$EC

Ecopetrol Strikes Collective Bargaining Agreement With Oil Workers Union

Ecopetrol (EC) said Monday it has struck a new six-year collective bargaining agreement with the Colombian Oil Workers Union, effective Jan. 1, 2026.In addition, Ecopetrol said it has entered into 66 final agreements with other participating labor unions.According to EcoPetrol, the agreement provides improvements in working conditions and improved health and education benefits.The Oil Workers Union said that it will send a delegation to different regions of the country to inform members of the agreement's contents.

Citigroup Downgrades Ecopetrol to Neutral From Buy, Raise Price Target to $18 From $14

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Thursday afternoon, with the NYSE Energy Sector Index fractionally lower and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.The Philadelphia Oil Service Sector Index was falling 1.5%, and the Dow Jones US Utilities Index shed 1%.Front-month West Texas Intermediate crude oil rose 0.5% to $89.14 a barrel, and the global benchmark Brent crude contract shed 0.4% to $93.93 a barrel. Henry Hub natural gas futures climbed up 5% to $3.04 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.4 million barrels in the week ended May 22 following a fall of 17.8 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 3.3 million barrels after a 7.9-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a Bloomberg survey.In corporate news, BP's (BP) former chairman Albert Manifold, who was ousted earlier in the week, had fallen out with company secretary Ben Mathews before his removal from the role, the Financial Times reported. BP shares were down 0.4%.Ecopetrol (EC) said Thursday its board has postponed the start date of the previously announced unpaid leave of Chief Executive Ricardo Roa Barragan. Ecopetrol shares fell 1.1%.TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. TotalEnergies shares rose 0.8%.Baker Hughes (BKR) said it has secured multiyear contract extensions with Equinor (EQNR) for drilling, well services and wireline intervention in the North Sea. Baker Hughes shares climbed 2.3%, and Equinor was up 0.1%.

Ecopetrol Delays CEO's Unpaid Leave Following Medical Notice

Ecopetrol (EC) said Thursday its board has postponed the start date of the previously announced unpaid leave of Chief Executive Officer Ricardo Roa Barragan.The 30-day leave will now begin on June 27, after Barragan completes a 30-day medical leave notified on Tuesday, the company said.Juan Carlos Hurtado Parra will continue in his role as acting CEO, Ecopetrol said.Price: $14.81, Change: $-0.11, Percent Change: -0.74%

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.6% lower.The United States Oil Fund (USO) was down 4.4% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 5.1% lower at $89.13 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.2% to $95.41 per barrel, and natural gas futures were up 1.2% at $2.93 per 1 million British Thermal Units.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 2% pre-bell.BP (BP) removed Chairman Albert Manifold, citing governance and oversight concerns, though Manifold rejected the company's account and said his dismissal came without explanation, Bloomberg reported, citing unnamed people familiar with the matter. BP stock was down more than 2% premarket.Gran Tierra Energy (GTE) said it has finalized all conditions tied to its previously announced agreement with Ecopetrol (EC) to acquire a 49% working interest in Colombia's Tisquirama block, expanding its footprint in the Middle Magdalena Valley Basin. Ecopetrol shares were nearly 2% lower pre-bell.

Gran Tierra Secures 49% Stake in Colombia's Tisquirama Block From Ecopetrol

Gran Tierra Energy (GTE) said Wednesday that it has finalized all conditions tied to its previously announced agreement with Ecopetrol (EC) to acquire a 49% working interest in Colombia's Tisquirama block, expanding its footprint in the Middle Magdalena Valley Basin.The block includes the Tisquirama and San Roque fields, which produced about 2,500 barrels of oil equivalent per day on a gross basis in 2025, it said.Gran Tierra added that the assets sit adjacent to its operated Acordionero field and offer potential operational synergies due to similar geology and shared infrastructure.Under the agreement, Gran Tierra said it plans to initially focus on expanding waterflood operations from Acordionero into the Tisquirama fields, alongside well optimization and low-risk infill drilling. The company said it expects to complete Phase 1 of the project by Q1 of 2027 after investing at least $15 million in gross capital expenditures and implementing continuous water injection.Once Phase 1 is completed, Gran Tierra said it will receive 49% of both the fields' existing base production and incremental production.

Ecopetrol Begins Tender Offer for 25% Stake in Brava Energia

Ecopetrol's (EC) Brazilian unit launched a voluntary tender offer to acquire about a 25% stake in Brava Energia at $23 Brazilian real ($4.59) per share, representing 116.1 million shares, Ecopetrol said Tuesday.The offer represents a roughly 20.9% premium to the 90-day volume-weighted average price and is part of a broader deal that could give Ecopetrol a 51% controlling stake.The tender offer will remain open until June 25, it added.

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.4%.The Philadelphia Oil Service Sector Index shed 0.1%, while the Dow Jones US Utilities Index added 0.5%.Front-month West Texas Intermediate crude oil declined 0.8% to $107.77 a barrel, and the global benchmark Brent crude contract dropped 5.7% to $104.91 a barrel. Henry Hub natural gas futures fell 2.4% to $3.04 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 17.8 million barrels in the week ended May 15 following a decrease of 12.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 7.9 million barrels after a 4.3-million-barrel decline in the previous week, a larger decline than the 2.5-million-barrel decrease expected in a Bloomberg survey.In corporate news, American Water Works (AWK) shares fell 1.4% after Argus cut the company's price target to $140 from $160, while keeping its buy rating.BP (BP) said Wednesday the United Steelworkers, or USW, Local 7-1 has agreed to the company's request to resume negotiations on Friday over Whiting Refinery. BP shares were down 2%.Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy. Shell shares were shedding 2%.Ecopetrol (EC) said Wednesday it has bought a 49% stake in two of the six projects comprising the Jemeiwaa Ka'I wind cluster in La Guajira, Colombia, for $25.5 million. Ecopetrol shares fell 2.1%.

Sector Update: Energy Stocks Fall Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.1%.The Philadelphia Oil Service Sector Index was 0.3% lower, while the Dow Jones US Utilities Index added 0.6%.In sector news, Iran negotiations are in the final stages, Reuters cited US President Donald Trump as saying on Wednesday. But Trump warned of further attacks unless Tehran agrees to a deal. "We're in the final stages of Iran. We'll see what happens," Trump was cited as telling reporters. "Either have a deal, or we're going to do some things that are a little bit nasty, but hopefully that won't happen."Front-month West Texas Intermediate crude oil was declining 0.8% to $107.77 a barrel, and the global benchmark Brent crude contract was dropping 5.9% to $104.67 a barrel. Henry Hub natural gas futures fell 3.1% to $3.02 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 17.8 million barrels in the week ended May 15 following a decrease of 12.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 7.9 million barrels after a 4.3-million-barrel decline in the previous week, a larger decline than the 2.5-million-barrel decrease expected in a Bloomberg survey.In corporate news, BP (BP) said Wednesday the United Steelworkers, or USW, Local 7-1 has agreed to the company's request to resume negotiations on Friday over Whiting Refinery. BP shares were down 1.8%.Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy. Shell shares were shedding 1.9%.Ecopetrol (EC) said Wednesday it has bought a 49% stake in two of the six projects comprising the Jemeiwaa Ka'I wind cluster in La Guajira, Colombia, for $25.5 million. Shares fell 2%.

Ecopetrol Buys 49% Stake in 2 Wind Projects for $25.5 Million

Ecopetrol (EC) said Wednesday it has bought a 49% stake in two of the six projects comprising the Jemeiwaa Ka'I wind cluster in La Guajira, Colombia, for $25.5 million.The deal followed the fulfillment of the conditions precedent and legal requirements for the acquisition under an investment framework agreement with AES (AES) Colombia, Ecopetrol said.The JK1 and JK2 projects have a combined capacity of 259 megawatts and include a 35-kilometer transmission line to the collector substation, according to a statement.Ecopetrol said it will complete the acquisition of the remaining portion of the 49% interest in the wind cluster once the conditions precedent for the other four projects are met.Price: $14.16, Change: $+0.15, Percent Change: +1.07%

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Tuesday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index climbed 2.3%, and the Dow Jones US Utilities Index increased 0.3%.Oil prices rose as a faltering ceasefire between the US and Iran kept the Strait of Hormuz closed. Front-month West Texas Intermediate gained 4.3% to $102.28 a barrel, and global benchmark Brent advanced 3.4% to $107.78 a barrel.Henry Hub natural gas futures fell 2.4% to $2.84 per 1 million BTU.In corporate news, TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said. TotalEnergies shares rose 1.3%, and ConocoPhillips added 2.2%.Ecopetrol (EC) said Tuesday its President Ricardo Roa has been charged with alleged violations of spending limits related to the country's 2022 presidential campaign following a probe by Colombia's General Prosecutor's Office. Ecopetrol shares were up 2.7%.Targa Resources (TRGP) is positioned for growth into 2026 and beyond, supported by strong Permian volume growth and potential upside from commodity price tailwinds, RBC Capital Markets said. Targa shares gained 1.1%.Eni (E) asked Morgan Stanley (MS) to help it raise funds from investors, including Apollo (APO), KKR (KKR), and Stonepeak, in a potential deal backed by its floating liquefied natural gas assets, Reuters reported. Eni shares rose 0.6%.

