Ecopetrol S.A. (EC) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. My name is Natalia and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results in 2025. There will be a questions and answer session at the end of the presentation. Before we begin, it is important to mention that the comments in this call by Ecopetrol's senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call. The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol. Juan Carlos Hurtado, Executive Vice President of Hydrocarbons. Camilo Vargo, CFO. And Byron Triana, Executive Vice President of Transition Energies. Thank you for your attention. Mr. Roa, you may begin your conference. Good morning. Thank you for joining us today for Ecopetrol Group's fourth quarter and full year 2025 results call. Last year, we achieved our goals, maintained financial discipline, stable operations, maximizing value management, drivers that reflect the strength of our strategy, and the group's ability to operate in challenging environments. We consolidated a 44% triennial success rate in exploration above the industry average and exceeded our 2025 built wells target by 60% drilling 16 wells. Midstream achieved the second highest net profit in history. In production and refining, we met our targets within the announced range and achieved a reserves replacement ratio of 121%, the highest in the last four years. In 2025, we marketed in advance 100% of the serious gas and moved...