Treasury authorizes Ecopetrol to issue external debt for up to USD 2 billion

The Ministry of Finance and Public Credit authorized Ecopetrol S. A. to subscribe, issue, and place external public debt securities in the international capital markets for up to USD 2 billion. The decision was recorded in Resolution 2595 of 2026, signed on November 9, 2026, and published on the same day in the Official Gazette number 53,685. The funds will be used exclusively to finance non-investment expenses.

The authorization was issued by the Director General of Public Credit and National Treasury, César Augusto Arias Hernández, based on article 2.2.1.3.3 of Decree 1068 of 2015 and article 6 of Law 781 of 2002, regulations that subject mixed public utility companies with state participation exceeding 50% to the public credit regime applicable to decentralized entities. Ecopetrol S. A., a mixed-economy company of a commercial nature linked to the Ministry of Mines and Energy according to Law 1118 of 2006, submitted the request via official letter 1-2026-117576 dated November 4, 2026, and supplements 1-2026-118069, 1-2026-118740, and 1-2026-118865.

The technical support comes from official letter 2-2026-035141 dated May 11, 2026, through which the General Directorate of Public Credit and National Treasury issued a favorable opinion to finance non-investment expenses for up to USD 4 billion, valid for one year. The oil company’s Board of Directors had approved this issuance in an ordinary session on December 10 and 11, 2025, recorded in minutes number 490. A certification from the Head of the Capital Structure Department dated October 29, 2026, establishes that the available quota amounts to USD 3,778,645,624.46, that there are no other debt operations in process, and that the company is not in a materially adverse situation.

Scope of the operation

• Authorized amount: up to USD 2,000,000,000 in the international capital market.
• Purpose: to finance non-investment expenses, including the channeling of resources for the prepayment of loans from the company’s subsidiaries abroad.
• Documents approved by the General Directorate of Public Credit via official letter 2-2026-077719 dated November 5, 2026: Officer’s Certificate (Establishing the Notes), Form of Notes, Underwriting Agreement, and sections of the Prospectus Supplement (Use of Proceeds, Description of the Notes, Underwriting, among others).
• Tax treatment: payments of principal, interest, and commissions will be exempt from national taxes when made to persons without residence or domicile in the country, pursuant to article 218 of the Tax Statute and Law 488 of 1998.

Reporting and control obligations

The resolution imposes a strict monitoring agenda on the oil company before the Ministry of Finance and Public Credit:

• Request the inclusion of the operation in the Single Database of the General Directorate of Public Credit and National Treasury, pursuant to Article 13 of Law 533 of 1999.
• Submit a monthly report on the payment of the securities until their total redemption.
• Report the partial or total placement within ten (10) business days following the operation, including dates, value, terms, rates, and other market conditions.
• Send a copy of the signed documents within thirty (30) days following the placement.
• Comply with External Resolution 1 of 2018 of the Board of Directors of the Bank of the Republic and maintain the authorized amount within the current favorable concept, without exceeding it individually or in aggregate.

The regulation clarifies that any modification of the terms requires prior authorization from the Ministry and that the debt service, commissions, and expenses are subordinated to the company’s annual budget appropriations. The resolution is effective from its publication in the Official Gazette.

Two issuances on the same day

Resolution 2595 of 2026 was published alongside Resolution 2601 of 2026, by which the same office authorized Grupo Energía Bogotá S. A. ESP to enter into an external loan agreement for USD 600 million with a syndicate of thirteen financial entities led by The Bank of Nova Scotia, with UMB Bank N. A. as administrative agent and two tranches (USD 500 million and USD 100 million) for five years. In that case, the favorable concept was official letter 2-2026-058576 of August 19, 2026, with the quota intact for the total amount.

For Ecopetrol S. A., the authorization expands the financial room for maneuver without compromising investment resources: the issuance is charged to the quota for expenses other than investment and leaves an available balance of approximately USD 1.778 billion after the maximum permitted operation. For investors, the document precisely defines the destination of the funds, the tax exemption regime for non-resident holders, and the monthly reporting obligations, elements that condition the reading of the state oil company’s credit risk in international markets.

Source: Official Gazette, number 53,685 of November 9, 2026, section I (Resolutions), p. 1 (official reference: Resolution 2595 of 2026).