Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2022 |
Entity File Number | 001-34175 |
Entity Registrant Name | ECOPETROL S.A. |
Entity Incorporation, State or Country Code | CO |
Entity Address, Address Line One | Carrera 13 No. 36 – 24 |
Entity Address, City or Town | BOGOTA |
Entity Address, Country | CO |
Entity Address, Postal Zip Code | 00000 |
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 |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001444406 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Shell Company Report | false |
Document Transition Report | false |
Entity Shell Company | false |
Auditor Name | Ernst & Young Audit SAS |
Auditor Firm ID | 1522 |
Auditor Location | Bogotá |
Common shares | |
Document and Entity Information | |
Title of 12(b) Security | Ecopetrol common shares par value COP 609 per share |
Trading Symbol | EC |
Security Exchange Name | NYSE |
American depository receipts | |
Document and Entity Information | |
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 |
Business Contact | |
Document and Entity Information | |
Entity Address, Address Line One | Carrera 13 No.36 - 24 |
Entity Address, City or Town | Bogot |
Entity Address, Country | CO |
Entity Address, Postal Zip Code | 00000 |
Contact Personnel Name | Carolina Tovar Aragon |
Contact Personnel Email Address | investors@ecopetrol.com.co |
Local Phone Number | 310 315 8600 |
City Area Code | 57 |
Consolidated statement of finan
Consolidated statement of financial position - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 15,401,058 | $ 14,549,906 |
Trade and other receivables | 39,224,999 | 18,448,882 |
Inventories | 11,880,034 | 8,398,212 |
Other financial assets | 1,162,127 | 1,627,150 |
Current tax assets | 6,784,392 | 6,273,802 |
Other assets | 2,778,480 | 2,333,091 |
Current assets subtotal | 77,231,090 | 51,631,043 |
Assets held for sale | 45,755 | 64,704 |
Total current assets | 77,276,845 | 51,695,747 |
Non-current assets | ||
Trade and other receivables | 32,155,205 | 24,159,716 |
Other financial assets | 1,563,744 | 1,307,584 |
Investment in associates and joint ventures | 9,496,600 | 8,357,186 |
Property, plant, and equipment | 100,997,498 | 90,076,526 |
Natural and environmental resources | 42,323,610 | 35,909,844 |
Right-of-use assets | 627,813 | 496,678 |
Intangible assets | 18,146,605 | 15,508,516 |
Non-current tax assets | 13,401,050 | 9,030,132 |
Goodwill | 5,350,114 | 4,686,324 |
Other assets | 1,453,347 | 1,198,363 |
Total non-current assets | 225,515,586 | 190,730,869 |
Total assets | 302,792,431 | 242,426,616 |
Current liabilities | ||
Loans and borrowings | 22,198,583 | 9,206,283 |
Trade and other payables | 19,937,704 | 13,568,231 |
Provisions for employee benefits | 2,753,697 | 2,296,253 |
Current tax liabilities | 7,630,901 | 2,152,104 |
Accrued liabilities and provisions | 1,533,136 | 1,590,118 |
Other liabilities | 2,728,317 | 1,409,534 |
Current liabilities sub total | 56,782,338 | 30,222,523 |
Liabilities related to non-current assets held for sale | 0 | 26,208 |
Total current liabilities | 56,782,338 | 30,248,731 |
Non-current liabilities | ||
Loans and borrowings | 92,936,256 | 85,854,645 |
Trade and other payables | 57,056 | 70,607 |
Provisions for employee benefits | 10,211,542 | 9,082,792 |
Non-current tax liabilities | 15,275,644 | 12,124,520 |
Accrued liabilities and provisions | 11,223,358 | 12,642,089 |
Other liabilities | 2,403,148 | 1,819,460 |
Total non-current liabilities | 132,107,004 | 121,594,113 |
Total liabilities | 188,889,342 | 151,842,844 |
Equity | ||
Subscribed and paid in capital | 25,040,067 | 25,040,067 |
Additional paid in capital | 6,607,699 | 6,607,699 |
Reserves | 8,898,633 | 10,624,229 |
Other comprehensive income | 15,796,719 | 11,357,894 |
Retained earnings | 29,811,809 | 14,859,658 |
Equity attributable to owners of parent | 86,154,927 | 68,489,547 |
Non-controlling interest | 27,748,162 | 22,094,225 |
Total equity | 113,903,089 | 90,583,772 |
Total liabilities and equity | $ 302,792,431 | $ 242,426,616 |
Consolidated statement of profi
Consolidated statement of profit or loss - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated statement of profit or loss | |||
Sales revenue | $ 159,611,078 | $ 91,881,204 | $ 50,223,393 |
Cost of sales | (89,458,148) | (55,581,776) | (37,567,472) |
Gross profit | 70,152,930 | 36,299,428 | 12,655,921 |
Administrative expenses | (4,335,695) | (3,342,069) | (3,373,150) |
Operations and project expenses | (4,743,628) | (3,153,557) | (2,586,016) |
Impairment of non-current assets | (287,999) | (33,351) | (633,156) |
Other operating (expenses) income | (555,855) | (72,744) | 1,118,166 |
Operating income | 60,229,753 | 29,697,707 | 7,181,765 |
Financial results | |||
Finance income | 1,317,145 | 403,592 | 1,101,430 |
Finance expenses | (8,027,252) | (4,431,648) | (3,929,791) |
Foreign exchange (loss) gain | (124,650) | 330,002 | 346,774 |
Financial result | (6,834,757) | (3,698,054) | (2,481,587) |
Share of profits of associates and joint ventures | 768,422 | 426,164 | 76,336 |
Profit before income tax expense | 54,163,418 | 26,425,817 | 4,776,514 |
Income tax expense | (18,963,938) | (8,795,263) | (2,038,661) |
Net profit for the period | 35,199,480 | 17,630,554 | 2,737,853 |
Net profit attributable to: | |||
Owners of parent | 31,604,781 | 15,649,143 | 1,586,677 |
Non-controlling interest | 3,594,699 | 1,981,411 | 1,151,176 |
Net profit for the period | $ 35,199,480 | $ 17,630,554 | $ 2,737,853 |
Basic earnings per share (Colombian pesos) | $ 768.7 | $ 380.60 | $ 38.59 |
Diluted earnings per share (Colombian pesos) | $ 768.70 | $ 380.60 | $ 38.59 |
Consolidated statement of compr
Consolidated statement of comprehensive income - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated statement of comprehensive income | |||
Net profit for the period | $ 35,199,480 | $ 17,630,554 | $ 2,737,853 |
Unrealized (loss) gain on hedges: | |||
Cash flow hedge for future exports | (1,528,749) | (808,777) | (722) |
Hedge of a net investment in a foreign operation | (4,987,735) | (2,871,410) | (364,343) |
Cash flow hedge with derivative instruments | 117,913 | (135,666) | 55,072 |
Financial instruments measured at fair value | 829 | 830 | 406 |
Foreign currency translation | 15,960,722 | 5,970,719 | 1,569,590 |
Sale of joint ventures | 0 | (361,728) | 0 |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods -net of taxes | 9,562,980 | 1,793,968 | 1,260,003 |
Other comprehensive income that will not to be reclassified to profit or loss in subsequent periods -net of taxes: | |||
Remeasurement (loss) gain on defined benefit plans | (668,254) | 1,777,157 | 96,221 |
Other comprehensive income that will not to be reclassified to profit or loss in subsequent periods -net of taxes | (668,254) | 1,777,157 | 96,221 |
Other comprehensive income for the year, net of tax | 8,894,726 | 3,571,125 | 1,356,224 |
Total comprehensive income for the year, net of tax | 44,094,206 | 21,201,679 | 4,094,077 |
Comprehensive income attributable to: | |||
Owners of parent | 36,043,606 | 19,059,975 | 2,887,080 |
Non-controlling interest | 8,050,600 | 2,141,704 | 1,206,997 |
Total comprehensive income for the year, net of tax | $ 44,094,206 | $ 21,201,679 | $ 4,094,077 |
Consolidated statement of chang
Consolidated statement of changes in equity - COP ($) $ in Millions | Subscribed and paid-in capital Adoption of new standards | Subscribed and paid-in capital After adoption of new standards IFRS | Subscribed and paid-in capital | Additional paid-in capital Adoption of new standards | Additional paid-in capital After adoption of new standards IFRS | Additional paid-in capital | Reserves Adoption of new standards | Reserves After adoption of new standards IFRS | Reserves | Other comprehensive income Adoption of new standards | Other comprehensive income After adoption of new standards IFRS | Other comprehensive income | Retained earnings Adoption of new standards | Retained earnings After adoption of new standards IFRS | Retained earnings | Total Adoption of new standards | Total After adoption of new standards IFRS | Total | Non-controlling interest Adoption of new standards | Non-controlling interest After adoption of new standards IFRS | Non-controlling interest | Adoption of new standards | After adoption of new standards IFRS | Total |
Opening 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 | ||||||||||||||||
Release of reserves | 0 | 0 | (540,826) | 0 | 540,826 | 0 | 0 | 0 | ||||||||||||||||
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 | ||||||||||||||||
Appropriation of reserves, Legal | 0 | 0 | 1,325,148 | 0 | (1,325,148) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 0 | 0 | 509,082 | 0 | (509,082) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves , Occasional | 0 | 0 | 4,557,074 | 0 | (4,557,074) | 0 | 0 | 0 | ||||||||||||||||
(Loss) gain on hedging instruments: | ||||||||||||||||||||||||
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 | ||||||||||||||||
Financial instruments measured at fair value | 0 | 0 | 0 | 211 | 0 | 211 | 195 | 406 | ||||||||||||||||
Foreign currency translation | 0 | 0 | 0 | 1,528,592 | 0 | 1,528,592 | 40,998 | 1,569,590 | ||||||||||||||||
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 | ||||||||||||||||
Net profit | 0 | 0 | 0 | 0 | 15,649,143 | 15,649,143 | 1,981,411 | 17,630,554 | ||||||||||||||||
Release of reserves | 0 | 0 | (5,066,156) | 0 | 5,066,156 | 0 | 0 | 0 | ||||||||||||||||
Dividends declared | 0 | 0 | 0 | 0 | (698,984) | (698,984) | (2,008,840) | (2,707,824) | ||||||||||||||||
Business combination | 0 | 0 | 0 | 0 | 0 | 0 | 18,973,080 | 18,973,080 | ||||||||||||||||
Change in participation in subsidiaries | 0 | 0 | 0 | 0 | 228,692 | 228,692 | (596,394) | (367,702) | ||||||||||||||||
Equity restitution | 0 | 0 | 0 | 0 | 0 | 0 | (14,824) | (14,824) | ||||||||||||||||
Appropriation of reserves, Legal | 0 | 0 | 168,808 | 0 | (168,808) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 0 | 0 | 509,082 | 0 | (509,082) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves , Occasional | 0 | 0 | 5,377,359 | 0 | (5,377,359) | 0 | 0 | 0 | ||||||||||||||||
(Loss) gain on hedging instruments: | ||||||||||||||||||||||||
Cash flow hedge for future exports | 0 | 0 | 0 | (808,777) | 0 | (808,777) | 0 | (808,777) | ||||||||||||||||
Hedge of a net investment in a foreign operation | 0 | 0 | 0 | (2,869,539) | 0 | (2,869,539) | (1,871) | (2,871,410) | ||||||||||||||||
Cash flow hedge with derivative instruments | 0 | 0 | 0 | (105,048) | 0 | (105,048) | (30,618) | (135,666) | ||||||||||||||||
Financial instruments measured at fair value | 0 | 0 | 0 | 431 | 0 | 431 | 399 | 830 | ||||||||||||||||
Foreign currency translation | 0 | 0 | 0 | 5,811,782 | 0 | 5,811,782 | 158,937 | 5,970,719 | ||||||||||||||||
Sale of joint ventures | 0 | 0 | 0 | (361,728) | 0 | (361,728) | 0 | (361,728) | ||||||||||||||||
Remeasurement loss on defined benefit plans | 0 | 0 | 0 | 1,743,711 | 0 | 1,743,711 | 33,446 | 1,777,157 | ||||||||||||||||
Closing balance at Dec. 31, 2021 | $ 0 | $ 25,040,067 | 25,040,067 | $ 0 | $ 6,607,699 | 6,607,699 | $ 0 | $ 10,624,229 | 10,624,229 | $ 0 | $ 11,357,894 | 11,357,894 | $ 42,054 | $ 14,901,712 | 14,859,658 | $ 42,054 | $ 68,531,601 | 68,489,547 | $ 0 | $ 22,094,225 | 22,094,225 | $ 42,054 | $ 90,625,826 | 90,583,772 |
Net profit | 0 | 0 | 0 | 0 | 31,604,781 | 31,604,781 | 3,594,699 | 35,199,480 | ||||||||||||||||
Release of reserves | 0 | 0 | (5,886,441) | 0 | 5,886,441 | 0 | 0 | 0 | ||||||||||||||||
Dividends declared | 0 | 0 | (6,907,605) | 0 | (11,512,675) | (18,420,280) | (2,073,000) | (20,493,280) | ||||||||||||||||
Business combination | 0 | 0 | 0 | 0 | 0 | 0 | (238,839) | (238,839) | ||||||||||||||||
Equity restitution | 0 | 0 | 0 | 0 | 0 | 0 | (84,824) | (84,824) | ||||||||||||||||
Appropriation of reserves, Legal | 0 | 0 | 1,669,468 | 0 | (1,669,468) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 0 | 0 | 509,082 | 0 | (509,082) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves , Occasional | 0 | 0 | 8,889,900 | 0 | (8,889,900) | 0 | 0 | 0 | ||||||||||||||||
(Loss) gain on hedging instruments: | ||||||||||||||||||||||||
Cash flow hedge for future exports | 0 | 0 | 0 | (1,528,749) | 0 | (1,528,749) | 0 | (1,528,749) | ||||||||||||||||
Hedge of a net investment in a foreign operation | 0 | 0 | 0 | (4,854,805) | 0 | (4,854,805) | (132,930) | (4,987,735) | ||||||||||||||||
Cash flow hedge with derivative instruments | 0 | 0 | 0 | 62,792 | 0 | 62,792 | 55,121 | 117,913 | ||||||||||||||||
Financial instruments measured at fair value | 0 | 0 | 0 | 942 | 0 | 942 | (113) | 829 | ||||||||||||||||
Foreign currency translation | 0 | 0 | 0 | 11,572,728 | 0 | 11,572,728 | 4,387,994 | 15,960,722 | ||||||||||||||||
Remeasurement loss on defined benefit plans | 0 | 0 | 0 | (814,083) | 0 | (814,083) | 145,829 | (668,254) | ||||||||||||||||
Closing balance at Dec. 31, 2022 | $ 25,040,067 | $ 6,607,699 | $ 8,898,633 | $ 15,796,719 | $ 29,811,809 | $ 86,154,927 | $ 27,748,162 | $ 113,903,089 |
Consolidated statement of cash
Consolidated statement of cash flows - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flow in operating activities: | ||||
Net profit for the period | $ 35,199,480 | $ 17,630,554 | $ 2,737,853 | |
Adjustments to reconcile the net profit to net cash provided by operating activities: | ||||
Income tax expense | 18,963,938 | 8,795,263 | 2,038,661 | |
Depreciation, depletion, and amortization | 12,128,991 | 10,159,922 | 9,324,538 | |
Loss (gain) foreign exchange, net | 124,650 | 31,726 | (346,774) | |
Realization of other comprehensive income from the sale of a joint venture | 0 | (361,728) | 0 | |
Finance cost of loans and borrowings | 5,517,417 | 3,095,224 | 2,384,342 | |
Finance cost of post-employment benefits and abandonment costs | 2,003,687 | 1,043,728 | 872,987 | |
Write off of exploratory assets and dry wells | 1,032,164 | 486,408 | 448,132 | |
Loss on disposal of non-current assets | 379,985 | 61,846 | 246,317 | |
Gain on revaluation of assets in Guajira association | [1] | 0 | 0 | (1,284,372) |
Gain on acquisition of participations and interests | [1] | 0 | 0 | (86,026) |
Gain on loss of control | [2] | 0 | 0 | (65,695) |
Impairment loss of current assets | 101,871 | 83,773 | 34,416 | |
Impairment loss of non-current assets | 287,999 | 33,351 | 633,156 | |
Gain on fair value adjustment of financial assets | (77,082) | (7,431) | (43,948) | |
Loss on hedging transactions with derivatives | (553) | 19,485 | 0 | |
Share of profit of associates and joint ventures | (768,422) | (426,164) | (76,336) | |
Net gain on the sale of assets held for sale | (279,635) | (3,840) | (5,635) | |
Hedge ineffectiveness | 6,625 | 24,496 | 9,779 | |
Realized loss on foreign exchange cash flow hedges | 1,143,287 | 249,978 | 193,374 | |
Movements in provisions | 715,831 | 714,839 | 412,609 | |
Net change in operational assets and liabilities: | ||||
Trade and other receivables | (28,471,881) | (9,457,451) | 678,349 | |
Inventories | (2,831,729) | (2,980,134) | 716,077 | |
Trade and other payables | 3,690,068 | 3,117,982 | (2,550,411) | |
Tax assets and liabilities | (3,100,744) | (2,448,882) | (1,256,889) | |
Provisions for employee benefits | (355,645) | (222,356) | 465,062 | |
Provisions and contingencies | (1,004,167) | (878,576) | (442,794) | |
Other assets and liabilities | 589,729 | (523,090) | (392,843) | |
Cash flow in operating activities | 44,995,864 | 28,238,923 | 14,643,929 | |
Income tax paid | (8,761,294) | (5,702,902) | (5,457,225) | |
Net cash provided by operating activities | 36,234,570 | 22,536,021 | 9,186,704 | |
Cash flow in investing activities: | ||||
Investment in joint ventures | (329,377) | (44,735) | 0 | |
Acquisition of subsidiaries, net of acquired cash | 0 | (8,951,587) | 0 | |
Investment in property, plant, and equipment | (8,767,716) | (6,117,588) | (5,032,317) | |
Investment in natural and environmental resources | (11,962,544) | (6,733,028) | (5,994,462) | |
Acquisitions of intangibles | (1,147,510) | (444,346) | (90,082) | |
Proceeds from sales of other financial assets | 1,301,394 | 1,282,903 | 2,107,856 | |
Interests received | 965,952 | 266,116 | 299,246 | |
Dividends received | 1,471,134 | 206,048 | 157,241 | |
Proceeds from sales of non-current assets | 373,634 | 17,986 | 23,713 | |
Net cash used in investment activities | (18,095,033) | (20,518,231) | (8,528,805) | |
Cash flow in financing activities: | ||||
Proceeds from borrowings | 16,844,029 | 24,666,792 | 13,805,403 | |
Repayment of borrowings | (16,409,494) | (11,267,540) | (5,003,885) | |
Interest payments | (5,492,251) | (3,333,555) | (2,345,683) | |
Lease payments | (434,555) | (336,030) | (350,539) | |
Payment of restitution of equity to minority shareholders | (84,824) | 0 | 0 | |
Dividends paid | (13,356,947) | (2,771,287) | (8,734,351) | |
Net cash (used) provided in financing activities | (18,934,042) | 6,958,380 | (2,629,055) | |
Exchange difference in cash and cash equivalents | 1,645,657 | 491,428 | (22,294) | |
Net increase (decrease) in cash and cash equivalents | 851,152 | 9,467,598 | (1,993,450) | |
Cash and cash equivalents at the beginning of the year | 14,549,906 | 5,082,308 | 7,075,758 | |
Cash and cash equivalent at the end of the year | $ 15,401,058 | $ 14,549,906 | $ 5,082,308 | |
[1]Results in the acquisition of Guajira in 2020: Ecopetrol S.A. $1,284,372 and Hocol $86,026. For Ecopetrol S.A. 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.[2]Recognition in 2020 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. $65,570 and liquidation process of ECP Oil and Gas Germany GmbH COP$125. |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 2022 | |
Reporting entity | |
Reporting entity | 1. Reporting entity Ecopetrol S.A. is a mixed economy company, with a commercial nature, formed in 1948 in Bogotá – Colombia, headquarters of the Ecopetrol Business Group (collectively called “Ecopetrol Business Group”); which is engaged in commercial and industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services. An 11.51% of Ecopetrol S.A.‘s shares are publicly traded on the Stock Exchanges of Colombia and New York, USA. The remaining shares (88.49% of the total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit. The address of the main office of Ecopetrol S.A. is Bogotá – Colombia, Carrera 13 No. 36 – 24. |
Basis for preparation
Basis for preparation | 12 Months Ended |
Dec. 31, 2022 | |
Basis for preparation | |
Basis for preparation | 2. 2.1 Statement of compliance and authorization of financial statements The consolidated financial statements of Ecopetrol and its subsidiaries as of December 31, 2022, and 2021 and for each of the three years in the period ended December 31, 2022, have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). Accounting policies 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 March 29, 2023. 2.2 Reclassifications For presentation purposes, the Ecopetrol Business Group reclassified some items in the comparative figures as of December 31, 2021 and 2020. They had no impact on the items of the statement of financial position, profits and losses, comprehensive income, changes in equity, or cash flows. The reclassifications are presented in notes 10 – Taxes and 24.5 - Other comprehensive income attributable to owners of parent. 2.3 The consolidated financial statements were prepared by consolidating all companies set out in Exhibits 1 and 2, 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 intercompany 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 consolidated financial statements as of December 31, 2022, were prepared on the basis that the Ecopetrol Business Group will continue to operate as a going concern bases. Significant changes in consolidation: 2022 Ecopetrol US Trading LLC In November 2022, the indirect subsidiary Ecopetrol US Trading LLC was incorporated. This company is domiciled in Delaware, United States of America, its main corporate purpose is the international commercialization of refined, petrochemical, crude oil, and natural gas of Ecopetrol Business Group and third parties. Ecopetrol US Trading LLC is a direct subsidiary of Ecopetrol USA Inc. Gasoducto de Oriente S.A. On July 12, 2022, the liquidation of the Gasoducto de Oriente S.A. took place in the Chamber of Commerce of Bogotá. It was a subsidiary of Inversiones de Gases de Colombia S.A. Conexión Kimal Lo Aguirre In July 2022, ISA Inversiones Chile incorporated the Joint Venture Conexión Kimal Lo Aguirre, together with Transelec and China Southern Power Grid International (CSG) as shareholders. This company will build and operate the Kimal-Lo Aguirre project in Chile awarded in 2021. 2021 Acquisition of Interconexión Eléctrica S.A. E.S.P. On August 20, 2021, the Ecopetrol acquired control of Interconexión Eléctrica S.A. E.S.P. (ISA), thus obtaining control of the company. See Note 12 – Business combinations. ISA is a Multi-Latin business group with operations in the electric power transmission, toll roads concessions, and telecommunications businesses, through 50 subsidiaries, 11 joint ventures and 1 associate, in 6 countries in South and Central America. See the subsidiaries in Exhibit 1. New companies in Singapore On July, 2021, the subsidiaries Ecopetrol Singapore Pte. Ltd. and Ecopetrol Trading Asia Pte Ltd. were incorporated in Singapore. Ecopetrol Singapore Pte. Ltd. owns 100% of the share capital of Ecopetrol Trading Asia Pte Ltd., whose main purpose is the international commercialization of crude and refined products of the Company to clients in Asia. Both companies are domiciled in Singapore. 2020 ECP Oil and Gas Germany GmbH December 11, 2022, the subsidiary ECP Oil and Gas Germany GmbH completed its liquidation. Bioenergy S.A.S and Bioenergy Zona Franca S.A.S. On June 24, 2020, the Superintendence of Companies issued the liquidation orders decreeing on the termination of the reorganization process and the opening of the judicial liquidation process of Bioenergy S.A.S and Bioenergy Zona Franca S.A.S. The latter process will be carried out according to the law on business insolvency – Act 1116/2006, and under the direction of the aforementioned Superintendence. Consequently, as of this date Ecopetrol Business Group lost control over these companies and have not been consolidated since then. As a result, reduction of net assets was recognized due to the loss of control with a gain on the results of the Business Group for $65,570. 2.4 Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities that are measured at fair value through profit or loss and/or changes in other comprehensive income at the end of each reporting period, as explained in the accounting policies included below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The fair value is the price that would be received from selling an asset or that would be paid for transferring a liability among market participants, in an orderly transaction, on the date of measurement. When estimating the fair value, the Ecopetrol Business Group uses assumptions that market participants would use for pricing an asset or liability at current market conditions, including risk assumptions, which maximize the value (highest and best use) of the asset or liability. 2.5 The consolidated financial statements are presented in Colombian Pesos, which is the Ecopetrol’s functional currency. For each Ecopetrol Business Group entity, its functional currency is determined based of the main economic environment where it operates. The statements of profit or loss, and cash flows of subsidiaries with functional currencies different from Ecopetrol’s functional currency are translated at the exchange rates on the dates of the transaction or based on the monthly average exchange rate. Assets and liabilities are translated at the closing exchange rate, and other equity items are translated at exchange rates at the time of the transaction. All resulting exchange differences are recognized in other comprehensive income. On disposal of all or significant part of a foreign operation, the cumulative translation adjustment related to the foreign operation is reclassified to profit or loss. The consolidated financial statements are presented in Colombian pesos rounded up to the closest million unit (COP$ 000,000) except when otherwise indicated. 2.6 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. 2.7 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. 2.8 Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of Ecopetrol, the parent company, by the weighted average number of ordinary shares outstanding during the year. There is no potential dilution of shares. 2.9 Conflict between Russia and Ukraine On February 24, 2022, Russia launched its military invasion of Ukraine, with strong ramifications for global crude and oil product supply and a surge in prices. Brent crude average prices surged from USD 70.9/Bl in 2021 to USD 99.0/Bl in 2022, peaking at USD 128.0/Bl in early March 2022. The increase in prices has had both positive and negative impacts on the Business Group. On one hand, the rise in the average price of ICE Brent has increased revenues from the sale of our crudes, and higher prices of diesel, gasoline, jet fuel, and other refined products have been favorable for the 2022 financial results of Cartagena and Barrancabermeja refineries. However, the increase in prices has also had a negative effect for the Business Group, including the weakening of the Group´s crude oil differential versus Brent. To mitigate this, Ecopetrol Business Group has worked in improving the positioning of its crude oil and diversifying the destination markets. In addition, the high prices have affected the Business Group purchases of crude oil and products, which are used as inputs and raw materials for production processes as well as to meet the growing national demand for fuels. Lastly, higher energy costs, coupled with the international logistics crisis, have generated pressures on the operating costs and project execution timelines. Ecopetrol Business Group maintains a close and constant monitoring of various Russia-Ukraine related factors that could impact the financial performance. These factors include the ongoing conflict, interruptions in the export of Russian energy due to sanctions, disruptions in supply chain, price volatility and others. In addition, we continue monitoring the potential changes in demand, geopolitical risks, and regulatory changes that could affect the operations. 2.10 Considerations on climate change and energy transition 2.10.1 Strategic aspects of Ecopetrol Business Group On February 8, 2022, Ecopetrol communicated to the market its 2040 long-term strategy, called “Energy that Transforms”, which comprehensively responds to current environmental, social and governance challenges, maintaining the focus on generating sustainable value for all your interest groups. Its objective is to consolidate an agile and dynamic organization that adapts in a timely manner to the changes facing the energy industry, the challenges of a world that advances in the generation and use of clean energy, traveling a path of opportunities for growth and leadership in the Americas. “Energy that Transforms” positions Ecopetrol Business Group as an integrated energy Group, which participates in all the links of the hydrocarbon chain and in linear infrastructure, both in energy transmission and road concessions, and hopes to continue diversifying into businesses that allow it to continue to reduce its carbon footprint and advance in meeting its goal of being a company with zero net carbon emissions by 2050 (scopes 1 and 2). The strategy is supported by four strategic pillars: (i) Grow with the Energy Transition, (ii) Generate Value with Sustainability, (iii) Cutting-Edge Knowledge and (iv) Competitive Returns. Within the first three pillars described in the strategy, the following actions associated with the energy transition and climate change were included: 1. Grow with the energy transition On average, between USD $5,200 and USD $6,000 million will be invested annually by 2040. Between 2022 and 2024, organic investments will range between USD $17,000 and USD $20,000 million. In line with international best practices, the valuations of these investments in exploration and production projects incorporate a cost of greenhouse gas emissions under the internal CO2 price methodology, with a price curve that starts at $20 USD/ TonCO2e today and amounts to $40 USD/TonCO2e from 2030. Gas, as a fundamental source of energy in the energy transition, the 2022-2024 Plan includes investments in projects for more than USD $1,800 million. In the long term, it is expected to grow in its own production, seek new marketing options and venture into regasification and storage. Investments will be made for USD $2,600 million (15% of the total investments of the Business Group), mainly concentrated in Brazil (42%) and Colombia (25%), in addition to Peru and Chile. In this way, the continuity of ISA’s 2030 Strategic Plan is guaranteed. This is how diversification towards low-emission businesses in the long term contemplates: (i) between 2019 (base year) and 2030, investment of USD $8.3 billion in current businesses and geographies and USD $2.2 billion in new geographies and (ii) achieving a participation of non-conventional renewable energies between 25% and 40% in the self-generation matrix by 2040. The foregoing will be supported by, in addition to ISA, the gradual foray into emerging businesses aligned with new global trends, such as the production of low-carbon hydrogen as an energy source, the capture, use and storage of (CCUS) and Natural Climate Solutions (NCS), to mitigate the effects of climate change. Over the next three years, more than USD $200 million will be invested in green hydrogen projects in the Cartagena and Barrancabermeja refineries, and in CO2 capture projects through emerging technologies such as CCUS and SNC projects. 2. Generate value with sosTECnibilidad (sustainability + technology) The 2022 - 2024 Plan (without ISA) includes investments of more than USD $1,400 million in projects for circular water management, decarbonization, energy efficiency, use of energy and alternative sources, improvement in the quality of fuels, and studies and pilots of green and blue hydrogen for applications in refineries and mobility. In this sense, the Plan has a clear focus on supporting the energy transition strategy, including the incorporation of renewable energy sources for self-consumption, taking advantage of wind, solar and geothermal energy technologies, strengthening socio-environmental investment programs, deepening digital transformation and acceleration of the development and implementation of technologies to optimize operations throughout the chain. On the other hand, the long-term objectives include for environmental matters, achieve (i) a 25% reduction in GHG emissions by 2030 compared to 2019 (scopes 1 and 2), (ii) zero emissions CO2 equivalent emissions by 2050 (scopes 1 and 2), (iii) zero routine flaring by 2030, (vi) water neutral by 2045 (zero discharges, 66% reduction in water collection and offsetting 34% of residual water consumption). In terms of social component, it is expected to promote the generation of about 230,000 new non-oil jobs by 2040 and contribute to the education of 2 million young colombians. As a sign of this commitment, Ecopetrol Business Group will seek to continue improving its position among public companies globally within the Dow Jones Sustainability Index. 3. Cutting edge knowledge This pillar seeks to develop the necessary capacities for sosTECnibilidad (sustainability + technology), through a comprehensive science, technology, and innovation (CT+i) strategy to contribute to diversification, increase clean energy, decarbonize operations, and enhance human talent. As part of the goals of the 2022-2024 Plan, more than USD $240 million will be allocated to innovation, technology, and digital transformation projects, which include technologies for the management of produced water as a profitable and sustainable resource and a study for the capture of CO2 in natural sinks. 2.10.2 General organic investment plan In line with the Strategy, on December 9, 2022, Ecopetrol S.A. informed the market of the approval of the general organic investment plan for 2023, which includes the following relevant elements in terms of the energy transition and climate: ● Nearly 23% of the plan is aimed at cementing diversification into new low-emission businesses, which includes investments in hydrogen production, renewable energy, carbon capture, and electricity transmission, leveraging diversification at the Ecopetrol Business Group scale. ● The plan seeks to reduce about 400,000 tons of CO2e emissions and incorporate about 900 MW of renewable energy and more than 50,000 tons of green hydrogen by 2025. ● The commitment to self-sufficiency in gas includes investments between COP $3.6 billion and COP $4.1 billion for exploration and production projects in the Piedemonte Llanero, the Continental Caribbean and Offshore. The plan aims the creation of, at least, two new regional energy communities and about 107,000 new gas-connected homes. ● Nearly COP $5.4 trillion are allocated to the electricity transmission business with the objective of enabling more than 6,000 kilometers of new transmission lines for non-conventional renewable energies by 2025. ● In accordance with the sosTECnibilidad (sustainability + technology) objectives of the strategy, the plan includes investments close to COP $2.3 trillion in decarbonization projects, integrated water management, and improvement of fuel quality, among others. ● Social investment resources for regional development and community well-being amount to COP $472 billion focused on road infrastructure, education, and access to public services such as water and gas. ● More than COP $405 billion will be allocated to science, technology, and innovation projects, essential to leverage business development and catalyze advances in technologies for the energy transition. |
Significant estimates and accou
Significant estimates and accounting judgments | 12 Months Ended |
Dec. 31, 2022 | |
Significant estimates and accounting judgments | |
Significant estimates and accounting judgments | 3. 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 Hydrocarbon reserves are estimates of the amounts 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 amounts 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 estimation is prepared using geological, technical, and economic factothers, including projections of future production rates, oil prices, engineering data and duration and amounts 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 Ecopetrol Business Group 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) future investments, taxes, and costs; (2) useful life of assets; (3) future prices, (4) discount rate, which is reviewed annually, and is determined as the weighted average cost of capital (WACC), and (5) changes in regulation. Specifically, for crude oil and gas assets, the following are also included: (6) estimation of volumes and market value of oil and natural gas reserves and (7) production profiles of oil fields and future production of refined and chemical products. The recoverable amount is compared with the net book value of the asset, or of the cash-generating unit (CGU), 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, 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 and refined products prices assumptions are estimated at current market conditions. For oil and gas asset, 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 uncertainty risk. 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 The application of the Ecopetrol Business Group’s accounting policy for exploration and evaluation costs requires judgment 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 to assess annually 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 are included in operating activities in the consolidated statement of cash flows. 3.4 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 4.13 – Impairment of non-current assets 3.5 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. 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 4.14 - Provisions and contingent liabilities 3.6 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 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 In December of each year, the Ecopetrol Business Group performs an annual impairment test on goodwill to assess if its carrying amount may be recoverable. Goodwill is assigned to each cash generating unit (or groups of CGU). The determination of the recoverable amount is described in Note 4.11, and its calculation requires assumptions and estimates. 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 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 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 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. 3.11 Provision for significant maintenance and replacement Ecopetrol Business Group has contractual obligations under its road and electric power transmission concession agreements to provide the replacement and maintenance activities. The amount of the provision is based on qualitative and quantitative analyzes made by Ecopetrol Business Group’s maintenance area and an estimate of disbursements for major maintenance and replacements, which considers the current market prices of the components to be replaced at the time to recognize the provision. 3.12 Traffic projections for road concessions The revenue for the services provided under the road concessions related to certain contracts, which are accounted under the financial asset model of IFRIC 12, is calculated through the present value of future revenue cash flow. This estimation is based on traffic studies made by an independent entity based on GDP projections among other variables according to the concession. 3.13 Electric power transmission concessions agreements Ecopetrol Business Group operates energy transmission concessions in Colombia, Peru, Chile, Bolivia, and Brazil under public service concession agreements in which the grantor controls or regulates the services provided by the concessionaire, to whom they are provided, and at what price. 3.14 Business combination According to IFRS 3, Business combinations, applying the acquisition method implies to identify the assets acquired and liabilities assumed and measure them at fair value on the acquisition date, subject to certain exceptions. For each kind of asset or liability, fair value methodologies are applied considering the observable inputs and elements described in IFRS 13 – Fair value measurement. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policies | |
Accounting policies | 4. 4.1 A financial instrument is any contract that creates a financial asset for an 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 issuance of financial assets and liabilities, other than those measured at fair value through profit or loss, are added to or deducted from the fair value of financial assets and liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and liabilities measured at fair value through profit or loss are immediately recognized 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, supposing that the market participants act in their economic best interest. A fair value measurement of a non-financial asset considers 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. Ecopetrol Business Group uses valuation techniques that are appropriate for the circumstances and for which the data is available and enough 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 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. ● 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. This methodology is also applied to the instrument’s measurement related to the concession financial assets. 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 impaired when there is objective evidence that, because 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. Restricted cash is a monetary resource with the objective of allocating it to specific and previously determined purposes. 4.1.2 The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Ecopetrol Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient, 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. 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 financial instruments 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 Ecopetrol Business Group. The Group’s financial assets at amortized cost includes trade receivables, other receivables, loans, and borrowings. 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. Ecopetrol Business 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 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 method and are subject to impairment analysis. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Derecognition 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 correspond to the financing obtained by the Ecopetrol Business Group through bank credit facilities and bonds, accounts payables to suppliers, and creditors. Bonds and bank credit facilities 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 method. The effective interest method amortization is included as a financial expense in the statement of profit or loss. Amortized cost is calculated by considering 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 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 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, Ecopetrol Business 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 Business Group designates certain loans as a hedging instrument for its exposure to exchange rate risk in future crude oil exports. Additionally, Ecopetrol Business Group enters positions with derivative financial instruments such as commodity swaps, cross currency swaps or interest rate swaps to hedge commodity price risks, exchange rate risk and interest rate risk, respectively, which may also be designated as cash flow hedges. 4.1.5.2 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 similarly 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 Business Group 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. 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 are recorded 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 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 Business Group 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 4.3.1 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 1 – Consolidated subsidiaries, associates, and joint ventures. 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 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 the carrying value, and then the impairment is recognized in the consolidated profit or loss statement. When necessary, the Ecopetrol Business Group adjusts 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 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 Business Group 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 Business Group participates as a non–operator partner, it recognizes the assets, liabilities, sales revenues, cost of sales, and expenses based on the operator partner’s report. When Ecopetrol Business Group 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 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 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 Ecopetrol Business Group 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 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 – 63 years Buildings 10 – 100 years Other 3 – 35 years Lands are recognized separately from buildings and facilities, have unlimited useful lives, and they are not subjected to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate. 4.7 Recognition and measurement Ecopetrol Business Group 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 will not be 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 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 after 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, which are at the prices and costs that apply for 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 Impairment of non–current assets 4.8 Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period 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 financial 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. 4.9 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 recognized as expense as incurred. Easements Easements are rights obtained for the use part of land for the installation of a transmission line. This implies restrictions on the use of the land by the owner and authorizations to Ecopetrol Business Group to build, operate, or maintain the transmission lines. These intangible assets are permanent rights with an indefinite term of use. Although the transmission lines to which these easements are related have a finit |
New standards and regulatory ch
New standards and regulatory changes | 12 Months Ended |
Dec. 31, 2022 | |
New standards and regulatory changes | |
New standards and regulatory changes | 5. 5.1 New standards adopted by Ecopetrol Business Group, effective as of January 1, 2022 Ecopetrol Business Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2022. It has not early adopted any other standards, interpretations or amendments that have been issued and not yet effective as of the date of this report: ● IAS 16 – Property, plant, and equipment: amendment that expresses the prohibition of deducting from the cost of property, plant, and equipment the value of sales of items produced, while the company prepares the asset for its intended use. As of January 1, 2022, Ecopetrol Business Group adopted for the first time the Amendment IAS 16 “Property, Plant and Equipment - Proceeds before intended use” in a mandatory manner, the nature and effects of these changes are mentioned below: In May 2020, the International Accounting Standards Committee - IASB issued amendments to IAS 16 - Property, Plant and Equipment referring to the part of proceeds before intended use, in terms of: o The sales obtained from the elements produced during the installation and start-up process of the asset, that is, products obtained in the project stage or extensive tests, are recognized in the results of the period as revenue. o The costs associated with the production of products obtained in the project stage or extensive tests sold according to IAS 2 are also recognized in the result of the period. o The amount of revenue and costs related to the sale of products obtained in the project stage or extensive tests is disclosed in the notes to the consolidated financial statements, detailing in which items of the Financial Statement they are included. In the oil and gas sector, this amendment has effects on the treatment of the sale to third parties of extensive oil field tests, which are sales of crude oil or gas from a well under development before entering the market in full production. Retroactive application only affected for property, plant, and equipment, and natural and environmental resources accounts that were in the construction stage at the beginning of the earliest period presented in the consolidated financial statements in which the Ecopetrol Business Group adopted the standard, that is, on January 1, 2021. The impact of the adoption of this standard was as follows: o An increase of $48,173 (See Note 15) and $18,013 (See Note 14) in the Exploration and evaluation account within Natural and environmental resources and property, plant, and equipment balance sheet line items, respectively, with a corresponding increase in retained earnings. o An effect of $24,132 (See Note 10) due to the reversal of the deferred tax liability arising from the temporary difference between the tax basis and accounting basis prior to the adoption of the amendment and a corresponding effect in retained earnings. ● IAS 37 – Provisions, contingent assets, and liabilities: in which it details what costs an entity must include when determining whether a contract is onerous. The amendments apply a directly related cost approach. The costs that relate directly to a contract to provide goods or services include both incremental costs (e.g., the costs of direct labor and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfil the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. This amendment had no impact on the annual consolidated financial statements of Ecopetrol Business Group. ● Cycle of annual improvements 2018 – 2020 involving adjustments to IFRS 1 - subsidiary as first-time adopter, IAS 41 - taxes on fair value measurements, IFRS 16 - lease incentives and IFRS 9 - charges in the 10% test for the derecognition of financial liabilities, which clarifies the charges that an entity includes when evaluating whether the terms of a new or modified financial liability are materially different from the terms of the original financial liability. This amendment had no impact on the annual consolidated financial statements of Ecopetrol Business Group. New standards adopted by Ecopetrol Business Group, effective as of January 1, 2021 (Reform to the benchmark interest rate) and 2020 (Amendments to IFRS 3, IFRS 7, IFRS 9, IAS 39, IAS 1, IFRS 16 Covid-19, IAS 8 and revised conceptual framework for Financial Reporting), did not have a significant impact on the financial statements as of December 31, 2021, and 2020. 5.2 New standards issued but not yet adopted The IASB issued amendments to the following standards, with an effective date on January 1, 2023, or later periods: ● Amendment to IAS 1 - Classifications of liabilities as current or non-current, modifies the requirement to classify a liability as current, by establishing that a liability is classified as current when it does not have the right at the end of the reporting period to defer the liquidation of the liability during, at least, the twelve months following the date of the reporting period. This amendment will be effective as of January 1, 2023. On October 31, 2022, IASB published an amendment on non-current liabilities with agreed conditions and modified the effective date of January 2024. ● Amendments to IAS 1 – Presentation of financial statements. Companies must disclose material information about their accounting policies and apply the concept of materiality to accounting policy disclosures. The amendments clarify the following points: - The word “significant” is changed to “material or relative importance”. - The accounting policies that must be disclosed in the notes to the financial statements are clarified, “an entity will disclose information about its material or relative importance accounting policies.” - It is clarified when an accounting policy is considered material or relatively important. - Adds the following paragraph: “Information on accounting policies that focuses on how an entity has applied the requirements of IFRS to its own circumstances provides specific information about the entity that is more useful to users of financial statements than standardized information or information that only doubles or summarizes the requirements of IFRS standards”. ● Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. They clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendment was published by the IASB in February 2021 and clearly defines an accounting estimate to distinguish it from an accounting policy: “Accounting estimates are monetary amounts, in financial statements, that are subject to measurement uncertainty”. It mentions “an accounting policy could require that elements of the financial statements be measured in a way that entails measurement uncertainty—that is, the accounting policy could require that these elements be measured by monetary amounts that cannot be directly observed and they must be estimated. In this case, an entity develops an accounting estimate to achieve the objective established by the accounting policy. ● Amendments to IAS 12 Deferred taxes related to assets and liabilities that are recognized in a single transaction. The purpose of the amendments is to reduce diversity in the reporting of deferred taxes on leases and decommissioning obligations. The amendment allows the recognition of a deferred tax liability or asset that has arisen in a transaction that is not a business combination, in the initial recognition of an asset or liability that, at the time of the transaction, does not give rise to taxable temporary differences and deductibles in the same amount. ● Modifications to IFRS 1: The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1. ● IFRS 3 – Business combinations: in which they update a reference from the standard to the Conceptual Framework. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. ● Modifications to IFRS 9, IAS 39, and IFRS 7: Reform of reference interest rates. The amendments provide several exemptions that apply to all hedging relationships that are directly affected by the interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of the cash flows based on benchmarks of the hedged item or hedging instrument. Although the standard has already entered into force, the companies have not made the changes in the current debt contracts and continue to apply the LIBOR rate for interest calculations since the 3 and 6-month LIBOR dollar reference rates will remain in effect until on June 30, 2023, according to the Financial Conduct Authority (FAC). ● IFRS 17 - Insurance Contracts, provides a new general model for accounting for contracts by combining a measurement of the current balance of insurance contracts with the recognition of earnings during the period in which the services are rendered. The standard’s general model requires that insurance contract liabilities be measured using current weighted probability estimates of future cash flows, a risk adjustment, and a contractual service margin that represents the expected gain from fulfilling the contracts. The effects of changes in the estimates of future cash flows and the risk adjustment related to future services are recognized during the period in which the services are rendered and not immediately in profit loss statement. IFRS 17 replaces IFRS 4 - Insurance Contracts and will be effective for the subsidiaries Black Gold Re and Linear Systems Re Ltd for the financial reporting period beginning January 1, 2023. The standard has not yet been approved by Colombia and it is expected that in the course of 2023 it will be adopted by the country allowing Ecopetrol Business Group to adopt it in line with the international standard. The assessment of the impact of IFRS 17 is in an implementation phase and a significant effect on the Group’s consolidated financial statements is not expected given that most of the insurance contracts are short-term and would be managed by the PPA methodology - Simplified allocation of premiums. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 6. 2022 2021 Banks 9,491,029 11,080,569 Short–term investments 5,907,785 3,467,859 Cash 2,244 1,478 15,401,058 14,549,906 As of December 31, 2022, the balance of cash and cash equivalents includes 1) restricted cash flow of Interconexión Eléctrica S.A. E.S.P. for $1,987,409 ($1,039,024 as of December 31, 2021), based on financing contracts and maintained, mainly, to guarantee debt service and 2) restricted cash flow mainly of Oleoducto Bicentenario for $79,870 ($71,979 as of December 31, 2021). Both will be used in the next 12 months exclusively for the payment of principal and interest on loans. The fair value of cash and cash equivalents approximates its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to a non-significant risk of changes in value. The effective rate of return on cash and cash equivalents as of December 31, 2022, was 8.5% (2021 – 2.6%). The following table reflects the credit quality of banks in which Ecopetrol Business Group has deposits and check accounts, and issuers of investments included in cash and cash equivalents: Rating 2022 2021 AAA 5,356,966 3,892,694 F1 1,458,524 1,177,581 A 919,903 1,224,990 A-2 749,912 — A-1 731,424 1,294,164 AA 675,596 526,127 A3 647,316 3,049 BRC1+ 606,052 2,172,603 A+ 543,260 — A- 477,059 — F1+ 466,031 2,383,713 BB 463,681 106,070 BBB 425,485 1,277,357 A2 197,917 — A1 192,594 1,032 Baa1 93,157 — B 16,753 14,674 Aaa 10,276 27,621 AAAmmf 5,508 — Caa3 4,385 — Ba1 3,083 — BRC1 1,201 1,671 CCC 1,160 4,872 AAAf 714 19,481 P-2 — 370,582 Aa3 — 11,239 C — 6,615 Other 1,353,101 33,771 15,401,058 14,549,906 See credit risk policy in Note 30.7. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables | |
