Ecopetrol S.A. (EC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Ecopetrol S.A., la potencia energética de Colombia que revoluciona el panorama petrolero a través de la innovación estratégica y las prácticas sostenibles. Este lienzo de modelo comercial integral revela cómo la compañía trasciende las operaciones tradicionales de petróleo y gas, combinando perfectamente la colaboración gubernamental, la destreza tecnológica y un enfoque con visión de futuro para la producción de energía. Desde extensas reservas de petróleo hasta inversiones de energía renovable de vanguardia, EcoPetrol demuestra una notable capacidad para navegar en una dinámica compleja del mercado mientras mantiene un compromiso firme con el desarrollo económico y la responsabilidad ambiental.

ECOPETROL S.A. (CE) - Modelo de negocio: asociaciones clave

Gobierno colombiano como accionista principal

A partir de 2024, el gobierno colombiano posee una participación de propiedad del 68.5% en Ecopetrol S.A.

Tipo de accionista	Porcentaje	Valor de propiedad
Gobierno colombiano	68.5%	$ 37.2 mil millones de USD
Inversores institucionales privados	31.5%	$ 17.1 mil millones de USD

Petróleo internacional & Compañías de exploración de gas

Ecopetrol colabora con múltiples socios internacionales de exploración.

• Shell: Exploración conjunta en Colombia en alta mar
• Chevron: desarrollo de recursos no convencionales
• Energías totales: asociaciones de bloque de exploración
• ExxonMobil: acuerdos de exploración estratégica

Proveedores de tecnología y equipos

Categoría de proveedor	Número de socios	Inversión anual
Equipo de perforación	12	$ 450 millones USD
Tecnología digital	8	$ 230 millones USD
Tecnología de extracción	15	$ 680 millones USD

Investigaciones de instituciones y universidades

EcoPetrol mantiene asociaciones de investigación estratégica con instituciones académicas líderes.

• Universidad Nacional de Colombia
• Universidad de los Andes
• Universidad Industrial de Santander
• Instituto de Tecnología de Massachusetts (MIT)

Empresas de consultoría ambiental y de sostenibilidad

Ecopetrol invierte en asociaciones de sostenibilidad para mejorar el desempeño ambiental.

Consultoría	Área de enfoque	Presupuesto de colaboración anual
McKinsey & Compañía	Reducción de emisiones de carbono	$ 12.5 millones de USD
Grupo de consultoría de Boston	Estrategias de energía sostenible	$ 9.8 millones USD
Deloitte	Cumplimiento ambiental	$ 7.3 millones USD

Ecopetrol S.A. (EC) - Modelo de negocio: actividades clave

Exploración de petróleo crudo y gas natural

A partir de 2024, EcoPetrol opera 70 bloques de exploración En toda Colombia, con una inversión total de exploración de USD 541 millones en 2023. Las actividades de exploración diaria cubren aproximadamente 1,4 millones de hectáreas.

Métrico de exploración	2023 datos
Inversión de exploración	USD 541 millones
Bloques de exploración	70 bloques activos
Cobertura del área de exploración	1,4 millones de hectáreas

Refinación y procesamiento del producto petrolero

Ecopetrol maneja 6 refinerías con capacidad total de refinación de 305,000 barriles por día. Las capacidades de procesamiento incluyen:

• Refinería Barrancabermeja: 250,000 barriles por día
• Refinería de Cartagena: 140,000 barriles por día
• Refinería de Orito: 3.500 barriles por día

Gestión de operaciones aguas arriba y aguas abajo

En 2023, la producción total de Ecopetrol alcanzó 753,000 barriles de aceite equivalente por día. Cubierta de operaciones aguas arriba 142 campos de producción a través de Colombia.

Métrico de operaciones	2023 datos
Producción diaria total	753,000 barriles de aceite equivalente
Campos de producción	142 campos activos

Transición energética y desarrollo de energía renovable

Ecopetrol ha cometido USD 1.500 millones a proyectos de energía renovable para 2030. La cartera actual de energía renovable incluye:

• Proyectos solares: 400 MW en desarrollo
• Proyectos de energía eólica: 250 MW planeado
• Iniciativas de producción de hidrógeno: capacidad de 100 MW

Iniciativas de sostenibilidad ambiental

En 2023, EcoPetrol invirtió USD 350 millones en programas de sostenibilidad ambiental, apuntar Reducción del 50% en las emisiones de carbono para 2050.

