Ecopetrol S.A. (EC): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Ecopetrol S.A., Kolumbiens Energiekraftwerk, das die Erdöllandschaft durch strategische Innovation und nachhaltige Praktiken revolutioniert. Dieses umfassende Business Model Canvas zeigt, wie das Unternehmen über traditionelle Öl- und Gasbetriebe hinausgeht und die Zusammenarbeit mit der Regierung, technologische Kompetenz und einen zukunftsorientierten Ansatz zur Energieerzeugung nahtlos miteinander verbindet. Von umfangreichen Erdölreserven bis hin zu hochmodernen Investitionen in erneuerbare Energien beweist Ecopetrol eine bemerkenswerte Fähigkeit, komplexe Marktdynamiken zu bewältigen und gleichzeitig ein unerschütterliches Engagement für wirtschaftliche Entwicklung und Umweltverantwortung aufrechtzuerhalten.

Ecopetrol S.A. (EC) – Geschäftsmodell: Wichtige Partnerschaften

Kolumbianische Regierung als Hauptaktionär

Ab 2024 hält die kolumbianische Regierung einen Anteil von 68,5 % an Ecopetrol S.A. Das Ministerium für Finanzen und öffentliche Kredite verwaltet diese bedeutende Beteiligung direkt.

Aktionärstyp	Prozentsatz	Eigentumswert
Kolumbianische Regierung	68.5%	37,2 Milliarden US-Dollar
Private institutionelle Anleger	31.5%	17,1 Milliarden US-Dollar

Internationales Öl & Gasexplorationsunternehmen

Ecopetrol arbeitet mit mehreren internationalen Explorationspartnern zusammen.

• Shell: Gemeinsame Exploration im Offshore-Bereich Kolumbiens
• Chevron: Entwicklung unkonventioneller Ressourcen
• Total Energies: Explorationsblockpartnerschaften
• ExxonMobil: Strategische Explorationsvereinbarungen

Technologie- und Ausrüstungslieferanten

Lieferantenkategorie	Anzahl der Partner	Jährliche Investition
Bohrausrüstung	12	450 Millionen US-Dollar
Digitale Technologie	8	230 Millionen US-Dollar
Extraktionstechnologie	15	680 Millionen US-Dollar

Forschungseinrichtungen und Universitäten

Ecopetrol unterhält strategische Forschungspartnerschaften mit führenden akademischen Institutionen.

• Universidad Nacional de Colombia
• Universidad de los Andes
• Universidad Industrial de Santander
• Massachusetts Institute of Technology (MIT)

Beratungsunternehmen für Umwelt und Nachhaltigkeit

Ecopetrol investiert in Nachhaltigkeitspartnerschaften, um die Umweltleistung zu verbessern.

Beratungsunternehmen	Fokusbereich	Jährliches Kooperationsbudget
McKinsey & Unternehmen	Reduzierung der Kohlenstoffemissionen	12,5 Millionen US-Dollar
Boston Consulting Group	Nachhaltige Energiestrategien	9,8 Millionen US-Dollar
Deloitte	Umweltkonformität	7,3 Millionen US-Dollar

Ecopetrol S.A. (EC) – Geschäftsmodell: Hauptaktivitäten

Erdöl- und Erdgasexploration

Ab 2024 ist Ecopetrol in Betrieb 70 Erkundungsblöcke in ganz Kolumbien, mit einer Gesamtexplorationsinvestition von 541 Millionen US-Dollar im Jahr 2023. Die täglichen Explorationsaktivitäten umfassen ca 1,4 Millionen Hektar.

Explorationsmetrik	Daten für 2023
Explorationsinvestition	541 Millionen US-Dollar
Erkundungsblöcke	70 aktive Blöcke
Abdeckung des Explorationsgebiets	1,4 Millionen Hektar

Raffinierung und Verarbeitung von Erdölprodukten

Ecopetrol schafft es 6 Raffinerien mit einer Gesamtraffinationskapazität von 305.000 Barrel pro Tag. Zu den Verarbeitungsmöglichkeiten gehören:

• Raffinerie Barrancabermeja: 250.000 Barrel pro Tag
• Cartagena-Raffinerie: 140.000 Barrel pro Tag
• Orito-Raffinerie: 3.500 Barrel pro Tag

Upstream- und Downstream-Betriebsmanagement

Im Jahr 2023 erreichte die Gesamtproduktion von Ecopetrol 753.000 Barrel Öläquivalent pro Tag. Deckung der Upstream-Operationen 142 Produktionsfelder in ganz Kolumbien.

Betriebsmetrik	Daten für 2023
Gesamte Tagesproduktion	753.000 Barrel Öläquivalent
Produktionsfelder	142 aktive Felder

Energiewende und Entwicklung erneuerbarer Energien

Ecopetrol hat sich verpflichtet 1,5 Milliarden US-Dollar bis 2030 Projekte für erneuerbare Energien. Das aktuelle Portfolio an erneuerbaren Energien umfasst:

• Solarprojekte: 400 MW in Entwicklung
• Windenergieprojekte: 250 MW geplant
• Initiativen zur Wasserstoffproduktion: 100 MW Kapazität

Initiativen zur ökologischen Nachhaltigkeit

Im Jahr 2023 investierte Ecopetrol 350 Millionen US-Dollar in ökologischen Nachhaltigkeitsprogrammen, zielgerichtet Reduzierung der CO2-Emissionen um 50 % bis 2050.

