Oil Price Volatility Impacts Profitability: Ecopetrol's financial performance is highly susceptible to fluctuations in global crude oil and natural gas prices, directly affecting revenues, cash flow, and investment capacity.

Energy Transition Pressures and Stranded Assets: Increasing global and domestic focus on decarbonization and renewable energy could reduce long-term demand for fossil fuels, potentially leading to Ecopetrol's oil and gas reserves becoming uneconomical or 'stranded' before full extraction.

Geopolitical and Social Instability in Colombia: Operations are exposed to security risks, social unrest, protests, and blockades in various regions of Colombia, which can disrupt production, transportation, and project development.