BOGOTA, Colombia, Jan. 30, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), submitted today the Report on the Implementation of Best Corporate Practices – "Código País" - to the Financial Superintendency of Colombia. The report describes the corporate governance practices adopted and implemented by the company between January 1, 2023 and December 31, 2023. The Código Pais Survey was digitally signed by the Legal Representative. For more information, please consult the report at the following ...

El crecimiento de la transmisión y los nuevos negocios de energía en ISA aportarán entre el 22% y 26%del EBITDA del GE para el 2040 48.776 km de circuito (instalados) Almacenamiento a gran escala ~3,6 2,0 2,4 2022 2030 2040 2. GENERAR VALOR CON SOSTECNIBILIDAD Reducción del 20% del volumen de agua captada para uso industrial frente al 2019 Reutilización de 2.62 millones de barriles al día. Equivalentes al 79% del agua requerida para operar 3. CONOCIMIENTO DE VANGUARDIA Potencial Valor en EBITDA al 2040 de f ...

Ecopetrol S.A. (NYSE:EC) Q3 2023 Earnings Conference Call November 8, 2023 9:00 AM ET As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared in this conference call. The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol, Milena Lopez, CFO, Alberto Consuegra, COO, and David Riano, Vice President of Low-Emissions Solutions. Thank you for your attention. Let me invite Milena López for the key financial and management figures. resources to ...

Ecopetrol S.A. (NYSE:EC) Q2 2023 Earnings Call Transcript August 9, 2023 10:00 AM ET Company Participants Ricardo Roa - Chief Executive Officer Diana Escobar - Vice President of Sustainable Development Jaime Caballero - Chief Financial Officer Yeimy Baez - Vice President of Low-emission Solutions Alberto Consuegra - Chief Operating Officer Conference Call Participants Andres Cardona - TD Bank Daniel Guardiola - BTG Andres Duarte - Corficolombiana Bruno Montanari - Morgan Stanley Luis Carvalho - UBS Operator ...

Financial Data and Key Metrics Changes - The refining cash cost indicator was $3.69 per barrel, a decrease of 18% compared to 1Q 2022, primarily due to exchange rate effects [1] - Total unit cost decreased by 7.4% compared to the same period last year [1] - EBITDA margin was 45.9%, driven by strong operating performance and solid product realization prices, which offset increased operating costs [3] - Revenues for the first quarter reached COP 38.9 trillion, with EBITDA of COP 17.8 trillion and net income of COP 5.7 trillion [74] Business Line Data and Key Metrics Changes - The Transmission and Toll Roads business contributed 10% to group revenues, 15% to EBITDA, and 4% to net income [2] - The gas and LPG business recorded an EBITDA margin of 59% in the quarter, with production reaching over 160,000 equivalent barrels per day [97] - The refining segment achieved an EBITDA of COP 3.2 trillion, with a gross margin of $24.6 per barrel [111] Market Data and Key Metrics Changes - The company expects to maintain a crude production rate of 719,000 barrels of oil equivalent per day, despite security issues impacting production [105] - The net income breakeven closed at $32 per barrel, influenced by higher sales volumes and better product spreads [116] Company Strategy and Development Direction - The company is focused on the 2040 Strategy, emphasizing growth in the hydrocarbon business while monitoring market conditions for necessary adjustments [9] - The Corporate Vice Presidency of Finance has been transformed to support sustainable growth in the energy transition, ensuring capital discipline and cost efficiency [6] - The company aims to reduce methane emissions by 45% by 2025 and 55% by 2030, aligning with its net-zero aspirations [5][88] Management's Comments on Operating Environment and Future Outlook - The global economic environment for 2023 is challenging, with low growth expectations and inflationary pressures [75] - Management expressed confidence in achieving a strong operational performance for the remainder of 2023, despite declining global refining margins [65] - The company is actively discussing with the government to ensure a competitive compensation framework for producers [39] Other Important Information - The investment plan for sustainable development in 2023 amounts to COP 773 billion, a 25% increase from 2022 [77] - The company has made significant progress in social investment, benefiting 31,000 students through educational programs [77] - The company is advancing in hydrogen production, with projects expected to produce 1 million tons per year by 2030 [62] Q&A Session Summary Question: What are your expectations for your refining business for the remainder of 2023, given declining global refining margins? - The company expects refining margins to remain strong between $15 per barrel, despite a decline from previous highs [65] Question: What oil price assumption are you using for the annual budget? - The company is using an assumption of $81 per barrel for the annual budget and has no plans to change this number for 2023 [51] Question: What is the required average local gas price for offshore gas reserves to become economically viable? - The company considers its offshore resources competitive compared to other domestic sources and import gas [36] Question: What is the expectation for hydrogen production in the next couple of years? - Current hydrogen production is about 130,000 tonnes per year, with plans to increase capacity significantly by 2026 [38][62] Question: What is the expectation for reserves addition coming from enhanced oil recovery (EOR)? - EOR is expected to represent 40% of the production base and reserve replacement portfolio in the coming years [63]