Nachhaltigkeitsmetrik	Daten für 2023
Umweltinvestitionen	350 Millionen US-Dollar
Ziel zur Reduzierung der CO2-Emissionen	50 % bis 2050

Ecopetrol S.A. (EC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Erdölreserven in Kolumbien

Ab 2023 gilt Ecopetrol 1,7 Milliarden Barrel nachgewiesene Ölreserven in Kolumbien. Die Reservebasis des Unternehmens ist auf mehrere Regionen verteilt:

Region	Reserven (Millionen Barrel)	Prozentsatz der Gesamtsumme
Magdalena Medio	650	38.2%
Llanos Orientales	450	26.5%
Karibik vor der Küste	300	17.6%
Andere Regionen	300	17.7%

Fortschrittliche technologische Infrastruktur

Die technologische Infrastruktur von Ecopetrol umfasst:

• 4 große Raffinerien mit Gesamtverarbeitungskapazität von 310.000 Barrel pro Tag
• Über 2.500 Kilometer Pipelinenetz
• Fortschrittliche seismische Bildgebungstechnologie
• Investitionen in die digitale Transformation von 250 Millionen US-Dollar jährlich

Qualifizierte Arbeitskräfte mit technischem Fachwissen

Zusammensetzung der Belegschaft ab 2023:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	9,837
Ingenieure	3,650
Geologen/Geophysiker	520

Robustes Finanzkapital und Investitionskapazität

Finanzkennzahlen für 2023:

• Gesamtvermögen: 63,4 Milliarden US-Dollar
• Jährliche Kapitalausgaben: 4,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 3,8 Milliarden US-Dollar

Umfangreiche Vertriebs- und Transportnetzwerke

Details zur Verkehrsinfrastruktur:

Netzwerkkomponente	Menge
Rohölpipelines	2.250 Kilometer
Produktpipelines	1.600 Kilometer
Lagereinrichtungen	42 strategische Standorte

Ecopetrol S.A. (EC) – Geschäftsmodell: Wertversprechen

Zuverlässige Energieversorgung für nationale und internationale Märkte

Im Jahr 2023 produzierte Ecopetrol etwa 750.000 Barrel Öläquivalent pro Tag, wobei 69 % der Produktion in Kolumbien stattfanden. Die internationale Marktpräsenz umfasst Niederlassungen in Brasilien, Mexiko und den Vereinigten Staaten.

Markt	Produktionsvolumen (Barrel/Tag)	Marktanteil
Kolumbien	517,500	69%
Internationale Märkte	232,500	31%

Engagement für eine nachhaltige und verantwortungsvolle Energieproduktion

Ecopetrol stellte im Jahr 2023 1,7 Milliarden US-Dollar für Umwelt- und Nachhaltigkeitsinitiativen bereit und strebt eine Reduzierung der Treibhausgasemissionen um 40 % bis 2030 an.

• Ziel zur Reduzierung der CO2-Emissionen: 40 % bis 2030
• Investitionen in Nachhaltigkeit: 1,7 Milliarden US-Dollar im Jahr 2023
• Projekte für erneuerbare Energien: 5 große Solar- und Windprojekte

Diversifizierung in erneuerbare und kohlenstoffarme Energielösungen

Die Investitionen in erneuerbare Energien erreichten im Jahr 2023 500 Millionen US-Dollar und konzentrierten sich auf Solar-, Wind- und Wasserstofftechnologien.

Art der erneuerbaren Energie	Investitionsbetrag	Projizierte Kapazität
Solar	250 Millionen Dollar	300 MW
Wind	150 Millionen Dollar	200 MW
Wasserstoff	100 Millionen Dollar	50 MW

Hochwertige Erdöl- und petrochemische Produkte

Im Jahr 2023 verarbeitete Ecopetrol täglich 350.000 Barrel raffinierte Produkte mit einem Exportumsatz von 4,2 Milliarden US-Dollar.

• Tageskapazität für raffinierte Produkte: 350.000 Barrel
• Exporteinnahmen: 4,2 Milliarden US-Dollar
• Produktarten: Benzin, Diesel, Kerosin, Petrochemie

Strategischer Beitrag zur wirtschaftlichen Entwicklung Kolumbiens

Ecopetrol steuerte im Jahr 2023 3,8 Milliarden US-Dollar an Steuern an die kolumbianische Regierung bei, was 4,2 % der nationalen Steuereinnahmen entspricht.

Wirtschaftlicher Beitrag	Betrag	Prozentsatz der nationalen Einnahmen
Bezahlte Steuern	3,8 Milliarden US-Dollar	4.2%
BIP-Beitrag	6,5 Milliarden US-Dollar	2.1%

Ecopetrol S.A. (EC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrie- und Gewerbekunden

Ecopetrol unterhält ab 2023 87 langfristige Lieferverträge mit Industriekunden, die etwa 65 % seines kommerziellen Erdöl- und Gasportfolios abdecken. Die durchschnittliche Vertragslaufzeit beträgt 7,2 Jahre mit jährlichen Vertragswerten zwischen 50 und 350 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Jährlicher Gesamtwert
Industrielle Erdölverträge	52	1,8 Milliarden US-Dollar
Kommerzielle Gaslieferverträge	35	1,2 Milliarden US-Dollar

Digitale Kundenbindungsplattformen

Ecopetrol investierte im Jahr 2023 42,3 Millionen US-Dollar in Initiativen zur digitalen Transformation und konzentrierte sich dabei auf Technologien zur Kundenbindung.

