Ecopetrol Q3 2026 Earnings Call Transcript

Quartr
Provided by Quartr
November 13, 2026

Key Takeaways

  • Positive Sentiment: Ecopetrol reported third-quarter revenue of COP 35.1 trillion, EBITDA of COP 15.9 trillion and net income of COP 4.8 trillion, with net income up 86% year over year. Results benefited from stronger commodity prices and a record gross refining margin of $45.60 per barrel, although they also reflect favorable market conditions.
  • Negative Sentiment: Production was 747,000 barrels of oil equivalent per day, including Brava, but management acknowledged that natural declines in mature fields and operational constraints are weighing on organic output. The company is pursuing recovery projects, exploration and new developments, but gave no production-growth timeline for Colombia’s non-conventional resources.
  • Positive Sentiment: Brava contributed for one month following consolidation, and Ecopetrol said the acquisition is already adding to revenue, EBITDA and net income. Management plans to focus on integration, operational synergies and financing costs, while emphasizing that future investment must meet return criteria.
  • Negative Sentiment: High global LNG prices led Ecopetrol to pause procurement for its planned regasification terminals, leaving the company working to secure competitive supply while maintaining domestic sales commitments. The Pacific and Caribbean facilities are advancing, but their completion alone does not ensure access to affordable LNG.
  • Positive Sentiment: The company ended September with COP 16.3 trillion in cash and completed a $2 billion bond offering to refinance Brava acquisition debt and reduce near-term maturities without increasing overall debt. Management said leverage remained within its 2.5-times ceiling, while noting that COP 11.4 trillion in FEPC receivables remains a working-capital priority.
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Earnings Conference Call
Ecopetrol Q3 2026
00:00 / 00:00

There are 8 speakers on the call.

Operator

Good morning. My name is Natalia, and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results of the third quarter of 2026. There will be a questions and answers session at the end of the presentation. Before we begin, it is important to mention that the comments in this call by Ecopetrol's senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.

Operator

The call will be led by Joaquín Gutiérrez, CEO of Ecopetrol; Camilo Barco, CFO; Elsa Jaimes, Acting Executive Vice President of Hydrocarbons; and Armando Cuello, Executive Vice President of Energies for the Transition. Thank you for your attention. Mr. Gutiérrez, you may begin your conference.

Speaker 1

Good morning, everyone, and thank you for joining us. Welcome to the first earnings call under the current administration of Ecopetrol and its leadership team. I would like to thank the board of directors for their trust and confidence in appointing me to lead the company. We will work in close coordination with our majority shareholder and government authorities within the framework of our corporate governance standards and the best interests of all shareholders. I'd like to extend a special greeting to our investors, shareholders, and other stakeholders, and reaffirm my commitment to this great project that we have called the new era of Ecopetrol.

Speaker 1

This is not a slogan, but rather a strategic direction and a commitment to Colombia, a new era that is already underway to foster the development of the industry, strengthen Ecopetrol's leadership as a driving force of Colombia's energy sector, and unlock strategic projects that are critical to energy security, competitiveness, and growth for both the company and the country. I take on this responsibility, convinced that Ecopetrol possesses high-quality assets, an integrated value chain, recognized technical capabilities, and an exceptional workforce. Through our initial reviews across the organization, we have identified concrete opportunities to reorganize operations more efficiently across the business group, increase reserve additions, develop new gas alternatives, and expand our ability to generate value. Our path forward can be summarized through five priorities. First, increase reserves by prioritizing profitable barrels, advancing exploration in licensed areas, and evaluating new growth opportunities both inside and outside Colombia.

Speaker 1

Second, actively participate in the short-term solutions that Colombia requires to strengthen gas and energy supply and contribute to the country's energy security through a new competitive gas offering for regasification alternatives. Third, advance the development of offshore resources to convert their potential into production and value. While fully respecting the fundamental right to prior consultation, we are working with government authorities to better coordinate prior consultation and environmental permitting processes. Fourth, strengthen legal certainty, restoring market credibility and confidence in Ecopetrol through consistent execution while attracting foreign investment to support our growth projects. Fifth, strengthen our operations through a focus on operational efficiency, prioritizing profitability, cash generation, and competitive returns. We are already reinforcing cost discipline measures. At the parent company level, we will eliminate duplicate activities, reduce rework, and optimize administrative workloads to capture efficiencies.

Speaker 1

In addition, since my arrival, we have been working alongside the Ministry of Finance on mechanisms to facilitate the monetization of Fuel Price Stabilization Fund and tax receivables through payment offsets. I would like to highlight the inclusion by the national government of the FEPC-related appropriations in the 2027 national budget, as well as the recent payment corresponding to the third and fourth quarters of the 2025 balance. These actions provide greater visibility regarding funding resources for next year and contribute positively to the group's financial management and liquidity. Likewise, it's important to highlight the removal of the attachment risk associated with the dispute on fuel imports with DIAN, following the authorities' clarification that enforced collections cannot proceed while the matter remains subject to judicial review. The merits of the dispute continue to be addressed through the courts.

Speaker 1

Our commitment is to build on the group's strengths and accelerate sustainable value creation. Let's move to the next slide. This agenda requires leadership, governance, and an organization aligned around common objectives. Over the past two months, the general shareholders meeting elected a renewed board of directors, which subsequently established its committees, all chaired by independent members. In addition, new leaders have joined strategic areas of the company and will support the execution of the five priorities I just outlined. We are advancing strategic initiatives for the industry through coordination with government authorities, regional stakeholders, and other interest groups to accelerate projects that are critical to both the company's future and the country's energy security. Market confidence is not built through announcements. It's built through consistent execution, legal certainty, and measurable results. This is how we intend to lead the rebirth and future of Ecopetrol.

Speaker 1

Today, we are reporting solid third quarter results that demonstrate the company's ability to capitalize on improved market conditions. Let's move to the next slide. The key message defining this quarter's performance is that our integrated business model once again demonstrated its ability to capture value. As president, I inherit challenges like mature fields and the lower base production in certain assets. However, supported by the strength of our refining, transportation, and commercial businesses, we have delivered strong financial results that provide a solid foundation for achieving our objectives. During the quarter, we reached a consolidated production of 747,000 barrels of oil equivalent per day, transported 1,000,087 barrels per day, and recorded refinery throughput of 412,000 barrels per day. Refining remained the primary value driver during the quarter, supported by a record gross refining margin of $45.6 per barrel, the highest levels ever recorded by the group.

