Ecopetrol (EC) 20-F 8 Apr 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Disclosure of classes of share capital [line items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Shell Company Report	false
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	ECOPETROL S.A.
Entity Common Stock, Shares Outstanding	41,116,694,690
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001444406
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
ICFR Auditor Attestation Flag	false
Common shares
Disclosure of classes of share capital [line items]
Title of 12(b) Security	Ecopetrol common shares par value COP$609 per share
Trading Symbol	EC
Security Exchange Name	NYSE
American depository receipts
Disclosure of classes of share capital [line items]
Title of 12(b) Security	American Depository Shares (as evidenced by American Depository Receipts), each representing 20 common shares par value COP$609 per share
Trading Symbol	EC
Security Exchange Name	NYSE

Consolidated statement of finan

Consolidated statement of financial position - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 5,082,308	$ 7,075,758
Trade and other receivables, net	4,819,092	5,700,334
Inventories, net	5,053,960	5,658,099
Other financial assets	2,194,651	1,624,018
Current tax assets	3,976,295	1,518,807
Other assets	1,664,036	1,778,978
Current assets subtotal	22,790,342	23,355,994
Assets held for sale	44,032	8,467
Total current assets	22,834,374	23,364,461
Non-current assets
Investment in associates and joint ventures	3,174,628	3,245,072
Trade and other receivables, net	676,607	786,796
Property, plant and equipment	66,508,338	64,214,822
Natural and environmental resources	31,934,159	29,072,798
Right-of-use assets	377,886	456,225
Intangible assets	555,043	483,098
Non-current tax assets	8,071,733	6,809,347
Other financial assets	877,008	3,355,274
Goodwill	1,594,279	1,159,922
Other assets	1,090,114	942,481
Total non-current assets	114,859,795	110,525,835
Total assets	137,694,169	133,890,296
Current liabilities
Loans and borrowings	4,923,346	5,012,173
Trade and other payables	8,449,041	10,689,246
Provisions for employee benefits	2,022,137	1,929,087
Current tax liabilities	1,243,883	2,570,779
Accrued liabilities and provisions	1,221,109	789,297
Other liabilities	391,771	751,717
Current liabilities sub total	18,251,287	21,742,299
Liabilities related to non-current assets held for sale	31,156	0
Total current liabilities	18,282,443	21,742,299
Non-current liabilities
Loans and borrowings	41,808,408	33,226,966
Trade and other payables	21,064	24,445
Provisions for employee benefits	10,401,530	9,551,977
Non current tax liabilities	1,866,054	1,399,374
Accrued liabilities and provisions	11,206,621	9,128,991
Other liabilities	608,686	584,616
Total non-current liabilities	65,912,363	53,916,369
Total liabilities	84,194,806	75,658,668
Equity
Subscribed and paid in capital	25,040,067	25,040,067
Additional paid in capital	6,607,699	6,607,699
Reserves	9,635,136	3,784,658
Other comprehensive income	7,947,062	6,646,660
Retained earnings	669,900	12,334,706
Equity attributable to owners of parent	49,899,864	54,413,790
Non-controlling interest	3,599,499	3,817,838
Total equity	53,499,363	58,231,628
Total liabilities and equity	$ 137,694,169	$ 133,890,296

Consolidated statement of profi

Consolidated statement of profit or loss - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated statement of profit or loss
Sales revenue	$ 50,223,393	$ 71,488,512	$ 68,603,872
Cost of sales	(37,567,472)	(44,972,360)	(41,184,379)
Gross profit	12,655,921	26,516,152	27,419,493
Administrative expenses	(3,373,150)	(2,151,599)	(1,653,858)
Operations and project expenses	(2,586,016)	(2,631,754)	(2,903,132)
Impairment loss of non-current assets, net	(633,156)	(1,762,437)	(368,634)
Other operating income (expenses), net	1,118,166	1,056,796	(35,455)
Operating income	7,181,765	21,027,158	22,458,414
Financial results, net
Finance income	1,101,430	1,623,336	1,129,563
Finance expenses	(3,929,791)	(3,334,469)	(3,512,161)
Foreign exchange gain, net	346,774	40,639	372,223
Financial result, net	(2,481,587)	(1,670,494)	(2,010,375)
Share of profits of associates and joint ventures	76,336	366,904	165,836
Profit before income tax expense	4,776,514	19,723,568	20,613,875
Income tax expense	(2,038,661)	(4,718,413)	(8,258,485)
Net profit for the year	2,737,853	15,005,155	12,355,390
Net profit attributable to:
Owners of parent	1,586,677	13,744,011	11,381,386
Non-controlling interest	1,151,176	1,261,144	974,004
Net profit (loss) for the period	$ 2,737,853	$ 15,005,155	$ 12,355,390
Basic and diluted earnings per share	$ 38.6	$ 334.3	$ 276.8

Consolidated statement of compr

Consolidated statement of comprehensive income - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated statement of comprehensive income
Net profit for the year	$ 2,737,853	$ 15,005,155	$ 12,355,390
Other comprehensive income that may be reclassified to profit or loss in subsequent periods -net of taxes:
Cash flow hedge for future exports	(722)	238,331	(533,374)
Hedge of a net investment in a foreign operation	(364,343)	(61,267)	(971,954)
Cash flow hedge with derivative instruments	55,072	46,451	(52,174)
Foreign currency translation	1,569,996	8,701	2,599,242
Other comprehensive income that will be reclassified to profit or loss, net of tax	1,260,003	232,216	1,041,740
Other comprehensive income that will not to be reclassified to profit or loss in subsequent periods -net of taxes:
Remeasurement gain (loss) on defined benefit plans	96,221	(1,799,829)	(4,290)
Other losses		(175,494)	0
Other comprehensive income that will not be reclassified to profit or loss, net of tax	96,221	(1,975,323)	(4,290)
Other comprehensive income (loss) for the year, net of tax	1,356,224	(1,743,107)	1,037,450
Total comprehensive income for the year, net of tax	4,094,077	13,262,048	13,392,840
Comprehensive income attributable to:
Owners of parent	2,887,080	11,502,149	12,363,132
Non-controlling interest	1,206,997	1,759,899	1,029,708
Comprehensive income	$ 4,094,077	$ 13,262,048	$ 13,392,840

Consolidated statement of chang

Consolidated statement of changes in equity - COP ($) $ in Millions	Subscribed and paid-in capital	Additional paid-in capital	Reserves	Other comprehensive income	Retained earnings	Total	Non-controlling interest	Total
Opening balance at Dec. 31, 2017	$ 25,040,067	$ 6,607,700	$ 2,177,869	$ 7,399,015	$ 5,210,302	$ 46,434,953	$ 1,780,746	$ 48,215,699
Net profit	0	0	0	0	11,381,386	11,381,386	974,004	12,355,390
Dividends declared	0	0	0	0	(3,659,386)	(3,659,386)	(840,626)	(4,500,012)
Other movements	0	(1)	0	0	(784)	(785)	38	(747)
Appropriation of reserves, net	0	0	2,961,026	0	(2,961,026)	0	0	0
Other comprehensive income
Cash flow hedge for future exports	0	0	0	(533,374)	0	(533,374)	0	(533,374)
Hedge of a net investment in a foreign operation	0	0	0	(971,954)	0	(971,954)	0	(971,954)
Cash flow hedge with derivative instruments	0	0	0	(37,904)	0	(37,904)	(14,270)	(52,174)
Foreign currency translation	0	0	0	2,529,268	0	2,529,268	69,974	2,599,242
Remeasurement loss on defined benefit plans	0	0	0	(4,290)	0	(4,290)	0	(4,290)
Other movements								0
Closing balance at Dec. 31, 2018	25,040,067	6,607,699	5,138,895	8,380,761	9,970,492	55,137,914	1,969,866	57,107,780
Net profit	0	0	0	0	13,744,011	13,744,011	1,261,144	15,005,155
Dividends declared	0	0	(3,659,386)	0	(9,251,256)	(12,910,642)	(1,010,206)	(13,920,848)
Business combination	0	0	0	0	0	0	1,606,390	1,606,390
Other movements	0	0	0	0	176,608	176,608	(350)	176,258
Legal	0	0	1,155,640	0	(1,155,640)	0	0	0
Fiscal and statutory reserves	0	0	509,082	0	(509,082)	0	0	0
Occasional	0	0	3,691,130	0	(3,691,130)	0	0	0
Appropriation of reserves, net	0	0	(3,050,703)	0	3,050,703	0	0	0
Other comprehensive income
Cash flow hedge for future exports	0	0	0	238,331	0	238,331	0	238,331
Hedge of a net investment in a foreign operation	0	0	0	(61,267)	0	(61,267)	0	(61,267)
Cash flow hedge with derivative instruments	0	0	0	34,651	0	34,651	11,800	46,451
Foreign currency translation	0	0	0	29,507	0	29,507	(20,806)	8,701
Remeasurement loss on defined benefit plans	0	0	0	(1,799,829)	0	(1,799,829)	0	(1,799,829)
Other movements	0	0	0	(175,494)	0	(175,494)	0	(175,494)
Closing balance at Dec. 31, 2019	25,040,067	6,607,699	3,784,658	6,646,660	12,334,706	54,413,790	3,817,838	58,231,628
Net profit	0	0	0	0	1,586,677	1,586,677	1,151,176	2,737,853
Dividends declared	0	0	0	0	(7,401,005)	(7,401,005)	(1,425,586)	(8,826,591)
Change in participation in subsidiaries	0	0	0	0	0	0	249	249
Legal	0	0	1,325,148	0	(1,325,148)	0	0	0
Fiscal and statutory reserves	0	0	509,082	0	(509,082)	0	0	0
Occasional	0	0	4,557,074	0	(4,557,074)	0	0	0
Appropriation of reserves, net	0	0	(540,826)	0	540,826	0	0	0
Other comprehensive income
Cash flow hedge for future exports	0	0	0	(722)	0	(722)	0	(722)
Hedge of a net investment in a foreign operation	0	0	0	(364,343)	0	(364,343)	0	(364,343)
Cash flow hedge with derivative instruments	0	0	0	40,443	0	40,443	14,629	55,072
Foreign currency translation	0	0	0	1,528,803	0	1,528,803	41,193	1,569,996
Remeasurement loss on defined benefit plans	0	0	0	96,221	0	96,221	0	96,221
Closing balance at Dec. 31, 2020	$ 25,040,067	$ 6,607,699	$ 9,635,136	$ 7,947,062	$ 669,900	$ 49,899,864	$ 3,599,499	$ 53,499,363

Consolidated statement of cash

Consolidated statement of cash flows - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flow provided by operating activities:
Net profit for the period		$ 2,737,853	$ 15,005,155	$ 12,355,390
Adjustments to reconcile the net profit to net cash provided by operating activities:
Income tax expense		2,038,661	4,718,413	8,258,485
Depreciation, depletion and amortization		9,324,538	8,582,783	7,704,850
Foreign exchange income		(346,774)	(40,639)	(372,223)
Finance cost of loans and borrowings		2,384,342	1,894,490	2,399,414
Finance cost of post-employment benefits and abandonment costs		872,987	757,509	668,782
Write off of exploratory assets and dry wells		448,132	340,271	898,924
Loss on disposal of non-current assets		246,317	121,121	75,835
Gain on revaluation of assets in Guajira association	[1]	(1,284,372)	0	0
(Gain) loss on acquisition of participations and interests	[1]	(86,026)	(1,048,924)	12,065
Gain on loss of control		(65,695)	0	0
Impairment loss of short-term assets		34,416	90,441	136,044
Impairment loss of non-current assets		633,156	1,762,437	368,634
(Gain) loss on fair value adjustment of financial assets		(43,948)	18,551	(92,906)
Share of profit of associates and joint ventures		(76,336)	(366,904)	(165,836)
Net gain on the sale of assets held for sale		(5,635)	(2,846)	0
Hedge ineffectiveness		9,779	5,173	35,239
Realized loss (gain) on foreign exchange cash flow hedges		193,374	386,773	(128,404)
Net change in operational assets and liabilities:
Trade and other receivables		678,349	2,381,905	(2,039,161)
Inventories		716,077	(597,552)	(448,135)
Trade and other payables		(2,550,411)	1,389,064	1,355,175
Tax assets and liabilities		(1,256,889)	(1,409,334)	(1,413,915)
Provisions for employee benefits		465,062	(234,629)	(181,060)
Provisions and contingencies		(30,185)	(253,043)	(89,345)
Other assets and liabilities		(392,843)	(492,745)	(218,542)
Cash flows from (used in) operations		14,643,929	33,007,470	29,119,310
Income tax paid		(5,457,225)	(5,295,703)	(6,650,116)
Net cash provided by operating activities		9,186,704	27,711,767	22,469,194
Cash flow used in investing activities:
Investment in property, plant and equipment		(5,032,317)	(4,012,659)	(3,302,929)
Investment in natural and environmental resources		(5,994,462)	(9,798,193)	(5,051,828)
Acquisitions of intangibles		(90,082)	(168,289)	(105,669)
Sales (purchases) of other financial asset, net		2,107,856	3,117,549	(843,612)
Interests received		299,246	481,674	383,624
Dividends received		157,241	189,169	108,991
Proceeds from sales of assets		23,713	154,780	92,620
Net cash used in investment activities		(8,528,805)	(10,035,969)	(8,718,803)
Cash flow used in financing activities:
Proceeds from borrowings		13,805,403	359,876	517,747
Repayment of borrowings		(5,003,885)	(1,596,630)	(9,270,262)
Interest payments		(2,345,683)	(1,766,223)	(2,610,562)
Lease payments		(350,539)	(300,326)	0
Dividends paid		(8,734,351)	(13,867,029)	(4,427,701)
Net cash used in financing activities		(2,629,055)	(17,170,332)	(15,790,778)
Exchange difference in cash and cash equivalents		(22,294)	258,548	406,246
Net (decrease) increase in cash and cash equivalents		(1,993,450)	764,014	(1,634,141)
Cash and cash equivalents at the beginning of the year		7,075,758	6,311,744	7,945,885
Cash and cash equivalent at the end of the year		$ 5,082,308	$ 7,075,758	$ 6,311,744
[1]	Results in the acquisition of La Guajira: Ecopetrol COP$1,284,372 and Hocol COP$86,026. For Ecopetrol it corresponds to the revaluation of the assets that it already had in the Guajira association and for Hocol it corresponds to the Bargain obtained from the acquisition of the 43% stake. (Note 12 - Business combinations).

Reporting entity

Reporting entity	12 Months Ended
	Dec. 31, 2020
Reporting entity
Reporting entity	1. Reporting entity Ecopetrol S.A. (“Ecopetrol”) is a mixed economy company, of a commercial nature, incorporated in 1948 in Bogotá – Colombia, and the parent company of the Ecopetrol Business Group. Its corporate purpose is to conduct commercial or industrial activities related to the exploration, exploitation, production, refining, transportation, storage, distribution and commercialization of hydrocarbons and their derivatives and products, directly or through its subsidiaries (collectively referred to as “Ecopetrol Business Group”). 11.51% of Ecopetrol shares are publicly traded on the New York and Colombian Stock Exchanges. The remaining shares (88.49% of total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit. The address of the main office of Ecopetrol is Bogotá – Colombia, Carrera 13 No. 36 – 24.

Basis for presentation

Basis for presentation	12 Months Ended
	Dec. 31, 2020
Basis for presentation
Basis for presentation	2. Basis for presentation 2.1 Statement of compliance and authorization of financial statements The consolidated financial statements of Ecopetrol and its subsidiaries as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). Accounting policies described in Note 4 have been applied consistently in all years presented. These consolidated financial statements were approved and authorized for issuance by the Board of Directors of Ecopetrol on April 8, 2021. 2.2 Basis for consolidation The consolidated financial statements were prepared by consolidating all companies set out in Exhibit 1, which are those over which Ecopetrol exercises direct or indirect control. Control is achieved when the Ecopetrol Business Group: · has power over the investee (including rights to manage relevant activities); · is exposed, or has the rights, to variable returns from its involvement with the investee; and · has the ability to use its power to affect its operational returns. This instance occurs when the Ecopetrol Business Group has less than a majority of the voting rights of an investee, and it still has the power over the investee to provide it with the practical ability to direct the relevant activities of the investee unilaterally. The Ecopetrol Business Group considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient or not to give it power, including: a) the percentage of the Ecopetrol Business Group’s voting rights relative to the size and apportionment of the shares of other vote holders; b) potential voting rights held by the Ecopetrol Business Group, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate that the Ecopetrol Business Group has, or does not have, the current ability to direct the relevant activities, at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases. All inter–company assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Ecopetrol Business Group were eliminated on consolidation. Unrealized losses are also eliminated. Non–controlling interest represents the proportion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders. The following subsidiaries had changes in the Group: 2020 a) b) 2019 a) The subsidiaries that started being consolidated as a result of obtaining control of Invercolsa are as follows: · Inversiones de Gases de Colombia S.A., whose main corporate purpose is to hold investments in companies associated with activities in the energy sector; the exploration, exploitation, refining, transformation, transport, distribution and sale of hydrocarbons and their derivatives in the national territory; and to encourage the establishment of new companies and to hold shares or corporate interests therein. · Alcanos de Colombia S.A. E.S.P., whose main corporate purpose is to provide fuel gas to homes in Neiva and throughout Colombia; to construct and operate gas pipelines, distribution networks, regulation, measurement and compressor stations and any works undertaken necessary for the management and commercialization of public services. · Metrogas de Colombia S.A. E.S.P., whose main corporate purpose is to commercialize and distribute fuel gas; to explore, store, use, transport, refine, purchase, sell and distribute hydrocarbons and their derivatives in all their forms and representations. · Gases del Oriente S.A. E.S.P., whose main corporate purpose is to provide fuel gas to homes by distributing gas and performing all activities complementary to the provision thereof. · Promotora de Gases del Sur S.A. E.S.P., whose main corporate purpose is to promote the affiliation of national or foreign capital, public or private and to achieve the gas massification project in the Huila department, through a gas pipeline from the Neiva municipality to the Hobo municipality. · Gasoducto de Oriente S.A., whose main corporate purpose is to design and construct hydrocarbon production and treatment plants, such as gas pipelines, oil pipelines and others, as well as to invest in projects related thereto. · Combustibles Líquidos de Colombia S.A. E.S.P., whose main corporate purpose is to commercialize wholesale fuel gas, to distribute LPG to homes and to carry out complementary activities to this distribution, as well as to store, transport, package, distribute and sell LPG. b) The two companies incorporated were the following: · Ecopetrol USA Inc., whose corporate purpose is to participate in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware. · Ecopetrol Permian LLC., whose corporate purpose is to carry out any or all lawful businesses for which limited liability companies can be organized in accordance with the Delaware Limited Liability Companies Act. c) 2018 · Ecopetrol Energía S.A.S. E.S.P : whose corporate purpose is to commercialize electric power for the Ecopetrol Business Group Ecopetrol holds a 99% direct interest in the subsidiary and an indirect interest of the remaining 1% through Andean Chemicals Ltd. 2.3 Basis of presentation The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities that are measured at fair value through profit or loss and/or changes in other comprehensive income at the end of each reporting period, as explained in the accounting policies included below. Historical cost is generally based on fair value of the consideration given in exchange for goods and services. The fair value is the price that would be received from selling an asset or that would be paid for transferring a liability among market participants, in an orderly transaction, on the date of measurement. When estimating the fair value, the Ecopetrol Business Group uses assumptions that market participants would use for pricing an asset or liability at current market conditions, including risk assumptions. 2.4 Functional and presentation currency The consolidated financial statements are presented in Colombian Pesos, which is the Ecopetrol’s functional currency. For each Ecopetrol Business Group entity, its functional currency is determined based of the main economic environment where it operates. The statements of profit or loss and cash flows of subsidiaries with functional currencies different from Ecopetrol S.A.’s functional currency are translated at the exchange rates on the dates of the transaction or based on the monthly average exchange rate. Assets and liabilities are translated at the closing rate, and other equity items are translated at exchange rates at the time of the transaction. All resulting exchange differences are recognized in other comprehensive income. On disposal of all or significant part of a foreign operation, the cumulative translation adjustment related to the particular foreign operation is reclassified to profit or loss. The financial statements are presented in Colombian pesos rounded up to the closest million unit (COP$ 000,000) except when otherwise indicated. 2.5 Foreign currency Transactions in foreign currencies are initially recorded by the Ecopetrol Business Group’s entities at their respective functional currency spot rates at the transactions date. Monetary items denominated in foreign currencies are translated at the functional currency spot rates prevailing at the reporting date. Differences arising on settlement or translation or monetary items are recognized in profit or loss, in financial results, net, except those resulting from the conversion of loans and borrowings designated as cash flow hedges or net investment in a foreign operation hedge, which are recognized in other comprehensive income within equity. When the hedged item affects the financial results, exchange differences accumulated in equity are reclassified to profit or loss as part of operating results. Non–monetary items measured at fair value that are denominated in a foreign currency are translated using the exchange rates prevailing on the date when the fair value is determined. The gain or loss arising on translation of non–monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item. 2.6 Classification of assets and liabilities as current and non–current The Ecopetrol Business Group presents assets and liabilities in the consolidated statement of financial position based on whether assets are classified as current or non–current. An asset or liability is classified as current when: · It is expected to be realized or intended to be sold or consumed (or expected to be settled, in the case of liabilities) in the ordinary course of business; · Held mainly for the purpose of trading; · Expected to be realized (or to be settled, in the case of liabilities) within twelve months after the reporting period; or · In the case of the assets, it is cash or a cash equivalent, unless the exchange of such asset or liability is restricted or to be used to settle a liability at least twelve months after the reporting period; or · In the case of a liability, there is no unconditional right to defer settlement of the liability until at least twelve months after the reporting period. Other assets and liabilities are classified as non–current. Deferred tax assets and liabilities are classified as non–current assets and liabilities. 2.7 Earnings per share (basic and diluted) Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of Ecopetrol S.A., the parent company, by the weighted average number of ordinary shares outstanding during the year. There is no potential dilution of shares. 2.8 Impact of Covid-19 on financial statements The Covid-19 outbreak was first reported in late 2019 in China. Subsequently, taking into account the level of expansion, the World Health Organization (WHO) declared the outbreak as a pandemic on March 11, 2020. Said status is maintained to the date of this annual report. Many countries have undertaken various public health measures to control the spread of COVID-19, including mandatory quarantines, forced economic shutdowns and travel restrictions, as well as economic measures to mitigate the impacts of such public health policies on their respective national economy. The Covid-19 pandemic has also caused significant volatility in financial and commodity markets around the world. While governments have announced aid packages to the most affected people and taken macroeconomic measures to face the crisis, the COVID-19 pandemic has disrupted economies worldwide. On March 17, 2020, Colombia Government, through Legislative Decree 417 of 2020, declared a 30 day state of national emergency in light of the health and economic crisis caused by the outbreak of COVID-19. On May 6, 2020, the Government declared a state of emergency for an additional 30 days. For the rest of 2020, the National Government and local authorities implemented sectored lockdowns, and partial closures of commerce and not essential economic activities according to the number of new cases of infected population and hospital capacity. The Government also has implemented other economic and public health measures to address the crisis, including (i) border closure for all non-citizens and non-residents; (ii) short term and low interest loans for all types of agricultural producers; (iii) payroll subsidies for companies and credit lines for different sectors of the economy; (iv) incentivizing working from home and a mandatory work from home order for 80% of Government employees and (v) reduction in the prices of gasoline, among others. This situation has had a significant impact on the oil industry. Most specifically, travel bans imposed by several countries and established quarantine measures reduced demand levels for oil and its derivative products in 2020. Ecopetrol’s operations were affected by this situation and as a consequence, some plants in our refineries and some of our wells were temporarily closed due to low demand and prices and the measures taken to contain the spread of COVID-19 in workers and contractors. In this context, Ecopetrol took the following actions during 2020 to face the impacts of the pandemic: - - - - - - - These measures were aimed at ensuring the sustainability of the Ecopetrol Group's business in an environment of low prices, prioritizing cash-generating opportunities with better equilibrium prices, maintaining growth dynamics with a focus on the execution of strategic asset development plans, and in asset value preservation through investments to gain reliability, integrity and continuity to the current operation in refineries, transportation systems and production fields. Similarly, these actions are covered by Ecopetrol’s risk management policies and procedures. (Note 30). In terms of Ecopetrol’s results of operations as of and for the year ended December 31, 2020, the most significant impacts were the following in: (i) a reduction in revenues (Note 25), especially due to the contraction in demand and a decrease in the international Brent price, partially offset with the higher exchange rate, (ii) an increase in financial costs due to an increase in debt (Note 29), a decrease in valuation to fair value and lower yields of the securities portfolio, which in turn were as a result of low market rates, (iii) recognition of impairment at the end of the year as described above (Note 18), and (iv) an increase in our depreciation expenses (Notes 14, 15, 16 and 17), partly generated by the update of the Ecopetrol’s reserve balance (Note 35). As a result of the measures taken, the constant monitoring of the COVID-19 pandemic, the ongoing vaccination programs and the evolution of the Ecopetrol Group’s results, while we cannot offer any assurances, as of the date of this annual report, Ecopetrol does not believe that the Covid-19 pandemic will have a significant impact on the Ecopetrol Group in the long-term. Nonetheless, the Ecopetrol Group will continue to monitor the evolution of the COVID-19 pandemic and the market to determine the need to implement subsequent stages of the COVID-19 intervention plan and will continuously review impairment indicators on long-lived assets and on investments in companies. 2.9 Reclassifications For presentation purposes, the Group reclassifies some items in the comparative figures as of December 2019. This had no impact on the items in the statements of financial position, profit or loss, comprehensive income, changes in equity or cash flows.

Significant estimates and accou

Significant estimates and accounting judgments	12 Months Ended
	Dec. 31, 2020
Significant estimates and accounting judgments
Significant estimates and accounting judgments	3. Significant estimates and accounting judgments The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, sales revenues, costs and commitments recognized in the financial statements and the accompanying disclosures. The Ecopetrol Business Group based its assumptions and estimates on parameters available when these consolidated financial statements were prepared. Uncertainty about these assumptions and estimates could result in outcomes that required a material adjustment to the carrying amount of assets or liabilities affected in future periods. Changes in estimates are adjusted prospectively in the period in which the estimate is revised. In the process of applying the Ecopetrol Business Group’s accounting policies, management has made the following judgments and estimates which have the most significant impact on the amounts recognized in the consolidated financial statements: 3.1 Oil and gas reserves Hydrocarbon reserves are estimates of the amount of hydrocarbons that can be economically and legally extracted from the Ecopetrol Business Group’s oil and gas properties. The reserves estimation is performed annually as of December 31 in accordance with the United States Securities and Exchange Commission (SEC) definitions and rules set forth in Rule 4–10(a) of SEC Regulation S–X and the disclosure guidelines contained in the SEC final rule – Modernization of Oil and Gas Reporting. As required by current regulations, the future estimated date on which a field will no longer produce for economic reasons, is based on actual costs and average of crude prices (calculated as the arithmetical average of prices on the first day of the past 12 months). The estimated date for end of production will affect the amount of reserves, unless the prices have been defined by contractual agreements; therefore, if the prices and costs change from one year to the next, the proved reserves estimate also changes. Generally, our proved reserves decrease as prices go down and increase when prices go up. Reserves estimation is an inherently complex process and it involves professional judgments. Reserves estimations are prepared using geological, technical and economic factors, including projections of future production rates, oil prices, engineering data and duration and amount of future investments, and they imply a certain degree of uncertainty. These estimations reflect the regulatory and market conditions existing on the date of reporting, which could significantly differ from other conditions during the year or in future periods. Any changes in regulatory and/or market conditions and assumptions could materially affect the reserves estimation. Impact of oil reserves and natural gas in depreciation and depletion Changes to estimations for proven developed reserves may affect the carrying amounts of exploration and production assets, natural resources and environment, goodwill, liabilities for dismantling and depreciation, depletion and amortization. With all other variables remaining unchanged, a decrease in estimated proven reserves would increase, prospectively, depreciation, depletion and amortization costs, while an increase in reserves would reduce depreciation and amortization expenses, as depreciation, depletion and amortization charges are calculated using the units of production method. Information about the carrying amounts of exploration and production assets and the amounts charged to income, including depreciation, depletion and amortization, is presented in Notes 14 and 15. 3.2 Impairment of non-current assets Management uses its professional judgment in assessing the existence of evidence of an impairment loss or reversal, based on internal and external factors. When an indicator of impairment loss or reversal of impairment of prior period impairment exists, the Ecopetrol Business Group estimates the recoverable amount of the cash generating units (CGU), which is considered the greater of fair value less costs of disposal and the value in use. The assessments require the use of estimates and assumptions, such as, among other factors: (1) estimation of the volumes and market value of oil and natural gas reserves; (2) production profiles for oilfields and the future production of refined and petrochemical products; (3) investments, taxes and future costs; (4) useful life of assets; (5) long–term prices; (6) the discount rate, which is revised annually and determined as the weighted average cost of capital (WACC); and (7) changes in environmental regulation. The recoverable amount is compared to the carrying amount of the asset, thus determining whether the asset is impaired or if the impairment recognized in prior periods should be reversed. A previously recognized impairment loss is reversed (except over the goodwill), only if there has been a change in the assumptions used to determine the assets or in the CGU’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of an asset or CGU, other than goodwill, does not exceed either its recoverable amount, or the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset or CGU in prior periods. Future oil price assumptions are estimated at current market conditions related to upstream. Expected production volumes, which comprise proven unproved, probable and possible reserves are used for impairment testing because management believes this to be the most appropriate indicator of expected future cash flows, which would also be considered by market participants. Reserves estimates are inherently imprecise and subject to risk and uncertainty. Furthermore, projections about unproved volumes are based on information that is necessarily less robust than what is available for mature reservoirs. These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will impact these projections, which may also impact the recoverable amount of assets and/or CGUs, hence, may also affect the recognition of an impairment loss or the reversal of prior period impairment amounts. 3.3 Exploration and evaluation costs The application of the Ecopetrol Business Group’s accounting policy for exploration and evaluation costs requires judgment in order to determine whether future economic benefits are likely, either from future exploitation or sale, or whether activities have not reached a stage which permits a reasonable assessment of the existence of reserves. Certain exploration and evaluation costs are initially capitalized when it is expected that commercially viable reserves will result. The Ecopetrol Business Group uses its professional judgment of future events and circumstances and makes estimates in order to annually assess the generation of future economic benefits for extracting oil resources, as well as technical and commercial analyses to confirm its intention of continuing their development. Changes regarding available information, such as drilling success level or changes in the project’s economics, production costs, and investment levels, as well as other factors, may result in capitalized exploration drilling costs being recognized in profit or loss for the period. The expenses for dry wells is included in operating activities in the consolidated statement of cash flows. 3.4 Determination of cash generating units (CGU) The allocation of assets in cash generating units requires significant judgment, as well as assessments regarding integration among assets, the existence of active markets, and similar exposure to market risk, shared infrastructure, and the way in which management monitors the operations. See Note 4.12 – Impairment of non–current assets for more information. 3.5 Abandonment and dismantling costs of fields and other facilities According to environmental and oil regulations, the Ecopetrol Business Group is required to bear the costs for the abandonment of oil extraction, refining plants and transportation facilities, which include the cost of plugging and abandoning wells, dismantling facilities, and environmental remediation in the affected areas. Estimated abandonment and dismantling costs are recorded at the time of the installation of the assets and are reviewed annually. The calculations for these estimations are complex and involve significant judgments by Management. The ultimate decommissioning costs are uncertain and cost estimates can vary in response to many factors, including changes to relevant legal requirements, the emergence of new restoration techniques or experience at other production sites. The expected timing, extent and amount of expenditure may also change, for example, in response to changes in internal cost projections, changes in reserve estimates, future inflation rates and discount rates. The Ecopetrol Business Group considers that the abandonment and dismantling costs are reasonable, based on the experience of the Ecopetrol Business Group and market conditions; nevertheless, significant variations in external factors used for the calculation of the estimation could significantly impact the amounts recorded in the financial statements. See Note 4.13 - Provisions and contingent liabilities (Obligation to withdraw assets). 3.6 Pension plan and other benefits The determination of expenses, liabilities and adjustments relating to pension plans and other defined retirement benefits makes it necessary for management to use its judgment in the application of actuarial assumptions made in the actuarial calculation. The actuarial assumptions include estimates regarding future mortality, retirement, changes in compensation and discount rate in order to reflect the time value of money, in addition to the rate of return on the plan’s assets. Due to the complexity in the valuation of these variables, as well as their long-term nature, the estimated amounts are quite sensitive to any change in these assumptions. These assumptions are reviewed on an annual basis and may differ materially from actual results due to changes in economic and market conditions, regulatory changes, judicial rulings, higher or lower retirement rates, or longer or shorter life expectancies among employees. 3.7 Goodwill impairment In December of each year, the Ecopetrol Business Group performs an annual impairment test on goodwill to assess if its carrying amount may be impaired. The determination of the recoverable amount is described in Note 4.12, and its calculation requires assumptions and estimates. The Ecopetrol Business Group considers that the assumptions and estimations used are reasonable and supportable based on the current market conditions and are aligned to the risk profile of the related assets. However, if different assumptions and estimations are used, they could lead to different results. Valuation models used to determine fair value are sensitive to changes in the underlying assumptions. For example, sales volumes and prices that will be paid for the purchase of raw materials are assumptions that may vary in the future. Adverse changes in any of these assumptions could lead to the recognition of goodwill impairment. 3.8 Litigation The Ecopetrol Business Group is subject to claims relating to regulatory and arbitration proceedings, tax assessments and other claims arising in the normal course of business. Management evaluates these claims based on their nature, the likelihood that they materialize and the amounts involved, to decide on the amounts recognized and/or disclosed in the financial statements. This analysis, which may require considerable judgment, includes the assessment of current legal proceedings brought against the Ecopetrol Business Group and claims not yet initiated. A provision is recognized when the Ecopetrol Business Group has a present obligation derived from a past event, it is likely that an outflow of resources of economic benefits will be required to settle the obligation, and a reliable estimate of the amount of such obligation can be made. 3.9 Taxes Calculation of the income tax provision requires interpretation of tax law in the jurisdictions where the Ecopetrol Business Group operates. Significant judgment is required to determine estimates for income tax on taxable profits and to evaluate the recoverability of deferred tax assets, which are based on the ability to generate sufficient taxable income during the periods in which such deferred taxes could be used or deduct. To the extent that future cash flows and taxable income differ significantly from the estimates, the Ecopetrol Business Group’s ability to realize the deferred tax assets recorded could be affected. Furthermore, changes in tax rules could limit the capacity of the Ecopetrol Business Group to obtain tax deductions in future years, as well as the recognition of new tax liabilities resulting from auditing conducted by the tax authorities. Tax positions taken involve a thorough assessment by Management, and are reviewed and adjusted in response to situations such as expiration in the applicability of laws, closing of tax audits, additional disclosures caused by any legal issue or a court decision relevant to a particular tax issue. The Ecopetrol Business Group records provisions based on estimated potential liabilities that could be derived from a tax audit. The amount of these provisions depends on factors such as previous experience in tax audits and different interpretations of tax legislation. The actual results may differ from the estimates recorded. 3.10 Hedge accounting The process of identifying hedging relationships between hedged items and the underlying instruments (derivative and non–derivative, such as long–term, foreign currency–denominated debt), and their corresponding effectiveness, requires the use of judgment by management. The Ecopetrol Business Group periodically monitors the alignment between its hedge instruments and its risk management policy.

Accounting policies

Accounting policies	12 Months Ended
	Dec. 31, 2020
Accounting policies
Accounting policies	4. Accounting policies The accounting policies indicated below have been applied consistently for all the periods presented. 4.1 Financial instruments A financial instrument is any contract that creates a financial asset for one entity and a financial liability or equity instrument for another entity. The classification of financial instruments depends on the nature and purpose for which the financial assets or liabilities were acquired and is determined at the time of initial recognition. Financial assets and financial liabilities are initially measured at their fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Loans and trade receivables, other receivables and financial assets held–to–maturity are measured subsequently measured at amortized cost using the effective interest method. Additionally, equity instruments are measured at fair value. Measurements at fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the principal market of the asset or liability or in the absence of a principal market in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset for its most profitable use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate for the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are classified within the following scale, based on the lowest level input that is significant to the fair value measurement as a whole, as follows: · Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. The fair value of the Ecopetrol Business Group’s marketable securities with a quoted market price is based on Level 1 inputs. · Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observed. Level 2 inputs include prices of similar assets, prices obtained through quotations made by stockbrokers, and prices that can be substantially corroborated with other observable data with the same contractual terms. For derivative contracts for which a quoted market price is not available, fair value estimates are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility estimates, price correlation, counterparty credit risk and market liquidity, as appropriate. For other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash. · Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The Ecopetrol Business Group does not use Level–3 inputs for the measurement of financial assets and liabilities. The Ecopetrol Business Group may use Level–3 inputs for the calculation the recoverable amount of certain non–financial assets for the purpose of impairment testing. Effective interest rate method The effective interest rate method is a method of calculating the amortized cost of a financial instrument and accounting of income or financial cost over the relevant period. The effective interest rate is the discount rate that exactly discounts estimated future cash receipts or payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial instrument (or, when appropriate, at a shorter period), to the net carrying amount on initial recognition. Impairment The Ecopetrol Business Group evaluates if there is objective evidence that a financial asset or group of financial assets are impaired. Financial assets are evaluated for the impairment indicators at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated future cash flows of the asset have been affected. For financial assets measured at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. 4.1.1 Cash and cash equivalents Cash and cash equivalents include cash on hand, financial investments that are highly liquid, bank deposits and special funds with original maturity dates of ninety days or less which are subject to an insignificant risk of changes in value. 4.1.2 Financial assets The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient, the Ecopetrol Business Group initially measures a financial asset at its fair value plus, and, in the case of a financial asset not at fair value through profit or loss, at transaction costs. Trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. The Ecopetrol Business Group classifies its financial assets in the following categories: a) Financial assets measured at fair value through profit or loss Financial assets are held for trading and financial assets designated at the time of the initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired to be sold or repurchased in the short term. They are recognized at their fair value and losses or profits arising at the time of re–measurement are recognized in the statement of profit or loss. b) Financial assets measured at fair value with changes in other comprehensive income These are equity instruments of other non–controlled and non–strategic companies not allowing for any type of control or significant influence thereon and where the Ecopetrol Business Group’s management does not intend to negotiate with them in the short term. These investments are recorded at their fair value and unrealized gains or losses are recognized in other comprehensive income. c) Financial assets at amortized cost This category is the most relevant to the Group. The Group's financial assets at amortized cost includes trade receivables, other receivables, loans to associates, and loans to employees. Loans and receivables are non–derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables, including trade and other receivables, are measured initially at fair value and then at amortized cost using the effective interest rate method, less impairment. Loans to employees are initially recorded using the present value of the future cash flows, discounted at the current market rate for similar loans. If the interest rate is less than the current market rate, fair value will be less than the amount of the loan. This difference is recorded as a benefit to employees. The Group measures financial assets at amortized cost if both of the following conditions are met: · The asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows · The contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment analysis. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. De–recognition of financial assets The Ecopetrol Business Group derecognizes a financial asset only upon the expiration of the contractual rights to the cash flows of the asset or, when it has transferred its rights to receive such cash flows or has assumed the obligation to pay the cash flows received in full without material delay to a third party and (a) it has transferred substantially all the risks and benefits inherent in the ownership of the financial asset or (b) it has neither transferred nor retained substantially all the risks and benefits of the asset, but has transferred control of the asset. When the Ecopetrol Business Group does neither transfer nor retain substantially all the risks and benefits of the asset or transfer control of the asset, the Ecopetrol Business Group continues to recognize the transferred asset, to the extent of its continuing participation, and it also recognizes the associated liability. 4.1.3 Financial liabilities Financial liabilities correspond to the financing obtained by the Ecopetrol Business Group through bank credit facilities and bonds, accounts payable to suppliers and creditors. Bonds and bank credit facilities (this is the category most relevant to the Group) are initially recognized at their fair value, net of directly attributable transactions cost. After initial recognition, interest–bearing credit facilities and bonds are subsequently measured at amortized cost, using the effective interest rate (EIR) method. The effective interest method amortization is included as a financial expense in the statement of profit or loss. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. Accounts payable to suppliers and creditors are short–term financial liabilities recorded at nominal value, since it does not significantly differ from fair value. Derecognition A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires. When an existing financial liability has been replaced by another from the same lender, under substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de–recognition of the original liability and recognized as a new liability. The difference between the respective carrying amounts is recognized in the statement of profit or loss. 4.1.4 Derivative financial instruments and hedging activities Financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Changes in the fair value of derivatives are recognized as gains or losses in the statement of profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income and later reclassified to profit or loss when the hedge item affects profit or loss. Changes in fair value of derivative contracts, which do not qualify or are not designated as hedges, including forward contracts for the purchase and sale of commodities under negotiation for physical delivery or receipt of the commodity are recorded in profit or loss. Derivatives embedded in the host contract are accounted for as separate derivatives at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. 4.1.5 Hedging operations For purposes of hedge accounting, hedges are classified as: · Cash flow hedges: hedges of the exposure to variability in cash flows attributable to a particular risk associated with all, or a component of, a recognized asset or liability or a highly probable forecast transaction, and that could affect profit or loss. · Hedges of net investments in foreign operations. · Fair value hedges: hedges of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or a component of any such item, that is attributable to a particular risk and that could affect profit or loss. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine whether they have been highly effective throughout the financial reporting periods for which they were designated. 4.1.5.1 Cash flow hedge The effective portion of the gain or loss on the hedging instrument is recognized in Other Comprehensive Income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The amounts previously accumulated in OCI are recognized in profit or loss when the hedged transaction affects the statement of profit or loss. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in other comprehensive income remains separately in equity until the forecast transaction occurs is recognized in the consolidated statement of profit or loss. When it is no longer expected that the initially hedged transaction will occur. Ecopetrol designates long–term loans as hedging instruments for its exposure to the exchange risk in future oil exports. See Note 30.3 for further information. 4.1.5.2 Hedge of net investment in a foreign operation Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized as OCI while any gains or losses relating to the ineffective portion are recognized in the statement of profit or loss. On the disposal of a foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. Ecopetrol allocates long–term loans as hedging instruments for its exposure to foreign exchange risk on its investment in subsidiaries whose functional currency is the U.S. dollar. See Note 30.4 for further information. 4.1.5.3 Fair value hedge The gain or loss on the hedging instrument shall be recognized in profit or loss or other comprehensive income, if the hedging instrument hedges an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income. The hedging gain or loss on the hedged item shall adjust the carrying amount of the hedged item (if applicable) and be recognized in profit or loss. If the hedged item is a financial asset (or a component thereof) that is measured at fair value through other comprehensive income, the hedging gain or loss on the hedged item shall be recognized in profit or loss. However, if the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income, those amounts shall remain in other comprehensive income. 4.2 Inventories Inventories are stated at the lower of cost and net realizable value. Inventories mainly comprise crude oil, fuels and petrochemicals and consumable inventories (spares and supplies). The cost of crude oil is the production costs, including transportation costs. The cost required to bring a pipeline into working order, is treated as part of the related pipeline. The cost of other inventories is determined based on the weighted average cost method, which includes acquisition costs (deducting commercial discounts, rebates and other similar items), transformation, and other costs incurred to bring inventory to their current location and condition, such as transportation costs. Consumable inventories (spares and supplies) are recognized as inventory and then charged to expense, maintenance or project to the extent that such items are consumed. Ecopetrol estimates the net realizable value of inventories at the end of the period. When the circumstances that previously caused inventories to be written down below cost no longer exist, or when there is clear evidence of an increase in the net realizable value because of a change in economic circumstances, the amount of the write down is reversed. The reversal cannot be greater than the amount of the original write down, so that the new carrying amount will always be the lower of the cost and the revised net realizable value. 4.3 Related parties Related parties are considered those in which one party has the ability to control, or has joint control of the other, or exercises significant influence over the other party in making financial or operational decisions, or is a member of key management personnel (or close relative of a member). The Ecopetrol Business Group considers related parties to be associates, joint ventures, key management executives, entities managing resources for payment of employee post–employment benefit plans and Colombian government entities for the purposes of certain relevant transactions, such as the purchase of hydrocarbons and the fuel price stabilization fund (see Note 31 – Related parties). 4.3.1 Investments in associates An associate is an entity over which the Ecopetrol Business Group has significant influence but not control. Significant influence is the power to participate in the financial and operational policy decisions of the investee, but it is not control or joint control over those policies. Generally, these entities are those in which the Ecopetrol Business Group holds an equity interest with voting rights of 20% to 50%. See Exhibit I – Consolidated companies, associates and joint ventures for further details . Investments in associates are accounted for using the equity method. Under this method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Ecopetrol Business Group’s share of net assets of the associate since the acquisition date. Goodwill related to the associate is included in the carrying amount of the investment and it is not tested for impairment separately. The Ecopetrol Business Group’s share of the results of operations of the associate is recognized in the consolidated statement of profit or loss. Any change in other comprehensive income is recognized in other comprehensive income of the Ecopetrol Business Group. After application of the equity method, the Ecopetrol Business Group determines if it is necessary to recognize an impairment on its investment in its associate. The Ecopetrol Business Group determines whether there is objective evidence that the investment is impaired. If there is such evidence, the amount of the impairment is calculated as the difference between the recoverable amount and its carrying value, and then the impairment is recognized in the consolidated statement of profit or loss. When necessary, the Ecopetrol Business Group makes adjustments to the accounting policies of associates to ensure consistency with the policies adopted by the Ecopetrol Business Group. Additionally, the equity method of these companies is measured on their most recent financial statements. 4.3.2 Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control exists only when decisions about the relevant activities require unanimous consent of the parties sharing such control. The accounting treatment for the recognition of joint ventures is the same as investments in associates. 4.4 Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. Joint operation contracts are entered into between Ecopetrol and third parties to share risk, secure capital, maximize operating efficiency and optimize the recovery of reserves. In these joint operations, one party is designated as the operator to execute the operations and report to partners according to their participating interests. Likewise, each party takes its share of the produced hydrocarbons (crude oil or gas), according to their share in production. When Ecopetrol participates as a non–operator partner, it recognizes the assets, liabilities, sales revenues, cost of sales and expenses based on the operator’s report. When Ecopetrol is the direct operator of joint venture contract, it recognizes its percentage of assets, liabilities, sales revenues, costs and expenses, based on the participation of each partner in the items corresponding to assets, liabilities, sales revenues, costs and expenses. When the Ecopetrol Business Group acquires or increases its participation in a joint operation in which the activity constitutes a business combination, such transaction is recognized applying the acquisition method in accordance with IFRS 3 – Business combination. The acquisition cost is the sum of the consideration transferred, which corresponds to the fair value, on the date of acquisition of the assets transferred and the liabilities incurred. Any transaction cost related to the acquisition or increased share in the joint operation that constitutes a business combination is recognized in the consolidated statement of profit or loss. The excess of the sum of the consideration transferred and the amount paid in the operation is recognized as goodwill. If the result is in an excess value of the net assets acquired over the amount paid in the purchase transaction, the difference is recognized as income in the consolidated statement of profit or loss on the date of recognition of the transaction. 4.5 Non–current assets held for sale Non–current assets are classified as held for sale if their carrying values will be recovered principally through a sale transaction rather than through continued use. Non–current assets are classified as held for sale only when the sale is highly probable within one year from the classification date and the asset (or group of assets) is available for immediate sale in its present condition. These assets are measured at the lower of their carrying amount and fair value less related costs of disposal. 4.6 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Tangible components related to natural and environmental resources are part of property, plant and equipment. The initial cost of an assets comprises its purchase price or construction cost, including import duties and non–refundable purchase taxes, any costs directly attributable to bringing the asset into operation, costs of employee benefits arising directly from the construction or acquisition, borrowing costs incurred that are attributable to the acquisition and construction of qualifying assets and the initial estimate of the costs of dismantling and abandonment of the item. Spare parts and servicing equipment are recorded as inventories and recognized as an expense as they are used. Major spare parts and stand–by equipment that the entity expects to use during more than one period are recognized as property, plant and equipment. Any gain or loss arising from the disposal of a property, plant and equipment is recognized in profit or loss of the period. Subsequent disbursements Subsequent disbursements correspond to all payments to be made on existing assets in order to increase or extend the initial expected useful life, increase productivity or productive efficiency, allow for significant reduction of operating costs, increase the level of reserves in exploration or production areas or replace a part or component of an asset that is considered critical for the operation. The costs of repair, conservation and maintenance of a day to day nature are expensed as incurred. However, disbursements related to major maintenance are capitalized. Depreciation Property, plant and equipment is depreciated using the straight–line method, except for those associated with exploration and production activities which are depreciated using the units–of–production method. Technical useful lives are updated annually considering factors such as: additions or improvements (due to parts replacement or critical components for the asset’s operation), technological advances, obsolescence and other factors; the effect of this change is recognized from the period in which it was executed. Depreciation of an asset starts when it is ready to be used. Useful lives are determined based on the period over which an asset is expected to be available for use, physical exhaustion, technical or commercial obsolescence and legal limits or restrictions over the use of the asset. The estimated useful life of assets fluctuates in the following ranges: Plant and equipment 10 – 55 years Pipelines, networks and lines 10 – 40 years Buildings 10 – 42 years Other 3 – 35 years Lands are recognized separately from buildings and facilities and it is not subject to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate. 4.7 Natural and environmental resources Recognition and measurement Ecopetrol uses the successful efforts method to account for exploration and production of crude oil and gas activities, following the provisions of IFRS 6 – Exploration for the evaluation of mineral resources. Exploration costs Acquisition and exploration costs are recorded as exploration and evaluation assets until the determination of whether the exploration drilling is successful or not; if determined to be unsuccessful, all costs incurred are recognized as expenses in the statement of profit or loss. Exploration costs are those incurred with the objective of identifying areas that are considered to have prospects of containing oil and gas reserves, including geological and geophysical, seismic costs, viability, and others, which are recognized as expenses when incurred. Furthermore, disbursements associated with the drilling of exploratory wells and those related to stratigraphic wells of an exploratory nature are charged as assets until it is determined if they are commercially viable; otherwise, they are expensed in the consolidated statement of profit or loss as dry wells expense. Other expenditures are recognized as expenses when incurred. An exploration and evaluation asset is no longer classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration and evaluation assets are reclassified to the natural and environmental resources account after being assessed for impairment. All capitalized costs are subjected to technical and commercial revisions at least once a year to confirm the evaluation and exploration efforts continue on the fields; otherwise, these costs are written off through to profit or loss. Exploration costs are net of the revenues obtained from the sale of crude oil during the extensive testing period, net of cost of sales, since they are considered necessary to complete the asset. Development costs Development costs correspond to those costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing. When a project is approved for development, the corresponding capitalized acquisition and exploration costs are classified as natural and environmental resources and costs subsequent to the exploration phase are capitalized as development costs of the properties that contain such natural resources. All development costs are capitalized, including drilling costs of unsuccessful development wells. Production costs Production costs are those incurred to operate and maintain productive wells, and are part of the corresponding equipment and facilities. Production activity includes extraction of oil and gas to the surface, its gathering, treatment and processing as well as storage in the field. Production costs are expenses recorded in the consolidated statement of profit or loss as incurred unless they add oil and gas reserves, in which case they are capitalized. Production and support equipment is recognized at cost and is part of property, plant and equipment subject to depreciation. Capitalized costs also include decommissioning, dismantling, retiring and restoration costs, as well as the estimated cost of future environmental obligations. The estimation includes plugging and abandonment costs, facility dismantling and environmental recovery of areas and wells. Changes arising in new abandonment liability estimations and environmental remediation are capitalized in the carrying amount of the related asset. Depletion Depletion of natural and environmental resources is determined using the unit–of–production method per field, using proved developed reserves as a base, except in limited exceptional cases that require greater judgment by Management to determine a better amortization factor of future economic benefits over the useful life of the asset. Depreciation/depletion rates are reviewed annually, based on reserves reports and the impact of any changes is recognized prospectively in the financial statements. Reserves are independently estimated by internationally recognized external consultants and approved by Ecopetrol’s Board of Directors. Proved reserves consist of the estimated quantities of crude oil and natural gas demonstrated with reasonable certainty by geological and engineering data to be recoverable in future years from known reserves under existing economic and operating conditions, that is, at the prices and costs that apply at the date of the estimation. Impairment Assets associated to exploration, evaluation and production are subject to review for possible impairment in their carrying amount. See Notes 3.2 — Impairment of non-current assets and 4.12 — Impairment of non–current assets . 4.8 Capitalization of borrowing costs Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period of time to get ready for its intended use are capitalized as part of the cost of such asset when it is probable that future economic benefits associated with the item will flow to the Ecopetrol Business Group and costs can be measured reliably. Other borrowing costs are recognized as finance costs. Projects that have been suspended but that the Ecopetrol Business Group intends to continue to pursue their development in the future, are

New standards and regulatory ch

New standards and regulatory changes	12 Months Ended
	Dec. 31, 2020
New standards and regulatory changes
New standards and regulatory changes	5. New standards and regulatory changes 5.1 New standards adopted by the Group, effective as of January 1, 2020 Ecopetrol applied certain standards and amendments which were effective for annual periods beginning on or after January 1, 2020. Ecopetrol has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. - - These modifications have no impact on the consolidated financial statements, as there is currently no interest rate coverage. - These modifications have not had any impact on the consolidated financial statements. - These modifications have not had an impact on the consolidated financial statements. - This amendment was not applied given that the number of contracts that would be within its scope is reduced and – evaluating its impact at the business group level – it is not material. Consequently, each company will guarantee that the changes in the lease contracts under IFRS 16 comply with the current guidelines of the standard, which establishes that the modifications are recorded as a higher or lower value of the asset in use. 5.2 New standards issued by the IASB that will enter into force in future periods The new amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. Ecopetrol intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Effective January 1, 2021: - Within the accounting analysis, Ecopetrol established that the contractual cash flows of financial assets or financial liabilities measured at amortized cost would change as a result of the interest rate reform. According to the standard, the contracts that change the basis for determining the contractual flows as a result of the interest rate reform should not have a recalculation in the IRR and therefore no accounting impact on the Income Statement applying paragraph B5.4.5 of IFRS 9. Monthly financial expenses will be measured at the new interest rate without implying a remeasurement in the rate that may affect the current cost of the financial asset and/or liability. Effective as of January 1, 2022 with early adoption in 2021: - The amendment is effective for annual reporting periods beginning on or after 1 January 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. Ecopetrol will apply the amendment with early adoption in 2021 subject to approval by decree as required in Colombia regulation. - - Entry into force as of January 1, 2022 or later periods: - The Company constantly monitors the new accounting standards, updates or amendments that the IASB issues, to validate their application and impacts on the Financial Statements.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2020
Cash and cash equivalents.
Cash and cash equivalents	6. Cash and cash equivalents 2020 2019 Banks 4,215,518 5,813,306 Short–term investments (1) 866,606 1,262,105 Cash 184 347 5,082,308 7,075,758 (1) As of December 31, 2020, cash and cash equivalents balance included COP$11,682 (COP$85,286 as of December 31, 2019), of restricted cash to be used exclusively for the payment of loans principal and interest obtained by Oleoducto Bicentenario and Oleoducto de los Llanos. The use of short–term financial investments depends on the liquidity needs of the Ecopetrol Business Group. The fair value of cash and cash equivalents approximates their book value due to their short–term nature. The return on cash and cash equivalents for the years ended December 31, 2020 and 2019 were 2.2% and 3.2%, respectively. The following table reflects the credit quality of issuers of investments included in cash and cash equivalents: Rating 2020 2019 AAA 2,578,090 3,851,656 F1+ 1,286,310 244,547 A-1 851,394 1,244,462 F1 207,773 — BRC1+ 99,923 673,342 AAAf 28,552 — F3 12,184 — A 4,319 167,404 BRC1 2,336 — AAAmmf 2,162 — Aaa 1,431 — AA 546 229,473 BBB 121 569,514 AA- 22 — A-2 — 89,996 BB — 43 Baa2 — 10 Other 7,145 5,311 5,082,308 7,075,758 See credit risk policy in Note 30.7.

Trade and other receivables, ne

Trade and other receivables, net	12 Months Ended
	Dec. 31, 2020
Trade and other receivables, net
Trade and other receivables, net	7. Trade and other receivables, net 2020 2019 Current Customers Foreign 2,021,070 2,759,993 Domestic 1,913,106 2,015,517 Fuel price stabilization fund (1) 319,927 256,303 Related parties (Note 31) 105,048 27,449 Accounts receivable from employees 97,723 95,693 Industrial services 39,651 47,691 Other (2) 322,567 497,688 4,819,092 5,700,334 Non–current Accounts receivable from employees 474,693 508,588 Domestic customers 51,955 52,819 Related parties (Note 31) — 93,657 Other (2) 149,959 131,732 676,607 786,796 (1) (2) The book value of trade and other receivables approximates their fair value. The changes in the allowance for doubtful accounts for the year ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Opening balance 282,791 268,654 170,016 Additions, net 16,253 14,158 107,725 Effect of change of control in subsidiaries (Note 28) (5,517) — — Accounts receivable write–off and uses (2,383) (21) (9,087) Closing balance 291,144 282,791 268,654

Inventories, net

Inventories, net	12 Months Ended
	Dec. 31, 2020
Inventories, net
Inventories, net	8. Inventories, net 2020 2019 Crude oil 1,719,426 1,965,022 Fuels and petrochemicals 1,407,297 1,876,247 Materials for the production of goods 1,927,237 1,816,830 5,053,960 5,658,099 The following are the changes of the allowances for losses for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Opening balance (131,526) (86,938) (194,507) (Additions) reversals, net (9,748) (44,191) 115,778 Foreign currency translation (122) 371 (9,717) Effect of change of control in subsidiaries (Note 28) 20,075 - - Uses, transfers and reclassifications (1) 11,772 (768) 1,508 Closing balance (109,549) (131,526) (86,938) (1) It mainly includes the update of the provision in joint operations. Crude oil, fuel and petrochemicals inventories are adjusted to the lowest between the cost and the net realizable value, as a result of fluctuations in international crude oil prices. The amount recorded for this in 2020 was COP$9,017 (2019 - COP$9,759).

Other financial assets

Other financial assets	12 Months Ended
	Dec. 31, 2020
Other financial assets
Other financial assets	9 . Other financial assets 2020 2019 Assets measured at fair value through profit or loss Investment Portfolio – Local currency 474,535 1,630,149 Investment Portfolio – Foreign currency 2,494,124 3,340,908 2,968,659 4,971,057 Assets measured at fair value through other comprehensive income 732 - Assets measured at amortized cost 3,391 3,367 Hedging instruments 98,877 4,868 3,071,659 4,979,292 Current 2,194,651 1,624,018 Non–current 877,008 3,355,274 3,071,659 4,979,292 The average return of the investment portfolio in Colombian pesos and U.S. dollars were approximately 5.6% (2019 – 5.4%) and approximately 2.3% (2019 – 3.6%), respectively. Changes in fair value are recognized in financial results (Note 28). 9.1 Restrictions As of December 31, 2020 and 2019, there were no investments with restricted use. 9.2 Maturity 2020 2019 Up to 1 year 2,194,651 1,624,018 1 – 2 years 101,216 983,571 2 – 5 years 573,420 1,791,549 > 5 years 202,372 580,154 3,071,659 4,979,292 9.3 Fair value The following is the balance of other financial assets by fair value hierarchy level as of December 31, 2020 and 2019: 2020 2019 Level 1 5,273 472,547 Level 2 3,062,995 4,503,378 3,068,268 4,975,925 There were no transfers between hierarchy levels for the years ended December 31, 2020 and 2019. The securities comprising Group’s portfolio are valued on a daily basis according to the instructions issued by the Financial Superintendence of Colombia. To this end, the information provided by authorized entities is used, which includes data from active markets. For cases in which market data is not available, other directly or indirectly observable data is used. For U.S. dollar–denominated investments, fair value is based on information released by Bloomberg, while for investments denominated in Colombian pesos, fair value is provided by Precia, an entity authorized by the Financial Superintendence of Colombia to provide this service. Within the investment valuation hierarchy process, other relevant aspects are taken into account, such as the issuer’s rating, investment rating and the risk analysis of the issuer performed by the Ecopetrol Business Group. 9.4 Credit rating The following table reflects the credit quality of the issuers of other financial assets measured at fair value through profit or loss: 2020 2019 A-1 1,107,777 — BBB- 758,472 — F1+ 551,626 350,325 AAA 353,939 2,707,019 A-3 127,861 — A+ 60,692 712,934 F1 43,839 — AA- 21,263 186,325 A 21,179 186,222 AA 7,759 477,423 AA+ 5,332 155,012 A1 — 18,168 BBB — 159,968 Rating not available 876 — Other 11,044 25,896 3,071,659 4,979,292 See credit risk policy in Note 30.8.

Taxes

Taxes	12 Months Ended
	Dec. 31, 2020
Taxes
Taxes	10. Taxes 10.1 Current and Non-current tax assets and liabilities 2020 2019 Current tax assets Income tax (1) 1,823,027 190,605 Credit tax balance (2) 1,311,693 614,005 Other taxes (3) 841,575 714,197 3,976,295 1,518,807 Non-current tax assets Deferred tax assets 7,673,912 6,809,347 Income tax credits (4) 397,821 — 8,071,733 6,809,347 Current tax liabilities Income tax payable (5) 811,197 1,967,353 Industry and commerce tax 161,813 195,776 National tax and surcharge on gasoline 137,710 145,569 Carbon tax 64,091 54,586 Value added tax 5,607 33,098 Other taxes (6) 63,465 174,397 1,243,883 2,570,779 Non-current tax liabilities Deferred tax liabilities Income tax payable (7) (1) Given the payment for self-withholdings during the year, credit for foreign tax paid, credit for 50% of the industry and commerce paid, and VAT credit for acquisition of real productive fixed assets, a favorable balance is generated for the term. (2) Corresponds mainly to the Ecopetrol´s value added tax (VAT) and industry and commerce tax in favour. (3) Includes the VAT credit derived from the acquisition of real productive fixed assets, following Article 95 of Law 2010 of 2019 and municipal advance payments and self-withholdings. (4) Corresponds to the effective VAT credit paid on the acquisition of real productive fixed assets, which, given the limitations established by law, will be used in future income tax returns. (5) In addition to the income tax recognized as a current liability, it includes the short-term portion of the liability of “works for taxes” related to Ecopetrol and Cenit, the income tax payment mechanism for 2017, established in Law 1819 of 2016 for COP$94,185 and COP$39,379 respectively. (6) It mainly includes royalties, transport tax among others. (7) The advance payment mechanism of “works for taxes” is regulated by article 238 of Law 1819 of 2016 - Tax reform, which established it as a form of payment in respect of income tax payable for the years 2017, 2018 and 2019. In compliance therewith, in May 2018, 2019 and 2020, the Group’s companies recognized an asset and a liability for the value of the projects designated for each fiscal year. 10.2 Income tax In accordance with Law 2010/2019 (Tax Reform) the tax provisions applicable to individual companies in Colombia for the taxable year 2020 are the following: - The income tax rate applicable to national companies and foreign entities will be 32% for the year 2020, 31% for the year 2021 and 30% for the year 2022 and subsequent years. - For the years 2019 and 2020, the presumptive income rate will be 1.5% and 0.5%, respectively, of the taxpayer's net equity from the immediately previous year. From 2021 the applicable tax rate will be 0%. - The income tax for tax free trade zone users will be 20%. If the company located in the free zone has a Legal Stability Agreement (hereinafter LSA), the income tax rate will continue to be 15% during the term of said contract. This is the case of Refinería de Cartagena S.A.S. (“Reficar”) and Esenttia Masterbatch Ltda. ("Esenttia MB"). - For fiscal year 2020, the Group had subsidiaries that were subject to a 32% income tax rate, subsidiaries located in free trade zones that were subject to a 15% income tax rate depending upon whether or not they complied with the LSA rules and other subsidiaries that were subject to statutory income tax rates applicable in countries where they are incorporated. - The tax depreciation percentages are adjusted based on the table established in Law 1819 of 2016. On the other hand, oil investments amortization will be calculated based on the technical production units as it is recorded for accounting purposes. - The cost of acquisition of exploration rights, geology and geophysics (G&G), exploratory drilling, among others, is capitalized for tax purposes until the technical and commercial feasibilities of extracting the resource are achieved. - Tax losses generated as of January 1, 2017 may be offset against ordinary net income obtained in the following 12 taxable years. - Following the Article 290 of Law 1819 of 2016, any excess between estimated income reported and CREE that has not yet been offset may be offset in accordance to the formula provided for this purpose in said article and subject to the term established in Article 189 of the Colombian Tax Code. Statute of limitations of tax returns By general rule, the statute of limitations for the income tax return corresponds to 3 years counted as from the due date to file the return or the filing date, when these have been lately filed. Returns filed by taxpayers that have made transactions, subject to the transfer pricing regulations, have a five-year statute of limitations, for the tax returns that are filed as of January 1, 2020. For tax returns with favorable balances, the statute of limitations will be 3 years as of the filing date of the request for refunds or offsetting. For tax returns in which tax losses are carried forward, the statute of limitations will be 6 years (5 years from 2020) counted as of their filing date. With respect to tax returns where tax losses are calculated, the statute of limitations will be 12 years and if the losses are carried forward within the last 2 years of the 12–year period, the statute of limitations will be extended up to 3 additional years from the year of offsetting. The income tax returns of the taxable years 2011, 2012, 2014, 2015, 2016, 2017, 2018 and 2019 and income tax for equality - CREE - of the taxable years 2014, 2015, and 2016 of Group Companies are subject to acceptance and review by the tax authorities. Income tax expense 2020 2019 2018 Current income tax (1) 2,861,606 7,117,040 7,539,093 Deferred income tax (2) (791,824) (2,365,108) 783,136 Adjustments to prior years’ current and deferred tax (31,121) (33,519) (63,744) Income tax expenses 2,038,661 4,718,413 8,258,485 (1) (2) Reconciliation of the income tax expenses The reconciliation between the income tax expense and the current tax applicable to the Ecopetrol Business Group in Colombia is as follows: 2020 2019 2018 Net income before income tax 4,776,514 19,723,568 20,613,875 Statutory rate 32.0 % 33.0 % 37.0 % Income tax at statutory rate 1,528,484 6,508,777 7,627,134 Effective tax rate reconciliation items: Non–deductible expenses 289,043 295,550 379,633 Reversal of deferred tax recognized in prior years 245,508 — — Rate differential adjustment 14,974 132,888 172,352 Impairment of non–current assets — 57,646 (128,461) Variation in equity accounting method in Invercolsa 7,002 (2,943) — Non–taxable income (1) (35,471) (524,658) (119,963) Prior years’ taxes (2) (50,159) (33,519) (63,744) Foreign currency translation and exchange difference 59,852 (54,319) 751,210 Tax discounts and tax credit (20,572) (110,857) — Ecopetrol U.S.A. adjustment income tax (3) — (1,550,152) — Effect of tax reform — — (359,676) Income tax calculated 2,038,661 4,718,413 8,258,485 Effective tax rate 42.7 % 23.9 % 40.1 % Current 2,583,832 7,127,492 7,416,038 Deferred (4) (545,171) (2,409,079) 842,447 2,038,661 4,718,413 8,258,485 (1) It includes mainly the non-taxable dividends. (2) It includes the update effect of 2020 deferred tax compared to 2019 for COP$19,038. (3) In 2019, two companies, Ecopetrol USA Inc. and Ecopetrol Permian, were incorporated e in the United States for the development of the unconventional hydrocarbons business. US tax regulations business reorganizations (IRC Section 368 (a) (1) (F)) makes it possible to offset tax losses occurring in previous years with future income tax returns. Because the results of Ecopetrol America LLC and Ecopetrol Permian LLC will be consolidated into Ecopetrol USA Inc.’s financial statements, it will be responsible for the payment of taxes in the United States. The International Accounting Standard - IAS 12 establishes when a company has strong evidence that will allow it to offset the tax losses, it is possible to calculate a deferred tax asset. Additionally, the tax projections with the entry into operation of Ecopetrol Permian, allow to infer that it will generate enough income to recover the losses of previous years, therefore the recognition of deferred tax asset is feasible. (4) Includes COP$383,346 that corresponds to deferred tax liability of Guajira association (Note 12). The effective tax rate as of December 31, 2020, is 42.7% (2019 – 23.9%). The increase from the previous year is mainly due to: a) the decrease in projected profit at the end of each year, b) the limitation in the use of the tax credits, c) the effect of the adjustment for exchange differences in the companies of the business group that are dollar functional currency, d) the effect of the adjustment of Permian in 2019 and e) the effect of the companies of the group with losses that have a nominal rate different from the parent company. Deferred income tax 2020 2019 Deferred tax assets 7,673,912 6,809,347 Deferred tax liabilities (1,639,206) (1,328,831) Net deferred income tax 6,034,706 5,480,516 The detail of deferred tax assets and liabilities is as follows: 2020 2019 Deferred tax assets (liabilities) Loss carry forwards (1) 4,478,606 2,550,816 Provisions (2) 3,187,850 2,404,032 Employee benefits (3) 1,874,242 1,875,872 Accounts payable (4) (10,626) 711,503 Loans and borrowings 846,019 920,203 Accounts receivable 183,843 139,410 Excess presumptive income 61,722 298,273 Other 47,269 (15,189) Goodwill (5) (366,346) (363,968) Property plant and equipment and Natural and environmental resources (6) (4,267,873) (3,040,436) 6,034,706 5,480,516 (1) In 2020, a deferred tax asset for tax losses carryforwards was recognized in the following companies: Ecopetrol USA Inc. (COP$1,663,411), Refinería de Cartagena (COP$1,601,570) and Ecopetrol S.A. (COP$1,189,973). (2) Corresponds to non-deductible accounting provisions, mainly the asset retirement obligation (ARO) provision. (3) Actuarial calculations for health, pensions and bonds, education and other long-term benefits to employees. (4) The variation corresponds to the change in the methodology for the deferred tax in the estimated liabilities. (5) According to Colombian tax law, goodwill is subject to amortization, while under IFRS it is not amortized but such goodwill is subject to impairment tests, and any difference results in a deferred tax liability. (6) For tax purposes, natural and environmental resources and property, plant and equipment have a useful life and a methodology for calculating depreciation and amortization different from those determined under international accounting standards. This item includes the amount of the capital gains of 10% tax rate applicable to the lands. The main variation is related to the income tax rate variation from 31% to 30%. Deferred tax details are as follows: Loss Excess carry Accounts Loans and presumptive forwards Provisions Employee benefits payable borrowings income As of December 31, 2018 1,002,062 1,994,762 1,161,860 365,646 827,452 (37,638) Profit or loss 1,548,754 409,270 (57,343) 345,857 92,751 335,911 OCI — — 771,355 — — — As of December 31, 2019 2,550,816 2,404,032 1,875,872 711,503 920,203 298,273 Profit or loss 1,927,790 783,818 39,608 (722,129) (74,184) (236,551) Increase due to business combinations (Guajira association) — — — — — — OCI — — (41,238) — — — As of December 31, 2020 4,478,606 3,187,850 1,874,242 (10,626) 846,019 61,722 PPE and Natural Accounts resources Goodwill receivable Others Total As of December 31, 2018 (2,304,140) (404,394) 79,591 (143,717) 2,541,484 Profit or loss (736,296) 40,426 59,819 341,053 2,380,202 OCI — — — (114,520) 656,835 Increase in shareholding in Invercolsa — — — (98,005) (98,005) As of December 31. 2019 (3,040,436) (363,968) 139,410 (15,189) 5,480,516 Profit or loss (844,091) (2,378) 44,433 (68,306) 848,010 Increase due to business combinations (Guajira association – Note 12) (383,346) — — — (383,346) OCI — — — 130,764 89,526 As of December 31, 2020 (4,267,873) (366,346) 183,843 47,269 6,034,706 Deferred tax assets recognized Deferred tax assets recognized in the consolidated financial statements as of December 31, 2020 and 2019 amounted to COP$7,673,912 and COP$6,809,347, respectively and is mainly comprised of the items included in detail of deferred tax assets and liabilities. Deferred tax assets for tax loss carryforwards and excesses of presumptive income tax amounted to COP$4,540,328 and COP$2,849,087 as of December 31, 2020 and 2019 respectively, and is mainly comprised of: · Tax losses carryforwards that do not expire corresponding to Refinería de Cartagena (COP$8,007,852) and Ecopetrol USA (USD $404 million - COP$1,386,730), amount to COP$9,394,582 (2019 - COP$6,385,989) that generates deferred taxes of COP$1,601,570 (2019 - COP$1,052,848), and COP$306,172 (2019 - COP$182,977), respectively. · Tax losses carryforwards that expire in 20 years from the year in which they were incurred corresponding to Ecopetrol USA amounting to COP$6,532,048 (2019 - COP$6,144,400) (USD $1,904 million) and correspond to deferred tax assets of COP$1,357,239 (2019 - COP$1,288,249). · Tax losses carryforwards that expire in the following 12 years counted as from the year they were incurred corresponding to Ecopetrol S.A. amounting to COP$3,953,551 resulting in a deferred tax assets of COP$1,189,973. Additionally, as of December 31, 2020 the excess of presumptive income amounted to COP $199,103 resulting in a deferred tax asset of COP$61,722 in Ecopetrol S.A. The Ecopetrol Business Group recognizes deferred tax assets to the extent that it is probable that they will be realized against available source of income, including projections of future taxable income. In accordance to the tax rules regulation applicable until December 31, 2016, excess of presumptive income and excess minimum base excesses before 2017 incurred in the income tax and income tax for equity equality - (CREE, as its acronym in Spanish) respectively, may be offset with the ordinary taxable income in the following five (5) years, using for this purpose, the formula established in numeral 6th, of Article 290 of Law 1819/2016. The tax loss carryforwards of Ecopetrol USA generated between 2008 and 2017, expire in 20 years from the year in which they were incurred. The tax loss carryforwards generated starting January 1, 2018 have no expiration date and its use is limited to 80% of taxable income. The movements of deferred income tax for the years as of December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Opening balance 5,480,516 2,541,484 2,682,881 Deferred tax recognized in profit or loss 928,517 2,409,079 (842,447) Increase due to business combination (383,346) (98,005) — Deferred tax recognized in other comprehensive income (a) 89,526 656,835 666,767 Foreign currency translation (80,507) (28,877) 34,283 Closing balance 6,034,706 5,480,516 2,541,484 (a) The following is the detail of the income tax recorded in other comprehensive income: December 31. 2020 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) (137,459) 41,238 (96,221) Cash flow hedging for future crude oil exports (Note 30.3) (1,186) 1,908 722 Hedge of a net investment in a foreign operation (Note 30.4) 520,490 (156,147) 364,343 Hedge with derivative instruments (78,547) 23,475 (55,072) 303,298 (89,526) 213,772 December 31. 2019 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) 2,571,184 (771,355) 1,799,829 Cash flow hedging for future crude oil exports (Note 30.3) (356,339) 118,008 (238,331) Hedge of a net investment in a foreign operation (Note 30.4) 87,524 (26,257) 61,267 Hedge with derivatives instruments (69,220) 22,769 (46,451) 2,233,149 (656,835) 1,576,314 December 31. 2018 Pre-tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) (29,249) 33,539 4,290 Cash flow hedging for future crude oil exports (Note 30.3) 797,658 (264,284) 533,374 Hedge of a net investment in a foreign operation (Note 30.4) 1,382,278 (410,324) 971,954 Hedge with derivatives instruments 77,872 (25,698) 52,174 2,228,559 (666,767) 1,561,792 Deferred tax assets not recognized Deferred tax assets related to the tax loss carryforwards incurred by the subsidiaries Andean Chemicals Ltd and Ecopetrol Costa Afuera S.A.S. in the amount of COP$1,912 and COP$71,305, respectively, excess of presumptive income of Hocol Petroleum Company, and Reficar in the amount of COP$245,508, were not recognized, as the Management considered that it is not probable that these deferred tax assets will be recoverable in the foreseeable future. If the Ecopetrol Business Group had recognized this deferred tax asset, the profit for the year ending December 31, 2020 would have increased by COP$247,420. Deferred tax assets (liabilities) not recognized As of December 31, 2020, by application of the exception indicated in IAS 12, paragraph 39, the deferred tax asset was not recognized on the difference between the accounting and tax basis associated with investments in Ecopetrol subsidiaries and joint ventures (Base: COP$812,673 - Tax: COP$81,267). Income tax provisions and contingent liabilities The income tax returns for taxable years 2011, 2012, 2014, 2015, 2016, 2017, 2018 and 2019 and CREE tax returns for taxable years 2014, 2015, and 2016 of Group companies are subject to acceptance and review by part of the tax authorities. The management of the Group companies considers that the amounts recorded as tax liabilities are sufficient and are supported by current regulations, doctrine and jurisprudence to address any claim that may be established with respect to such years. Uncertain tax positions - IFRIC 23 Ecopetrol Business Group’s strategy is to avoid making aggressive tax decisions that may cause questioning of its tax returns, by tax authorities. Regarding uncertain tax positions where it has been determined that there may be a possible controversy with the tax authority that could result in an income tax increase, a success threshold has been established by IFRIC 23, which has been calculated based on current regulations and tax opinion provided by our tax advisors. In accordance with the aforementioned interpretation, the Ecopetrol Business Group considers that uncertain tax positions include in its determination of income tax will not affect the results if it is probable that the position will be accepted by the tax authorities. Notwithstanding, the Ecopetrol Business Group will continue to monitor new tax regulations and ruling issued by the tax authority and other entities. 10.2.1. Dividend taxes Dividends related to profits generated from the year ended December 31, 2017; dividends will be subject to withholding at a rate of 10% for 2020 ( 7.5% in 2019). Further, if the earnings against which the dividends are distributed were not subject to corporate tax, these dividends are taxable by the income tax applicable during the distribution period (for 2019 the rate is 33%). In this scenario, the 7.5% tax on dividends will be applicable to the distributed amount, once it is reduced by the 32% in 2020 (33% in 2019) income tax rate. The non-taxed dividends that the Company will receive will not be subject to withholding tax due to the express provision of the regulation that establishes the dividends that are distributed within the business groups duly registered with the Chamber of Commerce and decentralized entities; they will not be subject to withholding tax for this concept. 10.2.2. Transfer prices According to the Colombian tax law, income taxpayers who enter into transactions with related parties or related parties located in foreign jurisdictions and in free trade zones or with residents located in jurisdictions considered tax havens, are obliged to determine their ordinary and extraordinary income for purposes of the income tax, its costs and deductions, considering for these operations the arm’s length principle. Ecopetrol filed in 2020 its transfer pricing informative return for the 2019 taxable year, and its corresponding supporting documentation, as well as the country-by-country report and the master file for the same year, following the current tax law. For fiscal year 2020, related-party transactions in foreign jurisdictions, as well as the business conditions under which said operations were carried out and the general structure did not vary significantly with respect to the previous year. For this reason, these transactions were carried out in accordance with the arm’s length principle. It is estimated that there will be no need for adjustments derived from the analysis of transfer prices for 2020, which imply changes in the income provision of the taxable year 2020. 10.2.3. Value Added Tax (VAT) Law 2010/2019 established that VAT paid on the import, creation, construction or acquisition of real productive fixed assets, may be treated as a tax credit for income tax purposes. This VAT cannot be assumed simultaneously as a cost or expense in the income tax and is not allowed to be discounted from the VAT return. 10.2.4. Tax reform The Government issued the Law 2010/2019, which makes numerous changes to the Colombian tax rules. The Tax Reform reduces the corporate income tax (CIT) rate from 33% in 2019 to 32% for 2020, 31% for 2021 and 30% for 2022 and onwards. The presumptive income tax rate (i.e., an alternative tax based on a percentage of the net equity of the last year) is reduced from 1.5% to 0.5% in 2020 and 0% for 2021 and onwards. The thin capitalization rule ratio is modified from 3:1 (which includes all debt that generates interest with local and foreign entities, related or unrelated) to a 2:1 ratio that only considers debt transactions involving related local and foreign parties (including back-to-back transactions involving foreign third parties). Tax on dividends As of January 1, 2020, the Tax Reform establishes a 7.5% dividend tax on distributions between Colombian companies. The tax will be charged only on the first distribution of dividends between Colombian entities and may be credited against the dividend tax due once the ultimate Colombian company makes a distribution to its shareholders (nonresident shareholders (entities or individuals) or to Colombian individual residents). The dividend tax on local distributions does not apply if the Colombian companies are part of a registered economic group, or the distribution is to a Colombian entity qualifying for the new Colombian holding company (CHC) regime. Normalization tax The Tax Reform establishes a tax amnesty to “normalize” (i) unreported assets; or (ii) nonexistent liabilities that were included on a tax return. The amnesty will apply only for 2020 (September 25, 2020 is the due date for filing the normalization tax). The applicable tax rate is 15% of the value of the unreported assets or nonexistent liabilities. Value Added Tax Law 2010 of 2019 established that VAT paid on the import, construction or acquisition of real productive fixed assets may be deducted from taxable income. This VAT cannot be reported simultaneously as a cost and expense in the income tax return nor will it be discounted from the sales tax. Concerning VAT, changes have been made to the list of goods and services excluded from VAT as set forth in Articles 424, 426 and 476 of the Tax Code, adding Article 437 to the Tax Code, with regard to guidelines on compliance with formal duties concerning VAT by service providers abroad, and it has been noted that VAT withholding may be up to 50% of the tax amount, subject to regulation by the National Government. The VAT rate remains at 19%. Tax procedures With regards to procedure, changes have been made: (i) withholding tax returns which, being considered ineffective, will be enforceable, (ii) electronic notification of administrative acts; (iii) payment of the entire amount covered by a statement for objections to avoid late interest at the current rate plus two points; and (iv) elimination of the extension of the status of limitations to three (3) additional years due to tax losses offset and (v) a five-year status of limitations for those taxpayers who must comply with the transfer pricing regime. Additionally, an audit benefit was included for fiscal years 2020 to 2021. Under this benefit, the income tax returns that reflect an increase in the net income tax of at least 30%, or 20% over the net income tax of the immediately preceding year, shall be considered firm for six (6) or twelve (12) months, respectively after the date of presentation if not notified of a deadline for correction or special requirement, or a special deadline or provisional settlement, provided that the return is filed timely and the payment is made within the established deadlines. The above benefit does not apply to: (i) taxpayers who have access to tax benefits due to their location in a specified geographic region; (ii) if it is demonstrated that the withholding taxes reported are non-existent; (iii) if the net income tax is less than 71 UVT (COP$2,5 for fiscal year 2020). The reduced status of limitation stated is not applicable for withholding tax returns and VAT retuns, which shall follow the general tax rules.