• Benutzer mobiler Anwendungen: 215.000
• Online-Diensttransaktionen: 1,4 Millionen pro Jahr
• Zufriedenheitsrate digitaler Kunden: 87,6 %

Personalisierter Service für Großverbraucher

Dediziertes Account-Management für die 50 größten Firmenkunden mit einem spezialisierten Energielösungsteam bestehend aus 78 professionellen Vertretern.

Kundensegment	Anzahl der Kunden	Durchschnittlicher jährlicher Servicewert
Große industrielle Verbraucher	50	620 Millionen Dollar

Transparente Kommunikation über die Umweltleistung

Jährliche Nachhaltigkeitsberichterstattung über Kohlenstoffemissionen, Umweltinitiativen und ökologische Auswirkungen.

• Downloads des Nachhaltigkeitsberichts: 42.000
• Verpflichtung zur Reduzierung der CO2-Emissionen: 50 % bis 2050
• Umwelttransparenzindex: 92 %

Initiativen zur sozialen Verantwortung von Unternehmen

Im Jahr 2023 beliefen sich die CSR-Investitionen in verschiedenen Gemeindeentwicklungs- und Umweltprogrammen auf insgesamt 87,6 Millionen US-Dollar.

CSR-Programmkategorie	Investitionsbetrag	Begünstigte Gemeinschaften
Umweltschutz	35,4 Millionen US-Dollar	126 Gemeinden
Gemeinschaftsentwicklung	52,2 Millionen US-Dollar	213 Gemeinden

Ecopetrol S.A. (EC) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Ecopetrol verfügt ab 2023 über ein engagiertes Vertriebsteam von 478 Direktvertriebsfachleuten, das auf den Vertrieb von Erdölprodukten für Unternehmen und Industrie spezialisiert ist.

Vertriebskanal	Anzahl der Vertreter	Jährliche Verkaufsabdeckung
Unternehmensvertrieb	278	4,2 Milliarden US-Dollar
Industrieller Vertrieb	200	3,7 Milliarden US-Dollar

Online-Handelsplattformen

Ecopetrol betreibt eine proprietäre digitale Handelsplattform mit folgenden Spezifikationen:

• Plattformnutzer: 2.346 registrierte Firmenkunden
• Jährliches Transaktionsvolumen: 12,6 Milliarden US-Dollar
• Anteil digitaler Transaktionen: 37 % des Gesamtumsatzes

Unternehmenswebsite und digitale Portale

Digitaler Kanal	Monatliche Besucher	Durchschnittliche Sitzungsdauer
Unternehmenswebsite	672,000	8,3 Minuten
Investor-Relations-Portal	124,000	6,7 Minuten

Vermittler auf dem Energiemarkt

Ecopetrol arbeitet mit 86 zertifizierten Energiehandelsvermittlern in ganz Lateinamerika zusammen.

• Vermittlernetzwerkspanne: 12 Länder
• Gesamtwert der zwischengeschalteten Transaktionen: 8,9 Milliarden US-Dollar pro Jahr

Internationale Handelsnetzwerke

Region	Volumen exportieren	Anzahl der Handelspartner
Nordamerika	1,2 Millionen Barrel/Monat	18 Partner
Europa	0,7 Millionen Barrel/Monat	12 Partner
Asien	0,5 Millionen Barrel/Monat	9 Partner

Ecopetrol S.A. (EC) – Geschäftsmodell: Kundensegmente

Industrielle Fertigungssektoren

Ecopetrol beliefert industrielle Fertigungssektoren mit erdölbasierten Produkten und Energielösungen.

Sektor	Jährliches Verbrauchsvolumen	Marktanteil
Stahlherstellung	1,2 Millionen Barrel/Jahr	42 % auf dem kolumbianischen Markt
Zementproduktion	850.000 Barrel/Jahr	35 % auf dem kolumbianischen Markt

Transport- und Logistikunternehmen

Ecopetrol bietet Kraftstoff- und Energielösungen für den Transport- und Logistiksektor.

• Dieselversorgung für gewerbliche Flotten: 500.000 Liter/Tag
• Verteilung von Flugtreibstoff: 250.000 Liter/Tag
• Treibstoff für Seetransporte: 150.000 Liter/Tag

Regierungsinstitutionen

Ecopetrol liefert Energieressourcen an staatliche Stellen.

Regierungssegment	Jährlicher Vertragswert	Energievolumen
Landesverteidigung	450 Millionen Dollar	1,2 Millionen Barrel
Öffentliche Infrastruktur	280 Millionen Dollar	750.000 Barrel

Internationale Energiehändler

Ecopetrol arbeitet mit globalen Energiehandelsplattformen zusammen.

