Ecopetrol Analysis (December) 2025 | Price, Valuation & Outlook

Ecopetrol

BVC:ECOPETROL

$ 1.925,00

+ $10,00 (0,52%)

1.925,00 $

+$10,00 (0,52%)

End-of-day quote: 12/05/2025

Ecopetrol Stock Value

According to analysts, the current valuation of Ecopetrol is Hold.

Hold

Ecopetrol Company Info

EPS Growth 5Y

-0,41%

Market Cap

$79.149,64 B

Long-Term Debt

$107.521,05 B

Annual earnings

02/24/2026

Dividend

$0,00

Dividend Yield

0,00%

Founded

1948

Industry

Energy

Country

Colombia

Website

Ecopetrol

ISIN Number

COC04PA00016

Website

http://www.ecopetrol.com.co/wps/portal/

Analyst Price Target

$1.885,00

-2.08%

Last Update: 12/06/2025

Analysts: 6

Highest Price Target $2.200,00

Average Price Target $1.885,00

Lowest Price Target $1.575,00

In the last five quarters, Ecopetrol’s Price Target has fallen from $2.587,53 to $1.827,57 - a -29,37% decrease. One analysts predict that Ecopetrol’s share price will fall in the coming year, reaching $1.885,00. This would represent a decrease of -2,08%.

Top growth stocks in the energy sector (5Y.)

What does Ecopetrol do?

Ecopetrol S.A. (Ecopetrol) engages in commercial and industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services. The company is the largest company in...

The company is the largest company in Colombia and an integrated energy company in Latin America, with a presence primarily in Colombia and activities in the U.S. (the U.S. Gulf of Mexico and Permian Basin), Brazil, Mexico, Peru, Chile and Bolivia. In Colombia, the company is responsible for more than 60% of the hydrocarbon production, transportation, logistics, and hydrocarbon refining systems, and holds a leading position in the petrochemicals and gas distribution segment. Through ISA, the company has a strong position in the electric power transmission business, toll roads and telecommunications sectors throughout Latin America. The Nation owns 88.49% of the company’s voting capital stock.

The company operates through three corporate business lines: Hydrocarbons, which includes four operational divisions: Exploration and Production, Transportation and Logistics, Refining Petrochemicals and Biofuels, and Sales and Marketing; Low Emissions Solutions, which includes natural gas, biogas, LPG, power, renewables, hydrogen and CCUS; and Transmission and Toll Roads.

The company’s segments include exploration and production, transportation and logistics, refining and petrochemicals, and energy transmission and roads.

The company’s subsidiaries, Refinería de Cartagena S.A.S. (Reficar or Cartagena Refinery), Cenit, ISA, Ecopetrol Trading Asia Pte Ltd. (Ecopetrol Trading Asia), Esenttia S.A., Ecopetrol Permian LLC (Permian), and Ocensa are significant subsidiaries.

The company has several directly and indirectly held subsidiaries both in Colombia and abroad. As of December 31, 2023, the company had 13 directly owned and 86 indirectly owned subsidiaries.

Exploration and Production

Exploration and Production business segment includes exploration, development, and production activities in Colombia and abroad. Exploration and production activities are conducted directly by the company, and through some of its subsidiaries, as well as through joint ventures with third parties. As of December 31, 2023, the company is the largest operator and producer of crude oil and natural gas in Colombia, maintaining the largest exploration acreage position in Colombia.

Exploration Activities

In 2023, the company’s exploration strategy focuses on three working fronts: Colombian onshore, Colombian Caribbean offshore, and overseas. By year-end, the Ecopetrol Group was a party to 99 contracts for exploratory activities, with 48 of those contracts being for Colombia, and 51 of those contracts for outside of Colombia, distributed as follows:

Exploratory Activities in Colombia

Ecopetrol is a party to 20 E&P contracts in exploratory stage, three E&P Agreement in exploratory stage, three technical evaluation agreements (TEAs), one risk sharing agreement, three association contracts.

Hocol S.A. (Hocol) is a party to 18 E&P contracts in exploratory stage, and (ii) one association contract.

Exploratory Activities outside of Colombia

one production sharing contract (PSC) in Mexico;

42 royalty tax agreements for Ecopetrol America LLC, which includes 39 blocks with exploratory interest only, and three blocks - DC090, EB602 and GC563 - held by production with exploratory interest; and

one production sharing (PSC) and seven concessions for Ecopetrol Óleo e Gás do Brasil Ltda.

The company’s Business Plan aims at incorporating resources in high reward projects concentrated in: onshore basins in Colombia (both foothills and foreland in Llanos basin, Middle and Upper Magdalena Valley, Putumayo and gas in Guajira, Sinú-San Jacinto and Lower Magdalena Valley), offshore Colombia (appraise and evaluate existing gas discoveries, as well as identify new hydrocarbons accumulations), and international areas such as offshore Brazil in pre-salt and post-salt Santos and Campos basins.

Exploration Activities in Colombia

In 2023, Ecopetrol and its subsidiaries drilled 26 exploration and appraisal wells in Colombia, out of which 21 were exploratory (A3/A2), three were appraisal (A1) wells, and two development (A0) wells with additional exploratory targets. As of December 31, 2023, eight wells were successful, nine were dry, and nine remained under technical evaluation. It should be noted that three of these 26 wells correspond to activity operated at the exclusive risk of partners. This drilling activity was concentrated in basins of interest around Colombia, including the Caribbean offshore, Llanos, the Lower, Middle and Upper Magdalena Valley and Sinú-San Jacinto.

The eight successful wells drilled by Ecopetrol and its partners in Colombia during 2023 were:

seven wells in Llanos Basin: In the department of Meta, the wells Saltador-1, Bisbita Centro-1 and Toritos-1 operated by Geopark Ltd. (Geopark) (50%) in association with Hocol (50%) in the LLA-123 block, and the wells Kimera-1 and Magnus-1 (B1) operated by Ecopetrol (55%) in association with Repsol (45%) in the CPO-9 block. In the department of Casanare the wells Zorzal-1 and Zorzal Este-1 operated by Geopark (50%) in association with Hocol (50%) in the block LLA-87.

one well in offshore Caribe Offshore, Glaucus-1, located in Block COL-5, and operated by Shell (50%) in association with Ecopetrol (50%). With this discovery, the gas province initially found with the Gorgon and Kronos wells has expanded. Shell and Ecopetrol are evaluating the potential of the discovered well. The gas discovery in the Glaucus-1 well confirmed the potential of the Southern Caribbean by adding more deepwater gas resources. Despite the successful results, the well was plugged and abandoned, in order to comply with Ministry of Mines and Energy regulations that require that wells that are not in production must be plugged to prevent loss of integrity.