Speaker 1

Notably, these results were achieved while significant maintenance activities were underway at the Barrancabermeja refinery, demonstrating resilience, reliability, and operational flexibility of our integrated system. Against this backdrop, and with Brava's initial contribution following its consolidation in September, we delivered COP 4.8 trillion in net income, up 86% year-on-year, an EBITDA margin of 45%, representing an increase of 4 percentage points, and a strong cash position of COP 16.3 trillion. These results benefited from favorable market conditions and progress in our efficiency program, which accumulated COP 4.4 trillion in benefits, approximately 64% of which directly impacted EBITDA, strengthening profitability and financial flexibility across the group. We also reduced deferred production associated with external events by 91% compared to the previous quarter, reflecting a meaningful improvement in the operational security of our assets. In addition, we advanced projects that expand our future growth options.

Speaker 1

At Sirius, we made significant progress in mitigating regulatory and socio-environmental risks that had been affecting the project's development schedule. We secured the timely approval of the amendment of the Ballena environmental permit, a key milestone to adapt gas processing infrastructure. We also continue supporting initiatives aimed at streamlining prior consultation processes and improving coordination with environmental permitting requirements, helping ensure the execution of this strategic project for Colombia's energy security. At KGG, we achieved a significant milestone with the approval of the exemption from the environmental alternatives assessment requirement for the project's flow line. This achievement allows us to continue advancing environmental management activities and supports the development of a strategic initiative to strengthen the gas supply of the country.

Speaker 1

At Komodo, as a result of the coordinated efforts between Ecopetrol, operating partner Anadarko, and the Colombian government, ANLA enabled the drilling of the exploratory well by removing inappropriate obligations from the environmental license granted in 2024. This milestone makes the execution of a key project for the Ecopetrol Group viable. Finally, the approval of the Orca development plan in Brazil represents an important step toward unlocking an asset with the potential to deliver more than 33,000 net barrels per day to Ecopetrol. All of these achievements strengthen our long-term vision and support future reserve additions and production growth. Let's move to the next slide. One of the most important milestones of the quarter was the closing of the acquisition, an issue, the start of the integration process, and the consolidation of Brava. As a result, Brazil becomes a strategic pillar of Ecopetrol's international growth.

Speaker 1

providing new opportunities for production, reserves, and exploration. Ecopetrol's consolidated financial results for the quarter include one month of Brava's financial consolidation at 100%, contributing approximately 3% of revenue, 4% of EBITDA, and 2% of net income growth. As such, our investment in Brava generates value from the very beginning of the integration process. Ecopetrol's third quarter 2026 production, including the full consolidation of Brava, reached 747,000 barrels of oil equivalent per day. Excluding the 49% of non-controlling interest, production was approximately 728,000 barrels of oil equivalent per day, keeping us close to our full-year target. The integration phase we are now beginning is just as important as the consolidation phase we have successfully completed. Our focus will be on establishing corporate governance guidelines, integrating financial planning and reporting processes, harmonizing reserves under SEC standards, strengthening controls, and capturing operational and exploration synergies.

Speaker 1

Most importantly, we want the market to understand that Brava is not just an acquisition. It is an investment designed to grow profitably and with discipline in Brazil, creating value for all shareholders. The recent approval of the Orca development plan reinforces this vision and strengthens our presence in one of the most important energy provinces in the Americas. Now let us give the floor to Camilo Barco, Vice President of Finance and Sustainable Value, who will provide additional details. Thank you, President, and welcome to the Ecopetrol Group. As we have seen, Ecopetrol's integrated model has once again proven its ability to capture value. Let me walk with you now on how that performance translated into stronger financial results. During the third quarter of 2026, group revenues reached COP 35.1 trillion, up COP 5.2 trillion year-over-year.

Speaker 2

EBITDA came at COP 15.9 trillion, an increase of COP 3.5 trillion versus the prior year, while net income reached COP 4.8 trillion, up COP 2.2 trillion. Our EBITDA margin stood at 45%, a 4 percentage point improvement versus the same period of 2025. These results already reflect 100% of Brava's contribution for September, as previously discussed. Its integration marks the beginning of a new phase in which our focus will be on disciplined value capture. The pricing environment was the main driver of these results. Over the first nine months of the year, the average Brent price rose 27%. Our crude basket increased 23%, and our product basket was up 45%. This last increase particularly benefited our refining business, whose share of the group EBITDA rose 15 percentage points year-over-year.

Speaker 2

Beyond market factors, I would highlight the integrated management of our refineries, crude slate optimization, and commercial coordination, which enabled us to capture favorable differentials and capitalize on this environment. As a result, the group's integration delivered not only scale, but also agility and greater diversification of results. On a year-to-date basis, net income reached COP 13.7 trillion, up 83%, or roughly COP 6.2 trillion versus the same period of 2025. This includes COP 0.1 trillion contribution to net income following the Brava acquisition. Four factors drove this performance. First, pricing had a positive impact of COP 13.5 trillion. Taken together, higher Brent prices and stronger product differentials offset the weaker negotiated crude differentials. Second, external factors, including a lower exchange rate and inflationary cost pressures, had a negative impact of COP 4.1 trillion. Third, operational factors reduced net income by COP 1.2 trillion, mainly due to lower sales volumes resulting from lower production.

Speaker 2

Fourth, a higher tax burden had an impact of COP 2.1 trillion, driven by the wealth tax and the increase in the income tax surcharge, which rose from zero in 2025 to 15% in 2026, in line with the projected Brent price. Year-to-date EBITDA totaled COP 47 trillion. Exploration and production accounted for 50%, refining for 19%, transportation for 16%, and transmission and toll roads for 15%. This mix highlights the complementary nature of our businesses and their ability to offset pressures across segments. Turning to working capital, the FEPC received stood at COP 11.4 trillion at the end of September. This balance includes COP 1.6 trillion still standing from 2025, as well as amounts accrued between January and September 2026. Acceleration collections and identifying alternatives to limit further accumulation remains priorities to protect our liquidity.

Speaker 2

On leverage, our gross debt-to-EBITDA ratio stood at 2.1 times at the group level and 1.5 times excluding ISA. These levels reflect the consolidation and financing of Brava and remain within our ceiling of 2.5 times. Let's move to the next slide. We closed September with a solid liquidity position and a cash balance of COP 16.3 trillion, including COP 3.1 trillion from Brava. This position was mainly supported by operating cash generation and the collection of FEPC receivables for the third and fourth quarters of 2025. Operating cash flow reached COP 22 trillion, funding our investment plan, debt service, and dividend payments while preserving our financial flexibility. Year-to-date organic investment totaled $4.8 billion. We allocated 65% to hydrocarbons, 27% to transmission and toll roads, and 8% to energy transition businesses. Our priority was clear: ensure operational continuity, strengthen our core businesses, and advance selectively on growth projects.

