Ecopetrol Group replaced 104% of its production, doubling the 2023 incorporation of proven reserves.

Core Viewpoint - Ecopetrol S.A. reported its proven reserves of oil, condensates, and natural gas as of December 31, 2024, showing a net increase in reserves and a strong reserve replacement ratio, indicating the company's ongoing commitment to sustainability and growth in the energy sector [1][3][6]. Reserves and Production - The Ecopetrol Group's net proven reserves reached 1,893 million barrels of oil equivalent (MBOE), an increase of 10 MBOE compared to 2023 [3][4]. - The reserve replacement ratio for 2024 was 104%, with an average reserve life of 7.6 years [3][8]. - In 2024, the company incorporated 260 MBOE of proven reserves, the highest in the last three years, with 244.3 MBOE being crude oil and 15.3 MBOE gas [4][8]. Organic and Inorganic Growth - The company achieved organic incorporation of 231 MBOE through new project maturation and enhanced recovery projects in various fields [5][6]. - Inorganic growth included the acquisition of a 45% stake from Repsol Colombia Oil & Gas in the CPO-09 block, adding 32 MBOE to the reserves [6][8]. Financial Metrics - The 2024 reserves were valued based on a Brent reference price of USD 79.7 per barrel, down from USD 82.8 per barrel in 2023 [2]. - The total production for 2024 was 250 MBOE, marking the highest production level in the last nine years [4][8]. Geographic Distribution - 89% of the proven reserves originated from fields in Colombia, while the remaining 11% came from the United States [8]. - Ecopetrol Permian LLC contributed 22 MBOE primarily from optimizations in drilling campaigns in Texas [9]. Company Overview - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holding significant positions in transportation, logistics, and refining [10]. - The company also has international operations in strategic basins across the Americas, including the Permian basin and the Gulf of Mexico [10].