Ecopetrol Q2 Net Income Surges 235% on Record Refining Margins
EC sits 100% above its 52-week low of $8.265.
Summary
Ecopetrol's Q2 2026 net income soared 235% to COP 6.1 trillion, powered by record refining margins and throughput, offsetting a 6.6% production decline.
Key Events · Earnings and Guidance · EC
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Net Income Triples
Q2 2026 net income reached COP 6.1 trillion, a 235% increase from COP 1.8 trillion in Q2 2025, driven by strong refining and higher oil prices.
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Record Refining Performance
Refining throughput hit an all-time high of 439 kbpd, with a gross margin of USD 29.80/bbl, generating COP 3.1 trillion in segment EBITDA.
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Production Down 6.6%
Total hydrocarbon production averaged 706 mboed, impacted by external disruptions, power supply issues, and lower Permian output.
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Balance Sheet Strengthens
Gross Debt-to-EBITDA improved to 2.0x, with cash and equivalents of COP 11.3 trillion; FEPC receivable stands at COP 8.0 trillion.
Analysis · EC · Energy & Transportation
A standout quarter saw net income more than triple year-over-year to COP 6.1 trillion, fueled by historic refining results. The downstream segment captured a gross margin of USD 29.80 per barrel on record throughput of 439,000 barrels per day, while higher Brent prices lifted upstream realizations. Although production slipped 6.6% due to external disruptions and Permian declines, the integrated model more than compensated. The balance sheet strengthened further, with leverage falling to 2.0x and a COP 11.3 trillion cash pile, supporting the dividend and growth investments.
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At the time of this filing, EC was trading at $16.52 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $34B. The 52-week trading range was $8.27 to $17.75. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.