Governance concerns and profit drops dominate shareholder assembly.

The Ecopetrol (NYSE: EC, BVC: ECOPETROL) General Shareholders’ Meeting concluded at the Corferias convention center in Bogotá, marked by a decline in annual profits and an intensifying debate regarding the continuity of the company’s president, Ricardo Roa. During the assembly, shareholders approved a dividend of $121 COP per share for minority holders and a total payment of $4 trillion COP to the Colombian government, which serves as the majority shareholder. The government’s payout is scheduled for distribution in two installments, to be completed by June 30, 2026.

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The financial results for the 2025 fiscal year revealed a significant contraction in net income, which fell to $9 trillion COP from the $14.9 trillion COP reported in 2024. Roa attributed this decline primarily to the volatility of international crude prices. He noted that the average price of Brent crude dropped from $80 USD per barrel to $68 USD per barrel over the period. According to company data, every $1 USD drop in the price of Brent corresponds to a reduction of approximately $500 billion COP in net profit and $700 billion COP in EBITDA. Despite the lower earnings, the company maintained a production level of 745,000 barrels per day and achieved a reserve replacement rate of 121%, the highest in five years.

Governance issues remained the primary focus of the assembly. Minority shareholders expressed concern over the legal challenges facing Roa, who is currently under investigation by the Fiscalía General de la Nación for alleged influence peddling. Additionally, the Consejo Nacional Electoral (CNE) has raised accusations regarding the alleged violation of spending caps during the presidential campaign of Gustavo Petro, which Roa managed. Angela Maria Robledo, Chair of the Board of Directors, defended the decision to retain Roa, stating that the board has activated a evaluation protocol while respecting the constitutional principle of the presumption of innocence.

Shareholders Erupt In Anger At CEO Ricardo Roa:

Abuchean a Ricardo Roa en asamblea de Ecopetrol

“¡Fuera, fuera!”: Este es el momento del tenso abucheo de los accionistas al presidente de la empresa

Videos: Néstor Gómez pic.twitter.com/uyjh4chpl2

— EL TIEMPO (@ELTIEMPO) March 27, 2026

“Ecopetrol is listed on the New York Stock Exchange; we are governed by the strict regulations of US federal agencies. Agencies like OFAC and the SEC could intervene in the company and could even accelerate the payment of financial obligations, which would be extremely grave for Ecopetrol,” stated Martín Ravelo, President of the USO.

The Unión Sindical Obrera (USO), the primary labor union representing nearly one-third of the company’s workforce, has issued an ultimatum for Roa’s removal. Martin Ravelo, president of the USO, warned that the union will initiate a national strike and affect crude production if Roa is not aparted from his position by Monday, March 30. Ravelo expressed concern that Ecopetrol, which is subject to the regulations of the Securities and Exchange Commission (SEC) and the Office of Foreign Assets Control (OFAC), could face federal intervention. He highlighted that Ecopetrol’s current debt has reached $30 billion USD, exacerbated by rising interest rates, and warned that the company lacks the cash flow to respond to potential demands for early repayment of international obligations.

President Gustavo Petro responded to the union’s concerns via social media, stating that the executive branch will take measures to shield the company’s financial future. Petro emphasized the importance of maintaining investment during periods of high oil prices to prepare for future market downturns. He also criticized past administrations for failing to invest sufficiently in clean energy during previous price cycles. In contrast, Ravelo called for the board to maintain its independence from political influence, noting that four of the nine board members have already left formal records supporting Roa’s departure.

Ecopetrol also addressed the national gas supply, with Roa announcing that new regasification alternatives at Puerto Bahía and on the Pacific coast are expected to begin operations in the second half of 2026. These projects are intended to contribute between 186 and 430 Gbtud to the national grid. A third regasification facility in Coveñas is projected to start operations in 2029 with a capacity of 400 Gbtud. Despite these operational plans, the immediate focus of the international investment community remains fixed on the board’s upcoming meeting on Monday, where the leadership deadlock must be resolved to avoid a potential halt in national production.

