Ecopetrol SA (EC) Earnings Date & Reports

Key Takeaways

• Ecopetrol S.A. (NYSE: EC) reports its third quarter 2026 results on Thursday, November 12, 2026, after the market close, with a virtual investor call scheduled for Friday, November 13.
• Management's own projections point to net income attributable to shareholders of COP 4 trillion to COP 5 trillion and total revenues of COP 33 trillion to COP 36 trillion.
• This is the first quarterly report consolidating the company's newly acquired majority stake in Brava Energia, making the Brava contribution a key swing factor.
• Wall Street consensus for the quarter sits at roughly $0.62 per share in earnings, alongside revenue expectations near $9.75 billion.
• The year-ago quarter produced net income of COP 2.6 trillion, meaning investors expect a meaningful year-over-year rebound despite lower-than-record prices.
• Production is guided toward 740,000 to 750,000 barrels of oil equivalent per day (boe/d), near the upper end of the company's annual range.
• For additional context, explore Major News, Today's Price Move, Price Targets, and Forecast on Tickeron's dedicated pages for EC.
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Earnings Context and Why It Matters

Ecopetrol, Colombia's state-controlled integrated energy company, enters this report at a pivotal moment. The quarter marks the first time its newly acquired majority stake in Brazilian producer Brava Energia is consolidated into results, a deal management has framed as central to its "New Era" strategy. The company is also working through a leadership transition under new CEO Joaquín Gutiérrez Caballero, adding an extra layer of investor scrutiny. Coming off a record-setting second quarter, when net income surged 235% year over year to COP 6.1 trillion, this report will test whether that momentum can be sustained as crude prices and refining margins normalize. For investors, the print offers a read on integration execution, cost discipline, and the durability of cash generation.

Earnings Expectations

Heading into the release, Ecopetrol's own guidance provides the clearest framework. The company projects net income attributable to shareholders of COP 4 trillion to COP 5 trillion, total revenues of COP 33 trillion to COP 36 trillion, and EBITDA (earnings before interest, taxes, depreciation, and amortization) of COP 14 trillion to COP 16.5 trillion for the third quarter of 2026. These figures sit below the second quarter's COP 40.2 trillion in revenue and COP 6.1 trillion in net income, but represent a substantial improvement over the COP 29.8 trillion in revenue and COP 2.6 trillion in net income reported in the year-ago quarter.

On production, management guides to 740,000 to 750,000 boe/d, up from roughly 706,000 boe/d in the second quarter and near the top of its annual target range. Analysts, meanwhile, are looking for earnings of about $0.62 per share on revenue near $9.75 billion. Management has also indicated the Brent crude benchmark averaged around US$91 per barrel during the period, and expects the balance of the FEPC (Fondo de Estabilización de Precios de los Combustibles, Colombia's fuel price stabilization fund) to close the quarter between COP 10 trillion and COP 12 trillion. Key watch items include the Brava contribution, refining throughput and margins, and any updates to full-year production guidance.

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Market Reaction and Investor Sentiment

Sentiment into the report is cautiously constructive but far from euphoric. The stock has benefited from firmer crude prices and a stronger refining backdrop through 2026, yet the market is weighing the potential for sequential moderation from the second quarter's record profitability. The consolidation of Brava Energia adds both upside and execution risk, with investors looking for evidence the acquisition is accretive from day one. Credit markets remain supportive: Fitch Ratings affirmed Ecopetrol's ratings in late October and highlighted its financial strength, while the company recently priced US$2.0 billion in international bonds to optimize its debt profile. Any material deviation from management's guided ranges, particularly in production or the Brava contribution, is likely to drive the post-earnings price reaction more than the headline profit figure.

Forward Outlook and Key Factors to Monitor

Following the release, investors should focus on how Ecopetrol frames the remainder of 2026 and beyond. The first key question is whether the Brava Energia integration is delivering the promised production and cost benefits, or whether near-term consolidation costs pressure margins.

Second, watch the trajectory of Brent crude. Management has flagged a potentially more challenging price environment ahead, which would put renewed emphasis on cost discipline and capital allocation. Lifting costs, refining utilization, and the pace of capex relative to guidance will all help investors judge whether current profitability levels are sustainable.

Third, the FEPC receivable balance and its timing of repayment remain an important cash-flow variable. A larger-than-expected balance could signal liquidity tied up in government receivables, while faster collection would support cash generation.

Finally, monitor any commentary on debt metrics, dividend policy, and the company's energy transition investments, including gas infrastructure and renewables. These signals will shape how analysts and investors reassess the outlook in the days after the print.

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