Métrica de sostenibilidad	2023 datos
Inversión ambiental	USD 350 millones
Objetivo de reducción de emisiones de carbono	50% para 2050

Ecopetrol S.A. (EC) - Modelo de negocio: recursos clave

Extensas reservas de petróleo en Colombia

A partir de 2023, EcoPetrol tiene 1.700 millones de barriles de reservas de petróleo probadas en Colombia. La base de reserva de la compañía se distribuye en múltiples regiones:

Región	Reservas (millones de barriles)	Porcentaje de total
Magdalena medio	650	38.2%
Llanos Orientales	450	26.5%
Caribe en alta mar	300	17.6%
Otras regiones	300	17.7%

Infraestructura tecnológica avanzada

La infraestructura tecnológica de Ecopetrol incluye:

• 4 refinerías principales con Capacidad de procesamiento total de 310,000 barriles por día
• Más de 2.500 kilómetros de la red de tuberías
• Tecnología avanzada de imágenes sísmicas
• Inversiones de transformación digital de $ 250 millones anualmente

Fuerza laboral calificada con experiencia técnica

Composición de la fuerza laboral a partir de 2023:

Categoría	Número de empleados
Total de empleados	9,837
Ingenieros	3,650
Geólogos/geofísicos	520

Capital financiero sólido y capacidad de inversión

Métricas financieras para 2023:

• Activos totales: $ 63.4 mil millones
• Gasto de capital anual: $ 4.2 mil millones
• Equivalentes de efectivo y efectivo: $ 3.8 mil millones

Extensas redes de distribución y transporte

Detalles de la infraestructura de transporte:

Componente de red	Cantidad
Tuberías de petróleo crudo	2.250 kilómetros
Tuberías de productos	1.600 kilómetros
Instalaciones de almacenamiento	42 ubicaciones estratégicas

Ecopetrol S.A. (EC) - Modelo de negocio: propuestas de valor

Suministro de energía confiable para mercados nacionales e internacionales

En 2023, EcoPetrol produjo aproximadamente 750,000 barriles de aceite equivalente por día, con el 69% de la producción en Colombia. La presencia internacional del mercado incluye operaciones en Brasil, México y Estados Unidos.

Mercado	Volumen de producción (barriles/día)	Cuota de mercado
Colombia	517,500	69%
Mercados internacionales	232,500	31%

Compromiso con la producción de energía sostenible y responsable

Ecopetrol comprometió $ 1.7 mil millones en 2023 a iniciativas ambientales y de sostenibilidad, dirigiendo la reducción del 40% en las emisiones de gases de efecto invernadero para 2030.

• Objetivo de reducción de emisiones de carbono: 40% para 2030
• Inversión en sostenibilidad: $ 1.7 mil millones en 2023
• Proyectos de energía renovable: 5 principales desarrollos solares y eólicos

Diversificación en soluciones de energía renovables y bajas en carbono

Las inversiones de energía renovable alcanzaron los $ 500 millones en 2023, centrándose en tecnologías de energía solar, eólica e hidrógeno.

Tipo de energía renovable	Monto de la inversión	Capacidad proyectada
Solar	$ 250 millones	300 MW
Viento	$ 150 millones	200 MW
Hidrógeno	$ 100 millones	50 MW

Productos de petróleo y petroquímicos de alta calidad

En 2023, EcoPetrol procesó 350,000 barriles de productos refinados diariamente, con ingresos por exportación de $ 4.2 mil millones.

• Productos refinados Capacidad diaria: 350,000 barriles
• Ingresos de exportación: $ 4.2 mil millones
• Tipos de productos: gasolina, diesel, combustible para aviones, petroquímicos

Contribución estratégica al desarrollo económico de Colombia

EcoPetrol contribuyó con $ 3.8 mil millones en impuestos al gobierno colombiano en 2023, lo que representa el 4.2% de los ingresos fiscales nacionales.

Contribución económica	Cantidad	Porcentaje de ingresos nacionales
Impuestos pagados	$ 3.8 mil millones	4.2%
Contribución del PIB	$ 6.5 mil millones	2.1%

ECOPETROL S.A. (CE) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

EcoPetrol mantiene 87 contratos de suministro a largo plazo con clientes industriales a partir de 2023, que cubre aproximadamente el 65% de su cartera comercial de petróleo y gas. La duración promedio del contrato es de 7,2 años con valores anuales del contrato que van desde $ 50 millones a $ 350 millones.