Speaker 2

Of the total, 65% was deployed in Colombia and 35% in our international operations. Within hydrocarbons, investments was mainly focused on exploration and production, particularly in assets in Meta and the Permian Basin, as well as projects in Brazil. We also invested in gas refining and the continuity of our transportation systems. In addition, inorganic investments totaled $1.4 billion, including the acquisition of Brava in Brazil, the stake in Madeira assets at ISA Brasil, and the entry contribution to the Génova project. Efficiency also contributed to value creation, totaling COP 4.4 trillion through September. Of this amount, COP 2.8 trillion benefited EBITDA, mainly in hydrocarbons, COP 0.9 trillion came from CapEx optimization, and COP 0.7 trillion from working capital. This program strengthens our margins and frees up resources for operations and growth.

Speaker 2

On the debt side, we continue to proactively manage our liability profile to extend maturities, reduce refinancing risk, and preserve the company's liquidity and financial flexibility. In line with this approach, we completed a $2 billion international bond offering 2034. The proceeds will be used to fully refinance the short-term loan used to acquire a stake in Brava and to prepay $810 million of our 2029 bonds. This transaction replaces existing debt and does not increase our overall indebtedness. The order book reached 3.5 times the amount placed, the highest level in the last five years. The strength and diversification of demand allowed us to achieve the tightest spread to both the sovereign and US Treasuries for an Ecopetrol international issuance for that period, with a new issue concession close to zero.

Speaker 2

These terms reflect investor confidence and our ability to access international capital markets on competitive terms. Now let's move to the next slide to show how this transaction improves our maturity profile. First, we are eliminating from the group the 2027 maturity of approximately $1.2 billion on the bridge loan taken out to acquire Brava, which brings that year's commitments down to $609 million. Second, we expect to reduce the 2029 maturities to $1.1 billion, and we are replacing debt carrying an 8.625% coupon with a debt carrying a 7.875% coupon. Third, we are shifting these commitments to 2034, a year with no maturities, which extends the average life of our debt and better distributes our obligations over time. As a result, between 2027 and 2029, our annual maturities remain below $1.1 billion.

Speaker 2

This gives us a more balanced debt profile, lower short and medium-term refinancing needs, and the financial capacity to address the company's priorities. It is important to note that the 2029 bonds will be redeemed on November 19, 2026. With that, I will hand it over to Elsa Jaimes, our Acting Executive Vice President of Hydrocarbons, who will walk you through our operating results. Thank you, Camilo. in exploration, we continued to strengthen our resource addition and long-term growth strategy. As of September, we had drilled nine wells, achieving our annual program ahead of schedule and delivering three discoveries while advancing additional exploration activities planned for the fourth quarter. With the completion of the drilling activities at the Sandía well and Petrobras, we concluded the largest deepwater exploration campaign ever undertaken in the Colombian Caribbean.

Speaker 3

Over more than two years of continuous operations, five exploration wells were drilled, representing close to $1 billion in investment while maintaining the highest operational safety standards. Regarding the Sirius project, we continue to advance engineering, environmental, and social studies, as well as the prior consultation process with communities within the area of influence. We remain on track to submit the environmental impact assessment for both the field development and the subsea flow line during the first quarter of 2027. Meanwhile, Orca Brazil reached a significant milestone on August 7 with the approval of its development plan of the ANP. This achievement, together with the progress made in the construction of the floating production storage and offloading vessel, or FPSO, continues to support the development of an asset expected to contribute more than 33,000 barrels per day of net production of Ecopetrol beginning 2029.

Speaker 3

On the production front, we highlight the contribution of our new subsidiary, Brava Energia, which added 39,000 barrels per day, supporting total group production of 747,000 barrels per day. In Colombia, 91% reduction in deferred volumes associated with external events compared to the previous quarter supported the gradual recovery of crude oil production, partially upsetting natural field decline and other operational constraints. In Permian, performance remains aligned with its development plan, and production is expected to close within the range of 83,000 barrels of oil equivalent per day. During the fourth quarter, we continue executing our production assurance plan, supported by new water handling capacity, the development of new wells in strategic assets across Colombia and the Permian Basin, and the advancement of water injection recovery initiatives of CPO-09. These efforts strengthen base production sustainability through targeted well intervention programs.

Speaker 3

As a result, the segment delivered solid operational and financial performance, reaching a year-to-date EBITDA margin of 41% as of September. Additionally, the incorporation of Brava's production volumes enhances the resilience of our production platform and supports the delivery of our production guidance while mitigating the impact of external events and operational restrictions experienced throughout the year. At the same time, it expands our long-term growth runway and strengthens our capacity to create sustainable value for shareholders. In the refining segment, we delivered another exceptional quarter, reaching new all-time highs in integrated gross refining margin, EBITDA, and EBITDA margin. Favorable fuel market dynamics and our strong value capture capabilities enabled us to achieve a record gross refining margin of $45.6 per barrel, up 53% versus the previous quarter, and more than three times the level recorded a year ago.

Speaker 3

These results were achieved despite major maintenance activities carried out at the Barrancabermeja refinery, which temporarily reduced integrated throughput to 412,000 barrels per day. As a result, the segment delivered a record EBITDA of COP 4.1 trillion and a historic EBITDA margin of 19%, highlighting the strength and resilience of our integrated hydrocarbons value chain. Turning to the transportation segment, we transported more than 1.1 million barrels per day during the quarter, maintaining system reliability and flexibility despite the major maintenance activities in refining. This performance was supported by incremental volumes, the transportation of imported crude, and the optimization of logistics corridors and inventory management. Although EBITDA decreased compared to the same period last year, primarily due to foreign exchange effects, the segment maintained solid operating performance and continued to support the flexibility and reliability of our integrated system. Let's move on to profitability and cost.

Speaker 3

During the first nine months of 2026, the hydrocarbon segment further strengthened its profitability, primarily supported by a more favorable commodity price environment. EBITDA reached COP 39.3 trillion, a 32% increase compared to the same period of 2025, while the EBITDA margin expanded from 38% to 45%. On the cost front, we continued to execute productivity, operational efficiency, and resource optimization initiatives that helped partially offset external cost pressures, particularly those associated with the appreciation of the Colombian peso, inflationary effects, and higher electricity tariffs driven by El Niño weather phenomenon. Lifting costs decreased 3.3% in local currency terms compared with the same period of the year before, reaching COP 47,192 per barrel. Excluding foreign exchange effects, lifting costs stood at $11.4 per barrel, below the $11.8 per barrel reported a year ago, and our $12 per barrel reference target for 2026.