ECOPETROL REPORTS ON THE DECISIONS ADOPTED AT THE SHAREHOLDERS' MEETING ON MARCH 30, 2023. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that the ordinary General Shareholders' Meeting was held today, prior to convocation and compliance with the legal requirements necessary for the session. The ordinary General Shareholders' Meeting submitted for the consideration of the shareholders the items of the agenda included in the notice of call published on February 25, 2023, which were voted and approved by t ...

Financial Performance - Ecopetrol reported a total revenue of COP 66.5 trillion for the fiscal year ended December 31, 2022, representing a 45% increase compared to the previous year[14]. - The company achieved a net income of COP 22.3 trillion, which is a 60% increase year-over-year[14]. - Ecopetrol's debt-to-equity ratio improved to 0.4, reflecting a strong financial position and effective capital management[14]. Production and Reserves - Ecopetrol's production activities in Colombia reached an average of 724,000 barrels of oil equivalent per day (boe/d), a 5% increase from the previous year[14]. - Oil and gas production reached 709.5 mboed in 2022, an increase from 679.0 mboed in 2021[35]. - Proved oil and gas reserves stood at 2,011 mmboe in 2022, slightly up from 2,002 mmboe in 2021[35]. - The average daily crude oil production in Colombia by Ecopetrol S.A. was 492.8 thousand bopd in 2022, representing a year-on-year increase of 1.4%[155]. - Natural gas production reached an average of 132.7 thousand boepd in 2022, marking a 6% increase compared to 2021[162]. Investment and Future Plans - The company plans to invest COP 25 trillion in its 2023 investment plan, focusing on energy transition and sustainability initiatives[14]. - The 2023 investment plan allocates between USD 5.6 and USD 6.6 billion, with approximately USD 4.3 billion dedicated to hydrocarbon production and exploration[66][69]. - Ecopetrol plans to invest over USD 200 million in green hydrogen projects and CO2 capture initiatives over the next three years[59]. - The company plans to invest between USD 5.2 and USD 6.0 billion annually by 2040, focusing on enhanced recovery technologies and new activities in the Piedemonte Llanero region[51]. Market Expansion and Sales - The company is expanding its market presence in the United States and Europe, targeting a 15% increase in international sales by 2025[14]. - Local sales of refined products increased by 13% in 2022 compared to 2021, driven by strong gasoline and jet fuel sales[46]. - Jet fuel demand surged by 40% in 2022, while diesel and gasoline demand grew by 13% and 12%, respectively[46]. Environmental and Sustainability Initiatives - Ecopetrol is investing in new technologies for carbon capture and storage, aiming to reduce its carbon footprint by 30% by 2030[14]. - The Ecopetrol Group aims to achieve net-zero carbon emissions (scopes 1 and 2) by 2050 and a 50% reduction in total emissions (scopes 1, 2, and 3) by the same year[49]. - The company published its long-term strategy, "2040 Strategy: Energy that Transforms," on February 8, 2022, focusing on sustainable value generation[48]. Operational Developments - The company is realigning its corporate operational divisions into three main segments: Hydrocarbons, Low Emissions Solutions, and Transmission and Toll Roads[90]. - The new operational model for the Upstream segment aims to enhance integration and synergies with subsidiaries, concluded with the creation of the Upstream Vice-presidency[100]. - As of December 31, 2022, Ecopetrol S.A. was the largest operator and producer of crude oil and natural gas in Colombia, holding the largest exploration acreage position in the country[109]. Exploration Activities - Ecopetrol's exploration activities led to the discovery of 1.2 billion barrels of oil equivalent in new reserves during the year[14]. - In 2022, Ecopetrol S.A. and its subsidiaries drilled 28 wells in Colombia, with 8 successful wells and 12 dry wells[115]. - The company purchased 2,639 km² of 3D seismic information in the Llanos Orientales and began the Flamencos 3D program, acquiring 311 km² of 3D seismic data[129]. Job Creation and Community Impact - The long-term TESG targets include generating approximately 230 thousand new non-oil related jobs by 2040 and contributing to the education of two million young Colombians[62].

