Ecopetrol Acquires 26% Stake in Brava
Ecopetrol announced that it entered into a share purchase agreement with Jive, Yellowstone and Bloco Somah Printemps Quantum, which together constitute a group of significant shareholders holding approximately 26% of the outstanding common shares of the Brazilian company Brava Energia, for the acquisition by Ecopetrol, or one of its affiliates or subsidiaries within the Ecopetrol Group, of 120,813,490 shares of Brava, representing approximately 26% of Brava's share capital. Brava was incorporated in 2024 from the merger between 3R Petroleum Oleo e Gas and Enauta Participacoes, two oil and gas companies operating in Brazil. Brava currently conducts crude oil and natural gas production activities in offshore and onshore fields across multiple basins in Brazil as well as participates in the midstream and downstream segments. As of December 2025, according to Brava's public information, the company reported EBITDA of $806M, with an EBITDA margin of 39%. The completion of this transaction is subject to certain customary conditions precedent, including, among others, approval by Brazil's Administrative Council for Economic Defense, the grant of certain waivers and consents considering Brava's financing instruments and relevant commercial agreements, as well as the purchase by Ecopetrol, or one of its affiliates or subsidiaries within the Ecopetrol Group, of the number of shares required to achieve a 51% controlling stake of Brava's voting share capital. Therefore, Ecopetrol, or one of its affiliates or subsidiaries within the Ecopetrol Group, plans to launch a voluntary tender offer on the B3 stock exchange in Brazil, at a price of R$23.00 per share, to acquire the additional number of Brava shares required to secure a 51% equity interest in the company. This offer price represents a premium of approximately 27.8% over the volume-weighted average price of the company's shares during the 90 trading days immediately preceding the date of this announcement. The tender offer is addressed to all of Brava's shareholders, ensuring equal treatment and conditions, and will be subject to applicable regulatory requirements and certain conditions precedent. Ecopetrol S.A., or one of its affiliates or subsidiaries within the Ecopetrol Group expects to secure the funding required to consummate the transaction through a bridge loan, subject to the fulfillment of the applicable conditions precedent. Upon completion of the transaction, the Ecopetrol Group would incorporate pro-rata 1P reserves based on its ownership interest from Brava's total reported reserves of 459M barrels of oil equivalent as of year-end 2025, under the Petroleum Resources Management System standard, through a portfolio of offshore and onshore assets. In addition, the transaction would allow the immediate addition of pro-rata production from Brava's average reported production of approximately 81,000 barrels of oil equivalent per day in 2025. The transaction is expected to contribute to metrics such as ROACE and EBITDA.
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- Earnings Release Schedule: Ecopetrol S.A. will announce its financial and operational results for Q1 2026 after market close on May 12, 2026, providing crucial performance data that will help investors assess the company's financial health.
- Conference Call Details: The company's management will hold a virtual earnings conference call on May 13, 2026, featuring simultaneous webcasts in Spanish and English, allowing investors of different language backgrounds to participate and access information.
- Participation Method: Investors can join the conference call via a designated link and submit questions through the platform once the webcast begins, enhancing communication between investors and management and improving transparency.
- Company Background: Ecopetrol is Colombia's largest company, responsible for over 60% of the country's hydrocarbon production, and engages in drilling and exploration across multiple strategic basins in the Americas, showcasing its leadership and market influence in the energy sector.
- Earnings Release Schedule: Ecopetrol will announce its financial and operational results for Q1 2026 after market close on May 12, 2026, which is expected to significantly impact investors and the market.
- Conference Call Timing: The management will hold a virtual earnings conference call on May 13, 2026, at 9:00 a.m. Colombia Time and 10:00 a.m. New York Time, allowing global investors to participate.
- Technical Support Recommendations: To ensure smooth participation, Ecopetrol advises participants to verify their web browsers support webcast functionality and to use the latest versions to avoid technical issues during the call.
- Company Background Information: As the largest company in Colombia, Ecopetrol is responsible for over 60% of domestic hydrocarbon production and conducts drilling and exploration in multiple strategic basins across the Americas, underscoring its significant position in the energy sector.
- Acquisition Overview: Ecopetrol announced its agreement to acquire approximately 26% of Brazilian energy firm Brava, a move that could enable it to gain majority control in the future, thereby strengthening its position in the South American energy market.
- Financial Performance: Brava reported an EBITDA of $806 million at the end of 2025, indicating strong profitability from its crude oil and natural gas production activities across multiple basins in Brazil, which will enhance Ecopetrol's overall financial performance through this investment.
- Equity Target: Ecopetrol plans to launch a public tender offer to secure a 51% equity interest in Brava, a strategic move that will bolster its competitive edge in the Brazilian market and ensure operational control.
- Regulatory Approval Requirement: The transaction will require approval from Brazil's CADE antitrust watchdog, necessitating Ecopetrol to comply with local regulations to successfully complete the acquisition and achieve its market expansion objectives.
- 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.
- Acquisition Agreement: Ecopetrol has signed a Share Purchase Agreement with Jive, Yellowstone, and Bloco Somah Printemps Quantum to acquire approximately 26% of Brava Energia's shares, which is expected to enhance its competitive position in the Brazilian market.
- Transaction Details: The deal involves the acquisition of 120,813,490 shares of Brava, with Ecopetrol planning to launch a voluntary tender offer at R$23.00 per share, representing a 27.8% premium over the volume-weighted average price during the preceding 90 trading days.
- Significant Financial Impact: Brava reported an EBITDA of USD 806 million and a 39% EBITDA margin as of 2025, and this acquisition will add approximately 81,000 barrels of oil equivalent per day to Ecopetrol's production, enhancing cash flow and production sustainability.
- Strategic Alignment: This acquisition aligns with Ecopetrol's 2040 Strategy, expected to strengthen its international portfolio and profitability through a diversified asset base and expansion in a high-growth region.
Iran's Stance on Talks: Iran has not agreed to hold the next round of talks with the United States, as reported by Tasnim News Agency.
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Timeline for Agreement: Trump expressed confidence that an agreement could be reached within one or two days.
Context of Negotiations: The discussions are part of ongoing efforts to resolve tensions between the U.S. and Iran.