Speaker 3

This performance was supported by higher monetization volumes, as well as efficiencies captured across maintenance activities, operating services, digital infrastructure, and energy consumption. Similarly, refining cash costs declined by 2% in local currency terms, improving from COP 23,219 pesos to COP 22,750 per barrel. Excluding foreign exchange effects, refining cash costs stood at $5.5 per barrel compared to $5.6 per barrel in the same period of the prior year, supported by higher refinery throughput and disciplined cost management. Cost per barrel transported increased by 9.3%, mainly reflecting higher operational requirements associated with emergency response efforts and challenging operating conditions. Overall, these results demonstrate our ability to translate a favorable market environment into stronger profitability while maintaining strict cost discipline to offset external pressures. I will now turn the call over to Armando, who will provide an update on the energies for the transition business line. Thank you, Elsa.

Speaker 4

During 2026, we saw a significant shift in global LNG market dynamics at the beginning of the year. The market was characterized by growing supply and relatively balanced conditions, with international benchmarks like TTF and JKM at around $10-$11 per million BTUs. However, geopolitical tensions in the Middle East rapidly changed this environment, affecting flows equivalent to about 18% of global LNG supply and resulting in a market increasingly constrained by the availability of LNG molecules. This environment intensified competition between Europe and Asia for available cargoes and pushed TTF prices to $33 per million BTUs by the end of 2026. This represented an increase of about 200%, reaching the highest level seen in the last four years and reflecting growing market concerns over security of supply.

Speaker 4

Against this backdrop, suppliers prioritized TTF index structures or sought to capture the price expectations embedded in that market, significantly reducing the availability of competitive offers for buyers such as Ecopetrol. As a result, the economic conditions observed during the period did not allow us to move forward with LNG purchases that met Ecopetrol's criteria for competitiveness, profitability, and appropriate risk management. For this reason, we maintained a disciplined approach and decided not to proceed with LNG procurement processes for the Puerto Bahía and Buenaventura terminals under current market conditions. Nevertheless, at Ecopetrol, we continue making our best efforts to identify competitive supply opportunities while maintaining the commitments established under our sales contracts with domestic market participants and seeking to align supply availability with the scheduled startup dates of the regasification facilities. Consistent with this strategy, regasification projects continue to progress in line with their expected startup schedules.

Speaker 4

The Pacific regasification facility is approximately 90% complete and remains on track to begin operations by year-end 2026, while the Caribbean regasification facility has reached 53% completion and is expected to begin operations during the first quarter of 2027. These initiatives, together with the development of offshore and onshore resources, will expand supply options and contribute to strengthening energy security and the reliability of Colombia's gas market. Next slide. Regarding domestic supply during the third quarter of 2026, Ecopetrol maintained its position as the only domestic producer to offer and allocate firm gas volumes to the market. During the quarter, we allocated additional volumes from Cupiagua, complemented by new production sources in Huila. These actions allowed us to make additional gas volumes available to the market, contributing to the reliability of domestic supply. Ecopetrol also actively contributed and responded promptly to operational events affecting the system.

Speaker 4

During the scheduled maintenance of the SPEC regasification terminal between July 30 and August 3, we marketed 97 GBTUD to help meet thermal generation and essential demand. Subsequently, during the operational contingency at SPEC in September, we increased the availability of gas from Cusiana and Cupiagua by 5 GBTUD for six days, helping mitigate the impact on regulated demand and the national transportation system. More recently, on October 27, we increased supply by an additional 5 GBTUD to support the system during the contingency resulting from the scheduled curtailment associated with another SPEC shutdown. This contributed to maintaining the operational stability of the pipeline system until SPEC resumed normal operations. Next. Regarding energy management, we continued implementing initiatives aimed at strengthening the group's competitiveness and reducing our exposure to price volatility associated with El Niño and the spot electricity market.

Speaker 4

First, through our energy efficiency program, we achieved cumulative optimization of 2.66 PJs, equivalent to almost twice the annual energy consumption of the Rubiales field, generating savings of approximately COP 68 billion. This allowed us to reduce the group's energy requirements and consequently our exposure to increased energy supply costs. In addition, the group's renewable energy portfolio reached 1,210 MW, including assets in operation and under construction and development, as well as market-based power supply contracts. Our operating assets continue to generate efficiencies, delivering savings of COP 6.1 billion during the period, driven by the lower cost of energy consumed compared with market purchasing alternatives. During the quarter, we continued to make progress on the Windpeshi wind project, which reached 25% overall completion, development of the interconnection line, and securing the land required for project execution.

Speaker 4

In addition, together with our partner, AES, we continue structuring the JK1 and JK2 wind projects. Our financial advisors, IDB and Bancolombia, are currently conducting due diligence, and we expect to reach financial close and FID during the first quarter of 2027. These initiatives, together with our self-generation capacity and contracting in the wholesale electricity market, allowed us to cover 92.6% of the group's energy demand, reducing our exposure to the spot market and strengthening operational resilience under climate-related stress scenarios. Through a combination of conventional self-generation on-site and remote renewable self-generation and active contracting management, our purchases in the wholesale electricity market were made at average prices of 8.5% below regulated market benchmarks, contributing to greater stability in the group's energy costs.

Speaker 4

Overall, these results reflect Ecopetrol's commitment to energy security, the timely development of strategic infrastructure, the incorporation of new energy sources, and the delivery of operational efficiencies that strengthen the sustainability and competitiveness of our business. Thank you so much. Now, we'll hand it over to our CEO. Let me conclude this presentation with a reflection on the environment that we're facing and our priorities going forward. We are operating in a context marked by geopolitical volatility, higher logistics costs, pressure on capital, and challenges in sustaining organic production. In addition, we have seen wider discounts on certain crudes relative to Brent and greater volatility in refined product differentials, reflecting an energy market that remains tight and subject to supply and global logistics disruptions. In this context, our organic production is declining as fields mature, and it requires exploration and sustained investment to boost volumes.

Speaker 1

Yet, amid these challenges, Ecopetrol has distinctive strengths to navigate this environment. We have an increasingly flexible commercial platform and a portfolio of opportunities that includes Brava, Sirius, Orca, and our recent exploration successes. In gas, in particular, we are simultaneously advancing on short, medium, and long-term solutions that contribute to the country's energy security and allow us to monetize the potential of our resources. We have the ability to capture value through an integrated model that combines production, transportation, refining, marketing, and a growing international presence, as reflected in the results we have presented. This new stage demands that we go further, and our priority is to transform Ecopetrol so we can do things differently and prepare it for new opportunities and challenges.

Speaker 1

That is why our focus is on organizational and operational transformation to raise productivity, efficiency, and profitability across the Ecopetrol Group by simplifying processes, eliminating rework, and reducing costs through rigorous capital allocation. We will achieve excellence in the execution and delivery of strategic projects by accelerating strategic decision-making, and we will build a more efficient organization based on delivering results. The progress presented today shows that this transformation is already underway. We are unlocking strategic projects, strengthening institutional coordination, mitigating material risks for the company, and advancing initiatives that have a tangible impact on our growth prospects, competitiveness, and value creation. Opportunities are important, but what truly matters is our ability to turn them into concrete, tangible, and demonstrable results.