Headline photo: Former Senator Jorge Robledo admonishes the Ecopetrol board of directors at the March 2026 shareholders’ meeting.

The petroleum workers called for Ricardo Roa’s head following formal influence-peddling charges filed by Colombia’s Attorney General’s Office.

One of Colombia’s principal petroleum worker’s unions, the Unión Sindical Obrera (USO), has formally requested that Ecopetrol’s board of directors remove Ricardo Roa Barragán as president of the state-controlled oil company, amid ongoing investigations against him by the Attorney General’s Office. The union warned that it will call a nationwide strike if the request is not addressed.

The request was made in a letter dated March 24, sent after a meeting between union representatives and the company’s board. In the document, the USO stated that, “understanding the feelings of the Colombian people as reflected by the thousands of Ecopetrol workers, we immediately request that, within the framework of due diligence, the board of directors adopt the necessary measures to remove Dr. Ricardo Roa Barragán from his position as president of Ecopetrol.”

The union added that, if the request is not met, “this union will call for nationwide mobilization in defense of the most important asset of the Colombian people.”

On the same day, March 24, Ecopetrol’s board issued a public response, reported by outlets such as Caracol Radio, stating that it had reviewed requests from employees, the union and some minority shareholders.

In its statement, the board said it is “aware of its responsibilities within the framework of due diligence” and has been assessing the risks to the company stemming from reports related to Roa. However, it confirmed that Roa will remain in his position while the evaluation process continues.

The union’s request follows charges filed by the Attorney General’s Office on March 11 against Roa for alleged influence peddling. According to prosecutors, Roa is accused of favoring a third party in the allocation of a project in exchange for a reduction in the price of an apartment he purchased in 2023.

More details on the case can be found in the article “Colombia’s Top Prosecutor Charges Ecopetrol President in Alleged Influence-Peddling Case,” published by Finance Colombia.

At this stage, although the information has been publicly reported, judicial decisions remain under the authority of the Attorney General’s Office, which is leading the proceedings.

Roa’s legal situation is also linked to another investigation involving alleged irregularities in the financing of the Pacto Histórico presidential campaign in 2022, which he managed and which resulted in Gustavo Petro’s election as president.

In February, the Attorney General’s Office said investigators found indications that the campaign may have exceeded legal spending limits. A similar case had already been reviewed by Colombia’s elections authority, the National Electoral Council, which fined those responsible more than $5 billion Colombian pesos (over $1.4 million USD).

Photo by Ecopetrol.

Ricardo Roa was appointed CEO of Ecopetrol after serving as Colombian President Gustavo Petro’s campaign manager. The Presidential campaign is also under investigation for campaign finance violations.

The controversy surrounding the filing of charges against Ricardo Roa Barragán, president of Colombia´s oil and energy company, Ecopetrol, has taken a new turn following the leak of an internal report suggesting that more than $42 million USD may have been transferred to a private company based in the British Virgin Islands.

According to disclosed information, “the media outlet 6AM W obtained documents showing the link between the USD 42 million payment made by Ecopetrol and a company connected to Serafino Iácono,” as stated by the outlet itself.

It is important to recall that on March 11, Colombia’s Attorney General’s Office (Fiscalía General de la Nación – FGN) formally charged Ricardo Roa Barragán with the alleged crime of influence peddling by a public official. According to the accusation, the executive allegedly intervened to favor a third party (Serafino Iácono) in the assignment of a gasification project in exchange for personal benefits. The FGN stated that Roa “ordered that a specific person be assigned to a gasification project in exchange for a reduction in the price of an apartment” located in northern Bogotá. During the hearing, the executive did not accept the charges.

