Ecopetrol S.A. (CE): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da ecopetrol S.A., a energia energética da Colômbia que está revolucionando o cenário do petróleo por meio de inovação estratégica e práticas sustentáveis. Essa tela abrangente do modelo de negócios revela como a empresa transcende operações tradicionais de petróleo e gás, combinando perfeitamente a colaboração governamental, a proeza tecnológica e uma abordagem de visão de futuro à produção de energia. De extensas reservas de petróleo a investimentos de energia renovável de ponta, a Ecopetrol demonstra uma capacidade notável de navegar na dinâmica complexa do mercado, mantendo um compromisso constante com o desenvolvimento econômico e a responsabilidade ambiental.

Ecopetrol S.A. (CE) - Modelo de negócios: Parcerias -chave

Governo colombiano como acionista primário

Em 2024, o governo colombiano detém uma participação de 68,5% na Ecopetrol S.A. O Ministério das Finanças e Crédito Público gerencia diretamente essa participação acionária significativa.

Tipo de acionista	Percentagem	Valor de propriedade
Governo colombiano	68.5%	US $ 37,2 bilhões
Investidores Institucionais Privados	31.5%	US $ 17,1 bilhões

Petróleo internacional & Empresas de exploração de gás

O Ecopetrol colabora com vários parceiros internacionais de exploração.

• Shell: exploração conjunta na Colômbia offshore
• Chevron: desenvolvimento de recursos não convencionais
• Energias totais: parcerias de bloco de exploração
• ExxonMobil: Acordos de exploração estratégicos

Fornecedores de tecnologia e equipamentos

Categoria de fornecedores	Número de parceiros	Investimento anual
Equipamento de perfuração	12	US $ 450 milhões
Tecnologia digital	8	US $ 230 milhões
Tecnologia de extração	15	US $ 680 milhões

Instituições de pesquisa e universidades

O Ecopetrol mantém parcerias estratégicas de pesquisa com as principais instituições acadêmicas.

• Universidad Nacional de Colômbia
• Universidad de Los Andes
• Universidad Industrial de Santander
• Instituto de Tecnologia de Massachusetts (MIT)

Empresas de consultoria ambiental e de sustentabilidade

A Ecopetrol investe em parcerias de sustentabilidade para melhorar o desempenho ambiental.

Empresa de consultoria	Área de foco	Orçamento anual de colaboração
McKinsey & Empresa	Redução de emissões de carbono	US $ 12,5 milhões
Boston Consulting Group	Estratégias de energia sustentável	US $ 9,8 milhões
Deloitte	Conformidade ambiental	US $ 7,3 milhões

Ecopetrol S.A. (CE) - Modelo de negócios: Atividades -chave

Exploração de petróleo e gás natural

A partir de 2024, o ecopetrol opera 70 blocos de exploração em toda a Colômbia, com o investimento total de exploração de US $ 541 milhões em 2023. As atividades diárias de exploração cobrem aproximadamente 1,4 milhão de hectares.

Métrica de exploração	2023 dados
Investimento de exploração	US $ 541 milhões
Blocos de exploração	70 blocos ativos
Cobertura da área de exploração	1,4 milhão de hectares

Refino e processamento de produtos petrolíferos

Ecopetrol gerencia 6 refinarias com capacidade total de refino de 305.000 barris por dia. Os recursos de processamento incluem:

• Refinaria de Barrancabermeja: 250.000 barris por dia
• Refinaria de Cartagena: 140.000 barris por dia
• Refinaria Orito: 3.500 barris por dia

Gerenciamento de operações a montante e a jusante

Em 2023, a produção total do Ecopetrol alcançou 753.000 barris de petróleo equivalente por dia. Operações a montante cobrem 142 Campos de produção na Colômbia.

Métrica de operações	2023 dados
Produção diária total	753.000 barris de petróleo equivalente
Campos de produção	142 CAMPOS ATIVOS

Transição energética e desenvolvimento de energia renovável

O ecopetrol cometeu US $ 1,5 bilhão Para projetos de energia renovável até 2030. O atual portfólio de energia renovável inclui:

• Projetos solares: 400 MW em desenvolvimento
• Projetos de energia eólica: 250 MW planejados
• Iniciativas de produção de hidrogênio: capacidade de 100 MW

Iniciativas de sustentabilidade ambiental

Em 2023, Ecopetrol investiu US $ 350 milhões em programas de sustentabilidade ambiental, segmentando Redução de 50% nas emissões de carbono até 2050.