Speaker 1

That will be the measure of this new era of rebirth, a more agile and competitive Ecopetrol, capable of turning opportunities into sustainable results, where we can strengthen reserves, develop gas, improve profitability, preserve a solid financial position, and create sustainable value for our shareholders. All of this alongside our employees, whom I thank for their commitment and dedication, as well as our investors, clients, communities, and other stakeholders for their trust. May determination guide our decisions, and may the future of Colombia be the goal we never stop pursuing. Welcome once again to the new era of the crown jewel of the nation, the company we will defend because it belongs to all Colombians by nature. Welcome to the rebirth that will mark the beginning of a new chapter for Ecopetrol and for all of Colombia. Thank you very much. With this, we begin the Q&A session.

Operator

Damos inicio a la sesión de preguntas.

Speaker 5

We'll begin the Q&A session now, which will last at the most 40 minutes. That's why we recommend to make two questions at the most, so we can guarantee the participation of all of our guests. We'd like to remind all of the analysts to choose on the interpretation globe the language in which you'll be making your question. Otherwise, we can't hear you. Let's begin with the question in English. SOS with the just from UBS. Mr. Vasconcellos, you can ask.

Speaker 6

Hi, everyone. Thank you for taking my question. I have two here on my side. First, based on your current evaluation of the company's portfolio and other exploratory frontiers nearby, where are the main opportunities that you see for being able to deliver production growth in Colombia? At the same time, where are the main challenges that the company is facing in terms of production decline, and how are you evaluating to handle this? Then a second question on Brava, maybe to Luis. Look ahead, what are the key priorities at Brava? Is it to deleverage the company to invest and increase reserves the most, to expand further the company's operations? Within this plan, what are the, let's say, the main milestones that shareholders from Ecopetrol should monitor to become either more confident with the investment thesis or with the returns?

Speaker 6

What are the key metrics that we should be watching for? Those are the two questions. Thank you.

Speaker 5

Capture, and we will have improved collections, and we will be looking at wells and technology to gain more wells in our fields. For that also, we will be making alliances with partners to contribute capital, experience, and value, as we've done in Magdalena Medio and Cesar. The second has to do with the exploration in areas that we have already been licensed. This first semester, we had the Komodo with our partner operator to explore this, and at KGG, we advanced in licensing a key project for gas offers. The third, in offshore in the Caribbean with Sirius, which will be the big gas source of Colombia for the next decade. That's what we expect.

Speaker 5

Fourth, we're talking about non-conventionals, where we will reactivate the exploration phase at Magdalena Medio, especially in the area that we call Aluna, and said that it's an area geologically similar with more chances than what we see in Argentina. Fifth is the inorganic growth and the international expansion with Brava in Brazil and new assets that add reserves and production on a short and medium term. The challenges of the decline, or better, we have challenges of decline. I'm not going to hide them. Our mature fields are declining naturally, and that's our biggest challenge. We will be attacking them in several fronts. First, when it comes to the technique, improved recovery and operational efficiencies to decelerate this decline, and the most profitable fields will go to, or to make them more efficient and lower the lifting costs. The second is the surrounding or the environment.

Speaker 5

This semester, 91% of our deferred production was there, and we will work with the communities and the national government so that operation will not stop. Third are the times. Technical desks, we're working with technical desks with all of the authorities related to hydrocarbons. The technical desks like ANLA, the prior consultation authorities from the Ministry of Interior, the National Agency of Hydrocarbons, and other entities have the purpose so that the projects won't stop because of proceedings. Instead, what we have to do is to procure is to have guarantees. The goal is clear, to go always headed towards growth, Ecopetrol that grows from the subsoil. I ask you to help us look at us quarter by quarter, always based on results. The alliances that you mentioned are part No. No, sorry. I can answer that way.

Speaker 5

Now Camilo can answer the other question for you. Thank you, Mr. President, and good morning, everyone.

Speaker 2

I am Camilo Barco, CFO. Tasso, thank you for your question. Let me briefly refer to the expectations we have with Brava, how we have been advancing, and what are the major achievements that shareholders should expect on a short-term basis. Firstly, the transaction of Brava was undoubtedly very significant for the Ecopetrol Group for different reasons. First, it has to do with its geographic location, part of our strategy to diversify. Being Brazil, and I am not going to expand on this, but one of the markets with the biggest potential and growth in America in past years is Brazil, with more than 15 billion barrels in reserve and 4 billion in production, becomes a market that has many opportunities in terms of upstream, off and onshore.

Speaker 5

Part of the characteristics and qualities that most stood out for Ecopetrol with Brava was that. Still, it is important to mention that the transaction closed in mid-August. In September, we began an integration plan, and that is what we are focusing on currently, looking at policies, integrating information, and as you have seen in the results, integrating this first month of September, which is part of the balance sheet of Ecopetrol. So what should we expect on a short-term basis? There are big synergies and opportunities derived from this transaction. It is a company that is efficient with an interesting production.

Speaker 5

Monday this week, we had the earnings call of Brava with a production that exceeds 82,000 barrels of oil equivalent day, with EBITDA margins very much in line as announced to the market, above 45%, also very close to those of the Ecopetrol Group consolidated, and a good contribution, revenues, EBITDA, and profit for the group as shown in the earnings call that we just made. What are the expectations concrete? We see synergies operationally. We will move on by optimizing and looking, improving the efficiency of this operation. And there are major advantages seen in terms of the muscle and soundness, financial soundness of Ecopetrol to optimize the conditions of the debt of Brava. In short, in terms of capital assignment, we see in this opportunity and transaction great opportunities, great synergies to optimize its financing cost, its capital structure.

Speaker 5

We will keep a balanced position that will allow us to destine major resources to the investment plan of the company, but also to meet the obligations that it has with its financers and the conditions agreed upon and the restrictions and covenants that are foreseen. And of course, we will have among our priorities to respond to the competitiveness and the return expected by minority shareholders and Ecopetrol as a majority shareholder. Next question is from Andrés Cardona from Citibank. Mr. Cardona, you may ask. Good morning. Mr. Gutiérrez, I wish you success managing Ecopetrol. And I would like to ask about the international promotion strategy of the company. How relevant is it still in the corporate strategy given in general terms, I would like to see opportunities you have seen in Venezuela. I understand that Mr. Gutiérrez recently visited Venezuela.

