Ecopetrol SA (NYSE:EC), Colombia’s state oil producer, stock rose 2.16% (As on August 13, 11:22:16 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the second quarter of FY25. In the first half of 2025, the Ecopetrol Group generated net income of COP 4.9 trillion, EBITDA of COP 24.4 trillion, with an EBITDA margin of 40%. In the second quarter, EBITDA reached COP 11.1 trillion with an EBITDA margin of 37.5%, and a net income of COP 1.8 trillion. As of the end of 2Q25, Group held a cash balance of COP 13.1 trillion (23% in COP and 77% in USD). At the end of 2Q25, the Ecopetrol Group invested USD 2,582 million (COP 10.8 trillion)

Moreover, in the Hydrocarbons business, the company continued the growth trend, reaching a production of 751 mboed during the first half of the year, driven by strong performance in Colombian fields such as Caño Sur and CPO-09, as well as in the Permian Basin in the U.S., which enabled the company to overcome challenges stemming from local external events. Transported volumes reached 1,088 mbd, supported by repair and alternative evacuation strategies that partially mitigated third-party disruptions. In the commercial segment, the company highlight the strong contribution of the subsidiaries in Houston and Singapore, which have successfully captured market opportunities and maximized financial results for Ecopetrol S.A. and its subsidiaries (the “Group”). In the Energy Transition business line, the company closed the acquisition agreement for the Windpeshi wind project, with 205 MW of self-generation capacity in La Guajira, recognized worldwide as one of the world’s most promising regions for solar and wind energy development. The company also highlight the commercialization of natural gas for an average of 58 GBTUD for the next four years, and the long-term commercialization of imported gas at 60 GBTUD (starting 2Q26 for five years).

EC in the second quarter of FY25 has reported the adjusted earnings per share of $1.22K, missing the analysts’ estimates for the adjusted earnings per share of $1.50K. The company had reported the adjusted revenue decline of 9 percent to $29,669 billion in the second quarter of FY25, missing the analysts’ estimates for revenue of $30,796.9 billion. The total volume sold during 2Q25 amounted to 987 mboed, 0.1% lower as compared to 2Q24, mainly as a result of a lower local sales volume, partially offset by export volumes. Sales in Colombia, which represented 42% of the total, showed a decrease of 4.9% (-21.5 mboed) versus 2Q24. International sales, which represented 58% of the total, showed an increase of 3.7% (+20.5 mboed) in 2Q25 versus 2Q24.