Colombia's dominant integrated: heavy-oil upstream (Rubiales, Castilla), a Permian JV with Occidental, Cartagena/Barrancabermeja refining, Cenit midstream and ISA power transmission; ~750 mboe/d.
State-controlled (~88%) with a high dividend payout to the government and an energy-transition policy (no new exploration contracts). A short ~7-year reserve life, elevated leverage post-ISA, and FX/political risk are the key flags.
Its EV/EBITDA of 5.7x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 9.3% is higher than the 6.5% median, and at $33.59/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Ecopetrol scores 40/100, strongest on valuation (48/100). Sub-scores: value 48, quality 47, growth 40, risk 79 (higher = riskier).
Ecopetrol holds approximately 1.94 billion boe of proved (1P) reserves with FY2025 production of about 745 thousand boe/d (78% liquids), a reserve life of roughly 7.1 years. Break-even: ~$40 (Brent breakeven) — Upstream cash breakeven low (~$30-40); breakeven to fund the heavy government dividend is materially higher (~$55-65 Brent).
For Ecopetrol, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Colombia | 92% | 66 | New licensing ban stance, security in producing regions, fiscal reform. |
| United States | 6% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Brazil | 2% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Rubiales / Castilla | Colombia | Heavy oil | core producing |
| Permian JV (Occidental) | United States | Shale oil | JV with OXY |
| Cano Sur / Llanos | Colombia | Oil | onshore |
| Cartagena & Barrancabermeja refineries | Colombia | Downstream | refining |
| Cenit midstream | Colombia | Midstream | pipelines |
| ISA (power transmission) | Colombia/LatAm | Power | regulated grids |
| Gulf of Mexico | United States | Offshore oil | deepwater |
| Brazil offshore | Brazil | Oil | exploration |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 679 | 707 | 737 | 746 | 745 |
| Proved reserves (bnboe) | 2.00 | 1.89 | 1.88 | 1.90 | 1.94 |
| Revenue ($bn) | 23.0 | 36.5 | 31.0 | 33.0 | 29.5 |
| EBITDA ($bn) | 11.0 | 17.0 | 13.0 | 12.5 | 11.5 |
| Net income ($bn) | 3.8 | 8.1 | 4.0 | 3.6 | 2.2 |
| Free cash flow ($bn) | 3.0 | 6.0 | 3.5 | 3.5 | 3.1 |
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✓ FY2025 figures verified against primary sources: