Ecopetrol Clarifies Acquisition Rumors in Brazil
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 29 2025
0mins
The company said, "Given recent news reports about a potential acquisition in Brazil by Ecopetrol S.A., we would like to clarify that, Ecopetrol continuously assesses inorganic growth opportunities as part of its strategy for growth and diversification. While Ecopetrol is currently assessing alternatives in the Brazilian market where the Ecopetrol Group is already present, these assessments are still in preliminary stages in accordance with standard market practices. As of today, there are no binding commitments or obligations to finalize any potential transactions that would warrant disclosure as material information."
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Analyst Views on EC
Wall Street analysts forecast EC stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for EC is 7.85 USD with a low forecast of 7.00 USD and a high forecast of 8.70 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
0 Buy
1 Hold
1 Sell
Moderate Sell
Current: 12.770
Low
7.00
Averages
7.85
High
8.70
Current: 12.770
Low
7.00
Averages
7.85
High
8.70
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.
Ecopetrol Nominates New Board Candidate
- Board Nomination: Ecopetrol's minority shareholders have once again nominated Luis Felipe Henao Cardona as a candidate for the Board of Directors, as the ninth director on the slate proposed by the Colombian government, reflecting ongoing shareholder engagement in corporate governance.
- Company Scale and Impact: As Colombia's largest company with over 19,000 employees, Ecopetrol accounts for more than 60% of the country's hydrocarbon production, securing its dominant position in transportation, logistics, and refining systems, thereby reinforcing its market leadership.
- International Business Expansion: The acquisition of 51.4% of ISA's shares significantly enhances Ecopetrol's involvement in energy transmission and real-time systems management, while also playing a crucial role in the Barranquilla-Cartagena coastal highway concession, showcasing its strategic positioning in the Latin American market.
- Forward-Looking Statements: The company's release includes forward-looking statements that highlight risks related to market oil and gas prices, production activities, and economic conditions, emphasizing uncertainties in capital access and business plan execution, which serve as a reminder for investors to be aware of potential market fluctuations.

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Ecopetrol Nominates New Board Candidate
- Board Nomination: Ecopetrol's minority shareholders have once again nominated Luis Felipe Henao Cardona as a candidate for the Board of Directors, which will be voted on as the ninth director among nominees proposed by the Colombian government, indicating active minority shareholder engagement in corporate governance.
- Company Scale: As the largest company in Colombia, Ecopetrol is a key player among integrated energy companies in the Americas, employing over 19,000 people and accounting for more than 60% of the country's hydrocarbon production, thereby securing its dominant position in transportation, logistics, and refining systems.
- Strategic Acquisition: The acquisition of 51.4% of ISA's shares enhances Ecopetrol's capabilities in energy transmission and real-time systems management, while also participating in the Barranquilla-Cartagena coastal highway concession, further expanding its business scope.
- International Operations: Ecopetrol conducts drilling and exploration activities in strategic basins across the Americas, including the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and holds leading positions in power transmission in Brazil, Chile, Peru, and Bolivia through ISA and its subsidiaries, showcasing the success of its internationalization strategy.

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