Ecopetrol Lifts 2025 Proven Reserves, Achieves 121% Replacement Despite Lower Brent Prices
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Ecopetrol SA ( (EC) ) just unveiled an update.
Ecopetrol S.A., the Colombian state-linked energy major, reported on February 19, 2026, that its proven oil, condensate, and natural gas reserves (1P) reached 1,944 billion barrels of oil equivalent at the end of 2025, a 2.7% increase year on year. The group said 99% of these reserves were certified by three independent firms under U.S. SEC standards, underscoring transparency and technical rigor in its reserve accounting.
Despite a 13.9% drop in the 2025 Brent reference price to USD 68.64 per barrel versus 2024, the company posted reserve additions of 300 mmboe and achieved a reserves replacement ratio of 121%. Management highlighted that enhanced recovery projects in fields such as Castilla, Chichimene, and Akacias, improved operational efficiency in Rubiales and La Cira–Infantas, and royalty-related contracts with Colombia’s ANH drove the gains.
Ecopetrol noted that the 300 mmboe contribution marks its highest reserves replacement in four years and supports an average reserve life of 7.8 years for the group. The 2025 reserve balance also reflects 140.8 mmboe of revisions, including 100 mmboe tied to ANH contracts, 142.6 mmboe from enhanced recovery, and 16.1 mmboe from extensions and discoveries, against production of 248 mmboe, reinforcing the company’s long-term sustainability and resilience strategy.
The most recent analyst rating on (EC) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page.
Spark’s Take on EC Stock
According to Spark, TipRanks’ AI Analyst, EC is a Outperform.
Ecopetrol’s overall stock score is driven by strong technical indicators and attractive valuation, despite financial challenges and high leverage. The positive sentiment from the earnings call further supports the stock’s potential, although caution is advised due to overbought technical signals.
To see Spark’s full report on EC stock, click here.
More about Ecopetrol SA
Ecopetrol S.A. is Colombia’s largest company and a leading integrated energy group in the Americas, employing more than 19,000 people. It produces over 60% of Colombia’s hydrocarbons, operates key transportation, logistics, and refining systems, and holds strong positions in petrochemicals and gas distribution, as well as power transmission and road concessions through its ISA subsidiary.
Internationally, Ecopetrol has exploration and production interests in the U.S. Permian basin and Gulf of Mexico, Brazil, and Mexico, while ISA and its subsidiaries give it leading power transmission positions in Brazil, Chile, Peru, and Bolivia, plus road concessions in Chile and telecommunications operations across the region.
Average Trading Volume: 2,669,391
Technical Sentiment Signal: Buy
Current Market Cap: $24.59B
For an in-depth examination of EC stock, go to TipRanks’ Overview page.