Other assets

Other assets	12 Months Ended
	Dec. 31, 2020
Other assets
Other assets	11. Other assets 2020 2019 Current Partners in joint operations (1) 534,145 921,983 Advanced payments to contractors and suppliers 503,698 360,781 Prepaid expenses 369,979 272,007 Trust funds (2) 218,158 144,798 Related parties (Note 31) 7,093 57,016 Other assets 30,963 22,393 1,664,036 1,778,978 Non–current Abandonment and pension funds (3) 405,376 445,457 Trust funds (4) 338,067 171,008 Employee benefits 221,658 220,998 Advanced payments and deposits 54,392 56,027 Judicial deposits and attachments 42,672 40,317 Other assets 27,949 8,674 1,090,114 942,481 (1) Corresponds to the net amount of cash calls and cutbacks generated in relation to the operations carried out with partners through Exploration and Production (E&P) contracts, Technical Evaluations (TEA) contracts and agreements entered in to with the National Hydrocarbons Agency (ANH), as well as through association contracts and other types of contracts. (2) It mainly includes the deposits related to Guajira Association's abandonment fund. (3) Mainly corresponds to Ecopetrol’s share in trusts established to support costs of abandonment of wells and dismantling of facilities, as well as the payment of future retirement pensions in some association contracts. (4) Mainly includes the resources invested in fiduciary commissions destined to "works for taxes", mechanism of payment of the income tax of 2019 and 2020, constituted in compliance with article 238 of Law 1819 of 2016 - Tax reform.

Business combinations

Business combinations	12 Months Ended
	Dec. 31, 2020
Business combinations
Business combinations	12. 12.1 Additional interest in Invercolsa On November 29, 2019, Ecopetrol acquired an additional interest of 8.53% in Invercolsa (See Note 2.2 Basis of consolidation) obtaining control of Invercolsa and resulting in a total ownership interest of 51.88%. In 2020 Ecopetrol finalized the fair value of separately identified assets and liabilities acquired, that resulted in an adjustment of COP$434,357 from Property, Plant and Equipment and Natural Resources to Goodwill (Note 19). 12.2 Guajira association contract On November 22, 2019, Hocol S.A. – a 100% subsidiary of Ecopetrol Corporate Group – signed a Purchase Agreement and Sale of Assets with “Chevron” in order to acquire the entire stake owned by the latter in the Guajira Association (43% of the association contract) and its position as operator. The remaining 57% stake in this association belongs to Ecopetrol S.A. The transaction was subject to the approval of the Superintendence of Industry and Commerce (SIC), which was made official on April 2, 2020, through resolution 12785/2020. As established in the agreement, the start of the operation by Hocol would be the first business day of the month following the date of this approval, i.e. May 1, 2020. Therefore, this is the acquisition date for accounting recognition purposes. The transaction price was determined based on a fixed reference value as of January 1, 2019 plus or minus price adjustments that relied directly on variables associated with the Guajira asset between January 1, 2019 and May 1, 2020. The clauses of the purchase agreement indicate that there is a 180-day term to finish adjusting the differences arising from the movement on the assets acquired and the liabilities assumed. During the review and approval process to determine the final price, Chevron and Hocol signed an agreement to extend the deadline for the closing of the transaction, which is expected to end during the first half of 2021. These deadlines are in regulatory compliance. Ecopetrol and Hocol measured the assets acquired and the liabilities assumed in proportion to their participation in accordance with the provisions of IFRS 11 - Joint agreements and IFRS 3 - Business combinations. For Ecopetrol, this transaction is configured as an acquisition in stages. Fair value was determined using the income approach applying the discounted cash flow methodology. The fair values of property, plant and equipment, natural and environmental resources and deferred tax have been determined based on the information available and following the guidelines of IFRS 3. Therefore, they may have adjustments associated with working capital, in compliance with the clauses of the purchase agreement and the guidelines defined in IFRS 3. The table below summarizes the amounts recognized for the assets acquired and the liabilities assumed at the acquisition date: Ecopetrol Hocol Total Assets Accounts receivable — 19,545 19,545 Property, plant and equipment 829,121 361,426 1,190,547 Natural resources 615,642 214,852 830,494 Right-of-use asset — 206 206 Other assets (1) 113,107 145,660 258,767 1,557,870 741,689 2,299,559 Liabilities Accounts payable (585) (20,342) (20,927) Deferred tax (383,346) (38,611) (421,957) Provisions (37,798) (34,234) (72,032) Other liabilities (2) (34,455) (102,487) (136,942) (456,184) (195,674) (651,858) Fair value of net assets 1,101,686 546,015 1,647,701 (1) (2) The effect on operating results as of December 31, 2020 is summarized below: Ecopetrol Hocol Total Fair value of the net assets 1,101,686 546,015 1,647,701 Book value of net assets (200,660) — (200,660) Consideration paid — (454,630) (454,630) Foreign currency translation — (5,359) (5,359) (=) Net profit from the acquisition 901,026 86,026 987,052 Recognized in: Property, plant and equipment (Note 14) 720,670 361,426 1,082,096 Natural and environmental resources (Note 15) 563,546 214,852 778,398 Intangibles (Note 17) 156 — 156 Accounts receivable — 19,545 19,545 Right-of-use asset — 206 206 Other assets — 145,660 145,660 Accounts payable — (20,342) (20,342) Deferred tax — (38,611) (38,611) Provisions — (34,234) (34,234) Other liabilities — (102,487) (102,487) Consideration paid — (454,630) (454,630) Foreign currency translation — (5,359) (5,359) Subtotal 1,284,372 86,026 1,370,398 Profit on acquisition before deferred tax (Note 28) 1,284,372 86,026 1,370,398 (-) Deferred tax expense (Note 10) (383,346) — (383,346) Net profit from the acquisition after deferred tax 901,026 86,026 987,052 Costs related to the acquisition of $19,898 million were excluded from the pre-existing participation and were recognized as operating expenses in the period. Effects on the Ecopetrol Group's results Ecopetrol Group's income includes COP$238,955 related to the acquisition of the Guajira association, while the profit for the year increased by COP$161,423. If this business combination took place on January 1, 2020, the Group's income would have an amount of COP$50,308,407, while the profit for the year would be COP$2,766,398. Management considers that these figures represent an approximate measure of the performance on an annualized basis and provide a benchmark for comparison for future periods. In determining the Group's anticipated income and profits, if the Guajira association had been acquired at the beginning of the current reporting period, management would have calculated the depreciation of property, plant and equipment and natural resources acquired on the basis of its fair value in the initial recognition for the business combination instead of the carrying amounts recognized in the financial statements prior to the acquisition.

Investments in associates and j

Investments in associates and joint ventures	12 Months Ended
	Dec. 31, 2020
Investments in associates and joint ventures
Investments in associates and joint ventures	13. Investments in associates and joint ventures The details on the participations, economic activity, address, area of operations and financial information of the investments in joint ventures and associates can be found in Exhibit 1. 13.1 Composition and movements 2020 2019 Investment in joint ventures Equion Energía Limited 1,642,735 1,515,067 Offshore International Group 613,258 709,871 Ecodiesel Colombia S.A. 51,672 46,095 2,307,665 2,271,033 Less impairment: Equion Energía Limited (314,460) (322,388) Offshore International Group (1) (609,826) (530,330) 1,383,379 1,418,315 Investments in associates Gases del Caribe S.A. E.S.P. 1,512,629 1,527,911 Gas Natural del Oriente S.A. E.S.P. 143,893 166,685 Gases de la Guajira S.A. E.S.P. 69,518 68,608 E2 Energía Eficiente S.A. E.S.P. 35,614 28,501 Extrucol S.A. 26,996 32,847 Sociedad Colombiana de Servicios Portuarios S.A. - Serviport S.A. 8,541 11,070 Sociedad Portuaria Olefinas y Derivados 2,599 2,205 1,799,790 1,837,827 Less impairment: Serviport S.A. (8,541) (11,070) 1,791,249 1,826,757 3,174,628 3,245,072 (1) The movement includes COP$2,527 related to foreign currency translation, recognized in Equity. The following is the movement of investments in associates and joint ventures: For the year ended December 31, 2020: Associates Joint ventures Total Opening balance 1,826,757 1,418,315 3,245,072 Effects of equity method through: Profit or loss 114,779 (38,443) 76,336 Other comprehensive income (2,923) — (2,923) Dividends declared (1) (148,665) (9,017) (157,682) Impairment reversal (loss) (Note 18) 2,529 (69,041) (66,512) Foreign currency translation (1,228) 81,565 80,337 Closing balance 1,791,249 1,383,379 3,174,628 (1) For the year ended December 31, 2019: Associates Joint ventures Total Opening balance 244,662 1,599,674 1,844,336 Effects of equity method through: Profit or loss 109,538 257,366 366,904 Other comprehensive income (174,991) 4,531 (170,460) Dividends declared (75,674) (4,192) (79,866) Impairment reversal (loss) (Note 18) 142 (318,962) (318,820) Foreign currency translation and other movements (1) 1,723,080 (120,102) 1,602,978 Closing balance 1,826,757 1,418,315 3,245,072 (1) Invercolsa S.A. became a subsidiary as of November 29, 2019, thus the direct investments of Invercolsa in Gases del Caribe S.A. E.S.P., Gas Natural del Oriente S.A. E.S.P., Gases de la Guajira S.A. E.S.P., Extrucol S.A., E2 Energía Eficiente S.A. E.S.P., became direct investments of the Group as of the consolidation. For the year ended December 31, 2018: Associates Joint ventures Total Opening balance 225,178 1,105,282 1,330,460 Effects of equity method through: Profit or loss 105,908 59,928 165,836 Other comprehensive income 1,731 135,831 137,562 Dividends declared (86,847) (3,503) (90,350) Impairment (loss) reversal (Note 18) (1,308) 302,136 300,828 Closing balance 244,662 1,599,674 1,844,336 13.2 Additional information about associates and joint ventures The following is the breakdown of assets, liabilities and results of the two main investments in associates and joint ventures, Equion Energía Limited and the Offshore International Group, as of December 31, 2020 and 2019: 2020 2019 Offshore Offshore Equion Energía International Equion Energía International Limited Group Limited Group Statement of financial position Current assets 2,616,813 266,240 2,530,453 284,591 Non–current assets 13,538 1,302,555 95,384 1,481,680 Total assets 2,630,351 1,568,795 2,625,837 1,766,271 Current liabilities 81,259 154,086 315,002 310,561 Non–current liabilities 49,773 871,089 76,768 718,863 Total liabilities 131,032 1,025,175 391,770 1,029,424 Equity 2,499,319 543,620 2,234,067 736,847 Other complementary information Cash and cash equivalents 36,601 110,622 188,820 48,752 2020 2019 2018 Equion Offshore Equion Offshore Equion Offshore Energía International Energía International Energía International Limited Group Limited Group Limited Group Statement of profit or loss Sales revenue 257,066 325,812 1,285,891 529,167 1,490,177 653,054 Costs (127,672) (364,750) (671,179) (690,484) (755,656) (585,192) Other operating income (expenses), net 60,852 (234,597) (624) (64,115) 29,136 (353,010) Financial (expenses) income (1,090) (24,034) (3,660) (31,288) (3,659) (21,227) Income tax (45,137) 59,818 (214,048) 208,473 (338,487) (16,594) Financial year results 144,019 (237,751) 396,380 (48,247) 421,511 (322,969) Other comprehensive results 1,223,990 — 1,102,757 — 1,095,090 — Other complementary information Depreciation and amortization 41,536 205,243 404,482 226,654 511,615 243,601 This is a reconciliation of equity of the significant investments and the carrying amount of investments as of December 31: 2020 2019 Equion Offshore Equion Offshore Energía International Energía International Limited Group Limited Group Equity of the joint venture 2,499,319 543,620 2,234,067 736,847 % of Ecopetrol’s ownership 51 % 50 % 51 % 50 % Ecopetrol’s ownership 1,274,654 271,811 1,139,374 368,424 Additional value of the investment 375,693 341,447 375,693 341,447 Impairment (314,460) (609,826) (322,388) (530,330) Unrealized gain (7,612) — — — Carrying amount of the investment 1,328,275 3,432 1,192,679 179,541

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment
Property, plant and equipment	14. Property, plant and equipment Pipelines, Plant and networks and Work in equipment lines progress(1) Buildings Lands Other Total Cost Balance as of December 31, 2019 47,995,471 36,370,647 6,259,654 8,157,945 4,054,538 2,660,232 105,498,487 Additions/capitalizations (1) 1,625,316 1,179,602 1,573,469 390,731 18,705 244,494 5,032,317 Increase in abandonment costs (Note 23) 181,318 15,035 — 3,885 — 3,126 203,364 Capitalized financial interests (2) 42,052 31,511 38,756 14,965 753 8,324 136,361 Exchange differences capitalized 1,338 1,002 1,233 476 24 265 4,338 Disposals (491,677) (84,184) (79,077) (16,390) (10,155) (85,785) (767,268) Effect of control loss in subsidiaries (3) (298,570) (592,885) (775) (266,526) (60,341) (144,189) (1,363,286) Adjustment on fair value for business combination (Note 12) 547,965 44,538 — 54,413 — 73,754 720,670 Foreign currency translation 1,336,351 478,103 19,804 59,107 73,181 29,876 1,996,422 Transfers (4) 149,217 (301,675) (298,836) 13,863 36,121 (97,636) (498,946) Balance as of December 31, 2020 51,088,781 37,141,694 7,514,228 8,412,469 4,112,826 2,692,461 110,962,459 Accumulated depreciation and impairment losses Balance as of December 31, 2019 (19,035,642) (16,635,110) (1,114,366) (3,456,254) (80,682) (961,611) (41,283,665) Depreciation expense (2,296,176) (1,634,545) — (341,052) — (113,207) (4,384,980) Reversal (loss) of an impairment (Note 18) (368,754) 329,743 (327,751) (18,074) 8,799 (8,601) (384,638) Disposals 443,259 75,150 3,492 14,279 11 82,310 618,501 Effect of control loss in subsidiaries (3) 266,825 403,095 262 221,708 30,669 108,081 1,030,640 Foreign currency translation (306,506) (155,927) 959 (13,707) 3,403 (9,738) (481,516) Transfers/reclassifications 40,125 59,570 413,948 (35,624) (40,748) (5,734) 431,537 Balance as of December 31, 2020 (21,256,869) (17,558,024) (1,023,456) (3,628,724) (908,500) (44,454,121) Net balance as of December 31, 2019 28,959,829 19,735,537 5,145,288 4,701,691 3,973,856 1,698,621 64,214,822 Net balance as of December 31, 2020 29,831,912 19,583,670 6,490,772 4,783,745 4,034,278 1,783,961 66,508,338 (1) Includes capitalizations for the acquisition of Guajira association by Hocol for a value of COP$361,426 (See Note 12). (2) Financial interests are capitalized based on the weighted average rate of borrowing costs. See Note 20 - Loans and borrowings. (3) See effects of control loss in subsidiaries in Note 28. Pipelines, Plant and networks and Work in equipment lines Progress(1) Buildings Lands Other Total Cost Balance as of December 31, 2018 46,474,369 34,349,283 4,624,703 7,852,278 3,984,576 2,845,802 100,131,011 Additions / capitalizations 804,570 765,994 2,097,378 243,039 20,098 81,580 4,012,659 Increase by business combinations 123,436 1,118,178 44,876 9,062 22,924 20,471 1,338,947 Increase in abandonment costs 148,764 102,402 — 1,248 — 4,337 256,751 Capitalized financial interests (2) 77,627 32,630 12,831 15,800 1,033 2,389 142,310 Exchange differences capitalized 4,208 1,769 696 857 56 130 7,716 Disposals (500,876) (165,936) (78,399) (24,050) (354) (71,309) (840,924) Foreign currency translation 244,666 84,357 2,691 10,757 12,869 6,369 361,709 Transfers 618,707 81,970 (445,122) 48,954 13,336 (229,537) 88,308 Balance as of December 31, 2019 47,995,471 36,370,647 6,259,654 8,157,945 4,054,538 2,660,232 105,498,487 Accumulated depreciation and impairment losses Balance as of December 31, 2018 (17,985,416) (14,777,790) (497,441) (3,122,523) (34,302) (913,556) (37,331,028) Depreciation expense (2,001,116) (1,634,783) — (326,512) — (122,153) (4,084,564) Reversal (loss) of an impairment (Note 18) 519,835 (113,860) (626,878) (87,338) (35,533) (29,349) (373,123) Disposals 481,384 116,769 — 17,807 — 91,541 707,501 Foreign currency translation (103,365) (36,341) — (3,656) — (3,323) (146,685) Transfers/reclassifications 53,036 (189,105) 9,953 65,968 (10,847) 15,229 (55,766) Balance as of December 31, 2019 (19,035,642) (16,635,110) (1,114,366) (3,456,254) (80,682) (961,611) (41,283,665) Net balance as of December 31, 2018 28,488,953 19,571,493 4,127,262 4,729,755 3,950,274 1,932,246 62,799,983 Net balance as of December 31, 2019 28,959,829 19,735,537 5,145,288 4,701,691 3,973,856 1,698,621 64,214,822 (1) The balance of work in progress as of December 31, 2019 include mainly: Modernization of the Barranca and Cartagena refineries, Castilla facilities and works in the Colombian Petroleum Institute (ICP, by its acronym in Spanish). (2) Financial interests are capitalized based on the weighted average rate of borrowing costs. See Note 20 - Loans and borrowings.

Natural and environmental resou

Natural and environmental resources	12 Months Ended
	Dec. 31, 2020
Natural and environmental resources
Natural and environmental resources	15. Natural and environmental resources Asset retirement Exploration and Oil investments cost evaluation Total Cost Balance as of December 31, 2019 59,822,566 5,036,884 8,362,719 73,222,169 Additions/capitalizations (1) 3,659,270 123,446 2,211,746 5,994,462 Increase in abandonment costs (Note 23) — 2,075,992 28,097 2,104,089 Disposals (1,806) 260 (223,805) (225,351) Withdrawal of exploratory assets and dry wells (2) — — (448,132) (448,132) Capitalized financial interests 111,140 — — 111,140 Exchange differences capitalized 3,535 — — 3,535 Adjustment at fair value for business combinations (Note 12) 563,546 — — 563,546 Foreign currency translation 440,978 23,353 (138,809) 325,522 Transfers 768,049 (28,084) (923,922) (183,957) Balance as of December 31, 2020 65,367,278 7,231,851 8,867,894 81,467,023 Accumulated amortization and impairment losses Balance as of December 31, 2019 (41,993,097) (2,156,274) — (44,149,371) Depletion expense (3,810,349) (831,909) — (4,642,258) Reversal (loss) of impairment (Note 18) 116,403 — (334,112) (217,709) Disposals 213 (40) 93,975 94,148 Foreign currency translation (310,894) (14,546) — (325,440) Transfers (108,423) 21,320 (205,131) (292,234) Balance as of December 31, 2020 (46,106,147) (2,981,449) (49,532,864) Net balance as of December 31, 2019 17,829,469 2,880,610 8,362,719 29,072,798 Net balance as of December 31, 2020 19,261,131 4,250,402 8,422,626 31,934,159 (1) Includes capitalizations for the acquisition of Guajira association by Hocol for a value of COP$214,852 (See Note 12). (2) Includes dry wells: 1) Ecopetrol: Nafta 1, Caronte, Alqamari, Boranda Sur and Coyote; 2) Hocol: Obiwan and 3) Ecopetrol Brasil: a well of Saturno. Additionally, exploration costs of Ecopetrol America are included. Asset retirement Exploration and Oil investments cost evaluation Total Cost Balance as of December 31, 2018 53,936,041 2,919,146 4,806,000 61,661,187 Additions/capitalizations (1) 5,144,295 166,431 4,487,467 9,798,193 Increase (decrease) in abandonment costs 5,703 1,965,309 (38,835) 1,932,177 Disposals (84,052) (9,253) (142,127) (235,432) Withdrawal of exploratory assets and dry wells (2) — — (340,271) (340,271) Capitalized financial interests (3) 94,995 — 10,834 105,829 Exchange differences capitalized 5,150 — 587 5,737 Foreign currency translation 68,793 (3,004) (112,917) (47,128) Transfers 651,641 (1,745) (308,019) 341,877 Balance as of December 31, 2019 59,822,566 5,036,884 8,362,719 73,222,169 Accumulated amortization and impairment losses Balance as of December 31, 2018 (36,806,667) (1,779,070) — (38,585,737) Depletion expense (3,836,479) (383,360) — (4,219,839) Impairment loss (Note 18) (1,017,061) — — (1,017,061) Disposals 83,667 8,511 — 92,178 Foreign currency translation (61,862) (2,256) — (64,118) Transfers (354,695) (99) — (354,794) Balance as of December 31, 2019 (41,993,097) (2,156,274) — (44,149,371) Net balance as of December 31, 2018 17,129,374 1,140,076 4,806,000 23,075,450 Net balance as of December 31, 2019 17,829,469 2,880,610 8,362,719 29,072,798 (1) The main capitalizations correspond to the development of assets in the Permian basin. (2) Includes dry wells: 1) Ecopetrol: Tibirita, Provenza 1, La Cira 7000 and Ávila 1; 2) Ecopetrol America LLC: Warrior and Molerusa and 3) Hocol: Mamey West and Venganza Oeste. (3) Borrowing costs are capitalized at the weighted average rate of borrowing costs. See Note 20 - Loans and borrowings. Accounting for suspended exploratory wells The following table shows the classification by age, from the completion date, of the exploratory wells that are suspended as of December 31, 2020, 2019 and 2018: 2020 2019 2018 Between 1 and 3 years (a) — 361,700 496,871 Between 3 and 5 years (b) 319,368 132,021 375,371 More than 5 years (c) 589,604 441,389 273,764 Total suspended exploratory wells 908,972 935,110 1,146,006 Number of projects exceeding 1 year 16 30 24 Wells under 1 year of suspension — — 9,511 (a) As of December 2019, suspended exploratory wells correspond to Ecopetrol: Caronte, Purple Angel and Gorgon. As of December 2018, suspended exploratory wells correspond to Ecopetrol: Purple Angel, Caronte and discovery wells of Ecopetrol America Inc: Warrior 1. (b) For 2020, the balance corresponds mainly to wells of Ecopetrol: Purple Angel and Gorgon. For 2019, the balance corresponds mainly to wells of Ecopetrol S.A.: Luna-1 and Gala 1K and discovery wells of Ecopetrol America Inc: Warrior 1. For 2018, the balance corresponds mainly to wells of Ecopetrol S.A.: Orca1, Tiribita 1A and Tiribita 3, which are under evaluation. (c) Correspond mainly to i) Ecopetrol S.A.: Orca 1, Luna-1 and Gala 1K, which are under evaluation; and ii) Offshore International Group, temporarily abandoned for future production plans.

Right-of-use assets

Right-of-use assets	12 Months Ended
	Dec. 31, 2020
Right-of-use assets
Right-of-use assets	16. Right-of-use assets The following is the movement of right-of-use assets for the years ended December 31, 2020 and 2019: Lands and Plant and Right-of-use Lease buildings equipment Vehicles assets Subleases liabilities Balance as of December 31, 2019 218,513 97,264 140,448 456,225 29,436 1,290,954 Additions 41,303 14,618 32,582 88,503 — 88,503 Amortization of the period (52,200) (29,038) (98,726) (179,964) — — Remeasurements (41,907) 33,686 69,255 61,034 — 76,799 Impairment loss 312 29,718 5,844 35,874 — — Disposals (13,343) (4,321) — (17,664) — (28,916) Effect of control loss in subsidiaries (61,044) (7,432) — (68,476) (29,436) (102,671) Finance cost — — — — — 64,988 Repayment of borrowings and interests — — — — — (350,539) Exchange difference 1,838 (556) 1,072 2,354 — 16,080 Balance as of December 31, 2020 93,472 133,939 150,475 377,886 — 1,055,198 (1) See effects of control loss in subsidiaries in Note 28. Lands and Plant and Right-of-use Lease buildings equipment Vehicles assets Subleases liabilities Balance as of December 31, 2018 — — — — — 797,889 IFRS 16 implementation (January 1st) 236,519 78,412 145,704 460,635 29,610 490,245 Additions 26,252 123,341 74,900 224,493 — 224,493 Amortization of the period (43,759) (66,831) (64,764) (175,354) — — Impairment loss (Note 18) (495) (37,601) (15,392) (53,488) — — Disposals (4) (57) — (61) — (50) Finance cost — — — — 3,302 76,139 Repayment of borrowings and interests — — — — (3,476) (300,326) Exchange difference — — — — — 2,564 Balance as of December 31, 2019 218,513 97,264 140,448 456,225 29,436 1,290,954

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2020
Intangible assets
Intangible assets	17. Intangible assets The following is the movement of intangibles and their amortization and impairment for the years ended December 31, 2020 and 2019: Licenses and Other software intangibles Total Cost Balance as of December 31, 2019 994,599 285,247 1,279,846 Acquisitions 43,817 46,265 90,082 Foreign currency translation 12,569 5,072 17,641 Effect of control loss in subsidiaries (Note 28) (10,584) — (10,584) Disposals (5,430) — (5,430) Adjustment on fair value for business combination (Note 12) 156 — 156 Transfers 30,892 64,174 95,066 Balance as of December 31, 2020 1,066,019 400,758 1,466,777 Accumulated amortization Balance as of December 31, 2019 (692,217) (104,531) (796,748) Amortization of the period (93,907) (23,429) (117,336) Recovery -losses for impairment (Note 18) (176) 5 (171) Disposals 5,558 11 5,569 Effect of control loss in subsidiaries (Note 28) 9,877 — 9,877 Foreign currency translation (8,689) (65) (8,754) Transfers (2,116) (2,055) (4,171) Balance as of December 31, 2020 (781,670) (130,064) (911,734) Net balance as of December 31, 2019 302,382 180,716 483,098 Net balance as of December 31, 2020 284,349 270,694 555,043 Useful life <5 years <7 years Licenses and Other software intangibles Total Cost Balance as of December 31, 2018 1,015,720 197,283 1,213,003 Acquisitions 48,064 120,225 168,289 Disposals (114,187) (1,041) (115,228) Foreign currency translation 3,477 (3,946) (469) Exchange differences capitalized — (14) (14) Transfers 41,525 (27,260) 14,265 Balance as of December 31, 2019 994,599 285,247 1,279,846 Accumulated amortization Balance as of December 31, 2018 (712,329) (89,927) (802,256) Amortization of the period (88,044) (14,982) (103,026) Reversal of impairment loss (Note 18) 53 2 55 Disposals 114,143 1,041 115,184 Foreign currency translation (2,333) (33) (2,366) Transfers/reclassifications (3,707) (632) (4,339) Balance as of December 31, 2019 (692,217) (104,531) (796,748) Net balance as of December 31, 2018 303,391 107,356 410,747 Net balance as of December 31, 2019 302,382 180,716 483,098 Useful life <5 years <7 years

Impairment of non-current asset

Impairment of non-current assets	12 Months Ended
	Dec. 31, 2020
Impairment of non-current assets
Impairment of non-current assets	18. Impairment of non-current assets As mentioned in Note 4.12, each year the Ecopetrol Business Group assesses whether there is an indication that an asset or cash–generating unit may be impaired or if impairment losses recognized in previous periods should be reversed (except for goodwill impairment losses). The Impairment of non–current assets includes property, plant and equipment and natural resources, investments in companies, goodwill and other non–current assets. The Ecopetrol Business Group is exposed to future risks derived mainly from variations in: (i) the estimate of future oil prices, (ii) refining margins and profitability, (iii) cost profile, (iv) investments and maintenance expenses, (v) amounts of recoverable reserves, (vi) market and country risk assessments reflected in the discount rate and (vii) changes in domestic and international regulations, among others. Any changes in the above estimates used to calculate the recoverable amount of a non–current assets can have a material impact on the recognition impairment losses or reversals (other than goodwill impairment losses) in the profit or loss. Highly sensitive significant estimates affecting each business segments, among others include: (i) in the exploration and production segment, variations of recoverable hydrocarbon estimates, changes in projected realization prices and the discount rate; (ii) in the refining segment, changes in finished products and crude oil prices, the discount rate, refining margins, changes in environmental regulations, cost structure and the level of capital expenditures; and (iii) in the transport and logistics segment, changes in regulated tariffs and transported volumes. As described in Note 2.8, the 2020 Covid-19 pandemic generated a significant impact on the world's economy and consequently on the oil industry - hand in hand with significant volatility in the financial and commodity markets of all the world. This situation has been improving in recent months, as a result of the reopening of different sectors of the economy and the advancement of vaccination programs. Based on the impairment tests conducted by the Ecopetrol Business Group, the following are the impairment or reversals for the years ended on December 31, 2020, 2019 and 2018: Impairment (loss) reversal by segment 2020 2019 2018 Exploration and Production (192,693) (1,982,044) 785,940 Refining and Petrochemicals (781,528) 452,163 (984,704) Transport and Logistics 341,065 (232,556) (169,870) (633,156) (1,762,437) (368,634) Recognized in: Property, plant and equipment (Note 14) (384,638) (373,123) (1,083,285) Natural resources (Note 15) (217,709) (1,017,061) 414,102 Investment in joint ventures and associates (Note 13) (66,512) (318,820) 300,828 Right of use assets (Note 16) 35,874 (53,488) — Intangibles (Note 17) (171) 55 (279) (633,156) (1,762,437) (368,634) 18.1 Exploration and production The impairment reversal of assets of the Exploration and Production segment for the years ended December 31 of 2020, 2019 and 2018 is the following: 2020 2019 2018 Oilfields (123,652) (1,663,082) 483,803 Investment in joint ventures (69,041) (318,962) 302,136 Other — — 1 (192,693) (1,982,044) 785,940 18.1.1 Oilfields An impairment expense was recognized in the year 2020 as a result of the current economic context of the hydrocarbons sector, the behavior of market variables, price differentials versus the reference to Brent, technical and operational information available. This impairment was mainly recognized in fields that operate in Colombia: Occidente B, Sur, Teca, Tibú, La Hocha and Espinal, and in the field K2 abroad. In addition, a recovery was recognized in: Casabe, as a consequence of a significant increase in its reserves, as well as Provincia, Lisama and Orito. In 2019, as a result of the current hydrocarbons sector's economic context, the behavior of the market variables, Ecopetrol's crude oil basket price discounts as compared to the ICE Brent crude price, available technical and operational information, there was an impairment loss in the oilfields that operate in Colombia mainly Tibú, Casabe, Provincia, Underriver, La Hocha y Andalucía and the oilfield operated abroad K2. In 2018, based on new market variables, incorporation of new reserves, Ecopetrol’s crude oil basket price discounts as compared to the ICE Brent crude price, available technical and operational information, there was a partial reversal of an impairment recognized in previous years for the oil fields that operate in Colombia Casabe, Provincia, Underriver, Tisquirama and Orito and in fields operated abroad Gunflint and K2, and an impairment mainly in Tibú and Dina Norte fields. The following is the breakdown of oilfields impairment losses or reversals for the years ended December 31, 2020, 2019 and 2018: 2020 Carrying Recoverable Impairment (loss) Cash generating units amount amount reversal Oil fields in Colombia Reversal 24,845,238 61,224,928 1,019,395 Loss 2,439,799 1,423,561 (1,016,238) Fields operated abroad Loss 1,277,609 1,150,800 (126,809) (123,652) 2019 Carrying Recoverable Impairment (loss) Cash generating units amount amount reversal Oil fields in Colombia Reversal 3,842,819 6,047,345 74,577 Loss 4,992,462 3,322,284 (1,673,258) Fields operated abroad Reversal 200,910 539,785 4,391 Loss 68,792 — (68,792) (1,663,082) 2018 Carrying Recoverable Impairment (loss) Cash generating units amount amount reversal Oil fields in Colombia Reversal 19,156,326 50,462,080 689,665 Loss 764,808 405,421 (359,387) Fields operated abroad Reversal 1,810,618 2,719,086 157,709 Loss 184,375 180,191 (4,184) 483,803 The grouping of assets to determine the CGUs is consistent as compared to the prior periods. The assumptions used to determine the recoverable amount include the following: – – – – 18.1.2 Investments in joint ventures Investments in joint ventures in the Exploration and Production segment are recorded using the equity method of accounting. Ecopetrol evaluates if there is any objective evidence that indicate that the fair value of such investments has deteriorated in the period, especially those for which goodwill has been recorded. As a result, Ecopetrol recognized an (impairment loss) or reversal of impairment on the carrying value as of December 31, as follows: 2020 2019 2018 Equion Energía Limited 7,928 (134,753) 108,791 Offshore International Group (76,969) (184,209) 193,345 (69,041) (318,962) 302,136 The significant assumptions used to determine the recoverable amount of these investments are consistent with those described in the previous section, except for the use of a discount rate in real terms in 2020 for Offshore International Group of 5.79% (2019–8.50% and 2018 – 8.92%). There was a recovery in 2020 on the investment in Equion mainly originated by the update of the transport rates through pipelines where Ecopetrol has a shareholding, and an impairment loss was recorded on the investment in Offshore International Group considering the fair value of the sale transaction. In 2019, an impairment loss for both. Offshore International Group and Equion Energía Limited was recorded, due to current market variables, decreasing international crude oil prices, conservative position over projects and increasing costs. In 2018, the market showed an improvement in the crude oil and gas production forecast. Operational performance and technical evolution have contributed to strengthening future cash flows that, in turn, contributed to the reversal of the impairment charged recognized in previous years for Offshore International Group and Equion Energy. 18.2 Refining and Petrochemical The following is the Cash Generating Units impairment or reversals in the refining and petrochemical segment for the years ended December 31, 2020, 2019 and 2018: 2020 Carrying Recoverable Impairment Cash–generating units amount amount loss Refinería de Cartagena 24,041,174 23,600,649 (440,525) Invercolsa S.A. 276 273 (3) Refinería de Barrancabermeja (projects) 676,334 335,334 (341,000) (781,528) 2019 Carrying Recoverable Impairment (loss) Cash–generating units amount amount reversal Refinería de Cartagena 22,292,788 23,204,385 911,597 Bioenergy 575,331 340,991 (234,340) Refinería de Barrancabermeja (projects) 901,517 676,423 (225,094) 452,163 2018 Carrying Recoverable Impairment Cash–generating units amount amount loss Refinería de Cartagena 23,411,058 22,640,761 (770,297) Bioenergy 774,343 560,882 (213,461) Other 946 — (946) (984,704) The grouping of assets to determine the CGUs is consistent with prior periods. 18.2.1 Refinería de Cartagena The recoverable amount of the Refinería de Cartagena was calculated based on its fair value less costs of disposal, which is higher than its value in continued use. The fair value less costs of disposal of the Refinería de Cartagena was determined based on cash flows after taxes that are derived from business plans approved by the Ecopetrol Business Group’s management, which are developed based on market prices provided by a third-party expert, which considers long–term macroeconomic variables and fundamental supply and demand assumptions for crude oil and refined products. The fair value hierarchy is 3. The significant assumptions to determine the recoverable amount included: (i) a gross refining margin determined by crude oil feedstock and products price outlook provided by an independent third-party expert; (ii) a real discount rate (after tax) of 5.10% (2019-6.23% and 2018–6.48%), determined under WACC methodology; (iii) current conditions or benefits, or similar, as an industrial user of goods and services of the free trade zone and during the validity of the license; (iv) level of costs and long–term operating expenses in line with international refinery standards of similar configuration and conversion capacity; (v) refinery throughput and production; and (vi) level of continued investment. It is important to mention that the refining business is highly sensitive to the volatility of the margins and the macroeconomic variables implicit in the determination of the discount rate, therefore, any change in these assumptions could potentially result in significant variations in the determination of impairment losses or reversal amounts. The impairment expense for 2020 was mainly derived from lower refining margins associated with external factors associated with the COVID-19 pandemic. On the other hand, management endured operational improvements that compensate to a certain extent for the effects of macroeconomic variables. The reversal of impairment recorded for 2019, is mainly related to macroeconomic assumptions changes which decreased the discount rate used to value the assets; this is explained by the decreasing risk and the Company's cost of the debt. Together, operational management and financial results allowed the support of operational improvements included in the forecast that compensate in some measure the effects related to the impact that the MARPOL regulation will have on the margins' forecast of refined products and the crude oil basket price discounts. The results of 2019 were impacted by a higher knowledge of the Refinery capabilities and efficient operational management. The impairment recorded for 2018 is explained by: i) an adjustment in market expectations in relation to the impact that the implementation of the MARPOL regulation will have on margins of refined products, ii) the differential of light and heavy crudes that serve as raw material; and iii) fundamental macroeconomic changes that increased the discount rate used for the valuation of Reficar’s assets, mainly associated with the increase in the risk-free rate and higher market risk premiums. Improvements in operational and commercial inputs associated to the refinery optimization as well as the tax effects of the “Tax reform” (tax reform) partially offset the effects of the macroeconomic variables. 18.2.2 Bioenergy Starting June 24, 2020, Bioenergy entered the mandatory liquidation process. Therefore, as of this date the Group does not have control over Bioenergy and it is no longer a part of the consolidated figures. An impairment expense was recorded in 2019 in the amount of $234,340. This value was mainly generated by changes in operating variables, changes in the projection of operating flows and the need for greater resources, mainly due to the results of the renewal of older cane plantations. An impairment loss was observed in 2018 mainly due to the updating of the project entry dates, the stabilization process of the industrial plant and the updating of operating variables. The recoverable amount of Bioenergy for 2019 and 2018 was calculated based on the fair value less the costs of disposal level, which is greater than the value in use and corresponds to the future cash flows discounted after taxes on profit. The fair value hierarchy is 3. The significant assumptions used to determine the recoverable amount included: (a) forecast of ethanol prices based on projections made by Group specialists and (b) a 6.03% discount rate in real terms (2018 – 6.97%) determined under the WACC methodology. 18.2.3 Refinería de Barrancabermeja An impairment expense of COP$341,000 was recognized as of December 31, 2020 as a result of the update of the analysis for the Barrancabermeja Refinery Modernization Project, in relation to engineering work based on the evaluations carried out and the current context of the industry. During 2019, a loss of COP$225,094 was recorded, primarily related to engineered works for the integral development of the Refinería de Barrancabermeja Modernization Project, mainly due to the advance in the technical analysis of options to the eventual improvement of the conversion of the Refinery. Once the project is reactive, Ecopetrol will evaluate whether it could reverse any impairment loss recorded in the previous years. During 2018, the Refinería de Barrancabermeja Modernization Project, which is currently suspended, was evaluated and there were no indications that implied the recognition of additional impairment. 18.3 Transport and Logistics The recoverable amount of these assets was determined based on its fair value with costs of disposal, which corresponds to discounted cash flows based on the hydrocarbon production curves and refined products transport curves. The fair value hierarchy is 3. The assumptions used in the model to determine the recoverable value included: i) the tariffs regulated by the Ministry of Mines and Energy and the Energy and Gas Regulation Commission - CREG, ii) the actual discount rate used in the valuation was 3.17% (2019 - 4.88% and 2018 - 5.60%) and iii) transport volume projections based on the end of year results for 2020 and the long-term volumetric transport program. In 2020, Cenit recognized an impairment recovery of COP$341,065, related to the South CGU, which includes Tumaco Port and the TransAndino Pipeline (OTA, by its acronym in Spanish) and the North CGU, which includes the section Banadia - Ayacucho, and it is part of the Caño Limón Pipeline, due to volumetric recovery and changes in tariffs. The fair value of these CGUs is COP$7,049,007 and their book value is COP$2,153,631. In 2019, we recorded an impairment loss of COP$232,556, mainly related to the cash-generating unit of the South COP$106,983, by Puerto de Tumaco and the TransAndino Pipeline (OTA), which means an impairment loss of 100% of the book value; and the cash-generating unit of the North COP$125,140; both include the right-of-use assets. This impairment loss was generated mainly by decreased volume transport to determine the income forecast and the lower efficiency costs. In 2018, the main impairment recorded was COP$167,917, corresponding to the systems of the Southern Cash Generating Unit (CGU), composed of the Tumaco Port and the TransAndino Pipeline (OTA) and its afferent pipelines, the Mansoyá - Orito Pipeline (OMO), San Miguel - Orito (OSO), and Churuyaco- Orito (OCHO). This value was generated mainly by a decrease in the volume projections for the southern systems, and an increase in the need for maintenance capex to reduce the operational risk of the transport systems.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2020
Goodwill
Goodwill	19. Goodwill 2020 2019 Oleoducto Central S.A. 683,496 683,496 Hocol Petroleum Ltd. 537,598 537,598 Invercolsa S.A. (1) 434,357 — Andean Chemical Ltd 127,812 127,812 Propilco S.A. 108,137 108,137 1,891,400 1,457,043 Less impairment Hocol Petroleum Ltd. (297,121) (297,121) 1,594,279 1,159,922 (1) As of December 31, 2020 and 2019, the Ecopetrol Business Group assessed the recoverability of the carrying value of goodwill generated in the acquisition of subsidiaries. The recoverable amount was determined based on the realization value less costs of disposal using the present value of future cash flows for each of the companies acquired with goodwill. The source of information used the financial projections of each company derived from the business plans approved by management, which were developed based on long-term macroeconomic factors such as price curves and margins and fundamental assumptions of supply and demand. As a result of the analysis, the Ecopetrol Business Group did not recognize any goodwill impairment for these periods.

Loans and borrowings

Loans and borrowings	12 Months Ended
	Dec. 31, 2020
Loans and borrowings
Loans and borrowings	20. Loans and borrowings 20.1 Composition of loans and borrowings Weighted average effective interest rate as of December 31 2020 2019 2020 2019 Local currency Bonds 6.4 % 8.7 % 1,084,461 1,567,598 Syndicated loan 5.6 % 8.0 % 811,079 1,115,874 Lease liabilities (1) 6.6 % 7.2 % 836,489 1,039,303 Commercial loan 6.3 % 8.3 % 312,408 737,032 3,044,437 4,459,807 Foreign currency Bonds (2) 6.0 % 5.9 % 33,944,548 25,832,740 Commercial loan (3) 3.6 % 4.1 % 8,247,014 6,586,538 Loans from related parties (Note 31) 0.8 % 2.4 % 1,277,046 1,108,403 Lease liabilities (1) 6.1 % 6.2 % 218,709 251,651 43,687,317 33,779,332 46,731,754 38,239,139 Current 4,923,346 5,012,173 Non–current 41,808,408 33,226,966 46,731,754 38,239,139 (1) Corresponds to present value of the payments to be made during the term of the operative lease contracts of pipelines, tanks, property and vehicles, recognized by the implementation of IFRS 16 - Leases. (2) On April 29, 2020, Ecopetrol issued and placed external public debt bonds for an amount of USD$2,000 million, with a 10-year term and a coupon rate of 6.875%. (3) Includes contingent credit line for USD$665 million with international banking (Scotiabank and Mizuho Bank). In 2020, financial obligations were acquired for a total amount of COP$13,805,403 (2019 – COP$359,876 and 2018 – COP$517,747) as part of the market risk mitigation strategy (Note 30). 20.2 Fair value of loans The fair value of loans and borrowings is COP$52,721,790 and COP$43,261,792 as of December 31, 2020 and 2019, respectively. For fair value measurement, local currency bonds were valued using Precia reference prices, while bonds in U.S. dollars were valued using Bloomberg. With regard to the other financial obligations for which there is no market benchmark, a discount to present value technique was used. These rates incorporate market risk through some benchmarks (Libor, FTD) and the Ecopetrol Business Group’s credit risk (spread). 20.3 Maturity of loans and borrowings The following are the maturities of loans and borrowing as of December 31, 2020: Up to 1 year (1) 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 65,829 354,081 370,900 293,651 1,084,461 Syndicated loan 242,660 568,419 — — 811,079 Financial leasing 167,059 418,938 211,233 39,259 836,489 Other 106,410 205,998 — — 312,408 581,958 1,547,436 582,133 332,910 3,044,437 Foreign currency Bonds 1,905,325 14,692,852 12,109,859 5,236,512 33,944,548 Commercial loans 1,098,593 6,563,863 584,558 — 8,247,014 Loans from related parties 1,277,046 — — — 1,277,046 Financial leasing 60,424 149,381 8,904 — 218,709 4,341,388 21,406,096 12,703,321 5,236,512 43,687,317 4,923,346 22,953,532 13,285,454 5,569,422 46,731,754 (1) The following are the maturities of loans and borrowing as of December 31, 2019: Up to 1 Year (1) 1 – 5 years 5–10 years > 10 years Total Local currency Bonds 571,969 403,996 358,976 232,657 1,567,598 Syndicated loan 361,545 754,329 — — 1,115,874 Financial leasing 179,448 559,337 235,791 64,727 1,039,303 Other 218,375 343,049 121,679 53,929 737,032 1,331,337 2,060,711 716,446 351,313 4,459,807 Foreign currency Bonds 1,386,032 13,873,755 5,574,713 4,998,240 25,832,740 Commercial loans 1,129,117 4,163,624 1,253,446 40,351 6,586,538 Loans from related parties 1,108,403 — — — 1,108,403 Financial leasing 57,284 175,962 18,405 — 251,651 3,680,836 18,213,341 6,846,564 5,038,591 33,779,332 5,012,173 20,274,052 7,563,010 5,389,904 38,239,139 (1) Includes short–term credit and the current portion of long–term debt, as applicable. 20.4 Breakdown by type of interest rate and currency The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2020 and 2019: 2020 2019 Local currency Fixed rate 523,870 598,802 Floating rate 2,520,567 3,861,005 3,044,437 4,459,807 Foreign currency Fixed rate 38,706,328 31,087,439 Floating rate 4,980,989 2,691,893 43,687,317 33,779,332 46,731,754 38,239,139 The interest on the bonds in national currency is indexed to the CPI (Consumer Price Index) and bank loans and variable rate leasing in Colombian pesos are indexed to the DTF (Fixed Term Deposits) and IBR (Banking Reference Indicator), plus a differential. Interest on loans in foreign currency is calculated based on the LIBOR rate plus a spread and the interests of the other types of debt are at a fixed rate. 20.5 Loans designated as hedging instrument As of December 31, 2020, Ecopetrol S.A. designated USD$8,549 million (2019- USD$7,331 million) of foreign currency debt as a hedging instrument, of which USD$7,249 million is used to hedge the net investment in foreign operations with the US dollar as their functional currency, and USD$1,300 million is used to hedge the cash flows of future crude oil exports. See Note 30 – Risk management . 20.6 Guarantees and covenants Financing obtained directly by Ecopetrol S.A. in capital markets has no guarantees granted or financial covenant restrictions. The following is a summary of certain restrictions contained in certain other loan instruments of Ecopetrol Business Group. As of Dec 31, 2020 the covenants, loans and payments have been fulfilled. - The loan entered into by Oleoducto de los Llanos was guaranteed with the economic rights of the ship–or–pay transportation agreements with Frontera Energy Corp and also includes certain restrictions regarding capital contributions and asset disposal. In August 2020, the payment of the last installment of the syndicated loan was made, thus ending the syndicated loan agreement signed with Grupo Aval. - The syndicated loan entered into by Oleoducto Bicentenario requires that this subsidiary maintain an established relationship of leverage and solvency and cash flow / service to the debt. 20.7 Movement of net financial debt The following is the movement of net financial debt as of December 31, 2020, 2019 and 2018: Cash and Other financial Loans and Net financial equivalents assets borrowings debt Balance as of December 31, 2018 6,311,744 8,147,815 (38,062,645) (23,603,086) Cash flow 505,466 (3,117,549) 3,303,303 691,220 Exchange difference: Recognized in profit or loss 258,548 182,396 (151,518) 289,426 Recognized in other comprehensive income — — (53,911) (53,911) Financial cost registered to projects — — (261,592) (261,592) Financial income (expense) recognized in profit or loss — (18,551) (1,894,490) (1,913,041) Foreign currency translation — (204,441) (14,627) (219,068) Other movements that do not generate cash flow (1) — (10,378) (1,103,659) (1,114,037) Balance as of December 31, 2019 7,075,758 4,979,292 (38,239,139) (26,184,089) Cash flow (1,971,156) (2,107,856) (6,105,296) (10,184,308) Exchange difference: Recognized in profit or loss (22,294) 38,701 747,744 764,151 Recognized in other comprehensive income — — (722,458) (722,458) Financial cost registered to projects — — (255,372) (255,372) Financial income (expense) recognized in profit or loss — 43,948 (2,386,537) (2,342,589) Foreign currency translation — 42,529 (175,885) (133,356) Effect of loss of control in subordinates — — 528,981 528,981 Other movements that do not generate cash flow — 75,045 (123,792) (48,747) Balance as of December 31, 2020 5,082,308 3,071,659 (46,731,754) (38,577,787) (1)

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Trade and other payables	21 . Trade and other payables 2020 2019 Suppliers 6,491,909 8,115,015 Partners’ advances 497,898 925,761 Withholding tax 462,429 673,204 Insurance and reinsurance 240,803 136,041 Dividends payable (1) 223,571 157,181 Deposits received from third parties 85,545 44,826 Related parties (Note 31) 72,316 187,616 Agreements in transport contracts (2) 37,941 71,239 Hedging operations 6,405 — Various creditors 351,288 402,808 8,470,105 10,713,691 Current 8,449,041 10,689,246 Non - current 21,064 24,445 8,470,105 10,713,691 (1) During 2020, the Group paid dividends to its shareholders in the amount of COP$8,734,351 (2019 - COP$13,867,029 and 2018 - COP$4,427,701) net of withholdings when applicable. (2) Corresponds to the value of the debt for agreements in the pipelines transportation contracts, calculated in the volumetric compensation for quality and other inventory management agreements. The carrying amount of trade accounts and other accounts payable approximates their fair value due to their short–term nature.

Provisions for employees' benef

Provisions for employees' benefits	12 Months Ended
	Dec. 31, 2020
Provisions for employees' benefits
Provisions for employees' benefits	22. Provisions for employees’ benefits 2020 2019 Post–employment benefits Healthcare 7,193,527 6,908,799 Pension 2,819,985 2,853,718 Education 485,792 458,441 Bonds 342,669 352,917 Other plans 102,632 98,729 Termination benefits – Voluntary retirement plan (1) 713,407 124,186 11,658,012 10,796,790 Social benefits and salaries 674,080 587,596 Other employee benefits 91,575 96,678 12,423,667 11,481,064 Current 2,022,137 1,929,087 Non–current 10,401,530 9,551,977 12,423,667 11,481,064 (1) 22.1 Post–employment benefits liability (asset) The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2020 and 2019: Pension and bonds (1) Other Total 2020 2019 2020 2019 2020 2019 Liabilities for employee benefits Opening balance 15,916,472 14,131,943 7,593,171 6,212,118 23,509,643 20,344,061 Current service cost — — 118,035 76,478 118,035 76,478 Past service cost (2) — — 631,761 — 631,761 — Interest expense 882,785 920,622 439,682 418,553 1,322,467 1,339,175 Actuarial gains 418,187 1,755,300 87,311 1,273,409 505,498 3,028,709 Benefits paid (897,061) (891,393) (359,366) (387,387) (1,256,427) (1,278,780) Closing balance 16,320,383 15,916,472 8,510,594 7,593,171 24,830,977 23,509,643 Plan assets Opening balance 12,709,838 12,348,557 3,015 3,954 12,712,853 12,352,511 Return on assets 700,168 801,065 136 217 700,304 801,282 Contributions to funds — — 370,090 83,071 370,090 83,071 Benefits paid (897,061) (891,393) (358,199) (84,243) (1,255,260) (975,636) Actuarial gains 644,784 451,609 194 16 644,978 451,625 Closing balance 13,157,729 12,709,838 15,236 3,015 13,172,965 12,712,853 Net post–employment benefits liability 3,162,654 3,206,634 8,495,358 7,590,156 11,658,012 10,796,790 (1) There is no cost for the pension and pension plans service, due to the fact that the beneficiaries were retired as of July 31, 2010. (2) It includes the new voluntary retirement plan. The following table shows the movement in profit and loss and in other comprehensive income as of December 31, 2020, 2019 and 2018: 2020 2019 2018 Recognized in profit or loss Interest expense. net 622,163 537,893 485,842 Current service cost 118,035 76,478 77,373 Past service cost — — 50,489 Remedies — 10,213 503 740,198 624,584 614,207 Recognized in other comprehensive income Pension and pension bonds 226,597 (1,303,693) 1,003 Healthcare (33,324) (1,268,379) (17,356) Education and severance (55,693) 922 45,509 Termination benefits – Voluntary retirement plan (121) (34) 93 137,459 (2,571,184) 29,249 Deferred tax (41,238) 771,355 (33,539) 96,221 (1,799,829) (4,290) 22.2 Plan assets Plan assets are resources held by pension trusts for payment of pension obligations. Payments for health and education post–employment benefits is Ecopetrol’s responsibility. The destination of trust resources and its yields cannot be changed or returned to the Ecopetrol Business Group until all pension obligations have been fulfilled. The following is the composition of the plan assets of pension and pension bonds by type of investment as of December 31, 2020 and 2019: 2020 2019 Bonds issued by the national government 4,958,612 4,301,961 Bonds of private entities 3,177,531 3,122,630 Other foreign currency 1,992,800 870,859 Other local currency 1,502,349 1,899,787 Other public bonds 777,562 1,082,815 Variable yield 679,448 823,977 Bonds of foreign entities 84,663 610,824 13,172,965 12,712,853 23.3% (2019 –26.6)% of plan assets are classified as level 1 in the fair value hierarchy where prices for the assets are directly observable on actively traded markets, and 76.7% (2019 – 73.4%) are classified as level 2. The fair value of level 2 plan assets is calculated using prices quoted in the assets’ market. The Ecopetrol Business Group obtains these prices through reliable financial data providers recognized in Colombia or abroad depending on the investment. For the securities issued in local currency, the fair value of plan assets is calculated using information published by Precia, a price supplier authorized by the Financial Superintendence of Colombia. According to its methodology, prices are calculated based on market information on the valuation date or estimated from historical inputs according to the criteria established for the calculation of each of the prices. The average price is calculated based on the most representative market of the transactions carried out through electronic platforms approved and supervised by the regulator. On the other hand, the estimated price is calculated for investments that do not reflect enough information to estimate an average market price, replicating the quoted prices for similar assets or prices obtained through quotes from brokers. This estimated price is also given by Precia as a result of the application of robust methodologies approved by the financial regulator and widely used by the financial sector. The following table reflects the credit ratings of the issuers and counterparties in assets held by the autonomous pension funds: 2020 2019 Nation 5,102,222 4,448,221 AAA 4,369,805 5,138,279 AA+ 570,716 837,009 BBB- 458,273 455,201 BBB 201,163 319,514 AA 134,454 6,679 F1+ 61,192 56,728 BRC1+ 52,296 68,313 A3 11,633 17,267 BBB+ 10,328 22,113 AA- 4,014 16,067 BAA3 — 219,830 SP1+ — 84,933 A-1+ — 78,156 BAA1 — 15,538 A 5,307 11,841 Other credit ratings 297,048 30,129 Not available ratings 1,894,514 887,035 13,172,965 12,712,853 See credit risk policy in Note 30.8. 22.3 Actuarial assumptions The following are the actuarial assumptions used in determining the present value of defined employee benefit obligations used for the actuarial calculations as of December 31, 2020 and 2019: 2020 Pension Bonds Health Education Other benefits (1) Discount rate 5.50 % 4.75 % 6.00 % 5.00 % 4.09 % Salary growth rate N/A N/A N/A N/A 4.70 % Expected inflation rate 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % Pension growth rate 3.00 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 6.67 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A 2019 Pension Bonds Health Education Other benefits (1) Discount rate 5.75 % 5.25 % 6.00 % 5.50 % 4.83 % Salary growth rate N/A N/A N/A N/A 5.50% / 4.70 Expected inflation rate 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % Pension growth rate 3.00 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 7.00 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A N/A: Not applicable for this benefit. (1) Weighted average discount rate. The cost trend is the projected increase for the initial year, which includes the expected inflation rate. The mortality table used for the calculations was that of ‘Valid Annuitant’ for men and women based on the experience gained for the period 2005–2008 of the Colombian Social Security Institute. 22.4 Maturity of benefit obligation The cash flows required for payment of post–employment obligations are the following: Period Pension and bonds Other benefits Total 2021 967,810 482,953 1,450,763 2022 996,869 493,791 1,490,660 2023 1,019,379 507,009 1,526,388 2024 1,034,972 511,627 1,546,599 2025 1,069,252 514,556 1,583,808 2026 and thereafter 5,607,391 2,602,556 8,209,947 22.5 Sensitivity analysis The following sensitivity analysis shows the effect of such possible changes on the obligation for defined benefits, while keeping the other assumptions constant, as of December 31, 2020: Pension Bonds Health Education Other benefits Discount rate –50 basis points 16,139,465 1,147,350 7,798,461 515,004 846,709 +50 basis points 14,368,856 1,072,868 6,715,899 464,394 812,726 Inflation rate –50 basis points 14,314,193 1,072,094 N/A N/A 717,069 +50 basis points 16,193,316 1,147,825 N/A N/A 740,501 Salary growth rate –50 basis points N/A N/A N/A N/A 96,530 +50 basis points N/A N/A N/A N/A 105,392 Cost trend –50 basis points N/A N/A 6,720,777 464,319 N/A +50 basis points N/A N/A 6,720,777 514,849 N/A 22.6 Voluntary retirement plan In October 2019, the Ecopetrol's Board of Directors approved a new employee retirement plan that included four categories of retirements from January 2020 until December 2023: compliance of the work cycle (pension), Retirement Plan A (rent), Retirement Plan B (Bonus) and improved compensation. As for December 31, 2019, the Ecopetrol Business Group has not recognize a provision related to this plan, since it will be understood as an obligation at the time the Company offers the plan and each employee voluntarily accepts their retirement by taking advantage of any of the mentioned categories. In May 2020, Ecopetrol started offering this retirement plan, to which 421 workers have applied. In August 2016, the Ecopetrol offered a voluntary retirement plan, which as of December 31, 2020 was used by 125 workers (2019 - 132) who met certain requirements. This plan includes benefits such as monthly income, education and health benefits until the date on which the employee is granted their retirement pension. As of December 31, 2020, the amount of the net obligation associated with voluntary retirement plans is $713,407 (2019 - $124,186).

