Union Asopetrol warned that Ecopetrol faces financial suffocation from its first-quarter 2026 profit drop. High taxes and peso revaluation were cited as key factors.
The Asopetrol union warned of financial suffocation risks for Ecopetrol after its first-quarter results. The company posted profits above 2.8 trillion pesos, marking its worst yearly start since the pandemic.
Union president Óscar Bravo noted that the effective tax rate reached 37.1 percent. This stems partly from a non-deductible extraordinary wealth tax of 1.2 trillion pesos.
Peso appreciation against the dollar subtracted roughly 2.6 trillion from results. Bravo stated the government must stop extracting wealth from an industry until it halts.
The union also flagged possible talent and company migration to Venezuela amid its oil reactivation. Protecting Ecopetrol safeguards the country's economic future, according to Bravo.
