Why These Energy Stocks are Gaining This Week

3. Ecopetrol S.A. (NYSE:EC)

Share Price Gains Between Dec. 22 and Dec. 29: 5.81%

With a workforce of over 18,000, Ecopetrol S.A. (NYSE:EC) is among the largest companies in Colombia and one of the leading integrated energy groups on the American continent.

Ecopetrol S.A. (NYSE:EC) reported on December 24 that Colombia’s National Hydrocarbons Agency has formalized the transfer of a 50% stake of Shell EP Offshore Venture in favor of the Colombian company. Moreover, Ecopetrol has been granted the operatorship in the E&P Contracts COL 5, Purple Angel, and Fuerte Sur, situated in the Caribbean Offshore. As a result, the energy giant now has full ownership of the rights, interests, and obligations of the aforementioned blocks.

Shell decided to withdraw from its offshore assets in the region in April 2025, as part of the company’s global portfolio strategy and management. Now that Ecopetrol S.A. (NYSE:EC) has assumed full control, it plans to continue the development of existing gas discoveries in these areas, including Kronos-1, Purple Angel, Gorgon-1, Gorgon-2 ST2, and Glaucus-1. The company will also assess whether to maintain its 100% ownership of these assets or bring in a new partner that could contribute technical and financial support.