Tipo de contrato	Número de contratos	Valor anual total
Contratos de petróleo industrial	52	$ 1.8 mil millones
Contratos de suministro de gas comercial	35	$ 1.2 mil millones

Plataformas de participación de clientes digitales

EcoPetrol invirtió $ 42.3 millones en iniciativas de transformación digital en 2023, centrándose en las tecnologías de participación del cliente.

• Usuarios de aplicaciones móviles: 215,000
• Transacciones de servicio en línea: 1.4 millones por año
• Tasa de satisfacción del cliente digital: 87.6%

Servicio personalizado para consumidores de energía a gran escala

Gestión de cuentas dedicada para los 50 principales clientes corporativos con un equipo especializado de soluciones de energía que comprende 78 representantes profesionales.

Segmento de clientes	Número de clientes	Valor de servicio anual promedio
Grandes consumidores industriales	50	$ 620 millones

Comunicación transparente sobre el desempeño ambiental

Informes anuales de sostenibilidad que cubren emisiones de carbono, iniciativas ambientales e impacto ecológico.

• Descargas del informe de sostenibilidad: 42,000
• Compromiso de reducción de emisiones de carbono: 50% para 2050
• Índice de transparencia ambiental: 92%

Iniciativas de responsabilidad social corporativa

La inversión de CSR en 2023 totalizó $ 87.6 millones en varios programas de desarrollo comunitario y ambiental.

Categoría del programa CSR	Monto de la inversión	Comunidades beneficiarias
Conservación ambiental	$ 35.4 millones	126 comunidades
Desarrollo comunitario	$ 52.2 millones	213 comunidades

Ecopetrol S.A. (EC) - Modelo de negocio: canales

Equipos de ventas directos

EcoPetrol mantiene una fuerza de ventas dedicada de 478 profesionales de ventas directas a partir de 2023, especializándose en distribución de productos de petróleo corporativo e industrial.

Canal de ventas	Número de representantes	Cobertura de ventas anual
Ventas corporativas	278	$ 4.2 mil millones de USD
Ventas industriales	200	$ 3.7 mil millones de USD

Plataformas de comercio en línea

EcoPetrol opera una plataforma de comercio digital patentado con las siguientes especificaciones:

• Usuarios de la plataforma: 2,346 clientes corporativos registrados
• Volumen de transacción anual: $ 12.6 mil millones de USD
• Porcentaje de transacción digital: 37% de las ventas totales

Sitio web corporativo y portales digitales

Canal digital	Visitantes mensuales	Duración de la sesión promedio
Sitio web corporativo	672,000	8.3 minutos
Portal de relaciones con los inversores	124,000	6.7 minutos

Intermediarios del mercado energético

Ecopetrol colabora con 86 intermediarios certificados de comercio de energía en América Latina.

• Intermediario de red: 12 países
• Valor de transacción intermediaria total: $ 8.9 mil millones de dólares anuales

Redes de comercio internacional

Región	Volumen de exportación	Número de socios comerciales
América del norte	1.2 millones de barriles/mes	18 socios
Europa	0.7 millones de barriles/mes	12 socios
Asia	0.5 millones de barriles/mes	9 socios

ECOPETROL S.A. (CE) - Modelo de negocio: segmentos de clientes

Sectores de fabricación industrial

Ecopetrol sirve sectores de fabricación industrial con productos y soluciones energéticas a base de petróleo.

Sector	Volumen de consumo anual	Cuota de mercado
Fabricación de acero	1.2 millones de barriles/año	42% en el mercado colombiano
Producción de cemento	850,000 barriles/año	35% en el mercado colombiano

Empresas de transporte y logística

Ecopetrol proporciona soluciones de combustible y energía para sectores de transporte y logística.

• Suministro diesel de flota comercial: 500,000 litros/día
• Distribución de combustible de aviación: 250,000 litros/día
• Combustible de transporte marítimo: 150,000 litros/día

Instituciones gubernamentales

Ecopetrol suministra recursos energéticos a las entidades gubernamentales.

Segmento gubernamental	Valor anual del contrato	Volumen de energía
Defensa nacional	$ 450 millones	1,2 millones de barriles
Infraestructura pública	$ 280 millones	750,000 barriles

Comerciantes internacionales de energía

Ecopetrol se involucra con las plataformas de comercio de energía global.

• Exportaciones internacionales de petróleo crudo: 600,000 barriles/día
• Socios comerciales globales: 23 países
• Ingresos comerciales internacionales anuales: $ 8.2 mil millones

Industrias petroquímicas y manufactureras

Ecopetrol suministra materias primas y energía a los sectores petroquímicos.

