Ecopetrol said it has completed the acquisition of a controlling interest equivalent to about 51% of the outstanding voting share capital of Brava Energia S.A. through its wholly owned subsidiary Ecopetrol Investimentos do Brasil Ltda. The transaction closed after all required regulatory approvals and other conditions precedent were satisfied. The deal was executed in two steps completed on the date of the report: settlement of a voluntary tender offer, or OPAV (Brazilian voluntary public tender offer), on B3 S.A. – Brasil, Bolsa, Balcão, through which Ecopetrol Investimentos bought 116,110,717 Brava common shares, or about 25% of the company; and closing of a share purchase agreement dated April 23, 2026, under which it acquired another 120,813,490 common shares, or about 26%. Ecopetrol said the share purchase agreement was contingent on the tender offer delivering an additional roughly 25% of Brava's share capital, a condition that was met. Aggregate consideration for the transaction was about $1.2 billion, funded through an intercompany loan from Ecopetrol Capital AG to Ecopetrol Investimentos. Ecopetrol said the acquisition supports its growth, strengthening and portfolio diversification strategy by expanding its presence in Brazil and adding a reserve and production base aimed at generating long-term shareholder value. Based on Brava's reported figures, the acquired company had estimated proved reserves of about 459 million barrels of oil equivalent, or mmboe, and proved plus probable reserves of about 605 mmboe as of Dec. 31, 2025, both under the PRMS (Petroleum Resources Management System) standard. Average daily production for the six months ended June 30, 2026 was about 78.8 thousand barrels of oil equivalent per day, rising to about 84.4 thousand in June 2026 alone. Ecopetrol cited implied transaction metrics of about $8.4 per barrel of oil equivalent for 1P reserves, $6.3 per barrel for 2P reserves and about $45.7 thousand per barrel of oil equivalent of daily production. For the 12 months ended June 30, 2026, Brava reported unaudited revenue of about $2.341 billion, EBITDA (earnings before interest, taxes, depreciation and amortization) of about $1.050 billion and net income of about $122.2 million, based on Brava's publicly disclosed financial information. Ecopetrol plans a conference call on Aug. 25, 2026 at 10:30 a.m. Colombia time and 11:30 a.m. New York time to discuss the transaction further.