Métrica de sustentabilidade	2023 dados
Investimento ambiental	US $ 350 milhões
Alvo de redução de emissão de carbono	50% até 2050

Ecopetrol S.A. (CE) - Modelo de negócios: Recursos -chave

Extensas reservas de petróleo na Colômbia

A partir de 2023, a ecopetrol é 1,7 bilhão de barris de reservas de petróleo comprovadas na Colômbia. A base de reserva da empresa é distribuída em várias regiões:

Região	Reservas (milhões de barris)	Porcentagem de total
Magdalena Medio	650	38.2%
Llanos Orientales	450	26.5%
Caribe offshore	300	17.6%
Outras regiões	300	17.7%

Infraestrutura tecnológica avançada

A infraestrutura tecnológica da Ecopetrol inclui:

• 4 grandes refinarias com Capacidade total de processamento de 310.000 barris por dia
• Mais de 2.500 quilômetros de rede de pipeline
• Tecnologia avançada de imagem sísmica
• Investimentos de transformação digital de US $ 250 milhões anualmente

Força de trabalho qualificada com experiência técnica

Composição da força de trabalho a partir de 2023:

Categoria	Número de funcionários
Total de funcionários	9,837
Engenheiros	3,650
Geólogos/geofísicos	520

Capital financeiro robusto e capacidade de investimento

Métricas financeiras para 2023:

• Total de ativos: US $ 63,4 bilhões
• Despesas de capital anual: US $ 4,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 3,8 bilhões

Extensas redes de distribuição e transporte

Detalhes da infraestrutura de transporte:

Componente de rede	Quantidade
Oleodutos de petróleo bruto	2.250 quilômetros
Oleodutos de produtos	1.600 quilômetros
Instalações de armazenamento	42 Locais estratégicos

Ecopetrol S.A. (CE) - Modelo de negócios: proposições de valor

Fornecimento de energia confiável para mercados domésticos e internacionais

Em 2023, o ecopetrol produziu aproximadamente 750.000 barris de petróleo equivalente por dia, com 69% da produção na Colômbia. A presença do mercado internacional inclui operações no Brasil, México e Estados Unidos.

Mercado	Volume de produção (barris/dia)	Quota de mercado
Colômbia	517,500	69%
Mercados internacionais	232,500	31%

Compromisso com produção de energia sustentável e responsável

O Ecopetrol cometeu US $ 1,7 bilhão em 2023 com iniciativas ambientais e de sustentabilidade, direcionando a redução de 40% nas emissões de gases de efeito estufa até 2030.

• Alvo de redução de emissões de carbono: 40% até 2030
• Investimento em sustentabilidade: US $ 1,7 bilhão em 2023
• Projetos de energia renovável: 5 principais desenvolvimentos solares e eólicos

Diversificação em soluções de energia renovável e de baixo carbono

Os investimentos em energia renovável atingiram US $ 500 milhões em 2023, com foco em tecnologias solares, eólicas e de hidrogênio.

Tipo de energia renovável	Valor do investimento	Capacidade projetada
Solar	US $ 250 milhões	300 MW
Vento	US $ 150 milhões	200 MW
Hidrogênio	US $ 100 milhões	50 mw

Produtos petrolíferos e petrocêmicos de alta qualidade

Em 2023, a Ecopetrol processou 350.000 barris de produtos refinados diariamente, com receitas de exportação de US $ 4,2 bilhões.

• Produtos refinados Capacidade diária: 350.000 barris
• Receita de exportação: US $ 4,2 bilhões
• Tipos de produtos: gasolina, diesel, combustível de aviação, petroquímicos

Contribuição estratégica para o desenvolvimento econômico da Colômbia

A Ecopetrol contribuiu com US $ 3,8 bilhões em impostos para o governo colombiano em 2023, representando 4,2% da receita tributária nacional.

Contribuição econômica	Quantia	Porcentagem de receita nacional
Impostos pagos	US $ 3,8 bilhões	4.2%
Contribuição do PIB	US $ 6,5 bilhões	2.1%

Ecopetrol S.A. (CE) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes industriais e comerciais

A Ecopetrol mantém 87 contratos de fornecimento de longo prazo com clientes industriais a partir de 2023, cobrindo aproximadamente 65% de seu portfólio comercial de petróleo e gás. A duração média do contrato é de 7,2 anos, com valores anuais de contrato que variam de US $ 50 milhões a US $ 350 milhões.

