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FINANCIAL RESULTS 1st Quarter
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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 statements regarding the probable development of Ecopetrol’s business. Said projections and statements include references to estimates or expectations of the Company regarding its future and operational results. Potential investors and the market in general should be aware that the information provided herein does not constitute any guarantee of its performance, risks or uncertainties that may occur or materialize. Actual results may fluctuate and differ from those provided herein due to several factors outside of the control of the Company. Such forward-looking statements speak only as at the date in which they are made and neither Ecopetrol nor its advisors, officers, employees, directors or agents, make any representation nor shall assume any responsibility in the event actual performance of the Company differs from what is provided herein. Moreover, Ecopetrol, its advisors, officers, employees, directors or agents shall not have any obligation whatsoever to update, correct, amend or adjust this presentation based on new information or events occurring after its disclosure. Additional factors that may affect the future results of Ecopetrol are set forth in the section entitled “Risk Factors” in the Company’s Report on Form 20-F for the year ended December 31, 2023, and in the Company’s other filings with Securities and Exchange Commission (the “SEC”), which are available at www.sec.gov. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Ecopetrol. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Ecopetrol. The information contained in this earnings report relating to operational information, financial information and/or statistical data pertaining to companies or institutions that might be considered peer group companies to Ecopetrol has been obtained from public sources available to the general public and is being used solely for informative and statistical purposes. We have not independently verified any such operational information, financial information and/or statistical data, although we believe such operational information, financial information and/or statistical data has been obtained from reliable sources. Ecopetrol S.A. is not liable and does not assume any responsibility for the accuracy, veracity or authenticity of any such operational information, financial information and/or statistical data. 2
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Rafael Guzmán Camilo BarcoDavid RiañoRicardo Roa Executive VP of Hydrocarbons Chief Financial OfficerExecutive VP Energies for the TransitionChief Executive Officer 3
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Operational strength and focus on integrity in our facilities 712 701 728 735 676 692 719 741 745 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1,071 1,068 1,137 1,136 1,007 1,041 1,090 1,118 1,092 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 337 359 350 345 360 325 412 428 396 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 kboed Producción Midstream kbd Downstream kbdUpstream Stable and healthy inventory levels for the season Geopolitical tensions OPEC+: increased supply Trading agents: volatile positioning Highly volatile market Brent 2025: 60-75 USD/bl Drilling started in the Gua-Off-0 block Buena Suerte -1 FID1 approved Gato do MatoContributions mainly from CPO-09, Caño Sur, and Permian +15.3 kboed Pipeline for evacuation in Caño Sur started operations New Pipeline Rapid response to external events Taking Action 1. FID: Final Investment Decision vs. 4Q24 14% 30% 3% 53% Product differentials Scheduled maintenances Unexpected operational events External events Refining margin impacted by 1Q24 vs 1Q25 -3.9 USD/Bl 4
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Moving ahead with energies for the transition Gas optionality Renewable energy portfolio Offshore and regasification in Buenaventura-Buga and Caribe Energy efficiency Supply of demand 5 Essential for energy transition and electrification Natural Providing 68% of the country's natural gas demand Potential incorporation of +1 GW (target 2025: 0.9 GW) Savings of 23 billion COP during 1Q25 Cross-sectional management Environmental licenses and complementary regulation Gas