Speaker 5

Could you please share with us the development of the internationalization? Also, what is happening in Brazil with Brava? I remember that there was a tax grade that could be an incentive for this and Permian. Do you believe it is an asset that should be kept as is, or should it be expanded in this account? Lastly, when it comes to fracking, do you see any opportunities to grow and more production? When will we see fracking, and what are the major milestones that we should monitor in terms of regulations or whatever? Thank you. Andrés? Thank you so much for your good wishes. Let me respond to your questions. The international promotion is a leverage to expand reserves and production.

Speaker 5

However, with capital discipline, our priority is Colombia, but we will not limit the growth to our boundaries if there is a profitable asset that adds value to our shareholders. Every investment made overseas has to compete with the same rigor for capital than any project within Colombia. In terms of Venezuela, in my recent visit there, I confirmed that there are real opportunities there, both in gas and as in oil and gas. The closest is the gas line, Antonio Ricaurte. The national government of Colombia said it was a strategic project. ANLA confirmed the firmness of its license, and we as Ecopetrol will request to PDVSA to grant us the operation of the Colombian section, the 88 km in Colombia. We are renegotiating a contract of sale at a price that is very competitive. It will be below what we have today in the market.

Speaker 5

As to oil, we see opportunities to add consolidated reserves, but I would like to be clear. We are a company. We requested the license for the gas line because we are a company that meets, and we will not take a step beyond that framework. Venezuela is a great opportunity, yes, but it will not be a dependence. In terms of Brava is not only an acquisition, it is an investment to grow profitably in one of the provinces that is most relevant in the continent. With just one month of consolidation, it contributed 3% of the revenue, 4% of our EBITDA, and 2% of the growth of the net profit of the group, meaning it has created profitability from the very beginning. Now what we need to focus on is integration, and that is as important as the consolidation.

Speaker 5

Since we are responsible administration, the first step is to rigorously validate all of the assets. We will confirm with our own technical teams that the reserves, the production, and the condition of the assets do correspond to what was appraised in the sale or in the purchase. This is what serious companies do and what they do to protect shareholders. Based on this, we will look at the corporate governance. We will integrate the financial planning and the report to harmonize the reserves under the SEC standards, consolidate the controls, and capture operational and exploratory synergies. To that, we can also add Puerta, which the development plan was already accepted of more than 33,000 barrels a day for Ecopetrol. Permian is an asset very valuable to us. It gives production cash and especially experience of non-conventionals, especially to bring that to Colombia.

Speaker 5

Would we be interested in growing? We will evaluate any opportunity that fits our return criteria and that competes for capital compared to our own portfolio. We will not grow just to grow. We will grow, or better, we will grow where value is. In short, Andrés, Colombia first and the world where there is value second. I ask you to please measure us quarter by quarter, always based on results. We are also joined by Katherine Ortiz from Corredores Davivienda. Hello, everyone. Good morning. Thank you for the space. Complementing some of the questions that have already been asked before. First, I would like to know in terms of the vision of the development of non-conventionals, understanding that the focus that you have mentioned is in the Magdalena Medio region, and another one that you have mentioned. I would like to understand more in terms of time and investments.

Speaker 5

What is your expectation for the development, and what can we expect on the development of these projects, especially in the field in Magdalena Medio, and when can we expect to see them contribute reserves and production for Ecopetrol? That is my first question. My second question, understanding the focus that you have on the non-conventional business and what you in this call and other calls have been mentioning, especially with capital discipline, enhancing or driving the traditional business of Ecopetrol. I would like to know, have you thought about disinvesting in assets? If so, in which, or are you considering disinvestments? In that same line, do you plan to review your investments plan, which is diversified now, not only in the hydrocarbon traditional business, but it also has a major stake in energy and energies for transition? Thank you. Good morning, Katherine.

Speaker 5

I am Elsa Jaimes, Acting Executive VP of Hydrocarbons. As to your first question, today in Ecopetrol, we are in a phase of updating the prospectivity and structuring the business cases. With this update, basically, we are looking at the seismic information that we have acquired in the recent years. The technical teams are identifying the areas with the most potential, and later, we will make the environmental, social, and risk diagnostics and how to mitigate them. Consequently, we already have the potential or better working to identify the potential and identify the areas in which we will make that diagnostics. To talk about the CAPEX or production is not proper yet. We have a timetable to identify when we will take those next steps and to make a projection for the first production.

Speaker 5

These parameters can be established when the structuring of the business cases takes place, and of course, following the applicable standards, regulatory standards. Okay, thank you. Good morning, Katherine. I am Mauricio Gutiérrez, VP of Strategy and New Businesses. Regarding your question on the disinvestments of non-strategic assets, Ecopetrol continuously monitors its portfolio of assets to maximize the generation of value and ensure an efficient assignment of capital. Aligned with this capital discipline that we have promoted in this new administration, this incorporates strategic, technical, and operational, and financial information to determine how to prioritize growth, how to optimize the portfolio, and where there are true opportunities to add value, ensuring that investments are aligned with our strategic priorities and the goal returns that we have at the company. Ecopetrol constantly evaluates opportunities, and in strategic plan, soon, we will be considering non-strategic assets.

Speaker 5

However, everything is done with absolute rigor and comprehensively in all of the alternatives. Ecopetrol does not look at potential investments or alternative strategies that could be right now underway and not to share them with the public. It is important to clarify that of the strategy set by the new administration, it has been considered to enhance the business core and to evaluate opportunities that do not represent the strategic framework of this administration and grant more focus really on assets that do create more returns and that, as expected by this new administration, add a faster pace to have better results, like what the new administration and the board of directors want. Mr. Camilo Barco can answer the next question. Thank you, Mauricio.

Speaker 5

Catherine, this is Camilo Barco again, and I would like to refer briefly to the possible changes in our investments plan and the diversification of our 2027 plan. I would like to say that right now, in the first cycle of planning, we are having discussions to determine the new strategic framework with the new directive team and the new board of directors of Ecopetrol. The investments plan will be consistent with the strategy set forth by this exercise with the new board and the directors led by their CEO. This year, for instance, we saw 72% of the total investments plan was focused on the segment of hydrocarbons, 25% to transmission and toll roads, and the rest energies for transition. When necessary, and with all of this appraisal, according to the strategic reserves and the discipline of capital and the generation of sustainable value for the group.

Speaker 5

That way, we can make reassignments of the composition of that investment plan strictly following the strategic plan that we have. Thank you, Catherine. Thank you all. Let us continue with Daniel Guardiola from BTG. Mr. Guardiola, you may ask your question. Good morning, and thank you for the presentation. Congratulations to Joaquín for your new appointment. My first question has to do with the strategic vision of the new CEO. I would like to understand better your vision for Ecopetrol and understand well what companies of the sector do you admire when it comes to the discipline of capital and creation of value, and which of these references would you like to attract to Ecopetrol?

