Ecopetrol Sa · BVC:ECOPETROL
Ecopetrol Sa — Q2 2024 Earnings Presentation
23 slides from Ecopetrol Sa's earnings presentation, Aug 14, 2024
Slide 1: Second Quarter 2024 Results
Results 2 0 2 4 SECOND QUARTER 1
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 Rafael Guzmán David Riaño Javier Cárdenas Executive VP of Executive VP of Transition Chief Executive Officer Chief Financial Officer (A) Hydrocarbons (A) Energies
Slide 4: Consistent enhancement in operating parameters performance
Consistent enhancement in operating parameters performance Upstream kboed Midstream kbd Downstream kbd 1,146 1,135 420 426 750 1,085 1,092 1,094 726 724 715 711 1,059 367 706 364 360 698 1,031 345 338 668 984 300 1H-2017 1H-2018 1H-2019 1H-2020 1H-2022 1H-2023 1H-2024 1H-2021 1H-2018 1H-2019 1H-2017
Slide 5: Financial performance: Addressing external factors through operational growth
Financial performance: Addressing external factors through operational growth 750 758 Brent COP 716 714 725 724 711 706 698 1H-2024 scenario Production 668 without external factors kboed 105 80 83 85 71 66 53 65 90 42 80% 95%: FX effect 410,579 367,141 10.7 Brent 327,320 333,827 9.7 USD 5%: Fuel pri
Slide 6: TESG: Essential in our journey towards energy transition
TESG: Essential in our journey towards energy transition ST+I Environmental Social Governance ICPET Energy Efficiency 9,645 households3 Adapting our organizational Promoting energy transition Domestic consumption Accessing household gas structure to boost the strategy in Colombia during 1H-2024 opti
Slide 7: Hydrocarbons
ocopa¥far GROUP Hydrocarbons
Slide 8: Progressing in the Development of the Exploration Portfolio
Exploration Progressing in the Development Orca Norte -1 Caribbean Offshore Colombia of the Exploration Portfolio Uchuva-2 • Start of drilling Uchuva-2 (44.4% Petrobras –55.6% ECP) • Preparation for drilling wells: 4 Wells drilled Pollera N-1 Buena Suerte (44.4% Petrobras – 55.6% ECP) and Komodo-1 6
Slide 9: Chichimene Field
Production Effective asset management by extending their economic limit Production Growth Ecopetrol Group Maximizing our asset´s value kboed 758 2Q 2024 +26 Start of water injection Air injection pilot Start of water injection stage 2 18 30 750 724 38 98 136 Natural Chichimene Chichimene Field Decli
Slide 10: Remarkable contribution to Ecopetrol Group's Production (Permian)
Permian Remarcable contribution to Ecopetrol Group´s Production Average monthly ECP Permian production before royalties 2019¹ 1H - 2024 Wells in kboed 100 kboed Production 4 370 120 Monthly production record Agregated June 2024 100 Production Annual Average kboed before royalties 0.9 91.4* 80 Percen
Slide 11: Record in transported volumes
Midstream Record in transported volumes Transported Volumes (kbd) Milestones +41.4 . (+4%) Pipeline records: Highest average volume in the last 5 years, considering the first semester (831 Kbd) 1,092 1,146 1,094 1,135 1,085 1,031 1,059 984 273 270 304 Initiation of operation to receive Campo Arauca
Slide 12: Maximizing Operational Availability Amid Market Challenges
Refining & Petrochemical Maximizing Operational Availability Amid Market Challenges Gross Refining Margin and EBITDA Milestones Integrated Throughput Downstream 21.9 12.4% 10.6% 8.0 500 18.4 25. 0 14.0% 12.0 7.0 6.2% 6.2% 7.6% 11.4 11.2 5.5% 20. 0 9.8 8.1 9.8 9.0% 3.1% Operational availability 450 1
Slide 13: Continuous focus on enhancing efficiencies
Costs Continuous focus on enhancing efficiencies 1S-2023 1S-2024 Total Cost per Unit1 Efficiencies Hydrocarbons GE 1H-2024 (USD/Bl) Efficiencies by segment Efficiencies per Category 46.16 0.65 46.80 (BCOP) 1.29 5% 1,899 17.35 17.99 16% 1,592 453 470 16% 1.9 TCOP 483 567 28.81 63% Operating costs and
Slide 14: Energies for the Transition
ocopa¥far GR OUP Energies for the Transition
Slide 15: Natural Gas: Commitment Across Stakeholders Toward Energy Security
Energies for the transition Natural Gas: Commitment Across Stakeholders Toward Energy Security Shortages of domestic gas supply and alternatives Shortage Management Gas Offshore 8 2,000 Around Caribbean Offshore Alternatives under assessment ~ 2027-2029 and consolidation to confront first gas2 1,500
Slide 16: Energies for the transition
Energies for the transition The energy transition pathway Energy efficiency PJ Andesco Energy Efficiency Award (X 12.07 2018 – 2Q-2024 10.86 11.26 version) “Optimization of energy performance through the 12.07PJ 5.43 6.98 development of digital strategies and disruptive business technologies in the
Slide 17: Transmission, Roads and Telecommunications
Transmission, Roads and Telecommunications
Slide 18: Steady contribution to the Ecopetrol Group
Transmission, Roads & Telecommunications - ISA Steady contribution to the Ecopetrol Group EBITDA Transmission and Toll Roads 1H 2024 Awarded and Operational Projects During 2Q-2024 -12 % Var. % +1 % Colombia: -13 % TCOP 5.1 • Connection project 0.7 0.1 4.5 Sabanalarga and 4.4 Photovoltaic plant Vall
Slide 19: Financial Performance
ocops¥tar GROUP Financial Performance
Slide 20: Strong cash position despite external pressures
Strong cash position despite external pressures Net Income Cash Balance Ecopetrol Group 1H-2023 Vs 1H-24 External factors 3.3 TCOP TCOP 10.7 1H - 2024 Dividend payment 8.5 Minority Shareholders: ~1.5 COP T 9.7 3.3 Nation: ~ 9.1 COP T -5.3 7.4 23.1 12.2 1.6 1.6 0.4 0.9 16.0 14.3 7.4 Exchange rate: -5
Slide 21: Steady financial metrics and sustained investment execution
Steady financial metrics and sustained investment execution EBITDA by business segments Debt maturity profile* Gross Debt/EBITDA TCOP BUSD 2.4 <2.5x 2.0 x 17.6 38.1 32.4 28.3 1.8 x Paid in July 0.9 1.6 x 1.6 x E&P Midstream 50% 58% 1.4 65% 62% partial refinancing of USD 250 million 0,3 Downstream in
Slide 22: In summary
In summary Exploration Production Transport Refining Our focus will be 10 Wells being drilled and drilled 750 kboed 1H 2024 1,135 kbd 1H 2024 426 kbd 1H 2024 67% vs. Above Above In line with ▪ Offshore gas expansion annual target: the annual target: the annual target: the annual target: 15 wells 730
Slide 23: Q&A
ocops¥e GR OUP Q&A