Ecopetrol SA (EC) Stock

Users of Zacks.com have been paying a lot of attention to Ecopetrol (EC) lately. Therefore, it's important to understand the key factors that could influence the stock's future.

On December 31, 2024, Ecopetrol S.A. announced that it has reached an agreement with Repsol to buy Repsol's share in the Exploration and Production Contract for Block CPO-09. This agreement was finalized on December 29th.

BOGOTA, Colombia, Dec. 30, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has announced that on December 29, 2024, it successfully completed negotiations with Repsol to buy the last 45% of its interest in block CPO-09, which is situated in the Meta department.

The EC mentions that the investment budget aims to keep production levels between 740,000 and 745,000 barrels of oil equivalent per day, while refinery output is targeted to be between 415,000 and 420,000 barrels per day.

PBR and Ecopetrol have announced the discovery of Colombia's biggest natural gas reserve at the Sirius-2 well, which is a significant development for the country's energy industry.

The European Commission estimates that by 2040, the production of green hydrogen could add between $400 million and $485 million to its annual EBITDA.

BOGOTA, Colombia, Nov. 29, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has announced that its Board of Directors has approved the investment budget for the Ecopetrol Group for 2025, which will be between 24 and 28 trillion pesos. This budget represents an increase in investment compared to 2024 and aims to maintain capital discipline. Approximately 20.3 trillion pesos, or 76% of the budget, will be used for production, targeting between 740,000 and 745,000 barrels of oil equivalent per day, with refinery operations and transportation also planned.

BOGOTA, Colombia, Nov. 29, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has announced new appointments following a meeting of the Board of Directors on November 28 and 29, 2024. Álvaro Torres Macías will serve as the Chairperson of the Audit and Risk Committee, while Guillermo García Realpe joins the Business Committee. Additionally, Ángela María Robledo Gómez will lead the Corporate Governance and Sustainability Committee, and Gonzalo Hernández Jiménez will be a member of the Compensation, Nomination, and Culture Committee.

I have changed my opinion about Ecopetrol from negative to positive, even though there are still some risks, because of its low valuation and focus on oil and gas. The company has adjusted its strategy by reducing investments in renewable energy and concentrating on profitable fossil fuels, which makes it a more appealing investment. Although Ecopetrol's Q3 2024 results showed lower sales and net income due to decreased prices and demand, its oil and gas production hit new highs.