Ecopetrol announces that, through its wholly owned subsidiary Ecopetrol Investimentos do Brasil Ltda. ('Ecopetrol Investimentos'), it has completed the acquisition of a controlling interest equivalent to approximately 51% of the outstanding voting share capital of Brava Energia. The closing of the Transaction followed the satisfaction of all applicable regulatory approvals and other conditions precedent required under the terms described below.
The Transaction represents a significant milestone in the execution of Ecopetrol's growth, strengthening, and portfolio diversification strategy. It expands the Company's presence in Brazil, one of the most dynamic energy markets in the region and adds a substantial reserve and production base intended to enhance the Company's capacity to generate long-term value for its shareholders.
The Transaction was completed through the following milestones achieved on the date of this report:
- Settlement and payment of the voluntary tender offer (Oferta Pública de Aquisição Voluntária, or "OPAV") conducted on the B3 S.A. – Brasil, Bolsa, Balcão stock exchange, pursuant to which Ecopetrol Investimentos acquired 116,110,717 common shares of Brava, representing approximately 25% of Brava's outstanding share capital.
- Closing of the share purchase agreement dated April 23, 2026 (the "SPA"), entered into with certain shareholders of Brava, pursuant to which Ecopetrol Investimentos acquired 120,813,490 common shares of Brava, representing approximately 26% of Brava's outstanding share capital. Consummation of the SPA was conditioned upon the OPAV resulting in the acquisition of an additional approximately 25% of Brava's share capital, which condition was satisfied.
The aggregate consideration paid in connection with the Transaction was approximately US$1.2 billion[1], which was funded through an intercompany loan extended to Ecopetrol Investimentos by Ecopetrol Capital AG, another subsidiary of the Company.
Operational and Financial Profile of Brava
Brava contributes a complementary asset base to the Ecopetrol Group, consisting of producing assets and development opportunities that the Company believes will enhance the geographic and operational diversification of its hydrocarbons business.
Key Operating Metrics (as reported by Brava):
- Estimated proved reserves (1P) as of December 31, 2025: approximately 459 million barrels of oil equivalent ("mmboe"), estimated in accordance with the Petroleum Resources Management System ("PRMS") standard.
- Estimated proved plus probable reserves (2P) as of December 31, 2025: approximately 605 mmboe, estimated in accordance with the PRMS standard.
- Average daily production for the six-month period ended June 30, 2026: approximately 78.8 thousand barrels of oil equivalent per day ("kboed").
- Production for the month of June 2026: approximately 84.4 kboed.
Implied Transaction Metrics:
- Approximately US$8.4 per barrel of oil equivalent of estimated proved reserves (1P).
- Approximately US$6.3 per barrel of oil equivalent of estimated proved plus probable reserves (2P).
- Approximately US$45.7 thousand per barrel of oil equivalent of daily production.
Selected Financial Information of Brava. For the twelve-month period ended June 30, 2026, Brava reported [(on an unaudited basis, as derived from Brava's publicly disclosed financial information)[2]:
- Revenue: approximately US$2.341 billion
- EBITDA: approximately US$1.050 billion
- Net income: approximately US$122.2 million
EBITDA is a non-GAAP financial measure. Investors should refer to Brava's publicly available financial statements and disclosures for a reconciliation of EBITDA to the most directly comparable financial measure prepared in accordance with applicable accounting standards.
The Company believes the Transaction complements its strategy of building a resilient, competitive, and diversified portfolio supported by high-quality assets, sustained cash generation, and profitable long-term growth.
Source: Ecopetrol / PR Newswire