Trade and other receivables | 7. 2022 2021 Current Fuel Price stabilization fund (1) 26,296,870 7,824,788 Concessions (2) 5,194,909 3,370,644 Customers Domestic 3,268,944 2,917,305 Foreign 3,065,207 3,222,837 Accounts receivable from employees 115,922 106,547 Related parties (Note 31) 110,408 9,355 Industrial services 70,762 32,096 Other 1,101,977 965,310 39,224,999 18,448,882 Non–current Concessions (2) 28,647,390 21,259,519 Customers Foreign 185,331 36,965 Domestic 72,985 178,552 Accounts receivable from employees 498,415 534,051 Related parties (Note 31) 335 335 Other (3) 2,750,749 2,150,294 32,155,205 24,159,716 (1) Corresponds to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of motor gasoline current 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). For 2022, the increase in accounts receivable was mainly generated by the increase in international reference indicators. During 2022, the Ministry of Finance and Public Credit paid COP$18,262,487 to the Ecopetrol Business Group as follows; ● Payments to Reficar for $6,114,489 in cash and $719,834 through Colombian sovereign bonds - TES (this operation did not generate cash flows), corresponding to the liquidation of the second half of 2021 and the first, second, and third quarter of 2022, and, ● Payments to Ecopetrol for $4,639,779 in cash and $6,788,385 through offsetting with dividends payable to the Ministry of Finance and Public Credit, this operation did not generate cash flows and its effect implies an increase in the variation in working capital in the cash flow statement of the Ecopetrol Business Group. The payment corresponds to the liquidation of the second half of 2021 and the first quarter of 2022. The Ecopetrol Business Group and the National Government continue to work together and are committed to seeking alternatives to settle the balance as of December 31, 2022, during 2023. (2) Includes electric power transportation concessions and roads. (3) Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of the Business Group for transportation systems. The balance of these accounts receivable is $2,481,530 (2021: $1,772,101) and the related provision for expected losses established, included in the provision line for expected credit losses, is $475,936 (2021: $368,299), representing a net book value of $2,005,594 (2021: $1,403,802). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its consolidated financial statements. 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, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Opening balance (750,191) (291,144) (282,791) Additions (reversal), net (46,690) 2,665 (15,082) Effect of business combination — (474,654) — Effect of change of control in subsidiaries — — 5,517 Currency translation (131,270) 4,794 (1,271) Accounts receivable write–off and uses 22,033 8,148 2,483 Closing balance (906,118) (750,191) (291,144) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Inventories | 8 . The inventories balance is presented net of the allowance for inventory losses. 2022 2021 Crude oil (1) 5,971,109 3,305,965 Fuels and petrochemicals (2) 3,241,154 2,845,486 Materials for goods production 2,667,771 2,246,761 11,880,034 8,398,212 (1) The variation is mainly due to a higher level of inventories in transit and connected for delivery in January 2023, and recovery of indicators (Brent reference). (2) The variation is mainly due to the receipt of fuel imports to accomplish with the national demand for fuels. The following are the changes of the allowances for losses for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Opening balance (127,662) (109,549) (131,526) Additions (18,236) (58,437) (9,748) Increase due to business combination — (2,837) — Foreign currency translation (3,591) (1,449) (122) Effect of change of control in subsidiaries — — 20,075 Other (1) 20,692 44,610 11,772 Closing balance (128,797) (127,662) (109,549) (1) It mainly includes uses. Crude oil, fuel, and petrochemicals inventories are adjusted to the lower of cost and net realizable value, mainly due to fluctuations in international crude oil prices. The amount recorded for this in 2022 was $133,164 (2021 - $23,785; 2020 - $9,017). |
Other financial assets
Other financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Other financial assets | |
Other financial assets | 9 . 2022 2021 Assets measured at fair value Investment Portfolio – Foreign currency 1,056,385 1,172,718 Investments in equity securities and trust funds (1) 875,335 606,624 Investment Portfolio – Local currency 761,687 759,892 Assets measured at fair value through other comprehensive income 3,583 2,789 Hedging instruments (2) 311 17,449 2,697,301 2,559,472 Assets measured at amortized cost (3) 28,570 375,262 2,725,871 2,934,734 Current 1,162,127 1,627,150 Non–current 1,563,744 1,307,584 2,725,871 2,934,734 (1) They include deposits in trusts companies and restricted funds in Brazil, Peru, Chile, and Colombia. (2) As of December 31, 2022, corresponds to swap contracts to hedge commodity price risk and forwards contracts to hedge exchange rate risk. (3) Includes investments with maturities greater than 90 days, in Chile and Colombia. The average return of the investment portfolio in Colombian pesos (local currency) and U.S. dollars (foreign currency) were 4.3% (2021 – 2.23%) and 13.11% (2021 – 0.1%), respectively. Changes in fair value are recognized in financial results (Note 29). 9.1 As of December 31, 2022 and 2021, there were restricted funds for $328,283 and $138,688 respectively, which have specific destinations for projects in Brazil, Peru, Chile, and Colombia. 9.2 2022 2021 Up to 1 year 1,162,127 1,627,150 1 – 2 years 673,169 434,372 2 – 5 years 452,417 786,760 > 5 years 438,158 86,452 2,725,871 2,934,734 9.3 The following is the balance of other financial assets by fair value hierarchy level as of December 31, 2022, and 2021: 2022 2021 Level 1 1,892,486 834,057 Level 2 804,815 1,725,415 2,697,301 2,559,472 There were no transfers between hierarchy levels for the years ended December 31, 2022, and 2021. 9.4 The following table reflects the credit quality of the issuers of other financial assets: 2022 2021 BB 1,051,042 7,412 BB+ 898,072 954,212 Ba1 388,743 — AAA 40,369 1,158,794 Ba2 16,227 — A 14,702 12,204 A3 9,918 — F3 4,457 8,990 BBB 4,153 7,112 F1+ 29 319,253 B — 158,814 A-1 — 119,461 BRC1+ — 75,068 A+ — 42,821 AA+ — 6,075 Other 298,159 64,518 2,725,871 2,934,734 See credit risk policy in Note 30.7. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Taxes | |
Taxes | = percentile 30 and < percentile 45 5% > = percentile 45 and < percentile 60 10% > = percentile 60 15% Non-deductibility of royalties: Free zone rate: Minimum tax rate: Effective head office of management: Research, technological development, or innovation investment discount: Tax benefits and incentives limits: Industry and commerce tax deduction: Dividend tax: The income tax rate applicable to dividends and shares paid to permanent establishments in Colombia of foreign companies will be 20%. Concurrent benefits:" id="sjs-B4">10. 10.1 Current and non-current tax assets and liabilities 2022 2021 Current tax assets Income tax (1) 279,457 1,739,542 VAT refund (2) 4,725,281 3,108,175 Other taxes (3) 1,779,654 1,426,085 6,784,392 6,273,802 Non-current tax assets Deferred tax assets (4) 13,392,480 9,024,858 Income tax credits 8,570 5,274 13,401,050 9,030,132 Current tax liabilities Income tax payable (5) 6,617,468 1,298,524 Industry and commerce tax (6) 346,958 247,966 Value added tax 206,341 157,452 National tax and surcharge on gasoline 181,490 192,665 Carbon tax 77,721 66,006 Other taxes (7) 200,923 189,491 7,630,901 2,152,104 Non-current tax liabilities Deferred tax liabilities (8) 13,479,336 10,850,463 Income tax payable 90,897 65,130 Income tax (9) 1,705,411 1,208,927 15,275,644 12,124,520 (1) The variation corresponds mainly to the use of the balance in favor of the 2021 income tax return, of Ecopetrol S.A. (2) It corresponds mainly to the balance in favor of the value added tax (VAT) in Ecopetrol S.A. for $4,165,563, Esenttia S.A. for $252,977, ISA Group for $189,538, and other companies for $50,305, among others, and a favorable balance in the industry and commerce tax in Ecopetrol S.A. for $57,543, and Cenit for $8,887, and other companies for $468. (3) It includes the potential tax credit of the VAT paid in the acquisition of real productive fixed assets, in accordance with the section 258-1 of the Colombia Tax Code. Additionally, it includes advances and self-withholdings of territorial taxes. (4) Mainly corresponds to the loans payable in dollar of Ecopetrol Business Group, that increased due to the currency devaluation in 2022 (21%), and the increase in debt levels. (5) The increase between the prior year mainly corresponds to the better results obtained in the year by Ecopetrol S.A., due to the growth of revenue given the increase in the average prices of the basket of crude oil, natural gas, and products, and the higher revenue obtained by the midstream segment, and the increase in the tax rate (35% in 2022 vs. 31% in 2021), among others. (6) The increase between the prior year mainly corresponds to the higher income obtained by Ecopetrol Business Group. (7) The variation mainly corresponds to the increase in royalties’ payments, transport tax, among others, due to the improved results in the fiscal year 2022. (8) The variation mainly corresponds to the temporary differences related to IAS 12.41 and the deferred tax of ISA, represented by the changes related to the contractual asset CPC 47 and the deferral of income in accordance with Law 12,973/2014 in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), the application of additional depreciation shifts, effect of the exchange difference of international bonds and actuarial liabilities in ISA and among others. (9) Mainly corresponds to the contributions payable by the ISA group of PIS, CONFIS of CTEEP and subsidiaries located in Brazil. 10.2 Income tax In accordance with Law 2010/2019 and Law 2155/2021, the tax provisions applicable in Colombia for taxable years 2021 and 2022, are the following: ● The income tax rate applicable to national companies and foreign entities will be 31% for the year 2021 and 35% for the fiscal year 2022. Law 2155 of 2021 increased the income tax rate from 31% to 35% from the year 2022. ● For the year 2021, the presumptive income rate was 0% of the taxpayer's net equity from the immediately previous year. ● 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”) until 2023 and Esenttia Masterbatch Ltda. ("Esenttia MB") until 2028. ● For fiscal years 2021 and 2022, Ecopetrol Business Group had subsidiaries that were subject to a 31% and 35%, respectively, income tax rate, subsidiaries located in free trade zones that were subject to a 15% income tax rate depending upon whether they complied with the Legal Stability Contract (LSA) rules and other subsidiaries in Brazil, Chile, Perú, USA, that were subject to 34%, 27%, 29.5%, 21%, respectively, and other companies 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 Article 137 of the Colombian Tax Code. On the other hand, oil investments amortization will be calculated based on the technical production units as it is recorded for accounting purposes. ● Expenses for the acquisition of exploration rights, geology and geophysics, exploratory drilling, among others, are capitalizable until the technical feasibility and commercial viability of extracting the resource are determined. ● 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. ● Variations in items expressed in foreign currency will only have tax effects at the time of disposal or payment in the case of assets, or liquidation or partial payment in the case of liabilities. ● Tax losses generated as of January 1, 2017, may be offset against ordinary net income obtained in the following 12 taxable years, except for companies that have signed a legal stability contract, and included within it the article that they contemplated that tax losses did not have an expiration date. Related to income tax in other countries in which the Business Group operates, the following are the main aspects to consider: Peru ● Current income tax rate is 29.5% on the taxable income after deducting the employes participation, which is calculated with a rate of 5% or 10% on the taxable income. ● Dividends and other forms of profit distribution are subject 5% income tax rate. ● From 2021, the financial expenses deduction is limited to 30% of tax Ebitda. ● Intra-group services deduction is allowed for low value-added services to the extent that the deductible amount does not exceed expenses and costs plus a 5% margin. Brazil ● Legal entities income tax and Social Contribution on Liquid Profits are federal taxes that affect the income of the legal entity in its real or presumed profit. ● Real profit: Tax is determined based on the results for each period, establishing the taxable base considering the accounting profit and performing the depurations determined in tax legislation. All income and returns on capital are included in the calculation base. The 34% rate is applied to the taxable base of liquid profit. ● Presumed profit: it is a simplified form taxation for the calculation base. Applies to legal entities that have gross income up to BRL $78 million in the immediately preceding year. In this system, the tax base is determined by applying the rate of 8%, 12% or 32% to gross income (the rate to be applied depends on the activity carried out by the taxpayer) and the rate of 34% is applied to the result. Statute of limitations of tax returns In Colombia, the income tax returns of the taxable years 2011, 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021 and income tax for equality - CREE - of the taxable years 2014, 2015, and 2016 can still be reviewed by the tax authorities. The management of Ecopetrol Business Group considers that the amounts recorded as liabilities for taxes payable are sufficient and are supported by the law to meet any claim that may be established with respect to such years. In Colombia, as of January 1, 2017, the statute of limitations for the income tax return corresponds to three-year (3) counted 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 (5) statute of limitations, for the tax returns that are filed as of January 1, 2020. For the other countries where there are subsidiaries of the Ecopetrol Business Group, the statute of limitations time will depend on the local regulations in each country. Income tax expense 2022 2021 2020 Current income tax (1) 16,791,619 6,975,549 2,861,606 Deferred income tax (2) 2,813,817 1,939,567 (791,824) Deferred income tax – rate change (3) (658,919) (28,993) — Adjustments to prior years’ current and deferred tax(4) 17,421 (90,860) (31,121) Income tax expenses 18,963,938 8,795,263 2,038,661 (1) The increase between 2022 and 2021 by $9,816,070 corresponds mainly to the better results obtained in the year in Ecopetrol S.A., generated by the growth of revenue given the increase in the average prices of the crude basket oil, natural gas, and products, and the higher revenue obtained by the midstream segment, and the increase in the tax rate (35% in 2022 vs. 31% in 2021), among others. (2) The variation between 2022 and 2021 by $874,250 corresponds mainly to the effect of the exchange rate on loans denominated in foreign currencies of Ecopetrol S.A. and Refinería de Cartagena, to the adjustment of the calculation of deferred tax for capital gains, from 10% to 15%, associated with the disinvestment of the share of Ecopetrol S.A. in the opportunity called Roger project, among others. (3) The variation between 2022 and 2021 by ($656,926) corresponds mainly to the effect of the Law 2277 of 2022, that established an additional point on the income tax rate of 5%, 10%, or 15% as of the year 2023 and following years. (4) The variation between 2022 and 2021 by $108,281 corresponds mainly to the difference between the provision and the income tax return for fiscal year 2021 filed in 2022. Reconciliation of the income tax expenses The reconciliation between the income tax expense and the current tax applicable to the Ecopetrol Business Group is as follows: 2022 2021 2020 Net income before income tax 54,163,418 26,425,817 4,776,514 Statutory rate (Colombia) 35.0 % 31.0 % 32.0 % Income tax at statutory rate 18,957,196 8,192,003 1,528,484 Effective tax rate reconciliation items: Adjustment - IAS 12.41 1,946,269 1,194,065 247,358 Non–deductible expenses 448,433 387,407 29,649 Reversal of deferred tax recognized in prior years — — 245,508 Rate differential adjustment (670,080) (304,176) 14,974 Non–taxable income (739,243) (517,483) (35,471) Prior years’ taxes 17,421 (90,860) (31,121) Foreign currency translation and exchange difference (82,028) (149,035) 59,852 Tax discounts and tax credit (184,054) (173,154) (20,572) Others (71,057) 285,489 — Effect of tax reform (658,919) (28,993) — Income tax calculated 18,963,938 8,795,263 2,038,661 Effective tax rate 35.0 % 33.3 % 42.7 % Current 16,801,363 6,940,660 2,583,832 Deferred 2,162,575 1,854,603 (545,171) 18,963,938 8,795,263 2,038,661 The effective tax rate as of December 31, 2022 is 35.0% (2021 – 33.3%); The variation of 1.7% compared to the previous period is mainly due to: a) the profit increase, b) the effect of the companies of the Group with profit that have a nominal tax rate different from the parent company (Refineria de Cartagena - $476,772, Ecopetrol Capital AG - $71,563, Esenttia MB - $67,942, Ecopetrol USA - $168,374, Ecopetrol Permian - $243,809 and others - $133,178), c) to the effect of the Law 2277 of 2022, that established an additional point on the income tax rate of 5%, 10%, or 15% as of the year 2023 and following years in Ecopetrol S.A. and Hocol, d) the greater distribution of capital pledges in Companhia de Transmissão de Energía Elétrica Paulista (CTEEP), e) the effect of the incorporating ISA in Ecopetrol Business Group and f) the update of the occasional profit tax associated with the divestment of Ecopetrol S.A. share in the opportunity called the Roger project, among others. Deferred income tax 2022 2021 Deferred tax assets (1) 13,392,480 9,024,858 Deferred tax liabilities (2) (13,479,336) (10,850,463) Net deferred income tax (86,856) (1,825,605) (1) Mainly corresponds to the loans payable in dollar of Ecopetrol Business Group, that increased due to the currency devaluation in 2022 (21%), and the increase in debt levels of the Business Group. (2) The variation mainly corresponds to the deferred tax of ISA, represented by the deferral of income and the application of accelerated depreciation amounts in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP). The detail of deferred tax assets and liabilities is as follows: 2022 2021 Deferred tax assets (liabilities) Loans(1) 8,707,743 3,385,388 Loss carry forwards (2) 6,497,845 6,122,243 Provisions (3) 3,712,239 4,029,550 Employee benefits (4) 963,558 1,378,161 Accounts payable 54,611 13,774 Presumptive income tax excesses (5) — 180,563 Goodwill (6) (604,350) (405,973) Other (7) (3,499,216) (3,050,013) Accounts receivable (8) (4,558,699) (4,029,534) Property plant and equipment and Natural and environmental resources (9) (11,360,587) (9,449,764) (86,856) (1,825,605) (1) Corresponds mainly to the effect in the foreign exchange rate (21%) in the fiscal year 2022 and the increase in debt levels of the Business Group. (2) In 2022, a deferred tax asset for tax losses carryforwards was recognized for $6,497,845 (2021 - $6,122,243) in the following companies: - Tax losses that do not expire: Ecopetrol USA for $339,950 (2021 - $765,914); Refinería de Cartagena for $1,871,732 (2021 - $2,027,433); and ISA Group companies in Chile for $35,806 (2021 - $20,818). - Tax losses that expire in 12 years in Invercolsa for $17,524 (2021 - $14,626). - Tax losses that expire in 20 years from the date they were recognized by Ecopetrol USA Inc. for $1,887,805 (2021 - $1,591,781). - Tax losses expiring in 2025 of Ruta de la Araucanía and Transamerican for $111,273 (2021 - $137,289); 2027, Ruta Costera for $84,964 (2021 - $17,953); 2030 from Internexa Chile for $16,062 (2021 - $12,931); 2029 of Ruta del Maipó for $1,000,632 (2021 - $763,272); 2040 from ISA Interchile for $1,104,625 (2021 - $756,410); and 2044 Ruta del Loa for $27,472 (2021 - $13,816). (3) (4) Corresponds to update of the actuarial calculations for health, pensions and bonds, education, and other long-term benefits to employee. (5) In 2021, Refineria de Cartagena recognized deferred tax assets by COP$180,563 (6) According to Colombian tax law until the fiscal year 2016, goodwill was subject to amortization for fiscal proposes, while under IFRS it is only allowed to be subject to impairment tests, a difference that results in a deferred tax liability, variances related to translation adjustment from the year. (7) The variation corresponds mainly to: a) the balance of regulatory security works and payment of pre-existing infrastructure of the concessionaires in Chile and in Companhia de Transmissão de Energía Elétrica Paulista (CTEEP) for the provision associated with law 4819 pension benefits, b) the total deferred tax liability of ISA's consolidated, mainly in Ruta del Maipo due to the readjustment of the financial asset and c) the effect of business combination (ISA). (8) The variation mainly corresponds to the deferred tax of ISA, represented by the deferral of income and the application of accelerated depreciation amounts in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP). (9) For tax purposes, natural and environmental resources, and property, plant, and equipment have a useful life and a depreciation and amortization methodology different from those determined under international accounting standards, mainly in ISA Colombia and Transmantaro considering their accelerated depreciation in 2022. Each legal entity of the Ecopetrol Business Group offsets tax assets and liabilities only if it has a legally enforceable right to offset current tax assets and liabilities and to the extent that they relate to income taxes required by the same tax jurisdictions and tax authorities. 2022 2021 2020 Opening balance (1,825,605) 6,034,706 5,480,516 Deferred tax recognized in profit or loss (2,162,575) (1,854,603) 545,171 Increase due to business combination 96,767 (7,877,297) (383,346) Deferred tax recognized in other comprehensive income (a) 4,769,474 1,535,151 89,526 Other (24,132) (35,033) — Foreign currency translation (940,785) 371,471 302,839 Closing balance (86,856) (1,825,605) 6,034,706 (a) December 31. 2022 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) 1,254,514 (586,260) 668,254 Cash flow hedging for future crude oil exports (Note 30.3) 3,167,351 (1,638,602) 1,528,749 Hedge of a net investment in a foreign operation (Note 30.4) 7,526,124 (2,538,389) 4,987,735 Hedge with derivative instruments (111,690) (6,223) (117,913) 11,836,299 (4,769,474) 7,066,825 December 31. 2021 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) (2,456,667) 679,510 (1,777,157) Cash flow hedging for future crude oil exports (Note 30.3) 1,259,269 (450,492) 808,777 Hedge of a net investment in a foreign operation (Note 30.4) 4,579,758 (1,708,348) 2,871,410 Hedge with derivative instruments 191,487 (55,821) 135,666 3,573,847 (1,535,151) 2,038,696 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 Deferred tax assets not recognized Deferred tax assets related to tax loss carryforwards incurred by the subsidiaries of ISA Group: Ruta del Bosque (Chile) for $102,864 (2021 – $35,511), Ruta del Maule (Chile) for $43,702 (2021 - $27,404), ISA Inversiones Chile Ltda for $84,816, Ruta Costera (Colombia) for $391 (2021 - $932), ISA Intervial Colombia for $564 (2021 - 541), Proyecto de Infrastructura del Perú for $1,143, ISA Capital do Brasil for $20,216 (2021 - $15,983), ISA Investimentos Brasil for $883, Internexa Brasil Operadora de Telecomunicações for $101,525 (2021 - $69,358), Internexa Participações (Brasil) for $2,913 (2021 – 2,121) and ISA Bolivia for $4,142 (2021 – 1,831), are not recognized, since Management has assessed and reached the conclusion that it is not probable that the deferred tax asset related to these tax losses and presumptive excess income is recoverable in the short term. If Ecopetrol Business Group had been able to recognize the unrecognized deferred tax asset, the profit for the year ended December 31, 2022, would have increased by $363,158 ($153,681). With respect to the additional income surtax, deferred tax assets corresponding to the estimated surcharge for the years 2026 and following are not recognized because there is no certainty about the proportion of the deferred that will be recovered in each of these years. Deferred tax liabilities not recognized As of December 31, 2022, in connection with paragraph 39 of IAS 12 deferred tax liabilities are not recognized on the difference between the accounting and tax bases associated with investments in subsidiaries, joint ventures of Ecopetrol S.A. (Base: $-25,966,564 Tax: $-3,894,985) and other group companies (Base: $-8,891,965 Tax: $-1,333,795). Dividends received in the year 2022 were untaxed. The Company expects this same treatment for the dividends it receives in 2023. 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. 10.3. Other taxes Dividend taxes Starting on the profits generated from the year 2017, the tax on dividends applies to resident natural persons, national companies, and foreign entities. Law 1943 of 2018 established that, as of January 1, 2019, dividends and participations paid or credited to the account from profit distributions that have been considered as income that does not constitute income or occasional profit between Colombian companies, are subject to a withholding for dividend tax at a rate of 7.5% (10% as of 2023, according to Law 2277 of 2022). This withholding is transferable to the final beneficiary, foreign entity, or natural person tax resident in Colombia. On the other hand, if the profits charged to which the dividends were distributed were not subject to tax at the company level, said dividends are taxed with the income tax applicable in the period of distribution. In this case, the 7.5% withholding will apply to the value of the dividend once decreased with the income tax (35% for the year 2022). The non-taxed dividends that the Ecopetrol Business Group will receive will not be subject to withholding at source by express provision of the regulation, which states that dividends distributed within business groups duly registered with the Chamber of Commerce, to decentralized entities or Colombian Holding Companies, They will not be subject to withholding at source for this concept. Transfer prices In Colombia, income taxpayers who enter into operations with economic associates or related parties from abroad and located in free zones, or with residents located in countries considered non-cooperative jurisdictions with low or no taxation, are required to determine for income tax purposes, their ordinary and extraordinary revenue, their costs and deductions, assets and liabilities, considering for these operations the prices and profit margins that would have been used in comparable operations with or between those not economically related. Ecopetrol Business Group submitted in 2022 the transfer pricing information for 2021 corresponding to the informative return, the supporting documentation, the country-by-country report, and the master file, in accordance with current tax regulations. For the taxable year 2022, the transactions with economic related parties abroad, as well as the business conditions under which such operations were made and the general structure, did not vary significantly with respect to the previous year. For this reason, it is possible to infer that said transactions were recognized in accordance with the arm’s length principle. It is estimated that no adjustments related to the transfer pricing analysis of the year 2021 will be required, which imply changes in the income provision of the same year. Law 2010 of December 27, 2019 - Colombia In October 2019 the Constitutional Court declared Law 1943 of 2018 (Tax Reform of 2018) due to procedural defects in its approval in Congress. The Court said that the effect of its pronouncement would be applicable as of January 1, 2020, therefore Law 1943 was applicable in its entirety until December 31, 2019. The Constitutional Court granted the executive the possibility of presenting a new legislative project for the 2020 period, as a result, the Government presented a bill that was sanctioned and materialized in Law 2010 of December 27, 2019. In general terms, specific modifications were presented, such as the following: Income tax rate applicable for taxable year 2020 and following years: Year General Rate* 2020 32 % 2021 31 % (*) Applicable rate for Colombian companies, permanent establishments, and foreign entities. The undercapitalization rule contained in article 118-1 of Colombia Tax Code, had been modified by Law 1943/2018. In this sense, as of 2019, the undercapitalization rule will only be applicable with respect to interest generated in the acquisition of debts contracted, directly or indirectly, with national or foreign economic associates. Likewise, the capital-debt ratio was modified to 2:1 (previously it was 3:1) with which not only may interest generated on debts acquired with related parties be deducted when the average total amount of such debts does not exceed two (2) times the net worth of the taxpayer determined as of December 31 of the immediately preceding taxable year. Value Added Tax The VAT already paid by the user of the free zone are excluded from the basis to settle the VAT on imports of goods from the free zone. Article 491 of the Tax Code expressly prohibits the possibility to consider the VAT paid on the acquisition of fixed assets as deductible tax. In addition, three VAT exemption days a year are established in Colombia for certain products, with limits depending on the units purchased. Tax procedures In terms of procedure, there are modifications: (i) withholding that, despite being ineffective, will be enforceable, (ii) electronic notification of administrative acts, (iii) payment of glosses in the statement of objections to avoid default interest, (iv) elimination of the extension of the finality to additional three years for compensation of tax losses, and (v) the term of the finality will be 5 years, compared to the years in which there is an obligation to comply with the transfer pricing regime. In addition, an audit benefit was included for taxable years 2020 and 2021. By virtue of this benefit, the private settlement of income taxpayers and complementary taxpayers who increase their net income tax by at least a percentage a minimum of 30%, related to the net income tax of the immediately preceding year, will become final within six months after the date of presentation if a notification to correct or special requirement has been notified, or provisional settlement and, considering that the declaration must be presented in a timely manner and the payment must be made within the established deadlines. If the increase in the net income tax is at least 20% over the net income tax of the immediately preceding year, shall be considered for twelve (12) months, after the date the 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 enjoy tax benefits due to their location in a specific geographical area; (ii) when it is shown that declared withholdings are non-existent; (iii) when the net income tax is less than 71 UVT ($24). The term set forth in this regulation does not extend to declarations of withholding or sales tax, which will be governed by the general regulations. Law 2155 of September 14, 2021 - Colombia In general terms, this reform increased the general income tax rate to 35% as of January 1, 2022 and maintained the discount for the Industry and Commerce Tax at 50%. This Tax Reform introduced other changes in value added tax and tax procedure obligations. Before the passing of this Law, the rate from the year 2022 was 30% and the discount of the Industry and Commerce Tax was 100%. Audit benefit: Works for Taxes Mechanism: This mechanism will also be applicable to those projects declared of national importance that are strategic for the economic and/or social reactivation of the Nation, even if they are not located in the previous territories (subject to the approval of the Ministry of Finance and Public Credit). Tax reform Law 2277 of December 13, 2022 The most relevant aspects of this reform in the Business Group’s taxes. Additional rate to the income tax rate: An additional rate is established for those companies that carry out the activity 0610 – Crude oil extraction. An additional rate will be calculated taking as a reference the average Brent price of the last 10 years, which will be updated by the inflation index of the United States of America to update them at constant values. On these, the percentiles that give rise to the surcharge rate are determined as indicated below: < percentile 30 0% > = percentile 30 and < percentile 45 5% > = percentile 45 and < percentile 60 10% > = percentile 60 15% Non-deductibility of royalties: Free zone rate: Minimum tax rate: Effective head office of management: Research, technological development, or innovation investment discount: Tax benefits and incentives limits: Industry and commerce tax deduction: Dividend tax: The income tax rate applicable to dividends and shares paid to permanent establishments in Colombia of foreign companies will be 20%. Concurrent benefits: |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2022 | |
Other assets | |
Other assets | 11. 2022 2021 Current Partners in joint operations 871,409 639,199 Prepaid expenses 693,341 549,456 Advanced payments to contractors and suppliers 679,829 591,990 Trust funds 507,163 527,520 Related parties (Note 31) 1,087 1,386 Other assets 25,651 23,540 2,778,480 2,333,091 Non–current Abandonment and pension funds 568,066 461,729 Employee benefits 342,143 229,969 Trust funds 184,464 176,781 Advanced payments and deposits 87,684 92,815 Judicial deposits and attachments 54,776 48,845 Other assets 216,214 188,224 1,453,347 1,198,363 |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations | |
Business combinations | 12. On August 20, 2021, the closing conditions of the Inter-Administrative Agreement signed on August 11 between Ecopetrol S.A. and the Ministry of Finance and Public Credit (“MHCP”) for the acquisition of 569,472,561 shares of Interconexión Eléctrica S.A. ESP (“ISA”) equivalent to 51.4% of the outstanding shares of this company and representing 100% of the ownership of the MHCP in said company were satisfactorily fulfilled. Fair Value Assets Cash and cash equivalents 4,983,234 Accounts receivable 27,487,774 Inventories 120,300 Other financial assets 1,093,941 Current tax assets 477,504 Other assets 682,445 Investments in subsidiaries and joint ventures 5,014,749 Properties, plant, and equipment 17,486,901 Right of use assets 230,207 Intangibles 13,903,491 Deferred tax assets 2,075,849 Total assets 73,556,395 Liabilities Loans 27,203,432 Leases 255,503 Accounts payable 1,358,692 Employee Benefits 973,210 Tax liabilities 1,897,786 Provisions and contingencies 947,883 Other liabilities 1,708,349 Deferred tax liabilities 9,856,379 Total liabilities 44,201,234 Total identifiable net assets 29,355,161 Non-controlling interest (18,734,241) Goodwill derived from the acquisition 3,279,916 Consideration transferred 13,900,836 The net assets recognized in the consolidated financial statements as of December 31, 2021, were based on a provisional assessment of their fair value and could be adjusted in case of obtaining new information as referred to in paragraph 46 of IFRS 3. The valuation was not completed as of the date of approval of the 2021 financial statements by the Company’s Management. In August 2022, the valuation was completed, considering the new information obtained to the acquisition date, and the fair value of the properties, plant, and equipment was $17,486,901, and intangibles $13,903,491, which presented a decrease of $153,557, and $422,988, respectively, over the provisional value. Those adjustments were not material thus the financial information as of December 2021 was not restated. As a result, there was a decrease in the deferred tax liability of $96,767 and a decrease in the non-controlling interest of $238,839. There was also a corresponding increase in goodwill of $240,939, resulting in $3,279,916 of total goodwill arising on the acquisition. The increased depreciation charge on the property, plant, and equipment, from the acquisition date to 31 December 2021 was also not material. From the date of acquisition, ISA contributed $4,113,198 of revenue and $1,108,202 (including non-controlling interest for $846,454) to net profit from continuing operations of the Group. If the combination had taken place at the beginning of 2021, the Group’s revenue from continuing operations would have been higher by $7,039,487, and the profit before tax from continuing operations would have been $2,096,511 (including non-controlling interest for $1,501,984). The goodwill of $3,279,916 comprises the fair value of expected synergies arising from acquisition. |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Dec. 31, 2022 | |
Investments in associates and joint ventures | |
Investments in associates and joint ventures | 13. 13.1 2022 2021 Joint ventures Interligação Elétrica do Madeira S.A. 1,871,142 1,374,483 Transmissora Aliança de Energia Elétrica S.A. 1,830,504 1,496,060 Equion Energía Limited 1,191,154 1,860,634 Interligação Elétrica Paraguaçu S.A. 614,112 412,526 Interligação Elétrica Garanhuns S.A. 571,328 363,498 Interligação Elétrica Ivaí S.A. 469,176 288,224 Interligação Elétrica Aimorés S.A. 411,495 278,408 Conexión Kimal Lo Aguirre S.A. (1) 169,230 — Ecodiesel Colombia S.A. 54,614 64,019 Interconexión Eléctrica Colombia Panamá S.A. 20,516 8,737 Transnexa S.A. E.M.A. 8,545 8,545 Derivex S.A. 439 448 Parques de Rio 83 93 Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. 4 4 7,212,342 6,155,679 Less impairment: Equion Energía Limited (400,196) (398,104) Transnexa S.A. E.M.A. (8,545) (8,545) 6,803,601 5,749,030 Associates Gases del Caribe S.A. E.S.P. 1,495,341 1,515,838 ATP Tower Holdings 913,218 813,697 Gas Natural del Oriente S.A. E.S.P. 148,254 142,508 Gases de la Guajira S.A. E.S.P. 69,376 69,461 E2 Energía Eficiente S.A. E.S.P. 34,944 35,062 Extrucol S.A. 27,680 28,578 Serviport S.A. 9,399 9,399 Sociedad Portuaria Olefinas 4,186 3,012 2,702,398 2,617,555 Less impairment: Serviport S.A. (9,399) (9,399) 2,692,999 2,608,156 9,496,600 8,357,186 (1) In July 2022, ISA Inversiones Chile incorporated the company Conexion Kimal Lo Aguirre S.A. together with Transelec and China Southern Power Grid International (CSG). This company will build and operate the Kimal-Lo Aguirre project in Chile awarded in 2021. The following is the movement of investments in associates and joint ventures: For the year ended December 31, 2022: Associates Joint ventures Total Opening balance 2,608,156 5,749,030 8,357,186 Capital contributions — 329,377 329,377 Effects of equity method through: Profit or loss 126,329 642,093 768,422 Other comprehensive income 149,165 1,450,948 1,600,113 Dividends declared (1) (190,651) (1,365,755) (1,556,406) Impairment (Note 18) — (2,092) (2,092) Closing balance 2,692,999 6,803,601 9,496,600 (1) During 2022, Ecopetrol Business Group received dividends of $1,471,134 from its investments Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. For the year ended December 31, 2021: Associates Joint ventures Total Opening balance 1,791,249 1,383,379 3,174,628 Capital contributions — 44,735 44,735 Business combination (Note 12) 783,494 4,231,255 5,014,749 Effects of equity method through: Profit or loss 193,367 232,797 426,164 Other comprehensive income 12,142 121,856 133,998 Dividends declared (1) (171,238) (177,870) (349,108) Impairment (Note 18) (858) (83,644) (84,502) Foreign currency translation — (3,478) (3,478) Closing balance 2,608,156 5,749,030 8,357,186 (1) During 2021, the Group received dividends of $206,048 from Ecodiesel, Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. 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) During 2020, the Group received dividends of $157,241 from its investments. 13.2 The following is the detail of assets, liabilities, and results of the main investments in associates and joint ventures, as of December 31, 2021, and 2020: 2022 2021 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of financial position Current assets 689,613 1,967,310 1,684,029 593,389 1,233,296 3,054,020 Non–current assets 5,890,932 12,351,913 27,943 4,432,664 8,985,539 3,850 Total assets 6,580,545 14,319,223 1,711,972 5,026,053 10,218,835 3,057,870 Current liabilities 376,203 753,445 41,336 325,049 711,592 62,157 Non–current liabilities 2,765,355 7,474,497 31,372 2,196,231 4,633,422 35,316 Total liabilities 3,141,558 8,227,942 72,708 2,521,280 5,345,014 97,473 Equity 3,438,987 6,091,281 1,639,264 2,504,773 4,873,821 2,960,397 Other complementary information Cash and cash equivalents 200,091 700,313 52,370 207,703 128,256 106,858 2022 2021 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of profit or loss Sales revenue 603,362 2,598,283 4,263 639,356 2,953,672 63,169 Costs (20,098) (410,106) (23,726) (18,021) (450,666) (45,201) Other operating income (expenses), net — (198,835) (945) — (117,526) (8,553) Financial (expenses) income (88,991) (606,837) 48,040 (129,094) (562,549) 65,611 Income tax (expense) (106,292) (129,531) 23,151 (112,574) (285,702) (22,091) Financial year results 387,981 1,252,974 50,783 379,667 1,537,229 52,935 Other comprehensive results — 8,565 1,144,801 — 15,599 1,632,400 Other complementary information Depreciation and amortization 881 20,551 47 3,708 15,076 399 This is a reconciliation of equity of the significant investments and the carrying amount of investments as of December 31: 2022 2021 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Equity of the joint venture 3,438,987 6,091,281 1,639,264 2,504,773 4,873,821 2,960,397 % of Ecopetrol’s ownership 51 % 14.88 % 51 % 51 % 14.88 % 51 % Ecopetrol’s ownership 1,753,883 906,382 836,025 1,277,434 725,185 1,509,802 Additional value of the investment — 230,828 375,694 — 197,070 375,694 Impairment — — (400,196) — — (398,104) Unrealized gain — — (20,565) — — (24,862) Carrying amount of the investment 1,753,883 1,137,210 790,958 1,277,434 922,255 1,462,530 The information on assets, liabilities, and profit of the other associated companies and joint ventures is found in exhibits 1 and 2. |
Property, plant, and equipment
Property, plant, and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant, and equipment | |
Property, plant, and equipment | 14. Plant Pipelines, and networks, Work in equipment and lines progress Buildings Lands Other Total Cost Balance as of December 31, 2021 57,452,843 55,402,633 10,566,114 9,660,227 4,800,297 3,018,660 140,900,774 Additions/capitalizations (1) 2,433,113 1,331,585 4,496,490 401,079 15,956 89,493 8,767,716 Abandonment cost update (Note 23) (241,090) (333,705) — (42,730) — (3,652) (621,177) Capitalized financial interests (2) 62,677 23,155 89,809 7,778 518 2,031 185,968 Exchange differences capitalized 366 135 524 45 3 12 1,085 Disposals (669,531) (471,119) (18,057) (41,606) (480) (50,169) (1,250,962) Decrease related to business combination (Note 12) — (176,451) — 37,542 (14,648) — (153,557) Effect of adopting new standards (3) — — 18,013 — — — 18,013 Foreign currency translation 7,200,073 3,665,015 336,968 635,557 393,059 228,227 12,458,899 Reclassifications/transfers (4) (3,430,789) 846,520 (2,027,540) 4,696,173 4,364 (59,324) 29,404 Balance as of December 31, 2022 62,807,662 60,287,768 13,462,321 15,354,065 5,199,069 3,225,278 160,336,163 Accumulated depreciation and impairment losses Balance as of December 31, 2021 (24,698,837) (19,665,052) (1,279,600) (4,059,253) (67,611) (1,053,895) (50,824,248) Depreciation expense (2,807,716) (2,319,775) — (423,067) — (159,398) (5,709,956) Recovery (loss) impairment (Note 18) 504,960 (70,439) (153,449) 84,478 22,248 11,420 399,218 Disposals 637,049 448,340 755 37,953 41 44,162 1,168,300 Foreign currency translation (2,737,467) (1,340,435) (2,307) (195,728) (8,192) (126,507) (4,410,636) Reclassifications/transfers (4) 1,588,122 76,853 16,561 (1,674,537) — 31,658 38,657 Balance as of December 31, 2022 (27,513,889) (22,870,508) (1,418,040) (6,230,154) (53,514) (1,252,560) (59,338,665) Balance as of December 31, 2021 32,754,006 35,737,581 9,286,514 5,600,974 4,732,686 1,964,765 90,076,526 Balance as of December 31, 2022 35,293,773 37,417,260 12,044,281 9,123,911 5,145,555 1,972,718 100,997,498 (1) Mainly includes: i) Ecopetrol S.A. ongoing projects associated with the Caño Sur, Castilla, Chichimene, Cusiana and Rubiales fields, ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 05-2014 Interconexión Costa Caribe 500kV, the UPME 06-2018 project New El Rio 220 kV Substation, and associated transmission lines and the UPME 03-2014 Interconexión Noroccidental 230/500 kV project. (2) Financial interest is capitalized based on the weighted average rate of borrowing costs. (3) Corresponds to the effect of adopting the IAS 16 amendment in Hocol S.A. (Note 5.1). (4) Includes the activation of the interconnection of the crude plant of the Refinería de Cartagena S.A.S. (IPCC). Plant Pipelines, and networks Work in equipment and lines progress Buildings Lands Other Total Cost 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 Additions/capitalizations 1,958,132 1,657,967 1,854,907 434,438 4,965 207,179 6,117,588 Increase by business combination (Note 12) 184,303 14,860,422 1,521,181 557,224 395,828 121,500 17,640,458 Abandonment cost update (Note 23) (182,172) (104,101) (1,673) (3,494) — 127 (291,313) Capitalized financial interests (1) 53,740 29,435 29,209 12,491 160 6,129 131,164 Exchange differences capitalized 1,371 751 745 319 4 156 3,346 Disposals (312,646) (81,967) (9,344) (25,530) (4,164) (37,560) (471,211) Foreign currency translation 4,946,012 1,646,079 164,778 204,496 257,988 120,110 7,339,463 Transfers/reclassifications (284,678) 252,353 (507,917) 67,814 32,690 (91,442) (531,180) Balance as of December 31, 2021 57,452,843 55,402,633 10,566,114 9,660,227 4,800,297 3,018,660 140,900,774 Accumulated depreciation and impairment losses Balance as of December 31, 2020 (21,256,869) (17,558,024) (1,023,456) (3,628,724) (78,548) (908,500) (44,454,121) Depreciation expense (2,420,045) (1,723,300) - (381,978) - (116,923) (4,642,246) Reversal (loss) of an impairment (Note 18) 24,888 (22,346) (312,009) 12,790 16,403 (858) (281,132) Disposals 276,225 66,555 421 18,152 34 31,355 392,742 Foreign currency translation (1,726,218) (434,365) (1,550) (73,136) (5,500) (61,416) (2,302,185) Transfers/reclassifications 403,182 6,428 56,994 (6,357) - 2,447 462,694 Balance as of December 31, 2021 (24,698,837) (19,665,052) (1,279,600) (4,059,253) (67,611) (1,053,895) (50,824,248) 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 Net balance as of December 31, 2021 32,754,006 35,737,581 9,286,514 5,600,974 4,732,686 1,964,765 90,076,526 (1) Financial interest is capitalized based on the weighted average rate of loan costs. See Note 20 – Loans and financing. |
Natural and environmental resou
Natural and environmental resources | 12 Months Ended |
Dec. 31, 2022 | |
Natural and environmental resources | |
Natural and environmental resources | 15. Exploration Oil Asset retirement and investments cost evaluation Total Cost Balance as of December 31, 2021 76,229,481 8,172,698 7,212,305 91,614,484 Additions/capitalizations (1) 8,368,195 — 3,594,349 11,962,544 Abandonment cost update (Note 23) — (1,130,363) 21,524 (1,108,839) Disposals (2) (759,178) (114,899) (6,084) (880,161) Write off exploratory assets and dry wells (3) (223,058) — (809,106) (1,032,164) Capitalized financial interests (4) 136,696 — 60,570 197,266 Exchange differences capitalized 798 — 353 1,151 Effect of adopting new standards (5) — — 48,173 48,173 Foreign currency translation 4,431,851 127,871 533,347 5,093,069 Transfers/reclassifications 153,686 49,596 (175,406) 27,876 Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Accumulated depletion and impairment losses Balance as of December 31, 2021 (51,316,344) (4,230,674) (157,622) (55,704,640) Depletion expense (4,536,052) (800,139) — (5,336,191) (Loss) reversal of impairment (Note 18) (632,179) — 9,105 (623,074) Disposals 421,036 96,489 11,793 529,318 Foreign currency translation (2,354,611) (82,927) — (2,437,538) Transfers/reclassifications 35,677 (70,835) 7,494 (27,664) Balance as of December 31, 2022 (58,382,473) (5,088,086) (129,230) (63,599,789) Net balance as of December 31, 2021 24,913,137 3,942,024 7,054,683 35,909,844 Net balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 (1) Mainly includes a) Ecopetrol Permian, for investments in drilling of wells and construction of facilities executed in Rodeo, b) Ecopetrol S.A., mainly in Caño Sur, Casabe, Castilla, Chichimene, Floreña, Rubiales fields, and Cupiagua and Uchuva exploratory wells, and c) Hocol S.A., mainly in Guarrojo, Cicuco, SSJN1, Guajira, VIM-8, SN15, YDSN-1, LLA-87 blocks. (2) Corresponds mainly to the withdrawal of Rygberg’s association contract in Ecopetrol América. (3) Mainly includes a) Saturno block in Ecopetrol Brazil related to the entry bond, b) dry wells in Hocol S.A.: Bololó, Pilonera, Pollera, and Chinchorro and unsuccessfulness of the Sinuano and Yoda B wells, c) Ecopetrol S.A., Boranda Norte 1 well, and d) Ecopetrol América, Starman well. (4) Financial interest is capitalized based on the weighted average rate of borrowing costs. (5) Corresponds to the effect of adopting the IAS 16 amendment (Nota 5.1) Asset Exploration Oil retirement and investments cost evaluation Total Cost Balance as of December 31, 2020 65,367,278 7,231,851 8,867,894 81,467,023 Additions/capitalizations (1) 4,032,780 60,618 2,639,630 6,733,028 Abandonment cost update (Note 23) — 778,925 13,256 792,181 Disposals (3,497) (484) (69,908) (73,889) Withdrawal of exploratory assets and dry wells (2) — — (486,408) (486,408) Capitalized financial interests (3) 99,786 — 24,757 124,543 Exchange differences capitalized 2,546 — 632 3,178 Foreign currency translation 1,979,171 101,866 767,117 2,848,154 Transfers/reclassifications 4,751,417 (78) (4,544,665) 206,674 Balance as of December 31, 2021 76,229,481 8,172,698 7,212,305 91,614,484 Accumulated depletion and impairment losses Balance as of December 31, 2020 (46,106,147) (2,981,449) (445,268) (49,532,864) Depletion expense (3,803,027) (1,193,454) — (4,996,481) Reversal of impairment (Note 18) 305,016 — 59,111 364,127 Disposals 500 — 31,214 31,714 Foreign currency translation (1,401,121) (41,610) — (1,442,731) Transfers/reclassifications (311,565) (14,161) 197,321 (128,405) Balance as of December 31, 2021 (51,316,344) (4,230,674) (157,622) (55,704,640) Net balance as of December 31, 2020 19,261,131 4,250,402 8,422,626 31,934,159 Net balance as of December 31, 2021 24,913,137 3,942,024 7,054,683 35,909,844 (1) Includes: a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in RODEO, b) Ecopetrol for the Llanito, Purple Angel, Casabe and Offshore Tayrona fields. and c) Hocol mainly in Mamey 3, Pintado, Pozo Toldado, SN-8, Rc7 Pozo Basari, Ocelote, SSJN1, VIM8 and Saman. d) Ecopetrol America for Rydber and K2 e) Ecopetrol Brazil for the Gato do Mato project. (2) Mainly includes the Moyote well by Ecopetrol México, Ecopetrol S.A. mainly the Aguas Blancas, Alqamari-1, Nafta-1, Lorito Este 1, Boranda Centro 1 and Chimuelo 1 wells, Hocol Chacha 2 well, Ecopetrol América the well Silverback #1 and Silverback #2 and by Ecopetrol Brasil Ceará. Additionally, Hocol includes exploration expenses. (3) Financial interests are capitalized based on the weighted average rate of loan 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, 2022, 2021 and 2020: 2022 2021 2020 Between 1 and 3 years (a) 48,206 — — Between 3 and 5 years (b) — — 319,368 More than 5 years (c) 650,767 651,040 589,604 Total suspended exploratory Wells 698,973 651,040 908,972 Number of projects exceeding 1 year 8 6 16 Wells under 1 year of suspended (d) 990 20,863 — (a) For 2022, the balance corresponds to Hocol: Bullerengue South West-1 and Merecumbe 1, which are under evaluation. (b) For 2020, the balance corresponds mainly to wells of Ecopetrol S.A.: Purple Angel and Gorgon. (c) For 2022 and 2021, it corresponds mainly to i) Ecopetrol S.A.: Orca 1, Purple Angel, and Gordon, which are under evaluation. For 2020, the exploratory wells correspond mainly to i) Ecopetrol S.A.: Orca 1, Luna-1, and Gala 1K. (d) For 2022, the balance corresponds to Ecopetrol: Magallanes. For 2021, the balance corresponds to Hocol: Merecumbe 1 -SSJN1 as of December 2021. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021: Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2021 77,019 199,070 121,384 99,205 496,678 1,165,099 Additions 40,642 100,070 71,013 142,346 354,071 354,071 Amortization of the period (24,751) (61,814) (60,359) (102,198) (249,122) — Remeasurements(1) (114) (24,524) 7,505 16,779 (354) 18,644 Impairment loss — (1,244) (4,042) (5,499) (10,785) — Disposals (4,701) (2,696) (23,010) (215) (30,622) (31,957) Finance cost — — — — — 70,250 Repayment of borrowings and interests — — — — — (434,555) Transfers (584) (108) 595 (43) (140) (1,877) Exchange difference 8,723 35,304 6,448 17,612 68,087 72,671 Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 (1) Corresponds mainly to updating rates and conditions in lease contracts. Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2020 — 93,472 133,939 150,475 377,886 1,055,198 Additions 22,871 22,190 10,037 20,319 75,417 75,417 Effect of business combinations (Note 12) 75,836 121,042 13,779 19,550 230,207 255,503 Amortization of the period (6,897) (39,109) (61,186) (86,830) (194,022) — Remeasurements(1) — 26,057 48,803 5,045 79,905 80,068 Impairment loss — (5,802) (20,608) (5,373) (31,783) — Disposals — (14,540) — (98) (14,638) (64,726) Finance cost — — — — — 49,694 Repayment of borrowings and interests — — — — — (336,030) Transfers (214) (11,676) (363) (1,134) (13,387) 2,615 Exchange difference (14,577) 7,436 (3,017) (2,749) (12,907) 47,360 Balance as of December 31, 2021 77,019 199,070 121,384 99,205 496,678 1,165,099 (1) Corresponds mainly to updating rates and conditions in lease contracts. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets | |
Intangible assets | 17. The following is the movement of intangibles and their amortization and impairment for the years ended December 31, 2022, and 2021: Licensees and Other Concessions Easements software intangibles and rights (1) Total Cost Balance as of December 31, 2021 1,118,811 940,080 13,503,441 1,733,379 17,295,711 Acquisitions 292,803 9,953 835,457 9,297 1,147,510 Effect of business combination (Note 12) — 12,670 (117,270) (318,388) (422,988) Disposals (4,148) — (95,875) (478) (100,501) Foreign currency translation 74,759 338,654 3,439,810 86,905 3,940,128 Transfers/reclassifications 30,389 (18,605) 2,518 126,729 141,031 Balance as of December 31, 2022 1,512,614 1,282,752 17,568,081 1,637,444 22,000,891 Accumulated amortization and impairment losses Balance as of December 31, 2021 (689,817) (153,292) (878,125) (65,961) (1,787,195) Amortization of the period (138,544) (30,282) (658,457) (6,439) (833,722) Losses for impairment (1,785) (15,323) (34,022) (133) (51,263) Disposals 3,283 — 95,875 425 99,583 Foreign currency translation (58,215) (243,909) (919,328) (109) (1,221,561) Transfers/reclassifications 918 (3,865) — (57,181) (60,128) Balance as of December 31, 2022 (884,160) (446,671) (2,394,057) (129,398) (3,854,286) Net balance as of December 31, 2021 428,994 786,788 12,625,316 1,667,418 15,508,516 Net balance as of December 31, 2022 628,454 836,081 15,174,024 1,508,046 18,146,605 (1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. Licensees and Other Concessions Easements software intangibles and rights (2) Total Cost Balance as of December 31, 2020 835,030 201,463 351,108 79,176 1,466,777 Acquisitions 140,263 11,456 275,736 16,891 444,346 Effect of business combination (1) 130,634 666,455 11,910,589 1,618,801 14,326,479 Disposals (21,581) (226) (402) (79) (22,288) Foreign currency translation 82,397 83,856 893,249 18,553 1,078,055 Transfers/reclassifications (47,932) (22,924) 73,161 37 2,342 Balance as of December 31, 2021 1,118,811 940,080 13,503,441 1,733,379 17,295,711 Accumulated amortization and impairment losses Balance as of December 31, 2020 (607,871) (67,299) (173,799) (62,765) (911,734) Amortization of the period 123,796 (19,780) (427,989) (3,200) (327,173) Losses for impairment (57) — — — (57) Disposals 21,313 56 — 41 21,410 Foreign currency translation (55,695) (66,333) (447,697) — (569,725) Transfers/reclassifications (171,303) 64 171,360 (37) 84 Balance as of December 31, 2021 (689,817) (153,292) (878,125) (65,961) (1,787,195) Net balance as of December 31, 2020 227,159 134,164 177,309 16,411 555,043 Net balance as of December 31, 2021 428,994 786,788 12,625,316 1,667,418 15,508,516 (1) Corresponds to the balances recognized in the business combination, which mainly includes i) service concessions classified as intangible assets, according to IFRIC 12, in Peru, Bolivia, and Colombia, ii) rights to use infrastructure and intangible assets recognized through business combinations in Brazil and Peru, and iii) intangibles associated with economic benefits from contractual income. (2) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so there is no set term or contractual limit, and the right is maintained over time. |
Impairment of non-current asset
Impairment of non-current assets | 12 Months Ended |
Dec. 31, 2022 | |
Impairment of non-current assets | |
