Ecopetrol completes $1.2B acquisition of 51% stake in Brava

Bogotá, Colombia - Ecopetrol, a leading Colombian energy company, has finalized its acquisition of a 51% stake in Brava Energia S.A., a significant player in the oil and gas sector. The transaction, valued at approximately $1.2 billion, was executed through two key components. Ecopetrol's subsidiary, Ecopetrol Investimentos do Brasil Ltda., acquired 25% of Brava's shares via a voluntary tender offer on the B3 stock exchange, purchasing 116.1 million common shares.

Simultaneously, through a share purchase agreement dated April 23, 2026, the company bought an additional 26% of Brava's shares, totaling 120.8 million common shares. This acquisition was financed through an intercompany loan from Ecopetrol Capital AG, a subsidiary of Ecopetrol. Brava's reserves, as of December 31, 2025, are estimated at 459 million barrels of oil equivalent, with a combined proved plus probable reserves of 605 million barrels.

The company's average daily production for the six months ending June 30, 2026, was about 78,800 barrels of oil equivalent, peaking at 84,400 barrels in June 2026. For the year ending June 30, 2026, Brava generated approximately $2.341 billion in revenue, with EBITDA of $1.050 billion and a net income of $122.2 million. The deal's metrics suggest a valuation of around $8.4 per barrel of oil equivalent for proved reserves and $6.3 per barrel for proved plus probable reserves.

Ecopetrol will host a conference call on August 25, 2026, to provide further details about the acquisition.