• Internationale Rohölexporte: 600.000 Barrel/Tag
• Globale Handelspartner: 23 Länder
• Jährlicher internationaler Handelsumsatz: 8,2 Milliarden US-Dollar

Petrochemische und verarbeitende Industrie

Ecopetrol beliefert die petrochemische Industrie mit Rohstoffen und Energie.

Branchensegment	Jährliches Liefervolumen	Marktdurchdringung
Kunststoffherstellung	750.000 Tonnen/Jahr	55 % kolumbianischer Markt
Chemische Produktion	450.000 Tonnen/Jahr	48 % kolumbianischer Markt

Ecopetrol S.A. (EC) – Geschäftsmodell: Kostenstruktur

Explorations- und Produktionskosten

Im Jahr 2022 meldete Ecopetrol Explorations- und Produktionskosten in Höhe von insgesamt 9,8 Billionen COP (ca. 2,4 Milliarden US-Dollar). Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag (COP Billionen)
Bohrarbeiten	3.6
Seismische Studien	1.2
Brunnenwartung	2.5
Extraktionsinfrastruktur	2.5

Infrastruktur- und Technologieinvestitionen

Ecopetrol investierte im Jahr 2022 COP 5,2 Billionen (1,27 Milliarden US-Dollar) in Infrastruktur und Technologie, wobei die Hauptschwerpunkte darin liegen:

• Initiativen zur digitalen Transformation
• Upstream-Technologie-Upgrades
• Modernisierung der Raffinerie
• Verbesserung der Pipeline-Infrastruktur

Umweltkonformität und Nachhaltigkeitskosten

Die Ausgaben für die Einhaltung von Umweltvorschriften beliefen sich im Jahr 2022 auf 1,5 Billionen COP (367 Millionen US-Dollar), darunter:

Nachhaltigkeitsinitiative	Betrag (Milliarden COP)
Reduzierung der Kohlenstoffemissionen	450
Umweltsanierung	350
Projekte für erneuerbare Energien	250
Abfallmanagement	150

Forschungs- und Entwicklungsausgaben

Die F&E-Ausgaben beliefen sich im Jahr 2022 auf insgesamt 320 Milliarden COP (78 Millionen US-Dollar), wobei der Schwerpunkt auf Folgendem lag:

• Alternative Energietechnologien
• Verbesserte Ölrückgewinnungstechniken
• Kohlenstoffabscheidung und -speicherung
• Digitale Innovation in der Erdöltechnik

Humankapital- und Personalmanagement

Die gesamten personalbezogenen Ausgaben beliefen sich im Jahr 2022 auf 2,1 Billionen COP (514 Millionen US-Dollar), darunter:

Personalkostenkategorie	Betrag (Milliarden COP)
Gehälter und Löhne	1,500
Schulung und Entwicklung	150
Leistungen und soziale Sicherheit	300
Rekrutierung und Talentakquise	150

Ecopetrol S.A. (EC) – Geschäftsmodell: Einnahmequellen

Rohöl-Exportverkäufe

Im Jahr 2022 beliefen sich die Rohölexportverkäufe von Ecopetrol auf insgesamt 14,1 Milliarden US-Dollar. Das durchschnittliche tägliche Exportvolumen betrug 380.000 Barrel pro Tag. Zu den wichtigsten Exportmärkten gehörten:

Exportziel	Exportvolumen (Barrel/Tag)	Umsatzbeitrag
Vereinigte Staaten	145,000	5,4 Milliarden US-Dollar
Asien-Pazifik	95,000	3,6 Milliarden US-Dollar
Europa	70,000	2,7 Milliarden US-Dollar

Inländischer Verkauf von Erdölprodukten

Der inländische Umsatz mit Erdölprodukten erreichte im Jahr 2022 8,3 Milliarden US-Dollar. Die Produktaufschlüsselung umfasst:

• Benzinumsatz: 3,2 Milliarden US-Dollar
• Dieselumsatz: 3,7 Milliarden US-Dollar
• Umsatz mit Kerosin: 1,4 Milliarden US-Dollar

Kommerzialisierung von Erdgas

Der Erdgasumsatz belief sich im Jahr 2022 auf 2,1 Milliarden US-Dollar. Die Tagesproduktion betrug durchschnittlich 390 Millionen Kubikfuß.

Marktsegment	Einnahmen	Lautstärke
Industriesektor	1,2 Milliarden US-Dollar	220 Millionen Kubikfuß/Tag
Wohnsektor	0,5 Milliarden US-Dollar	100 Millionen Kubikfuß/Tag
Stromerzeugung	0,4 Milliarden US-Dollar	70 Millionen Kubikfuß/Tag

Umsatz mit petrochemischen Produkten

Der Umsatz mit petrochemischen Produkten belief sich im Jahr 2022 auf insgesamt 1,6 Milliarden US-Dollar.

• Polymere: 0,7 Milliarden US-Dollar
• Spezialchemikalien: 0,5 Milliarden US-Dollar
• Industrieschmierstoffe: 0,4 Milliarden US-Dollar

Neue Investitionen in erneuerbare Energien

Der Umsatz aus erneuerbaren Energien belief sich im Jahr 2022 auf 0,3 Milliarden US-Dollar. Zu den Investitionen gehörten:

• Solarprojekte: 0,15 Milliarden US-Dollar
• Windenergie: 0,1 Milliarden US-Dollar
• Wasserstoffinitiativen: 0,05 Milliarden US-Dollar

Ecopetrol S.A. (EC) - Canvas Business Model: Value Propositions

You're looking at the core value Ecopetrol S.A. delivers across its operations, which is a mix of national necessity and integrated energy ambition. Honestly, for a company this size, the value proposition has to cover everything from keeping the lights on to future-proofing the business.

