Ecopetrol (EC) Q3 FY25 earnings call

A resilience quarter: sequential EBITDA and net-income recovery came from the refining rebound, transport strength and a step-change efficiency program rather than price, which fell across the year. Management frames 2026 around cost discipline, sub-guidance lifting costs and cash preservation, while portfolio optionality (partner-funded upstream, selective divestments) and gas growth via Sirius and Coveñas LNG anchor the forward stance. FX and tax/sanctions overhangs remain the swing risks.