Slide 1: Corporate Presentation 2025
Corporate Presentation 2025
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: Ecopetrol at a glance
Ecopetrol at a glance We are a leading integrated energy and infrastructure group in LatAm Exploration, Energies for the Energy Transmission Production & Refining Transition and Toll Roads Midstream E&P Telecom 130 years(1) U.S., Gulf of Mexico, and Permian Basin Refining Roads Transmission of joint
Slide 4: The 2040 Strategy: our Long-Term Vision
Ecopetrol Group Strategy The 2040 Strategy: our Long-Term Vision 1 2 Grow with Energy Transition (ET) Generating Value through TESG . Maintain production levels of ~700 to . Annual social investment of ~0.6 750 (mboed) by 2040 TCOP in territories . Acceleration of renewable energy: . 55% reduction i
Slide 5: 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 (current assumption: 11% 67 USD/bl
Slide 6: Milestones as of 1H-2025
Milestones as of 1H-2025 Strengthening of operations, efficiency gains, and progress in diversifying the energy matrix Upstream Increased production driven by Caño Sur, CPO-09, and the Permian mboed Basin, the highest half-yearly production in the last 10 years 750 751 755 2Q-2025 726 724 716 715 71
Slide 7: Performance as of 1H-2025
Perfomance as of 1H-2025 Operating and efficiency progress partially impacted by lower crude prices 750 751 724 698 Target 2025: 740-750 Average 668 Production 105 mboed 80 83 65 71 Brent 411 USD/Bl 367 327 297 Brent in 236 pesos 19.5 mCOP/Bl 15.9 16.3 14.5 10.1 9.7 7.1 7.2 4.9 5.8 4.4 1.9 50% 44% 2
Slide 8: Implementation of contingency measures
Milestones as of 1H-2025 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 Re
Slide 9: Successful incorporation of reserves during 2024
Reserves Successful incorporation of reserves during 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 Econo
Slide 10: 2025 Operational and Financial Goals
2025 Operational and Financial Goals 10 Exploratory 740-750 mboed < 12 USD/Bl 1,130 – 1,170 mbd 415-420 mbd +900 MV wells Production Lifting Cost Transport Throughput Self-Generation Capacity 5.8- 6.8 BUSD 39% <2.5x >1 BUSD Investments EBITDA Margin Gross Debt / in Efficiencies EBITDA Action Plan Ra
Slide 11: Highlights Key Messages
Key Messages Social Commitment Strategic Investment Contributions to regions and Aligned with long-term vision sustainable projects Target 2025: 5.8 – 6.8 BUSD 180 BCOP1 Operational Flexibility Growing Businesses Adapting to changing Positive trends despite conditions New Target 2025 above 5 TCOP Hi
Slide 12: Annexes
Annexes
Slide 13: Hydrocarbons
Hydrocarbons GROUP
Slide 14: From discovery to development: progress in resources
Exploration From discovery to development: progress in resources Executed investments: 156 MUSD in the 1H-2025 Papayuela-1 spud (June 15, 2025) COL 6 COL 7 • Estimated total depth Q4-2025 6 GUA OFF 0 Wells COL 1 Sirius project progressed toward its development drilled GUA OFF 0 COL 2 Buena Suerte-1
Slide 15: 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 16: Commerciality of the Lorito discovery
Exploration Commerciality of the Lorito discovery The largest in the past decade – realization of the benefits from the 45% acquisition of CPO-09 13,584 acres Area ~250 MMBOE Estimated recoverable resources of which 8 a 9 °API 109 MMBOE Type of hydrocarbon are Contingent 2,154 +1,450 BPD MMBOE Daily
Slide 17: Brazil's Pre-Salt geographic diversification
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 18: Balanced and robust portfolio of gas opportunities
Caribbean Offshore Balanced and robust portfolio of gas opportunities ~75 TCF ~6 -12 TCF Challenges and drivers Potential volume of gross Discovered gross prospective resources recoverable volume • Coordination with institutions to meet schedules for environmental licenses and prior consultations Or
Slide 19: Sirius - Our Strategic Offshore
Sirius - Our Strategic Offshore Environmental instruments for the Sirius development 1 Production ∼6TCF Field Gas volume 2 Underwater line “in-situ” Share of participation 3 Beach crossing 55.56% Discoveries Gas pipeline Buena Suerte -1 Petrobreas-Sep2024 route Sirius-1 Papayuela-1 2 3 4 Fields Gua
