Ecopetrol readies austerity plan after Roa era

Ecopetrol is preparing a mandatory austerity plan for 2027 following the departure of Ricardo Roa and Juan Carlos Hurtado, alongside changes to its board of directors. Sources told Valora Analitik that the measures will apply across the company and to its subsidiaries, including Reficar, Hocol, and Cenit.

Under the plan reported on 15 September 2026, allocations for studies and planning of new projects will fall by 10% compared to 2026 budgets. The company will prioritize reusing previously contracted data and supplies to curb costs. Each project will require explicit approval from designated departments to prevent duplicate work, and similar initiatives will be combined or ranked by priority.

In professional services and procurement, units that meet budget targets will see zero budget growth in 2027, while those exceeding targets will face a 5% cut. The adjustment applies to external contractors and suppliers rather than direct staff. For advertising, events, sponsorships, and subscriptions, areas meeting targets will see a 5% reduction, while those exceeding targets will face a 10% cut.

Travel allowances will decrease by 10% for departments that meet their operational metrics, and by 20% for those that exceed them. The company will calculate these budget benchmarks using financial execution data as of 30 September 2026 to measure target performance.