Ecopetrol S.A. boosts 1P reserves 2.7% to 1,944 mmboe; merger and governance changes set

BOGOTA, Feb 19 (Reuters) — Ecopetrol S.A.’s confirmed reserves gain underlines the company’s operational recovery strategy, driven by enhanced recovery projects and contract revisions, the state oil major says.

Ecopetrol reports proven 1P reserves of 1,944.2 million barrels of oil equivalent (mmboe) as of Dec. 31, 2025, a 2.7% increase from 2024, with 99% of 1P reserves certified by independent firms. The group records a 300 mmboe contribution to reserves and a reserves replacement ratio of 121%, its highest in four years, despite a 13.9% decline in the Brent reference price to $68.64 per barrel in 2025. Management attributes the outcome to better field performance and strict capital discipline across exploration, development and production assets.

Enhanced oil recovery accounts for 142.6 mmboe of the additions, led by projects in Castilla, Chichimene and Akacias, while revisions — notably 100 mmboe tied to Agencia Nacional de Hidrocarburos (ANH) contracts — add a further 140.8 mmboe. Extensions and discoveries contribute 16.1 mmboe. These gains offset production of 248.0 mmboe and occur with zero net purchases or sales of reserves, delivering an average reserve life of 7.8 years for the Ecopetrol Group. The company highlights improved operational management at Rubiales and La Cira‑Infantas as key factors in sustaining production and value creation.

Ecopetrol frames the results as reinforcing long‑term resilience and as a platform for pursuing further recovery and extension initiatives. Independent certification by Ryder Scott, DeGolyer & MacNaughton and GaffneyCline & Associates bolsters the credibility of the reserve figures, which the company says support continued focus on asset efficiency and sustainable production strategies.

Shareholders’ meeting and merger agenda

Ecopetrol summons shareholders to an Extraordinary General Shareholders’ Meeting on March 27, 2026 at Corferias in Bogotá, streaming live on the company website. The agenda includes approval of audited 2025 financial statements, the 2025 Integrated Management and Corporate Governance reports, planned profit distribution, and review and approval of a proposed merger in which Ecopetrol would absorb Parque Solar Portón del Sol S.A.S.; related documents are available from March 5.

Governance and board changes

To ensure transparent representation, Ecopetrol implements proxy rules in line with Colombia’s Financial Superintendence Circular C.E. 006 of 2025, prohibiting proxies linked to management and assigning the Corporate Legal Vice Presidency and General Secretariat to verify compliance. The board elects Ángela María Robledo Gómez as chairwoman and Hildebrando Vélez Galeano as vice chairman, names committee chairs and welcomes three new directors.