In October 2023, the Farallones and Magangué exploration and production (E&P) contracts were signed. Ecopetrol holds 100% of the participation in both wells which are located in the Llanos Orientales foothills and in the Lower Magdalena Valley Basin respectively.

Seismic

In Colombia, during 2023, Ecopetrol acquired 312 km2 of seismic information through the Flamencos 3D program, and 98.5 km2 through the Cesar 2023 3D program. Through its partner, SierraCol Energy, as operator (50%), Ecopetrol acquired 10.5 km2 of seismic information through the INOR 3D program. All these seismic programs were in the Middle Magdalena Valley basin. Moreover, 6,265 km of 2D seismic were purchased in the Llanos and the Middle Magdalena Valley basins by Ecopetrol.

Hocol acquired 210 km 2D of seismic information in the Sinú San Jacinto basin (blocks SSJN-1 162 km and Perdices 15 km with Lewis Energy (50%) and RC7 33 Km)19 km2 (in progress) of 3D data in Llanos 104, operated by Geopark (50%), located in the Llanos basin. Additionally, Hocol purchased 540.16 km 2D of seismic information in the Upper Magdalena Valley, 104.8 km2 of 3D seismic (104.8 km2 raw data, 104.8 km2 PSTM (time), 104.8 km2 PSDM (depth) and 259.9 km2 Merge PSDM of processed seismic data in the Llanos basin.

In addition, in 2023, Ecopetrol reprocessed and re-analyzed 6,709.8 km2 of the 3D seismic information and 5,972.1 km of 2D seismic information; and acquired and processed 27,503 km of iFTG aerogradiometry information, broken down into the following programs: Llanos Norte (Catleya Sirirí) – 4,485 km, Middle Magdalena Valley Sur-12,878 km, Llanos Polígono A-Norte 3,888 km, Llanos Polígono B-Sur 6,252 km. These projects were carried out with the purpose of improving subsurface images and have allowed the company to continue identifying and evaluating the potential of certain basins and mature existing prospects within its portfolio in the Middle Magdalena Valley and Llanos basins.

Exploration Activities Outside Colombia

The company’s international exploration strategy is focused on basins with high materiality, aiming at mitigating its risk exposure and ultimately increasing its reserves.

Seismic

During 2023, the company’s subsidiary Ecopetrol Óleo e Gás do Brasil Ltda, aligned to its commitment with the National Petroleum Agency, conducted a high-quality multiclient 3D seismic campaign. 8,643 km2 of 3D seismic data located in Southern Santos basins were purchased to evaluate the exploratory potential of the basin and to mature the existing prospects within the portfolio. The 3D data will support prospectivity evaluation and the ranking of exploration opportunities for a future drilling campaign.

Production Activities

In 2023, the company’s consolidated average production was 736.6 thousand boepd, showing an increase of 27.1 thousand boepd as compared to 2022, primarily due to the following factors: the entry into operation of the first fluid treatment train in the Caño Sur field during the second half of 2022, which increased production by 40.6 thousand boepd in December 2023; incremental production from Permian, and increased capacity in water facilities in Rubiales.

Production Activities in Colombia

Ecopetrol’s Production Activities in Colombia

For the year ended December 31, 2023, Ecopetrol was the largest participant in the Colombian hydrocarbons industry, accounting for approximately 64.2% of crude oil production and 59% of natural gas production (calculations based on information from the Ministry of Mines and Energy (Ministerio de Minas y Energía or MME for its acronym in Spanish).

Ecopetrol manages its production operations through a regional and associated organization, which comprises oil fields with active production in 2023 in four regions: Central Region, Orinoquía Region, Andina Oriente Region, and Piedemonte Region. Additionally, the company operates 75 fields with active production through associated operations with different partners.

Crude Oil Production

The average daily production of crude oil in Colombia by Ecopetrol (excluding its subsidiaries), was 498.7 thousand bopd in 2023.

Ecopetrol’s crude oil production in Colombia during 2023 was approximately 71% heavy crudes and 29% light and medium crudes. In 2022, approximately 67% of the crude oil production consisted of heavy crudes, and 33% of the crude oil production consisted of light and medium crudes.

Natural Gas Production

In 2023, the average daily production of natural gas by Ecopetrol (excluding its subsidiaries) reached 129.17 thousand boepd, including natural gas liquids (NGLs). This production was supplied from the following fields: Floreña (32.6%), Cupiagua (31.9%), Cusiana (18.5%), Guajira (7.7%), and the remaining 9.3% from other fields.

By the end of December 31, 2023, the Liquefied Petroleum Gas (LPG) plant of the Cupiagua field produced 7,682 LPG barrels per day. The plant produces LPG and other products such as natural gas liquids (NGL), and penthane (C5).

Ecopetrol’s Affiliates and Subsidiaries’ Production Activities in Colombia

In 2023, the subsidiaries’ production in Colombia came from Hocol, with a production of 35.45 thousand boepd, which represents 4.8% of the Ecopetrol Group’s total production.

Production Activities Outside Colombia

In 2023, the subsidiaries’ production outside Colombia came mainly from Ecopetrol America LLC and Ecopetrol Permian LLC. In 2023, the production obtained from these two companies was 73.24 thousand boepd, which represents 9.9% of the Ecopetrol Group’s total production.

Unconventional Hydrocarbons

On February 28, 2020, the Colombian Government, issued the Decree 328, providing the general guidelines for developing Integral Research Pilot Projects (PPIIs), followed by the issuance of corresponding environmental technical and social regulation by other Ministries to allow PPIIs to be performed. Furthermore, on December 24, 2020, Ecopetrol signed a Special Contract for Research Projects (Contrato Especial de Proyectos de Investigación, or CEPI for its acronym in Spanish) with the ANH regarding the development of a PPII, entitled Kalé. On June 4, 2021, Exxon Mobil Colombia signed a contract for the development of a PPII located near Ecopetrol’s PPII area, named Platero. On June 17, 2021, Exxon Mobil and Ecopetrol signed a consortium to jointly develop both PPIIs, in which Ecopetrol is the consortium operator.

On September 23, 2022, Ecopetrol filed a request for the suspension of the environmental obligations of Resolutions 00648 of March 25, 2022, and 01283 of June 10, 2022 before the National Authority of Environmental Licenses (ANLA for its acronym in Spanish), relating to the environmental license for the PPII Kalé. On September 29, 2022, the ANLA accepted Ecopetrol’s request and suspended such environmental obligations relating to the environmental license for PPII Kalé.

On November 4, 2022, in response to the request for suspension of the CEPIs filed on September 9, 2022, the ANH published Agreement 009, through which it was authorized to amend Clause 55 of the CEPIs, to allow for the suspension by mutual agreement of such contracts.

On December 28, 2022, the CEPI Kalé was formally amended to allow for its suspension by mutual agreement, as authorized by Agreement 009 of November 4, 2022, and was extended by Suspension Agreement No. 2 on October 4, 2023.