During 2022, the Ecopetrol Group continued delivering record operating and financial results and above the targets set at the beginning of the year. This, together with environmental, social and governance actions consistent with best industry practices and standards, and in line with our commitment to generate sustainable value society and our shareholders. The above occurred within a reliable and safe operation that covers all Ecopetrol Group contractors and employees, which is reflected in a low accident ...

Financial Data and Key Metrics Changes - In the first nine months of 2022, the company achieved a net income of COP 26.6 trillion and an EBITDA of COP 59.2 trillion, with an EBITDA margin of 50% [7] - The net income for the first nine months is 59% higher than the entire net income for 2021 and 150% higher than the same period last year [7] - EBITDA per barrel of the hydrocarbons business increased to $67.3 per barrel, up $27.1 per barrel compared to the first nine months of 2021 [50] Business Line Data and Key Metrics Changes - Average production in Q3 2022 was 720,000 barrels of oil equivalent per day, with an average of 706,000 barrels per day for the year to date [9] - The downstream segment registered a combined refining gross margin of $20.3 per barrel and an EBITDA of COP 2.2 trillion [41] - The Cartagena refinery accounted for 36% of the downstream segment's EBITDA during the quarter and 41% year-to-date [41] Market Data and Key Metrics Changes - In the Permian Basin, average production reached 43,800 barrels of oil equivalent per day, a 79.2% increase compared to the same period in 2021 [35] - The midstream segment transported volume increased by 63,000 barrels per day compared to Q3 2021, reaching an all-time high for product pipeline transport exceeding 300,000 barrels per day [37] Company Strategy and Development Direction - The company continues to focus on its 2040 strategy, promoting renewable and low-emission energies while exploring and exploiting oil and gas [69] - The new Board of Directors supports the continuity of the 2040 strategy, emphasizing the need to adapt to industry challenges and generate value for stakeholders [69] - The company is committed to decarbonization and has made significant progress in its TESG strategy, including a reduction of 229,317 tons of CO2 equivalent so far in the year [12] Management's Comments on Operating Environment and Future Outlook - The company acknowledges challenges from the domestic and international macroeconomic situation, including inflationary pressures and increased raw material prices [45] - Management expects a strong comeback in production for Q4 2022 after planned maintenance, with a target range of 720,000 to 725,000 barrels per day for 2023 [78] - The company remains optimistic about the price environment for commodities in the near term, which will influence cash flows and tax implications [85] Other Important Information - The company has captured efficiencies of approximately COP 1.8 trillion to mitigate inflationary impacts, with COP 0.6 trillion helping to contain cost increases [46] - The cash position at the end of Q3 2022 was COP 15.9 trillion, with operating cash flow generation of COP 14.9 trillion [60] - The company has a robust exploration portfolio with an estimated potential of 17 TCF of gas identified in 46 discoveries under evaluation [31] Q&A Session Summary Question: Production and Tax Concerns - A question was raised about production guidance and potential declines in Q4, with management indicating a planned maintenance impact but expecting a strong recovery [76] - Concerns about new incremental taxes were discussed, with management explaining the tax reform's structure and its potential impact on cash flow [79][82] Question: Refinancing and FEPC Balance - Inquiry about refinancing options for 2023 and the status of the FEPC balance was addressed, with management confirming a focus on bank loans and projecting a year-end balance of COP 29 trillion to COP 32 trillion for FEPC [88][90] Question: Tax Reform and Contract Renewals - Questions regarding the impact of tax reform on royalties and duty-free zones were answered, with management clarifying that the current version of the reform maintains the tax status of existing duty-free zones [95][100] - The potential for reactivating suspended contracts was discussed, with management indicating that existing contracts will be honored and new contracts are being evaluated [101]

MATERIAL INFORMATION 2022 Results third quarter CONTINUED CONTRIBUTION TO OUR STAKEHOLDERS UNDERPINNED BY OUTSTANDING OPERATIONAL AND FINANCIAL PERFORMANCE | --- | --- | --- | --- | --- | --- | |-------------------------------|------------------------|--------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|------------------------------------------------------------------------------ ...