Accrued liabilities and provisi

Accrued liabilities and provisions	12 Months Ended
	Dec. 31, 2020
Accrued liabilities and provisions
Accrued liabilities and provisions	23. Accrued liabilities and provisions Environmental Asset retirement contingencies and obligation Litigation others Total Balance as of December 31, 2019 8,835,420 137,429 945,439 9,918,288 Increase in abandonment costs 2,307,453 — — 2,307,453 Additions 143,320 32,108 237,181 412,609 Uses (291,793) (31,709) (106,448) (429,950) Financial costs 258,464 — — 258,464 Effect of control loss in subsidiaries (Note 28) (23,874) (20,117) — (43,991) Adjustment on fair value for business combination 31,137 — — 31,137 Foreign currency translation 37,239 428 5,476 43,143 Transfers (58,041) — (11,382) (69,423) Balance as of December 31, 2020 11,239,325 118,139 1,070,266 12,427,730 Current 949,638 46,844 224,627 1,221,109 Non-current 10,289,687 71,295 845,639 11,206,621 11,239,325 118,139 1,070,266 12,427,730 Environmental Asset retirement contingencies and obligation Litigation others Total Balance as of December 31, 2018 6,719,275 127,945 906,792 7,754,012 Increase in abandonment costs 2,188,928 — — 2,188,928 Additions 112,486 58,913 90,854 262,253 Uses (410,191) (45,342) (59,755) (515,288) Financial costs 226,803 — 3 226,806 Foreign currency translation (5,240) 79 1,211 (3,950) Transfers 3,359 (4,166) 6,334 5,527 Balance as of December 31, 2019 8,835,420 137,429 945,439 9,918,288 Current 589,411 28,662 171,224 789,297 Non–current 8,246,009 108,767 774,215 9,128,991 8,835,420 137,429 945,439 9,918,288 Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2017 5,527,324 182,966 827,159 6,537,449 Increase in abandonment costs 1,062,280 — — 1,062,280 Additions 71,015 61,851 174,780 307,646 Uses (182,130) (114,647) (100,215) (396,992) Financial costs 186,518 — — 186,518 Foreign currency translation 54,610 (2,368) 10,983 63,225 Transfers (342) 143 (5,915) (6,114) Balance as of December 31, 2018 6,719,275 127,945 906,792 7,754,012 Current 549,678 88,623 176,108 814,409 Non-current 6,169,597 39,322 730,684 6,939,603 6,719,275 127,945 906,792 7,754,012 23.1 Asset retirement obligation The estimated liability for asset retirement obligation costs corresponds to the future obligation that the Ecopetrol Business Group to restore environmental conditions to a level similar to that existing before the start of projects or activities, as described in Note 3.5 – Abandonment and dismantling costs of fields and other facilities. As these relate to long–term obligations, this liability is estimated by projecting the expected future payments and discounting at present value with a rate indexed to the Ecopetrol Business Group’s financial obligations, taking into account the temporariness and risks of this obligation. The discount rates used in the estimate of the obligation as of December 31, 2020 were: Exploration and Production 2.65% (2019 - 3.01%), Transportation and Logistics 2.71% (2019 - 2.61%) and Refining and Petrochemicals 3.67% (2019 - 3.94%). The increase in the provision in 2020 was generated due to the fall in discount rates, directly associated with the decrease in macroeconomic variables impacted by Covid-19. 23.2 Environmental contingencies and others These correspond to contingencies for environmental incidents and obligations related to environmental compensation and mandatory investment of 1% for the use of, exploitation of or effect on natural resources imposed by national, regional and local environmental authorities. Mandatory investment of 1% is based on the use of water taken directly from natural sources in accordance with the provisions of Law 99 of 1993, Article 43, Decree 1900 of 2006, Decree 2099 of 2017 and 075 and 1120 of 2018 and article 321 of Law 1955 of 2019 in relation to the projects that Ecopetrol develops in Colombia. The Colombian Government through the Ministry of Environment and Sustainable Development, issued in December 2016 and in January 2017 the Decrees 2099 and 075, which modify the Single Regulatory Decree of the environment and sustainable development sector, Decree 1076 of 2015, related to the mandatory investment for the use of water taken directly from natural sources. In 2017, the main changes established by these decrees were related to the areas and lines of investment and the basis for settlement of the obligations. Similarly, June 30, 2017 was declared the maximum date to modify investment plans that were underway. On June 30, 2017, Ecopetrol filed with the National Environmental Licensing Authority (ANLA) certain investment plans to meet the 1% mandatory investment based on the new decrees, relative to investment lines, maintaining the settlement base of Decree 1900. In 2019, Law 1955/2019 was issued, which in its Article 321 unifies the basis for the settlement of this obligation and requires updating the investment obligations of 1% to present value. Ecopetrol carried out the recertification of the settlement base and the acceptance of the percentage of updating of the investment values of 1% in more than 90 environmental licenses, generating a lower provision for this obligation. Currently, ANLA's pronouncements are being received in relation to article 321 of Law 1955, some through official letters and others through resolutions. Ecopetrol has filed an appeal for reconsideration with ANLA in most cases, which are under review by this authority. 23.3 Contingencies Oleoducto Bicentenario de Colombia S.A.S. During July 2018, the carriers Frontera Energy Colombia Corp. (Frontera), Canacol Energy Colombia S.A.S. (Canacol) and Vetra Exploración y Producción Colombia S.A.S. (Vetra and, together with Frontera and Canacol, the Carriers) sent letters to Oleoducto Bicentenario de Colombia S.A.S. (Bicentenario) alleging there were early termination rights under the Ship-or-Pay Transport Agreements entered by each of them and Bicentenario in 2012 (the Transport Agreements). Bicentenario has rejected the terms of the letters, noting that there is no option for early termination and reiterating to the Carriers that the Transport Agreements are current and therefore the Carriers must fulfill their obligations under the Transport Agreements in a timely fashion. Under Bicentenario’s understanding that the Transport Agreements remain current and that the Carriers are in violation of their obligations under such agreements, Bicentenario declared the Carriers delinquent because of their failure to pay for transport service under the aforementioned agreements. Consequently, Bicentenario executed the standby letters of credit posted as guarantee for the Transport Agreements. On October 19, 2018, Bicentenario notified Frontera of the existence of a “Dispute” pursuant to Clause 20 of the respective Transport Agreement and moved to the party dispute settlement stage as provided for in such clause. Such discussions ended without an agreement on December 19, 2018. On January 28, 2019, Bicentenario filed an Arbitration Claim against Frontera in accordance with the arbitration clause of the Transportation Agreement to claim any compensation, indemnification or other restitution deriving from the alleged early termination of said agreements. Similarly, on November 1, 2018, Bicentenario notified Vetra and Canacol of the existence of a “Dispute” pursuant to Clause 20 of the respective Transport Agreement and moved to the party dispute settlement stage as provided for in each such respective clause. Such discussions ended without agreement on March, 2019. See section Bicentenario, Cenit and Frontera Settlement Agreement below for further developments on the disputes. Cenit Transporte y Logística de Hidrocarburos S.A.S. (“Cenit”) On November 2018, Cenit filed an arbitration claim against Frontera Energy Group (“Frontera”) claiming that the Ship or Pay Agreements of the Caño Limón - Coveñas pipeline, which termination was alleged by Frontera, are in full force and effect and that Frontera is obliged to comply with their terms and conditions, including a dispute regarding the payment of transportation fees applicable to such agreements. Cenit considers that the amounts owed by Frontera for this concept as of December 31, 2020, are $ 334,583. The abovementioned fees dispute was at the root of the opposition manifested by Frontera Group against the application of the fees defined by the Ministry of Mines and Energy for the period 2015-2019. The rate differential amounts to $114,075 which was placed by Frontera in a trust fund, whilst the balance of the debt according to Cenit’s accounting records on the same date are $99,734, thus evidencing that the amounts receivable are funded. Frontera has not paid the component of the fee related to the abandonment fund to which Cenit considers they are entitled by virtue of the application of resolutions 31480 and 31661 issued by the Ministry of Mines and Energy. Frontera Energy Group owed $ 9,663 in connection therewith. Bicentenario, Cenit and Frontera Settlement Agreement On November 17, 2020, Cenit, Bicentenario and Frontera reached an agreement, for the joint filing of a petition for a binding settlement which, upon completion and approval by the competent Colombian court, will resolve all the disputes pending among them, related to the Caño Limón – Coveñas pipeline, and will terminate all the pending arbitration proceedings related to such disputes. This transaction eliminates any uncertainty related to the potential outcomes of the disputes, thus protecting the interests of all the parties and those of their stakeholders and create new business opportunities for the parties involved. The settlement arrangement includes a full and final mutual release upon closing of all present and future amounts claimed by all parties in respect of the terminated transportation contracts for the Bicentenario and Caño Limón – Coveñas pipelines. Frontera will also enter into new transportation contracts with Cenit and Bicentenario. Frontera will transfer to Cenit its 43.03% stake in Bicentenario´s shareholdings. The new ship or pay commitment is projected to be approximately 3,900 bbls/day, based on the current oil price, for a term of five years subject to adjustments, at a current fee of $11.5/bbl. Frontera will not have to make payments for oil it may have to ship through alternate pipelines. These contracts will allow Cenit and Bicentenario to obtain payment of certain amounts included in the settlement, during the term of the contracts. The arrangement is conditional upon certain regulatory approvals, including approval of the settlement arrangement as a conciliation under Colombian law, which requires an opinion from the Attorney General’s Office (Procuraduría General de la Nación) which was issued on March 24, 2021 and approval of the Administrative Tribunal of Cundinamarca. As of the date of this annual report the final approval by the Administrative Tribunal of Cundinamarca was pending. Bicentenario, Cenit and Canacol Settlement Agreement On October 30, 2020 Cenit and Canacol reached an agreement to settle all their aforementioned disputes. The settlement arrangement includes a full and final mutual release upon closing of all present and future amounts claimed by all parties in respect of the terminated transportation contracts for the Caño Limón – Coveñas pipelines. On November 18, 2020 the competent arbitration tribunal approved the conciliation agreement entered into by Cenit and Canacol, according to which Canacol was obliged to transfer all its outstanding shares in Bicentenario to Cenit. Additionally, as part of the settlement, Canacol entered into new transportation contracts with Cenit. These contracts will allow Cenit to obtain payment of certain amounts included in the settlement, during the term of the contracts. On the other hand, on March 8, 2021 Bicentenario and Canacol reached an agreement to settle all their aforementioned disputes. The agreement established a formula that seeks to end all contractual obligation disputes between the parties and settle all the outstanding obligations between the companies. (Approval of the conciliation between Bicentenario and Canacol is still pending as of the date of this annual report). Bicentenario, Cenit and Vetra Settlement Agreement On November 23, 2020, Cenit and Vetra reached an agreement to settle all their aforementioned disputes. The settlement arrangement includes a full and final mutual release upon closing of all present and future amounts claimed by all parties in respect of the terminated transportation contracts for Caño Limón – Coveñas pipelines. On February 18, 2021 the competent arbitration tribunal approved the conciliation agreement entered into by Cenit and Vetra, according to which Vetra is obliged to transfer all its outstanding shares in Bicentenario to Cenit and to make a cash payment for the remaining balance of the amounts included in the settlement. On the other hand, on January 13, 2021 Bicentenario and Vetra reached an agreement to settle all their aforementioned disputes. The agreement established a formula that seeks to end all contractual obligations between the parties and settle all the outstanding obligations between the companies. (Approval of the conciliation between Bicentenario and Vetra is still pending as of the date of this annual report). Refinería de Cartagena S.A.S. Arbitration tribunal: On March 8, 2016, Reficar filed a request for arbitration with the International Chamber of Commerce (the “ICC”) against Chicago Bridge & Iron Company NV, CB&I (UK) Limited and CBI Colombiana SA (jointly, “CB&I”), concerning a dispute related to the Engineering, Procurement, and Construction Agreements entered into by and between Reficar and CB&I for the expansion of the Cartagena Refinery in Cartagena, Colombia. Reficar is the Claimant in the ICC arbitration and seeks no less than USD$2 billion in damages plus lost profits. On May 25, 2016, CB&I filed its Answer to the Request for Arbitration and the preliminary version of its counterclaim against Reficar, for approximately USD $ 213 million. On June 27, 2016, Reficar filed its reply to CB&I’s counterclaim denying and disputing the declarations and relief requested by CB&I. On April 28, 2017, Reficar filed its non-detailed claim and, on the same date, CB&I submitted its Statement of Counterclaim increasing its claims to approximately USD $116 million and COP$387,558 million, including USD $70 million for a letter of credit compliance. On March 16, 2018, CB&I submitted its Exhaustive Statement of Counterclaim further increasing its claims to approximately USD$129 million and COP$432,303 million (including in each case interest), and also filed its Exhaustive Statement of Defense to Reficar’s claims. On this same date, Reficar filed its Exhaustive Statement of Claim seeking, among others, USD$139 million for provisionally paid invoices under the Memorandum of Agreement (“MOA”) and Project Invoicing Procedure (“PIP”) Agreements and the EPC Contract. On June 28, 2019, CB&I submitted its Reply to the Non-Exhaustive Statement of Defence to Counterclaim increasing its claims to approximately USD$137 million and COP$503,241 million (including in each case interest, respectively). On this same date, Reficar filed its Reply to CB&I’s Non-Exhaustive Statement of Defense and its Exhaustive Statement of Defense to CB&I’s counterclaim, updating its claim for provisionally paid invoices under the MOA and PIP Agreements and the EPC Contract to approximately USD$137 million. In relation to this matter, as of December 31, 2020 there is a balance of approximately USD $ 122 million, in invoices paid by Reficar to CB&I, under the PIP and MOA Agreements of the EPC contract, whose supports provided to date by CB&I do not show acceptance by AMEC Foster Wheeler - PCIB. In January 2020, McDermott International Inc. – CB&I parent company – commenced a bankruptcy case under title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. Faced with this situation, Refinería de Cartagena has taken actions to protect its interests and has a group of experts with whom it will continue to evaluate other measures it may adopt in this new circumstance. As a consequence of the initiation of the reorganization process, the arbitration was suspended until July 1, 2020, as described below. On January 21, 2020, Comet II BV, the successor in interest to Chicago Bridge & Iron Company NV, commenced bankruptcy case under title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. Before the beginning of the insolvency process of Comet II BV, an automatic suspension of the initiation or continuation of any action, process or execution of judgment or award against Comet II BV became effective, which suspended the arbitration. On January 23, 2020, Comet II B.V. obtained an order from the Bankruptcy Court permitting it to, in its discretion, modify the automatic stay to permit it to proceed with litigation or other contested matters. On March 14, 2020, the Bankruptcy Court entered an order confirming a plan of reorganization, and the order provides for the stay against the arbitration to end upon the earlier of the effective date of the plan or August 30, 2020.- whichever would occur first. On June 30, 2020, McDermott International Inc. notified the occurrence of the effective date of the reorganization plan, for which the suspension of arbitration was lifted on July 1, 2020. On May 6, 2020, the Superintendence of Companies ordered the judicial liquidation of CBI Colombiana SA, one of the defendants in the CB&I arbitration. On October 22, 2020, Reficar requested its recognition as a creditor of CBI Colombiana SA, up to the maximum amount of its claims in the arbitration. On January 15, 2021, the liquidator of CBI Colombiana SA accepted Reficar’s request. On September 22, 2020, the tribunal scheduled the start of the hearings for May 2021. The outcome of the arbitration remains uncertain until such time as the arbitration ruling is issued. 23.4 Investigations of control entities – Reficar Reficar is a wholly owned subsidiary of Ecopetrol. According to Colombian regulations, Ecopetrol’s and Reficar’s employees are considered public servants, and as such can be held liable for negligent use or management of public resources. In this context, given that Ecopetrol is majority owned by the Colombian Government and Reficar is a wholly owned subsidiary of Ecopetrol, Ecopetrol and Reficar administer public resources. As a result, Ecopetrol and Reficar employees are generally subject to the control and supervision of the following control entities, among others: The Office of the Comptroller General (Contraloría General de la República) oversees the adequate use of public resources and has the authority to investigate public employees or private sector employees that use or manage public resources. The Attorney General’s Office (Procuraduría General de la Nación) supervises compliance with applicable law by public employees and private sector employees that carry out public functions. The Attorney General’s Office investigates and disciplines individuals for compliance failures. The Prosecutor’s Office (Fiscalía General de la Nación) investigates potential crimes and prosecutes alleged crimes before the court in judicial proceedings. The following are the most significant investigations and proceedings carried out by the aforementioned state entities: 1. The Office of the Comptroller General’s investigations and proceedings 1.1 Because of the modifications of the schedule and budget related to Reficar’s expansion and modernization project (the Project), the Office of the Comptroller General initiated a special audit investigation of the Project in 2016 and delivered a final report to Reficar on December 5, 2016. The report detailed 36 findings most of which were related to increased costs compared to budget for services, labor and materials. As required, on January 18, 2017, Reficar submitted an action plan addressing the 36 findings in the following areas: (i) contract management, (ii) supervision of engineering standards contracted with third parties, and (iii) documentation of the control, reporting and monitoring mechanisms of subcontracts. 1.2 As a result of the findings described above, on March 10, 2017, the Office of the Comptroller General opened actions for financial responsibility (proceso de responsabilidad fiscal) against 36 individuals and the six companies involved in the Project, including former members of Ecopetrol’s Board of Directors, former members of Reficar’s Board of Directors, former employees of Ecopetrol, and former employees of Reficar, as well as Chicago Bridge & Iron Company N.V., CBI - Chicago Bridge & Iron company (CB&I) Americas Ltd., Chicago Bridge & Iron Company CB&I UK Limited, CBI Colombiana S.A., Foster Wheeler USA Corporation and Process Consultants Inc. These actions were initiated based on the Office of the Comptroller General’s theory that lower than expected profitability at Reficar could have been caused by (i) modifications to the schedule and, (ii) the increase of the budget for the Project. On June 5, 2018, the Office of the Comptroller General split the initial proceeding in two. The first one is related to the increase of the Project’s budget and the second one is related to the modifications in the Project’s schedule. Regarding the first proceeding, on June 5, 2018, the Office of the Comptroller General issued charges for financial responsibility (proceso de responsabilidad fiscal) against (i) 15 individuals, which include former members of Reficar’s Board of Directors, a former employee of Ecopetrol, and former employees of Reficar, as well as against (ii) CBI - Chicago Bridge & Iron company (CB&I) Americas Ltd., Chicago Bridge & Iron Company CB&I UK Limited, CBI Colombiana S.A., Foster Wheeler USA Corporation and Process Consultants Inc, and the following insurance companies, Compañía Aseguradora de Fianzas S.A, Coaseguro Confianza S.A. ,Liberty Seguros S.A., CHUBB de Colombia Compañía de Seguros S.A., Seguros Colpatria S.A. and Mapfre Seguros Generales de Colombia S.A., as third parties with joint liability. As for the other 21 individuals initially investigated in 2017, the Office of the Comptroller General closed the investigations. Therefore, as of the date of this annual report, no current or former member of Ecopetrol’s Board of Directors was charged in the first proceeding related to the increase in the Project’s budget. As of the date of this annual report, no charges have been issued in the second proceeding related to the modifications in the Project’s schedule. While the content and status of the proceedings remains confidential, we can report that Reficar and several of its employees have cooperated with and provided the information required by the department of the Office of the Comptroller General in charge of leading the proceedings. As of the date of this annual report, both Ecopetrol and Reficar have no liability under these proceedings. 1.3 In 2017, 2018, 2019, 2020 and 2021 the Office of the Comptroller General initiated a special/financial audit in Reficar and delivered a final report. In this report the Office of the Comptroller General concluded that, in their opinion, Reficar’s Financial Statements do not reasonably represent, the entity’s financial position. This situation originates in the different interpretation, by Reficar and the Comptroller General, of the applicable accounting laws. Reficar has used all the legal mechanism to enforce its position. As of the date of this annual report, considering the best Group’s knowledge, Reficar’s financial statements continue to fairly represent the financial and operational condition of the Company in all material aspects and its internal controls remain effective. As of the date of this annual report, the former and current Boards of Directors of Ecopetrol and Reficar are not part of the Comptroller General proceedings. 2. The Attorney General’s Office investigations: Reficar has been officially informed that the Attorney General’s Office currently has four ongoing investigations related to the Project. Regarding one of these four investigations, on September 12, 2017, the Attorney General’s Office issued a list of charges against certain former members of Reficar’s Board of Directors, as well as certain former officers of Reficar. The charges were related to the failure to fulfill some of their duties as administrators and/or for acting “ultra vires” in the exercise of their functions against: (i) Javier Genaro Gutiérrez (Ecopetrol CEO, 2007-2015); (ii) Felipe Laverde (Reficar General Counsel, 2009-March 2017); (iii) Pedro Rosales (Ecopetrol Downstream Executive Vice President, 2008-2015); (iv) Diana Constanza Calixto (Ecopetrol Head of the Corporate Finance Unit, 2009-2014), (v) Orlando José Cabrales (Reficar CEO, 2009-2012) and (vi) Reyes Reinoso Yanes (Reficar CEO, 2012-2016). The Attorney General’s Office closed the case against the rest of the members of Reficar’s Board of Directors and the rest of the former officers of Reficar. On January 17, 2020 the Attorney General’s Office issued its judgment against Reyes Reinoso Yanes for acting “ultra vires” in the exercise of his functions promoting a special billing procedure without the due diligence required to protect Reficar’s resources. As for the other four individuals initially investigated, they were acquitted of the charges. Mr. Reinoso filed an appeal against the decision and is awaiting resolution. In another investigation, on October 21, 2020, the Attorney General’s Office issued its judgment against a former employee of Reficar, Nicolas Isaksson Palacios, related to the failure to fulfill some of his duties for acting “ultra vires” in the exercise of his functions. The Attorney General’s Office closed the case against the rest of the former members of Reficar’s Board of Directors and other Reficar employee. The specific content and status of the remaining two ongoing investigations remains confidential. As of the date of this annual report, the current Boards of Directors of Ecopetrol and Reficar are not part of the Attorney General’s Office proceedings. 3. The Prosecutor’s Office investigations: The Prosecutor’s Office has been conducting the following legal proceedings in which Ecopetrol has been recognized as a victim: 3.1 Between July 25 and August 2, 2017, the Prosecutor’s Office indicted the following individuals with charges, the majority of which are related to offenses against the public administration and illegal interest in the execution of agreements: (i) Orlando José Cabrales Martínez (Reficar CEO, 2009‑2012); (ii) Reyes Reinoso Yanes (Reficar CEO, 2012‑2016); (iii) Felipe Laverde Concha (Reficar General Counsel, 2009‑March 2017); (iv) Pedro Alfonso Rosales Navarro (Ecopetrol Downstream Executive Vice President, 2008‑2015); (v) Masoud Deidehban (CBI Executive Project Director); (vi) Phillip Asherman (CBI CEO) and (vii) Carlos Lloreda (Reficar’s statutory auditor from 2013‑2015.) The arraignment hearing began on May 30, 2018 and concluded on August 22, 2019. The Prosecutor’s Office has already made public the factual basis for such charges, which is based on the theory that: (i) executing a cost reimbursable engineering, procurement and construction contract (EPC) and not a lump sum agreement favored CBI interests, and (ii) executing special invoicing procedures (MOA –Memorandum of Agreement and PIP –Project Invoicing Procedure) with CBI allowed the payments of unreasonable amounts not duly verified by the Joint Venture Foster Wheeler USA Corporation and Process Consultant Inc (FPJVC). The defense attorneys have not yet had an opportunity to present their case against such facts in a court of law. On May 9, 2017, Ecopetrol’s Audit and Risk Committee retained a U.S.-based outside law firm to commence a third-party investigation into the matters set forth in the Prosecutor’s Office announcement. The results were presented in December 2017 to Ecopetrol’s Audit and Risk Committee. This investigation concluded that to date there has been no evidence of possible unlawful acts that affect Ecopetrol’s internal control over the financial reporting of the Company, on the allegations made by the Prosecutor’s Office. 3.2 On October 22 and 23, 2018, the Prosecutor’s Office indicted the following individuals with charges related to improper management and obtaining false public documents: Javier Genaro Gutiérrez Pemberthy (Ecopetrol CEO, 2007‑2015), Reyes Reinoso Yánez (Reficar CEO, 2012‑2016), Pedro Alfonso Rosales Navarro (Ecopetrol Downstream Executive Vice President, 2008‑2015), and Diana Constanza Calixto Hernández (Ecopetrol Head of the Corporate Finance Unit, 2009‑2014). The arraignment hearing took place on August 5, 2019 and Ecopetrol and Reficar were recognized as victims. The Prosecutor’s Office made public the factual basis of the charges, which is based on the theory that the indicted directors hid necessary information from Ecopetrol’s Board of Directors before the approval of amendment No. 3 of the EPC contract. The defense attorneys have not yet had an opportunity to present their case against such facts in a court of law. 3.3 On June 12, 2019, the Prosecutor’s Office indicted the following individuals with charges related to entering into agreements without compliance with legal requirements: Orlando José Cabrales Martínez (Reficar CEO, 2009-2012) and Felipe Castilla (Reficar CEO, 2009). Ecopetrol and Reficar were recognized as victims. The Prosecutor’s Office has already made public the factual basis of the charges, which is based on the theory that hiring FPJVC as the PMC of the project through a sole source process violated the objective selection principle. The defense attorneys have not yet had an opportunity to present their case against such facts in a court of law. Ecopetrol and Reficar have cooperated closely and extensively with the control entities in furthering their investigations and will continue to monitor the status and development of these investigations. As of the date of this annual report, the current Boards of Directors of Ecopetrol and Reficar and the current employees are not part of the above proceedings. None of the legal proceedings described in this paragraph are related with bribery charges. As of the date of this annual report, Ecopetrol and Reficar have no knowledge of any legal proceeding in the United States regarding the project. 23.5 The following is a summary of the main contingent liabilities that have not been recognized in the statement of financial position as, according to the evaluations made by internal and external advisors of the Ecopetrol Business Group, the expectation of loss is not probable as of December 31, 2020 and 2019: 2020 2019 Number of Number of Type of process processes Proceedings processes Proceedings Constitutional action 20 15,810,719 16 15,689,778 Ordinary administrative 156 714,606 162 781,686 Ordinary labor 659 54,030 614 51,029 Ordinary civil 54 6,363 54 17,956 Executive administrative 2 11,951 1 28 Special labor 15 3,106 13 720 Penal 2 595 1 595 Action of protection 234 47 112 10 Executive civil 1 — 1 — 1,143 16,601,417 974 16,541,802 23.6 The following is a breakdown of the Ecopetrol Business Group’s principal contingent assets, where the associated contingent gain is likely, but not certain: 2020 2019 Number of Number of Type of process processes Proceedings processes Proceedings Ordinary administrative 99 402,380 37 384,215 Arbitration 2 138,386 1 67,232 Ordinary civil 114 82,572 75 86,363 Penal 149 61,466 156 60,177 Executive civil 57 5,299 61 4,912 Ordinary labor 48 3,129 50 3,295 Executive administrative 10 2,450 11 4,028 Special labor 84 426 57 307 Action of protection 5 - 4 - 568 696,108 452 610,529

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity
Equity	24. Equity The main components of equity are detailed below: 24.1 Subscribed and paid–in capital Ecopetrol’s authorized capital amounts to COP$36,540,000, and is comprised of 60,000,000,000 ordinary shares, of which 41,116,694,690 are outstanding, and 11.51% (4,731,906,273 shares) are held privately and 88.49% (36,384,788,417 shares) are held by the Colombian Government. The value of the reserve shares amounts to COP$11,499,933 comprised of 18,883,305,310 shares. As of December 31, 2020 and 2019, subscribed and paid–in capital amounts to COP$25,040,067. There are no potentially dilutive shares. 24.2 Additional paid–in capital Additional paid–in capital mainly corresponds to: (i) share premium from the Ecopetrol Business Group’s capitalization in 2007, for COP$4,457,997, (ii) share premium from the sale of shares awarded in the second capitalization, which took place in September 2011, of COP$2,118,468, iii) a COP$31,377 share premium from the placement of shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid–in capital receivables for COP$(143). 24.3 Equity reserves The following is the composition of the Ecopetrol Business Group’s reserves as of December 31, 2020 and 2019: 2020 2019 Legal reserve 4,568,980 3,243,832 Fiscal and statutory reserves 509,082 509,082 Occasional reserves (1) 4,557,074 31,744 9,635,136 3,784,658 (1) Ecopetrol's General Shareholders' Meeting, held on March 27, 2020, approved the 2019 profit distribution project and set up a reserve of 4,557,074 in order to support the Company's financial sustainability and flexibility in development of its strategy. The movement of equity reserves is the following for the years ended December 31, 2020 and 2019: 2020 2019 Opening balance 3,784,658 5,138,895 Release of reserves (540,826) (3,050,703) Allocation to reserves 6,391,304 5,355,852 Dividends declared — (3,659,386) Closing balance 9,635,136 3,784,658 24.4 Retained earnings and dividends The Ecopetrol Business Group distributes dividends based on its separate annual financial statements, prepared under International Financial Reporting Standards accepted in Colombia (NCIF, by its acronym in Spanish). The General Assembly of Shareholders of Ecopetrol S.A. held on March 27, 2020, decreed dividends on the 2019 profit for COP$7,401,005 (2019 – COP$9,251,256). A total of 100% of decreed dividends was paid during 2020 and 2019. On March 26, 2021, the ordinary General Shareholders Assembly approved a distribution of ordinary dividends for the fiscal year ended December 31, 2020 amounting to COP$698,984 million, or COP$17 per share, based on the number of outstanding shares. The payment date will be April 22, 2021 for 100% of shareholders. 24.5 Other comprehensive income attributable to owners of parent The following is the composition of the other comprehensive income attributable to the shareholders of the parent, Ecopetrol S.A., net of tax: 2020 2019 2018 Foreign currency translation 11,794,201 10,265,398 10,235,891 Cash flow hedge with derivative instruments 44,132 3,689 (30,962) Cash flow hedges for future exports (136,470) (135,748) (374,079) Actuarial gain on defined benefit plans (2,260,989) (2,357,210) (557,381) Hedge of a net investment in a foreign operation (1,494,926) (1,130,583) (1,069,316) Others 1,114 1,114 176,608 7,947,062 6,646,660 8,380,761 24.6 Earnings per share 2020 2019 2018 Profit attributable to Ecopetrol’s shareholders 1,586,677 13,744,011 11,381,386 Weighted average number of outstanding shares 41,116,694,690 41,116,694,690 41,116,694,690 Net basic earnings per share (Colombian pesos) COP$ 38.6 COP$ 334.3 COP$ 276.8

Sales revenue from contracts wi

Sales revenue from contracts with customers	12 Months Ended
	Dec. 31, 2020
Sales revenue from contracts with customers
Sales revenue from contracts with customers	25 . Sales revenue from contracts with customers 2020 2019 2018 National sales Mid–distillates (1) 8,860,588 15,041,883 14,039,638 Gasoline and turbo fuels (1) 6,768,046 9,658,180 9,334,939 Services 2,859,559 4,115,626 3,531,404 Natural gas 2,845,155 2,256,123 1,885,846 Plastic and rubber 865,204 834,133 899,410 Fuel gas service 671,570 72,249 - Asphalts 526,100 544,200 335,426 LPG and propane 375,775 372,916 574,639 Crude oil 230,520 356,857 550,479 Aromatics 155,740 228,552 282,545 Polyethylene 138,035 192,436 270,887 Fuel oil 37,001 97,907 509,482 Other income gas contracts (2) 32,190 102,845 156,031 Other products 322,232 431,201 651,874 24,687,715 34,305,108 33,022,600 Foreign sales Crude oil (3) 19,498,582 28,523,596 26,898,737 Diesel 3,164,068 4,391,798 3,050,839 Plastic and rubber 1,302,131 1,249,189 1,308,685 Fuel oil (4) 968,429 1,870,929 2,053,594 Gasoline and turbo fuels 179,257 1,085,392 1,782,194 LPG and propane 18,943 13,591 20,212 Natural gas 17,231 27,255 27,899 Cash flow hedge for future exports – Reclassification to profit or loss (Note 30.3) (193,374) (386,773) 128,404 Other products 580,411 408,427 310,708 25,535,678 37,183,404 35,581,272 50,223,393 71,488,512 68,603,872 (1) Corresponds to the application of Decree 180522 of March 29, 2010, and other standards that modify and add (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of ordinary motor gasoline and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of December 31, 2020, the value recognized by price differential corresponds to COP$142,723 (2019 COP$1,785,277; 2018 COP$3,835,533). See Note 4.16 – Sales revenue recognition from contracts with customers. (2) Corresponds to the income on the participation in the profits of gas sales, according to the agreement signed between Ecopetrol and Hocol (considering the assets purchase agreement signed with Chevron to acquire the stake owned by the latter in the Guajira Association as of May 1, 2020), for the extension of the association contract for the exploitation of gas in La Guajira. Prior to this acquisition, the agreement was signed between Ecopetrol and Chevron since 2004. (3) Includes hedges with derivative instruments for COP$(587,591). (4) Includes hedges with derivative instruments for COP$(76,382). Sales by geographic areas 2020 % 2019 % 2018 % Colombia 24,687,715 49.2 % 34,305,108 48.0 % 33,022,600 48.1 % United States 11,365,218 22.6 % 17,371,173 24.3 % 14,765,674 21.5 % Asia 9,497,498 18.9 % 13,529,151 18.9 % 12,271,225 17.9 % Central America and the Caribbean 2,581,644 5.1 % 3,472,665 4.9 % 4,449,033 6.6 % South America and others 1,296,370 2.6 % 1,502,815 2.1 % 2,968,038 4.3 % Europe 794,948 1.6 % 1,307,600 1.8 % 1,127,302 1.6 % 50,223,393 100 % 71,488,512 100 % 68,603,872 100 % Concentration of customers During 2020, Organización Terpel S.A. represented 15.0% of sales revenue for the period (2019 – 16.0% and 2018 – 14.0%); no other customer represented more than 10% of total sales. There is no risk of the Ecopetrol Business Group’s financial situation being affected by a potential loss of the client. The commercial relationship with this customer is for the sale of refined products and transportation services.

Cost of sales

Cost of sales	12 Months Ended
	Dec. 31, 2020
Cost of sales
Cost of sales	26. Cost of sales 2020 2019 2018 Variable costs Imported products (1) 7,592,489 12,639,710 11,809,529 Depreciation amortization and depletion 6,069,903 5,523,306 5,064,518 Purchases of crude in association and concession 4,281,661 5,466,496 3,820,746 Purchases of hydrocarbons – ANH (2) 2,798,432 5,437,177 5,667,567 Electric energy 1,098,621 829,543 662,297 Hydrocarbon transport services 874,632 821,654 696,964 Taxes and economic rights 841,443 788,924 441,207 Process materials 827,464 1,016,617 968,884 Purchases of other products and gas 598,015 584,507 632,509 Services contracted in associations 269,637 267,778 260,207 Others (3) 657,634 (676,269) (186,087) 25,909,931 32,699,443 29,838,341 Fixed costs Depreciation and amortization 2,930,120 2,781,446 2,555,176 Labor costs 2,299,761 2,316,567 2,105,803 Maintenance 2,257,370 2,497,002 2,260,984 Services contracted 1,623,375 1,841,009 1,796,354 Services contracted in associations 1,121,010 1,211,510 1,040,221 Taxes and contributions 593,041 516,933 393,690 Materials and operating supplies 508,037 574,678 565,601 Hydrocarbon transport services 253,752 268,572 261,237 General costs 71,075 265,200 366,972 11,657,541 12,272,917 11,346,038 37,567,472 44,972,360 41,184,379 (1) Imported products correspond mainly to diesel and diluent to facilitate the transport of heavy crude oil. (2) Corresponds to purchases of crude oil by Ecopetrol from the National Hydrocarbons Agency (ANH, by its acronym in Spanish) derived from national production, both of the Ecopetrol Business Group’s direct operations and of third parties. (3) Corresponds mainly to: i) the valuation of the inventory, product of the costing process, ii) the valuation at Net Realizable Value, and iii) the agreements of inventories by transport and iv) capitalizable costs to projects.

Administrative, operations and

Administrative, operations and project expenses	12 Months Ended
	Dec. 31, 2020
Administrative, operations and project expenses
Administrative, operations and project expenses	27. Administrative, operations and project expenses 2020 2019 2018 Administrative expenses Labor expenses (1) (1,658,613) (759,324) (662,258) General expenses (2) (1,424,348) (1,140,975) (911,645) Depreciation and amortization (229,792) (202,547) (40,838) Taxes (60,397) (48,753) (39,117) (3,373,150) (2,151,599) (1,653,858) Operations and project expenses Exploration costs (689,087) (763,452) (1,387,379) Commissions fees freights and services (656,432) (558,370) (466,862) Taxes (428,608) (483,330) (433,506) Labor expenses (309,972) (402,531) (316,386) Fee for regulatory entities (142,695) (94,785) (98,794) Depreciation and amortization (83,909) (60,952) (44,318) Maintenance (78,181) (56,333) (50,846) Right-of-use assets amortization (10,814) (14,532) — Others (186,318) (197,469) (105,041) (2,586,016) (2,631,754) (2,903,132) (1) (2)

Other operating income (expense

Other operating income (expenses), net	12 Months Ended
	Dec. 31, 2020
Other operating income (expenses), net
Other operating income (expenses), net	28. Other operating income (expenses), net 2020 2019 2018 Gain on revaluation of assets in Guajira association (1) 1,284,372 — — Gain (loss) on acquisition of participations and interests (1) 86,026 1,048,924 (12,065) Loss on sale of assets (263,647) (148,021) (93,601) Expense for legal provisions (139,978) (98,020) (68,398) Impairment loss of short–term assets (34,416) (90,441) (105,692) Gain on loss of control (2) 65,695 — — Other income 120,114 344,354 244,301 1,118,166 1,056,796 (35,455) (1) Results in the acquisition of La Guajira: Ecopetrol COP$1,284,372 and Hocol COP$86,026. For Ecopetrol it corresponds to the revaluation of the assets that it already had in the Guajira association and for Hocol it corresponds to the Bargain obtained from the acquisition of the 43% stake. (Note 12 - Business combinations). (2) Recognition of the disposal of net assets due to the loss of control due to the opening of the judicial liquidation process of Bioenergy S.A.S. and Bioenergy Zona Franca S.A.S. COP$65,570 (Note 2.2). Liquidation process of ECP Oil and Gas Germany GmbH COP$125.

Financial result, net

Financial result, net	12 Months Ended
	Dec. 31, 2020
Financial result, net
Financial result, net	29. Financial result, net 2020 2019 2018 Finance income Results from financial assets and others 665,310 975,245 745,571 Yields and interests 299,246 481,674 383,624 Gain on derivatives valuation 108,838 — — Dividends (1) 44 117,260 — Gain on sale of equity instruments — — 368 Other financial income 27,992 49,157 — 1,101,430 1,623,336 1,129,563 Finance expenses Interest (2) (2,384,342) (1,894,490) (2,399,414) Financial cost of other liabilities (3) (872,987) (757,509) (668,782) Results from financial assets (473,598) (638,767) (381,445) Other financial expenses (198,864) (43,703) (62,520) (3,929,791) (3,334,469) (3,512,161) Foreign exchange gain net 346,774 40,639 372,223 Financial result net (2,481,587) (1,670,494) (2,010,375) (1) In 2007, Arrendadora Financiera Internacional Bolivariana (AFIB) and Ecopetrol S.A. signed an agreement to constitute a trust fund, in which Invercolsa deposited dividends corresponding to 8.53% of the participation in dispute, regarding the shares acquired by Fernando Londoño. In 2019, as a result of the sentence of the Supreme Court of Justice, Ecopetrol received the amount of dividends that were in that trust. (2) As of December 31, 2020, borrowing costs for the financing of developing natural resources and property, plant and equipment of COP$247,501 (2019 – COP$248,139 and 2018 – COP$200,833) were capitalized. (3) Includes the financial expense of the asset retirement obligations and the liabilities for post–employment benefits.

Risk management

Risk management	12 Months Ended
	Dec. 31, 2020
Risk management
Risk management	30. Risk management 30.1 Exchange rate risk The Ecopetrol Business Group operates mainly in Colombia and makes sales in the local and international markets, for that reason, it is exposed to exchange rate risk. The impact of exchange rate fluctuations, especially the Colombian peso/U.S. dollar exchange rate, has been material considering events presented during 2020 such as the disagreement between the members of the Organization of Petroleum Exporting Countries (OPEP) and Russia to maintain the cuts in production and the effects of the Covid-19 pandemic. As of December 31, 2020, the Colombian peso depreciated 4.7%, going from a closing rate as of December 31, 2019 of COP$3,277.14 to COP$3,432.5 pesos per dollar. When the Colombian peso depreciates, export earnings, when converted to pesos, increase, and imports and external debt service become more expensive. The balance of financial assets and liabilities denominated in foreign currency for the years ended December 31, is presented in the following table: (in USD$Million) 2020 2019 Cash and cash equivalents 197 114 Other financial assets 1,164 1,468 Trade receivables and payables, net 203 81 Loans and borrowings (11,814) (9,429) Other assets and liabilities, net 277 64 Net liability position (9,973) (7,702) Of the total net position, USD$(10,158) million correspond to net liabilities of companies with the Colombian peso as its functional currency, of which USD$(8,549) correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange rate difference valuation of the remaining net liabilities for USD$(1,609) million affect the profit or loss. Likewise, USD$(185) million of the net position correspond to monetary assets and liabilities of Group companies with a functional currency different from the Colombian peso, whose valuation is recognized in profit or loss. 30.2 Sensitivity analysis for exchange rate risk The following is the effect of a change of 1% and 5% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2020: Scenario / Variation in Effect on income Effect on other the exchange rate before taxes (+/–) comprehensive income (+/–) 1 % (48,866) (293,457) 5 % (244,330) (1,467,286) 30.3 Cash flow hedge for future exports In order to present on financial statements the effect of the natural hedge between exports and debt, and considering that the exchange rate risk materializes when the exports are made, on October 1, 2015, the Board of Directors designated the amount of USD$5,440 million of Ecopetrol’s foreign currency debt as a hedge instrument of future revenue from crude oil exports, for the period 2015–2023 in accordance with IFRS 9 – Financial instruments. The following is the movement of foreign currency debt designated as a non–derivative hedging instrument for the years ended December 31, 2020 and 2019: (USD$Million) 2020 2019 Hedging instrument at the beginning of the period 1,300 1,300 Reassignment of hedging instruments 1,230 5,551 Realization of exports (1,230) (5,551) Hedging instrument at the end of the period 1,300 1,300 The following is the movement in other comprehensive income for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Opening balance (135,748) (374,079) 159,295 Exchange difference (201,967) (35,607) (704,871) Reclassification to profit or loss 193,374 386,773 (128,404) Ineffectiveness 9,779 5,173 35,617 Deferred income tax (1,908) (118,008) 264,284 Closing balance (136,470) (135,748) (374,079) The expected reclassification of the cumulative exchange difference from other comprehensive income to the profit or loss is as follows: Before Year taxes Taxes After taxes 2021 (71,358) 21,408 (49,950) 2022 (71,358) 21,408 (49,950) 2023 (52,245) 15,675 (36,570) (194,961) 58,491 (136,470) 30.4 Hedge of a net investment in a foreign operation The Board of Directors approved the application of net investment hedge accounting from June 8, 2016. The measure is intended to reduce the volatility of non–operating income due to exchange rate variations. The net investment hedge will be applied on a portion of the Ecopetrol Business Group’s investments in foreign operations, in this case on investments in subsidiaries which have the U.S. dollar as their functional currency, using a portion of the Ecopetrol Business Group’s U.S. dollar denominated debt as the hedging instrument. Ecopetrol designated as the hedged item the net investments in Oleoducto Central S.A. (Ocensa), Ecopetrol América LLC., Hocol Petroleum Ltd, (HPL) and Refinería de Cartagena S.A.S. (Reficar) and as a hedging instrument a portion of its debt denominated in US dollars, in a total amount equivalent to USD$5.2 billion. During 2019 and 2020 Ecopetrol S.A. expanded this hedge for USD$2,049 million to include in the designation the investments in Ecopetrol Permian LLC and Ecopetrol Brasil and add a greater amount in Reficar. The total hedged value as of December 31, 2020 is USD$7,249 million. The following is the movement in other comprehensive income for the years ended December 31: 2020 2019 2018 Opening balance 1,130,583 1,069,316 97,362 Exchange difference 520,490 87,524 1,381,900 Ineffectiveness — — 378 Deferred income tax (156,147) (26,257) (410,324) Closing balance 1,494,926 1,130,583 1,069,316 30.5 Hedging with financial derivatives In 2020, Ecopetrol carries out forward non-delivery operations for the sale of dollars in order to mitigate the volatility of the exchange rate in the cash flow required for the Company's operations. As of December 31, 2020, the Group has open positions for COP$91,305. The impact on the profit or loss as of December 31, 2020 due to the settlement of these hedges generated a loss of COP$62,911 (2019 – COP$60,740) and the amount recognized in the other comprehensive income was a profit of COP$51,486 (2019 – COP$43,141). 30.6 Commodity price risk The price risk of raw materials is associated with the Group’s operations, both exports and imports of crude oil, natural gas and refined products. In order to mitigate this risk, the Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices. The risk of such exposure is partially hedged in a natural way, as an integrated Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices. The Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures and controls for their management. The main purpose of the strategic hedging program is to protect the Group’s consolidated financial statements from the volatility of market variables in a given period of time, to protect income and thus cash flow. On the other hand, tactical hedges allow to capture value in trading operations and Asset Backed Trading (ABT), thereby mitigating the market risk of specific operations. The following is the detail of the operations during 2020: 1) The operations were oriented to specifically protect income and cash flow, limit losses, cover production costs and avoid potential closures of production fields (Apiay, Caño Sur and Chichimene), and therefore a possible acceleration in the decline of the basic curve. For this purpose, hedges for about 30 million barrels (MMBLS) were managed. The operations carried out during 2020 were managed considering the analysis, approval, monitoring and compliance processes as defined in current policies and procedures, achieving the objectives defined for the hedge. In addition, these operations were classified as effective in accordance with IFRS standards. The benefit of these contracts was USD$42.7 million. 2) The commitments in physical spots and term contracts in the commercialization activity represent an exposure to the price risk of commodities, in particular the risk associated with the volatility of the price of crude oil and refined products. Although said exposure is part of the natural risk of the production, refining and commercialization activity carried out by Ecopetrol, in order to maximize value capture, Ecopetrol can concentrate the risk exposure in terms of time and/or indicator that differs from the Company’s natural price risk profile. Swaps operations for 18 MMBLS to mitigate risks associated with storage marketing strategies, anticipated purchases of raw materials, supply to refineries and international sales delivered at the destination port expired last year. Such strategies – together with their hedge – allowed to get benefits of around USD$15 million. Similarly, hedges on exports of heavy fuel oil were made in 2020 corresponding to 3.7 MMBLS; this operation allowed to guarantee profits in the mount of USD$25.5 million. As of the date of this report, the Group has in its asset a swap position of COP$7,572 and a forward position of COP$91,305 (Note 9). These derivative operations are recognized under cash flow hedge accounting. 30.7 Credit risk Credit risk is the risk that the Ecopetrol Business Group may suffer financial losses as a consequence of default of: (a) payments by its clients for the sale of crude oil, gas, products or services; (b) financial institutions in which it keeps investments, or (c) by counterparties with which it has contracted financial instruments. Credit risk related to customers In the selling process of crude oil, gas, refined products and petrochemicals, and transport services, the Ecopetrol Business Group may be exposed to credit risk in the event that customers fail to fulfill their payment obligations. The Ecopetrol Business Group’s risk management strategy has designed mechanisms and procedures that aim to minimize such events, thus safeguarding the Ecopetrol Business Group’s cash flow. The Ecopetrol Business Group performs a continuous analysis of the financial strength of its counterparties, by classifying them according to their risk level and financial guarantees in the event of a default of payments. Similarly, the Ecopetrol Business Group continuously monitors national and international market conditions for early alerts of major changes that may have an impact on the timely payment of obligations from customers. For the receivables that are considered exposed to credit risk, Ecopetrol Business Group make individual analysis of each customer’s situation to determine the value of impairment to recognize in financial statements. The Ecopetrol Business Group performs administrative and legal actions required to recover amounts past due and charges interest from customers that fail to comply with payment policies. An aging analysis of the accounts receivable portfolio in arrears, but not impaired, as of December 31, 2020 and 2019 is as follows: 2020 2019 Less than 3 months overdue 56,144 243,893 Between 3 and 6 months overdue 1,270 136,700 More than 6 months overdue 301,858 267,525 359,272 648,118 Credit risk in financial assets Following the promulgation of Decree 1525 of 2008, which provides general rules on investments for public entities, Ecopetrol’s management established guidelines for its investment portfolios. These guidelines determine that investments in Ecopetrol’s U.S. dollar portfolios are generally limited to investments of cash excess in fixed–income securities issued by entities rated A or higher in the long term and A1/P1/F1 or higher in the short term (international scale) by Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings. In addition, Ecopetrol S.A. may also invest in securities issued or guaranteed by the United States of America or Colombia governments, without regard to the ratings assigned to such securities. In Ecopetrol’s Colombian Peso portfolio, it must invest the cash excess in fixed–income securities of issuers rated AAA in the long term, and F1+/BRC1+ in the short term (local scale) by Fitch Ratings Colombia or BRC Standard & Poor’s. Likewise, the Company may also invest in securities issued or guaranteed by the national government without qualification restrictions. In order to diversify the risk in the Colombian Peso portfolio, Ecopetrol does not invest more than 10% of the cash excess in one specific issuer. In the case of the U.S. dollar portfolio, Ecopetrol does not invest more than 5% of the cash excess in one specific issuer in the short term (up to one year), or 1% in the long term. The credit rating of issuers and counterparties in transactions involving financial instruments is disclosed in Note 6 – Cash and cash equivalents, Note 9 – Other financial assets and Note 22 – Provisions for employees’ benefits. 30.8 Interest rate risk Interest rate risk arises from Ecopetrol’s exposure to changes in interest rates because the Ecopetrol Business Group has investments in fixed and floating–rate instruments and has issued floating rate debt linked to LIBOR, DTF and CPI interest rates. Thus, interest rate volatility may affect the fair value and cash flows of the Ecopetrol Business Group’s investments and the financial expense of floating rate loans and financing. As of December 31, 2020, 16% (2019, 17% and 2018, 17%) of the Ecopetrol Business Group’s indebtedness is linked to floating interest rates. As a result, if market interest rates rise, financing expenses will increase, which could have an adverse effect on the results of operations. Ecopetrol controls the exposure to interest rate risk by establishing limits to the portfolio duration, Value at Risk – VAR and tracking error. Autonomous equities linked to Ecopetrol’s pension obligations are also exposed to changes in interest rate, as they include fixed and floating rate instruments that are recognized according to the mark to market. Colombian regulation for pension funds, as stipulated in the Decree 941 of 2002 and Decree 1861 of 2012, indicates that they have to follow the same regime as the regular obligatory pension funds in their moderate portfolio. The following table provides information about the sensitivity of the Ecopetrol Business Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points: Effect on Other Effect on profit or loss (+/–) Comprehensive Income (+/–) Financial Financial Assets Liabilities Plan Assets +100 basis points (25,878) 60,577 (557,002) –100 basis points 25,878 (59,459) 557,901 A sensitivity analysis of discount rates on pension plan assets and liabilities is disclosed in Note 22 – Provisions for employees’ benefits. 30.9 Liquidity risk The ability to access credit and capital markets to obtain resources for the investment plan execution for the Business Group may be limited due to adverse changes in market conditions. A global financial crisis could worsen risk perception in emerging markets. Events that could affect the political and regional environment of Colombia may make it difficult for our subsidiaries to access the capital markets. These conditions, together with potential significant losses in the financial services sector and changes in credit risk assessments, may make it difficult to obtain resources on favorable terms. As a result, the Ecopetrol Business Group may be forced to review the conditions of the investment plan (as necessary), or access financial markets under unfavorable terms, thereby negatively affecting the Ecopetrol Business Group’s results of operations and financial results. Liquidity risk is managed in accordance with the Ecopetrol Business Group’s policies aimed at ensuring that enough cash flows to comply with the Ecopetrol Business Group’s financial commitments within the established dates and with no additional costs. The main method for the measurement and monitoring of liquidity is cash flow forecasting. The following is a summary of the maturity of financial liabilities as of December 31, 2020. The amounts disclosed in the table are the contractual undiscounted cash flows. The payments in foreign currency were restated taking a constant exchange rate of COP$3,432.50 per U.S. dollar: Up to 1 year 1–5 years 5–10 years > 10 years Total Loans (payment of principal and interest) 3,585,623 33,051,812 17,701,887 13,750,003 68,089,325 Trade and other payables 8,449,041 21,064 — — 8,470,105 Total 12,034,664 33,072,876 17,701,887 13,750,003 76,559,430 30.10 Capital management The main objective of the capital management of the Ecopetrol Business Group is to ensure a financial structure that optimizes the cost of capital, maximizes the rate of return to its shareholders and allows access to financial markets at a competitive cost to cover financial needs that support an investment grade credit rating profile. The following is the leverage ratio as of December 31, 2020 and 2019: 2020 2019 Loans and borrowings (Note 20) 46,731,754 38,239,139 Cash and cash equivalents (Note 6) (5,082,308) (7,075,758) Other financial assets (Note 9) (3,071,659) (4,979,292) Net financial debt 38,577,787 26,184,089 Equity (Note 24) 53,499,363 58,231,628 Leverage (1) 41.90 % 31.02 % (1) Leverage = Net financial debt / (Net financial debt + Equity) The movement of the net financial debt is detailed in Note 20.7.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2020
Related parties
Related parties	31. Related parties Balances with associates and joint ventures as of December 31, 2020 and 2019 are as follows: Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energía Limited (1) 1,950 — 7,093 32,335 1,277,046 1,663 Ecodiesel Colombia S.A. 1,345 — — 35,632 — 1 Offshore International Group Inc (2) — 97,300 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — — — Extrucol S.A. — — — — — E2 Energía Eficiente S.A. E.S.P. — — — — Serviport S.A. — — — 948 — — Balance as of December 31, 2020 7,748 97,300 7,093 72,316 1,277,046 1,664 Current 7,748 97,300 7,093 72,316 1,277,046 1,664 Non–current — — — — — — 7,748 97,300 7,093 72,316 1,277,046 1,664 (Nota 7) (Nota 7) (Nota 11) (Nota 21) (Nota 20) Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energía Limited(1) 25,333 — 57,016 153,501 1,108,403 794 Ecodiesel Colombia S.A. 2,116 — — 29,447 — 1 Offshore International Group Inc.(2) — 93,657 — — — — Associates Serviport S.A. — — — 4,668 — — Balance as of December 31, 2019 27,449 93,657 57,016 187,616 1,108,403 795 Current 27,449 — 57,016 187,616 1,108,403 795 Non–current — 93,657 — — — — 27,449 93,657 57,016 187,616 1,108,403 795 (Note 7) (Note 7) (Note 11) (Note 21) (Note 20) Loans: (1) Resources deposited by Equion in Ecopetrol Capital AG. Accounts receivable – Loans: (2) Offshore International Group: Loan granted by Ecopetrol S.A. for USD$57 million in 2016, with an interest rate of 4.99% payable semiannually from 2017 and maturing in 2021. The balance in nominal value of this loan as of December 31, 2020 is USD$28 million (2019 - USD$28 million). The main transactions with related parties as of December 31 are detailed as follows: 2020 2019 2018 Sales and Purchases Sales and Purchases Sales and Purchases services and others services and others services and others Joint Ventures Equion Energía Limited 27,595 356,872 317,382 569,105 67,002 846,284 Ecodiesel Colombia S.A 8,268 346,201 8,614 280,649 6,860 267,498 Offshore International Group 4,461 — 3,245 — 2,386 — 40,324 703,073 329,241 849,754 76,248 1,113,782 Associates E2 Energía Eficiente S.A. E.S.P. 49,860 2,849 — — — — Gas Natural del Oriente S.A. E.S.P. — 26,141 — — — — Extrucol S.A. — 1,162 — — — — 90,184 733,225 329,241 849,754 76,248 1,113,782 31.1 Directors and key management personnel In accordance with the approval given by the shareholders’ meeting in 2012, which was recorded in Minute No. 026, the directors' fees for attending the meetings of the Board of Directors and / or the committees increase from four to six legal monthly minimum legal monthly salaries in force. On the other hand, in the General Shareholders' Meeting of 2018, the amendment of the Corporate Bylaws that appears in Minute No. 036 was approved, by virtue of which, the fourth paragraph of article 23 was eliminated that made the differentiation between the fees for face-to-face and non-face-to-face meetings. The members of the Board of Directors do not have any kind of variable remuneration. The amount paid in 2020 for fees to members of the Board of Directors amounted to COP$3,102 (2019 - COP$1,847). The total compensation paid to Directors as of December 31, 2020, amounted to COP$24,068 (2019 – COP$22,632 and 2018 – COP$21,580). Directors are not eligible to receive pension and retirement benefits. The total amount reserved as of December 31, 2020, to provide pension and retirement benefits to the eligible executive officers amounted to COP$13,413 (2019 – COP$18,740 and 2018 – COP$5,491). As of December 31, 2020, key management officers owned less than 1% of the outstanding shares of Ecopetrol S.A. as follows: Key management personnel % Shares Felipe Bayón <1% outstanding shares Jaime Caballero <1% outstanding shares Orlando Díaz <1% outstanding shares Jorge Calvache <1% outstanding shares 31.2 Post–employment benefit plans The administration and management of resources for payment of Ecopetrol’s pension obligations are managed by autonomous pension funds (PAPs, by its acronym in Spanish) which serve as guarantee and payment sources. In 2008, Ecopetrol S.A. received the authorization to partially commute the value corresponding to monthly payments, bonds and quotas, transferring said obligations and the money that support them to autonomous patrimonies of a pension nature, in accordance with the requirements of Decree 1833 of 2016. Since November 2016, the entities that manage the resources are: Fiduciaria Bancolombia, Fiduciaria de Occidente and Consorcio Ecopetrol PACC (formed by Fiduciaria La Previsora, Fiduciaria Bancoldex, Fiduagraria and Fiduciaria Central). These trust companies will manage the pension resources for a period of five years (2016-2021) and as compensation they receive remuneration with fixed and variable components, the latter are settled on the gross yields of the portfolios and charged to the resources managed. 31.3 Government related parties The Colombian Government controls Ecopetrol with a stock ownership of 88.49%. The most significant transactions with governmental entities are comprised as follows: (a) Purchase of oil from the National Hydrocarbons Agency – ANH The ANH, an entity which operates under the rules of the Ministry of Mines and Energy, has as objective to manage the oil and gas reserves and resources owned by the Colombian Nation. By nature of the business, Ecopetrol purchases the crude oil that the ANH receives from producers in Colombia at the prices set in accordance with a established formula, which reflects the sale prices (crude oils and products), adjusted for API gravity quality, sulfur content, transportation rates to the export ports, refining process cost and a commercialization rate (when apply). The contract between Ecopetrol and the ANH ended on October 30, 2020 and a new one began with effect from November 1, 2020 to October 31, 2022. From December 2013 the Ecopetrol Business Group commercialized, on behalf of the ANH, the natural gas received by the latter in kind from producers. Since January 2014, ANH has received royalties in cash for the production of natural gas. The purchase value of oil and gas from ANH is detailed in Note 26 - Cost of sales. Additionally Ecopetrol, like other oil and gas companies, takes part in “rounds” for the allocation of exploration blocks in Colombia without implying special treatment for Ecopetrol on count of it being an entity whose majority shareholder is the Colombian Government. (b) Price differential The sale prices of regular gasoline and diesel are regulated by the National Government. In that way, there are differentials between the volume reported by the companies at the time of sale and the difference between the parity price and the reference price, the parity price being the one that corresponds to the daily prices of motor gasoline and diesel observed during the month. This differential can be for or against the producers. The value of this differential is detailed in Note 25 - Sales revenue from contracts with customers and in Note 7 - Trade and other receivables, net. (c) National Tax and Customs Direction Ecopetrol, just like any other company in Colombia, has tax obligations that it must comply with and does not have any other kind of association or commercial relationship with the National Tax and Customs Direction of Colombia. For more information, see Note 10 - Taxes. (d) Comptroller General of the Republic Ecopetrol, just like any other state entity in Colombia, is obliged to comply with the requirements set out by the Comptroller General of the Republic and make an annual payment to this entity on account of a maintenance fee. Ecopetrol does not have any other kind of association or commercial relationship with this entity.

Joint operations

Joint operations	12 Months Ended
	Dec. 31, 2020
Joint operations
Joint operations	32. Joint operations The Ecopetrol Business Group carries out exploration and production operations through Exploration and Production (E&P) Contracts, Technical Evaluation (TEA) Contracts and Agreements signed with the National Hydrocarbons Agency or ANH, as well as through Partnership Contracts and other types of contracts. The main joint operations in 2020 are as follows: 32.1 Contracts in which Ecopetrol is not the operator % Geographic area of Partners Contract Type Participation operations Occidental de Colombia LLC Chipirón 30-41 % Occidental Andina LLC Cosecha Production % Colombia Cravo Norte % Rondón % Mansarovar Energy Colombia Ltd Nare Production % Colombia Frontera Energy Colombia Corp. Quifa Production % Colombia Casanare % Corocora % Perenco Colombia Limited Estero Production % Colombia Garcero % Orocúe % ONGC Videsh Limited Sucursal Ronda Caribe RC-10 Exploration % Offshore Caribe Colombiana Norte Petrobras, Repsol & Statoil Tayrona Exploration % Offshore Caribe Norte Fuerte Sur Shell EP Offshore Ventures Limited Purple Angel Exploration % Offshore Caribe Col-5 Norte Saturno % Shell Sul de Gato do Mato Exploration % Brazil Gato do Mato % BP Energy Pau Brasil Exploration % Brazil Chevron CE-M-715_R11 Exploration % Brazil Lewis SSJN1 Exploration % Colombia Mana % Interoil Colombia Ambrosia Production % Colombia Rio Opia % Rancho Hermoso-Mirador % Canacol Rancho Hermoso -Otras formaciones Production % Colombia Llanos 86 % Llanos 87 % Geopark Llanos 104 Exploration % Colombia Llanos 123 % Llanos 124 % Fieldwood - Gunflint Gunflint Production % Gulf of Mexico Murphy Oil - Dalmatian Production % Gulf of Mexico Oxy (Anadarko) - K2 K2 Production % Gulf of Mexico Shell Deep Rydberg/Aleatico Exploration % Gulf of Mexico HESS ESOX Production % Gulf of Mexico Pemex Exploración y Producción Bloque 8 Exploration % Gulf of Mexico PC Carigali Mexico Operation SA Bloque 6 Exploration % Gulf of Mexico Talos Palmer Exploration % Gulf of Mexico OXY (Anadarko) Warrior Exploration % Gulf of Mexico Occidental Petroleum Company Rodeo Midland Basin Production % Permian Texas U.S. 32.2 Contracts in which Ecopetrol is the operator % Geographic area of Partners Contract Type Participation operations VMM29 Exploration % Colombia ExxonMobil Exploration Colombia CR2 C62 Repsol Colombia oil &gas limited CPO9 Exploration % Colombia ONGC Videsh Limited Sucursal Colombia RC9 Exploration % Colombia CPVEN E&P Corp Sucursal Colombia VMM32 Exploration % Colombia Shell Exploration and Production CR4 Exploration % Colombia SK Innovation Co Ltd. San Jacinto Exploration % Colombia Repsol Exploración Colombia S.A. Catleya Exploration % Colombia Emerald Energy PLC Suc. Colombia Cardon Exploration % Colombia Parex Resources Colombia Ltd. ORC401 CRC-2004-01 Exploration % Colombia Repsol Colombia Oil & Gas Limited CPO9 – Akacias Production % Colombia Occidental Andina LLC La Cira Infantas Production % Teca % Colombia Ramshorn International Limited Guariquies I Production % Colombia Perenco Oil And Gas San Jacinto Rio Paez Production % Colombia Cepsa Colombia Total Colombia Mundo Nuevo Exploration % Colombia Talisman Oil & Gas Equion Energia Limited Emerald Energy Oleoducto Alto Magdalena OAM % Colombia Frontera Energy Lewis Clarinero Exploration % Colombia Talisman Oil & Gas Niscota Production % Colombia Total Colombie ONGC RC-9 Exploration % Colombia 32.3 Relevant operations during the period During 2020 the following relevant events were presented in the joint operations contracts: 1)

Information by segments

Information by segments	12 Months Ended
	Dec. 31, 2020
Information by segments
Information by segments	33. Information by segments A description of the Ecopetrol Business Group’s business segments is in Note 4.19 - Information by business segment. The following segment information is reported based on the information used by the Board of Directors as the top body to make strategic and operational decisions of these business segments. The performance of the segments are based primarily on an analysis of income, costs, expenses and results for the period generated by each segment which are regularly monitored. The information disclosed in each segment is presented net of transactions between the Ecopetrol Business Group companies. 33.1 Statement of profit or loss Below are the consolidated statements of profit or loss by segment for the years ended December 31, 2020, 2019 and 2018: For the year ended on December 31, 2020 Exploration Refining and Transport and and Production Petrochemicals Logistics Eliminations Total Third–party sales 22,854,925 24,804,887 2,563,581 — 50,223,393 Inter–segment sales 13,985,072 1,299,464 9,630,859 (24,915,395) — Total sales revenue 36,839,997 26,104,351 12,194,440 (24,915,395) 50,223,393 Fixed costs (9,479,317) (3,427,211) (2,813,856) 4,062,842 (11,657,542) Variable costs (23,429,102) (22,398,344) (567,501) 20,485,017 (25,909,930) Cost of sales (32,908,419) (25,825,555) (3,381,357) 24,547,859 (37,567,472) Gross profit 3,931,578 278,796 8,813,083 (367,536) 12,655,921 Administrative expenses (2,163,198) (936,175) (533,594) 259,817 (3,373,150) Operation and project expenses (1,511,510) (781,309) (403,657) 110,460 (2,586,016) Impairment of non–current assets (192,693) (781,528) 341,065 — (633,156) Other operating income and expenses net 1,085,114 34,705 1,827 (3,480) 1,118,166 Operating income (expenses) 1,149,291 (2,185,511) 8,218,724 (739) 7,181,765 Financial result net Financial income 1,177,712 67,832 125,677 (269,791) 1,101,430 Financial expenses (2,896,060) (914,534) (389,394) 270,197 (3,929,791) Foreign exchange gain (loss) net 360,409 (447,880) 434,245 — 346,774 (1,357,939) (1,294,582) 170,528 406 (2,481,587) Share of profits of associates and joint ventures (53,037) 131,462 (2,089) — 76,336 Income before tax (261,685) (3,348,631) 8,387,163 (333) 4,776,514 Income tax 43,569 614,269 (2,696,499) — (2,038,661) Net profit (loss) for the period (218,116) (2,734,362) 5,690,664 (333) 2,737,853 Profit (loss) attributable to: Group owners of parent (139,279) (2,848,511) 4,574,800 (333) 1,586,677 Non–controlling interest (78,837) 114,149 1,115,864 — 1,151,176 (218,116) (2,734,362) 5,690,664 (333) 2,737,853 Supplementary information Depreciation depletion and amortization 6,445,812 1,599,780 1,278,946 — 9,324,538 For the year ended on December 31, 2019 Exploration Refining and Transport and and Production Petrochemicals Logistics Eliminations Total Third–party sales 31,295,118 36,393,470 3,799,924 — 71,488,512 Inter–segment sales 21,372,872 2,377,336 9,270,812 (33,021,020) — Total sales revenue 52,667,990 38,770,806 13,070,736 (33,021,020) 71,488,512 Fixed costs (9,587,961) (3,523,948) (3,039,452) 3,878,443 (12,272,918) Variable costs (26,785,904) (34,332,271) (698,742) 29,117,475 (32,699,442) Cost of sales (36,373,865) (37,856,219) (3,738,194) 32,995,918 (44,972,360) Gross profit 16,294,125 914,587 9,332,542 (25,102) 26,516,152 Administrative expenses (1,284,560) (496,155) (372,942) 2,058 (2,151,599) Operation and project expenses (1,475,710) (743,378) (434,904) 22,238 (2,631,754) Impairment of non–current assets (1,982,044) 452,163 (232,556) — (1,762,437) Other operating income and expenses net 49,673 1,014,988 74,607 (82,472) 1,056,796 Operating income (expenses) 11,601,484 1,142,205 8,366,747 (83,278) 21,027,158 Financial result net Financial income 1,440,440 229,297 273,613 (320,014) 1,623,336 Financial expenses (2,311,133) (996,790) (306,878) 280,332 (3,334,469) Foreign exchange gain (loss) net 287,286 (179,936) (66,711) — 40,639 (583,407) (947,429) (99,976) (39,682) (1,670,494) Share of profits of associates and joint ventures 227,401 17,091 138 122,274 366,904 Income before tax 11,245,478 211,867 8,266,909 (686) 19,723,568 Income tax (1,925,798) (83,504) (2,709,111) — (4,718,413) Net profit (loss) for the period 9,319,680 128,363 5,557,798 (686) 15,005,155 Profit (loss) attributable to: Group owners of parent 9,382,129 117,708 4,244,860 (686) 13,744,011 Non–controlling interest (62,449) 10,655 1,312,938 — 1,261,144 9,319,680 128,363 5,557,798 (686) 15,005,155 Supplementary information Depreciation depletion and amortization 5,892,822 1,398,948 1,291,013 — 8,582,783 For the year ended on December 31, 2018 Exploration and Refining and Transport Production Petrochemicals and Logistics Eliminations Total Third–party sales 30,112,900 34,947,948 3,543,024 — 68,603,872 Inter–segment sales 20,259,864 2,063,425 7,811,143 (30,134,432) — Total sales revenue 50,372,764 37,011,373 11,354,167 (30,134,432) 68,603,872 Fixed costs (8,871,709) (3,204,791) (2,805,516) 3,535,979 (11,346,037) Variable costs (23,367,475) (32,453,962) (596,571) 26,579,666 (29,838,342) Cost of sales (32,239,184) (35,658,753) (3,402,087) 30,115,645 (41,184,379) Gross profit 18,133,580 1,352,620 7,952,080 (18,787) 27,419,493 Administrative expenses (889,293) (443,880) (320,498) (187) (1,653,858) Operation and project expenses (1,993,054) (668,177) (263,104) 21,203 (2,903,132) Impairment of non–current assets 785,940 (984,704) (169,870) — (368,634) Other operating income and expenses, net (137,836) (13,652) 118,905 (2,872) (35,455) Operating income (expenses) 15,899,337 (757,793) 7,317,513 (643) 22,458,414 Financial result, net Financial income 1,099,893 147,689 110,898 (228,917) 1,129,563 Financial expenses (2,038,312) (1,295,528) (407,589) 229,268 (3,512,161) Foreign exchange gain (loss), net 868,479 (517,410) 21,154 — 372,223 (69,940) (1,665,249) (275,537) 351 (2,010,375) Share of profits of associates and joint ventures 135,265 27,730 2,841 — 165,836 Income before tax 15,964,662 (2,395,312) 7,044,817 (292) 20,613,875 Income tax (6,096,591) 420,224 (2,582,118) — (8,258,485) Net profit (loss) for the period 9,868,071 (1,975,088) 4,462,699 (292) 12,355,390 Profit (loss) attributable to: Group owners of parent 9,930,519 (1,973,075) 3,424,234 (292) 11,381,386 Non–controlling interest (62,448) (2,013) 1,038,465 — 974,004 9,868,071 (1,975,088) 4,462,699 (292) 12,355,390 Supplementary information Depreciation, depletion and amortization 5,248,364 1,307,216 1,149,270 — 7,704,850 33.2 Sales by product The sales by product for each segment are detailed below for the years ended December 31, 2020, 2019 and 2018: For the year ended on December 31, 2020 Exploration and Refining and Transport and Production Petrochemicals Logistics Eliminations Total Local sales Mid–distillates — 8,871,938 — (11,350) 8,860,588 Gasoline and turbo fuels 6,739 7,880,124 — (1,118,817) 6,768,046 Services 116,485 268,081 12,194,384 (9,719,391) 2,859,559 Natural gas 3,683,018 — — (837,863) 2,845,155 Plastic and rubber — 865,204 — — 865,204 Fuel gas service — 678,396 — (6,826) 671,570 Asphalts 27,043 499,057 — — 526,100 LPG and propane 249,533 133,525 — (7,283) 375,775 Crude oil 13,250,275 — — (13,019,755) 230,520 Aromatics — 155,740 — — 155,740 Polyethylene — 138,035 — — 138,035 Fuel oil 7,758 29,243 — — 37,001 Other income gas contracts 32,190 — — — 32,190 Other products 19,556 417,889 — (115,213) 322,232 17,392,597 19,937,232 12,194,384 (24,836,498) 24,687,715 Foreign sales Crude oil 19,577,898 29 — (79,345) 19,498,582 Diesel — 3,164,068 — — 3,164,068 Plastic and rubber — 1,302,131 — — 1,302,131 Fuel oil — 968,429 — — 968,429 Gasoline and turbo fuels — 179,257 — — 179,257 LPG and propane 18,943 — — — 18,943 Natural gas 17,231 — — — 17,231 Cash flow hedge for future exports – Reclassification to profit or loss (Note 30.3) (193,374) — — — (193,374) Other products 26,702 553,206 56 447 580,411 19,447,400 6,167,120 56 (78,898) 25,535,678 36,839,997 26,104,352 12,194,440 (24,915,396) 50,223,393 For the year ended on December 31, 2019 Exploration and Refining and Transport and Production Petrochemicals Logistics Eliminations Total Local sales Mid-distillates — 13,573,007 — (31,251) 13,541,756 Gasoline and turbo fuel — 11,269,797 — (1,896,767) 9,373,030 Transport service 57,316 51,812 12,853,762 (9,133,788) 3,829,102 Natural gas 2,909,770 49,420 — (653,647) 2,305,543 Plastic and rubber — 760,301 — — 760,301 Asphalts 24,690 519,510 — — 544,200 LPG and propane 179,541 193,375 — — 372,916 Crude 21,056,104 — — (20,699,247) 356,857 Services 169,062 232,407 216,920 (309,036) 309,353 Aromatics — 228,552 — — 228,552 Polyethylene — 190,133 — — 190,133 Other income gas contracts 102,845 — — — 102,845 Fuel oil 1,464 96,443 — — 97,907 Other products 25,215 779,407 — (297,286) 507,336 24,526,007 27,944,164 13,070,682 (33,021,022) 32,519,831 Recognition of price differential — 1,785,277 — — 1,785,277 24,526,007 29,729,441 13,070,682 (33,021,022) 34,305,108 Foreign sales Crude 28,461,601 61,995 — — 28,523,596 Diesel — 4,391,798 — — 4,391,798 Fuel oil — 1,870,929 — — 1,870,929 Plastic and rubber — 1,200,668 — — 1,200,668 Gasoline and turbo fuels — 1,085,392 — — 1,085,392 Natural gas 27,255 — — — 27,255 LPG and propane 13,591 — — — 13,591 Cash flow hedge for future exports - reclassification to profit or loss (386,773) — — — (386,773) Other products 26,309 430,584 55 — 456,948 28,141,983 9,041,366 55 — 37,183,404 52,667,990 38,770,807 13,070,737 (33,021,022) 71,488,512 For the year ended on December 31, 2018 Exploration and Refining and Transport Production Petrochemicals and Logistics Eliminations Total Local sales Mid–distillates 725 11,662,476 — (77,009) 11,586,192 Gasoline and turbo fuel — 9,690,113 — (1,737,261) 7,952,852 Transport service 37,279 36,321 11,089,012 (7,631,208) 3,531,404 Natural gas 2,535,658 — — (649,812) 1,885,846 Plastic and rubber — 822,367 — — 822,367 Crude 20,142,527 — — (19,592,048) 550,479 LPG and propane 245,875 329,569 — (805) 574,639 Fuel oil 20,391 489,091 — — 509,482 Asphats 26,406 309,020 — — 335,426 Aromatics — 282,545 — — 282,545 Polyethylene — 270,887 — — 270,887 Services 103,522 190,612 265,059 (319,783) 239,410 Other income gas contracts 156,031 — — — 156,031 Other products 11,484 604,530 — (126,507) 489,507 23,279,898 24,687,531 11,354,071 (30,134,433) 29,187,067 Recognition of price differential — 3,835,533 — — 3,835,533 23,279,898 28,523,064 11,354,071 (30,134,433) 33,022,600 Foreign sales Crude 26,898,737 — — — 26,898,737 Diesel — 3,050,839 — — 3,050,839 Fuel oil — 2,053,594 — — 2,053,594 Gasoline and turbo fuels — 1,782,194 — — 1,782,194 Plastic and rubber — 1,268,582 — — 1,268,582 Natural gas 27,899 — — — 27,899 LPG and propane 20,212 — — — 20,212 Cash flow hedge for future exports – Reclassification to profit or loss 128,404 — — — 128,404 Other products 17,614 333,101 96 — 350,811 27,092,866 8,488,310 96 — 35,581,272 50,372,764 37,011,374 11,354,167 (30,134,433) 68,603,872 33.3 Capital expenditures by segments The following are the investments amounts made by each segment for the years ended December 31, 2020, 2019 and 2018: Exploration Refining and Transport and 2020 and Production Petrochemicals Logistics Total Property, plant and equipment 2,866,600 1,329,181 836,536 5,032,317 Natural and environmental resources 5,994,462 — — 5,994,462 Intangibles 41,002 8,771 40,309 90,082 8,902,064 1,337,952 876,845 11,116,861 Exploration Refining and Transport and 2019 and Production Petrochemicals Logistics Total Property, plant and equipment 2,151,194 497,512 1,363,953 4,012,659 Natural and environmental resources 9,798,193 — — 9,798,193 Intangibles 25,775 20,569 121,945 168,289 11,975,162 518,081 1,485,898 13,979,141 Exploration Refining and Transport and 2018 and Production Petrochemicals Logistics Total Property, plant and equipment 2,071,604 702,247 529,078 3,302,929 Natural and environmental resources 5,051,828 — — 5,051,828 Intangibles 56,755 20,203 28,711 105,669 7,180,187 722,450 557,789 8,460,426

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2020
Subsequent events
Subsequent events	34. Subsequent events - Sale of stake in Offshore International Group A Share Purchase Agreement was signed on January 19, 2021 with one of the subsidiaries of De Jong Capital LLC. Pursuant to which Ecopetrol sold the entire 50% stake it had in Offshore International Group (OIG). - Non-binding offer to acquire participation in ISA On January 27, 2021, Ecopetrol announced its interest in acquiring 51.4% of the outstanding shares of ISA, currently owned by the Colombian Government’s Ministerio de Hacienda y Credito Publico (MHCP). If the acquisition is consummated, Ecopetrol expects ISA to assist the Ecopetrol Group in increasing its exposure to new businesses aligned with global trends in electrification and decarbonization, which in turn could help leverage the Ecopetrol Group's profitable growth and improve its risk profile. ISA operates and maintains a high voltage transmission network in Colombia, Peru, Bolivia, Brazil and Chile, among others, and participates through its subsidiaries in the toll-road business, telecommunications and management of real-time systems. Based on its public reports as filed with the Superintendencia Financiera de Colombia (the “SFC”), ISA’s consolidated revenues and net income for the third quarter of 2020 totaled COP 2.4 trillion and COP 483.8 billion, respectively; and its total assets were COP 52.3 trillion as of September 30, 2020. As of February 19, 2021, ISA’s market capitalization as reported on the Colombian Stock Exchange (BVC) was COP 25.5 trillion. On February 12, 2021, Ecopetrol and the MHCP signed an exclusivity agreement through which the parties will carry out non-binding preliminary conversations on the terms and conditions of the potential transaction. The exclusivity period is initially scheduled to end on June 30, 2021 unless extended by mutual agreement of the parties. During this period, Ecopetrol will carry out due diligence activities on ISA and the MHCP has agreed to negotiate exclusively with Ecopetrol. - New operating model for the transport segment On February 1, 2021, Cenit assumed the integral operation of its infrastructure, directly executing the local and centralized operation of its hydrocarbon transport systems. With this change, Cenit also assumes the local operation of the Ocensa, Bicentenario and ODC (Oleoducto de Colombia) systems, and consolidates itself as the leader of Ecopetrol Group’s transport segment. - WACC calculation methodology for liquid fuel transport On February 8, 2021, the Energy and Gas Regulatory Commission (CREG) issued resolution 004 of 2021, whereby the Energy and Gas Regulatory Commission (CREG) establishes the WACC calculation methodology for activities regulated by CREG. Said activities include electric power distribution and transmission, and distribution and transportation of gas and liquid fuels. The discount rate for the transportation of liquid fuels through pipelines will be calculated and applied once the rate methodology for this activity is updated. In accordance with the CREG’s regulatory agenda, the methodology proposal is expected to be issued for comments during the second half of 2021 and the final document is expected to be published at the end of the year.

