The Ecopetrol Group plans to invest between $5.57bn and $6.84bn in 2026, according to its annual investment plan approved by the board of directors. These amounts are in line with expected 2025 levels and will be deployed under capital discipline criteria across all business segments.
Approximately $4.36bn, accounting for 70% of the total, will be allocated to hydrocarbon production, with a target of 730 to 740 thousand barrels of oil equivalent per day. Refining capacity is projected between 410 and 420 thousand barrels per day, while transported volumes are expected to reach 1,110 to 1,120 thousand barrels per day.
Production optimisation and financial stability
Ecopetrol’s strategy is based on a Brent price assumption of $60 per barrel and an average exchange rate of COP4,050 in 2026. The company aims to sustain an EBITDA margin of around 40%, consistent with 2025 projections. Its profitability and efficiency programme is expected to generate approximately $1.45bn, positively impacting refining, transport costs, and maintaining lifting costs below $12 per barrel.
In the hydrocarbons segment, $3.55bn will be dedicated to exploration and production, with 89% focused on oil and 11% on gas. Between 380 and 430 development wells are expected to be drilled, mainly in Colombia, along with eight to ten exploratory wells in offshore areas, Meta and Putumayo.
Investments in transport, refining and electricity
Transport investments will total around $370mn, primarily focused on improving reliability of infrastructure operated by Cenit, Ocensa, ODC and ODL. In parallel, approximately $420mn will be invested in the Barrancabermeja and Cartagena refineries to enhance availability, reduce imports and improve fuel quality.
Subsidiary Interconexión Eléctrica S.A. E.S.P. (ISA) will receive between $1.57bn and $1.68bn, about 26% of the total budget, with nearly 80% allocated to the electricity transmission segment. These allocations highlight the group’s focus on regional infrastructure development.
Deployment of energy transition projects
To support its energy strategy, Ecopetrol plans to invest approximately $222mn in non-conventional renewable energy and energy efficiency projects. An additional 750 MW of capacity is expected from operational, under-construction and development projects.
Finally, around $50mn will be allocated to corporate areas and operational support. A portfolio rotation programme is also planned to safeguard cash and maintain profitability and debt indicators under uncertain market conditions.