Impairment of non-current assets | 18. As mentioned in Note 4.13, 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. The impairment of non-current assets includes property, plant, and equipment, natural resources, investments in companies, goodwill, and other non–current assets. Ecopetrol Business Group is exposed to future risks derived mainly from variations in (a) the estimate of future oil prices, (b) the refining margins and profitability, (c) the cost profile, (d) the investments and maintenance expenses, (e) the amounts of recoverable reserves, (e) the market and country risk assessments reflected in the discount rate, and (f) 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 in profit or loss statement. Highly sensitive significant estimates affecting each business segments, among others include (a) in the exploration and production segment, variations of recoverable hydrocarbon estimates, changes in projected realization prices, and the discount rate, (b) 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, (c) in the transport and logistics segment, changes in regulated tariffs and transported volumes, and (d) in electric power transmission and toll roads concessions, internal and external factors that affect the recoverable value of the assets versus the book value of the assets, such as currency devaluation, network capacity, moderate growth, among others. As described in Note 2.9, the behavior of the prices of crude oil and products during the year 2022 showed a recovery versus the price levels generated in 2021 and 2020, a situation that has an impact in the parameters established for the calculation of the impairment. Based on the impairment tests conducted by the Ecopetrol Business Group, the following are the impairments or reversals for the years ended on December 31, 2022, 2021 and 2020: Impairment (loss) reversal by segment 2022 2021 2020 Exploration and Production (890,248) 438,020 (192,693) Refining and Petrochemicals 1,096,021 (305,466) (781,528) Transport and Logistics (406,229) (165,901) 341,065 Electric power transmission and toll roads concessions (87,543) (4) — (287,999) (33,351) (633,156) Recognized in: Property, plant, and equipment (Note 14) 399,218 (281,132) (384,638) Natural resources (Note 15) (623,074) 364,127 (217,709) Investment in joint ventures and associates (Note 13) (2,092) (84,502) (66,512) Right of use assets (Note 16) (10,785) (31,783) 35,874 Other non-current assets (51,266) (61) (171) (287,999) (33,351) (633,156) 18.1 The impairment reversal of assets of the Exploration and Production segment for the years ended December 31 of 2022, 2021 and 2020 is the following: 2022 2021 2020 Oilfields (888,156) 521,664 (123,652) Investment in joint ventures (2,092) (83,644) (69,041) (890,248) 438,020 (192,693) 18.1.1 Oilfields In 2022, an impairment expense was recognized, mainly the Cusiana, Llanito, Sur, Cicuco-Boquete, and Upia fields (mainly associated with a decrease in reserve volumes) and a recovery in Tibú, Oripaya, and Arrayán (mainly associated with the better projection of market prices and higher volumes of reserves). In 2021, because of the new market variables, the incorporation of new reserves, price differentials versus the reference to Brent, available technical and operational information, there was a recovery of impairment recognized in previous years of the fields that operate in Colombia: Tibú, West B, South, Dina Cretaceous, Hobo, Underriver, La Hocha and Totare; and in the field K2 abroad. There also was an expense for impairment, mainly in the Oripaya, Arrayán, and Boranda fields. An impairment expense was recognized in the year 2020 because of the 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, because of a significant increase in its reserves, as well as Provincia, Lisama and Orito. The following is the breakdown of oilfields impairment losses or reversals for the years ended December 31, 2022, 2021 and 2020: Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 3,540,732 5,563,724 250,306 Loss 4,870,976 3,732,514 (1,138,462) (888,156) 2021 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 11,216,641 17,575,851 499,599 Loss 239,046 136,698 (104,041) Fields operated abroad Reversal 1,142,593 1,306,219 126,106 521,664 2020 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) 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) 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: – The fair value less costs of disposal of the Exploration and Production segment assets was determined based on cash flows after tax derived from the business plans approved by Ecopetrol Business Group’s Management, which are developed based on long–term macroeconomic policies and fundamental assumptions of supply and demand. The fair value hierarchy is 3. – Balance of oil and gas reserves, in addition to proven reserves; probable and possible reserves were also considered (See Note 34), adjusted by different risk factors. – The discount rate in real terms was determined as the weighted average cost of capital (WACC) and corresponds to a differential rate depending on the projected tax surcharge for each year, as follows: 7.34 % with tax surcharge of 0%, 7.14% with a tax surcharge of 5%, 6.93% with a tax surcharge of 10% and 6.73% with a tax surcharge of 15% (2021: 4.94%). – Oil price – Brent: Projections include USD$94.63/barrel for the first year, USD$82.56/barrel average for the medium term, and USD$79.17/barrel starting in 2034. In 2021, the assumptions made took a price of USD$75.72/barrel for the first year, USD$62.60/barrel average for the medium term and USD$61.89/barrel as of 2033. The projection of international crude oil prices is carried out by an independent agency specialized in Oil & Gas, which has been considering the current scenarios of the OPEC (Organization of Petroleum Exporting Countries) oil quota agreements and the balance between supply and demand in the short and long term for the industry. 18.1.2 Investments in joint ventures in the Exploration and Production segment are recorded using the equity method of accounting. Ecopetrol Business group evaluates if there is any objective evidence that indicate that the fair value of such investments has impaired in the period, especially those for which goodwill has been recorded. As a result, Ecopetrol Business Group recognized a loss or reversal of impairment on the carrying value as of December 31, as follows: 2022 2021 2020 Equion Energía Limited (2,092) (83,644) 7,928 Offshore International Group — — (76,969) (2,092) (83,644) (69,041) In 2022, an impairment expense was recognized on the investment in Equion, mainly due to the increase in the discount rate, as well as the sale of the Alto Magdalena Pipeline (OAM) at a lower value than expected. In 2021, an impairment expense was recognized on the investment in Equion, mainly from the consideration of the fair value of the sale transaction of the El Morro Araguaney Pipeline. There was a recovery in 2020 on the investment in Equion mainly originated by the update of the transport rates through pipelines. Additionally, an impairment loss was recognized on the investment in Offshore International Group considering the fair value of the sale transaction. 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%). 18.2 Ecopetrol Business Group recognized a loss or reversal of impairment on the carrying value as of December 31, as follows: 2022 2021 2020 Refinería de Cartagena S.A.S. 1,096,024 34,650 (440,525) Invercolsa S.A. (3) (97) (3) Refinería de Barrancabermeja (projects) — (340,019) (341,000) 1,096,021 (305,466) (781,528) The following is the Cash Generating Units impairment or reversals in the refining and petrochemical segment for the years ended December 31, 2022, 2021 and 2020: 2022 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 31,750,957 32,846,981 1,096,024 Invercolsa S.A. 276 273 (3) 1,096,021 2021 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 26,808,008 26,842,658 34,650 Invercolsa S.A. 292 195 (97) Refinería de Barrancabermeja (projects) 340,019 — (340,019) (305,466) 2020 Carrying Recoverable Impairment Cash–generating units amount amount loss Refinería de Cartagena S.A.S. 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) The grouping of assets to determine the CGUs is consistent with prior periods. 18.2.1 Refinería de Cartagena S.A.S. 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. Refinería de Cartagena, supported by best practices, has reviewed the current considerations in market trends and has considered the implications of climate change within the estimate of the recoverable value, for which it incorporated the following aspects: ● SosTecnibilidad (Technology + Sustainability) Capex: Reficar’s investment plan, aligned with the strategy of the Ecopetrol Business Group, includes investments focused on the implementation of new technologies that allow the current operation of the refinery to be conditioned in line with the country’s fuel demands and the entry into new markets such as petrochemicals. ● Estimation horizon: Reficar has revised the estimation of the valuation horizon in the FMV exercise, going from a probable operating horizon of 94 to 70 years. Thus, considering possible impacts from decarbonization in the long term. 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 7.6% (2021-5.3% and 2020–5.1%), determined under WACC methodology. Other no significant assumptions are i) 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; (ii) level of costs and long–term operating expenses in line with international refinery standards of similar configuration and conversion capacity; (iii) refinery throughput and production; and (iv) 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. In 2022, there is a reversal of impairment of $1,107,101 mainly due to i) favorable market conditions, ii) high differentials of distilled products sustained in the short term due to conjunctural impacts of the Ukraine-Russia crisis, and iii) differential in national crudes allow diet optimization. Additionally, an expense is presented for impairment in office-type containers because of the appraisals made to these and surpluses from the expansion project for $11,077. The impairment reversal of impairment for 2021 is mainly due to: i) favorable market conditions, ii) the recovery in product spreads, especially gasoline and middle distillates, and iii) growth in fuel demand. 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. 18.2.2 As of December 31, 2022, qualitative assessment of the assets associated with the refining segment were executed, including the Barrancabermeja Refinery Modernization Project. As a result, there are no indicator of impairment loss or recovery. As of December 31, 2021, because an update analysis for the Barrancabermeja Refinery Modernization Project, an impairment expense of $340,019 was recognized, produced mainly by engineering work executed according to the evaluations and the context of the industry during the year. An impairment expense of $341,000 was recognized as of December 31, 2020, because 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. 18.3 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 4.73% (2021 – 2.95% and 2020 - 3.17%) and iii) transport volume projections based on the financial plan and the long-term volumetric transport program. For 2022, the volumetric projection up to 2040 shows a decrease in crude oil exploratory prospects in the southern and northern fields of Colombia because of contractual uncertainties and socio-environmental viability, which represented an impairment loss for the CGUs by 2022 of Cenit Transporte y Logística S.A.S. in the South, North, and Yaguará-Tenay for $405,357, and Oleoducto de Colombia S.A. for $872. In 2021, an impairment expense was recognized for the Southern Cash Generating Unit, the estimate of the impaired value was $160,653, corresponding to the total value of the asset. In addition, an impairment loss of $2,845 was established for the Yaguará-Tenay system, which corresponds to 39% of the value of the asset. Finally, the segment recognized an additional impairment loss of $2,545 as a result of the sale of a turbo-generator during the year and a recovery in other non-current assets of $142. The recognition of impairment is due to volumetric variation and rates. In 2020, Cenit recognized an impairment recovery of $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 $7,049,007 and their book value is $2,153,631. 18.4 Energy transmission and roads According to the impairment test, as of December 31, 2022, ISA and its companies considered that there are no operational or economic issues indicating that the net book value of its non-current non-financial assets cannot be recovered, except for the assets of Internexa Brasil and Internexa Argentina, which showed impairment indicators. Each of these operations constitute an independent Cash Generating Unit (CGU) and impairment tests were performed for each CGU. As of December 31, 2022, an impairment loss of $87,543 was recognized, which $85,568 corresponds to Internexa Brasil, due to updating the business plan that reflects a decline in revenues and operating profit margins, and $1,975 from Internexa Argentina, due to cost capital increase. To determine the recoverable amount, the Company used the discounted free cash flow methodology, based on revenue projections, operating costs, capital investments, and operational taxes. Internexa Brasil - Discount rate: WACC 12.35% in local currency (BRL). The WACC is made up of a cost of equity (Ke) of 11.58%, and a cost of debt (Kd) of 12.35%. The growth rate in perpetuity was 1% of real growth (long-term inflation plus 1 percentage point), equivalent to 4.31% per year. - Business assumptions: The estimate of the recoverable amount was based on the generation of the annual operating cash, through the projection of ordinary revenue, operating costs, capital investments and company taxes. Internexa Argentina - Discount rate: WACC in dollars of 19.75%. Composed of a Ke of 19.75% and Kd 0% (the company has no financial debt). A gradient of 5.27% was used for the estimation of perpetuity. - Business assumptions: The estimate of the recoverable amount was based on the generation of the annual operating cash, through the projection of ordinary revenue, operating costs, capital investments and company taxes. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Goodwill | 19. 2022 2021 Interconexión Eléctrica S.A. E.S.P. 3,755,835 3,092,045 Oleoducto Central S.A.S. 683,496 683,496 Hocol Petroleum Ltd. 537,598 537,598 Invercolsa S.A. 434,357 434,357 Andean Chemical Ltd 127,812 127,812 Esenttia S.A. 108,137 108,137 5,647,235 4,983,445 Less impairment Hocol Petroleum Ltd. (297,121) (297,121) 5,350,114 4,686,324 Related to goodwill impairment analysis in ISA, the estimate of the recoverable amount for Energy CGU was based on the value in use, which is calculated using a discounted cash flow model projected according to the term of contracts. The principal assumptions were the generation of the annual operating cash, through the projection of ordinary revenue, operating costs, capital investments, and company taxes. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Loans and borrowings | |
Loans and borrowings | 20. 20.1 Composition of loans and borrowings Weighted average effective interest rate as of December 31 2022 2021 2022 2021 Local currency Bonds 9.8 % 9.1 % 4,965,653 4,941,024 Syndicated loan 11.5 % 5.4 % 388,518 600,452 Lease liabilities (1) 8.0 % 6.3 % 844,734 823,922 Commercial loan 10.3 % 7.8 % 1,782,944 1,516,377 7,981,849 7,881,775 Foreign currency Bonds (2) 6.0 % 5.7 % 82,432,647 66,603,695 Commercial and syndicated loans 4.6 % 3.5 % 23,537,675 18,750,580 Loans from related parties (Note 31) 5.9 % 0.3 % 815,056 1,483,701 Lease liabilities (1) 6.0 % 6.0 % 367,612 341,177 107,152,990 87,179,153 115,134,839 95,060,928 Current 22,198,583 9,206,283 Non–current 92,936,256 85,854,645 115,134,839 95,060,928 (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 (See Note 16). (2) Corresponds to the increase in the exchange rate by $829 per dollar and the movements in debt during the period. During 2022, loans and borrowings for $16,844,029 were acquired mainly in Ecopetrol S.A. for $11,429,785 given, i) the disbursement of a financing line for $5,384,315 (USD$1,200 million) for the advance payment of the credit contracted in the acquisition of ISA, ii) 1B club deal operations, acquisition of treasury credits and drafts financed in the fourth quarter of 2022 for an approximate amount of USD $1,120 million, and iii) short-term financing with the company BNP Paribas for $625,944 (USD $160 million), and Interconexión Eléctrica S.A. E.S.P. for $5,331,221, which mainly includes i) the international issuance of corporate bonds for $2,063,735 in the subsidiary Transmantaro-CTM for the repurchase of its 2023 international bond and ii) the disbursement of credits to cover investment plans and projects in Brazil, Peru, and Chile. As a consequence of Ecopetrol Business Group strategy related to the integral management of debt and financing of the maturities of 2023, during 2022 payments were made for $16,409,494; mainly in Ecopetrol S.A. for $10,071,064 and Interconexión Eléctrica S.A. E.S.P. for $5,101,656. 20.2 Fair value of loans The fair value of loans and borrowings is $106,509,947 and $99,258,034 as of December 31, 2022, and 2021, respectively. 20.3 The following are the maturities of loans and borrowing as of December 31, 2022: Up to 1 year (1) 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 579,032 1,262,971 1,559,593 1,564,057 4,965,653 Syndicated loan 254,165 134,353 — — 388,518 Lease liabilities 150,872 384,661 308,493 708 844,734 Commercial loans 311,721 689,835 631,100 150,288 1,782,944 1,295,790 2,471,820 2,499,186 1,715,053 7,981,849 Foreign currency Bonds 12,235,174 25,336,179 23,223,393 21,637,901 82,432,647 Commercial and syndicated loans 7,726,416 15,054,954 547,092 209,213 23,537,675 Lease liabilities 126,147 206,474 34,991 — 367,612 Loans from related parties 815,056 — — — 815,056 20,902,793 40,597,607 23,805,476 21,847,114 107,152,990 22,198,583 43,069,427 26,304,662 23,562,167 115,134,839 (1) The following are the maturities of loans and borrowing as of December 31, 2021: Up to 1 year (1) 1 – 5 years 5–10 years > 10 years Total Local currency Bonds 290,858 1,152,829 1,423,909 2,073,428 4,941,024 Syndicated loan 239,597 360,855 — — 600,452 Lease liabilities 188,477 340,283 283,070 12,092 823,922 Commercial loans 170,758 539,693 595,307 210,619 1,516,377 889,690 2,393,660 2,302,286 2,296,139 7,881,775 Foreign currency Bonds 3,275,138 27,550,698 17,515,876 18,261,983 66,603,695 Commercial loans 3,457,708 14,792,560 303,012 197,300 18,750,580 Lease liabilities 100,046 205,617 35,514 — 341,177 Loans from related parties 1,483,701 — — — 1,483,701 8,316,593 42,548,875 17,854,402 18,459,283 87,179,153 9,206,283 44,942,535 20,156,688 20,755,422 95,060,928 (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, 2022 and 2021: 2022 2021 Local currency Fixed rate 1,844,086 1,239,723 Floating rate 6,137,763 6,642,052 7,981,849 7,881,775 Foreign currency Fixed rate 82,850,932 69,427,014 Floating rate 24,302,058 17,752,139 107,152,990 87,179,153 115,134,839 95,060,928 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 As of December 31, 2022, Ecopetrol Business Group designated USD$14,512 million (2021 - USD13,287 million) of foreign currency debt as a hedging instrument, of which USD$8,940 million is used to hedge the net investment in foreign operations with the US dollar as their functional currency, and USD$5,572 million is used to hedge the cash flows of future crude oil exports. See Notes 30.3 and 30.4. 20.6 As of December 31, 2022, the estimated value of the current guarantees granted by ISA and its companies, within the framework of the definition in paragraph 14 of IFRS 7, used to support growth in its different business units and to ensure commercial, operational, and strategic viability amounts to $23,670,968, mainly in i) Chile for $17,676,320 in ISA Intervial, Ruta de la Araucaria, Ruta del Maipo, Ruta del Loa, and ISA Interchile, b) Brazil in ISA CTEEP for $3,315,648, and c) Colombia on the Ruta Costera for $2,679,000. The syndicated loan entered by Oleoducto Bicentenario requires that this subsidiary maintain an established relationship of leverage and solvency and cash flow / service to the debt. ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Trade and other payables | 21 . 2022 2021 Current Suppliers 15,034,677 10,470,260 Withholding tax 1,896,128 717,720 Partners’ advances 1,164,197 1,060,349 Dividends payable (1) 392,346 58,668 Insurance and reinsurance 330,363 294,114 Deposits received from third parties 162,338 136,310 Agreements in transport contracts 115,526 33,883 Related parties (Note 31) 67,879 66,598 Hedging operations (2) 4,311 2,032 Various creditors 769,939 728,297 19,937,704 13,568,231 Non - current Suppliers 28,425 8,260 Deposits received from third parties 331 33 Various creditors 28,300 62,314 57,056 70,607 (1) Corresponds to dividends payable from Interconexión Eléctrica S.A. for $366,999 (2021: $53,976), Inversiones de Gases de Colombia S.A. for $21,680 (2021: $978), and Ecopetrol S.A. for $3,667 (2021: $3,714). (2) Corresponds to the balance payable for the liquidation of swap contracts acquired to hedge the price risk of export crude oil. 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, 2022 | |
Provisions for employees' benefits | |
Provisions for employees' benefits | 22. 2022 2021 Post–employment benefits Healthcare 8,140,648 6,636,809 Pension 2,073,562 2,159,530 Education 405,769 443,761 Bonds 399,114 320,833 Other plans (1) 115,136 91,476 Termination benefits – Voluntary retirement plan 772,133 746,585 11,906,362 10,398,994 Social benefits and salaries 970,598 856,198 Other employee benefits 88,279 123,853 12,965,239 11,379,045 Current 2,753,697 2,296,253 Non–current 10,211,542 9,082,792 12,965,239 11,379,045 (1) Includes benefits to employees for five years and layoffs. 22.1 The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31: Pension and bonds Other Total 2022 2021 2022 2021 2022 2021 Liabilities for employee benefits Opening balance 14,520,592 16,320,383 7,946,927 8,510,594 22,467,519 24,830,977 Effect of business combination — 545,319 — 301,780 — 847,099 Current service cost 51,756 10,948 95,724 121,404 147,480 132,352 Past service cost (2) — 3,545 114,162 125,783 114,162 129,328 Interest expense 953,146 867,644 530,482 485,494 1,483,628 1,353,138 Transferred benefits — — — (577) — (577) Actuarial (gains) losses (1,805,907) (2,285,738) 1,361,808 (1,091,228) (444,099) (3,376,966) Benefits paid (981,486) (931,051) (608,184) (506,323) (1,589,670) (1,437,374) Foreign currency translation 102,047 (10,458) 24,105 — 126,152 (10,458) Closing balance 12,840,148 14,520,592 9,465,024 7,946,927 22,305,172 22,467,519 Plan assets Opening balance 12,040,229 13,157,729 28,296 15,236 12,068,525 13,172,965 Effect of business combination — — — 11,004 — 11,004 Return on assets 802,711 691,584 1,819 367 804,530 691,951 Contributions to funds — — 125,788 504,511 125,788 504,511 Benefits paid (961,931) (924,924) (125,129) (502,340) (1,087,060) (1,427,264) Actuarial (losses) gains (1,513,537) (884,160) 564 (482) (1,512,973) (884,642) Closing balance 10,367,472 12,040,229 31,338 28,296 10,398,810 12,068,525 Net post–employment benefits liability 2,472,676 2,480,363 9,433,686 7,918,631 11,906,362 10,398,994 The following table shows the movement in profit and loss and in other comprehensive income as of December 31, 2022, 2021 and 2020: 2022 2021 2020 Recognized in profit or loss Interest expense 679,098 661,187 622,163 Current service cost 147,480 132,352 118,035 Past service cost 114,162 129,328 631,761 Remeasurements — (211) — 940,740 922,656 1,371,959 Recognized in other comprehensive income Pension and pension bonds (1) 156,755 1,401,578 226,597 Healthcare (1) (1,429,423) 991,050 (33,324) Other 18,154 64,039 (55,814) (1,254,514) 2,456,667 137,459 Deferred tax 586,260 (679,510) (41,238) (668,254) 1,777,157 96,221 22.2 Plan assets are resources held by pension trusts for payment of pension obligations. Payments for health and education post–employment benefits are 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, 2022 and 2021: 2022 2021 Other local currency 4,810,813 5,422,709 Bonds of private entities 1,674,431 2,393,322 Bonds issued by the national government 1,552,690 2,758,728 Other foreign currency 1,762,899 113,012 Variable yield 291,847 1,026,862 Other public bonds 201,508 302,254 Bonds of foreign entities 104,622 51,638 10,398,810 12,068,525 53.76% (2021 –36.99%) 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 46.24% (2021 – 63.01%) are classified as level 2. The following table reflects the credit ratings of the issuers and counterparties in assets held by the autonomous pension funds: 2022 2021 AAA 4,138,043 7,183,658 Nación 3,319,858 2,871,610 AA+ 312,303 455,875 BB+ 267,961 78,216 AA 161,244 74,350 F1+ 87,111 112,284 F1 83,684 — BBB- 47,919 39,865 BRC1+ 43,000 37,884 BBB+ 30,331 40,928 A+ 23,514 — BAA2 20,880 — BAA1 20,814 18,855 AA- 8,714 9,558 A 2,352 5,834 Other ratings 330,997 47,348 Rating not available 1,500,085 1,092,260 10,398,810 12,068,525 22.3 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, 2022, and 2021: 2022 Pension Bonds Health Education Others (1) Discount rate 6.2% - 14.7 % 9.00 % 8.7% - 14-7 % 6.3% - 14.8 % 7.4% - 14.5 % Salary growth rate 4.5% - 5.5 % N/A 4.5% - 5.5 % N/A 4.5% - 4.7 % Expected inflation rate 3.0% - 4.5 % 3.00 % 3.00 % 3.00 % 3.0% - 4.5 % Pension growth rate 3.00 % N/A 4.0% - 5.5 % 4.00 % 4.00 % Cost trend Short–term rate N/A N/A 6.33 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A 2021 Pension Bonds Health Education Others (1) Discount rate 5.18% - 8.7 % 5.00% - 6.25 % 7.00% - 8.8 % 6.30% - 8.9 % 5.56% - 7.10 % Salary growth rate 4.50 % N/A N/A 4.50 % 4.5% - 4.7 % Expected inflation rate 3.0% - 4.0 % 3.00 % 3.00 % 3.00 % 3.00% - 4.00 % Pension growth rate 3.0% - 3.5 % N/A N/A N/A 3.50 % 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 % 4.70 % 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. 22.4 The cash flows required for payment of post–employment obligations of Ecopetrol S.A. and Cenit are the following: Period Pension and bonds Other benefits Total 2023 1,158,416 614,528 1,772,944 2024 1,187,807 645,419 1,833,226 2025 1,212,665 684,044 1,896,709 2026 1,225,740 718,026 1,943,766 2027 1,245,109 756,240 2,001,349 2028 y ss 6,380,585 4,323,885 10,704,470 22.5 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, 2022: Pension Bonds Health Education Other Discount rate –50 basis points 12,000,383 1,076,007 8,472,198 396,973 900,711 +50 basis points 10,969,190 1,027,361 7,538,544 372,713 872,696 Inflation rate –50 basis points 10,974,674 1,023,440 N/A N/A 782,593 +50 basis points 12,057,329 1,079,923 N/A N/A 803,403 Salary growth rate –50 basis points N/A N/A N/A N/A 90,552 +50 basis points N/A N/A N/A N/A 96,723 Cost trend –50 basis points N/A N/A 7,535,085 372,035 N/A +50 basis points N/A N/A 8,478,117 397,599 N/A N/A: Not applicable for this benefit. |
Accrued liabilities and provisi
Accrued liabilities and provisions | 12 Months Ended |
Dec. 31, 2022 | |
Accrued liabilities and provisions | |
Accrued liabilities and provisions | 23. Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Abandonment costs update (1,730,016) — — (1,730,016) Additions 93,704 153,786 468,341 715,831 Uses (607,769) (41,773) (354,625) (1,004,167) Financial costs 333,688 10,293 17,322 361,303 Foreign currency translation 186,215 81,894 42,085 310,194 Reversal of provision for sale of assets (1) (188,540) — — (188,540) Transfers 28,427 (9,915) 41,170 59,682 Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Current 946,675 94,375 492,086 1,533,136 Non-current 9,059,353 803,876 1,360,129 11,223,358 10,006,028 898,251 1,852,215 12,756,494 (1) Corresponding to the abandonment provision associated with the assets related to the participation of Ecopetrol S.A. in Asociación Casanare, Estero, Garcero, Orocué and Corocora (CEGOC), which were sold to Perenco Oil and Gas Colombia. This trade closed on August 26, 2022. Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2020 11,239,325 118,139 1,070,266 12,427,730 Abandonment costs update 500,868 — — 500,868 Effect of business combination (Note 12) — 329,123 618,760 947,883 Additions 242,435 261,785 210,619 714,839 Uses (548,133) (13,453) (334,922) (896,508) Financial costs 292,329 3,925 7,272 303,526 Foreign currency translation 152,212 4,466 34,774 191,452 Transfers 11,283 (19) 31,153 42,417 Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Current 1,041,674 59,843 488,601 1,590,118 Non-current 10,848,645 644,123 1,149,321 12,642,089 11,890,319 703,966 1,637,922 14,232,207 Asset Environmental 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 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 4.14. 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, considering the temporariness and risks of this obligation. The discount rates used in the estimate of the obligation as of December 31, 2022, were Exploration and Production 5.30% (2021 – 2.89%), Refining and Petrochemicals 6.36% (2021 - 4.21%), and Transportation and Logistics 5.58% (2021 - 3.14%). 23.2 Litigations The following table details the main litigations recognized in the statement of financial position as of December 31, whose loss expectations are probable and could imply an outflow of resources: 2022 2021 Second instance rulings unfavorable to the interests of Ecopetrol, related to public works contributions, for which they have a unified sentence and that could be subject to collection by the tax authority 223,439 203,160 CTEEP Regulatory Contingency: Billing Eletrobras – RBNI Corresponds to the collection action filed by Eletrobras against ISA CTEEP requesting the return of the value charged in excess by the company as part of the payment of the compensation resulting from the extension of Concession Contract No. 059/2001 under Law No. 12,783/201, relating to NI facilities (new investments) that had been transferred to the company by Eletrobras. 40,692 27,993 Tax contingency: Property and Urban Land Tax (IPTU) CTEEP: corresponds to processes related to the collection of Property Tax (IPTU) in several municipalities of the State of São Paulo and recognizes a provision to cover processes. 23,691 — Unfavorable first instance ruling for Ecopetrol in the process of direct fixing for the damages associated with the hydrocarbon spill that occurred in Guaduas, Vereda Raizal and Cajón, in the property called “La Floresta” in May 2004. 14,245 — Administrative processes of a sanctioning type issued by PRONATEL and OSIPTEL Internexa Peru: Procedure for failure to pay contributions during the years 2010 to 2022 for the usufruct contracts with Telefónica del Perú and associated fines. 11,675 — Damages to third parties due to hydrocarbon easement in a building near the Cartagena Refinery. 11,019 11,019 Lost profits because of an open competition for the management of a set of assets transferred to a trust company. 5,774 5,774 23.2 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 2019 and article 321 of Law 1955 of 2019 in relation to the projects that Ecopetrol Business Group 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. The decrees included modifications and guidelines regarding the geographical scope for the execution of the activities for the fulfillment of the obligation, investment lines and the calculation of the base of liquidation of the obligations. Likewise, June 30, 2017, was defined as the maximum date to modify the Investment Plans that are in execution. In 2019, Law 1955/2020 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 Business Group 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 Business Group has filed an appeal for reconsideration with ANLA in most cases, which are under review by this authority. 23.3 Contingencies 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, Chicago Bridge & Iron Company filed a response to Reficar’s non-detailed defense of the counterclaim, updating the value of its claim to approximately USD $137 million and COP $503,241 million, including interest. Likewise, CB&I presented its detailed defense to Reficar’s claim. 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. Between May 17 and June 16, 2021, the first two blocks of the hearing were held, in which the evidence in the Arbitration against CB&I was presented. On June 16, 2021, the Court ordered the submission of post-hearing briefs for October 15 and November 5, 2021. Likewise, the Court summoned the parties to a hearing on closing arguments for November 18, and 19, 2021. On August 16, 2021, the parties requested the Court to modify the procedural calendar, consisting of slightly altering the dates of presentation of the post-hearing briefs. On August 26, 2021, the Court granted the request of the parties, so the post-hearing briefs were presented on October 22 and November 10, 2021. The closing arguments hearing was held in a single session on November 18, 2021, and the session scheduled for November 19, 2021, was dispensed with. Subsequently, on December 20, 2021, Refinería de Cartagena presented its memorial for costs in the Arbitration against CB&I. Until the Court issues its final decision, the result of this arbitration is unknown. Investigations of control entities – Reficar Reficar is a wholly owned subsidiary of Ecopetrol S.A. 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 S.A. 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 S.A. and Reficar employees are generally subject to the control and supervision of the following control entities, among others: 1. Office of the Comptroller General (Contraloría General de la República – CGR): Financial Audit for the 2021 period The CGR executed a financial audit of Refinería de Cartagena between January 17 and May 31, 2022. In the Final Audit Report, two issues of an administrative nature are established, and it is indicated that (i) the budget execution is reasonable, since the budget was prepared and executed in accordance with the applicable regulations, (ii) the internal financial control was efficient, since it is adequate and effective controls according to the risks that are inherent to the different processes, procedures and activities during the 2021 period, and (iii) that the accounting opinion is negative, since the CGR considered that the financial statements “do not reasonably present all the important aspects, the financial situation as of December 31, 2021”, due to the discovery of higher values in the property, plant, and equipment account, due to the alleged overestimation in 2.9 trillion pesos of this accounting account. Considering the above, the CGR did not terminate the fiscal account for the 2021 term. Compliance audit The CGR executed a compliance audit of the Refinería de Cartagena between July 18 and December 6, 2022, with the following objectives: (i) Evaluate the execution and results of the Cartagena Crude Plant Interconnection Project (“IPCC Project”) ), and (ii) Monitor the progress of the improvement plan for the finding “greater values recognized in property, plant, and equipment”. The Final Audit Report establishes 6 administrative findings, indicating that: (i) the result of the combined risk and fraud assessment is low, (ii) the concept of compliance with the regulations applicable to the IPPC Project is unreserved, and (iii) after reviewing the activity of the improvement plan, the CGR considers that it does not “rectify the condition of the issue”. Fiscal responsibility processes - PRF-2018-00684-PRF-017-2018 Due to the late entry into operation that generated lost profits, the CGR is executing an independent process in which various requirements have been met. Through Order 167 of February 3, 2022, the CGR archived the process due to the non-existence of damage, and the non-accreditation of injury to public property, mainly due to force majeure due to the labor abnormality and the winter wave that occurred. - PRF-80011-2018-33300 Through Order No. 1328 of August 24 th According to the press release, the CGR attributes the alleged damage to unidentified expenses associated with the Project, amounting to US$9,240,927 from the period June to December 2015 and US$12,447,618 from the periods 2016 to 2018; and 268.71 MUSD that, being approved and entered the refinery budget, do not show what was executed within the Project. At present, the process is pending imputation or archiving. In this process, the Cartagena Refinery was considered an affected entity by the CGR. - On November 7, 2017, the CGR began the Fiscal Responsibility Process, related to contract 5210733, whose purpose is to provide the “Comprehensive maintenance service for tanks and vessels for Refinería de Cartagena S.A. and the Nestor Pineda Terminal of Ecopetrol S.A.”. On March 20, 2022, the CGR confirmed that Refinería de Cartagena was considered an affected entity within this process. On June 30, 2022, the CGR issued the filing order for this process. It is clarified that the Refinería de Cartagena was not the subject of the proceedings, and workers of the Company were not linked to the process. 2. Prosecutor’s Office (Fiscalía General de la Nación - FGN) Proceeding 1 – 110016000101201600023 - MOA - PIP and EPC This process is being carried out against some ex-members of the Board of Directors and ex-employees of Refinería de Cartagena, workers of the Chicago Bridge and Iron Company (CB&I) and the Statutory Auditor of Refinería de Cartagena between 2013 and 2015, for crimes of undue interest in the execution of contracts, embezzlement by appropriation in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsehood in a public document. In this process, Refinería de Cartagena and Ecopetrol S.A. were officially recognized as victims. On November 25, 2019, the trial preparatory hearing was installed and is currently taking place. Proceeding 2 - 110016000101201800132 Business line This process is being carried out against ex-members of the Board of Directors and an ex-president of Refinería de Cartagena, for the crimes of aggravated unfair administration, and obtaining a false public document. In this process, Refinería de Cartagena and Ecopetrol S.A. were officially recognized as victims. On November 18, 2019, the preparatory trial hearing was installed, and it is currently being developed. Proceeding 3 – 110016000101201800134 – Subscription of contract PMC - Foster Wheeler This process is being carried out against two ex-employees of Refinería de Cartagena who acted as ex-president on property and ex-president in charge, for the crime of entering into a contract without legal requirements. In this process, Refinería de Cartagena and Ecopetrol S.A. were officially recognized as victims. On August 18, 2022, a sentence was handed down imposing the minimum penalty for the crime charged, equivalent to 64 months in prison and a fine of (66.66) SMLMV. On August 25, 2022, the defenders of the defendants supported the appeal briefs, and the parties were notified to rule. Proceeding 4 - 110016000000201702546 – Principle of opportunity This process is being executed against an ex-employee of the Refinería de Cartagena, for charges related to crimes against the public administration, and illegal interest in the execution of contracts. The criminal action is suspended until December 2023, due to the application of the principle of opportunity. 3. Office of the Attorney (Procuraduría General de la Nación - PCG) There are six (6) disciplinary actions carried out by the PGN, which are in stages of a reserved nature. The Company was aware of one (1) action associated with the Project that was archived, as follows: - IUS 2012-332368 – IUC D-2017-981346 By Order dated October 21, 2020, the PGN issued an indictment against an ex-employee of Refinería de Cartagena for the commission of a very serious offense as a very serious fault for the preparation of the PIP. In the same decision, the investigation was closed against seven people, including former workers and former members of the Board of Directors of Refinería de Cartagena, considering that they did not commit disciplinary offenses. On October 31, 2022, the PGN issued a filing order since the phenomenon of the prescription of disciplinary action was configured. 23.5 Detail of contingent liabilities 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, 2022, and 2021: 2022 2021 Number of Number of Type of process processes Proceedings processes Proceedings Constitutional 122 642,057 86 1,336,966 Ordinary administrative 147 2,590,089 146 1,867,591 Labor 625 68,194 788 87,175 Civil 59 761,090 58 13,148 Penal — — 1 — 953 4,061,430 1,079 3,304,880 23.6 Details of contingent assets The following is a breakdown of the Ecopetrol Business Group’s principal contingent assets, where the associated contingent gain is likely, but not certain: 2022 2021 Number of Number of Type of process processes Proceedings processes Proceedings Ordinary administrative 87 687,332 62 217,550 Arbitration — — 1 78,600 Civil 211 30,717 188 23,258 Penal 98 2,453 72 55,385 Labor 406 15,696 185 4,714 Constitutional 10 — 4 — 812 736,198 512 379,507 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Equity | 24. 24.1 Subscribed and paid–in capital Ecopetrol’s authorized capital amounts to $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 $11,499,933 comprised of 18,883,305,310 shares. As of December 31, 2022, and 2021, subscribed and paid–in capital amounts to COP$25,040,067. There are no potentially dilutive shares. 24.2 Additional paid–in capital mainly corresponds to: (i) share premium from the Ecopetrol Business Group’s capitalization in 2007, for $4,457,997, (ii) share premium from the sale of shares awarded in the second capitalization, which took place in September 2011, of $2,118,468, iii) a $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 ($143). 24.3 The following is the composition of the Ecopetrol Business Group’s reserves as of December 31, 2022, and 2021: 2022 2021 Legal reserve 6,407,256 4,737,788 Fiscal and statutory reserves 509,082 509,082 Occasional reserves 1,982,295 5,377,359 8,898,633 10,624,229 The General Shareholders’ Meeting of Ecopetrol S.A., held on March 30, 2022, approved the 2021 profit distribution project and the establishment of a reserve for $8,889,900, to support the financial sustainability of the Company and flexibility in the development of your strategy. The Extraordinary General Assembly of June 17, 2022, approved the modification of the destination of a part of the occasional reserve to distribute it as an extraordinary dividend for $6,907,605. The movement of equity reserves is the following for the years ended December 31, 2022, and 2021: 2022 2021 Opening balance 10,624,229 9,635,136 Release of reserves (5,886,441) (5,066,156) Allocation to reserves 11,068,450 6,055,249 Dividends declared (6,907,605) — Closing balance 8,898,633 10,624,229 24.4 Ecopetrol Business Group distributes dividends based on its financial statements prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish). The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 30, 2022, approved the profit distribution project for fiscal year 2021 and defined the distribution of dividends in the amount of $11,512,675 (distribution during 2021: $698,984).The due date for the payments of the ordinary and extraordinary dividends to the minority shareholders was April 21, 2022, and, throughout 2022, in the case of the majority shareholder. Additionally, the Extraordinary General Assembly of Ecopetrol S.A. of June 17, 2022, approved the modification of the destination of a part of the occasional reserve to distribute it as an extraordinary dividend for $6,907,605. The payment was made in June 2022, for minority shareholders in a single payment, and for the majority shareholder, the entirety of this dividend was offset with the receivable account related to the Fuel Price Stabilization Fund, therefore, did not imply a cash outflow. Dividends were paid as follows: 2022 2021 2020 Ecopetrol S.A. 11,622,778 696,387 7,369,498 Oleoducto Central S.A. - Ocensa 752,530 682,615 959,949 Interconexión Eléctrica S.A. ESP 572,260 790,532 — Invercolsa S.A. 179,202 150,333 148,941 Oleoducto de los Llanos Orientales S.A. - ODL 138,939 147,056 166,589 Oleoducto de Colombia S.A. - ODC 91,238 86,594 89,374 Oleoducto Bicentenario de Colombia S.A.S. - OBC — 217,770 — Total 13,356,947 2,771,287 8,734,351 24.5 The following is the composition of the other comprehensive income attributable to the shareholders of the parent, Ecopetrol, net of tax: 2022 2021 2020 Foreign currency translation 28,816,983 17,244,255 11,794,201 Hedge of a net investment in a foreign operation (9,219,271) (4,364,466) (1,494,927) Actuarial gain on defined benefit plans (1,331,361) (517,278) (2,260,989) Cash flow hedges for future exports (2,473,999) (945,250) (136,473) Cash flow hedge with derivative instruments 1,290 (61,502) 43,546 Others 3,077 2,135 1,704 15,796,719 11,357,894 7,947,062 24.6 2022 2021 2020 Profit attributable to Ecopetrol’s shareholders 31,604,781 15,649,143 1,586,677 Weighted average number of outstanding shares 41,116,694,690 41,116,694,690 41,116,694,690 Net basic earnings per share (Colombian pesos) COP$ 768.7 COP$ 380.60 COP$ 38.59 |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from contracts with customers | |
Revenue from contracts with customers | 25 . 2022 2021 2020 National sales Mid–distillates (1) 39,182,510 17,140,327 8,860,588 Gasoline and turbo fuels (1) 27,620,199 15,475,370 6,768,046 Natural gas (2) 4,162,876 3,200,069 2,845,155 Services 3,601,681 3,065,988 2,859,559 Electric power transmission services (3) 2,595,505 728,467 — Plastic and rubber 1,568,816 1,642,035 865,204 LPG and propane 1,094,332 926,231 375,775 Asphalts 897,200 611,051 526,100 Fuel gas service 860,102 734,666 671,570 Crude oil 375,790 193,476 230,520 Roads and Construction Services (3) 355,737 107,179 — Aromatics 343,792 247,387 155,740 Polyethylene 302,630 320,466 138,035 Fuel oil 9,213 23,799 37,001 Other income gas contracts 1,940 2,879 32,190 Other products 679,183 402,828 322,232 Cash flow hedges (4) — (8) — 83,651,506 44,822,210 24,687,715 Foreign sales Crude oil (2) 56,651,753 34,868,421 20,086,173 Electric power transmission services (3) 5,114,783 1,827,622 — Roads and Construction Services (3) 4,676,822 1,241,144 — Fuel oil 4,348,312 2,288,977 1,044,811 Diesel 2,324,861 3,867,937 3,164,068 Plastic and rubber 2,036,201 2,092,379 1,302,131 LPG and propane 339,837 116,960 18,943 Natural gas 254,054 71,529 17,231 Gasoline and turbo fuels 157,685 — 179,257 Cash flow hedges (4) (1,578,246) (349,884) (857,347) Other products (5) 1,633,510 1,033,909 580,411 75,959,572 47,058,994 25,535,678 159,611,078 91,881,204 50,223,393 (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, 2022, the value recognized by price differential corresponds to $36,532,743 (2021 $11,335,453; 2020 ($142,723)). (2) With the implementation of the IAS 16 Amendment on the management of the sale of products obtained in the project stage or extensive tests mandatory as of January 1, 2022, Ecopetrol Business Group recognizes as of that date, the income received from the product of the sale of hydrocarbons in the stage prior to their declaration of commerciality of the oil fields. The cost related to these revenues is disclosed in Note 26 – Cost of sales. As of December 2022, the value recognized for extensive tests is as follows: natural gas for national sales $44,962 and crude oil for foreign sales $141,242. (3) Corresponds to the revenue related to the electric power transmission contracts and toll roads concessions of Interconexión Eléctrica S.A. E.S.P. See Note 4.17 – Revenue from contracts with customers. (4) Includes accumulated as of December 31 the result of i) hedges for future exports (Note 30.3) for ($1,143,287) (2021: ($249,978); 2020: ($193,374)) and ii) operations with derivative financial instruments for ($434,959) (2021: ($99,914); 2020: ($663,973)). (5) Includes revenue from telecommunications services provided by Interconexión Eléctrica S.A. E.S.P. and the sale of diesel, asphalt, and other products. Sales by geographic areas 2022 % 2021 % 2020 % Colombia 83,651,506 52.4 % 44,822,210 48.8 % 24,687,715 49.2 % Asia 22,547,997 14.1 % 20,355,063 22.2 % 9,497,498 18.9 % United States 27,120,783 17.0 % 16,025,083 17.4 % 11,365,218 22.6 % South America and others 13,609,587 8.5 % 5,727,355 6.2 % 1,296,370 2.6 % Central America and the Caribbean 9,841,202 6.2 % 3,503,618 3.8 % 2,581,644 5.1 % Europe 2,840,003 1.8 % 1,447,875 1.6 % 794,948 1.6 % 159,611,078 100 % 91,881,204 100 % 50,223,393 100 % Concentration of customers During 2022, Organización Terpel S.A. represented 9% of sales revenue for the period (2021 – 11% and 2020 – 15%); 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. Revenues from concession contracts ISA, through its companies, promotes development in several countries through concessions acquired for the supplying of public energy transport services, services associated with the Management of Real Time Systems in Colombia and public road transport, through concessionaires in Chile and Colombia. The main concessions are the following: Concessions in Colombia Intelligent Network Systems, through a business collaboration agreement entered into with UNE EPM Telecomunicaciones S.A. and Consorcio ITS, executes the addendum number 5 of the Inter-administrative Agreement 5400000003 of 2006 with the Municipality of Medellín to “provide under the concession modality, the necessary technological infrastructure, the services for its modernization and optimization of the management of the administrative services of the Secretaría de Transporte y Tránsito of Medellín, through a complete solution of technology, information, communications and operation of the information and communications technology (ICT’s)”, in which the payment consists in the right to participate in the resources received from the penalty fees collected through the photodetection system within the municipality. This contract is within the scope of IFRIC 12 under the intangible model, because the Municipality of Medellín, as the grantor, controls what services the operator must provide with the infrastructure, who must be charged, and at what price. In addition, the Municipality of Medellín controls, through ownership of the right of use, any significant residual interest in the infrastructure at the end of its useful life. Ruta Costera Under the public-private partnership scheme, considering the terms of Law 1508 of 2012, and from the act of awarding the Public Tender VJ-VE-IP-LP-0011-2013, issued by the National Infrastructure Agency (ANI), through Resolution No. 862 of July 2, 2014, on September 10, 2014, the ANI and the concessionaire signed the Concession Contract No. 004 of 204. The purpose is to “execute the final studies and designs, environmental management, property, social management, construction, rehabilitation, improvement, operation, and maintenance of the corridor Cartagena-Barranquilla Project and Circunvalar de la Prosperidad”. This contract is within the scope of IFRIC 12 under the financial asset model for investment in construction (construction services). The concession receives income from the following sources of compensation: ANI contributions, tolls collections and revenues from commercial exploitation. If the concessionaire does not achieve the expected revenue from toll collection, the grantor (ANI) will recognize and pay the concessionaire the collection differential in years 8, 13 and 18, contractually denominated as present value of the reference month of toll collection. The revenue guarantees represent an unconditional contractual right to receive cash or other financial assets for construction services provided. The contractually guaranteed payment is a specific and determinable amount. As of December 31, 2021, a progress of 97.24% was obtained for Functional Unit 3 and 99.94% for Functional Unit 6, achieving a consolidated progress of the project of 99.91% and commissioning of the entire road corridor. Concessions in Brazil For concession contracts in Brazil to supply public electric power transmission services, the operator has the right in the contractual asset while the concessionaire complies with the obligation to build and implement the transmission infrastructure, recognizing revenues throughout the time of the project. At the end of the concession, the assets linked to it will be reverted, determining and calculating the compensation to be recognized by the operator. The concession contracts of ISA CTEEP and TAESA were analyzed and classified in accordance with IFRS 15 - Revenue from contracts with customers within the contractual asset model as of the 1st of January 2018. The value of the contractual asset of the electric power transmission concessionaires is formed by the present value of their future cash flows, which are determined at the beginning of the concession or in its extension and is revalued in the Periodic Tariff Review. The cash flows are defined based on the remuneration that the concessionaires receive for supplying the public transmission service to the users, Receita Anual Permitida (RAP). These resources amortize the investments made in the transmission infrastructure. Any investments that are not amortized (reversed assets) generate the right to compensation from the grantor, equivalent to the additional remuneration of the entire transmission infrastructure at the end of the concession contract. This flow of future collections is updated for inflation (IPCA/IGPM) and remunerated by a discount rate that represents the financial component of the business defined at the beginning of each project. During the stage of the execution of the construction of the work, the concessionaire has the right to the consideration in accordance with the fulfillment of the completion of the work and the performance obligations, and not only with the time used for the construction. The revenue is recognized for the value of the expenses incurred in the formation of the asset plus a construction margin. Construction and remuneration revenues from concession assets are subject to deferral of the cumulative Social Integration Program and the Contribution for the Financing of Social Security (Cofins), recognized as deferred taxes (non-current liabilities). Concessions in Chile Road concession contracts for the supplying the public service of road infrastructure in Chile, may consider traffic risk or guaranteed total income according to a revenue distribution mechanism or a present value of revenue, which in the latter cases, allow the total revenue of the concession to be collected in a guaranteed way in present value. Additionally, in some concession contracts other concepts are included, such as the minimum guaranteed revenue and subsidies (both in construction and in operation stages); both correspond to payments from the State, subject to specific compliance of conditions by the concessionaire. The model applied to concessions in Chile will depend on whether there is a traffic risk, that is, whether its revenue is guaranteed or not and whether it is enough to pay for the investment. If the concession contract considers traffic risk, it is recognized according to IFRIC 12 as an intangible asset. This asset is amortized over the life of the concession operation. In the other hand, if the contract establishes income and compensation guarantee mechanisms, it is recognized as a financial asset. This asset is extinguished through payments received from road users, through the collection of tolls, or directly through payments from the Ministry of Public Works. Currently, ISA has road concessions in Chile applying the financial asset model. Concessions in Peru Due to the terms and conditions contained in the concession contracts in Peru to provide public electricity transmission services, similar in their legal terms and in the rights and obligations with the Government, the model that applies to the concession contracts for the public energy transmission service in ISA REP, ISA Perú, and Consocio Transmantaro is the intangible asset model. It applies when the services provided by the operator are paid by the users or when the grantor does not unconditionally guarantee the collection of accounts receivable, and represents the right granted by the Peruvian State to charge users of the energy transmission service. This right is not an unconditional right to receive cash. Concessions in Bolivia Like the type of contracts in Peru, in those of concession to provide public energy services in Bolivia, the unconditional receipt of cash by the operator is not guaranteed, assuming the credit risk associated with the collection of amounts invoiced, which would mean that the company cannot recover the entire investment made. Additionally, the Bolivian State is not obliged to guarantee shortages, either due to the non-existence of demand or due to non-payment by any of the market agents; therefore, the assignor has no obligation to pay for the construction services received and, in this sense, the model that adjusts to the contractual conditions and framed by IFRIC 12 is the intangible asset model. Committed investments ISA and its companies have committed investments of $22.4 billion pending execution in the 2023-2030 period. These investments correspond to the balance pending execution of contracts already awarded, and to estimated needs for reinforcements and expansions of existing infrastructure and replacement of assets. These investments include 100% of the projects of the controlled companies and the capital contributions in the companies with shared control, which are estimated to be necessary to fund the portion corresponding to capital of the committed investments. The 60% of the investment will be executed in the 2023-2025 period and 40% between 2026 and 2030. Ninety percent of the investment will be concentrated in the energy transmission business, 5% in roads and the remaining 5% in telecommunications. 55% of the committed investment will be executed in Brazil, where ISA CTEEP and subsidiaries will continue to work on the projects awarded in past tenders, and on the plan to reinforce and improve the transmission network. In Colombia, 25% of the investment will be executed, mainly associated with energy transmission projects from UPME calls, connections, and asset replacement. The 14% of the committed investment will be developed in Chile, of which one third corresponds to the road business, and the remaining capex, to energy transmission. Six percent committed The value of committed investments pending execution may vary, among other things, due to adjustments in the scope of the projects, equipment and material prices, and variations in macroeconomic estimates, such as exchange rates and price indexes. |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2022 | |
Cost of sales | |
