Ecopetrol Secures Acquisition of Stake in Brava Energia S.A. to Expand Brazilian Operations

Ecopetrol's Strategic Move into Brazil: Acquiring Brava Energia S.A.

On April 23, 2026, Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), Colombia's largest company and a prominent player in the energy sector, announced a major step in its expansion strategy. The company has entered into a Share Purchase Agreement with a group of significant shareholders of Brava Energia S.A., a Brazilian oil and gas firm, to acquire an equity stake representing approximately 26% of the company's share capital.

Details of the Acquisition

This agreement grants Ecopetrol the ability to purchase 120,813,490 shares of Brava, a company that's been gaining recognition in Brazil since its establishment in 2024 through the merger of 3R Petroleum and Enauta Participações. Brava's operations include both offshore and onshore crude oil and natural gas production, along with midstream and downstream activities. As of the end of 2025, Brava reported an EBITDA of USD 806 million, boasting an impressive EBITDA margin of 39%.

Ecopetrol's strategic aim in acquiring a substantial stake in Brava is multifaceted. Given Brava's established operational presence in diverse oil fields, the acquisition aligns with Ecopetrol's goals of increasing its production capabilities and expanding its footprint in high-growth regions within the American continent. Following the finalization of regulatory processes, which include gaining approval from Brazil’s Administrative Council for Economic Defense (CADE), the Colombian company aims to enhance its overall asset base while driving production sustainability and generating increased cash flow.

Financial Implications and Plans

To facilitate this acquisition, Ecopetrol will launch a Voluntary Tender Offer (Oferta Pública de Aquisição – OPA) on the B3 stock exchange, proposing a price of R$23.00 per share. This price reflects a premium of about 27.8% over the volume-weighted average share price during the preceding 90 trading days. This move emphasizes Ecopetrol’s commitment to treating all of Brava's shareholders equally in this tender offer.

Ecopetrol plans to fund this transaction through a bridge loan, contingent upon fulfilling the necessary conditions. The acquisition not only opens the door to Brava's impressive reserves—459 million barrels of oil equivalent as reported at the end of 2025—but also integrates approximately 81,000 barrels of oil equivalent per day into Ecopetrol’s production portfolio. This enhanced production capacity positions Ecopetrol favorably in maintaining steady cash flows while venturing into new market territories.

Future Objective and Alignment with Strategy

The completion of the acquisition is a critical element of Ecopetrol's ambitious 2040 Strategy. Furthermore, it supports an array of key performance metrics such as Return on Average Capital Employed (ROACE) and EBITDA growth, amplifying Ecopetrol's operational efficiency amidst evolving market dynamics.

Ecopetrol's foray into Brazil through Brava represents not only a strategic maneuver to enhance its production capabilities but also a vital step towards broader diversification in rapidly developing markets. By solidifying its position in Brazil, Ecopetrol aims to bolster its international portfolio, which already includes key assets in the U.S. and across Latin America.

As Ecopetrol proceeds with the acquisition, stakeholders can expect timely updates in compliance with legal and regulatory requirements, ensuring transparency throughout the unfolding scenario. With this pivotal move, Ecopetrol reinforces its stature as one of the central players in the energy sector, adeptly merging local expertise with strategic investments to drive future growth.