Ecopetrol Q1 2026: EBITDA Up 1.5%, EPS Beats Forecasts by 50% Despite Oil Price Headwinds

Colombia's state oil company Ecopetrol reported first-quarter 2026 results showing revenues of COP 28.6 trillion (down 8.7% year-on-year), EBITDA of COP 13.5 trillion (up 1.5%), and net income of COP 2.9 trillion (down 7.7%). Earnings per share of COP 2,190 significantly beat analyst forecasts of COP 1,458 — a 50% beat. The company attributed the revenue decline to lower global oil prices amid Middle East instability and the ongoing impact of President Petro's moratorium on new exploration contracts. Natural gas production in Colombia fell 16.7% year-on-year to 683 million cubic feet per day, adding to concerns about energy self-sufficiency under the no-new-contracts policy.