Slide 1: Financial Results 1st Quarter
FINANCIAL 1st Quarter RESULTS
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: Presenting executives
Ricardo Roa Rafael Guzmán David Riaño Camilo Barco Executive VP of Executive VP Energies for Chief Executive Officer Chief Financial Officer Hydrocarbons the Transition 3
Slide 4: Operational strength and focus on integrity in our facilities
Operational strength and focus on integrity in our facilities Stable and healthy inventory Geopolitical tensions Trading agents: Highly volatile market levels for the season OPEC+: increased supply volatile positioning Brent 2025: 60-75 USD/bl Upstream Producción kboed Midstream kbd Downstream kbd 7
Slide 5: Moving ahead with energies for the transition
Moving ahead with energies for the transition Natural Gas optionality Supply of demand Offshore and regasification in Providing 68% of the country's natural gas Gas Buenaventura-Buga and Caribe demand Essential for energy transition and Renewable energy Energy efficiency electrification portfolio Sa
Slide 6: Stable financial results in a fluctuating environment
Stable financial results in a fluctuating environment 735 741 745 712 728 719 Financial milestones 701 692 Target 2025: 740-750 676 Average Production kboed 98 82 82 710 BCOP 75 Efficiencies 1Q25 67 64 61 55 51 38.9 1.2 BUSD Brent USD/Bl 32.5 31.3 31.4 Investments 1Q25 1.6 TCOP 17.2 17.8 FEPC accumu
Slide 7: Comprehensive interaction with our stakeholders
Comprehensive interaction with our stakeholders GSM1 - March 28, 2025 Board of Directors Requirements met: ✓ Solid experience Participants ✓ Majority independent (67%) ✓ 3 women (30%) 2,714 1,837 ✓ Position 8 nominated by producing shareholders connections departments ✓ Position 9 nominated by top 1
Slide 8: Hydrocarbons
Hydrocarbons FINANCIAL 1st Quarter RESULTS
Slide 9: Sustained progress in the exploration campaign
Exploration Sustained progress in the exploration campaign 17% of investments execution DRILLING START GUA OFF 0 BUENA SUERTE – APRIL 04, 2025 Glaucus-1 GUAJIRA GUA OFF 0 Results of Sirius tests: Gorgon-1 Buena Suerte-1 ▪ Lateral and vertical continuity of the ATLANTICO reservoir. Gorgon-2 MAGDALENA
Slide 10: Moving along with geographic diversification: Brazil's Pre-Salt
Exploration Moving along with geographic diversification: Brazil's Pre-Salt FID in Gato do Mato in Q1 25, with partial reserves incorporation in 2025 Water Depth: 1,750 – 2,050 m 112 MBP Contingent Oil Resources 2C Certified as of Dec 2024* Oil Volume Before Royalties 120 Processing capacity Floatin
Slide 11: Increase in production levels of the Ecopetrol Group
Production Increase in production levels of the Ecopetrol Group Highest local crude oil production in the last 5 Years PRODUCTION (KBPED) 1Q25 Vs 4Q24 +15 KBPED 741 745 740-750 730 745 692 719 676 20 36 58 94 104 95 104 +9 KBPED International growth International 149 152 148 138 120 130 120 National
Slide 12: Financial and operational resilience, with progress in strategic infrastructure
Transport Financial and operational resilience, with progress in strategic infrastructure Transported Volume (kbd) Value capture in response to external events Products Crude 97%: associated to planned maintenance at the Barrancabermeja . refinery for both crude and refined products -2% 1,131 1,136
Slide 13: Financial recovery amid major maintenance
Refining & Petrochemical Financial recovery amid major maintenance Gross refining margin and integrated throughput Maintenance 2025 Strategic Projects 14% Product Differentials Progress Approval of LBCC⁵ and improvement 3% Scheduled Maintenance Throughput (kbd) Carga (kbd) MBR(USD/Bl)¹ GRM (USD/Bl)