Supplemental information on oil

Supplemental information on oil and gas producing activities (unaudited)	12 Months Ended
	Dec. 31, 2020
Supplemental information on oil and gas producing activities (unaudited)
Supplemental information on oil and gas producing activities (unaudited)	35. Supplemental information on oil and gas producing activities (unaudited) The information in this note is referred to as “unaudited” as a means of clarifying that it is not covered by the audit opinion of the independent registered public accounting firm that has audited and reported on the “Consolidated Financial Statements.” In accordance with the requirements of the United States Securities and Exchange Commission (SEC), Rule 4–10(a) of Regulation S–X, Release 33–8879, Accounting Standards Codification 932 and the ASU– 2010–03 “Oil and Gas reserve Estimation and Disclosures” rule, this section provides supplemental information on oil and gas exploration and producing activities of the Ecopetrol Business Group. The information included in sections (1) to (3) provides historical cost information pertaining to costs incurred in exploration, property acquisitions and development, capitalized costs and results of operations. The information included in sections (4) and (5) presents information on Ecopetrol’s estimated net proved reserve quantities, standardized measure of estimated discounted future net cash flows related to proved reserves and changes in estimated discounted future net cash flows. The following information corresponds to Ecopetrol’s oil and gas producing activities as of December 31 2020, 2019 and 2018, and includes information related to the Ecopetrol Business Group’s consolidated subsidiaries, as well as its investments the joint ventures Equion Energía Limited and Offshore International Group. The oil and gas exploration and production activities of these two joint ventures are immaterial, as such the corresponding information has not been disclosed separately. Under the SEC final rule optional disclosure of possible and probable reserves is allowed but, the Ecopetrol Business Group opted not to do so. Ecopetrol estimated its reserves without considering non–traditional resources. 35.1 Capitalized costs relating to oil and gas exploration and production activities 2020 2019 2018 Natural and environmental properties 67,767,005 60,261,025 53,752,436 Wells, equipment and facilities – property, plant and equipment 31,166,804 30,150,268 29,416,081 Exploration and production projects 12,494,665 8,801,630 8,463,584 Accumulated depreciation, depletion and amortization (64,233,572) (60,346,094) (55,689,222) Net capitalized cost 47,194,902 38,866,829 35,942,879 It includes information of the Exploration and Production segment subsidiaries and joint ventures. In accordance with IAS 37, costs capitalized to natural and environmental properties include provisions for asset retirement obligations of COP$3,936,494, COP$2,336,236 and COP$1,076,116 during 2020, 2019 and 2018, respectively. 35.2 Costs incurred in oil and gas exploration and developed activities Costs incurred are summarized below and include both amounts expensed and capitalized in the corresponding period. 2020 2019 2018 Acquisition of proved properties (1) 507,907 2,668,960 — Acquisition of unproved properties (2) 1,274,660 261,231 81,295 Exploration costs 1,340,898 640,556 1,197,946 Development costs 7,367,020 8,084,283 6,346,276 10,490,485 11,655,030 7,625,517 (1) For 2020, it corresponds mainly to the acquisition of the entire participation in the Guajira Association (43% of the association contract) by Hocol and its position as operator. In July 2019, Ecopetrol S.A. and Occidental Petroleum Corp. (OXY) entered into a Joint Operation contract in order to execute a joint plan for the development of unconventional drilling in the Permian Basin in the state of Texas (USA). (2) During 2020, Ecopetrol S.A. through its subsidiary Ecopetrol Óleo e Gás do Brasil Ltda acquired 30% of the interests, rights and obligations in two areas that correspond to the BM-S-54 Concession Contract and the Sul de Gato do Mato Shared Production Contract, located offshore in Santos basin of Brazil, in the discovery of hydrocarbons called "Gato do Mato". Additionally, Ecopetrol Óleo e Gás do Brasil Ltda has recognized the billing related to activities of drilling during the year. On July 17, 2019, the Ministry of Mines and Energy of Brazil authorized the transfer of 10% of the Saturn block for USD$85 million, located in the Santos basin, to Ecopetrol Óleo e Gás do Brasil, this percentage of which Shell Brasil Petróleo Ltda and Chevron Brasil Óleo e Gas Ltda. were equal holders. In the new shareholding structure, Ecopetrol retains 10% of the interests of the block, while Shell (operator) and Chevron each retain 45% of the total. 35.3 Results of operations for oil and gas exploration and production activities The Ecopetrol Business Group’s results of operations from oil and gas exploration and production activities for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Net revenues Sales 30,141,662 42,070,018 39,633,866 Transfers 7,025,839 11,564,358 11,794,014 37,167,501 53,634,376 51,427,880 Production costs(1) 12,753,880 9,336,387 8,337,413 Depreciation, depletion and amortization(2) 6,393,506 6,049,543 5,591,774 Other production costs(3) 14,005,669 21,550,907 18,918,275 Exploration expenses(4) 689,204 763,562 1,387,463 Other expenses(5) 2,227,481 4,163,241 1,036,983 36,069,740 41,863,640 35,271,908 Income before income tax expense 1,097,761 11,770,736 16,155,972 Income tax expense (233,255) (2,107,363) (6,303,251) Results of operations for exploration and production activities 864,506 9,663,373 9,852,721 (1) Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2020, 2019 and 2018 of COP$213,925, COP$198,394 and COP$187,340, respectively. (2) In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2020, 2019 and 2018 in depreciation, depletion and amortization, were COP$639,123, COP$272,147 and COP$180,193, respectively. (3) Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost. (4) Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells. (5) Corresponds to administration, marketing expenses and impairment. During 2020, 2019 and 2018, the Ecopetrol Business Group transferred approximately 18.9%, 21.6% and 22.9%, respectively, of its crude oil and gas production; (percentages based on the value sales in Colombian pesos) to intercompany business units. Those transfers were 45.9%, 51.5% and 51.8%, respectively, of crude oil and gas production volume (including Reficar). The intercompany transfers were realized at market prices. 35.4 Reserve information The Ecopetrol Business Group follows international standards for estimating, classifying and reporting reserves framed under SEC definitions. Corporate Reserve Management of Ecopetrol, Upstream Management and the Vice-Presidency of Development and Production, present the reserves balance to the Board of Directors for approval. The reserves were estimated at a level of 99% by specialized firms: DeGolyer and MacNaughton, Ryder Scott Company, Gaffney Cline & Associates, Sproule International Limited and Netherland, Sewell & Associates, Inc. According to these certifications the reserves report complies with the content and guidelines set forth in Rule 4–10 of Regulation S–X issued by the United States SEC. The following information relates to the net proven reserves owned by the Ecopetrol Business Group in 2020, 2019 and 2018, and corresponds to the official reserves statements prepared by the Ecopetrol Business Group: 2020 2019 2018 Oil Gas Total Oil Gas Total Oil Gas Total (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) Proved reserves: Opening balance 1,384 2,906 1,894 1,200 3,002 1,727 1,088 3,254 1,659 Revisions of previous estimates(1) (81) 51 (72) 75 51 84 121 (4) 121 Improved recovery 100 74 113 94 3 94 128 4 129 Purchases — 171 30 142 126 164 — — — Extensions and discoveries 41 8 42 66 2 67 54 18 57 Sales (0.9) (0.3) (1) — — — — — — Production (186) (289) (236) (193) (278) (242) (191) (270) (239) Closing balance 1,257 2,921 1,770 1,384 2,906 1,894 1,200 3,002 1,727 Proved developed reserves: Opening balance 898 2,662 1,365 883 2,882 1,389 818 3,158 1,372 Closing balance 834 2,636 1,297 898 2,662 1,365 883 2,882 1,389 Proved undeveloped reserves: Opening balance 486 244 529 317 119 338 270 96 287 Closing balance 423 285 473 486 244 529 317 119 338 Some values were rounded for presentation purposes. (1) Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors. For additional information about the changes in Proved Reserves and the process for estimating reserves, see section 3.1 – Oil and Gas Reserves. 35.5 Standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein The standardized measure of discounted future net cash flows related to the above proved crude oil and natural gas reserves is calculated in accordance with the requirements of ASU 2010–03. Estimated future cash inflows from production under SEC requirements are computed by applying unweighted arithmetic average of the first–day–of–the–month for oil and gas price to year–end quantities of estimated net proved reserves, with cost factors based on those at the end of each year, currently enacted tax rates and a 10% annual discount factor. In our view, the information so calculated does not provide a reliable measure of future cash flows from proved reserves, nor does it permit a realistic comparison to be made of one entity with another because the assumptions used cannot reflect the varying circumstances within each entity. In addition, a substantial but unknown proportion of future real cash flows from oil and gas production activities is expected to derive from reserves which have already been discovered, but which cannot yet be regarded as proved. 2020 2019 2018 Future cash inflows 187,210,379 279,722,107 275,046,421 Future costs Production (1) (85,989,384) (93,589,960) (90,176,326) Development (28,752,131) (32,734,702) (21,945,453) Income taxes (13,470,352) (37,077,231) (41,102,015) Future net cash flow 58,998,512 116,320,214 121,822,627 10% discount factor (18,568,308) (36,934,889) (35,518,187) Standardized measure of discounted net cash flows 40,430,204 79,385,325 86,304,440 (1) The following are the principal sources of change in the standardized measure of discounted net cash flows in 2020, 2019 and 2018: 2020 2019 2018 Net change in sales and transfer prices and in production cost (lifting) related to future production (44,482,725) 2,411,040 79,632,263 Changes in estimated future development costs (5,401,560) (12,627,361) (13,141,340) Sales and transfer of oil and gas produced, net of production costs (24,413,621) (44,297,989) (43,090,467) Net change due to extensions, discoveries and improved recovery 3,134,469 7,061,712 8,496,249 Net change due to purchase and sales of minerals in place 570,460 213,539 — Net change due to revisions in quantity estimates (3,414,649) 6,756,418 10,163,131 Previously estimated development costs incurred during the period 7,943,239 23,200,357 12,505,421 Accretion of discount 10,468,951 11,542,289 6,771,897 Timing and other 567,027 (4,993,389) (13,633,228) Net change in income taxes 16,073,288 3,814,269 (12,616,331) Aggregate change in the standardized measure of discounted future net cash flows for the year (38,955,121) (6,919,115) 35,087,595

Exhibit 1. Consolidated subsidi

Exhibit 1. Consolidated subsidiaries, associates and joint ventures	12 Months Ended
	Dec. 31, 2020
Exhibit 1 - Consolidated subsidiaries, associates and joint ventures
Exhibit 1 - Consolidated subsidiaries, associates and joint ventures	Exhibit 1 – Consolidated subsidiaries, associates and joint ventures Consolidated subsidiary companies (1/2) Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Refinería de Cartagena S.A.S. U.S. dollar 100 % Refining of hydrocarbons, commercialization and distribution of products Colombia Colombia 16,582,279 (1,688,830) 27,321,381 10,739,102 Cenit Transporte y Logística S.A.S. (*) Colombian peso 100 % Storage and transport by pipelines of hydrocarbons Colombia Colombia 16,310,718 4,696,705 18,303,490 1,992,772 Ecopetrol Global Energy S.L.U U.S. dollar 100 % Investment vehicle Spain Spain 9,320,715 (434,773) 9,321,078 363 Ecopetrol USA Inc. U.S. dollar 100 % Exploration and exploitation of hydrocarbons United States United States 7,550,468 (294,497) 7,552,294 1,826 Ecopetrol Permian LLC. U.S. dollar 100 % Exploration and exploitation of hydrocarbons United States United States 3,566,413 (38,855) 3,590,934 24,521 Hocol Petroleum Limited U.S. dollar 100 % Investment vehicle Bermuda Bermuda 3,444,262 314,057 3,444,326 64 Oleoducto Central S. A. - Ocensa U.S. dollar 72.65 % Transportation by crude oil pipelines Colombia Colombia 3,012,894 2,528,350 6,277,969 3,265,075 Hocol S.A. U.S. dollar 100 % Exploration, exploitation and production of hydrocarbons Cayman Islands Colombia 2,376,723 300,828 3,877,096 1,500,373 Ecopetrol América LLC. U.S. dollar 100 % Exploration and exploitation of hydrocarbons United States United States 2,320,615 (353,806) 2,749,860 429,245 Esenttia S.A. U.S. dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 1,870,802 263,126 2,445,757 574,955 Ecopetrol Capital AG U.S. dollar 100 % Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group. Switzerland Switzerland 1,872,129 176,999 7,482,055 5,609,926 Ecopetrol Oleo é Gas do Brasil Ltda. Brazilian real 100 % Exploration and exploitation of hydrocarbons Brazil Brazil 1,657,410 (95,164) 1,692,673 35,263 Oleoducto Bicentenario de Colombia S.A.S. Colombian peso 55.97 % Transportation by crude oil pipelines Colombia Colombia 1,621,598 214,482 3,577,534 1,955,936 Andean Chemicals Ltd. U.S. dollar 100 % Investment vehicle Bermuda Bermuda 1,268,047 (163,877) 1,268,327 280 Oleoducto de los Llanos Orientales S. A. - ODL Colombian peso 65 % Transportation by crude oil pipelines Panama Colombia 1,047,791 444,625 1,465,305 417,514 Black Gold Re Ltd. U.S. dollar 100 % Reinsurer for companies of the Ecopetrol Business Group Bermuda Bermuda 837,693 54,412 1,079,572 241,879 (*) Includes the effect of unrealized profits from transactions of companies in the transport and logistics segment. Consolidated subsidiaries (2/2) Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Inversiones de Gases de Colombia S.A. Invercolsa S.A. y subsidiarias Colombian peso 51.88 % Holding with investments in natural gas and LPG transportation and distribution companies in Colombia Colombia Colombia 765,720 176,865 1,311,588 545,868 Oleoducto de Colombia S.A. - ODC Colombian peso 73 % Transportation by crude oil pipelines Colombia Colombia 411,180 353,424 640,292 229,112 Esenttia Masterbatch Ltda Colombian peso 100 % Manufacture of polypropylene compounds and masterbatches Colombia Colombia 322,511 166,911 401,404 78,893 ECP Hidrocarburos de México S.A. de C.V. U.S. dollar 100 % Offshore exploration Mexico Mexico 59,279 (44,010) 124,237 64,958 Ecopetrol del Perú S.A. U.S. dollar 100 % Exploration and exploitation of hydrocarbons Peru Peru 53,003 305 55,202 2,199 Bioenergy S.A.S. (1) Colombian peso 99.61 % Production of biofuels Colombia Colombia 26,508 (20,248) 194,257 167,749 Ecopetrol Costa Afuera S.A.S. Colombian peso 100 % Offshore exploration Colombia Colombia 13,356 1,148 32,017 18,661 Ecopetrol Energía S.A.S E.S.P. Colombian peso 100 % Energy supply service Colombia Colombia 12,661 5,256 72,859 60,198 Esenttia Resinas del Perú SAC U.S. dollar 100 % Commercialization polypropylene resins and masterbatches Peru Peru 6,275 1,319 39,833 33,558 Topili Servicios Administrativos S de RL de CV Mexican peso 100 % Specialized management services Mexico Mexico 16 (35) 20 4 Kalixpan Servicios Técnicos S de RL de CV Mexican peso 100 % Specialized services related to oil and gas industry Mexico Mexico 20 (31) 24 4 Bioenergy Zona Franca S.A.S. (1) Colombian peso 99.61 % Production of biofuels Colombia Colombia (92,416) (2,850) 361,769 454,185 Associated companies and joint ventures Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Joint ventures Equion Energía Limited U.S. dollar 51 % Exploration, exploitation and production of hydrocarbons United Kingdom Colombia 2,499,319 167,727 2,630,351 131,032 Offshore International Group Inc. U.S. dollar 50 % Exploration, exploitation and production of hydrocarbons United States Peru 543,621 (237,752) 1,568,795 1,025,174 Ecodiesel Colombia S.A. (2) Colombian peso 50 % Production, commercialization and distribution of biofuels and oleochemicals Colombia Colombia 103,344 29,188 167,801 64,457 Associates Gases del Caribe S.A. E.S.P. Colombian peso 25.40 % Natural gas distribution and commercialization Colombia Colombia 489,367 278,329 2,132,231 1,642,864 Gas Natural del Oriente S.A. E.S.P. Colombian peso 17.91 % Natural gas distribution and commercialization Colombia Colombia 111,181 52,956 202,644 91,463 Gases de la Guajira S.A. E.S.P. Colombian peso 5.36 % Natural gas distribution and commercialization Colombia Colombia 55,265 18,128 170,937 115,672 Colombiana de Extrusión S.A. -Extrucol S.A. Colombian peso 18.16 % Production of pipes and accessories in polyethylene Colombia Colombia 39,620 7,493 66,110 26,490 E2 Energía Eficiente S. A. E.S.P. Colombian peso 9.92 % Energy services, supply, optimization, development, renewal and innovation of energy resources and infrastructure Colombia Colombia 28,802 4,062 93,736 64,934 Serviport S.A. (3) Colombian peso 49 % Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections and load measurements Colombia Colombia 17,430 568 45,457 28,027 Sociedad Portuaria Olefinas y Derivados S.A. (2) Colombian peso 50 % Construction, use, maintenance and administration of port facilities, ports, private docks Colombia Colombia 4,432 562 8,196 3,764 (1) Companies in liquidation process. See Note 2.2 Basis for consolidation. (2) Information available as of November 30, 2020. (3) Information available as of September 30, 2020, The investment is 100% impaired.

Exhibit 2. Conditions of the mo

Exhibit 2. Conditions of the most significant loans	12 Months Ended
	Dec. 31, 2020
Exhibit 2 - Conditions of the most significant debt
Exhibit 2 - Conditions of the most significant debt	Exhibit 2 – Conditions of the most significant debt Outstanding Outstanding balance balance Interest Amortization Payment of Type of debt Company Issue date Maturity date Currency Disbursement Dec 31, 2020 Dec 31, 2019 rate plan interest Dec-10 Dec-40 COP 479,900 — 479,900 Floating Bullet Half-yearly Dec-10 Dec-40 COP 284,300 284,300 284,300 Floating Bullet Half-yearly Bonds, domestic Ecopetrol S.A. Aug-13 Aug-23 COP 168,600 168,600 168,600 Floating Bullet Half-yearly currency Aug -13 Aug-28 COP 347,500 347,500 347,500 Floating Bullet Half-yearly Aug -13 Aug-43 COP 262,950 262,950 262,950 Floating Bullet Half-yearly Syndicated commercial loan, domestic currency Oleoducto Bicentenario S.A.S Jul-12 Jul-24 COP 2,100,000 800,450 999,950 Floating Quarterly Quarterly Syndicated commercial loan, domestic currency Oleoducto de los Llanos Orientales S.A. Aug -13 Aug-20 COP 800,000 — 96,000 Floating Quarterly Quarterly Nov-20 Aug-25 COP 110,000 110,000 — Floating Half-yearly Half-yearly Commercial loan Inversiones de Gases de Colombia S.A. Invercolsa S.A. and subsidiaries Aug-20 Aug-21 COP 50,000 43,000 — Floating Bullet Quarterly Sep-19 Jul-25 COP 70,912 21,681 70,912 Floating Half-yearly Half-yearly Sep-13 Sep-23 USD 1,300 1,300 1,300 Fixed Bullet Half-yearly Sep-13 Sep-43 USD 850 850 850 Fixed Bullet Half-yearly Ecopetrol S.A. May-14 May-45 USD 2,000 2,000 2,000 Fixed Bullet Half-yearly Bonds, foreign Sep-14 May-25 USD 1,200 1,200 1,200 Fixed Bullet Half-yearly currency Jun-15 Jun-26 USD 1,500 1,500 1,500 Fixed Bullet Half-yearly Jun-16 Sep-23 USD 500 500 500 Fixed Bullet Half-yearly Apr-20 Apr-30 USD 2,000 2,000 2,000 Fixed Bullet Half-yearly Oleoducto Central S.A. (1) May-14 May-21 USD 500 500 500 Fixed Bullet Half-yearly Jul-20 Jul-27 USD 500 500 500 Fixed Bullet Half-yearly Committed credit line Ecopetrol S.A. Apr-20 Sep-23 USD 665 665 — Floating Bullet Half-yearly Dec-17 Dec-27 USD 2,001 1,305 1,530 Fixed Half-yearly Half-yearly International Dec-17 Dec-27 USD 76 49 58 Floating Half-yearly Half-yearly commercial Ecopetrol S.A. Dec-17 Dec-27 USD 73 48 56 Fixed Half-yearly Half-yearly loans (2) Dec-17 Dec-27 USD 159 103 121 Floating Half-yearly Half-yearly Dec-17 Dec-25 USD 359 257 288 Floating Half-yearly Half-yearly (1) (2)

Accounting policies (Policies)

Accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting policies
Financial instruments	4.1 Financial instruments A financial instrument is any contract that creates a financial asset for one entity and a financial liability or equity instrument for another entity. The classification of financial instruments depends on the nature and purpose for which the financial assets or liabilities were acquired and is determined at the time of initial recognition. Financial assets and financial liabilities are initially measured at their fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Loans and trade receivables, other receivables and financial assets held–to–maturity are measured subsequently measured at amortized cost using the effective interest method. Additionally, equity instruments are measured at fair value. Measurements at fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the principal market of the asset or liability or in the absence of a principal market in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset for its most profitable use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate for the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are classified within the following scale, based on the lowest level input that is significant to the fair value measurement as a whole, as follows: · Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. The fair value of the Ecopetrol Business Group’s marketable securities with a quoted market price is based on Level 1 inputs. · Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observed. Level 2 inputs include prices of similar assets, prices obtained through quotations made by stockbrokers, and prices that can be substantially corroborated with other observable data with the same contractual terms. For derivative contracts for which a quoted market price is not available, fair value estimates are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility estimates, price correlation, counterparty credit risk and market liquidity, as appropriate. For other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash. · Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The Ecopetrol Business Group does not use Level–3 inputs for the measurement of financial assets and liabilities. The Ecopetrol Business Group may use Level–3 inputs for the calculation the recoverable amount of certain non–financial assets for the purpose of impairment testing. Effective interest rate method The effective interest rate method is a method of calculating the amortized cost of a financial instrument and accounting of income or financial cost over the relevant period. The effective interest rate is the discount rate that exactly discounts estimated future cash receipts or payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial instrument (or, when appropriate, at a shorter period), to the net carrying amount on initial recognition. Impairment The Ecopetrol Business Group evaluates if there is objective evidence that a financial asset or group of financial assets are impaired. Financial assets are evaluated for the impairment indicators at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated future cash flows of the asset have been affected. For financial assets measured at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
Cash and cash equivalents	4.1.1 Cash and cash equivalents Cash and cash equivalents include cash on hand, financial investments that are highly liquid, bank deposits and special funds with original maturity dates of ninety days or less which are subject to an insignificant risk of changes in value.
Financial assets	4.1.2 Financial assets The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient, the Ecopetrol Business Group initially measures a financial asset at its fair value plus, and, in the case of a financial asset not at fair value through profit or loss, at transaction costs. Trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. The Ecopetrol Business Group classifies its financial assets in the following categories: a) Financial assets measured at fair value through profit or loss Financial assets are held for trading and financial assets designated at the time of the initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired to be sold or repurchased in the short term. They are recognized at their fair value and losses or profits arising at the time of re–measurement are recognized in the statement of profit or loss. b) Financial assets measured at fair value with changes in other comprehensive income These are equity instruments of other non–controlled and non–strategic companies not allowing for any type of control or significant influence thereon and where the Ecopetrol Business Group’s management does not intend to negotiate with them in the short term. These investments are recorded at their fair value and unrealized gains or losses are recognized in other comprehensive income. c) Financial assets at amortized cost This category is the most relevant to the Group. The Group's financial assets at amortized cost includes trade receivables, other receivables, loans to associates, and loans to employees. Loans and receivables are non–derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables, including trade and other receivables, are measured initially at fair value and then at amortized cost using the effective interest rate method, less impairment. Loans to employees are initially recorded using the present value of the future cash flows, discounted at the current market rate for similar loans. If the interest rate is less than the current market rate, fair value will be less than the amount of the loan. This difference is recorded as a benefit to employees. The Group measures financial assets at amortized cost if both of the following conditions are met: · The asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows · The contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment analysis. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. De–recognition of financial assets The Ecopetrol Business Group derecognizes a financial asset only upon the expiration of the contractual rights to the cash flows of the asset or, when it has transferred its rights to receive such cash flows or has assumed the obligation to pay the cash flows received in full without material delay to a third party and (a) it has transferred substantially all the risks and benefits inherent in the ownership of the financial asset or (b) it has neither transferred nor retained substantially all the risks and benefits of the asset, but has transferred control of the asset. When the Ecopetrol Business Group does neither transfer nor retain substantially all the risks and benefits of the asset or transfer control of the asset, the Ecopetrol Business Group continues to recognize the transferred asset, to the extent of its continuing participation, and it also recognizes the associated liability.
Financial liabilities	4.1.3 Financial liabilities Financial liabilities correspond to the financing obtained by the Ecopetrol Business Group through bank credit facilities and bonds, accounts payable to suppliers and creditors. Bonds and bank credit facilities (this is the category most relevant to the Group) are initially recognized at their fair value, net of directly attributable transactions cost. After initial recognition, interest–bearing credit facilities and bonds are subsequently measured at amortized cost, using the effective interest rate (EIR) method. The effective interest method amortization is included as a financial expense in the statement of profit or loss. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. Accounts payable to suppliers and creditors are short–term financial liabilities recorded at nominal value, since it does not significantly differ from fair value. Derecognition A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires. When an existing financial liability has been replaced by another from the same lender, under substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de–recognition of the original liability and recognized as a new liability. The difference between the respective carrying amounts is recognized in the statement of profit or loss.
Derivative financial instruments and hedging activities	4.1.4 Derivative financial instruments and hedging activities Financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Changes in the fair value of derivatives are recognized as gains or losses in the statement of profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income and later reclassified to profit or loss when the hedge item affects profit or loss. Changes in fair value of derivative contracts, which do not qualify or are not designated as hedges, including forward contracts for the purchase and sale of commodities under negotiation for physical delivery or receipt of the commodity are recorded in profit or loss. Derivatives embedded in the host contract are accounted for as separate derivatives at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss.
Hedging operations	4.1.5 Hedging operations For purposes of hedge accounting, hedges are classified as: · Cash flow hedges: hedges of the exposure to variability in cash flows attributable to a particular risk associated with all, or a component of, a recognized asset or liability or a highly probable forecast transaction, and that could affect profit or loss. · Hedges of net investments in foreign operations. · Fair value hedges: hedges of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or a component of any such item, that is attributable to a particular risk and that could affect profit or loss. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine whether they have been highly effective throughout the financial reporting periods for which they were designated.
Cash flow hedge	4.1.5.1 Cash flow hedge The effective portion of the gain or loss on the hedging instrument is recognized in Other Comprehensive Income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The amounts previously accumulated in OCI are recognized in profit or loss when the hedged transaction affects the statement of profit or loss. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in other comprehensive income remains separately in equity until the forecast transaction occurs is recognized in the consolidated statement of profit or loss. When it is no longer expected that the initially hedged transaction will occur. Ecopetrol designates long–term loans as hedging instruments for its exposure to the exchange risk in future oil exports. See Note 30.3 for further information.
Hedge of net investment in a foreign operation	4.1.5.2 Hedge of net investment in a foreign operation Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized as OCI while any gains or losses relating to the ineffective portion are recognized in the statement of profit or loss. On the disposal of a foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. Ecopetrol allocates long–term loans as hedging instruments for its exposure to foreign exchange risk on its investment in subsidiaries whose functional currency is the U.S. dollar. See Note 30.4 for further information.
Fair value hedge	4.1.5.3 Fair value hedge The gain or loss on the hedging instrument shall be recognized in profit or loss or other comprehensive income, if the hedging instrument hedges an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income. The hedging gain or loss on the hedged item shall adjust the carrying amount of the hedged item (if applicable) and be recognized in profit or loss. If the hedged item is a financial asset (or a component thereof) that is measured at fair value through other comprehensive income, the hedging gain or loss on the hedged item shall be recognized in profit or loss. However, if the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income, those amounts shall remain in other comprehensive income.
Inventories	4.2 Inventories Inventories are stated at the lower of cost and net realizable value. Inventories mainly comprise crude oil, fuels and petrochemicals and consumable inventories (spares and supplies). The cost of crude oil is the production costs, including transportation costs. The cost required to bring a pipeline into working order, is treated as part of the related pipeline. The cost of other inventories is determined based on the weighted average cost method, which includes acquisition costs (deducting commercial discounts, rebates and other similar items), transformation, and other costs incurred to bring inventory to their current location and condition, such as transportation costs. Consumable inventories (spares and supplies) are recognized as inventory and then charged to expense, maintenance or project to the extent that such items are consumed. Ecopetrol estimates the net realizable value of inventories at the end of the period. When the circumstances that previously caused inventories to be written down below cost no longer exist, or when there is clear evidence of an increase in the net realizable value because of a change in economic circumstances, the amount of the write down is reversed. The reversal cannot be greater than the amount of the original write down, so that the new carrying amount will always be the lower of the cost and the revised net realizable value.
Related parties	4.3 Related parties Related parties are considered those in which one party has the ability to control, or has joint control of the other, or exercises significant influence over the other party in making financial or operational decisions, or is a member of key management personnel (or close relative of a member). The Ecopetrol Business Group considers related parties to be associates, joint ventures, key management executives, entities managing resources for payment of employee post–employment benefit plans and Colombian government entities for the purposes of certain relevant transactions, such as the purchase of hydrocarbons and the fuel price stabilization fund (see Note 31 – Related parties).
Investments in associates	4.3.1 Investments in associates An associate is an entity over which the Ecopetrol Business Group has significant influence but not control. Significant influence is the power to participate in the financial and operational policy decisions of the investee, but it is not control or joint control over those policies. Generally, these entities are those in which the Ecopetrol Business Group holds an equity interest with voting rights of 20% to 50%. See Exhibit I – Consolidated companies, associates and joint ventures for further details . Investments in associates are accounted for using the equity method. Under this method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Ecopetrol Business Group’s share of net assets of the associate since the acquisition date. Goodwill related to the associate is included in the carrying amount of the investment and it is not tested for impairment separately. The Ecopetrol Business Group’s share of the results of operations of the associate is recognized in the consolidated statement of profit or loss. Any change in other comprehensive income is recognized in other comprehensive income of the Ecopetrol Business Group. After application of the equity method, the Ecopetrol Business Group determines if it is necessary to recognize an impairment on its investment in its associate. The Ecopetrol Business Group determines whether there is objective evidence that the investment is impaired. If there is such evidence, the amount of the impairment is calculated as the difference between the recoverable amount and its carrying value, and then the impairment is recognized in the consolidated statement of profit or loss. When necessary, the Ecopetrol Business Group makes adjustments to the accounting policies of associates to ensure consistency with the policies adopted by the Ecopetrol Business Group. Additionally, the equity method of these companies is measured on their most recent financial statements.
Joint ventures	4.3.2 Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control exists only when decisions about the relevant activities require unanimous consent of the parties sharing such control. The accounting treatment for the recognition of joint ventures is the same as investments in associates.
Joint operations	4.4 Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. Joint operation contracts are entered into between Ecopetrol and third parties to share risk, secure capital, maximize operating efficiency and optimize the recovery of reserves. In these joint operations, one party is designated as the operator to execute the operations and report to partners according to their participating interests. Likewise, each party takes its share of the produced hydrocarbons (crude oil or gas), according to their share in production. When Ecopetrol participates as a non–operator partner, it recognizes the assets, liabilities, sales revenues, cost of sales and expenses based on the operator’s report. When Ecopetrol is the direct operator of joint venture contract, it recognizes its percentage of assets, liabilities, sales revenues, costs and expenses, based on the participation of each partner in the items corresponding to assets, liabilities, sales revenues, costs and expenses. When the Ecopetrol Business Group acquires or increases its participation in a joint operation in which the activity constitutes a business combination, such transaction is recognized applying the acquisition method in accordance with IFRS 3 – Business combination. The acquisition cost is the sum of the consideration transferred, which corresponds to the fair value, on the date of acquisition of the assets transferred and the liabilities incurred. Any transaction cost related to the acquisition or increased share in the joint operation that constitutes a business combination is recognized in the consolidated statement of profit or loss. The excess of the sum of the consideration transferred and the amount paid in the operation is recognized as goodwill. If the result is in an excess value of the net assets acquired over the amount paid in the purchase transaction, the difference is recognized as income in the consolidated statement of profit or loss on the date of recognition of the transaction.
Non-current assets held for sale	4.5 Non–current assets held for sale Non–current assets are classified as held for sale if their carrying values will be recovered principally through a sale transaction rather than through continued use. Non–current assets are classified as held for sale only when the sale is highly probable within one year from the classification date and the asset (or group of assets) is available for immediate sale in its present condition. These assets are measured at the lower of their carrying amount and fair value less related costs of disposal.
Property, plant and equipment	4.6 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Tangible components related to natural and environmental resources are part of property, plant and equipment. The initial cost of an assets comprises its purchase price or construction cost, including import duties and non–refundable purchase taxes, any costs directly attributable to bringing the asset into operation, costs of employee benefits arising directly from the construction or acquisition, borrowing costs incurred that are attributable to the acquisition and construction of qualifying assets and the initial estimate of the costs of dismantling and abandonment of the item. Spare parts and servicing equipment are recorded as inventories and recognized as an expense as they are used. Major spare parts and stand–by equipment that the entity expects to use during more than one period are recognized as property, plant and equipment. Any gain or loss arising from the disposal of a property, plant and equipment is recognized in profit or loss of the period. Subsequent disbursements Subsequent disbursements correspond to all payments to be made on existing assets in order to increase or extend the initial expected useful life, increase productivity or productive efficiency, allow for significant reduction of operating costs, increase the level of reserves in exploration or production areas or replace a part or component of an asset that is considered critical for the operation. The costs of repair, conservation and maintenance of a day to day nature are expensed as incurred. However, disbursements related to major maintenance are capitalized. Depreciation Property, plant and equipment is depreciated using the straight–line method, except for those associated with exploration and production activities which are depreciated using the units–of–production method. Technical useful lives are updated annually considering factors such as: additions or improvements (due to parts replacement or critical components for the asset’s operation), technological advances, obsolescence and other factors; the effect of this change is recognized from the period in which it was executed. Depreciation of an asset starts when it is ready to be used. Useful lives are determined based on the period over which an asset is expected to be available for use, physical exhaustion, technical or commercial obsolescence and legal limits or restrictions over the use of the asset. The estimated useful life of assets fluctuates in the following ranges: Plant and equipment 10 – 55 years Pipelines, networks and lines 10 – 40 years Buildings 10 – 42 years Other 3 – 35 years Lands are recognized separately from buildings and facilities and it is not subject to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate.
Natural and environmental resources	4.7 Natural and environmental resources Recognition and measurement Ecopetrol uses the successful efforts method to account for exploration and production of crude oil and gas activities, following the provisions of IFRS 6 – Exploration for the evaluation of mineral resources. Exploration costs Acquisition and exploration costs are recorded as exploration and evaluation assets until the determination of whether the exploration drilling is successful or not; if determined to be unsuccessful, all costs incurred are recognized as expenses in the statement of profit or loss. Exploration costs are those incurred with the objective of identifying areas that are considered to have prospects of containing oil and gas reserves, including geological and geophysical, seismic costs, viability, and others, which are recognized as expenses when incurred. Furthermore, disbursements associated with the drilling of exploratory wells and those related to stratigraphic wells of an exploratory nature are charged as assets until it is determined if they are commercially viable; otherwise, they are expensed in the consolidated statement of profit or loss as dry wells expense. Other expenditures are recognized as expenses when incurred. An exploration and evaluation asset is no longer classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration and evaluation assets are reclassified to the natural and environmental resources account after being assessed for impairment. All capitalized costs are subjected to technical and commercial revisions at least once a year to confirm the evaluation and exploration efforts continue on the fields; otherwise, these costs are written off through to profit or loss. Exploration costs are net of the revenues obtained from the sale of crude oil during the extensive testing period, net of cost of sales, since they are considered necessary to complete the asset. Development costs Development costs correspond to those costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing. When a project is approved for development, the corresponding capitalized acquisition and exploration costs are classified as natural and environmental resources and costs subsequent to the exploration phase are capitalized as development costs of the properties that contain such natural resources. All development costs are capitalized, including drilling costs of unsuccessful development wells. Production costs Production costs are those incurred to operate and maintain productive wells, and are part of the corresponding equipment and facilities. Production activity includes extraction of oil and gas to the surface, its gathering, treatment and processing as well as storage in the field. Production costs are expenses recorded in the consolidated statement of profit or loss as incurred unless they add oil and gas reserves, in which case they are capitalized. Production and support equipment is recognized at cost and is part of property, plant and equipment subject to depreciation. Capitalized costs also include decommissioning, dismantling, retiring and restoration costs, as well as the estimated cost of future environmental obligations. The estimation includes plugging and abandonment costs, facility dismantling and environmental recovery of areas and wells. Changes arising in new abandonment liability estimations and environmental remediation are capitalized in the carrying amount of the related asset. Depletion Depletion of natural and environmental resources is determined using the unit–of–production method per field, using proved developed reserves as a base, except in limited exceptional cases that require greater judgment by Management to determine a better amortization factor of future economic benefits over the useful life of the asset. Depreciation/depletion rates are reviewed annually, based on reserves reports and the impact of any changes is recognized prospectively in the financial statements. Reserves are independently estimated by internationally recognized external consultants and approved by Ecopetrol’s Board of Directors. Proved reserves consist of the estimated quantities of crude oil and natural gas demonstrated with reasonable certainty by geological and engineering data to be recoverable in future years from known reserves under existing economic and operating conditions, that is, at the prices and costs that apply at the date of the estimation. Impairment Assets associated to exploration, evaluation and production are subject to review for possible impairment in their carrying amount. See Notes 3.2 — Impairment of non-current assets and 4.12 — Impairment of non–current assets .
Capitalization of borrowing costs	4.8 Capitalization of borrowing costs Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period of time to get ready for its intended use are capitalized as part of the cost of such asset when it is probable that future economic benefits associated with the item will flow to the Ecopetrol Business Group and costs can be measured reliably. Other borrowing costs are recognized as finance costs. Projects that have been suspended but that the Ecopetrol Business Group intends to continue to pursue their development in the future, are not considered qualifying assets for the purpose of capitalization of borrowing costs.
Intangible assets	4.9 Intangible assets Intangible assets with a defined useful life, are stated at cost less accumulated amortization and any impairment loss. Intangible assets are amortized under the straight–line method, over their estimated useful lives. The estimated useful lives and amortization method are revised at the end of each reporting period; any change in estimates is recognized on a prospective basis. The disbursements related to research activities are expensed as incurred.
Business combinations	4.10 Business combinations The Group recognizes business combinations using the acquisition method. Identifiable assets acquired and liabilities assumed are initially measured at fair value on the acquisition date, subject to certain exceptions. On the acquisition date, the acquirer will separately recognize the identifiable assets acquired, the liabilities assumed, any non-controlling interest in the acquiree, and any goodwill or bargain purchase resulting from the acquisition. The company that acted as buyer will recognize the goodwill generated as an asset on the acquisition date, measured as the difference between (i) the aggregate of the consideration transferred, the amount of any non-controlling interest and in a business combination achieved in stages the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree and (ii) the net amount on the acquisition date of the identifiable assets acquired and the liabilities assumed. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non–controlling interest and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition goodwill is measured at cost less any accumulated impairment loss, which cannot be reversed in subsequent periods according to IAS 36. Goodwill is not amortized but tested for impairment annually. The acquirer will identify the acquisition date as the date on which control of the acquiree is obtained. The measurement period is the period after the acquisition date during which the acquirer can adjust the provisional amounts recognized in a business combination. The measurement period cannot exceed one year from the acquisition date. During 2019 and 2020 the Group recognized transactions as business combinations (Note 12).
Leases	4.11 Leases As of January 1, 2019, the Ecopetrol Business Group adopted IFRS 16, “Leases” (“IFRS 16”) applying the modified retrospective scope. At the beginning of a contract, the Business Group assesses whether a contract is, or contains, a lease. This situation arises if the contract transfers the right to control the use of an identified asset for a period of time in exchange for a consideration. To assess whether a contract conveys the right to control an identified asset, the regulations of IFRS 16 are used. Ecopetrol Business Group as a lessee On the commencement date of the lease, Ecopetrol Business Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying asset during the lease term. The interest expense on the lease liability and the depreciation expense on the right-of-use asset are recognised separately. In subsequent recognition, Ecopetrol business Group makes a remeasurement of the lease obligation upon the occurrence of events such as: a) changes in the lease term, b) changes in future lease payments resulting from variations in an index or in the rate used for determine the payments. The amount of the remeasurement of the obligation will be recognized as an adjustment to the asset for the right of use. Ecopetrol Business Group as a lessor Leases in which the Ecopetrol Business Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operational. Rental income is recognized in the statement of profit or loss on a straight-line basis over the lease terms. Right-of-use assets The Ecopetrol Business Group recognizes right-of-use assets on the commencement date of the lease (that is, the date on which the underlying asset is available for use). The right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are amortized in a straight-line basis during the lease term. Right-of-use assets are subject to impairment assessment. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Lease liabilities At the commencement date of the lease, the Ecopetrol Business Group recognizes lease liabilities measured at the present value of the lease payments to be made during the term of the lease. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable payments that do not depend on an index or rate are recognized as expenses in the period in which an event or condition indicates that the payment will occur. In order to calculate the present value of the lease payments, the Ecopetrol Business Group uses the incremental borrowing rate on the lease’s commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Short-term leases and low-value asset leases The Ecopetrol Business Group elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts for which the underlying asset is of low value (low-value assets). Joint Operating Agreements (JOA) In JOA agreements, the Ecopetrol Business Group assesses whether it controls the use of the asset. If the Ecopetrol Business Group, as the operator, controls the use of the asset, it recognizes the entire right-of-use and lease liability in the consolidated financial statements. If it is the JOA who controls, it is analyzed whether the contract meets the characteristics of a sublease, and in that case each party must recognize the right of use in proportion to their participation.
Impairment of non-current assets	4.12 Impairment of non–current assets In order to evaluate if any tangible or intangible assets are impaired, Ecopetrol compares its carrying amount with its recoverable amount at the end of each reporting period or earlier, if there is any indicator that an asset may be impaired. For purposes of impairment testing, assets are grouped into cash generating units (CGU), provided that those assets individually considered do not generate cash inflows that, to a greater extent, are independent from those generated by other assets or CGUs. The grouping of assets in different CGUs requires the exercise of professional judgment and the consideration, among other parameters, of the business segments. In this sense, in the Exploration and Production segment, each CGU corresponds to each one of the different contractual areas commonly called “fields”; by exception, in those cases where the cash inflows generated by several fields are interdependent from each other, those fields are grouped into a single CGU. In the case of the Refining and Petrochemicals, each CGUs corresponds to each one of the refineries and companies in this segment of the Ecopetrol Business Group and for the Transportation segment; each pipeline system is considered an independent CGU. The recoverable amount of an asset is the higher amount of the fair value less costs of disposal or its value in use. If the recoverable amount of an asset (or of a CGU) is lower than its net carrying amount, such amount (or that of the CGU) is reduced to its recoverable amount, recognizing an impairment loss in profit or loss. Fair value less costs of disposal is usually higher than the value in use for the asset’s in the production segment due to some significant restrictions in the estimation of future cash flows, such as: a) future capital expenses that improve the CGU performance, which could result in expected increase of net cash flows, and b) items before taxes that reflect specific business risks, resulting in a higher discount rate. Fair value less costs of disposal is determined as the sum of the future discounted cash flows adjusted to the estimated risk. The estimations of expected future cash flows used in the assessment of impairment of the assets include estimates of futures commodity prices, supply and demand estimations, and the margins of the products. Fair value less costs of disposal, as described above, is compared to valuation multiples and quoted prices of shares in companies comparable to Ecopetrol, in order to determine if it is reasonable. When an impairment loss is recorded, future amortization expenses are calculated on the basis of the adjusted recoverable amount. Impairment losses may be recovered only if the reversal is related to a change in estimations used after impairment loss was recognized in previous periods. These recoveries do not exceed the carrying amount of the assets net of depreciation or amortization that would have been determined if such impairment had not been recognized. The carrying amount of non–current assets reclassified as assets held–for–sale is compared to its fair value less costs of disposal. No other provision for depreciation, depletion or amortization is recorded if the fair value less costs of sale is lower than the carrying amount.
Provisions and contingent liabilities	4.13 Provisions and contingent liabilities Provisions are recognized when the Ecopetrol Business Group has a current obligation (legal or constructive) as a result of a past event, it is probable that Ecopetrol will be required to settle the obligation, and a reliable estimation can be made of the amount of the obligation. Where applicable, they are recorded at present value, using a rate reflecting the risk specific to the liability. Future environmental decommissioning costs related to current or future operations, are accounted for as expenses or assets, as the case may be. Expenditures related to past operations that do not contribute to the obtaining of current or future benefits, are expensed as incurred. The recognition of these provisions coincides with the identification of an obligation related to environmental remediation and Ecopetrol uses available information to determine a reasonable estimation of the related cost. Provisions for which a negative outcome is assessed as possible are not recognized but are disclosed in the explanatory notes; including those for which the amount cannot be estimated. If there is an expectation that the provision will be reimbursed, either in whole or in part, for example by virtue of an insurance contract, the amounts expected to be reimbursed are recognized as a separate asset only when such reimbursement is almost certain. If the effect of the time value of money is significant, the provisions are discounted using the current market rate before taxes reflecting, as applicable, the liability specific risks. When recognizing the discount, the increase of the provision resulting from time elapsed is recognized as financial cost in the profit or loss statement. Asset retirement obligation Liabilities associated with the retirement of assets are recognized when there are current obligations, either legal or constructive, related to the abandonment and dismantling of wells, facilities, pipelines, buildings and equipment. The obligation is usually recorded when the assets are installed or when the surface or the environment are altered at the operating sites. These liabilities are calculated using the discounted cash flow method, using a pre–tax rate reflecting current market conditions similar liabilities and considering the economic limits of the field or the useful life of the respective asset. When it is not possible to determine a reliable estimation in the period in which the obligation originates, a provision is recognized when there is enough information available to make the best estimation. The carrying amount of the provision is reviewed and adjusted annually considering changes in the assumptions used for its estimation, using a risk-free rate adjusted by a premium that reflects the risk and the company credit rating under the current market conditions. Any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding property, plant and equipment and natural and environmental resources. When a decrease in the asset retirement obligation related to a producing asset exceeds the carrying amount of the asset, the excess is recognized in the consolidated statement of profit or loss. The increase in the provision due to the passage of time is recognized in results for the period as a financial expense.
Income tax and other taxes	4.14 Income tax and other taxes Income tax expense is comprised of income tax payable for the period and the effect of deferred taxes in each period. Current income taxes are recognized in income except when they relate to items recognized in other comprehensive income, in which case the corresponding tax effect is also recognized in other comprehensive income. Income tax assets and liabilities are presented separately in the consolidated statement of financial position, except where there is a right of setoff within fiscal jurisdictions and an intention to settle such balances on a net basis. Income tax is paid by each legal entity and not on a consolidated basis.
Current income tax	4.14.1 Current income tax The Ecopetrol Business Group determines the provision for income tax based on the highest amount between taxable income and presumptive income (the minimum estimated amount of taxable profit on which the law expects to quantify and collect income taxes). Taxable income differs from profit before tax as reported in the consolidated statement of profit or loss, because of: items of income or expense that are taxable or deductible in other periods, special taxable deductions, tax losses and income and line items measured that, according to applicable tax laws in each jurisdiction, are considered nontaxable or nondeductible.
Deferred income tax	4.14.2 Deferred income tax Deferred tax is provided using the liability method for temporary differences between the carrying amounts of existing assets and liabilities in the consolidated financial statements and their respective tax bases. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences and for all accumulated tax losses, if there is a reasonable expectation that the Ecopetrol Business Group will generate future tax profits against which they will be used. Deferred taxes on assets and liabilities are calculated based on the tax rates that are expected to apply during the years in which temporary differences between the carrying amounts and tax bases are expected to be reversed. The carrying amount of a deferred tax asset is subject to review at the end of each reporting period, and it is reduced to the extent it is no longer probable that the corresponding legal entity will generate enough future taxable profit to realize such deferred tax asset. In the statement of financial position, deferred tax assets are reflected net and as an offset against deferred tax liabilities, depending on the overall tax position in a particular jurisdiction and on the same taxable entity. Deferred taxes are not recognized when they arise in the initial recognition of an asset or liability in a transaction (except in a business combination) and at the time of the transaction, do not affect the accounting or tax profit, or in respect of the taxes on the possible future distribution of accumulated profits of subsidiaries or investments accounted for by the equity method, if at the time of the distribution it may be controlled by Ecopetrol and it is probable that the retained earnings will be reinvested by the Ecopetrol Business Group companies and, therefore, will not be distributed to the Group.
Other taxes	4.14.3 Other taxes The Ecopetrol Business Group recognizes in profit or loss the costs and expenses related to other taxes than the income tax, such as the wealth tax, which is determined based on the tax equity, the industry and commerce tax on income obtained in the municipalities for performance of commercial, industrial and service activities, and the transport tax on volumes loaded in the transport systems. Taxes are calculated in accordance with current tax regulations. For more details, see Note 10.
Employee benefits	4.15 Employee benefits Salaries and benefits for Ecopetrol’s employees are governed by the Colombian Collective Labor (Agreement 01 of 1977), and, by the Colombian Substantive Labor Code. In addition to the benefits determined by labour laws, employees are entitled to fringe benefits which are subject to the place of work, type of work, length of service, and basic salary. An annual interest of 12% is recognized on accumulated severance amounts for each employee, and the payment of compensation is provided for when special circumstances arise resulting in the non–voluntary termination of the contract, without justified cause, and in periods other than the probationary period. Ecopetrol belonged to the special pension regime under which pension liabilities are Ecopetrol’s responsibility and not pension fund’s responsibility. However, Law 797 of January 29, 2003 and Legislative Act 001 of 2005 determined that Ecopetrol will no longer belong to the said regime and that from that point on employees would be part of the General Pension Regime. Consequently, pension obligations related to employees pensioned until July 31, 2010 are still Ecopetrol’s responsibility. Employees are entitled to such pension bonus if they worked with Ecopetrol prior to January 29, 2003, but whose labor agreement expired without renewal before that date. All labor benefits of employees who joined Ecopetrol before 1990 are Ecopetrol’s responsibility, without the involvement of any social security entity or institution. Service cost for the employee and his/her relatives registered with Ecopetrol is determined by means of a mortality table, prepared based on facts occurring during the year. For employees who joined Ecopetrol after the Act 50 of 1990 went in effect, Ecopetrol makes periodic contributions for severance payments, pensions and labor risks to the respective funds. In 2008, Ecopetrol partially settled the value corresponding to monthly pension payments from its pension liabilities, transferring such liabilities and their underlying amounts to autonomous pension funds (PAP, for its acronym in Spanish). The funds transferred, and returns on those funds, cannot be redirected, nor can they be returned to the Ecopetrol Business Group, until all of the pension obligations have been fulfilled. The settled obligation covers allowances and pension bonds payments, with health and education remaining Ecopetrol’s responsibility. Employee benefits are divided into four groups comprised as follows: a) Short–term employee benefits and post–employment defined benefits: Benefits to employees in the short term mainly correspond to those which payment will be made in the term of twelve months following the closing of the period in which the employees have rendered their services. These mainly include salaries, severance payments, vacation, bonuses and other benefits. Post–employment benefits of defined contributions plans correspond to the periodic payments for severance, pensions and labor risk payments that the Ecopetrol Business Group makes to the respective funds that assume these obligations in their entirety. The above benefits are recognized as an expense with an associated liability after deducting any already paid amounts. b) Post–employment defined benefit plans: In the defined benefits plan, the Ecopetrol Business Group provides the benefits agreed to current and former employees and assumes the actuarial and investment risks. The following benefits are classified as long–term defined benefit plans recognized in the financial statements according to the calculations of an independent actuary: · Pensions · Pension bonds · Health · Educational plan · Retroactive severances Liabilities recognized in the statement of financial position with respect to these benefit plans are determined based on the present value of the defined benefit obligation at the date of the statement of financial position less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected credit unit method, which takes into account employees’ years of service and, for pensions, average or final pensionable remuneration. This obligation is discounted at its present value using interest rates of high–quality government bonds denominated in the currency in which the benefits will be paid and of a duration consistent with the plan obligations. These actuarial calculations involve several assumptions that could differ from the events that will effectively take place in the future. Said assumptions include the determination of a discount rate, future salary increases, mortality rates and future pension increases. Because of the complexity of the calculation, the underlying assumptions and long–term nature of these plans, the obligations for defined benefits are extremely sensitive to changes in assumptions. All key assumptions are revised at the end of the reported period. In determining the appropriate discount rate, in absence of a broad high quality bond market, Management considers interest rates corresponding to the class B TES bonds issued by the Colombian Government as its best reference, at an appropriate discount rate with maturities extrapolated in line with the term expected for each benefit plan. The mortality rate is based on the particular country’s rate, the latest version of which is the RV08 mortality table published in resolution 1555 of October 2010. The future salary and pension increases are linked to the country’s future inflation rates. Note 22 – Provisions for employee benefits provides further details on key assumptions used. The amounts recognized in the consolidated statement of profit or loss related to employees defined benefit plans are comprised mainly by service cost and the net financial expense. Service cost includes mainly the increase in present value of the benefit obligation during the period (current service cost) and the amount resulting from a new benefit plan. Plan amendments corresponds to changes in benefits and are usually recognized when all legal and regulatory approvals have been obtained and the effects have been conveyed to the employees involved. The net financial expense is calculated using the net liability for defined benefits as compared with the yield curve of the discount rate at the beginning of each year for each plan. The net defined benefit obligation or asset resulting from actuarial profits and losses, the asset ceiling effect and the asset profitability, excluding the value of recognized in the consolidated statement of profit or loss, are recognized in other comprehensive income. When the plan assets exceed the gross obligation, the recognized asset is limited to the lower of the surplus in the defined benefits plan and the ceiling of assets determined using a discount rate based on Colombian Government bonds. (a) Others long-term benefits Others long–term benefits include the five–year term bonus which also considered in the actuarial calculation. This benefit is a cash bond that accumulates annually and is paid every five years to employees. The Ecopetrol Business Group recognizes in the consolidated statement of profit or loss the service cost, the net financial cost and the adjustment to the obligation of the defined benefit plan. (b) Termination benefits Termination benefits are recognized only when a detailed plan exists and there is no possibility to withdraw the offer. The Ecopetrol Business Group recognizes a liability and an expense for termination benefits at the earliest date between the date when the offer of such benefits cannot be withdrawn and the date when the restructuring costs are recognized.
Revenue from contracts with customers	4.16 Revenue from contracts with customers The Ecopetrol Business Group’s business is based on three principal sources of revenue from customer contracts: 1) sales of crude oil and natural gas, 2) services associated with the transport of hydrocarbons, and 3) sales of refined products, petrochemicals and biofuels. Revenue from customer contracts is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration that the Ecopetrol Business Group expects to receive in exchange for those goods or services. Sales of crude oil and natural gas Revenue from sales of crude oil and natural gas is recognized upon transfer of control to the buyer. This generally occurs when the product is physically transferred into a vessel, pipe or by another delivery method, thus fulfilling the Ecopetrol Group's performance obligations to its customers. For some natural gas supply contracts with a replacement period, a distinction is made between quantities of gas consumed and not consumed in order to recognize the respective revenue or liability relating to quantities that will be requested in the future. Once the customer claims such natural gas, the revenue is recognized. Services associated with hydrocarbons transport Revenue from hydrocarbons transport services is recognized when the service is provided to the customer and there are no contractual conditions that prevent recognition of the revenue. Ecopetrol Business Group companies are principal in providing these services. Ship/ Take-or-Pay contracts for the sale of refined products, storage and transport specify minimum quantities of products or services for which a customer will pay, even if the latter does not receive them or use them (“deficient quantities”). Although the Ecopetrol Business Group expects customers to recover all deficient quantities to which they are contractually entitled, any load revenue received related to temporary shortfalls that will be offset in a future period will be deferred and that amount recognized as revenue in the event any of the following scenarios occurs: a) The customer exercises its right to deficient volumes or services, or b) The possibility is remote that the customer will exercise its right to deficient volumes or services. Refined products and biofuels In the case of refined products and petrochemicals, such as fuel oil, asphalt, polyethylene, LPG and propane and gasoline, etc., revenue is recognized when the products are shipped and delivered by the refinery; subsequently, they are adjusted for price changes, in the case of products with regulated prices. In the case of the companies that distribute natural gas and LPG, the revenue from the services are recognized when the service is provided to the customer. In other cases the, Ecopetrol Business Group recognizes revenue when the performance obligation is satisfied, giving rise to the certain, probable and quantifiable right to demand payment. Under current local regulation, Ecopetrol sells regular gasoline and ACPM in Colombia at a regulated price. In accordance with Decree 1068 of 2015, the Ministry of Mines and Energy semiannually calculates and settles Ecopetrol’s net position to be stabilized for each fuel by the Fuel Price Stabilization Fund (FEPC, for its acronym in Spanish). The net position corresponds to the sum of the spreads throughout the period, the result of which is the amount in pesos owed to the Company and charged to the resources of the FEPC. The differential corresponds to the product between the volume reported by the Company at the time of sale and the difference between the parity price and the reference price, the parity price being that which corresponds to the daily prices of motor and diesel gasoline observed during the month, expressed in pesos, referenced to the Gulf of the United States market, calculated by applying Resolution 18 0522 of 2010, and the reference price is the Producer Income defined by the Ministry of Mines and Energy for these purposes. Therefore, this differential constitutes a greater or lesser value of sales revenue and a receivable or payable account for Ecopetrol. According to the risk profiles, the Ecopetrol Business Group manages advance payment systems for some of its customer contracts. Significant financing component Generally payments received from customers are short term. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and the customer’s payment for that good or service to be one year or less. Variable considerations Upon fulfillment of the obligations set forth in agreements with customers, via delivery of the product or provision of the service, variable components of the transaction price may exist, such as the exchange rate for crude exports or international price fluctuations. In these cases, the Ecopetrol Business Group will make its best estimate of the transaction price that reflects the goods and services transferred to customers. Agreements signed with customers do not include variable considerations such as rebates, refunds or discounts. Non-cash considerations Agreements signed in the Ecopetrol Business Group does not consider non-cash transactions. Customer advances These correspond to contractual obligations in which the Ecopetrol Business Group receives advances from customers. These advances by customers form part of the policies and risk assessment defined by the Business Group.
Costs and expenses	4.17 Costs and expenses Costs and expenses are presented according to their nature; they are detailed in the related disclosures in cost of sales, and administrative, operating, projects and other associated expenses.
Finance income (expenses)	4.18 Finance income (expenses) Finance income and expenses include mainly: a) borrowings costs on loans and financing, except for those that are capitalized on qualifying asset, b) gains and losses on changes in fair value of financial instruments measured at fair value through profit or loss, c) currency exchange differences of financial assets and liabilities, except for debt instruments designated as hedging instruments, d) interest expenses as a result of discounting long–term liabilities (abandonment costs and pension liabilities), e) dividends derived from equity instruments measured at fair value with changes in other comprehensive income.
Information by business segment	4.19 Information by business segment Ecopetrol presents the information related to its business segments in its consolidated financial statements in accordance with paragraph 4 of IFRS 8 – Operation segments. The operations of the Ecopetrol Business Group are performed through three business segments: 1) Exploration and Production, 2) Transport and Logistics and 3) Refining, Petrochemical and Biofuels. Segments are determined based on management objectives and corporate strategic plans, considering that these businesses: (a) are engaged in different commercial activities, which generate sales revenue and incur costs and expenses; (b) the operational results are revised regularly by the Ecopetrol Business Group’s Governance that makes operational decisions to allocate resources to the various segments and assess their performance; and (c) there is differentiated financial information available. Internal transfers represent sales to inter–company segments and are recorded and presented at market prices. a) Exploration and production : This segment includes activities related to the exploration and production of oil and gas. Revenues are derived from sales of oil and natural gas at market prices to other segments and to third parties (domestic and foreign distributors). Costs include costs incurred in production. Expenses include all exploration costs that are not capitalized. b) Transport and logistics : This segment includes sales revenue and costs associated with the transport and distribution of hydrocarbons and derivative products in operation. c) Refining, petrochemicals and biofuels : This segment mainly includes activities performed at the Barrancabermeja and Cartagena refineries, where crude oil from production fields is refined or processed. Additionally, this segment includes distribution of natural gas and LPG activities performed by Invercolsa Group. Revenues are derived from the sale of products to other segments and to domestic and foreign customers and include refined and petrochemical products at market prices and some fuels at regulated price. This segment also includes industrial service sales to customers. See information by segments in Note 33.

Accounting policies (Tables)

Accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting policies
Schedule of depreciation and amortisation expense	Plant and equipment 10 – 55 years Pipelines, networks and lines 10 – 40 years Buildings 10 – 42 years Other 3 – 35 years

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2020
IFRS Statement [Line Items]
Schedule of Cash and cash equivalents	2020 2019 Banks 4,215,518 5,813,306 Short–term investments (1) 866,606 1,262,105 Cash 184 347 5,082,308 7,075,758 (1)
Credit quality of issuers of investments [Member]
IFRS Statement [Line Items]
Schedule of other financial assets measured at fair value through profit or loss	The following table reflects the credit quality of issuers of investments included in cash and cash equivalents: Rating 2020 2019 AAA 2,578,090 3,851,656 F1+ 1,286,310 244,547 A-1 851,394 1,244,462 F1 207,773 — BRC1+ 99,923 673,342 AAAf 28,552 — F3 12,184 — A 4,319 167,404 BRC1 2,336 — AAAmmf 2,162 — Aaa 1,431 — AA 546 229,473 BBB 121 569,514 AA- 22 — A-2 — 89,996 BB — 43 Baa2 — 10 Other 7,145 5,311 5,082,308 7,075,758

Trade and other receivables, _2

Trade and other receivables, net (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other receivables, net
Schedule of trade and other receivables, net	2020 2019 Current Customers Foreign 2,021,070 2,759,993 Domestic 1,913,106 2,015,517 Fuel price stabilization fund (1) 319,927 256,303 Related parties (Note 31) 105,048 27,449 Accounts receivable from employees 97,723 95,693 Industrial services 39,651 47,691 Other (2) 322,567 497,688 4,819,092 5,700,334 Non–current Accounts receivable from employees 474,693 508,588 Domestic customers 51,955 52,819 Related parties (Note 31) — 93,657 Other (2) 149,959 131,732 676,607 786,796 (1) (2)
Schedule of changes in the allowance for doubtful accounts	The changes in the allowance for doubtful accounts for the year ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Opening balance 282,791 268,654 170,016 Additions, net 16,253 14,158 107,725 Effect of change of control in subsidiaries (Note 28) (5,517) — — Accounts receivable write–off and uses (2,383) (21) (9,087) Closing balance 291,144 282,791 268,654

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
	Dec. 31, 2020
Inventories, net
Schedule of inventories, net	2020 2019 Crude oil 1,719,426 1,965,022 Fuels and petrochemicals 1,407,297 1,876,247 Materials for the production of goods 1,927,237 1,816,830 5,053,960 5,658,099
Schedule of changes of the allowances for losses	2020 2019 2018 Opening balance (131,526) (86,938) (194,507) (Additions) reversals, net (9,748) (44,191) 115,778 Foreign currency translation (122) 371 (9,717) Effect of change of control in subsidiaries (Note 28) 20,075 - - Uses, transfers and reclassifications (1) 11,772 (768) 1,508 Closing balance (109,549) (131,526) (86,938) (1) It mainly includes the update of the provision in joint operations.

