News and AnalysIs for

According to persons close to president-elect Abelardo de la Espriella, Valora Analitik reported on July 25, Joaquín Gutiérrez Caballero is the leading candidate to assume the presidency of Ecopetrol.

Ecopetrol filed three simultaneous material information disclosures on July 23rd, mapping the governance changes that will carry the state oil company through the remaining days of the Petro administration and position it for the incoming de la Espriella government.

Ecopetrol announced on July 22^nd that it has secured nine Contingency Supply Contracts making 81 GBTUD of natural gas available to the market to backstop supply during the SPEC LNG regasification terminal’s scheduled maintenance from July 30^th to August 3^rd.

If true, Ecopetrol’s leadership transition accelerated sharply on July 23^rd, with unconfirmed reports of two related developments simultaneously: Ricardo Roa’s official departure date confirmed as July 30^th, and a significant reshaping of the board that clears the path for the incoming de la Espriella government to restructure the company’s governance from day one.

So far, we see nothing on the Ecopetrol investor site confirming either of these stories.

The collective agreement signed between the USO and Ecopetrol has been fully disclosed and its most strategically significant feature is not any individual benefit but the duration of the contract itself.

Tomás González, former Minister of Mines and Energy and current director of the Centro Regional de Estudios de Energía (CREE), used a recent interview with El Tiempo’s María Isabel Rueda to deliver both his most direct assessment of the energy crisis the incoming government inherits and his most explicit argument for why hydrocarbons – not just renewables – are Colombia’s path out of it.

Ecopetrol disclosed on July 17 that an unidentified external actor successfully accessed its cloud storage environments without authorization, downloading data associated with approximately 3,300 user accounts across 15 companies within the Ecopetrol Group.

Campo Rubiales completed a decade of direct operation under Ecopetrol on July 3^rd, 2026 – marked from the moment in July 2016 when the state oil company assumed control of the field following the expiry of the operating contract held by Pacific Rubiales, now Frontera Energy.

Ricardo Roa’s leave from Ecopetrol expires July 27^th and under his contract he would legally return as company president on July 28^th – just ten days before the August 7^th inauguration of Abelardo de la Espriella, who has called him a thief and a criminal and whose government’s stated first act is to convene an extraordinary shareholders meeting to replace him.

Brazil’s securities regulator CVM handed Ecopetrol a procedural victory on July 15^th, ruling in favor of Ecopetrol Investimentos do Brasil in the administrative appeal that had kept the Brava Energía tender offer suspended since June 19^th.