Energy Security for Colombia: Reliable supply of domestic fuels and natural gas.

Ecopetrol S.A. positions itself as the guarantor of the nation's energy supply. This is a non-negotiable value for the Colombian state and its consumers. While specific domestic fuel supply volumes for late 2025 aren't explicitly detailed in the latest reports, the focus on maintaining operations under challenging market conditions underscores this commitment. The company's operational stability directly translates to national security of supply.

Integrated Value Chain: Full-cycle production from wellhead to final product sale.

The value here is the control Ecopetrol S.A. maintains over the entire process, which helps manage costs and ensure product availability. For the first nine months of 2025 (9M 2025), the company demonstrated this integration:

Metric	Value (9M 2025)	Context
Total Revenues	COP 90.9 trillion	Reflecting integrated sales across the chain.
Refinery Throughput	428.7 mbd	Second-highest quarterly throughput in 3Q 2025.
Production Volume (3Q 2025 Avg)	~751 mboed	Operational output from the upstream segment.
Transported Volumes (3Q 2025 Avg)	1,118 mbd	Midstream activity supporting the chain.

This integration is key; you see the results in the margin control, even when Brent prices are moving against them.

Competitive Financial Returns: Achieved COP 36.7 trillion EBITDA in 9M 2025.

Delivering strong financial performance is a core value proposition to shareholders, especially given the capital intensity of the sector. For the nine months ending September 2025, Ecopetrol S.A. delivered significant numbers:

• EBITDA: COP 36.7 trillion.
• EBITDA Margin: 40.4%.
• Net Income: COP 7.5 trillion.

The quick math shows that even with lower Brent prices, cost discipline and operational efficiency kept the margin above 40%.

Low-Carbon Energy: Development of green hydrogen and non-conventional renewables.

This proposition speaks to future relevance and ESG alignment. Ecopetrol S.A. is actively building out its non-conventional capacity. As of the 9M 2025 report, the company highlighted progress in this area:

• Installed Renewables Capacity: Reached 234 MW, a +77% year-over-year increase.
• La Iguana Solar Plant: Began operations with 26 MW capacity.

Also, the Coral green hydrogen project was reported at 55% completion in early 2025, aiming for up to 880 tons per day capacity at the Cartagena Refinery.

Regional Infrastructure Leadership: Electric transmission and road concessions via ISA.

Through its subsidiary ISA, Ecopetrol S.A. captures value from regulated infrastructure assets, which offers stable, long-term cash flows. ISA's contribution is material to the overall group results. You saw improved results from ISA in 3Q 2025. Specifically, ISA secured the first tender of the Transmission Mission Plan from UPME to guarantee the electrical system reliability for the Colombian Caribbean coast. This reinforces their leadership in transmission assets, which is a different, less volatile revenue stream than hydrocarbons.

Ecopetrol S.A. (EC) - Canvas Business Model: Customer Relationships

When you look at how Ecopetrol S.A. manages its customer relationships, it's clear they operate on multiple fronts, balancing state obligations with global commercial agility. It's not just one type of customer; it's a spectrum from the government itself to international traders.

Dedicated Account Management

For your major international buyers, Ecopetrol S.A. definitely employs a high-touch approach, largely channeled through its key trading hubs. The subsidiaries in Houston and Singapore are critical here, actively working to capture market opportunities and maximize financial results for the Group. This focus on international sales is substantial; in the second quarter of 2025 (2Q25), international sales accounted for 58% of the total volume sold, marking an increase of 3.7% (or 20.5 mboed) compared to 2Q24. To manage price volatility on these large export volumes, Ecopetrol S.A. continued tactical hedging operations, covering volumes of 1.5 million barrels during 2Q25 based on crude export indicators. The success of this focused management is reflected in the 2Q25 crude trading differential, which was the best in the past four years at -USD 3.7/Bl.

Strategic Government Relations

The relationship with the Colombian government is foundational, given that the government, through the Ministry of Finance, owns 88.5% of Ecopetrol S.A. This translates into long-term commitments, particularly around domestic energy security. While domestic sales in 2Q25 represented 42% of the total volume sold, Ecopetrol S.A. is actively securing future supply. For instance, the company highlighted the long-term commercialization of imported gas at 60 GBTUD (starting 2Q26 for five years), a first in the Company's history, aimed at addressing the country's gas supply deficit. Furthermore, the commitment to the nation is quantified in the expected transfers; for the 2026 fiscal year, transfers to the Nation are estimated at around COP 28 trillion. You saw this relationship in action earlier in 2025 when the dividend payment to the majority shareholder (the Nation) was approximately COP 4.5 trillion in April 2025.