Regarding the leaked documents, 6AM W reports that the published material “is a memorandum produced following a communication between the lawyers of Miller & Chevallier, hired by Ecopetrol, and Charles Cain, head of the Anti-Corruption Unit for Foreign Operators at the US Securities Exchange Commission (SEC).” This suggests that the document is an internal Ecopetrol report produced in 2024.

Additionally, the report includes references to an “audit commissioned by Ecopetrol to Control Risks, which identifies Iácono as a possible beneficiary of the alleged irregular payment of $42 million USD made through a purchase option” of power generation plants linked to the company Genser, associated with the businessman.

The leaked documents can be accessed through the Caracol Radio website via “Las contradicciones de Ecopetrol y Serafino Iácono en el caso del apartamento de Roa y Termomorichal.”

For his part, Serafino Iácono issued a statement, published by La República via the social network X, in which he affirms that since April 7, 2017, he has had no relationship with the company and that the transaction in question took place in 2023, after his departure.

At this stage, although the information has been reported by the media, judicial decisions remain under the authority of Colombia’s Attorney General’s Office, which is leading the proceedings against Ricardo Roa. Iacono said that he would be filing suit against Control Risks, and hired well-known Colombian lawyer Jaime Lombana Villalba to begin the process.

For further context, readers are encouraged to consult the article “Colombia’s Top Prosecutor Charges Ecopetrol President in Alleged Influence-peddling Case,” published by Finance Colombia.

Beyond the communications previously issued and reported by Finance Colombia in the aforementioned article, no new official statements have been released by Ecopetrol’s board of directors since March 12, prior to the information leak. Finance Colombia has reached out to Iacono for comment and will report any additional information.

The investigation into Colombia’s President comes on the heels of Petro’s visit to Washington & meeting with Trump.

The Drug Enforcement Administration (DEA) has designated Colombian President Gustavo Petro as a priority target as federal prosecutors in New York investigate potential connections to narcotics trafficking organizations. Records indicate that the US Department of Justice is reviewing multiple inquiries dating back to 2022, primarily supported by information from confidential informants.

The investigations involve allegations regarding interactions with the Sinaloa cartel and the possible use of the Paz Total policy to benefit specific traffickers who reportedly contributed to the 2022 presidential campaign. Documents also mention the potential use of law enforcement assets to facilitate the transport of cocaine and fentanyl through maritime terminals. The priority target designation is applied to individuals whom the DEA identifies as having a significant influence on international narcotics distribution.

President Petro has denied any involvement with criminal organizations or the acceptance of illicit funds for his political activities. In a statement released on social media, he suggested that legal proceedings in the US would eventually disprove allegations originating from political opponents. The Embassy of Colombia in Washington stated that the reports are based on unverified and anonymous sources.

“The reported insinuations have no legal or factual basis,” stated the Embassy of Colombia in Washington.

The inquiry has expanded in recent months, with prosecutors in the Eastern and Southern Districts of New York questioning detained individuals about allegations that representatives of the administration solicited bribes in exchange for preventing extradition to the US. It has not been confirmed whether formal charges will be filed against the president, and the White House has stated it has played no role in the independent judicial process.

Portions of the DEA records cite a 2024 interview regarding allegations that former aides and officials from Ecopetrol (NYSE: EC) (BVC: ECOPETROL) were used to launder funds. Ricardo Roa, the president of Ecopetrol, has denied these claims. Simultaneously, the US Department of the Treasury previously sanctioned Petro in late 2025, citing concerns over cocaine production levels, though specific evidence was not made public at that time.

While Petro denies connections to criminal groups, it is important to note that he was a member of the homicidal M-19 guerilla group in Colombia from his teenage years until the group laid down its arms in 1987. Petro served prison time for illegal arms possession due to his activities with the M-19.

Domestic investigations in Colombia are also ongoing regarding the president’s relatives. His son, Nicolas Petro, faced charges in 2023 related to the alleged receipt of funds from a convicted trafficker. Furthermore, the president’s brother, Juan Fernando Petro, has been linked to investigations involving unauthorized negotiations with inmates at the La Picota prison regarding the Paz total framework and extradition protections.

