Asopetrol: Drop in Ecopetrol's profits raises alarms over taxes and pressure on profitability

TL;DR

Ecopetrol's profits fell by 7.7% in Q1 2026, totaling approximately $2.9 trillion COP.
Asopetrol attributes the decline to a 37.1% effective tax rate and peso appreciation.
Revenues dropped by 8.7% to $28.6 trillion COP, influenced by lower dollar exchange rates and higher taxes.
Consolidated Ebitda grew by 1.5% to $13.5 trillion COP, driven by refining business and operational efficiencies.
Hydrocarbon production and commercialization decreased by 2.7%, with operational difficulties noted in La Guajira and Piedemonte Llanero.
Asopetrol calls on the government to reduce the tax rate to maintain company efficiency and profitability.
Extraordinary taxes and increased tax obligations, including the wealth tax, directly impacted the quarterly financial balance.

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