Ecopetrol Sa · BVC:ECOPETROL
Ecopetrol Sa — Q4 2024 Earnings Presentation
26 slides from Ecopetrol Sa's earnings presentation, Mar 5, 2025
Slide 1: Financial Results
Photo: CPO-09 facilities Photo: CPO-09 facilities Solar farm Cartagena Refinery FINANCIAL RESULTS Photo: Permian facilities Photo: TLU Coveñas Photo: Esenttia facilities
Slide 2: Legal Disclaimer
Legal Dislcaimer 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 Rafael Guzmán David Riaño Camilo Barco Executive VP of Executive VP Energies for Chief Executive Officer Chief Financial Officer Hydrocarbons the Transition
Slide 4: Achieved targets with outstanding operational results during 2024
Achieved targets with outstanding operational results during 2024 Midstream Upstream Operational Resilience 1,119 kbd Securing supply in our refineries Reserves+260 104% Under environmental Transported volume Target 2024: > 1,000 kbd Evacuation assurance 1,893 MBOE MBOE RRR1 events Highest incorpora
Slide 5: Financial results generate value for shareholders
Financial results generate value for shareholders 737 746 715 720 725 709 697 Meta 2024: 730-735 679 Net Income adjusted Average Production kboed 99 for external factors (TCOP) 72 82 80 64 71 55 External Factors 43 159.5 15% Brent USD/Bl 143.1 21.0 133.3 6.1 49% 6.1 TCOP 36% 91.7 70.8 75.2 19.1 67.8
Slide 6: Global recognition for sustainability practices
Global recognition for sustainability practices 2nd highest global rating in the industry from the Dow Jones Sustainability Index Environmental Social ST+i Governance Reduction of Investments Inauguration of We adapted the 462,074 tCO2e +606 B COP organizational Sustainable Territorial Icpet of gree
Slide 7: Hydrocarbons
Hydrocarbons Flamencos Well Dina Gas Plant
Slide 8: Successful resuming of reserves incorporation in 2024
Reserves Successful resuming of reserves incorporation in 2024 2024 RESERVES’ BALANCE HIGHEST INCORPORATION IN THE LAST 3 YEARS +260 MBOE SEC Price 98 83 80 29 (USD/bbl) 49 RRR 104% 48% 104% 97 89% 249 247 260 250 -250 Colombia 240 6 MBOE 1,883 1,893 119 MBOE 78 11% 249 244 International 147 15 -27
Slide 9: High-stakes to strengthen the E&P Portfolio
Portfolio High-stakes to strengthen the E&P Portfolio EXTENSION OF THE JOINT PERMIAN GUA OFF 1 TAYRONA ORCA ACQUISITION 45% VENTURE IN MIDLAND CPO- 09 GUA OFF 10 DELAWARE Extension Until the 1st Half of 2026 AKACIAS MIDLAND KIMERA Reserves: 32 MBOE +Synergies CHICHIMENE Chichimene + 8 MBOE SCOPE GUA
Slide 10: Successful exploratory campaign with investments of 454 MUSD
Exploration Successful exploratory campaign with Investments of 454 MUSD Exploratory Successes GUA OFF-0 16 Sirius-2 Wells Drilled in 2024 7 Successful Toritos Norte-1, Toritos Sur-1, 6.8 M B O E Bisbita Este-1 Caripeto-1* Guamal 1P Reserves Arrecife Field Profundo-1, Sirius-2 y Toritos-2 2 Under Ev
Slide 11: Highest production level for the last years
Production Highest production level for the last 9 years Backed by growing fields and sustainability of mature assets Production GE (KBOED) 3Q24 vs 4Q24 754 730 725 737 746 740-750 718 715 720 697 679 710 123 122 125 130 148 135 -24 138 153 145 KBOED KBOED KBOED 516 510 55% Permian activity anticipa
Slide 12: Operational flexibility generates value for the Ecopetrol Group
Transport Operational flexibility generates value for the Ecopetrol Group Transported Volume (kbd) Operational Milestones Products Crude +5.8 (+1%) 1,153 • Implementing strategies to 1,092 1,110 1,071 1,113 1,119 1,017 1,007 secure production at Caño- 273 275 306 303 268 232 298 Limón Field 277 823
Slide 13: Outstanding throughput and production in a challenging environment
