Colombia’s State Oil Giant Hands Its Board to the President’s Strategist
Key Facts
Colombia’s new right-wing government is reshaping Ecopetrol, the state-controlled company that pumps most of the country’s oil. On 17 September, the board chose the president’s campaign strategist as its chairman.
Ecopetrol’s board elected Carlos Augusto Suarez Rojas, who ran President Abelardo de la Espriella’s campaign strategy, as chairman on 17 September 2026. He had joined the board two days earlier, nominated by the finance ministry, which holds about 88.5 percent of the shares.
Why It Matters Beyond Colombia
Ecopetrol is Colombia’s national oil company, listed in Bogota and New York but controlled by the state. The Natural Resource Governance Institute, an oil-governance watchdog, puts its share of national oil production at 61 percent.
Its share of national gas production is higher still, at 80 percent, the institute says. The institute estimated that Ecopetrol’s transfers to government were about 7 percent of total fiscal revenue in 2018 to 2022.
Fuels and mining products made up 38.2 percent of Colombia’s US$50.2 billion in exports in 2025. That figure comes from DANE, the national statistics agency, as reported by public broadcaster RTVC.
In March 2026, shareholders approved dividends of 4.9 trillion pesos, about US$1.55 billion, Infobae reported. Around 4.4 trillion pesos of that, about US$1.40 billion, went to the national government.
Dollar figures here use the Banco de la Republica market rate of 3,151.73 pesos for 18 September 2026. Whoever runs Ecopetrol’s board therefore shapes the budget, energy policy and the value of a New York-listed stock.
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A New Government With the Opposite Oil Policy
Abelardo de la Espriella, a right-wing lawyer with no prior political experience, won Colombia’s presidential runoff on 21 June 2026. He took 49.7 percent against 48.7 percent for Ivan Cepeda, a left-wing senator, Al Jazeera reported.
Cepeda had promised to continue the policies of outgoing president Gustavo Petro. De la Espriella campaigned on boosting the oil and gas sector and lowering taxes, according to the same report.
In March 2026, before the vote, he told an industry audience he would open the door fully to fracking. He took office on 7 August 2026 with a position opposite to his predecessor’s.
Petro said in October 2024 that he would not sign new oil and gas exploration contracts. He said signing new contracts would expose children and grandchildren to the total death of the human species.
Mines and Energy Minister Maria Nohemi Arboleda now says Colombia needs more barrels and more gas molecules. Infobae reported on 9 September that the government wants national output back at one million barrels a day.
National output was 730,966 barrels a day at the time of that report. The plan starts with unblocking about 270 existing contracts, and an intersectoral hydrocarbons committee was due in late September.
What the Board Decided
The nine directors met on 17 September 2026 and chose Suarez to chair them. Claudia Margarita Lafaurie Taboada was elected vice chair at the same meeting.
Bogota daily El Tiempo reported the choice first, and Investing.com carried it to English-language markets that day. Suarez replaces Luis Felipe Henao Cardona, who had held the chair since late July.
Henao stays on the board and now chairs its corporate governance and sustainability committee. He has described his own spell in the chair as a transitional presidency.
The Ministry of Finance nominated Suarez to the board as an independent member. Ecopetrol had not published a statement from Suarez about his plans by 18 September.
Who Carlos Suarez Is
Suarez is a lawyer trained at the Universidad Externado de Colombia in Bogota. He holds specialisations in public management, fiscal control and criminal law.
He founded Estrategia y Poder, meaning Strategy and Power, a consultancy in political communication and crisis management. Medellin daily El Colombiano described him as the main architect of De la Espriella’s 2026 electoral and digital strategy.
He is also listed as a co-founder of Defensores de la Patria, or Defenders of the Homeland, the president’s movement. His earlier public sector work includes a post at the Cundinamarca regional comptroller’s office.
News site Colombia One reported that he is a personal friend of the president. Political appointments at Ecopetrol are not new, since Petro’s own campaign manager, Ricardo Roa, ran the company from 2023 until July.
A Year of Upheaval at the Top
Ecopetrol announced on 23 July 2026 that directors Angela Maria Robledo and Tatiana Roa had resigned. News magazine Semana reported the two were among the board members closest to then-president Gustavo Petro.
Ricardo Roa’s departure as chief executive was confirmed in the same round of changes. Luis Felipe Henao took the chair and Hildebrando Velez Galeano became vice chair.
Velez notified his resignation on 14 September, effective the following day. Juan Carlos Hurtado Parra quit as acting chief executive on the same day.
El Tiempo had published an audio recording that it said involved Hurtado and a Catalan businessman. Henao told El Tiempo he would ask Hurtado for his irrevocable resignation.
Chief financial officer Camilo Barco took the interim presidency on 15 September. No criminal charges against Hurtado have been reported in connection with the recording.
How the State Controls the Vote
Colombia’s finance ministry holds about 88.5 percent of Ecopetrol, Semana reported on 15 September. That stake makes any contested shareholder vote a formality.
