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Earnings: Colombia
Ecopetrol, Colombia’s state-controlled oil company that trades in New York as EC, reported third-quarter net income of 4.8 trillion Colombian pesos (COP; about US$1.45 billion), up 86% on a year earlier. Its results release was due on Thursday 12 November 2026 after the market close, following our earlier results preview.
Key Facts
—Profit. Net income of about US$1.45 billion in the third quarter, up 86% on a year earlier.
—Earnings. EBITDA (operating earnings) of about US$4.8 billion, up 29%, on revenue of about US$10.6 billion.
—Refining. Margin of US$45.6 per barrel, a record and up 219% on a year earlier.
—Debt. Debt is 2.1 times operating earnings for the group, under the company’s ceiling of 2.5.
—Power Index. Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.1 points (November 2026 edition).
What Ecopetrol Reported
Ecopetrol’s results release of Thursday 12 November 2026 put third-quarter revenue at COP 35.1 trillion (about US$10.6 billion), up 18% on the third quarter of 2025. We convert pesos at 3,308 per US dollar, the rate on 13 November 2026.
EBITDA, meaning operating earnings before interest, tax and depreciation, reached COP 15.9 trillion (US$4.8 billion), up 29%, with a margin of 45%. Net income of COP 4.8 trillion (US$1.45 billion) compares with an implied COP 2.6 trillion (US$786 million) a year earlier.
For the nine months to September, net income was COP 13.7 trillion (US$4.1 billion), up 83%, the release says. Ecopetrol said higher Brent, the international oil price benchmark, and refined-product prices contributed COP 13.5 trillion (US$4.1 billion), partly offset by negative effects such as exchange rate and inflation, taxes and operations.
Production, Refining and Debt
Group production averaged 747,000 barrels of oil equivalent (oil and gas combined) per day in the quarter, up 6% on the second quarter, Ecopetrol said. Brava Energia, a Brazilian oil producer Ecopetrol bought a majority of, contributed 39,000 barrels to that total, and the results include one month of Brava, the release says.
Refining earned a record margin of US$45.6 per barrel, up 219% on the third quarter of 2025, and refining EBITDA rose 427% to COP 4.1 trillion (US$1.2 billion). The combined sales basket averaged US$110.3 per barrel, up 50%, according to the release.
Debt stood at 2.1 times EBITDA for the group, or 1.5 times without ISA, its electricity-grid subsidiary, under the company’s ceiling of 2.5. Cash at the end of September was COP 16.3 trillion (US$4.9 billion), the release says.
Ecopetrol said it was the only bidder offering long-term firm gas volumes in the quarter, at 293 GBTUD (giga British thermal units per day). It decided not to continue its liquefied natural gas (LNG) purchase processes because LNG prices rose more than 196% between October 2025 and October 2026, the release states.
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Why It Matters for US Investors
Ecopetrol’s shares also trade in New York as EC, so its quarterly numbers reach US portfolios directly. The quarter’s net income of about US$1.45 billion compares with an implied US$786 million a year earlier, from the 86% rise.
The government’s fuel price stabilisation fund, known as FEPC, owed Ecopetrol COP 11.4 trillion (US$3.4 billion), the release says. About COP 1.6 trillion (US$484 million) of that dates from the first quarter of 2025 and is still unpaid.
What It Means for You
For a US reader, the quarter shows profit and the oil price moving in the same direction. Ecopetrol’s combined sales basket rose 50% to US$110.3 per barrel while net income rose 86%, according to its release.
What Is Not Known
No dividend or 2027 outlook figures have been published with these results. We have no confirmed share price reaction to these results.
What to Watch Next
Ecopetrol said in a notice dated 9 November 2026 that its investor call would take place on Friday 13 November 2026 at 10:00 a.m. Bogotá and New York time. El Tiempo, a Bogotá daily, and La República, a Bogotá business daily, reported that the company’s president also discussed Venezuelan gas and a return to fracking on the call; see our companion report.
Our explainer on Ecopetrol covers how the company is built. More is in our Colombia coverage.
Frequently Asked Questions
How much profit did Ecopetrol make in the third quarter?
Ecopetrol reported net income of COP 4.8 trillion (about US$1.45 billion), up 86% on a year earlier. The figure comes from its results release of 12 November 2026.
When was Ecopetrol’s investor call?
Ecopetrol said in a notice of 9 November 2026 that the call would be on Friday 13 November 2026 at 10:00 a.m. Bogotá and New York time. Our companion report covers what its president said about Venezuelan gas and fracking.
Sources
Ecopetrol, third-quarter 2026 results press release, 12 November 2026 · Ecopetrol, notice on the results date and investor call, 9 November 2026 · El Tiempo and La República, 13 November 2026 (call coverage)
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error