EarningsQ2 2026 Earnings Report
MX:ECN Q2 2026 EPS Results
Actual EPS$16.22
Consensus EPS$14.23
Beat/MissBeat by +$1.99
One Year Ago EPS$4.81
MX:ECN Q2 2026 Revenue Results
Actual Revenue$165.78B
Expected Revenue$197.93B
Beat/MissMissed by -$32.15B
YoY Revenue Growth+37.75%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:ECN Upcoming Earnings
Ecopetrol SA's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ECN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial picture driven by exceptional commodity and refining market conditions: record refining throughput and margins, substantial YoY increases in revenue, EBITDA and net income, solid cash generation and disciplined capital deployment. These positives were tempered by operational disruptions (notably the Meta blockade and power issues) that depressed production, material tax and FEPC-related receivable uncertainty, and some cost pressures in transportation and contingency preparedness (El Niño). On balance the favorable results, cash generation, discoveries, and execution of strategic projects outweigh the challenges.Company Guidance
Strong Quarterly Financial Performance
Q2 2026 revenue COP 4.2 trillion (+35% YoY), EBITDA COP 17.7 trillion (+59% YoY) and net income COP 6.1 trillion (+235% YoY). Group EBITDA margin of 44% (≈+6 percentage points YoY). Highest quarterly net income since Q4 2022.
Robust First-Half Results and Cash Generation
As of H1 2026 net income COP 9 trillion (matching full-year 2025). Operating cash flow COP 14.1 trillion (H1), consolidated cash position COP 11.3 trillion, free cash flow COP 6 trillion. Executed investments of USD 2.9 billion through June.
Record Refining Throughput and Margins
Record integrated refinery throughput of 439,000 barrels per day (highest quarterly throughput; +6% vs Q2 2025). Refining gross margin USD 29.8/ barrel (vs USD 12.5/ barrel in same period last year); Cartagena margin reached USD 31.6/ barrel. Refining cited as a main value driver in the quarter.
Hydrocarbons Segment Profitability Improvement
Hydrocarbons segment H1 EBITDA COP 25.7 trillion (+23% YoY) with EBITDA margin expansion from 38% to 45% (+7 percentage points). Delivered COP 1.3 trillion (segment) and COP 2.6 trillion (group) in efficiency gains contributing to EBITDA, CapEx and working capital.
Operational Midstream Strength
Transportation volumes increased (transported >1.1 million bpd, +3.8% YoY / company stated +4%), supported by logistics optimization and higher refined product deliveries, offsetting lower domestic production.
Material Exploration and Resource Discoveries
Drilled 3 wells in the quarter (8 wells H1), two notable discoveries: Copa Sul-1 and Sandia-1 (Guajira Offshore) — Sandia-1 reached 5,440 m depth and initial testing up to 35 mmcf/d (testing-constrained). Progress on Sirius project and multiple environmental filings for other discoveries.
Energy Transition and Security Progress
Ecopetrol supplies ~62% of Colombia's natural gas demand and offered 293 GBtud of firm long-term gas YTD. Renewable and self-generation portfolio reached 951 MW; Buenaventura regasification 73% complete (60 GBtud capacity); FSRU chartered at Puerto Bahía (up to 500 mmcf/d). Achieved 1.6 PJ of energy efficiency in the quarter (target 3.14 PJ).
Financial Discipline and Capital Structure
Gross debt-to-EBITDA ratio at group 2.0x (1.3x excluding ISA). Management completed dividend plan (COP 6 trillion paid H1) while preserving liquidity and planning bridge financing + takeout for the Brava Energia acquisition.
MX:ECN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed