Ecopetrol is Colombia's national oil company and one of Latin America's largest integrated energy groups, with the Colombian government owning roughly 88% of the company. The core business is exploring for, producing, transporting, and refining crude oil and natural gas, primarily in Colombia, where Ecopetrol is the dominant upstream producer. Key producing fields include Rubiales, Castilla, and Chichimene across Colombia's major hydrocarbon basins. Crude oil is sold at Brent-linked prices to domestic refineries and exported primarily to the U.S., China, Brazil, and India. Ecopetrol also has upstream operations in the Permian Basin through a joint venture with Occidental Petroleum and offshore positions in the Gulf of Mexico. The company runs two refineries — Barrancabermeja and Cartagena — processing roughly 417,000 barrels per day, producing diesel, gasoline, LPG, and petrochemicals. Its midstream subsidiary, Cenit, operates pipelines across Colombia under regulated tariffs, providing relatively stable cash flows. A notable diversification is ISA, a 51%-owned subsidiary and Latin America's largest electricity transmission company, with regulated concessions across six countries and toll road operations — insulating a meaningful portion of earnings from oil price swings. Earnings are primarily driven by Brent prices, production volumes, refining margins, and COP/USD movements. A distinctive feature is Colombia's fuel subsidy mechanism, which can create large government receivables when domestic fuel prices are set below import parity. Ecopetrol transfers substantial resources to the Colombian government annually via dividends, taxes, and royalties, making it a central pillar of the country's fiscal system.