Tipo de contrato	Número de contratos	Valor anual total
Contratos de petróleo industrial	52	US $ 1,8 bilhão
Contratos de fornecimento de gás comercial	35	US $ 1,2 bilhão

Plataformas de engajamento de clientes digitais

A Ecopetrol investiu US $ 42,3 milhões em iniciativas de transformação digital em 2023, com foco nas tecnologias de envolvimento dos clientes.

• Usuários de aplicativos móveis: 215.000
• Transações de serviço online: 1,4 milhão por ano
• Taxa de satisfação do cliente digital: 87,6%

Serviço personalizado para consumidores de energia em larga escala

Gerenciamento de contas dedicado para os 50 principais clientes corporativos com equipe especializada em soluções de energia, composta por 78 representantes profissionais.

Segmento de cliente	Número de clientes	Valor médio anual do serviço
Grandes consumidores industriais	50	US $ 620 milhões

Comunicação transparente sobre o desempenho ambiental

Relatórios anuais de sustentabilidade cobrindo emissões de carbono, iniciativas ambientais e impacto ecológico.

• Relatório de Sustentabilidade Downloads: 42.000
• Compromisso de redução de emissão de carbono: 50% até 2050
• Índice de Transparência Ambiental: 92%

Iniciativas de responsabilidade social corporativa

O investimento em RSE em 2023 totalizou US $ 87,6 milhões em vários programas de desenvolvimento comunitário e ambientais.

Categoria de programa de RSE	Valor do investimento	Comunidades beneficiárias
Conservação Ambiental	US $ 35,4 milhões	126 comunidades
Desenvolvimento comunitário	US $ 52,2 milhões	213 comunidades

Ecopetrol S.A. (CE) - Modelo de Negócios: Canais

Equipes de vendas diretas

O Ecopetrol mantém uma força de vendas dedicada de 478 profissionais de vendas diretas a partir de 2023, especializada em distribuição de produtos de petróleo corporativo e industrial.

Canal de vendas	Número de representantes	Cobertura anual de vendas
Vendas corporativas	278	US $ 4,2 bilhões USD
Vendas industriais	200	US $ 3,7 bilhões USD

Plataformas de negociação on -line

A Ecopetrol opera uma plataforma de negociação digital proprietária com as seguintes especificações:

• Usuários da plataforma: 2.346 clientes corporativos registrados
• Volume anual de transação: US $ 12,6 bilhões USD
• Porcentagem de transação digital: 37% do total de vendas

Site corporativo e portais digitais

Canal digital	Visitantes mensais	Duração média da sessão
Site corporativo	672,000	8,3 minutos
Portal de Relações com Investidores	124,000	6,7 minutos

Intermediários do mercado de energia

O Ecopetrol colabora com 86 intermediários de negociação de energia certificados em toda a América Latina.

• Intermediário de rede: 12 países
• Valor da transação intermediária total: US $ 8,9 bilhões USD anualmente

Redes comerciais internacionais

Região	Volume de exportação	Número de parceiros comerciais
América do Norte	1,2 milhão de barris/mês	18 parceiros
Europa	0,7 milhão de barris/mês	12 parceiros
Ásia	0,5 milhão de barris/mês	9 parceiros

Ecopetrol S.A. (CE) - Modelo de negócios: segmentos de clientes

Setores industriais de fabricação

A Ecopetrol atende setores de fabricação industrial com produtos à base de petróleo e soluções de energia.

Setor	Volume anual de consumo	Quota de mercado
Fabricação de aço	1,2 milhão de barris/ano	42% no mercado colombiano
Produção de cimento	850.000 barris/ano	35% no mercado colombiano

Empresas de transporte e logística

O Ecopetrol fornece soluções de combustível e energia para setores de transporte e logística.

• Frota de frota comercial FORNECIMENTO: 500.000 litros/dia
• Distribuição de combustível da aviação: 250.000 litros/dia
• Combustível de transporte marítimo: 150.000 litros/dia

Instituições governamentais

A Ecopetrol fornece recursos energéticos às entidades governamentais.

Segmento do governo	Valor anual do contrato	Volume de energia
Defesa nacional	US $ 450 milhões	1,2 milhão de barris
Infraestrutura pública	US $ 280 milhões	750.000 barris

Comerciantes internacionais de energia

O ecopetrol se envolve com plataformas globais de negociação de energia.

• Exportação internacional de petróleo bruto: 600.000 barris/dia
• Parceiros de Comércio Global: 23 países
• Receita anual de negociação internacional: US $ 8,2 bilhões

Indústrias petroquímicas e de fabricação

O Ecopetrol fornece matérias -primas e energia aos setores petroquímicos.

