Ecopetrol Posts 235% Profit Surge, Highest Since 2022, Driven by Brent
Ecopetrol's Q2 2026 net profit grew 235% to 6.1 trillion Colombian pesos, propelled by Brent crude prices and record refining margins, even as production fell 6.6%.
Ecopetrol reported a net profit of 6.1 trillion Colombian pesos (COP) in the second quarter of 2026, a 235% increase versus the same period in 2025 and the company's highest quarterly profit since late 2022, according to its earnings report released on August 4. The surge came despite a 6.6% year-on-year decline in production.
Revenue grew 35% to 40.2 trillion COP, and EBITDA (earnings before interest, taxes, depreciation and amortization) rose 59% to 17.7 trillion, with a 44% margin, according to El Espectador and Bloomberg Línea's analysis of the report. The primary driver was price: Brent crude, the international benchmark, averaged $96.7 per barrel, 45% above year-ago levels, and Ecopetrol's weighted average realized price rose to $105.3 per barrel. Middle East tensions, including intermittent closures of the Strait of Hormuz, together with the Russia-Ukraine conflict, underpinned crude quotations and widened refining margins. For the region, the case illustrates how geopolitical risk premiums in crude oil flow to Latin American producers even when their domestic output contracts.
Refining offset the weaker production performance. Throughput reached 439,000 barrels per day, 6% above year-ago levels, with a gross margin of $29.8 per barrel, according to El Universal Colombia. EBITDA from the refining segment grew 364.8% to 3.1 trillion COP, while exploration and production EBITDA rose 59.8% to 9.5 trillion COP. The production decline reflected a smaller contribution from the Permian Basin and operational restrictions at strategic fields. A 14% appreciation of the Colombian peso reduced revenues by 4.8 trillion COP. Fuel sales increased 2.9% during the period.
The key variable to watch is whether production recovers in the second half: the decline was driven by operational factors, not demand, and the record refining margin depends on international benchmarks holding. The trajectory of Strait of Hormuz tensions and Brent prices will determine third-quarter results.
This article was written with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.
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This article was drafted with AI assistance from verified sources and reviewed by a human editor before publication.