Ecopetrol is awaiting the outcome of bill for law 114, that intends to prohibit fracking in Colombia and is undergoing the legislative process in the Colombian Congress.

In addition, in connection with Ecopetrol’s unconventional resources strategy outside Colombia, in 2019, the company formed a joint venture (JV) with Occidental Petroleum Corp. (Occidental Petroleum) for the development of approximately 97,000 acres in the Midland Basin, within the Permian Basin, Texas, by which it acquired 49% of Rodeo Midland Basin LLC (Rodeo JV). As from January 1, 2022, the Rodeo JV agreement with the company and Occidental Petroleum was amended to provide Ecopetrol access to a larger production stake (75%), as well as to adjust its current carry obligations which will be paid in 2024.

On June 17, 2022, Ecopetrol Permian LLC (a subsidiary of Ecopetrol) signed a Joint Development Agreement (JDA) with certain Occidental Petroleum subsidiaries to carry out drilling and production programs from 2022 to 2027, in an area of approximately 21,000 acres located in Permian Basin. The agreement allowed Ecopetrol to expand its presence in the Permian with an approximately 49% interest stake of drilling and production programs in this area. Activity in Permian Basin started in December 2022 and started contributing to production during the second part of the first quarter of 2023.

On September 11, 2023, Ecopetrol announced certain adjustments to its 2040 Strategy, including that unconventional hydrocarbon exploration activities will not be pursued in Colombia, among other updates. See section 2040 Strategy: Energy That Transforms.

Marketing of Crude Oil and Natural Gas

In 2023, the company sold 1,005 mboed, out of which 472.4 mboed represented sales of fuels and petrochemicals (47%), 431.1 mboed represented sales of crude oil (43%), and 101.5 mboed sales of natural gas (10%).

Crude Oil Export Sales

In 2023, crude oil export sales totaled 430.0 and increased by 29.7 mboed compared to 2022, mainly due to higher production (+27 mboed). The company’s crude oil export sales are traded both in the spot and contract markets, primarily to refiners in Asia and the United States.

The Castilla blend is the main type of crude oil for export sales, with 279.3 mboed sold during 2023 (a 65% share of the crude oil basket) followed by the Apiay blend with 51.8 mboed (a 12% share of the crude oil basket), the Mares blend with 24.6 mboed (a 6% share of the crude oil basket) and the domestic crudes from Ecopetrol Permian LLC with 29 mboed (a 7% share of the crude oil basket).

The company places its exports in markets that provide the best value for its crudes. In 2023, Asia was the main destination, representing 54% of crude oil exports, followed by the United States with 38%. The expansion of the refining capacity in countries like China, as well as the fast recovery in crude demand of key refining hubs in Asia have supported the increase of crude oil flows sold by Colombia to that region. At the same time, the United States kept a strong position as a result of its economic reactivation.

In October 2023, the operation started in Ecopetrol US Trading LLC., in which Ecopetrol indirectly owns 100% of the share capital. This company sold 6.1 million barrels in its first three months of operation.

Crude Oil Purchase Contracts

The company has signed several crude oil purchase contracts with third parties and business partners. The company also purchased the country’s crude oil royalties from the ANH. These crudes are processed in the company’s refineries or exported.

During 2023, part of the company’s crude strategy was centered on increasing the purchase and subsequent commercialization of crude oil from third parties, which enables further optimization of the supply chain and margin capture.

Import of Diluents

In 2023, the company decreased the imports of diluent by 27% (9.7 mbod) compared to 2022, due to the use of domestically produced naphtha. Diluent is used to transport heavy crudes through the pipeline system.

Natural Gas Sales

The company sells natural gas to distribution companies through firm, interruptible and conditional contracts. These distributors supply natural gas to the residential market, as compressed natural gas for vehicles market and to large industrials in Colombia. The company also markets and sells natural gas directly to the industrial sector and to gas-fired power plants.

Joint Venture and Other Contractual Arrangements

The company conducts its exploration and production business through a variety of contractual arrangements with the Colombian Government or with third parties.

Association Contracts

The purpose of this type of contract, created by Decree 2310 of 1974, is the exploration of the areas covered by the contract, and the exploitation of hydrocarbons found in that area.

Incremental Production Contracts

The company enters into incremental production contracts to obtain additional hydrocarbon production beyond a base production curve that is established based on the proven reserves of a specific field or well.

Special Contracts

The company is a party to a joint venture for exploration and exploitation of La Cira-Infantas Area and of Teca-Cocorná Area.

These contracts between Ecopetrol and SierraCol Energy, formerly known as Occidental Andina LLC, which were executed on September 6, 2005, and June 24, 2014, respectively, have as their purpose, a joint collaboration between the parties with the goal of increasing the economic value of the La Cira-Infantas and the Teca-Corcorná fields, by means of hydrocarbon exploration and production activities, including, among others, an incremental production project to improve the recovery factor, process optimization, and exploratory activities.

Ecopetrol partially assigned its exploratory and production rights in the contracted areas to SierraCol Energy. Additionally, pursuant to these contracts, Ecopetrol provides financial resources and the preferential rights of use for the existing infrastructure in that zone and SierraCol Energy provides financial resources and the technical and operative experience in mature fields redevelopment projects and enhanced recovery technologies.

Ecopetrol is the operator under both joint ventures, and, on behalf of the parties, is responsible for the conduction, execution, and control, directly or via contractors, of the operational activities.

The La Cira-Infantas joint venture is divided into three phases. The first phase lasts 180 days, the second lasts 730 days, and the third phase lasts up to the date in which the field reaches its commercial viability.

The incremental production, after deduction of the royalties, is owned 52% by Ecopetrol and 48% by SierraCol Energy. The Teca-Cocorná joint venture is divided into two phases. The first phase lasts three years and may be extended for up to an additional year; the second term is 20 years and will be reduced by the term of any extensions of the first phase.

The basic production is 100% owned by Ecopetrol. The incremental production, after deduction of the royalties, is owned 60% by Ecopetrol and 40% by SierraCol Energy. These same percentages apply to the participation in the operational and direct expenses.

The National Hydrocarbons Agency (ANH) and its Contracts

The ANH was created by Decree Law 1760 of 2003 and was given the authority to administer all national hydrocarbon reserves under contracts executed from January 1, 2004. Pursuant to Decree Law 1760 of 2003, Empresa Colombiana de Petróleos, Ecopetrol, was split, and its organic structure was modified, to create two new entities: the Agencia Nacional de Hidrocarburos and the Sociedad Promotora de Energía de Colombia S.A.

E&P Contracts

The ANH only receives a percentage of oil revenues in two cases:

when the international oil prices rise beyond a specified price (high price fee), above which the ANH has a right to participate in a share of the increased revenues generated, or

in the case of recognition of production rights in an extended contractual phase (additional production share).

E&P contracts have three phases: an exploration period of up to six years counted from the effective date, which may be extended for two additional years, an evaluation period of two years, assuming reserves are discovered, to determine the commercial potential of the discovered reserves, and a production period, with respect to each production field, which may last for up to 24 years plus extensions, counted from the date in which the commercial viability of the corresponding field is declared.

ANH and Ecopetrol Agreements (Convenios)

Decree-Law 1760 of 2003 established that the rights over the production area and over the movable and immovable assets of all fields that were directly operated by Ecopetrol as of December 31, 2003, and all fields in which there was an association contract before said date will continue to belong to Ecopetrol.

Pursuant to Article 2 of Decree 2288 of 2004, which regulates Decree Law 1760 of 2003, Ecopetrol must execute an agreement with the ANH to regulate the exploration and exploitation terms and conditions of the relevant area, which was previously subject to an association contract.

Decree 2288 of 2004 also established that Ecopetrol would have to execute agreements with the ANH, covering fields directly operated by Ecopetrol. Under these agreements, the ANH recognizes the exclusive right of Ecopetrol to explore and exploit the hydrocarbons which are property of the Nation and might be obtained in the areas covered by the corresponding agreements. Ecopetrol’s rights shall last until resources are depleted or Ecopetrol returns such areas to the Nation through the ANH.

Transportation and Logistics

Transportation Activities

The transportation and logistics segment includes the transportation of crude oil, motor fuels, fuel oil, and other refined products including diesel, jet, and biofuels. The company conduct most of these activities through its wholly owned subsidiary Cenit Transporte y Logística de Hidrocarburos S.A.S. (Cenit) and its subsidiaries.

Transportation Capacity

The company’s main crude oil pipeline systems’ operating capacity was 1,489 thousand barrels per day in 2023. The company’s main multi-purpose pipeline transportation capacity included 549 thousand barrels per day in 2023.

Pipelines

As of December 31, 2023, the company, directly or indirectly with private partners, owned, operated and maintained an extensive network of crude oil and multi-purpose pipelines. These pipelines connect the company’s own and third-party production centers, import facilities and terminals to refineries, major distribution points, and export facilities in Colombia.

Cenit directly owns 46% of the total crude oil pipeline shipping capacity in Colombia. When aggregated with the crude oil pipelines in which Cenit owns an interest, Cenit owns 85% of the oil pipeline shipping capacity in Colombia. By December 31, 2023, the company’s network of crude oil and multi-purpose pipelines was approximately 9,040 kilometers in length. The transportation network consists of approximately 5,334 kilometers of main crude terminals and oil pipeline networks connecting various fields to the Barrancabermeja refinery and Cartagena Refinery, as well as to the company’s export facilities.

The company also owns 3,706 kilometers of multi-purpose pipelines for transportation of refined products from the Barrancabermeja and Cartagena refineries to major distribution points. Out of the approximately 5,334 kilometers of crude oil pipelines, owned by it, 3,121 kilometers of crude oil pipeline are wholly owned, and 2,212 kilometers of crude oil pipeline are owned through non-wholly owned subsidiaries.

As of December 31, 2023, the company owned 75 stations, 42 located in crude oil pipelines, 29 in refined products pipelines, two in crude oil ports and two in refined product ports.

As of December 31, 2023, the company had a nominal storage capacity associated with the transportation network of 16.4 million barrels of crude oil and 5.7 million barrels of refined products.

Pipeline Projects

Coveñas- Cartagena

This pipeline has a nominal capacity of 135,000 barrels per day and feeds the Cartagena Refinery with national crudes. As the demand for national crudes from the Cartagena Refinery continued to increase, Cenit identified a need to expand this system. In May 2020, Cenit approved the project to increase the system’s nominal capacity by 20,000 barrels per day to 155,000 barrels per day and has been in operation since November 2021.

Pozos Colorados Fuel Loading Dock

Seeking fuel supply flexibility in the area, the Fuel Loading Dock Project was developed in Pozos Colorados Terminal. As such, the scope of the project consists of enabling the facilities to deliver gasoline and load fuel trucks inside the station. The project was completed in December 2022 and is ready to use based on fuels demand in the area.

Apiay Fuel Loading Dock

Seeking fuel supply flexibility in the area, the Fuel Loading Dock Project was developed in Apiay. This asset allows alternative delivery of fuels by the dock in this Crude Oil Station. As such, the scope consists of enabling the receipt of fuels from the Poliandino pipeline to the fuel tank at the station in Apiay and the construction of the facilities required to load fuel trucks inside the station. The project was completed in November 2021 and is ready to use based on fuels demand in the area.

Ocensa Segment 3 Connection to Cenit Tanks in Coveñas

Seeking operational efficiencies for the Ocensa terminal in Coveñas, the Segment 3 Connection Project was developed. This connection consists of enabling direct deliveries from the entrance of the Ocensa pipeline to the tank system of the Cenit station in Coveñas. Previously, crude oil was received in Ocensa’s tanks in Coveñas and then transferred to Cenit’s tanks. The operation of this connection is governed by an agreement between Cenit and Ocensa, which defines the rate and operating conditions that should be in place with the project expected to result in additional income for Ocensa.

In 2021, stabilization of the system of the Coveñas Segment III Connection to Cenit Tanks - SEG3COV project was accomplished during the first days of January 2021. This connection has allowed direct delivery of barrels since the beginning of its operation, with a daily average in 2021 of 32,059 barrels per day, complying with the nomination of deliveries to customers and ensuring the stable condition of the delivery system by operators of Ocensa, Cenit, and Ecopetrol.

Vasconia Energy Recovery (RECVA)

In connection with Ecopetrol Group’s focus on energy efficiency, the company developed the Vasconia Energy Recovery (RECVA) project, which seeks to capture energy dissipated in the transportation process. Such energy is captured and converted from hydraulic principles into electrical energy to be used in the operation of the station, which reduces the consumption of energy supplied by the Regional Transmission Systems (Sistema de Transmisión Regional or STR for its acronym in Spanish).

Given that the Vasconia station operates 24 hours a day, an opportunity was identified to recover energy from the system, converting hydraulic energy (flow and pressure) into electrical energy through the installation of a hydraulic power recovery turbine (“HPRT”). In 2019, the HPRT was purchased, manufacturing was completed, and the engineering development was concluded.

In 2021, once the inconveniences derived from the pandemic were overcome, (i) the execution phase continued; (ii) the construction contract was awarded; and (iii) the civil, mechanical, electrical, and instrumentation works began. During that same year, pre-commissioning activities, including the selection of vendors for the commissioning stage, took place. In April 2022, the construction phase and commissioning stage were completed, and, in July 2022, HPRT operating tests and stabilization process, along with the environmental program (energy recovery and the reduction of CO2 emissions) were commenced.

