Group 1 - Ecopetrol S.A. has been authorized by the Ministry of Finance and Public Credit to execute a loan agreement of up to USD 500 million with Banco Santander, with a term of five years and an interest rate indexed to the SOFR rate [1][2] - The funds from the loan will be allocated to non-investment expenses and will assist in achieving the Gross Debt/EBITDA target for 2025 [2] - The loan agreement reflects the international financial sector's support and confidence in Ecopetrol Group's strategy, despite a challenging market context [3] Group 2 - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, responsible for over 60% of the country's hydrocarbon production [4] - The company has a significant presence in energy transmission and holds leading positions in petrochemicals and gas distribution, with operations in the United States, Brazil, Mexico, and other countries [4]

Core Viewpoint - Ecopetrol S.A. is initiating a joint plan to ensure the continuity of gas projects in the Southern Caribbean following Shell's withdrawal from its offshore assets in the region [1][2]. Group 1: Project Continuity and Development - Shell's withdrawal is linked to its global portfolio strategy, impacting gas discoveries in the Col 5, Purple Angel, and Fuerte Sur blocks, which are considered priority projects for Ecopetrol and Colombia [2][3]. - The Gorgon development project is expected to be completed by the first half of 2029, with production anticipated to start between 2031 and 2032 [3]. - Ecopetrol is exploring connection options with the National Transportation System to commercialize gas from the Gorgon project and meet national demand [3]. Group 2: Strategic Partnerships and Investments - Ecopetrol continues to partner with Shell and Total Energies in the development of the Gato Do Mato field in Brazil, with significant resources allocated for 2025 [4]. - The company is committed to developing gas resources in the Caribbean Sea, viewing gas as a key component of the energy transition [4]. Group 3: Company Overview - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holding leading positions in petrochemicals and gas distribution [5]. - The company has a significant international presence, with operations in the United States, Brazil, and Mexico, and holds leading positions in power transmission in several South American countries [5].

Core Insights - Ecopetrol S.A. is the largest company in Colombia and a major integrated energy player in the Americas, employing over 19,000 people and responsible for more than 60% of the country's hydrocarbon production [1] - The company has recently acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and real-time systems management, as well as road concessions [1] - Ecopetrol has significant international operations, including drilling and exploration in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and holds leading positions in power transmission in Brazil, Chile, Peru, and Bolivia [1] Management Appointments - Julián Fernando Lemos has been appointed as Corporate Vice President of Strategy and New Business, effective May 1, 2025, bringing 19 years of experience in leadership and investment management [3] - Diana Marcela Jiménez will serve as Director of Institutional Relations and Communications, effective May 1, 2025, with 20 years of experience in stakeholder engagement and corporate communication [3] - Julio César Herrera has been appointed as Vice President of Commercial and Marketing, effective May 1, 2025, with over 15 years of experience in the energy sector [3]

Core Viewpoint - Ecopetrol S.A. has filed its annual report under Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission, fulfilling its reporting obligations to various stakeholders [1][2]. Group 1: Financial Reporting - The annual report includes financial statements audited by Ernst & Young Audit S.A.S. for the years 2022, 2023, and 2024, in accordance with International Financial Reporting Standards (IFRS) [2]. - The 2024 Form 20-F is accessible online through the SEC's website [2]. Group 2: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 individuals [2]. - The company is responsible for more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [2]. - Ecopetrol has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and infrastructure projects [2]. - Internationally, Ecopetrol has operations in strategic basins in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [2].

