A hybrid hydraulic-electric pumping unit (12) with downstroke energy recovery is disclosed which is operated in a conventional flow mode to supply hydraulic fluid to a hydraulic ram (26), and then is operated in a reverse flow mode to receive the hydraulic fluid from the hydraulic ram (26) and turn an electric motor (16) to generate electric power. A single hydraulic hose (48) connects the pump (18) to the hydraulic ram (26), and is used for both passing the hydraulic fluid from the pump (18) to the hydraulic ram (26) and from the ram (26) to the pump (18). The potential energy of the weight of sucker rods (10) lifted in operating the pumping unit (12) is recovered by operating the pump (18) and motor (16) with return of the hydraulic fluid from the hydraulic ram (26) through the pump (18), which turns the motor (16) to generate electric power.