Ecopetrol (EC) is down about 3.1% to around $14.50 as traders refocus on company-specific governance overhang and labor-risk headlines tied to CEO Ricardo Roa. The board has recently issued formal communications around the Roa situation, and the controversy remains a live catalyst as the calendar approaches an April 8, 2026 hearing tied to campaign-finance allegations, keeping risk premiums elevated for the ADR.

Ecopetrol’s board has been navigating public pressure linked to Roa’s legal and reputational issues, while the oil workers union (USO) has signaled potential nationwide mobilization if requested actions are not taken. Even without an immediate operational disruption, the possibility of escalated labor action raises perceived downside risk to near-term operations, cash generation, and sentiment—especially for a stock that already trades with a meaningful sovereign and policy risk component.

The next near-term catalyst is the April 8, 2026 legal hearing date referenced in recent reporting, which could either cool or intensify the governance narrative depending on outcomes and any follow-on board actions. Investors are also watching dividend execution: Ecopetrol’s March 27, 2026 shareholder decisions set competing dividend proposals and timing language that points to payment no later than April 30, 2026, which can influence positioning into late April alongside broader Colombia risk appetite.