Segmento da indústria	Volume anual de oferta	Penetração de mercado
Fabricação de plásticos	750.000 toneladas/ano	55% de mercado colombiano
Produção química	450.000 toneladas/ano	48% de mercado colombiano

Ecopetrol S.A. (CE) - Modelo de negócios: Estrutura de custos

Despesas de exploração e produção

Em 2022, o Ecopetrol relatou despesas de exploração e produção totalizando a COP 9,8 trilhões (aproximadamente US $ 2,4 bilhões). A quebra dessas despesas inclui:

Categoria de despesa	Valor (cópia de trilhão)
Operações de perfuração	3.6
Estudos sísmicos	1.2
Manutenção do poço	2.5
Infraestrutura de extração	2.5

Infraestrutura e investimentos tecnológicos

A Ecopetrol investiu a COP 5,2 trilhão (US $ 1,27 bilhão) em infraestrutura e tecnologia em 2022, com áreas de foco importantes, incluindo:

• Iniciativas de transformação digital
• Atualizações da tecnologia upstream
• Modernização da refinaria
• Aprimoramento da infraestrutura de pipeline

Custos de conformidade ambiental e sustentabilidade

As despesas de conformidade ambiental para 2022 chegaram à COP 1,5 trilhão (US $ 367 milhões), incluindo:

Iniciativa de Sustentabilidade	Valor (bilhão de policiais)
Redução de emissão de carbono	450
Remediação ambiental	350
Projetos de energia renovável	250
Gerenciamento de resíduos	150

Despesas de pesquisa e desenvolvimento

Os gastos em P&D em 2022 totalizaram 320 bilhões (US $ 78 milhões), com foco primário em:

• Tecnologias de energia alternativas
• Técnicas aprimoradas de recuperação de petróleo
• Captura e armazenamento de carbono
• Inovação digital em engenharia de petróleo

Capital humano e gerenciamento da força de trabalho

As despesas totais relacionadas à força de trabalho para 2022 foram de 2,1 trilhões (US $ 514 milhões), incluindo:

Categoria de custo de pessoal	Valor (bilhão de policiais)
Salários e salários	1,500
Treinamento e desenvolvimento	150
Benefícios e Seguro Social	300
Recrutamento e aquisição de talentos	150

Ecopetrol S.A. (CE) - Modelo de negócios: fluxos de receita

Vendas de exportação de petróleo bruto

Em 2022, as vendas de exportação de petróleo da Ecopetrol totalizaram US $ 14,1 bilhões. O volume médio de exportação diário foi de 380.000 barris por dia. Os principais mercados de exportação incluídos:

Destino de exportação	Volume de exportação (barris/dia)	Contribuição da receita
Estados Unidos	145,000	US $ 5,4 bilhões
Ásia -Pacífico	95,000	US $ 3,6 bilhões
Europa	70,000	US $ 2,7 bilhões

Vendas domésticas de produtos petrolíferos

As vendas domésticas de produtos de petróleo em 2022 atingiram US $ 8,3 bilhões. A quebra do produto inclui:

• Vendas de gasolina: US $ 3,2 bilhões
• Vendas a diesel: US $ 3,7 bilhões
• Vendas de combustível a aviação: US $ 1,4 bilhão

Comercialização de gás natural

A receita de gás natural em 2022 foi de US $ 2,1 bilhões. A produção diária teve uma média de 390 milhões de pés cúbicos.

Segmento de mercado	Receita	Volume
Setor industrial	US $ 1,2 bilhão	220 milhões de pés cúbicos/dia
Setor residencial	US $ 0,5 bilhão	100 milhões de pés cúbicos/dia
Geração de energia	US $ 0,4 bilhão	70 milhões de pés cúbicos/dia

Receita de produtos petroquímicos

A receita petroquímica do produto totalizou US $ 1,6 bilhão em 2022.

• Polímeros: US $ 0,7 bilhão
• Produtos químicos especiais: US $ 0,5 bilhão
• Lubrificantes industriais: US $ 0,4 bilhão

Investimentos emergentes de energia renovável

A receita energética renovável em 2022 foi de US $ 0,3 bilhão. Investimentos incluídos:

• Projetos solares: US $ 0,15 bilhão
• Energia eólica: US $ 0,1 bilhão
• Iniciativas de hidrogênio: US $ 0,05 bilhão

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.