Slide 20: Ecopetrol Group's production aligned with the annual target
Production Ecopetrol Group’s production aligned with the annual target Highest first half production since 2015 and highest national crude output since 2021 Recovery from external events Production (MBOED) International National gas + whites National Crude 740 748 749 732 771 763 750 751 740-750 98
Slide 21: 2025 key onshore projects
Colombia onshore 2025 key onshore projects Mitigates production decline and contributes to oil and gas reserves incorporation Maximizing asset value • Drilling of development Chichimene Field • Improved recovery wells 90000 200 • Optimization of • Completion of operating pressure 80000 Orotoy facili
Slide 22: Transport: Resilient results in a challenging environment
Transport Resilient results in a challenging environment Transported volume (mbd) Infrastructure Milestones Products Key Impacts: Crude ∼79% External events: blockades, infrastructure damage, theft, third-party production, others Pozos Pozos Colorados Colorados: : Expansion of infrastructure for . s
Slide 23: Refining & Petrochemical recovery and efficiency
Refining & Petrochemical Recovery, efficiency, and opportunity captured from international markets Eight out of ten maintenance activities completed, restoring operational availability to 95.8% Throughput (mbpd) Gross Refining Margin (USD/Bl) Scheduled maintenance Turnarounds maintenances 80% comple
Slide 24: Cost cutting program mitigates cost pressures
Cost and Efficiencies Cost cutting program mitigates cost pressures Hydrocarbon Efficiencies 1H-2025 Lifting Cost 10% (USD/Bl) COP 2,106 -4% Thousand 1,886 12.04 Mn 647 567 18% 0.45 0.37 0.81 451 684 0.28 60% 11.59 10% 831 668 2% 1H-2024 Exchange Inflation Costs Efficiencies 1H-2025 37 108 Rate 1S 2
Slide 25: Energies for the Transition
Energies for the Transition ocops¥her GROUP Tt
Slide 26: Committed deliveries of domestic and imported natural gas
Energies for the Transition Committed deliveries of domestic and imported natural gas under contracts ranging from 4 to 5 years Commercialization Commercialization of Regasification in Major fields regasified gas in Buga the Caribbean3 58 GBTUDaverage 60 GBTUD Selection phase Deliveries between Dec.
Slide 27: Diversification of electricity supply sources
Energies for the Transition Diversification of electricity supply sources to meet Ecopetrol Group's demand Electricity demand of Renewable portfolio Ecopetrol Group evolution (MW) 900 MW Target @2025 Agreements that strengthen the renewable portfolio - 2025+ 611 630 99 April/25: Master investment 47
Slide 28: Better results driven by operational efficiencies
Energies for the Transition Better results driven by operational efficiencies Energy Efficiency Social Gas Results Cumulative Savings – Petajoules Cumulative Connections 1H-2025 (PJ) 107,000 Target @2025 22.3 94,507 19.9 EBITDA 1,538 BCOP 75,265 Gas & LPG vs. 1,472 BCOP 1H-2024 10.9 2.42 PJ +4.5% Cu
Slide 29: Energy Transmission and Toll Roads
Energy Transmission and Toll Roads
Slide 30: Progress in financial results impacted by non-recurring events
Energy Transmission and Toll Roads- ISA Progress in financial results impacted by non-recurring events Analysis of variations 1H-2025 vs 1H-2024 1H-2025 Vs. 1H 2024 2Q-2025 Vs. 2Q 2024 TCOP 1. One-off: Adjustment of the financial component of RBSE in ISA 7.1 7.4 Brazil (as defined by the regulatory
Slide 31: Financial Performance
Financial Performance ocopa¥ier GRO UP
Slide 32: Strength in efficiency management aligned with value proposition
Financial Performance Strength in efficiency management aligned with the financial p ’s value proposition Net income TCOP EBITDA TCOP Factors that limited the positive impact of operational 83 management: 2.7 TCOP -14% 71 Brent 7.4 28.3 USD/Bl Variation: ~72% due to 0.2 4.9 market factors -2.1 -0.3
Slide 33: Timely activation of levers to support liquidity levels
Financial Performance Timely activation of levers to support liquidity levels Cash flow TCOP 3.1 18.2 2.5 13.1 • Operating cash: +16,2 TCOP (FEPC collection 7.6 TCOP) -10.7 • Investments: 13.1 TCOP • Payments to ECP shareholders: 8.8 TCOP • Payment to non-controlling shareholders of subsidiaries: 1.
