Ecopetrol Elects New Board Leadership, Boosts Reserves
Colombian energy firm Ecopetrol announced its board of directors has elected Ángela María Robledo Gómez as chairwoman and Hildebrando Vélez Galeano as vice chairman. The company also reported proven reserves of 1.94 billion barrels of oil equivalent at the end of 2025, replacing 121% of its production with the highest reserve contribution in four years.
- The new chairwoman, Ángela María Robledo Gómez, is a psychologist with a master's degree in political science and has a background in academia, social policy, and politics, including serving as a Member of the Chamber of Representatives in Colombia. The new vice chairman, Hildebrando Vélez Galeano, is a chemical engineer with a Ph.D. in environmental sciences and has experience as an advisor to environmental and labor organizations. - Both new board leaders have ties to the political movement of Colombian President Gustavo Petro; Vélez is the father of Petro's former Minister of Mines and Energy, Irene Vélez. The board appointments are seen by some analysts as a move by the government, the majority shareholder, to exert more influence over the company's direction, particularly its energy transition. - This leadership change occurs as Ecopetrol's CEO, Ricardo Roa, faces corruption charges related to his time as President Petro's 2022 campaign manager, adding to governance uncertainty. - The 121% reserve replacement ratio in 2025 is a significant improvement from 48% in 2023 and 104% in 2024. Over the past five years, the company's average reserve replacement has been 114%. - President Petro recently ordered Ecopetrol to cancel a joint venture with Occidental Petroleum in the U.S. Permian Basin, citing opposition to fracking and stating the funds should be invested in clean energy. This venture produced an average of 95,200 barrels of oil per day in the first nine months of 2024, accounting for 12% of Ecopetrol's total production. - Ecopetrol's "Strategy 2040" aims to diversify into low-carbon businesses, with over 40% of its 2024 capital expenditures focused on the energy transition, including investments in renewable energy, hydrogen, and power transmission. The company plans to invest USD 2.5 billion in hydrogen projects by 2040. - For the first nine months of 2025, Ecopetrol's revenue was COP 90.9 trillion with a net income of COP 7.5 trillion. The company's debt-to-equity ratio is 106%, which is considered high. - The Colombian government is the majority shareholder, owning 88.5% of the company, with the remaining 11.5% traded on the NYSE.