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712 701 728 735 676 692 719 741 745 13.4 14.6 15.9 15.1 17.2 32.5 38.9 31.3 31.4 5.8 7.1 7.4 5.3 8.2 15.9 17.8 14.2 13.3 0.9 2.6 2.7 0.1 3.1 6.6 5.7 4.0 3.1 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 14.1% 12.2% 6.1% 14.5% 43% 55 67 64 51 61 98 82 82 75 49% 46% 35% 48% 49% 46% Stable financial results in a fluctuating environment 17.8% 45% 6 11.0% Brent USD/Bl Target 2025: 740-750 42% 10% FEPC accumulation in 1Q25 1.6 TCOP Dividends payment (April 4 and 29) 5.5 TCOP Early payment of FEPC for outstanding balance of 2024 (March and April) 7.6 TCOP Efficiencies 1Q25 710 BCOP Investments 1Q25 1.2 BUSD Financial milestones Average Production kboed EBITDA (TCOP) Revenue (TCOP) ROACENet Income (TCOP) EBITDA Margin
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7 Comprehensive interaction with our stakeholders 2,714 tCO2e127,477 Reduction of greenhouse gas emissions. Compliance of 127% 82% Reuse of water required in our operations:43 million m³ Social and Environmental Investments: 69,128 MCOP Sustainable Territorial Development Portfolio GSM1 - March 28, 2025 Approval Integrated Management Report Annual Corporate Governance Report Carbon offset event 25,533 Students benefited Dividend payout of 59% Within policy (40% - 60%) 214 COP Per share Board of Directors ✓ Solid experience ✓ Majority independent (67%) ✓ 3 women (30%) ✓ Position 8 nominated by producing departments ✓ Position 9 nominated by top 10 minority shareholders Requirements met: Participants shareholders 1,837 connections 1Q25 Figures 1. GSM: General Shareholders' Meeting
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Hydrocarbons FINANCIAL RESULTS 1st Quarter
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ANTIOQUIA ATLANTICO BOLIVAR BOYACA CALDAS CAQUETA CAUCA CESAR CORDOBA CUNDINAMARCA CHOCO HUILA GUAJIRA MAGDALENA META NARI¥O NORTE DE SANTANDER QUINDIO RISARALDA SANTANDER SUCRE TOLIMA VALLE DEL CAUCA ARAUCA CASANARE GUAINIA GUAVIARE VICHADA 0 100 20050 Km Toritos Oeste - 1 Currucutu - 1 Floreña N18Y Zorzal Este - 2 Andina Este - 1 LLA-123 LLA-87 PIEDEMONTE CAPACHOS GUA OFF 0 GUAJIRA MAGDALENA Sirius - 2 ST2 Buena Suerte - 1 GUA OFF 0 2 Wells under drilling in Q1 2025 4 Wells drilled in 2025 1 Dry: Andina Este-1 2 under evaluation: Toritos Oeste-1 and Currucutu-1 1 Exploratory success: Sirius-2 ST2 delineator Buena Suerte-1 and Floreña N18Y Exploration KGG Project: (Kronos, Gorgon, Glaucus) Priority for Ecopetrol 1. Review of best alternative since February 2025 2. We continue to advance activities to maintain economic viability 3. Ecopetrol’s capability to continue operations Sustained progress in the exploration campaign 17% of investments execution D R I L L I N G S T A R T B U E N A S U E R T E – A P R I L 0 4 , 2 0 2 5 Presence of hydrocarbons Zorzal Este-2 (Drilled 2023) Glaucus - 1 Gorgon - 1 Gorgon - 2 Kronos Results of Sirius tests: ▪ Lateral and vertical continuity of the reservoir. ▪ Production volumes higher than initially estimated. 44.44%55.56% 9
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Moving along with geographic diversification: Brazil's Pre-Salt Water Depth: 1,750 – 2,050 m FID: Final Investment Decision MBPE: Millions of Barrels of Oil Equivalent *30% Participation in recoverable resources of Gato do Mato (370 MMBOE) 30% P A R T N E R S - G A T O D O M A T O 50% 20% FID March 2025 FID in Gato do Mato in Q1 25, with partial reserves incorporation in 2025 112 120 Processing capacity Floating production, storage, and offloading (FPSO) installation kBPD Ecopetrol’s oil production expectation in 2029 Contingent Oil Resources 2C Certified as of Dec 2024* Oil Volume Before Royalties ~33 Ecopetrol’s first development project in Brazil's Pre-Salt, Santos basin kBPD MBP Exploration Ecopetrol's Presence Exploration Blocks Production Blocks 10
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v 505 521 130 120 95 104 730 745 4T24 1T25 +15 KBPED1Q25 Vs 4Q24 Increase in production levels of the Ecopetrol Group Highest local crude oil production in the last 5 Years Production Workovers 94• Start of pipeline operation for evacuation • Expansion of Centauros station Production Investment 672 MUSD Caño Sur Facilities Development Wells 114 A D V A N C I N G I N I N V E S T M E N T S +16 Growth in crude oil production in Colombia KBPED Caño Sur and Rubiales operating at 100% Operational reactivation % in April National Crude Oil National Gas + Whites International P R O D U C T I O N ( K B P E D ) 25% advance26% advance 17% advance R E S I L I E N T O P E R A T I O N A G A I N S T E X O G E N O U S F A C T O R S In response to external events (March-April) +9 International growth KBPED 740-750 507 504 514 509 521 149 152 148 138 120 20 36 58 94 104 676 692 719 741 745 1Q21 1Q22 1Q23 1Q24 1Q25 2025 Goal 11
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1.9 2.2 2.6 2.5 2.2 2.4 3.2 2.8 3.1 Financial and operational resilience, with progress in strategic infrastructure -2% Products Crude +11% EBITDA COPT Outstanding financial results, contributing 24% to the total EBITDA of the Ecopetrol Group . . Transport Transported Volume (kbd) Value capture in response to external events Financial Performance Q1 2025 1. Caño Sur pipeline – ODL in testing since March 26 • +92 KB transported in March. • It will transport 100% of the current production (Capacity >50 KBD). • Reliability in evacuation and reduced vulnerability. 97%: associated to planned maintenance at the Barrancabermeja refinery for both crude and refined products 2. Alternative Transportation Schemes: • Importation via Buenaventura and reception in Sebastopol of imported fuels due to refinery maintenance. • Bidirectional operation of the Bicentenario pipeline securing Caño Limón production. 805 796 877 873 733 757 784 814 803 266 272 260 263 275 284 306 305 289 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1,131 1,136 1,007 1,047 1,090 1,119 1,092 1Q17 1Q18 1,071 1,078 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 59%: Exogenous, currency and CPI 41%: Operational performance 12
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558 643 220 283 653 1,642 3,237 1,447 482 455 412 98 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 EBITDA (TCOP) Externals (TCOP) Planned Operational events (TCOP) Unplanned Operational events (TCOP) 246 482 4Q24 1Q25 13 337 359 350 345 360 325 412 428 396 11.8 11.7 10.7 9.5 10.1 13.9 22.7 14.8 10.9 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10. 0 15. 0 20. 0 25. 0 250 300 350 400 450 500 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 Carga (kbd) MBR (USD/Bl)GRM (USD/Bl)¹ Gross refining margin and integrated throughput EBITDA Downstream 1. Gross Refining Margin / 2. Price Effects + Exchange Rate + Inflation + Empowerment / 3. Maintenance + Inventories + Gas Basket / 4. Blackout in Cartagena and Shutdown Plan Movements / 5. Fuel Quality Baseline / 6. Hydrotreating Unit / 7. Sustainable Aviation Fuel – jet. 2 Maintenance 2025 -3.9 Value Drivers Recovery of electrical reliability at the Cartagena refinery: 7 out of 16 milestones completed as of April 2025. Lower refining cash cost by 8% compared to Q4 2024 due to the reduction of unplanned maintenance Maximizationof valuable products Refining & Petrochemical 401 396 4Q24 1Q25 8.6 10.9 2.3 3 3 3 1 1 2 1 1 2 Cartagena* Barrancabermeja Integrated Progress Executed In Progress Planned *Total refinery shutdown from February 14 to 20 Approval of LBCC⁵ and improvement of HDT⁶ U107: Better fuel quality Lower imports Better EBITDA Higher margin products Starting point for biofuels strategy (SAF7) Strategic Projects Financial recovery amid major maintenance 4 14% 30% 3% 53% Product Differentials Scheduled Maintenance Unexpected Operational Events External Events Throughput (kbd)
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2.91 3.23 3.34 4.03 3.00 1Q24 2Q24 3Q24 4Q24 1Q25 12.10 12.11 12.69 13.09 11.25 1Q24 2Q24 3Q24 4Q24 1Q25 Efficiencies keep mitigating cost pressures 14 Refining Cash Cost(USD/Bl) (USD/Bl) (USD/Bl) Cost per Barrel Transported Cost & Efficiencies Lifting Cost 5.43 5.56 5.72 6.07 5.60 1Q24 2Q24 3Q24 4Q24 1Q25 65%9% 3% 24% Upstream Dowstream Midstream Corporativo 0.71 TCOP COPB Hydrocarbon Efficiencies 1Q25 336 314 122 140 177 256 635 710 1Q24 1Q25 Revenues Capex Opex Lifting Cost 1Q24 0.80 Exchange Rate 0.03 Volume 0.33 Cost 0.35 Efficiencies 1Q25 12.10 11.25 -0.85 (-7%) (USD/Bl) Efficiencies contributed 0.35 USD/Blto cost reduction -1.84 (-14%) -1.03 (-26%) -0.47 (-7%)
