Ecopetrol Sa · BVC:ECOPETROL
Ecopetrol Sa — Q1 2024 Earnings Presentation
22 slides from Ecopetrol Sa's earnings presentation, May 8, 2024
Slide 1: First Quarter 2024 Results
GROUP : ecopeyfr Results First Quarter 2024
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: CEO, COO and CFO
Ricardo Roa Alberto Consuegra María Catalina Escobar Chief Executive Officer Chief Operating Officer Chief Financial Officer (A)
Slide 4: Operational successes: Boosting our traditional business
Operational successes: Boosting our traditional business Production kboed 741 735 728 Commerciality of the Arrecife gas field 719 712 The current potential is between 5 and 10 million cubic 701 feet per day of gas. 692 676 Agreement with Parex (50% Ecopetrol) Transportation kbd To expand gas potenti
Slide 5: Historic growth in profitable production
Historic growth in profitable production 741 735 728 719 Figures in billions 712 of dollars 45 701 80% 692 40 38.9 70% 9 676 8.2 8.0 35 32.5 8 31.3 60% 30 49% 48% 49% 7 46% 46% 45% 43% 50% 46% 45% Promedio 25 6 35% 40% 17.8 5 20 15.9 17.2 15.9 14.6 15.1 3.7 3.6 13.4 14.2 30% 4 15 3 10 7.1 7.4 8.2 20
Slide 6: TESG: driving traditional business and just energy transition
TESG: driving traditional business and just energy transition Environmental Social Governance General Shareholders’ -50,300 tCO2e Social investment 1Q241 greenhouse gas emissions $65.8 BCOP Meeting March 2024 reduced, accumulating 1.54 + $431.6 BCOP in Works for Taxes MtCO2e*. 2018 – 1Q24 Board of D
Slide 7: Hydrocarbons
Hydrocarbons
Slide 8: Growth of the exploratory portfolio and advancement in the progression of resources
Growth of the exploratory portfolio and advancement in the progression of resources Orca Norte -1 Commerciality of the Agreement for gas Arrecife field Uchuva-2 exploration in Production Northern Initial Pollera N-1 Milonga-1 Piedemonte Potential to 2026 Llanos 4-1, Llanos 16-1, Llanos 5 – 10 20 – 3
Slide 9: Exceeding the expectation of sustainable and profitable production
Exceeding the expectation of sustainable and profitable production Production 1Q24 Main growth levers KBOED 3% Successful 719 728 741 758 741 United States Colombia scheduled turnaround of the Cupiagua Plant 178 183 174 171 172 Offshore North UNITED Colombia STATES ECP America 548 556 563 574 567 •
Slide 10: Outstanding results
Outstanding results Rapid growth in production based on short-cycle assets Average monthly ECP Permian production before 2019 1Q24 royalties kboed Wells in 4 318 Production Accumulated 120.00 84.6 kboed Average 1Q24 100.00 Production ECP Crude Oil Percentage kboed before royalties 0.9 84.6 80.00 ~ 6
Slide 11: Upstream maintains its profitability and sustainability, despite challenging context
Upstream maintains its profitability and sustainability, despite challenging context EBITDA per barrel Efficiencies per barrel Ebitda contribution to the GE Upstream Efficiencies (USD/Bl) (USD/Bl) (%) (BCOP) +4% +90% +10% 29.2 0.38 118 28.1 54 337 49 CapEx BCOP 219 EBITDA 0.20 1Q23 1Q24 1Q23 1Q24 1Q
Slide 12: Sustainability and innovation: pillars of stability in logistics and transportation
Transport Sustainability and innovation: pillars of stability in logistics and transportation Transported Volumes (kbd) . +2,6% 1,126.7 1,135.3 1,118.5 1,090.2 1,097.7 Milestones 306.3 302.3 302.8 311.5 304.9 5 reversal cycles of the Bicentenario Pipeline in 2024 ensuring the 783.9 795.4 823.9 823.8
Slide 13: Refining & Petrochemicals
Refining & Petrochemicals Operational availability and load maximization Crack Spreads (USD/Bl) Refining and Integrated Load Gross Margin 45 35 22.6 20.6 40 14.4 13.1 14.8 40 30 24 25 35 20 30 18 15 412 428 410 429 428 25 29 10 20 5 1T23 1Q23 2T23 2Q23 3T23 3Q23 4T23 4Q23 1T24 1Q24 1T23 1Q23 2T23 2Q
Slide 14: Low Emission Solutions
Low Emission Solutions
Slide 15: Low Emission Solutions: decarbonization and energy security
Low Emission Solutions We remain committed to decarbonization and energy security Energy Efficiency PJ 753 65% BCOP 1Q24 10.86 11.26 Gas and LPG EBITDA 0.40PJ 6,98 Gas and LPG 2018 – 1Q24 5.43 Market Share 172 kbped 11.26PJ 0.73 1.85 2.87 Gas and LPG production₁ Target of 25 PJ by 2030 1Q24 vs 162 k
Slide 16: Transmission, Roads and Telecommunications
Transmission, Roads and Telecommunications
Slide 17: Financial results contribute to the diversification of EBITDA
Transmission, Roads & Telecommunications - ISA Financial results contribute to the diversification of EBITDA Group ISA 1Q24 EBITDA Projects awarded (~COP$ 1.3 T) and entered in operation 1Q24 COP T -14% Colombia: Panama: • DBOM¹ Contract for Transformers in • Rehabilitation and -2% Primavera and Sog
Slide 18: Financial Performance
Financial Performance
Slide 19: Financial results reflect Operational Performance, maintaining competitive levels of profitability
Financial results reflect Operational Performance, maintaining competitive levels of profitability EBITDA by business segments Investments by business line COP T USD M 1Q23 1Q24 14.2 Colombia 57% 20.0 120 % 8.2 15.9 17.8 U.S. 23% 18.0 12% 100 % 15% 16% Brazil & others 20% 16.0 Trans. & Toll Roads 27
Slide 20: Robust cash position reflecting excellent FEPC management
Robust cash position reflecting excellent FEPC management 1Q23 vs 1Q24 Net income Cash balance COP T COP T Estimated Net income without exchange rate effect: 5.6 COP T 5.6 -3.6 ETR: 0.6 17.3 4.3 1.0 Exchange 36.5% 1.6 6.0 rate: -2.9 14.3 0.3 April 2024: Dividend Payment 2.7 Minority Shareholders:: ~
Slide 21: Technical strength and financial rigor in a challenging environment
Solid Prospects Technical strength and financial rigor in a challenging environment Challenging context Opportunities Actions Peso revaluation Brent price higher than Increased production the 2024 plan target for 2024: Increase in energy costs 730-735 kboed Operational resilience Inflationary pressu
Slide 22: Q&A
aconayfer GROUP Q&A