Ecopetrol Sa · BVC:ECOPETROL
Ecopetrol Sa — Investor Day (October 2025)
24 slides from Ecopetrol Sa's investor day presentation, Oct 22, 2025
Slide 1: Analyst Day
ANALYST DAY Villavicencio, october 22-23, 2025
Slide 2: Legal Disclaimer
Legal Disclaimer 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: Hydrocarbons
Hydrocarbons pargen GROUP
Slide 4: Overview of Hydrocarbon integrated chain in Colombia
Overview of Hydrocarbon integrated chain in Colombia Upstream & Midstream Barranquilla Santa Marta Pozos 740-750kbped Upstream: Over 350 production fields in Colombia Colorados Production 2025 In Colombia, 87% in Colombia 13% International ▪ 40% goes to refineries Cartagena ▪ 60% exported or blended
Slide 5: Resilience of the value chain and growth of the traditional business
Resilience of the value chain and growth of the traditional business Operation: stable and robust Key Messages – 2Q2025 Upstream kbped Exploration, Development, and Production 750 751 755 • Higher production driven by Caño Sur, CPO-09, and the 751 kbped 2T-2025 726 724 716 715 711 Permian, continuin
Slide 6: Upstream
Upstream
Slide 7: Balance of stable reserves during the last years
Balance of stable reserves during the last 6 years With the highest crude oil reserves of the last 9 years FIELDS WITH GREATER ORGANIC HISTORICAL RESERVES 11% International 300 0 126% 129% 169% 200% 500 % 48% 104% 48% 104% -7% 89% Colombia 250 0 0% 2002 2011 1893 1883 1893 1770 200 0 -500% 1727 227
Slide 8: Main drivers of reserve and production additions
Main drivers of reserve and production additions Ultra- Current fields – Deepwater Caribbean Offshore Primary Cluster North Current fields – Caribbean Secondary Cluster Onshore Exploration Water Injection Gas Injection South Current fields – Caribbean Tertiary Cluster Chemical Injection/ CIS Cantaga
Slide 9: Chichimene Field: Successful Application of Recovery Techniques
Chichimene Field: Successful Application of Recovery Techniques Conversions of Secondary recovery patterns and start Drilling producer wells of tertiary recovery (Investment in ~180 wells to injectors facilities) 90000 250 80000 200 70000 60000 # Producer wells 150 50000 Kbped 40000 100 30000 20000
Slide 10: Air Injection potential in Chichimene field
Air Injection potential in Chichimene field 3,1 MBOE 915 MBOE 50% 54-57 USD/Bl 34-40 USD/Bl Incremental CIS Production (Sep Contingent resources (3C) Potential Breakeven module 1-2 Breakeven module 3 -6 19 to Aug 25) incorporated (Gross) recovery factor (NPV=0) (NPV=0) Basic 150.000 CIS Module 1 – 4
Slide 11: CPO-9 Block
CPO-9 Block BARRIO CIUDAD PORFIA ACACIAS CPO 9 ESTACION (KIMERA) CPO 9 CHICHIMENE (AKACIAS) CUBARRAL CAMPO CHICHIMENE BLOCK SAN CARLOS DE GUAROA GUAMAL CPO9 (Lorito) CAMPO CASTILLA ESTACIÓN SAN FERNANDO CASTILLA LA NUEVA CPO 9 (TINAMU) San Lorenzo CUBARRAL CPO 9 (TINAMU) CPO 9 Block EL DORADO SAN MA
Slide 12: Progressing Discoveries to Development - Offshore
Progressing Discoveries to Development - Offshore Challenges and drivers ~ 13.158 MBPE ~ 1.053 – 2.105 MBPE • Coordination with institutions to meet schedules for environmental (~ 75 TCF) (6 -12 TCF) licenses and prior consultations Potential volume of gross Discovered gross recoverable • Solution f
Slide 13: 2025: Turning point year in cost-reductions
2025: Turning point year in cost-reductions Efficient Subsurface Management (14% Lifting Cost) Total Upstream Cost per Barrel Artificial Lift System Failure Rate USD/Bl BES (KUSD) # 𝐹𝑎𝑖𝑙𝑢𝑟𝑒𝑠 𝑖𝑛 𝑡ℎ𝑒 𝑙𝑎𝑠𝑡 12 𝑚𝑜𝑛𝑡ℎ𝑠 (𝑐𝑢𝑚𝑢𝑙𝑎𝑡𝑖𝑣𝑒) 𝐹𝐼 = 300 # 𝐴𝑐𝑡𝑖𝑣𝑒 𝑊𝑒𝑙𝑙𝑠…
Slide 14: Drilling and Completion Represent 56% of Upstream CAPEX
Drilling and Completion Represent 56% of Upstream CAPEX Enhancing operational efficiency to cut time and costs Drilling Cost per Foot Average Drilling Times Completion Cost per Foot Average completion times (USD/FT) (Days) (KUSD/PZ) (Days) 75 1.4 153 0.8 293 11,4 544 519 51 259 1.1 10,3 10 6,0 5,9 1
Slide 15: Downstream Midstream
Downstream Midstream spark GROUP
Slide 16: Downstream Sustainability
Downstream Downstream Sustainability Gross Refining Margin and y Throughput – Outlook Ecopetrol focuses its efforts on high-value products Carga (kbd) MBR (USD/Bl) Changes in crude oil prices can be offset by refining margins 500 21.0 25. 0 17.6 20. 0 11.5 ~11-15 10.0 10.2 9.9 120 Brent Crack Diesel
Slide 17: Midstream: Resilient results in a challenging environment
Confidencial Midstream Resilient results in a challenging environment Transported Volumes (kbd) Resilience to external events Product Crude +10% 800 Evac - Evac - Evac - Cap Max CLM 1.110 1.153 1.113 1.119 1.092 - 1.109 76k/d 79k/d 91k/d 1.017 1.007 1.071 275 Inventories (KBO) 273 298 306 303 294-30
Slide 18: Market Context
RG, Market Context
Slide 19: Market Context: Navigating Turbulence in 2025 Towards 2026
Market Context: Navigating Turbulence in 2025 Towards 2026 High volatility persists amid a Crude supply has overwhelmed Greater refining capacity Market expectations for globally uncertain demand, as OPEC+ has opted ahead despite delayed 2026 are trending lower due environment not to safeguard price
Slide 20: Financial Performance
Financial Performance ocops¥en GROI UP
Slide 21: Financial and operational variables remain within the expected ranges
Financial and operational variables remain within the expected ranges outlined in the 2025 financial plan Financial KPI EBITDA Margin Debt/EBITDA FEPC Collection Capex (BUSD) 5,8 – 6,3 40% 39 – 40% 3,7 – 3,9 HC 2,6 ET 0,8 TyV 1.6 <2.5x* 100% 0.7 0,3 1,3 – 1,6 1S 2025 FC 2025 1S 2025 FC 2025 Operatio
Slide 22: Profitability and efficiency program focused on cost reduction
Profitability and efficiency program focused on cost reduction and Lifting Cost through efforts in four major levers • Material Reuse Initiatives • Optimization of Artificial Lift Systems • Energy efficiency • Operational Efficiency in Well Service and Workove Maintenance • Integration of renewable
Slide 23: Financing management
Financing management Interest rate reduction Short term New financing options • The short-term debt (treasury credit and • Lower interest rate on domestic loan simultaneous transactions) has been paid • Transactions under review at the MHCP: • Facilities in process of structuring to refinance up to
Slide 24: Q&A
Q&A