Witnesses currently in US custody who may be relevant to the ongoing probes include former members of the Venezuelan Cartel de Los Soles and various Colombian nationals recently extradited, such as individuals associated with the La Inmaculada organization and the Clan del Golfo (Gulf Clan). Some reports suggest that sums near $500 million COP were discussed in exchange for gestores de paz (“Peace Manager”) status, though these allegations remain under judicial review.

Headline photo: Colombian President Gustavo Petro (photo César Carrión, Presidencia de Colombia)

The charge adds to a separate investigation over alleged violations of campaign finance limits during President Gustavo Petro’s 2022 presidential campaign

Colombia’s Attorney General’s Office (Fiscalía General de la Nación – FGN) charged the president of the country’s state-controlled oil and energy company Ecopetrol (NYSE: EC’, BVC: ECOPETROL), Ricardo Roa Barragán, with the alleged crime of influence peddling by a public official. The charge was formally presented on March 11 during a public hearing.

According to the prosecutors press release, Roa “ordered that a specific person be assigned to a gasification project in exchange for a reduction in the price of an apartment” located in northern Bogotá. The Attorney General’s Office said the alleged intervention was related to the executive’s interest in acquiring the property below market value.

During the hearing, a prosecutor from the Specialized Anti-Corruption Directorate formally presented the charge. However, Roa did not accept the accusation.

The newspaper El Colombiano explained that “the filing of charges is a formal act within the criminal process through which the person under investigation is officially notified of their link to a judicial case and the facts attributed to them. However, this step does not imply a conviction or a final decision and maintains the presumption of innocence that protects the executive.”

After the judicial decision became public, Ecopetrol’s Board of Directors said Roa will remain in his position as president of the company. In a public statement, the company’s highest governing body said it respects “Ricardo Roa’s presumption of innocence and his right to due process.” It also said it will continue acting according to the company’s established protocols for evaluating this type of situation.

Roa pled innocent to the influence trafficking charges.

Context: political, legal, and corporate challenges

Ecopetrol is currently facing several political and economic challenges. These include judicial and disciplinary proceedings involving its president, as well as questions about the company’s institutional and financial stability.

For example, the company’s 2025 annual report sparked public debate after reporting the highest reserve replacement ratio in the last four years (121%). According to the document, “300 million barrels of oil equivalent (BOE) were added, guaranteeing an average reserve life of 7.8 years.”

The report also said, “net proven reserves reached 1.944 billion barrels of oil equivalent.” However, private firms such as the independent investment bank BTG Pactual questioned those figures due to a change in the methodology used to calculate them.

Another point of debate has been the presidency of the Board of Directors, currently headed by Ángela María Robledo Gómez, a psychologist and former member of Colombia’s House of Representatives for Bogotá. Robledo was a member of the Partido Alianza Verde between 2010 and 2018 and later ran as vice presidential candidate alongside Gustavo Petro in the 2018 elections.

Roa’s legal situation is also linked to another investigation related to alleged irregularities in the financing of the Pacto Histórico presidential campaign in 2022, which he managed and which resulted in Petro becoming president.

In February, the Attorney General’s Office said investigators had found evidence suggesting that the campaign exceeded the legal spending limits. A similar case had already been examined by Colombia’s elections regulator Consejo Nacional Electoral, which fined those responsible more than $5 billion Colombian pesos (over $1.4 million USD).

For his part, Colombian President Gustavo Petro has publicly defended Roa. During a public event broadcast by media outlets such as Blue Radio, the president said the accusations are politically motivated. “We did not exceed spending limits; I have reviewed that accounting up and down,” he said. He also argued that the opening of criminal proceedings could be interpreted as an attempt to politically target his government.

Headline photo: Colombian President Gustavo petro (left) with former campaign manager and current Ecopetrol CEO Ricardo Roa (photo courtesy Ecopetrol).