Ecopetrol President Ricardo Roa Charged by Colombia's Prosecutor's Office With Breaches of Campaign Spending Limits

Ecopetrol (EC) said Tuesday its President Ricardo Roa has been charged with alleged violations of spending limits related to the country's 2022 presidential campaign following a probe by Colombia's General Prosecutor's Office.Ecopetrol said Roa has rejected the charges filed by the prosecutor's office.The company said on April 7 that its board had approved an unpaid leave of absence for Roa, effective May 28 for 30 days, following a scheduled vacation from April 7 to May 27.

UBS Adjusts Price Target on Ecopetrol to $13.50 From $10, Maintains Neutral Rating

Ecopetrol (EC) has an average rating of underweight and mean price target of $12.70, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Parex Resources to Provide $250 Million Capital for 50% Share in 2 Ecopetrol Colombian Blocks

Canada-based Parex Resources and strategic partner Ecopetrol (EC) have executed an agreement under which Parex will earn a 50% participating share in the Casabe and Llanito blocks in Colombia's Magdalena Basin, in exchange for $250 million of capital investments over five years, Parex said Monday.The two blocks produce a combined 14,900 barrels of medium crude oil and have an estimated original oil in place of more than 3 million barrels with average recovery of less than 15%.Parex, a Colombia-focused company, will commit the stipulated $250 million of capital of which $125 million will be carry capital, Parex said in a statement, once regulatory approval has been obtained.Parex's base production participation starts upon spudding the first well on each block, something that it expects to happen in the second half of this year. The company will be executor of all future drilling and capital activities while Ecopetrol will remain operator of current and future production.Priority development work will be infill drilling, waterflood optimization and enhanced oil recovery initiatives, areas in which Parex has demonstrated expertise in the Llanos and Magdalena Basins.Upon completion of the first phase under which Parex receives its 50% share of the projects and provides committed capital, all capital thereafter will be shared on a 50:50 basis, Parex's statement said.Parex described the fields as mature, with recently reprocessed 3D seismic that provides a path to raise production. The fields also have potential for horizontal drilling, the statement said.The company said a direct pipeline connection to Ecopetrol's Barrancabermeja refinery already exists, to maximize netbacks.

Ecopetrol Expands Brazil Push With Brava Stake Deal, Tender Offer Ahead

Ecopetrol (EC) agreed to acquire a 26% stake in Brava Energia and plans a $23-per-share tender offer to secure a 51% controlling interest, the company said Thursday.The company signed a share purchase deal on April 23 with Jive, Yellowstone and Bloco Somah Printemps Quantum, key Brava shareholders, to acquire 120,813,490 shares representing about 26% of its equity, it said.Brava was formed in 2024 after 3R Petroleum Oleo e Gas merged with Enauta Participacoes, creating a Brazil-focused oil and gas player with operations across offshore and onshore basins.Brava reported $806 million in EBITDA for 2025 with a 39% margin and ranks as the second-largest independent oil company listed in Brazil by reserves and production, the company said.Ecopetrol will complete the transaction only after meeting conditions, including Brazil's Administrative Council for Economic Defense approval, financing consents, and acquiring enough shares to reach a 51% voting stake, Ecopetrol added.The company plans a voluntary tender offer on Brazil's B3 exchange at 23 Brazilian reais ($4.58) per share to acquire additional equity and reach majority control, the company added.The offer implies a 27.8% premium over Brava's 90-day volume-weighted average price and will extend on equal terms to all shareholders under applicable regulatory rules, the company said.Ecopetrol expects to fund the acquisition through a bridge loan, subject to closing conditions and regulatory approvals tied to the transaction, it said.The deal would add proportional reserves from Brava's 459 million barrels of oil equivalent reported at year-end 2025 under Petroleum Resources Management System standards, Ecopetrol added.Ecopetrol would also gain a proportional share of Brava's 2025 output of about 81,000 barrels of oil equivalent per day, boosting production stability and cash flow, it said.Ecopetrol said the deal will expand its footprint in Brazil, diversify assets in a high-growth region, and strengthen its international portfolio once it meets all closing requirements.Price: $14.01, Change: $-0.42, Percent Change: -2.91%

Ecopetrol to Buy 26% Stake in Brazil's Brava Energia

Ecopetrol SA (EC) will acquire a 26% stake in Brazil's Brava Energia from a group of investors in an effort to expand its presence in the region, with plans to increase its holding in the future, the petroleum company said Thursday.Brava, formed in 2024 through the merger of oil and gas companies 3R Petroleum and Enauta, conducts crude oil and natural gas production activities across several basins in Brazil. It reported EBITDA of $806 million as of Dec. 2025.Colombia-based Ecopetrol also intends to launch a tender offer on Brazil's B3 stock exchange at a price of 23 Brazilian reais ($4.59) a share to acquire additional shares in Brava and reach a 51% equity interest in total.Price: $14.44, Change: $+0.12, Percent Change: +0.84%