Transactional Sales

The bulk of Ecopetrol S.A.'s daily business is transactional, moving crude oil and refined products globally. The total volume sold during 2Q25 amounted to 987 mboed. This segment relies on efficient logistics, with transported volumes reaching 1,088 mbd in the first half of 2025, supported by various strategies to mitigate third-party disruptions. The company's subsidiaries in Houston and Singapore are key players in executing these spot and short-term market sales, ensuring that production, which reached 751 mboed in the first half of 2025, is monetized effectively across international benchmarks.

Here's a quick look at the sales volume split for 2Q25:

Sales Segment	Share of Total Volume Sold (2Q25)	Volume Change vs. 2Q24
International Sales	58%	+3.7% (+20.5 mboed)
Domestic Sales (Colombia)	42%	Decrease of 4.9% (-21.5 mboed)

Community Engagement

Ecopetrol S.A. frames its community interactions as 'Social investment' contributing to sustainable development, which is integrated into its overall investment plan under the SosTECnibilidad® goals. For the 2025 fiscal year, the Board approved an annual investment budget between COP 24 trillion and COP 28 trillion. A specific portion of this is earmarked for sustainability initiatives. In 2025, approximately COP 2.3 trillion is expected to be allocated to SosTECnibilidad® projects. Within that, 18% is projected to focus on sustainable territories. That means the planned financial commitment to territorial development for 2025 is around COP 414,000,000,000 (or COP 414 billion). This investment is deployed across structured lines to boost local growth and reduce unsatisfied basic needs. The key focus areas for this type of investment include:

• Education, Sports, and Health (Ecopetrol Educa)
• Inclusive Rural Development (Ecopetrol al Campo)
• Entrepreneurship and Business Development (Ecopetrol Emprende)
• Public and Community Infrastructure (Ecopetrol Construye)
• Utilities (Ecopetrol Agua y Vida and Ecopetrol Conecta)

This is a defintely more robust figure than the initial one you mentioned.

Ecopetrol S.A. (EC) - Canvas Business Model: Channels

You're looking at how Ecopetrol S.A. gets its products and services to the customer, which is a complex web given its integrated nature. Here's the quick math on the physical and commercial arteries they use.

Crude Oil and Product Pipelines: Managed by subsidiary Cenit

Cenit, Ecopetrol S.A.'s transportation and logistics unit, runs a massive network. They are actively looking to repurpose this infrastructure for new services, like a pilot transport of imported light crude in October 2025, moving 220,000 barrels through a 16-inch pipeline to the Barrancabermeja refinery. That pilot helps decide future volumes, so it's definitely a key channel test.

Here are some key figures for the pipeline system:

Metric	Value	Context/Date
Total Pipeline Network Length	9,000 kilometers (5,592-mile)	Oil and multipurpose pipelines
Caño Limón-Coveñas Capacity	Up to 210,000 barrels of crude oil per day
Storage Capacity at Coveñas	9 million barrels	Serves Ecopetrol S.A. and private clients
Transported Volumes (H1 2025)	1,088 mbd

The company is also studying using part of this network for future products, like hydrogen. If onboarding takes 14+ days for new transport solutions, operational flexibility might be tested.

International Commercial Subsidiaries: Trading desks in Houston and Singapore

The desks in Houston (Ecopetrol US Trading, EUST) and Singapore (Ecopetrol Trading Asia, ECPTA) are crucial for maximizing financial results by capturing market opportunities. They manage price risk through active hedging, which helps offset the impact of international price movements.

The trading performance for 3Q 2025 was significant:

• Traded Volume (Crude/Products): 33.5 million barrels
• Volume as % of Total Sales: 38%
• 3Q 2025 EBITDA from Trading: USD 63 million
• 2025 YTD Accumulated EBITDA: USD 156 million
• 2Q 2025 Crude Trading Differential: -USD 3.7/Bl

These offices help secure better differentials, so they definitely change the decision on where to sell.

Domestic Distribution Network: Wholesale sales to fuel distributors and industrial clients

Ecopetrol S.A. remains the largest wholesale marketer in Colombia, though the data shows local sales volumes fluctuate based on refinery output and local demand. They don't do retail marketing, focusing instead on bulk sales to other distributors and large industrial users.

Local sales volumes for 2Q 2025 were:

• Total Local Volumes: 414.4 mboed
• Middle Distillates: 186.9 mboed
• Gasoline: 126.9 mboed
• Natural Gas: 68.0 mboed

The total volume sold in 2Q 2025 was 987 mboed, with local sales accounting for a portion of that total. Lower availability from refineries, like the maintenance at Barrancabermeja, directly impacts what's available for this channel.

Refineries: Barrancabermeja and Cartagena for refined products

The two main refineries are the primary source of refined products distributed domestically and for export. Their operational status directly feeds the distribution channel.

Here's a look at recent throughput figures:

Refinery Metric	Value	Date/Period
Consolidated Throughput	428.7 mbd	3Q 2025
Throughput (Post-Maintenance)	405 mbd	2Q 2025
Projected Combined Throughput	410,000-420,000 bpd	2026 Forecast
Cartagena Capacity (Distillation)	150,000 bpd	Post-2016 upgrade

The Barrancabermeja refinery throughput reached 233 thousand bpd at one point, thanks to maintenance success, while Cartagena hit 226 thousand bpd following its interconnection project start-up. These facilities are definitely key to supply reliability.