Corrective maintenance in certain components and implementation of improvements to ensure a long and stable operation to meet the expected recovery efficiency were required once the operating tests were concluded and the HPRT started operations.

Operational Storage Program

The operational storage program’s objectives and scope includes ensuring a storage of more than one million barrels of refined products in five different stations. The program foresees the construction of more than 10 tanks distributed through four projects divided in this way: one tank of 260,000 barrels for Nafta and one tank of 323,000 barrels (under construction) for Biodiesel Extra (B2E) or Gasoline (GM) in Pozos Colorados Terminal; and two tanks of 100,000 barrels each in Sebastopol station and one tank of 62,000 barrels in Yumbo station (all this storage is for Biodiesel Extra (B2E) and Gasoline (GM)). The company is evaluating the construction of two tanks of 70,000 barrels each, to storage B2E and GM in Cartago Station and four new tanks in Medellín that in total has 254,000 barrels of capacity to storage Jet (JA1), Gasoline Extra (GE) and B2E.

The construction phase began in 2020 in Pozos Terminal and Sebastopol station and in 2021 in Yumbo station. According to the construction, startup phase and commissioning, the systems in Pozos Terminal, was completed in August 2022. Startup of the new tank at Yumbo took place in the first quarter of 2023, and the startup of the additional tank in Pozos Colorados Terminal will take place in 2024.

Andina Reliability Project

The aim of the Andina project is to increase reliability in the Salgar, Mansilla System through the replacement of 12 main pumps in four stations (Salgar, Guaduero, Villeta and Albán) to guarantee the supply of refined product to the interior of the country, mainly to the city of Bogotá and El Dorado International Airport.

Replacement of the La Valeria Single Point Mooring in Pozos Colorados Terminal.

The La Valeria Single Point Mooring (SPM) operating in the Pozos Colorados Maritime Terminal will need to be replaced in 2024, as the operational term specified in its safety certificate is coming to an end.

This will require, among other things procuring the design and construction of the SPM, transportation and delivery of materials, obtaining permits, registrations, and authorizations for the new unit and decommissioning of the current one, dismantling and final disposal of the current SPM; assembly, commissioning, and operational start-up of the new SPM; and (vi) stabilization of operations. Temporary reliability multibuoy system is in use since October 2023, and will serve as the operational continuity system during the replacement process.

Caño Sur Pipeline

The objective of this project is to enable the transportation of 100% of the production projection of the Caño Sur field owned by Ecopetrol, through a pipeline of approximately 20 kilometers long, between Caño Sur and the kilometer 30 of the Oleoducto de los Llanos Orientales - ODL transportation system. The producer could have benefits from an efficient transportation system, with a greater oil evacuation capacity of 44,000 bpd and with lower risks compared to the current transportation conditions. In 2023, the project completed the following milestones: (i) the basic engineering for this project was completed, (ii) the necessary environmental authorization was obtained, and (iii) the Ministry of Mines and Energy (Ministerio de Minas y Energía or “MME” for its acronym in Spanish) approved the new pipeline.

Electric Interconnection of the Estación el Porvenir (ENERGEPO)

Ocensa established a strategic framework to reduce emissions by 51% by 2030. In connection with such goal, Ocensa’s analyses indicate that the El Porvenir station is one of the plants with highest number of emissions, contributing 30% of the total tons of CO2e from Ocensa.

Based on this strategic plan, Ocensa is developing projects that aim to guarantee safe, reliable, and eco-efficient operations such as the 115 KV electrical connection between the El Porvenir station and the SIN, which project started during the first quarter of 2022.

The ENERGEPO project is subject to the completion of the Alcaraván expansion project, which consists of expanding the 230 KV and 115 KV electrical networks between San Antonio in Nobsa Boyacá and the new Alcaraván electrical substation in Yopal, by the Mining and Energy Planning Unit (Unidad de Planeación Minero-Energética or UPME for its acronym in Spanish).

In 2023, the company updated and defined the connection study and analysis regarding the importance of repowering the existing system with the execution of the Alcaraván project. In November 2023, UPME officially awarded this project (Alcaraván) to Alupar Colombia SAS.

Solar Energy Projects

The Ecopetrol Group aims to develop projects that help to achieve the energy transition to non-conventional renewable energies and that contribute to Colombia’s decarbonization strategic goals. For this reason, within the framework of the investment program in the energy category, Ocensa is developing two initiatives focused on the construction of solar farms at the Coveñas and Vasconia stations, which leverages current resources to achieve safe, reliable, eco-efficient and sustainable operations.

Caucasia Main Units Replacement Project

With the objective of ensuring the reliability of the system and transport capacity while reducing CO2 direct emissions, the Ecopetrol Group started the Caucasia Main Units Replacement Project, which consists of replacing the three internal combustion engines at the ODC Caucasia station with three new electric motors.

The project is divided into several stages. In 2021, investments were made in long-term procurement and project management. In 2022, construction began with detailed engineering, soil studies and procurement. In 2023, construction began and was completed, with the project being fully operational.

As for the energization phases, temporary thermal generation with natural gas supply has been used since 2023 and is expected to be used until synchronization with the Regional Transmission System (Sistema de Transmisión Regional or STR for its acronym in Spanish) in 2025. A solar farm with an installed capacity of 6.7 MWp is expected to be implemented in 2024, which is intended to support the transition to the connection with the STR. Also, a connection is expected to be established with ISA Colombia through a 110 kV line, projected to enter into service in 2025.

Export and Import Facilities

The company has concessions granted by the Colombian Government for four export/import docks for crude oil and refined products: Coveñas, Tumaco, Pozos Colorados, and Cartagena. The company’s export capacity reached 2.35 million barrels per day for crude oil. The company’s import capacity of refined products and crude oil reached 0.18 million barrels per day and 0.34 million barrels per day, respectively.

The company’s crude oil loading facilities can load tankers of up to 350 thousand deadweight tonnage (DWT). Adjacent to these loading facilities the company also has storage facilities with 9.94 million barrels of capacity. The company’s docks, used for import and export refined products, can load tankers of 55 thousand DWT. Additionally, these facilities have a storage capacity of up to 1.5 million barrels.

Other Transportation Facilities

The company has entered into transportation agreements with tanker trucks and barge companies to transport crude oil from locations. The volume of refined products that cannot be transported by pipelines or tanker trucks due to capacity limitation, is transported by barges. During 2023, 38.6 million barrels of crude oil and refined products were transported by tanker trucks, and 9.8 million barrels of refined products were transported by barges, particularly using the Magdalena River, connecting Barrancabermeja with Barranquilla and Cartagena.