Other financial assets (Tables)

Other financial assets (Tables)	12 Months Ended
	Dec. 31, 2020
Other financial assets [Line Items]
Schedule of other financial assets	2020 2019 Assets measured at fair value through profit or loss Investment Portfolio – Local currency 474,535 1,630,149 Investment Portfolio – Foreign currency 2,494,124 3,340,908 2,968,659 4,971,057 Assets measured at fair value through other comprehensive income 732 - Assets measured at amortized cost 3,391 3,367 Hedging instruments 98,877 4,868 3,071,659 4,979,292 Current 2,194,651 1,624,018 Non–current 877,008 3,355,274 3,071,659 4,979,292
Schedule of maturities of other financial assets	2020 2019 Up to 1 year 2,194,651 1,624,018 1 – 2 years 101,216 983,571 2 – 5 years 573,420 1,791,549 > 5 years 202,372 580,154 3,071,659 4,979,292
Schedule of fair value hierarchy level	The following is the balance of other financial assets by fair value hierarchy level as of December 31, 2020 and 2019: 2020 2019 Level 1 5,273 472,547 Level 2 3,062,995 4,503,378 3,068,268 4,975,925
Other financial assets [Member]
Other financial assets [Line Items]
Schedule of other financial assets measured at fair value through profit or loss	The following table reflects the credit quality of the issuers of other financial assets measured at fair value through profit or loss: 2020 2019 A-1 1,107,777 — BBB- 758,472 — F1+ 551,626 350,325 AAA 353,939 2,707,019 A-3 127,861 — A+ 60,692 712,934 F1 43,839 — AA- 21,263 186,325 A 21,179 186,222 AA 7,759 477,423 AA+ 5,332 155,012 A1 — 18,168 BBB — 159,968 Rating not available 876 — Other 11,044 25,896 3,071,659 4,979,292

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Taxes
Schedule of current tax assets and tax liabilities and movementos of deferred income tax	2020 2019 Current tax assets Income tax (1) 1,823,027 190,605 Credit tax balance (2) 1,311,693 614,005 Other taxes (3) 841,575 714,197 3,976,295 1,518,807 Non-current tax assets Deferred tax assets 7,673,912 6,809,347 Income tax credits (4) 397,821 — 8,071,733 6,809,347 Current tax liabilities Income tax payable (5) 811,197 1,967,353 Industry and commerce tax 161,813 195,776 National tax and surcharge on gasoline 137,710 145,569 Carbon tax 64,091 54,586 Value added tax 5,607 33,098 Other taxes (6) 63,465 174,397 1,243,883 2,570,779 Non-current tax liabilities Deferred tax liabilities Income tax payable (7) (1) Given the payment for self-withholdings during the year, credit for foreign tax paid, credit for 50% of the industry and commerce paid, and VAT credit for acquisition of real productive fixed assets, a favorable balance is generated for the term. (2) Corresponds mainly to the Ecopetrol´s value added tax (VAT) and industry and commerce tax in favour. (3) Includes the VAT credit derived from the acquisition of real productive fixed assets, following Article 95 of Law 2010 of 2019 and municipal advance payments and self-withholdings. (4) Corresponds to the effective VAT credit paid on the acquisition of real productive fixed assets, which, given the limitations established by law, will be used in future income tax returns. (5) In addition to the income tax recognized as a current liability, it includes the short-term portion of the liability of “works for taxes” related to Ecopetrol and Cenit, the income tax payment mechanism for 2017, established in Law 1819 of 2016 for COP$94,185 and COP$39,379 respectively. (6) It mainly includes royalties, transport tax among others. (7) The advance payment mechanism of “works for taxes” is regulated by article 238 of Law 1819 of 2016 - Tax reform, which established it as a form of payment in respect of income tax payable for the years 2017, 2018 and 2019. In compliance therewith, in May 2018, 2019 and 2020, the Group’s companies recognized an asset and a liability for the value of the projects designated for each fiscal year.
Schedule of income tax expense	2020 2019 2018 Current income tax (1) 2,861,606 7,117,040 7,539,093 Deferred income tax (2) (791,824) (2,365,108) 783,136 Adjustments to prior years’ current and deferred tax (31,121) (33,519) (63,744) Income tax expenses 2,038,661 4,718,413 8,258,485 (1) (2)
Schedule of Reconciliation of the income tax expenses	The reconciliation between the income tax expense and the current tax applicable to the Ecopetrol Business Group in Colombia is as follows: 2020 2019 2018 Net income before income tax 4,776,514 19,723,568 20,613,875 Statutory rate 32.0 % 33.0 % 37.0 % Income tax at statutory rate 1,528,484 6,508,777 7,627,134 Effective tax rate reconciliation items: Non–deductible expenses 289,043 295,550 379,633 Reversal of deferred tax recognized in prior years 245,508 — — Rate differential adjustment 14,974 132,888 172,352 Impairment of non–current assets — 57,646 (128,461) Variation in equity accounting method in Invercolsa 7,002 (2,943) — Non–taxable income (1) (35,471) (524,658) (119,963) Prior years’ taxes (2) (50,159) (33,519) (63,744) Foreign currency translation and exchange difference 59,852 (54,319) 751,210 Tax discounts and tax credit (20,572) (110,857) — Ecopetrol U.S.A. adjustment income tax (3) — (1,550,152) — Effect of tax reform — — (359,676) Income tax calculated 2,038,661 4,718,413 8,258,485 Effective tax rate 42.7 % 23.9 % 40.1 % Current 2,583,832 7,127,492 7,416,038 Deferred (4) (545,171) (2,409,079) 842,447 2,038,661 4,718,413 8,258,485 (1) It includes mainly the non-taxable dividends. (2) It includes the update effect of 2020 deferred tax compared to 2019 for COP$19,038. (3) In 2019, two companies, Ecopetrol USA Inc. and Ecopetrol Permian, were incorporated e in the United States for the development of the unconventional hydrocarbons business. US tax regulations business reorganizations (IRC Section 368 (a) (1) (F)) makes it possible to offset tax losses occurring in previous years with future income tax returns. Because the results of Ecopetrol America LLC and Ecopetrol Permian LLC will be consolidated into Ecopetrol USA Inc.’s financial statements, it will be responsible for the payment of taxes in the United States. The International Accounting Standard - IAS 12 establishes when a company has strong evidence that will allow it to offset the tax losses, it is possible to calculate a deferred tax asset. Additionally, the tax projections with the entry into operation of Ecopetrol Permian, allow to infer that it will generate enough income to recover the losses of previous years, therefore the recognition of deferred tax asset is feasible. (4) Includes COP$383,346 that corresponds to deferred tax liability of Guajira association (Note 12).
Schedule of deferred tax	2020 2019 Deferred tax assets 7,673,912 6,809,347 Deferred tax liabilities (1,639,206) (1,328,831) Net deferred income tax 6,034,706 5,480,516
Schedule of deferred income tax assets and liabilities	The detail of deferred tax assets and liabilities is as follows: 2020 2019 Deferred tax assets (liabilities) Loss carry forwards (1) 4,478,606 2,550,816 Provisions (2) 3,187,850 2,404,032 Employee benefits (3) 1,874,242 1,875,872 Accounts payable (4) (10,626) 711,503 Loans and borrowings 846,019 920,203 Accounts receivable 183,843 139,410 Excess presumptive income 61,722 298,273 Other 47,269 (15,189) Goodwill (5) (366,346) (363,968) Property plant and equipment and Natural and environmental resources (6) (4,267,873) (3,040,436) 6,034,706 5,480,516 (1) In 2020, a deferred tax asset for tax losses carryforwards was recognized in the following companies: Ecopetrol USA Inc. (COP$1,663,411), Refinería de Cartagena (COP$1,601,570) and Ecopetrol S.A. (COP$1,189,973). (2) Corresponds to non-deductible accounting provisions, mainly the asset retirement obligation (ARO) provision. (3) Actuarial calculations for health, pensions and bonds, education and other long-term benefits to employees. (4) The variation corresponds to the change in the methodology for the deferred tax in the estimated liabilities. (5) According to Colombian tax law, goodwill is subject to amortization, while under IFRS it is not amortized but such goodwill is subject to impairment tests, and any difference results in a deferred tax liability. (6) For tax purposes, natural and environmental resources and property, plant and equipment have a useful life and a methodology for calculating depreciation and amortization different from those determined under international accounting standards. This item includes the amount of the capital gains of 10% tax rate applicable to the lands. The main variation is related to the income tax rate variation from 31% to 30%.
Schedule of deferred tax	Deferred tax details are as follows: Loss Excess carry Accounts Loans and presumptive forwards Provisions Employee benefits payable borrowings income As of December 31, 2018 1,002,062 1,994,762 1,161,860 365,646 827,452 (37,638) Profit or loss 1,548,754 409,270 (57,343) 345,857 92,751 335,911 OCI — — 771,355 — — — As of December 31, 2019 2,550,816 2,404,032 1,875,872 711,503 920,203 298,273 Profit or loss 1,927,790 783,818 39,608 (722,129) (74,184) (236,551) Increase due to business combinations (Guajira association) — — — — — — OCI — — (41,238) — — — As of December 31, 2020 4,478,606 3,187,850 1,874,242 (10,626) 846,019 61,722 PPE and Natural Accounts resources Goodwill receivable Others Total As of December 31, 2018 (2,304,140) (404,394) 79,591 (143,717) 2,541,484 Profit or loss (736,296) 40,426 59,819 341,053 2,380,202 OCI — — — (114,520) 656,835 Increase in shareholding in Invercolsa — — — (98,005) (98,005) As of December 31. 2019 (3,040,436) (363,968) 139,410 (15,189) 5,480,516 Profit or loss (844,091) (2,378) 44,433 (68,306) 848,010 Increase due to business combinations (Guajira association – Note 12) (383,346) — — — (383,346) OCI — — — 130,764 89,526 As of December 31, 2020 (4,267,873) (366,346) 183,843 47,269 6,034,706
Schedule of movements of deferred income tax	2020 2019 2018 Opening balance 5,480,516 2,541,484 2,682,881 Deferred tax recognized in profit or loss 928,517 2,409,079 (842,447) Increase due to business combination (383,346) (98,005) — Deferred tax recognized in other comprehensive income (a) 89,526 656,835 666,767 Foreign currency translation (80,507) (28,877) 34,283 Closing balance 6,034,706 5,480,516 2,541,484 (a) The following is the detail of the income tax recorded in other comprehensive income:
Schedule of income tax recorded in other comprehensive income	December 31. 2020 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) (137,459) 41,238 (96,221) Cash flow hedging for future crude oil exports (Note 30.3) (1,186) 1,908 722 Hedge of a net investment in a foreign operation (Note 30.4) 520,490 (156,147) 364,343 Hedge with derivative instruments (78,547) 23,475 (55,072) 303,298 (89,526) 213,772 December 31. 2019 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) 2,571,184 (771,355) 1,799,829 Cash flow hedging for future crude oil exports (Note 30.3) (356,339) 118,008 (238,331) Hedge of a net investment in a foreign operation (Note 30.4) 87,524 (26,257) 61,267 Hedge with derivatives instruments (69,220) 22,769 (46,451) 2,233,149 (656,835) 1,576,314 December 31. 2018 Pre-tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) (29,249) 33,539 4,290 Cash flow hedging for future crude oil exports (Note 30.3) 797,658 (264,284) 533,374 Hedge of a net investment in a foreign operation (Note 30.4) 1,382,278 (410,324) 971,954 Hedge with derivatives instruments 77,872 (25,698) 52,174 2,228,559 (666,767) 1,561,792

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2020
Other assets
Schedule of other assets	2020 2019 Current Partners in joint operations (1) 534,145 921,983 Advanced payments to contractors and suppliers 503,698 360,781 Prepaid expenses 369,979 272,007 Trust funds (2) 218,158 144,798 Related parties (Note 31) 7,093 57,016 Other assets 30,963 22,393 1,664,036 1,778,978 Non–current Abandonment and pension funds (3) 405,376 445,457 Trust funds (4) 338,067 171,008 Employee benefits 221,658 220,998 Advanced payments and deposits 54,392 56,027 Judicial deposits and attachments 42,672 40,317 Other assets 27,949 8,674 1,090,114 942,481 (1) Corresponds to the net amount of cash calls and cutbacks generated in relation to the operations carried out with partners through Exploration and Production (E&P) contracts, Technical Evaluations (TEA) contracts and agreements entered in to with the National Hydrocarbons Agency (ANH), as well as through association contracts and other types of contracts. (2) It mainly includes the deposits related to Guajira Association's abandonment fund. (3) Mainly corresponds to Ecopetrol’s share in trusts established to support costs of abandonment of wells and dismantling of facilities, as well as the payment of future retirement pensions in some association contracts. (4) Mainly includes the resources invested in fiduciary commissions destined to "works for taxes", mechanism of payment of the income tax of 2019 and 2020, constituted in compliance with article 238 of Law 1819 of 2016 - Tax reform.

Business combinations (Tables)

Business combinations (Tables)	12 Months Ended
	Dec. 31, 2020
Business combinations
Summary of the amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition	The table below summarizes the amounts recognized for the assets acquired and the liabilities assumed at the acquisition date: Ecopetrol Hocol Total Assets Accounts receivable — 19,545 19,545 Property, plant and equipment 829,121 361,426 1,190,547 Natural resources 615,642 214,852 830,494 Right-of-use asset — 206 206 Other assets (1) 113,107 145,660 258,767 1,557,870 741,689 2,299,559 Liabilities Accounts payable (585) (20,342) (20,927) Deferred tax (383,346) (38,611) (421,957) Provisions (37,798) (34,234) (72,032) Other liabilities (2) (34,455) (102,487) (136,942) (456,184) (195,674) (651,858) Fair value of net assets 1,101,686 546,015 1,647,701
Summary of effect on operating results	The effect on operating results as of December 31, 2020 is summarized below: Ecopetrol Hocol Total Fair value of the net assets 1,101,686 546,015 1,647,701 Book value of net assets (200,660) — (200,660) Consideration paid — (454,630) (454,630) Foreign currency translation — (5,359) (5,359) (=) Net profit from the acquisition 901,026 86,026 987,052 Recognized in: Property, plant and equipment (Note 14) 720,670 361,426 1,082,096 Natural and environmental resources (Note 15) 563,546 214,852 778,398 Intangibles (Note 17) 156 — 156 Accounts receivable — 19,545 19,545 Right-of-use asset — 206 206 Other assets — 145,660 145,660 Accounts payable — (20,342) (20,342) Deferred tax — (38,611) (38,611) Provisions — (34,234) (34,234) Other liabilities — (102,487) (102,487) Consideration paid — (454,630) (454,630) Foreign currency translation — (5,359) (5,359) Subtotal 1,284,372 86,026 1,370,398 Profit on acquisition before deferred tax (Note 28) 1,284,372 86,026 1,370,398 (-) Deferred tax expense (Note 10) (383,346) — (383,346) Net profit from the acquisition after deferred tax 901,026 86,026 987,052

Investments in associates and_2

Investments in associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Investments in associates and joint ventures
Schedule of investment entities	2020 2019 Investment in joint ventures Equion Energía Limited 1,642,735 1,515,067 Offshore International Group 613,258 709,871 Ecodiesel Colombia S.A. 51,672 46,095 2,307,665 2,271,033 Less impairment: Equion Energía Limited (314,460) (322,388) Offshore International Group (1) (609,826) (530,330) 1,383,379 1,418,315 Investments in associates Gases del Caribe S.A. E.S.P. 1,512,629 1,527,911 Gas Natural del Oriente S.A. E.S.P. 143,893 166,685 Gases de la Guajira S.A. E.S.P. 69,518 68,608 E2 Energía Eficiente S.A. E.S.P. 35,614 28,501 Extrucol S.A. 26,996 32,847 Sociedad Colombiana de Servicios Portuarios S.A. - Serviport S.A. 8,541 11,070 Sociedad Portuaria Olefinas y Derivados 2,599 2,205 1,799,790 1,837,827 Less impairment: Serviport S.A. (8,541) (11,070) 1,791,249 1,826,757 3,174,628 3,245,072 (1) The movement includes COP$2,527 related to foreign currency translation, recognized in Equity.
Schedule of movement of investments in associates and joint ventures	The following is the movement of investments in associates and joint ventures: For the year ended December 31, 2020: Associates Joint ventures Total Opening balance 1,826,757 1,418,315 3,245,072 Effects of equity method through: Profit or loss 114,779 (38,443) 76,336 Other comprehensive income (2,923) — (2,923) Dividends declared (1) (148,665) (9,017) (157,682) Impairment reversal (loss) (Note 18) 2,529 (69,041) (66,512) Foreign currency translation (1,228) 81,565 80,337 Closing balance 1,791,249 1,383,379 3,174,628 (1) For the year ended December 31, 2019: Associates Joint ventures Total Opening balance 244,662 1,599,674 1,844,336 Effects of equity method through: Profit or loss 109,538 257,366 366,904 Other comprehensive income (174,991) 4,531 (170,460) Dividends declared (75,674) (4,192) (79,866) Impairment reversal (loss) (Note 18) 142 (318,962) (318,820) Foreign currency translation and other movements (1) 1,723,080 (120,102) 1,602,978 Closing balance 1,826,757 1,418,315 3,245,072 (1) Invercolsa S.A. became a subsidiary as of November 29, 2019, thus the direct investments of Invercolsa in Gases del Caribe S.A. E.S.P., Gas Natural del Oriente S.A. E.S.P., Gases de la Guajira S.A. E.S.P., Extrucol S.A., E2 Energía Eficiente S.A. E.S.P., became direct investments of the Group as of the consolidation. For the year ended December 31, 2018: Associates Joint ventures Total Opening balance 225,178 1,105,282 1,330,460 Effects of equity method through: Profit or loss 105,908 59,928 165,836 Other comprehensive income 1,731 135,831 137,562 Dividends declared (86,847) (3,503) (90,350) Impairment (loss) reversal (Note 18) (1,308) 302,136 300,828 Closing balance 244,662 1,599,674 1,844,336
Schedule of breakdown of assets, liabilities and results of two investements	The following is the breakdown of assets, liabilities and results of the two main investments in associates and joint ventures, Equion Energía Limited and the Offshore International Group, as of December 31, 2020 and 2019: 2020 2019 Offshore Offshore Equion Energía International Equion Energía International Limited Group Limited Group Statement of financial position Current assets 2,616,813 266,240 2,530,453 284,591 Non–current assets 13,538 1,302,555 95,384 1,481,680 Total assets 2,630,351 1,568,795 2,625,837 1,766,271 Current liabilities 81,259 154,086 315,002 310,561 Non–current liabilities 49,773 871,089 76,768 718,863 Total liabilities 131,032 1,025,175 391,770 1,029,424 Equity 2,499,319 543,620 2,234,067 736,847 Other complementary information Cash and cash equivalents 36,601 110,622 188,820 48,752 2020 2019 2018 Equion Offshore Equion Offshore Equion Offshore Energía International Energía International Energía International Limited Group Limited Group Limited Group Statement of profit or loss Sales revenue 257,066 325,812 1,285,891 529,167 1,490,177 653,054 Costs (127,672) (364,750) (671,179) (690,484) (755,656) (585,192) Other operating income (expenses), net 60,852 (234,597) (624) (64,115) 29,136 (353,010) Financial (expenses) income (1,090) (24,034) (3,660) (31,288) (3,659) (21,227) Income tax (45,137) 59,818 (214,048) 208,473 (338,487) (16,594) Financial year results 144,019 (237,751) 396,380 (48,247) 421,511 (322,969) Other comprehensive results 1,223,990 — 1,102,757 — 1,095,090 — Other complementary information Depreciation and amortization 41,536 205,243 404,482 226,654 511,615 243,601
Schedule of reconciliation of equity of the significant investments and carrying amount of investments	This is a reconciliation of equity of the significant investments and the carrying amount of investments as of December 31: 2020 2019 Equion Offshore Equion Offshore Energía International Energía International Limited Group Limited Group Equity of the joint venture 2,499,319 543,620 2,234,067 736,847 % of Ecopetrol’s ownership 51 % 50 % 51 % 50 % Ecopetrol’s ownership 1,274,654 271,811 1,139,374 368,424 Additional value of the investment 375,693 341,447 375,693 341,447 Impairment (314,460) (609,826) (322,388) (530,330) Unrealized gain (7,612) — — — Carrying amount of the investment 1,328,275 3,432 1,192,679 179,541

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment
Schedule of plant and equipment and depreciation and impairment	14. Property, plant and equipment Pipelines, Plant and networks and Work in equipment lines progress(1) Buildings Lands Other Total Cost Balance as of December 31, 2019 47,995,471 36,370,647 6,259,654 8,157,945 4,054,538 2,660,232 105,498,487 Additions/capitalizations (1) 1,625,316 1,179,602 1,573,469 390,731 18,705 244,494 5,032,317 Increase in abandonment costs (Note 23) 181,318 15,035 — 3,885 — 3,126 203,364 Capitalized financial interests (2) 42,052 31,511 38,756 14,965 753 8,324 136,361 Exchange differences capitalized 1,338 1,002 1,233 476 24 265 4,338 Disposals (491,677) (84,184) (79,077) (16,390) (10,155) (85,785) (767,268) Effect of control loss in subsidiaries (3) (298,570) (592,885) (775) (266,526) (60,341) (144,189) (1,363,286) Adjustment on fair value for business combination (Note 12) 547,965 44,538 — 54,413 — 73,754 720,670 Foreign currency translation 1,336,351 478,103 19,804 59,107 73,181 29,876 1,996,422 Transfers (4) 149,217 (301,675) (298,836) 13,863 36,121 (97,636) (498,946) Balance as of December 31, 2020 51,088,781 37,141,694 7,514,228 8,412,469 4,112,826 2,692,461 110,962,459 Accumulated depreciation and impairment losses Balance as of December 31, 2019 (19,035,642) (16,635,110) (1,114,366) (3,456,254) (80,682) (961,611) (41,283,665) Depreciation expense (2,296,176) (1,634,545) — (341,052) — (113,207) (4,384,980) Reversal (loss) of an impairment (Note 18) (368,754) 329,743 (327,751) (18,074) 8,799 (8,601) (384,638) Disposals 443,259 75,150 3,492 14,279 11 82,310 618,501 Effect of control loss in subsidiaries (3) 266,825 403,095 262 221,708 30,669 108,081 1,030,640 Foreign currency translation (306,506) (155,927) 959 (13,707) 3,403 (9,738) (481,516) Transfers/reclassifications 40,125 59,570 413,948 (35,624) (40,748) (5,734) 431,537 Balance as of December 31, 2020 (21,256,869) (17,558,024) (1,023,456) (3,628,724) (908,500) (44,454,121) Net balance as of December 31, 2019 28,959,829 19,735,537 5,145,288 4,701,691 3,973,856 1,698,621 64,214,822 Net balance as of December 31, 2020 29,831,912 19,583,670 6,490,772 4,783,745 4,034,278 1,783,961 66,508,338 (1) Includes capitalizations for the acquisition of Guajira association by Hocol for a value of COP$361,426 (See Note 12). (2) Financial interests are capitalized based on the weighted average rate of borrowing costs. See Note 20 - Loans and borrowings. (3) See effects of control loss in subsidiaries in Note 28. Pipelines, Plant and networks and Work in equipment lines Progress(1) Buildings Lands Other Total Cost Balance as of December 31, 2018 46,474,369 34,349,283 4,624,703 7,852,278 3,984,576 2,845,802 100,131,011 Additions / capitalizations 804,570 765,994 2,097,378 243,039 20,098 81,580 4,012,659 Increase by business combinations 123,436 1,118,178 44,876 9,062 22,924 20,471 1,338,947 Increase in abandonment costs 148,764 102,402 — 1,248 — 4,337 256,751 Capitalized financial interests (2) 77,627 32,630 12,831 15,800 1,033 2,389 142,310 Exchange differences capitalized 4,208 1,769 696 857 56 130 7,716 Disposals (500,876) (165,936) (78,399) (24,050) (354) (71,309) (840,924) Foreign currency translation 244,666 84,357 2,691 10,757 12,869 6,369 361,709 Transfers 618,707 81,970 (445,122) 48,954 13,336 (229,537) 88,308 Balance as of December 31, 2019 47,995,471 36,370,647 6,259,654 8,157,945 4,054,538 2,660,232 105,498,487 Accumulated depreciation and impairment losses Balance as of December 31, 2018 (17,985,416) (14,777,790) (497,441) (3,122,523) (34,302) (913,556) (37,331,028) Depreciation expense (2,001,116) (1,634,783) — (326,512) — (122,153) (4,084,564) Reversal (loss) of an impairment (Note 18) 519,835 (113,860) (626,878) (87,338) (35,533) (29,349) (373,123) Disposals 481,384 116,769 — 17,807 — 91,541 707,501 Foreign currency translation (103,365) (36,341) — (3,656) — (3,323) (146,685) Transfers/reclassifications 53,036 (189,105) 9,953 65,968 (10,847) 15,229 (55,766) Balance as of December 31, 2019 (19,035,642) (16,635,110) (1,114,366) (3,456,254) (80,682) (961,611) (41,283,665) Net balance as of December 31, 2018 28,488,953 19,571,493 4,127,262 4,729,755 3,950,274 1,932,246 62,799,983 Net balance as of December 31, 2019 28,959,829 19,735,537 5,145,288 4,701,691 3,973,856 1,698,621 64,214,822 (1) The balance of work in progress as of December 31, 2019 include mainly: Modernization of the Barranca and Cartagena refineries, Castilla facilities and works in the Colombian Petroleum Institute (ICP, by its acronym in Spanish). (2) Financial interests are capitalized based on the weighted average rate of borrowing costs. See Note 20 - Loans and borrowings.

Natural and environmental res_2

Natural and environmental resources (Tables)	12 Months Ended
	Dec. 31, 2020
Natural and environmental resources
Schedule of detailed information about natural and environmental	Asset retirement Exploration and Oil investments cost evaluation Total Cost Balance as of December 31, 2019 59,822,566 5,036,884 8,362,719 73,222,169 Additions/capitalizations (1) 3,659,270 123,446 2,211,746 5,994,462 Increase in abandonment costs (Note 23) — 2,075,992 28,097 2,104,089 Disposals (1,806) 260 (223,805) (225,351) Withdrawal of exploratory assets and dry wells (2) — — (448,132) (448,132) Capitalized financial interests 111,140 — — 111,140 Exchange differences capitalized 3,535 — — 3,535 Adjustment at fair value for business combinations (Note 12) 563,546 — — 563,546 Foreign currency translation 440,978 23,353 (138,809) 325,522 Transfers 768,049 (28,084) (923,922) (183,957) Balance as of December 31, 2020 65,367,278 7,231,851 8,867,894 81,467,023 Accumulated amortization and impairment losses Balance as of December 31, 2019 (41,993,097) (2,156,274) — (44,149,371) Depletion expense (3,810,349) (831,909) — (4,642,258) Reversal (loss) of impairment (Note 18) 116,403 — (334,112) (217,709) Disposals 213 (40) 93,975 94,148 Foreign currency translation (310,894) (14,546) — (325,440) Transfers (108,423) 21,320 (205,131) (292,234) Balance as of December 31, 2020 (46,106,147) (2,981,449) (49,532,864) Net balance as of December 31, 2019 17,829,469 2,880,610 8,362,719 29,072,798 Net balance as of December 31, 2020 19,261,131 4,250,402 8,422,626 31,934,159 (1) Includes capitalizations for the acquisition of Guajira association by Hocol for a value of COP$214,852 (See Note 12). (2) Includes dry wells: 1) Ecopetrol: Nafta 1, Caronte, Alqamari, Boranda Sur and Coyote; 2) Hocol: Obiwan and 3) Ecopetrol Brasil: a well of Saturno. Additionally, exploration costs of Ecopetrol America are included. Asset retirement Exploration and Oil investments cost evaluation Total Cost Balance as of December 31, 2018 53,936,041 2,919,146 4,806,000 61,661,187 Additions/capitalizations (1) 5,144,295 166,431 4,487,467 9,798,193 Increase (decrease) in abandonment costs 5,703 1,965,309 (38,835) 1,932,177 Disposals (84,052) (9,253) (142,127) (235,432) Withdrawal of exploratory assets and dry wells (2) — — (340,271) (340,271) Capitalized financial interests (3) 94,995 — 10,834 105,829 Exchange differences capitalized 5,150 — 587 5,737 Foreign currency translation 68,793 (3,004) (112,917) (47,128) Transfers 651,641 (1,745) (308,019) 341,877 Balance as of December 31, 2019 59,822,566 5,036,884 8,362,719 73,222,169 Accumulated amortization and impairment losses Balance as of December 31, 2018 (36,806,667) (1,779,070) — (38,585,737) Depletion expense (3,836,479) (383,360) — (4,219,839) Impairment loss (Note 18) (1,017,061) — — (1,017,061) Disposals 83,667 8,511 — 92,178 Foreign currency translation (61,862) (2,256) — (64,118) Transfers (354,695) (99) — (354,794) Balance as of December 31, 2019 (41,993,097) (2,156,274) — (44,149,371) Net balance as of December 31, 2018 17,129,374 1,140,076 4,806,000 23,075,450 Net balance as of December 31, 2019 17,829,469 2,880,610 8,362,719 29,072,798 (1) The main capitalizations correspond to the development of assets in the Permian basin. (2) Includes dry wells: 1) Ecopetrol: Tibirita, Provenza 1, La Cira 7000 and Ávila 1; 2) Ecopetrol America LLC: Warrior and Molerusa and 3) Hocol: Mamey West and Venganza Oeste. (3) Borrowing costs are capitalized at the weighted average rate of borrowing costs. See Note 20 - Loans and borrowings.
Schedule ofdetailed information about classification by age from completion date of suspended exploaratory wells	2020 2019 2018 Between 1 and 3 years (a) — 361,700 496,871 Between 3 and 5 years (b) 319,368 132,021 375,371 More than 5 years (c) 589,604 441,389 273,764 Total suspended exploratory wells 908,972 935,110 1,146,006 Number of projects exceeding 1 year 16 30 24 Wells under 1 year of suspension — — 9,511 (a) As of December 2019, suspended exploratory wells correspond to Ecopetrol: Caronte, Purple Angel and Gorgon. As of December 2018, suspended exploratory wells correspond to Ecopetrol: Purple Angel, Caronte and discovery wells of Ecopetrol America Inc: Warrior 1. (b) For 2020, the balance corresponds mainly to wells of Ecopetrol: Purple Angel and Gorgon. For 2019, the balance corresponds mainly to wells of Ecopetrol S.A.: Luna-1 and Gala 1K and discovery wells of Ecopetrol America Inc: Warrior 1. For 2018, the balance corresponds mainly to wells of Ecopetrol S.A.: Orca1, Tiribita 1A and Tiribita 3, which are under evaluation. (c) Correspond mainly to i) Ecopetrol S.A.: Orca 1, Luna-1 and Gala 1K, which are under evaluation; and ii) Offshore International Group, temporarily abandoned for future production plans.

Right of use assets (Tables)

Right of use assets (Tables)	12 Months Ended
	Dec. 31, 2020
Right-of-use assets
Disclosure of Movement of Right of Use Assets [Table Text Block]	Lands and Plant and Right-of-use Lease buildings equipment Vehicles assets Subleases liabilities Balance as of December 31, 2019 218,513 97,264 140,448 456,225 29,436 1,290,954 Additions 41,303 14,618 32,582 88,503 — 88,503 Amortization of the period (52,200) (29,038) (98,726) (179,964) — — Remeasurements (41,907) 33,686 69,255 61,034 — 76,799 Impairment loss 312 29,718 5,844 35,874 — — Disposals (13,343) (4,321) — (17,664) — (28,916) Effect of control loss in subsidiaries (61,044) (7,432) — (68,476) (29,436) (102,671) Finance cost — — — — — 64,988 Repayment of borrowings and interests — — — — — (350,539) Exchange difference 1,838 (556) 1,072 2,354 — 16,080 Balance as of December 31, 2020 93,472 133,939 150,475 377,886 — 1,055,198 (1) See effects of control loss in subsidiaries in Note 28. Lands and Plant and Right-of-use Lease buildings equipment Vehicles assets Subleases liabilities Balance as of December 31, 2018 — — — — — 797,889 IFRS 16 implementation (January 1st) 236,519 78,412 145,704 460,635 29,610 490,245 Additions 26,252 123,341 74,900 224,493 — 224,493 Amortization of the period (43,759) (66,831) (64,764) (175,354) — — Impairment loss (Note 18) (495) (37,601) (15,392) (53,488) — — Disposals (4) (57) — (61) — (50) Finance cost — — — — 3,302 76,139 Repayment of borrowings and interests — — — — (3,476) (300,326) Exchange difference — — — — — 2,564 Balance as of December 31, 2019 218,513 97,264 140,448 456,225 29,436 1,290,954

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible assets
Schedule of intangibles and their amortization and impairment	The following is the movement of intangibles and their amortization and impairment for the years ended December 31, 2020 and 2019: Licenses and Other software intangibles Total Cost Balance as of December 31, 2019 994,599 285,247 1,279,846 Acquisitions 43,817 46,265 90,082 Foreign currency translation 12,569 5,072 17,641 Effect of control loss in subsidiaries (Note 28) (10,584) — (10,584) Disposals (5,430) — (5,430) Adjustment on fair value for business combination (Note 12) 156 — 156 Transfers 30,892 64,174 95,066 Balance as of December 31, 2020 1,066,019 400,758 1,466,777 Accumulated amortization Balance as of December 31, 2019 (692,217) (104,531) (796,748) Amortization of the period (93,907) (23,429) (117,336) Recovery -losses for impairment (Note 18) (176) 5 (171) Disposals 5,558 11 5,569 Effect of control loss in subsidiaries (Note 28) 9,877 — 9,877 Foreign currency translation (8,689) (65) (8,754) Transfers (2,116) (2,055) (4,171) Balance as of December 31, 2020 (781,670) (130,064) (911,734) Net balance as of December 31, 2019 302,382 180,716 483,098 Net balance as of December 31, 2020 284,349 270,694 555,043 Useful life <5 years <7 years Licenses and Other software intangibles Total Cost Balance as of December 31, 2018 1,015,720 197,283 1,213,003 Acquisitions 48,064 120,225 168,289 Disposals (114,187) (1,041) (115,228) Foreign currency translation 3,477 (3,946) (469) Exchange differences capitalized — (14) (14) Transfers 41,525 (27,260) 14,265 Balance as of December 31, 2019 994,599 285,247 1,279,846 Accumulated amortization Balance as of December 31, 2018 (712,329) (89,927) (802,256) Amortization of the period (88,044) (14,982) (103,026) Reversal of impairment loss (Note 18) 53 2 55 Disposals 114,143 1,041 115,184 Foreign currency translation (2,333) (33) (2,366) Transfers/reclassifications (3,707) (632) (4,339) Balance as of December 31, 2019 (692,217) (104,531) (796,748) Net balance as of December 31, 2018 303,391 107,356 410,747 Net balance as of December 31, 2019 302,382 180,716 483,098 Useful life <5 years <7 years

Impairment of non-current ass_2

Impairment of non-current assets (Tables)	12 Months Ended
	Dec. 31, 2020
Impairment of non-current assets [Line Items]
Schedule of impairment (losses) or reversals	Based on the impairment tests conducted by the Ecopetrol Business Group, the following are the impairment or reversals for the years ended on December 31, 2020, 2019 and 2018: Impairment (loss) reversal by segment 2020 2019 2018 Exploration and Production (192,693) (1,982,044) 785,940 Refining and Petrochemicals (781,528) 452,163 (984,704) Transport and Logistics 341,065 (232,556) (169,870) (633,156) (1,762,437) (368,634) Recognized in: Property, plant and equipment (Note 14) (384,638) (373,123) (1,083,285) Natural resources (Note 15) (217,709) (1,017,061) 414,102 Investment in joint ventures and associates (Note 13) (66,512) (318,820) 300,828 Right of use assets (Note 16) 35,874 (53,488) — Intangibles (Note 17) (171) 55 (279) (633,156) (1,762,437) (368,634)
Schedule of Refining and Petrochemical Segment	The following is the Cash Generating Units impairment or reversals in the refining and petrochemical segment for the years ended December 31, 2020, 2019 and 2018: 2020 Carrying Recoverable Impairment Cash–generating units amount amount loss Refinería de Cartagena 24,041,174 23,600,649 (440,525) Invercolsa S.A. 276 273 (3) Refinería de Barrancabermeja (projects) 676,334 335,334 (341,000) (781,528) 2019 Carrying Recoverable Impairment (loss) Cash–generating units amount amount reversal Refinería de Cartagena 22,292,788 23,204,385 911,597 Bioenergy 575,331 340,991 (234,340) Refinería de Barrancabermeja (projects) 901,517 676,423 (225,094) 452,163 2018 Carrying Recoverable Impairment Cash–generating units amount amount loss Refinería de Cartagena 23,411,058 22,640,761 (770,297) Bioenergy 774,343 560,882 (213,461) Other 946 — (946) (984,704)
Schedule of breakdown of oilfields impairment losses or reversals	The following is the breakdown of oilfields impairment losses or reversals for the years ended December 31, 2020, 2019 and 2018: 2020 Carrying Recoverable Impairment (loss) Cash generating units amount amount reversal Oil fields in Colombia Reversal 24,845,238 61,224,928 1,019,395 Loss 2,439,799 1,423,561 (1,016,238) Fields operated abroad Loss 1,277,609 1,150,800 (126,809) (123,652) 2019 Carrying Recoverable Impairment (loss) Cash generating units amount amount reversal Oil fields in Colombia Reversal 3,842,819 6,047,345 74,577 Loss 4,992,462 3,322,284 (1,673,258) Fields operated abroad Reversal 200,910 539,785 4,391 Loss 68,792 — (68,792) (1,663,082) 2018 Carrying Recoverable Impairment (loss) Cash generating units amount amount reversal Oil fields in Colombia Reversal 19,156,326 50,462,080 689,665 Loss 764,808 405,421 (359,387) Fields operated abroad Reversal 1,810,618 2,719,086 157,709 Loss 184,375 180,191 (4,184) 483,803
Investment in joint ventures [Member]
Impairment of non-current assets [Line Items]
Schedule of breakdown of oilfields impairment losses or reversals	As a result, Ecopetrol recognized an (impairment loss) or reversal of impairment on the carrying value as of December 31, as follows: 2020 2019 2018 Equion Energía Limited 7,928 (134,753) 108,791 Offshore International Group (76,969) (184,209) 193,345 (69,041) (318,962) 302,136
Exploration and Production [Member]
Impairment of non-current assets [Line Items]
Schedule of breakdown of oilfields impairment losses or reversals	The impairment reversal of assets of the Exploration and Production segment for the years ended December 31 of 2020, 2019 and 2018 is the following: 2020 2019 2018 Oilfields (123,652) (1,663,082) 483,803 Investment in joint ventures (69,041) (318,962) 302,136 Other — — 1 (192,693) (1,982,044) 785,940

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill
Schedule of goodwill in acquisitions of subsidiaries	2020 2019 Oleoducto Central S.A. 683,496 683,496 Hocol Petroleum Ltd. 537,598 537,598 Invercolsa S.A. (1) 434,357 — Andean Chemical Ltd 127,812 127,812 Propilco S.A. 108,137 108,137 1,891,400 1,457,043 Less impairment Hocol Petroleum Ltd. (297,121) (297,121) 1,594,279 1,159,922 (1)

Loans and borrowings (Tables)

Loans and borrowings (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of loans and borrowings
Schedule of Composition of loans and borrowings	20.1 Composition of loans and borrowings Weighted average effective interest rate as of December 31 2020 2019 2020 2019 Local currency Bonds 6.4 % 8.7 % 1,084,461 1,567,598 Syndicated loan 5.6 % 8.0 % 811,079 1,115,874 Lease liabilities (1) 6.6 % 7.2 % 836,489 1,039,303 Commercial loan 6.3 % 8.3 % 312,408 737,032 3,044,437 4,459,807 Foreign currency Bonds (2) 6.0 % 5.9 % 33,944,548 25,832,740 Commercial loan (3) 3.6 % 4.1 % 8,247,014 6,586,538 Loans from related parties (Note 31) 0.8 % 2.4 % 1,277,046 1,108,403 Lease liabilities (1) 6.1 % 6.2 % 218,709 251,651 43,687,317 33,779,332 46,731,754 38,239,139 Current 4,923,346 5,012,173 Non–current 41,808,408 33,226,966 46,731,754 38,239,139 (1) Corresponds to present value of the payments to be made during the term of the operative lease contracts of pipelines, tanks, property and vehicles, recognized by the implementation of IFRS 16 - Leases. (2) On April 29, 2020, Ecopetrol issued and placed external public debt bonds for an amount of USD$2,000 million, with a 10-year term and a coupon rate of 6.875%. (3) Includes contingent credit line for USD$665 million with international banking (Scotiabank and Mizuho Bank).
Schedule of Maturity of loans and borrowings	20.3 Maturity of loans and borrowings The following are the maturities of loans and borrowing as of December 31, 2020: Up to 1 year (1) 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 65,829 354,081 370,900 293,651 1,084,461 Syndicated loan 242,660 568,419 — — 811,079 Financial leasing 167,059 418,938 211,233 39,259 836,489 Other 106,410 205,998 — — 312,408 581,958 1,547,436 582,133 332,910 3,044,437 Foreign currency Bonds 1,905,325 14,692,852 12,109,859 5,236,512 33,944,548 Commercial loans 1,098,593 6,563,863 584,558 — 8,247,014 Loans from related parties 1,277,046 — — — 1,277,046 Financial leasing 60,424 149,381 8,904 — 218,709 4,341,388 21,406,096 12,703,321 5,236,512 43,687,317 4,923,346 22,953,532 13,285,454 5,569,422 46,731,754 (1) The following are the maturities of loans and borrowing as of December 31, 2019: Up to 1 Year (1) 1 – 5 years 5–10 years > 10 years Total Local currency Bonds 571,969 403,996 358,976 232,657 1,567,598 Syndicated loan 361,545 754,329 — — 1,115,874 Financial leasing 179,448 559,337 235,791 64,727 1,039,303 Other 218,375 343,049 121,679 53,929 737,032 1,331,337 2,060,711 716,446 351,313 4,459,807 Foreign currency Bonds 1,386,032 13,873,755 5,574,713 4,998,240 25,832,740 Commercial loans 1,129,117 4,163,624 1,253,446 40,351 6,586,538 Loans from related parties 1,108,403 — — — 1,108,403 Financial leasing 57,284 175,962 18,405 — 251,651 3,680,836 18,213,341 6,846,564 5,038,591 33,779,332 5,012,173 20,274,052 7,563,010 5,389,904 38,239,139 (1) Includes short–term credit and the current portion of long–term debt, as applicable.
Schedule of Breakdown by type of interest rate and currency	20.4 Breakdown by type of interest rate and currency The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2020 and 2019: 2020 2019 Local currency Fixed rate 523,870 598,802 Floating rate 2,520,567 3,861,005 3,044,437 4,459,807 Foreign currency Fixed rate 38,706,328 31,087,439 Floating rate 4,980,989 2,691,893 43,687,317 33,779,332 46,731,754 38,239,139
Schedule of Movement of net financial debt	The following is the movement of net financial debt as of December 31, 2020, 2019 and 2018: Cash and Other financial Loans and Net financial equivalents assets borrowings debt Balance as of December 31, 2018 6,311,744 8,147,815 (38,062,645) (23,603,086) Cash flow 505,466 (3,117,549) 3,303,303 691,220 Exchange difference: Recognized in profit or loss 258,548 182,396 (151,518) 289,426 Recognized in other comprehensive income — — (53,911) (53,911) Financial cost registered to projects — — (261,592) (261,592) Financial income (expense) recognized in profit or loss — (18,551) (1,894,490) (1,913,041) Foreign currency translation — (204,441) (14,627) (219,068) Other movements that do not generate cash flow (1) — (10,378) (1,103,659) (1,114,037) Balance as of December 31, 2019 7,075,758 4,979,292 (38,239,139) (26,184,089) Cash flow (1,971,156) (2,107,856) (6,105,296) (10,184,308) Exchange difference: Recognized in profit or loss (22,294) 38,701 747,744 764,151 Recognized in other comprehensive income — — (722,458) (722,458) Financial cost registered to projects — — (255,372) (255,372) Financial income (expense) recognized in profit or loss — 43,948 (2,386,537) (2,342,589) Foreign currency translation — 42,529 (175,885) (133,356) Effect of loss of control in subordinates — — 528,981 528,981 Other movements that do not generate cash flow — 75,045 (123,792) (48,747) Balance as of December 31, 2020 5,082,308 3,071,659 (46,731,754) (38,577,787) (1)

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Schedule of trade and other payables	2020 2019 Suppliers 6,491,909 8,115,015 Partners’ advances 497,898 925,761 Withholding tax 462,429 673,204 Insurance and reinsurance 240,803 136,041 Dividends payable (1) 223,571 157,181 Deposits received from third parties 85,545 44,826 Related parties (Note 31) 72,316 187,616 Agreements in transport contracts (2) 37,941 71,239 Hedging operations 6,405 — Various creditors 351,288 402,808 8,470,105 10,713,691 Current 8,449,041 10,689,246 Non - current 21,064 24,445 8,470,105 10,713,691 (1) During 2020, the Group paid dividends to its shareholders in the amount of COP$8,734,351 (2019 - COP$13,867,029 and 2018 - COP$4,427,701) net of withholdings when applicable. (2) Corresponds to the value of the debt for agreements in the pipelines transportation contracts, calculated in the volumetric compensation for quality and other inventory management agreements.

Provisions for employees' ben_2

Provisions for employees' benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Provisions for employees' benefits
Schedule of provision balances for employee benefits	2020 2019 Post–employment benefits Healthcare 7,193,527 6,908,799 Pension 2,819,985 2,853,718 Education 485,792 458,441 Bonds 342,669 352,917 Other plans 102,632 98,729 Termination benefits – Voluntary retirement plan (1) 713,407 124,186 11,658,012 10,796,790 Social benefits and salaries 674,080 587,596 Other employee benefits 91,575 96,678 12,423,667 11,481,064 Current 2,022,137 1,929,087 Non–current 10,401,530 9,551,977 12,423,667 11,481,064 (1)
Schedule of net defined benefit liability (asset)	The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2020 and 2019: Pension and bonds (1) Other Total 2020 2019 2020 2019 2020 2019 Liabilities for employee benefits Opening balance 15,916,472 14,131,943 7,593,171 6,212,118 23,509,643 20,344,061 Current service cost — — 118,035 76,478 118,035 76,478 Past service cost (2) — — 631,761 — 631,761 — Interest expense 882,785 920,622 439,682 418,553 1,322,467 1,339,175 Actuarial gains 418,187 1,755,300 87,311 1,273,409 505,498 3,028,709 Benefits paid (897,061) (891,393) (359,366) (387,387) (1,256,427) (1,278,780) Closing balance 16,320,383 15,916,472 8,510,594 7,593,171 24,830,977 23,509,643 Plan assets Opening balance 12,709,838 12,348,557 3,015 3,954 12,712,853 12,352,511 Return on assets 700,168 801,065 136 217 700,304 801,282 Contributions to funds — — 370,090 83,071 370,090 83,071 Benefits paid (897,061) (891,393) (358,199) (84,243) (1,255,260) (975,636) Actuarial gains 644,784 451,609 194 16 644,978 451,625 Closing balance 13,157,729 12,709,838 15,236 3,015 13,172,965 12,712,853 Net post–employment benefits liability 3,162,654 3,206,634 8,495,358 7,590,156 11,658,012 10,796,790 (1) There is no cost for the pension and pension plans service, due to the fact that the beneficiaries were retired as of July 31, 2010. (2) It includes the new voluntary retirement plan.
Schedule of movement of defined benefits plans recognized in results and other comprehensive income	The following table shows the movement in profit and loss and in other comprehensive income as of December 31, 2020, 2019 and 2018: 2020 2019 2018 Recognized in profit or loss Interest expense. net 622,163 537,893 485,842 Current service cost 118,035 76,478 77,373 Past service cost — — 50,489 Remedies — 10,213 503 740,198 624,584 614,207 Recognized in other comprehensive income Pension and pension bonds 226,597 (1,303,693) 1,003 Healthcare (33,324) (1,268,379) (17,356) Education and severance (55,693) 922 45,509 Termination benefits – Voluntary retirement plan (121) (34) 93 137,459 (2,571,184) 29,249 Deferred tax (41,238) 771,355 (33,539) 96,221 (1,799,829) (4,290)
Schedule of fair value of plan assets	The following is the composition of the plan assets of pension and pension bonds by type of investment as of December 31, 2020 and 2019: 2020 2019 Bonds issued by the national government 4,958,612 4,301,961 Bonds of private entities 3,177,531 3,122,630 Other foreign currency 1,992,800 870,859 Other local currency 1,502,349 1,899,787 Other public bonds 777,562 1,082,815 Variable yield 679,448 823,977 Bonds of foreign entities 84,663 610,824 13,172,965 12,712,853
Schedule of fair value hierarchy of plan assets	The following table reflects the credit ratings of the issuers and counterparties in assets held by the autonomous pension funds: 2020 2019 Nation 5,102,222 4,448,221 AAA 4,369,805 5,138,279 AA+ 570,716 837,009 BBB- 458,273 455,201 BBB 201,163 319,514 AA 134,454 6,679 F1+ 61,192 56,728 BRC1+ 52,296 68,313 A3 11,633 17,267 BBB+ 10,328 22,113 AA- 4,014 16,067 BAA3 — 219,830 SP1+ — 84,933 A-1+ — 78,156 BAA1 — 15,538 A 5,307 11,841 Other credit ratings 297,048 30,129 Not available ratings 1,894,514 887,035 13,172,965 12,712,853
Schedule of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks	The following are the actuarial assumptions used in determining the present value of defined employee benefit obligations used for the actuarial calculations as of December 31, 2020 and 2019: 2020 Pension Bonds Health Education Other benefits (1) Discount rate 5.50 % 4.75 % 6.00 % 5.00 % 4.09 % Salary growth rate N/A N/A N/A N/A 4.70 % Expected inflation rate 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % Pension growth rate 3.00 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 6.67 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A 2019 Pension Bonds Health Education Other benefits (1) Discount rate 5.75 % 5.25 % 6.00 % 5.50 % 4.83 % Salary growth rate N/A N/A N/A N/A 5.50% / 4.70 Expected inflation rate 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % Pension growth rate 3.00 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 7.00 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A N/A: Not applicable for this benefit. (1) Weighted average discount rate.
Schedule of maturity profile of defined benefit obligation	The cash flows required for payment of post–employment obligations are the following: Period Pension and bonds Other benefits Total 2021 967,810 482,953 1,450,763 2022 996,869 493,791 1,490,660 2023 1,019,379 507,009 1,526,388 2024 1,034,972 511,627 1,546,599 2025 1,069,252 514,556 1,583,808 2026 and thereafter 5,607,391 2,602,556 8,209,947
Schedule of sensitivity analysis for actuarial assumptions	The following sensitivity analysis shows the effect of such possible changes on the obligation for defined benefits, while keeping the other assumptions constant, as of December 31, 2020: Pension Bonds Health Education Other benefits Discount rate –50 basis points 16,139,465 1,147,350 7,798,461 515,004 846,709 +50 basis points 14,368,856 1,072,868 6,715,899 464,394 812,726 Inflation rate –50 basis points 14,314,193 1,072,094 N/A N/A 717,069 +50 basis points 16,193,316 1,147,825 N/A N/A 740,501 Salary growth rate –50 basis points N/A N/A N/A N/A 96,530 +50 basis points N/A N/A N/A N/A 105,392 Cost trend –50 basis points N/A N/A 6,720,777 464,319 N/A +50 basis points N/A N/A 6,720,777 514,849 N/A

Accrued liabilities and provi_2

Accrued liabilities and provisions (Tables)	12 Months Ended
	Dec. 31, 2020
Accrued liabilities and provisions
Schedule of accrued liabilities and provisions	Environmental Asset retirement contingencies and obligation Litigation others Total Balance as of December 31, 2019 8,835,420 137,429 945,439 9,918,288 Increase in abandonment costs 2,307,453 — — 2,307,453 Additions 143,320 32,108 237,181 412,609 Uses (291,793) (31,709) (106,448) (429,950) Financial costs 258,464 — — 258,464 Effect of control loss in subsidiaries (Note 28) (23,874) (20,117) — (43,991) Adjustment on fair value for business combination 31,137 — — 31,137 Foreign currency translation 37,239 428 5,476 43,143 Transfers (58,041) — (11,382) (69,423) Balance as of December 31, 2020 11,239,325 118,139 1,070,266 12,427,730 Current 949,638 46,844 224,627 1,221,109 Non-current 10,289,687 71,295 845,639 11,206,621 11,239,325 118,139 1,070,266 12,427,730 Environmental Asset retirement contingencies and obligation Litigation others Total Balance as of December 31, 2018 6,719,275 127,945 906,792 7,754,012 Increase in abandonment costs 2,188,928 — — 2,188,928 Additions 112,486 58,913 90,854 262,253 Uses (410,191) (45,342) (59,755) (515,288) Financial costs 226,803 — 3 226,806 Foreign currency translation (5,240) 79 1,211 (3,950) Transfers 3,359 (4,166) 6,334 5,527 Balance as of December 31, 2019 8,835,420 137,429 945,439 9,918,288 Current 589,411 28,662 171,224 789,297 Non–current 8,246,009 108,767 774,215 9,128,991 8,835,420 137,429 945,439 9,918,288 Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2017 5,527,324 182,966 827,159 6,537,449 Increase in abandonment costs 1,062,280 — — 1,062,280 Additions 71,015 61,851 174,780 307,646 Uses (182,130) (114,647) (100,215) (396,992) Financial costs 186,518 — — 186,518 Foreign currency translation 54,610 (2,368) 10,983 63,225 Transfers (342) 143 (5,915) (6,114) Balance as of December 31, 2018 6,719,275 127,945 906,792 7,754,012 Current 549,678 88,623 176,108 814,409 Non-current 6,169,597 39,322 730,684 6,939,603 6,719,275 127,945 906,792 7,754,012
Schedule of unrecorded contingent liabilities	2020 2019 Number of Number of Type of process processes Proceedings processes Proceedings Constitutional action 20 15,810,719 16 15,689,778 Ordinary administrative 156 714,606 162 781,686 Ordinary labor 659 54,030 614 51,029 Ordinary civil 54 6,363 54 17,956 Executive administrative 2 11,951 1 28 Special labor 15 3,106 13 720 Penal 2 595 1 595 Action of protection 234 47 112 10 Executive civil 1 — 1 — 1,143 16,601,417 974 16,541,802
Schedule of contingent assets	2020 2019 Number of Number of Type of process processes Proceedings processes Proceedings Ordinary administrative 99 402,380 37 384,215 Arbitration 2 138,386 1 67,232 Ordinary civil 114 82,572 75 86,363 Penal 149 61,466 156 60,177 Executive civil 57 5,299 61 4,912 Ordinary labor 48 3,129 50 3,295 Executive administrative 10 2,450 11 4,028 Special labor 84 426 57 307 Action of protection 5 - 4 - 568 696,108 452 610,529

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity
Schedule of composition of the ecopetrol business group's reserves	The following is the composition of the Ecopetrol Business Group’s reserves as of December 31, 2020 and 2019: 2020 2019 Legal reserve 4,568,980 3,243,832 Fiscal and statutory reserves 509,082 509,082 Occasional reserves (1) 4,557,074 31,744 9,635,136 3,784,658 (1) Ecopetrol's General Shareholders' Meeting, held on March 27, 2020, approved the 2019 profit distribution project and set up a reserve of 4,557,074 in order to support the Company's financial sustainability and flexibility in development of its strategy.
Schedule of balance of movement of equity reserves	The movement of equity reserves is the following for the years ended December 31, 2020 and 2019: 2020 2019 Opening balance 3,784,658 5,138,895 Release of reserves (540,826) (3,050,703) Allocation to reserves 6,391,304 5,355,852 Dividends declared — (3,659,386) Closing balance 9,635,136 3,784,658
Schedule of composition of the other comprehensive income attributable to the shareholders	The following is the composition of the other comprehensive income attributable to the shareholders of the parent, Ecopetrol S.A., net of tax: 2020 2019 2018 Foreign currency translation 11,794,201 10,265,398 10,235,891 Cash flow hedge with derivative instruments 44,132 3,689 (30,962) Cash flow hedges for future exports (136,470) (135,748) (374,079) Actuarial gain on defined benefit plans (2,260,989) (2,357,210) (557,381) Hedge of a net investment in a foreign operation (1,494,926) (1,130,583) (1,069,316) Others 1,114 1,114 176,608 7,947,062 6,646,660 8,380,761
Schedule of earnings per share	2020 2019 2018 Profit attributable to Ecopetrol’s shareholders 1,586,677 13,744,011 11,381,386 Weighted average number of outstanding shares 41,116,694,690 41,116,694,690 41,116,694,690 Net basic earnings per share (Colombian pesos) COP$ 38.6 COP$ 334.3 COP$ 276.8

Sales revenue from contracts _2

Sales revenue from contracts with customers (Tables)	12 Months Ended
	Dec. 31, 2020
Sales revenue from contracts with customers
Schedule of detailed information of sales revenue from contracts with customers	2020 2019 2018 National sales Mid–distillates (1) 8,860,588 15,041,883 14,039,638 Gasoline and turbo fuels (1) 6,768,046 9,658,180 9,334,939 Services 2,859,559 4,115,626 3,531,404 Natural gas 2,845,155 2,256,123 1,885,846 Plastic and rubber 865,204 834,133 899,410 Fuel gas service 671,570 72,249 - Asphalts 526,100 544,200 335,426 LPG and propane 375,775 372,916 574,639 Crude oil 230,520 356,857 550,479 Aromatics 155,740 228,552 282,545 Polyethylene 138,035 192,436 270,887 Fuel oil 37,001 97,907 509,482 Other income gas contracts (2) 32,190 102,845 156,031 Other products 322,232 431,201 651,874 24,687,715 34,305,108 33,022,600 Foreign sales Crude oil (3) 19,498,582 28,523,596 26,898,737 Diesel 3,164,068 4,391,798 3,050,839 Plastic and rubber 1,302,131 1,249,189 1,308,685 Fuel oil (4) 968,429 1,870,929 2,053,594 Gasoline and turbo fuels 179,257 1,085,392 1,782,194 LPG and propane 18,943 13,591 20,212 Natural gas 17,231 27,255 27,899 Cash flow hedge for future exports – Reclassification to profit or loss (Note 30.3) (193,374) (386,773) 128,404 Other products 580,411 408,427 310,708 25,535,678 37,183,404 35,581,272 50,223,393 71,488,512 68,603,872 (1) Corresponds to the application of Decree 180522 of March 29, 2010, and other standards that modify and add (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of ordinary motor gasoline and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of December 31, 2020, the value recognized by price differential corresponds to COP$142,723 (2019 COP$1,785,277; 2018 COP$3,835,533). See Note 4.16 – Sales revenue recognition from contracts with customers. (2) Corresponds to the income on the participation in the profits of gas sales, according to the agreement signed between Ecopetrol and Hocol (considering the assets purchase agreement signed with Chevron to acquire the stake owned by the latter in the Guajira Association as of May 1, 2020), for the extension of the association contract for the exploitation of gas in La Guajira. Prior to this acquisition, the agreement was signed between Ecopetrol and Chevron since 2004. (3) Includes hedges with derivative instruments for COP$(587,591). (4) Includes hedges with derivative instruments for COP$(76,382).
Schedule of sales by geographic areas	2020 % 2019 % 2018 % Colombia 24,687,715 49.2 % 34,305,108 48.0 % 33,022,600 48.1 % United States 11,365,218 22.6 % 17,371,173 24.3 % 14,765,674 21.5 % Asia 9,497,498 18.9 % 13,529,151 18.9 % 12,271,225 17.9 % Central America and the Caribbean 2,581,644 5.1 % 3,472,665 4.9 % 4,449,033 6.6 % South America and others 1,296,370 2.6 % 1,502,815 2.1 % 2,968,038 4.3 % Europe 794,948 1.6 % 1,307,600 1.8 % 1,127,302 1.6 % 50,223,393 100 % 71,488,512 100 % 68,603,872 100 %

Cost of sales (Tables)

Cost of sales (Tables)	12 Months Ended
	Dec. 31, 2020
Cost of sales
Schedule of cost of sales of non current assets	2020 2019 2018 Variable costs Imported products (1) 7,592,489 12,639,710 11,809,529 Depreciation amortization and depletion 6,069,903 5,523,306 5,064,518 Purchases of crude in association and concession 4,281,661 5,466,496 3,820,746 Purchases of hydrocarbons – ANH (2) 2,798,432 5,437,177 5,667,567 Electric energy 1,098,621 829,543 662,297 Hydrocarbon transport services 874,632 821,654 696,964 Taxes and economic rights 841,443 788,924 441,207 Process materials 827,464 1,016,617 968,884 Purchases of other products and gas 598,015 584,507 632,509 Services contracted in associations 269,637 267,778 260,207 Others (3) 657,634 (676,269) (186,087) 25,909,931 32,699,443 29,838,341 Fixed costs Depreciation and amortization 2,930,120 2,781,446 2,555,176 Labor costs 2,299,761 2,316,567 2,105,803 Maintenance 2,257,370 2,497,002 2,260,984 Services contracted 1,623,375 1,841,009 1,796,354 Services contracted in associations 1,121,010 1,211,510 1,040,221 Taxes and contributions 593,041 516,933 393,690 Materials and operating supplies 508,037 574,678 565,601 Hydrocarbon transport services 253,752 268,572 261,237 General costs 71,075 265,200 366,972 11,657,541 12,272,917 11,346,038 37,567,472 44,972,360 41,184,379 (1) Imported products correspond mainly to diesel and diluent to facilitate the transport of heavy crude oil. (2) Corresponds to purchases of crude oil by Ecopetrol from the National Hydrocarbons Agency (ANH, by its acronym in Spanish) derived from national production, both of the Ecopetrol Business Group’s direct operations and of third parties. (3) Corresponds mainly to: i) the valuation of the inventory, product of the costing process, ii) the valuation at Net Realizable Value, and iii) the agreements of inventories by transport and iv) capitalizable costs to projects.

Administrative, operations an_2

Administrative, operations and project expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Administrative, operations and project expenses
Schedule of administrative, operations and project expenses	2020 2019 2018 Administrative expenses Labor expenses (1) (1,658,613) (759,324) (662,258) General expenses (2) (1,424,348) (1,140,975) (911,645) Depreciation and amortization (229,792) (202,547) (40,838) Taxes (60,397) (48,753) (39,117) (3,373,150) (2,151,599) (1,653,858) Operations and project expenses Exploration costs (689,087) (763,452) (1,387,379) Commissions fees freights and services (656,432) (558,370) (466,862) Taxes (428,608) (483,330) (433,506) Labor expenses (309,972) (402,531) (316,386) Fee for regulatory entities (142,695) (94,785) (98,794) Depreciation and amortization (83,909) (60,952) (44,318) Maintenance (78,181) (56,333) (50,846) Right-of-use assets amortization (10,814) (14,532) — Others (186,318) (197,469) (105,041) (2,586,016) (2,631,754) (2,903,132) (1) (2)

Other operating income (expen_2

Other operating income (expenses), net (Tables)	12 Months Ended
	Dec. 31, 2020
Other operating income (expenses), net
Schedule of other operating income (expenses), net	2020 2019 2018 Gain on revaluation of assets in Guajira association (1) 1,284,372 — — Gain (loss) on acquisition of participations and interests (1) 86,026 1,048,924 (12,065) Loss on sale of assets (263,647) (148,021) (93,601) Expense for legal provisions (139,978) (98,020) (68,398) Impairment loss of short–term assets (34,416) (90,441) (105,692) Gain on loss of control (2) 65,695 — — Other income 120,114 344,354 244,301 1,118,166 1,056,796 (35,455) (1) Results in the acquisition of La Guajira: Ecopetrol COP$1,284,372 and Hocol COP$86,026. For Ecopetrol it corresponds to the revaluation of the assets that it already had in the Guajira association and for Hocol it corresponds to the Bargain obtained from the acquisition of the 43% stake. (Note 12 - Business combinations). (2) Recognition of the disposal of net assets due to the loss of control due to the opening of the judicial liquidation process of Bioenergy S.A.S. and Bioenergy Zona Franca S.A.S. COP$65,570 (Note 2.2). Liquidation process of ECP Oil and Gas Germany GmbH COP$125.

Financial result, net (Tables)

Financial result, net (Tables)	12 Months Ended
	Dec. 31, 2020
Financial result, net
Schedule of Finance Income Expense Explanatory	2020 2019 2018 Finance income Results from financial assets and others 665,310 975,245 745,571 Yields and interests 299,246 481,674 383,624 Gain on derivatives valuation 108,838 — — Dividends (1) 44 117,260 — Gain on sale of equity instruments — — 368 Other financial income 27,992 49,157 — 1,101,430 1,623,336 1,129,563 Finance expenses Interest (2) (2,384,342) (1,894,490) (2,399,414) Financial cost of other liabilities (3) (872,987) (757,509) (668,782) Results from financial assets (473,598) (638,767) (381,445) Other financial expenses (198,864) (43,703) (62,520) (3,929,791) (3,334,469) (3,512,161) Foreign exchange gain net 346,774 40,639 372,223 Financial result net (2,481,587) (1,670,494) (2,010,375) (1) In 2007, Arrendadora Financiera Internacional Bolivariana (AFIB) and Ecopetrol S.A. signed an agreement to constitute a trust fund, in which Invercolsa deposited dividends corresponding to 8.53% of the participation in dispute, regarding the shares acquired by Fernando Londoño. In 2019, as a result of the sentence of the Supreme Court of Justice, Ecopetrol received the amount of dividends that were in that trust. (2) As of December 31, 2020, borrowing costs for the financing of developing natural resources and property, plant and equipment of COP$247,501 (2019 – COP$248,139 and 2018 – COP$200,833) were capitalized. Includes the financial expense of the asset retirement obligations and the liabilities for post–employment benefits.

Risk management (Tables)

Risk management (Tables)	12 Months Ended
	Dec. 31, 2020
Balance of financial assets and liabilities denominated in foreign currency
Schedule of The Carrying Values For Financial Assets And Liabilities Denominated In Foreign Currencies	The balance of financial assets and liabilities denominated in foreign currency for the years ended December 31, is presented in the following table: (in USD$Million) 2020 2019 Cash and cash equivalents 197 114 Other financial assets 1,164 1,468 Trade receivables and payables, net 203 81 Loans and borrowings (11,814) (9,429) Other assets and liabilities, net 277 64 Net liability position (9,973) (7,702)
Schedule of Sensitivity analysis for types of market risk	The following is the effect of a change of 1% and 5% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2020: Scenario / Variation in Effect on income Effect on other the exchange rate before taxes (+/–) comprehensive income (+/–) 1 % (48,866) (293,457) 5 % (244,330) (1,467,286)
Schedule of hedging instruments	The following is the movement of foreign currency debt designated as a non–derivative hedging instrument for the years ended December 31, 2020 and 2019: (USD$Million) 2020 2019 Hedging instrument at the beginning of the period 1,300 1,300 Reassignment of hedging instruments 1,230 5,551 Realization of exports (1,230) (5,551) Hedging instrument at the end of the period 1,300 1,300
Schedule of movement of other comprehensive income by item explanatory	The following is the movement in other comprehensive income for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Opening balance (135,748) (374,079) 159,295 Exchange difference (201,967) (35,607) (704,871) Reclassification to profit or loss 193,374 386,773 (128,404) Ineffectiveness 9,779 5,173 35,617 Deferred income tax (1,908) (118,008) 264,284 Closing balance (136,470) (135,748) (374,079)
Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss	The expected reclassification of the cumulative exchange difference from other comprehensive income to the profit or loss is as follows: Before Year taxes Taxes After taxes 2021 (71,358) 21,408 (49,950) 2022 (71,358) 21,408 (49,950) 2023 (52,245) 15,675 (36,570) (194,961) 58,491 (136,470)
Schedule of Analysis of age of financial assets that are past due but not impaired	An aging analysis of the accounts receivable portfolio in arrears, but not impaired, as of December 31, 2020 and 2019 is as follows: 2020 2019 Less than 3 months overdue 56,144 243,893 Between 3 and 6 months overdue 1,270 136,700 More than 6 months overdue 301,858 267,525 359,272 648,118
Schedule of financial instruments by type of interest rate	The following table provides information about the sensitivity of the Ecopetrol Business Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points: Effect on Other Effect on profit or loss (+/–) Comprehensive Income (+/–) Financial Financial Assets Liabilities Plan Assets +100 basis points (25,878) 60,577 (557,002) –100 basis points 25,878 (59,459) 557,901
Schedule of how entity manages liquidity risk	The following is a summary of the maturity of financial liabilities as of December 31, 2020. The amounts disclosed in the table are the contractual undiscounted cash flows. The payments in foreign currency were restated taking a constant exchange rate of COP$3,432.50 per U.S. dollar: Up to 1 year 1–5 years 5–10 years > 10 years Total Loans (payment of principal and interest) 3,585,623 33,051,812 17,701,887 13,750,003 68,089,325 Trade and other payables 8,449,041 21,064 — — 8,470,105 Total 12,034,664 33,072,876 17,701,887 13,750,003 76,559,430
Schedule of leverage ratio	The following is the leverage ratio as of December 31, 2020 and 2019: 2020 2019 Loans and borrowings (Note 20) 46,731,754 38,239,139 Cash and cash equivalents (Note 6) (5,082,308) (7,075,758) Other financial assets (Note 9) (3,071,659) (4,979,292) Net financial debt 38,577,787 26,184,089 Equity (Note 24) 53,499,363 58,231,628 Leverage (1) 41.90 % 31.02 % (1) Leverage = Net financial debt / (Net financial debt + Equity) The movement of the net financial debt is detailed in Note 20.7.
Hedge of a net investment in a foreign operation
Balance of financial assets and liabilities denominated in foreign currency
Schedule of hedging instruments	The following is the movement in other comprehensive income for the years ended December 31: 2020 2019 2018 Opening balance 1,130,583 1,069,316 97,362 Exchange difference 520,490 87,524 1,381,900 Ineffectiveness — — 378 Deferred income tax (156,147) (26,257) (410,324) Closing balance 1,494,926 1,130,583 1,069,316

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related parties
Schedule of associates and joint ventures	Balances with associates and joint ventures as of December 31, 2020 and 2019 are as follows: Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energía Limited (1) 1,950 — 7,093 32,335 1,277,046 1,663 Ecodiesel Colombia S.A. 1,345 — — 35,632 — 1 Offshore International Group Inc (2) — 97,300 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — — — Extrucol S.A. — — — — — E2 Energía Eficiente S.A. E.S.P. — — — — Serviport S.A. — — — 948 — — Balance as of December 31, 2020 7,748 97,300 7,093 72,316 1,277,046 1,664 Current 7,748 97,300 7,093 72,316 1,277,046 1,664 Non–current — — — — — — 7,748 97,300 7,093 72,316 1,277,046 1,664 (Nota 7) (Nota 7) (Nota 11) (Nota 21) (Nota 20) Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energía Limited(1) 25,333 — 57,016 153,501 1,108,403 794 Ecodiesel Colombia S.A. 2,116 — — 29,447 — 1 Offshore International Group Inc.(2) — 93,657 — — — — Associates Serviport S.A. — — — 4,668 — — Balance as of December 31, 2019 27,449 93,657 57,016 187,616 1,108,403 795 Current 27,449 — 57,016 187,616 1,108,403 795 Non–current — 93,657 — — — — 27,449 93,657 57,016 187,616 1,108,403 795 (Note 7) (Note 7) (Note 11) (Note 21) (Note 20) Loans: (1) Resources deposited by Equion in Ecopetrol Capital AG. Accounts receivable – Loans: (2) Offshore International Group: Loan granted by Ecopetrol S.A. for USD$57 million in 2016, with an interest rate of 4.99% payable semiannually from 2017 and maturing in 2021. The balance in nominal value of this loan as of December 31, 2020 is USD$28 million (2019 - USD$28 million).
Schedule of transactions between related parties	The main transactions with related parties as of December 31 are detailed as follows: 2020 2019 2018 Sales and Purchases Sales and Purchases Sales and Purchases services and others services and others services and others Joint Ventures Equion Energía Limited 27,595 356,872 317,382 569,105 67,002 846,284 Ecodiesel Colombia S.A 8,268 346,201 8,614 280,649 6,860 267,498 Offshore International Group 4,461 — 3,245 — 2,386 — 40,324 703,073 329,241 849,754 76,248 1,113,782 Associates E2 Energía Eficiente S.A. E.S.P. 49,860 2,849 — — — — Gas Natural del Oriente S.A. E.S.P. — 26,141 — — — — Extrucol S.A. — 1,162 — — — — 90,184 733,225 329,241 849,754 76,248 1,113,782
Schedule of key management personnel	As of December 31, 2020, key management officers owned less than 1% of the outstanding shares of Ecopetrol S.A. as follows: Key management personnel % Shares Felipe Bayón <1% outstanding shares Jaime Caballero <1% outstanding shares Orlando Díaz <1% outstanding shares Jorge Calvache <1% outstanding shares

Joint operations (Tables)

Joint operations (Tables)	12 Months Ended
	Dec. 31, 2020
Contract where entity not operator
Disclosure of joint operations [line items]
Schedule of interests in joint arrangements	32.1 Contracts in which Ecopetrol is not the operator % Geographic area of Partners Contract Type Participation operations Occidental de Colombia LLC Chipirón 30-41 % Occidental Andina LLC Cosecha Production % Colombia Cravo Norte % Rondón % Mansarovar Energy Colombia Ltd Nare Production % Colombia Frontera Energy Colombia Corp. Quifa Production % Colombia Casanare % Corocora % Perenco Colombia Limited Estero Production % Colombia Garcero % Orocúe % ONGC Videsh Limited Sucursal Ronda Caribe RC-10 Exploration % Offshore Caribe Colombiana Norte Petrobras, Repsol & Statoil Tayrona Exploration % Offshore Caribe Norte Fuerte Sur Shell EP Offshore Ventures Limited Purple Angel Exploration % Offshore Caribe Col-5 Norte Saturno % Shell Sul de Gato do Mato Exploration % Brazil Gato do Mato % BP Energy Pau Brasil Exploration % Brazil Chevron CE-M-715_R11 Exploration % Brazil Lewis SSJN1 Exploration % Colombia Mana % Interoil Colombia Ambrosia Production % Colombia Rio Opia % Rancho Hermoso-Mirador % Canacol Rancho Hermoso -Otras formaciones Production % Colombia Llanos 86 % Llanos 87 % Geopark Llanos 104 Exploration % Colombia Llanos 123 % Llanos 124 % Fieldwood - Gunflint Gunflint Production % Gulf of Mexico Murphy Oil - Dalmatian Production % Gulf of Mexico Oxy (Anadarko) - K2 K2 Production % Gulf of Mexico Shell Deep Rydberg/Aleatico Exploration % Gulf of Mexico HESS ESOX Production % Gulf of Mexico Pemex Exploración y Producción Bloque 8 Exploration % Gulf of Mexico PC Carigali Mexico Operation SA Bloque 6 Exploration % Gulf of Mexico Talos Palmer Exploration % Gulf of Mexico OXY (Anadarko) Warrior Exploration % Gulf of Mexico Occidental Petroleum Company Rodeo Midland Basin Production % Permian Texas U.S.
Contract where Entity is operator
Disclosure of joint operations [line items]
Schedule of interests in joint arrangements	32.2 Contracts in which Ecopetrol is the operator % Geographic area of Partners Contract Type Participation operations VMM29 Exploration % Colombia ExxonMobil Exploration Colombia CR2 C62 Repsol Colombia oil &gas limited CPO9 Exploration % Colombia ONGC Videsh Limited Sucursal Colombia RC9 Exploration % Colombia CPVEN E&P Corp Sucursal Colombia VMM32 Exploration % Colombia Shell Exploration and Production CR4 Exploration % Colombia SK Innovation Co Ltd. San Jacinto Exploration % Colombia Repsol Exploración Colombia S.A. Catleya Exploration % Colombia Emerald Energy PLC Suc. Colombia Cardon Exploration % Colombia Parex Resources Colombia Ltd. ORC401 CRC-2004-01 Exploration % Colombia Repsol Colombia Oil & Gas Limited CPO9 – Akacias Production % Colombia Occidental Andina LLC La Cira Infantas Production % Teca % Colombia Ramshorn International Limited Guariquies I Production % Colombia Perenco Oil And Gas San Jacinto Rio Paez Production % Colombia Cepsa Colombia Total Colombia Mundo Nuevo Exploration % Colombia Talisman Oil & Gas Equion Energia Limited Emerald Energy Oleoducto Alto Magdalena OAM % Colombia Frontera Energy Lewis Clarinero Exploration % Colombia Talisman Oil & Gas Niscota Production % Colombia Total Colombie ONGC RC-9 Exploration % Colombia