ISA Transmission Lines: For electricity and telecommunications services

ISA, Ecopetrol S.A.'s subsidiary, moves electricity and provides telecommunications services, representing a non-hydrocarbon revenue stream. ISA operates across several Latin American countries, not just Colombia.

For context on ISA's scale and recent activity:

• 2023 Annual Revenues: COP 14.2 trillion
• 2023 EBITDA: COP 9.1 trillion
• Northwest Interconnection Annual Revenue: Close to USD 42 million per year
• ISA is commissioning a project in Brazil in November 2025

Also, ISA VÍAS announced in November 2025 the implementation of electric vehicle charging stations along the Cartagena - Barranquilla corridor. That's a concrete new service channel.

Ecopetrol S.A. (EC) - Canvas Business Model: Customer Segments

You're looking at the key groups Ecopetrol S.A. serves and extracts value from as of late 2025. It's a mix of direct buyers, the nation itself, and infrastructure clients, which is typical for a company of this scale and national importance.

The customer base is quite segmented, reflecting Ecopetrol S.A.'s integrated nature, spanning from upstream oil and gas to downstream refining and electricity transmission via its ISA subsidiary. We can map the H1 2025 revenue figures to these groups to get a sense of scale.

Customer Segment	Primary Revenue/Transfer Source	H1 2025 Revenue (COP Millions) or Transfer Amount (COP Trillions)
International Crude Oil Buyers	Exploration and Production (Crude Sales)	11,576,712
Colombian Domestic Market	Refining and Petrochemicals; Transportation and Logistics	13,792,639 (Refining/Petrochem) + 624,338 (Transport)
Colombian Government/Nation	Taxes and Dividends (Transfers)	Estimated COP 35 trillion (2025 Projection)
Electricity Transmission Clients	Electric power transmission and toll roads concessions	3,342,122
Minority Shareholders	Dividends (Distribution of Profit)	Seeking dividends from 9M 2025 Net Income of COP 7.5 trillion

The International Crude Oil Buyers segment drives a significant portion of the top line. For the first half of 2025 (ended June 30), the Exploration and Production segment, which feeds these international sales, generated revenue of COP 11,576,712 million. Remember, this segment also includes inter-segment sales, so the pure external buyer number is slightly less, but it shows where the bulk of the commodity sales value originates.

For the Colombian Domestic Market, you see the downstream and logistics arms serving local needs. The Refining and Petrochemicals segment brought in COP 13,792,639 million in H1 2025, indicating strong demand for fuels and related products within the country. Also, the Transportation and Logistics segment, which moves product for domestic and international customers, recorded COP 624,338 million in revenue for the same period.

The Colombian Government/Nation is a critical stakeholder, not a buyer in the traditional sense, but a primary recipient of value. The 2025 financial plan estimates total transfers to the Nation-covering taxes, dividends, and payments to the ANH (National Hydrocarbons Agency)-to be approximately COP 35 trillion. This is a massive flow of capital back to the state.

The Electricity Transmission Clients are served through the ISA subsidiary. This segment is clearly a growing focus, with H1 2025 revenue from electric power transmission and toll roads concessions hitting COP 3,342,122 million. ISA is investing heavily to maintain its regional leadership, with a budgeted investment between COP 5.7 trillion and COP 6.5 trillion for 2025, about 90% of which is earmarked for electric transmission.

Finally, the Minority Shareholders are interested in the profitability that underpins their returns. For the first nine months of 2025, Ecopetrol Group generated a net profit of COP 7.5 trillion. This profit pool supports the dividend policy, which for context, saw a total dividend payment to shareholders of COP 8.8 trillion in the first half of 2025.

Here's a quick breakdown of the H1 2025 segment revenue for context:

• Total Revenue from contracts with customers (H1 2025): COP 29,669,445 million.
• Inter-segment sales (H1 2025): COP 11,646,036 million.
• ISA's budgeted 2025 investment in transmission: Approx. 80% of its total 2025 budget.

Finance: draft 13-week cash view by Friday.

Ecopetrol S.A. (EC) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Ecopetrol S.A.'s operational engine for 2025. Honestly, the cost structure is dominated by massive capital deployment and the mandatory fiscal contributions to the Colombian government. Here's the quick math on where the money is going.

Capital Expenditures (CAPEX)

The board approved a significant investment envelope for 2025, showing a clear commitment to maintaining and growing output. This isn't just maintenance spending; it's growth capital.

• Budgeted CAPEX for Ecopetrol Group in 2025 is between COP 24 trillion and COP 28 trillion.
• One projection for the annual capex in 2025 was set at COP 26.4 trillion.
• Approximately 76% of this annual budget, or about COP 20.3 trillion, is expected to be allocated to profitable production activities.

Exploration and Production Costs

The lion's share of the capital budget is directed straight into the ground to secure future barrels. This focus is critical for offsetting natural field declines.

The investment earmarked specifically for the Exploration and Production (E&P) segment in 2025 is approximately COP 17.2 trillion. This figure represents about 52% of the total approved annual budget.

E&P Allocation Detail	Amount (COP)	Percentage of E&P Allocation
Total E&P Allocation	COP 17.2 trillion	100%
Crude Oil Investments	~COP 14.2 trillion (52% of total budget)	~82.5%
Gas Investments	~COP 2.06 trillion (12% of total budget)	~12%

The E&P spend is designed to support organic production levels between 740,000 and 745,000 barrels of oil equivalent per day.

