Ecopetrol Initiates Collective Bargaining with USO Union
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 29 2025
0mins
Ecopetrol communicates that on Friday, December 19, 2025, the Union Sindical Obrera, USO, started the early collective bargaining process with the Company. As prescribed by Articles 478 and 479 of the Colombian Labor Code, the early collective bargaining process started with the filing of a complaint with the Ministry of Labor, against the Collective Bargaining Agreement executed between the Company and USO, and with effectiveness from January 1, 2023 to December 31, 2025. The complaint was filed within the legal term of 60 days prior to the expiration of the Collective Bargaining Agreement.
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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 Faces COP 5.3 Trillion Tax Penalty from DIAN
- Tax Dispute Escalation: On January 22, 2026, Colombia's National Tax and Customs Authority (DIAN) notified Ecopetrol of a confirmed assessment requiring payment of COP 5.3 trillion for VAT on gasoline imports from 2022 to 2024, indicating significant pressure on the company's tax compliance.
- Legal Action Plan: Ecopetrol disagrees with DIAN's decision and plans to pursue legal actions under current tax and customs regulations, a move that could not only impact the company's financial standing but also have far-reaching implications for its future operations and compliance strategies.
- Industry Position Consolidation: As Colombia's largest company responsible for over 60% of hydrocarbon production, Ecopetrol's leadership in energy transmission and oil exploration may be challenged by these tax issues, potentially affecting its competitiveness in the Americas market.
- Collaborative Resolution Mechanism: Despite the regulatory interpretation differences, Ecopetrol maintains a collaborative relationship with the tax authority, demonstrating the company's commitment to legal compliance and its efforts to uphold market reputation in the face of challenges.
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Ecopetrol Faces COP 5.3 Trillion Tax Penalty from DIAN
- Tax Penalty Notification: On January 22, 2026, Colombia's National Tax and Customs Authority notified Ecopetrol of a tax obligation totaling COP 5.3 trillion, including VAT and penalties, which could strain the company's financial position and cash flow.
- Escalating Legal Dispute: Ecopetrol has expressed disagreement with DIAN's decision and plans to pursue legal action under current tax and customs regulations, demonstrating the company's commitment to compliance, which may affect its relationship with the government.
- Industry Position: As Colombia's largest company responsible for over 60% of hydrocarbon production, Ecopetrol's leadership in the energy market may be challenged by this tax issue, potentially impacting its competitive edge.
- International Business Impact: Ecopetrol's drilling and exploration operations in the U.S., Brazil, and Mexico may face indirect effects from this tax dispute, particularly regarding capital acquisition and investment decisions, which could limit its international expansion capabilities.
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