Slide 14: Efficiencies keep mitigating cost pressures
Cost & Efficiencies Efficiencies keep mitigating cost pressures Hydrocarbon Efficiencies 1Q25 Lifting Cost COPB (USD/Bl) -0.85 710 (-7%) 635 12.10 256 24% 177 0.80 122 140 3% 0.71 0.03 0.33 0.35 11.25 9% TCOP 65% 336 314 1Q24 Exchange Volume Cost Efficiencies 1Q25 1Q24 1Q25 Upstream Dowstream Rate M
Slide 15: Energies for the transition
Energies for the transition FINANCIAL 1st Quarter RESULTS
Slide 16: Gas optionality developments
Gas optionality developments Awarding regasification services for Buenaventura-Buga for 60 MCFD Subscription of regasification service contract Commissioning test Financial closing February 28, 2025 May - Jun 2026 June 28, 2025 Construction and assembly 2Q26 Operations Start Trading Estimate trading
Slide 17: Caribbean Regasification
Caribbean Regasification Using Ecopetrol Group's Assets Current Facilities Ballena LNG Ballena LNG Guajira Delivery Caribbean Association Assets CHUCHUPA B BALLENA 260 MCFD STATION to TNS in Regasification 66 MCFD FSRU Ballena Transportation capacities Coveñas LNG La Mami – Ballena Ballena - Barranc
Slide 18: Transition energies enable growth
Transition energies enable growth Meet profitability portfolio criteria Gas supply 1Q25 Advances in decarbonization and efficiency 2025 commercialization process Results aligned with our strategy 3 years block 1.000 51 196 157 161 172 800 Energy Efficiencies Block Dic-2025 600 643 663 655 654 Optimi
Slide 19: Energy Transmission and Toll Roads
Energy Transmission and Toll Roads FINANCIAL 1st Quarter RESULTS
Slide 20: Energy Transmission and Toll Roads - ISA
Energy Transmission and Toll Roads - ISA Comprehensive growth supporting the ISA2040 strategy Transmission and Roads Financial Results 1Q25 (COP Trillion)* ISA2040 Strategic Objectives Revenues EBITDA 2. Reliable and 1Q25 Resilient vs. 1Q24 +9% 1. Profitable Optimize the supply and Efficient chain t
Slide 21: Financial Performance
Financial Performance FINANCIAL 1st Quarter RESULTS
Slide 22: Sustainable financial results in a fluctuating market
Financial Performance Sustainable financial results in a fluctuating market Investment Plan Ebitda by Segment Net Income USD Million 1,262 1,289 1,215 Exploration & Surcharge update Impairment Interior 986 Production + Tariff revision Recovery + Commotion 18% * CPO09 Decree ISA 650 Midstream 4% 13.3
Slide 23: Cash and debt management in a volatile environment
Cash and debt management in a volatile environment Positive Free Cash Flow Collection of 2024 FEPC balance Cash Balance TCOP TCOP 1.4 22.7 18.2 17.0 -1.3 Operative flow -1.3 TCOP 8.5 Capex Investments 12.1 TCOP -7.1 9.0 7.6 7.0 1.9 Initial Cash Balance Free Cash Flow *Net ** Net debt Final Cash bala
Slide 24: VAT on fuels imports
Financial Performance VAT on fuels imports Prospective effect 1 January 2025 Next Steps 19% VAT on fuel imports Annual payment 3.6 TCOP VAT liquidation on imports since January 1, 2025 ~93% Recoverable through tax refund requests Background Requirements responses DIAN Ruling - Dec 2024 on terms On V
Slide 25: Implementation of contingency measures
Implementation of contingency measures Diversified Businesses that Competitive Experience in Adaptable Group contribute to stability commercial strategy volatile periods investment plan Current measures in response to price drops Protection of cash flow Capital discipline Resilience and flexibility
Slide 26: Q&A
Q&A