Ecopetrol
Petro demands resignation at Ecopetrol over corruption case
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President Gustavo Petro demanded the resignation of Ecopetrol's vice president for the Andean region, Bernardo Forero Duarte, amid investigations into illicit enrichment. This request occurs alongside changes in the company's board of directors and the CNE's sanction on the 2022 presidential campaign, which impacts current Ecopetrol president Ricardo Roa. Petro also distanced himself from the USO's stance on the Permian basin business.
Ricardo Roa, Ecopetrol's president, stated he will not step down despite a formal charge of influence peddling by prosecutors. In an interview with Cambio magazine, he defended his position, saying it has not altered the company's risk matrix. He emphasized acting with full transparency toward international markets.
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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.
During its third-quarter 2025 earnings call, Ecopetrol reported a 29.8% drop in profits and addressed concerns over a top executive's potential inclusion in the Clinton List. The company highlighted its robust compliance system and mitigation plans for sanction risks. Growth in Permian well production offset the overall decline.
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On November 13, 2025, Ecopetrol finalized the deal with Statkraft to acquire a solar project portfolio in Colombia for US$157.5 million. The state oil company becomes the 100% owner of the involved companies, incorporating about 0.6 GW of solar capacity. The transaction uses incremental debt from its organic investment financing plan.