LatAm Oil & Gas: 12% Oil Export Tax Extended Until Year-End - Negative, Yet Expected

Today, Gecex-Camex approved a further extension of the 12% export tax on crude oil, which will remain in place until December 31, 2026. Based on our recent investor conversations, some investors had already been factoring in a longer duration for the tax, so we do not anticipate meaningful changes to forward earnings expectations. Nevertheless, the measure adds some degree of legal uncertainty to the sector and could weigh on investors sentiment. The tax was introduced in March 2026 through Provisional Measure 1,340, expired in July after not being voted within the 120-day constitutional deadline, and was then maintained through Gecex-Camex resolutions; a federal court injunction suspending collection was granted in late August. PRIO is the most affected company given its pure-play upstream exposure and nearly 100% of revenue linked to crude oil exports; it reported $120M of export tax expenses in 3Q26, equivalent to about 8% of FOB revenue. Brava Energia is second most exposed with ro