Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results
Slide 2: Legal disclosure
Legal disclosure Financial Results This document was prepared by Ecopetrol S.A. (the “Company” or “Ecopetrol”) with the purpose of providing the market and interested parties certain financial and other information of the Company. This document may include strategy discussions and forward-looking st
Slide 3: Presenters
Ricardo Roa Milena López Alberto Consuegra David Riaño Chief Executive Officer Chief Financial Officer Chief Operating Officer VP of Low Emission Solutions 3
Slide 4: Excellent operational performance
Excellent operational performance Glaucus-1 Production mboed 741 3Q 23 Offshore Caribbean gas discovery 723 730 720 3Q 22 718 715 716 FEPC –34%1 698 706 Accumulation vs. 9M22 674 15 Years NYSE We endorsed our 2040 Strategy at 9M 2016 9M 2017 9M 2018 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 Investor D
Slide 5: Strong financial performance in a challenging environment
Strong financial performance in a challenging environment 718 715 716 723 698 674 706 730 720 741 43 53 73 65 43 68 102 82 98 86 119.8 108.3 Quarterly Results 60.0 59.2 49.5 52.3 48.5 39.8 43.4 34.4 35.8 35.1 28.0 23.8 23.9 49% 26.6 21.1 17.3 45% 14.8 16.0 13.5 12.5 10.6 8.9 9.2 9.5 3.2 47% 5.1 39%
Slide 6: Balance Scorecard
Balance Scorecard
Slide 7: Outstanding portfolio execution and strong financial performance
Outstanding portfolio execution and strong financial performance Business line performance1 Share by business line COP T 9M2023 Highest execution over Hydrocarbons Low Emission Trans. and Toll Roads the past 7 Years 25.3 - 29.8 8% 16% Investments 19% 8% 18% 19.2 14.9 12% 3.5 3.0 2.4 82% 84% 80% 8.2
Slide 8: Optimal cash flow and debt management
Optimal cash flow and debt management COP T Cash Balance FEPC Balance FEPC accumulation1 30,5 2023 2022 26.3 25.7 1Q 2.6 14.1 2.1 -20,7 16.4 17.7 1.7 16.4 -3,9 2Q 3.5 18.1 -0,8 14.1 -16,4 1,9 1.6 7.3 3Q 3.3 -20,3 0,8 - 1,6 4Q (e) Initial cash Operating Capex Net Net debt Others Final cash 2022 Divid
Slide 9: TESG: an Engine for Value Creation
TESG: an Engine for Value Creation Responsible and sustainable operation WATER MANAGEMENT CLIMATE CHANGE Net-Zero Emissions by 2050 Water Neutrality by 2045 Scopes 1 and 2 114 Million -1.33 MtCO2e m3 of reused water by 9M23 Greenhouse gas TESG investment emissions reductions 79% of the total water r
Slide 10: Hydrocarbons
\y agh ' Hydrocarb
Slide 11: Upstream: Diversified portfolio oriented to energy security
Upstream: Exploration Glaucus-1 Diversified portfolio and oriented to the energy security Glaucus-1 Wells declared TAYRONA ORCA 10 successful 2023 TAYRONA Glaucus-1 exploratory success Guajira 4 Wells drilled in 2022, tested during 2023 Participation Atlántico Arrecife Norte-1, Tororoi-1, Tinamú-1,
Slide 12: Outstanding production performance leveraged by recoveries
Upstream: Production Producción Outstanding production performance leveraged by recoveries Production Enhanced recovery underpins incremental production Focus on efficiencies mboed Water injection in Castilla +3% 60,000 2022 9M23 728 741 720 720 719 Cost of perforated foot 50,000 Pilot start Start o
Slide 13: Outstanding contribution from Permian
Upstream: Production Producción Outstanding contribution from Permian Rapid growth in production based on short-cycle assets Average Monthly Production Ecopetrol before royalties Drilled Wells MBOED 312 Total wells drilled 80 (2019 - 3T23) Entry into the Delaware area and asset Percentage of crude o
Slide 14: Midstream: Transport of crude at pre-pandemic levels
Midstream Transport of crude at pre-pandemic levels Transported volume (mbd) Advancing Sustainable Transportation +4.8% Successful dilution test of 562 mb of 1.074,8 1.089,3 1.090,2 1.097,7 1.126,7 Rubiales crude oil at Monterrey station 304.8 305.6 306.3 302.3 302.8 ~15° API ~21.1° API . 770.0 783.
Slide 15: Downstream: Ensuring operational availability to capture margins
Downstream: Refining & Petrochemical Ensuring operational availability to capture margins Gross refining margin and throughput Fuel Production (mbd) TESG 20.3 19.9 22.6 20.6 14.4 302 313 294 i) Production of premium gasoline < 15 286 31 231 35 36 34 ppm sulphur; ii) Paving with plastic 17 24 33 24 2
Slide 16: Low Emission Solutions
Low Emission Solutions
Slide 17: Advancing in the energy transition path
Low Emission Solutions Advancing in the energy transition path ~161 $2,544 GAS and LPG mbed 23% Of the Group´s total Production production B COP Gas y LPG1 Accumulated as of Gas and LPG EBITDA2 September 2023 Accumulated as of Accumulated as of September 2023 September 2023 ~77% Gas and LPG Emission
Slide 18: Transmission, Roads and Telecommunications
Transmission, Roads and Telecommunications
Slide 19: Financial results support potential for further growth
TransmisiónRoads Transmission, y Vías and Telecommunications - ISA Financial results support potential for further growth BUSINESS LINE CONTRIBUTION 9M23 (COP T)* OPERATIONAL MILESTONES Projects awarded: Group without Transmission, Roads and Telecommunications Lot One (1,116 km of transmission lines
Slide 20: In summary…
In summary… • Exceptional performance indicators that reflect Ecopetrol's commitment to continuous improvement in our operations • We reaffirm our commitment to the 2040 Strategy as reflected in our investment plan • Continued value generation for the country and all our stakeholders • Gratitude to
Slide 21: Q&A
Q&A We have moved forward on the path of our 2040 strategy with major milestones