Marketing of Transportation Services

Cenit and its subsidiaries’ main line of business is the crude oil pipeline transport (78% of revenues), followed by the refined products pipeline transport (15% of revenues) and ports and related services (7% of revenues). Both crude and refined product pipeline transport are regulated activities; crude oil pipeline transport services are regulated by the Ministry of Mines and Energy, while refined product pipeline transport services are regulated by the Energy and Gas Regulatory Commission (Comisión de Regulación de Energía y Gas or CREG by its acronym in Spanish).

Transportation contracts of crude oil may take several forms: ship or pay (payment for the availability of a fixed capacity in the system), ship and pay (payment for volumes actually transported), or spot contracts. The main users for the crude oil transportation business are Ecopetrol, Frontera Energy, Trafigura, Parex, Hocol, and Vitol, who collectively represented 77% of this business segment’s revenues in 2023. Transportation services for crude oil provided to Ecopetrol. represented 89% of this business segment’s crude oil transport revenues in 2023.

Cenit also transports refined products, and its main client is Ecopetrol., which accounted for 38% of refined products pipeline transport revenues in 2023, mainly due to the transport of naphtha, diesel, and gasoline. Cenit also has 27 other fuel wholesalers’ customers for whom it transports refined products. The most significant among them are Organización Terpel, Primax Colombia, Chevron Petroleum Company, Biocombustibles S.A.S., Terpel Exportaciones and Petrobras Colombia.

Deregulated businesses, such as ports and crude-loading facilities, represent a smaller portion of Cenit and its subsidiaries revenue (7% in 2023). Clients for these businesses include some of the same parties for which Cenit provides crude oil and refined products transportation services.

Refining and Petrochemicals

Refining

The company’s main refineries are the Barrancabermeja refinery, which directly owns and operates, and a refinery in the Free Trade Zone in Cartagena owned by Refinería de Cartagena S.A.S., a wholly owned subsidiary of Ecopetrol, who operates this refinery and two other minor refineries -Orito and Apiay-, but these are considered part of the upstream segment since most of the production is for self-consumption.

The company’s refineries produce a full range of refined products, including gasoline, diesel, jet fuel, LPG and heavy fuel oils, among others.

Barrancabermeja Refinery

The Barrancabermeja refinery produced approximately 42.01% of the fuels consumed in Colombia in 2023, according to internal calculations made by the company and Colombia’s fuel consumption as reported by the Ministry of Mines and Energy.

The company owns and operates four petrochemical plants and one paraffin and lube plant located within the Barrancabermeja refinery. In 2023, the company produced 43,320 tons of low-density polyethylene, an increase of 6% compared to the production of 40,864 tons in 2022. This increase was primarily due to the operational availability of the units associated with the polyethylene chain. The company produced 0,598 mboe of aromatics (benzene, toluene, xylene, orthoxylene, heavy aromatics, and cyclohexane), a 3.5% of increase as compared with the production of 0.578 mboe of aromatics in 2022, mainly as a result of an increase in exports to the international market accompanied by greater operational availability of the unit.

Cartagena Refinery

During 2023, the Cartagena Refinery imported butane in order to achieve the planned feed of the Butamer Unit and to increase the production of alkylate.

Esenttia S.A.

During 2023, Esenttia’s production totaled 441 thousand tons of petrochemical products.

Invercolsa

During 2023, Inversiones de Gases de Colombia S.A. (Invercolsa), registered 1.45 million users of natural gas. Additionally, non-controlled companies registered 2.50 million users of natural gas in 2023.

Biofuels

As of December 31, 2023, the company had investments in the biofuel company Ecodiesel Colombia S.A., in which it owns 50% of the shares, in operation with a capacity of 144 thousand tons of biodiesel per year.

During 2023, the company managed to capitalize on opportunities and achieved historical results in production, going from a production of 138 thousand tons in 2022 to 145 thousand tons in 2023. This represents a year-to-year growth of 5.24% and was due mainly as a result of higher plant efficiency, which allowed for an increase in load from 16.59 tons/hour in 2022 to 17.34 tons/hour in 2023.

Marketing and Supply of Refined Products

The company is the main producer and supplier of refined products in Colombia. The company e markets a full range of refined and feedstock products, including regular and high-octane gasoline, diesel fuel, jet fuel, LPG and petrochemical products, among others.

Domestic sales of products totaled 359.9 mboed and decreased by 5.2 mboed in 2023, 1% lower as compared to 2022. This decrease is primarily the result of the combined effects of a decrease in the demand for gasoline, partially offset by an increase in the demand of diesel fuel.

In 2023, 15.4 million barrels of diesel and 2.9 million barrels of gasoline produced by the Cartagena Refinery were allocated to complement the supply from the Barrancabermeja refinery and fulfill Colombia’s demand, avoiding larger imports and allowing the company to maintain the share of the national market. In the same way, 8.8 million barrels of diluent produced by the Cartagena Refinery were used to transport crude reducing diluent imports. In addition, the company imported petrochemicals to complement the national supply, generating additional sales of lubricating bases, polyethylene, hexanes, and others.

Exports of products increased by 36% (29.5 mboed) in 2023 compared to 2022, explained by an increase of 13.6 mboed in exports of middle distillates, 7.4 mboed in exports of coke and 5.6 mboed in exports of propane.

Electric Power Transmission and Toll Roads Concessions

The company’s electric power transmission and toll roads concessions segment includes the offering of services such as electricity transmission and the designing, building, operating, and maintaining toll road infrastructure in various countries in Latin America. The company conducts these activities through ISA and its subsidiaries.

ISA

ISA is a multi-Latin corporate group operating in Colombia, Brazil, Peru, Chile, Bolivia, Argentina, and Central America. ISA and its 52 subsidiaries operate and maintain electricity transmission networks, with the broadest presence of any Latin American electricity transmission company in terms of the number of countries where ISA operates. ISA is also involved in toll-road concessions, telecommunications, and information and communications technology (ICT) businesses.

As of December 31, 2023, the company owned 51.41% of ISA’s capital stock and other shareholders (including Colombian pension funds, international and local institutional investors, and retail shareholders) owned the remaining 48.59% of ISA’s capital stock.

Electricity Transmission Activities

ISA is one of the largest international energy transmission companies in Latin America in terms of kilometers of electricity lines in operation, according to ISA’s internal calculation of the total kilometers of high-voltage network circuits of the energy transmission segment in each country in which ISA operates. The energy transmission companies of ISA operate and maintain a high-voltage transmission network in Colombia, Brazil, Bolivia, Peru, and Chile, as well as some international interconnections that operate between Colombia–Ecuador and Ecuador–Peru. In Central America, the company holds a stake in Empresa Propietaria de la Red (EPR), a company incorporated under the laws of Panama and headquartered in San José, Costa Rica, which operates the Energy Interconnection System for the Countries of Central America (Sistema de Interconexión Eléctrica de los Países de América Central or SIEPAC for its acronym in Spanish).

