Shares of Ecopetrol SA (EC) plummeted 5.09% in Friday's trading session following the release of the company's third-quarter earnings report. The Colombian oil and gas giant's results fell short of analyst expectations on key metrics, disappointing investors.

Ecopetrol reported net income of 2.56 trillion Colombian pesos for Q3, missing the FactSet consensus estimate of 2.65 trillion pesos. While revenue came in at 29.84 trillion pesos, surpassing expectations of 29.37 trillion pesos, the earnings miss appears to have overshadowed the top-line beat.

The company faced several challenges during the quarter, including lower crude oil prices and exchange rate volatility. Production averaged 751,000 barrels of oil equivalent per day, representing a slight decrease from the same period last year. These factors likely contributed to the weaker-than-expected bottom line results.

"During the third quarter, we focused our efforts on strengthening the operation of our traditional business, maintaining rigorous capital discipline, and driving sustainable value," said Ricardo Roa Barragán, President of Ecopetrol S.A. Despite management's positive outlook, investors seemed to focus on the near-term earnings disappointment, as reflected in the sharp stock price decline.