Ecopetrol Acquires 26% Stake in Brava Energia
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Should l Buy EC?
Source: PRnewswire
- Acquisition Agreement: Ecopetrol has signed a Share Purchase Agreement with Jive, Yellowstone, and Bloco Somah Printemps Quantum to acquire a 26% stake in Brava Energia, involving 120,813,490 shares, which is expected to enhance its competitive position in the Brazilian market.
- Strong Financial Performance: As of 2025, Brava reported an EBITDA of $806 million with a 39% EBITDA margin, and this transaction will diversify Ecopetrol's asset portfolio in Brazil, enhancing its financial stability.
- Control Stake Acquisition Plan: Ecopetrol plans to launch a voluntary tender offer at R$23.00 per share, representing a 27.8% premium over the VWAP of the last 90 trading days, aiming to secure a 51% controlling stake in Brava, further solidifying its market position.
- Strategic Alignment: This acquisition aligns with Ecopetrol's 2040 strategy, expected to enhance cash flow generation by adding approximately 81,000 barrels of oil equivalent per day in production, supporting its expansion in high-growth regions.
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Analyst Views on EC
Wall Street analysts forecast EC stock price to fall
2 Analyst Rating
0 Buy
1 Hold
1 Sell
Moderate Sell
Current: 12.640
Low
8.70
Averages
10.35
High
12.00
Current: 12.640
Low
8.70
Averages
10.35
High
12.00
About EC
Ecopetrol S.A. is an oil company. The Company operates in Colombia, Peru, Brazil and the United States Gulf Coast. The Company's segments include Exploration and Production, Transportation and Logistics, and Refining, Petrochemicals and Biofuels. The Company's Exploration and Production segment includes exploration, development and production activities in Colombia and abroad. The Company's Transportation and Logistics segment includes the transportation of crude oil, motor fuels, fuel oil and other refined products, including diesel and biofuels. The Company's main crude oil pipeline systems' operating capacity is approximately 1.34 million barrels per day (BPD). The Company's main refineries are the Barrancabermeja refinery, which it directly owns and operates, and a refinery in the Free Trade Zone in Cartagena that is operated by Reficar S.A., a subsidiary of the Company. The Company also owns and operates two other minor refineries: Orito and Apiay.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- International Business Expansion: Ecopetrol's drilling and exploration operations in strategic basins across the U.S., Brazil, and Mexico further strengthen its position as an integrated energy company in the Americas, driving growth potential in international markets.
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- Market Expectations: The anticipated EPS and revenue figures reflect market confidence in Ecopetrol's profitability and revenue growth amid the current economic climate, and any results exceeding these expectations could positively impact the stock price.
- Leadership Changes: CEO Roa has been ousted by the board amid an influence peddling investigation, a move that may affect the company's governance structure and strategic direction, prompting investors to monitor the stability of the new management team.
- Investment Moves: Ecopetrol is also looking to acquire a 26% equity stake in Brazil's Brava, aiming for majority control, which will enhance its competitive position in the South American market and potentially provide new growth avenues going forward.
See More
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- Bylaw Amendment Announcement: Ecopetrol officially registered its bylaw amendment on April 21, 2026, through the Bogotá Notary Office, reflecting approval obtained at the shareholders' meeting on November 11, 2025, thereby enhancing its governance structure.
- Market Leadership: As the largest company in Colombia, Ecopetrol is responsible for over 60% of the country's hydrocarbon production, ensuring its dominant position in transportation, logistics, and refining systems, which strengthens its competitive edge.
- International Business Expansion: Ecopetrol's drilling and exploration operations in strategic basins in the U.S., Brazil, and Mexico demonstrate the success of its international strategy, enhancing its influence in the energy market across the Americas.
- Diversified Investments: By acquiring 51.4% of ISA shares, Ecopetrol enters the energy transmission and real-time systems management sectors, further diversifying its business portfolio and increasing its market share in South America.
See More
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- Bylaw Amendment Announcement: Ecopetrol officially registered its bylaw amendments with the Bogotá Chamber on April 21, 2026, reflecting approval from the shareholders' meeting on November 11, 2025, aimed at enhancing corporate governance and transparency.
- Market Position Consolidation: As Colombia's largest company, Ecopetrol is responsible for over 60% of the country's hydrocarbon production, ensuring its dominant position in transportation, logistics, and refining systems, thereby enhancing its market competitiveness.
- International Business Expansion: Ecopetrol conducts drilling and exploration in strategic basins in the U.S., Brazil, and Mexico, further solidifying its energy market position in the Americas, particularly in power transmission and road concessions.
- Investment and Growth Outlook: By acquiring 51.4% of ISA's shares, the company participates in energy transmission and real-time system management, demonstrating its strategic intent for diversified business and sustainable growth.
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- Baseline Credit Assessment Affirmed: Despite the downgrade, Moody's affirmed Ecopetrol's Baseline Credit Assessment (BCA) at b1, reflecting the company's strategic role in Colombia's energy supply and strong liquidity support.
- Governance Structure Impact: Moody's noted that Ecopetrol's corporate governance could influence its credit rating, particularly amid reduced clarity on government intervention and support mechanisms, potentially leading to increased refinancing risks.
- Strong Market Position: As Colombia's largest integrated energy company, Ecopetrol accounts for over 60% of hydrocarbon production and holds significant exploration and development operations in strategic basins across the Americas, underscoring its leadership in the industry.
See More
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- Financial Transparency Assurance: The report includes a certification from the legal representative confirming that the financial statements disclosed for 2025 are free from defects and inaccuracies, which enhances investor confidence in the company's financial condition and promotes market stability.
- Industry Leadership Position: As the largest company in Colombia, Ecopetrol is responsible for over 60% of the country's hydrocarbon production, solidifying its dominant position in transportation, logistics, and refining systems, showcasing its significant influence in the energy sector.
- International Business Expansion: Ecopetrol's drilling and exploration operations in strategic basins across the U.S., Brazil, and Mexico further strengthen its position as an integrated energy company in the Americas, driving growth potential in international markets.
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