Ecopetrol's Q1 profit drops 7.7%

Ecopetrol, Colombia's state-owned oil producer, reported on Tuesday a 7.7% decline in net profit for the first three months of 2026 from a year ago. This was due to lower sales and exchange rate effects. Higher taxes also offset gains made by a strong refining performance. The company reported in a filing to Colombia's stock market that the net profit for the first quarter was?2.89 billion pesos ($768m) on total sales which also fell?8.7%, to 28.63 trillion. The company's shares, which are owned by 88.5% of the Colombian government, saw its total oil sales fall 5.5% to 903.4 barrels of oil equivalent each day.

Ecopetrol interim CEO Juan Carlos Hurtado stated in a press release that "the high volatility of oil price during the last months of the quarter as well as operational interruptions in the industry had an impact on the?quarterly results". In the 'quarter,' earnings before interest, taxes, depreciation, and amortization increased 1.5% on an annual basis.

Ricardo Roa was informed on Monday that an investigation is underway into allegations of irregularities in his expense reports while he managed the campaign for President Gustavo Petro.

Roa has taken a leave of absence last month.

(source: Reuters)