Segmento de la industria	Volumen de suministro anual	Penetración del mercado
Fabricación de plásticos	750,000 toneladas/año	55% del mercado colombiano
Producción química	450,000 toneladas/año	48% del mercado colombiano

Ecopetrol S.A. (EC) - Modelo de negocio: Estructura de costos

Gastos de exploración y producción

En 2022, EcoPetrol informó gastos de exploración y producción por un total de COP 9.8 billones (aproximadamente USD 2.4 mil millones). El desglose de estos gastos incluye:

Categoría de gastos	Cantidad (COP BILLIONS)
Operaciones de perforación	3.6
Estudios sísmicos	1.2
Mantenimiento del pozo	2.5
Infraestructura de extracción	2.5

Inversiones de infraestructura e tecnológicas

Ecopetrol invirtió COP 5.2 billones (USD 1.27 mil millones) en infraestructura y tecnología en 2022, con áreas de enfoque clave que incluyen:

• Iniciativas de transformación digital
• Actualizaciones de tecnología aguas arriba
• Modernización de la refinería
• Mejora de la infraestructura de tuberías

Costos de cumplimiento ambiental y sostenibilidad

Los gastos de cumplimiento ambiental para 2022 alcanzaron la COP 1.5 billones (USD 367 millones), que incluyen:

Iniciativa de sostenibilidad	Cantidad (Cop Billion)
Reducción de emisiones de carbono	450
Remediación ambiental	350
Proyectos de energía renovable	250
Gestión de residuos	150

Gastos de investigación y desarrollo

El gasto de I + D en 2022 totalizó COP 320 mil millones (USD 78 millones), con un enfoque principal en:

• Tecnologías energéticas alternativas
• Técnicas mejoradas de recuperación de aceite
• Captura y almacenamiento de carbono
• Innovación digital en ingeniería de petróleo

Capital humano y gestión de la fuerza laboral

Los gastos totales relacionados con la fuerza laboral para 2022 fueron COP 2.1 billones (USD 514 millones), que incluyen:

Categoría de costos de personal	Cantidad (Cop Billion)
Salarios y salarios	1,500
Capacitación y desarrollo	150
Beneficios y Seguro Social	300
Reclutamiento y adquisición de talento	150

ECOPETROL S.A. (CE) - Modelo de negocio: flujos de ingresos

Ventas de exportación de petróleo crudo

En 2022, las ventas de exportación de petróleo crudo de EcoPetrol totalizaron $ 14.1 mil millones. El volumen promedio de exportación diaria fue de 380,000 barriles por día. Los mercados de exportación clave incluyen:

Destino de exportación	Volumen de exportación (barriles/día)	Contribución de ingresos
Estados Unidos	145,000	$ 5.4 mil millones
Asia Pacífico	95,000	$ 3.6 mil millones
Europa	70,000	$ 2.7 mil millones

Venta de productos de petróleo doméstico

Las ventas nacionales de productos de petróleo en 2022 alcanzaron $ 8.3 mil millones. El desglose del producto incluye:

• Ventas de gasolina: $ 3.2 mil millones
• Ventas diesel: $ 3.7 mil millones
• Ventas de combustible para aviones: $ 1.4 mil millones

Comercialización de gas natural

Los ingresos por gas natural en 2022 fueron de $ 2.1 mil millones. La producción diaria promedió 390 millones de pies cúbicos.

Segmento de mercado	Ganancia	Volumen
Sector industrial	$ 1.2 mil millones	220 millones de pies cúbicos/día
Sector residencial	$ 0.5 mil millones	100 millones de pies cúbicos/día
Generación de energía	$ 0.4 mil millones	70 millones de pies cúbicos/día

Ingresos de productos petroquímicos

Los ingresos de los productos petroquímicos totalizaron $ 1.6 mil millones en 2022.

• Polímeros: $ 0.7 mil millones
• Químicos especializados: $ 0.5 mil millones
• Lubricantes industriales: $ 0.4 mil millones

Inversiones emergentes de energía renovable

Los ingresos por energía renovable en 2022 fueron de $ 0.3 mil millones. Las inversiones incluyen:

• Proyectos solares: $ 0.15 mil millones
• Energía eólica: $ 0.1 mil millones
• Iniciativas de hidrógeno: $ 0.05 mil millones

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.