Cost of sales | 26. 2022 2021 2020 Variable costs Imported products (1) 31,230,405 16,944,375 7,592,489 Purchases of crude in association and concession 16,223,628 10,015,898 4,281,661 Purchases of hydrocarbons – ANH (2) 9,219,215 5,611,153 2,798,432 Depreciation amortization and depletion 6,774,770 6,328,144 6,069,903 Electric energy 1,540,452 1,087,269 1,098,621 Taxes and economic rights 1,510,265 1,125,761 841,443 Process materials 1,260,608 906,500 827,464 Purchases of other products and gas 1,244,765 811,024 598,015 Hydrocarbon transport services 1,219,818 917,552 874,632 Services contracted in associations 311,107 267,934 269,637 Extensive tests (3) 71,304 — — Others (4) (2,426,118) (3,009,700) 657,634 68,180,219 41,005,910 25,909,931 Fixed costs Depreciation and amortization 4,635,601 3,270,735 2,930,120 Maintenance 3,771,137 2,637,857 2,257,370 Labor costs 3,436,167 2,596,947 2,299,761 Construction services 2,802,486 732,723 — Services contracted 2,870,890 2,023,277 1,623,375 Services contracted in associations 1,566,562 1,286,291 1,121,010 Taxes and contributions 914,455 1,060,123 593,041 Materials and operating supplies 684,679 561,182 508,037 Hydrocarbon transport services 179,082 57,855 253,752 General costs 416,870 348,876 71,075 21,277,929 14,575,866 11,657,541 89,458,148 55,581,776 37,567,472 (1) Imported products correspond mainly to mid-distillates and gasolines. The variation corresponds to the higher national demand of these products, considering the maintenance programmed for the refineries for 2022, and diluent to facilitate the transport of heavy crude oil. (2) Corresponds to purchases of crude oil by Ecopetrol Business Group from the National Hydrocarbons Agency (ANH, by its acronym in Spanish) derived from national production. (3) Corresponds to the cost related to revenue from the sale of hydrocarbons (Note 25 - Revenue from contracts with customers), obtained in exploration stage or extensive tests prior to the declaration of commerciality of the oil fields. This recognition is the result of the application of the IAS 16 Amendment, mandatory as of January 1, 2022. (4) Corresponds to i) result of the process of use and valuation of core inventories, ii) measurement at net realizable value, and iii) other capitalizable charges to projects. |
Administrative, operative, and
Administrative, operative, and project expenses | 12 Months Ended |
Dec. 31, 2022 | |
Administrative, operative, and project expenses | |
Administrative, operative, and project expenses | 27. 2022 2021 2020 Administrative expenses General expenses (2,040,773) (1,638,129) (1,424,348) Labor expenses (1) (1,663,464) (1,264,319) (1,658,613) Taxes (57,944) (52,889) (60,397) Depreciation and amortization (573,514) (386,732) (229,792) (4,335,695) (3,342,069) (3,373,150) Operations and project expenses Exploration costs (1,512,268) (959,562) (689,087) Commissions fees freights and services (1,326,184) (686,156) (656,432) Taxes (781,181) (515,848) (428,608) Labor expenses (363,838) (312,791) (309,972) Fee for regulatory entities (192,094) (139,158) (142,695) Maintenance (162,383) (156,412) (78,181) Depreciation and amortization (2) (145,106) (174,311) (94,723) Others (260,574) (209,319) (186,318) (4,743,628) (3,153,557) (2,586,016) |
Other operating (expenses) inco
Other operating (expenses) income | 12 Months Ended |
Dec. 31, 2022 | |
Other operating (expenses) income | |
Other operating (expenses) income | 28. 2022 2021 2020 Expense for legal provisions (516,288) (650,926) (139,978) Loss on sale of assets (1) (86,954) (123,342) (263,647) Impairment loss of current assets (101,871) (83,773) (34,416) Gain on revaluation of assets in Guajira association (2) — — 1,284,372 Gain on acquisition of participations and interests (2) — — 86,026 Gain on loss of control in subsidiaries (3) — — 65,695 Other income (4) 149,258 785,297 120,114 (555,855) (72,744) 1,118,166 (1) It mainly corresponds to the end of Rygberg’s association contract in Ecopetrol America, and the profit on the sale of the total participation of Ecopetrol S.A. in the Casanare, Estero, Garcero, Orocué and Corocora Association (CEGOC). This sale of fields was made to its partner Perenco Oil and Gas Colombia. (2) Results in the acquisition of Guajira in 2020: Ecopetrol S.A. $1,284,372 and Hocol $86,026. For Ecopetrol S.A. 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. (3) Recognition in 2020 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. $65,570 and liquidation process of ECP Oil and Gas Germany GmbH COP$125. (4) For 2021, it mainly corresponds to the compensation received by Cenit Transporte y Logística de Hidrocarburos and Oleoducto Bicentenario de Colombia, because of the approval of the conciliation agreement with the Frontera Group. |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Financial result | 29. 2022 2021 2020 Finance income Yields and interests 965,952 266,116 299,246 Results from financial assets 178,212 108,640 665,310 Gain (loss) on derivatives valuation 18,099 (406) — Dividends 70 27 44 Gain on derivatives liquidation — 10,695 108,838 Other financial income 154,812 18,520 27,992 1,317,145 403,592 1,101,430 Finance expenses Interest (5,517,417) (3,095,224) (2,384,342) Financial cost of other liabilities (1) (2,003,687) (1,043,728) (872,987) Results from financial assets (152,355) (101,973) (473,598) Other financial expenses (353,793) (190,723) (198,864) (8,027,252) (4,431,648) (3,929,791) Foreign exchange gain (Loss) gain from exchange difference (124,650) (31,726) 346,774 Gain from realization of other comprehensive income on sale of joint ventures (2) — 361,728 — (124,650) 330,002 346,774 Financial result (6,834,757) (3,698,054) (2,481,587) (1) Includes the financial expense of the asset retirement obligations and the liabilities for post–employment benefits. (2) On January 19, 2021, through the signing of the share purchase agreement (Share Purchase Agreement) with one of the subsidiaries of De Jong Capital LLC., in its capacity as buyer, Ecopetrol S.A. formalized the sale of all the shares in the company Offshore International Group (OIG), in which it had a participation equivalent to 50%. This operation generated the following impacts on the results of the period: profit from the sale of assets for $4,923 and the realization of other comprehensive income for $361,728. |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2022 | |
Risk management | |
Risk management | 30. 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. As of December 31, 2022, the Colombian peso depreciated 20.82%, going from a closing rate as of December 31, 2021, of COP$3,981.16 to COP$4,810.20 pesos per dollar. When the Colombian peso depreciates, export earnings, when converted to pesos, increase, and imports and external debt service become more expensive. The balance of financial assets and liabilities denominated in foreign currency for the years ended December 31, is presented in the following table: (in USD$Million) 2022 2021 Cash and cash equivalents 615 388 Other financial assets 955 408 Trade receivables and payables, net (392) 423 Loans and borrowings (16,113) (15,514) Other assets and liabilities, net 202 702 Net liability position (14,733) (13,593) Of the total net position, USD$(14,566) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(14,512) correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange difference valuation of the remaining net liabilities for USD$54 million affects the statement of profit and loss. Likewise, USD$(167) million of the net position correspond to monetary assets and liabilities of Business Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement. 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, 2022: Scenario / Variation in Effect on income Effect in other the exchange rates before taxes +/– comprehensive income +/– 1% 10,618 698,068 5% 53,092 3,490,342 30.3 To express in the consolidated financial statements, the effect of the existing natural hedge between exports and indebtedness, understanding that the exchange rate risk materializes when exports are made, on September 30, 2015, the Board of Directors designated the sum of USD$5,440 million of Ecopetrol’s debt as a hedging instrument for its future revenues from crude oil exports, for the period 2015 – 2023. As of December 31, 2022, the current balance of this hedging corresponds to USD$1,300 million. During the years 2022 and 2021, USD$4,272 million were designated as a hedging instrument for future income from the export of crude oil, for the period 2022-2030; in accordance with IFRS 9 – Financial instruments. The following is the movement of this non-derivative hedging instrument: (US$Million) 2022 2021 Hedging instrument at the beginning of the period 4,972 1,300 Reassignment of hedging instruments 1,879 675 Realization of exports (1,879) (675) Designation of new coverage 600 3,672 Hedging instrument at the end of the period 5,572 4,972 The following is the movement in other comprehensive income for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Opening balance (945,250) (136,473) (135,751) Exchange difference (4,317,263) (1,533,743) (201,967) Reclassification to profit or loss 1,143,287 249,978 193,374 Ineffectiveness 6,625 24,496 9,779 Deferred income tax 1,638,602 450,492 (1,908) Closing balance (2,473,999) (945,250) (136,473) The expected reclassification of the cumulative exchange difference from other comprehensive income to the profit or loss is as follows: Year Before taxes Taxes After taxes 2023 1,910,677 (887,863) 1,022,814 2024 884,199 (410,875) 473,324 2025 878,587 (408,267) 470,320 2026 864,459 (401,702) 462,757 2027 26,104 (12,130) 13,974 2028 25,561 (11,878) 13,683 2029 24,526 (11,397) 13,129 2030 7,468 (3,470) 3,998 4,621,581 (2,147,582) 2,473,999 30.4 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 Business Group 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$5,200 million. During 2019 and 2020 Ecopetrol S.A. expanded this hedge to include investments in Ecopetrol Permian LLC and Ecopetrol Brazil in the designation. At the close of December 31, 2020, the amount of the hedge amounted to USD$7,249 million. During 2021 Ecopetrol Business Group expanded this hedge for USD$1,229 million to add a greater amount of designation for Refinería de Cartagena. In 2021, also capital payments of USD$270 million were made (June USD$163 and December USD$107 million). The total hedged balance as of December 31, 2021, is USD$8,208 million. During 2022, an expansion for USD$750 million was carried out to add a greater amount in Permian and principal payments of the debt for USD$325 million were made. The total balance covered as of December 31, 2022, is USD$8,633 million. Additionally, ISA Colombia made a net investment hedge on the investments in the companies REP, ISA Perú, CTM and PDI for a value of USD$307 million. The hedging instrument corresponds to a green international bond issued on November 26, 2021. The following is the movement in other comprehensive income attributable to owners of parent for the years ended December 31: 2022 2021 2020 Opening balance 4,366,336 1,494,926 1,130,583 Exchange difference 7,526,124 4,579,758 520,490 Deferred income tax (2,538,389) (1,708,348) (156,147) Closing balance 9,354,071 4,366,336 1,494,926 30.5 The ISA Group has hedges with derivative financial instruments – CCS (Cross Currency Swaps) and IRS (Interest Rate Swap) to hedge exchange rates. These hedges are recognized as cash flow hedges. Company Derivative instrument 2022 2021 Red de Energía del Perú (1) Cross currency swap 48,195 106,333 Intervial Chile (2) Cross currency swap 77,229 30,769 Ruta del Maipo (3) Cross currency swap — 11,042 125,424 148,144 (1) The company designated these derivative instruments as cash flow hedges, to mitigate exposure to exchange rate volatility of interest payments in Peruvian sol of the First Issue Series A and First Issue Series B of the Third Corporate Bond Program, considering that its functional currency is the US dollar. (2) In 2021, a UF currency hedging operation was subscribed as a debt strategy in Chilean pesos. (3) The subsidiary has a cross currency swap as a hedging instrument, the purpose of which is to reduce exposure to changes in future cash flows due to changes in the exchange rate that affect the bond held by the entity in US dollars and the UF variation due to future flows from toll collections. 30.6 The price risk of raw materials is associated with Ecopetrol Business Group’s operations, both exports and imports of crude oil, natural gas, and refined products. 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 Business 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. Ecopetrol Business 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 separate and consolidated financial statements against the volatility of market variables in each period, protect income and thus cash flow. During 2022, a hedging plan was executed to protect the box against low price scenarios below the budget base price, in this sense, put options were purchased. As of December 31, 2022, there was no balance of these financial instruments on the balance sheet. ● On the other hand, tactical hedges allow capturing value in trading operations and Asset Backed Trading (ABT), mitigating the market risk of specific operations. In the trading activity, the commitments in spot and forward physical contracts imply an exposure to commodity price risk, particularly 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 marketing activity carried out by the Business group, sometimes marketing, to maximize value capture, can concentrate risk exposure in terms of term and/or or indicator that differs from the Company’s natural price risk profile. As of the date of this report, Ecopetrol S.A. recognizes a total net liability position in Swaps for $28,519 (2021: liability $34,395) and Ecopetrol Trading Asia PTE. LTD a total active net position in Swaps for $6,544. The constitution of these operations with derivatives is recognized under cash flow hedge accounting. 30.7 Credit risk Credit risk is the risk that the Ecopetrol Business Group may suffer financial losses because 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, transport services, energy transmission, roads and telecommunications, the Ecopetrol Business Group may be exposed to credit risk if 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, 2022, and 2021 is as follows: 2022 2021 Less than 3 months overdue 171,896 332,249 Between 3 and 6 months overdue 67,985 7,103 More than 6 months overdue 456,046 4,418 695,927 343,770 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 Business Group 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 of Colombia without qualification restrictions. To diversify the risk in the Colombian Peso portfolio, Ecopetrol Business Group does not invest more than 10% of the cash excess in one specific issuer. In the case of the U.S. dollar portfolio, Ecopetrol Business Group 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 22.2 – Plan assets. 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, 2022, 26.4% (2021, 25.7% and 2020, 16%) 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 Business Group 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 Business Group’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 must 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 (57,833) 842,534 (346,784) –100 basis points 57,833 (887,053) 352,209 (*) A sensitivity analysis of discount rates on pension plan assets and liabilities is disclosed in Note 22 – Provisions for employees’ benefits. 30.9 The ability to access credit and capital markets to obtain resources for the investment plan execution for Ecopetrol 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, 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, 2022. 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$4,810.20 per U.S. dollar: Up to 1 year 1–5 years 5–10 years > 10 years Total Loans (payment of principal and interest) 22,915,877 58,620,843 39,406,585 49,615,059 170,558,364 Trade and other payables 19,937,704 62,647 — — 20,000,351 42,853,581 58,683,490 39,406,585 49,615,059 190,558,715 30.10 Risk and opportunities related to climate Ecopetrol Business Group made progress in the process of identifying and assessing physical and transition climate risks, considering short, medium, and long-term climate scenarios. Physical and transition risks are often seen as opposites. The greatest transition risks are associated with more aggressive reduction policies, while physical risks increase due to extreme weather events in lax policy scenarios that deviate from the objectives of the Paris Agreement. The IEA (International Energy Agency), the IPCC (Intergovernmental Panel on Climate Change) and the SSP (Shared Socio-economic Pathway) have developed multiple future climate scenarios that capture a series of policy decisions and climate outcomes. ● Physical risks: related to the Business Group’s exposure and vulnerability to the impacts of climate change and climate variability, which could affect the availability of water and increase the exposure of assets to possible damages and operational disruptions. o For the case of Ecopetrol S.A., the Company executed the analysis and the identification of seven (7) physical risks related to chronic threats (drought and thermal stress) and acute threats (precipitation, coastal flooding, fluvial flooding, fires, and winds) at 95 points associated with the company’s main assets. The modeling was carried out through Cervest's EarthScan platform, using the following IPCC scenarios: (i) scenario aligned with the objective of the Paris Agreement (SSP1-RCP2.6), (ii) scenario peak emissions in 2040 (SSP2- RCP4.5), and (iii) business as usual scenario (SSP5- RCP8.5). EarthScan uses regional climate models with diverse data sets to analyze the physical vulnerability of assets, relative to the potential impact of climate hazards. The probability and severity of climatic events are estimated up to 2100. o Ecopetrol S.A. also has an analysis of vulnerability for climate variability scenarios associated with the “El Niño” phenomena and its opposite phase “La Niña”. The frequency and intensity of these phenomena have been increasing in Colombia. ● Transition risk: related to the challenges that the company has identified to move towards a low-carbon, sustainable and competitive operation. The following are the identified risks: o Regulatory risk, associated with regulatory changes that may directly affect the Business Group in the short and medium term. Among the regulatory changes, the following can be highlighted: (i) new information requirements for the application or modification of current and future licenses (GHG emissions, vulnerability and climate risks analysis, adaptation measures, among others), of which Ecopetrol Business Group could not have the information available, (ii) new regulations for the detection and repair of leaks, flaring, and venting of gas, (iii) disclosure requirements on environmental and social matters by the Financial Superintendence of Colombia, (iv) greater limitations on the use of offsetting to meet decarbonization goals, among others. o Legal risk, associated with the negative reactions and lawsuits against the climate action of the company. o Risk of assets trapped in the traditional business of hydrocarbon production, transportation, and refining, considering factors such as fuel demand prospects and asset profit horizons. o Market risk, related to the change in preferences in the use of low-carbon products in the long term, which implies a risk for Ecopetrol Business Group of not being able to meet market demand and of not advancing effectively in the development of these products and the impact in the costs due to the change in carbon prices. o Reputational risk, associated with the impossibility of responding in a timely way to the expectations and demand of investors and other interest groups to establish ambitious objectives regarding climate change, which would affect the image of Ecopetrol Business Group. o Technological risk, associated with the negative effects on the profitability of the business if there is no preparation and capacity to adapt to new technologies because of the transition process. Ecopetrol S.A. defined a modeling exercise that prioritized market and regulatory risk, for the upstream segment, using the following analysis routes: (i) quantification of the impact on revenues derived from a changing demand for hydrocarbons, (ii) quantification of the impact in costs due to changes in carbon prices, and (iii) quantification of the financial repercussions derived from higher abatement costs associated with limitations on the use of offsets. The model used the International Energy Agency WEO 2022 scenarios: (i) Net Zero Emissions (NZE), (ii) Announced Pledges Scenario (APS), and (iii) Stated Policies Scenario (STEPS). The portfolio's resilience was evaluated by comparing the net present value of future cash flows from the IEA scenarios with the net present value of Ecopetrol's base case. In both cases, the hypotheses associated with the analysis routes were applied. The foregoing will be subject to review and assessment to establish the potential impact on the financial and strategic planning of the company. The opportunities derive from the analysis of risks associated with the climate, the review of the energy transition scenarios, the implementation of the decarbonization plan and the alignment with the 2040 strategy. Opportunities have been identified related to the diversification of the traditional business, the incorporation into the portfolio of sustainable and low-emission businesses, the diversification in energy power and infrastructure markets, and the strengthening of energy efficiency and renewable energies. 30.11 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. The following is the leverage ratio as of December 31: 2022 2021 Loans and borrowings (Note 20) 115,134,839 95,060,928 Cash and cash equivalents (Note 6) (15,401,058) (14,549,906) Other financial assets (Note 9) (2,725,871) (2,934,734) Net financial debt 97,007,910 77,576,288 Equity (Note 24) 113,903,089 90,583,772 Leverage (1) 45.99 % 46.13 % (1) |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Related parties | |
Related parties | 31. Balances with associates and joint ventures as of December 31, 2022, and 2021 are as follows: Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energy Limited (1) 127 — 1,087 2,004 815,056 2,698 Ecodiesel Colombia S.A. 13,155 — — 53,821 — 3 Interligação Elétrica do Madeira S.A. 89,505 — — — — — Interligação Elétrica Garanhuns S.A. — 40 — — — — Interligação Elétrica Ivaí S.A. — 182 — — — — Derivex S.A. — 335 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 7,048 — — Extrucol S.A. 2 — — 854 — — E2 Energía Eficiente S.A. E.S.P. 7,397 — — 4,152 — — Balance as of December 31, 2022 110,186 557 1,087 67,879 815,056 2,701 Current 110,186 222 1,087 67,879 815,056 2,701 Non–current — 335 — — — — 110,186 557 1,087 67,879 815,056 2,701 (Note 7) (Note 7) (Note 11) (Note 21) (Note 20) Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energy Limited (1) 925 — 1,386 12,997 1,483,701 233 Ecodiesel Colombia S.A. 1,521 — — 46,452 — — Interligação Elétrica Garanhuns S.A. — 28 — — — — Interligação Elétrica Paraguaçu S.A. — 28 — — — — Interligação Elétrica Aimorés S.A. — 28 — — — — Interligação Elétrica Ivaí S.A. — 28 — — — — Derivex S.A. — 335 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 5,211 — — Extrucol S.A. — — — 283 — — E2 Energía Eficiente S.A. E.S.P. 6,797 — — 1,655 — — Balance as of December 31, 2021 9,243 447 1,386 66,598 1,483,701 233 Current 9,243 112 1,386 66,598 1,483,701 233 Non–current — 335 — — — — 9,243 447 1,386 66,598 1,483,701 233 (Note 7) (Note 7) (Note 11) (Note 21) (Note 20) Loans: (1) Resources deposited by Equion in Ecopetrol Capital AG. The main transactions with related parties as of December 31 are detailed as follows: 2022 2021 2020 Sales and Purchases Sales and Purchases Sales and Purchases services and others services and others services and others Joint Ventures Equion Energy Limited 33 23,845 13,996 149,046 27,595 356,872 Ecodiesel Colombia S.A. 21,234 619,286 35,825 442,373 8,268 346,201 Offshore International Group — — — — 4,461 — 21,267 643,131 49,821 591,419 40,324 703,073 Associates Gas Natural del Oriente S.A. E.S.P. — 53,994 — 27,175 — 26,141 Extrucol S.A. 20 3,411 — 2,354 — 1,162 E2 Energía Eficiente S.A. E.S.P. 90,117 7,908 60,159 6,976 49,860 2,849 90,137 65,313 60,159 36,505 49,860 30,152 111,404 708,444 109,980 627,924 90,184 733,225 31.1 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 2022 for fees to members of the Board of Directors amounted to $3,582 (2021 - $3,757). The total compensation paid to Executive Officers and Senior Managers as of December 31, 2022, amounted to $27,359 (2021 – $27,735 ). Executive Officers and Senior Managers are not eligible to receive pension and retirement benefits. As of December 31, 2022, 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 31.2 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). As of 2022, and after a rigorous selection and asset allocation process, the new trust companies that manage the funds related to the pension obligations are Fiduciaria BBVA, Fiduciaria Bogotá, and the Ecopetrol PACC 2021 Consortium, defined by Fiduprevisora, Fiducoldex, FiduAgraria, and Fiducentral. 31.3 Government related parties The Colombian Government controls Ecopetrol S.A. 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, the Business Group purchases the crude oil that the ANH receives from producers in Colombia at the prices set in accordance with an 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 S.A. and the ANH ended on October 30, 2020, and a new one began with effect from November 1, 2020, to October 31, 2022. The purchase value of oil and gas from ANH is detailed in Note 26 - Cost of sales. (b) Refined Price Stabilization Fund 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 - Revenue from contracts with customers and in Note 7 - Trade and other receivables. (c) National Tax and Customs Direction Ecopetrol Business Group, 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. (d) Comptroller General of the Republic Ecopetrol Business Group, 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 Business Group does not have any other kind of association or commercial relationship with this entity. |
Joint operations
Joint operations | 12 Months Ended |
Dec. 31, 2022 | |
Joint operations | |
Joint operations | 32. 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 2022 are as follows: 32.1 % Geographic area of Partners Contract Type Participation operations Chipirón 30-41% SierraCol Energy Arauca, LLC Cosecha Production 30% Colombia Cravo Norte 55% Rondón 50% Frontera Energy Colombia Corp Quifa Production 40% Colombia Union Temporal Ismocol Joshi Parko CPI Palagua Production Variable Between 70% and 80% Colombia According amendment Parex Resources Colombia LTD Capachos LLA-122 Production Exploration 50% Colombia E&P COL 1 40% Anadarko Colombia Company (OXY) E&P COL 2 Exploration 40% Offshore North Caribe E&P COL 6 40% E&P COL 7 40% Petrobras Tayrona Exploration 55.60% Offshore North Caribe Fuerte Sur 50% Shell EP Offshore ventures Limited Purple Angel Exploration 50% Offshore North Caribe Col-5 50% Mana 30% Interoil Colombia Rio Opia Production 30% Colombia Ambrosia 30% Llanos 86 50% Llanos 87 50% Geopark Colombia SAS Llanos 104 Exploration 50% Colombia Llanos 123 50% Llanos 124 50% SSJN1 Production 50% Perdices 50% Lewis Energy Colombia VIM-42 Exploration 50% Colombia SSJN3-1 50% Clarinero 50% Maurel & Prom Colombia B.V. SSJN9 Exploration 50% North Colombia Quarter North Energy Gunflint Production 32% Gulf of Mexico Murphy Exploration and Production Company – USA Dalmatian Production 30% Gulf of Mexico OXY (Anadarko) - K2 K2 Production 21% Gulf of Mexico HESS ESOX Production 21% Gulf of Mexico S-M-1709 30% S-M-1908 30% Shell S-M-1601 30% S-M-1713 Exploration 30% Brazil S-M-1817 30% S-M-1599 30% S-M-1910 30% Saturno 10% Sul de Gato do Mato 30% BM-S-54 30% BP Energy Pau Brasil Exploration 20% Brazil Chevron CE-M-715 Exploration 50% Brazil PAMA-M-187 30% PAMA-M-188 30% Petrobras PAMA-M-222 Exploration 30% Brazil PAMA-M-223 30% BM-C-44 38% BM-S-74 13% Anadarko BM-C-29 Exploration 50% Brazil Repsol BM-ES-29 Exploration 30% Brazil ONGC BM-S-73 Exploration 13% Brazil BM-S-63 30% Vanco BM-S-71 Exploration 30% Brazil BM-S-72 30% Occidental Midland Basin, LLC (Oxy) Rodeo Midland Basin Production 49% Midland, Texas, USA Pemex Exploration y Production Bloque 8 Exploration 50% Gulf of Mexico PC Carigali Mexico Operation SA Bloque 6 Exploration 50% Gulf of Mexico 32.2 % Geographic area of Partners Contract Type Participation operations VMM29 Exploration 50% Colombia CR2 50% ExxonMobil Exploration Colombia C62 50% KALE 100% Repsol Colombia SA CPO9 Exploration 55% Colombia ONGC Videsh Limited Sucursal Colombia RC9 Exploration 50% Colombia CPVEN E&P Corp Sucursal Colombia VMM32 Exploration 51% Colombia SK Innovation Co Ltd. San Jacinto Exploration 70% Colombia Repsol Exploration Colombia S.A. Catleya Exploration 50% Colombia Emerald Energy PLC Suc. Colombia Cardon Exploration 50% Colombia Parex Resourses Colombia Ltd. ORC401 CRC-2004-01 Exploration 50% Colombia Repsol Colombia Oil & Gas Limited CPO9 – Akacias Production 55% Colombia SierraCol Energy Arauca, LLC La Cira Infantas Production 52%+PAP Colombia Teca 100% Basic Total Colombie Niscota** Exploration 20% Colombia Talisman Oil & Gas Emerald Energy Oleoducto Alto Magdalena Production 45% Colombia Frontera Energy Perenco Oil And Gas San Jacinto Rio Paez Production 68% Colombia Cepsa Colombia SSJN1 Production 50% Colombia Perdices 50% Colombia Lewis Energy Colombia VIM-42 Exploration 50% Colombia SSJN3-1 50% Colombia Clarinero 50% Colombia Maurel & Prom Colombia B.V. CPO17 Exploration 50% Colombia ** The Company acquires investment commitments at the moment of receiving the exploration and/or exploitation rights of a determined area by the competent authority. As of December 31, 2022, investment commitments with the ANH reach USD $805.6 million (2021 - USD $739.9 million). Ecopetrol Permian LLC has commitments related to the five-year business plan in the Permian Basin under the Rodeo Midland Basin LLC formation agreement, which may be modified annually by contract members, and Ecopetrol América LLC commitments derived from the joint operations in the Gulf of Mexico through authorizations for expenditures (AFEs) for projects of both a capital nature and operating expenses. |
Information by segments
Information by segments | 12 Months Ended |
Dec. 31, 2022 | |
Information by segments | |
Information by segments | 33. A description of the Ecopetrol Business Group’s business segments is in Note 4.20 - 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 is 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 Below are the consolidated statements of profit or loss by segment for the years ended December 31, 2022, 2021 and 2020: For the year ended on December 31, 2022 Electric power transmission Exploration Transport and toll and Refining and and roads Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 60,719,903 82,728,875 2,807,031 13,355,269 — 159,611,078 Inter–segment sales 30,300,562 6,450,072 11,148,961 2,237 (47,901,832) — Revenue from contracts with customers 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 Variable cost (34,649,988) (76,341,169) (720,247) — 43,531,185 (68,180,219) Fixed cost (12,099,432) (3,990,829) (3,172,963) (5,854,832) 3,840,127 (21,277,929) Cost of sales (46,749,420) (80,331,998) (3,893,210) (5,854,832) 47,371,312 (89,458,148) Gross profit 44,271,045 8,846,949 10,062,782 7,502,674 (530,520) 70,152,930 Administrative expenses (2,489,557) (823,349) (499,801) (965,314) 442,326 (4,335,695) Operation and project expenses (3,221,678) (1,387,064) (327,952) — 193,066 (4,743,628) Impairment of non–current assets (890,248) 1,096,021 (406,229) (87,543) — (287,999) Other operating income and expenses net (310,628) (37,959) (96,239) (104,664) (6,365) (555,855) Operating income 37,358,934 7,694,598 8,732,561 6,345,153 98,507 60,229,753 Financial result net Financial income 1,011,182 89,173 157,264 577,743 (518,217) 1,317,145 Financial expenses (2,894,636) (1,381,682) (287,889) (3,883,596) 420,551 (8,027,252) Foreign exchange gain (loss) net (44,302) (289,105) 10,080 198,677 — (124,650) (1,927,756) (1,581,614) (120,545) (3,107,176) (97,666) (6,834,757) Share of profits of associates and joint ventures 30,197 222,460 — 515,746 19 768,422 Income before tax 35,461,375 6,335,444 8,612,016 3,753,723 860 54,163,418 Income tax (13,829,885) (1,464,380) (2,962,021) (707,652) — (18,963,938) Net profit (loss) for the period 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Profit (loss) attributable to: Group owners of parent 21,761,164 4,686,009 4,483,060 673,688 860 31,604,781 Non–controlling interest (129,674) 185,055 1,166,935 2,372,383 — 3,594,699 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Supplementary information Depreciation depletion and amortization 7,304,525 1,960,399 1,448,626 1,415,441 — 12,128,991 For the year ended on December 31, 2021 Electric power transmission and toll Exploration Refining and Transport and roads and Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 38,552,572 46,658,196 2,557,238 4,113,198 — 91,881,204 Inter–segment sales 24,696,380 4,318,189 9,601,228 — (38,615,797) — Revenue from contracts with customers 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 Variable cost (30,473,145) (44,860,928) (531,361) — 34,859,524 (41,005,910) Fixed cost (9,861,987) (3,674,460) (2,728,948) (1,817,491) 3,507,020 (14,575,866) Cost of sales (40,335,132) (48,535,388) (3,260,309) (1,817,491) 38,366,544 (55,581,776) Gross profit 22,913,820 2,440,997 8,898,157 2,295,707 (249,253) 36,299,428 Administrative expenses (1,987,817) (784,214) (457,217) (322,939) 210,118 (3,342,069) Operation and project expenses (1,882,686) (944,616) (404,264) (460) 78,469 (3,153,557) Impairment of non–current assets 438,020 (305,466) (165,901) (4) — (33,351) Other operating income and expenses net (617,893) 10,749 591,829 (51,267) (6,162) (72,744) Operating income (expenses) 18,863,444 417,450 8,462,604 1,921,037 33,172 29,697,707 Financial result net Financial income 517,629 24,313 76,453 89,267 (304,070) 403,592 Financial expenses (2,410,906) (1,151,255) (250,816) (886,420) 267,749 (4,431,648) Foreign exchange gain (loss) net (219,747) (132,734) 381,964 300,519 — 330,002 (2,113,024) (1,259,676) 207,601 (496,634) (36,321) (3,698,054) Share of profits of associates and joint ventures 9,610 200,998 858 214,698 — 426,164 Income before tax 16,760,030 (641,228) 8,671,063 1,639,101 (3,149) 26,425,817 Income tax (5,019,540) (383,562) (2,925,390) (466,771) — (8,795,263) Net profit (loss) for the period 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Profit (loss) attributable to: Group owners of parent 11,829,119 (1,198,619) 4,635,354 386,438 (3,149) 15,649,143 Non–controlling interest (88,629) 173,829 1,110,319 785,892 — 1,981,411 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Supplementary information Depreciation depletion and amortization 6,844,910 1,640,940 1,211,642 462,430 — 10,159,922 For the year ended on December 31, 2020 Exploration and Refining and Transport Production Petrochemicals and 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) — Revenue from contracts with customers 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) 4,062,843 (11,657,541) Variable costs (23,429,102) (22,398,344) (567,501) 20,485,016 (25,909,931) 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 33.2 The sales by product for each segment are detailed below for the years ended December 31, 2022, 2021 and 2020: For the year ended on December 31, 2022 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid–distillates — 39,217,618 — — (35,108) 39,182,510 Gasoline and turbo fuels — 32,022,556 — — (4,402,357) 27,620,199 Natural gas 5,250,577 — — — (1,087,701) 4,162,876 Services 450,322 746,500 13,955,992 296,216 (11,847,349) 3,601,681 Electric power transmission services — — — 2,595,505 — 2,595,505 Plastic and rubber — 1,568,816 — — — 1,568,816 LPG and propane 739,323 385,178 — — (30,169) 1,094,332 Asphalts 47,224 849,976 — — — 897,200 Fuel gas service — 869,101 — — (8,999) 860,102 Crude oil 28,725,485 491,440 — — (28,841,135) 375,790 Roads and Construction services — — — 355,737 — 355,737 Aromatics — 343,792 — — — 343,792 Polyethylene — 302,630 — — — 302,630 Fuel oil 2,663 6,550 — — — 9,213 Other income gas contracts 1,940 — — — — 1,940 Other products 20,204 2,164,882 — — (1,505,903) 679,183 35,237,738 78,969,039 13,955,992 3,247,458 (47,758,721) 83,651,506 Foreign sales Crude oil 56,701,497 92,147 — — (141,891) 56,651,753 Electric power transmission services — — — 5,114,783 — 5,114,783 Roads and Construction Services — — — 4,676,822 — 4,676,822 Fuel oil — 4,348,312 — — — 4,348,312 Diesel — 2,324,861 — — — 2,324,861 Plastic and rubber — 2,036,201 — — — 2,036,201 LPG and propane 339,837 — — — — 339,837 Natural gas 254,054 — — — — 254,054 Gasoline and turbo fuels — 157,685 — — — 157,685 Other products 35,113 1,281,174 — 318,443 (1,220) 1,633,510 Cash flow hedging (1,547,774) (30,472) — — — (1,578,246) 55,782,727 10,209,908 — 10,110,048 (143,111) 75,959,572 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 For the year ended on December 31, 2021 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid–distillates — 17,166,812 — — (26,485) 17,140,327 Gasoline and turbo fuels — 17,931,469 — — (2,456,099) 15,475,370 Natural gas 4,077,691 — — — (877,622) 3,200,069 Services 132,060 659,088 12,158,466 120,795 (10,004,421) 3,065,988 Plastic and rubber — 1,642,035 — — — 1,642,035 LPG and propane 618,218 332,542 — — (24,529) 926,231 Fuel gas service — 742,212 — — (7,546) 734,666 Electric power transmission services — — — 728,467 — 728,467 Asphalts 25,178 585,873 — — — 611,051 Polyethylene — 320,466 — — — 320,466 Aromatics — 247,387 — — — 247,387 Crude oil 23,619,491 — — — (23,426,015) 193,476 Roads and Construction Services — — — 107,179 — 107,179 Fuel oil 10,838 12,961 — — — 23,799 Other income gas contracts 2,879 — — — — 2,879 Other products 35,213 2,160,653 — — (1,793,038) 402,828 Cash flow hedges — (8) — — — (8) 28,521,568 41,801,490 12,158,466 956,441 (38,615,755) 44,822,210 Foreign sales Crude oil 34,868,421 — — — — 34,868,421 Diesel — 3,867,937 — — — 3,867,937 Fuel oil — 2,288,977 — — — 2,288,977 Plastic and rubber — 2,092,379 — — — 2,092,379 Electric power transmission services — — — 1,827,622 — 1,827,622 Roads and Construction Services — — — 1,241,144 — 1,241,144 LPG and propane 116,960 — — — — 116,960 Natural gas 71,529 — — — — 71,529 Other products 20,365 925,595 — 87,991 (42) 1,033,909 Cash flow hedges (349,891) 7 — — — (349,884) 34,727,384 9,174,895 — 3,156,757 (42) 47,058,994 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 For the year ended on December 31, 2020 Exploration and Refining and Transport Production Petrochemicals and 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 20,165,489 29 — (79,345) 20,086,173 Diesel — 3,164,068 — — 3,164,068 Fuel oil — 1,044,811 — — 1,044,811 Plastic and rubber — 1,302,131 — — 1,302,131 LPG and propane 18,943 — — — 18,943 Natural gas 17,231 — — — 17,231 Gasolines and turbo fuels — 179,257 — — 179,257 Other products 26,702 553,206 56 447 580,411 Cash flow hedges (780,965) (76,382) — — (857,347) 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 33.3 The following are the investments amounts made by each segment for the years ended December 31, 2022, 2021 and 2020: Electric power transmission Exploration Refining and Transport and and toll roads 2022 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 14) 4,461,244 928,843 2,424,428 953,201 8,767,716 Natural and environmental resources (Note 15) 11,962,544 — — — 11,962,544 Intangibles (Note 17) 145,532 32,832 89,463 879,683 1,147,510 16,569,320 961,675 2,513,891 1,832,884 21,877,770 Electric power transmission Exploration Refining and Transport and and toll roads 2021 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 14) 2,633,119 1,845,618 1,344,654 294,197 6,117,588 Natural and environmental resources (Note 15) 6,733,028 — — — 6,733,028 Intangibles (Note 17) 106,490 22,685 47,236 267,935 444,346 9,472,637 1,868,303 1,391,890 562,132 13,294,962 Exploration Refining and Transport and 2020 and Production Petrochemicals Logistics Total Property, plant, and equipment (Note 14) 2,866,600 1,329,181 836,536 5,032,317 Natural and environmental resources (Note 15) 5,994,462 — — 5,994,462 Intangibles (Note 17) 41,002 8,771 40,309 90,082 8,902,064 1,337,952 876,845 11,116,861 |
Supplemental information on oil
Supplemental information on oil and gas producing activities (unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental information on oil and gas producing activities (unaudited) | |
Supplemental information on oil and gas producing activities (unaudited) | 34. 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, 2022, 2021 and 2020, and includes information related to the Ecopetrol Business Group’s consolidated subsidiaries. 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. 34.1 2022 2021 2020 Natural and environmental properties 90,284,366 79,385,151 67,767,005 Wells, equipment, and facilities – property, plant, and equipment 33,568,835 31,730,001 31,166,804 Exploration and production projects 16,451,284 11,474,682 12,494,665 Accumulated depreciation, depletion, and amortization (79,744,788) (70,739,885) (64,233,572) Net capitalized cost 60,559,697 51,849,949 47,194,902 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 $1,979,749, $3,930,370, and $3,936,494 during 2022, 2021 and 2020, respectively. 34.2 Costs incurred are summarized below and include both amounts expensed and capitalized in the corresponding period. 2022 2021 2020 Acquisition of proved properties (1) 141,928 — 507,907 Acquisition of unproved properties (2) 339,394 — 1,274,660 Exploration costs 3,322,055 1,793,549 1,340,898 Development costs 16,266,222 11,264,075 7,367,020 20,069,599 13,057,624 10,490,485 (1) For 2022, it corresponds to 49 % of participation contract in Barnett, acquired by Ecopetrol Permian. 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. (2) During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70 % of participation in the assets, with a 30 % of participation held by Ecopetrol Brasil. During 2020, Ecopetrol Business Group 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 Agrement 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, 2020, 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 Óleo e Gás do Brasil retains 10% of the interests of the block, while Shell (operator) and Chevron each retain 45% of the total. 34.3 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, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Net revenues Sales 71,223,307 50,631,272 30,141,662 Transfers 19,797,158 12,617,680 7,025,839 91,020,465 63,248,952 37,167,501 Production costs(1) 22,152,495 12,554,338 12,753,880 Depreciation, depletion, and amortization(2) 7,138,902 6,623,891 6,393,506 Other production costs(3) 20,741,550 21,156,904 14,005,669 Exploration expenses(4) 1,512,385 960,247 689,204 Other expenses(5) 5,399,726 3,090,128 2,227,481 56,945,058 44,385,508 36,069,740 Income before income tax expense 34,075,407 18,863,444 1,097,761 Income tax expense (13,026,271) (5,652,743) (233,255) Results of operations for exploration and production activities 21,049,136 13,210,701 864,506 (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 2022, 2021 and 2020 of $333,683, $292,329, and $213,925, respectively. (2) In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2022, 2021 and 2020 in depreciation, depletion, and amortization, were $768,466, $887,725, and $639,123, 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 2022, 2021, and 2020, the Ecopetrol Business Group transferred approximately 21.8%, 19.9%, and 18.9%, respectively, of its crude oil and gas production; (percentages based on the value sales in Colombian pesos) to intercompany business units. Those transfers were 50.4%, 52.1% and 45.9%, respectively, of crude oil and gas production volume (including Refinería de Cartagena). The intercompany transfers were realized at market prices. 34.4 The Ecopetrol Business Group follows international standards for estimating, classifying, and reporting reserves framed under SEC definitions. Corporate Reserve Management of Ecopetrol Business Group, Upstream Management and the Vice-Presidency of Development and Production, present the reserves balance to the Board of Directors, which approved it in February 2023. The reserves were estimated at a level of 99.8% by specialized firms: DeGolyer and MacNaughton, Ryder Scott Company, Gaffney Cline, and Sproule International Limited. 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 2022, 2021 and 2020, and corresponds to the official reserves statements prepared by the Ecopetrol Business Group: 2022 2021 2020 Oil Gas Total Oil Gas Total Oil Gas Total (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) Proved reserves: Opening balance 1,449 3,151 2,002 1,257 2,921 1,770 1,384 2,906 1,894 Revisions of previous estimates (1) 81 (104) 63 240 431 315 (81) 51 (72) Improved recovery 77 21 81 120 107 139 100 74 113 Purchases 39 50 48 — — — — 171 30 Extensions and discoveries 52 33 57 12 — 12 41 8 42 Sales — — — (3) (4) (3) (1) — (1) Production (183) (323) (240) (177) (304) (231) (186) (289) (236) Closing balance 1,515 2,828 2,011 1,449 3,151 2,002 1,257 2,921 1,770 Proved developed reserves: Opening balance 921 2,561 1,370 834 2,636 1,297 898 2,662 1,365 Closing balance 995 2,174 1,376 921 2,561 1,370 834 2,636 1,297 Proved undeveloped reserves: Opening balance 528 590 632 423 285 473 486 244 529 Closing balance 520 654 635 528 590 632 423 285 473 Some values were rounded for presentation purposes. Mbls = Million barrels Gpc: Giga cubic feet Mbe = Million barrels of oil equivalent (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. 34.5 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. 2022 2021 2020 Future cash inflows 685,716,359 401,980,640 187,210,379 Future costs Production (1) (182,522,131) (129,109,036) (85,989,384) Development (58,332,264) (38,451,863) (28,752,131) Income taxes (201,912,509) (69,053,224) (13,470,352) Future net cash flow 242,949,455 165,366,517 58,998,512 10% discount factor (86,340,334) (57,009,654) (18,568,308) Standardized measure of discounted net cash flows 156,609,121 108,356,863 40,430,204 (1) Production future costs include the estimated costs related to assets retirement obligations in the amount of $23,234,408; $17,364,520, and $12,545,574 as of December 31, 2022, 2021, and 2020, respectively. The following are the principal sources of change in the standardized measure of discounted net cash flows in 2022, 2021 and 2020: 2022 2021 2020 Net change in sales and transfer prices and in production cost (lifting) related to future production 158,798,134 110,224,660 (44,482,725) Changes in estimated future development costs (52,166,780) (22,011,659) (5,401,560) Sales and transfer of oil and gas produced net of production costs (68,867,970) (50,694,613) (24,413,621) Net change due to extensions, discoveries, and improved recovery 9,993,781 6,741,068 3,134,469 Net change due to purchase and sales of minerals in place 1,767,856 (13,419) 570,460 Net change due to revisions in quantity estimates 10,807,453 32,923,680 (3,414,649) Previously estimated development costs incurred during the period 69,458,458 32,941,335 7,943,239 Accretion of discount 15,360,418 10,468,951 10,468,951 Timing and other (11,990,359) (16,636,925) 567,027 Net change in income taxes (84,908,732) (36,016,420) 16,073,288 Aggregate change in the standardized measure of discounted future net cash flows for the year 48,252,259 67,926,658 (38,955,121) |
Subsequent and relevant events
Subsequent and relevant events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent and relevant events | |
Subsequent and relevant events | 35. Subsequent and relevant events ● Issuance of bonds in the international market Ecopetrol S.A. reported on January 10, 2023, that as part of its refinancing and financing strategy for the 2023 investment plan, it successfully placed External Public Debt Bonds in the international capital market, based on the authorization issued by the Ministry of the Treasury and Public Credit through Resolution 0054 of January 10, 2023, for USD2,000 million under the following conditions: Term 10 years Transaction date January 10, 2023 Compliance date January 13, 2023 Maturity January 13, 2033 Face amount US$2,000 million Price 99.187 Yield 9.000% Coupon rate 8.875% Periodicity Semiannual Rating (Moody’s/S&P/Fitch) Baa3 / BB+ / BB+ The allocation of the resources of the issuance is to make the prepayment of the balance of the credit authorized by resolution 1928 of August 13, 2021, obtained to finance the acquisition of 51.4% of Interconexión Eléctrica S.A. (ISA), and finance Ecopetrol’s 2023 organic investment plan and other non-investment expenses, including the refinancing of liabilities that mature in 2023. ● International bonds repurchase offer On January 17, 2023, Ecopetrol S.A. reported that as part of its comprehensive debt management strategy and to mitigate refinancing risk, it launched a repurchase offer (tender offer) of its international bond maturing in September 2023. (issued in 2013), up to a principal amount of USD 1,000 million. The nominal amount outstanding of the mentioned bond is USD 1,800 million and it has a coupon rate of 5.875%. On February 14, Ecopetrol S.A. reported the final results of the operation. According to the depository and information agent of the offer, on February 13, 2023, the total repurchased through the offer amounts to USD $978.5 million of the aggregate amount of the bonds. After the closing of the repurchase offer, a total of USD $821.4 million of the bond balance will remain outstanding. ● Felipe Bayón, President of Ecopetrol S.A., will lead the Company until March 31, 2023 On January 26, it was reported that Felipe Bayón Pardo will lead Ecopetrol S.A. until March 31, 2023. The selection and appointment process of the new president of Ecopetrol S.A. by the Board of Directors will be given based on a rigorous selection process, in accordance with the Succession Policy of the President of Ecopetrol S.A. |
Exhibit 1. Consolidated subsidi
Exhibit 1. Consolidated subsidiaries, associates, and joint ventures | 12 Months Ended |
Dec. 31, 2022 | |
Exhibit 1. Consolidated subsidiaries, associates, and joint ventures | |
Consolidated subsidiaries, associates, and joint ventures | Exhibit 1 – Consolidated subsidiaries, associates, 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 Subsidiaries Refinería de Cartagena S.A.S. US Dollar 100 % Refining of hydrocarbons, commercialization and distribution of products Colombia Colombia 27,050,693 2,871,807 43,624,345 16,573,652 Cenit transporte y logística de hidrocarburos S.A.S. Colombian Peso 100 % Storage and transport by pipelines of hydrocarbons Colombia Colombia 17,213,132 4,584,958 19,560,744 2,347,612 Ecopetrol Global Energy S.L.U. US Dollar 100 % Investment Vehicle Spain Spain 16,066,888 751,378 16,067,277 389 Oleoducto Central S.A.S - Ocensa US Dollar 72.65 % Transportation by crude oil pipelines Colombia Colombia 4,878,286 2,838,743 8,706,108 3,827,822 Hocol Petroleum Limited. US Dollar 100 % Investment Vehicle Bermuda Bermuda 5,215,029 605,044 5,215,238 209 Ecopetrol América LLC. US Dollar 100 % Exploration and exploitation of hydrocarbons United States United States 2,547,392 (154,690) 3,298,838 751,446 Hocol S.A. US Dollar 100 % Exploration and exploitation of hydrocarbons Cayman Islands Colombia 4,615,488 608,858 6,772,497 2,157,009 Esenttia S.A. US Dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 3,047,356 188,561 3,678,832 631,476 Ecopetrol Capital AG US Dollar 100 % Collection of surpluses from, and providing funds to, companies of Ecopetrol Business Group Switzerland Switzerland 3,196,506 255,926 11,473,594 8,277,088 Oleoducto Bicentenario de Colombia S.A.S. Colombian Peso 100 % Transportation by crude oil pipelines Colombia Colombia 1,349,368 218,102 2,249,766 900,398 Oleoducto de Colombia S. A. – ODC Colombian Peso 73 % Transportation by crude oil pipelines Colombia Colombia 486,729 426,614 787,802 301,073 Black Gold Re Ltd. US Dollar 100 % Reinsurer for companies of Ecopetrol Business Group Bermuda Bermuda 1,243,639 46,795 1,548,991 305,352 Andean Chemicals Ltd. US Dollar 100 % Investment Vehicle Bermuda Bermuda 2,162,912 119,383 2,163,316 404 Oleoducto de los Llanos Orientales S. A. - ODL Colombian Peso 65 % Transportation by crude oil pipelines Panama Colombia 824,251 515,817 1,414,330 590,079 Interconexión Eléctrica S.A. E.S.P Colombian Peso 51.41 % Public transmission service of electric power, the development of infrastructure projects and their commercial exploitation and the development of information technology systems, activities and services and telecommunications. Colombia Latin-America 29,550,372 2,202,581 78,733,852 49,183,480 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. Colombian Peso 51.88 % Holding with investments in natural gas and LPG transportation and distribution companies in Colombia Colombia Colombia 616,330 283,885 663,786 47,456 Alcanos de Colombia S.A. E.S.P. (1) Colombian Peso 29.61 % Residential public fuel gas service, construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. Colombia Colombia 393,197 131,102 814,660 421,463 Metrogas de Colombia S.A E.S.P. (1) Colombian Peso 33.49 % Public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives. Colombia Colombia 67,772 17,047 136,167 68,395 Gases del Oriente S.A. E.S.P. (1) Colombian Peso 48.50 % Home public service of distribution of fuel gas and the development of all complementary activities to the supplying of said service. Colombia Colombia 123,247 44,925 216,319 93,072 Promotora de Gases del Sur S.A. E.S.P. (1) Colombian Peso 31.44 % Promote the linking of national or foreign capital, public or private, to achieve the gas massification project. Colombia Colombia 64,031 28,470 91,463 27,432 Combustibles Líquidos de Colombia S.A E.S.P. (1) Colombian Peso 41.61 % Wholesale marketing of fuel gas, the supplying of the residential public service of LPG distribution and the development of complementary activities to supply the service. Colombia Colombia 60,408 1,444 84,213 23,805 Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Ecopetrol USA Inc. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 13,849,664 1,235,087 13,872,872 23,208 Ecopetrol Permian LLC. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 8,999,442 1,357,066 9,875,481 876,039 Ecopetrol Oleo é Gas do Brazil Ltda. Real 100% Exploration and exploitation of hydrocarbons Brazil Brazil 2,093,147 (462,646) 2,313,440 220,293 Esenttia Masterbatch Ltda. Colombian Peso 100% Manufacture of polypropylene compounds and masterbatches Colombia Colombia 445,118 290,672 584,869 139,751 Ecopetrol del Perú S. A. US Dollar 100% Exploration and exploitation of hydrocarbons Peru Peru 71,668 (2,129) 75,229 3,561 ECP Hidrocarburos de México S.A. de C.V. US Dollar 100% Offshore exploration Mexico Mexico 52,677 (17,473) 59,826 7,149 Ecopetrol Costa Afuera S.A.S. Colombian Peso 100% Offshore exploration Colombia Colombia 12,964 (483) 13,130 166 Esenttia Resinas del Peru SAC US Dollar 100% Commercialization polypropylene resins and masterbatches Peru Peru 17,486 2,232 40,417 22,931 Topili Servicios Administrativos S de RL De CV. Mexican Peso 100% Specialized management services Mexico Mexico 5 (48) 25 20 Kalixpan Servicios Técnicos S de RL De CV. Mexican Peso 100% Specialized services related to oil and gas industry Mexico Mexico 53 (46) 58 5 Ecopetrol US Trading LLC US Dollar 100% International trading of crude oil and refined products United States United States — — — — Ecopetrol Singapore PTE. LTD Singapore dollar 100% Holding company with investment in an international trading company for crude oil and refined products Singapore Asia 240,841 222,548 241,043 202 Ecopetrol Trading Asia PTE. LTD Singapore dollar 100% International trading of crude oil and refined products Singapore Asia 241,032 222,727 2,862,371 2,621,339 Ownership Geographic Functional interest Country/ area of Profit (loss) of Total Company currency Ecopetrol Activity Domicile operations Equity the year Total assets liabilities Associates Serviport S.A. (2) Colombian Peso 49 % Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections, and load measurements Colombia Colombia 16,589 (653) 38,776 22,187 Sociedad Portuaria Olefinas y Derivados S.A. (3) Colombian Peso 50 % Construction, use, maintenance and administration of port facilities, ports, private docks. Colombia Colombia 5,362 1,323 8,940 3,578 Joint Ventures Equion Energía Limited US Dollar 51 % Exploration and exploitation of hydrocarbons United Kingdom Colombia 1,639,264 50,783 1,711,972 72,708 Ecodiesel Colombia S.A. (3) Colombian Peso 50 % Production, trading, and distribution of biofuels and oleochemicals Colombia Colombia 109,229 77,729 248,791 139,562 Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Consorcio Transmantaro US Dollar 60.00 % Electric power Peru Peru 2,272,947 307,699 9,085,357 6,812,410 Interligação Eléctrica Evrecy Brazilian real 35.82 % Electric power Brazil Brazil 243,025 (48,856) 267,247 24,222 Fundo de Investimento Assis Brazilian real 35.81 % Autonomous Fund – Special Purpose Entity Brazil Brazil 37,107 7,562 37,107 — Fundo de Investimento Barra Bonita Renda Fixa Referenciado Brazilian real 35.73 % Autonomous Fund – Special Purpose Entity Brazil Brazil 13,197 3,651 13,197 — Fundo de Investimento Referenciado di Bandeirantes Brazilian real 27.68 % Autonomous Fund – Special Purpose Entity Brazil Brazil 250,436 29,441 250,436 — Fundo de Investimento Xavantes Referenciado di Brazilian real 17.54 % Autonomous Fund – Special Purpose Entity Brazil Brazil 538,537 55,264 538,537 — Interconexiones Viales Chilean peso 65.00 % Roads concessions Chile Chile 3,380 (2,935) 3,901 521 Interligação Elétrica Aguapeí Brazilian real 35.82 % Electric power Brazil Brazil 582,138 88,602 654,581 72,443 Interligação Elétrica Biguaçu Brazilian real 35.82 % Electric power Brazil Brazil 399,587 35,053 476,172 76,585 Interligação Elétrica De Minas Gerais Brazilian real 35.82 % Electric power Brazil Brazil 372,475 (27,636) 410,106 37,631 Interligação Elétrica Itapura Brazilian real 35.82 % Electric power Brazil Brazil 163,809 25,988 176,625 12,816 Interligação Elétrica Itaquerê Brazilian real 35.82 % Electric power Brazil Brazil 510,426 59,930 592,065 81,639 Interligação Elétrica Itaúnes Brazilian real 35.82 % Electric power Brazil Brazil 462,427 23,425 499,955 37,528 Interligação Elétrica Norte E Nordeste Brazilian real 35.82 % Electric power Brazil Brazil 338,101 38,685 485,124 147,023 Interligação Elétrica Pinheiros Brazilian real 35.82 % Electric power Brazil Brazil 56,620 62,687 69,231 12,611 Interligação Elétrica Riacho Grande Brazilian real 35.82 % Electric power Brazil Brazil 87,708 (721) 98,771 11,063 Interligação Elétrica Serra Do Japi Brazilian real 35.82 % Electric power Brazil Brazil 384,866 62,833 432,753 47,887 Interligação Elétrica Sul Brazilian real 35.82 % Electric power Brazil Brazil 204,438 12,193 232,392 27,954 Interligação Elétrica Tibagi Brazilian real 35.82 % Electric power Brazil Brazil 222,671 19,465 257,165 34,494 Internexa Colombian peso 99.42 % Telecommunications and ICT Colombia Colombia 125,935 (92,594) 607,744 481,809 Transamerican Telecomunication S.A. US Dollar 99.42 % Telecommunications and ICT Argentina Argentina 21,152 (3,278) 45,400 24,248 Internexa Brasil Operadora de Telecomunicações Brazilian real 99.42 % Telecommunications and ICT Brazil Brazil 28,195 (114,568) 253,014 224,819 Internexa Chile Chilean peso 98.43 % Telecommunications and ICT Chile Chile 34,332 7,098 100,853 66,521 Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Interligação Elétrica JAGUAR 6 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 224,245 1,775 237,516 13,271 Interligação Elétrica JAGUAR 8 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 97,020 1,833 103,999 6,979 Interligação Elétrica JAGUAR 9 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 388,824 7,930 432,420 43,596 Internexa Participações Brazilian real 99.42 % Investment Vehicle Brazil Brazil 23,221 (99,644) 24,430 1,209 Internexa Peru US Dollar 99.42 % Telecommunications and ICT Peru Peru 52,265 (4,307) 376,626 324,361 ISA Bolivia US Dollar 100.00 % Electric power Bolivia Bolivia 140,414 10,976 155,384 14,970 ISA Capital Do Brazil Brazilian real 100.00 % Investment Vehicle Brazil Brazil 5,373,693 650,721 5,606,854 233,161 ISA CTEEP Brazilian real 35.82 % Electric power Brazil Brazil 14,914,001 1,861,300 28,831,572 13,917,571 ISA Interchile US Dollar 100.00 % Electric power Chile Chile 1,493,203 (19,966) 7,374,469 5,881,266 ISA Intercolombia Colombian peso 100.00 % Electric power Colombia Colombia 130,626 47,481 357,192 226,566 ISA Intervial Chile Chilean peso 100.00 % Roads concessions Chile Chile 4,024,265 438,479 4,985,244 960,979 ISA Intervial Colombia Colombian peso 100.00 % Roads concessions Colombia Colombia 587 20 587 — ISA Inversiones Chile Chilean peso 100.00 % Investment Vehicle Chile Chile 1,949,226 (9,385) 1,954,212 4,986 ISA Inversiones Chile Vías SpA Chilean peso 100.00 % Investment Vehicle Chile Chile 4,025,954 438,012 4,025,954 — ISA Inversiones Costera Chile Chilean peso 100.00 % Investment Vehicle Chile Chile (211,407) (76,363) 612,824 824,231 ISA Inversiones Tolten Chilean peso 100.00 % Investment Vehicle Chile Chile 39 (9) 39 — ISA Investimentos E Participações Brazilian real 100.00 % Investment Vehicle Brazil Brazil 1,152,834 163,525 1,152,949 115 ISA Peru US Dollar 99.98 % Electric power Peru Peru 240,254 34,518 1,159,668 919,414 ISA REP US Dollar 60.00 % Electric power Peru Peru 672,302 273,783 2,311,363 1,639,061 ISA Transelca Colombian peso 100.00 % Electric power Colombia Colombia 1,002,878 222,945 1,788,873 785,995 Linear Systems RE US dollar 100.00 % Other business Bermudas Bermudas 36,506 4,802 141,027 104,521 Proyectos de Infraestructura del Perú US Dollar 100.00 % Electric power Peru Peru 15,289 2,254 114,879 99,590 Ruta Costera Colombian peso 100.00 % Roads concessions Colombia Colombia 177,882 (11,404) 2,859,724 2,681,842 Ruta de La Araucanía Chilean peso 100.00 % Roads concessions Chile Chile 432,393 76,332 905,688 473,295 Ruta de Los Ríos Chilean peso 75.00 % Roads concessions Chile Chile 122,428 49,926 339,054 216,626 Ruta del Bosque Chilean peso 100.00 % Roads concessions Chile Chile 106,522 (23,361) 150,803 44,281 Ruta del Loa Chilean peso 100.00 % Roads concessions Chile Chile 324,504 50,506 1,121,725 797,221 Ruta del Maipo Chilean peso 100.00 % Roads concessions Chile Chile 2,831,192 355,286 8,869,327 6,038,135 Ruta del Maule Chilean peso 100.00 % Roads concessions Chile Chile 6,048 (4,561) 9,693 3,645 Sistemas Inteligentes en Red Colombia peso 99.77 % Other business Colombia Colombia 10,472 2,868 19,885 9,413 XM Colombian peso 99.73 % Electric power Colombia Colombia 45,336 10,873 306,304 260,968 Joint ventures Interconexión Eléctrica S.A. ESP Interligação Elétrica do Madeira Brazilian real 51.00 % Electric power Brazil Brazil 3,438,987 387,981 6,580,545 3,141,558 Interligação Elétrica Garanhuns Brazilian real 51.00 % Electric power Brazil Brazil 985,789 161,864 1,369,603 383,814 Interligação Elétrica Paraguaçu Brazilian real 50.00 % Electric power Brazil Brazil 1,016,496 135,684 1,530,815 514,319 Interligação Elétrica Aimorés Brazilian real 50.00 % Electric power Brazil Brazil 671,186 110,769 1,014,426 343,240 Interligação Elétrica Ivaí Brazilian real 50.00 % Electric power Brazil Brazil 795,707 33,388 3,706,984 2,911,277 Transmissora Aliança de Energia Elétrica Brazilian real 14.88 % Electric power Brazil Brazil 6,091,281 1,252,974 14,319,223 8,227,942 Interconexión Eléctrica Colombia Panamá-Panamá US Dollar 50.00 % Electric power Panama Panama 38,132 (31,996) 40,480 2,348 Interconexión Eléctrica Colombia Panamá Colombia Colombia peso 1.17 % Electric power Colombia Colombia 267 (2) 268 1 Transnexa (4) US Dollar 50.00 % Transport and telecommunications Ecuador Ecuador — — — — Derivex Colombia peso 40.46 % Manage the trading system for financial instruments derived from electricity Colombia Colombia 850 (873) 850 — Parques del Río Colombia peso 33.00 % Roads Colombia Colombia 102 (30) 102 — Conexión Kimal Lo Aguirre S.A. Chilena peso 33.33 % Electric power Chile Chile 507,690 776 631,392 123,702 Associates Interconexión Eléctrica S.A. ESP ATP Tower Holdings US Dollar 24.7 % Transport and telecommunications United States United States 1,850,384 (219,990) 4,551,118 2,700,734 (1) Indirect participation through Inversiones de Gases de Colombia S.A. Invercolsa S.A. (2) Information available as of September 30, 2022, the investment of is fully impaired. (3) Information available as of November 30, 2022. (4) Transnexa is in the liquidation process and its investment has been impaired in its entirety. |