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Energies for the transition FINANCIAL RESULTS 1st Quarter
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Operations Start 2Q26 Subscription of regasification service contract February 28, 2025 Financial closing June 28, 2025 Construction and assembly Commissioning test May - Jun 2026 Gas optionality developments Awarding regasification services for Buenaventura-Buga for 60 MCFD Trading 60 Starting on 2Q26 5 years GBTUD Regulatory updates Regulations of the Superintendence of Public Utilities: → Non-public service providers can participate in the trading of imported gas and regasification. Estimate trading calendar Sign of contracts Competitive process July2025 Launching of the process August - September Commercial conditions • Signing contract with precedent conditions, in accordance with Decree 1467 of 2024. • A commercialization bidding process will be conducted in July 2025 for interested agents. Since 16
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Caribbean Regasification Using Ecopetrol Group's Assets Ballena LNG Guajira Association Assets Coveñas LNG CENIT assets Caribbean Regasification Connectivity Asset conversion project (Jobo-Vasconia) ~130 MCFD 2027 ~400 MCFD 2029 Jobo Vasconia Current Facilities Challenges Coveñas LNG FSRU Delivery to TNS in Ballena CHUCHUPA B BALLENA STATION FSRU Requires conversion of transportation infrastructure (Coveñas – Jobo – Vasconia) TLU COVEÑAS PORT Trading 250 GBTUDUp to Estimate entrance in 2027 Early commercialization with precedent conditions subject to environmental licensing Transportation capacities La Mami – Ballena Ballena - Barranca 66 MCFD 260 MCFD TNS: Transport National System TLU: Tanker Loading Unit FSRU: Floating Storage Regasification Unit Ballena LNG Enable ordinary transfers in current licenses and permits Enable approvals DIMAR–ANI-DIAN (operation between vessels, ports) Regulation for remuneration in the conversion of assets 17
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10.86 21.18 2.25 5.08 2025 commercialization process 3 years block 51 GBTUD Block Dic-2025 Nov-2028 Additional quantities 30 GBTUD Gibraltar Technical conditions under evaluation Annual block trading 9 2027 21 2028 41 2029 24 2030 GBTUD Gas supply 1Q25 158.3 mboed Gas and LPG production³ 1T25 vs 172.2 mboed 1T24 915 BCOP EBITDA Gas and LPG 1T25 vs 760 1T24 BCOP 1Q25 Results The GE supplied approximately 68% of the total gas demand. Regarding non-thermal demand, GE's supply represents approximately 83% Energy Efficiencies Advances in decarbonization and efficiency Results aligned with our strategy Renewable Energy 775 804 787 788 196 157 161 172 200 400 600 800 1.000 Jan - 25 Feb – 25 Mar – 25 1Q25 643 663 655 654 EG Supply Thermal Demand Non-Thermal demand Transition energies enable growth Meet profitability portfolio criteria 2025 FNCER Potential incorporation + 1,500 MW ~10.3 BCOP Savings 1Q25 Optimized Energy (PJ) ~23 BCOP Savings 1Q25 +90Thousand Ton CO2eq Reduced 1Q25 2018-2023 0.70 1Q24 1.02 2Q24 3Q24 4Q24 1.27 1Q25 18
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Energy Transmission and Toll Roads FINANCIAL RESULTS 1st Quarter
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% ISA's Contribution to the Ecopetrol Group 1.96 2.71 2.26 2.44 1Q22 1Q23 1Q24 1Q25 18% 2.8 3.9 3.7 4.0 1Q22 1Q23 1Q24 1Q25 13% 2. Reliable and 3. Clean Increase the company's market value Comprehensive growth supporting the ISA2040 strategy EBITDA ROAE³ BraZil: • ISA Brazil Awarded 18 Reinforcements. Capex ~COP 225 Bn. • Start of Six Network Reinforcements. Colombia • Start of Connection for Guatiguará and Tasajero Substations Chile: • Interchile Awarded 220 kV Flow System Las Palmas – Centella. Capex ~COP 371 Bn. • Complementary Agreements Ruta de la Araucanía, Maipo-Free Flow South Access, Ruta de los Ríos. Peru • ISA REP Commissioned Expansion 21. Capex ~COP 13 Bn. Telecommunications Revenues Associated with the National Connectivity Plan in Colombia. Strategy focused on Colombia and Peru. 10% 12% 12% 15% 16% +9% +8% 1Q25 vs. 1Q24 1Q2025: 16.8% Dividends 720.42025 Projects Awarded and Commissioned in 1Q25 Transmission and Roads Financial Results 1Q25 (COP Trillion)* Revenues *Figures Do Not Include Non-Disbursable Costs, Taxes, Exploratory Costs, and Transportation Costs. Note 1: Investments to be Executed Between 2025 and 2030. Note 3: ROAE = Net Income for 12 Months / Average Equity for the Last 12 Months. 