Information by segments (Tables

Information by segments (Tables)	12 Months Ended
	Dec. 31, 2020
Information by segments
Schedule of operating segments	Below are the consolidated statements of profit or loss by segment for the years ended December 31, 2020, 2019 and 2018: For the year ended on December 31, 2020 Exploration Refining and Transport and and Production Petrochemicals Logistics Eliminations Total Third–party sales 22,854,925 24,804,887 2,563,581 — 50,223,393 Inter–segment sales 13,985,072 1,299,464 9,630,859 (24,915,395) — Total sales revenue 36,839,997 26,104,351 12,194,440 (24,915,395) 50,223,393 Fixed costs (9,479,317) (3,427,211) (2,813,856) 4,062,842 (11,657,542) Variable costs (23,429,102) (22,398,344) (567,501) 20,485,017 (25,909,930) Cost of sales (32,908,419) (25,825,555) (3,381,357) 24,547,859 (37,567,472) Gross profit 3,931,578 278,796 8,813,083 (367,536) 12,655,921 Administrative expenses (2,163,198) (936,175) (533,594) 259,817 (3,373,150) Operation and project expenses (1,511,510) (781,309) (403,657) 110,460 (2,586,016) Impairment of non–current assets (192,693) (781,528) 341,065 — (633,156) Other operating income and expenses net 1,085,114 34,705 1,827 (3,480) 1,118,166 Operating income (expenses) 1,149,291 (2,185,511) 8,218,724 (739) 7,181,765 Financial result net Financial income 1,177,712 67,832 125,677 (269,791) 1,101,430 Financial expenses (2,896,060) (914,534) (389,394) 270,197 (3,929,791) Foreign exchange gain (loss) net 360,409 (447,880) 434,245 — 346,774 (1,357,939) (1,294,582) 170,528 406 (2,481,587) Share of profits of associates and joint ventures (53,037) 131,462 (2,089) — 76,336 Income before tax (261,685) (3,348,631) 8,387,163 (333) 4,776,514 Income tax 43,569 614,269 (2,696,499) — (2,038,661) Net profit (loss) for the period (218,116) (2,734,362) 5,690,664 (333) 2,737,853 Profit (loss) attributable to: Group owners of parent (139,279) (2,848,511) 4,574,800 (333) 1,586,677 Non–controlling interest (78,837) 114,149 1,115,864 — 1,151,176 (218,116) (2,734,362) 5,690,664 (333) 2,737,853 Supplementary information Depreciation depletion and amortization 6,445,812 1,599,780 1,278,946 — 9,324,538 For the year ended on December 31, 2019 Exploration Refining and Transport and and Production Petrochemicals Logistics Eliminations Total Third–party sales 31,295,118 36,393,470 3,799,924 — 71,488,512 Inter–segment sales 21,372,872 2,377,336 9,270,812 (33,021,020) — Total sales revenue 52,667,990 38,770,806 13,070,736 (33,021,020) 71,488,512 Fixed costs (9,587,961) (3,523,948) (3,039,452) 3,878,443 (12,272,918) Variable costs (26,785,904) (34,332,271) (698,742) 29,117,475 (32,699,442) Cost of sales (36,373,865) (37,856,219) (3,738,194) 32,995,918 (44,972,360) Gross profit 16,294,125 914,587 9,332,542 (25,102) 26,516,152 Administrative expenses (1,284,560) (496,155) (372,942) 2,058 (2,151,599) Operation and project expenses (1,475,710) (743,378) (434,904) 22,238 (2,631,754) Impairment of non–current assets (1,982,044) 452,163 (232,556) — (1,762,437) Other operating income and expenses net 49,673 1,014,988 74,607 (82,472) 1,056,796 Operating income (expenses) 11,601,484 1,142,205 8,366,747 (83,278) 21,027,158 Financial result net Financial income 1,440,440 229,297 273,613 (320,014) 1,623,336 Financial expenses (2,311,133) (996,790) (306,878) 280,332 (3,334,469) Foreign exchange gain (loss) net 287,286 (179,936) (66,711) — 40,639 (583,407) (947,429) (99,976) (39,682) (1,670,494) Share of profits of associates and joint ventures 227,401 17,091 138 122,274 366,904 Income before tax 11,245,478 211,867 8,266,909 (686) 19,723,568 Income tax (1,925,798) (83,504) (2,709,111) — (4,718,413) Net profit (loss) for the period 9,319,680 128,363 5,557,798 (686) 15,005,155 Profit (loss) attributable to: Group owners of parent 9,382,129 117,708 4,244,860 (686) 13,744,011 Non–controlling interest (62,449) 10,655 1,312,938 — 1,261,144 9,319,680 128,363 5,557,798 (686) 15,005,155 Supplementary information Depreciation depletion and amortization 5,892,822 1,398,948 1,291,013 — 8,582,783 For the year ended on December 31, 2018 Exploration and Refining and Transport Production Petrochemicals and Logistics Eliminations Total Third–party sales 30,112,900 34,947,948 3,543,024 — 68,603,872 Inter–segment sales 20,259,864 2,063,425 7,811,143 (30,134,432) — Total sales revenue 50,372,764 37,011,373 11,354,167 (30,134,432) 68,603,872 Fixed costs (8,871,709) (3,204,791) (2,805,516) 3,535,979 (11,346,037) Variable costs (23,367,475) (32,453,962) (596,571) 26,579,666 (29,838,342) Cost of sales (32,239,184) (35,658,753) (3,402,087) 30,115,645 (41,184,379) Gross profit 18,133,580 1,352,620 7,952,080 (18,787) 27,419,493 Administrative expenses (889,293) (443,880) (320,498) (187) (1,653,858) Operation and project expenses (1,993,054) (668,177) (263,104) 21,203 (2,903,132) Impairment of non–current assets 785,940 (984,704) (169,870) — (368,634) Other operating income and expenses, net (137,836) (13,652) 118,905 (2,872) (35,455) Operating income (expenses) 15,899,337 (757,793) 7,317,513 (643) 22,458,414 Financial result, net Financial income 1,099,893 147,689 110,898 (228,917) 1,129,563 Financial expenses (2,038,312) (1,295,528) (407,589) 229,268 (3,512,161) Foreign exchange gain (loss), net 868,479 (517,410) 21,154 — 372,223 (69,940) (1,665,249) (275,537) 351 (2,010,375) Share of profits of associates and joint ventures 135,265 27,730 2,841 — 165,836 Income before tax 15,964,662 (2,395,312) 7,044,817 (292) 20,613,875 Income tax (6,096,591) 420,224 (2,582,118) — (8,258,485) Net profit (loss) for the period 9,868,071 (1,975,088) 4,462,699 (292) 12,355,390 Profit (loss) attributable to: Group owners of parent 9,930,519 (1,973,075) 3,424,234 (292) 11,381,386 Non–controlling interest (62,448) (2,013) 1,038,465 — 974,004 9,868,071 (1,975,088) 4,462,699 (292) 12,355,390 Supplementary information Depreciation, depletion and amortization 5,248,364 1,307,216 1,149,270 — 7,704,850
Schedule of products and services	The sales by product for each segment are detailed below for the years ended December 31, 2020, 2019 and 2018: For the year ended on December 31, 2020 Exploration and Refining and Transport and Production Petrochemicals Logistics Eliminations Total Local sales Mid–distillates — 8,871,938 — (11,350) 8,860,588 Gasoline and turbo fuels 6,739 7,880,124 — (1,118,817) 6,768,046 Services 116,485 268,081 12,194,384 (9,719,391) 2,859,559 Natural gas 3,683,018 — — (837,863) 2,845,155 Plastic and rubber — 865,204 — — 865,204 Fuel gas service — 678,396 — (6,826) 671,570 Asphalts 27,043 499,057 — — 526,100 LPG and propane 249,533 133,525 — (7,283) 375,775 Crude oil 13,250,275 — — (13,019,755) 230,520 Aromatics — 155,740 — — 155,740 Polyethylene — 138,035 — — 138,035 Fuel oil 7,758 29,243 — — 37,001 Other income gas contracts 32,190 — — — 32,190 Other products 19,556 417,889 — (115,213) 322,232 17,392,597 19,937,232 12,194,384 (24,836,498) 24,687,715 Foreign sales Crude oil 19,577,898 29 — (79,345) 19,498,582 Diesel — 3,164,068 — — 3,164,068 Plastic and rubber — 1,302,131 — — 1,302,131 Fuel oil — 968,429 — — 968,429 Gasoline and turbo fuels — 179,257 — — 179,257 LPG and propane 18,943 — — — 18,943 Natural gas 17,231 — — — 17,231 Cash flow hedge for future exports – Reclassification to profit or loss (Note 30.3) (193,374) — — — (193,374) Other products 26,702 553,206 56 447 580,411 19,447,400 6,167,120 56 (78,898) 25,535,678 36,839,997 26,104,352 12,194,440 (24,915,396) 50,223,393 For the year ended on December 31, 2019 Exploration and Refining and Transport and Production Petrochemicals Logistics Eliminations Total Local sales Mid-distillates — 13,573,007 — (31,251) 13,541,756 Gasoline and turbo fuel — 11,269,797 — (1,896,767) 9,373,030 Transport service 57,316 51,812 12,853,762 (9,133,788) 3,829,102 Natural gas 2,909,770 49,420 — (653,647) 2,305,543 Plastic and rubber — 760,301 — — 760,301 Asphalts 24,690 519,510 — — 544,200 LPG and propane 179,541 193,375 — — 372,916 Crude 21,056,104 — — (20,699,247) 356,857 Services 169,062 232,407 216,920 (309,036) 309,353 Aromatics — 228,552 — — 228,552 Polyethylene — 190,133 — — 190,133 Other income gas contracts 102,845 — — — 102,845 Fuel oil 1,464 96,443 — — 97,907 Other products 25,215 779,407 — (297,286) 507,336 24,526,007 27,944,164 13,070,682 (33,021,022) 32,519,831 Recognition of price differential — 1,785,277 — — 1,785,277 24,526,007 29,729,441 13,070,682 (33,021,022) 34,305,108 Foreign sales Crude 28,461,601 61,995 — — 28,523,596 Diesel — 4,391,798 — — 4,391,798 Fuel oil — 1,870,929 — — 1,870,929 Plastic and rubber — 1,200,668 — — 1,200,668 Gasoline and turbo fuels — 1,085,392 — — 1,085,392 Natural gas 27,255 — — — 27,255 LPG and propane 13,591 — — — 13,591 Cash flow hedge for future exports - reclassification to profit or loss (386,773) — — — (386,773) Other products 26,309 430,584 55 — 456,948 28,141,983 9,041,366 55 — 37,183,404 52,667,990 38,770,807 13,070,737 (33,021,022) 71,488,512 For the year ended on December 31, 2018 Exploration and Refining and Transport Production Petrochemicals and Logistics Eliminations Total Local sales Mid–distillates 725 11,662,476 — (77,009) 11,586,192 Gasoline and turbo fuel — 9,690,113 — (1,737,261) 7,952,852 Transport service 37,279 36,321 11,089,012 (7,631,208) 3,531,404 Natural gas 2,535,658 — — (649,812) 1,885,846 Plastic and rubber — 822,367 — — 822,367 Crude 20,142,527 — — (19,592,048) 550,479 LPG and propane 245,875 329,569 — (805) 574,639 Fuel oil 20,391 489,091 — — 509,482 Asphats 26,406 309,020 — — 335,426 Aromatics — 282,545 — — 282,545 Polyethylene — 270,887 — — 270,887 Services 103,522 190,612 265,059 (319,783) 239,410 Other income gas contracts 156,031 — — — 156,031 Other products 11,484 604,530 — (126,507) 489,507 23,279,898 24,687,531 11,354,071 (30,134,433) 29,187,067 Recognition of price differential — 3,835,533 — — 3,835,533 23,279,898 28,523,064 11,354,071 (30,134,433) 33,022,600 Foreign sales Crude 26,898,737 — — — 26,898,737 Diesel — 3,050,839 — — 3,050,839 Fuel oil — 2,053,594 — — 2,053,594 Gasoline and turbo fuels — 1,782,194 — — 1,782,194 Plastic and rubber — 1,268,582 — — 1,268,582 Natural gas 27,899 — — — 27,899 LPG and propane 20,212 — — — 20,212 Cash flow hedge for future exports – Reclassification to profit or loss 128,404 — — — 128,404 Other products 17,614 333,101 96 — 350,811 27,092,866 8,488,310 96 — 35,581,272 50,372,764 37,011,374 11,354,167 (30,134,433) 68,603,872
Schedule of detailed information about investment property segment wise	The following are the investments amounts made by each segment for the years ended December 31, 2020, 2019 and 2018: Exploration Refining and Transport and 2020 and Production Petrochemicals Logistics Total Property, plant and equipment 2,866,600 1,329,181 836,536 5,032,317 Natural and environmental resources 5,994,462 — — 5,994,462 Intangibles 41,002 8,771 40,309 90,082 8,902,064 1,337,952 876,845 11,116,861 Exploration Refining and Transport and 2019 and Production Petrochemicals Logistics Total Property, plant and equipment 2,151,194 497,512 1,363,953 4,012,659 Natural and environmental resources 9,798,193 — — 9,798,193 Intangibles 25,775 20,569 121,945 168,289 11,975,162 518,081 1,485,898 13,979,141 Exploration Refining and Transport and 2018 and Production Petrochemicals Logistics Total Property, plant and equipment 2,071,604 702,247 529,078 3,302,929 Natural and environmental resources 5,051,828 — — 5,051,828 Intangibles 56,755 20,203 28,711 105,669 7,180,187 722,450 557,789 8,460,426

Supplemental information on o_2

Supplemental information on oil and gas producing activities (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental information on oil and gas producing activities (unaudited)
Schedule of capitalized costs relating to oil and gas producing activities	35.1 Capitalized costs relating to oil and gas exploration and production activities 2020 2019 2018 Natural and environmental properties 67,767,005 60,261,025 53,752,436 Wells, equipment and facilities – property, plant and equipment 31,166,804 30,150,268 29,416,081 Exploration and production projects 12,494,665 8,801,630 8,463,584 Accumulated depreciation, depletion and amortization (64,233,572) (60,346,094) (55,689,222) Net capitalized cost 47,194,902 38,866,829 35,942,879
Schedule of costs Incurred in oil and gas property acquisition, exploration, and development activities	35.2 Costs incurred in oil and gas exploration and developed activities Costs incurred are summarized below and include both amounts expensed and capitalized in the corresponding period. 2020 2019 2018 Acquisition of proved properties (1) 507,907 2,668,960 — Acquisition of unproved properties (2) 1,274,660 261,231 81,295 Exploration costs 1,340,898 640,556 1,197,946 Development costs 7,367,020 8,084,283 6,346,276 10,490,485 11,655,030 7,625,517 (1) For 2020, it corresponds mainly to the acquisition of the entire participation in the Guajira Association (43% of the association contract) by Hocol and its position as operator. In July 2019, Ecopetrol S.A. and Occidental Petroleum Corp. (OXY) entered into a Joint Operation contract in order to execute a joint plan for the development of unconventional drilling in the Permian Basin in the state of Texas (USA). (2) During 2020, Ecopetrol S.A. through its subsidiary Ecopetrol Óleo e Gás do Brasil Ltda acquired 30% of the interests, rights and obligations in two areas that correspond to the BM-S-54 Concession Contract and the Sul de Gato do Mato Shared Production Contract, located offshore in Santos basin of Brazil, in the discovery of hydrocarbons called "Gato do Mato". Additionally, Ecopetrol Óleo e Gás do Brasil Ltda has recognized the billing related to activities of drilling during the year. On July 17, 2019, the Ministry of Mines and Energy of Brazil authorized the transfer of 10% of the Saturn block for USD$85 million, located in the Santos basin, to Ecopetrol Óleo e Gás do Brasil, this percentage of which Shell Brasil Petróleo Ltda and Chevron Brasil Óleo e Gas Ltda. were equal holders. In the new shareholding structure, Ecopetrol retains 10% of the interests of the block, while Shell (operator) and Chevron each retain 45% of the total.
Schedule of results of operations for oil and gas exploration and production activities	35.3 Results of operations for oil and gas exploration and production activities The Ecopetrol Business Group’s results of operations from oil and gas exploration and production activities for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Net revenues Sales 30,141,662 42,070,018 39,633,866 Transfers 7,025,839 11,564,358 11,794,014 37,167,501 53,634,376 51,427,880 Production costs(1) 12,753,880 9,336,387 8,337,413 Depreciation, depletion and amortization(2) 6,393,506 6,049,543 5,591,774 Other production costs(3) 14,005,669 21,550,907 18,918,275 Exploration expenses(4) 689,204 763,562 1,387,463 Other expenses(5) 2,227,481 4,163,241 1,036,983 36,069,740 41,863,640 35,271,908 Income before income tax expense 1,097,761 11,770,736 16,155,972 Income tax expense (233,255) (2,107,363) (6,303,251) Results of operations for exploration and production activities 864,506 9,663,373 9,852,721 (1) Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2020, 2019 and 2018 of COP$213,925, COP$198,394 and COP$187,340, respectively. (2) In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2020, 2019 and 2018 in depreciation, depletion and amortization, were COP$639,123, COP$272,147 and COP$180,193, respectively. (3) Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost. (4) Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells. (5) Corresponds to administration, marketing expenses and impairment.
Schedule of proved developed and undeveloped oil and gas reserve quantities	2020 2019 2018 Oil Gas Total Oil Gas Total Oil Gas Total (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) Proved reserves: Opening balance 1,384 2,906 1,894 1,200 3,002 1,727 1,088 3,254 1,659 Revisions of previous estimates(1) (81) 51 (72) 75 51 84 121 (4) 121 Improved recovery 100 74 113 94 3 94 128 4 129 Purchases — 171 30 142 126 164 — — — Extensions and discoveries 41 8 42 66 2 67 54 18 57 Sales (0.9) (0.3) (1) — — — — — — Production (186) (289) (236) (193) (278) (242) (191) (270) (239) Closing balance 1,257 2,921 1,770 1,384 2,906 1,894 1,200 3,002 1,727 Proved developed reserves: Opening balance 898 2,662 1,365 883 2,882 1,389 818 3,158 1,372 Closing balance 834 2,636 1,297 898 2,662 1,365 883 2,882 1,389 Proved undeveloped reserves: Opening balance 486 244 529 317 119 338 270 96 287 Closing balance 423 285 473 486 244 529 317 119 338 Some values were rounded for presentation purposes. (1) Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors.
Schedule of standardized measure of discounted future cash flows relating to proved crude oil and gas eserves	The standardized measure of discounted future net cash flows related to the above proved crude oil and natural gas reserves is calculated in accordance with the requirements of ASU 2010–03. Estimated future cash inflows from production under SEC requirements are computed by applying unweighted arithmetic average of the first–day–of–the–month for oil and gas price to year–end quantities of estimated net proved reserves, with cost factors based on those at the end of each year, currently enacted tax rates and a 10% annual discount factor. In our view, the information so calculated does not provide a reliable measure of future cash flows from proved reserves, nor does it permit a realistic comparison to be made of one entity with another because the assumptions used cannot reflect the varying circumstances within each entity. In addition, a substantial but unknown proportion of future real cash flows from oil and gas production activities is expected to derive from reserves which have already been discovered, but which cannot yet be regarded as proved. 2020 2019 2018 Future cash inflows 187,210,379 279,722,107 275,046,421 Future costs Production (1) (85,989,384) (93,589,960) (90,176,326) Development (28,752,131) (32,734,702) (21,945,453) Income taxes (13,470,352) (37,077,231) (41,102,015) Future net cash flow 58,998,512 116,320,214 121,822,627 10% discount factor (18,568,308) (36,934,889) (35,518,187) Standardized measure of discounted net cash flows 40,430,204 79,385,325 86,304,440 (1)
Schedule of principal sources of change in standardized measure of discounted future net cash flows	2020 2019 2018 Net change in sales and transfer prices and in production cost (lifting) related to future production (44,482,725) 2,411,040 79,632,263 Changes in estimated future development costs (5,401,560) (12,627,361) (13,141,340) Sales and transfer of oil and gas produced, net of production costs (24,413,621) (44,297,989) (43,090,467) Net change due to extensions, discoveries and improved recovery 3,134,469 7,061,712 8,496,249 Net change due to purchase and sales of minerals in place 570,460 213,539 — Net change due to revisions in quantity estimates (3,414,649) 6,756,418 10,163,131 Previously estimated development costs incurred during the period 7,943,239 23,200,357 12,505,421 Accretion of discount 10,468,951 11,542,289 6,771,897 Timing and other 567,027 (4,993,389) (13,633,228) Net change in income taxes 16,073,288 3,814,269 (12,616,331) Aggregate change in the standardized measure of discounted future net cash flows for the year (38,955,121) (6,919,115) 35,087,595

Exhibit 1. Consolidated subsi_2

Exhibit 1. Consolidated subsidiaries, associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Exhibit 1 - Consolidated subsidiaries, associates and joint ventures
Disclosure of interests in subsidiaries	Consolidated subsidiary companies (1/2) Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Refinería de Cartagena S.A.S. U.S. dollar 100 % Refining of hydrocarbons, commercialization and distribution of products Colombia Colombia 16,582,279 (1,688,830) 27,321,381 10,739,102 Cenit Transporte y Logística S.A.S. (*) Colombian peso 100 % Storage and transport by pipelines of hydrocarbons Colombia Colombia 16,310,718 4,696,705 18,303,490 1,992,772 Ecopetrol Global Energy S.L.U U.S. dollar 100 % Investment vehicle Spain Spain 9,320,715 (434,773) 9,321,078 363 Ecopetrol USA Inc. U.S. dollar 100 % Exploration and exploitation of hydrocarbons United States United States 7,550,468 (294,497) 7,552,294 1,826 Ecopetrol Permian LLC. U.S. dollar 100 % Exploration and exploitation of hydrocarbons United States United States 3,566,413 (38,855) 3,590,934 24,521 Hocol Petroleum Limited U.S. dollar 100 % Investment vehicle Bermuda Bermuda 3,444,262 314,057 3,444,326 64 Oleoducto Central S. A. - Ocensa U.S. dollar 72.65 % Transportation by crude oil pipelines Colombia Colombia 3,012,894 2,528,350 6,277,969 3,265,075 Hocol S.A. U.S. dollar 100 % Exploration, exploitation and production of hydrocarbons Cayman Islands Colombia 2,376,723 300,828 3,877,096 1,500,373 Ecopetrol América LLC. U.S. dollar 100 % Exploration and exploitation of hydrocarbons United States United States 2,320,615 (353,806) 2,749,860 429,245 Esenttia S.A. U.S. dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 1,870,802 263,126 2,445,757 574,955 Ecopetrol Capital AG U.S. dollar 100 % Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group. Switzerland Switzerland 1,872,129 176,999 7,482,055 5,609,926 Ecopetrol Oleo é Gas do Brasil Ltda. Brazilian real 100 % Exploration and exploitation of hydrocarbons Brazil Brazil 1,657,410 (95,164) 1,692,673 35,263 Oleoducto Bicentenario de Colombia S.A.S. Colombian peso 55.97 % Transportation by crude oil pipelines Colombia Colombia 1,621,598 214,482 3,577,534 1,955,936 Andean Chemicals Ltd. U.S. dollar 100 % Investment vehicle Bermuda Bermuda 1,268,047 (163,877) 1,268,327 280 Oleoducto de los Llanos Orientales S. A. - ODL Colombian peso 65 % Transportation by crude oil pipelines Panama Colombia 1,047,791 444,625 1,465,305 417,514 Black Gold Re Ltd. U.S. dollar 100 % Reinsurer for companies of the Ecopetrol Business Group Bermuda Bermuda 837,693 54,412 1,079,572 241,879 (*) Includes the effect of unrealized profits from transactions of companies in the transport and logistics segment. Consolidated subsidiaries (2/2) Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Inversiones de Gases de Colombia S.A. Invercolsa S.A. y subsidiarias Colombian peso 51.88 % Holding with investments in natural gas and LPG transportation and distribution companies in Colombia Colombia Colombia 765,720 176,865 1,311,588 545,868 Oleoducto de Colombia S.A. - ODC Colombian peso 73 % Transportation by crude oil pipelines Colombia Colombia 411,180 353,424 640,292 229,112 Esenttia Masterbatch Ltda Colombian peso 100 % Manufacture of polypropylene compounds and masterbatches Colombia Colombia 322,511 166,911 401,404 78,893 ECP Hidrocarburos de México S.A. de C.V. U.S. dollar 100 % Offshore exploration Mexico Mexico 59,279 (44,010) 124,237 64,958 Ecopetrol del Perú S.A. U.S. dollar 100 % Exploration and exploitation of hydrocarbons Peru Peru 53,003 305 55,202 2,199 Bioenergy S.A.S. (1) Colombian peso 99.61 % Production of biofuels Colombia Colombia 26,508 (20,248) 194,257 167,749 Ecopetrol Costa Afuera S.A.S. Colombian peso 100 % Offshore exploration Colombia Colombia 13,356 1,148 32,017 18,661 Ecopetrol Energía S.A.S E.S.P. Colombian peso 100 % Energy supply service Colombia Colombia 12,661 5,256 72,859 60,198 Esenttia Resinas del Perú SAC U.S. dollar 100 % Commercialization polypropylene resins and masterbatches Peru Peru 6,275 1,319 39,833 33,558 Topili Servicios Administrativos S de RL de CV Mexican peso 100 % Specialized management services Mexico Mexico 16 (35) 20 4 Kalixpan Servicios Técnicos S de RL de CV Mexican peso 100 % Specialized services related to oil and gas industry Mexico Mexico 20 (31) 24 4 Bioenergy Zona Franca S.A.S. (1) Colombian peso 99.61 % Production of biofuels Colombia Colombia (92,416) (2,850) 361,769 454,185
Disclosure of interests in associates and joint ventures	Associated companies and joint ventures Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Joint ventures Equion Energía Limited U.S. dollar 51 % Exploration, exploitation and production of hydrocarbons United Kingdom Colombia 2,499,319 167,727 2,630,351 131,032 Offshore International Group Inc. U.S. dollar 50 % Exploration, exploitation and production of hydrocarbons United States Peru 543,621 (237,752) 1,568,795 1,025,174 Ecodiesel Colombia S.A. (2) Colombian peso 50 % Production, commercialization and distribution of biofuels and oleochemicals Colombia Colombia 103,344 29,188 167,801 64,457 Associates Gases del Caribe S.A. E.S.P. Colombian peso 25.40 % Natural gas distribution and commercialization Colombia Colombia 489,367 278,329 2,132,231 1,642,864 Gas Natural del Oriente S.A. E.S.P. Colombian peso 17.91 % Natural gas distribution and commercialization Colombia Colombia 111,181 52,956 202,644 91,463 Gases de la Guajira S.A. E.S.P. Colombian peso 5.36 % Natural gas distribution and commercialization Colombia Colombia 55,265 18,128 170,937 115,672 Colombiana de Extrusión S.A. -Extrucol S.A. Colombian peso 18.16 % Production of pipes and accessories in polyethylene Colombia Colombia 39,620 7,493 66,110 26,490 E2 Energía Eficiente S. A. E.S.P. Colombian peso 9.92 % Energy services, supply, optimization, development, renewal and innovation of energy resources and infrastructure Colombia Colombia 28,802 4,062 93,736 64,934 Serviport S.A. (3) Colombian peso 49 % Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections and load measurements Colombia Colombia 17,430 568 45,457 28,027 Sociedad Portuaria Olefinas y Derivados S.A. (2) Colombian peso 50 % Construction, use, maintenance and administration of port facilities, ports, private docks Colombia Colombia 4,432 562 8,196 3,764 (1) Companies in liquidation process. See Note 2.2 Basis for consolidation. (2) Information available as of November 30, 2020. Information available as of September 30, 2020, The investment is 100% impaired.

Exhibit 2. Conditions of the _2

Exhibit 2. Conditions of the most significant loans (Tables)	12 Months Ended
	Dec. 31, 2020
Exhibit 2 - Conditions of the most significant debt
Disclosure of loans	Outstanding Outstanding balance balance Interest Amortization Payment of Type of debt Company Issue date Maturity date Currency Disbursement Dec 31, 2020 Dec 31, 2019 rate plan interest Dec-10 Dec-40 COP 479,900 — 479,900 Floating Bullet Half-yearly Dec-10 Dec-40 COP 284,300 284,300 284,300 Floating Bullet Half-yearly Bonds, domestic Ecopetrol S.A. Aug-13 Aug-23 COP 168,600 168,600 168,600 Floating Bullet Half-yearly currency Aug -13 Aug-28 COP 347,500 347,500 347,500 Floating Bullet Half-yearly Aug -13 Aug-43 COP 262,950 262,950 262,950 Floating Bullet Half-yearly Syndicated commercial loan, domestic currency Oleoducto Bicentenario S.A.S Jul-12 Jul-24 COP 2,100,000 800,450 999,950 Floating Quarterly Quarterly Syndicated commercial loan, domestic currency Oleoducto de los Llanos Orientales S.A. Aug -13 Aug-20 COP 800,000 — 96,000 Floating Quarterly Quarterly Nov-20 Aug-25 COP 110,000 110,000 — Floating Half-yearly Half-yearly Commercial loan Inversiones de Gases de Colombia S.A. Invercolsa S.A. and subsidiaries Aug-20 Aug-21 COP 50,000 43,000 — Floating Bullet Quarterly Sep-19 Jul-25 COP 70,912 21,681 70,912 Floating Half-yearly Half-yearly Sep-13 Sep-23 USD 1,300 1,300 1,300 Fixed Bullet Half-yearly Sep-13 Sep-43 USD 850 850 850 Fixed Bullet Half-yearly Ecopetrol S.A. May-14 May-45 USD 2,000 2,000 2,000 Fixed Bullet Half-yearly Bonds, foreign Sep-14 May-25 USD 1,200 1,200 1,200 Fixed Bullet Half-yearly currency Jun-15 Jun-26 USD 1,500 1,500 1,500 Fixed Bullet Half-yearly Jun-16 Sep-23 USD 500 500 500 Fixed Bullet Half-yearly Apr-20 Apr-30 USD 2,000 2,000 2,000 Fixed Bullet Half-yearly Oleoducto Central S.A. (1) May-14 May-21 USD 500 500 500 Fixed Bullet Half-yearly Jul-20 Jul-27 USD 500 500 500 Fixed Bullet Half-yearly Committed credit line Ecopetrol S.A. Apr-20 Sep-23 USD 665 665 — Floating Bullet Half-yearly Dec-17 Dec-27 USD 2,001 1,305 1,530 Fixed Half-yearly Half-yearly International Dec-17 Dec-27 USD 76 49 58 Floating Half-yearly Half-yearly commercial Ecopetrol S.A. Dec-17 Dec-27 USD 73 48 56 Fixed Half-yearly Half-yearly loans (2) Dec-17 Dec-27 USD 159 103 121 Floating Half-yearly Half-yearly Dec-17 Dec-25 USD 359 257 288 Floating Half-yearly Half-yearly (1) (2)

Reporting entity (Details)

Reporting entity (Details)	Dec. 31, 2020
Reporting entity
Proportion of shares available for public trade	11.51%
Proportion of shares held by majority share holders	88.49%

Basis for presentation (Details

Basis for presentation (Details) MMBbls in Millions, $ in Millions, $ in Millions	Nov. 29, 2019	Dec. 31, 2020USD ($)MMBbls	Dec. 31, 2020COP ($)MMBbls	Dec. 31, 2018
Basis for presentation
Decrease in net assets due to loss of control			$ 65,570
Percentage of Direct Share Holdings Of Share Capital				99.00%
Percentage of Indirect Share Holdings Of Share Capital				1.00%
Expenses for health system to COVID-19			$ 85,387
Number Of Barrels | MMBbls		21.7	21.7
Impairment expenses due to COVID-19			$ 633,156
Line Of Credit Member [Member]
Basis for presentation
Proceeds from borrowings		$ 665
Bonds Member [Member]
Basis for presentation
Proceeds from borrowings		$ 2,000
Invercolsa [member]
Basis for presentation
Percentage of ownership interest acquired	8.53%
Percentage of interest held	51.88%

Accounting policies (Details)

Accounting policies (Details)	12 Months Ended
	Dec. 31, 2020
Plant and equipment [member] | Bottom of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Plant and equipment [member] | Top of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	55 years
Pipelines, networks and lines [member] | Bottom of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Pipelines, networks and lines [member] | Top of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	40 years
Buildings [member] | Bottom of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Buildings [member] | Top of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	42 years
Other [member] | Bottom of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Other [member] | Top of range [member]
Disclosure of accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	35 years

Accounting policies - Additiona

Accounting policies - Additional Information (Details)	Dec. 31, 2020
Disclosure of accounting policies [Line Items]
Percentage of interest rate on accumulated severance amount	12.00%
Bottom of range [member]
Disclosure of accounting policies [Line Items]
Percentage of voting equity interests acquired	20.00%
Top of range [member]
Disclosure of accounting policies [Line Items]
Percentage of voting equity interests acquired	50.00%

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and cash equivalents.
Banks	$ 4,215,518	$ 5,813,306
Short-term investments	866,606	1,262,105
Cash	184	347
Cash and cash equivalents	$ 5,082,308	$ 7,075,758	$ 6,311,744	$ 7,945,885

Cash and cash equivalents - Cre

Cash and cash equivalents - Credit quality of issuers of investments (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
IFRS Statement [Line Items]
Cash and cash equivalents	$ 5,082,308	$ 7,075,758	$ 6,311,744	$ 7,945,885
AAA [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	2,578,090	3,851,656
F1+ [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	1,286,310	244,547
A-1 [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	851,394	1,244,462
F1 [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	207,773	0
BRC1+ [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	99,923	673,342
AAAf [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	28,552	0
F3 [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	12,184	0
A [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	4,319	167,404
BRC 1 [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	2,336	0
AA [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	2,162	0
AA Three [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	1,431	0
AA Two [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	546	229,473
BBB [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	121	569,514
AA- [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	22	0
A-2 [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	0	89,996
BB [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	0	43
BAA2 [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	0	10
Other [Member]
IFRS Statement [Line Items]
Cash and cash equivalents	$ 7,145	$ 5,311

Cash and cash equivalents - Add

Cash and cash equivalents - Additional Information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents.
Restricted cash	$ 11,682	$ 85,286
Average rate of return earned on cash and cash equivalent	2.20%	3.20%

Trade and other receivables, _3

Trade and other receivables, net (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Customers
Foreign	$ 2,021,070	$ 2,759,993
Domestic	1,913,106	2,015,517
Fuel price stabilization fund	319,927	256,303
Related parties	105,048	27,449
Accounts receivable from employees	97,723	95,693
Industrial services	39,651	47,691
Other	322,567	497,688
Total current	4,819,092	5,700,334
Non-current
Accounts receivable from employees	474,693	508,588
Domestic customers	51,955	52,819
Related parties	0	93,657	[1]
Other	149,959	131,732
Total non-current	$ 676,607	$ 786,796
[1]	Offshore International Group: Loan granted by Ecopetrol S.A. for USD$57 million in 2016, with an interest rate of 4.99% payable semiannually from 2017 and maturing in 2021. The balance in nominal value of this loan as of December 31, 2020 is USD$28 million (2019 - USD$28 million).

Trade and other receivables, _4

Trade and other receivables, net - Allowance for doubtful accounts (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trade and other receivables, net
Opening balance	$ 282,791	$ 268,654	$ 170,016
Additions, net	16,253	14,158	107,725
Effect of change of control in subsidiaries	(5,517)	0	0
Accounts receivable write-off and uses	(2,383)	(21)	(9,087)
Closing balance	$ 291,144	$ 282,791	$ 268,654

Trade and other receivables, _5

Trade and other receivables, net - Additional Information (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
IFRS Statement [Line Items]
Stabilization fund paid	$ 208,074
Ecopetrol
IFRS Statement [Line Items]
Stabilization fund paid		$ 50,131
Reficar
IFRS Statement [Line Items]
Stabilization fund paid		$ 157,943

Inventories, net (Details)

Inventories, net (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventories, net
Crude oil	$ 1,719,426	$ 1,965,022
Fuels and petrochemicals	1,407,297	1,876,247
Materials for the production of goods	1,927,237	1,816,830
Current inventories	$ 5,053,960	$ 5,658,099

Inventories, net - Changes of t

Inventories, net - Changes of the allowances for losses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventories, net
Opening balance	$ (131,526)	$ (86,938)	$ (194,507)
Additions, net	(9,748)	(44,191)
Reversals, net			115,778
Foreign currency translation	(122)	371	(9,717)
Effect of change of control in subsidiaries	20,075
Uses, transfers and reclassifications	11,772	(768)	1,508
Closing balance	$ (109,549)	$ (131,526)	$ (86,938)

Inventories, net - Additional I

Inventories, net - Additional Information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Inventories, net
Inventories adjustment	$ 9,017	$ 9,759

Other financial assets (Details

Other financial assets (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets measured at fair value through profit or loss
Financial assets at fair value through profit or loss	$ 2,968,659	$ 4,971,057
Other financial assets	3,071,659	4,979,292
Current	2,194,651	1,624,018
Non-current	877,008	3,355,274
Assets measured at fair value through other comprehensive income [Member]
Assets measured at fair value through profit or loss
Other financial assets	732	0
Assets measured at amortized cost [Member]
Assets measured at fair value through profit or loss
Other financial assets	3,391	3,367
Hedging instruments [Member]
Assets measured at fair value through profit or loss
Other financial assets	98,877	4,868
Local currency
Assets measured at fair value through profit or loss
Financial assets at fair value through profit or loss	474,535	1,630,149
Foreign currency
Assets measured at fair value through profit or loss
Financial assets at fair value through profit or loss	$ 2,494,124	$ 3,340,908

Other financial assets - Maturi

Other financial assets - Maturity (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Other financial assets [Line Items]
Other financial assets.	$ 3,071,659	$ 4,979,292
2021
Disclosure of Other financial assets [Line Items]
Other financial assets.	2,194,651	1,624,018
2022
Disclosure of Other financial assets [Line Items]
Other financial assets.	101,216	983,571
Later than two years and not later than five years [member]
Disclosure of Other financial assets [Line Items]
Other financial assets.	573,420	1,791,549
Later than five years [member]
Disclosure of Other financial assets [Line Items]
Other financial assets.	$ 202,372	$ 580,154

Other financial assets - Other

Other financial assets - Other financial assets by fair value hierarchy level (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Other financial assets [Line Items]
Financial assets, at fair value	$ 3,068,268	$ 4,975,925
Level 1
Disclosure of Other financial assets [Line Items]
Financial assets, at fair value	5,273	472,547
Level 2
Disclosure of Other financial assets [Line Items]
Financial assets, at fair value	$ 3,062,995	$ 4,503,378

Other financial assets - Credit

Other financial assets - Credit quality of the issuers of other financial assets (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
IFRS Statement [Line Items]
Other financial assets measured at fair value through profit	$ 3,071,659	$ 4,979,292
Financial assets at fair value through profit or loss	2,968,659	4,971,057
A-1 [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	1,107,777	0
BBB- [member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	758,472	0
F1+ [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	551,626	350,325
AAA [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	353,939	2,707,019
A3 [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	127,861	0
A+ [member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	60,692	712,934
F1 [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	43,839	0
AA- [member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	21,263	186,325
A [member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	21,179	186,222
AA [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	7,759	477,423
AA+ [member]
IFRS Statement [Line Items]
Other financial assets measured at fair value through profit	5,332	155,012
A1 [member]
IFRS Statement [Line Items]
Other financial assets measured at fair value through profit	0	18,168
BBB [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	0	159,968
Other
IFRS Statement [Line Items]
Other financial assets measured at fair value through profit	11,044	25,896
Rating Not Available [Member]
IFRS Statement [Line Items]
Financial assets at fair value through profit or loss	$ 876	$ 0

Other financial assets - Additi

Other financial assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Colombian pesos [Member]
Disclosure of Other financial assets [line Items]
Average rate of return on investments	5.60%	5.40%
USD$ Million
Disclosure of Other financial assets [line Items]
Average rate of return on investments	2.30%	3.60%

Taxes - Current and Non-current

Taxes - Current and Non-current tax assets and liabilities (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current tax assets
Current tax assets	$ 3,976,295	$ 1,518,807
Non-current tax assets	8,071,733	6,809,347
Current tax liabilities
Current tax liabilities	1,243,883	2,570,779
Non current tax liabilities	1,866,054	1,399,374
Income tax payable [Member]
Current tax liabilities
Current tax liabilities	811,197	1,967,353
Industry and commerce Tax [Member]
Current tax liabilities
Current tax liabilities	161,813	195,776
National tax and surcharge on gasoline [Member]
Current tax liabilities
Current tax liabilities	137,710	145,569
Carbon tax [Member]
Current tax liabilities
Current tax liabilities	64,091	54,586
Value added tax [Member]
Current tax liabilities
Current tax liabilities	5,607	33,098
Other taxes [Member]
Current tax liabilities
Current tax liabilities	63,465	174,397
Deferred tax liabilities [member]
Current tax liabilities
Non current tax liabilities	1,639,206	1,328,831
Income Tax credits [Member]
Current tax liabilities
Non current tax liabilities	226,848	70,543
Deferred tax assets [Member]
Current tax assets
Non-current tax assets	7,673,912	6,809,347
Income tax credits [Member]
Current tax assets
Non-current tax assets	397,821	0
Income tax [member]
Current tax assets
Current tax assets	1,823,027	190,605
Credit tax balance [Member]
Current tax assets
Current tax assets	1,311,693	614,005
Other taxes [Member]
Current tax assets
Current tax assets	$ 841,575	$ 714,197

Taxes - Income tax expense (Det

Taxes - Income tax expense (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about income tax [Line Items]
Current income tax	$ 2,861,606	$ 7,117,040	$ 7,539,093
Deferred income tax related to Guajira Association contract	(791,824)	(2,365,108)	783,136
Adjustments to prior years' current and deferred tax	(31,121)	(33,519)	(63,744)
Income tax expenses	2,038,661	4,718,413	$ 8,258,485
Variation in bases for determination of current income taxes	4,776,521	$ 19,723,568
Chevron
Disclosure of detailed information about income tax [Line Items]
Deferred income tax related to Guajira Association contract	$ 383,346

Taxes - Reconciliation of the i

Taxes - Reconciliation of the income tax expenses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Taxes
Net income before income tax	$ 4,776,514	$ 19,723,568	$ 20,613,875
Statutory rate	32.00%	33.00%	37.00%
Income tax at statutory rate	$ 1,528,484	$ 6,508,777	$ 7,627,134
Effective tax rate reconciliation items:
Non-deductible expenses	289,043	295,550	379,633
Reversal of deferred tax recognized in prior years	245,508	0	0
Rate differential adjustment	14,974	132,888	172,352
Impairment of non-current assets	0	57,646	(128,461)
Variation in equity accounting method in Invercolsa	7,002	(2,943)	0
Non-taxable income	(35,471)	(524,658)	(119,963)
Prior years' taxes	(50,159)	(33,519)	(63,744)
Foreign currency translation and exchange difference	59,852	(54,319)	751,210
Tax discounts and tax credit	(20,572)	(110,857)	0
Ecopetrol U.S.A. adjustment income tax	0	(1,550,152)	0
Effect of tax reform	0	0	(359,676)
Income tax expenses	$ 2,038,661	$ 4,718,413	$ 8,258,485
Effective tax rate	42.70%	23.90%	40.10%
Current	$ 2,583,832	$ 7,127,492	$ 7,416,038
Deferred	(545,171)	(2,409,079)	842,447
Income tax expenses	$ 2,038,661	$ 4,718,413	$ 8,258,485

Taxes - Deferred income tax (De

Taxes - Deferred income tax (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Taxes
Deferred tax assets	$ 7,673,912	$ 6,809,347
Deferred tax liabilities	(1,639,206)	(1,328,831)
Net deferred income tax	$ 6,034,706	$ 5,480,516

Taxes - Deferred tax assets and

Taxes - Deferred tax assets and liabilities (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	$ 6,034,706	$ 5,480,516	$ 2,541,484	$ 2,682,881
Loss carry forwards [Member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	4,478,606	2,550,816	1,002,062
Provisions [Member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	3,187,850	2,404,032	1,994,762
Employee benefits [Member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	1,874,242	1,875,872	1,161,860
Accounts payable [Member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	(10,626)	711,503	365,646
Loans and borrowings
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	846,019	920,203	827,452
Accounts receivable [Member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	183,843	139,410	79,591
Excess presumptive income
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	61,722	298,273	(37,638)
Others [Member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	47,269	(15,189)	(143,717)
Goodwill [member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	(366,346)	(363,968)	(404,394)
Property, plant and equipment and Natural and environmental resources [Member]
Disclosure Of Taxes [Line Items]
Deferred tax assets (liabilities)	$ (4,267,873)	$ (3,040,436)	$ (2,304,140)

Taxes - Deferred tax (Details)

Taxes - Deferred tax (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Taxes [Line Items]
Opening balance	$ 5,480,516	$ 2,541,484	$ 2,682,881
Profit or loss	928,517	2,409,079	(842,447)
Profit or loss	848,010	2,380,202
OCI	89,526	656,835	666,767
Increase due to business combinations (Guajira association - Note 12)	(383,346)	(98,005)	0
Closing balance	6,034,706	5,480,516	2,541,484
Property, plant and equipment and Natural and environmental resources [Member]
Disclosure Of Taxes [Line Items]
Opening balance	(3,040,436)	(2,304,140)
Profit or loss	(844,091)	(736,296)
OCI	0	0
Increase due to business combinations (Guajira association - Note 12)	(383,346)	0
Closing balance	(4,267,873)	(3,040,436)	(2,304,140)
Provisions [Member]
Disclosure Of Taxes [Line Items]
Opening balance	2,404,032	1,994,762
Profit or loss	783,818	409,270
Closing balance	3,187,850	2,404,032	1,994,762
Employee benefits [Member]
Disclosure Of Taxes [Line Items]
Opening balance	1,875,872	1,161,860
Profit or loss	39,608	(57,343)
OCI	(41,238)	771,355
Closing balance	1,874,242	1,875,872	1,161,860
Loss carry forwards [Member]
Disclosure Of Taxes [Line Items]
Opening balance	2,550,816	1,002,062
Profit or loss	1,927,790	1,548,754
Closing balance	4,478,606	2,550,816	1,002,062
Accounts payable [Member]
Disclosure Of Taxes [Line Items]
Opening balance	711,503	365,646
Profit or loss	(722,129)	345,857
Closing balance	(10,626)	711,503	365,646
Accounts receivable [Member]
Disclosure Of Taxes [Line Items]
Opening balance	139,410	79,591
Profit or loss	44,433	59,819
OCI	0	0
Increase due to business combinations (Guajira association - Note 12)	0	0
Closing balance	183,843	139,410	79,591
Goodwill [member]
Disclosure Of Taxes [Line Items]
Opening balance	(363,968)	(404,394)
Profit or loss	(2,378)	40,426
OCI	0	0
Increase due to business combinations (Guajira association - Note 12)	0	0
Closing balance	(366,346)	(363,968)	(404,394)
Others [Member]
Disclosure Of Taxes [Line Items]
Opening balance	(15,189)	(143,717)
Profit or loss	(68,306)	341,053
OCI	130,764	(114,520)
Increase due to business combinations (Guajira association - Note 12)	0	(98,005)
Closing balance	47,269	(15,189)	(143,717)
Loans and borrowings
Disclosure Of Taxes [Line Items]
Opening balance	920,203	827,452
Profit or loss	(74,184)	92,751
Closing balance	846,019	920,203	827,452
Excess presumptive income
Disclosure Of Taxes [Line Items]
Opening balance	298,273	(37,638)
Profit or loss	(236,551)	335,911
Closing balance	$ 61,722	$ 298,273	$ (37,638)

Taxes - Deferred tax detail rec

Taxes - Deferred tax detail recognized (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Taxes
Opening balance	$ 5,480,516	$ 2,541,484	$ 2,682,881
Deferred tax recognized in profit or loss	928,517	2,409,079	(842,447)
Increase due to business combinations (Note 12)	(383,346)	(98,005)	0
Deferred tax recognized in other comprehensive income(a)	89,526	656,835	666,767
Foreign currency translation	(80,507)	(28,877)	34,283
Closing balance	$ 6,034,706	$ 5,480,516	$ 2,541,484

Taxes - Income tax recorded in

Taxes - Income tax recorded in other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about income tax [Line Items]
Pre-tax	$ 303,298	$ 2,233,149	$ 2,228,559
Deferred tax	(89,526)	(656,835)	(666,767)
After tax	213,772	1,576,314	1,561,792
Cash flow hedging for future crude oil exports [member]
Disclosure of detailed information about income tax [Line Items]
Pre-tax	(1,186)	(356,339)	797,658
Deferred tax	1,908	118,008	(264,284)
After tax	722	(238,331)	533,374
Hedge of a net investment in a foreign operation
Disclosure of detailed information about income tax [Line Items]
Pre-tax	520,490	87,524	1,382,278
Deferred tax	(156,147)	(26,257)	(410,324)
After tax	364,343	61,267	971,954
Hedge with derivative instruments
Disclosure of detailed information about income tax [Line Items]
Pre-tax	(78,547)	(69,220)	77,872
Deferred tax	23,475	22,769	(25,698)
After tax	(55,072)	(46,451)	52,174
Actuarial valuation gains (losses) [member]
Disclosure of detailed information about income tax [Line Items]
Pre-tax	(137,459)	2,571,184	(29,249)
Deferred tax	41,238	(771,355)	33,539
After tax	$ (96,221)	$ 1,799,829	$ 4,290

Taxes - Additional Information

Taxes - Additional Information (Details) $ in Thousands, $ in Millions	Jan. 01, 2018	Dec. 31, 2021	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018	Dec. 31, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate			32.00%	33.00%	37.00%
Average effective tax rate			42.70%	23.90%	40.10%
Description of nature of potential income tax consequences that would result from payment of dividend			Further, if the earnings against which the dividends are distributed were not subject to corporate tax, these dividends are taxable by the income tax applicable during the distribution period (for 2019 the rate is 33%). In this scenario, the 7.5% tax on dividends will be applicable to the distributed amount, once it is reduced by the 32% in 2020 (33% in 2019) income tax rate.
Description of tax losses carry forward			Tax losses generated as of January 1, 2017 may be offset against ordinary net income obtained in the following 12 taxable years.
Deferred tax assets							$ 8,071,733,000		$ 6,809,347,000
RTA / Deferred tax update			$ 19,038,000
Description Of Vat Rate And Conditions			Concerning VAT, changes have been made to the list of goods and services excluded from VAT as set forth in Articles 424, 426 and 476 of the Tax Code, adding Article 437 to the Tax Code, with regard to guidelines on compliance with formal duties concerning VAT by service providers abroad, and it has been noted that VAT withholding may be up to 50% of the tax amount, subject to regulation by the National Government. The VAT rate remains at 19%.
Description Of Audit Benefit Terms			Additionally, an audit benefit was included for fiscal years 2020 to 2021. Under this benefit, the income tax returns that reflect an increase in the net income tax of at least 30%,
Limitations Covering Tax Return With Favourable Balance Period			3 years
Description of Change in Limitation Period upon Compliance of Given Condition			Returns filed by taxpayers that have made transactions, subject to the transfer pricing regulations, have a five-year statute of limitations, for the tax returns that are filed as of January 1, 2020.
Description of statute of limitations for tax return in which tax losses are originated or carried forward			For tax returns in which tax losses are carried forward, the statute of limitations will be 6 years (5 years from 2020) counted as of their filing date.
Description of Extending the Limitation upon the Compliance of Given Conditions			With respect to tax returns where tax losses are calculated, the statute of limitations will be 12 years and if the losses are carried forward within the last 2 years of the 12–year period, the statute of limitations will be extended up to 3 additional years from the year of offsetting.
Description of Change in Effective tax rate			The increase from the previous year is mainly due to: a) the decrease in projected profit at the end of each year, b) the limitation in the use of the tax credits, c) the effect of the adjustment for exchange differences in the companies of the business group that are dollar functional currency, d) the effect of the adjustment of Permian in 2019 and e) the effect of the companies of the group with losses that have a nominal rate different from the parent company.
Description of Consistency in The Return When Increase in Minimum Tax rate			Additionally, an audit benefit was included for fiscal years 2020 to 2021. Under this benefit, the income tax returns that reflect an increase in the net income tax of at least 30%, or 20% over the net income tax of the immediately preceding year, shall be considered firm for six (6) or twelve (12) months, respectively after the date of presentation if not notified of a deadline for correction or special requirement, or a special deadline or provisional settlement, provided that the return is filed timely and the payment is made within the established deadlines.
Threshold Limit of Income tax Below which Tax Benefit is Not Applicable			$ 25,000
Percentage of gains			10.00%
Base tax amount							812,673,000
Deferred tax assets amount unrecognized			$ 81,267,000
Percentage of tax discount in the industry and commerce tax			50.00%	50.00%
Excesses of presumptive income			$ 199,103,000
Deferred tax asset recognised			7,673,912,000	$ 6,809,347,000
Increase in profit due to recognition of deferred tax asset			$ 247,420,000
Description of deferred tax assets recognized.			The above benefit does not apply to: (i) taxpayers who have access to tax benefits due to their location in a specified geographic region; (ii) if it is demonstrated that the withholding taxes reported are non-existent; (iii) if the net income tax is less than 71 UVT (COP$2,5 for fiscal year 2020). The reduced status of limitation stated is not applicable for withholding tax returns and VAT retuns, which shall follow the general tax rules.
Deferred Tax Liabilities, Net							1,639,206,000		1,328,831,000
Deferred Tax liabilities							1,866,054,000		1,399,374,000
Chevron
Disclosure of detailed information about income tax [Line Items]
Deferred Tax Liabilities, Net							383,346,000
Unreported Assets and Nonexistent Liabilities [Member]
Disclosure of detailed information about income tax [Line Items]
Applicable Tax Rate On Unreported Assets or Nonexistent Liabilities			15.00%
2019 [Member]
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate			33.00%	33.00%
Percentage Of Net Equity				1.50%
Presumptive income tax				1.50%
2020 [Member]
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate			32.00%
Percentage Of Net Equity			0.50%
Presumptive income tax			0.50%
2021 [Member]
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate		31.00%	31.00%
Presumptive income tax			0.00%
2022 [Member]
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate			30.00%
Excess of Income tax losses [Member]
Disclosure of detailed information about income tax [Line Items]
Deferred tax assets for tax losses and excesses of presumptive income amount			$ 4,540,328,000	$ 2,849,087,000
Dividend Tax Rate [Member]
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate			10.00%	7.50%
Refinera de Cartagena
Disclosure of detailed information about income tax [Line Items]
Tax losses							8,007,852,000
Deferred tax asset recognised			$ 1,601,570,000	$ 1,052,848,000
Refinera de Cartagena | Loss carry forwards [Member]
Disclosure of detailed information about income tax [Line Items]
Deferred tax asset recognised			1,601,570,000
Refinera de Cartagena And Ecopetrol USA
Disclosure of detailed information about income tax [Line Items]
Tax losses							9,394,582,000		6,385,989,000
Andean Chemicals Ltd. [Member]
Disclosure of detailed information about income tax [Line Items]
Additional Deferred tax asset recognised			71,305,000
Deferred tax assets not recognised			1,912,000
Reficar
Disclosure of detailed information about income tax [Line Items]
Excess presumptive income were not recognised			245,508,000
Ecopetrol USA
Disclosure of detailed information about income tax [Line Items]
Tax losses						$ 404	1,386,730,000
Deferred tax asset recognised			$ 306,172,000	$ 182,977,000
Tax carry forward term			20 years
Tax losses as a percentage of taxable income	80.00%
Ecopetrol USA | Loss carry forwards [Member]
Disclosure of detailed information about income tax [Line Items]
Deferred tax asset recognised			$ 1,663,411,000
Ecopetrol
Disclosure of detailed information about income tax [Line Items]
Works for taxes							94,185,000
Ecopetrol Group
Disclosure of detailed information about income tax [Line Items]
Excesses of presumptive income			61,722,000
Cenit Transporte y Logistica S.A.S. [Member]
Disclosure of detailed information about income tax [Line Items]
Works for taxes							39,379,000
Ecopetrol Group
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate				32.00%
Tax losses							3,953,551,000
Deferred tax asset recognised			$ 1,189,973,000
Tax carry forward term			12 years
Ecopetrol Group | Bioenergy | Loss carry forwards [Member]
Disclosure of detailed information about income tax [Line Items]
Deferred tax asset recognised			$ 1,189,973,000
Ecopetrol USA Inc
Disclosure of detailed information about income tax [Line Items]
Tax losses							$ 6,532,048,000	$ 1,904	$ 6,144,400,000
Deferred tax asset recognised			$ 1,357,239,000	$ 1,288,249,000
Tax carry forward term			20 years
Bottom of range [member]
Disclosure of detailed information about income tax [Line Items]
Tariff Percentage			30.00%
Top of range [member]
Disclosure of detailed information about income tax [Line Items]
Tariff Percentage			31.00%
Colombia Country [Member]
Disclosure of detailed information about income tax [Line Items]
Withholding Dividend Tax Rate			7.50%
Free Trade Zone Area [Member]
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate			20.00%
Free Trade Zone Area [Member] | Ecopetrol Group
Disclosure of detailed information about income tax [Line Items]
Presumptive income, percentage on beginning equity				15.00%
Free trade zone with legal stability contract [Member] | Ecopetrol Group
Disclosure of detailed information about income tax [Line Items]
Applicable tax rate			15.00%

Other assets (Details)

Other assets (Details) - COP ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Current
Partners in joint operations	[1]	$ 534,145	$ 921,983
Advanced payments to contractors and suppliers		503,698	360,781
Prepaid expenses		369,979	272,007
Trust funds	[2]	218,158	144,798
Related parties		7,093	57,016
Other assets		30,963	22,393
Total current		1,664,036	1,778,978
Non-current
Abandonment and pension funds	[3]	405,376	445,457
Trust funds	[4]	338,067	171,008
Employee benefits		221,658	220,998
Advanced payments and deposits		54,392	56,027
Judicial deposits and attachments		42,672	40,317
Other assets		27,949	8,674
Total non-current		$ 1,090,114	$ 942,481
[1]	Corresponds to the net amount of cash calls and cutbacks generated in relation to the operations carried out with partners through Exploration and Production (E&P) contracts, Technical Evaluations (TEA) contracts and agreements entered in to with the National Hydrocarbons Agency (ANH), as well as through association contracts and other types of contracts.
[2]	It mainly includes the deposits related to Guajira Association's abandonment fund.
[3]	Mainly corresponds to Ecopetrol’s share in trusts established to support costs of abandonment of wells and dismantling of facilities, as well as the payment of future retirement pensions in some association contracts.
[4]	Mainly includes the resources invested in fiduciary commissions destined to "works for taxes", mechanism of payment of the income tax of 2019 and 2020, constituted in compliance with article 238 of Law 1819 of 2016 - Tax reform.

Business combinations - Recogni

Business combinations - Recognized for the assets acquired and the liabilities (Details) - Guajira Association $ in Millions	Dec. 31, 2020COP ($)
Amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition
Accounts receivable	$ 19,545
Property, plant and equipment	1,190,547
Natural resources	830,494
Right-of-use asset	206
Other assets	258,767
Total Assets	2,299,559
Accounts payable	(20,927)
Deferred tax	(421,957)
Provisions	(72,032)
Other liabilities	(136,942)
Total Liabilities	(651,858)
Fair value of net assets	1,647,701
Ecopetrol
Amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition
Property, plant and equipment	829,121
Natural resources	615,642
Other assets	113,107
Total Assets	1,557,870
Accounts payable	(585)
Deferred tax	(383,346)
Provisions	(37,798)
Other liabilities	(34,455)
Total Liabilities	(456,184)
Fair value of net assets	1,101,686
Hocol S.A. [Member]
Amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition
Accounts receivable	19,545
Property, plant and equipment	361,426
Natural resources	214,852
Right-of-use asset	206
Other assets	145,660
Total Assets	741,689
Accounts payable	(20,342)
Deferred tax	(38,611)
Provisions	(34,234)
Other liabilities	(102,487)
Total Liabilities	(195,674)
Fair value of net assets	$ 546,015

Business combinations - Effect

Business combinations - Effect on operating results (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition
Right-of-use assets	$ 377,886	$ 456,225
Net profit from the acquisition [abstract]
Deferred tax expense	(928,517)	$ (2,409,079)	$ 842,447
Guajira Association
Acquisition-date fair value of total consideration transferred [abstract]
Fair value of the net assets	1,647,701
Book value of net assets	(200,660)
Consideration paid	454,630
Foreign currency translation	(5,359)
Net profit from the acquisition	987,052
Amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition
Property, plant and equipment (Note 14)	1,082,096
Natural and environmental resources (Note 15)	778,398
Intangibles (Note 17)	156
Accounts receivable	19,545
Right-of-use assets	206
Other assets	145,660
Accounts payable	(20,342)
Deferred tax	(38,611)
Provisions	(34,234)
Other liabilities	(102,487)
Consideration paid	(454,630)
Foreign currency translation	(5,359)
Subtotal	1,370,398
Net profit from the acquisition [abstract]
Profit on acquisition before deferred tax	1,370,398
Deferred tax expense	(383,346)
Net profit from the acquisition	987,052
Guajira Association | Ecopetrol
Acquisition-date fair value of total consideration transferred [abstract]
Fair value of the net assets	1,101,686
Book value of net assets	(200,660)
Net profit from the acquisition	901,026
Amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition
Property, plant and equipment (Note 14)	720,670
Natural and environmental resources (Note 15)	563,546
Intangibles (Note 17)	156
Subtotal	1,284,372
Net profit from the acquisition [abstract]
Profit on acquisition before deferred tax	1,284,372
Deferred tax expense	(383,346)
Net profit from the acquisition	901,026
Guajira Association | Hocol S.A. [Member]
Acquisition-date fair value of total consideration transferred [abstract]
Fair value of the net assets	546,015
Consideration paid	454,630
Foreign currency translation	(5,359)
Net profit from the acquisition	86,026
Amounts recognised for the assets acquired and the liabilities assumed at the date of acquisition
Property, plant and equipment (Note 14)	361,426
Natural and environmental resources (Note 15)	214,852
Accounts receivable	19,545
Right-of-use assets	206
Other assets	145,660
Accounts payable	(20,342)
Deferred tax	(38,611)
Provisions	(34,234)
Other liabilities	(102,487)
Consideration paid	(454,630)
Foreign currency translation	(5,359)
Subtotal	86,026
Net profit from the acquisition [abstract]
Profit on acquisition before deferred tax	86,026
Net profit from the acquisition	$ 86,026

Business combinations - Additio

Business combinations - Additional Information (Details) - COP ($) $ in Millions		Jan. 01, 2020	Nov. 29, 2019	Nov. 22, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about business combination [line items]
Goodwill.					$ 1,594,279	$ 1,159,922
Acquisition-related costs					19,898
Profit (loss) from operating activities					7,181,765	21,027,158	$ 22,458,414
Profit (loss)					2,737,853	15,005,155	12,355,390
Property, plant and equipment.					66,508,338	$ 64,214,822	$ 62,799,983
Hocol S.A. [Member]
Disclosure of detailed information about business combination [line items]
Acquisition-related costs					361,426
Invercolsa [member]
Disclosure of detailed information about business combination [line items]
Goodwill.	[1]				434,357
Invercolsa [member]
Disclosure of detailed information about business combination [line items]
Percentage of interest acquired			8.53%
Percentage of interest held			51.88%
Guajira Association
Disclosure of detailed information about business combination [line items]
Percentage of interest held				100.00%
Profit (loss) from operating activities					238,955
Profit (loss)					$ 161,423
Operating income, if the business combination took place on January 1		$ 50,308,407
Net profit, if the business combination took place on January 1		$ 2,766,398
Period within which the movement on the assets acquired and the liabilities assumed must complete				180 days
Guajira Association | Ecopetrol S.A.
Disclosure of detailed information about business combination [line items]
Percentage of interest held				57.00%
Guajira Association | Hocol S.A. [Member]
Disclosure of detailed information about business combination [line items]
Percentage of interest held				43.00%
[1]	Corresponds to the value recognized by updating the fair value of Invercolsa S.A. (Note 12).

Investments in associates and_3

Investments in associates and joint ventures - Composition and movements (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments in joint ventures
Investments in joint ventures	$ 1,383,379	$ 1,418,315
Investments in associates
Investments in associates	1,791,249	1,826,757
Investments in joint ventures and associates	3,174,628	3,245,072	$ 1,844,336	$ 1,330,460
Gross carrying amount [member]
Investments in joint ventures
Investments in joint ventures	2,307,665	2,271,033
Investments in associates
Investments in associates	1,799,790	1,837,827
Gases del Caribe S.A. E.S.P. [member] | Gross carrying amount [member]
Investments in associates
Investments in associates	1,512,629	1,527,911
Gas Natural del Oriente S.A. E.S.P. | Gross carrying amount [member]
Investments in associates
Investments in associates	143,893	166,685
Gases de la Guajira S.A. E.S.P. | Gross carrying amount [member]
Investments in associates
Investments in associates	69,518	68,608
Extrucol S.A. | Gross carrying amount [member]
Investments in associates
Investments in associates	26,996	32,847
E2 Energia Eficiente S.A. E.S.P. | Gross carrying amount [member]
Investments in associates
Investments in associates	35,614	28,501
Sociedad Colombiana de Servicios Portuarios S.A. - Serviport S.A. | Gross carrying amount [member]
Investments in associates
Investments in associates	8,541	11,070
Serviport S.A | Accumulated impairment [member]
Investments in associates
Investments in associates	(8,541)	(11,070)
Sociedad Portuaria Olefinas y Derivados | Gross carrying amount [member]
Investments in associates
Investments in associates	2,599	2,205
Equion Energia Limited
Investments in joint ventures
Investments in joint ventures	2,499,319	2,234,067
Equion Energia Limited | Gross carrying amount [member]
Investments in joint ventures
Investments in joint ventures	1,642,735	1,515,067
Equion Energia Limited | Accumulated impairment [member]
Investments in joint ventures
Investments in joint ventures	(314,460)	(322,388)
Offshore International Group
Investments in joint ventures
Investments in joint ventures	543,620	736,847
Offshore International Group | Gross carrying amount [member]
Investments in joint ventures
Investments in joint ventures	613,258	709,871
Offshore International Group | Accumulated impairment [member]
Investments in joint ventures
Investments in joint ventures	(609,826)	(530,330)
Ecodiesel Colombia S.A | Gross carrying amount [member]
Investments in joint ventures
Investments in joint ventures	$ 51,672	$ 46,095

Investments in associates and_4

Investments in associates and joint ventures - Movement of investments in associates and joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Investments in associates and joint ventures [Line Items]
Opening balance	$ 3,245,072	$ 1,844,336	$ 1,330,460
Effects of equity method through:
Profit or loss	76,336	366,904	165,836
Other comprehensive income	(2,923)	(170,460)	137,562
Dividends declared	(157,682)	(79,866)	(90,350)
Impairment reversal (loss) (Note 18)	(66,512)	(318,820)	300,828
Foreign currency translation and other movements	80,337	1,602,978
Closing balance	3,174,628	3,245,072	1,844,336
Dividends received	157,241	189,169
Joint ventures
Disclosure of Investments in associates and joint ventures [Line Items]
Opening balance	1,418,315	1,599,674	1,105,282
Effects of equity method through:
Profit or loss	(38,443)	257,366	59,928
Other comprehensive income	0	4,531	135,831
Dividends declared	(9,017)	(4,192)	(3,503)
Impairment reversal (loss) (Note 18)	(69,041)	(318,962)	302,136
Foreign currency translation and other movements	81,565	(120,102)
Closing balance	1,383,379	1,418,315	1,599,674
Offshore International Group
Effects of equity method through:
Foreign currency translation and other movements	2,527
Associates
Disclosure of Investments in associates and joint ventures [Line Items]
Opening balance	1,826,757	244,662	225,178
Effects of equity method through:
Profit or loss	114,779	109,538	105,908
Other comprehensive income	(2,923)	(174,991)	1,731
Dividends declared	(148,665)	(75,674)	(86,847)
Impairment reversal (loss) (Note 18)	2,529	142	(1,308)
Foreign currency translation and other movements	(1,228)	1,723,080
Closing balance	$ 1,791,249	$ 1,826,757	$ 244,662

Investments in associates and_5

Investments in associates and joint ventures - Additional information about associates and joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of financial position
Current assets	$ 22,834,374	$ 23,364,461
Non-current assets	114,859,795	110,525,835
Total assets	137,694,169	133,890,296
Current liabilities	18,282,443	21,742,299
Non-current liabilities	65,912,363	53,916,369
Total liabilities	84,194,806	75,658,668
Equity	53,499,363	58,231,628	$ 57,107,780	$ 48,215,699
Other complementary information
Cash and cash equivalents	5,082,308	7,075,758	6,311,744	$ 7,945,885
Loans and borrowings	4,923,346	5,012,173
Non-current Loans and borrowings	41,808,408	33,226,966
Statement of profit or loss
Sales revenue	50,223,393	71,488,512	68,603,872
Costs	(37,567,472)	(44,972,360)	(41,184,379)
Other operating income (expenses), net	(3,373,150)	(2,151,599)	(1,653,858)
Financial (expenses) income	(2,481,587)	(1,670,494)	(2,010,375)
Income tax	2,038,661	4,718,413	8,258,485
Financial year results	2,737,853	15,005,155	12,355,390
Other comprehensive income (loss) for the year, net of tax	1,356,224	(1,743,107)	1,037,450
Offshore International Group
Statement of financial position
Current assets	266,240	284,591
Non-current assets	1,302,555	1,481,680
Total assets	1,568,795	1,766,271
Current liabilities	154,086	310,561
Non-current liabilities	871,089	718,863
Total liabilities	1,025,175	1,029,424
Equity	543,620	736,847
Other complementary information
Cash and cash equivalents	110,622	48,752
Statement of profit or loss
Sales revenue	325,812	529,167	653,054
Costs	(364,750)	(690,484)	(585,192)
Other operating income (expenses), net	(234,597)	(64,115)	(353,010)
Financial (expenses) income	(24,034)	(31,288)	(21,227)
Income tax	59,818	208,473	(16,594)
Financial year results	(237,751)	(48,247)	(322,969)
Other comprehensive income (loss) for the year, net of tax	0	0	0
Depreciation and amortization	205,243	226,654	243,601
Equion Energia Limited
Statement of financial position
Current assets	2,616,813	2,530,453
Non-current assets	13,538	95,384
Total assets	2,630,351	2,625,837
Current liabilities	81,259	315,002
Non-current liabilities	49,773	76,768
Total liabilities	131,032	391,770
Equity	2,499,319	2,234,067
Other complementary information
Cash and cash equivalents	36,601	188,820
Statement of profit or loss
Sales revenue	257,066	1,285,891	1,490,177
Costs	(127,672)	(671,179)	(755,656)
Other operating income (expenses), net	60,852	(624)	29,136
Financial (expenses) income	(1,090)	(3,660)	(3,659)
Income tax	(45,137)	(214,048)	(338,487)
Financial year results	144,019	396,380	421,511
Other comprehensive income (loss) for the year, net of tax	1,223,990	1,102,757	1,095,090
Depreciation and amortization	$ 41,536	$ 404,482	$ 511,615

Investments in associates and_6

Investments in associates and joint ventures - Reconciliation of equity (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Investments in associates and joint ventures [Line Items]
Equity of the joint venture	$ 1,383,379	$ 1,418,315
Equion Energia Limited
Disclosure of Investments in associates and joint ventures [Line Items]
Equity of the joint venture	$ 2,499,319	$ 2,234,067
% of Ecopetrol's ownership	51.00%	51.00%
Ecopetrol's ownership	$ 1,274,654	$ 1,139,374
Additional value of the investment	375,693	375,693
Impairment	(314,460)	(322,388)
Unrealized gain	(7,612)
Carrying amount of the investment	1,328,275	1,192,679
Offshore International Group
Disclosure of Investments in associates and joint ventures [Line Items]
Equity of the joint venture	$ 543,620	$ 736,847
% of Ecopetrol's ownership	50.00%	50.00%
Ecopetrol's ownership	$ 271,811	$ 368,424
Additional value of the investment	341,447	341,447
Impairment	(609,826)	(530,330)
Carrying amount of the investment	$ 3,432	$ 179,541