In addition, ISA, through its subsidiaries, transmits 490,000 GWh annually, by means of 49,426 kilometers of network circuits, which support the supply of energy in Latin America. As of December 31, 2023, ISA is in the process of constructing an additional 6,897 kilometers of high-voltage network circuits, which are expected to start operations in the near term.

In Colombia, ISA’s subsidiary, XM Compañía Expertos en Mercados S.A. E.S.P. (XM), exclusively operates, plans and coordinates the resources of the National Interconnected system (Sistema Interconectado Nacional or SIN for its acronym in Spanish), and also manages the Commercial Settlement System (Sistema de Intercambios Comerciales or SIC for its acronym in Spanish) in the Wholesale Energy Market (Mercado de Energía Mayorista or MEM for its acronym in Spanish), the International Electricity Transactions (Transacciones Internacionales de Electricidad or TIE for its acronym in Spanish) with Ecuador, and carries out the settling and clearing of charges for use of the SIN’s grids. XM also develops energy solutions and information services. As the sole operator of the Colombian SIN, XM guarantees the balance between production and consumption of energy in the country. Also, based on energy demand estimates, XM carries out the coordinated real-time operation of the generation plants and the grid to ensure that power plants’ generation continuously responds to consumers’ demand in a reliable, and safe manner with quality standards.

Electricity Transmission Activities in Colombia

In 2023, ISA’s subsidiaries electricity transmission activities in Colombia included 13,635 km of transmission lines. As of December 31, 2023, ISA owned and operated an aggregate transformation capacity of 23,371 MVA (Megavolt-Amperes), transforming high voltage electricity into low voltage electricity, and vice versa.

Electricity Transmission Activities Outside Colombia

In 2023, ISA’s subsidiaries electricity transmission activities outside Colombia included 35,791 km of controlled transmission lines, where Brazil represents 59% of the total transmission infrastructure.

Toll Roads Concessions Activities

ISA designs, builds, operates, and maintains toll road infrastructure that connects millions of people in Chile and Colombia. As of December 31, 2023, ISA was one of the largest intercity road operator and operated three concessions in Chile (Ruta del Maipo, Ruta de la Araucanía and Ruta de los Ríos), while in Colombia, it operated the Ruta Costera Concession. In total, it operated four toll roads concessions, which covered a total of 699 kilometers in these two countries and had 136.46 kilometers of new toll roads under construction in Ruta del Loa Concession. ISA operated the 161 km Ruta del Bosque concession in Chile until the contract expired in February 2023. During the year ended on December 31, 2023, 142 million vehicles traveled on roads operated by ISA, including Ruta del Bosque traffic during January and February 2023.

In 2023, ISA, through its subsidiary, Intervial Chile, S.A. (ISA Intervial), presented the best offer in two bidding processes for road concessions in Chile and Panama:

Telecommunications and ICT

Within the telecommunications segment, Internexa provides connectivity solutions, especially in urban and interurban fiber optics, in a wholesale model, to provide network and data center infrastructure in Argentina, Brazil, Chile, Colombia, Peru and the United States. Internexa has 56,700 kilometers of optical fiber at the end of December 2023 and has existing data centers in Medellín, Bogotá and Santiago. The ocmpany’s its strategy focuses on strengthening itself as a wholesale operator of fiber optic connectivity services and data center integration, while increasing its scale with attributes of reliability, proximity and agility to maximize efficiency and productivity.

Intellectual Property

The Ecopetrol Group has filed 324 patent applications the last 18 years, 14 of them in 2023. The company’s most recent patent applications include innovative technologies, such as production method of biocera with high content of waxy esters; multimetallic nanoparticulate materials and methods for obtaining and formulation of tetra- and penta-metallic nanoparticles; process for alternate air and water injection by the same injector well in deep reservoirs of extra-heavy crude with gas in solution;filtration unit with selective oleophilic membranes; downhole oil water separation device – ecodows; basket for sending and/or collecting solids of different shapes and geometries in scraper traps; and materials based on spent hydroprocess catalysts for the removal of hydrogen sulfide in gas streams.

In 2023, the company obtained 12 new patents, all in Colombia. The company holds 131 patents in Colombia, the United States, Mexico, Argentina, Peru, Venezuela, Ecuador, Brazil, Russia, Nigeria, Indonesia, India, and Malaysia. In the last three years, about 10% of the patents obtained have been related to biofuels aligned to its energy transition strategy.

As of December 31, 2023, 30 technologies have been commercialized, with different business and technology transfers models to Colombian and multinational companies.

Energy Initiatives

The company has been undertaking significant efforts to make efficient and rational use of energy resources in its production processes and to reduce energy consumption, costs, and carbon dioxide emissions.

During 2023, the Ecopetrol Group incorporated 472 MW from non-conventional renewable energy sources into its energy portfolio that are either under construction or are operating. In addition to the 208 MW incorporated in 2022, 264 MW from initiatives were added in the construction stages and close to starting execution.

Production

During 2023, the company’s production segment had an average energy consumption of 5.2 TWh (Terawatts per hour) for its direct operation, of which 56% was provided through self-generation and the remaining 44% with non-regulated energy purchased from the National Transmission System.

In Renewable Energy

La Cira Solar Project, located in the municipality of Barrancabermeja, with an installed capacity of 56 MW, is expected to start commercial operation in the first half of 2024.

A Project in Meta with an installed capacity of 99 MW is about to enter in the execution phase of the project.

Ecopetrol is the offtaker of PPA offsite from biomass generation plant located in the municipality of Villanueva for 25 MW.

Transport

During 2023, the company’s transport segment had an average energy consumption of 1.1 TWh (Terawatts per hour) for its direct operation, from which 69% was provided by non-regulated energy purchased from the National Transmission System and the remaining 31% was provided through self-generation.

In Renewable Energy

CENIT has three solar farms under construction for 16 MW; OCENSA has two solar farms under construction for 12 MW; and ODC has one solar farm under construction for 7 MW. The commercial operation date of these farms will be in 2024.

Refining

During 2023, the company’s Barrancabermeja and Cartagena refinery’s average energy consumption was 1.8 TWh (Terawatts per hour), provided through self-generation.

In Renewable Energy

Refinería de Cartagena Solar Project, located in the municipality of Cartagena, was under construction with an installed capacity of 23 MW. Its commercial operation date will be in the first half of 2024.

La Iguana Solar Project, located in the municipality of Barrancabermeja with an installed capacity of 26 MW, will start construction in 2024.

HSE

This section describes the health, safety and environmental (HSE) practices of Ecopetrol Subsidiaries guidelines must be consistent with those established by Ecopetrol.

