Ecopetrol informs on decision by Colombia's General Prosecutor's Office

News Market Reaction – EC

+2.27%

1 alert

+2.27% News Effect

On the day this news was published, EC gained 2.27%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Employees: more than 19,000 Hydrocarbon production share: more than 60% Stake in ISA: 51.4% +1 more

4 metrics

Employees more than 19,000 Company workforce mentioned in description

Hydrocarbon production share more than 60% Share of Colombia’s hydrocarbon production

Stake in ISA 51.4% Ownership of ISA’s shares after acquisition

Campaign year 2022 Presidential campaign cited in legal investigation

Market Reality Check

Price: $16.25 Vol: Volume 2,452,485 is sligh...

normal vol

$16.25 Last Close

Volume Volume 2,452,485 is slightly below the 20-day average of 2,724,448 (relative volume 0.9x). normal

Technical Price at 12.80 is trading above the 200-day MA of 10.97, indicating a pre-news uptrend.

Peers on Argus

Key regional peers like YPF (+4.71%), IMO (+1.45%), PBR (+0.92%), CVE (+0.45%) a...

Key regional peers like YPF (+4.71%), IMO (+1.45%), PBR (+0.92%), CVE (+0.45%) and SU (+0.40%) showed gains, but the momentum scanner did not flag a coordinated sector move for this event.

Historical Context

5 past events · Latest: May 06 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
May 06	Year-end report	Neutral	-5.9%	Publication of 2025 year-end periodic and integrated management report in Colombia.
May 06	Credit downgrade	Negative	-5.9%	Moody's downgrade from Ba1 to Ba2 with outlook cut to negative.
Apr 30	20-F filing	Neutral	-1.7%	Annual Form 20-F filing with audited IFRS financials and business disclosures.
Apr 28	Earnings schedule	Neutral	-1.4%	Announcement of Q1 2026 earnings release date and conference call logistics.
Apr 23	M&A transaction	Positive	+0.8%	Agreement to acquire major stake in Brava Energia and planned tender offer.

Pattern Detected

Recent history shows negative price reactions to neutral disclosures and credit rating downgrades, with only the Brava Energia acquisition drawing a modestly positive move.

Recent Company History

Over the last few weeks, Ecopetrol reported its 2025 year-end periodic report, filed its Form 20-F, and had multiple credit rating downgrades from Moody’s and S&P, alongside the announced Brava Energia stake acquisition and upcoming Q1 2026 earnings schedule. Markets reacted negatively to most regulatory and reporting updates, while the Brava Energia transaction drew a small positive move, framing today’s governance-related announcement against a backdrop of rating pressure and strategic expansion.

Market Pulse Summary

This announcement details that Colombia’s General Prosecutor’s Office has formally charged Ecopetrol...

Analysis

This announcement details that Colombia’s General Prosecutor’s Office has formally charged Ecopetrol’s president in connection with alleged 2022 campaign spending violations, while emphasizing that the proceeding does not constitute a conviction and preserves the presumption of innocence. In context of Ecopetrol’s scale—over 19,000 employees and more than 60% of Colombia’s hydrocarbon output—observers may focus on governance practices, continuity of leadership, and any subsequent regulatory or board-level communications.

Key Terms

hydrocarbon, forward-looking statements, section 27a of the us securities act of 1933, section 21e of the us securities exchange act of 1934

4 terms

hydrocarbon technical

"responsible for more than 60% of the hydrocarbon production"

Hydrocarbon is a molecule made only of hydrogen and carbon atoms that forms the basis of fuels like oil, gasoline and natural gas as well as many industrial chemicals. Think of hydrocarbons as the raw energy “logs” and building blocks the economy burns or transforms into products; their abundance, quality and price directly affect company revenues, exploration value and investment risk, including exposure to regulatory and environmental costs.

forward-looking statements regulatory

"This release contains statements that may be considered forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

section 27a of the us securities act of 1933 regulatory

"within the meaning of Section 27A of the U.S. Securities Act of 1933"

A provision of the U.S. Securities Act of 1933 that creates private civil liability for false or misleading statements and omissions in registration statements and prospectuses used to sell securities. It matters to investors because it establishes when buyers can sue issuers or other responsible parties for inaccurate offering documents and what defenses or standards apply, which affects the risk and potential recovery from securities offerings — like knowing who can be held liable if a product label on a sale turns out to be wrong.

section 21e of the us securities exchange act of 1934 regulatory

"and Section 21E of the U.S. Securities Exchange Act of 1934"

Section 21E of the U.S. Securities Exchange Act of 1934 creates a legal safe harbor that limits a public company's civil liability for forward-looking statements—such as forecasts, plans, projections, or goals—provided those statements are identified as speculative and accompanied by meaningful cautionary language describing key risks and uncertainties. For investors, it matters because it allows management to share expectations about the future while signaling that those statements are not guarantees; think of it like a weather forecast with an explicit list of assumptions and warning signs investors should weigh.

AI-generated analysis. Not financial advice.

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BOGOTA, Colombia, May 12, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) hereby announces that, within the framework of an investigation conducted by Colombia's General Prosecutor's Office (Fiscalía General de la Nación) against Ecopetrol's President, Ricardo Roa, such authority has formally charged Mr. Ricardo Roa with alleged violations of spending limits pertaining to the 2022 presidential campaign.

The hearing took place before the 35th Municipal Criminal Court with Guarantee Control Functions in Bogotá. Under Colombian law, the filing of charges is a formal act of communication through which Mr. Ricardo Roa is officially made a party to the criminal proceeding. Through this act, he is informed of the facts under investigation, the applicable legal consequences, and is afforded the right to mount a defense. This procedure does not constitute a conviction or a final ruling on the merits of the case, nor does it affect the presumption of innocence to which Mr. Roa is entitled. Mr. Roa has not accepted the charges brought by the General Prosecutor's Office.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. 

For more information, please contact:

Investor Relations Office
Email: investors@ecopetrol.com.co 

Head of Corporate Communications (Colombia) 
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.