$EC

25 stories mentioning ECUpdated 26d ago

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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.

$EC

Equities131d ago

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.

$EC

Commodities131d ago

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.

$EC

Commodities142d ago

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%

$EC

Wire143d ago

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%

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