Exhibit 2. Conditions of the mo
Exhibit 2. Conditions of the most significant debt | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Dec 31, 2021 rate plan interest Dec-10 Dec-40 284,300 284,300 284,300 Aug-13 Aug-23 168,600 168,600 168,600 Ecopetrol S.A. Aug-13 Aug-28 COP 347,500 347,500 347,500 Floating Bullet Half-yearly Aug-13 Aug-43 262,950 262,950 262,950 Dec-11 Dec-23 COP 180,000 180,000 180,000 Floating Bullet Half-yearly Dec-11 Dec-41 COP 120,000 120,000 120,000 Floating Bullet Half-yearly May-13 May-22 COP 120,000 — 120,000 Floating Bullet Quarterly May-13 May-28 COP 100,000 100,000 100,000 Floating Bullet Quarterly May-15 May-25 COP 100,000 100,000 100,000 Floating Bullet Quarterly Bonds, May-15 May-30 COP 120,000 120,000 120,000 Floating Bullet Quarterly domestic May-15 May-35 COP 280,000 280,000 280,000 Floating Bullet Quarterly currency Feb-16 Feb-24 COP 115,000 115,000 115,000 Floating Bullet Quarterly Feb-16 Feb-28 COP 152,000 152,000 152,000 Floating Bullet Quarterly Interconexión Feb-16 Feb-41 COP 133,000 133,000 133,000 Floating Bullet Quarterly Eléctrica S.A. Apr-17 Apr-24 COP 260,780 260,780 260,780 Fixed Bullet Quarterly E.S.P and Apr-17 Apr-32 COP 196,300 196,300 196,300 Floating Bullet Quarterly subsidiaries Apr-17 Apr-42 COP 242,920 242,920 242,920 Floating Bullet Quarterly Nov-17 Nov-25 COP 150,080 150,080 150,080 Fixed Bullet Quarterly Nov-17 Nov-31 COP 120,100 120,100 120,100 Floating Bullet Quarterly Nov-17 Nov-47 COP 229,820 229,820 229,820 Floating Bullet Quarterly Jul-18 Jul-27 COP 156,500 156,500 156,500 Floating Bullet Quarterly Jul-18 Jul-33 COP 142,063 142,063 142,063 Floating Bullet Quarterly Jul-18 Jul-43 COP 201,437 201,437 201,437 Floating Bullet Quarterly Aug-20 Aug-29 COP 160,000 160,000 160,000 Fixed Bullet Quarterly Aug-20 Aug-40 UVR (1) 152,311 165,369 147,132 Fixed Bullet Annual Jul-16 Jan-34 UVR (1) 353,434 440,777 341,416 Fixed Half-yearly Half-yearly Oct-11 Oct-26 COP 100,000 100,000 100,000 Floating Bullet Quarterly Outstanding Outstanding Type of Issue Maturity balance balance Interest Amortization Payment of debt Company date date Currency Disbursement Dec 31, 2022 Dec 31, 2021 rate plan interest Sep-13 Sep-23 1,300 1,300 1,300 Sep-13 Sep-43 850 850 850 May-14 May-45 2,000 2,000 2,000 Sep-14 Jan-25 1,200 1,200 1,200 Ecopetrol S.A. Jun-15 Jun-26 USD 1,500 1,500 1,500 Fixed Bullet Half-yearly Nov-21 Nov-31 1,250 1,250 1,250 Nov-21 Nov-51 750 750 750 Jun-16 Sep-23 500 500 500 Apr-20 Apr-30 2,000 2,000 2,000 Oleoducto Central S.A.S. Jul-20 Jul-27 USD 500 500 500 Fixed Bullet Half-yearly Nov-21 Nov-33 330 330 330 Fixed Half-yearly Half-yearly Jul-16 Jan-34 151 143 151 Fixed Half-yearly Half-yearly Jan-11 Jan-26 38 38 38 Fixed Bullet Quarterly Bonds, Oct-12 Apr-31 40 40 40 Fixed Bullet Half-yearly foreign Feb-13 Feb23 21 20 19 Fixed Bullet Half-yearly currency May-13 May-23 450 600 450 Fixed Bullet Half-yearly Apr-19 Apr-34 600 500 600 Fixed Half-yearly Half-yearly Mar-17 Feb24 63 77 54 Floating Bullet Annual Interconexión May-18 Apr-25 131 154 111 Floating Bullet Half-yearly Eléctrica S.A. Dec-19 Dec-29 86 96 73 Floating Half-yearly Half-yearly E.S.P and Dec-20 Nov-28 USD 169 153 143 Floating Half-yearly Half-yearly subsidiaries Dec-20 May-44 169 168 143 Floating Half-yearly Half-yearly Feb21 Jul-44 142 153 121 Floating Half-yearly Half-yearly May-21 May-24 253 230 215 Floating Bullet Bullet Oct-21 Oct-31 141 138 120 Floating Bullet Half-yearly Oct-21 Oct-39 59 58 50 Floating Half-yearly Half-yearly Apr-22 Apr-29 134 134 — Fixed Half-yearly Half-yearly Aug-18 Jun-25 234 238 213 Fixed Half-yearly Half-yearly Aug-18 Dec-30 242 407 220 Fixed Half-yearly Half-yearly Aug-18 Dec-24 40 23 37 Fixed Half-yearly Half-yearly Jun-19 Dec-30 201 207 183 Fixed Half-yearly Half-yearly Nov-22 Jun-50 36 36 55 Fixed Half-yearly Half-yearly Feb-21 Jun-50 79 79 — Fixed Half-yearly Half-yearly Jul-21 Jun-56 1,200 1,200 1,200 Fixed Bullet Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2022 Dec 31, 2021 rate plan interest Sep-19 Sep-25 70 70 70 Fixed Half-yearly Half-yearly Jun-21 Jun-23 40 10 40 Fixed Bullet Bullet Feb16 Jul-24 5 2 3 Floating Quarterly Quarterly Jan-14 Mar-29 60 23 25 Floating Monthly Monthly Jan-14 Jan-24 22 2 4 Fixed Monthly Monthly Aug-17 Mar-32 57 35 36 Floating Monthly Monthly Jan-11 May-26 10 — 3 Floating Monthly Monthly Nov-11 May-26 11 — 3 Floating Monthly Monthly Nov-11 May-26 9 — 3 Floating Monthly Monthly May-10 May-30 46 23 24 Fixed Monthly Monthly International Interconexión Mar-20 Aug-24 7 6 6 Floating Quarterly Quarterly commercial Eléctrica S.A. Sep-12 Sep-23 USD 63 — 9 Fixed Half-yearly Half-yearly loans E.S.P and Oct-18 Mar-25 9 — 8 Floating Monthly Monthly subsidiaries Sep-12 Sep-23 35 — 4 Fixed Half-yearly Half-yearly Sep-12 Sep-23 25 — 5 Fixed Half-yearly Half-yearly May-21 Mar-24 11 6 11 Fixed Half-yearly Half-yearly May-21 Mar-24 6 — 6 Fixed Half-yearly Half-yearly Sep-18 Jun-50 13 13 16 Fixed Monthly Monthly May-21 May-25 112 83 105 Fixed Half-yearly Half-yearly May-21 May-26 75 69 70 Fixed Half-yearly Half-yearly Jun-22 Jun-23 10 30 — Fixed Bullet Bullet Dec-22 Nov-30 40 40 — Floating Half-yearly Half-yearly Apr-22 Nov-26 67 65 — Fixed Bullet Bullet Sep-22 Sep-32 76 76 — Fixed Half-yearly Half-yearly Mar-22 Dec-41 48 45 — Floating Monthly Monthly Dec-22 Dec-23 10 10 — Floating Quarterly Quarterly Sep-22 Mar-25 18 28 — Floating Half-yearly Half-yearly Sep-22 Mar-25 10 15 — Floating Half-yearly Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2022 Dec 31, 2021 rate plan interest International Dec-17 Dec-27 2,001 855 1,100 Fixed commercial Dec-17 Dec-27 75 32 42 Floating loans - Ecopetrol S.A. Dec-17 Dec-27 USD 73 31 40 Fixed Half-yearly Half-yearly Refinería de Dec-17 Dec-27 158 68 87 Floating Cartagena Dec-17 Dec-25 359 182 224 Floating International commercial loan –ISA acquisition Ecopetrol S.A. Aug-21 Aug-23 USD 3,672 472 1,672 Floating Half-yearly Half-yearly Dec-16 Jan-28 COP 250,000 242,125 250,000 Floating Half-yearly Half-yearly Dec-16 Jan-34 COP 150,000 147,000 150,000 Floating Half-yearly Half-yearly Dec-16 Jan-34 COP 150,000 147,000 150,000 Floating Half-yearly Half-yearly Dec-16 Jan-34 UVR (1) 405,972 181,972 161,904 Fixed Half-yearly Half-yearly Domestic Interconexión Jul-18 Jul-35 COP 217,500 4,353 4,651 Floating Half-yearly Half-yearly commercial Eléctrica S.A. Oct-21 Oct-31 COP 158,050 158,050 158,050 Floating Quarterly Quarterly loans E.S.P and Oct-21 Oct-28 COP 70,500 70,500 70,500 Floating Quarterly Quarterly subsidiaries Jun-17 Jun-24 COP 28,000 — 8,717 Floating Quarterly Quarterly Aug-17 Aug-24 COP 32,000 — 23,863 Floating Quarterly Quarterly Dec-17 Dec-24 COP 10,000 — 7,472 Floating Quarterly Quarterly May-18 Nov-28 COP 59,467 50,971 59,467 Floating Half-yearly Half-yearly Nov-18 Nov-28 COP 23,000 19,714 23,000 Floating Half-yearly Half-yearly May-22 May-23 COP 14,422 14,422 — Floating Quarterly Quarterly Jun-22 Jun-27 COP 12,900 12,900 — Floating Quarterly Quarterly Ago-22 Ago-27 COP 51,085 51,085 — Floating Half-yearly Half-yearly Committed credit line Ecopetrol S.A. Apr-20 Sep-23 USD 665 — 665 Floating Bullet Half-yearly Domestic syndicated commercial loan Oleoducto Bicentenario Jul-12 Jul-24 COP 2,100,000 375,725 600,450 Floating Quarterly Quarterly (1) |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policies | |
Financial instruments | 4.1 A financial instrument is any contract that creates a financial asset for an 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 issuance of financial assets and liabilities, other than those measured at fair value through profit or loss, are added to or deducted from the fair value of financial assets and liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and liabilities measured at fair value through profit or loss are immediately recognized 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, supposing that the market participants act in their economic best interest. A fair value measurement of a non-financial asset considers 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. Ecopetrol Business Group uses valuation techniques that are appropriate for the circumstances and for which the data is available and enough 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 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. ● 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. This methodology is also applied to the instrument’s measurement related to the concession financial assets. 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 impaired when there is objective evidence that, because 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. Restricted cash is a monetary resource with the objective of allocating it to specific and previously determined purposes. |
Financial assets | 4.1.2 The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Ecopetrol Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient, 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. 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 financial instruments 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 Ecopetrol Business Group. The Group’s financial assets at amortized cost includes trade receivables, other receivables, loans, and borrowings. 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. Ecopetrol Business 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 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 method and are subject to impairment analysis. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Derecognition 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 correspond to the financing obtained by the Ecopetrol Business Group through bank credit facilities and bonds, accounts payables to suppliers, and creditors. Bonds and bank credit facilities 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 method. The effective interest method amortization is included as a financial expense in the statement of profit or loss. Amortized cost is calculated by considering 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 | 4.1.4 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 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, Ecopetrol Business 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 Business Group designates certain loans as a hedging instrument for its exposure to exchange rate risk in future crude oil exports. Additionally, Ecopetrol Business Group enters positions with derivative financial instruments such as commodity swaps, cross currency swaps or interest rate swaps to hedge commodity price risks, exchange rate risk and interest rate risk, respectively, which may also be designated as cash flow hedges. |
Hedge of net investment in a foreign operation | 4.1.5.2 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 similarly 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 Business Group 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. |
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 are recorded 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 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 Business Group 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. |
Investments in associates | 4.3.1 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 1 – Consolidated subsidiaries, associates, and joint ventures. 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 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 the carrying value, and then the impairment is recognized in the consolidated profit or loss statement. When necessary, the Ecopetrol Business Group adjusts 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 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 Business Group 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 Business Group participates as a non–operator partner, it recognizes the assets, liabilities, sales revenues, cost of sales, and expenses based on the operator partner’s report. When Ecopetrol Business Group 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 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 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 Ecopetrol Business Group 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 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 – 63 years Buildings 10 – 100 years Other 3 – 35 years Lands are recognized separately from buildings and facilities, have unlimited useful lives, and they are not subjected to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate. |
Natural and environmental resources | 4.7 Recognition and measurement Ecopetrol Business Group 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 will not be 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 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 after 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, which are at the prices and costs that apply for 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 Impairment of non–current assets |
Capitalization of borrowing costs | 4.8 Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period 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 financial 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 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 recognized as expense as incurred. Easements Easements are rights obtained for the use part of land for the installation of a transmission line. This implies restrictions on the use of the land by the owner and authorizations to Ecopetrol Business Group to build, operate, or maintain the transmission lines. These intangible assets are permanent rights with an indefinite term of use. Although the transmission lines to which these easements are related have a finite useful life, the rights do not expire, and Ecopetrol Business Group may replace the transmission lines at the end of their useful life or make use of said rights for any other service related to transmission electricity and telecommunications. Easements have an indefinite useful life, so they are not amortized and are reviewed annually for impairment. |
Concessions | 4.10 Concessions Ecopetrol Business Group operates concessions under public service concession agreements, in which the grantor controls or regulates the services provided by the concessionaire, whom they are provided to, and price of the service. IFRIC 12, Service Concession Arrangements, establishes general guidelines for the recognition and measurement of rights and obligations related to concession agreements and applies when the granting authority controls or regulates which services the concessionaire should provide with the infrastructure, to whom the services should be provided and at what price, and controls any significant residual interest in the infrastructure at the end of the concession period. Concessions that meet the above criteria are recorded according IFRIC 12 - Concession Agreements of services. Ecopetrol Business Group’s assets that were built to operate concessions where the grantor has no residual interest in the infrastructure and the Group has no obligation to return the assets are recognized under IFRS 16 - Leases. In these cases, the construction of the infrastructure is a service provided to the grantor, different from the operation and maintenance service. Revenue from services is measured and recorded in accordance with IFRS 15 – Revenue from Contracts with Customers and IFRS 9 – Financial Instruments, depending on the asset model. Concessions in which the Ecopetrol Business Group does not have a contractual right to receive money or another financial asset from the grantor but has the right to charge users in exchange for the services provided, are recognized under the intangible asset model. The detail of each type of concession by country is disclosed in Note 25. Intangible asset model Considering IFRIC 12, concessions in which Ecopetrol Business Group does not have a contractual right to receive cash or another financial asset from the grantor but has the right to charge users in exchange for the services provided, are recognized under the intangible asset model. The costs incurred by Ecopetrol Business Group for the construction of the concession infrastructure are on a straight-line basis over the term of the concession period. Revenue from construction or improvement services is recognized according to the level of completion of the construction, based on the costs actually incurred, including at construction margin. The operation and maintenance costs related to the concession are recognized in the statement of profit or loss once the infrastructure of the concession is ready for its use and Ecopetrol Business Group receives from the grantor the right to receive a fee for the services. Revenues are recognized based on the services provided as established in the concession agreements. Infrastructure expansions are recognized as intangible asset when they are expected to generate future economic benefits. The renovations costs, improvements and additions are capitalized, while routine maintenance and repairs that do not extend the useful life of the assets are recognized in the profit or loss statement. Financial asset model Concessions in which Ecopetrol Business Group has a contractual right to receive cash or another financial asset from the grantor for the services provided under the concession agreements and the grantor has little or no power to avoid payment are recognized under financial asset model. In this model the financial asset is classified as a financial asset concession, according to IFRS 9 – Financial Instruments, and it will be represented as current and non-current concessions in the financial position of Ecopetrol Business Group. This asset accrues interest using the effective interest rate method (see Note 4.1). Mixed model for concessions This model is applied when the contract simultaneously includes remuneration commitments guaranteed by the grantor and remuneration commitments that depend on the level of use of the concession infrastructure. |
Goodwill | 4.11 Goodwill 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. |
Leases | 4.12 As of January 1, 2019, the Ecopetrol Business Group adopted IFRS 16, “Leases” applying the modified retrospective scope. At the beginning of a contract, Ecopetrol 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 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 applies the guidance of IFRS 16 – Leases on concessions contracts that do not meet the criteria of the guidance of IFRIC 12. 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 recognized 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 and b) changes in future lease payments resulting from variations in an index or in the rate used for determining 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 Ecopetrol Business Group classifies as financial leases those contracts in which the terms of the lease substantially transfer to the lessees all the risks and inherent rewards to ownership of the asset. All other leases are classified as operational. If the lease is classified as financial, an account receivable is recorded in the statement of financial position, for an amount equal to the net investment in the lease. For leases classified as operating leases, income from payments is recognized on a straight-line basis in the profit and loss statement. 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. 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. Current 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 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. Ecopetrol Business Group recognizes 100% of the right-of-use in joint venture agreements in which the Groups is the operator. |
Impairment of non-current assets | 4.13 In order to evaluate if any non-current assets are impaired, Ecopetrol Business Group compares its carrying amount with its recoverable amount at least annually 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, petrochemical plants, and companies in this segment of the Ecopetrol Business Group, for the Transportation segment, each pipeline system is considered an independent CGU, and for the Electric power transmission and toll roads concessions segment, which also includes telecommunication business, the CGUs correspond to three groups: energy power transmission, toll roads and telecommunications; these units are distributed in identified and independent groups of assets, agreements, subsidiaries, associates, and joint ventures defined within Interconexión Eléctrica S.A. E.S.P. 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 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 Business Group to determine if it is reasonable. In the case of assets or CGUs that participate in the evaluation and exploration of reserves, proven, probable, and possible reserves are considered, with a risk factor associated with them. When an impairment loss is recorded, future amortization expenses are calculated based on 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. For the case of concessions, Ecopetrol Business Group periodically performs a qualitative impairment test on the assets related to the concession to identify events or circumstances, at the CGU level, which is the concession contract with its corresponding amendments, if any, events that indicate that the carrying amount exceeds the recoverable amount. When such events are identified, the quantitative calculation is made, and any impairment is recognized in profit or loss statement. |
Provisions and contingent liabilities | 4.14 Provisions are recognized when the Ecopetrol Business Group has a current obligation (legal or constructive) because 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. If the effect of the temporary value of money over time is significant, the provisions are discounted using a current market rate before taxes that reflects, when applicable, the specific risks of the liability. When the discount is recognized, the increase in the provision is recognized as a financial expense in the statement of profit and loss. Disbursements related to environmental conservation, linked to revenue from current or future operations, are recognized as expenses or assets, as appropriate. Disbursements related to past operations, which do not contribute to obtaining current or future revenue, are recorded as expenses. The recognition of these provisions coincides with the identification of an obligation related to environmental remediation and Ecopetrol Business Group uses all available information to determine a reasonable estimate of their respective cost. Contingent liabilities are not recognized but are subject to disclosure in the explanatory notes when an outflow of resources is possible; including those whose amounts cannot be estimated. In cases where the provision is expected to be reimbursed in whole or in part, for example under an insurance contract, the reimbursement is recognized as a separate asset only in cases where such reimbursement is practically certain. The amount recognized for the asset should not exceed the amount of the provision. 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 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 | 4.15 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. |
Current income tax | 4.15.1 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 | 4.15.2 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 | 4.15.3 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. |
Employee benefits | 4.16 Salaries and benefits for Ecopetrol Business Group’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 considers 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 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 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 | 4.17 The Ecopetrol Business Group’s business is based on four 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 and petrochemical products, and biofuels, and 4) transmission of energy power and toll roads concessions. 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 Business 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 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 and petrochemical 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 is recognized when the service is provided to the customer. In other cases, 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 Business Group 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. Electric power transmission and toll roads concessions This group refers to 1) supplying of electricity transmission services in Latin America through the operation and maintenance of high-voltage transport networks and interconnections 2) design, construction, operation, and maintenance of road infrastructures, 3) supplying of information technology, and (4) telecommunications services. The recognition of revenue from electric power transmission services occurs according to the performance obligations based on the conditions of the contracts that include requirements established by the electricity market regulators in the countries in which Ecopetrol Business Group operates. This is generally achieved when the performance obligations agreed with the regulatory entities are executed, considering the period and the quality of the service established in the contracts. Technology and telecommunications services revenue is also recognized according to the performance obligations defined in contracts with customers. For service concession agreements, Ecopetrol Business Group measures the revenue in accordance with IFRIC 12 at the fair value of the consideration received or receivable, considering the payment defined in the contracts. ● Recognize revenues and costs for project construction services in results for the period, according to the percentage completion method of the projects at the reporting date, which includes an estimated profit margin determined based on the macroeconomic characteristics and the conditions of the project, and the weighting of the estimated receivable cash flows related to the estimated cash flows of the construction. ● Recognize revenues and costs for operation and maintenance services of third-party facilities in the profit or loss statement for the period, as the service is provided, based on the performance obligations established in the contracts. ● Recognize the financial returns of concession agreements classified as financial assets in the statement of profit or loss for the period using the effective interest rate method. The business model developed under electric power transmission concession agreement, associated with the obligation to build, and implement the electric power transmission infrastructure and is classified under the asset according to IFRS 15 – Revenue from contracts with customers. The asset is recognized while the obligation to build and implement the infrastructure is satisfied, and revenue is recognized over the life of the project. Significant financing component Payments received from customers are generally short term (except for revenue of concessions). Using the practical expedient in IFRS 15, Ecopetrol Business 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. Considering that revenues related to concessions generates long term accounts receivables, a financial component is applied considering the measurement of the asset as amortized cost, defining the future cash flows, and applying and discount rate, according to IFRS 9 – Financial Instruments. 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 makes its best estimate of the transaction price that reflects the goods and services transferred to customers. Agreements signed with customers do not include material variable considerations such as rebates, refunds, or discounts. Customer advances They correspond to contractual obligations in which the Ecopetrol Business Group receives monetary resources from customers to subsequently transfer goods and services. These advances made by customers are part of the policies and risk assessment defined by the Ecopetrol Business Group. |
Costs and expenses | 4.18 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) | 4.19 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 | 4.20 Ecopetrol Business Group 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 four business segments: 1) Exploration and Production, 2) Transport and Logistics, 3) Refining, Petrochemical and Biofuels, and 4) Electric Power Transmission and Toll Roads Concessions. Segments are determined based on Ecopetrol Business Group 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 recognized and presented at market prices. a) Exploration and production b) Transport and logistics c) Refining, petrochemicals, and biofuels d) Electric power transmission and toll roads concessions: See information by segments in Note 33. |
Business combinations | 4.21 Business combinations The Ecopetrol Business Group accounts for business combinations using the acquisition method. Identifiable assets acquired and liabilities assumed are initially measured at fair value on the acquisition date. Ecopetrol Business Group recognizes separately, at the acquisition date, the identifiable assets, and liabilities of the acquiree that meet the appropriate criteria for recognition, regardless of whether they had been previously recognized in the financial statements of the acquiree. On the acquisition date, the acquirer will recognize separately the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree. The company that acts as buyer will recognize the goodwill generated as an asset on the acquisition date, measured as the difference between (i) the sum of the consideration transferred, the amount of any non-controlling interest, and the fair values on the date of acquisition of the shareholding in the acquiree, and (ii) the net amount of the acquisition date of the identifiable assets acquired and the liabilities assumed. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Ecopetrol Business Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Ecopetrol Business Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When Ecopetrol Business Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Ecopetrol Business Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Ecopetrol Business Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. |
Accounting policies (Tables)
Accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policies | |
Schedule of depreciation and amortisation expense | Plant and equipment 10 – 55 years Pipelines, networks, and lines 10 – 63 years Buildings 10 – 100 years Other 3 – 35 years |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents | |
Schedule of Cash and cash equivalents | 2022 2021 Banks 9,491,029 11,080,569 Short–term investments 5,907,785 3,467,859 Cash 2,244 1,478 15,401,058 14,549,906 |
Credit quality of issuers of investments | |
Cash and cash equivalents | |
Schedule of other financial assets measured at fair value through profit or loss | Rating 2022 2021 AAA 5,356,966 3,892,694 F1 1,458,524 1,177,581 A 919,903 1,224,990 A-2 749,912 — A-1 731,424 1,294,164 AA 675,596 526,127 A3 647,316 3,049 BRC1+ 606,052 2,172,603 A+ 543,260 — A- 477,059 — F1+ 466,031 2,383,713 BB 463,681 106,070 BBB 425,485 1,277,357 A2 197,917 — A1 192,594 1,032 Baa1 93,157 — B 16,753 14,674 Aaa 10,276 27,621 AAAmmf 5,508 — Caa3 4,385 — Ba1 3,083 — BRC1 1,201 1,671 CCC 1,160 4,872 AAAf 714 19,481 P-2 — 370,582 Aa3 — 11,239 C — 6,615 Other 1,353,101 33,771 15,401,058 14,549,906 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables | |
Schedule of trade and other receivables, net | 2022 2021 Current Fuel Price stabilization fund (1) 26,296,870 7,824,788 Concessions (2) 5,194,909 3,370,644 Customers Domestic 3,268,944 2,917,305 Foreign 3,065,207 3,222,837 Accounts receivable from employees 115,922 106,547 Related parties (Note 31) 110,408 9,355 Industrial services 70,762 32,096 Other 1,101,977 965,310 39,224,999 18,448,882 Non–current Concessions (2) 28,647,390 21,259,519 Customers Foreign 185,331 36,965 Domestic 72,985 178,552 Accounts receivable from employees 498,415 534,051 Related parties (Note 31) 335 335 Other (3) 2,750,749 2,150,294 32,155,205 24,159,716 (1) Corresponds to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of motor gasoline current 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). For 2022, the increase in accounts receivable was mainly generated by the increase in international reference indicators. During 2022, the Ministry of Finance and Public Credit paid COP$18,262,487 to the Ecopetrol Business Group as follows; ● Payments to Reficar for $6,114,489 in cash and $719,834 through Colombian sovereign bonds - TES (this operation did not generate cash flows), corresponding to the liquidation of the second half of 2021 and the first, second, and third quarter of 2022, and, ● Payments to Ecopetrol for $4,639,779 in cash and $6,788,385 through offsetting with dividends payable to the Ministry of Finance and Public Credit, this operation did not generate cash flows and its effect implies an increase in the variation in working capital in the cash flow statement of the Ecopetrol Business Group. The payment corresponds to the liquidation of the second half of 2021 and the first quarter of 2022. The Ecopetrol Business Group and the National Government continue to work together and are committed to seeking alternatives to settle the balance as of December 31, 2022, during 2023. (2) Includes electric power transportation concessions and roads. (3) Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of the Business Group for transportation systems. The balance of these accounts receivable is $2,481,530 (2021: $1,772,101) and the related provision for expected losses established, included in the provision line for expected credit losses, is $475,936 (2021: $368,299), representing a net book value of $2,005,594 (2021: $1,403,802). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its consolidated financial statements. |
Schedule of changes in the allowance for doubtful accounts | 2022 2021 2020 Opening balance (750,191) (291,144) (282,791) Additions (reversal), net (46,690) 2,665 (15,082) Effect of business combination — (474,654) — Effect of change of control in subsidiaries — — 5,517 Currency translation (131,270) 4,794 (1,271) Accounts receivable write–off and uses 22,033 8,148 2,483 Closing balance (906,118) (750,191) (291,144) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Schedule of inventories | 2022 2021 Crude oil (1) 5,971,109 3,305,965 Fuels and petrochemicals (2) 3,241,154 2,845,486 Materials for goods production 2,667,771 2,246,761 11,880,034 8,398,212 (1) The variation is mainly due to a higher level of inventories in transit and connected for delivery in January 2023, and recovery of indicators (Brent reference). (2) The variation is mainly due to the receipt of fuel imports to accomplish with the national demand for fuels. |
Schedule of changes of the allowances for losses | 2022 2021 2020 Opening balance (127,662) (109,549) (131,526) Additions (18,236) (58,437) (9,748) Increase due to business combination — (2,837) — Foreign currency translation (3,591) (1,449) (122) Effect of change of control in subsidiaries — — 20,075 Other (1) 20,692 44,610 11,772 Closing balance (128,797) (127,662) (109,549) (1) It mainly includes uses. |
Other financial assets (Tables)
Other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other financial assets | |
Schedule of other financial assets | 2022 2021 Assets measured at fair value Investment Portfolio – Foreign currency 1,056,385 1,172,718 Investments in equity securities and trust funds (1) 875,335 606,624 Investment Portfolio – Local currency 761,687 759,892 Assets measured at fair value through other comprehensive income 3,583 2,789 Hedging instruments (2) 311 17,449 2,697,301 2,559,472 Assets measured at amortized cost (3) 28,570 375,262 2,725,871 2,934,734 Current 1,162,127 1,627,150 Non–current 1,563,744 1,307,584 2,725,871 2,934,734 (1) They include deposits in trusts companies and restricted funds in Brazil, Peru, Chile, and Colombia. (2) As of December 31, 2022, corresponds to swap contracts to hedge commodity price risk and forwards contracts to hedge exchange rate risk. (3) Includes investments with maturities greater than 90 days, in Chile and Colombia. |
Schedule of maturities of other financial assets | 2022 2021 Up to 1 year 1,162,127 1,627,150 1 – 2 years 673,169 434,372 2 – 5 years 452,417 786,760 > 5 years 438,158 86,452 2,725,871 2,934,734 |
Schedule of other financial assets recognized at fair value | 2022 2021 Level 1 1,892,486 834,057 Level 2 804,815 1,725,415 2,697,301 2,559,472 |
Other financial assets | |
Other financial assets | |
Schedule of other financial assets measured at fair value through profit or loss | 2022 2021 BB 1,051,042 7,412 BB+ 898,072 954,212 Ba1 388,743 — AAA 40,369 1,158,794 Ba2 16,227 — A 14,702 12,204 A3 9,918 — F3 4,457 8,990 BBB 4,153 7,112 F1+ 29 319,253 B — 158,814 A-1 — 119,461 BRC1+ — 75,068 A+ — 42,821 AA+ — 6,075 Other 298,159 64,518 2,725,871 2,934,734 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxes | |
Schedule of current tax assets and tax liabilities and movements of deferred income tax | 2022 2021 Current tax assets Income tax (1) 279,457 1,739,542 VAT refund (2) 4,725,281 3,108,175 Other taxes (3) 1,779,654 1,426,085 6,784,392 6,273,802 Non-current tax assets Deferred tax assets (4) 13,392,480 9,024,858 Income tax credits 8,570 5,274 13,401,050 9,030,132 Current tax liabilities Income tax payable (5) 6,617,468 1,298,524 Industry and commerce tax (6) 346,958 247,966 Value added tax 206,341 157,452 National tax and surcharge on gasoline 181,490 192,665 Carbon tax 77,721 66,006 Other taxes (7) 200,923 189,491 7,630,901 2,152,104 Non-current tax liabilities Deferred tax liabilities (8) 13,479,336 10,850,463 Income tax payable 90,897 65,130 Income tax (9) 1,705,411 1,208,927 15,275,644 12,124,520 (1) The variation corresponds mainly to the use of the balance in favor of the 2021 income tax return, of Ecopetrol S.A. (2) It corresponds mainly to the balance in favor of the value added tax (VAT) in Ecopetrol S.A. for $4,165,563, Esenttia S.A. for $252,977, ISA Group for $189,538, and other companies for $50,305, among others, and a favorable balance in the industry and commerce tax in Ecopetrol S.A. for $57,543, and Cenit for $8,887, and other companies for $468. (3) It includes the potential tax credit of the VAT paid in the acquisition of real productive fixed assets, in accordance with the section 258-1 of the Colombia Tax Code. Additionally, it includes advances and self-withholdings of territorial taxes. (4) Mainly corresponds to the loans payable in dollar of Ecopetrol Business Group, that increased due to the currency devaluation in 2022 (21%), and the increase in debt levels. (5) The increase between the prior year mainly corresponds to the better results obtained in the year by Ecopetrol S.A., due to the growth of revenue given the increase in the average prices of the basket of crude oil, natural gas, and products, and the higher revenue obtained by the midstream segment, and the increase in the tax rate (35% in 2022 vs. 31% in 2021), among others. (6) The increase between the prior year mainly corresponds to the higher income obtained by Ecopetrol Business Group. (7) The variation mainly corresponds to the increase in royalties’ payments, transport tax, among others, due to the improved results in the fiscal year 2022. (8) The variation mainly corresponds to the temporary differences related to IAS 12.41 and the deferred tax of ISA, represented by the changes related to the contractual asset CPC 47 and the deferral of income in accordance with Law 12,973/2014 in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), the application of additional depreciation shifts, effect of the exchange difference of international bonds and actuarial liabilities in ISA and among others. (9) Mainly corresponds to the contributions payable by the ISA group of PIS, CONFIS of CTEEP and subsidiaries located in Brazil. |
Schedule of income tax expense | 2022 2021 2020 Current income tax (1) 16,791,619 6,975,549 2,861,606 Deferred income tax (2) 2,813,817 1,939,567 (791,824) Deferred income tax – rate change (3) (658,919) (28,993) — Adjustments to prior years’ current and deferred tax(4) 17,421 (90,860) (31,121) Income tax expenses 18,963,938 8,795,263 2,038,661 (1) The increase between 2022 and 2021 by $9,816,070 corresponds mainly to the better results obtained in the year in Ecopetrol S.A., generated by the growth of revenue given the increase in the average prices of the crude basket oil, natural gas, and products, and the higher revenue obtained by the midstream segment, and the increase in the tax rate (35% in 2022 vs. 31% in 2021), among others. (2) The variation between 2022 and 2021 by $874,250 corresponds mainly to the effect of the exchange rate on loans denominated in foreign currencies of Ecopetrol S.A. and Refinería de Cartagena, to the adjustment of the calculation of deferred tax for capital gains, from 10% to 15%, associated with the disinvestment of the share of Ecopetrol S.A. in the opportunity called Roger project, among others. (3) The variation between 2022 and 2021 by ($656,926) corresponds mainly to the effect of the Law 2277 of 2022, that established an additional point on the income tax rate of 5%, 10%, or 15% as of the year 2023 and following years. (4) The variation between 2022 and 2021 by $108,281 corresponds mainly to the difference between the provision and the income tax return for fiscal year 2021 filed in 2022. |
Schedule of reconciliation of the income tax expenses | 2022 2021 2020 Net income before income tax 54,163,418 26,425,817 4,776,514 Statutory rate (Colombia) 35.0 % 31.0 % 32.0 % Income tax at statutory rate 18,957,196 8,192,003 1,528,484 Effective tax rate reconciliation items: Adjustment - IAS 12.41 1,946,269 1,194,065 247,358 Non–deductible expenses 448,433 387,407 29,649 Reversal of deferred tax recognized in prior years — — 245,508 Rate differential adjustment (670,080) (304,176) 14,974 Non–taxable income (739,243) (517,483) (35,471) Prior years’ taxes 17,421 (90,860) (31,121) Foreign currency translation and exchange difference (82,028) (149,035) 59,852 Tax discounts and tax credit (184,054) (173,154) (20,572) Others (71,057) 285,489 — Effect of tax reform (658,919) (28,993) — Income tax calculated 18,963,938 8,795,263 2,038,661 Effective tax rate 35.0 % 33.3 % 42.7 % Current 16,801,363 6,940,660 2,583,832 Deferred 2,162,575 1,854,603 (545,171) 18,963,938 8,795,263 2,038,661 |
Schedule of deferred income tax | 2022 2021 Deferred tax assets (1) 13,392,480 9,024,858 Deferred tax liabilities (2) (13,479,336) (10,850,463) Net deferred income tax (86,856) (1,825,605) (1) Mainly corresponds to the loans payable in dollar of Ecopetrol Business Group, that increased due to the currency devaluation in 2022 (21%), and the increase in debt levels of the Business Group. (2) The variation mainly corresponds to the deferred tax of ISA, represented by the deferral of income and the application of accelerated depreciation amounts in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP). |
Schedule of deferred income tax assets and liabilities | 2022 2021 Deferred tax assets (liabilities) Loans(1) 8,707,743 3,385,388 Loss carry forwards (2) 6,497,845 6,122,243 Provisions (3) 3,712,239 4,029,550 Employee benefits (4) 963,558 1,378,161 Accounts payable 54,611 13,774 Presumptive income tax excesses (5) — 180,563 Goodwill (6) (604,350) (405,973) Other (7) (3,499,216) (3,050,013) Accounts receivable (8) (4,558,699) (4,029,534) Property plant and equipment and Natural and environmental resources (9) (11,360,587) (9,449,764) (86,856) (1,825,605) (1) Corresponds mainly to the effect in the foreign exchange rate (21%) in the fiscal year 2022 and the increase in debt levels of the Business Group. (2) In 2022, a deferred tax asset for tax losses carryforwards was recognized for $6,497,845 (2021 - $6,122,243) in the following companies: - Tax losses that do not expire: Ecopetrol USA for $339,950 (2021 - $765,914); Refinería de Cartagena for $1,871,732 (2021 - $2,027,433); and ISA Group companies in Chile for $35,806 (2021 - $20,818). - Tax losses that expire in 12 years in Invercolsa for $17,524 (2021 - $14,626). - Tax losses that expire in 20 years from the date they were recognized by Ecopetrol USA Inc. for $1,887,805 (2021 - $1,591,781). - Tax losses expiring in 2025 of Ruta de la Araucanía and Transamerican for $111,273 (2021 - $137,289); 2027, Ruta Costera for $84,964 (2021 - $17,953); 2030 from Internexa Chile for $16,062 (2021 - $12,931); 2029 of Ruta del Maipó for $1,000,632 (2021 - $763,272); 2040 from ISA Interchile for $1,104,625 (2021 - $756,410); and 2044 Ruta del Loa for $27,472 (2021 - $13,816). (3) (4) Corresponds to update of the actuarial calculations for health, pensions and bonds, education, and other long-term benefits to employee. (5) In 2021, Refineria de Cartagena recognized deferred tax assets by COP$180,563 (6) According to Colombian tax law until the fiscal year 2016, goodwill was subject to amortization for fiscal proposes, while under IFRS it is only allowed to be subject to impairment tests, a difference that results in a deferred tax liability, variances related to translation adjustment from the year. (7) The variation corresponds mainly to: a) the balance of regulatory security works and payment of pre-existing infrastructure of the concessionaires in Chile and in Companhia de Transmissão de Energía Elétrica Paulista (CTEEP) for the provision associated with law 4819 pension benefits, b) the total deferred tax liability of ISA's consolidated, mainly in Ruta del Maipo due to the readjustment of the financial asset and c) the effect of business combination (ISA). (8) The variation mainly corresponds to the deferred tax of ISA, represented by the deferral of income and the application of accelerated depreciation amounts in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP). (9) For tax purposes, natural and environmental resources, and property, plant, and equipment have a useful life and a depreciation and amortization methodology different from those determined under international accounting standards, mainly in ISA Colombia and Transmantaro considering their accelerated depreciation in 2022. |
Schedule of movements of deferred income tax | 2022 2021 2020 Opening balance (1,825,605) 6,034,706 5,480,516 Deferred tax recognized in profit or loss (2,162,575) (1,854,603) 545,171 Increase due to business combination 96,767 (7,877,297) (383,346) Deferred tax recognized in other comprehensive income (a) 4,769,474 1,535,151 89,526 Other (24,132) (35,033) — Foreign currency translation (940,785) 371,471 302,839 Closing balance (86,856) (1,825,605) 6,034,706 (a) |
Schedule of income tax recorded in other comprehensive income | December 31. 2022 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) 1,254,514 (586,260) 668,254 Cash flow hedging for future crude oil exports (Note 30.3) 3,167,351 (1,638,602) 1,528,749 Hedge of a net investment in a foreign operation (Note 30.4) 7,526,124 (2,538,389) 4,987,735 Hedge with derivative instruments (111,690) (6,223) (117,913) 11,836,299 (4,769,474) 7,066,825 December 31. 2021 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 22.1) (2,456,667) 679,510 (1,777,157) Cash flow hedging for future crude oil exports (Note 30.3) 1,259,269 (450,492) 808,777 Hedge of a net investment in a foreign operation (Note 30.4) 4,579,758 (1,708,348) 2,871,410 Hedge with derivative instruments 191,487 (55,821) 135,666 3,573,847 (1,535,151) 2,038,696 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 |
Schedule of income tax rate | Year General Rate* 2020 32 % 2021 31 % (*) Applicable rate for Colombian companies, permanent establishments, and foreign entities. < percentile 30 0% > = percentile 30 and < percentile 45 5% > = percentile 45 and < percentile 60 10% > = percentile 60 15% |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other assets | |
Schedule of other assets | 2022 2021 Current Partners in joint operations 871,409 639,199 Prepaid expenses 693,341 549,456 Advanced payments to contractors and suppliers 679,829 591,990 Trust funds 507,163 527,520 Related parties (Note 31) 1,087 1,386 Other assets 25,651 23,540 2,778,480 2,333,091 Non–current Abandonment and pension funds 568,066 461,729 Employee benefits 342,143 229,969 Trust funds 184,464 176,781 Advanced payments and deposits 87,684 92,815 Judicial deposits and attachments 54,776 48,845 Other assets 216,214 188,224 1,453,347 1,198,363 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations | |
Summary of the fair value of the identifiable assets and liabilities of ISA as at the date of acquisition | Fair Value Assets Cash and cash equivalents 4,983,234 Accounts receivable 27,487,774 Inventories 120,300 Other financial assets 1,093,941 Current tax assets 477,504 Other assets 682,445 Investments in subsidiaries and joint ventures 5,014,749 Properties, plant, and equipment 17,486,901 Right of use assets 230,207 Intangibles 13,903,491 Deferred tax assets 2,075,849 Total assets 73,556,395 Liabilities Loans 27,203,432 Leases 255,503 Accounts payable 1,358,692 Employee Benefits 973,210 Tax liabilities 1,897,786 Provisions and contingencies 947,883 Other liabilities 1,708,349 Deferred tax liabilities 9,856,379 Total liabilities 44,201,234 Total identifiable net assets 29,355,161 Non-controlling interest (18,734,241) Goodwill derived from the acquisition 3,279,916 Consideration transferred 13,900,836 |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in associates and joint ventures | |
Schedule of investment entities | 2022 2021 Joint ventures Interligação Elétrica do Madeira S.A. 1,871,142 1,374,483 Transmissora Aliança de Energia Elétrica S.A. 1,830,504 1,496,060 Equion Energía Limited 1,191,154 1,860,634 Interligação Elétrica Paraguaçu S.A. 614,112 412,526 Interligação Elétrica Garanhuns S.A. 571,328 363,498 Interligação Elétrica Ivaí S.A. 469,176 288,224 Interligação Elétrica Aimorés S.A. 411,495 278,408 Conexión Kimal Lo Aguirre S.A. (1) 169,230 — Ecodiesel Colombia S.A. 54,614 64,019 Interconexión Eléctrica Colombia Panamá S.A. 20,516 8,737 Transnexa S.A. E.M.A. 8,545 8,545 Derivex S.A. 439 448 Parques de Rio 83 93 Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. 4 4 7,212,342 6,155,679 Less impairment: Equion Energía Limited (400,196) (398,104) Transnexa S.A. E.M.A. (8,545) (8,545) 6,803,601 5,749,030 Associates Gases del Caribe S.A. E.S.P. 1,495,341 1,515,838 ATP Tower Holdings 913,218 813,697 Gas Natural del Oriente S.A. E.S.P. 148,254 142,508 Gases de la Guajira S.A. E.S.P. 69,376 69,461 E2 Energía Eficiente S.A. E.S.P. 34,944 35,062 Extrucol S.A. 27,680 28,578 Serviport S.A. 9,399 9,399 Sociedad Portuaria Olefinas 4,186 3,012 2,702,398 2,617,555 Less impairment: Serviport S.A. (9,399) (9,399) 2,692,999 2,608,156 9,496,600 8,357,186 (1) In July 2022, ISA Inversiones Chile incorporated the company Conexion Kimal Lo Aguirre S.A. together with Transelec and China Southern Power Grid International (CSG). This company will build and operate the Kimal-Lo Aguirre project in Chile awarded in 2021. |
