Ecopetrol rules out selling its ISA stake

Ecopetrol does not plan to sell its stake in ISA in the short term and will prioritize international expansion in markets where it already operates. On 3 September, during the Colombian Stock Exchange Investor Day, CFO Camilo Barco stated in a conversation with JPMorgan analyst Milene Carvalho that the company is not in any divestment process regarding ISA.

Market speculation had suggested a possible sale of Ecopetrol's 51.5% stake in ISA to Grupo Energía Bogotá for around $4,500 million to cut debt and fund exploration. Barco explained that while oil and gas depend on Brent prices and market volatility, ISA provides stability to group EBITDA and cash flow, fitting its long-term strategy toward 2040.

Barco noted that Venezuela could be evaluated later, but the immediate priority remains core markets including Colombia, Brazil, the US Permian basin, and nine other countries. In Brazil, where Ecopetrol has operated for two decades and develops the Orca project with Shell, the company recently acquired 51% of Brava and achieved its first oil production.

The executive also pointed to potential opportunities in unconventional resources in Colombia under the administration of Abelardo De la Espriella once a new board and chief executive take office. Ecopetrol aims to apply its five years of Permian experience alongside Occidental Petroleum once regulatory and environmental frameworks are established.