Operating Expenses

Cost efficiency remains a major focus, especially given market volatility. Ecopetrol is actively working to drive down the cost per barrel.

The company reported significant success in its efficiency drive through the third quarter of 2025.

• Efficiency Program Savings achieved by the end of Q3 2025 totaled COP 4.1 trillion.
• This Q3 achievement was 40% above the target set for that period.
• Variable costs in Q3 2025 decreased by COP -3.1 trillion compared to Q3 2024.

These efforts are aimed at improving key indicators like lifting cost and total refining cost. If onboarding takes 14+ days, churn risk rises-similarly, if operational costs aren't tightly managed, margins suffer.

Debt Servicing

Managing the balance sheet means keeping an eye on financing costs, which are sensitive to interest rate movements and foreign exchange fluctuations.

As of March 31, 2025, the reported adjusted debt to EBITDA ratio stood at 2.4x. Furthermore, the company executed a proactive move to reduce future interest exposure.

• Ecopetrol announced an early repayment of USD 500 million on a loan contracted in 2023.
• The net financial result (expense) for the first nine months of 2025 increased by COP 0.4 trillion due to higher interest rates on debt.

Royalties and Taxes

Payments to the Colombian government, in the form of royalties and taxes, represent a substantial, non-discretionary cost component for Ecopetrol S.A.

For the 2025 fiscal year, the financial plan estimates total transfers to the Nation to be approximately COP 35 trillion.

Fiscal Obligation Type	Estimated Amount for 2025 (COP)
Transfers to the Nation (Royalties & Taxes)	~COP 35 trillion
Effective Tax Rate (9M 2025)	32.1%

Finance: draft 13-week cash view by Friday.

Ecopetrol S.A. (EC) - Canvas Business Model: Revenue Streams

You're looking at Ecopetrol S.A.'s revenue generation as of late 2025, and the numbers tell a story of scale, even with market headwinds. The core of the business remains the sale of hydrocarbons, but the diversification through ISA is clearly contributing to the top line.

Crude Oil and Refined Product Sales

The bulk of Ecopetrol S.A.'s income comes from moving crude oil and its derivatives. For the first nine months of 2025, the cumulative sales revenue hit COP 90.9 trillion. This figure represented a 7.8% decrease, or COP -7.7 trillion, compared to the same period in 2024. That drop was mainly driven by a lower weighted average selling price for crude oil and products, coming in at -6.9 USD/bbl lower than 9M 2024. Still, the company managed to post COP 90.9 trillion in total revenue for the nine-month period. The third quarter alone saw sales revenue of COP 29.8 trillion. That's a lot of barrels moving through the system.

Natural Gas Sales

Domestic and international gas commercialization is another key stream, though it faced some pressure. The decrease in overall sales volume for 9M 2025 was partly attributed to lower domestic gas sales volume. Ecopetrol S.A. is still investing in its gas potential, with investments planned for 2026 targeting gas production around 105-110 thousand barrels of oil equivalent per day.

Oil and Gas Transportation Fees

Revenue from pipeline and terminal services is critical for stable cash flow. This segment includes operations managed by subsidiaries like Cenit, Ocensa, ODC, and ODL. While a specific 9M 2025 revenue figure for transportation fees alone isn't explicitly itemized in the top-line breakdown, the segment's importance is underscored by the planned 2026 investment of about COP 1.5 trillion for integrity and reliability projects. Transported volumes are expected to range between 1,110 and 1,120 thousand barrels per day in 2026, showing the scale of this fee-generating activity.

Electricity Transmission and Toll Road Services

The ISA subsidiary provides a significant, diversified revenue stream. For the 9M 2025 period, this segment contributed positively, showing higher revenues of COP +0.1 trillion compared to the previous year, even as the overall revenue picture softened. However, in the third quarter of 2025 specifically, there was a reported lower income from energy and road transmission services amounting to COP -0.2 trillion. Ecopetrol S.A. continues to back this segment, with ISA expected to invest between COP 5.7 and 6.5 trillion pesos in 2025, with about 90% going to electric transmission.

Fuel Price Stabilization Fund (FEPC) Collection

This is less about ongoing sales and more about recovering past government-mandated support costs. The financial and investment plan for 2025 explicitly assumes the collection of the account receivable from the Fuel Price Stabilization Fund (FEPC) that corresponds to the 2024 fiscal year. This assumed collection is a key component supporting the financing of the 2025 investment plan alongside operational resources and transfers to the Nation.

Here's a quick look at the known revenue scale for the first nine months of 2025:

Revenue Component	Amount (COP)	Period	Note
Total Sales Revenue	90.9 trillion	9M 2025	Cumulative sales revenue
Total Sales Revenue	29.8 trillion	3Q 2025	Quarterly revenue
Energy and Road Transmission Impact	+0.1 trillion	9M 2025	Positive impact on cumulative revenue
Energy and Road Transmission Income	-0.2 trillion	3Q 2025	Lower income reported for the quarter

The company is definitely navigating a complex pricing environment. The revenue streams are clearly segmented, but the core oil and gas sales still dictate the overall performance. Finance: draft 13-week cash view by Friday.