Property, plant and equipment_2

Property, plant and equipment (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	$ 64,214,822	$ 62,799,983
Adjustment on fair value for business combinations (Note 12)	31,137
Ending Balance	66,508,338	64,214,822
Acquisition-related costs	19,898
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	105,498,487	100,131,011
Additions/capitalizations	5,032,317	4,012,659
Effect of control loss in subsidiaries (3)	(1,363,286)
Adjustment on fair value for business combinations (Note 12)	720,670	1,338,947
Increase (Decrease) in abandonment costs	203,364	256,751
Capitalized financial interests	136,361	142,310
Exchange differences capitalized	4,338	7,716
Disposals	(767,268)	(840,924)
Foreign currency translation	1,996,422	361,709
Transfers/ reclassifications	(498,946)	88,308
Ending Balance	110,962,459	105,498,487
Accumulated amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(41,283,665)	(37,331,028)
Depreciation expense	(4,384,980)	(4,084,564)
Reversal (loss) of an impairment	(384,638)	(373,123)
Disposals	618,501	707,501
Effect of control loss in subsidiaries	1,030,640
Foreign currency translation	(481,516)	(146,685)
Transfers/ reclassifications	431,537	(55,766)
Ending Balance	(44,454,121)	(41,283,665)
Plant and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	28,959,829	28,488,953
Ending Balance	29,831,912	28,959,829
Plant and equipment [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	47,995,471	46,474,369
Additions/capitalizations	1,625,316	804,570
Effect of control loss in subsidiaries (3)	(298,570)
Adjustment on fair value for business combinations (Note 12)	547,965	123,436
Increase (Decrease) in abandonment costs	181,318	148,764
Capitalized financial interests	42,052	77,627
Exchange differences capitalized	1,338	4,208
Disposals	(491,677)	(500,876)
Foreign currency translation	1,336,351	244,666
Transfers/ reclassifications	149,217	618,707
Ending Balance	51,088,781	47,995,471
Plant and equipment [member] | Accumulated amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(19,035,642)	(17,985,416)
Depreciation expense	(2,296,176)	(2,001,116)
Reversal (loss) of an impairment	(368,754)	519,835
Disposals	443,259	481,384
Effect of control loss in subsidiaries	266,825
Foreign currency translation	(306,506)	(103,365)
Transfers/ reclassifications	40,125	53,036
Ending Balance	(21,256,869)	(19,035,642)
Pipelines, networks and lines [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	19,735,537	19,571,493
Ending Balance	19,583,670	19,735,537
Pipelines, networks and lines [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	36,370,647	34,349,283
Additions/capitalizations	1,179,602	765,994
Effect of control loss in subsidiaries (3)	(592,885)
Adjustment on fair value for business combinations (Note 12)	44,538	1,118,178
Increase (Decrease) in abandonment costs	15,035	102,402
Capitalized financial interests	31,511	32,630
Exchange differences capitalized	1,002	1,769
Disposals	(84,184)	(165,936)
Foreign currency translation	478,103	84,357
Transfers/ reclassifications	(301,675)	81,970
Ending Balance	37,141,694	36,370,647
Pipelines, networks and lines [member] | Accumulated amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(16,635,110)	(14,777,790)
Depreciation expense	(1,634,545)	(1,634,783)
Reversal (loss) of an impairment	329,743	(113,860)
Disposals	75,150	116,769
Effect of control loss in subsidiaries	403,095
Foreign currency translation	(155,927)	(36,341)
Transfers/ reclassifications	59,570	(189,105)
Ending Balance	(17,558,024)	(16,635,110)
Work in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	5,145,288	4,127,262
Ending Balance	6,490,772	5,145,288
Work in progress [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	6,259,654	4,624,703
Additions/capitalizations	1,573,469	2,097,378
Effect of control loss in subsidiaries (3)	(775)
Adjustment on fair value for business combinations (Note 12)	0	44,876
Increase (Decrease) in abandonment costs	0	0
Capitalized financial interests	38,756	12,831
Exchange differences capitalized	1,233	696
Disposals	(79,077)	(78,399)
Foreign currency translation	19,804	2,691
Transfers/ reclassifications	(298,836)	(445,122)
Ending Balance	7,514,228	6,259,654
Work in progress [member] | Accumulated amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(1,114,366)	(497,441)
Depreciation expense	0	0
Reversal (loss) of an impairment	(327,751)	(626,878)
Disposals	3,492	0
Effect of control loss in subsidiaries	262
Foreign currency translation	959	0
Transfers/ reclassifications	413,948	9,953
Ending Balance	(1,023,456)	(1,114,366)
Buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	4,701,691	4,729,755
Ending Balance	4,783,745	4,701,691
Buildings [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	8,157,945	7,852,278
Additions/capitalizations	390,731	243,039
Effect of control loss in subsidiaries (3)	(266,526)
Adjustment on fair value for business combinations (Note 12)	54,413	9,062
Increase (Decrease) in abandonment costs	3,885	1,248
Capitalized financial interests	14,965	15,800
Exchange differences capitalized	476	857
Disposals	(16,390)	(24,050)
Foreign currency translation	59,107	10,757
Transfers/ reclassifications	13,863	48,954
Ending Balance	8,412,469	8,157,945
Buildings [member] | Accumulated amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(3,456,254)	(3,122,523)
Depreciation expense	(341,052)	(326,512)
Reversal (loss) of an impairment	(18,074)	(87,338)
Disposals	14,279	17,807
Effect of control loss in subsidiaries	221,708
Foreign currency translation	(13,707)	(3,656)
Transfers/ reclassifications	(35,624)	65,968
Ending Balance	(3,628,724)	(3,456,254)
Lands [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	3,973,856	3,950,274
Ending Balance	4,034,278	3,973,856
Lands [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	4,054,538	3,984,576
Additions/capitalizations	18,705	20,098
Effect of control loss in subsidiaries (3)	(60,341)
Adjustment on fair value for business combinations (Note 12)	0	22,924
Increase (Decrease) in abandonment costs	0	0
Capitalized financial interests	753	1,033
Exchange differences capitalized	24	56
Disposals	(10,155)	(354)
Foreign currency translation	73,181	12,869
Transfers/ reclassifications	36,121	13,336
Ending Balance	4,112,826	4,054,538
Lands [member] | Accumulated amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(80,682)	(34,302)
Depreciation expense	0	0
Reversal (loss) of an impairment	8,799	(35,533)
Disposals	11	0
Effect of control loss in subsidiaries	30,669
Foreign currency translation	3,403	0
Transfers/ reclassifications	(40,748)	(10,847)
Ending Balance	(78,548)	(80,682)
Other [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	1,698,621	1,932,246
Ending Balance	1,783,961	1,698,621
Other [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	2,660,232	2,845,802
Additions/capitalizations	244,494	81,580
Effect of control loss in subsidiaries (3)	(144,189)
Adjustment on fair value for business combinations (Note 12)	73,754	20,471
Increase (Decrease) in abandonment costs	3,126	4,337
Capitalized financial interests	8,324	2,389
Exchange differences capitalized	265	130
Disposals	(85,785)	(71,309)
Foreign currency translation	29,876	6,369
Transfers/ reclassifications	(97,636)	(229,537)
Ending Balance	2,692,461	2,660,232
Other [member] | Accumulated amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(961,611)	(913,556)
Depreciation expense	(113,207)	(122,153)
Reversal (loss) of an impairment	(8,601)	(29,349)
Disposals	82,310	91,541
Effect of control loss in subsidiaries	108,081
Foreign currency translation	(9,738)	(3,323)
Transfers/ reclassifications	(5,734)	15,229
Ending Balance	(908,500)	$ (961,611)
Hocol S.A. [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Acquisition-related costs	$ 361,426

Natural and environmental res_3

Natural and environmental resources (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Natural and environmental resources [Line Items]
Adjustment at fair value for business combinations (Note 12)	$ 31,137
Net balance	29,072,798
Net balance	31,934,159	$ 29,072,798
Gross carrying amount [member]
Disclosure of Natural and environmental resources [Line Items]
Adjustment at fair value for business combinations (Note 12)	720,670	1,338,947
Gross carrying amount [member] | Oil investments [Member]
Disclosure of Natural and environmental resources [Line Items]
Balance	59,822,566	53,936,041
Additions/capitalizations (1)	3,659,270	5,144,295
Increase (decrease) in abandonment costs (Note 23)	0	5,703
Disposals	(1,806)	(84,052)
Withdrawal of exploratory assets and dry wells (2)	0	0
Capitalized financial interests (3)	111,140	94,995
Exchange differences capitalized	3,535	5,150
Adjustment at fair value for business combinations (Note 12)	563,546
Foreign currency translation	440,978	68,793
Transfers	768,049	651,641
Balance	65,367,278	59,822,566
Gross carrying amount [member] | Asset retirement cost [Member]
Disclosure of Natural and environmental resources [Line Items]
Balance	5,036,884	2,919,146
Additions/capitalizations (1)	123,446	166,431
Increase (decrease) in abandonment costs (Note 23)	2,075,992	1,965,309
Disposals	260	(9,253)
Withdrawal of exploratory assets and dry wells (2)	0	0
Capitalized financial interests (3)	0	0
Exchange differences capitalized	0	0
Adjustment at fair value for business combinations (Note 12)	0
Foreign currency translation	23,353	(3,004)
Transfers	(28,084)	(1,745)
Balance	7,231,851	5,036,884
Gross carrying amount [member] | Exploration and evaluation [member]
Disclosure of Natural and environmental resources [Line Items]
Balance	8,362,719	4,806,000
Additions/capitalizations (1)	2,211,746	4,487,467
Increase (decrease) in abandonment costs (Note 23)	28,097	(38,835)
Disposals	(223,805)	(142,127)
Withdrawal of exploratory assets and dry wells (2)	(448,132)	(340,271)
Capitalized financial interests (3)	0	10,834
Exchange differences capitalized	0	587
Adjustment at fair value for business combinations (Note 12)	0
Foreign currency translation	(138,809)	(112,917)
Transfers	(923,922)	(308,019)
Balance	8,867,894	8,362,719
Accumulated amortization and impairment [member] | Oil investments [Member]
Disclosure of Natural and environmental resources [Line Items]
Balance	(41,993,097)	(36,806,667)
Depletion expense	(3,810,349)	(3,836,479)
Recovery (losses) for impairment (Note 18)	116,403	(1,017,061)
Disposals	213	83,667
Foreign currency translation	(310,894)	(61,862)
Transfers	(108,423)	(354,695)
Balance	(46,106,147)	(41,993,097)
Accumulated amortization and impairment [member] | Asset retirement cost [Member]
Disclosure of Natural and environmental resources [Line Items]
Balance	(2,156,274)	(1,779,070)
Depletion expense	(831,909)	(383,360)
Recovery (losses) for impairment (Note 18)	0	0
Disposals		8,511
Disposals	(40)
Foreign currency translation	(14,546)	(2,256)
Transfers	21,320	(99)
Balance	(2,981,449)	(2,156,274)
Accumulated amortization and impairment [member] | Exploration and evaluation [member]
Disclosure of Natural and environmental resources [Line Items]
Balance	0	0
Depletion expense	0	0
Recovery (losses) for impairment (Note 18)	(334,112)	0
Disposals	93,975	0
Foreign currency translation	0	0
Transfers	(205,131)	0
Balance	(445,268)	0
Natural and environmental resources [Member]
Disclosure of Natural and environmental resources [Line Items]
Net balance	29,072,798	23,075,450
Net balance	31,934,159	29,072,798
Natural and environmental resources [Member] | Oil investments [Member]
Disclosure of Natural and environmental resources [Line Items]
Net balance	17,829,469	17,129,374
Net balance	19,261,131	17,829,469
Natural and environmental resources [Member] | Asset retirement cost [Member]
Disclosure of Natural and environmental resources [Line Items]
Net balance	2,880,610	1,140,076
Net balance	4,250,402	2,880,610
Natural and environmental resources [Member] | Exploration and evaluation [member]
Disclosure of Natural and environmental resources [Line Items]
Net balance	8,362,719	4,806,000
Net balance	8,422,626	8,362,719
Natural and environmental resources [Member] | Gross carrying amount [member]
Disclosure of Natural and environmental resources [Line Items]
Balance	73,222,169	61,661,187
Additions/capitalizations (1)	5,994,462	9,798,193
Increase (decrease) in abandonment costs (Note 23)	2,104,089	1,932,177
Disposals	(225,351)	(235,432)
Withdrawal of exploratory assets and dry wells (2)	(448,132)	(340,271)
Capitalized financial interests (3)	111,140	105,829
Exchange differences capitalized	3,535	5,737
Adjustment at fair value for business combinations (Note 12)	563,546
Foreign currency translation	325,522	(47,128)
Transfers	(183,957)	341,877
Balance	81,467,023	73,222,169
Natural and environmental resources [Member] | Accumulated amortization and impairment [member]
Disclosure of Natural and environmental resources [Line Items]
Balance	(44,149,371)	(38,585,737)
Depletion expense	(4,642,258)	(4,219,839)
Recovery (losses) for impairment (Note 18)	(217,709)	(1,017,061)
Disposals	94,148	92,178
Foreign currency translation	(325,440)	(64,118)
Transfers	(292,234)	(354,794)
Balance	$ (49,532,864)	$ (44,149,371)

Natural and environmental res_4

Natural and environmental resources - Accounting for suspended exploratory wells (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Natural and environmental resources [Line Items]
Wells under 1 year of suspension	$ 908,972	$ 935,110	$ 1,146,006
Number of projects exceeding 1 year	16	30	24
Later than one year and not later than three years [member]
Disclosure of Natural and environmental resources [Line Items]
Wells under 1 year of suspension	$ 0	$ 361,700	$ 496,871
Later than three years and not later than five years [member]
Disclosure of Natural and environmental resources [Line Items]
Wells under 1 year of suspension	319,368	132,021	375,371
Later than five years [member]
Disclosure of Natural and environmental resources [Line Items]
Wells under 1 year of suspension	589,604	$ 441,389	273,764
2021
Disclosure of Natural and environmental resources [Line Items]
Wells under 1 year of suspension	$ 0		$ 9,511

Natural and environmental res_5

Natural and environmental resources - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)
Natural and environmental resources [Member] | Guajira Association
Disclosure of Natural and environmental resources [Line Items]
Acquisition-related costs	$ 214,852

Right-of-use assets (Details)

Right-of-use assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Right of Use Assets Rollforward [Abstract]
Balance at the beginning	$ 456,225
Balance at the end	377,886	$ 456,225
Lease liabilities
Lease Liabilities Rollforward [Abstract]
Balance at the beginning	1,290,954	797,889
Additions	88,503	224,493
Remeasurements	76,799
Disposals	(28,916)	(50)
Effect of control loss in subsidiaries (1)	(102,671)
Finance cost	64,988	76,139
Repayment of borrowings and interests	(350,539)	(300,326)
Exchange difference	16,080	2,564
Balance at the end	1,055,198	1,290,954
Lease liabilities | Cumulative Effect, Period of Adoption, Adjustment [Member]
Lease Liabilities Rollforward [Abstract]
Balance at the beginning		490,245
Balance at the end
Lands and buildings
Right of Use Assets Rollforward [Abstract]
Balance at the beginning	218,513
Additions	41,303	26,252
Amortization of the period	(52,200)	(43,759)
Remeasurements	(41,907)
Impairment Loss (Note 18)	$ 312	$ (495)
Disposals	(13,343)	(4)
Effect of control loss in subsidiaries (1)	$ (61,044)
Exchange difference	1,838
Balance at the end	93,472	$ 218,513
Lands and buildings | Cumulative Effect, Period of Adoption, Adjustment [Member]
Right of Use Assets Rollforward [Abstract]
Balance at the beginning		236,519
Balance at the end
Property, Plant and Equipment [Member]
Right of Use Assets Rollforward [Abstract]
Balance at the beginning	97,264
Additions	14,618	123,341
Amortization of the period	(29,038)	(66,831)
Remeasurements	33,686
Impairment Loss (Note 18)	$ 29,718	$ (37,601)
Disposals	(4,321)	(57)
Effect of control loss in subsidiaries (1)	$ (7,432)
Exchange difference	(556)
Balance at the end	133,939	$ 97,264
Property, Plant and Equipment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Right of Use Assets Rollforward [Abstract]
Balance at the beginning		78,412
Balance at the end
Vehicles
Right of Use Assets Rollforward [Abstract]
Balance at the beginning	140,448
Additions	32,582	74,900
Amortization of the period	(98,726)	(64,764)
Remeasurements	69,255
Impairment Loss (Note 18)	5,844	(15,392)
Exchange difference	1,072
Balance at the end	150,475	140,448
Vehicles | Cumulative Effect, Period of Adoption, Adjustment [Member]
Right of Use Assets Rollforward [Abstract]
Balance at the beginning		145,704
Balance at the end
Right-of-use assets
Right of Use Assets Rollforward [Abstract]
Balance at the beginning	456,225
Additions	88,503	224,493
Amortization of the period	(179,964)	(175,354)
Remeasurements	61,034
Impairment Loss (Note 18)	$ 35,874	$ (53,488)
Disposals	(17,664)	(61)
Effect of control loss in subsidiaries (1)	$ (68,476)
Exchange difference	2,354
Balance at the end	377,886	$ 456,225
Right-of-use assets | Cumulative Effect, Period of Adoption, Adjustment [Member]
Right of Use Assets Rollforward [Abstract]
Balance at the beginning		460,635
Balance at the end
Subleases [Member]
Right of Use Assets, Subleased Rollforward [Abstract]
Balance as of beginning of period	29,436
Effect of control loss in subsidiaries (1)	$ (29,436)
Finance cost		3,302
Repayment of borrowings and interests		(3,476)
Balance as of end of period		29,436
Subleases [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Right of Use Assets, Subleased Rollforward [Abstract]
Balance as of beginning of period		$ 29,610
Balance as of end of period

Intangible assets (Details)

Intangible assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	$ 483,098
Adjustment at fair value for business combinations (Note 12)	31,137
Ending Balance	555,043	$ 483,098
Licences and software [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	302,382	303,391
Ending Balance	$ 284,349	$ 302,382
Intangibles, Useful life	5 years	5 years
Other intangibles [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	$ 180,716	$ 107,356
Ending Balance	$ 270,694	$ 180,716
Intangibles, Useful life	7 years	7 years
Intangible assets [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	$ 483,098	$ 410,747
Ending Balance	555,043	483,098
Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Adjustment at fair value for business combinations (Note 12)	720,670	1,338,947
Gross carrying amount [member] | Licences and software [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	994,599	1,015,720
Acquisitions	43,817	48,064
Effect of control loss in subsidiaries (Note 28)	(10,584)
Adjustment at fair value for business combinations (Note 12)	156
Disposals	(5,430)	(114,187)
Foreign currency translation	12,569	3,477
Exchange differences capitalized		0
Transfers	30,892	41,525
Ending Balance	1,066,019	994,599
Gross carrying amount [member] | Other intangibles [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	285,247	197,283
Acquisitions	46,265	120,225
Effect of control loss in subsidiaries (Note 28)	0
Adjustment at fair value for business combinations (Note 12)	0
Disposals	0	(1,041)
Foreign currency translation	5,072	(3,946)
Exchange differences capitalized		(14)
Transfers	64,174	(27,260)
Ending Balance	400,758	285,247
Gross carrying amount [member] | Intangible assets [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	1,279,846	1,213,003
Acquisitions	90,082	168,289
Effect of control loss in subsidiaries (Note 28)	(10,584)
Adjustment at fair value for business combinations (Note 12)	156
Disposals	(5,430)	(115,228)
Foreign currency translation	17,641	(469)
Exchange differences capitalized		(14)
Transfers	95,066	14,265
Ending Balance	1,466,777	1,279,846
Accumulated amortization [member] | Licences and software [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	(692,217)	(712,329)
Amortization of the period	(93,907)	(88,044)
Effect of control loss in subsidiaries (Note 28)	9,877
Recovery -losses for impairment (Note 18)	(176)	53
Disposals	5,558	114,143
Foreign currency translation	(8,689)	(2,333)
Transfers	(2,116)	(3,707)
Ending Balance	(781,670)	(692,217)
Accumulated amortization [member] | Other intangibles [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	(104,531)	(89,927)
Amortization of the period	(23,429)	(14,982)
Effect of control loss in subsidiaries (Note 28)	0
Recovery -losses for impairment (Note 18)	5	2
Disposals	11	1,041
Foreign currency translation	(65)	(33)
Transfers	(2,055)	(632)
Ending Balance	(130,064)	(104,531)
Accumulated amortization [member] | Intangible assets [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	(796,748)	(802,256)
Amortization of the period	(117,336)	(103,026)
Effect of control loss in subsidiaries (Note 28)	9,877
Recovery -losses for impairment (Note 18)	(171)	55
Disposals	5,569	115,184
Foreign currency translation	(8,754)	(2,366)
Transfers	(4,171)	(4,339)
Ending Balance	$ (911,734)	$ (796,748)

Impairment of non-current ass_3

Impairment of non-current assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	$ (633,156)	$ (1,762,437)	$ (368,634)
Exploration and Production [Member] | Impairment by segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	(192,693)	(1,982,044)	785,940
Refining and petrochemicals [Member] | Impairment by segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	(781,528)	452,163	(984,704)
Transport and logistics [Member] | Impairment by segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	341,065	(232,556)	(169,870)
Impairment of Property, Plant and equipment [Member] | Financial statement segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	(384,638)	(373,123)	(1,083,285)
Natural and environmental resources [Member] | Financial statement segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	(217,709)	(1,017,061)	414,102
Investment in joint ventures and associates [Member] | Financial statement segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	(66,512)	(318,820)	300,828
Right-of-use assets | Financial statement segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	35,874	(53,488)
Intangibles [Member] | Financial statement segment [Member]
Disclosure of detailed information about impairment of non-current assets [Line Items]
Total of the impairment charge	$ (171)	$ 55	$ (279)

Impairment of non-current ass_4

Impairment of non-current assets - Exploration and production (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss	$ (192,693)	$ (1,982,044)	$ 785,940
Oilfields [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss	(123,652)	(1,663,082)	483,803
Investment in joint ventures [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss	(69,041)	(318,962)	302,136
Other Assets [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss	$ 0	$ 0	$ 1

Impairment of non-current ass_5

Impairment of non-current assets - Breakdown of oilfields impairment losses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Detailed information about impairment losses reservals of assets Exploration and Production
Impairment (loss) reversal	$ (192,693)	$ (1,982,044)	$ 785,940
Oilfields [Member]
Detailed information about impairment losses reservals of assets Exploration and Production
Impairment (loss) reversal	(123,652)	(1,663,082)	483,803
Fields in Colombia [Member] | Oilfields [Member] | Reversal [Member]
Detailed information about impairment losses reservals of assets Exploration and Production
Carrying amount	24,845,238	3,842,819	19,156,326
Recoverable amount	61,224,928	6,047,345	50,462,080
Impairment (loss) reversal	1,019,395	74,577	689,665
Fields in Colombia [Member] | Oilfields [Member] | Loss [Member]
Detailed information about impairment losses reservals of assets Exploration and Production
Carrying amount	2,439,799	4,992,462	764,808
Recoverable amount	1,423,561	3,322,284	405,421
Impairment (loss) reversal	(1,016,238)	(1,673,258)	(359,387)
Fields operated abroad | Oilfields [Member] | Reversal [Member]
Detailed information about impairment losses reservals of assets Exploration and Production
Carrying amount		200,910	1,810,618
Recoverable amount		539,785	2,719,086
Impairment (loss) reversal		4,391	157,709
Fields operated abroad | Oilfields [Member] | Loss [Member]
Detailed information about impairment losses reservals of assets Exploration and Production
Carrying amount	1,277,609	68,792	184,375
Recoverable amount	1,150,800		180,191
Impairment (loss) reversal	$ (126,809)	$ (68,792)	$ (4,184)

Impairment of non-current ass_6

Impairment of non-current assets - Investments in joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Detailed informations about impairment losses reversals of assets [Line Items]
Investment in associates and joint ventures	$ (69,041)	$ (318,962)	$ 302,136
Offshore International Group
Detailed informations about impairment losses reversals of assets [Line Items]
Investment in associates and joint ventures	(76,969)	(184,209)	193,345
Equion Energia Limited
Detailed informations about impairment losses reversals of assets [Line Items]
Investment in associates and joint ventures	$ 7,928	$ (134,753)	$ 108,791

Impairment of non-current ass_7

Impairment of non-current assets - Cash Generating Units (Details) - Refining and Petrochemical segment [Member] - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	$ (781,528)	$ 452,163	$ (984,704)
Refineria De Cartagana [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	(440,525)	911,597	(770,297)
Refineria De Cartagana [Member] | Carrying Amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	24,041,174	22,292,788	23,411,058
Refineria De Cartagana [Member] | Recoverable amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	23,600,649	23,204,385	22,640,761
Invercolsa [member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	(3)
Invercolsa [member] | Carrying Amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	276
Invercolsa [member] | Recoverable amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	273
Refineria de Barrancabermeja (projects) [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	(341,000)	(225,094)
Refineria de Barrancabermeja (projects) [Member] | Carrying Amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	676,334	901,517
Refineria de Barrancabermeja (projects) [Member] | Recoverable amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss	$ 335,334	676,423
Bioenergy [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss		(234,340)	(213,461)
Bioenergy [Member] | Carrying Amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss		575,331	774,343
Bioenergy [Member] | Recoverable amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss		$ 340,991	560,882
Other [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss			(946)
Other [Member] | Carrying Amount [Member]
Detailed informations about impairment losses reversals of assets [Line Items]
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss			$ 946

Impairment of non-current ass_8

Impairment of non-current assets - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Information about prices based on information provided by specialized market analysts and management analysts	Oil price – Brent: the forecasts include USD$46.36/barrel for the first year, USD$57.00/barrel for the medium term and USD$67.77/barrel for the long term.	In 2019, the assumptions taken USD$55.61/barrel for the first year, USD$56.50/barrel for the medium term and USD$71.6/barrel as of the year 2030.	In 2018, the assumptions taken USD$81.4/barrel for 2018, USD$67.6/barrel average for the next six years and USD$71.4/barrel as of 2030.
Cenit Transporte y Logistica S.A.S. [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Reversal of impairment loss recognised in profit or loss, biological assets	$ 341,065
Recoverable amount of asset or cash-generating unit	7,049,007
Cash Generating Unit Carrying Amount	$ 2,153,631
Offshore International Group
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Discount rate used in current estimate of value in use	5.79%	8.50%	8.92%
Impairment loss	$ 609,826	$ 530,330
Refineria de Barrancabermeja (projects) [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Expense for impairment		$ 225,094
Refineria De Cartagana [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Discount rate used in current estimate of value in use	5.10%	6.23%	6.48%
Weighted average cost of capital, measurement input [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Weighted average cost of capital, significant unobservable inputs, assets	3.67	6.31	7.46
Bioenergy [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Discount rate used in current estimate of value in use		6.03%	6.97%
Impairment loss recognised in profit or loss, biological assets		$ 234,340
Transportation and logistics segment [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Discount rate used in current estimate of value in use	3.17%	4.88%	5.60%
Impairment loss		$ 232,556	$ 167,917
Impairment loss relating to South Cash Generating Unit		106,983
Impairment Loss Relating to North Cash Generating Unit		$ 125,140
Refineria de Barrancabermeja (projects) [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment loss recognised in profit or loss, biological assets	$ 341,000

Goodwill (Details)

Goodwill (Details) - COP ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Goodwill From Acquisitions [Abstract]
Goodwill.		$ 1,594,279	$ 1,159,922
Oleoducto central S.A [Member]
Goodwill From Acquisitions [Abstract]
Goodwill.		683,496	683,496
Hocol petroleum limited
Goodwill From Acquisitions [Abstract]
Goodwill.		537,598	537,598
Invercolsa [member]
Goodwill From Acquisitions [Abstract]
Goodwill.	[1]	434,357
Andean chemical limited [Member]
Goodwill From Acquisitions [Abstract]
Goodwill.		127,812	127,812
Propilco S.A. [Member]
Goodwill From Acquisitions [Abstract]
Goodwill.		108,137	108,137
Gross carrying amount [member]
Goodwill From Acquisitions [Abstract]
Goodwill.		1,891,400	1,457,043
Accumulated impairment [member] | Hocol petroleum limited
Goodwill From Acquisitions [Abstract]
Goodwill.		$ (297,121)	$ (297,121)
[1]	Corresponds to the value recognized by updating the fair value of Invercolsa S.A. (Note 12).

Loans and borrowings (Details)

Loans and borrowings (Details) - COP ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 46,731,754	$ 38,239,139
Less short-term		4,923,346	5,012,173
Total long-term		41,808,408	33,226,966
Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 3,044,437	$ 4,459,807
Local currency | Bonds [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		6.40%	8.70%
Borrowings		$ 1,084,461	$ 1,567,598
Local currency | Syndicated Loan [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		5.60%	8.00%
Borrowings		$ 811,079	$ 1,115,874
Local currency | Lease liabilities
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	[1]	6.60%	7.20%
Borrowings	[1]	$ 836,489	$ 1,039,303
Local currency | Commercial loans [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		6.30%	8.30%
Borrowings		$ 312,408	$ 737,032
Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 43,687,317	$ 33,779,332
Foreign currency | Bonds [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	[2]	6.00%	5.90%
Borrowings	[2]	$ 33,944,548	$ 25,832,740
Foreign currency | Lease liabilities
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	[1]	6.10%	6.20%
Borrowings	[1]	$ 218,709	$ 251,651
Foreign currency | Commercial loans [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	[3]	3.60%	4.10%
Borrowings	[3]	$ 8,247,014	$ 6,586,538
Foreign currency | Loans From Related Parties [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		0.80%	2.40%
Borrowings		$ 1,277,046	$ 1,108,403
[1]	Corresponds to present value of the payments to be made during the term of the operative lease contracts of pipelines, tanks, property and vehicles, recognized by the implementation of IFRS 16 - Leases.
[2]	On April 29, 2020, Ecopetrol issued and placed external public debt bonds for an amount of USD$2,000 million, with a 10-year term and a coupon rate of 6.875%.
[3]	Includes contingent credit line for USD$665 million with international banking (Scotiabank and Mizuho Bank).

Loans and borrowings - Maturity

Loans and borrowings - Maturity of loans and borrowings (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 46,731,754	$ 38,239,139
Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	3,044,437	4,459,807
Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	43,687,317	33,779,332
2021
Disclosure of detailed information about borrowings [line items]
Borrowings	4,923,346	5,012,173
2021 | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	581,958	1,331,337
2021 | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	4,341,388	3,680,836
1 to 5 years
Disclosure of detailed information about borrowings [line items]
Borrowings	22,953,532	20,274,052
1 to 5 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	1,547,436	2,060,711
1 to 5 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	21,406,096	18,213,341
2026 and therafter
Disclosure of detailed information about borrowings [line items]
Borrowings	13,285,454	7,563,010
2026 and therafter | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	582,133	716,446
2026 and therafter | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	12,703,321	6,846,564
>10 years
Disclosure of detailed information about borrowings [line items]
Borrowings	5,569,422	5,389,904
>10 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	332,910	351,313
>10 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	5,236,512	5,038,591
Bonds [Member] | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	1,084,461	1,567,598
Bonds [Member] | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	33,944,548	25,832,740
Bonds [Member] | 2021 | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	65,829	571,969
Bonds [Member] | 2021 | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	1,905,325	1,386,032
Bonds [Member] | 1 to 5 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	354,081	403,996
Bonds [Member] | 1 to 5 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	14,692,852	13,873,755
Bonds [Member] | 2026 and therafter | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	370,900	358,976
Bonds [Member] | 2026 and therafter | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	12,109,859	5,574,713
Bonds [Member] | >10 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	293,651	232,657
Bonds [Member] | >10 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	5,236,512	4,998,240
Syndicated loans [Member] | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	811,079	1,115,874
Syndicated loans [Member] | 2021 | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	242,660	361,545
Syndicated loans [Member] | 1 to 5 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	568,419	754,329
Syndicated loans [Member] | 2026 and therafter | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	0
Syndicated loans [Member] | >10 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	0
Financial leasing [Member] | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	836,489	1,039,303
Financial leasing [Member] | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	218,709	251,651
Financial leasing [Member] | 2021 | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	167,059	179,448
Financial leasing [Member] | 2021 | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	60,424	57,284
Financial leasing [Member] | 1 to 5 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	418,938	559,337
Financial leasing [Member] | 1 to 5 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	149,381	175,962
Financial leasing [Member] | 2026 and therafter | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	211,233	235,791
Financial leasing [Member] | 2026 and therafter | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	8,904	18,405
Financial leasing [Member] | >10 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	39,259	64,727
Financial leasing [Member] | >10 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	0
Commercial loans [Member] | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	8,247,014	6,586,538
Commercial loans [Member] | 2021 | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	1,098,593	1,129,117
Commercial loans [Member] | 1 to 5 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	6,563,863	4,163,624
Commercial loans [Member] | 2026 and therafter | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	584,558	1,253,446
Commercial loans [Member] | >10 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	40,351
Loans From Related Parties [Member] | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	1,277,046	1,108,403
Loans From Related Parties [Member] | 2021 | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	1,277,046	1,108,403
Loans From Related Parties [Member] | 1 to 5 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	0
Loans From Related Parties [Member] | 2026 and therafter | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	0
Loans From Related Parties [Member] | >10 years | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	0
Other [Member] | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	312,408	737,032
Other [Member] | 2021 | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	106,410	218,375
Other [Member] | 1 to 5 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	205,998	343,049
Other [Member] | 2026 and therafter | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	0	121,679
Other [Member] | >10 years | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 0	$ 53,929

Loans and borrowings - Breakdow

Loans and borrowings - Breakdown by type of interest rate and currency (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 46,731,754	$ 38,239,139
Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	3,044,437	4,459,807
Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	43,687,317	33,779,332
Fixed interest rate [member] | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	523,870	598,802
Fixed interest rate [member] | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	38,706,328	31,087,439
Floating interest rate | Local currency
Disclosure of detailed information about borrowings [line items]
Borrowings	2,520,567	3,861,005
Floating interest rate | Foreign currency
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 4,980,989	$ 2,691,893

Loans and borrowings - Movement

Loans and borrowings - Movement of net financial debt (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of net financial debt explanatory [Line Items]
Cash flow	$ (1,993,450)	$ 764,014	$ (1,634,141)
Exchange difference Recognized in profit or loss	346,774	40,639	372,223
Financial cost registered to projects	(3,929,791)	(3,334,469)	(3,512,161)
Financial income (expense) recognized in profit or loss	(2,481,587)	(1,670,494)	(2,010,375)
Effect of loss of control in subordinates	(43,991)
Cash and equivalents [Member]
Disclosure of net financial debt explanatory [Line Items]
Begining Balance	7,075,758	6,311,744
Cash flow	(1,971,156)	505,466
Exchange difference Recognized in profit or loss	(22,294)	258,548
Exchange difference Recognized in other comprehensive income	0	0
Financial cost registered to projects	0	0
Financial income (expense) recognized in profit or loss	0	0
Foreign currency translation	0	0
Effect of loss of control in subordinates	0
Other movements not generating cash flow	0	0
Ending Balance	5,082,308	7,075,758	6,311,744
Other financial assets [Member]
Disclosure of net financial debt explanatory [Line Items]
Begining Balance	4,979,292	8,147,815
Cash flow	(2,107,856)	(3,117,549)
Exchange difference Recognized in profit or loss	38,701	182,396
Exchange difference Recognized in other comprehensive income	0	0
Financial cost registered to projects	0	0
Financial income (expense) recognized in profit or loss	43,948	(18,551)
Foreign currency translation	42,529	(204,441)
Effect of loss of control in subordinates	0
Other movements not generating cash flow	75,045	(10,378)
Ending Balance	3,071,659	4,979,292	8,147,815
Loans and borrowings [Member]
Disclosure of net financial debt explanatory [Line Items]
Begining Balance	(38,239,139)	(38,062,645)
Cash flow	(6,105,296)	3,303,303
Exchange difference Recognized in profit or loss	747,744	(151,518)
Exchange difference Recognized in other comprehensive income	(722,458)	(53,911)
Financial cost registered to projects	(255,372)	(261,592)
Financial income (expense) recognized in profit or loss	(2,386,537)	(1,894,490)
Foreign currency translation	(175,885)	(14,627)
Effect of loss of control in subordinates	528,981
Other movements not generating cash flow	(123,792)	(1,103,659)
Ending Balance	(46,731,754)	(38,239,139)	(38,062,645)
Net financial debt [Member]
Disclosure of net financial debt explanatory [Line Items]
Begining Balance	(26,184,089)	(23,603,086)
Cash flow	(10,184,308)	691,220
Exchange difference Recognized in profit or loss	764,151	289,426
Exchange difference Recognized in other comprehensive income	(722,458)	(53,911)
Financial cost registered to projects	(255,372)	(261,592)
Financial income (expense) recognized in profit or loss	(2,342,589)	(1,913,041)
Foreign currency translation	(133,356)	(219,068)
Effect of loss of control in subordinates	528,981
Other movements not generating cash flow	(48,747)	(1,114,037)
Ending Balance	$ (38,577,787)	$ (26,184,089)	$ (23,603,086)

Loans and borrowings - Addition

Loans and borrowings - Additional Information (Details) $ in Millions, $ in Millions	Apr. 29, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)
Disclosure of detailed information about borrowings [line items]
Borrowings Maximum Borrwing Capacity					$ 13,805,403		$ 359,876	$ 517,747
Financial instruments designated as hedging instruments, at fair value				$ 7,249		$ 5,200
Borrowings					46,731,754		$ 38,239,139
Bonds issued	$ 2,000
Coupon Interest Rate	6.875%
Ifrs Debt Instrument, Term	10 years
Non-derivative financial liabilities, undiscounted cash flows					$ 76,559,430
Loans Payable Fair Value		$ 52,721,790	$ 43,261,792
Hedge of a net investment in a foreign operation
Disclosure of detailed information about borrowings [line items]
Financial instruments designated as hedging instruments, at fair value				7,249
Cash flow hedging for future crude oil exports [member]
Disclosure of detailed information about borrowings [line items]
Notional amount				3.7
Financial instruments designated as hedging instruments, at fair value				1,300
Local Borrowings [Member] | Hedge of a net investment in a foreign operation
Disclosure of detailed information about borrowings [line items]
Financial instruments designated as hedging instruments, at fair value				8,549		$ 7,331
Contingent Line of Credit with Scotiabank and Mizuho Bank [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings				$ 665

Trade and other payables (Detai

Trade and other payables (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trade and other payables
Suppliers		$ 6,491,909	$ 8,115,015
Partners' advances		497,898	925,761
Withholding tax		462,429	673,204
Insurance and reinsurance		240,803	136,041
Dividends payable	[1]	223,571	157,181
Deposits received from third parties		85,545	44,826
Related parties (Note 31)		72,316	187,616
Agreements in transport contracts	[2]	37,941	71,239
Hedging operations		6,405	0
Various creditors		351,288	402,808
Trade and other payables		8,470,105	10,713,691
Current		8,449,041	10,689,246
Non-current		21,064	24,445
Trade and other payables		8,470,105	10,713,691
Paid dividends		$ 8,734,351	$ 13,867,029	$ 4,427,701
[1]	During 2020, the Group paid dividends to its shareholders in the amount of COP$8,734,351 (2019 - COP$13,867,029 and 2018 - COP$4,427,701) net of withholdings when applicable.
[2]	Corresponds to the value of the debt for agreements in the pipelines transportation contracts, calculated in the volumetric compensation for quality and other inventory management agreements.

Provisions for employees' ben_3

Provisions for employees' benefits (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Post-employment benefits
Post-employment benefits	$ 12,423,667	$ 11,481,064
Current	2,022,137	1,929,087
Non-current	10,401,530	9,551,977
Healthcare [Member]
Post-employment benefits
Post-employment benefits	7,193,527	6,908,799
Pension [Member]
Post-employment benefits
Post-employment benefits	2,819,985	2,853,718
Education and severance [Member]
Post-employment benefits
Post-employment benefits	485,792	458,441
Bonds [Member]
Post-employment benefits
Post-employment benefits	342,669	352,917
Other plans [Member]
Post-employment benefits
Post-employment benefits	102,632	98,729
Termination benefits - Voluntary retirement plan [Member]
Post-employment benefits
Post-employment benefits	713,407	124,186
Post employment and termination benefits [Member]
Post-employment benefits
Post-employment benefits	11,658,012	10,796,790
Other Employment Benefts [Member]
Post-employment benefits
Post-employment benefits	91,575	96,678
Social benefits and salaries [Member]
Post-employment benefits
Post-employment benefits	$ 674,080	$ 587,596

Provisions for employees' ben_4

Provisions for employees' benefits - Net of post-employment benefits (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Employee benefits liabilities
Opening balance		$ 23,509,643	$ 20,344,061
Current service cost		118,035	76,478
Past service cost	[1]	631,761
Interest expense		1,322,467	1,339,175
Actuarial (losses) gains		505,498	3,028,709
Benefits paid		(1,256,427)	(1,278,780)
Closing balance		24,830,977	23,509,643
Plan assets
Opening balance		12,712,853	12,352,511
Return on assets		700,304	801,282
Contributions to funds		370,090	83,071
Benefits paid		(1,255,260)	(975,636)
Actuarial (losses) gains		644,978	451,625
Closing balance		13,172,965	12,712,853
Net post-employment benefits liability		11,658,012	10,796,790
Pension and pension bonds [Member]
Employee benefits liabilities
Opening balance	[2]	15,916,472	14,131,943
Current service cost	[2]	0	0
Past service cost	[2]	0	0
Interest expense	[2]	882,785	920,622
Actuarial (losses) gains	[2]	418,187	1,755,300
Benefits paid	[2]	(897,061)	(891,393)
Closing balance	[2]	16,320,383	15,916,472
Plan assets
Opening balance	[2]	12,709,838	12,348,557
Return on assets	[2]	700,168	801,065
Contributions to funds	[2]	0	0
Benefits paid	[2]	(897,061)	(891,393)
Actuarial (losses) gains	[2]	644,784	451,609
Closing balance	[2]	13,157,729	12,709,838
Net post-employment benefits liability	[2]	3,162,654	3,206,634
Other [Member]
Employee benefits liabilities
Opening balance		7,593,171	6,212,118
Current service cost		118,035	76,478
Past service cost	[1]	631,761
Interest expense		439,682	418,553
Actuarial (losses) gains		87,311	1,273,409
Benefits paid		(359,366)	(387,387)
Closing balance		8,510,594	7,593,171
Plan assets
Opening balance		3,015	3,954
Return on assets		136	217
Contributions to funds		370,090	83,071
Benefits paid		(358,199)	(84,243)
Actuarial (losses) gains		194	16
Closing balance		15,236	3,015
Net post-employment benefits liability		$ 8,495,358	$ 7,590,156
[1]	It includes the new voluntary retirement plan.
[2]	There is no cost for the pension and pension plans service, due to the fact that the beneficiaries were retired as of July 31, 2010.

Provisions for employees' ben_5

Provisions for employees' benefits - Movement in profit and loss and in other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Recognized in profit or loss
Interest expense, net	$ 622,163	$ 537,893	$ 485,842
Current service cost	118,035	76,478	77,373
Past service cost	0	0	50,489
Remedies	0	10,213	503
Benefits plan costs recognized in profit or loss	740,198	624,584	614,207
Recognized in other comprehensive income
Recognized in other comprehensive income	137,459	(2,571,184)	29,249
Deferred tax	(41,238)	771,355	(33,539)
Other comprehensive income, net of taxes	96,221	(1,799,829)	(4,290)
Pension and pension bonds [Member]
Recognized in other comprehensive income
Recognized in other comprehensive income	226,597	(1,303,693)	1,003
Healthcare [Member]
Recognized in other comprehensive income
Recognized in other comprehensive income	(33,324)	(1,268,379)	(17,356)
Education and severance [Member]
Recognized in other comprehensive income
Recognized in other comprehensive income	(55,693)	922	45,509
Termination benefits - Voluntary retirement plan [Member]
Recognized in other comprehensive income
Recognized in other comprehensive income	$ (121)	$ (34)	$ 93

Provisions for employees' ben_6

Provisions for employees' benefits - Plan assets of pension and pension (Details) - Pension Trust - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of defined benefit plans [line items]
Assets of benefit plan	$ 13,172,965	$ 12,712,853
Floating interest rate
Disclosure of defined benefit plans [line items]
Debt instruments, amount contributed to fair value of plan assets	679,448	823,977
Foreign currency
Disclosure of defined benefit plans [line items]
Debt instruments, amount contributed to fair value of plan assets	1,992,800	870,859
Local currency
Disclosure of defined benefit plans [line items]
Debt instruments, amount contributed to fair value of plan assets	1,502,349	1,899,787
Bonds issued by the national government
Disclosure of defined benefit plans [line items]
Debt instruments, amount contributed to fair value of plan assets	4,958,612	4,301,961
Bonds of private entities
Disclosure of defined benefit plans [line items]
Debt instruments, amount contributed to fair value of plan assets	3,177,531	3,122,630
Other public bonds
Disclosure of defined benefit plans [line items]
Debt instruments, amount contributed to fair value of plan assets	777,562	1,082,815
Bonds of foreign entities
Disclosure of defined benefit plans [line items]
Cash and cash equivalents, amount contributed to fair value of plan assets	$ 84,663	$ 610,824

Provisions for employees' ben_7

Provisions for employees' benefits - Credit ratings of the issuers and counterparties in assets (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	$ 13,172,965	$ 12,712,853
Nation [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	5,102,222	4,448,221
AAA [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	4,369,805	5,138,279
AA+ [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	570,716	837,009
BBB- [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	458,273	455,201
BBB [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	201,163	319,514
AA [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	134,454	6,679
F1+ [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	61,192	56,728
BRC1+ [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	52,296	68,313
A3 [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	11,633	17,267
BBB+ [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	10,328	22,113
AA- [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	4,014	16,067
BAA3 [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	0	219,830
SP1+ [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	0	84,933
A-1+ [Member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	0	78,156
BAA1 [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	0	15,538
A [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	5,307	11,841
Other credit ratings [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	297,048	30,129
Not available ratings [member]
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	$ 1,894,514	$ 887,035

Provisions for employees' ben_8

Provisions for employees' benefits - Actuarial assumptions (Details)	Dec. 31, 2020	Dec. 31, 2019
Pension [Member]
Disclosure of detailed information about provision for employee benefits [Line Items]
Discount rate	5.50%	5.75%
Expected inflation rate	3.00%	3.00%
Pension growth rate	3.00%	3.00%
Bonds [Member]
Disclosure of detailed information about provision for employee benefits [Line Items]
Discount rate	4.75%	5.25%
Expected inflation rate	3.00%	3.00%
Healthcare [Member]
Disclosure of detailed information about provision for employee benefits [Line Items]
Discount rate	6.00%	6.00%
Expected inflation rate	3.00%	3.00%
Cost trend - Short-term rate	6.67%	7.00%
Cost trend - Long-term rate	4.00%	4.00%
Education and severance [Member]
Disclosure of detailed information about provision for employee benefits [Line Items]
Discount rate	5.00%	5.50%
Expected inflation rate	3.00%	3.00%
Cost trend - Short-term rate	4.00%	4.00%
Cost trend - Long-term rate	4.00%	4.00%
Other benefits [Member]
Disclosure of detailed information about provision for employee benefits [Line Items]
Discount rate	4.09%	4.83%
Salary growth rate	4.70%
Expected inflation rate	3.00%	3.00%
Other benefits [Member] | Top of range [member]
Disclosure of detailed information about provision for employee benefits [Line Items]
Salary growth rate	4.70%	5.50%
Other benefits [Member] | Bottom of range [member]
Disclosure of detailed information about provision for employee benefits [Line Items]
Salary growth rate		4.70%

Provisions for employees' ben_9

Provisions for employees' benefits - Maturity of benefit obligation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)
2021
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	$ 1,450,763
2021 | Pension and pension bonds [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	967,810
2021 | Other plans [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	482,953
2022
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	1,490,660
2022 | Pension and pension bonds [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	996,869
2022 | Other plans [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	493,791
2023
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	1,526,388
2023 | Pension and pension bonds [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	1,019,379
2023 | Other plans [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	507,009
2024
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	1,546,599
2024 | Pension and pension bonds [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	1,034,972
2024 | Other plans [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	511,627
2025
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	1,583,808
2025 | Pension and pension bonds [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	1,069,252
2025 | Other plans [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	514,556
2026 and therafter
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	8,209,947
2026 and therafter | Pension and pension bonds [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	5,607,391
2026 and therafter | Other plans [Member]
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	$ 2,602,556

Provisions for employees' be_10

Provisions for employees' benefits - Sensitivity analysis (Details) $ in Millions	Dec. 31, 2020COP ($)
Discount rate [Member] | Pension [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	$ 16,139,465
+50 basis points	14,368,856
Discount rate [Member] | Bonds [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	1,147,350
+50 basis points	1,072,868
Discount rate [Member] | Education and severance [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	515,004
+50 basis points	464,394
Discount rate [Member] | Other plans [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	846,709
+50 basis points	812,726
Discount rate [Member] | Health [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	7,798,461
+50 basis points	6,715,899
Inflation rate [Member] | Pension [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	14,314,193
+50 basis points	16,193,316
Inflation rate [Member] | Bonds [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	1,072,094
+50 basis points	1,147,825
Inflation rate [Member] | Other plans [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	717,069
+50 basis points	740,501
Salary growth rate [Member] | Other plans [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	96,530
+50 basis points	105,392
Cost trend [Member] | Education and severance [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	464,319
+50 basis points	514,849
Cost trend [Member] | Health [Member]
Disclosure of defined benefit plans [line items]
-50 basis points	6,720,777
+50 basis points	$ 6,720,777

Provisions for employees' be_11

Provisions for employees' benefits - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)employee
Disclosure of defined benefit plans [line items]
Number of workers utilized voluntary retirement plan | employee	125	132
Termination benefits - Voluntary retirement plan [Member]
Disclosure of defined benefit plans [line items]
Termination benefits expense | $	$ 713,407	$ 124,186
Level 1
Disclosure of defined benefit plans [line items]
Percentage of plan assets	23.30%	26.60%
Level 2
Disclosure of defined benefit plans [line items]
Percentage of plan assets	76.70%	73.40%

Accrued liabilities and provi_3

Accrued liabilities and provisions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	$ 9,918,288	$ 7,754,012	$ 6,537,449
Increase in abandonment costs	2,307,453	2,188,928	1,062,280
Additions (reversals)	412,609	262,253	307,646
Uses	(429,950)	(515,288)	(396,992)
Financial cost	258,464	226,806	186,518
Effect of loss of control in subordinates (Note 28)	(43,991)
Adjustment at fair value for business combinations	31,137
Foreign currency translation	43,143	(3,950)	63,225
Transfers	(69,423)	5,527	(6,114)
Balance End Period	12,427,730	9,918,288	7,754,012
Current	1,221,109	789,297	814,409
Non-current	11,206,621	9,128,991	6,939,603
Asset retirement obligation [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	8,835,420	6,719,275	5,527,324
Increase in abandonment costs	2,307,453	2,188,928	1,062,280
Additions (reversals)	143,320	112,486	71,015
Uses	(291,793)	(410,191)	(182,130)
Financial cost	258,464	226,803	186,518
Effect of loss of control in subordinates (Note 28)	(23,874)
Adjustment at fair value for business combinations	31,137
Foreign currency translation	37,239	(5,240)	54,610
Transfers	(58,041)	3,359	(342)
Balance End Period	11,239,325	8,835,420	6,719,275
Current	949,638	589,411	549,678
Non-current	10,289,687	8,246,009	6,169,597
Litigation [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	137,429	127,945	182,966
Increase in abandonment costs	0	0	0
Additions (reversals)	32,108	58,913	61,851
Uses	(31,709)	(45,342)	(114,647)
Financial cost	0	0	0
Effect of loss of control in subordinates (Note 28)	(20,117)
Foreign currency translation	428	79	(2,368)
Transfers		(4,166)	143
Balance End Period	118,139	137,429	127,945
Current	46,844	28,662	88,623
Non-current	71,295	108,767	39,322
Environmental contingencies provision [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	945,439	906,792	827,159
Increase in abandonment costs	0	0	0
Additions (reversals)	237,181	90,854	174,780
Uses	(106,448)	(59,755)	(100,215)
Financial cost	0	3	0
Effect of loss of control in subordinates (Note 28)	0
Adjustment at fair value for business combinations	0
Foreign currency translation	5,476	1,211	10,983
Transfers	(11,382)	6,334	(5,915)
Balance End Period	1,070,266	945,439	906,792
Current	224,627	171,224	176,108
Non-current	$ 845,639	$ 774,215	$ 730,684

Accrued liabilities and provi_4

Accrued liabilities and provisions - Legal proceedings not recognised (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)item	Dec. 31, 2019COP ($)item
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	1,143	974
Proceedings amount | $	$ 16,601,417	$ 16,541,802
Constitutional Action [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	20	16
Proceedings amount | $	$ 15,810,719	$ 15,689,778
Ordinary Administrative [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	156	162
Proceedings amount | $	$ 714,606	$ 781,686
Ordinary Labor [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	659	614
Proceedings amount | $	$ 54,030	$ 51,029
Ordinary Civil [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	54	54
Proceedings amount | $	$ 6,363	$ 17,956
Special labor [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	15	13
Proceedings amount | $	$ 3,106	$ 720
Penal [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	2	1
Proceedings amount | $	$ 595	$ 595
Executive Administrative [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	2	1
Proceedings amount | $	$ 11,951	$ 28
Guardianship [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	234	112
Proceedings amount | $	$ 47	$ 10
Executive Civil [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes	1	1

Accrued liabilities and provi_5

Accrued liabilities and provisions - Details of contingent assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)item	Dec. 31, 2019COP ($)item
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	568	452
Proceedings amount | $	$ 696,108	$ 610,529
Ordinary Administrative [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	99	37
Proceedings amount | $	$ 402,380	$ 384,215
Ordinary Labor [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	48	50
Proceedings amount | $	$ 3,129	$ 3,295
Ordinary Civil [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	114	75
Proceedings amount | $	$ 82,572	$ 86,363
Arbitration [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	2	1
Proceedings amount | $	$ 138,386	$ 67,232
Special labor [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	84	57
Proceedings amount | $	$ 426	$ 307
Penal [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	149	156
Proceedings amount | $	$ 61,466	$ 60,177
Executive Administrative [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	10	11
Proceedings amount | $	$ 2,450	$ 4,028
Guardianship [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	5	4
Executive Civil [Member]
Disclosure of accrued liabilities and provisions [Line Items]
Number of processes of contingent assets	57	61
Proceedings amount | $	$ 5,299	$ 4,912

Accrued liabilities and provi_6

Accrued liabilities and provisions - Additional information (Details) $ in Millions, $ in Millions

Jun. 28, 2019USD ($)

Mar. 16, 2018USD ($)

Jun. 30, 2017

May 25, 2016COP ($)

Mar. 08, 2016COP ($)

Dec. 31, 2020USD ($)

Dec. 31, 2020COP ($)

Dec. 31, 2019

Dec. 31, 2020COP ($)

Jun. 28, 2019COP ($)

Mar. 16, 2018COP ($)

Apr. 28, 2017USD ($)

Apr. 28, 2017COP ($)

Disclosure of accrued liabilities and provisions [Line Items]

Mandatory investments, natural resources

1.00%

1.00%

1.00%

1.00%

Legal proceedings in process, damages sought, value

$ 213

Frontera Energy [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Income that cannot be recognized

$ 114,075

Amount owed by counterparty

$ 334,583

Refinera de Cartagena SA [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Legal proceedings in process, claims made, value

$ 2,000

Contingent asset claim

$ 129

$ 432,303

Contingent asset claim invoices provisionally paid

$ 137

$ 139

$ 122

Legal proceedings in process, claims made, value updated including interest

$ 137

$ 503,241

Contingent asset non detailed counterclaim

$ 116

$ 387,558

Contingent Asset Compliance Letter Of Credit

$ 70

Cenit Transporte y Logistica S.A.S. [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Contingent provision accounts receivable and payable

99,734

Cenit Transporte y Logistica S.A.S. [Member] | Frontera Energy [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Amount owed by counterparty

$ 9,663

Bicentenario, Cenit And Frontera Settlement Agreement [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Description of new transportation contracts

Frontera will transfer to Cenit its 43.03% stake in Bicentenario´s shareholdings. The new ship or pay commitment is projected to be approximately 3,900 bbls/day, based on the current oil price, for a term of five years subject to adjustments, at a current fee of $11.5/bbl.

Frontera will transfer to Cenit its 43.03% stake in Bicentenario´s shareholdings. The new ship or pay commitment is projected to be approximately 3,900 bbls/day, based on the current oil price, for a term of five years subject to adjustments, at a current fee of $11.5/bbl.

Exploration and Production [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Discount rate applied to cash flow projections

2.65%

3.01%

2.65%

Transport and logistics [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Discount rate applied to cash flow projections

2.71%

2.61%

2.71%

Refining and petrochemicals [Member]

Disclosure of accrued liabilities and provisions [Line Items]

Discount rate applied to cash flow projections

3.67%

3.94%

3.67%

Equity - Ecopetrol Business Gro

Equity - Ecopetrol Business Group's reserves (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of changes in equity [Line Items]
Other reserves	$ 9,635,136	$ 3,784,658
Legal reserve [member]
Disclosure of changes in equity [Line Items]
Other reserves	4,568,980	3,243,832
Fiscal and statutory reserves [member]
Disclosure of changes in equity [Line Items]
Other reserves	509,082	509,082
Occasional reserves [member]
Disclosure of changes in equity [Line Items]
Other reserves	$ 4,557,074	$ 31,744

Equity - Movement of equity res

Equity - Movement of equity reserves (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of changes in equity [Line Items]
Opening balance	$ 58,231,628	$ 57,107,780
Closing balance	53,499,363	58,231,628
Equity reserves [Member]
Disclosure of changes in equity [Line Items]
Opening balance	3,784,658	5,138,895
Release of reserves	(540,826)	(3,050,703)
Allocation to reserves	6,391,304	5,355,852
Dividends declared		(3,659,386)
Closing balance	$ 9,635,136	$ 3,784,658

Equity - Other comprehensive in

Equity - Other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of changes in equity [Line Items]
Equity	$ 53,499,363	$ 58,231,628	$ 57,107,780	$ 48,215,699
Other comprehensive income
Disclosure of changes in equity [Line Items]
Foreign currency translation	11,794,201	10,265,398	10,235,891
Cash flow hedge with derivative instruments	44,132	3,689	(30,962)
Cash flow hedges for future exports	(136,470)	(135,748)	(374,079)
Actuarial gain on defined benefit plans	(2,260,989)	(2,357,210)	(557,381)
Hedge of a net investment in a foreign operation	(1,494,926)	(1,130,583)	(1,069,316)
Others	1,114	1,114	176,608
Equity	$ 7,947,062	$ 6,646,660	$ 8,380,761	$ 7,399,015

Equity - Earnings per share (De

Equity - Earnings per share (Details) - COP ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity
Profit attributable to Ecopetrol's shareholders	$ 1,586,677	$ 13,744,011	$ 11,381,386
Weighted average number of outstanding shares	41,116,694,690	41,116,694,690	41,116,694,690
Net basic earnings per share (Colombian pesos)	$ 38.6	$ 334.3	$ 276.8

Equity - Additional information

Equity - Additional information (Details) - COP ($) $ / shares in Units, $ in Millions	Apr. 22, 2021	Mar. 26, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2011
Disclosure of changes in equity [Line Items]
Capital commitments			$ 36,540,000
Number of shares authorised			60,000,000,000
Number of shares subscribed			41,116,694,690
Proportion of shares available for public trade			11.51%
Number of shares available for public trade			4,731,906,273
Proportion of shares held by majority share holders			88.49%
Number of shares held by majority share holders			36,384,788,417
Capital reserve			$ 11,499,933
Number of shares reserved for issue under options and contracts for sale of shares			18,883,305,310
Subscribed and Paid-In-Capital			$ 25,040,067	$ 25,040,067
Additional Paid in Capital			6,607,699	6,607,699
Additional paid-in capital receivable			143
Amount of decreed dividends			$ 7,401,005	$ 9,251,256
Percentage of decreed dividends			100.00%	100.00%
Dividends approved for distribution		$ 698,984
Dividends approved for distribution, per share		$ 17
Percentage of shareholders for dividend payment	100.00%
Share-based payment arrangements [member]
Disclosure of changes in equity [Line Items]
Additional Paid in Capital					$ 2,118,468
Share-based payment arrangements [member] | Colombian Peso [Member]
Disclosure of changes in equity [Line Items]
Additional Paid in Capital			$ 4,457,997
Financial guarantee contracts [member]
Disclosure of changes in equity [Line Items]
Additional Paid in Capital			$ 31,377

Sales revenue from contracts _3

Sales revenue from contracts with customers - National and foreign sales (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 50,223,393	$ 71,488,512	$ 68,603,872
Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	24,687,715	34,305,108	33,022,600
Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	25,535,678	37,183,404	35,581,272
Mid-distillates [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	8,860,588	15,041,883	14,039,638
Gasoline and turbo fuels [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	6,768,046	9,658,180	9,334,939
Gasoline and turbo fuels [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	179,257	1,085,392	1,782,194
Services [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	2,859,559	4,115,626	3,531,404
Natural Gas [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	2,845,155	2,256,123	1,885,846
Natural Gas [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	17,231	27,255	27,899
Plastic and rubber [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	865,204	834,133	899,410
Plastic and rubber [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	1,302,131	1,249,189	1,308,685
Asphalts [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	526,100	544,200	335,426
L.P.G. and propane [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	375,775	372,916	574,639
L.P.G. and propane [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	18,943	13,591	20,212
Other products [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	322,232	431,201	651,874
Other products [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	580,411	408,427	310,708
Cash flow hedging - Reclassification to profit or loss [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	(193,374)	(386,773)	128,404
Crude Oil [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	230,520	356,857	550,479
Crude Oil [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	19,498,582	28,523,596	26,898,737
Diesel [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	3,164,068	4,391,798	3,050,839
Fuel oil [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	37,001	97,907	509,482
Fuel oil [Member] | Foreign sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	968,429	1,870,929	2,053,594
Fuel gas services[Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	671,570	72,249
Aromatics | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	155,740	228,552	282,545
Polyethylene [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	138,035	192,436	270,887
Other Income Gas Contracts [Member] | Domestic sales [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue from sale of goods	$ 32,190	$ 102,845	$ 156,031

Sales revenue from contracts _4

Sales revenue from contracts with customers - Sales by geographic area (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 50,223,393	$ 71,488,512	$ 68,603,872
Percentage of entitys revenue	100.00%	100.00%	100.00%
Colombia Country [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 24,687,715	$ 34,305,108	$ 33,022,600
Percentage of entitys revenue	49.20%	48.00%	48.10%
United States Of America Country [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 11,365,218	$ 17,371,173	$ 14,765,674
Percentage of entitys revenue	22.60%	24.30%	21.50%
Asia continent [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 9,497,498	$ 13,529,151	$ 12,271,225
Percentage of entitys revenue	18.90%	18.90%	17.90%
Central America And Caribbean [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 2,581,644	$ 3,472,665	$ 4,449,033
Percentage of entitys revenue	5.10%	4.90%	6.60%
South America And Others [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 1,296,370	$ 1,502,815	$ 2,968,038
Percentage of entitys revenue	2.60%	2.10%	4.30%
Europe continent [Member]
Disclosure of detailed information about sales revenue [Line Items]
Revenue	$ 794,948	$ 1,307,600	$ 1,127,302
Percentage of entitys revenue	1.60%	1.80%	1.60%

Sales revenue from contracts _5

Sales revenue from contracts with customers - Additional information (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019USD ($)
Disclosure of detailed information about sales revenue [Line Items]
Recognition of price differential	$ 142,723	$ 1,785,277	$ 3,835,533
Hedges with derivative instruments				$ 7,249		$ 5,200
Percentage of entitys revenue	100.00%	100.00%	100.00%
Crude Oil [Member]
Disclosure of detailed information about sales revenue [Line Items]
Hedges with derivative instruments					$ (587,591)
Fuel oil [Member]
Disclosure of detailed information about sales revenue [Line Items]
Hedges with derivative instruments					$ (76,382)
Terpel [Member]
Disclosure of detailed information about sales revenue [Line Items]
Percentage of entitys revenue	15.00%	16.00%	14.00%
Others [Member]
Disclosure of detailed information about sales revenue [Line Items]
Percentage of entitys revenue	10.00%

Cost of sales - before impairme

Cost of sales - before impairment of non-current assets (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about cost of sales of non current assets [line Items]
Total Variable Costs		$ 25,909,931	$ 32,699,443	$ 29,838,341
Total Fixed Costs		11,657,541	12,272,917	11,346,038
Cost of sales		(37,567,472)	(44,972,360)	(41,184,379)
Varible Costs [Member]
Disclosure of detailed information about cost of sales of non current assets [line Items]
Imported products	[1]	7,592,489	12,639,710	11,809,529
Depreciation, amortization and depletion		6,069,903	5,523,306	5,064,518
Purchases of crude in association and concession		4,281,661	5,466,496	3,820,746
Purchases of hydrocarbons - ANH	[2]	2,798,432	5,437,177	5,667,567
Electric energy		1,098,621	829,543	662,297
Hydrocarbon transport services		874,632	821,654	696,964
Taxes and economic rights		841,443	788,924	441,207
Process materials		827,464	1,016,617	968,884
Purchases of other products and gas		598,015	584,507	632,509
Services contracted in associations		269,637	267,778	260,207
Others	[3]	657,634	(676,269)	(186,087)
Fixed Costs [Member]
Disclosure of detailed information about cost of sales of non current assets [line Items]
Hydrocarbon transport services		253,752	268,572	261,237
Services contracted in associations		1,121,010	1,211,510	1,040,221
Depreciation and amortization		2,930,120	2,781,446	2,555,176
Labor costs		2,299,761	2,316,567	2,105,803
Maintenance		2,257,370	2,497,002	2,260,984
Services contracted		1,623,375	1,841,009	1,796,354
Taxes and contributions		593,041	516,933	393,690
Materials and operating supplies		508,037	574,678	565,601
General costs		$ 71,075	$ 265,200	$ 366,972
[1]	Imported products correspond mainly to diesel and diluent to facilitate the transport of heavy crude oil.
[2]	Corresponds to purchases of crude oil by Ecopetrol from the National Hydrocarbons Agency (ANH, by its acronym in Spanish) derived from national production, both of the Ecopetrol Business Group’s direct operations and of third parties.
[3]	Corresponds mainly to: i) the valuation of the inventory, product of the costing process, ii) the valuation at Net Realizable Value, and iii) the agreements of inventories by transport and iv) capitalizable costs to projects.

Administrative, operations an_3

Administrative, operations and project expenses (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about general and administration expense [Line Items]
Administrative expenses		$ (3,373,150)	$ (2,151,599)	$ (1,653,858)
Exploration costs	[1]	689,204	763,562	1,387,463
Operations and project expenses		(2,586,016)	(2,631,754)	(2,903,132)
Administrative expenses [Member]
Disclosure of detailed information about general and administration expense [Line Items]
Labor expenses		(1,658,613)	(759,324)	(662,258)
General expenses		(1,424,348)	(1,140,975)	(911,645)
Taxes		(60,397)	(48,753)	(39,117)
Depreciation and amortization		(229,792)	(202,547)	(40,838)
Operations and project expenses [Member]
Disclosure of detailed information about general and administration expense [Line Items]
Labor expenses		(309,972)	(402,531)	(316,386)
Taxes		(428,608)	(483,330)	(433,506)
Exploration costs		(689,087)	(763,452)	(1,387,379)
Commissions fees freights and services		(656,432)	(558,370)	(466,862)
Fee for regulatory entities		(142,695)	(94,785)	(98,794)
Depreciation and amortization		(83,909)	(60,952)	(44,318)
Maintenance		(78,181)	(56,333)	(50,846)
Right-of-use assets amortization		(10,814)	(14,532)	0
Others		$ (186,318)	$ (197,469)	$ (105,041)
[1]	Exploration expenses include the costs of geological and geophysical activities, as well as the non-productive exploratory wells.

Other operating income (expen_3

Other operating income (expenses), net (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other operating income (expenses), net
Gain on revaluation of assets in Guajira association	[1]	$ 1,284,372	$ 0	$ 0
Gain (loss) on acquisition of participations and interests	[1]	86,026	1,048,924	(12,065)
Loss on sale of assets		(263,647)	(148,021)	(93,601)
Expense for legal provisions		(139,978)	(98,020)	(68,398)
Impairment loss of short-term assets		(34,416)	(90,441)	(105,692)
Gain on loss of control	[2]	65,695	0	0
Other income		120,114	344,354	244,301
Other operating income (expense)		$ 1,118,166	$ 1,056,796	$ (35,455)
[1]	Results in the acquisition of La Guajira: Ecopetrol COP$1,284,372 and Hocol COP$86,026. For Ecopetrol it corresponds to the revaluation of the assets that it already had in the Guajira association and for Hocol it corresponds to the Bargain obtained from the acquisition of the 43% stake. (Note 12 - Business combinations).
[2]	Recognition of the disposal of net assets due to the loss of control due to the opening of the judicial liquidation process of Bioenergy S.A.S. and Bioenergy Zona Franca S.A.S. COP$65,570 (Note 2.2). Liquidation process of ECP Oil and Gas Germany GmbH COP$125.

Other operating income (expen_4

Other operating income (expenses), net - Additional Information (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of associates [line items]
Adjustments for gain loss on Acquisition of investments in subsidiaries, joint ventures and associates	[1]	$ 86,026	$ 1,048,924	$ (12,065)
Guajira Association Contract [Member]
Disclosure of associates [line items]
Percentage of interest acquired		43.00%
Gases de la Guajira S.A. E.S.P.
Disclosure of associates [line items]
Adjustments for gain loss on Acquisition of investments in subsidiaries, joint ventures and associates		$ 1,284,372
Hocol petroleum limited
Disclosure of associates [line items]
Adjustments for gain loss on Acquisition of investments in subsidiaries, joint ventures and associates		86,026
Bioenergy S.A.S. and Bioenergy Zona Franca S.A.S
Disclosure of associates [line items]
Gain (Loss) on Disposal of Oil and Gas Assets		65,570
Ecopetrol Germany Gmbh
Disclosure of associates [line items]
Gain (Loss) on Disposal of Oil and Gas Assets		$ 125
[1]	Results in the acquisition of La Guajira: Ecopetrol COP$1,284,372 and Hocol COP$86,026. For Ecopetrol it corresponds to the revaluation of the assets that it already had in the Guajira association and for Hocol it corresponds to the Bargain obtained from the acquisition of the 43% stake. (Note 12 - Business combinations).

Financial result, net (Details)

Financial result, net (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income
Results from financial assets and others		$ 665,310	$ 975,245	$ 745,571
Yields and interests		299,246	481,674	383,624
Gain on derivatives valuation		108,838	0	0
Dividends	[1]	44	117,260	0
Gain on sale of equity instruments		0	0	368
Other financial income		27,992	49,157	0
Finance income		1,101,430	1,623,336	1,129,563
Finance expenses
Interest	[2]	(2,384,342)	(1,894,490)	(2,399,414)
Financial cost of other liabilities	[3]	(872,987)	(757,509)	(668,782)
Results from financial assets		(473,598)	(638,767)	(381,445)
Other financial expenses		(198,864)	(43,703)	(62,520)
Finance costs		(3,929,791)	(3,334,469)	(3,512,161)
Foreign exchange gain, net		346,774	40,639	372,223
Financial result, net		$ (2,481,587)	$ (1,670,494)	$ (2,010,375)
[1]	In 2007, Arrendadora Financiera Internacional Bolivariana (AFIB) and Ecopetrol S.A. signed an agreement to constitute a trust fund, in which Invercolsa deposited dividends corresponding to 8.53% of the participation in dispute, regarding the shares acquired by Fernando Londoño. In 2019, as a result of the sentence of the Supreme Court of Justice, Ecopetrol received the amount of dividends that were in that trust.
[2]	As of December 31, 2020, borrowing costs for the financing of developing natural resources and property, plant and equipment of COP$247,501 (2019 - COP$248,139 and 2018 - COP$200,833) were capitalized.
[3]	Includes the financial expense of the asset retirement obligations and the liabilities for post-employment benefits.

