Slide 1: 4Q22 and 2022 Results
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Slide 2: Legal Disclosure
Legal Disclosure 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 statements regarding
Slide 3: Speakers
Speakers Jaime Caballero CFO . ® 3 Felipe Bayon RM) cz0 Alberto Consuegra coo Yeimy Baez VP of Low Emission ure cathe
Slide 4: Record results, beyond the financials
Record results, beyond the financials 45 55 72 64 43 71 99 159,5 18,8% COP T 13,1% 14,3% 13,6% 8,6% 2,7% 3,7% 91,7 70,8 75,2 67,8 55,2 47,7 50,0 42,0 30,8 31,1 33,4 23,1 18,0 13,3 16,8 16,7 11,6 6,6 38% 1,6 42% 45% 44% 34% 1,7 46% 47% 2016 2017 2018 2019 2020 2021 2022 Brent (USD/Bl) Revenues EBITDA
Slide 5: Ecopetrol is today a diversified energy group
Ecopetrol is today a diversified energy group Leader in LATAM First green H2 pilot IPCC* completion 2040 strategy 3 SOLID BUSINESS LINES “Energy that transforms” 2022 LOW-EMISSION TRANSMISSION AND HYDROCARBONS SOLUTIONS TOLL ROADS ISA acquisition Singapore trading Self-generator with Energy transmit
Slide 6: Ecopetrol's growing contribution to national development
Ecopetrol’s growing contribution to national development 8% 11% 15% 15% 13% 9% 18% COP 25.4 trillion average per year COP T 42,4 transfers to the Nation for the last 5 years 26,3 22,0 19.4 19,5 112% increase 15,4 16,8 5-year average vs 2007 10,0 Transfers to the Nation in 2022 were the highest in hi
Slide 7: Decisive action in the fight against climate change
Decisive action in the fight against climate change Carbon-neutral subsidiaries Reduced Emissions 910,113 tons of CO2e between 2020 and 2022 2022 416.672 Decarbonization initiatives NCS* portfolio Energy efficiency: optimization of 44.7 MW 2021 293.594 Cumulative in electric power (2018 - 2022). cap
Slide 8: Low Emission Solutions
Low Emission Solutions
Slide 9: Profitable growth in low emissions
Low Emission Solutions Profitable growth in low emissions Investments in Gas and Unprecedent Activity Main gas Gas and LPG production EG findings: 2021 2022 (mboed) +15% Gas Investments (MUSD) 250 539 Gorgon-2 150 162 141 (Ultra Deep #Gas wells 5 16 water) (exploratory+development) Uchuva-1 Explorat
Slide 10: While we advance in long-term solutions for the transition
Low Emission Solutions While we advance in long-term solutions for the transition Strategic Allies and Platforms Social Gas New Connections Target (2019-2024) +66,211 70,000 # of connections 24,138 10,691 3,789 4,559 2019 2020 2021 2022 2023 2024 Sustainable Mobility: Decarbonization Commitment Prog
Slide 11: Hydrocarbons
Hydrocarbons
Slide 12: Highest oil and gas reserves of the past 8 years
IN 2022, AT 2,011 MBOE, THE ECOPETROL GROUP ACHIEVED THE HIGHEST OIL AND GAS RESERVES OF THE PAST 8 YEARS ac \ Exceeding Reserve 104% > 100% 2022 Replacement target Ratio °, Average over 130 % the past 5 years Timeline of proven reserves 215 2015- 2022 (MBOEF) MBOE 2,011 ‘Stgenle 2,002 arswt 1,849 4
Slide 13: Diversified exploratory portfolio focused on energy security
Exploration Diversified exploratory portfolio focused on energy security COL 7 COL 6 GUA OFF 1 COL 1 TAYRONA 2022 ORCA Successful wells 7 COL 2 Strengthening the TAYRONA exploratory portfolio Discovery 2022 Discovered resources: Uchuva-1 GUAJIRA Total volume of wells • • Uchuva-1 Tejón-1 ATLANTICO M
Slide 14: Outstanding production performance
Production Outstanding production performance Key Growth levers Production (mboed) 720,5 720,1 734,9 720 - 725 704,6 709,5 Entry into operation 692,2 CAÑO SUR +15 mboed of first fluid dic-22 vs dic-21 treatment train 175,2 166,1 171,9 162,5 166,7 167,6 PERMIAN Outstanding contribution to GE producti
Slide 15: Permian: a success story
Production Permian: a success story Production Monthly Average 2019 2022 ECP net before royalties (Kboed) 1P Reserves 164 207 * 57.4 (Mboe) 55.7 %Crude ~ 60 - 70% Light crudes Wells on Production 4 209 ~ 40o API Annual Average ECP’s Production 0.9 37.8 (Kboed net before royalties) 25.9 25.3 23.4 Cum