The extraordinary meeting on 15 September opened with 88.8 percent of shares present. Participation rose to 92.69 percent within two hours, Semana said.
The government’s single slate of nine directors passed with 99.65 percent support. Shareholders also amended Article 20 of the bylaws, which governs board composition and election.
The Ministry of Finance proposed that amendment. About 277,000 minority shareholders hold the rest of the company.
Where the Company Stands
Ecopetrol reported second-quarter net income of 6.1 trillion pesos (about US$1.9 billion) on 3 August 2026. That is about US$1.9 billion, and it was 235 percent above the same quarter of 2025.
Group earnings before interest, tax, depreciation and amortisation reached 17.7 trillion pesos, about US$5.6 billion. Revenue was 40.2 trillion pesos, or about US$12.8 billion, up 35 percent.
Production fell 6.6 percent to 705,800 barrels of oil equivalent a day. Refining throughput rose 6.1 percent to 438,500 barrels a day in the quarter.
The group also owns 51.4 percent of ISA, a power transmission company it bought from the government in August 2021. Ecopetrol said at closing that it paid about US$3.67 billion for the state’s entire stake.
Gross debt was two times EBITDA at group level, and 1.3 times excluding ISA. Cash stood at 11.3 trillion pesos, about US$3.6 billion, at the end of June.
Proved reserves were 1,944 million barrels of oil equivalent at the close of 2025. The company put reserve life at 7.8 years and the replacement ratio at 121 percent.
What Analysts and Insiders Say
Alejandro Sanchez of Aval Asset Management spoke to Bloomberg Linea on 17 September 2026. He said the market will watch several pending decisions from the new governance, beyond oil prices.
His list starts with the 2027 investment plan and its exploration spending. It also covers the company’s stance on ISA, staff retention and cost efficiency.
Stock Analysis, a market data site, records eleven analysts with a consensus sell rating on the New York listing. Their average target is US$13.91, well below the 17 September close.
Supporters of the new direction argue that exploration, not governance, is the company’s core problem. Henao put that case bluntly, saying an oil company that does not explore liquidates itself slowly.
What It Means If You Hold the Shares
Ecopetrol’s Bogota-listed shares closed at 2,730 pesos (about US$0.87) on 17 September 2026, down 3.7 percent. That is about US$0.87 at the 18 September market rate.
The New York listing, ticker EC, closed at US$17.38 the same day. Each American depositary receipt represents twenty ordinary shares.
The 52-week range for the receipts runs from US$8.57 to US$18.38. Trailing dividends of US$0.65 per receipt give a yield near 3.7 percent.
Dividend policy is set at the shareholders’ meeting, where the state decides the outcome. Holders outside Colombia therefore carry the peso exchange rate and Bogota’s politics together.
What Is Not Yet Known
Ecopetrol has no permanent chief executive, and no appointment date has been set. Bloomberg Linea named Joaquin Gutierrez as a leading candidate on 17 September.
The 2027 investment plan has not been published. The company has not said whether it will sell or keep its ISA stake.
Henao has spoken of a forensic audit into past contracting at the company. Its scope, cost and timetable have not been made public.
Whether fracking proceeds depends on regulation and the courts, not on the board alone. Suarez has not set out a public agenda for his chairmanship.
More: Colombia news in English, every day from The Rio Times.
Frequently Asked Questions
Why does Ecopetrol’s new chairman matter?
Ecopetrol produces most of Colombia’s oil, and its dividends and transfers help fund the state. Its new chairman ran the president’s campaign strategy, so the board is now closely tied to the government’s push for more drilling.
Who is Carlos Suarez?
He is a Bogota lawyer and political consultant who founded the firm Estrategia y Poder. He ran the 2026 campaign strategy for President Abelardo de la Espriella.
How much of Ecopetrol does the Colombian state own?
The finance ministry holds about 88.5 percent of the shares, Semana reported on 15 September 2026. That leaves roughly 277,000 minority holders with the remainder.
What does this mean for New York-listed holders?
Each depositary receipt covers twenty ordinary shares, so Bogota price moves pass straight through. The receipts closed at US$17.38 on 17 September 2026, against an average analyst target of US$13.91.
Sources: El Tiempo, the election of Carlos Suarez as board chairman, Ecopetrol relevant information, resolutions of the 15 September extraordinary meeting, Ecopetrol relevant information, the resignation of Hildebrando Velez Galeano, Ecopetrol, second quarter 2026 results, Ecopetrol, proved reserves at the close of 2025, Bloomberg Linea, market expectations for the new board, Semana, the quorum and the state stake at the extraordinary meeting, Infobae, the government plan to return to one million barrels a day, Natural Resource Governance Institute, Ecopetrol company profile, RTVC Noticias, Colombia’s 2025 exports from DANE data, Infobae, the March 2026 dividend and the government’s share, Al Jazeera, De la Espriella wins the June 2026 runoff, Ecopetrol, closing of the ISA stake purchase in 2021
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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