Ecopetrol

One of the principles that guides EcopetrolA. is the commitment to the company’s employees and the development of the communities in which it operates. For that reason, Ecopetrol is devoted to improving its health, safety and environmental practices.

Total Recordable Injuries Frequency – Employees and Contractors

Ecopetrol places an important emphasis on understanding, monitoring, and controlling the health and safety impacts on workers and contractors. In 2023, 33 recordable cases occurred, where 9% led to restricted work, 9% required medical treatment, 76% led to lost days, and 6% (two) were fatal incidents.

Cenit

Cenit incorporates the Occupational Health and Safety Management System through its Commitment to Life and Process Safety element, which defines a set of principles, actions, tools and documentation, articulated among themselves to manage industrial safety risks, health at work, environment and process safety in the company. The Commitment to Life and Process Safety element is based on HSE regulatory compliance, as well as the best practices in the industry, which allows the company to protect the integrity its staff, the environment and infrastructure.

The scope of coverage of the Occupational Health and Safety Management System under its Element Commitment to Life and Safety of Processes, applies to all Cenit workers directly linked, by temporary mission or other type of connection established by law, and/or those who carry out their work in any of the facilities, pipeline network, polyduct network and/or under the control Cenit operation. In addition, it applies to all Cenit processes, activities and tasks carried out by the company’s own personnel, contractors, subcontractors and visitors.

Cartagena Refinery

In 2023, approximately five million man-hours were employed conducting Cartagena Refinery’s business activities. The company’s HSE performance indicators for Total Recordable Incidents Frequency (TRIF), Process Safety Incident (PSI), and Environmental Incident (EI) were well within uts established expectations.

ISA

For ISA and its subsidiaries and affiliates, it is important to protect and preserve the health and safety of workers, regardless of the type of contractual relationship, guaranteeing safe work environments, self-care, and the application of good prevention practices. This high commitment to people is expressed in the occupational health and safety policy, which seeks to offer safe working environments and healthy lifestyles.

ISA monitors two main indicators that contain its goals in terms of safety and health at work and that are part of the comprehensive management chart and variable compensation: (i) reduce events with a high potential for seriousness and (ii) the frequency of work accidents in own workers and contractors.

There is a process of continuous improvement of the occupational health and safety management system in ISA’s subsidiaries with high-risk activities, whose purpose is to manage occupational hazards and contemplate the execution of activities aimed at protecting the lives of people and that is maintained through the health and safety management systems certified under quality management systems and complying with the provisions of the legislation of each of the countries in which ISA is present.

Regulations

The company complies with all applicable regulations. In particular, the Ministry of Environment and Sustainable Development is responsible for issuing regulation regarding Law 1931 of 2018 (Climate Change Law), which outlines provisions for the establishment of a National Program of Greenhouse Gas Tradable Emission Quotas.

As part of the company’s monitoring of climate change requirements, it also identified ongoing regulatory processes related to the issuance of Resolution 40066 of 2022 regarding the reduction of fugitive emissions and routine flaring, led by the Ministry of Mines and Energy.

Companies engaged in the exploration and production of hydrocarbons, such as the company, must pay the ANH, as representative of the Government of Colombia, a royalty on the production volume of each production field, as determined by the ANH.

According to Law 681 of 2001, multi-purpose pipelines owned by Cenit (a company wholly owned by the company) must be open to third-party use on the basis of equal access to all.

The Ecopetrol Group has invested in several projects that are considered projects from AGGE (big-scale electricity self-generator), which means that CREG Resolution 024 of 2015 is the main regulation that applies to the company’s self-generation projects, notwithstanding the rules applicable pursuant CREG Resolution 174 of 2021.

History

The company was founded in 1948. It was incorporated in 1948 in Colombia. The company was formerly known as Empresa Colombiana de Petróleos and changed its name to Ecopetrol S.A. in 2003.

Ecopetrol Questions and Answers

Which sectors generate sales and which are the top 3 markets?

Revenue distribution by sectors: Exploration and Production: approximately 60% Refining and Petrochemicals: approximately 25% Transport and Logistics: approximately 15% TOP 3 markets and their percentage shares: Colombia: approximately 45% USA: approximately 30% Asia (especially China): approxima...

At which locations are the company’s products manufactured?

Main production sites: Colombia: Several oil fields, including the Llanos region and the Magdalena Valley. Peru: Participation in exploration and production projects. Brazil: Participation in offshore exploration projects. USA (Gulf of Mexico): Participation in exploration and production projects....

What strategy does Ecopetrol pursue for future growth?

Revenue Growth: Estimated 8-10% annually (2025 forecast) Investments in Renewable Energies: 25% of the investment budget by 2025 Ecopetrol S.A. pursues a strategy aimed at both diversifying its sources of energy and increasing efficiency in its traditional business areas. A key component of this str...

Which raw materials are imported and from which countries?

Main Imported Raw Materials: Chemicals, equipment for oil production Countries of Origin: USA, China, Germany Ecopetrol S.A. mainly imports chemicals and specialized equipment necessary for oil production and refining. The USA is a significant supplier, especially for technical equipment and technol...

How strong is the company’s competitive advantage?

Market share in Colombia: Over 60% (2024) R&D investments: 1.2 billion USD (2024) Sustainability initiatives: 25% reduction in CO2 emissions by 2030 (Target) Ecopetrol S.A. possesses a significant competitive advantage due to its dominant market position in Colombia, where it holds over 60% of t...

What is the share of institutional investors and insider buying/selling?

Institutional Investor Share: 55% (2025, estimated) Insider Buys/Sells: No significant changes in the last year The institutional investor share in Ecopetrol S.A. is estimated at 55%. This demonstrates the confidence of large financial institutions in the company and its future development. Regardin...

What percentage market share does Ecopetrol have?

Market share of Ecopetrol S.A.: 12% (estimated, 2025) Main competitors and their market shares: Petrobras (BVC:PBR): 18% Pemex: 15% Repsol S.A.: 10% YPF S.A.: 9% Chevron Corporation: 8% Royal Dutch Shell: 7% ExxonMobil: 6% TotalEnergies: 5% Ecopetrol S.A. holds a significant market share of approx...

Is Ecopetrol stock currently a good investment?

Revenue Growth: 8.5% (2024) Profit Growth: 10.2% (2024) Investments in Renewable Energies: 1.2 billion USD (2024) Ecopetrol S.A. achieved a revenue growth of 8.5% in 2024, attributed to increased production and efficiency improvements. The profit growth of 10.2% indicates that the company was able t...

Does Ecopetrol pay a dividend – and how reliable is the payout?

Dividend Yield: 7.5% (2025, estimated) Ecopetrol S.A. has regularly paid dividends in the past and is known for an attractive dividend yield. The company's dividend policy aims to return a significant portion of profits to shareholders, making it a popular choice for dividend investors. However, the...

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