Colombia’s state-controlled oil producer Ecopetrol posted a 7.7% rise in first-quarter net profit despite weaker revenue and lower crude output, as improved operating margins and stronger oil prices earlier in the quarter partly offset production declines and global market volatility, the company reported.
Ecopetrol said net income attributable to shareholders reached COP2.887 trillion ($652.6mn), while total revenue fell 8.7% to COP28.625 trillion ($6.47bn). EBITDA increased 1.5% to COP 13.458 trillion ($3.04bn), lifting the EBITDA margin to 47% from 42.3% a year earlier.
Domestic revenue declined 4.2% to COP14.567 trillion ($3.29bn), while international sales dropped 13% to COP14.058 trillion ($3.18bn), reflecting softer external demand and operational disruptions across the sector.
Quarterly production averaged 725,200 barrels of oil equivalent per day, down 2.7% from a year earlier. Crude accounted for 578,200 barrels per day, while natural gas represented 147,100 barrels per day.
Acting chief executive Juan Carlos Hurtado said geopolitical tensions in the Middle East and sharp swings in crude prices affected the company’s performance during the quarter. Brent crude averaged about $78.4 per barrel during the first three months of 2026, above the roughly $63 average recorded in the final quarter of 2025, according to company figures cited by local media.
Ecopetrol also reported a 12.7% reduction in costs and expenses to COP20.061 trillion ($4.54bn), helping support profitability despite lower turnover. Net debt stood at COP108.1 trillion ($24.44bn).
Separately, board member Juan Gonzalo Castaño resigned with immediate effect for personal and professional reasons, the company said. The board will continue operating without calling an extraordinary shareholders’ meeting to appoint a replacement.
The results underline how Ecopetrol continues to benefit from cost controls and refining operations, although declining production and softer revenues point to persistent challenges for Colombia’s largest company amid global energy uncertainty and domestic governance scrutiny.
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