Schedule of movement of investments in associates and joint ventures | For the year ended December 31, 2022: Associates Joint ventures Total Opening balance 2,608,156 5,749,030 8,357,186 Capital contributions — 329,377 329,377 Effects of equity method through: Profit or loss 126,329 642,093 768,422 Other comprehensive income 149,165 1,450,948 1,600,113 Dividends declared (1) (190,651) (1,365,755) (1,556,406) Impairment (Note 18) — (2,092) (2,092) Closing balance 2,692,999 6,803,601 9,496,600 (1) During 2022, Ecopetrol Business Group received dividends of $1,471,134 from its investments Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. For the year ended December 31, 2021: Associates Joint ventures Total Opening balance 1,791,249 1,383,379 3,174,628 Capital contributions — 44,735 44,735 Business combination (Note 12) 783,494 4,231,255 5,014,749 Effects of equity method through: Profit or loss 193,367 232,797 426,164 Other comprehensive income 12,142 121,856 133,998 Dividends declared (1) (171,238) (177,870) (349,108) Impairment (Note 18) (858) (83,644) (84,502) Foreign currency translation — (3,478) (3,478) Closing balance 2,608,156 5,749,030 8,357,186 (1) During 2021, the Group received dividends of $206,048 from Ecodiesel, Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. 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) During 2020, the Group received dividends of $157,241 from its investments. |
Schedule of breakdown of assets, liabilities and results of two investments | 2022 2021 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of financial position Current assets 689,613 1,967,310 1,684,029 593,389 1,233,296 3,054,020 Non–current assets 5,890,932 12,351,913 27,943 4,432,664 8,985,539 3,850 Total assets 6,580,545 14,319,223 1,711,972 5,026,053 10,218,835 3,057,870 Current liabilities 376,203 753,445 41,336 325,049 711,592 62,157 Non–current liabilities 2,765,355 7,474,497 31,372 2,196,231 4,633,422 35,316 Total liabilities 3,141,558 8,227,942 72,708 2,521,280 5,345,014 97,473 Equity 3,438,987 6,091,281 1,639,264 2,504,773 4,873,821 2,960,397 Other complementary information Cash and cash equivalents 200,091 700,313 52,370 207,703 128,256 106,858 2022 2021 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of profit or loss Sales revenue 603,362 2,598,283 4,263 639,356 2,953,672 63,169 Costs (20,098) (410,106) (23,726) (18,021) (450,666) (45,201) Other operating income (expenses), net — (198,835) (945) — (117,526) (8,553) Financial (expenses) income (88,991) (606,837) 48,040 (129,094) (562,549) 65,611 Income tax (expense) (106,292) (129,531) 23,151 (112,574) (285,702) (22,091) Financial year results 387,981 1,252,974 50,783 379,667 1,537,229 52,935 Other comprehensive results — 8,565 1,144,801 — 15,599 1,632,400 Other complementary information Depreciation and amortization 881 20,551 47 3,708 15,076 399 |
Schedule of reconciliation of equity of the significant investments and carrying amount of investments | 2022 2021 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Equity of the joint venture 3,438,987 6,091,281 1,639,264 2,504,773 4,873,821 2,960,397 % of Ecopetrol’s ownership 51 % 14.88 % 51 % 51 % 14.88 % 51 % Ecopetrol’s ownership 1,753,883 906,382 836,025 1,277,434 725,185 1,509,802 Additional value of the investment — 230,828 375,694 — 197,070 375,694 Impairment — — (400,196) — — (398,104) Unrealized gain — — (20,565) — — (24,862) Carrying amount of the investment 1,753,883 1,137,210 790,958 1,277,434 922,255 1,462,530 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant, and equipment | |
Schedule of plant and equipment and depreciation and impairment | 14. Plant Pipelines, and networks, Work in equipment and lines progress Buildings Lands Other Total Cost Balance as of December 31, 2021 57,452,843 55,402,633 10,566,114 9,660,227 4,800,297 3,018,660 140,900,774 Additions/capitalizations (1) 2,433,113 1,331,585 4,496,490 401,079 15,956 89,493 8,767,716 Abandonment cost update (Note 23) (241,090) (333,705) — (42,730) — (3,652) (621,177) Capitalized financial interests (2) 62,677 23,155 89,809 7,778 518 2,031 185,968 Exchange differences capitalized 366 135 524 45 3 12 1,085 Disposals (669,531) (471,119) (18,057) (41,606) (480) (50,169) (1,250,962) Decrease related to business combination (Note 12) — (176,451) — 37,542 (14,648) — (153,557) Effect of adopting new standards (3) — — 18,013 — — — 18,013 Foreign currency translation 7,200,073 3,665,015 336,968 635,557 393,059 228,227 12,458,899 Reclassifications/transfers (4) (3,430,789) 846,520 (2,027,540) 4,696,173 4,364 (59,324) 29,404 Balance as of December 31, 2022 62,807,662 60,287,768 13,462,321 15,354,065 5,199,069 3,225,278 160,336,163 Accumulated depreciation and impairment losses Balance as of December 31, 2021 (24,698,837) (19,665,052) (1,279,600) (4,059,253) (67,611) (1,053,895) (50,824,248) Depreciation expense (2,807,716) (2,319,775) — (423,067) — (159,398) (5,709,956) Recovery (loss) impairment (Note 18) 504,960 (70,439) (153,449) 84,478 22,248 11,420 399,218 Disposals 637,049 448,340 755 37,953 41 44,162 1,168,300 Foreign currency translation (2,737,467) (1,340,435) (2,307) (195,728) (8,192) (126,507) (4,410,636) Reclassifications/transfers (4) 1,588,122 76,853 16,561 (1,674,537) — 31,658 38,657 Balance as of December 31, 2022 (27,513,889) (22,870,508) (1,418,040) (6,230,154) (53,514) (1,252,560) (59,338,665) Balance as of December 31, 2021 32,754,006 35,737,581 9,286,514 5,600,974 4,732,686 1,964,765 90,076,526 Balance as of December 31, 2022 35,293,773 37,417,260 12,044,281 9,123,911 5,145,555 1,972,718 100,997,498 (1) Mainly includes: i) Ecopetrol S.A. ongoing projects associated with the Caño Sur, Castilla, Chichimene, Cusiana and Rubiales fields, ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 05-2014 Interconexión Costa Caribe 500kV, the UPME 06-2018 project New El Rio 220 kV Substation, and associated transmission lines and the UPME 03-2014 Interconexión Noroccidental 230/500 kV project. (2) Financial interest is capitalized based on the weighted average rate of borrowing costs. (3) Corresponds to the effect of adopting the IAS 16 amendment in Hocol S.A. (Note 5.1). (4) Includes the activation of the interconnection of the crude plant of the Refinería de Cartagena S.A.S. (IPCC). Plant Pipelines, and networks Work in equipment and lines progress Buildings Lands Other Total Cost 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 Additions/capitalizations 1,958,132 1,657,967 1,854,907 434,438 4,965 207,179 6,117,588 Increase by business combination (Note 12) 184,303 14,860,422 1,521,181 557,224 395,828 121,500 17,640,458 Abandonment cost update (Note 23) (182,172) (104,101) (1,673) (3,494) — 127 (291,313) Capitalized financial interests (1) 53,740 29,435 29,209 12,491 160 6,129 131,164 Exchange differences capitalized 1,371 751 745 319 4 156 3,346 Disposals (312,646) (81,967) (9,344) (25,530) (4,164) (37,560) (471,211) Foreign currency translation 4,946,012 1,646,079 164,778 204,496 257,988 120,110 7,339,463 Transfers/reclassifications (284,678) 252,353 (507,917) 67,814 32,690 (91,442) (531,180) Balance as of December 31, 2021 57,452,843 55,402,633 10,566,114 9,660,227 4,800,297 3,018,660 140,900,774 Accumulated depreciation and impairment losses Balance as of December 31, 2020 (21,256,869) (17,558,024) (1,023,456) (3,628,724) (78,548) (908,500) (44,454,121) Depreciation expense (2,420,045) (1,723,300) - (381,978) - (116,923) (4,642,246) Reversal (loss) of an impairment (Note 18) 24,888 (22,346) (312,009) 12,790 16,403 (858) (281,132) Disposals 276,225 66,555 421 18,152 34 31,355 392,742 Foreign currency translation (1,726,218) (434,365) (1,550) (73,136) (5,500) (61,416) (2,302,185) Transfers/reclassifications 403,182 6,428 56,994 (6,357) - 2,447 462,694 Balance as of December 31, 2021 (24,698,837) (19,665,052) (1,279,600) (4,059,253) (67,611) (1,053,895) (50,824,248) 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 Net balance as of December 31, 2021 32,754,006 35,737,581 9,286,514 5,600,974 4,732,686 1,964,765 90,076,526 (1) Financial interest is capitalized based on the weighted average rate of loan costs. See Note 20 – Loans and financing. |
Natural and environmental res_2
Natural and environmental resources (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Natural and environmental resources | |
Schedule of detailed information about natural and environmental | Exploration Oil Asset retirement and investments cost evaluation Total Cost Balance as of December 31, 2021 76,229,481 8,172,698 7,212,305 91,614,484 Additions/capitalizations (1) 8,368,195 — 3,594,349 11,962,544 Abandonment cost update (Note 23) — (1,130,363) 21,524 (1,108,839) Disposals (2) (759,178) (114,899) (6,084) (880,161) Write off exploratory assets and dry wells (3) (223,058) — (809,106) (1,032,164) Capitalized financial interests (4) 136,696 — 60,570 197,266 Exchange differences capitalized 798 — 353 1,151 Effect of adopting new standards (5) — — 48,173 48,173 Foreign currency translation 4,431,851 127,871 533,347 5,093,069 Transfers/reclassifications 153,686 49,596 (175,406) 27,876 Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Accumulated depletion and impairment losses Balance as of December 31, 2021 (51,316,344) (4,230,674) (157,622) (55,704,640) Depletion expense (4,536,052) (800,139) — (5,336,191) (Loss) reversal of impairment (Note 18) (632,179) — 9,105 (623,074) Disposals 421,036 96,489 11,793 529,318 Foreign currency translation (2,354,611) (82,927) — (2,437,538) Transfers/reclassifications 35,677 (70,835) 7,494 (27,664) Balance as of December 31, 2022 (58,382,473) (5,088,086) (129,230) (63,599,789) Net balance as of December 31, 2021 24,913,137 3,942,024 7,054,683 35,909,844 Net balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 (1) Mainly includes a) Ecopetrol Permian, for investments in drilling of wells and construction of facilities executed in Rodeo, b) Ecopetrol S.A., mainly in Caño Sur, Casabe, Castilla, Chichimene, Floreña, Rubiales fields, and Cupiagua and Uchuva exploratory wells, and c) Hocol S.A., mainly in Guarrojo, Cicuco, SSJN1, Guajira, VIM-8, SN15, YDSN-1, LLA-87 blocks. (2) Corresponds mainly to the withdrawal of Rygberg’s association contract in Ecopetrol América. (3) Mainly includes a) Saturno block in Ecopetrol Brazil related to the entry bond, b) dry wells in Hocol S.A.: Bololó, Pilonera, Pollera, and Chinchorro and unsuccessfulness of the Sinuano and Yoda B wells, c) Ecopetrol S.A., Boranda Norte 1 well, and d) Ecopetrol América, Starman well. (4) Financial interest is capitalized based on the weighted average rate of borrowing costs. (5) Corresponds to the effect of adopting the IAS 16 amendment (Nota 5.1) Asset Exploration Oil retirement and investments cost evaluation Total Cost Balance as of December 31, 2020 65,367,278 7,231,851 8,867,894 81,467,023 Additions/capitalizations (1) 4,032,780 60,618 2,639,630 6,733,028 Abandonment cost update (Note 23) — 778,925 13,256 792,181 Disposals (3,497) (484) (69,908) (73,889) Withdrawal of exploratory assets and dry wells (2) — — (486,408) (486,408) Capitalized financial interests (3) 99,786 — 24,757 124,543 Exchange differences capitalized 2,546 — 632 3,178 Foreign currency translation 1,979,171 101,866 767,117 2,848,154 Transfers/reclassifications 4,751,417 (78) (4,544,665) 206,674 Balance as of December 31, 2021 76,229,481 8,172,698 7,212,305 91,614,484 Accumulated depletion and impairment losses Balance as of December 31, 2020 (46,106,147) (2,981,449) (445,268) (49,532,864) Depletion expense (3,803,027) (1,193,454) — (4,996,481) Reversal of impairment (Note 18) 305,016 — 59,111 364,127 Disposals 500 — 31,214 31,714 Foreign currency translation (1,401,121) (41,610) — (1,442,731) Transfers/reclassifications (311,565) (14,161) 197,321 (128,405) Balance as of December 31, 2021 (51,316,344) (4,230,674) (157,622) (55,704,640) Net balance as of December 31, 2020 19,261,131 4,250,402 8,422,626 31,934,159 Net balance as of December 31, 2021 24,913,137 3,942,024 7,054,683 35,909,844 (1) Includes: a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in RODEO, b) Ecopetrol for the Llanito, Purple Angel, Casabe and Offshore Tayrona fields. and c) Hocol mainly in Mamey 3, Pintado, Pozo Toldado, SN-8, Rc7 Pozo Basari, Ocelote, SSJN1, VIM8 and Saman. d) Ecopetrol America for Rydber and K2 e) Ecopetrol Brazil for the Gato do Mato project. (2) Mainly includes the Moyote well by Ecopetrol México, Ecopetrol S.A. mainly the Aguas Blancas, Alqamari-1, Nafta-1, Lorito Este 1, Boranda Centro 1 and Chimuelo 1 wells, Hocol Chacha 2 well, Ecopetrol América the well Silverback #1 and Silverback #2 and by Ecopetrol Brasil Ceará. Additionally, Hocol includes exploration expenses. (3) Financial interests are capitalized based on the weighted average rate of loan costs. See Note 20 – Loans and borrowings. |
Schedule ofdetailed information about classification by age from completion date of suspended exploaratory wells | 2022 2021 2020 Between 1 and 3 years (a) 48,206 — — Between 3 and 5 years (b) — — 319,368 More than 5 years (c) 650,767 651,040 589,604 Total suspended exploratory Wells 698,973 651,040 908,972 Number of projects exceeding 1 year 8 6 16 Wells under 1 year of suspended (d) 990 20,863 — (a) For 2022, the balance corresponds to Hocol: Bullerengue South West-1 and Merecumbe 1, which are under evaluation. (b) For 2020, the balance corresponds mainly to wells of Ecopetrol S.A.: Purple Angel and Gorgon. (c) For 2022 and 2021, it corresponds mainly to i) Ecopetrol S.A.: Orca 1, Purple Angel, and Gordon, which are under evaluation. For 2020, the exploratory wells correspond mainly to i) Ecopetrol S.A.: Orca 1, Luna-1, and Gala 1K. |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Right-of-use assets. | |
Schedule of right-of-use assets | Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2021 77,019 199,070 121,384 99,205 496,678 1,165,099 Additions 40,642 100,070 71,013 142,346 354,071 354,071 Amortization of the period (24,751) (61,814) (60,359) (102,198) (249,122) — Remeasurements(1) (114) (24,524) 7,505 16,779 (354) 18,644 Impairment loss — (1,244) (4,042) (5,499) (10,785) — Disposals (4,701) (2,696) (23,010) (215) (30,622) (31,957) Finance cost — — — — — 70,250 Repayment of borrowings and interests — — — — — (434,555) Transfers (584) (108) 595 (43) (140) (1,877) Exchange difference 8,723 35,304 6,448 17,612 68,087 72,671 Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 (1) Corresponds mainly to updating rates and conditions in lease contracts. Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2020 — 93,472 133,939 150,475 377,886 1,055,198 Additions 22,871 22,190 10,037 20,319 75,417 75,417 Effect of business combinations (Note 12) 75,836 121,042 13,779 19,550 230,207 255,503 Amortization of the period (6,897) (39,109) (61,186) (86,830) (194,022) — Remeasurements(1) — 26,057 48,803 5,045 79,905 80,068 Impairment loss — (5,802) (20,608) (5,373) (31,783) — Disposals — (14,540) — (98) (14,638) (64,726) Finance cost — — — — — 49,694 Repayment of borrowings and interests — — — — — (336,030) Transfers (214) (11,676) (363) (1,134) (13,387) 2,615 Exchange difference (14,577) 7,436 (3,017) (2,749) (12,907) 47,360 Balance as of December 31, 2021 77,019 199,070 121,384 99,205 496,678 1,165,099 (1) Corresponds mainly to updating rates and conditions in lease contracts. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets | |
Schedule of intangibles and their amortization and impairment | Licensees and Other Concessions Easements software intangibles and rights (1) Total Cost Balance as of December 31, 2021 1,118,811 940,080 13,503,441 1,733,379 17,295,711 Acquisitions 292,803 9,953 835,457 9,297 1,147,510 Effect of business combination (Note 12) — 12,670 (117,270) (318,388) (422,988) Disposals (4,148) — (95,875) (478) (100,501) Foreign currency translation 74,759 338,654 3,439,810 86,905 3,940,128 Transfers/reclassifications 30,389 (18,605) 2,518 126,729 141,031 Balance as of December 31, 2022 1,512,614 1,282,752 17,568,081 1,637,444 22,000,891 Accumulated amortization and impairment losses Balance as of December 31, 2021 (689,817) (153,292) (878,125) (65,961) (1,787,195) Amortization of the period (138,544) (30,282) (658,457) (6,439) (833,722) Losses for impairment (1,785) (15,323) (34,022) (133) (51,263) Disposals 3,283 — 95,875 425 99,583 Foreign currency translation (58,215) (243,909) (919,328) (109) (1,221,561) Transfers/reclassifications 918 (3,865) — (57,181) (60,128) Balance as of December 31, 2022 (884,160) (446,671) (2,394,057) (129,398) (3,854,286) Net balance as of December 31, 2021 428,994 786,788 12,625,316 1,667,418 15,508,516 Net balance as of December 31, 2022 628,454 836,081 15,174,024 1,508,046 18,146,605 (1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. Licensees and Other Concessions Easements software intangibles and rights (2) Total Cost Balance as of December 31, 2020 835,030 201,463 351,108 79,176 1,466,777 Acquisitions 140,263 11,456 275,736 16,891 444,346 Effect of business combination (1) 130,634 666,455 11,910,589 1,618,801 14,326,479 Disposals (21,581) (226) (402) (79) (22,288) Foreign currency translation 82,397 83,856 893,249 18,553 1,078,055 Transfers/reclassifications (47,932) (22,924) 73,161 37 2,342 Balance as of December 31, 2021 1,118,811 940,080 13,503,441 1,733,379 17,295,711 Accumulated amortization and impairment losses Balance as of December 31, 2020 (607,871) (67,299) (173,799) (62,765) (911,734) Amortization of the period 123,796 (19,780) (427,989) (3,200) (327,173) Losses for impairment (57) — — — (57) Disposals 21,313 56 — 41 21,410 Foreign currency translation (55,695) (66,333) (447,697) — (569,725) Transfers/reclassifications (171,303) 64 171,360 (37) 84 Balance as of December 31, 2021 (689,817) (153,292) (878,125) (65,961) (1,787,195) Net balance as of December 31, 2020 227,159 134,164 177,309 16,411 555,043 Net balance as of December 31, 2021 428,994 786,788 12,625,316 1,667,418 15,508,516 (1) Corresponds to the balances recognized in the business combination, which mainly includes i) service concessions classified as intangible assets, according to IFRIC 12, in Peru, Bolivia, and Colombia, ii) rights to use infrastructure and intangible assets recognized through business combinations in Brazil and Peru, and iii) intangibles associated with economic benefits from contractual income. (2) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so there is no set term or contractual limit, and the right is maintained over time. |
Impairment of non-current ass_2
Impairment of non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Impairment of non-current assets | |
Schedule of impairment (losses) or reversals | Impairment (loss) reversal by segment 2022 2021 2020 Exploration and Production (890,248) 438,020 (192,693) Refining and Petrochemicals 1,096,021 (305,466) (781,528) Transport and Logistics (406,229) (165,901) 341,065 Electric power transmission and toll roads concessions (87,543) (4) — (287,999) (33,351) (633,156) Recognized in: Property, plant, and equipment (Note 14) 399,218 (281,132) (384,638) Natural resources (Note 15) (623,074) 364,127 (217,709) Investment in joint ventures and associates (Note 13) (2,092) (84,502) (66,512) Right of use assets (Note 16) (10,785) (31,783) 35,874 Other non-current assets (51,266) (61) (171) (287,999) (33,351) (633,156) |
Schedule of Refining and Petrochemical Segment | 2022 2021 2020 Refinería de Cartagena S.A.S. 1,096,024 34,650 (440,525) Invercolsa S.A. (3) (97) (3) Refinería de Barrancabermeja (projects) — (340,019) (341,000) 1,096,021 (305,466) (781,528) The following is the Cash Generating Units impairment or reversals in the refining and petrochemical segment for the years ended December 31, 2022, 2021 and 2020: 2022 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 31,750,957 32,846,981 1,096,024 Invercolsa S.A. 276 273 (3) 1,096,021 2021 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 26,808,008 26,842,658 34,650 Invercolsa S.A. 292 195 (97) Refinería de Barrancabermeja (projects) 340,019 — (340,019) (305,466) 2020 Carrying Recoverable Impairment Cash–generating units amount amount loss Refinería de Cartagena S.A.S. 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) |
Schedule of breakdown of oilfields impairment losses or reversals | Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 3,540,732 5,563,724 250,306 Loss 4,870,976 3,732,514 (1,138,462) (888,156) 2021 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 11,216,641 17,575,851 499,599 Loss 239,046 136,698 (104,041) Fields operated abroad Reversal 1,142,593 1,306,219 126,106 521,664 2020 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) 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) |
Investment in joint ventures | |
Impairment of non-current assets | |
Schedule of breakdown of oilfields impairment losses or reversals | 2022 2021 2020 Equion Energía Limited (2,092) (83,644) 7,928 Offshore International Group — — (76,969) (2,092) (83,644) (69,041) |
Exploration and Production | |
Impairment of non-current assets | |
Schedule of breakdown of oilfields impairment losses or reversals | 2022 2021 2020 Oilfields (888,156) 521,664 (123,652) Investment in joint ventures (2,092) (83,644) (69,041) (890,248) 438,020 (192,693) |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Schedule of goodwill in acquisitions of subsidiaries | 2022 2021 Interconexión Eléctrica S.A. E.S.P. 3,755,835 3,092,045 Oleoducto Central S.A.S. 683,496 683,496 Hocol Petroleum Ltd. 537,598 537,598 Invercolsa S.A. 434,357 434,357 Andean Chemical Ltd 127,812 127,812 Esenttia S.A. 108,137 108,137 5,647,235 4,983,445 Less impairment Hocol Petroleum Ltd. (297,121) (297,121) 5,350,114 4,686,324 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans and borrowings | |
Schedule of composition of loans and borrowings | Weighted average effective interest rate as of December 31 2022 2021 2022 2021 Local currency Bonds 9.8 % 9.1 % 4,965,653 4,941,024 Syndicated loan 11.5 % 5.4 % 388,518 600,452 Lease liabilities (1) 8.0 % 6.3 % 844,734 823,922 Commercial loan 10.3 % 7.8 % 1,782,944 1,516,377 7,981,849 7,881,775 Foreign currency Bonds (2) 6.0 % 5.7 % 82,432,647 66,603,695 Commercial and syndicated loans 4.6 % 3.5 % 23,537,675 18,750,580 Loans from related parties (Note 31) 5.9 % 0.3 % 815,056 1,483,701 Lease liabilities (1) 6.0 % 6.0 % 367,612 341,177 107,152,990 87,179,153 115,134,839 95,060,928 Current 22,198,583 9,206,283 Non–current 92,936,256 85,854,645 115,134,839 95,060,928 (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 (See Note 16). (2) Corresponds to the increase in the exchange rate by $829 per dollar and the movements in debt during the period. |
Schedule of maturity of loans and borrowings | The following are the maturities of loans and borrowing as of December 31, 2022: Up to 1 year (1) 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 579,032 1,262,971 1,559,593 1,564,057 4,965,653 Syndicated loan 254,165 134,353 — — 388,518 Lease liabilities 150,872 384,661 308,493 708 844,734 Commercial loans 311,721 689,835 631,100 150,288 1,782,944 1,295,790 2,471,820 2,499,186 1,715,053 7,981,849 Foreign currency Bonds 12,235,174 25,336,179 23,223,393 21,637,901 82,432,647 Commercial and syndicated loans 7,726,416 15,054,954 547,092 209,213 23,537,675 Lease liabilities 126,147 206,474 34,991 — 367,612 Loans from related parties 815,056 — — — 815,056 20,902,793 40,597,607 23,805,476 21,847,114 107,152,990 22,198,583 43,069,427 26,304,662 23,562,167 115,134,839 (1) The following are the maturities of loans and borrowing as of December 31, 2021: Up to 1 year (1) 1 – 5 years 5–10 years > 10 years Total Local currency Bonds 290,858 1,152,829 1,423,909 2,073,428 4,941,024 Syndicated loan 239,597 360,855 — — 600,452 Lease liabilities 188,477 340,283 283,070 12,092 823,922 Commercial loans 170,758 539,693 595,307 210,619 1,516,377 889,690 2,393,660 2,302,286 2,296,139 7,881,775 Foreign currency Bonds 3,275,138 27,550,698 17,515,876 18,261,983 66,603,695 Commercial loans 3,457,708 14,792,560 303,012 197,300 18,750,580 Lease liabilities 100,046 205,617 35,514 — 341,177 Loans from related parties 1,483,701 — — — 1,483,701 8,316,593 42,548,875 17,854,402 18,459,283 87,179,153 9,206,283 44,942,535 20,156,688 20,755,422 95,060,928 (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 | 2022 2021 Local currency Fixed rate 1,844,086 1,239,723 Floating rate 6,137,763 6,642,052 7,981,849 7,881,775 Foreign currency Fixed rate 82,850,932 69,427,014 Floating rate 24,302,058 17,752,139 107,152,990 87,179,153 115,134,839 95,060,928 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Schedule of trade and other payables | 2022 2021 Current Suppliers 15,034,677 10,470,260 Withholding tax 1,896,128 717,720 Partners’ advances 1,164,197 1,060,349 Dividends payable (1) 392,346 58,668 Insurance and reinsurance 330,363 294,114 Deposits received from third parties 162,338 136,310 Agreements in transport contracts 115,526 33,883 Related parties (Note 31) 67,879 66,598 Hedging operations (2) 4,311 2,032 Various creditors 769,939 728,297 19,937,704 13,568,231 Non - current Suppliers 28,425 8,260 Deposits received from third parties 331 33 Various creditors 28,300 62,314 57,056 70,607 |
Provisions for employees' ben_2
Provisions for employees' benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions for employees' benefits | |
Schedule of provision balances for employee benefits | 2022 2021 Post–employment benefits Healthcare 8,140,648 6,636,809 Pension 2,073,562 2,159,530 Education 405,769 443,761 Bonds 399,114 320,833 Other plans (1) 115,136 91,476 Termination benefits – Voluntary retirement plan 772,133 746,585 11,906,362 10,398,994 Social benefits and salaries 970,598 856,198 Other employee benefits 88,279 123,853 12,965,239 11,379,045 Current 2,753,697 2,296,253 Non–current 10,211,542 9,082,792 12,965,239 11,379,045 (1) Includes benefits to employees for five years and layoffs. |
Schedule of net defined benefit liability (asset) | Pension and bonds Other Total 2022 2021 2022 2021 2022 2021 Liabilities for employee benefits Opening balance 14,520,592 16,320,383 7,946,927 8,510,594 22,467,519 24,830,977 Effect of business combination — 545,319 — 301,780 — 847,099 Current service cost 51,756 10,948 95,724 121,404 147,480 132,352 Past service cost (2) — 3,545 114,162 125,783 114,162 129,328 Interest expense 953,146 867,644 530,482 485,494 1,483,628 1,353,138 Transferred benefits — — — (577) — (577) Actuarial (gains) losses (1,805,907) (2,285,738) 1,361,808 (1,091,228) (444,099) (3,376,966) Benefits paid (981,486) (931,051) (608,184) (506,323) (1,589,670) (1,437,374) Foreign currency translation 102,047 (10,458) 24,105 — 126,152 (10,458) Closing balance 12,840,148 14,520,592 9,465,024 7,946,927 22,305,172 22,467,519 Plan assets Opening balance 12,040,229 13,157,729 28,296 15,236 12,068,525 13,172,965 Effect of business combination — — — 11,004 — 11,004 Return on assets 802,711 691,584 1,819 367 804,530 691,951 Contributions to funds — — 125,788 504,511 125,788 504,511 Benefits paid (961,931) (924,924) (125,129) (502,340) (1,087,060) (1,427,264) Actuarial (losses) gains (1,513,537) (884,160) 564 (482) (1,512,973) (884,642) Closing balance 10,367,472 12,040,229 31,338 28,296 10,398,810 12,068,525 Net post–employment benefits liability 2,472,676 2,480,363 9,433,686 7,918,631 11,906,362 10,398,994 |
Schedule of movement of defined benefits plans recognized in results and other comprehensive income | 2022 2021 2020 Recognized in profit or loss Interest expense 679,098 661,187 622,163 Current service cost 147,480 132,352 118,035 Past service cost 114,162 129,328 631,761 Remeasurements — (211) — 940,740 922,656 1,371,959 Recognized in other comprehensive income Pension and pension bonds (1) 156,755 1,401,578 226,597 Healthcare (1) (1,429,423) 991,050 (33,324) Other 18,154 64,039 (55,814) (1,254,514) 2,456,667 137,459 Deferred tax 586,260 (679,510) (41,238) (668,254) 1,777,157 96,221 |
Schedule of fair value of plan assets | 2022 2021 Other local currency 4,810,813 5,422,709 Bonds of private entities 1,674,431 2,393,322 Bonds issued by the national government 1,552,690 2,758,728 Other foreign currency 1,762,899 113,012 Variable yield 291,847 1,026,862 Other public bonds 201,508 302,254 Bonds of foreign entities 104,622 51,638 10,398,810 12,068,525 |
Schedule of fair value hierarchy of plan assets | 2022 2021 AAA 4,138,043 7,183,658 Nación 3,319,858 2,871,610 AA+ 312,303 455,875 BB+ 267,961 78,216 AA 161,244 74,350 F1+ 87,111 112,284 F1 83,684 — BBB- 47,919 39,865 BRC1+ 43,000 37,884 BBB+ 30,331 40,928 A+ 23,514 — BAA2 20,880 — BAA1 20,814 18,855 AA- 8,714 9,558 A 2,352 5,834 Other ratings 330,997 47,348 Rating not available 1,500,085 1,092,260 10,398,810 12,068,525 |
Schedule of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks | 2022 Pension Bonds Health Education Others (1) Discount rate 6.2% - 14.7 % 9.00 % 8.7% - 14-7 % 6.3% - 14.8 % 7.4% - 14.5 % Salary growth rate 4.5% - 5.5 % N/A 4.5% - 5.5 % N/A 4.5% - 4.7 % Expected inflation rate 3.0% - 4.5 % 3.00 % 3.00 % 3.00 % 3.0% - 4.5 % Pension growth rate 3.00 % N/A 4.0% - 5.5 % 4.00 % 4.00 % Cost trend Short–term rate N/A N/A 6.33 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A 2021 Pension Bonds Health Education Others (1) Discount rate 5.18% - 8.7 % 5.00% - 6.25 % 7.00% - 8.8 % 6.30% - 8.9 % 5.56% - 7.10 % Salary growth rate 4.50 % N/A N/A 4.50 % 4.5% - 4.7 % Expected inflation rate 3.0% - 4.0 % 3.00 % 3.00 % 3.00 % 3.00% - 4.00 % Pension growth rate 3.0% - 3.5 % N/A N/A N/A 3.50 % 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 % 4.70 % N/A: Not applicable for this benefit. (1) Weighted average discount rate. |
Schedule of maturity profile of defined benefit obligation | Period Pension and bonds Other benefits Total 2023 1,158,416 614,528 1,772,944 2024 1,187,807 645,419 1,833,226 2025 1,212,665 684,044 1,896,709 2026 1,225,740 718,026 1,943,766 2027 1,245,109 756,240 2,001,349 2028 y ss 6,380,585 4,323,885 10,704,470 |
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, 2022: Pension Bonds Health Education Other Discount rate –50 basis points 12,000,383 1,076,007 8,472,198 396,973 900,711 +50 basis points 10,969,190 1,027,361 7,538,544 372,713 872,696 Inflation rate –50 basis points 10,974,674 1,023,440 N/A N/A 782,593 +50 basis points 12,057,329 1,079,923 N/A N/A 803,403 Salary growth rate –50 basis points N/A N/A N/A N/A 90,552 +50 basis points N/A N/A N/A N/A 96,723 Cost trend –50 basis points N/A N/A 7,535,085 372,035 N/A +50 basis points N/A N/A 8,478,117 397,599 N/A |
Accrued liabilities and provi_2
Accrued liabilities and provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued liabilities and provisions | |
Schedule of accrued liabilities and provisions | Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Abandonment costs update (1,730,016) — — (1,730,016) Additions 93,704 153,786 468,341 715,831 Uses (607,769) (41,773) (354,625) (1,004,167) Financial costs 333,688 10,293 17,322 361,303 Foreign currency translation 186,215 81,894 42,085 310,194 Reversal of provision for sale of assets (1) (188,540) — — (188,540) Transfers 28,427 (9,915) 41,170 59,682 Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Current 946,675 94,375 492,086 1,533,136 Non-current 9,059,353 803,876 1,360,129 11,223,358 10,006,028 898,251 1,852,215 12,756,494 (1) Corresponding to the abandonment provision associated with the assets related to the participation of Ecopetrol S.A. in Asociación Casanare, Estero, Garcero, Orocué and Corocora (CEGOC), which were sold to Perenco Oil and Gas Colombia. This trade closed on August 26, 2022. Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2020 11,239,325 118,139 1,070,266 12,427,730 Abandonment costs update 500,868 — — 500,868 Effect of business combination (Note 12) — 329,123 618,760 947,883 Additions 242,435 261,785 210,619 714,839 Uses (548,133) (13,453) (334,922) (896,508) Financial costs 292,329 3,925 7,272 303,526 Foreign currency translation 152,212 4,466 34,774 191,452 Transfers 11,283 (19) 31,153 42,417 Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Current 1,041,674 59,843 488,601 1,590,118 Non-current 10,848,645 644,123 1,149,321 12,642,089 11,890,319 703,966 1,637,922 14,232,207 Asset Environmental 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 |
Schedule of litigations | 2022 2021 Second instance rulings unfavorable to the interests of Ecopetrol, related to public works contributions, for which they have a unified sentence and that could be subject to collection by the tax authority 223,439 203,160 CTEEP Regulatory Contingency: Billing Eletrobras – RBNI Corresponds to the collection action filed by Eletrobras against ISA CTEEP requesting the return of the value charged in excess by the company as part of the payment of the compensation resulting from the extension of Concession Contract No. 059/2001 under Law No. 12,783/201, relating to NI facilities (new investments) that had been transferred to the company by Eletrobras. 40,692 27,993 Tax contingency: Property and Urban Land Tax (IPTU) CTEEP: corresponds to processes related to the collection of Property Tax (IPTU) in several municipalities of the State of São Paulo and recognizes a provision to cover processes. 23,691 — Unfavorable first instance ruling for Ecopetrol in the process of direct fixing for the damages associated with the hydrocarbon spill that occurred in Guaduas, Vereda Raizal and Cajón, in the property called “La Floresta” in May 2004. 14,245 — Administrative processes of a sanctioning type issued by PRONATEL and OSIPTEL Internexa Peru: Procedure for failure to pay contributions during the years 2010 to 2022 for the usufruct contracts with Telefónica del Perú and associated fines. 11,675 — Damages to third parties due to hydrocarbon easement in a building near the Cartagena Refinery. 11,019 11,019 Lost profits because of an open competition for the management of a set of assets transferred to a trust company. 5,774 5,774 |
Schedule of unrecorded contingent liabilities | 2022 2021 Number of Number of Type of process processes Proceedings processes Proceedings Constitutional 122 642,057 86 1,336,966 Ordinary administrative 147 2,590,089 146 1,867,591 Labor 625 68,194 788 87,175 Civil 59 761,090 58 13,148 Penal — — 1 — 953 4,061,430 1,079 3,304,880 |
Schedule of contingent assets | 2022 2021 Number of Number of Type of process processes Proceedings processes Proceedings Ordinary administrative 87 687,332 62 217,550 Arbitration — — 1 78,600 Civil 211 30,717 188 23,258 Penal 98 2,453 72 55,385 Labor 406 15,696 185 4,714 Constitutional 10 — 4 — 812 736,198 512 379,507 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Schedule of composition of the ecopetrol business group's reserves | 2022 2021 Legal reserve 6,407,256 4,737,788 Fiscal and statutory reserves 509,082 509,082 Occasional reserves 1,982,295 5,377,359 8,898,633 10,624,229 |
Schedule of balance of movement of the equity reserves | 2022 2021 Opening balance 10,624,229 9,635,136 Release of reserves (5,886,441) (5,066,156) Allocation to reserves 11,068,450 6,055,249 Dividends declared (6,907,605) — Closing balance 8,898,633 10,624,229 |
Schedule of dividends paid | 2022 2021 2020 Ecopetrol S.A. 11,622,778 696,387 7,369,498 Oleoducto Central S.A. - Ocensa 752,530 682,615 959,949 Interconexión Eléctrica S.A. ESP 572,260 790,532 — Invercolsa S.A. 179,202 150,333 148,941 Oleoducto de los Llanos Orientales S.A. - ODL 138,939 147,056 166,589 Oleoducto de Colombia S.A. - ODC 91,238 86,594 89,374 Oleoducto Bicentenario de Colombia S.A.S. - OBC — 217,770 — Total 13,356,947 2,771,287 8,734,351 |
Schedule of composition of the other comprehensive results attributable to the shareholders | 2022 2021 2020 Foreign currency translation 28,816,983 17,244,255 11,794,201 Hedge of a net investment in a foreign operation (9,219,271) (4,364,466) (1,494,927) Actuarial gain on defined benefit plans (1,331,361) (517,278) (2,260,989) Cash flow hedges for future exports (2,473,999) (945,250) (136,473) Cash flow hedge with derivative instruments 1,290 (61,502) 43,546 Others 3,077 2,135 1,704 15,796,719 11,357,894 7,947,062 |
Schedule of earnings per share | 2022 2021 2020 Profit attributable to Ecopetrol’s shareholders 31,604,781 15,649,143 1,586,677 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$ 768.7 COP$ 380.60 COP$ 38.59 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from contracts with customers | |
Schedule of detailed information of revenue from contracts with customers | 2022 2021 2020 National sales Mid–distillates (1) 39,182,510 17,140,327 8,860,588 Gasoline and turbo fuels (1) 27,620,199 15,475,370 6,768,046 Natural gas (2) 4,162,876 3,200,069 2,845,155 Services 3,601,681 3,065,988 2,859,559 Electric power transmission services (3) 2,595,505 728,467 — Plastic and rubber 1,568,816 1,642,035 865,204 LPG and propane 1,094,332 926,231 375,775 Asphalts 897,200 611,051 526,100 Fuel gas service 860,102 734,666 671,570 Crude oil 375,790 193,476 230,520 Roads and Construction Services (3) 355,737 107,179 — Aromatics 343,792 247,387 155,740 Polyethylene 302,630 320,466 138,035 Fuel oil 9,213 23,799 37,001 Other income gas contracts 1,940 2,879 32,190 Other products 679,183 402,828 322,232 Cash flow hedges (4) — (8) — 83,651,506 44,822,210 24,687,715 Foreign sales Crude oil (2) 56,651,753 34,868,421 20,086,173 Electric power transmission services (3) 5,114,783 1,827,622 — Roads and Construction Services (3) 4,676,822 1,241,144 — Fuel oil 4,348,312 2,288,977 1,044,811 Diesel 2,324,861 3,867,937 3,164,068 Plastic and rubber 2,036,201 2,092,379 1,302,131 LPG and propane 339,837 116,960 18,943 Natural gas 254,054 71,529 17,231 Gasoline and turbo fuels 157,685 — 179,257 Cash flow hedges (4) (1,578,246) (349,884) (857,347) Other products (5) 1,633,510 1,033,909 580,411 75,959,572 47,058,994 25,535,678 159,611,078 91,881,204 50,223,393 (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, 2022, the value recognized by price differential corresponds to $36,532,743 (2021 $11,335,453; 2020 ($142,723)). (2) With the implementation of the IAS 16 Amendment on the management of the sale of products obtained in the project stage or extensive tests mandatory as of January 1, 2022, Ecopetrol Business Group recognizes as of that date, the income received from the product of the sale of hydrocarbons in the stage prior to their declaration of commerciality of the oil fields. The cost related to these revenues is disclosed in Note 26 – Cost of sales. As of December 2022, the value recognized for extensive tests is as follows: natural gas for national sales $44,962 and crude oil for foreign sales $141,242. (3) Corresponds to the revenue related to the electric power transmission contracts and toll roads concessions of Interconexión Eléctrica S.A. E.S.P. See Note 4.17 – Revenue from contracts with customers. (4) Includes accumulated as of December 31 the result of i) hedges for future exports (Note 30.3) for ($1,143,287) (2021: ($249,978); 2020: ($193,374)) and ii) operations with derivative financial instruments for ($434,959) (2021: ($99,914); 2020: ($663,973)). (5) Includes revenue from telecommunications services provided by Interconexión Eléctrica S.A. E.S.P. and the sale of diesel, asphalt, and other products. |
Schedule of sales by geographic areas | 2022 % 2021 % 2020 % Colombia 83,651,506 52.4 % 44,822,210 48.8 % 24,687,715 49.2 % Asia 22,547,997 14.1 % 20,355,063 22.2 % 9,497,498 18.9 % United States 27,120,783 17.0 % 16,025,083 17.4 % 11,365,218 22.6 % South America and others 13,609,587 8.5 % 5,727,355 6.2 % 1,296,370 2.6 % Central America and the Caribbean 9,841,202 6.2 % 3,503,618 3.8 % 2,581,644 5.1 % Europe 2,840,003 1.8 % 1,447,875 1.6 % 794,948 1.6 % 159,611,078 100 % 91,881,204 100 % 50,223,393 100 % |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost of sales | |
Schedule of cost of sales of non current assets | 2022 2021 2020 Variable costs Imported products (1) 31,230,405 16,944,375 7,592,489 Purchases of crude in association and concession 16,223,628 10,015,898 4,281,661 Purchases of hydrocarbons – ANH (2) 9,219,215 5,611,153 2,798,432 Depreciation amortization and depletion 6,774,770 6,328,144 6,069,903 Electric energy 1,540,452 1,087,269 1,098,621 Taxes and economic rights 1,510,265 1,125,761 841,443 Process materials 1,260,608 906,500 827,464 Purchases of other products and gas 1,244,765 811,024 598,015 Hydrocarbon transport services 1,219,818 917,552 874,632 Services contracted in associations 311,107 267,934 269,637 Extensive tests (3) 71,304 — — Others (4) (2,426,118) (3,009,700) 657,634 68,180,219 41,005,910 25,909,931 Fixed costs Depreciation and amortization 4,635,601 3,270,735 2,930,120 Maintenance 3,771,137 2,637,857 2,257,370 Labor costs 3,436,167 2,596,947 2,299,761 Construction services 2,802,486 732,723 — Services contracted 2,870,890 2,023,277 1,623,375 Services contracted in associations 1,566,562 1,286,291 1,121,010 Taxes and contributions 914,455 1,060,123 593,041 Materials and operating supplies 684,679 561,182 508,037 Hydrocarbon transport services 179,082 57,855 253,752 General costs 416,870 348,876 71,075 21,277,929 14,575,866 11,657,541 89,458,148 55,581,776 37,567,472 (1) Imported products correspond mainly to mid-distillates and gasolines. The variation corresponds to the higher national demand of these products, considering the maintenance programmed for the refineries for 2022, and diluent to facilitate the transport of heavy crude oil. (2) Corresponds to purchases of crude oil by Ecopetrol Business Group from the National Hydrocarbons Agency (ANH, by its acronym in Spanish) derived from national production. (3) Corresponds to the cost related to revenue from the sale of hydrocarbons (Note 25 - Revenue from contracts with customers), obtained in exploration stage or extensive tests prior to the declaration of commerciality of the oil fields. This recognition is the result of the application of the IAS 16 Amendment, mandatory as of January 1, 2022. (4) Corresponds to i) result of the process of use and valuation of core inventories, ii) measurement at net realizable value, and iii) other capitalizable charges to projects. |
Administrative, operative, an_2
Administrative, operative, and project expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Administrative, operative, and project expenses | |
Schedule of administrative, operative, and project expenses | 2022 2021 2020 Administrative expenses General expenses (2,040,773) (1,638,129) (1,424,348) Labor expenses (1) (1,663,464) (1,264,319) (1,658,613) Taxes (57,944) (52,889) (60,397) Depreciation and amortization (573,514) (386,732) (229,792) (4,335,695) (3,342,069) (3,373,150) Operations and project expenses Exploration costs (1,512,268) (959,562) (689,087) Commissions fees freights and services (1,326,184) (686,156) (656,432) Taxes (781,181) (515,848) (428,608) Labor expenses (363,838) (312,791) (309,972) Fee for regulatory entities (192,094) (139,158) (142,695) Maintenance (162,383) (156,412) (78,181) Depreciation and amortization (2) (145,106) (174,311) (94,723) Others (260,574) (209,319) (186,318) (4,743,628) (3,153,557) (2,586,016) |
Other operating (expenses) in_2
Other operating (expenses) income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other operating (expenses) income | |
Schedule of other operating (expenses) income | 2022 2021 2020 Expense for legal provisions (516,288) (650,926) (139,978) Loss on sale of assets (1) (86,954) (123,342) (263,647) Impairment loss of current assets (101,871) (83,773) (34,416) Gain on revaluation of assets in Guajira association (2) — — 1,284,372 Gain on acquisition of participations and interests (2) — — 86,026 Gain on loss of control in subsidiaries (3) — — 65,695 Other income (4) 149,258 785,297 120,114 (555,855) (72,744) 1,118,166 (1) It mainly corresponds to the end of Rygberg’s association contract in Ecopetrol America, and the profit on the sale of the total participation of Ecopetrol S.A. in the Casanare, Estero, Garcero, Orocué and Corocora Association (CEGOC). This sale of fields was made to its partner Perenco Oil and Gas Colombia. (2) Results in the acquisition of Guajira in 2020: Ecopetrol S.A. $1,284,372 and Hocol $86,026. For Ecopetrol S.A. 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. (3) Recognition in 2020 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. $65,570 and liquidation process of ECP Oil and Gas Germany GmbH COP$125. (4) For 2021, it mainly corresponds to the compensation received by Cenit Transporte y Logística de Hidrocarburos and Oleoducto Bicentenario de Colombia, because of the approval of the conciliation agreement with the Frontera Group. |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Schedule of financial result | 2022 2021 2020 Finance income Yields and interests 965,952 266,116 299,246 Results from financial assets 178,212 108,640 665,310 Gain (loss) on derivatives valuation 18,099 (406) — Dividends 70 27 44 Gain on derivatives liquidation — 10,695 108,838 Other financial income 154,812 18,520 27,992 1,317,145 403,592 1,101,430 Finance expenses Interest (5,517,417) (3,095,224) (2,384,342) Financial cost of other liabilities (1) (2,003,687) (1,043,728) (872,987) Results from financial assets (152,355) (101,973) (473,598) Other financial expenses (353,793) (190,723) (198,864) (8,027,252) (4,431,648) (3,929,791) Foreign exchange gain (Loss) gain from exchange difference (124,650) (31,726) 346,774 Gain from realization of other comprehensive income on sale of joint ventures (2) — 361,728 — (124,650) 330,002 346,774 Financial result (6,834,757) (3,698,054) (2,481,587) (1) Includes the financial expense of the asset retirement obligations and the liabilities for post–employment benefits. (2) On January 19, 2021, through the signing of the share purchase agreement (Share Purchase Agreement) with one of the subsidiaries of De Jong Capital LLC., in its capacity as buyer, Ecopetrol S.A. formalized the sale of all the shares in the company Offshore International Group (OIG), in which it had a participation equivalent to 50%. This operation generated the following impacts on the results of the period: profit from the sale of assets for $4,923 and the realization of other comprehensive income for $361,728. |
Risk management (Tables)
Risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risk management | |
Schedule of book values of financial assets and liabilities denominated in foreign currency | (in USD$Million) 2022 2021 Cash and cash equivalents 615 388 Other financial assets 955 408 Trade receivables and payables, net (392) 423 Loans and borrowings (16,113) (15,514) Other assets and liabilities, net 202 702 Net liability position (14,733) (13,593) |
Schedule of 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, 2022: Scenario / Variation in Effect on income Effect in other the exchange rates before taxes +/– comprehensive income +/– 1% 10,618 698,068 5% 53,092 3,490,342 |
Schedule of non-derivative hedging instrument | (US$Million) 2022 2021 Hedging instrument at the beginning of the period 4,972 1,300 Reassignment of hedging instruments 1,879 675 Realization of exports (1,879) (675) Designation of new coverage 600 3,672 Hedging instrument at the end of the period 5,572 4,972 |
Schedule of movement in the other comprehensive income | 2022 2021 2020 Opening balance (945,250) (136,473) (135,751) Exchange difference (4,317,263) (1,533,743) (201,967) Reclassification to profit or loss 1,143,287 249,978 193,374 Ineffectiveness 6,625 24,496 9,779 Deferred income tax 1,638,602 450,492 (1,908) Closing balance (2,473,999) (945,250) (136,473) 2022 2021 2020 Opening balance 4,366,336 1,494,926 1,130,583 Exchange difference 7,526,124 4,579,758 520,490 Deferred income tax (2,538,389) (1,708,348) (156,147) Closing balance 9,354,071 4,366,336 1,494,926 |
Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | Year Before taxes Taxes After taxes 2023 1,910,677 (887,863) 1,022,814 2024 884,199 (410,875) 473,324 2025 878,587 (408,267) 470,320 2026 864,459 (401,702) 462,757 2027 26,104 (12,130) 13,974 2028 25,561 (11,878) 13,683 2029 24,526 (11,397) 13,129 2030 7,468 (3,470) 3,998 4,621,581 (2,147,582) 2,473,999 |
Schedule of Analysis of age of financial assets that are past due but not impaired | 2022 2021 Less than 3 months overdue 171,896 332,249 Between 3 and 6 months overdue 67,985 7,103 More than 6 months overdue 456,046 4,418 695,927 343,770 |
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 (57,833) 842,534 (346,784) –100 basis points 57,833 (887,053) 352,209 |
Schedule of how entity manages liquidity risk | The following is a summary of the maturity of financial liabilities as of December 31, 2022. 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$4,810.20 per U.S. dollar: Up to 1 year 1–5 years 5–10 years > 10 years Total Loans (payment of principal and interest) 22,915,877 58,620,843 39,406,585 49,615,059 170,558,364 Trade and other payables 19,937,704 62,647 — — 20,000,351 42,853,581 58,683,490 39,406,585 49,615,059 190,558,715 |
Schedule of leverage ratio | 2022 2021 Loans and borrowings (Note 20) 115,134,839 95,060,928 Cash and cash equivalents (Note 6) (15,401,058) (14,549,906) Other financial assets (Note 9) (2,725,871) (2,934,734) Net financial debt 97,007,910 77,576,288 Equity (Note 24) 113,903,089 90,583,772 Leverage (1) 45.99 % 46.13 % (1) |
Cash flow hedging | |
Risk management | |
Schedule of non-derivative hedging instrument | Company Derivative instrument 2022 2021 Red de Energía del Perú (1) Cross currency swap 48,195 106,333 Intervial Chile (2) Cross currency swap 77,229 30,769 Ruta del Maipo (3) Cross currency swap — 11,042 125,424 148,144 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related parties | |
Schedule of associates and joint ventures | Balances with associates and joint ventures as of December 31, 2022, and 2021 are as follows: Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energy Limited (1) 127 — 1,087 2,004 815,056 2,698 Ecodiesel Colombia S.A. 13,155 — — 53,821 — 3 Interligação Elétrica do Madeira S.A. 89,505 — — — — — Interligação Elétrica Garanhuns S.A. — 40 — — — — Interligação Elétrica Ivaí S.A. — 182 — — — — Derivex S.A. — 335 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 7,048 — — Extrucol S.A. 2 — — 854 — — E2 Energía Eficiente S.A. E.S.P. 7,397 — — 4,152 — — Balance as of December 31, 2022 110,186 557 1,087 67,879 815,056 2,701 Current 110,186 222 1,087 67,879 815,056 2,701 Non–current — 335 — — — — 110,186 557 1,087 67,879 815,056 2,701 (Note 7) (Note 7) (Note 11) (Note 21) (Note 20) Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energy Limited (1) 925 — 1,386 12,997 1,483,701 233 Ecodiesel Colombia S.A. 1,521 — — 46,452 — — Interligação Elétrica Garanhuns S.A. — 28 — — — — Interligação Elétrica Paraguaçu S.A. — 28 — — — — Interligação Elétrica Aimorés S.A. — 28 — — — — Interligação Elétrica Ivaí S.A. — 28 — — — — Derivex S.A. — 335 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 5,211 — — Extrucol S.A. — — — 283 — — E2 Energía Eficiente S.A. E.S.P. 6,797 — — 1,655 — — Balance as of December 31, 2021 9,243 447 1,386 66,598 1,483,701 233 Current 9,243 112 1,386 66,598 1,483,701 233 Non–current — 335 — — — — 9,243 447 1,386 66,598 1,483,701 233 (Note 7) (Note 7) (Note 11) (Note 21) (Note 20) Loans: (1) Resources deposited by Equion in Ecopetrol Capital AG. |
Schedule of transactions between related parties | 2022 2021 2020 Sales and Purchases Sales and Purchases Sales and Purchases services and others services and others services and others Joint Ventures Equion Energy Limited 33 23,845 13,996 149,046 27,595 356,872 Ecodiesel Colombia S.A. 21,234 619,286 35,825 442,373 8,268 346,201 Offshore International Group — — — — 4,461 — 21,267 643,131 49,821 591,419 40,324 703,073 Associates Gas Natural del Oriente S.A. E.S.P. — 53,994 — 27,175 — 26,141 Extrucol S.A. 20 3,411 — 2,354 — 1,162 E2 Energía Eficiente S.A. E.S.P. 90,117 7,908 60,159 6,976 49,860 2,849 90,137 65,313 60,159 36,505 49,860 30,152 111,404 708,444 109,980 627,924 90,184 733,225 |
Schedule of key management personnel | As of December 31, 2022, 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 |
Joint operations (Tables)
Joint operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contract where entity not operator | |
Joint operations | |
Schedule of interests in joint arrangements | 32.1 % Geographic area of Partners Contract Type Participation operations Chipirón 30-41% SierraCol Energy Arauca, LLC Cosecha Production 30% Colombia Cravo Norte 55% Rondón 50% Frontera Energy Colombia Corp Quifa Production 40% Colombia Union Temporal Ismocol Joshi Parko CPI Palagua Production Variable Between 70% and 80% Colombia According amendment Parex Resources Colombia LTD Capachos LLA-122 Production Exploration 50% Colombia E&P COL 1 40% Anadarko Colombia Company (OXY) E&P COL 2 Exploration 40% Offshore North Caribe E&P COL 6 40% E&P COL 7 40% Petrobras Tayrona Exploration 55.60% Offshore North Caribe Fuerte Sur 50% Shell EP Offshore ventures Limited Purple Angel Exploration 50% Offshore North Caribe Col-5 50% Mana 30% Interoil Colombia Rio Opia Production 30% Colombia Ambrosia 30% Llanos 86 50% Llanos 87 50% Geopark Colombia SAS Llanos 104 Exploration 50% Colombia Llanos 123 50% Llanos 124 50% SSJN1 Production 50% Perdices 50% Lewis Energy Colombia VIM-42 Exploration 50% Colombia SSJN3-1 50% Clarinero 50% Maurel & Prom Colombia B.V. SSJN9 Exploration 50% North Colombia Quarter North Energy Gunflint Production 32% Gulf of Mexico Murphy Exploration and Production Company – USA Dalmatian Production 30% Gulf of Mexico OXY (Anadarko) - K2 K2 Production 21% Gulf of Mexico HESS ESOX Production 21% Gulf of Mexico S-M-1709 30% S-M-1908 30% Shell S-M-1601 30% S-M-1713 Exploration 30% Brazil S-M-1817 30% S-M-1599 30% S-M-1910 30% Saturno 10% Sul de Gato do Mato 30% BM-S-54 30% BP Energy Pau Brasil Exploration 20% Brazil Chevron CE-M-715 Exploration 50% Brazil PAMA-M-187 30% PAMA-M-188 30% Petrobras PAMA-M-222 Exploration 30% Brazil PAMA-M-223 30% BM-C-44 38% BM-S-74 13% Anadarko BM-C-29 Exploration 50% Brazil Repsol BM-ES-29 Exploration 30% Brazil ONGC BM-S-73 Exploration 13% Brazil BM-S-63 30% Vanco BM-S-71 Exploration 30% Brazil BM-S-72 30% Occidental Midland Basin, LLC (Oxy) Rodeo Midland Basin Production 49% Midland, Texas, USA Pemex Exploration y Production Bloque 8 Exploration 50% Gulf of Mexico PC Carigali Mexico Operation SA Bloque 6 Exploration 50% Gulf of Mexico |
Contract where Entity is operator | |
Joint operations | |
Schedule of interests in joint arrangements | 32.2 % Geographic area of Partners Contract Type Participation operations VMM29 Exploration 50% Colombia CR2 50% ExxonMobil Exploration Colombia C62 50% KALE 100% Repsol Colombia SA CPO9 Exploration 55% Colombia ONGC Videsh Limited Sucursal Colombia RC9 Exploration 50% Colombia CPVEN E&P Corp Sucursal Colombia VMM32 Exploration 51% Colombia SK Innovation Co Ltd. San Jacinto Exploration 70% Colombia Repsol Exploration Colombia S.A. Catleya Exploration 50% Colombia Emerald Energy PLC Suc. Colombia Cardon Exploration 50% Colombia Parex Resourses Colombia Ltd. ORC401 CRC-2004-01 Exploration 50% Colombia Repsol Colombia Oil & Gas Limited CPO9 – Akacias Production 55% Colombia SierraCol Energy Arauca, LLC La Cira Infantas Production 52%+PAP Colombia Teca 100% Basic Total Colombie Niscota** Exploration 20% Colombia Talisman Oil & Gas Emerald Energy Oleoducto Alto Magdalena Production 45% Colombia Frontera Energy Perenco Oil And Gas San Jacinto Rio Paez Production 68% Colombia Cepsa Colombia SSJN1 Production 50% Colombia Perdices 50% Colombia Lewis Energy Colombia VIM-42 Exploration 50% Colombia SSJN3-1 50% Colombia Clarinero 50% Colombia Maurel & Prom Colombia B.V. CPO17 Exploration 50% Colombia |
Information by segments (Tables
Information by segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Information by segments | |
