economy
May 4, 2026
Ecopetrol acknowledges before the U.S. Securities and Exchange Commission that lower ratings could postpone investments
Ecopetrol must submit the Annual 20-F report to the SEC each year. Photo: Ecopetrol
TL;DR
- Ecopetrol's credit ratings have been downgraded by Moody's (Ba3 to Ba2 with negative outlook) and S&P Global Ratings (BB+ to BB- with stable outlook).
- These downgrades are attributed to governmental interference and reduced corporate autonomy, potentially impacting Ecopetrol's financial backing.
- The company acknowledges that it may need to revise its investment project timelines and scope due to these downgrades and market conditions.
- Ecopetrol cannot guarantee financing for its renewable and low-carbon energy projects under foreseen conditions.
- Risks associated with natural gas supply plans, including potential delays in liquefied natural gas (LNG) projects, could affect financial results and market share.
- Geopolitical factors, including the re-emergence of Venezuelan oil production, are creating a complex operating environment.
- Security issues led to a significant increase in deferred oil production due to attacks on Ecopetrol's pipeline infrastructure, costing millions for repairs.
- The company's stock price could be negatively impacted by pension reform projects being reviewed by the Constitutional Court.
- Ecopetrol's vision for its energy transmission business, 'Red del Futuro,' faces long-term risks from changes in remuneration schemes and regional political instability.