Ecopetrol (NYSE:EC) is an exploration and production company controlled by the Colombian government, which owns 88% of the company. EC's strategic expansion into the US's Permian Basin for oil and domestic gas production provides a compelling short-term growth narrative. While we doubt the company's broader strategy to wean off oil production, the political considerations surrounding this will likely be fully resolved by the next Colombian election in 2026. Assuming stagnant oil prices, EC has a strong path forward through natural gas development and Permian Basin expansion.