Slide 16: Midstream: Infrastructure that leverages energy security
Midstream Infrastructure that leverages energy security Transported Volume (mbd) The midstream segment is +3.9% 6.3% carbon neutral 1.049 1.041 1.077 1.075 1.089 1,007 1,071 290 284 298 305 306 277 298 ✓ Reduction of ~45.400 tCO2e during 2020 and 2021 ✓ Actions under REDD+ mechanism and 759 757 779
Slide 17: Record contribution from a growing downstream
Downstream Record contribution from a growing downstream Gross Refining Margin Downstream Financial Performance Clean Fuels Production and Throughput Sulphur (ppm) Diesel 10,7% 12,0% 20 20 29,0 12 13 12 11 13 10 11 395 19,9 21,0 10,0% 5 5 6 5 6 6 6 12,5 10,2 13,9 9.537 6,9% 8,0% 20,3 5,3% 365 4T21 2
Slide 18: Focus on efficiencies continues mitigating inflationary impacts
Costs Focus on efficiencies continues mitigating inflationary impacts Efficiencies 2022 Efficiencies 2015-2022 ✓ Mitigate inflationary effects 4% 3,6 1,0 21% ✓ Focus on improving 1,1 operational and technical COP T 3,0 3.6 3.6 performance of investment 6% 53% 2,7 TCOP TCOP projects 3,4 22,5 15% 2,8
Slide 19: Transmission and Toll Roads
Transmission and Toll Roads
Slide 20: Synergies that contribute to the growth of EG
Transmission and Toll Roads Synergies that contribute to the growth of EG Science and ECP Electrical Reliability improvements, Open innovation Opex optimization and programs Innovation Infrastructure emissions reduction Process optimization to Approved Cybersecurity IT and Supply increase CAPEX retu
Slide 21: Balanced Scorecard
ye We Ft " ew oy me mS mt geeks Balanced Scorecard
Slide 22: Financial strength of the business model
Financial strength of the business model Ecopetrol Group Indicators 2022 Demonstrated Competitiveness 60,5 EBITDA/B (USD/B) 62,2 Profitability 47.2% 18.8% Net Income/B (USD/B) 29,7 25,7 EBITDA1 Margin ROACE2 47,2 EBITDA Margin (%) 38,5 18,8 ROACE (%) 15,8 1.3x Efficiencies 1.5x Operational Expenses/
Slide 23: Steadfast management of capital structure
Steadfast management of capital structure FEPC Balance (COP T) Cash Position (COP T) 36,2 21,9 36,8 18,3 5,1 26,3 13,4 17,5 4,8 18,1 7,8 Balance Operating Capex Debt Service Dividends Exchange Balance Balance Accumulation Payments Balance 2021 Cash Flow Paid Effect & 2022 2021 2022 Other Free Cash F
Slide 24: The 2023 financial and investment plan
The 2023 financial and investment Plan is geared towards the energy transition and value creation 40% of the investments in 2023 are oriented The Ecopetrol Group allocates resources from towards the energy transition the 2023 Plan in its commitment to TESG Climate Change Use energy and Energy Gas an
Slide 25: Ecopetrol evolution in TESG
Ecopetrol evolution in TESG® The company ranks in the 96th percentile, above the O&G average 80 Gobernance and Economics 76 pts 54 65 Environment 73 63 Social 73 24 Total ECP 77 69 86 68 pts Yearbook 27 member 37 66 68 76 29 66 pts MILA Index & 2019 2020 2021 2022 Yearbook Emerging member Markets 29
Slide 26: Ecopetrol is a key player in Colombia's socio-economic development
Ecopetrol is a key player in Colombia’s socio- economic development ENERGY TRANSITION Q U A L I T Y, C O V E R A G E A N D SCHOOL RETENTION Approval for the development of solar We operate in more photovoltaic solutions projects for 766 1.5% of students in public educational than 500 municipalities
Slide 27: In Summary…
In Summary… • Commitment to just and responsible energy transition • Robust and highly qualified team • 2023 Investment Plan underway 27
Slide 28: Q&A
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Slide 30: Progresion de recursos y reservas en el Grupo Ecopetrol
Progresion de recursos y reservas en el Grupo Ecopetrol | ECOPeETROLS @ Menor incertidumbre Exploracion —@ O- Produccion- ° Adquisicién / Reprocesamiento Pozos exploratorios Pozos delimitadores Pozos de desarrollo y facilidades de sismica Recursos Recursos Recursos Reservas prospectivos descubiertos