Schedule of operating segments | For the year ended on December 31, 2022 Electric power transmission Exploration Transport and toll and Refining and and roads Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 60,719,903 82,728,875 2,807,031 13,355,269 — 159,611,078 Inter–segment sales 30,300,562 6,450,072 11,148,961 2,237 (47,901,832) — Revenue from contracts with customers 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 Variable cost (34,649,988) (76,341,169) (720,247) — 43,531,185 (68,180,219) Fixed cost (12,099,432) (3,990,829) (3,172,963) (5,854,832) 3,840,127 (21,277,929) Cost of sales (46,749,420) (80,331,998) (3,893,210) (5,854,832) 47,371,312 (89,458,148) Gross profit 44,271,045 8,846,949 10,062,782 7,502,674 (530,520) 70,152,930 Administrative expenses (2,489,557) (823,349) (499,801) (965,314) 442,326 (4,335,695) Operation and project expenses (3,221,678) (1,387,064) (327,952) — 193,066 (4,743,628) Impairment of non–current assets (890,248) 1,096,021 (406,229) (87,543) — (287,999) Other operating income and expenses net (310,628) (37,959) (96,239) (104,664) (6,365) (555,855) Operating income 37,358,934 7,694,598 8,732,561 6,345,153 98,507 60,229,753 Financial result net Financial income 1,011,182 89,173 157,264 577,743 (518,217) 1,317,145 Financial expenses (2,894,636) (1,381,682) (287,889) (3,883,596) 420,551 (8,027,252) Foreign exchange gain (loss) net (44,302) (289,105) 10,080 198,677 — (124,650) (1,927,756) (1,581,614) (120,545) (3,107,176) (97,666) (6,834,757) Share of profits of associates and joint ventures 30,197 222,460 — 515,746 19 768,422 Income before tax 35,461,375 6,335,444 8,612,016 3,753,723 860 54,163,418 Income tax (13,829,885) (1,464,380) (2,962,021) (707,652) — (18,963,938) Net profit (loss) for the period 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Profit (loss) attributable to: Group owners of parent 21,761,164 4,686,009 4,483,060 673,688 860 31,604,781 Non–controlling interest (129,674) 185,055 1,166,935 2,372,383 — 3,594,699 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Supplementary information Depreciation depletion and amortization 7,304,525 1,960,399 1,448,626 1,415,441 — 12,128,991 For the year ended on December 31, 2021 Electric power transmission and toll Exploration Refining and Transport and roads and Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 38,552,572 46,658,196 2,557,238 4,113,198 — 91,881,204 Inter–segment sales 24,696,380 4,318,189 9,601,228 — (38,615,797) — Revenue from contracts with customers 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 Variable cost (30,473,145) (44,860,928) (531,361) — 34,859,524 (41,005,910) Fixed cost (9,861,987) (3,674,460) (2,728,948) (1,817,491) 3,507,020 (14,575,866) Cost of sales (40,335,132) (48,535,388) (3,260,309) (1,817,491) 38,366,544 (55,581,776) Gross profit 22,913,820 2,440,997 8,898,157 2,295,707 (249,253) 36,299,428 Administrative expenses (1,987,817) (784,214) (457,217) (322,939) 210,118 (3,342,069) Operation and project expenses (1,882,686) (944,616) (404,264) (460) 78,469 (3,153,557) Impairment of non–current assets 438,020 (305,466) (165,901) (4) — (33,351) Other operating income and expenses net (617,893) 10,749 591,829 (51,267) (6,162) (72,744) Operating income (expenses) 18,863,444 417,450 8,462,604 1,921,037 33,172 29,697,707 Financial result net Financial income 517,629 24,313 76,453 89,267 (304,070) 403,592 Financial expenses (2,410,906) (1,151,255) (250,816) (886,420) 267,749 (4,431,648) Foreign exchange gain (loss) net (219,747) (132,734) 381,964 300,519 — 330,002 (2,113,024) (1,259,676) 207,601 (496,634) (36,321) (3,698,054) Share of profits of associates and joint ventures 9,610 200,998 858 214,698 — 426,164 Income before tax 16,760,030 (641,228) 8,671,063 1,639,101 (3,149) 26,425,817 Income tax (5,019,540) (383,562) (2,925,390) (466,771) — (8,795,263) Net profit (loss) for the period 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Profit (loss) attributable to: Group owners of parent 11,829,119 (1,198,619) 4,635,354 386,438 (3,149) 15,649,143 Non–controlling interest (88,629) 173,829 1,110,319 785,892 — 1,981,411 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Supplementary information Depreciation depletion and amortization 6,844,910 1,640,940 1,211,642 462,430 — 10,159,922 For the year ended on December 31, 2020 Exploration and Refining and Transport Production Petrochemicals and 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) — Revenue from contracts with customers 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) 4,062,843 (11,657,541) Variable costs (23,429,102) (22,398,344) (567,501) 20,485,016 (25,909,931) 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 |
Schedule of products and services | For the year ended on December 31, 2022 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid–distillates — 39,217,618 — — (35,108) 39,182,510 Gasoline and turbo fuels — 32,022,556 — — (4,402,357) 27,620,199 Natural gas 5,250,577 — — — (1,087,701) 4,162,876 Services 450,322 746,500 13,955,992 296,216 (11,847,349) 3,601,681 Electric power transmission services — — — 2,595,505 — 2,595,505 Plastic and rubber — 1,568,816 — — — 1,568,816 LPG and propane 739,323 385,178 — — (30,169) 1,094,332 Asphalts 47,224 849,976 — — — 897,200 Fuel gas service — 869,101 — — (8,999) 860,102 Crude oil 28,725,485 491,440 — — (28,841,135) 375,790 Roads and Construction services — — — 355,737 — 355,737 Aromatics — 343,792 — — — 343,792 Polyethylene — 302,630 — — — 302,630 Fuel oil 2,663 6,550 — — — 9,213 Other income gas contracts 1,940 — — — — 1,940 Other products 20,204 2,164,882 — — (1,505,903) 679,183 35,237,738 78,969,039 13,955,992 3,247,458 (47,758,721) 83,651,506 Foreign sales Crude oil 56,701,497 92,147 — — (141,891) 56,651,753 Electric power transmission services — — — 5,114,783 — 5,114,783 Roads and Construction Services — — — 4,676,822 — 4,676,822 Fuel oil — 4,348,312 — — — 4,348,312 Diesel — 2,324,861 — — — 2,324,861 Plastic and rubber — 2,036,201 — — — 2,036,201 LPG and propane 339,837 — — — — 339,837 Natural gas 254,054 — — — — 254,054 Gasoline and turbo fuels — 157,685 — — — 157,685 Other products 35,113 1,281,174 — 318,443 (1,220) 1,633,510 Cash flow hedging (1,547,774) (30,472) — — — (1,578,246) 55,782,727 10,209,908 — 10,110,048 (143,111) 75,959,572 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 For the year ended on December 31, 2021 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid–distillates — 17,166,812 — — (26,485) 17,140,327 Gasoline and turbo fuels — 17,931,469 — — (2,456,099) 15,475,370 Natural gas 4,077,691 — — — (877,622) 3,200,069 Services 132,060 659,088 12,158,466 120,795 (10,004,421) 3,065,988 Plastic and rubber — 1,642,035 — — — 1,642,035 LPG and propane 618,218 332,542 — — (24,529) 926,231 Fuel gas service — 742,212 — — (7,546) 734,666 Electric power transmission services — — — 728,467 — 728,467 Asphalts 25,178 585,873 — — — 611,051 Polyethylene — 320,466 — — — 320,466 Aromatics — 247,387 — — — 247,387 Crude oil 23,619,491 — — — (23,426,015) 193,476 Roads and Construction Services — — — 107,179 — 107,179 Fuel oil 10,838 12,961 — — — 23,799 Other income gas contracts 2,879 — — — — 2,879 Other products 35,213 2,160,653 — — (1,793,038) 402,828 Cash flow hedges — (8) — — — (8) 28,521,568 41,801,490 12,158,466 956,441 (38,615,755) 44,822,210 Foreign sales Crude oil 34,868,421 — — — — 34,868,421 Diesel — 3,867,937 — — — 3,867,937 Fuel oil — 2,288,977 — — — 2,288,977 Plastic and rubber — 2,092,379 — — — 2,092,379 Electric power transmission services — — — 1,827,622 — 1,827,622 Roads and Construction Services — — — 1,241,144 — 1,241,144 LPG and propane 116,960 — — — — 116,960 Natural gas 71,529 — — — — 71,529 Other products 20,365 925,595 — 87,991 (42) 1,033,909 Cash flow hedges (349,891) 7 — — — (349,884) 34,727,384 9,174,895 — 3,156,757 (42) 47,058,994 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 For the year ended on December 31, 2020 Exploration and Refining and Transport Production Petrochemicals and 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 20,165,489 29 — (79,345) 20,086,173 Diesel — 3,164,068 — — 3,164,068 Fuel oil — 1,044,811 — — 1,044,811 Plastic and rubber — 1,302,131 — — 1,302,131 LPG and propane 18,943 — — — 18,943 Natural gas 17,231 — — — 17,231 Gasolines and turbo fuels — 179,257 — — 179,257 Other products 26,702 553,206 56 447 580,411 Cash flow hedges (780,965) (76,382) — — (857,347) 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 |
Schedule of detailed information about investment property segment wise | Electric power transmission Exploration Refining and Transport and and toll roads 2022 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 14) 4,461,244 928,843 2,424,428 953,201 8,767,716 Natural and environmental resources (Note 15) 11,962,544 — — — 11,962,544 Intangibles (Note 17) 145,532 32,832 89,463 879,683 1,147,510 16,569,320 961,675 2,513,891 1,832,884 21,877,770 Electric power transmission Exploration Refining and Transport and and toll roads 2021 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 14) 2,633,119 1,845,618 1,344,654 294,197 6,117,588 Natural and environmental resources (Note 15) 6,733,028 — — — 6,733,028 Intangibles (Note 17) 106,490 22,685 47,236 267,935 444,346 9,472,637 1,868,303 1,391,890 562,132 13,294,962 Exploration Refining and Transport and 2020 and Production Petrochemicals Logistics Total Property, plant, and equipment (Note 14) 2,866,600 1,329,181 836,536 5,032,317 Natural and environmental resources (Note 15) 5,994,462 — — 5,994,462 Intangibles (Note 17) 41,002 8,771 40,309 90,082 8,902,064 1,337,952 876,845 11,116,861 |
Supplemental information on o_2
Supplemental information on oil and gas producing activities (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental information on oil and gas producing activities (unaudited) | |
Schedule of capitalized costs relating to oil and gas exploration and production activities | 2022 2021 2020 Natural and environmental properties 90,284,366 79,385,151 67,767,005 Wells, equipment, and facilities – property, plant, and equipment 33,568,835 31,730,001 31,166,804 Exploration and production projects 16,451,284 11,474,682 12,494,665 Accumulated depreciation, depletion, and amortization (79,744,788) (70,739,885) (64,233,572) Net capitalized cost 60,559,697 51,849,949 47,194,902 |
Schedule of costs incurred in oil and gas exploration and developed activities | 2022 2021 2020 Acquisition of proved properties (1) 141,928 — 507,907 Acquisition of unproved properties (2) 339,394 — 1,274,660 Exploration costs 3,322,055 1,793,549 1,340,898 Development costs 16,266,222 11,264,075 7,367,020 20,069,599 13,057,624 10,490,485 (1) For 2022, it corresponds to 49 % of participation contract in Barnett, acquired by Ecopetrol Permian. 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. (2) During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70 % of participation in the assets, with a 30 % of participation held by Ecopetrol Brasil. During 2020, Ecopetrol Business Group 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 Agrement 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, 2020, 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 Óleo e Gás do Brasil 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 | 2022 2021 2020 Net revenues Sales 71,223,307 50,631,272 30,141,662 Transfers 19,797,158 12,617,680 7,025,839 91,020,465 63,248,952 37,167,501 Production costs(1) 22,152,495 12,554,338 12,753,880 Depreciation, depletion, and amortization(2) 7,138,902 6,623,891 6,393,506 Other production costs(3) 20,741,550 21,156,904 14,005,669 Exploration expenses(4) 1,512,385 960,247 689,204 Other expenses(5) 5,399,726 3,090,128 2,227,481 56,945,058 44,385,508 36,069,740 Income before income tax expense 34,075,407 18,863,444 1,097,761 Income tax expense (13,026,271) (5,652,743) (233,255) Results of operations for exploration and production activities 21,049,136 13,210,701 864,506 (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 2022, 2021 and 2020 of $333,683, $292,329, and $213,925, respectively. (2) In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2022, 2021 and 2020 in depreciation, depletion, and amortization, were $768,466, $887,725, and $639,123, 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 information relates to the net proven reserves owned by the Ecopetrol Business Group | 2022 2021 2020 Oil Gas Total Oil Gas Total Oil Gas Total (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) Proved reserves: Opening balance 1,449 3,151 2,002 1,257 2,921 1,770 1,384 2,906 1,894 Revisions of previous estimates (1) 81 (104) 63 240 431 315 (81) 51 (72) Improved recovery 77 21 81 120 107 139 100 74 113 Purchases 39 50 48 — — — — 171 30 Extensions and discoveries 52 33 57 12 — 12 41 8 42 Sales — — — (3) (4) (3) (1) — (1) Production (183) (323) (240) (177) (304) (231) (186) (289) (236) Closing balance 1,515 2,828 2,011 1,449 3,151 2,002 1,257 2,921 1,770 Proved developed reserves: Opening balance 921 2,561 1,370 834 2,636 1,297 898 2,662 1,365 Closing balance 995 2,174 1,376 921 2,561 1,370 834 2,636 1,297 Proved undeveloped reserves: Opening balance 528 590 632 423 285 473 486 244 529 Closing balance 520 654 635 528 590 632 423 285 473 Some values were rounded for presentation purposes. Mbls = Million barrels Gpc: Giga cubic feet Mbe = Million barrels of oil equivalent (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 net cash flows relating to proved oil and gas quantities and changes therein | 2022 2021 2020 Future cash inflows 685,716,359 401,980,640 187,210,379 Future costs Production (1) (182,522,131) (129,109,036) (85,989,384) Development (58,332,264) (38,451,863) (28,752,131) Income taxes (201,912,509) (69,053,224) (13,470,352) Future net cash flow 242,949,455 165,366,517 58,998,512 10% discount factor (86,340,334) (57,009,654) (18,568,308) Standardized measure of discounted net cash flows 156,609,121 108,356,863 40,430,204 (1) Production future costs include the estimated costs related to assets retirement obligations in the amount of $23,234,408; $17,364,520, and $12,545,574 as of December 31, 2022, 2021, and 2020, respectively. |
Schedule of principal sources of change in the standardized measure of discounted net cash flows | 2022 2021 2020 Net change in sales and transfer prices and in production cost (lifting) related to future production 158,798,134 110,224,660 (44,482,725) Changes in estimated future development costs (52,166,780) (22,011,659) (5,401,560) Sales and transfer of oil and gas produced net of production costs (68,867,970) (50,694,613) (24,413,621) Net change due to extensions, discoveries, and improved recovery 9,993,781 6,741,068 3,134,469 Net change due to purchase and sales of minerals in place 1,767,856 (13,419) 570,460 Net change due to revisions in quantity estimates 10,807,453 32,923,680 (3,414,649) Previously estimated development costs incurred during the period 69,458,458 32,941,335 7,943,239 Accretion of discount 15,360,418 10,468,951 10,468,951 Timing and other (11,990,359) (16,636,925) 567,027 Net change in income taxes (84,908,732) (36,016,420) 16,073,288 Aggregate change in the standardized measure of discounted future net cash flows for the year 48,252,259 67,926,658 (38,955,121) |
Subsequent and relevant events
Subsequent and relevant events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent and relevant events | |
Schedule of refinancing and financing strategy | Term 10 years Transaction date January 10, 2023 Compliance date January 13, 2023 Maturity January 13, 2033 Face amount US$2,000 million Price 99.187 Yield 9.000% Coupon rate 8.875% Periodicity Semiannual Rating (Moody’s/S&P/Fitch) Baa3 / BB+ / BB+ |
Exhibit 1.Consolidated subsidia
Exhibit 1.Consolidated subsidiaries, associates, and joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exhibit 1. Consolidated subsidiaries, associates, and joint ventures | |
Disclosure of interests in subsidiaries | Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Subsidiaries Refinería de Cartagena S.A.S. US Dollar 100 % Refining of hydrocarbons, commercialization and distribution of products Colombia Colombia 27,050,693 2,871,807 43,624,345 16,573,652 Cenit transporte y logística de hidrocarburos S.A.S. Colombian Peso 100 % Storage and transport by pipelines of hydrocarbons Colombia Colombia 17,213,132 4,584,958 19,560,744 2,347,612 Ecopetrol Global Energy S.L.U. US Dollar 100 % Investment Vehicle Spain Spain 16,066,888 751,378 16,067,277 389 Oleoducto Central S.A.S - Ocensa US Dollar 72.65 % Transportation by crude oil pipelines Colombia Colombia 4,878,286 2,838,743 8,706,108 3,827,822 Hocol Petroleum Limited. US Dollar 100 % Investment Vehicle Bermuda Bermuda 5,215,029 605,044 5,215,238 209 Ecopetrol América LLC. US Dollar 100 % Exploration and exploitation of hydrocarbons United States United States 2,547,392 (154,690) 3,298,838 751,446 Hocol S.A. US Dollar 100 % Exploration and exploitation of hydrocarbons Cayman Islands Colombia 4,615,488 608,858 6,772,497 2,157,009 Esenttia S.A. US Dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 3,047,356 188,561 3,678,832 631,476 Ecopetrol Capital AG US Dollar 100 % Collection of surpluses from, and providing funds to, companies of Ecopetrol Business Group Switzerland Switzerland 3,196,506 255,926 11,473,594 8,277,088 Oleoducto Bicentenario de Colombia S.A.S. Colombian Peso 100 % Transportation by crude oil pipelines Colombia Colombia 1,349,368 218,102 2,249,766 900,398 Oleoducto de Colombia S. A. – ODC Colombian Peso 73 % Transportation by crude oil pipelines Colombia Colombia 486,729 426,614 787,802 301,073 Black Gold Re Ltd. US Dollar 100 % Reinsurer for companies of Ecopetrol Business Group Bermuda Bermuda 1,243,639 46,795 1,548,991 305,352 Andean Chemicals Ltd. US Dollar 100 % Investment Vehicle Bermuda Bermuda 2,162,912 119,383 2,163,316 404 Oleoducto de los Llanos Orientales S. A. - ODL Colombian Peso 65 % Transportation by crude oil pipelines Panama Colombia 824,251 515,817 1,414,330 590,079 Interconexión Eléctrica S.A. E.S.P Colombian Peso 51.41 % Public transmission service of electric power, the development of infrastructure projects and their commercial exploitation and the development of information technology systems, activities and services and telecommunications. Colombia Latin-America 29,550,372 2,202,581 78,733,852 49,183,480 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. Colombian Peso 51.88 % Holding with investments in natural gas and LPG transportation and distribution companies in Colombia Colombia Colombia 616,330 283,885 663,786 47,456 Alcanos de Colombia S.A. E.S.P. (1) Colombian Peso 29.61 % Residential public fuel gas service, construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. Colombia Colombia 393,197 131,102 814,660 421,463 Metrogas de Colombia S.A E.S.P. (1) Colombian Peso 33.49 % Public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives. Colombia Colombia 67,772 17,047 136,167 68,395 Gases del Oriente S.A. E.S.P. (1) Colombian Peso 48.50 % Home public service of distribution of fuel gas and the development of all complementary activities to the supplying of said service. Colombia Colombia 123,247 44,925 216,319 93,072 Promotora de Gases del Sur S.A. E.S.P. (1) Colombian Peso 31.44 % Promote the linking of national or foreign capital, public or private, to achieve the gas massification project. Colombia Colombia 64,031 28,470 91,463 27,432 Combustibles Líquidos de Colombia S.A E.S.P. (1) Colombian Peso 41.61 % Wholesale marketing of fuel gas, the supplying of the residential public service of LPG distribution and the development of complementary activities to supply the service. Colombia Colombia 60,408 1,444 84,213 23,805 Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Ecopetrol USA Inc. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 13,849,664 1,235,087 13,872,872 23,208 Ecopetrol Permian LLC. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 8,999,442 1,357,066 9,875,481 876,039 Ecopetrol Oleo é Gas do Brazil Ltda. Real 100% Exploration and exploitation of hydrocarbons Brazil Brazil 2,093,147 (462,646) 2,313,440 220,293 Esenttia Masterbatch Ltda. Colombian Peso 100% Manufacture of polypropylene compounds and masterbatches Colombia Colombia 445,118 290,672 584,869 139,751 Ecopetrol del Perú S. A. US Dollar 100% Exploration and exploitation of hydrocarbons Peru Peru 71,668 (2,129) 75,229 3,561 ECP Hidrocarburos de México S.A. de C.V. US Dollar 100% Offshore exploration Mexico Mexico 52,677 (17,473) 59,826 7,149 Ecopetrol Costa Afuera S.A.S. Colombian Peso 100% Offshore exploration Colombia Colombia 12,964 (483) 13,130 166 Esenttia Resinas del Peru SAC US Dollar 100% Commercialization polypropylene resins and masterbatches Peru Peru 17,486 2,232 40,417 22,931 Topili Servicios Administrativos S de RL De CV. Mexican Peso 100% Specialized management services Mexico Mexico 5 (48) 25 20 Kalixpan Servicios Técnicos S de RL De CV. Mexican Peso 100% Specialized services related to oil and gas industry Mexico Mexico 53 (46) 58 5 Ecopetrol US Trading LLC US Dollar 100% International trading of crude oil and refined products United States United States — — — — Ecopetrol Singapore PTE. LTD Singapore dollar 100% Holding company with investment in an international trading company for crude oil and refined products Singapore Asia 240,841 222,548 241,043 202 Ecopetrol Trading Asia PTE. LTD Singapore dollar 100% International trading of crude oil and refined products Singapore Asia 241,032 222,727 2,862,371 2,621,339 |
Disclosure of interests in associates and joint ventures | Ownership Geographic Functional interest Country/ area of Profit (loss) of Total Company currency Ecopetrol Activity Domicile operations Equity the year Total assets liabilities Associates Serviport S.A. (2) Colombian Peso 49 % Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections, and load measurements Colombia Colombia 16,589 (653) 38,776 22,187 Sociedad Portuaria Olefinas y Derivados S.A. (3) Colombian Peso 50 % Construction, use, maintenance and administration of port facilities, ports, private docks. Colombia Colombia 5,362 1,323 8,940 3,578 Joint Ventures Equion Energía Limited US Dollar 51 % Exploration and exploitation of hydrocarbons United Kingdom Colombia 1,639,264 50,783 1,711,972 72,708 Ecodiesel Colombia S.A. (3) Colombian Peso 50 % Production, trading, and distribution of biofuels and oleochemicals Colombia Colombia 109,229 77,729 248,791 139,562 Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Consorcio Transmantaro US Dollar 60.00 % Electric power Peru Peru 2,272,947 307,699 9,085,357 6,812,410 Interligação Eléctrica Evrecy Brazilian real 35.82 % Electric power Brazil Brazil 243,025 (48,856) 267,247 24,222 Fundo de Investimento Assis Brazilian real 35.81 % Autonomous Fund – Special Purpose Entity Brazil Brazil 37,107 7,562 37,107 — Fundo de Investimento Barra Bonita Renda Fixa Referenciado Brazilian real 35.73 % Autonomous Fund – Special Purpose Entity Brazil Brazil 13,197 3,651 13,197 — Fundo de Investimento Referenciado di Bandeirantes Brazilian real 27.68 % Autonomous Fund – Special Purpose Entity Brazil Brazil 250,436 29,441 250,436 — Fundo de Investimento Xavantes Referenciado di Brazilian real 17.54 % Autonomous Fund – Special Purpose Entity Brazil Brazil 538,537 55,264 538,537 — Interconexiones Viales Chilean peso 65.00 % Roads concessions Chile Chile 3,380 (2,935) 3,901 521 Interligação Elétrica Aguapeí Brazilian real 35.82 % Electric power Brazil Brazil 582,138 88,602 654,581 72,443 Interligação Elétrica Biguaçu Brazilian real 35.82 % Electric power Brazil Brazil 399,587 35,053 476,172 76,585 Interligação Elétrica De Minas Gerais Brazilian real 35.82 % Electric power Brazil Brazil 372,475 (27,636) 410,106 37,631 Interligação Elétrica Itapura Brazilian real 35.82 % Electric power Brazil Brazil 163,809 25,988 176,625 12,816 Interligação Elétrica Itaquerê Brazilian real 35.82 % Electric power Brazil Brazil 510,426 59,930 592,065 81,639 Interligação Elétrica Itaúnes Brazilian real 35.82 % Electric power Brazil Brazil 462,427 23,425 499,955 37,528 Interligação Elétrica Norte E Nordeste Brazilian real 35.82 % Electric power Brazil Brazil 338,101 38,685 485,124 147,023 Interligação Elétrica Pinheiros Brazilian real 35.82 % Electric power Brazil Brazil 56,620 62,687 69,231 12,611 Interligação Elétrica Riacho Grande Brazilian real 35.82 % Electric power Brazil Brazil 87,708 (721) 98,771 11,063 Interligação Elétrica Serra Do Japi Brazilian real 35.82 % Electric power Brazil Brazil 384,866 62,833 432,753 47,887 Interligação Elétrica Sul Brazilian real 35.82 % Electric power Brazil Brazil 204,438 12,193 232,392 27,954 Interligação Elétrica Tibagi Brazilian real 35.82 % Electric power Brazil Brazil 222,671 19,465 257,165 34,494 Internexa Colombian peso 99.42 % Telecommunications and ICT Colombia Colombia 125,935 (92,594) 607,744 481,809 Transamerican Telecomunication S.A. US Dollar 99.42 % Telecommunications and ICT Argentina Argentina 21,152 (3,278) 45,400 24,248 Internexa Brasil Operadora de Telecomunicações Brazilian real 99.42 % Telecommunications and ICT Brazil Brazil 28,195 (114,568) 253,014 224,819 Internexa Chile Chilean peso 98.43 % Telecommunications and ICT Chile Chile 34,332 7,098 100,853 66,521 Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Interligação Elétrica JAGUAR 6 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 224,245 1,775 237,516 13,271 Interligação Elétrica JAGUAR 8 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 97,020 1,833 103,999 6,979 Interligação Elétrica JAGUAR 9 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 388,824 7,930 432,420 43,596 Internexa Participações Brazilian real 99.42 % Investment Vehicle Brazil Brazil 23,221 (99,644) 24,430 1,209 Internexa Peru US Dollar 99.42 % Telecommunications and ICT Peru Peru 52,265 (4,307) 376,626 324,361 ISA Bolivia US Dollar 100.00 % Electric power Bolivia Bolivia 140,414 10,976 155,384 14,970 ISA Capital Do Brazil Brazilian real 100.00 % Investment Vehicle Brazil Brazil 5,373,693 650,721 5,606,854 233,161 ISA CTEEP Brazilian real 35.82 % Electric power Brazil Brazil 14,914,001 1,861,300 28,831,572 13,917,571 ISA Interchile US Dollar 100.00 % Electric power Chile Chile 1,493,203 (19,966) 7,374,469 5,881,266 ISA Intercolombia Colombian peso 100.00 % Electric power Colombia Colombia 130,626 47,481 357,192 226,566 ISA Intervial Chile Chilean peso 100.00 % Roads concessions Chile Chile 4,024,265 438,479 4,985,244 960,979 ISA Intervial Colombia Colombian peso 100.00 % Roads concessions Colombia Colombia 587 20 587 — ISA Inversiones Chile Chilean peso 100.00 % Investment Vehicle Chile Chile 1,949,226 (9,385) 1,954,212 4,986 ISA Inversiones Chile Vías SpA Chilean peso 100.00 % Investment Vehicle Chile Chile 4,025,954 438,012 4,025,954 — ISA Inversiones Costera Chile Chilean peso 100.00 % Investment Vehicle Chile Chile (211,407) (76,363) 612,824 824,231 ISA Inversiones Tolten Chilean peso 100.00 % Investment Vehicle Chile Chile 39 (9) 39 — ISA Investimentos E Participações Brazilian real 100.00 % Investment Vehicle Brazil Brazil 1,152,834 163,525 1,152,949 115 ISA Peru US Dollar 99.98 % Electric power Peru Peru 240,254 34,518 1,159,668 919,414 ISA REP US Dollar 60.00 % Electric power Peru Peru 672,302 273,783 2,311,363 1,639,061 ISA Transelca Colombian peso 100.00 % Electric power Colombia Colombia 1,002,878 222,945 1,788,873 785,995 Linear Systems RE US dollar 100.00 % Other business Bermudas Bermudas 36,506 4,802 141,027 104,521 Proyectos de Infraestructura del Perú US Dollar 100.00 % Electric power Peru Peru 15,289 2,254 114,879 99,590 Ruta Costera Colombian peso 100.00 % Roads concessions Colombia Colombia 177,882 (11,404) 2,859,724 2,681,842 Ruta de La Araucanía Chilean peso 100.00 % Roads concessions Chile Chile 432,393 76,332 905,688 473,295 Ruta de Los Ríos Chilean peso 75.00 % Roads concessions Chile Chile 122,428 49,926 339,054 216,626 Ruta del Bosque Chilean peso 100.00 % Roads concessions Chile Chile 106,522 (23,361) 150,803 44,281 Ruta del Loa Chilean peso 100.00 % Roads concessions Chile Chile 324,504 50,506 1,121,725 797,221 Ruta del Maipo Chilean peso 100.00 % Roads concessions Chile Chile 2,831,192 355,286 8,869,327 6,038,135 Ruta del Maule Chilean peso 100.00 % Roads concessions Chile Chile 6,048 (4,561) 9,693 3,645 Sistemas Inteligentes en Red Colombia peso 99.77 % Other business Colombia Colombia 10,472 2,868 19,885 9,413 XM Colombian peso 99.73 % Electric power Colombia Colombia 45,336 10,873 306,304 260,968 Joint ventures Interconexión Eléctrica S.A. ESP Interligação Elétrica do Madeira Brazilian real 51.00 % Electric power Brazil Brazil 3,438,987 387,981 6,580,545 3,141,558 Interligação Elétrica Garanhuns Brazilian real 51.00 % Electric power Brazil Brazil 985,789 161,864 1,369,603 383,814 Interligação Elétrica Paraguaçu Brazilian real 50.00 % Electric power Brazil Brazil 1,016,496 135,684 1,530,815 514,319 Interligação Elétrica Aimorés Brazilian real 50.00 % Electric power Brazil Brazil 671,186 110,769 1,014,426 343,240 Interligação Elétrica Ivaí Brazilian real 50.00 % Electric power Brazil Brazil 795,707 33,388 3,706,984 2,911,277 Transmissora Aliança de Energia Elétrica Brazilian real 14.88 % Electric power Brazil Brazil 6,091,281 1,252,974 14,319,223 8,227,942 Interconexión Eléctrica Colombia Panamá-Panamá US Dollar 50.00 % Electric power Panama Panama 38,132 (31,996) 40,480 2,348 Interconexión Eléctrica Colombia Panamá Colombia Colombia peso 1.17 % Electric power Colombia Colombia 267 (2) 268 1 Transnexa (4) US Dollar 50.00 % Transport and telecommunications Ecuador Ecuador — — — — Derivex Colombia peso 40.46 % Manage the trading system for financial instruments derived from electricity Colombia Colombia 850 (873) 850 — Parques del Río Colombia peso 33.00 % Roads Colombia Colombia 102 (30) 102 — Conexión Kimal Lo Aguirre S.A. Chilena peso 33.33 % Electric power Chile Chile 507,690 776 631,392 123,702 Associates Interconexión Eléctrica S.A. ESP ATP Tower Holdings US Dollar 24.7 % Transport and telecommunications United States United States 1,850,384 (219,990) 4,551,118 2,700,734 (1) Indirect participation through Inversiones de Gases de Colombia S.A. Invercolsa S.A. (2) Information available as of September 30, 2022, the investment of is fully impaired. (3) Information available as of November 30, 2022. (4) Transnexa is in the liquidation process and its investment has been impaired in its entirety. |
Exhibit 2.Conditions of the mos
Exhibit 2.Conditions of the most significant debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exhibit 1. Consolidated companies, associates, and joint ventures | |
Disclosure of loans | Outstanding Outstanding balance balance Interest Amortization Payment of Type of debt Company Issue date Maturity date Currency Disbursement Dec 31, 2022 Dec 31, 2021 rate plan interest Dec-10 Dec-40 284,300 284,300 284,300 Aug-13 Aug-23 168,600 168,600 168,600 Ecopetrol S.A. Aug-13 Aug-28 COP 347,500 347,500 347,500 Floating Bullet Half-yearly Aug-13 Aug-43 262,950 262,950 262,950 Dec-11 Dec-23 COP 180,000 180,000 180,000 Floating Bullet Half-yearly Dec-11 Dec-41 COP 120,000 120,000 120,000 Floating Bullet Half-yearly May-13 May-22 COP 120,000 — 120,000 Floating Bullet Quarterly May-13 May-28 COP 100,000 100,000 100,000 Floating Bullet Quarterly May-15 May-25 COP 100,000 100,000 100,000 Floating Bullet Quarterly Bonds, May-15 May-30 COP 120,000 120,000 120,000 Floating Bullet Quarterly domestic May-15 May-35 COP 280,000 280,000 280,000 Floating Bullet Quarterly currency Feb-16 Feb-24 COP 115,000 115,000 115,000 Floating Bullet Quarterly Feb-16 Feb-28 COP 152,000 152,000 152,000 Floating Bullet Quarterly Interconexión Feb-16 Feb-41 COP 133,000 133,000 133,000 Floating Bullet Quarterly Eléctrica S.A. Apr-17 Apr-24 COP 260,780 260,780 260,780 Fixed Bullet Quarterly E.S.P and Apr-17 Apr-32 COP 196,300 196,300 196,300 Floating Bullet Quarterly subsidiaries Apr-17 Apr-42 COP 242,920 242,920 242,920 Floating Bullet Quarterly Nov-17 Nov-25 COP 150,080 150,080 150,080 Fixed Bullet Quarterly Nov-17 Nov-31 COP 120,100 120,100 120,100 Floating Bullet Quarterly Nov-17 Nov-47 COP 229,820 229,820 229,820 Floating Bullet Quarterly Jul-18 Jul-27 COP 156,500 156,500 156,500 Floating Bullet Quarterly Jul-18 Jul-33 COP 142,063 142,063 142,063 Floating Bullet Quarterly Jul-18 Jul-43 COP 201,437 201,437 201,437 Floating Bullet Quarterly Aug-20 Aug-29 COP 160,000 160,000 160,000 Fixed Bullet Quarterly Aug-20 Aug-40 UVR (1) 152,311 165,369 147,132 Fixed Bullet Annual Jul-16 Jan-34 UVR (1) 353,434 440,777 341,416 Fixed Half-yearly Half-yearly Oct-11 Oct-26 COP 100,000 100,000 100,000 Floating Bullet Quarterly Outstanding Outstanding Type of Issue Maturity balance balance Interest Amortization Payment of debt Company date date Currency Disbursement Dec 31, 2022 Dec 31, 2021 rate plan interest Sep-13 Sep-23 1,300 1,300 1,300 Sep-13 Sep-43 850 850 850 May-14 May-45 2,000 2,000 2,000 Sep-14 Jan-25 1,200 1,200 1,200 Ecopetrol S.A. Jun-15 Jun-26 USD 1,500 1,500 1,500 Fixed Bullet Half-yearly Nov-21 Nov-31 1,250 1,250 1,250 Nov-21 Nov-51 750 750 750 Jun-16 Sep-23 500 500 500 Apr-20 Apr-30 2,000 2,000 2,000 Oleoducto Central S.A.S. Jul-20 Jul-27 USD 500 500 500 Fixed Bullet Half-yearly Nov-21 Nov-33 330 330 330 Fixed Half-yearly Half-yearly Jul-16 Jan-34 151 143 151 Fixed Half-yearly Half-yearly Jan-11 Jan-26 38 38 38 Fixed Bullet Quarterly Bonds, Oct-12 Apr-31 40 40 40 Fixed Bullet Half-yearly foreign Feb-13 Feb23 21 20 19 Fixed Bullet Half-yearly currency May-13 May-23 450 600 450 Fixed Bullet Half-yearly Apr-19 Apr-34 600 500 600 Fixed Half-yearly Half-yearly Mar-17 Feb24 63 77 54 Floating Bullet Annual Interconexión May-18 Apr-25 131 154 111 Floating Bullet Half-yearly Eléctrica S.A. Dec-19 Dec-29 86 96 73 Floating Half-yearly Half-yearly E.S.P and Dec-20 Nov-28 USD 169 153 143 Floating Half-yearly Half-yearly subsidiaries Dec-20 May-44 169 168 143 Floating Half-yearly Half-yearly Feb21 Jul-44 142 153 121 Floating Half-yearly Half-yearly May-21 May-24 253 230 215 Floating Bullet Bullet Oct-21 Oct-31 141 138 120 Floating Bullet Half-yearly Oct-21 Oct-39 59 58 50 Floating Half-yearly Half-yearly Apr-22 Apr-29 134 134 — Fixed Half-yearly Half-yearly Aug-18 Jun-25 234 238 213 Fixed Half-yearly Half-yearly Aug-18 Dec-30 242 407 220 Fixed Half-yearly Half-yearly Aug-18 Dec-24 40 23 37 Fixed Half-yearly Half-yearly Jun-19 Dec-30 201 207 183 Fixed Half-yearly Half-yearly Nov-22 Jun-50 36 36 55 Fixed Half-yearly Half-yearly Feb-21 Jun-50 79 79 — Fixed Half-yearly Half-yearly Jul-21 Jun-56 1,200 1,200 1,200 Fixed Bullet Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2022 Dec 31, 2021 rate plan interest Sep-19 Sep-25 70 70 70 Fixed Half-yearly Half-yearly Jun-21 Jun-23 40 10 40 Fixed Bullet Bullet Feb16 Jul-24 5 2 3 Floating Quarterly Quarterly Jan-14 Mar-29 60 23 25 Floating Monthly Monthly Jan-14 Jan-24 22 2 4 Fixed Monthly Monthly Aug-17 Mar-32 57 35 36 Floating Monthly Monthly Jan-11 May-26 10 — 3 Floating Monthly Monthly Nov-11 May-26 11 — 3 Floating Monthly Monthly Nov-11 May-26 9 — 3 Floating Monthly Monthly May-10 May-30 46 23 24 Fixed Monthly Monthly International Interconexión Mar-20 Aug-24 7 6 6 Floating Quarterly Quarterly commercial Eléctrica S.A. Sep-12 Sep-23 USD 63 — 9 Fixed Half-yearly Half-yearly loans E.S.P and Oct-18 Mar-25 9 — 8 Floating Monthly Monthly subsidiaries Sep-12 Sep-23 35 — 4 Fixed Half-yearly Half-yearly Sep-12 Sep-23 25 — 5 Fixed Half-yearly Half-yearly May-21 Mar-24 11 6 11 Fixed Half-yearly Half-yearly May-21 Mar-24 6 — 6 Fixed Half-yearly Half-yearly Sep-18 Jun-50 13 13 16 Fixed Monthly Monthly May-21 May-25 112 83 105 Fixed Half-yearly Half-yearly May-21 May-26 75 69 70 Fixed Half-yearly Half-yearly Jun-22 Jun-23 10 30 — Fixed Bullet Bullet Dec-22 Nov-30 40 40 — Floating Half-yearly Half-yearly Apr-22 Nov-26 67 65 — Fixed Bullet Bullet Sep-22 Sep-32 76 76 — Fixed Half-yearly Half-yearly Mar-22 Dec-41 48 45 — Floating Monthly Monthly Dec-22 Dec-23 10 10 — Floating Quarterly Quarterly Sep-22 Mar-25 18 28 — Floating Half-yearly Half-yearly Sep-22 Mar-25 10 15 — Floating Half-yearly Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2022 Dec 31, 2021 rate plan interest International Dec-17 Dec-27 2,001 855 1,100 Fixed commercial Dec-17 Dec-27 75 32 42 Floating loans - Ecopetrol S.A. Dec-17 Dec-27 USD 73 31 40 Fixed Half-yearly Half-yearly Refinería de Dec-17 Dec-27 158 68 87 Floating Cartagena Dec-17 Dec-25 359 182 224 Floating International commercial loan –ISA acquisition Ecopetrol S.A. Aug-21 Aug-23 USD 3,672 472 1,672 Floating Half-yearly Half-yearly Dec-16 Jan-28 COP 250,000 242,125 250,000 Floating Half-yearly Half-yearly Dec-16 Jan-34 COP 150,000 147,000 150,000 Floating Half-yearly Half-yearly Dec-16 Jan-34 COP 150,000 147,000 150,000 Floating Half-yearly Half-yearly Dec-16 Jan-34 UVR (1) 405,972 181,972 161,904 Fixed Half-yearly Half-yearly Domestic Interconexión Jul-18 Jul-35 COP 217,500 4,353 4,651 Floating Half-yearly Half-yearly commercial Eléctrica S.A. Oct-21 Oct-31 COP 158,050 158,050 158,050 Floating Quarterly Quarterly loans E.S.P and Oct-21 Oct-28 COP 70,500 70,500 70,500 Floating Quarterly Quarterly subsidiaries Jun-17 Jun-24 COP 28,000 — 8,717 Floating Quarterly Quarterly Aug-17 Aug-24 COP 32,000 — 23,863 Floating Quarterly Quarterly Dec-17 Dec-24 COP 10,000 — 7,472 Floating Quarterly Quarterly May-18 Nov-28 COP 59,467 50,971 59,467 Floating Half-yearly Half-yearly Nov-18 Nov-28 COP 23,000 19,714 23,000 Floating Half-yearly Half-yearly May-22 May-23 COP 14,422 14,422 — Floating Quarterly Quarterly Jun-22 Jun-27 COP 12,900 12,900 — Floating Quarterly Quarterly Ago-22 Ago-27 COP 51,085 51,085 — Floating Half-yearly Half-yearly Committed credit line Ecopetrol S.A. Apr-20 Sep-23 USD 665 — 665 Floating Bullet Half-yearly Domestic syndicated commercial loan Oleoducto Bicentenario Jul-12 Jul-24 COP 2,100,000 375,725 600,450 Floating Quarterly Quarterly (1) |
Reporting entity (Details)
Reporting entity (Details) | Dec. 31, 2022 |
Reporting entity | |
Proportion of shares available for public trade | 11.51% |
Proportion of shares held by majority share holders | 88.49% |
Basis for preparation (Details)
Basis for preparation (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Aug. 20, 2021 country subsidiary item | Jun. 24, 2020 USD ($) | Mar. 31, 2022 $ / bbl | Dec. 31, 2022 $ / bbl | Dec. 31, 2021 $ / bbl | |
Basis for preparation | |||||
Decrease in net assets due to loss of control | $ | $ 65,570 | ||||
Average price of crude oil | $ / bbl | 128 | 99 | 70.9 | ||
Number of subsidiaries | subsidiary | 50 | ||||
Number of joint ventures | 11 | ||||
Number of associate | 1 | ||||
Number of countries in which the company operates | country | 6 |
Basis for preparation - Conside
Basis for preparation - Considerations on climate change and energy transition (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 $ / bbl | Dec. 31, 2022 COP ($) item km T $ / T $ / bbl MW | Dec. 31, 2021 $ / bbl | Dec. 31, 2022 USD ($) | Dec. 31, 2022 COP ($) | |
Basis for preparation | |||||
Average price of crude oil | $ / bbl | 128 | 99 | 70.9 | ||
Amount of investment in gas energy | $ 1,800 | ||||
Amount of investments in geographies | 2,600 | ||||
Total energy investments of the Business Group (in percent) | 15% | ||||
Amount of investment in current businesses and geographies | 8,300 | ||||
Amount of investment in new geographies | 2,200 | ||||
Threshold period for investment in green hydrogen projects | 3 years | ||||
Amount of investment in green hydrogen projects | 200 | ||||
Minimum amount of investment in projects | 1,400 | ||||
Percentage of reduction in GHG emissions | 25% | ||||
Percentage of reduction in zero water discharges | 66% | ||||
Percentage of offsetting residual water consumption | 34% | ||||
Expected promotion of new non-oil jobs | 230,000 | ||||
Number of young Colombians for which education is expected to be contributed | 2,000,000 | ||||
Minimum amount of allocation in innovation, technology, and digital transformation | $ 240 | ||||
Percentage of plan aimed at cementing diversification into new low-emission business | 23% | 23% | |||
Number of tons of Co2 emissions seeking reduction | T | 400,000 | ||||
Estimated incorporation of renewable energy | MW | 900 | ||||
Number of new regional energy communities | item | 2 | ||||
Number of new gas-connected homes | item | 107,000 | ||||
Amount allocated to electricity transmission business | $ 5,400,000,000,000 | ||||
Investment in decarbonization projects, integrated water management, and improvement of fuel quality | $ 2,300,000,000,000 | ||||
Investment in social investment resources. | $ 472,000,000,000 | ||||
Amount allocated to science, technology and innovation projects | $ 405,000,000,000 | ||||
Brazil | |||||
Basis for preparation | |||||
Investment in geographies (in percent) | (42.00%) | ||||
Colombia | |||||
Basis for preparation | |||||
Investment in geographies (in percent) | (25.00%) | ||||
Minimum | |||||
Basis for preparation | |||||
Annual investment | $ 5,200 | ||||
Organic investment | 17,000 | ||||
Price curve of greenhouse gas emissions under the internal CO2 price methodology | $ / T | 20 | ||||
Participation of non-conventional renewable energies (in percent) | 25% | ||||
Number of tons of green hydrozen estimated to be incorporated | 50,000 | ||||
Investment in exploration and production projects | $ 3,600,000,000 | ||||
Estimated new transmission lines for non-conventional renewable energies | km | 6,000 | ||||
Maximum | |||||
Basis for preparation | |||||
Annual investment | 6,000 | ||||
Organic investment | $ 20,000 | ||||
Price curve of greenhouse gas emissions under the internal CO2 price methodology | $ / T | 40 | ||||
Participation of non-conventional renewable energies (in percent) | 40% | ||||
Investment in exploration and production projects | $ 4,100,000,000 |
Accounting policies (Details)
Accounting policies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Plant and equipment | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 10 years |
Plant and equipment | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 55 years |
Pipelines, networks and lines | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 10 years |
Pipelines, networks and lines | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 63 years |
Buildings | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 10 years |
Buildings | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 100 years |
Other | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 3 years |
Other | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 35 years |
Accounting policies - Additiona
Accounting policies - Additional Information (Details) | Dec. 31, 2022 | Feb. 08, 2022 |
Disclosure of accounting policies | ||
Percentage of interest acquired | 51.40% | |
Percentage of interest rate on accumulated severance amount | 12% | |
Percentage of right of use assets recognized in joint venture | 100% | |
Bottom of range | ||
Disclosure of accounting policies | ||
Percentage of interest acquired | 20% | |
Top of range | ||
Disclosure of accounting policies | ||
Percentage of interest acquired | 50% |
New standards and regulatory _2
New standards and regulatory changes (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New standards and regulatory changes | ||||
Property, plant, and equipment | $ 100,997,498 | $ 90,076,526 | $ 66,508,338 | |
Deferred tax | $ 13,479,336 | $ 10,850,463 | ||
FinancialEffectOfChangesInAccountingPolicy | ||||
New standards and regulatory changes | ||||
Natural and environmental resources | $ 48,173 | |||
Property, plant, and equipment | 18,013 | |||
Deferred tax | $ 24,132 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents. | ||||
Banks | $ 9,491,029 | $ 11,080,569 | ||
Short-term investments | 5,907,785 | 3,467,859 | ||
Cash | 2,244 | 1,478 | ||
Total cash and cash equivalents | $ 15,401,058 | $ 14,549,906 | $ 5,082,308 | $ 7,075,758 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents. | ||
Restricted cash | $ 1,987,409 | $ 1,039,024 |
Operating capacity | $ 79,870 | $ 71,979 |
Return on cash and cash equivalents | 8.50% | 2.60% |
Cash and cash equivalents - Cre
Cash and cash equivalents - Credit quality of banks in Ecopetrol Business Group has deposits and check accounts, and issuers of investments (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | ||||
Cash and cash equivalents | $ 15,401,058 | $ 14,549,906 | $ 5,082,308 | $ 7,075,758 |
AAA | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 5,356,966 | 3,892,694 | ||
F1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 1,458,524 | 1,177,581 | ||
A | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 919,903 | 1,224,990 | ||
A-2 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 749,912 | 0 | ||
A-1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 731,424 | 1,294,164 | ||
AA | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 675,596 | 526,127 | ||
A3 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 647,316 | 3,049 | ||
BRC1+ | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 606,052 | 2,172,603 | ||
A+ | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 543,260 | 0 | ||
A- | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 477,059 | 0 | ||
F1+ | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 466,031 | 2,383,713 | ||
BB | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 463,681 | 106,070 | ||
BBB | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 425,485 | 1,277,357 | ||
A2 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 197,917 | 0 | ||
A1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 192,594 | 1,032 | ||
Baa1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 93,157 | 0 | ||
B | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 16,753 | 14,674 | ||
Aaa | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 10,276 | 27,621 | ||
AAAmmf | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 5,508 | 0 | ||
Caa3 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 4,385 | 0 | ||
Ba1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 3,083 | 0 | ||
BRC1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 1,201 | 1,671 | ||
CCC | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 1,160 | 4,872 | ||
AAAf | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 714 | 19,481 | ||
P-2 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 370,582 | ||
Aa3 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 11,239 | ||
C | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 6,615 | ||
Other | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | $ 1,353,101 | $ 33,771 |
Trade and other receivables (De
Trade and other receivables (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Customers | ||
Domestic | $ 3,268,944 | $ 2,917,305 |
Foreign | 3,065,207 | 3,222,837 |
Fuel Price stabilization fund | 26,296,870 | 7,824,788 |
Concessions | 5,194,909 | 3,370,644 |
Accounts receivable from employees | 115,922 | 106,547 |
Related parties | 110,408 | 9,355 |
Industrial services | 70,762 | 32,096 |
Other | 1,101,977 | 965,310 |
Total current | 39,224,999 | 18,448,882 |
Non-current | ||
Concessions | 28,647,390 | 21,259,519 |
Foreign | 185,331 | 36,965 |
Domestic | 72,985 | 178,552 |
Accounts receivable from employees | 498,415 | 534,051 |
Related parties | 335 | 335 |
Other | 2,750,749 | 2,150,294 |
Total non-current | $ 32,155,205 | $ 24,159,716 |
Trade and other receivables - A
Trade and other receivables - Additional Information (Details) - COP ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2022 | |
Isa | ||||
Trade and other receivables | ||||
Gross accounts receivable | $ 1,772,101 | $ 2,481,530 | ||
Provision for expected losses, included in provision line for expected credit losses | 368,299 | 475,936 | ||
Net book value of accounts receivable included in others | 1,403,802 | 2,005,594 | ||
Ecopetrol S.A. | ||||
Trade and other receivables | ||||
Contribution from Ministry of Finance and Public Credit | $ 6,788,385 | 4,639,779 | $ 18,262,487 | |
Reficar | ||||
Trade and other receivables | ||||
Contribution from Ministry of Finance and Public Credit | $ 6,114,489 | $ 719,834 |
Trade and other receivables -_2
Trade and other receivables - Allowance for doubtful accounts (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade and other receivables | |||
Opening balance | $ (750,191) | $ (291,144) | $ (282,791) |
Additions (reversal), net | (46,690) | 2,665 | (15,082) |
Effect of business combination | 0 | (474,654) | 0 |
Effect of change of control in subsidiaries | 0 | 0 | 5,517 |
Currency translation | (131,270) | 4,794 | (1,271) |
Accounts receivable write-off and uses | 22,033 | 8,148 | 2,483 |
Closing balance | $ (906,118) | $ (750,191) | $ (291,144) |
Inventories (Details)
Inventories (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories | ||
Crude oil | $ 5,971,109 | $ 3,305,965 |
Fuels and petrochemicals | 3,241,154 | 2,845,486 |
Materials for goods production | 2,667,771 | 2,246,761 |
Inventories, net | $ 11,880,034 | $ 8,398,212 |
Inventories - Changes of the al
Inventories - Changes of the allowances for losses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories | |||
Opening balance | $ (127,662) | $ (109,549) | $ (131,526) |
Additions | (18,236) | (58,437) | (9,748) |
Increase due to business combination | 0 | (2,837) | |
Foreign currency translation | (3,591) | (1,449) | (122) |
Effect of change of control in subsidiaries | 0 | 20,075 | |
Other | 20,692 | 44,610 | 11,772 |
Closing balance | (128,797) | (127,662) | (109,549) |
Inventories adjustment | $ 133,164 | $ 23,785 | $ 9,017 |
Other financial assets (Details
Other financial assets (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets measured at fair value | ||
Other financial assets | $ 2,725,871 | $ 2,934,734 |
Current | 1,162,127 | 1,627,150 |
Non-current | 1,563,744 | 1,307,584 |
Financial assets at fair value, class | ||
Assets measured at fair value | ||
Assets measured at fair value | 2,697,301 | 2,559,472 |
Investments in equity securities and trust funds | ||
Assets measured at fair value | ||
Assets measured at fair value | 875,335 | 606,624 |
Hedging instruments | ||
Assets measured at fair value | ||
Other financial assets | 311 | 17,449 |
Assets measured at fair value through other comprehensive income | ||
Assets measured at fair value | ||
Other financial assets | 3,583 | 2,789 |
Assets measured at amortized cost | ||
Assets measured at fair value | ||
Assets measured at fair value | 28,570 | 375,262 |
Foreign currency | ||
Assets measured at fair value | ||
Assets measured at fair value | 1,056,385 | 1,172,718 |
Local currency | ||
Assets measured at fair value | ||
Assets measured at fair value | $ 761,687 | $ 759,892 |
Other financial assets - Maturi
Other financial assets - Maturity (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other financial assets | ||
Other financial assets | $ 2,725,871 | $ 2,934,734 |
Up to 1 year | ||
Other financial assets | ||
Other financial assets | 1,162,127 | 1,627,150 |
1 - 2 years | ||
Other financial assets | ||
Other financial assets | 673,169 | 434,372 |
2 - 5 years | ||
Other financial assets | ||
Other financial assets | 452,417 | 786,760 |
> 5 years | ||
Other financial assets | ||
Other financial assets | $ 438,158 | $ 86,452 |
Other financial assets - Other
Other financial assets - Other financial assets recognized at fair value (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other financial assets | ||
Financial assets at fair value | $ 2,697,301 | $ 2,559,472 |
Level 1 | ||
Other financial assets | ||
Financial assets at fair value | 1,892,486 | 834,057 |
Level 2 | ||
Other financial assets | ||
Financial assets at fair value | $ 804,815 | $ 1,725,415 |
Other financial assets - Credit
Other financial assets - Credit quality of the issuers of other financial assets (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other financial assets | ||
Other financial assets measured at fair value through profit | $ 2,725,871 | $ 2,934,734 |
BB | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 1,051,042 | 7,412 |
BB+ | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 898,072 | 954,212 |
Ba1 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 388,743 | |
AAA | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 40,369 | 1,158,794 |
Ba2 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 16,227 | |
A | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 14,702 | 12,204 |
A3 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 9,918 | |
F3 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 4,457 | 8,990 |
BBB | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 4,153 | 7,112 |
F1+ | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 29 | 319,253 |
B | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 158,814 | |
A-1 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 119,461 | |
BRC1+ | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 75,068 | |
A+ | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 42,821 | |
AA+ | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 6,075 | |
Other | ||
Other financial assets | ||
Other financial assets measured at fair value through profit | $ 298,159 | $ 64,518 |
Other financial assets - Additi
Other financial assets - Additional Information (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other financial assets | ||
Long-term restricted funds having specific destination to investment projects | $ 328,283 | $ 138,688 |
Colombian pesos | ||
Other financial assets | ||
Average rate of return on investments | 4.30% | 2.23% |
US Dollar | ||
Other financial assets | ||
Average rate of return on investments | 13.11% | 0.10% |
Taxes - Current and Non-current
Taxes - Current and Non-current tax assets and liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax assets | |||
Current tax assets | $ 6,784,392 | $ 6,273,802 | |
Non-current tax assets | 13,401,050 | 9,030,132 | |
Tax liabilities | |||
Current tax liabilities | 7,630,901 | 2,152,104 | |
Non-current tax liabilities | $ 15,275,644 | $ 12,124,520 | |
Percentage of devaluation of Colombia Peso against the Dollar | 21% | ||
Statutory tax rate | 35% | 31% | 32% |
Other Companies | |||
Tax liabilities | |||
Statutory tax rate | 35% | 31% | |
Deferred tax liabilities | |||
Tax liabilities | |||
Non-current tax liabilities | $ 13,479,336 | $ 10,850,463 | |
Income tax payable | |||
Tax liabilities | |||
Non-current tax liabilities | 90,897 | 65,130 | |
Income tax | |||
Tax liabilities | |||
Non-current tax liabilities | 1,705,411 | 1,208,927 | |
Income tax payable | |||
Tax liabilities | |||
Current tax liabilities | 6,617,468 | 1,298,524 | |
Industry and commerce tax | |||
Tax liabilities | |||
Current tax liabilities | 346,958 | 247,966 | |
Industry and commerce tax | Ecopetrol S.A. | |||
Tax liabilities | |||
Current tax liabilities | 57,543 | ||
Industry and commerce tax | Other Companies | |||
Tax liabilities | |||
Current tax liabilities | 468 | ||
Industry and commerce tax | Cenit | |||
Tax liabilities | |||
Current tax liabilities | 8,887 | ||
National tax and surcharge on gasoline | |||
Tax liabilities | |||
Current tax liabilities | 181,490 | 192,665 | |
Carbon tax | |||
Tax liabilities | |||
Current tax liabilities | 77,721 | 66,006 | |
Value added tax | |||
Tax liabilities | |||
Current tax liabilities | 206,341 | 157,452 | |
Other taxes, liabilities | |||
Tax liabilities | |||
Current tax liabilities | 200,923 | 189,491 | |
Deferred tax assets | |||
Tax assets | |||
Non-current tax assets | 13,392,480 | 9,024,858 | |
Income tax credits | |||
Tax assets | |||
Non-current tax assets | 8,570 | 5,274 | |
Income tax | |||
Tax assets | |||
Current tax assets | 279,457 | 1,739,542 | |
VAT refund | |||
Tax assets | |||
Current tax assets | 4,725,281 | 3,108,175 | |
Credit tax balance | Ecopetrol S.A. | |||
Tax liabilities | |||
Current value added tax | 4,165,563 | ||
Credit tax balance | Esenttia PP | |||
Tax liabilities | |||
Current value added tax | 252,977 | ||
Credit tax balance | ISA Group | |||
Tax liabilities | |||
Current value added tax | 189,538 | ||
Credit tax balance | Other Companies | |||
Tax liabilities | |||
Current value added tax | 50,305 | ||
Other taxes, assets | |||
Tax assets | |||
Current tax assets | $ 1,779,654 | $ 1,426,085 |
Taxes - Income tax expense (Det
Taxes - Income tax expense (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxes | |||
Current income tax expense | $ 16,791,619 | $ 6,975,549 | $ 2,861,606 |
Deferred income tax | 2,813,817 | 1,939,567 | (791,824) |
Deferred income tax - rate change | (658,919) | (28,993) | 0 |
Adjustments to prior years' current and deferred tax | 17,421 | (90,860) | (31,121) |
Income tax calculated | $ 18,963,938 | $ 8,795,263 | $ 2,038,661 |
Taxes - Reconciliation of the i
Taxes - Reconciliation of the income tax expenses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxes | |||
Net income before income tax | $ 54,163,418 | $ 26,425,817 | $ 4,776,514 |
Statutory tax rate | 35% | 31% | 32% |
Income tax at statutory rate | $ 18,957,196 | $ 8,192,003 | $ 1,528,484 |
Effective tax rate reconciliation items: | |||
Adjustment - IAS 12.41 | 1,946,269 | 1,194,065 | 247,358 |
Non-deductible expenses | 448,433 | 387,407 | 29,649 |
Reversal of deferred tax recognized in prior years | 0 | 0 | 245,508 |
Rate differential adjustment | (670,080) | (304,176) | 14,974 |
Non-taxable income | (739,243) | (517,483) | (35,471) |
Prior years' taxes | 17,421 | (90,860) | (31,121) |
Foreign currency translation and exchange difference | (82,028) | (149,035) | 59,852 |
Tax discounts and tax credit | (184,054) | (173,154) | (20,572) |
Others | (71,057) | 285,489 | 0 |
Effect of tax reform | (658,919) | (28,993) | 0 |
Income tax calculated | $ 18,963,938 | $ 8,795,263 | $ 2,038,661 |
Effective tax rate | 35% | 33.30% | 42.70% |
Current | $ 16,801,363 | $ 6,940,660 | $ 2,583,832 |
Deferred | 2,162,575 | 1,854,603 | (545,171) |
Income tax calculated | $ 18,963,938 | $ 8,795,263 | $ 2,038,661 |
Taxes - Deferred income tax (De
Taxes - Deferred income tax (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Taxes | ||
Deferred tax assets | $ 13,392,480 | $ 9,024,858 |
Deferred tax liabilities | (13,479,336) | (10,850,463) |
Net deferred income tax | $ (86,856) | $ (1,825,605) |
Taxes - Deferred tax assets and
Taxes - Deferred tax assets and liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Taxes | ||||
Deferred tax assets (liabilities) | $ (86,856) | $ (1,825,605) | $ 6,034,706 | $ 5,480,516 |
Deferred tax asset attributable to deductible operating loss carryforwards | 20 years | |||
Recognized deferred tax assets | 180,563 | |||
Ecopetrol USA Inc. | ||||
Taxes | ||||
Deferred tax assets operating loss carry forwards not subject to expiration | $ 339,950 | 765,914 | ||
Refineria De Cartagana | ||||
Taxes | ||||
Deferred tax assets operating loss carry forwards not subject to expiration | $ 1,871,732 | 2,027,433 | ||
Invercolsa S.A. | ||||
Taxes | ||||
Deferred tax asset attributable to deductible operating loss carryforwards | 12 years | |||
Operating loss carryforwards, subject to expiration | $ 17,524 | 14,626 | ||
Ruta de la Araucana and Transamerican | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 111,273 | 137,289 | ||
Ruta Costera | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 84,964 | 17,953 | ||
Internexa Chile | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 16,062 | 12,931 | ||
Ruta del Maipo | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 1,000,632 | 763,272 | ||
ISA Interchile | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 1,104,625 | 756,410 | ||
Ruta Del Loa | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 27,472 | 13,816 | ||
Loans | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 8,707,743 | 3,385,388 | ||
Loss carry forwards | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 6,497,845 | 6,122,243 | ||