Speaker 5

Second has to do with capital assignment, which is a recurrent topic in this call, and I heard that the company is towards more capital discipline, so I would like to see what is the minimum profitability demanded from the new investments, and are you willing to sacrifice reserves and growth if the projects do not provide attractive enough returns? Thank you. Miguel, thank you for your questions, and thank you for your congratulations. Thank you for your question because it really allows me to share towards where do we want to take Ecopetrol. As to references, I admire companies that have shown that you can have minority shareholders and be an example of discipline and creation of value. A big reference, which is state-owned in a majority and that takes decisions with criteria and merely good, is Petrobras.

Speaker 5

Petrobras has taught us the value of focusing on what you can do best. For them, it's deep waters and to look at the portfolio using assets with the highest return. Of the large international companies, I admire the cost and discipline admiration of the capital. Every project has to be profitable, even in low-price scenarios. The practices that we will have, first, an independent corporate governance. Everything has to be decided with technical basis and independent committees, as we have today. Second, a capital assignment based on value in which every dime competes over others. Third, a portfolio focused in which each company of the group devotes its time to its core. Fourth, public companies measurable so the market can also demand, always demand from us.

Speaker 5

I want an Ecopetrol that's obsessed with reserves and to recover its production, a company that's lighter and that spends less, with a group re-engineering that we will be presenting soon to the board, an assignment of capital that's disciplined, and a presidency that engages with the state, with the territories, and the partners so the projects won't be locked. As to the new strategy, we will present to the market one that's updated with financial goals and operations that are measurable, production, reposition of reserves, lifting cost, free cash flow, and EBITDA debt. As a first step, we will present the 2027 investments plan once it is approved by the board of directors, and on that basis, we will be sharing the complete strategy. My commitment is not measured in words, but in actions. As to the capital assignment, first, we're talking about minimum profitability.

Speaker 5

No project is approved if it does not create above the capital cost with the margin that compensates the risk, of course. A project does not have to have the same risk in production than exploratory, and the return that we demand has to reflect that difference. In addition, every project must resist scenarios of low prices, not only of today's price. The specific figures of our capital cost and of the returns can be given by Camilo Barco, our CFO, and the strategies with measurable results. Thank you, Mr. President. Good morning, Daniel. When it comes to capital assignment, as our CEO has mentioned, I'd like to add that we are loyal to the premise of prioritizing value over volume.

Speaker 5

Each project and the investment decision will be made based on the capital cost that has been announced, and we adopt the rigorous measures to determine these according to the business line and the risk related to each of the projects that present with total capital discipline, as we've said, not only aligned with the same capital cost or measured with the WACC, but also we have set out to be even more rigorous. With our discipline, we have set some hard rates or rates that create the generation of value above the capital cost, and that are defined according to the level of risk for each of the business lines and each project. I'd like to repeat, as Joaquín already said, our policy for projections is rigorous and conservative in terms of price projections.

Speaker 5

We resort to market consensus, but also to the projections of agencies and analysts, and we look at the lower rank range in terms of performance expectations of oil prices. Thank you, Camilo and Joaquín. As of now, we'd like to recommend to only ask one question so that everyone can participate. The questions next will be made in English, so please, all of the analysts, please look at the globe of interpretation and place it in English. Otherwise, we cannot hear you. Let's continue with Thiago Casqueiro from Morgan Stanley. Mr. Casqueiro, the floor is yours.

Speaker 7

Hey, good morning. Thank you for taking my question. If I may go back to production outlook, I know the company is still working on the business plan for next year, but could you give more color on the expectations for production in the near term? I mean, especially in the Colombian fields, as we have seen some constraints with water handling. I mean, I understand new treatment facilities are coming online soon, but how should we think in terms of the pace of production recovery? If I may also in this one, given how severe El Niño has been, could you share with us how are you seeing the impacts of El Niño so far versus what you initially expected? Thank you.

Speaker 5

Thank you, Thiago, for your question. This is Elsa Jaimes, Acting Executive Vice President of Hydrocarbons. With your first question of how we're addressing the production or what's our plans for the domestic production, we're still working in the mature fields. There, we have a big opportunity to recover production and to compensate the decline we see in the fields. In gas, we are handling also the normal decline of these fields, and we're developing infrastructure to operate wells at lower pressures for a bigger production. Also, we are working on connecting the new discoveries and increasing reserves. As to the El Niño weather phenomenon, we see that it's a risk that is manageable, and here in Ecopetrol, we have a committee devoted to constantly monitor this situation, to anticipate over possible impacts and how to mitigate them.

Speaker 5

So far, we have no deferreds in production or during the rest of 2026. The main risks that are identified have to do with the availability of water and higher costs of energy, and we already have mitigation plans in place and alternatives for operations. In terms of cost, we estimate a potential impact of about $0.14 per barrel in terms of lifting cost. However, at the end of September, the impact was below $0.2 per barrel.

Speaker 7

Thank you.

Speaker 5

The next question is from Andrés Duarte from Corficolombiana. Mr. Duarte, you can ask. Good morning, and thank you for accepting my question. Good luck to Joaquín Gutiérrez in your work. I am sure you will do well with the cooperation of the government and of us, the analysts, from our role. The question is related to gas. It is a question. Could you please confirm an appreciation I have? How should we interpret, or how does the company interpret the fact that Sirius was not included within the PINES, but Antonio Ricaurte was included, and that is my question. Surely I am wrong, but I would like to hear it from you. Although the main producer of gas, you cannot transport, so I do not understand what is the role of the operation, because I heard that you would be interested in having the operation of this.

Speaker 5

Again, thank you, and again, good luck in this new endeavor. Thank you, Andrés, for your questions. It is quite pertinent, and let me divide it into two. When it comes to the PINES, Sirius is undoubtedly a project of national interest. Ecopetrol indeed has requested this declaratory and will insist on it, but we will not sit down and wait for a decree. The technical parts that we have has the same role. We sat down with ANLA, with the authority, prior consultations, the National Agency of Hydrocarbons, and the Ministry of Environment, making a rigorous follow-up to each of the commitments, and there are results already. ANLA approved the minor change in the Ballena station, which allows Petrobras to agilize the presentation of the new license. When it comes to investments, I would like to be clear. The challenge of Sirius is not the subsoil. Gas is there.

Speaker 5

It is the biggest discovery in the history of Colombia, with more than six tera cubic feet estimated. The engineering is also defined, including the submarine line that will take the gas to Ballena, La Guajira, which connects to the national grid. Our partner, Petrobras, has one of the biggest experience in deep waters worldwide, and the critical route has to do with the prior consultations and the licenses, and there is what we are focusing on really hard. We hope to make the final decision of investment soon. Sirius is not a bet. It is a certainty that Colombia has gas, and the idea is to take that gas as soon as possible to every home in Colombia. Thank you. Andrés, this is Elsa Jaimes. I would like to add to what our CEO has explained.