Slide 34: Debt maturity profile
Debt Maturity profile USD billions Ecopetrol S. A 2.7 Short term loans Repos: ~ 800MUSD No significant maturities over the next 3 years Treasury Loans ~ 400 MUSD 1.2 1.3 0.1 0.8 0.7 0.6 0.1 1.5 1.2 0.7 0.6 0.7 2025 2026 2027 2028 2029 Short term credits Long term credits Bonds Metrics Debt optimizat
Slide 35: Execution of investments in line with historical levels and targets
Financial Performance Execution of investments in line with historical levels and targets CapEx Execution – 1H 2025 Ecopetrol Group´s investments USD Millions 5,800-6,800 Energy security Gas & LPG 1. Supply Growth. 1. Securing refining throughput 2,667 2,616 2,582 2. Supply Chain – Maintenance 2. Ga
Slide 36: 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 37: Progress in the VAT collection process on gasoline and diesel imports
Financial Performance Progress in the VAT collection process on gasoline and diesel Imports Ecopetrol Group advances with payments established since 2025 and reaffirms regulatory interpretation differences with DIAN for the 2022–2024 period Current Status Response to Requirements Next Steps • VAT pa
Slide 38: 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 39: 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 40: TESG
TESG Cartagena Refinery Coveñas Port
Slide 41: Leading with Impact: Progress in TESG
Leading with Impact: Progress in TESG Expected to exceed the 2025 target for the renewable +900 MW energy portfolio Accumulated GHG1 emissions reduction exceeds the 242 mTCO2e semiannual target by 132% (183 thousand tCO₂e) Completion of 6 “Liu of Taxes” mechanism initiatives 43 BCOP during 2Q 2025 T
Slide 42: 2040 Strategy
2040 Strategy i I
Slide 43: The 2040 Strategy remains, with emphasis on a Just Energy Transition
The 2040 Strategy remains, with an emphasis on a Just Energy Transition 4. COMPETITIVE RETURNS 1. GROW WITH THE ENERGY TRANSITION EBITDA 13-14 BUSD2 in 2040: 50% hydrocarbons Maintain aspirational strategy of production levels of and 50% diversification3 ~700-750 (mboed) to 2040 Maintain transfers t
Slide 44: Strategic milestones adjusted
Confirmation of greater gas potential in the Colombian Caribbean Offshore 6 No hydrocarbon development unconventional reservoirs in Colombia Enhanced recovery Strategic outperformance milestones Better results adjusted in Permian Capturing value through greater commercial activity ISA´s better perfo
Slide 45: Grow with Energy Transition - Hydrocarbons
GROW WITH ENERGY TRANSITION - HYDROCARBONS c p g h x z s ss ’s p 800-850 709 750-760 750-800 700-750 Levers • Greenfield Development Current • Accelerate Time-to-market • Maximize value of recovery program Production Recovery • Technology implementation to enhance recovery factor mbped International
Slide 46: Capital allocation based on balance and efficiency
COMPETITIVE RETURNS Capital allocation based on balance and efficiency Capital discipline and efficient use of resources Investments by business Differentiated criteria by business segment segment (T COP) Growth in low-emission investments Projection Discount rates 20-30 20-30 • Tailored to maturity
Slide 47: EBITDA growth and greater diversification
COMPETITIVE RETURNS EBITDA growth and greater diversification Competitive returns, capital discipline and cash protection Growth through EBITDA Diversification ($BUSD) 2023 2030 2040 @80 USD/BL1 4% @55 USD/BL 13% 24% EBITDA Margin >40% Hydrocarbons 16% $13 - 14 20% $14 - 17 $17 - 18 50% Transmission