillion <a href="https://www.benzinga.com/pressreleases/25/11/n49113185/ecopetrol-group-to-invest-between-cop-22-and-27-trillion-in-2026" target="_blank" rel="noreferrer noopener">($7.2 billion) for 2026</a>.</p>



<p><strong>     • EC shares are showing limited movement. <a href="https://www.benzinga.com/quote/EC" target="_blank" rel="noreferrer noopener">Get the complete picture here.</a></strong></p>



<p>The plan maintains investment broadly in line with projected 2025 year-end levels, following disciplined capital allocation across all business lines.</p>



<h2 class="wp-block-heading"><strong>Details</strong></h2>



<p>Of the 2026 investment plan, the company expects to use roughly COP 17.2 trillion (about 70% of the total) to fund production of 730–740 <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">thousand barrels of oil equivalent per day</a>.</p>



<p>Ecopetrol&nbsp;plans to maintain an average refinery throughput of 410–420 thousand barrels per day and transport 1,110–1,120 thousand barrels per day.</p>



<p>Apart from this, the company expects to invest around COP 7.1 trillion (30% of the budget) for Energy Transition and Power Transmission projects, roads, and other corporate initiatives.</p>



<p>The projections assume a Brent price of $60 per barrel and an average annual exchange rate near COP 4,050.</p>



<h2 class="wp-block-heading"><strong>Cost Reduction</strong></h2>



<p>Ecopetrol expects to focus on cost reductions, targeting an EBITDA margin of roughly 40%, consistent with 2025, while transfers to the nation are projected at about COP 28 trillion.</p>



<p>The Profitability and Efficiency Program is expected to contribute approximately COP 5.7 trillion, improving EBITDA, investments, and working capital, while helping maintain refining, transportation, and lifting costs below $12 per barrel.</p>



<h2 class="wp-block-heading"><strong>Investment in Business Line</strong></h2>



<p>Ecopetrol plans COP 14 trillion for exploration and production, with 89% for crude oil and 11% for gas, targeting organic output of 730–740 thousand barrels of oil equivalent per day using recovery technologies. The company anticipates crude production in Colombia to rise, offsetting natural gas declines.</p>



<p>Ecopetrol plans to drill 380–430 development wells (95% Colombia, 5% U.S.) and eight–10 exploratory wells in Colombia.</p>



<p>Also, the company projects refining investments of ~COP 1.7 trillion (7%), with throughput of 410–420k barrels per day.</p>



<h2 class="wp-block-heading"><strong>Recent Earnings Snapshot</strong></h2>



<p>This month, Ecopetrol reported third-quarter sales of $7.46 billion, surpassing the $7.35 billion estimate, <a target="_blank" href="https://www.benzinga.com/pressreleases/25/11/n48855160/ecopetrol-group-releases-its-financial-results-for-third-quarter-2025" rel="noreferrer noopener">with net income of $700 million</a>.</p>



<p><strong>EC</strong> <strong>Price Action: </strong>Ecopetrol shares are down 0.66% at $9.80 at publication on Friday.</p>



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<p><em>Photo: Myles Barfield via Shutterstock</em></p>