Speaker 5

The Sirius project, Petrobras, as an operator, made the request in 2025, and that session or those discussions with the government were retaken with the new government along with the institutions, and we are advancing with this. Petrobras has held several sessions, work sessions with the Ministry, contributing information that has been requested. I just wanted to complement this. Thank you so much. What I affirm in terms as being an operator, am I wrong or not? Thank you. I referred at the Antonio Ricaurte operator. I did not answer that part of the question. I am sorry. Yes, indeed, we are in the process of negotiation directly with PDVSA so we can make the operation, but only of the 88 km that are within Colombia. We can guarantee that way that the supply will not have any problem or affectation.

Speaker 5

We prefer to make that specific operation, and that is what we are requesting to PDVSA, and we will make a contract for that specific operation headed by Sirius, one of our subsidiaries. For that, I already told you that we requested the OFAC license because we need that license. If granted, we can advance in that negotiation and we can have the operation. But again, it is only the 88 km on the side of Colombia. Thank you. The next question is from Steffania Mosquera from Credicorp Capital. Ms. Mosquera, the floor is yours. Can you hear me? Yes, we can. You can ask. Okay, thank you. My question is especially about a disinvestment that eventually could be made by the government, a partial disinvestment of the government of Ecopetrol. What is your vision about that?

Speaker 5

We have lately heard news about the Centro Democrático saying that 8% of Ecopetrol should be sold, and the last tax reform mentions the possibility that the President has special powers to cut down Act 226. What do you think, considering that eventual disinvestment would be an increase of the floating, which would be key for the inclusion of Ecopetrol in international index, and in turn could result in significant increases of liquidity and price? Stephanie, good morning, and thank you for your questions. This is Camilo Barco. Basically, I would think that this question is more for our majority shareholders to answer. It is a decision that should be made by the national government to evaluate what to do with its property over Ecopetrol. We really have no comments on this. Nothing different to what you have mentioned.

Speaker 5

It would have surely a positive effect on the capital's market related to the floating of the company. But again, when it comes to the decision made by the government and its share or its stake in Ecopetrol, we cannot answer here what the government will do. Okay, thank you. Let us continue with Ricardo Sandoval from Cibest. Mr. Sandoval, the floor is yours. Hello, everyone. Thank you for the call, and the best wishes for Joaquín. I have a question. The conversion of the oil pipe that was set to be made to give feasibility to the new regasification of the Caribbean. I mean, is that conversion something that will take away capability to take out future volumes in the Magdalena Medio and in the western mountain range? Is that conversion still underway as we have been talking about the Puerto Bahía?

Speaker 5

Is there a way to get out of this? It goes really against what the government wants to promote fracking at the most. That is my question. Thank you. Good morning. This is Nubia Stella. I am the Acting President of Senate. Ricardo, thank you for your question. We, as leaders of the mixing group, are exploring different alternatives to enable the logistics necessary to develop the fields. Today, we have not ruled out any option. We are exploring and reviewing all the options that we have. As of today, we are still working on this without any specific decision on a particular project. Thank you.

Speaker 4

I am Armando Cuello, VP for Energies of Transition. Regarding the Puerto Bahía regasification system, we are doing well. We are advancing.

Speaker 5

We think that the first two months of next year will be commissioned, and we think it is fundamental for the country's energy security. We will not have the LNG. We will not be depending only on the SPEC regasification. We are not going to be pulling out. We think it is very important for the country and for Ecopetrol. Thank you. Ricardo, good morning. This is Mauricio Gutiérrez, VP of Strategy and New Businesses. Regarding your consideration on Puerto Bahía and the non-conventional fields, our observations are focused on the idea that both projects contribute to the energy safety of the country, and not necessarily advance against each other or not regarding each other.

Speaker 5

With this, the opportunities of non-conventional fields in Magdalena Medio open great opportunities, which reflect the commitment of this administration to non-conventional fields with two new reserve sources, and the regasification system of Puerto Bahía will guarantee the supply of gas that we have needed, where we will be needing in that short and medium term prior to the commissioning of Sirius, which is strategic to us. We cannot consider that they go against each other, and both projects are complementary. They do not substitute each other, and allows us to guarantee the energy safety in the country. Thank you for your question. Last question comes from Alejandra Andrade from JP Morgan. Alejandra, thank you for taking my question.

Speaker 5

Specifically, I would like to ask, you already made an issuance of bonds and to refinance the Brava loan and to pay bonds that matured in 2029, but are you considering to do something more in 2027 in the international capital market, or are you waiting for an option of that sort? Alejandra, good morning, and thank you for your question. Let me take this opportunity to thank especially the analysts and the representatives of the bondholders and the investors' communities that have shown us in this issuance their trust and optimism over Ecopetrol. I said we are very happy.

Speaker 5

It was an issue that was interesting, not only with the amount offered, but with the demand that was so significant that exceeded 3.5 times the capital offered and led to conditions that you know well, that are very favorable for Ecopetrol with historical records over the US Treasuries and within the curve of the sovereign bonds with a minimum difference of 80 basis points over the debt of Colombia. We are happy, satisfied. It was a significant transaction. With this, we believe that in 2026, we have defined the capital structure. Towards the future, it is important to mention what we have said before. We are monitoring constantly the market. We are evaluating all of the alternatives.

Speaker 5

Surely, interesting opportunities for financing will rise, not only for organic investments, but also for the inorganic opportunities that our CEO referred to, and our purpose to keep growing will give way to new opportunities that will be evaluated, especially if looking for an optimal financing structure. In 2027, we will continue working on every front in banking financing and opportunities that may rise through the capital market. I hope with this, I have answered your question. Thank you. Yes, thank you. Thank you. Now we close the Q&A session, and we give way to Joaquín Gutiérrez, the CEO of Ecopetrol, for final remarks. Before I say goodbye, I would like to thank you for your time, for your questions, and above all, for your trust. Today, we have shown you the numbers, but I want to give you more. The certainty that we know where we are headed.

Speaker 5

We know our challenges, and we will not hide. We have the technical talent, the assets, and a clear plan to move from a horizon of reserves to one of decades, with discipline in each prize and a corporate governance that is among those of the best oil companies of the world. Again, I do not ask you to believe my words. I ask you to look at us based on our results quarter by quarter, because that is the only language we will be talking. Ecopetrol will make it, and those that are with us today will be part of that story. Thank you. Because when Ecopetrol lifts, Colombia lifts. Welcome to the rebirth of Ecopetrol. Have a good day. With this, we conclude our earnings call of the third quarter 2026. Thank you all for joining us. You may disconnect.

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