COLOMBIA · ENERGY · COMPANY NEWS
Key Facts
- —What is happening Two committees of Colombia’s Congress summoned Joaquin Gutierrez, president of oil company Ecopetrol, to a political-oversight debate on Wednesday, 4 November, with more than 40 questions.
- —Why it matters Ecopetrol is Colombia’s largest company and trades on the New York Stock Exchange as EC, so lawmakers’ findings on its finances can reach US shareholders.
- —The numbers The questionnaire covers debt, tax effects, impairments and rating cuts that it dates to April 2026, with figures requested as of 30 September 2026.
- —Who is who The debate was called by Senator Juan Espinal and Representative Julio Roberto Salazar, who chair the Senate and House Fifth Committees; Gutiérrez ran President Abelardo de la Espriella’s campaign.
- —What to watch Whether Gutiérrez attends on 4 November and what he says about the state of Ecopetrol that the new government inherited on 7 August.
- —Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
- —What it means for you Holders of Ecopetrol’s New York-listed shares should expect the debate to bring new numbers on debt, taxes and contingencies, but it cannot change management or strategy.
Colombia’s Congress has called the new head of Ecopetrol to answer more than 40 questions on the company’s finances. The debate is on 4 November.
The Ecopetrol oversight debate is set for Wednesday, 4 November, when Colombia’s Congress questions its president, Joaquin Gutiérrez. Ecopetrol (company explainer) is Colombia’s largest company, listed in Bogotá and New York.
Colombian press reported the summons on Tuesday, 27 October. Lawmakers want to learn the real state of the company after the government of Gustavo Petro ended on 7 August.
What Lawmakers Want to Know
The debate is a “control político”, a formal session in which lawmakers question officials in public. It was called by the presidents of the Senate and House Fifth Committees, which cover mining, energy, agriculture and the environment.
Senator Juan Espinal of the Centro Democrático, a conservative party, chairs the Senate committee. Representative Julio Roberto Salazar of the Conservative Party chairs the House committee.
The questionnaire runs to more than 40 questions. It first asks for the previous management’s handover report.
Lawmakers also want a list of legal, contractual, tax, environmental and labour contingencies. Each needs an estimated value and the accounting provision as of 30 September 2026.
It also asks how many lawsuits and arbitrations Ecopetrol faced in August 2022 and in August 2026. Further questions cover vacant executive posts and severance paid since 7 August.
Financial questions ask what moved net income from 2022 to the first half of 2026. They include crude prices, the exchange rate, costs, volumes, new taxes, asset write-downs and financial expenses.
Debt, Taxes and Credit Ratings
Lawmakers ask for cash, gross debt and net debt at 30 June and 30 September. They also want net debt as a multiple of EBITDA, a cash-earnings measure, and maturities to 2030.
One question asks what the April 2026 rating cuts cost each year. According to the questionnaire, S&P Global lowered Ecopetrol from BB to BB- and Moody’s from Ba1 to Ba2, both below investment grade.
Another asks how much the income-tax surcharge and a special tax on hydrocarbon sales and exports cut net income. It adds a wealth tax and a VAT dispute with the tax agency DIAN.
Unit costs are also on the list, per barrel, for 2022, 2025 and early 2026. Lawmakers ask why dilution costs for heavy crude rose in the second quarter.
The questionnaire also covers production, reserves, the Permian shale project in Texas, natural gas, a project named Sirius and the forensic audit. It adds corporate governance and the purchase of Brava Energia, a Brazilian oil producer.
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Who Is Being Asked
Gutiérrez was elected Ecopetrol’s president by the board on 24 September. He succeeded Ricardo Roa, who led it 39 months and faces a separate criminal case over alleged campaign-finance breaches, which he denies.
Colombian press describes Gutiérrez as a business administrator with no earlier energy career. He ran the presidential campaign of Abelardo de la Espriella.
Also invited are Mines and Energy Minister María Nohemí Arboleda and Finance Minister Miguel Gómez Martínez. The list adds Ernesto Forero of the hydrocarbons agency ANH and board chair Carlos Suárez Rojas.
Comptroller Jorge Eliécer Laverde and Attorney General Gregorio Eljach were asked to report on the company’s state on 7 August. That is when the new administration received it.
Why the Timing Matters
Ecopetrol is trying to restart growth under new management. Earlier this month the president met De la Espriella at the presidential palace, and the government has outlined a recovery plan.
The US Embassy in Bogotá said Gutiérrez met its diplomats in his first month in office on US investment in Colombian energy. No amounts, projects or loans have been announced.
The Brava Energia purchase adds to the pressure. Ecopetrol said on 5 August it won a tender for about 25% of Brava, aiming for about 51% in total.
The company said a bridge loan would fund the deal at first. It plans to refinance with long-term debt and equity while keeping its leverage targets and ratings.
What It Means for US Readers
Ecopetrol’s New York shares (NYSE: EC) are held by US funds, and the company borrows in dollars. Answers on debt, ratings and tax disputes would be the first detailed public account of its finances since the change of government.
Colombia is also a US energy and security partner. The Rio Times covers the country’s politics and economy on its Colombia page.
What Is Not Known
It is not known whether Gutiérrez will attend, answer in full or send written replies. Nothing seen indicates he will skip the session.
The questionnaire is a list of requests, not findings. No figure in it has been confirmed by Ecopetrol, and the company has not publicly responded to the summons.
One Colombian report calls them “economic committees”, but two reports on the questionnaire name the two Fifth Committees. This article follows the latter.
What Comes Next
The debate takes place on Wednesday, 4 November. A summons does not oblige the company to change course or release audited figures that day.
Ecopetrol will publish third-quarter results later; the date was not found. Those numbers, not the debate, will update the official accounts.
Frequently Asked Questions
Why was Ecopetrol’s president summoned?
Two congressional committees want to know the real state of the company after the change of government and Ricardo Roa’s management. The debate is on 4 November.
What is Ecopetrol?
Ecopetrol is Colombia’s largest company, a state-controlled oil and gas group. Its shares trade in Bogotá and, as American depositary receipts, in New York.
Can the debate remove the president?
No. A political-oversight debate lets lawmakers question officials and voice findings. It does not dismiss executives or change company strategy.
Who is Joaquin Gutiérrez?
He is Ecopetrol’s president since the board’s vote on 24 September. He previously ran the presidential campaign of Abelardo de la Espriella.
Does this affect US investors?
It may, because the questions concern debt, taxes and credit ratings. The debate itself does not change Ecopetrol’s official results.
Sources: Ecopetrol, Brava Energia auction release (SEC filing), 5 August 2026; Ecopetrol, second-quarter results notice (SEC filing), 15 July 2026; Colombian press report on the questionnaire, 27 October; Colombian press report on the summons, 27 October; Colombian press report on the board vote, 24 September; Colombian press report on the US Embassy meeting and recovery plan, 24 October (all accessed 28 October 2026).
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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