Refining & Petrochemical Outstanding throughput and production in a challenging environment Gross Refining Margin and Integrated Throughput 2024 Milestones ✓ 78% Product spreads GRM (USD/Bl)¹ ✓ 11% External events Throughput (kbd) ✓ 11% Operational events Upgrade of the Moderate Hydrocracking unit a
Slide 14: Efficiencies keep mitigating cost pressures
Cost & Efficiencies Efficiencies keep mitigating cost pressures 1S-2023 Hydrocarbon Efficiencies 2024 Efficiency Plan 2025 Efficiencies by Cumulative Lever Efficiencies by Segment 5,290 TCOP Profitability in Operations and 4,470 1,537 Investments 3,569 1,083 72% 2025 Plan 10% 963 1,682 1,517 5.3 TCO
Slide 15: Energies for the Transition
Energies for the Transition Cartagena Refinery Cartagena Refinery
Slide 16: Undertaking natural gas shortfall reduction
Energies for the Transition Undertaking natural gas shortfall reduction Natural Gas Trading Gas Alternatives GBTUD -6% 539 506 Natural gas trading with third-parties through LNG Ballena Project contracts ensuring reliability** 2023 2024 Regasification Services Plurilateral Process 2024 Results 170.2
Slide 17: Advancing towards our goals
Energies for the Transition Advancing towards our goals Energy Efficiencies Energy Communities Reduced Energy (PJ) Relation in 10.86 19.91 Savings/Investment Energy efficiencies projects 389 BCOP 1.74x 6.98 Savings 2018-2022 2023 2024 2018-2024 1.17 MTonCO2eq +13,400 Reduced Renewable energy solutio
Slide 18: Energy Transmission and Toll Roads
Energy Transmission and Toll Roads ISA´s Substation
Slide 19: Energy Transmission and Toll Roads - ISA
Energy Transmission and Toll Roads - ISA Increasing financial contribution driven by active project management Transmission and Roads Financial Results 2024 (COP Trillion)* Committed Capex for the Coming Years¹ Revenue EBITDA Net Income COP T 2024 vs. 15.8 28.7 2023 +12% 2024 vs. 2023 2.2 26.1 26.1
Slide 20: Financial Performance
Financial Performance Cartagena Refinery Coveñas Port
Slide 21: Capital discipline preserves returns and sustainable metrics
Financial Performance Capital discipline preserves returns and sustainable metrics Execution 2024 Target Investment Plan 5,600 - 6,600 MUSD 6,119 MUSD* ROACE Ebitda by Segment Gross Debt / EBITDA Exploration & 18% Production ** 10.2 % 4% 54.1 TCOP 58% Midstream Downstream 2.2x Ecopetrol Group 20% En
Slide 22: Operating performance strengthens our cash position
Operating performance strengthens our cash position Operating Generation at historic levels Ebitda excluding Ecopetrol Group Cash Balance 51.0 external factors (TCOP) TCOP 18% -26.7 37% 7.8 14.3 -15.7 18.2 61.9 TCOP -4.7 7.8 45% Initial Operating Cash Flow Capex Disbursements ** Net Dividend * Net D
Slide 23: Capital allocation adequacy enables superior investment execution
Financial Performance Capital allocation adequacy enables superior investment execution Organic investments USD Millions Ecopetrol Group Investments 6,288 by business line 6,119* 5,488 20% 3,521 3,243 5,880 2,917 2,674 2024 13% MUSD 2,208 67% 2017 2018 2019 2020 2021 2022 2023 2024 Hydrocarbons Ener
Slide 24: 2025 Investment Plan – Focused on value creation
Financial Performance 2025 Investment Plan – Focused on value creation Assumptions Plan 2025 Energy Security Gas & LPG 1. Securing refining throughput 1. Supply Growth. 2. Supply Chain – Maintenance and Growth. 2. Gas Maintenance and Supply Chain Brent - 73 usd/ Bl 11% Exchange Rate - $4,100 per Dol
Slide 25: 2025 Operational Goals
2025 Operational Goals 10 Exploratory 740-750 kboed 1,130 – 1,170 kbd 415-420 kbd 7 TCOP 900 MV -45% wells Production Transport Throughput ISA Investments Self-Generation Methane Capacity Emissions Guidance of efforts Rapid and successful Secure operational logistics Implementation of initiatives ma
Slide 26: Q&A
Q&A