Slide 1: Results 2023
Results 2023
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 Alberto Consuegra David Riaño Milena López Chief Executive Chief Operating VP of Low Emission Chief Financial Officer Officer Solutions Officer
Slide 4: Key milestones 2023: enhancing the traditional business
Key milestones 2023: enhancing the traditional business Production mboed Transport Refining 1,135 mbd 788 4Q23 758 mboed 755 761 718 715 720 725 709 737 758 429 mbd 737 mboed 697 1,113 mbd 420 mbd 679 2023 2014 2016 2019 2020 2023 2013 2015 2017 2018 2021 2022 4T23 Target 2023 720 - 725 mboed >1,000
Slide 5: Accelerating the steps towards the energy transition
Accelerating the steps towards the energy transition Responsible and sustainable operation Reduced emissions By 2023, we will reuse 79% of the water ~1.5 million tons of CO2e between 2020 required to operate our facilities. 472 MW and 2023 Accumulated incorporated into 78% 79% our energy matrix 73%
Slide 6: Committed with the country
Committed with the country Transfers and social impact 58.3 2023 Group's Sustainable Territorial Transfers to the Nation COP trillions Development Portfolio Social and Relationship 42.4 Investment 34.0 36.7 21% Works for taxes* 29.5 26.3 26.1 20.8 18.2 22.0 19.4 COP $594 Megaprojects 18.7 15.4 16.8
Slide 7: Second best results in history
Second best results in history Financial Results 788 755 761 718 715 720 725 697 679 709 737 758 Production Results 2023 mboed Brent (USD/Bl) Revenues EBITDA Net Income EBITDA Margin ROACE* 159.5 Net income 143.1 without impairment 109.0 99.3 99.0 91.7 82.0 83.0 70.4 72.0 70.864.0 71.0 75.2 66.0 67.
Slide 8: Hydrocarbons
Hydrocarbons
Slide 9: Reserves
Reserves In 2023, the volumes of proven reserves will remain at the average levels of the last 9 years Balance without external factors * 2,253 1,800 Proven reserves performance 1,565 1,680 1,913 1,985 1,822 1,963 1,941 Average 1880 +1.5 vs 2022 TCF Growth of gas contingent resources leveraged by Uc
Slide 10: Exploration portfolio growth focused on the country's energy security
Exploration Exploration portfolio growth focused on the country's energy security Orca Norte - 1 TAYRONA ORCA 23 WELLS Guajira Atlántico DRILLED COL-5 Magdalena Gas Success 2023 Glaucus - 1 Cesar Crude Success Orca Norte-1 Under evaluation (Under evaluation) Coveñas MAGANGUE Seismic Acquisition 50%
Slide 11: Highest annual production of the last 8 years
Production Highest annual production of the last 8 years Production 2023 Sustainable production growth mboed Record CO2e emissions reduction in 2023*. 760.7 717.9 720.4 724.8 736.6 715.1 696.8 709.5 Reduction of burning in 679.0 134.2 fireplaces 125.8 124.2 127.9 133.4 142.2 167.6 176.4 Fugitive emi
Slide 12: Permian: Outstanding results in 4 years of operation
Permian Outstanding results in 4 years of operation Average Monthly Production, Ecopetrol before royalties (mboed) 2019 2023 66.4 mboed 120 2023 Average Wells 4 120 Percentage of Crude 100 ~ 60 - 70% ECP Production Annual Average 0.9 66.4 80 (mboed before royalties) Light crudes 60 ~ 40o API Product
Slide 13: Significant growth of transported volumes
Transport Significant growth of transported volumes Transported Volumes (MBD) +4,2% +3,9% 1,089 1,090 1,098 1,123 1,135 1,071 1,113 Records that make us proud 306 306 302 303 312 298 306 Record of product transportation 784 784 795 824 824 773 807 ~306 mbd . 4Q23 1Q23 2Q23 3Q23 4Q23 2022 2023 Produc
Slide 14: All-time record of consolidated throughput
Refining & Petrochemicals All-time record of consolidated throughput Gross Refining Margin and Integrated Throughput Fuel Production (MBD) Downstream Financial Performance 19.9 21.0 22.6 20.6 10.7% 17.6 313 310 305 8.9% 14.0% 14.4 13.1 302 294 6.8% 6.9% 5.3% 4.2% 9.0% 231 249 35 36 34 36 35 3.3% 9.5
Slide 15: Focus on efficiencies continues to mitigate inflationary impacts
Costs Focus on efficiencies continues to mitigate inflationary impacts Total cost per unit1 (usd/bl) Lifting Cost Refining Cash Cost per Barrel 46,19 2,07 0,68 47,58 USD/Bl Cost Transported 16.14 14.75 USD/Bl USD/Bl +2.0% +8.8% -0.18 10.9 Operating costs and expenses 9.2 2.25 -0.37 4.48 4.55 2.84 3.
Slide 16: Low Emission Solutions
Low Emission Solutions
Slide 17: Low Emission Solutions
Low Emission Solutions We reinforce our commitment to decarbonization and energy security Families connected₂ by the 10.86 PJ 472 MW₁ NCRE* Social Gas and LPG program +50% 20,213 Energy Efficiency between 2018 and Incorporated into our energy matrix 13,447 2023 In construction, operation and executi
Slide 18: Transmission, Roads and Telecommunications
Transmission, Roads and Telecommunications
Slide 19: Robust financial results along with important project awarded
Transmission, Roads & Telecommunications - ISA Robust financial results along with important project awarded representing 1 investments for ~COP 10 T Revenues, EBITDA and Net Income Growth CAPEX pending execution 4 COP T COP T 29.9 14.2 0.9 Other Investments 1.2 Maintenance 13.4 9.1 8.6 Tenders and
Slide 20: Financial Performance
Financial Performance
Slide 21: Financial results reflect operational performance
Financial results reflect operational performance Colombia 63% Ecopetrol Group’s Main Indicators 2023 International 37% COP T 30.0 120 % 16.3 23.4 27.2 27.2 TCOP 11.5% Investments 42% Trans. & Toll Roads 25.0 100 % 25% 19% 17% 8% 7% 20.0 80% Transport 10% CapEx EBITDA margin ROACE 15.0 60% 58% 68% 7
Slide 22: Robust cash position and active capital structure management
Robust cash position and active capital structure management Cash balance FEPC balance 1 COP T 41.4 26.3 21.6 19.8 20.0 27.2 20.5 5.6 21.6 21.6 26.3 18.1 5.8 3.8 14.3 4.7 Initial cash Operating Capex Net dividend Net debt Others Final cash 2022 Dividend Cash payment balance cash flow disbursements p
Slide 23: 2024 Financial Plan aligned with the 2040 Strategy
2024 Financial Plan is aligned with the 2040 Strategy and allows progress with a just transition 45% of investments in 2024 oriented towards just transition, seeking to increase Main indicators participation in low emission businesses and invesments along the gas chain Production Refining Energy Sec
Slide 24: Closing with success: Exceptional Operational Performance
Closing with success Exceptional Operational Performance 50% 737 mboed 1,113 mbd 420 mbd ~ $10 TCOP Exploratory success Highest production in Historical Annual Historical In transmission in 2023, above the last 8 years; Product Evacuation consolidated awards for the industry standard Permian contrib
Slide 25: Q&A
GROUP Q&A