Core Points - Ecopetrol S.A. has confirmed the continuation of Guillermo García Realpe and Mónica de Greiff Lindo as Chairperson and Vice-Chairperson of the Board of Directors respectively [1] - The Board of Directors has approved the formation of several support committees, including Audit and Risk Committee, Business Committee, Corporate Governance and Sustainability Committee, Remuneration, Appointments, and Culture Committee, HSE Committee, and Technology and Innovation Committee [2] Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [2] - The company is responsible for more than 60% of hydrocarbon production in Colombia and has significant roles in transportation, logistics, and hydrocarbon refining systems [2] - Ecopetrol holds a 51.4% stake in ISA, which allows it to participate in energy transmission and manage real-time systems [4] - The company has international operations in strategic basins across the Americas, including drilling and exploration in the United States (Permian basin and Gulf of Mexico), Brazil, and Mexico [4] - Through ISA and its subsidiaries, Ecopetrol has leading positions in power transmission in Brazil, Chile, Peru, and Bolivia, as well as road concessions in Chile and involvement in the telecommunications sector [4]

Financial Performance - Ecopetrol reported a net income attributable to owners of Ecopetrol, reflecting overall financial performance improvements[34]. - The financial plan for 2025 anticipates transfers to the Nation of approximately COP 35 trillion (USD 8.4 billion) through dividends, royalties, and taxes[77]. Production and Reserves - Oil and gas production increased to 745.8 mboed in 2024, up from 736.6 mboed in 2023, representing a growth of 1.6%[34]. - Proved oil and gas reserves stood at 1,893 mmboe in 2024, slightly up from 1,883 mmboe in 2023, indicating a stable reserve base[34]. - The 1P reserves replacement ratio improved to 104% in 2024, significantly higher than the 48% recorded in 2023[34]. - The company confirmed its position as the largest operator and producer of crude oil and natural gas in Colombia as of December 31, 2024[110]. - Ecopetrol S.A. accounted for approximately 63.6% of crude oil production and 59.9% of natural gas production in Colombia in 2024[146]. Exploration Activities - The company is actively involved in exploration activities both within Colombia and internationally, aiming to increase its reserves and production output[18]. - The number of exploratory wells drilled decreased to 16 in 2024 from 26 in 2023, indicating a reduction in exploration activity[34]. - Ecopetrol's exploration strategy focuses on high reward projects in Colombian onshore and offshore basins, as well as international areas like the Gulf of Mexico[112]. - In 2024, Ecopetrol drilled 15 exploration and appraisal wells in Colombia, with 6 successful wells and 6 dry wells[117]. Investment Plans - The 2025 investment plan aims to enhance operational efficiency and expand production capabilities[18]. - The 2025 Investment Plan has a budget between COP 24 trillion (USD 5.9 billion) and COP 28 trillion (USD 6.9 billion), focusing on energy security and transition[71]. - Approximately COP 17.2 trillion (USD 4.0 billion) is allocated for upstream investments, targeting crude oil production of 740,000 to 750,000 barrels of oil equivalent per day in 2025[71]. - The company plans to invest between COP 20 trillion and COP 30 trillion annually by 2040, focusing on enhanced recovery technologies and Caribbean offshore gas developments[55]. Environmental and Sustainability Initiatives - Ecopetrol's strategy includes a 2040 vision focused on energy transition and generating value through TESG (Technology, Environment, Social, and Governance) initiatives[18]. - The long-term strategy aims for a 55% reduction in methane emissions by 2030 and net-zero carbon emissions by 2050[49]. - Ongoing investments in technology and innovation are aimed at improving operational efficiency and reducing carbon emissions[30]. - The company intends to invest over USD 183 million in low-emission businesses over the next three years, including green hydrogen projects and carbon capture initiatives[58]. Market and Economic Context - The average Brent Crude oil price for 2024 was USD 79.84 per barrel, a decrease of USD 2.33 per barrel compared to 2023, while the forecasted price was USD 75 per barrel[37]. - Global oil consumption grew by 1 million barrels per day in 2024, below the pre-pandemic trend rate of 1.2 million barrels per day[38]. - The Colombian economy grew at a rate of 1.7% in 2024, up from 0.6% in 2023, driven by a 1.6% increase in private consumption and a decrease in the unemployment rate to 9.1%[46]. Operational Efficiency and Technology Development - The company is actively managing risks related to climate change and cybersecurity as part of its integrated risk management system[30]. - The company is actively pursuing new strategies for market expansion and technology development to enhance production capabilities[189]. - Future outlook includes potential increases in production capacity through new drilling initiatives and joint ventures[193]. - The company aims to optimize its resource management and operational strategies to improve overall performance in the upcoming fiscal periods[199].

