Ecopetrol's 2026 General Shareholders' Assembly at Corferias approved a $121 per share dividend distribution for minorities, as proposed by the Ministry of Hacienda. The event was marked by tensions over president Ricardo Roa's tenure amid ongoing judicial processes. The company reported $9 trillion in 2025 profits, the lowest since the pandemic.
Ecopetrol kicked off its 2026 General Shareholders' Assembly on March 27 at Corferias in Bogotá. President Ricardo Roa presented 2025 results: $9 trillion in profits, a 39.5% drop from the previous year, and operational revenues of $119.6 trillion, down 10.2% from $133.3 trillion in 2024.
The assembly saw protests. Roa started his presentation amid boos and whistles from shareholders. "We are a resilient company capable of adapting to adverse situations," Roa said, defending a 121% reserves replacement rate, the highest in five years, and a reserves life of 7.8 years.
Minority shareholders and the Unión Sindical de Trabajadores (USO), led by Martín Ravelo, demanded Roa's exit over Fiscalía imputations and Consejo Nacional Electoral accusations. "We filed a document stating to the Board the need to make a substantive decision on Ricardo Roa's future," Ravelo stated.
Ángela María Robledo backed the Board of Directors' decision: "We have activated a protocol for a pertinent, objective, and documented evaluation (...) it does not undermine the constitutional principle of presumption of innocence."
Shareholders voted to amend the agenda to consider Roa's resignation, proposed by figures like Luis Carlos Orejarena and Juan Pablo Hernández. Ultimately, Finance Minister Germán Ávila's proposal was approved: $121 per share for minorities (payment by April 30) and $4 trillion for the majority shareholder in two installments by June 30, topping Ecopetrol's initial $110 per share offer.
