Ecopetrol Pays USD 1.2 Billion for 51% of Brava Energia, or USD 8.4 per 1P Barrel

Ecopetrol S.A. said on August 18, 2026 that it had completed the purchase of a controlling stake equal to about 51% of the outstanding voting share capital of Brava Energia S.A., paying roughly USD 1.2 billion. The implied entry price is about USD 8.4 per barrel of oil equivalent of proved reserves.

That per-barrel figure is the number oil and gas dealmakers will read first. Against estimated proved plus probable reserves, the transaction prices out at about USD 6.3 per barrel of oil equivalent, and against current output at about USD 45.7 thousand per barrel of daily production.

Brava's estimated proved reserves stood at approximately 459 mmboe as of December 31, 2025, with proved plus probable reserves at approximately 605 mmboe, both estimated under the Petroleum Resources Management System (PRMS) standard.

Production averaged approximately 78.8 kboed over the six months ended June 30, 2026, and reached approximately 84.4 kboed in June 2026 alone. The rising monthly figure sits above the half-year average.

The stake was assembled in two tranches through Ecopetrol Investimentos do Brasil Ltda., a wholly owned subsidiary. Under a share purchase agreement dated April 23, 2026 with certain Brava shareholders, Ecopetrol Investimentos acquired 120,813,490 common shares, about 26% of outstanding share capital.

A voluntary tender offer run on the B3 exchange delivered a further 116,110,717 common shares, or approximately 25% of outstanding share capital. The two blocks together produced the controlling position.

Funding came from inside the group. The consideration was financed through an intercompany loan extended to Ecopetrol Investimentos by Ecopetrol Capital AG, another Ecopetrol subsidiary. The dollar figure rests on an average exchange rate of BRL 5.12 per US dollar.

On the cash-generation side, Brava reported revenue of approximately USD 2.341 billion for the twelve months ended June 30, 2026, EBITDA of approximately USD 1.050 billion, and net income of approximately USD 122.2 million. The gap between EBITDA and net income is the striking spread in that set.

For a buyer, the acquisition metrics are the whole argument. Reserve-based pricing at USD 8.4 per barrel of 1P and USD 6.3 per barrel of 2P sets a reference point for upstream asset sales elsewhere, because the same PRMS reserve definitions used here are the ones counterparties apply to competing packages. The production multiple of about USD 45.7 thousand per flowing barrel gives the second yardstick buyers and sellers reach for when reserve books are contested.

The scale of the purchase relative to Ecopetrol's existing base is worth setting out plainly. The company employs more than 19,000 people, accounts for more than 60% of Colombia's hydrocarbon production, and holds 51.4% of the shares of ISA. Adding roughly 78.8 kboed of Brava output through a 51% controlling interest extends that base outside its home production system.

Ecopetrol plans to host a conference call on August 25, 2026 at 10:30 Colombia time, 11:30 New York time, to provide further detail on the transaction.