Group 1 - Ecopetrol S.A. has published its year-end report for 2024, focusing on social and environmental practices, including climate issues, in compliance with Colombian financial regulations [1][2] - The company has confirmed that its financial statements and public reports are accurate, reflecting the true financial situation and operations of Ecopetrol S.A. [2] - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production, and holds significant positions in various energy sectors across the Americas [2] Group 2 - The company has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and other infrastructure projects [2] - Ecopetrol operates in strategic basins in the U.S., Brazil, and Mexico, and has a strong presence in power transmission and telecommunications in several South American countries [2]

Core Viewpoint - Ecopetrol S.A. is set to release its financial and operational results for Q1 2025 on May 6, 2025, followed by a virtual conference call on May 7, 2025, to discuss these results [1][2]. Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [3]. - The company is responsible for more than 60% of Colombia's hydrocarbon production and has significant roles in transportation, logistics, and hydrocarbon refining [3]. - Ecopetrol holds a 51.4% stake in ISA, expanding its involvement in energy transmission and real-time systems management, as well as road concessions [3]. - Internationally, Ecopetrol has operations in strategic basins in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and leads in power transmission in Brazil, Chile, Peru, and Bolivia [3].

Group 1 - Ecopetrol's stock closed at $9.04, reflecting a -0.11% change, underperforming compared to the S&P 500's gain of 2.51% [1] - The stock has decreased by 10.22% over the past month, which is better than the Oils-Energy sector's loss of 12.78% but worse than the S&P 500's loss of 8.86% [1] - Upcoming earnings are projected at $0.39 per share, indicating a year-over-year decline of 22%, with revenue expected to be $7.35 billion, down 7.89% from the previous year [2] Group 2 - Recent changes in analyst projections for Ecopetrol are important as they reflect shifts in near-term business trends, with positive changes indicating analyst optimism [3] - The Zacks Rank system, which assesses estimated changes, currently rates Ecopetrol as 5 (Strong Sell), with a 30-day consensus EPS estimate decrease of 8.45% [5] - Ecopetrol's Forward P/E ratio is 5.22, which is lower than the industry average of 7.9, indicating a valuation discount [6] Group 3 - The Oil and Gas - Integrated - International industry, to which Ecopetrol belongs, ranks in the bottom 15% of all industries according to the Zacks Industry Rank [6] - The Zacks Industry Rank suggests that the top 50% of rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - Ecopetrol S.A. (EC) is facing significant profit risks due to declining oil prices, which could lead to a potential profit decrease of up to 12 trillion pesos by 2025 and may necessitate the cessation of production in certain fields [1][5]. Group 1: Oil Price Impact - The ongoing U.S.-China trade tensions have contributed to a drop in crude oil prices, with Brent crude currently around $65 per barrel and West Texas Intermediate near $62 per barrel [2]. - Brent futures traded close to $63.45 per barrel, raising concerns for Ecopetrol as many of its fields have breakeven production costs near this price [3]. - A $1 per barrel decrease in oil prices results in a decline of 900 billion pesos in EBITDA and a 700 billion peso reduction in net profit for Ecopetrol [5]. Group 2: Production Adjustments - Ecopetrol's president indicated that 20 to 30 fields may be at risk of shutdown, although these fields are not significant to the company's overall production [4]. - The company operates a total of 158 fields, and the decision to pause operations will depend on ongoing monitoring of oil prices [4]. Group 3: Financial Forecast - For 2025, Ecopetrol's average benchmark oil price is projected to be around $73 per barrel, but current prices are significantly lower, which could impact profits by up to 12 trillion pesos if the decline continues [5].