20 Energy Transmission and Toll Roads - ISA BCOP ISA2040 Strategic Objectives Energy that brings life to the transition Develop 8 GW of storage infrastructure 9% 1Q25 vs. 1Q24 Invest profitably USD 28 – 33 trillion in infrastructure Optimize the supply chain to accelerate growth 100% in service levels, preventing critical risks 1. Profitable Resilient and Efficient and Fair Double the EBITDA for 2024 Increase transmission capacity by 1.5x in 2024
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Financial Performance FINANCIAL RESULTS 1st Quarter
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54% 24% 4% 18% Exploration & Production Midstream Downstream Energy Transmission and Toll Roads 13.3 TCOP Sustainable financial results in a fluctuating market Ebitda by Segment Gross Debt / EBITDA 2.2x Ecopetrol Group 1.6x Excluding ISA Target 2025 – 5.8 BUSD – 6.8 BUSD * Includes Gas and Glp Ebitda * Financial Performance Investment Plan 2.9 2.3 3.2 0.7 1.6 -0.1 3Q24 4Q24 1Q25 Net Income excluding One-Off One Off 3.6 3.9 3.1 Net Income Ebitda Margin - 42% Surcharge update + Tariff revision ISA Impairment Recovery + CPO09 Interior Commotion Decree 650 986 1,262 1,289 1,215 1T21 1T22 1T23 1T24 1T25 USD Million TCOP 22
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Cash and debt management in a volatile environment Positive Free Cash Flow Collection of 2024 FEPC balance * Ocensa and ISA subsidiaries payments ** Includes portfolio investments and foreign exchange 22.7 12.1 9.0 7.6 7.0 1.9 1Q24 2Q24 3Q24 4Q24 1Q25 April 1.4 -1.3 -1.3 18.2 17.0 Initial Cash Balance 2025 Free Cash Flow *Net dividends ** Net debt and others Final Cash balance 1Q25 Cash Balance TCOP TCOP 23 April - Total anticipated collection of the 2024 FEPC balance TCOP $5.4 Operative flow TCOP 8.5 Capex Investments TCOP -7.1 Ecopetrol S.A. debt maturity profile 0.6 0.3 0.7 0.6 0.7 1.50.1 1.2 0.9 0.7 0.6 0.8 2.7 2025 2026 2027 2028 2029 Short term credits Long term credits Bonds Short-Term Credits Includes repo by ~500 USD Million USD Billions • Ecopetrol Credit rating affirmation • International loan facility up to up USD 500 million with a 5-year term • Financial hedges for Diesel and exchange rate 1Q25 Milestones
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VAT on fuels imports Financial Performance Background Prospective effect 1 January 2025 Next Steps VAT liquidation on imports since January 1, 2025 DIAN Response Analysis DIAN: Case Closure / Official Assessment DIAN Ruling - Dec 2024 On VAT for Fuel Imports (Diesel and Gasoline) Retrospective effect 2022 - 2024 3 Ecopetrol and Reficar requirements ~9.4 Trillion pesos 19% VAT on fuel imports Annual payment 3.6 TCOP ~93% Recoverable through tax refund requests Requirements responses on terms Ecopetrol: Reconsideration Request / Official Assessment Appeal 24
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25 ~1 TCOP Additional cost and expense reductions 500 MUSD Flexibility in capex intervention ~2 TCOP Working capital management Portfolio rotation ensuring profitability Implementation of contingency measures Diversified Group Businesses that contribute to stability Experience in volatile periods Adaptable investment plan Competitive commercial strategy Protection of cash flow Early collection of FEPC 7.6 TCOP 2.5x Gross Debt / EBITDA <12 USD/Bl Lifting cost 500 MUSD Approved credit line 99% of production with EBITDA breakeven <55 USD/bl as an integrated chain +3.1 USD/Bl Differentiated marketing of the crude basket Defined protocols for adjustments according to market conditions Activation of additional initiatives Current measures in response to price drops Capital discipline Resilience and flexibility Constant monitoring
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Q&A