Financial result, net - Additio

Financial result, net - Additional Information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial result, net
Interest costs capitalised	$ 247,501	$ 248,139	$ 200,833
Dividends Percentage on Participation in Dispute	8.53%

Risk management - Financial ass

Risk management - Financial assets and liabilities (Details) $ in Millions, $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Dec. 31, 2017COP ($)
Balance of financial assets and liabilities denominated in foreign currency
Cash and cash equivalents		$ 5,082,308		$ 7,075,758	$ 6,311,744	$ 7,945,885
Other financial assets		3,071,659		4,979,292
Trade receivables and payables, net		7,748		27,449
Trade payables		$ (6,491,909)		$ (8,115,015)
USD$ Million
Balance of financial assets and liabilities denominated in foreign currency
Cash and cash equivalents	$ 197		$ 114
Other financial assets	1,164		1,468
Trade receivables and payables, net	203		81
Loans and borrowings	(11,814)		(9,429)
Other assets and liabilities, net	277		64
Net liability position	$ (9,973)		$ (7,702)

Risk management - Financial a_2

Risk management - Financial assets and liabilities denominated in foreign currency (Details) - Currency risk [member] $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)
Disclosure of detailed information about financial risk management [Line Items]
One Percent variations in exchange rate, Effect on income before income taxes	$ (48,866)
One percent variations in exchange rate, effect on other comprehensive income	(293,457)
Five Percent variations in exchange rate, Effect on income before income taxes	(244,330)
Five Percent variations in exchange rate, effect on other comprehensive income	$ (1,467,286)

Risk management - Non-derivativ

Risk management - Non-derivative hedging instrument (Details) - Cash flow hedging for future crude oil exports [member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial risk management [Line Items]
Hedging instrument at the beginning of the period	$ 1,300	$ 1,300
Reassignment of hedging instruments	1,230	5,551
Realization of exports	(1,230)	(5,551)
Hedging instrument at the end of the period	$ 1,300	$ 1,300

Risk management - Cash flow hed

Risk management - Cash flow hedge for future exports - Movement in other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Risk management
Opening balance	$ (135,748)	$ (374,079)	$ 159,295
Exchange difference	(201,967)	(35,607)	(704,871)
Reclassification to profit or loss	193,374	386,773	(128,404)
Ineffectiveness	9,779	5,173	35,617
Deferred income tax	(1,908)	(118,008)	264,284
Closing balance	$ (136,470)	$ (135,748)	$ (374,079)

Risk management - Expected recl

Risk management - Expected reclassification of the cumulative exchange difference from other comprehensive income to profit or loss (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)
Disclosure of detailed information about financial risk management [Line Items]
Before taxes	$ (194,961)
Taxes	58,491
After taxes	(136,470)
2021
Disclosure of detailed information about financial risk management [Line Items]
Before taxes	(71,358)
Taxes	21,408
After taxes	(49,950)
2022
Disclosure of detailed information about financial risk management [Line Items]
Before taxes	(71,358)
Taxes	21,408
After taxes	(49,950)
2023
Disclosure of detailed information about financial risk management [Line Items]
Before taxes	(52,245)
Taxes	15,675
After taxes	$ (36,570)

Risk management - Hedge recogni

Risk management - Hedge recognised in other comprehensive income (Details) - Hedge of a net investment in a foreign operation - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial risk management [Line Items]
Hedging instrument at the beginning of the period	$ 1,130,583	$ 1,069,316	$ 97,362
Exchange difference	520,490	87,524	1,381,900
Ineffectiveness	0	0	378
Deferred income tax	(156,147)	(26,257)	(410,324)
Hedging instrument at the end of the period	$ 1,494,926	$ 1,130,583	$ 1,069,316

Risk management - Significant c

Risk management - Significant concentration of credit risk (Details) - Financial assets past due but not impaired [member] - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial risk management [Line Items]
Financial assets	$ 359,272	$ 648,118
Less than 3 months overdue [member]
Disclosure of detailed information about financial risk management [Line Items]
Financial assets	56,144	243,893
Between 3 and 6 months overdue [member]
Disclosure of detailed information about financial risk management [Line Items]
Financial assets	1,270	136,700
More than 6 months overdue [member]
Disclosure of detailed information about financial risk management [Line Items]
Financial assets	$ 301,858	$ 267,525

Risk management - Risk manageme

Risk management - Risk management - Sensitivity in income and other comprehensive income to variations in interest rate (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)
Increase in floating interest (+100 basis points)
Disclosure of detailed information about financial risk management [Line Items]
Financial assets (Financial expenses)	$ (25,878)
Financial liabilities (Financial income)	60,577
Plan assets (Other comprehensive income)	(557,002)
Decrease in floating interest (-100 basis points)
Disclosure of detailed information about financial risk management [Line Items]
Financial assets (Financial income)	25,878
Financial liabilities (Financial expenses)	(59,459)
Plan assets (Other comprehensive income)	$ 557,901

Risk management - Maturity of f

Risk management - Maturity of financial liabilities (Details) $ in Millions	Dec. 31, 2020COP ($)
Disclosure of detailed information about financial risk management [Line Items]
Loans (payment of principal and interest)	$ 68,089,325
Trade and other payables	8,470,105
Total	76,559,430
2021
Disclosure of detailed information about financial risk management [Line Items]
Loans (payment of principal and interest)	3,585,623
Trade and other payables	8,449,041
Total	12,034,664
1 to 5 years
Disclosure of detailed information about financial risk management [Line Items]
Loans (payment of principal and interest)	33,051,812
Trade and other payables	21,064
Total	33,072,876
2026 and therafter
Disclosure of detailed information about financial risk management [Line Items]
Loans (payment of principal and interest)	17,701,887
Trade and other payables	0
Total	17,701,887
>10 years
Disclosure of detailed information about financial risk management [Line Items]
Loans (payment of principal and interest)	13,750,003
Trade and other payables	0
Total	$ 13,750,003

Risk management - Leverage rati

Risk management - Leverage ratio (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Risk management
Loans and borrowings (Note 20)		$ 46,731,754	$ 38,239,139
Cash and cash equivalents (Note 6)		(5,082,308)	(7,075,758)	$ (6,311,744)	$ (7,945,885)
Other financial assets (Note 9)		(3,071,659)	(4,979,292)
Net financial debt		38,577,787	26,184,089
Equity (Note 24)		$ 53,499,363	$ 58,231,628	$ 57,107,780	$ 48,215,699
Leverage	[1]	41.90%	31.02%
[1]	Leverage = Net financial debt / (Net financial debt + Equity)

Risk management - Additional In

Risk management - Additional Information (Details) $ in Millions, $ in Millions	Oct. 01, 2015USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018COP ($)	Dec. 31, 2017COP ($)
Disclosure of detailed information about financial risk management [Line Items]
Closing foreign exchange rate		3,432.50	3,432.50	3,277.14
Amount in wich the company expanded the hedge of a net investment in a foreign operation		$ 7,249				$ 5,200
Open position forward non-delivery operations			$ (62,911)	$ (60,740)
Other comprehensive gains (losses) on hedges of derivative instruments net of tax			51,486	$ 43,141
Hedging Instruments Foreign Currency Debt	$ 5,440
Net position of assets and liabilities different functional currency		185
Ecopetrol Business Group
Disclosure of detailed information about financial risk management [Line Items]
Open position forward non-delivery operations			$ 91,305
Colombian Peso [Member]
Disclosure of detailed information about financial risk management [Line Items]
Net liabilities of companies in the Group with a different functional currency		10,158
Valuation recognized in other comprehensive income in companies		1,609
USD$ Million
Disclosure of detailed information about financial risk management [Line Items]
Valuation recognized in other comprehensive income in companies		8,549
Hedge of a net investment in a foreign operation
Disclosure of detailed information about financial risk management [Line Items]
Amount in wich the company expanded the hedge of a net investment in a foreign operation		7,249
Hedging instrument, assets					$ 1,494,926		$ 1,130,583		$ 1,069,316	$ 97,362
Hedge of a net investment in a foreign operation | Ecopetrol Business Group
Disclosure of detailed information about financial risk management [Line Items]
Amount in wich the company expanded the hedge of a net investment in a foreign operation		2,049				2,049
Strategic Hedges [Member]
Disclosure of detailed information about financial risk management [Line Items]
Notional amount		30
Gain (Loss) On Effective Hedges		42.7
Cash flow hedging for future crude oil exports [member]
Disclosure of detailed information about financial risk management [Line Items]
Amount in wich the company expanded the hedge of a net investment in a foreign operation		1,300
Notional amount		3.7
Gain (Loss) On Effective Hedges		25.5
Hedging instrument, assets		1,300				$ 1,300		$ 1,300
Cash flow hedging for future crude oil exports [member] | Swap contract [member]
Disclosure of detailed information about financial risk management [Line Items]
Notional amount		18
Gain (Loss) On Effective Hedges		$ 15
Hedging instrument, assets					7,572
Cash flow hedging for future crude oil exports [member] | Forward contract [member]
Disclosure of detailed information about financial risk management [Line Items]
Hedging instrument, assets					$ 91,305
Floating interest rate
Disclosure of detailed information about financial risk management [Line Items]
Borrowings, interest rate linked to floating interest rates		16.00%			16.00%	17.00%	17.00%	17.00%	17.00%
Credit risk in Peso portfolio
Disclosure of detailed information about financial risk management [Line Items]
Maximum percentage of cash investment held in portfolio		10.00%	10.00%
Credit risk in U.S. dollar portfolio
Disclosure of detailed information about financial risk management [Line Items]
Maximum percentage of cash investment held in portfolio, current		5.00%	5.00%
Maximum percentage of cash investment held in portfolio, non current		1.00%	1.00%
Currency risk [member]
Disclosure of detailed information about financial risk management [Line Items]
The increase (Decrease) in Foreign exchange Rate		4.70%	4.70%

Related parties (Details)

Related parties (Details) - COP ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Investments in joint ventures and associates [abstract]
Accounts receivable		$ 7,748	$ 27,449
Accounts receivable-Loans		0	93,657	[1]
Other assets		7,093	57,016
Accounts payable		72,316	187,616
Loans	[2]	1,277,046	1,108,403
Other liabilities		1,664	795
Accounts receivable, Current		7,748	27,449
Accounts receivable, Non-current		0	0
Accounts receivable - Loans, Current		97,300	0
Accounts receivable - Loans, Non-current		0	93,657
Other assets, Current		7,093	57,016
Other assets, Non-current		0	0
Accounts payable, Current		72,316	187,616
Accounts payable, Non-current		0	0
Loans, Current		1,277,046	1,108,403
Loans, Non-current		0	0
Other liabilities, Current		1,664	795
Other liabilities, Non-current		0	0
Gas Natural del Oriente S.A. E.S.P.
Investments in joint ventures and associates [abstract]
Accounts receivable		0
Accounts receivable-Loans		0
Other assets		0
Accounts payable		1,858
Loans		0
Other liabilities		0
Extrucol S.A.
Investments in joint ventures and associates [abstract]
Accounts receivable		0
Accounts receivable-Loans		0
Other assets		0
Accounts payable		279
Loans		0
Other liabilities		0
E2 Energia Eficiente S.A. E.S.P.
Investments in joint ventures and associates [abstract]
Accounts receivable		4,453
Accounts receivable-Loans		0
Other assets		0
Accounts payable		1,264
Loans		0
Other liabilities		0
Serviport S.A
Investments in joint ventures and associates [abstract]
Accounts receivable		0	0
Accounts receivable-Loans		0	0
Other assets		0	0
Accounts payable		948	4,668
Loans		0	0
Other liabilities		0	0
Equion Energia Limited
Investments in joint ventures and associates [abstract]
Accounts receivable		1,950	25,333
Accounts receivable-Loans		0	0
Other assets		7,093	57,016
Accounts payable		32,335	153,501
Loans	[2]	1,277,046	1,108,403
Other liabilities		1,663	794
Ecodiesel Colombia S.A
Investments in joint ventures and associates [abstract]
Accounts receivable		1,345	2,116
Accounts receivable-Loans		0	0
Other assets		0	0
Accounts payable		35,632	29,447
Loans		0	0
Other liabilities		1	1
Offshore International Group
Investments in joint ventures and associates [abstract]
Accounts receivable		0	0
Accounts receivable-Loans	[1]	97,300	93,657
Other assets		0	0
Accounts payable		0	0
Loans		0	0
Other liabilities		$ 0	$ 0
[1]	Offshore International Group: Loan granted by Ecopetrol S.A. for USD$57 million in 2016, with an interest rate of 4.99% payable semiannually from 2017 and maturing in 2021. The balance in nominal value of this loan as of December 31, 2020 is USD$28 million (2019 - USD$28 million).
[2]	Resources deposited by Equion in Ecopetrol Capital AG.

Related parties - Transactions

Related parties - Transactions with related parties (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Joint ventures
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	$ 40,324	$ 329,241	$ 76,248
Purchases And Other Assets, Related Party Transactions	703,073	849,754	1,113,782
Associates
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	90,184	329,241	76,248
Purchases And Other Assets, Related Party Transactions	733,225	849,754	1,113,782
E2 Energia Eficiente S.A. E.S.P. | Associates
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	49,860	0	0
Purchases And Other Assets, Related Party Transactions	2,849	0	0
Gas Natural del Oriente S.A. E.S.P. | Associates
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	0	0	0
Purchases And Other Assets, Related Party Transactions	26,141	0	0
Extrucol S.A. | Associates
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	0	0	0
Purchases And Other Assets, Related Party Transactions	1,162	0	0
Equion Energia Limited | Joint ventures
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	27,595	317,382	67,002
Purchases And Other Assets, Related Party Transactions	356,872	569,105	846,284
Ecodiesel Colombia S.A | Joint ventures
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	8,268	8,614	6,860
Purchases And Other Assets, Related Party Transactions	346,201	280,649	267,498
Offshore International Group | Joint ventures
Disclosure of transactions between related parties [line items]
Sales And Services, Related Party Transactions	4,461	3,245	2,386
Purchases And Other Assets, Related Party Transactions	$ 0	$ 0	$ 0

Related parties - Directors and

Related parties - Directors and key management personnel (Details)	12 Months Ended
	Dec. 31, 2020
Felipe Bayon
Disclosure of transactions between related parties [line items]
Key Management Personnel Shareholding Description	<1% outstanding shares
Jaime Caballero
Disclosure of transactions between related parties [line items]
Key Management Personnel Shareholding Description	<1% outstanding shares
Orlando Diaz
Disclosure of transactions between related parties [line items]
Key Management Personnel Shareholding Description	<1% outstanding shares
Jorge Calvache
Disclosure of transactions between related parties [line items]
Key Management Personnel Shareholding Description	<1% outstanding shares

Related parties - Additional In

Related parties - Additional Information (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2017USD ($)
Disclosure of transactions between related parties [line items]
Cancellation of fees	$ 3,102	$ 1,847
Payment of key management personnel compensation	$ 24,068	$ 22,632	$ 21,580
Provisions for employee benefits					$ 12,423,667		$ 11,481,064
Ownership Interest Held By Government	88.49%
Description of any retirement benefit plan termination terms	five years (2016-2021)
Executive officers [Member]
Disclosure of transactions between related parties [line items]
Provisions for employee benefits			$ 5,491		$ 13,413		$ 18,740
Offshore International Group
Disclosure of transactions between related parties [line items]
Loans and receivables				$ 28		$ 28		$ 57
Loans And Receivable Interest Rate								4.99%

Joint operations - Contracts in

Joint operations - Contracts in which Ecopetrol is not the operator (Details)	12 Months Ended
	Dec. 31, 2020
Talisman Oil Gas [Member]
Disclosure of joint operations [line items]
Contract	Niscota
% Participation	20.00%
Geographic area of operations	Colombia
Chipiron Contract [Member] | Occidental de Colombia LLC [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Chipirón
Type	Production
Chipiron Contract [Member] | Occidental de Colombia LLC [Member] | Contract where entity not operator | Bottom of range [member]
Disclosure of joint operations [line items]
% Participation	30.00%
Chipiron Contract [Member] | Occidental de Colombia LLC [Member] | Contract where entity not operator | Top of range [member]
Disclosure of joint operations [line items]
% Participation	41.00%
Chipiron Contract [Member] | Occidental Andina LLC [Member] | Contract where entity not operator | Bottom of range [member]
Disclosure of joint operations [line items]
% Participation	30.00%
Cosecha Contract [Member] | Occidental Andina LLC [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Cosecha
Type	Production
% Participation	30.00%
Geographic area of operations	Colombia
Cravo norte Contract [Member] | Occidental Andina LLC [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Cravo Norte
Type	Production
% Participation	55.00%
Geographic area of operations	Colombia
Rondon Contract [Member] | Occidental Andina LLC [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Rondón
Type	Production
% Participation	50.00%
Geographic area of operations	Colombia
Nare Contract [Member] | Mansarovar Energy Colombia Ltd [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Nare
Type	Production
% Participation	50.00%
Geographic area of operations	Colombia
Quifa Contract [Member] | Frontera Energy Colombia Corp [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Quifa
Type	Production
% Participation	40.00%
Geographic area of operations	Colombia
Casanare Contract One [Member] | Perenco Colombia Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Casanare
Type	Production
% Participation	74.40%
Geographic area of operations	Colombia
Corocora Contract One [Member] | Perenco Colombia Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Corocora
Type	Production
% Participation	83.91%
Geographic area of operations	Colombia
Estero Contract One [Member] | Perenco Colombia Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Estero
Type	Production
% Participation	95.98%
Geographic area of operations	Colombia
Garcero Contract One [Member] | Perenco Colombia Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Garcero
Type	Production
% Participation	91.22%
Geographic area of operations	Colombia
Orocue Contract One [Member] | Perenco Colombia Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Orocúe
Type	Production
% Participation	86.47%
Geographic area of operations	Colombia
Tayrona Contract [Member] | Petrobras, Repsol & Statoil [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Tayrona
Type	Exploration
% Participation	50.00%
Geographic area of operations	Offshore Caribe Norte
Fuerte Sur Contract [Member] | Shell EP Offshore Ventures Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Fuerte Sur
Type	Exploration
% Participation	50.00%
Geographic area of operations	Offshore Caribe Norte
Purple Angel Contract [Member] | Shell EP Offshore Ventures Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Purple Angel
Type	Exploration
% Participation	50.00%
Geographic area of operations	Offshore Caribe Norte
Col-5 Contract [Member] | Shell EP Offshore Ventures Limited [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Col-5
Type	Exploration
% Participation	50.00%
Geographic area of operations	Offshore Caribe Norte
Sul de Gato do Mato Contract [Member] | Shell [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Sul de Gato do Mato
Type	Exploration
% Participation	30.00%
Geographic area of operations	Brazil
Gato do Mato Contract [Member] | Shell [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Gato do Mato
Type	Exploration
% Participation	30.00%
Geographic area of operations	Brazil
Deep Rydberg/Aleatico Contract [Member] | Shell [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Deep Rydberg/Aleatico
Type	Exploration
% Participation	29.00%
Geographic area of operations	Gulf of Mexico
Gunflint Contract [Member] | Fieldwood Gunflint [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Gunflint
Type	Production
% Participation	32.00%
Geographic area of operations	Gulf of Mexico
Dalmatian Contract [Member] | Murphy Oil [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Dalmatian
Type	Production
% Participation	30.00%
Geographic area of operations	Gulf of Mexico
K2 Contract [Member] | OXY (Anadarko) [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	K2
Type	Production
% Participation	21.00%
Geographic area of operations	Gulf of Mexico
Palmer Contract [Member] | Talos [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Palmer
Type	Exploration
% Participation	30.00%
Geographic area of operations	Gulf of Mexico
Warrior Contract [Member] | OXY (Anadarko) [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Warrior
Type	Exploration
% Participation	30.00%
Geographic area of operations	Gulf of Mexico
ESOX Contract [Member] | HESS [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	ESOX
Type	Production
% Participation	21.00%
Geographic area of operations	Gulf of Mexico
Bloque 8 Contract [Member] | PEMEX Exploracion Y Produccion [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Bloque 8
Type	Exploration
% Participation	50.00%
Geographic area of operations	Gulf of Mexico
Bloque 6 Contract [Member] | PC Carigali Mexico Operations SA [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Bloque 6
Type	Exploration
% Participation	50.00%
Geographic area of operations	Gulf of Mexico
Rodeo Midland Basin Contract [Member] | Occidental Petroleum Company [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Rodeo Midland Basin
Type	Production
% Participation	49.00%
Geographic area of operations	Permian Texas U.S.
Pau Brasil Contract [Member] | BP Energy [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Pau Brasil
Type	Exploration
% Participation	20.00%
Geographic area of operations	Brazil
Saturno Contract [Member] | Shell [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Saturno
Type	Exploration
% Participation	10.00%
Geographic area of operations	Brazil
CE-M-715_R11 Contract [Member] | Chevron | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	CE-M-715_R11
Type	Exploration
% Participation	50.00%
Geographic area of operations	Brazil
SSJN1 Contract [Member] | Lewis [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	SSJN1
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Mana Contract [Member] | Interoil Colombia [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Mana
Type	Production
% Participation	30.00%
Geographic area of operations	Colombia
Ambrosia Contract [Member] | Interoil Colombia [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Ambrosia
Type	Production
% Participation	30.00%
Geographic area of operations	Colombia
Rio Opia Contract [Member] | Interoil Colombia [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Rio Opia
Type	Production
% Participation	30.00%
Geographic area of operations	Colombia
Rancho Hermoso Mirador Contract [Member] | Canacol [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Rancho Hermoso-Mirador
Type	Production
% Participation	100.00%
Geographic area of operations	Colombia
Rancho Hermoso Otras formaciones Contract [Member] | Canacol [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Rancho Hermoso -Otras formaciones
Type	Production
% Participation	70.00%
Geographic area of operations	Colombia
Llanos 86 Contract [Member] | Geopark [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Llanos 86
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Llanos 87 Contract [Member] | Geopark [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Llanos 87
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Llanos 104 Contract [Member] | Geopark [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Llanos 104
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Llanos 123 Contract [Member] | Geopark [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Llanos 123
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Llanos 124 Contract [Member] | Geopark [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Llanos 124
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Ronda Caribe RC-10 Contract [Member] | ONGC Videsh Limited Sucursal Colombiana [Member] | Contract where entity not operator
Disclosure of joint operations [line items]
Contract	Ronda Caribe RC-10
Type	Exploration
% Participation	50.00%
Geographic area of operations	Offshore Caribe Norte

Joint operations - Contracts _2

Joint operations - Contracts in which Ecopetrol is the operator (Details)	12 Months Ended
	Dec. 31, 2020
ONGC Videsh Limited [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	RC-9
% Participation	50.00%
Geographic area of operations	Colombia
Talisman Oil Gas [Member]
Disclosure of joint operations [line items]
Contract	Niscota
% Participation	20.00%
Geographic area of operations	Colombia
VMM29 Contract [Member] | ExxonMobil Exploration Colombia [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	VMM29
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
CR2 Contract [Member] | ExxonMobil Exploration Colombia [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	CR2
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
C62 Contract [Member] | ExxonMobil Exploration Colombia [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	C62
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
CPO9 Contract [Member] | Repsol Colombia Oil & Gas limited [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	CPO9
Type	Exploration
% Participation	55.00%
Geographic area of operations	Colombia
RC9 Contract [Member] | ONGC Videsh Limited Sucursal Colombiana [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	RC9
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
VMM32 Contract [Member] | CPVEN E&P Corp Sucursal Colombia [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	VMM32
Type	Exploration
% Participation	51.00%
Geographic area of operations	Colombia
CR4 Contract [Member] | Shell Exploracion and Produccion [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	CR4
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
San Jacinto Contract [Member] | SK Innovation Co Ltd. [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	San Jacinto
Type	Exploration
% Participation	70.00%
Geographic area of operations	Colombia
Catleya Contract [Member] | Repsol Exploracion Colombia S.A. [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Catleya
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Cardon Contract [Member] | Emerald Energy PLC Suc. Colombia [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Cardon
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
CPO9 - Akacias Contract [Member] | Repsol Colombia Oil & Gas limited [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	CPO9 – Akacias
Type	Production
% Participation	55.00%
Geographic area of operations	Colombia
ORC401 CRC-2004-01 Contract [Member] | Parex Resources Colombia Ltd. [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	ORC401 CRC-2004-01
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
La Cira Infantas [Member] | Occidental Andina LLC [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	La Cira Infantas
Type	Production
% Participation	58.00%
Geographic area of operations	Colombia
Teca Contract [Member] | Occidental Andina LLC [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Teca
Type	Production
% Participation	76.00%
Guariquies I Contract [Member] | Ramshorn International Limited [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Guariquies I
Type	Production
% Participation	50.00%
Geographic area of operations	Colombia
San Jacinto Rio Paez Contract [Member] | Perenco Oil And Gas [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	San Jacinto Rio Paez
Type	Production
% Participation	68.00%
Geographic area of operations	Colombia
San Jacinto Rio Paez Contract [Member] | Cepsa Colombia [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	San Jacinto Rio Paez
Type	Production
% Participation	68.00%
Geographic area of operations	Colombia
Mundo Nuevo Contract [Member] | Total Colombia [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Mundo Nuevo
Type	Exploration
% Participation	15.00%
Geographic area of operations	Colombia
Mundo Nuevo Contract [Member] | Talisman Oil Gas [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Mundo Nuevo
Type	Exploration
% Participation	15.00%
Geographic area of operations	Colombia
Block RC-9 Contract- Caribbean Round No. 37-2007 Contract [Member] | ONGC Videsh Limited [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Type	Exploration
Clarinero Contract [Member] | Lewis [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Clarinero
Type	Exploration
% Participation	50.00%
Geographic area of operations	Colombia
Alto Magdalena Pipeline Contract [Member] | Emerald Energy [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Oleoducto Alto Magdalena
Type	OAM
% Participation	45.00%
Geographic area of operations	Colombia
Alto Magdalena Pipeline Contract [Member] | Equion Energia Limited [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Oleoducto Alto Magdalena
Type	OAM
% Participation	45.00%
Geographic area of operations	Colombia
Alto Magdalena Pipeline Contract [Member] | Frontera Energy [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Oleoducto Alto Magdalena
Type	OAM
% Participation	45.00%
Geographic area of operations	Colombia
Niscota Contract [Member] | Talisman Oil Gas [Member] | Contract where Entity is operator
Disclosure of joint operations [line items]
Contract	Niscota
Type	Production
% Participation	20.00%
Geographic area of operations	Colombia

Joint operations - Additional I

Joint operations - Additional Information (Details)	Dec. 31, 2020	Feb. 07, 2020
Bottom of range [member]
Disclosure of joint operations [line items]
Percentage of interest acquired	20.00%
Top of range [member]
Disclosure of joint operations [line items]
Percentage of interest acquired	50.00%
Ecopetrol reported agreement with shell [member]
Disclosure of joint operations [line items]
Percentage of interest acquired		50.00%

Information by segments (Detail

Information by segments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Revenue	$ 50,223,393	$ 71,488,512	$ 68,603,872
Cost of sales	(37,567,472)	(44,972,360)	(41,184,379)
Gross profit	12,655,921	26,516,152	27,419,493
Other operating income (expenses), net	(3,373,150)	(2,151,599)	(1,653,858)
Operation and projects expenses	(2,586,016)	(2,631,754)	(2,903,132)
Impairment of non-current assets	(633,156)	(1,762,437)	(368,634)
Other operating income and expenses net	1,118,166	1,056,796	(35,455)
Operating income (expenses)	7,181,765	21,027,158	22,458,414
Financial result net
Financial income	1,101,430	1,623,336	1,129,563
Finance expenses	(3,929,791)	(3,334,469)	(3,512,161)
Foreign exchange gain (loss), net	346,774	40,639	372,223
Financial result, net	(2,481,587)	(1,670,494)	(2,010,375)
Share of profits of associates and joint ventures	76,336	366,904	165,836
Income before tax	4,776,514	19,723,568	20,613,875
Income tax	(2,038,661)	(4,718,413)	(8,258,485)
Net profit (loss) for the period	2,737,853	15,005,155	12,355,390
Profit (loss) attributable to:
Group owners of parent	1,586,677	13,744,011	11,381,386
Non-controlling interest	1,151,176	1,261,144	974,004
Net income	2,737,853	15,005,155	12,355,390
Supplementary information
Depreciation depletion and amortization	9,324,538	8,582,783	7,704,850
Fixed Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(11,657,542)	(12,272,918)	(11,346,037)
Variable Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(25,909,930)	(32,699,442)	(29,838,342)
Third Party Sales [Member]
Disclosure of operating segments [line items]
Revenue	50,223,393	71,488,512	68,603,872
Inter-Segment Sales [Member]
Disclosure of operating segments [line items]
Revenue	0	0	0
Operating segments [member] | Exploration and Production [Member]
Disclosure of operating segments [line items]
Revenue	36,839,997	52,667,990	50,372,764
Cost of sales	(32,908,419)	(36,373,865)	(32,239,184)
Gross profit	3,931,578	16,294,125	18,133,580
Other operating income (expenses), net	2,163,198	1,284,560	889,293
Operation and projects expenses	(1,511,510)	(1,475,710)	(1,993,054)
Impairment of non-current assets	(192,693)	(1,982,044)	785,940
Other operating income and expenses net	1,085,114	49,673	(137,836)
Operating income (expenses)	1,149,291	11,601,484	15,899,337
Financial result net
Financial income	1,177,712	1,440,440	1,099,893
Finance expenses	(2,896,060)	(2,311,133)	(2,038,312)
Foreign exchange gain (loss), net	360,409	287,286	868,479
Financial result, net	(1,357,939)	(583,407)	(69,940)
Share of profits of associates and joint ventures	(53,037)	227,401	135,265
Income before tax	(261,685)	11,245,478	15,964,662
Income tax	43,569	(1,925,798)	(6,096,591)
Net profit (loss) for the period	(218,116)	9,319,680	9,868,071
Profit (loss) attributable to:
Group owners of parent	(139,279)	9,382,129	9,930,519
Non-controlling interest	(78,837)	(62,449)	(62,448)
Net income	(218,116)	9,319,680	9,868,071
Supplementary information
Depreciation depletion and amortization	6,445,812	5,892,822	5,248,364
Operating segments [member] | Exploration and Production [Member] | Fixed Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(9,479,317)	(9,587,961)	(8,871,709)
Operating segments [member] | Exploration and Production [Member] | Variable Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(23,429,102)	(26,785,904)	(23,367,475)
Operating segments [member] | Exploration and Production [Member] | Third Party Sales [Member]
Disclosure of operating segments [line items]
Revenue	22,854,925	31,295,118	30,112,900
Operating segments [member] | Exploration and Production [Member] | Inter-Segment Sales [Member]
Disclosure of operating segments [line items]
Revenue	13,985,072	21,372,872	20,259,864
Operating segments [member] | Refining and petrochemicals [Member]
Disclosure of operating segments [line items]
Revenue	26,104,351	38,770,806	37,011,373
Cost of sales	(25,825,555)	(37,856,219)	(35,658,753)
Gross profit	278,796	914,587	1,352,620
Other operating income (expenses), net	936,175	496,155	443,880
Operation and projects expenses	(781,309)	(743,378)	(668,177)
Impairment of non-current assets	(781,528)	452,163	(984,704)
Other operating income and expenses net	34,705	1,014,988	(13,652)
Operating income (expenses)	(2,185,511)	1,142,205	(757,793)
Financial result net
Financial income	67,832	229,297	147,689
Finance expenses	(914,534)	(996,790)	(1,295,528)
Foreign exchange gain (loss), net	(447,880)	(179,936)	(517,410)
Financial result, net	(1,294,582)	(947,429)	(1,665,249)
Share of profits of associates and joint ventures	131,462	17,091	27,730
Income before tax	(3,348,631)	211,867	(2,395,312)
Income tax	614,269	(83,504)	420,224
Net profit (loss) for the period	(2,734,362)	128,363	(1,975,088)
Profit (loss) attributable to:
Group owners of parent	(2,848,511)	117,708	(1,973,075)
Non-controlling interest	114,149	10,655	(2,013)
Net income	(2,734,362)	128,363	(1,975,088)
Supplementary information
Depreciation depletion and amortization	1,599,780	1,398,948	1,307,216
Operating segments [member] | Refining and petrochemicals [Member] | Fixed Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(3,427,211)	(3,523,948)	(3,204,791)
Operating segments [member] | Refining and petrochemicals [Member] | Variable Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(22,398,344)	(34,332,271)	(32,453,962)
Operating segments [member] | Refining and petrochemicals [Member] | Third Party Sales [Member]
Disclosure of operating segments [line items]
Revenue	24,804,887	36,393,470	34,947,948
Operating segments [member] | Refining and petrochemicals [Member] | Inter-Segment Sales [Member]
Disclosure of operating segments [line items]
Revenue	1,299,464	2,377,336	2,063,425
Operating segments [member] | Transport and logistics [Member]
Disclosure of operating segments [line items]
Revenue	12,194,440	13,070,736	11,354,167
Cost of sales	(3,381,357)	(3,738,194)	(3,402,087)
Gross profit	8,813,083	9,332,542	7,952,080
Other operating income (expenses), net	533,594	372,942	320,498
Operation and projects expenses	(403,657)	(434,904)	(263,104)
Impairment of non-current assets	341,065	(232,556)	(169,870)
Other operating income and expenses net	1,827	74,607	118,905
Operating income (expenses)	8,218,724	8,366,747	7,317,513
Financial result net
Financial income	125,677	273,613	110,898
Finance expenses	(389,394)	(306,878)	(407,589)
Foreign exchange gain (loss), net	434,245	(66,711)	21,154
Financial result, net	170,528	(99,976)	(275,537)
Share of profits of associates and joint ventures	(2,089)	138	2,841
Income before tax	8,387,163	8,266,909	7,044,817
Income tax	(2,696,499)	(2,709,111)	(2,582,118)
Net profit (loss) for the period	5,690,664	5,557,798	4,462,699
Profit (loss) attributable to:
Group owners of parent	4,574,800	4,244,860	3,424,234
Non-controlling interest	1,115,864	1,312,938	1,038,465
Net income	5,690,664	5,557,798	4,462,699
Supplementary information
Depreciation depletion and amortization	1,278,946	1,291,013	1,149,270
Operating segments [member] | Transport and logistics [Member] | Fixed Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(2,813,856)	(3,039,452)	(2,805,516)
Operating segments [member] | Transport and logistics [Member] | Variable Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	(567,501)	(698,742)	(596,571)
Operating segments [member] | Transport and logistics [Member] | Third Party Sales [Member]
Disclosure of operating segments [line items]
Revenue	2,563,581	3,799,924	3,543,024
Operating segments [member] | Transport and logistics [Member] | Inter-Segment Sales [Member]
Disclosure of operating segments [line items]
Revenue	9,630,859	9,270,812	7,811,143
Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Revenue	(24,915,395)	(33,021,020)	(30,134,432)
Cost of sales	24,547,859	32,995,918	30,115,645
Gross profit	(367,536)	(25,102)	(18,787)
Other operating income (expenses), net	(259,817)	(2,058)	187
Operation and projects expenses	110,460	22,238	21,203
Impairment of non-current assets	0	0	0
Other operating income and expenses net	(3,480)	(82,472)	(2,872)
Operating income (expenses)	(739)	(83,278)	(643)
Financial result net
Financial income	(269,791)	(320,014)	(228,917)
Finance expenses	270,197	280,332	229,268
Foreign exchange gain (loss), net	0	0	0
Financial result, net	406	(39,682)	351
Share of profits of associates and joint ventures	0	122,274	0
Income before tax	(333)	(686)	(292)
Income tax	0	0	0
Net profit (loss) for the period	(333)	(686)	(292)
Profit (loss) attributable to:
Group owners of parent	(333)	(686)	(292)
Non-controlling interest	0	0	0
Net income	(333)	(686)	(292)
Supplementary information
Depreciation depletion and amortization	0	0	0
Elimination of intersegment amounts [member] | Fixed Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	4,062,842	3,878,443	3,535,979
Elimination of intersegment amounts [member] | Variable Costs [Member]
Disclosure of operating segments [line items]
Cost of sales	20,485,017	29,117,475	26,579,666
Elimination of intersegment amounts [member] | Third Party Sales [Member]
Disclosure of operating segments [line items]
Revenue	0	0	0
Elimination of intersegment amounts [member] | Inter-Segment Sales [Member]
Disclosure of operating segments [line items]
Revenue	$ (24,915,395)	$ (33,021,020)	$ (30,134,432)

Information by segments - Sales

Information by segments - Sales by product (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Recognition of price differential	$ 142,723	$ 1,785,277	$ 3,835,533
Domestic sales [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	24,687,715	34,305,108	33,022,600
Domestic sales [Member] | Mid-distillates [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	8,860,588	15,041,883	14,039,638
Domestic sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	6,768,046	9,658,180	9,334,939
Domestic sales [Member] | Services [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	2,859,559	4,115,626	3,531,404
Domestic sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	2,845,155	2,256,123	1,885,846
Domestic sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	865,204	834,133	899,410
Domestic sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	375,775	372,916	574,639
Domestic sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	230,520	356,857	550,479
Domestic sales [Member] | Aromatics
Disclosure of operating segments [line items]
Revenue from sale of goods	155,740	228,552	282,545
Domestic sales [Member] | Polyethylene [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	138,035	192,436	270,887
Domestic sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	37,001	97,907	509,482
Domestic sales [Member] | Other Income Gas Contracts [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	32,190	102,845	156,031
Foreign sales [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	25,535,678	37,183,404	35,581,272
Foreign sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	179,257	1,085,392	1,782,194
Foreign sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	17,231	27,255	27,899
Foreign sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	1,302,131	1,249,189	1,308,685
Foreign sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	18,943	13,591	20,212
Foreign sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	19,498,582	28,523,596	26,898,737
Foreign sales [Member] | Diesel [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	3,164,068	4,391,798	3,050,839
Foreign sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	968,429	1,870,929	2,053,594
Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(193,374)	(386,773)	128,404
Operating segments [member]
Disclosure of operating segments [line items]
Total sales revenue	50,223,393	71,488,512	68,603,872
Operating segments [member] | Domestic sales [Member]
Disclosure of operating segments [line items]
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment	24,687,715	32,519,831	29,187,067
Recognition of price differential		1,785,277	3,835,533
Total sales revenue		34,305,108	33,022,600
Operating segments [member] | Domestic sales [Member] | Mid-distillates [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	8,860,588	13,541,756	11,586,192
Operating segments [member] | Domestic sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	6,768,046	9,373,030	7,952,852
Operating segments [member] | Domestic sales [Member] | Services [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	2,859,559	309,353	239,410
Operating segments [member] | Domestic sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	2,845,155	2,305,543	1,885,846
Operating segments [member] | Domestic sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	865,204	760,301	822,367
Operating segments [member] | Domestic sales [Member] | Fuel gas service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	671,570
Operating segments [member] | Domestic sales [Member] | Asphats [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	526,100	544,200	335,426
Operating segments [member] | Domestic sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	375,775	372,916	574,639
Operating segments [member] | Domestic sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	230,520	356,857	550,479
Operating segments [member] | Domestic sales [Member] | Aromatics
Disclosure of operating segments [line items]
Revenue from sale of goods	155,740	228,552	282,545
Operating segments [member] | Domestic sales [Member] | Polyethylene [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	138,035	190,133	270,887
Operating segments [member] | Domestic sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	37,001	97,907	509,482
Operating segments [member] | Domestic sales [Member] | Other Income Gas Contracts [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	32,190	102,845	156,031
Operating segments [member] | Domestic sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	322,232	507,336	489,507
Operating segments [member] | Domestic sales [Member] | Transport Service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods		3,829,102	3,531,404
Operating segments [member] | Foreign sales [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	25,535,678	37,183,404	35,581,272
Operating segments [member] | Foreign sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	179,257	1,085,392	1,782,194
Operating segments [member] | Foreign sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	17,231	27,255	27,899
Operating segments [member] | Foreign sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	1,302,131	1,200,668	1,268,582
Operating segments [member] | Foreign sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	18,943	13,591	20,212
Operating segments [member] | Foreign sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	19,498,582	28,523,596	26,898,737
Operating segments [member] | Foreign sales [Member] | Diesel [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	3,164,068	4,391,798	3,050,839
Operating segments [member] | Foreign sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	968,429	1,870,929	2,053,594
Operating segments [member] | Foreign sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	580,411	456,948	350,811
Operating segments [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(193,374)	(386,773)	128,404
Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Total sales revenue	(24,915,396)	(33,021,022)	(30,134,433)
Elimination of intersegment amounts [member] | Domestic sales [Member]
Disclosure of operating segments [line items]
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment	(24,836,498)	(33,021,022)	(30,134,433)
Recognition of price differential		0	0
Total sales revenue		(33,021,022)	(30,134,433)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Mid-distillates [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(11,350)	(31,251)	(77,009)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(1,118,817)	(1,896,767)	(1,737,261)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Services [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(9,719,391)	(309,036)	(319,783)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(837,863)	(653,647)	(649,812)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Domestic sales [Member] | Fuel gas service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(6,826)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Asphats [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Domestic sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(7,283)	0	(805)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(13,019,755)	(20,699,247)	(19,592,048)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Aromatics
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Domestic sales [Member] | Polyethylene [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Domestic sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Domestic sales [Member] | Other Income Gas Contracts [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Domestic sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(115,213)	(297,286)	(126,507)
Elimination of intersegment amounts [member] | Domestic sales [Member] | Transport Service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods		(9,133,788)	(7,631,208)
Elimination of intersegment amounts [member] | Foreign sales [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(78,898)	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(79,345)	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Diesel [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	447	0	0
Elimination of intersegment amounts [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member]
Disclosure of operating segments [line items]
Total sales revenue	36,839,997	52,667,990	50,372,764
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member]
Disclosure of operating segments [line items]
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment	17,392,597	24,526,007	23,279,898
Recognition of price differential		0	0
Total sales revenue		24,526,007	23,279,898
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Mid-distillates [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	725
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	6,739	0	0
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Services [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	116,485	169,062	103,522
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	3,683,018	2,909,770	2,535,658
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Fuel gas service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Asphats [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	27,043	24,690	26,406
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	249,533	179,541	245,875
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	13,250,275	21,056,104	20,142,527
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Aromatics
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Polyethylene [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	7,758	1,464	20,391
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Other Income Gas Contracts [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	32,190	102,845	156,031
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	19,556	25,215	11,484
Exploration and Production [Member] | Operating segments [member] | Domestic sales [Member] | Transport Service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods		57,316	37,279
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	19,447,400	28,141,983	27,092,866
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	17,231	27,255	27,899
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	18,943	13,591	20,212
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	19,577,898	28,461,601	26,898,737
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Diesel [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	26,702	26,309	17,614
Exploration and Production [Member] | Operating segments [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	(193,374)	(386,773)	128,404
Refining and petrochemicals [Member] | Operating segments [member]
Disclosure of operating segments [line items]
Total sales revenue	26,104,352	38,770,807	37,011,374
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member]
Disclosure of operating segments [line items]
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment	19,937,232	27,944,164	24,687,531
Recognition of price differential		1,785,277	3,835,533
Total sales revenue		29,729,441	28,523,064
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Mid-distillates [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	8,871,938	13,573,007	11,662,476
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	7,880,124	11,269,797	9,690,113
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Services [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	268,081	232,407	190,612
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	49,420	0
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	865,204	760,301	822,367
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Fuel gas service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	678,396
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Asphats [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	499,057	519,510	309,020
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	133,525	193,375	329,569
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Aromatics
Disclosure of operating segments [line items]
Revenue from sale of goods	155,740	228,552	282,545
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Polyethylene [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	138,035	190,133	270,887
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	29,243	96,443	489,091
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Other Income Gas Contracts [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	417,889	779,407	604,530
Refining and petrochemicals [Member] | Operating segments [member] | Domestic sales [Member] | Transport Service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods		51,812	36,321
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	6,167,120	9,041,366	8,488,310
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	179,257	1,085,392	1,782,194
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	1,302,131	1,200,668	1,268,582
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	29	61,995	0
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Diesel [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	3,164,068	4,391,798	3,050,839
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	968,429	1,870,929	2,053,594
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	553,206	430,584	333,101
Refining and petrochemicals [Member] | Operating segments [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member]
Disclosure of operating segments [line items]
Total sales revenue	12,194,440	13,070,737	11,354,167
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member]
Disclosure of operating segments [line items]
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment	12,194,384	13,070,682	11,354,071
Recognition of price differential		0	0
Total sales revenue		13,070,682	11,354,071
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Mid-distillates [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Services [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	12,194,384	216,920	265,059
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Fuel gas service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Asphats [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Aromatics
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Polyethylene [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Other Income Gas Contracts [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Domestic sales [Member] | Transport Service [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods		12,853,762	11,089,012
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	56	55	96
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Gasoline and turbo fuels [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Natural Gas [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Plastic and rubber [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | L.P.G. and propane [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Diesel [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Fuel oil [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	0	0	0
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Other products [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	56	55	96
Transport and logistics [Member] | Operating segments [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member]
Disclosure of operating segments [line items]
Revenue from sale of goods	$ 0	$ 0	$ 0

Information by segments - Capit

Information by segments - Capital expenditures by segments (Details) - Operating segments [member] - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Investment property	$ 11,116,861	$ 13,979,141	$ 8,460,426
Property, plant and equipments [Member]
Disclosure of operating segments [line items]
Investment property	5,032,317	4,012,659	3,302,929
Natural and environmental resources [Member]
Disclosure of operating segments [line items]
Investment property	5,994,462	9,798,193	5,051,828
Intangibles [Member]
Disclosure of operating segments [line items]
Investment property	90,082	168,289	105,669
Exploration and Production [Member]
Disclosure of operating segments [line items]
Investment property	8,902,064	11,975,162	7,180,187
Exploration and Production [Member] | Property, plant and equipments [Member]
Disclosure of operating segments [line items]
Investment property	2,866,600	2,151,194	2,071,604
Exploration and Production [Member] | Natural and environmental resources [Member]
Disclosure of operating segments [line items]
Investment property	5,994,462	9,798,193	5,051,828
Exploration and Production [Member] | Intangibles [Member]
Disclosure of operating segments [line items]
Investment property	41,002	25,775	56,755
Refining and petrochemicals [Member]
Disclosure of operating segments [line items]
Investment property	1,337,952	518,081	722,450
Refining and petrochemicals [Member] | Property, plant and equipments [Member]
Disclosure of operating segments [line items]
Investment property	1,329,181	497,512	702,247
Refining and petrochemicals [Member] | Natural and environmental resources [Member]
Disclosure of operating segments [line items]
Investment property	0	0	0
Refining and petrochemicals [Member] | Intangibles [Member]
Disclosure of operating segments [line items]
Investment property	8,771	20,569	20,203
Transport and logistics [Member]
Disclosure of operating segments [line items]
Investment property	876,845	1,485,898	557,789
Transport and logistics [Member] | Property, plant and equipments [Member]
Disclosure of operating segments [line items]
Investment property	836,536	1,363,953	529,078
Transport and logistics [Member] | Natural and environmental resources [Member]
Disclosure of operating segments [line items]
Investment property	0	0	0
Transport and logistics [Member] | Intangibles [Member]
Disclosure of operating segments [line items]
Investment property	$ 40,309	$ 121,945	$ 28,711

Subsequent events (Details)

Subsequent events (Details) - COP ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 19, 2021	Jan. 27, 2021	Jan. 19, 2021
Disclosure of non-adjusting events after reporting period [line items]
Revenue		$ 50,223,393	$ 71,488,512	$ 68,603,872
Net income		2,737,853	15,005,155	12,355,390
Total assets		137,694,169	133,890,296
ISA
Disclosure of non-adjusting events after reporting period [line items]
Revenue	$ 2,400,000
Net income	483,800
Total assets	$ 52,300,000
Market Capitalization					$ 25,500,000
Offshore International Group
Disclosure of non-adjusting events after reporting period [line items]
Revenue		325,812	529,167	653,054
Net income		(237,751)	(48,247)	$ (322,969)
Total assets		$ 1,568,795	$ 1,766,271
Sale of stake in Offshore International Group | Offshore International Group
Disclosure of non-adjusting events after reporting period [line items]
Sale of ownership interests							50.00%
Non-binding offer to acquire participation in ISA | ISA
Disclosure of non-adjusting events after reporting period [line items]
Percentage of ownership interest acquired						51.40%

Supplemental information on o_3

Supplemental information on oil and gas producing activities - Capitalized costs relating to oil and gas exploration and production activities (Details) - COP ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental information on oil and gas producing activities (unaudited)
Natural and environmental properties	$ 67,767,005	$ 60,261,025	$ 53,752,436
Wells, equipment and facilities - property, plant and equipment	31,166,804	30,150,268	29,416,081
Exploration and production projects	12,494,665	8,801,630	8,463,584
Accumulated depreciation, depletion and amortization	(64,233,572)	(60,346,094)	(55,689,222)
Net capitalized cost	$ 47,194,902	$ 38,866,829	$ 35,942,879

Supplemental information on o_4

Supplemental information on oil and gas producing activities - Costs incurred in oil and gas exploration and developed activities (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental information on oil and gas producing activities (unaudited)
Acquisition of proved properties	[1]	$ 507,907	$ 2,668,960	$ 0
Acquisition of unproved properties	[2]	1,274,660	261,231	81,295
Exploration costs		1,340,898	640,556	1,197,946
Development costs		7,367,020	8,084,283	6,346,276
Total costs incurred		$ 10,490,485	$ 11,655,030	$ 7,625,517
[1]	For 2020, it corresponds mainly to the acquisition of the entire participation in the Guajira Association (43% of the association contract) by Hocol and its position as operator. In July 2019, Ecopetrol S.A. and Occidental Petroleum Corp. (OXY) entered into a Joint Operation contract in order to execute a joint plan for the development of unconventional drilling in the Permian Basin in the state of Texas (USA).
[2]	During 2020, Ecopetrol S.A. through its subsidiary Ecopetrol Óleo e Gás do Brasil Ltda acquired 30% of the interests, rights and obligations in two areas that correspond to the BM-S-54 Concession Contract and the Sul de Gato do Mato Shared Production Contract, located offshore in Santos basin of Brazil, in the discovery of hydrocarbons called "Gato do Mato". Additionally, Ecopetrol Óleo e Gás do Brasil Ltda has recognized the billing related to activities of drilling during the year. On July 17, 2019, the Ministry of Mines and Energy of Brazil authorized the transfer of 10% of the Saturn block for USD$85 million, located in the Santos basin, to Ecopetrol Óleo e Gás do Brasil, this percentage of which Shell Brasil Petróleo Ltda and Chevron Brasil Óleo e Gas Ltda. were equal holders. In the new shareholding structure, Ecopetrol retains 10% of the interests of the block, while Shell (operator) and Chevron each retain 45% of the total.

Supplemental information on o_5

Supplemental information on oil and gas producing activities - Results of operations for oil and gas exploration and production activities (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net revenues
Sales		$ 30,141,662	$ 42,070,018	$ 39,633,866
Transfers		7,025,839	11,564,358	11,794,014
Total		37,167,501	53,634,376	51,427,880
Production cost	[1]	12,753,880	9,336,387	8,337,413
Depreciation, depletion and amortization	[2]	6,393,506	6,049,543	5,591,774
Other production costs	[3]	14,005,669	21,550,907	18,918,275
Exploration expenses	[4]	689,204	763,562	1,387,463
Other expenses	[5]	2,227,481	4,163,241	1,036,983
Total		36,069,740	41,863,640	35,271,908
Income before income tax expense		1,097,761	11,770,736	16,155,972
Income tax expense		(233,255)	(2,107,363)	(6,303,251)
Results of operations for exploration and production activities		$ 864,506	$ 9,663,373	$ 9,852,721
[1]	Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2020, 2019 and 2018 of COP$213,925, COP$198,394 and COP$187,340, respectively.
[2]	In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2020, 2019 and 2018 in depreciation, depletion and amortization, were COP$639,123, COP$272,147 and COP$180,193, respectively.
[3]	Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost.
[4]	Exploration expenses include the costs of geological and geophysical activities, as well as the non-productive exploratory wells.
[5]	Corresponds to administration, marketing expenses and impairment.

Supplemental information on o_6

Supplemental information on oil and gas producing activities - Reserve information (Details) - gal		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reserve Quantities Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Line Items]
Opening balance		1,894	1,727	1,659
Proved reserves, Revisions of previous estimates	[1]	(72)	84	121
Proved reserves, Improved recovery		113	94	129
Proved reserves, Purchases		30	164	0
Proved reserves, Extensions and discoveries		42	67	57
Proved reserves, Sales		(1)	0	0
Proved reserves, Production		(236)	(242)	(239)
Closing balance		1,770	1,894	1,727
Proved developed reserves: Opening balance		1,365	1,389	1,372
Proved developed reserves: Closing balance		1,297	1,365	1,389
Proved undeveloped reserves: Opening balance		529	338	287
Proved undeveloped reserves: Closing balance		473	529	338
Gas [Member]
Reserve Quantities Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Line Items]
Opening balance		2,906	3,002	3,254
Proved reserves, Revisions of previous estimates	[1]	51	51	(4)
Proved reserves, Improved recovery		74	3	4
Proved reserves, Purchases		171	126	0
Proved reserves, Extensions and discoveries		8	2	18
Proved reserves, Sales		(0.3)	0	0
Proved reserves, Production		(289)	(278)	(270)
Closing balance		2,921	2,906	3,002
Proved developed reserves: Opening balance		2,662	2,882	3,158
Proved developed reserves: Closing balance		2,636	2,662	2,882
Proved undeveloped reserves: Opening balance		244	119	96
Proved undeveloped reserves: Closing balance		285	244	119
Oil [Member]
Reserve Quantities Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Line Items]
Opening balance		1,384	1,200	1,088
Proved reserves, Revisions of previous estimates	[1]	(81)	75	121
Proved reserves, Improved recovery		100	94	128
Proved reserves, Purchases		0	142	0
Proved reserves, Extensions and discoveries		41	66	54
Proved reserves, Sales		(0.9)	0	0
Proved reserves, Production		(186)	(193)	(191)
Closing balance		1,257	1,384	1,200
Proved developed reserves: Opening balance		898	883	818
Proved developed reserves: Closing balance		834	898	883
Proved undeveloped reserves: Opening balance		486	317	270
Proved undeveloped reserves: Closing balance		423	486	317
[1]	Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors.

Supplemental information on o_7

Supplemental information on oil and gas producing activities - Future net cash flows (Details) - COP ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental information on oil and gas producing activities (unaudited)
Future cash inflows		$ 187,210,379	$ 279,722,107	$ 275,046,421
Future costs
Production	[1]	(85,989,384)	(93,589,960)	(90,176,326)
Development		(28,752,131)	(32,734,702)	(21,945,453)
Income taxes		(13,470,352)	(37,077,231)	(41,102,015)
Future net cash flow		58,998,512	116,320,214	121,822,627
10% discount factor		(18,568,308)	(36,934,889)	(35,518,187)
Standardized measure of discounted net cash flows		$ 40,430,204	$ 79,385,325	$ 86,304,440
[1]	Production future costs include the estimated costs related to assets retirement obligations in the amount of $12,545,574; $10,665,315 and $10,164,941 as of December 31, 2020, 2019, and 2018, respectively.

Supplemental information on o_8

Supplemental information on oil and gas producing activities - discounted net cash flows (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental information on oil and gas producing activities (unaudited)
Net change in sales and transfer prices and in production cost (lifting) related to future production	$ (44,482,725)	$ 2,411,040	$ 79,632,263
Changes in estimated future development costs	(5,401,560)	(12,627,361)	(13,141,340)
Sales and transfer of oil and gas produced, net of production costs	(24,413,621)	(44,297,989)	(43,090,467)
Net change due to extensions, discoveries and improved recovery	3,134,469	7,061,712	8,496,249
Net change due to purchase and sales of minerals in place	570,460	213,539	0
Net change due to revisions in quantity estimates	(3,414,649)	6,756,418	10,163,131
Previously estimated development costs incurred during the period	7,943,239	23,200,357	12,505,421
Accretion of discount	10,468,951	11,542,289	6,771,897
Timing and other	567,027	(4,993,389)	(13,633,228)
Net change in income taxes	16,073,288	3,814,269	(12,616,331)
Aggregate change in the standardized measure of discounted future net cash flows for the year	$ (38,955,121)	$ (6,919,115)	$ 35,087,595

Supplemental information on o_9

Supplemental information on oil and gas producing activities - Additional Information (Details) $ in Millions, $ in Millions	Jul. 17, 2019USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)
Exploration For And Evaluation Of Mineral Resources [Line Items]
Provisions for asset retirement obligations included in cost capitalized to natural and enviromental properties		$ 3,936,494	$ 2,336,236	$ 1,076,116
Percentage of interest, rates and obligatios acquired - Gato do Mato"		30.00%
Expense related to the asset retirement obligations		$ 213,925	198,394	187,340
Depreciation, depletion and amortization related to asset retirement obligations		$ 639,123	$ 272,147	$ 180,193
Percentage of transferred crude oil and gas production based on value to intercompany units		18.90%	21.60%	22.90%
Percentage of transferred crude oil and gas production based on volume to intercompany units		45.90%	51.50%	51.80%
Percentage of interest of the block Saturn	10.00%
Percentage of estimated reserve specialized firms		99.00%
Interest rate on acquisition of block Saturn	10.00%
Estimated costs related to assets retirement obligations		$ 12,545,574	$ 10,665,315	$ 10,164,941
Guajira Association Contract [Member]
Exploration For And Evaluation Of Mineral Resources [Line Items]
Percentage of interest acquired		43.00%
Ecopetrol Oleo e Gas do Brasil Ltda. [Member]
Exploration For And Evaluation Of Mineral Resources [Line Items]
Cash transferred for Saturn Block	$ 85
Shell and Chevron [Member]
Exploration For And Evaluation Of Mineral Resources [Line Items]
Proportion of ownership interest in join operation by Shell and Chevron each	45.00%

Exhibit 1. Consolidated subsi_3

Exhibit 1. Consolidated subsidiaries, associates and joint ventures - Consolidated subsidiary companies (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Equity	$ 53,499,363	$ 58,231,628	$ 57,107,780	$ 48,215,699
Profit (loss) of the year	2,737,853	15,005,155	$ 12,355,390
Total assets	137,694,169	133,890,296
Total liabilities	$ 84,194,806	$ 75,658,668
Refineria de Cartagena S.A.S. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Refining of hydrocarbons, commercialization and distribution of products
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 16,582,279
Profit (loss) of the year	(1,688,830)
Total assets	27,321,381
Total liabilities	$ 10,739,102
Cenit Transporte y Logistica S.A.S. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	100.00%
Activity	Storage and transport by pipelines of hydrocarbons
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 16,310,718
Profit (loss) of the year	4,696,705
Total assets	18,303,490
Total liabilities	$ 1,992,772
Oleoducto Central S. A. - Ocensa [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	72.65%
Activity	Transportation by crude oil pipelines
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 3,012,894
Profit (loss) of the year	2,528,350
Total assets	6,277,969
Total liabilities	$ 3,265,075
Ecopetrol Global Energy SLU [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Investment vehicle
Country/Domicile	Spain
Geographic area of operations	Spain
Equity	$ 9,320,715
Profit (loss) of the year	(434,773)
Total assets	9,321,078
Total liabilities	$ 363
Hocol Petroleum Limited - HPL [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Investment vehicle
Country/Domicile	Bermuda
Geographic area of operations	Bermuda
Equity	$ 3,444,262
Profit (loss) of the year	314,057
Total assets	3,444,326
Total liabilities	$ 64
Ecopetrol America LLC [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Exploration and exploitation of hydrocarbons
Country/Domicile	United States
Geographic area of operations	United States
Equity	$ 2,320,615
Profit (loss) of the year	(353,806)
Total assets	2,749,860
Total liabilities	$ 429,245
Hocol S.A. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Exploration, exploitation and production of hydrocarbons
Country/Domicile	Cayman Islands
Geographic area of operations	Colombia
Equity	$ 2,376,723
Profit (loss) of the year	300,828
Total assets	3,877,096
Total liabilities	$ 1,500,373
Esenttia S.A. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Production and commercialization of polypropylene resin
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 1,870,802
Profit (loss) of the year	263,126
Total assets	2,445,757
Total liabilities	$ 574,955
Ecopetrol Capital AG [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group.
Country/Domicile	Switzerland
Geographic area of operations	Switzerland
Equity	$ 1,872,129
Profit (loss) of the year	176,999
Total assets	7,482,055
Total liabilities	$ 5,609,926
Andean Chemicals Ltd. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Investment vehicle
Country/Domicile	Bermuda
Geographic area of operations	Bermuda
Equity	$ 1,268,047
Profit (loss) of the year	(163,877)
Total assets	1,268,327
Total liabilities	$ 280
Oleoducto Bicentenario de Colombia S.A.S. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	55.97%
Activity	Transportation by crude oil pipelines
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 1,621,598
Profit (loss) of the year	214,482
Total assets	3,577,534
Total liabilities	$ 1,955,936
Oleoducto de los Llanos Orientales S. A. - ODL [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	65.00%
Activity	Transportation by crude oil pipelines
Country/Domicile	Panama
Geographic area of operations	Colombia
Equity	$ 1,047,791
Profit (loss) of the year	444,625
Total assets	1,465,305
Total liabilities	$ 417,514
Inversiones de Gases de Colombia S.A. - Invercolsa S.A. (1)
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	51.88%
Activity	Holding with investments in natural gas and LPG transportation and distribution companies in Colombia
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 765,720
Profit (loss) of the year	176,865
Total assets	1,311,588
Total liabilities	$ 545,868
Black Gold Re Ltd. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Reinsurer for companies of the Ecopetrol Business Group
Country/Domicile	Bermuda
Geographic area of operations	Bermuda
Equity	$ 837,693
Profit (loss) of the year	54,412
Total assets	1,079,572
Total liabilities	$ 241,879
Oleoducto de Colombia S.A. - ODC [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	73.00%
Activity	Transportation by crude oil pipelines
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 411,180
Profit (loss) of the year	353,424
Total assets	640,292
Total liabilities	$ 229,112
Bioenergy S.A.S. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	99.61%
Activity	Production of biofuels
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 26,508
Profit (loss) of the year	(20,248)
Total assets	194,257
Total liabilities	$ 167,749
Esenttia Masterbatch Ltda [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	100.00%
Activity	Manufacture of polypropylene compounds and masterbatches
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 322,511
Profit (loss) of the year	166,911
Total assets	401,404
Total liabilities	$ 78,893
Ecopetrol Oleo e Gas do Brasil Ltda. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Brazilian real
Ownership interest Ecopetrol	100.00%
Activity	Exploration and exploitation of hydrocarbons
Country/Domicile	Brazil
Geographic area of operations	Brazil
Equity	$ 1,657,410
Profit (loss) of the year	(95,164)
Total assets	1,692,673
Total liabilities	$ 35,263
Bioenergy Zona Franca S.A.S. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	99.61%
Activity	Production of biofuels
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ (92,416)
Profit (loss) of the year	(2,850)
Total assets	361,769
Total liabilities	$ 454,185
Ecopetrol del Peru S.A. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Exploration and exploitation of hydrocarbons
Country/Domicile	Peru
Geographic area of operations	Peru
Equity	$ 53,003
Profit (loss) of the year	305
Total assets	55,202
Total liabilities	$ 2,199
ECP Hidrocarburos de Mexico SA de CV [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Offshore exploration
Country/Domicile	Mexico
Geographic area of operations	Mexico
Equity	$ 59,279
Profit (loss) of the year	(44,010)
Total assets	124,237
Total liabilities	$ 64,958
Ecopetrol Costa Afuera S.A.S. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	100.00%
Activity	Offshore exploration
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 13,356
Profit (loss) of the year	1,148
Total assets	32,017
Total liabilities	$ 18,661
Esenttia Resinas del Peru SAC [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Commercialization polypropylene resins and masterbatches
Country/Domicile	Peru
Geographic area of operations	Peru
Equity	$ 6,275
Profit (loss) of the year	1,319
Total assets	39,833
Total liabilities	$ 33,558
Ecopetrol Energia S.A.S E.S.P. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol	100.00%
Activity	Energy supply service
Country/Domicile	Colombia
Geographic area of operations	Colombia
Equity	$ 12,661
Profit (loss) of the year	5,256
Total assets	72,859
Total liabilities	$ 60,198
Ecopetrol USA Inc
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Exploration and exploitation of hydrocarbons
Country/Domicile	United States
Geographic area of operations	United States
Equity	$ 7,550,468
Profit (loss) of the year	(294,497)
Total assets	7,552,294
Total liabilities	$ 1,826
Ecopetrol Permian LLC [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol	100.00%
Activity	Exploration and exploitation of hydrocarbons
Country/Domicile	United States
Geographic area of operations	United States
Equity	$ 3,566,413
Profit (loss) of the year	(38,855)
Total assets	3,590,934
Total liabilities	$ 24,521
Topili Servicios Administrativos S de RL de CV [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Mexican peso
Ownership interest Ecopetrol	100.00%
Activity	Specialized management services
Country/Domicile	Mexico
Geographic area of operations	Mexico
Equity	$ 16
Profit (loss) of the year	(35)
Total assets	20
Total liabilities	$ 4
Kalixpan Servicios Tecnicos S de RL de CV [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Mexican peso
Ownership interest Ecopetrol	100.00%
Activity	Specialized services related to oil and gas industry
Country/Domicile	Mexico
Geographic area of operations	Mexico
Equity	$ 20
Profit (loss) of the year	(31)
Total assets	24
Total liabilities	$ 4

Exhibit 1. Consolidated subsi_4

Exhibit 1. Consolidated subsidiaries, associates and joint ventures - Consolidated subsidiaries (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Equity	$ 53,499,363	$ 58,231,628	$ 57,107,780	$ 48,215,699
Profit (loss) of the year	2,737,853	15,005,155	12,355,390
Total assets	137,694,169	133,890,296
Total liabilities	$ 84,194,806	$ 75,658,668
Equion Energia Limited
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Ownership interest Ecopetrol, joint venture	51.00%	51.00%
Equity	$ 2,499,319	$ 2,234,067
Profit (loss) of the year	144,019	396,380	421,511
Total assets	2,630,351	2,625,837
Total liabilities	$ 131,032	$ 391,770
Equion Energia Limited | Joint ventures
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol, joint venture	51.00%
Activity, joint venture	Exploration, exploitation and production of hydrocarbons
Country/Domicile, joint venture	United Kingdom
Geographic area of operations, joint venture	Colombia
Equity	$ 2,499,319
Profit (loss) of the year	167,727
Total assets	2,630,351
Total liabilities	$ 131,032
Offshore International Group
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Ownership interest Ecopetrol, joint venture	50.00%	50.00%
Equity	$ 543,620	$ 736,847
Profit (loss) of the year	(237,751)	(48,247)	$ (322,969)
Total assets	1,568,795	1,766,271
Total liabilities	$ 1,025,175	$ 1,029,424
Offshore International Group | Joint ventures
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	U.S. dollar
Ownership interest Ecopetrol, joint venture	50.00%
Activity, joint venture	Exploration, exploitation and production of hydrocarbons
Country/Domicile, joint venture	United States
Geographic area of operations, joint venture	Peru
Equity	$ 543,621
Profit (loss) of the year	(237,752)
Total assets	1,568,795
Total liabilities	$ 1,025,174
Ecodiesel Colombia S.A | Joint ventures
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, joint venture	50.00%
Activity, joint venture	Production, commercialization and distribution of biofuels and oleochemicals
Country/Domicile, joint venture	Colombia
Geographic area of operations, joint venture	Colombia
Equity	$ 103,344
Profit (loss) of the year	29,188
Total assets	167,801
Total liabilities	$ 64,457
Gases del Caribe S.A. E.S.P. [member] | Associates
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, associate	25.40%
Activity, associate	Natural gas distribution and commercialization
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Equity	$ 489,367
Profit (loss) of the year	278,329
Total assets	2,132,231
Total liabilities	$ 1,642,864
Gas Natural del Oriente S.A. E.S.P. | Associates
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, associate	17.91%
Activity, associate	Natural gas distribution and commercialization
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Equity	$ 111,181
Profit (loss) of the year	52,956
Total assets	202,644
Total liabilities	$ 91,463
Gases de la Guajira S.A. E.S.P. | Associates
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, associate	5.36%
Activity, associate	Natural gas distribution and commercialization
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Equity	$ 55,265
Profit (loss) of the year	18,128
Total assets	170,937
Total liabilities	$ 115,672
E2 Energa Eficiente S. A. E.S.P. | Associates
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, associate	9.92%
Activity, associate	Energy services, supply, optimization, development, renewal and innovation of energy resources and infrastructure
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Equity	$ 28,802
Profit (loss) of the year	4,062
Total assets	93,736
Total liabilities	$ 64,934
Colombiana de Extrusion S.A. -Extrucol S.A. | Associates
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, associate	18.16%
Activity, associate	Production of pipes and accessories in polyethylene
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Equity	$ 39,620
Profit (loss) of the year	7,493
Total assets	66,110
Total liabilities	$ 26,490
Serviport S.A | Associates
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, associate	49.00%
Activity, associate	Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections and load measurements
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Equity	$ 17,430
Profit (loss) of the year	568
Total assets	45,457
Total liabilities	$ 28,027
Sociedad Portuaria Olefinas y Derivados S.A. [Member] | Associates
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items]
Functional currency	Colombian peso
Ownership interest Ecopetrol, associate	50.00%
Activity, associate	Construction, use, maintenance and administration of port facilities, ports, private docks
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Equity	$ 4,432
Profit (loss) of the year	562
Total assets	8,196
Total liabilities	$ 3,764

Exhibit 2 . Conditions of the m

Exhibit 2 . Conditions of the most significant loans (Details) $ in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2020USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)
Conditions of the most significant debt
Borrowings			$ 46,731,754		$ 38,239,139
Bonds domestic currency One [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2010-12
Expiry date		2040-12
Currency		COP
Disbursement			479,900
Borrowings					479,900
Interest rate		Floating
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds domestic currency Two [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2010-12
Expiry date		2040-12
Currency		COP
Disbursement			284,300
Borrowings			284,300		284,300
Interest rate		Floating
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds domestic currency Three [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2013-08
Expiry date		2023-08
Currency		COP
Disbursement			168,600
Borrowings			168,600		168,600
Interest rate		Floating
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds domestic currency Four [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2013-08
Expiry date		2028-08
Currency		COP
Disbursement			347,500
Borrowings			347,500		347,500
Interest rate		Floating
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds domestic currency Five [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2013-08
Expiry date		2043-08
Currency		COP
Disbursement			262,950
Borrowings			262,950		262,950
Interest rate		Floating
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Syndicated commercial loan, domestic currency One [Member]
Conditions of the most significant debt
Company		Oleoducto Bicentenario S.A.S
Issue date		2012-07
Expiry date		2024-07
Currency		COP
Disbursement			2,100,000
Borrowings			800,450		999,950
Interest rate		Floating
Amortization of the principal		Quarterly
Payment of interest		Quarterly
Syndicated commercial loan, domestic currency Two [Member]
Conditions of the most significant debt
Company		Oleoducto de los Llanos Orientales S.A.
Issue date		2013-08
Expiry date		2020-08
Currency		COP
Disbursement			800,000
Borrowings					96,000
Interest rate		Floating
Amortization of the principal		Quarterly
Payment of interest		Quarterly
Inversiones de Gases de Colombia S.A. Invercolsa S.A. and subsidiaries [Member]
Conditions of the most significant debt
Issue date		2020-11
Expiry date		2025-08
Currency		COP
Disbursement			110,000
Borrowings			110,000
Interest rate		Floating
Amortization of the principal		Half-yearly
Payment of interest		Half-yearly
Commercial Loan One [Member]
Conditions of the most significant debt
Company		Inversiones de Gases de Colombia S.A. Invercolsa S.A. and subsidiaries
Issue date		2020-08
Expiry date		2021-08
Currency		COP
Disbursement			50,000
Borrowings			43,000
Interest rate		Floating
Amortization of the principal		Bullet
Payment of interest		Quarterly
Commercial Loan Two [Member]
Conditions of the most significant debt
Company		Inversiones de Gases de Colombia S.A. Invercolsa S.A. and subsidiaries
Issue date		2019-09
Expiry date		2025-07
Currency		COP
Disbursement			70,912
Borrowings			$ 21,681		$ 70,912
Interest rate		Floating
Amortization of the principal		Half-yearly
Payment of interest		Half-yearly
Bonds Foreign currency One [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2013-09
Expiry date		2023-09
Currency		USD
Disbursement		$ 1,300
Borrowings		$ 1,300		$ 1,300
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Two [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2013-09
Expiry date		2043-09
Currency		USD
Disbursement		$ 850
Borrowings		$ 850		850
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Three [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2014-05
Expiry date		2045-05
Currency		USD
Disbursement		$ 2,000
Borrowings		$ 2,000		2,000
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Four [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2014-09
Expiry date		2025-05
Currency		USD
Disbursement		$ 1,200
Borrowings		$ 1,200		1,200
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Five [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2015-06
Expiry date		2026-06
Currency		USD
Disbursement		$ 1,500
Borrowings		$ 1,500		1,500
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Six [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2016-06
Expiry date		2023-09
Currency		USD
Disbursement		$ 500
Borrowings		$ 500		500
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Seven [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2020-04
Expiry date		2030-04
Currency		USD
Disbursement		$ 2,000
Borrowings		$ 2,000		2,000
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Eight [Member]
Conditions of the most significant debt
Company	[1]	Oleoducto Central S.A.
Issue date		2014-05
Expiry date		2021-05
Currency		USD
Disbursement		$ 500
Borrowings		$ 500		500
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Bonds Foreign currency Nine [Member]
Conditions of the most significant debt
Company		Oleoducto Central S.A.
Issue date		2020-07
Expiry date		2027-07
Currency		USD
Disbursement		$ 500
Borrowings		$ 500		500
Interest rate		Fixed
Amortization of the principal		Bullet
Payment of interest		Half-yearly
Committed Line Of Credit [Member]
Conditions of the most significant debt
Company		Ecopetrol S.A.
Issue date		2020-04
Expiry date		2023-09
Currency		USD
Disbursement		$ 665
Borrowings		$ 665
Interest rate		Floating
Amortization of the principal		Bullet
Payment of interest		Half-yearly
International commercial loans Reficar One [Member]
Conditions of the most significant debt
Company	[2]	Ecopetrol S.A.
Issue date	[2]	2017-12
Expiry date	[2]	2027-12
Currency	[2]	USD
Disbursement	[2]	$ 2,001
Borrowings	[2]	$ 1,305		1,530
Interest rate	[2]	Fixed
Amortization of the principal	[2]	Half-yearly
Payment of interest	[2]	Half-yearly
International commercial loans Reficar Two [Member]
Conditions of the most significant debt
Company	[2]	Ecopetrol S.A.
Issue date	[2]	2017-12
Expiry date	[2]	2027-12
Currency	[2]	USD
Disbursement	[2]	$ 76
Borrowings	[2]	$ 49		58
Interest rate	[2]	Floating
Amortization of the principal	[2]	Half-yearly
Payment of interest	[2]	Half-yearly
International commercial loans Reficar Three [Member]
Conditions of the most significant debt
Company	[2]	Ecopetrol S.A.
Issue date	[2]	2017-12
Expiry date	[2]	2027-12
Currency	[2]	USD
Disbursement	[2]	$ 73
Borrowings	[2]	$ 48		56
Interest rate	[2]	Fixed
Amortization of the principal	[2]	Half-yearly
Payment of interest	[2]	Half-yearly
International commercial loans Reficar Four [Member]
Conditions of the most significant debt
Company	[2]	Ecopetrol S.A.
Issue date	[2]	2017-12
Expiry date	[2]	2027-12
Currency	[2]	USD
Disbursement	[2]	$ 159
Borrowings	[2]	$ 103		121
Interest rate	[2]	Floating
Amortization of the principal	[2]	Half-yearly
Payment of interest	[2]	Half-yearly
International commercial loans Reficar Five [Member]
Conditions of the most significant debt
Company	[2]	Ecopetrol S.A.
Issue date	[2]	2017-12
Expiry date	[2]	2025-12
Currency	[2]	USD
Disbursement	[2]	$ 359
Borrowings	[2]	$ 257		$ 288
Interest rate	[2]	Floating
Amortization of the principal	[2]	Half-yearly
Payment of interest	[2]	Half-yearly
[1]	This bond was redeemed early in 2020.
[2]	Debt originally obtained by Reficar for the Refinery modernization and voluntarily assumed by Ecopetrol.