Operating loss carryforwards, subject to expiration | 1,887,805 | 1,591,781 | ||
Provisions | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 3,712,239 | 4,029,550 | ||
Employee benefits | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 963,558 | 1,378,161 | ||
Accounts payable | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 54,611 | 13,774 | ||
Presumptive income tax excesses | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 0 | 180,563 | ||
Goodwill | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (604,350) | (405,973) | ||
Others | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (3,499,216) | (3,050,013) | ||
Accounts receivable | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (4,558,699) | (4,029,534) | ||
Property plant and equipment and Natural and environmental resources | ||||
Taxes | ||||
Deferred tax assets (liabilities) | $ (11,360,587) | $ (9,449,764) |
Taxes - Deferred tax detail rec
Taxes - Deferred tax detail recognized (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxes | |||
Opening balance | $ (1,825,605) | $ 6,034,706 | $ 5,480,516 |
Deferred tax recognized in profit or loss | (2,162,575) | (1,854,603) | 545,171 |
Increase due to business combination | 96,767 | (7,877,297) | (383,346) |
Deferred tax recognized in other comprehensive income | 4,769,474 | 1,535,151 | 89,526 |
ISA Deffered tax Dividends | (24,132) | (35,033) | 0 |
Foreign currency translation | (940,785) | 371,471 | 302,839 |
Closing balance | $ (86,856) | $ (1,825,605) | $ 6,034,706 |
Taxes - Income tax recorded in
Taxes - Income tax recorded in other comprehensive income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxes | |||
Pre-tax | $ 11,836,299 | $ 3,573,847 | $ 303,298 |
Deferred tax | (4,769,474) | (1,535,151) | (89,526) |
After tax | 7,066,825 | 2,038,696 | 213,772 |
Cash flow hedging for future crude oil exports | |||
Taxes | |||
Pre-tax | 3,167,351 | 1,259,269 | (1,186) |
Deferred tax | (1,638,602) | (450,492) | 1,908 |
After tax | 1,528,749 | 808,777 | 722 |
Hedge of a net investment in a foreign operation | |||
Taxes | |||
Pre-tax | 7,526,124 | 4,579,758 | 520,490 |
Deferred tax | (2,538,389) | (1,708,348) | (156,147) |
After tax | 4,987,735 | 2,871,410 | 364,343 |
Hedge with derivative instruments | |||
Taxes | |||
Pre-tax | (111,690) | 191,487 | (78,547) |
Deferred tax | (6,223) | (55,821) | 23,475 |
After tax | (117,913) | 135,666 | (55,072) |
Actuarial valuation gains (losses) | |||
Taxes | |||
Pre-tax | 1,254,514 | (2,456,667) | (137,459) |
Deferred tax | (586,260) | 679,510 | 41,238 |
After tax | $ 668,254 | $ (1,777,157) | $ (96,221) |
Taxes - Additional Information
Taxes - Additional Information (Details) R$ in Millions, $ in Millions | 12 Months Ended | |||||
Jan. 01, 2019 | Dec. 31, 2022 COP ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 COP ($) | Dec. 31, 2020 | Dec. 13, 2022 | |
Taxes | ||||||
Current tax liabilities | $ 7,630,901 | $ 2,152,104 | ||||
Percentage of devaluation of Colombia Peso against the Dollar | 21% | |||||
Additional point on the income tax rate | 35% | 35% | 31% | 32% | ||
Presumptive income tax | 0% | |||||
Description of tax losses carry forward | 12 taxable years | 12 taxable years | ||||
Effective tax rate | 35% | 35% | 33.30% | |||
Variation rate | 1.70% | 1.70% | ||||
Growth of revenue | $ 9,816,070 | |||||
Exchange rate effect in deferred income tax variation | 874,250 | |||||
Difference between the provision and the income tax return | 108,281 | |||||
Effect of the Law 2277 of 2022 | $ 656,926 | |||||
Deferred tax assets operating tax losses expiration period | 20 years | 20 years | ||||
Description Of Audit Benefit Terms | Audit benefit: For the fiscal years 2022 and 2023, this Law reduce the time in which the tax authorities can audit an income tax return, from 5 years to between 6 to 12 months, depending on whether the net income tax increased to 35% or 25% with respect to that income tax return in the last fiscal year. | Audit benefit: For the fiscal years 2022 and 2023, this Law reduce the time in which the tax authorities can audit an income tax return, from 5 years to between 6 to 12 months, depending on whether the net income tax increased to 35% or 25% with respect to that income tax return in the last fiscal year. | ||||
Base tax amount | $ (8,891,965) | |||||
Deferred tax assets not recognised | $ 363,158 | $ 153,681 | ||||
Percentage Of Industry And Commerce Tax Discount | 100% | 100% | ||||
Applicable tax rate for fixed assets | 35 | 35 | ||||
Capital debt ratio | 2 | 3 | ||||
Vat rate | 20% | |||||
Free zone tax rate | 20% | |||||
Income tax rate for future years in free zones | 15% | |||||
Maximum deduction rate per year | 3% | |||||
Industry and commerce tax deduction rate | 100% | |||||
Percentage of dividend tax rate as witholding tax on income | 10% | |||||
Foreign exchange rate | 21 | 21 | ||||
Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 35% | 35% | 31% | |||
Deferred tax assets amount unrecognized | $ (1,333,795) | |||||
Ecopetrol USA Inc. | ||||||
Taxes | ||||||
Base tax amount | (25,966,564) | |||||
Deferred tax assets amount unrecognized | $ (3,894,985) | |||||
2020 [Member] | ||||||
Taxes | ||||||
Additional point on the income tax rate | 32% | |||||
2021 [Member] | ||||||
Taxes | ||||||
Additional point on the income tax rate | 31% | |||||
Capital gain tax rate | 10% | |||||
2022 [Member] | ||||||
Taxes | ||||||
Additional point on the income tax rate | 35% | 35% | ||||
Capital gain tax rate | 15% | |||||
Applicable income tax rate before update | 30% | 30% | ||||
2023 | ||||||
Taxes | ||||||
Additional point on the income tax rate | 5% | 5% | ||||
2024 | ||||||
Taxes | ||||||
Additional point on the income tax rate | 10% | 10% | ||||
2025 | ||||||
Taxes | ||||||
Additional point on the income tax rate | 15% | 15% | ||||
Unused tax losses | ||||||
Taxes | ||||||
Deferred tax asset (liability) | $ 6,497,845 | $ 6,122,243 | ||||
Operating loss carryforwards, subject to expiration | $ 1,887,805 | 1,591,781 | ||||
Dividend Tax Rate [Member] | ||||||
Taxes | ||||||
Withholding dividend tax rate | 7.50% | 7.50% | 7.50% | |||
Dividend Tax Rate [Member] | 2022 [Member] | ||||||
Taxes | ||||||
Additional point on the income tax rate | 35% | 35% | ||||
Withholding dividend tax rate | 10% | 10% | ||||
Industry and commerce tax | ||||||
Taxes | ||||||
Current tax liabilities | $ 346,958 | 247,966 | ||||
Ecopetrol S.A. | Industry and commerce tax | ||||||
Taxes | ||||||
Current tax liabilities | 57,543 | |||||
Ecopetrol S.A. | Credit tax balance | ||||||
Taxes | ||||||
Current value added tax | 4,165,563 | |||||
Esenttia PP | Credit tax balance | ||||||
Taxes | ||||||
Current value added tax | 252,977 | |||||
ISA Group | ||||||
Taxes | ||||||
Deferred tax assets operating loss carry forwards not subject to expiration | 35,806 | $ 20,818 | ||||
ISA Group | Credit tax balance | ||||||
Taxes | ||||||
Current value added tax | $ 189,538 | |||||
Other Companies | ||||||
Taxes | ||||||
Additional point on the income tax rate | 35% | 35% | 31% | |||
Nominal tax rate | $ 133,178 | |||||
Other Companies | Industry and commerce tax | ||||||
Taxes | ||||||
Current tax liabilities | 468 | |||||
Other Companies | Credit tax balance | ||||||
Taxes | ||||||
Current value added tax | 50,305 | |||||
Cenit | Industry and commerce tax | ||||||
Taxes | ||||||
Current tax liabilities | 8,887 | |||||
Ecopetrol USA Inc. | ||||||
Taxes | ||||||
Deferred tax assets operating loss carry forwards not subject to expiration | 339,950 | $ 765,914 | ||||
Refineria de Cartagena S.A.S | ||||||
Taxes | ||||||
Deferred tax assets operating loss carry forwards not subject to expiration | $ 1,871,732 | 2,027,433 | ||||
Invercolsa | ||||||
Taxes | ||||||
Deferred tax assets operating tax losses expiration period | 12 years | 12 years | ||||
Operating loss carryforwards, subject to expiration | $ 17,524 | 14,626 | ||||
Ruta de la Araucana and Transamerican | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 111,273 | 137,289 | ||||
Ruta Costera | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 84,964 | 17,953 | ||||
Internexa Chile | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 16,062 | 12,931 | ||||
Ruta del Maipo | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 1,000,632 | 763,272 | ||||
ISA Interchile | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 1,104,625 | 756,410 | ||||
Ruta Del Loa | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 27,472 | 13,816 | ||||
Ruta del Bosque (Chile) | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 102,864 | 35,511 | ||||
Ruta del Maule (Chile) | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 43,702 | 27,404 | ||||
Ruta Costera (Colombia) | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 391 | 932 | ||||
ISA Intervial Colombia | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 564 | 541 | ||||
Proyectos De Infraestructura Del Per | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 1,143 | |||||
ISA Capital do Brasil | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 20,216 | 15,983 | ||||
ISA Investimentos Brasil [Member] | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 883 | |||||
ISA Inversiones Chile Ltd | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 84,816 | |||||
Internexa Brasil Operadora de Telecomunicaes | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 101,525 | 69,358 | ||||
Internexa Participaes (Brasil) | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 2,913 | 2,121 | ||||
ISA Bolivia | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 4,142 | $ 1,831 | ||||
Ecopetrol USA | ||||||
Taxes | ||||||
Nominal tax rate | 168,374 | |||||
Ecopetrol Permian | ||||||
Taxes | ||||||
Nominal tax rate | 243,809 | |||||
Cartagena | ||||||
Taxes | ||||||
Nominal tax rate | 476,772 | |||||
Ecopetrol Capital AG | ||||||
Taxes | ||||||
Nominal tax rate | 71,563 | |||||
Esenttia MB | ||||||
Taxes | ||||||
Nominal tax rate | $ 67,942 | |||||
Ecopetrol SA And Hocol Petroleum [Member] | 2023 | ||||||
Taxes | ||||||
Additional point on the income tax rate | 5% | 5% | ||||
Ecopetrol SA And Hocol Petroleum [Member] | 2024 | ||||||
Taxes | ||||||
Additional point on the income tax rate | 10% | 10% | ||||
Ecopetrol SA And Hocol Petroleum [Member] | 2025 | ||||||
Taxes | ||||||
Additional point on the income tax rate | 15% | 15% | ||||
Free Trade Zone Area [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Presumptive income, percentage on beginning equity | 15% | 15% | ||||
Bottom of range [member] | 2022 [Member] | ||||||
Taxes | ||||||
Additional point on the income tax rate | 31% | 31% | ||||
Top of range [member] | 2022 [Member] | ||||||
Taxes | ||||||
Additional point on the income tax rate | 35% | 35% | ||||
Colombia Country [Member] | ||||||
Taxes | ||||||
Presumptive income tax | 50% | |||||
Free Trade Zone Area [Member] | ||||||
Taxes | ||||||
Additional point on the income tax rate | 20% | 20% | ||||
Free trade zone with legal stability contract [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 15% | 15% | ||||
Brazil Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 34% | 34% | ||||
Percentage of income tax rate taxable base of liquid profit | 34% | |||||
Percentage of income tax rate based on legal entities gross income | 8% | |||||
Legal entities maximum gross income | R$ | R$ 78 | |||||
Brazil Country [Member] | Bottom of range [member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 12% | 12% | ||||
Brazil Country [Member] | Top of range [member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 32% | 32% | ||||
Chile Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 27% | 27% | ||||
Peru Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 29.50% | 29.50% | ||||
Percentage of current income tax rate on taxable income after deducting employee participation | 29.50% | |||||
Percentage of dividend and other forms of profit distribution income tax rate | 5% | |||||
Percentage of income tax rate of financial expenses deduction | 30% | |||||
Percentage of income tax rate of deduction allowed for low value added services and cost plus margin | 5% | |||||
Peru Country [Member] | Bottom of range [member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 5% | 5% | ||||
Peru Country [Member] | Top of range [member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 10% | 10% | ||||
United States Of America Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Additional point on the income tax rate | 21% | 21% |
Other assets (Details)
Other assets (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Partners in joint operations | $ 871,409 | $ 639,199 |
Prepaid expenses | 693,341 | 549,456 |
Advanced payments to contractors and suppliers | 679,829 | 591,990 |
Trust funds | 507,163 | 527,520 |
Related parties | 1,087 | 1,386 |
Other assets | 25,651 | 23,540 |
Total current | 2,778,480 | 2,333,091 |
Non-current | ||
Abandonment and pension funds | 568,066 | 461,729 |
Employee benefits | 342,143 | 229,969 |
Trust funds | 184,464 | 176,781 |
Advanced payments and deposits | 87,684 | 92,815 |
Judicial deposits and attachments | 54,776 | 48,845 |
Other assets | 216,214 | 188,224 |
Total non-current | $ 1,453,347 | $ 1,198,363 |
Business combinations - Fair va
Business combinations - Fair value of the identifiable assets and liabilities of ISA as at the date of acquisition (Details) - ISA $ in Millions | Aug. 20, 2021 COP ($) |
Assets | |
Cash and cash equivalents | $ 4,983,234 |
Accounts receivable | 27,487,774 |
Inventories | 120,300 |
Other financial assets | 1,093,941 |
Current tax assets | 477,504 |
Other assets | 682,445 |
Investments in subsidiaries and joint ventures | 5,014,749 |
Properties, plant, and equipment | 17,486,901 |
Right of use assets | 230,207 |
Intangibles | 13,903,491 |
Deferred tax assets | 2,075,849 |
Total assets | 73,556,395 |
Liabilities | |
Loans | (27,203,432) |
Leases | (255,503) |
Accounts payable | (1,358,692) |
Employee Benefits | (973,210) |
Tax liabilities | (1,897,786) |
Provisions and contingencies | (947,883) |
Other liabilities | (1,708,349) |
Deferred tax liabilities | 9,856,379 |
Total liabilities | (44,201,234) |
Total identifiable net assets | 29,355,161 |
Non-controlling interest | (18,734,241) |
Goodwill derived from the acquisition | 3,279,916 |
Consideration transferred | $ 13,900,836 |
Business combinations - Additio
Business combinations - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Aug. 20, 2021 COP ($) country subsidiary item shares | Aug. 31, 2022 COP ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2020 COP ($) | Feb. 08, 2022 | |
Business combinations | ||||||
Percentage of interest acquired | 51.40% | |||||
Number of subsidiaries | subsidiary | 50 | |||||
Number of joint ventures | item | 11 | |||||
Number of associate | item | 1 | |||||
Number of countries in which the company operates | country | 6 | |||||
Percentage of interest held | 49% | |||||
Goodwill. | $ 5,350,114 | $ 4,686,324 | ||||
Profit (loss) from operating activities | 60,229,753 | 29,697,707 | $ 7,181,765 | |||
Profit (loss) | 35,199,480 | 17,630,554 | 2,737,853 | |||
Property, plant and equipment. | $ 100,997,498 | $ 90,076,526 | $ 66,508,338 | |||
Interconexion Electrica S.A. E.S.P. | ||||||
Business combinations | ||||||
Number of shares acquired | shares | 569,472,561 | |||||
Percentage of interest acquired | 51.40% | |||||
Ministry of Finance and Public Credit | ||||||
Business combinations | ||||||
Percentage of interest acquired | 100% | |||||
ISA | ||||||
Business combinations | ||||||
Profit before tax from continuing operations if acquisition has happened beginning of year | $ 4,113,198 | |||||
Increase in profit (loss) of combined entity | $ 7,039,487 | $ 2,096,511 | ||||
Increase in revenue of combined entity | 7,039,487 | |||||
Revenue included in the consolidated profit or loss statement | 4,113,198 | |||||
Profits included in the consolidated profit or loss statement | 1,108,202 | |||||
Properties, plant, and equipment | 17,486,901 | |||||
Decrease in property, plant and equipment | 153,557 | |||||
Intangibles | 13,903,491 | |||||
Decrease in intangibles | 422,988 | |||||
Decrease in deferred tax liability | 96,767 | |||||
Decrease in non-controlling interest | 238,839 | |||||
Increase in goodwill | 240,939 | |||||
Goodwill | 3,279,916 | |||||
Revenue since acquisition | 4,113,198 | |||||
Net profit from continuing operations of acquiree | 1,108,202 | |||||
Net profit from continuing operations of acquiree's non-controlling interest | 846,454 | |||||
Profit before tax of non-controlling interests from continuing operations if acquisition has happened beginning of year | $ 1,501,984 |
Investments in associates and_3
Investments in associates and joint ventures - Composition and movements (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in joint ventures | ||||
Equity of the joint venture | $ 6,803,601 | $ 5,749,030 | ||
Investments in associates | ||||
Investments in associates | 2,692,999 | 2,608,156 | ||
Investments in joint ventures and associates | 9,496,600 | 8,357,186 | $ 3,174,628 | $ 3,245,072 |
Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 7,212,342 | 6,155,679 | ||
Investments in associates | ||||
Investments in associates | 2,702,398 | 2,617,555 | ||
Accumulated impairment | ||||
Investments in associates | ||||
Investments in associates | (9,399) | (9,399) | ||
Gases del Caribe S.A. E.S.P. | Cost | ||||
Investments in associates | ||||
Investments in associates | 1,495,341 | 1,515,838 | ||
ATP Tower Holdings | Cost | ||||
Investments in associates | ||||
Investments in associates | 913,218 | 813,697 | ||
Gas Natural del Oriente S.A. E.S.P. | Cost | ||||
Investments in associates | ||||
Investments in associates | 148,254 | 142,508 | ||
Gases de la Guajira S.A. E.S.P. | Cost | ||||
Investments in associates | ||||
Investments in associates | 69,376 | 69,461 | ||
E2 Energia Eficiente S.A. E.S.P. | Cost | ||||
Investments in associates | ||||
Investments in associates | 34,944 | 35,062 | ||
Extrucol S.A. | Cost | ||||
Investments in associates | ||||
Investments in associates | 27,680 | 28,578 | ||
Serviport S.A. | Cost | ||||
Investments in associates | ||||
Investments in associates | 9,399 | 9,399 | ||
Sociedad Portuaria Olefinas | Cost | ||||
Investments in associates | ||||
Investments in associates | 4,186 | 3,012 | ||
Equion Energy Limited | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 1,639,264 | 2,960,397 | ||
Equion Energy Limited | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 1,191,154 | 1,860,634 | ||
Equion Energy Limited | Accumulated impairment | ||||
Investments in joint ventures | ||||
Equity of the joint venture | (400,196) | (398,104) | ||
Interligacao Electrica do Madeira S.A. | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 3,438,987 | 2,504,773 | ||
Interligacao Electrica do Madeira S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 1,871,142 | 1,374,483 | ||
Transmissora Alianca de Energia Electrica S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 1,830,504 | 1,496,060 | ||
Interligacao Electrica Paraguacu S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 614,112 | 412,526 | ||
Interligacao Electrica Ivai S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 469,176 | 288,224 | ||
Interligacao Electrica Garanhuns S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 571,328 | 363,498 | ||
Interligacao Electrica Aimors S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 411,495 | 278,408 | ||
Conexion Kimal Lo Aguirre S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 169,230 | |||
Ecodiesel Colombia S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 54,614 | 64,019 | ||
Interconexion Electrica Colombia Panama S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 20,516 | 8,737 | ||
Transnexa S.A. E.M.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 8,545 | 8,545 | ||
Transnexa S.A. E.M.A. | Accumulated impairment | ||||
Investments in joint ventures | ||||
Equity of the joint venture | (8,545) | (8,545) | ||
Derivex S.A. | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 439 | 448 | ||
Parques de Rio | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | 83 | 93 | ||
Interconexion Electrica Colombia Panama S.A.S. E.S.P | Cost | ||||
Investments in joint ventures | ||||
Equity of the joint venture | $ 4 | $ 4 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in associates and joint ventures | |||
Opening balance | $ 8,357,186 | $ 3,174,628 | $ 3,245,072 |
Capital contributions | 329,377 | 44,735 | |
Business combination | 5,014,749 | ||
Effects of equity method through: | |||
Profit or loss | 768,422 | 426,164 | 76,336 |
Other comprehensive income | 1,600,113 | 133,998 | (2,923) |
Foreign currency translation | (3,478) | 80,337 | |
Dividends declared | (1,556,406) | (349,108) | (157,682) |
Impairment | (2,092) | (84,502) | (66,512) |
Closing balance | 9,496,600 | 8,357,186 | 3,174,628 |
Dividends received | 1,471,134 | 206,048 | 157,241 |
Joint ventures | |||
Investments in associates and joint ventures | |||
Opening balance | 5,749,030 | 1,383,379 | 1,418,315 |
Capital contributions | 329,377 | 44,735 | |
Business combination | 4,231,255 | ||
Effects of equity method through: | |||
Profit or loss | 642,093 | 232,797 | (38,443) |
Other comprehensive income | 1,450,948 | 121,856 | 0 |
Foreign currency translation | (3,478) | 81,565 | |
Dividends declared | (1,365,755) | (177,870) | (9,017) |
Impairment | (2,092) | (83,644) | (69,041) |
Closing balance | 6,803,601 | 5,749,030 | 1,383,379 |
Associates | |||
Investments in associates and joint ventures | |||
Opening balance | 2,608,156 | 1,791,249 | 1,826,757 |
Capital contributions | 0 | 0 | |
Business combination | 783,494 | ||
Effects of equity method through: | |||
Profit or loss | 126,329 | 193,367 | 114,779 |
Other comprehensive income | 149,165 | 12,142 | (2,923) |
Foreign currency translation | 0 | (1,228) | |
Dividends declared | (190,651) | (171,238) | (148,665) |
Impairment | 0 | (858) | 2,529 |
Closing balance | $ 2,692,999 | $ 2,608,156 | $ 1,791,249 |
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 | ||||
Jan. 19, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of financial position | |||||
Current assets | $ 77,276,845 | $ 51,695,747 | |||
Non-current assets | 225,515,586 | 190,730,869 | |||
Total assets | 302,792,431 | 242,426,616 | |||
Current liabilities | 56,782,338 | 30,248,731 | |||
Non-current liabilities | 132,107,004 | 121,594,113 | |||
Total liabilities | 188,889,342 | 151,842,844 | |||
Net equity | 113,903,089 | 90,583,772 | $ 53,499,363 | $ 58,231,628 | |
Other complementary information | |||||
Cash and cash equivalents | 15,401,058 | 14,549,906 | 5,082,308 | $ 7,075,758 | |
Loans and borrowings | 22,198,583 | 9,206,283 | |||
Non-current | 92,936,256 | 85,854,645 | |||
Statement of profit or loss | |||||
Sales revenue | 159,611,078 | 91,881,204 | 50,223,393 | ||
Costs of sales | (89,458,148) | (55,581,776) | (37,567,472) | ||
Other operating income (expenses), net | (4,335,695) | (3,342,069) | (3,373,150) | ||
Financial (expenses) income | (6,834,757) | (3,698,054) | (2,481,587) | ||
Income tax (expense) | 18,963,938 | 8,795,263 | 2,038,661 | ||
Financial year results | 35,199,480 | 17,630,554 | 2,737,853 | ||
Other comprehensive income for the year, net of tax | $ 361,728 | 8,894,726 | 3,571,125 | $ 1,356,224 | |
Interligacao Eletrica do Madeira | |||||
Statement of financial position | |||||
Current assets | 689,613 | 593,389 | |||
Non-current assets | 5,890,932 | 4,432,664 | |||
Total assets | 6,580,545 | 5,026,053 | |||
Current liabilities | 376,203 | 325,049 | |||
Non-current liabilities | 2,765,355 | 2,196,231 | |||
Total liabilities | 3,141,558 | 2,521,280 | |||
Net equity | 3,438,987 | 2,504,773 | |||
Other complementary information | |||||
Cash and cash equivalents | 200,091 | 207,703 | |||
Statement of profit or loss | |||||
Sales revenue | 603,362 | 639,356 | |||
Costs of sales | (20,098) | (18,021) | |||
Other operating income (expenses), net | 0 | ||||
Financial (expenses) income | (88,991) | (129,094) | |||
Income tax (expense) | (106,292) | (112,574) | |||
Financial year results | 387,981 | 379,667 | |||
Other comprehensive income for the year, net of tax | 0 | 0 | |||
Depreciation and amortization | 881 | 3,708 | |||
Transmissora Alianca de Energia Eletrica | |||||
Statement of financial position | |||||
Current assets | 1,967,310 | 1,233,296 | |||
Non-current assets | 12,351,913 | 8,985,539 | |||
Total assets | 14,319,223 | 10,218,835 | |||
Current liabilities | 753,445 | 711,592 | |||
Non-current liabilities | 7,474,497 | 4,633,422 | |||
Total liabilities | 8,227,942 | 5,345,014 | |||
Net equity | 6,091,281 | 4,873,821 | |||
Other complementary information | |||||
Cash and cash equivalents | 700,313 | 128,256 | |||
Statement of profit or loss | |||||
Sales revenue | 2,598,283 | 2,953,672 | |||
Costs of sales | (410,106) | (450,666) | |||
Other operating income (expenses), net | (198,835) | (117,526) | |||
Financial (expenses) income | (606,837) | (562,549) | |||
Income tax (expense) | (129,531) | (285,702) | |||
Financial year results | 1,252,974 | 1,537,229 | |||
Other comprehensive income for the year, net of tax | 8,565 | 15,599 | |||
Depreciation and amortization | 20,551 | 15,076 | |||
Equion Energy Limited | |||||
Statement of financial position | |||||
Current assets | 1,684,029 | 3,054,020 | |||
Non-current assets | 27,943 | 3,850 | |||
Total assets | 1,711,972 | 3,057,870 | |||
Current liabilities | 41,336 | 62,157 | |||
Non-current liabilities | 31,372 | 35,316 | |||
Total liabilities | 72,708 | 97,473 | |||
Net equity | 1,639,264 | 2,960,397 | |||
Other complementary information | |||||
Cash and cash equivalents | 52,370 | 106,858 | |||
Statement of profit or loss | |||||
Sales revenue | 4,263 | 63,169 | |||
Costs of sales | (23,726) | (45,201) | |||
Other operating income (expenses), net | (945) | (8,553) | |||
Financial (expenses) income | 48,040 | 65,611 | |||
Income tax (expense) | 23,151 | (22,091) | |||
Financial year results | 50,783 | 52,935 | |||
Other comprehensive income for the year, net of tax | 1,144,801 | 1,632,400 | |||
Depreciation and amortization | $ 47 | $ 399 |
Investments in associates and_6
Investments in associates and joint ventures - Reconciliation of equity (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 6,803,601 | $ 5,749,030 |
Interligacao Eletrica do Madeira | ||
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 3,438,987 | $ 2,504,773 |
% of Ecopetrol's ownership | 51% | 51% |
Ecopetrol's ownership | $ 1,753,883 | $ 1,277,434 |
Carrying amount of the investment | 1,753,883 | 1,277,434 |
Transmissora Alianca de Energia Eletrica | ||
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 6,091,281 | $ 4,873,821 |
% of Ecopetrol's ownership | 14.88% | 14.88% |
Ecopetrol's ownership | $ 906,382 | $ 725,185 |
Additional value of the investment | 230,828 | 197,070 |
Carrying amount of the investment | 1,137,210 | 922,255 |
Equion Energy Limited | ||
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 1,639,264 | $ 2,960,397 |
% of Ecopetrol's ownership | 51% | 51% |
Ecopetrol's ownership | $ 836,025 | $ 1,509,802 |
Additional value of the investment | 375,694 | 375,694 |
Unrealized gain | (20,565) | (24,862) |
Impairment | (400,196) | (398,104) |
Carrying amount of the investment | $ 790,958 | $ 1,462,530 |
Property, plant and equipment_2
Property, plant and equipment (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant, and equipment | |||
Beginning Balance | $ 90,076,526 | $ 66,508,338 | |
Increase by business combination | $ 31,137 | ||
Ending Balance | 100,997,498 | 90,076,526 | 66,508,338 |
Cost | |||
Property, plant, and equipment | |||
Beginning Balance | 140,900,774 | 110,962,459 | |
Additions/capitalizations | 8,767,716 | 6,117,588 | |
Increase by business combination | 17,640,458 | ||
Abandonment cost update | (621,177) | (291,313) | |
Capitalized financial interests | 185,968 | 131,164 | |
Exchange differences capitalized | 1,085 | 3,346 | |
Disposals | (1,250,962) | (471,211) | |
Decrease related to business combination | (153,557) | ||
Effect of adopting new standards | 18,013 | ||
Foreign currency translation | 12,458,899 | 7,339,463 | |
Transfers/reclassifications | 29,404 | (531,180) | |
Ending Balance | 160,336,163 | 140,900,774 | 110,962,459 |
Accumulated depreciation and impairment losses | |||
Property, plant, and equipment | |||
Beginning Balance | (50,824,248) | (44,454,121) | |
Disposals | 1,168,300 | 392,742 | |
Foreign currency translation | (4,410,636) | (2,302,185) | |
Depreciation expense | (5,709,956) | (4,642,246) | |
Recovery (loss) impairment | 399,218 | (281,132) | |
Transfers/reclassifications | 38,657 | 462,694 | |
Ending Balance | (59,338,665) | (50,824,248) | (44,454,121) |
Plant and equipment | |||
Property, plant, and equipment | |||
Beginning Balance | 32,754,006 | 29,831,912 | |
Ending Balance | 35,293,773 | 32,754,006 | 29,831,912 |
Plant and equipment | Cost | |||
Property, plant, and equipment | |||
Beginning Balance | 57,452,843 | 51,088,781 | |
Additions/capitalizations | 2,433,113 | 1,958,132 | |
Increase by business combination | 184,303 | ||
Abandonment cost update | (241,090) | (182,172) | |
Capitalized financial interests | 62,677 | 53,740 | |
Exchange differences capitalized | 366 | 1,371 | |
Disposals | (669,531) | (312,646) | |
Decrease related to business combination | 0 | ||
Effect of adopting new standards | 0 | ||
Foreign currency translation | 7,200,073 | 4,946,012 | |
Transfers/reclassifications | (3,430,789) | (284,678) | |
Ending Balance | 62,807,662 | 57,452,843 | 51,088,781 |
Plant and equipment | Accumulated depreciation and impairment losses | |||
Property, plant, and equipment | |||
Beginning Balance | (24,698,837) | (21,256,869) | |
Disposals | 637,049 | 276,225 | |
Foreign currency translation | (2,737,467) | (1,726,218) | |
Depreciation expense | (2,807,716) | (2,420,045) | |
Recovery (loss) impairment | 504,960 | 24,888 | |
Transfers/reclassifications | 1,588,122 | 403,182 | |
Ending Balance | (27,513,889) | (24,698,837) | (21,256,869) |
Pipelines, networks and lines | |||
Property, plant, and equipment | |||
Beginning Balance | 35,737,581 | 19,583,670 | |
Ending Balance | 37,417,260 | 35,737,581 | 19,583,670 |
Pipelines, networks and lines | Cost | |||
Property, plant, and equipment | |||
Beginning Balance | 55,402,633 | 37,141,694 | |
Additions/capitalizations | 1,331,585 | 1,657,967 | |
Increase by business combination | 14,860,422 | ||
Abandonment cost update | (333,705) | (104,101) | |
Capitalized financial interests | 23,155 | 29,435 | |
Exchange differences capitalized | 135 | 751 | |
Disposals | (471,119) | (81,967) | |
Decrease related to business combination | (176,451) | ||
Effect of adopting new standards | 0 | ||
Foreign currency translation | 3,665,015 | 1,646,079 | |
Transfers/reclassifications | 846,520 | 252,353 | |
Ending Balance | 60,287,768 | 55,402,633 | 37,141,694 |
Pipelines, networks and lines | Accumulated depreciation and impairment losses | |||
Property, plant, and equipment | |||
Beginning Balance | (19,665,052) | (17,558,024) | |
Disposals | 448,340 | 66,555 | |
Foreign currency translation | (1,340,435) | (434,365) | |
Depreciation expense | (2,319,775) | (1,723,300) | |
Recovery (loss) impairment | (70,439) | (22,346) | |
Transfers/reclassifications | 76,853 | 6,428 | |
Ending Balance | (22,870,508) | (19,665,052) | (17,558,024) |
Work in progress | |||
Property, plant, and equipment | |||
Beginning Balance | 9,286,514 | 6,490,772 | |
Ending Balance | 12,044,281 | 9,286,514 | 6,490,772 |
Work in progress | Cost | |||
Property, plant, and equipment | |||
Beginning Balance | 10,566,114 | 7,514,228 | |
Additions/capitalizations | 4,496,490 | 1,854,907 | |
Increase by business combination | 1,521,181 | ||
Abandonment cost update | 0 | (1,673) | |
Capitalized financial interests | 89,809 | 29,209 | |
Exchange differences capitalized | 524 | 745 | |
Disposals | (18,057) | (9,344) | |
Decrease related to business combination | 0 | ||
Effect of adopting new standards | 18,013 | ||
Foreign currency translation | 336,968 | 164,778 | |
Transfers/reclassifications | (2,027,540) | (507,917) | |
Ending Balance | 13,462,321 | 10,566,114 | 7,514,228 |
Work in progress | Accumulated depreciation and impairment losses | |||
Property, plant, and equipment | |||
Beginning Balance | (1,279,600) | (1,023,456) | |
Disposals | 755 | 421 | |
Foreign currency translation | (2,307) | (1,550) | |
Depreciation expense | 0 | 0 | |
Recovery (loss) impairment | (153,449) | (312,009) | |
Transfers/reclassifications | 16,561 | 56,994 | |
Ending Balance | (1,418,040) | (1,279,600) | (1,023,456) |
Buildings | |||
Property, plant, and equipment | |||
Beginning Balance | 5,600,974 | 4,783,745 | |
Ending Balance | 9,123,911 | 5,600,974 | 4,783,745 |
Buildings | Cost | |||
Property, plant, and equipment | |||
Beginning Balance | 9,660,227 | 8,412,469 | |
Additions/capitalizations | 401,079 | 434,438 | |
Increase by business combination | 557,224 | ||
Abandonment cost update | (42,730) | (3,494) | |
Capitalized financial interests | 7,778 | 12,491 | |
Exchange differences capitalized | 45 | 319 | |
Disposals | (41,606) | (25,530) | |
Decrease related to business combination | 37,542 | ||
Effect of adopting new standards | 0 | ||
Foreign currency translation | 635,557 | 204,496 | |
Transfers/reclassifications | 4,696,173 | 67,814 | |
Ending Balance | 15,354,065 | 9,660,227 | 8,412,469 |
Buildings | Accumulated depreciation and impairment losses | |||
Property, plant, and equipment | |||
Beginning Balance | (4,059,253) | (3,628,724) | |
Disposals | 37,953 | 18,152 | |
Foreign currency translation | (195,728) | (73,136) | |
Depreciation expense | (423,067) | (381,978) | |
Recovery (loss) impairment | 84,478 | 12,790 | |
Transfers/reclassifications | (1,674,537) | (6,357) | |
Ending Balance | (6,230,154) | (4,059,253) | (3,628,724) |
Lands | |||
Property, plant, and equipment | |||
Beginning Balance | 4,732,686 | 4,034,278 | |
Ending Balance | 5,145,555 | 4,732,686 | 4,034,278 |
Lands | Cost | |||
Property, plant, and equipment | |||
Beginning Balance | 4,800,297 | 4,112,826 | |
Additions/capitalizations | 15,956 | 4,965 | |
Increase by business combination | 395,828 | ||
Abandonment cost update | 0 | 0 | |
Capitalized financial interests | 518 | 160 | |
Exchange differences capitalized | 3 | 4 | |
Disposals | (480) | (4,164) | |
Decrease related to business combination | (14,648) | ||
Effect of adopting new standards | 0 | ||
Foreign currency translation | 393,059 | 257,988 | |
Transfers/reclassifications | 4,364 | 32,690 | |
Ending Balance | 5,199,069 | 4,800,297 | 4,112,826 |
Lands | Accumulated depreciation and impairment losses | |||
Property, plant, and equipment | |||
Beginning Balance | (67,611) | (78,548) | |
Disposals | 41 | 34 | |
Foreign currency translation | (8,192) | (5,500) | |
Depreciation expense | 0 | 0 | |
Recovery (loss) impairment | 22,248 | 16,403 | |
Transfers/reclassifications | 0 | 0 | |
Ending Balance | (53,514) | (67,611) | (78,548) |
Other | |||
Property, plant, and equipment | |||
Beginning Balance | 1,964,765 | 1,783,961 | |
Ending Balance | 1,972,718 | 1,964,765 | 1,783,961 |
Other | Cost | |||
Property, plant, and equipment | |||
Beginning Balance | 3,018,660 | 2,692,461 | |
Additions/capitalizations | 89,493 | 207,179 | |
Increase by business combination | 121,500 | ||
Abandonment cost update | (3,652) | 127 | |
Capitalized financial interests | 2,031 | 6,129 | |
Exchange differences capitalized | 12 | 156 | |
Disposals | (50,169) | (37,560) | |
Decrease related to business combination | 0 | ||
Effect of adopting new standards | 0 | ||
Foreign currency translation | 228,227 | 120,110 | |
Transfers/reclassifications | (59,324) | (91,442) | |
Ending Balance | 3,225,278 | 3,018,660 | 2,692,461 |
Other | Accumulated depreciation and impairment losses | |||
Property, plant, and equipment | |||
Beginning Balance | (1,053,895) | (908,500) | |
Disposals | 44,162 | 31,355 | |
Foreign currency translation | (126,507) | (61,416) | |
Depreciation expense | (159,398) | (116,923) | |
Recovery (loss) impairment | 11,420 | (858) | |
Transfers/reclassifications | 31,658 | 2,447 | |
Ending Balance | $ (1,252,560) | $ (1,053,895) | $ (908,500) |
Natural and environmental res_3
Natural and environmental resources (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Natural and environmental resources | ||
Net balance | $ 35,909,844 | |
Net balance | 42,323,610 | $ 35,909,844 |
Cost [member] | Oil and gas investments | ||
Natural and environmental resources | ||
Balance | 76,229,481 | 65,367,278 |
Additions/capitalizations | 8,368,195 | 4,032,780 |
Abandonment cost update (Note 23) | 0 | 0 |
Disposals | (759,178) | (3,497) |
Capitalized financial interests | 136,696 | 99,786 |
Exchange differences capitalized | 798 | 2,546 |
Effect of adopting new standards (5) | 0 | |
Foreign currency translation | 4,431,851 | 1,979,171 |
Reclassifications/transfers | 153,686 | 4,751,417 |
Withdrawal of exploratory assets and dry wells (2) | (223,058) | 0 |
Balance | 88,338,471 | 76,229,481 |
Cost [member] | Assets retirement obligations | ||
Natural and environmental resources | ||
Balance | 8,172,698 | 7,231,851 |
Additions/capitalizations | 0 | 60,618 |
Abandonment cost update (Note 23) | (1,130,363) | 778,925 |
Disposals | (114,899) | (484) |
Capitalized financial interests | 0 | 0 |
Exchange differences capitalized | 0 | 0 |
Effect of adopting new standards (5) | 0 | |
Foreign currency translation | 127,871 | 101,866 |
Reclassifications/transfers | 49,596 | (78) |
Withdrawal of exploratory assets and dry wells (2) | 0 | 0 |
Balance | 7,104,903 | 8,172,698 |
Cost [member] | Exploration and evaluation | ||
Natural and environmental resources | ||
Balance | 7,212,305 | 8,867,894 |
Additions/capitalizations | 3,594,349 | 2,639,630 |
Abandonment cost update (Note 23) | 21,524 | 13,256 |
Disposals | (6,084) | (69,908) |
Capitalized financial interests | 60,570 | 24,757 |
Exchange differences capitalized | 353 | 632 |
Effect of adopting new standards (5) | 48,173 | |
Foreign currency translation | 533,347 | 767,117 |
Reclassifications/transfers | (175,406) | (4,544,665) |
Withdrawal of exploratory assets and dry wells (2) | (809,106) | (486,408) |
Balance | 10,480,025 | 7,212,305 |
Accumulated depreciation and impairment losses | Oil and gas investments | ||
Natural and environmental resources | ||
Balance | (51,316,344) | (46,106,147) |
Disposals | 421,036 | 500 |
Foreign currency translation | (2,354,611) | (1,401,121) |
Reclassifications/transfers | 35,677 | (311,565) |
Balance | (58,382,473) | (51,316,344) |
Depletion expense | (4,536,052) | (3,803,027) |
(Loss) reversal of impairment (Note 18) | (632,179) | 305,016 |
Accumulated depreciation and impairment losses | Assets retirement obligations | ||
Natural and environmental resources | ||
Balance | (4,230,674) | (2,981,449) |
Disposals | 96,489 | 0 |
Foreign currency translation | (82,927) | (41,610) |
Reclassifications/transfers | (70,835) | (14,161) |
Balance | (5,088,086) | (4,230,674) |
Depletion expense | (800,139) | (1,193,454) |
(Loss) reversal of impairment (Note 18) | 0 | 0 |
Accumulated depreciation and impairment losses | Exploration and evaluation | ||
Natural and environmental resources | ||
Balance | (157,622) | (445,268) |
Disposals | 11,793 | 31,214 |
Foreign currency translation | 0 | 0 |
Reclassifications/transfers | 7,494 | 197,321 |
Balance | (129,230) | (157,622) |
Depletion expense | 0 | 0 |
(Loss) reversal of impairment (Note 18) | 9,105 | 59,111 |
Natural and environmental resources | ||
Natural and environmental resources | ||
Net balance | 35,909,844 | 31,934,159 |
Net balance | 42,323,610 | 35,909,844 |
Natural and environmental resources | Oil and gas investments | ||
Natural and environmental resources | ||
Net balance | 24,913,137 | 19,261,131 |
Net balance | 29,955,998 | 24,913,137 |
Natural and environmental resources | Assets retirement obligations | ||
Natural and environmental resources | ||
Net balance | 3,942,024 | 4,250,402 |
Net balance | 2,016,817 | 3,942,024 |
Natural and environmental resources | Exploration and evaluation | ||
Natural and environmental resources | ||
Net balance | 7,054,683 | 8,422,626 |
Net balance | 10,350,795 | 7,054,683 |
Natural and environmental resources | Cost [member] | ||
Natural and environmental resources | ||
Balance | 91,614,484 | 81,467,023 |
Additions/capitalizations | 11,962,544 | 6,733,028 |
Abandonment cost update (Note 23) | (1,108,839) | 792,181 |
Disposals | (880,161) | (73,889) |
Capitalized financial interests | 197,266 | 124,543 |
Exchange differences capitalized | 1,151 | 3,178 |
Effect of adopting new standards (5) | 48,173 | |
Foreign currency translation | 5,093,069 | 2,848,154 |
Reclassifications/transfers | 27,876 | 206,674 |
Withdrawal of exploratory assets and dry wells (2) | (1,032,164) | (486,408) |
Balance | 105,923,399 | 91,614,484 |
Natural and environmental resources | Accumulated depreciation and impairment losses | ||
Natural and environmental resources | ||
Balance | (55,704,640) | (49,532,864) |
Disposals | 529,318 | 31,714 |
Foreign currency translation | (2,437,538) | (1,442,731) |
Reclassifications/transfers | (27,664) | (128,405) |
Balance | (63,599,789) | (55,704,640) |
Depletion expense | (5,336,191) | (4,996,481) |
(Loss) reversal of impairment (Note 18) | $ (623,074) | $ 364,127 |
Natural and environmental res_4
Natural and environmental resources - Accounting for suspended exploratory wells (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of Natural and environmental resources [Line Items] | ||||
Number of projects exceeding 1 year | 8 | 6 | 16 | |
Wells under 1 year of suspension | $ 698,973 | $ 651,040 | $ 908,972 | |
Between 1 and 3 years | ||||
Disclosure of Natural and environmental resources [Line Items] | ||||
Wells under 1 year of suspension | [1] | 48,206 | ||
Between 3 and 5 years | ||||
Disclosure of Natural and environmental resources [Line Items] | ||||
Wells under 1 year of suspension | 0 | 319,368 | ||
2027 and thereafter | ||||
Disclosure of Natural and environmental resources [Line Items] | ||||
Wells under 1 year of suspension | 650,767 | 651,040 | $ 589,604 | |
Up to 1 year | ||||
Disclosure of Natural and environmental resources [Line Items] | ||||
Wells under 1 year of suspension | $ 990 | $ 20,863 | ||
[1]For 2022, the balance corresponds to Hocol: Bullerengue South West-1 and Merecumbe 1, which are under evaluation. |
Right-of-use assets (Details)
Right-of-use assets (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right of Use Assets Rollforward | ||
Balance at the beginning | $ 496,678 | |
Balance at the end | 627,813 | $ 496,678 |
Lease liabilities | ||
Lease Liabilities Rollforward [Abstract] | ||
Balance at the beginning | 1,165,099 | 1,055,198 |
Additions | 354,071 | 75,417 |
Effect of business combinations (Note 12) | 255,503 | |
Amortization of the period | 0 | 0 |
Remeasurements(1) | 18,644 | 80,068 |
Impairment loss | 0 | 0 |
Disposals | (31,957) | (64,726) |
Finance cost | 70,250 | 49,694 |
Repayment of borrowings and interests | (434,555) | (336,030) |
Transfers | (1,877) | 2,615 |
Exchange difference | 72,671 | 47,360 |
Balance at the end | 1,212,346 | 1,165,099 |
Pipelines | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 77,019 | 0 |
Additions | 40,642 | 22,871 |
Effect of business combinations (Note 12) | 75,836 | |
Amortization of the period | (24,751) | (6,897) |
Remeasurements(1) | (114) | 0 |
Impairment loss | $ 0 | $ 0 |
Disposals | (4,701) | 0 |
Transfers | $ (584) | $ (214) |
Exchange difference | 8,723 | (14,577) |
Balance at the end | 96,234 | 77,019 |
Lands and buildings | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 199,070 | 93,472 |
Additions | 100,070 | 22,190 |
Effect of business combinations (Note 12) | 121,042 | |
Amortization of the period | (61,814) | (39,109) |
Remeasurements(1) | (24,524) | 26,057 |
Impairment loss | $ (1,244) | $ (5,802) |
Disposals | (2,696) | (14,540) |
Transfers | $ (108) | $ (11,676) |
Exchange difference | 35,304 | 7,436 |
Balance at the end | 244,058 | 199,070 |
Plant and Equipments [member] | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 121,384 | 133,939 |
Additions | 71,013 | 10,037 |
Effect of business combinations (Note 12) | 13,779 | |
Amortization of the period | (60,359) | (61,186) |
Remeasurements(1) | 7,505 | 48,803 |
Impairment loss | $ (4,042) | $ (20,608) |
Disposals | (23,010) | 0 |
Transfers | $ 595 | $ (363) |
Exchange difference | 6,448 | (3,017) |
Balance at the end | 119,534 | 121,384 |
Vehicles | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 99,205 | 150,475 |
Additions | 142,346 | 20,319 |
Effect of business combinations (Note 12) | 19,550 | |
Amortization of the period | (102,198) | (86,830) |
Remeasurements(1) | 16,779 | 5,045 |
Impairment loss | $ (5,499) | $ (5,373) |
Disposals | (215) | (98) |
Transfers | $ (43) | $ (1,134) |
Exchange difference | 17,612 | (2,749) |
Balance at the end | 167,987 | 99,205 |
Right-of-use assets | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 496,678 | 377,886 |
Additions | 354,071 | 75,417 |
Effect of business combinations (Note 12) | 230,207 | |
Amortization of the period | (249,122) | (194,022) |
Remeasurements(1) | (354) | 79,905 |
Impairment loss | $ (10,785) | $ (31,783) |
Disposals | (30,622) | (14,638) |
Transfers | $ (140) | $ (13,387) |
Exchange difference | 68,087 | (12,907) |
Balance at the end | $ 627,813 | $ 496,678 |
Intangible assets (Details)
Intangible assets (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets | ||
Beginning Balance | $ 15,508,516 | |
Ending Balance | 18,146,605 | $ 15,508,516 |
Licences and software | ||
Intangible assets | ||
Beginning Balance | 428,994 | |
Ending Balance | 628,454 | 428,994 |
Licences and software | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 428,994 | 227,159 |
Ending Balance | 428,994 | |
Other intangibles | ||
Intangible assets | ||
Beginning Balance | 786,788 | |
Ending Balance | 836,081 | 786,788 |
Other intangibles | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 786,788 | 134,164 |
Ending Balance | 786,788 | |
Concessions and rights | ||
Intangible assets | ||
Beginning Balance | 12,625,316 | |
Ending Balance | 15,174,024 | 12,625,316 |
Concessions and rights | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 12,625,316 | 177,309 |
Ending Balance | 12,625,316 | |
Easements | ||
Intangible assets | ||
Beginning Balance | 1,667,418 | |
Ending Balance | 1,508,046 | 1,667,418 |
Easements | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 1,667,418 | 16,411 |
Ending Balance | 1,667,418 | |
Intangible assets | ||
Intangible assets | ||
Beginning Balance | 15,508,516 | |
Ending Balance | 18,146,605 | 15,508,516 |
Intangible assets | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 15,508,516 | 555,043 |
Ending Balance | 15,508,516 | |
Cost [member] | Licences and software | ||
Intangible assets | ||
Beginning Balance | 1,118,811 | |
Additions/capitalizations | 292,803 | |
Effect of business combination (Note 12) (1) | 0 | |
Disposals | (4,148) | |
Foreign currency translation | 74,759 | |
Reclassifications/transfers | 30,389 | |
Ending Balance | 1,512,614 | 1,118,811 |
Cost [member] | Licences and software | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 1,118,811 | 835,030 |
Additions/capitalizations | 140,263 | |
Effect of business combination (Note 12) (1) | 130,634 | |
Disposals | (21,581) | |
Foreign currency translation | 82,397 | |
Reclassifications/transfers | (47,932) | |
Ending Balance | 1,118,811 | |
Cost [member] | Other intangibles | ||
Intangible assets | ||
Beginning Balance | 940,080 | |
Additions/capitalizations | 9,953 | |
Effect of business combination (Note 12) (1) | 12,670 | |
Disposals | 0 | |
Foreign currency translation | 338,654 | |
Reclassifications/transfers | (18,605) | |
Ending Balance | 1,282,752 | 940,080 |
Cost [member] | Other intangibles | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 940,080 | 201,463 |
Additions/capitalizations | 11,456 | |
Effect of business combination (Note 12) (1) | 666,455 | |
Disposals | (226) | |
Foreign currency translation | 83,856 | |
Reclassifications/transfers | (22,924) | |
Ending Balance | 940,080 | |
Cost [member] | Concessions and rights | ||
Intangible assets | ||
Beginning Balance | 13,503,441 | |
Additions/capitalizations | 835,457 | |
Effect of business combination (Note 12) (1) | (117,270) | |
Disposals | (95,875) | |
Foreign currency translation | 3,439,810 | |
Reclassifications/transfers | 2,518 | |
Ending Balance | 17,568,081 | 13,503,441 |
Cost [member] | Concessions and rights | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 13,503,441 | 351,108 |
Additions/capitalizations | 275,736 | |
Effect of business combination (Note 12) (1) | 11,910,589 | |
Disposals | (402) | |
Foreign currency translation | 893,249 | |
Reclassifications/transfers | 73,161 | |
Ending Balance | 13,503,441 | |
Cost [member] | Easements | ||
Intangible assets | ||
Beginning Balance | 1,733,379 | |
Additions/capitalizations | 9,297 | |
Effect of business combination (Note 12) (1) | (318,388) | |
Disposals | (478) | |
Foreign currency translation | 86,905 | |
Reclassifications/transfers | 126,729 | |
Ending Balance | 1,637,444 | 1,733,379 |
Cost [member] | Easements | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 1,733,379 | 79,176 |
Additions/capitalizations | 16,891 | |
Effect of business combination (Note 12) (1) | 1,618,801 | |
Disposals | (79) | |
Foreign currency translation | 18,553 | |
Reclassifications/transfers | 37 | |
Ending Balance | 1,733,379 | |
Cost [member] | Intangible assets | ||
Intangible assets | ||
Beginning Balance | 17,295,711 | |
Additions/capitalizations | 1,147,510 | |
Effect of business combination (Note 12) (1) | (422,988) | |
Disposals | (100,501) | |
Foreign currency translation | 3,940,128 | |
Reclassifications/transfers | 141,031 | |
Ending Balance | 22,000,891 | 17,295,711 |
Cost [member] | Intangible assets | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | 17,295,711 | 1,466,777 |
Additions/capitalizations | 444,346 | |
Effect of business combination (Note 12) (1) | 14,326,479 | |
Disposals | (22,288) | |
Foreign currency translation | 1,078,055 | |
Reclassifications/transfers | 2,342 | |
Ending Balance | 17,295,711 | |
Accumulated amortization and impairment losses | Licences and software | ||
Intangible assets | ||
Beginning Balance | (689,817) | |
Amortization of the period | (138,544) | |
Losses for impairment | (1,785) | |
Disposals | 3,283 | |
Foreign currency translation | (58,215) | |
Reclassifications/transfers | 918 | |
Ending Balance | (884,160) | (689,817) |
Accumulated amortization and impairment losses | Licences and software | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | (689,817) | (607,871) |
Amortization of the period | 123,796 | |
Losses for impairment | (57) | |
Disposals | 21,313 | |
Foreign currency translation | (55,695) | |
Reclassifications/transfers | (171,303) | |
Ending Balance | (689,817) | |
Accumulated amortization and impairment losses | Other intangibles | ||
Intangible assets | ||
Beginning Balance | (153,292) | |
Amortization of the period | (30,282) | |
Losses for impairment | (15,323) | |
Disposals | 0 | |
Foreign currency translation | (243,909) | |
Reclassifications/transfers | (3,865) | |
Ending Balance | (446,671) | (153,292) |
Accumulated amortization and impairment losses | Other intangibles | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | (153,292) | (67,299) |
Amortization of the period | (19,780) | |
Losses for impairment | 0 | |
Disposals | 56 | |
Foreign currency translation | (66,333) | |
Reclassifications/transfers | 64 | |
Ending Balance | (153,292) | |
Accumulated amortization and impairment losses | Concessions and rights | ||
Intangible assets | ||
Beginning Balance | (878,125) | |
Amortization of the period | (658,457) | |
Losses for impairment | (34,022) | |
Disposals | 95,875 | |
Foreign currency translation | (919,328) | |
Ending Balance | (2,394,057) | (878,125) |
Accumulated amortization and impairment losses | Concessions and rights | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | (878,125) | (173,799) |
Amortization of the period | (427,989) | |
Foreign currency translation | (447,697) | |
Reclassifications/transfers | 171,360 | |
Ending Balance | (878,125) | |
Accumulated amortization and impairment losses | Easements | ||
Intangible assets | ||
Beginning Balance | (65,961) | |
Amortization of the period | (6,439) | |
Losses for impairment | (133) | |
Disposals | 425 | |
Foreign currency translation | (109) | |
Reclassifications/transfers | (57,181) | |
Ending Balance | (129,398) | (65,961) |
Accumulated amortization and impairment losses | Easements | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | (65,961) | (62,765) |
Amortization of the period | (3,200) | |
Disposals | 41 | |
Reclassifications/transfers | (37) | |
Ending Balance | (65,961) | |
Accumulated amortization and impairment losses | Intangible assets | ||
Intangible assets | ||
Beginning Balance | (1,787,195) | |
Amortization of the period | (833,722) | |
Losses for impairment | (51,263) | |
Disposals | 99,583 | |
Foreign currency translation | (1,221,561) | |
Reclassifications/transfers | (60,128) | |
Ending Balance | (3,854,286) | (1,787,195) |
Accumulated amortization and impairment losses | Intangible assets | Electric power transmission lines | ||
Intangible assets | ||
Beginning Balance | $ (1,787,195) | (911,734) |
Amortization of the period | (327,173) | |
Losses for impairment | (57) | |
Disposals | 21,410 | |
Foreign currency translation | (569,725) | |
Reclassifications/transfers | 84 | |
Ending Balance | $ (1,787,195) |
Impairment of non-current ass_3
Impairment of non-current assets (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of non-current assets | |||
Impairment loss | $ (287,999) | $ (33,351) | $ (633,156) |
Exploration and Production | |||
Impairment of non-current assets | |||
Impairment loss | (890,248) | 438,020 | (192,693) |
Refining and Petrochemicals | |||
Impairment of non-current assets | |||
Impairment loss | 1,096,021 | (305,466) | (781,528) |
Transportation and Logistics | |||
Impairment of non-current assets | |||
Impairment loss | (406,229) | (165,901) | 341,065 |
Electric power transmission and toll roads concessions | |||
Impairment of non-current assets | |||
Impairment loss | (87,543) | (4) | |
Property, plant, and equipment | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | 399,218 | (281,132) | (384,638) |
Natural resources | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | (623,074) | 364,127 | (217,709) |
Investment in joint ventures and associates | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | (2,092) | (84,502) | (66,512) |
Right of use assets | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | (10,785) | (31,783) | 35,874 |
Other non-current assets | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | $ (51,266) | $ (61) | $ (171) |
Impairment of non-current ass_4
Impairment of non-current assets - Exploration and production (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of non-current assets | |||
Impairment loss - exploration and production segment (reversal of impairment loss) recognized in profit or loss | $ (890,248) | $ 438,020 | $ (192,693) |
Oilfields | |||
Impairment of non-current assets | |||
Impairment loss - exploration and production segment (reversal of impairment loss) recognized in profit or loss | (888,156) | 521,664 | (123,652) |
Investment in joint ventures | |||
Impairment of non-current assets | |||
Impairment loss - exploration and production segment (reversal of impairment loss) recognized in profit or loss | $ (2,092) | $ (83,644) | $ (69,041) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of non-current assets | |||
Impairment reversal (loss) | $ (890,248) | $ 438,020 | $ (192,693) |
Oilfields | |||
Impairment of non-current assets | |||
Impairment reversal (loss) | (888,156) | 521,664 | (123,652) |
Oil fields in Colombia | Oilfields | Reversal | |||
Impairment of non-current assets | |||
Carrying amount | 3,540,732 | 11,216,641 | 24,845,238 |
Recoverable amount | 5,563,724 | 17,575,851 | 61,224,928 |
Impairment reversal (loss) | 250,306 | 499,599 | 1,019,395 |
Oil fields in Colombia | Oilfields | Loss | |||
Impairment of non-current assets | |||
Carrying amount | 4,870,976 | 239,046 | 2,439,799 |
Recoverable amount | 3,732,514 | 136,698 | 1,423,561 |
Impairment reversal (loss) | $ (1,138,462) | (104,041) | (1,016,238) |
Fields operated abroad | Oilfields | Loss | |||
Impairment of non-current assets | |||
Carrying amount | 1,142,593 | 1,277,609 | |
Recoverable amount | 1,306,219 | 1,150,800 | |
Impairment reversal (loss) | $ 126,106 | $ (126,809) |
Impairment of non-current ass_6
Impairment of non-current assets - Investments in joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of non-current assets | |||
Investment in associates and joint ventures | $ (2,092) | $ (83,644) | $ (69,041) |
Offshore International Group | |||
Impairment of non-current assets | |||
Investment in associates and joint ventures | (76,969) | ||
Equion Energy Limited | |||
Impairment of non-current assets | |||
Investment in associates and joint ventures | $ (2,092) | $ (83,644) | $ 7,928 |
Impairment of non-current ass_7
Impairment of non-current assets - Cash Generating Units (Details) - Refining and Petrochemical segment - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 1,096,021 | $ (305,466) | $ (781,528) |
Refineria de Cartagena | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 1,096,024 | 34,650 | (440,525) |
Refineria de Cartagena | Carrying Amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 31,750,957 | 26,808,008 | 24,041,174 |
Refineria de Cartagena | Recoverable amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 32,846,981 | 26,842,658 | 23,600,649 |
Invercolsa S.A. | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | (3) | (97) | (3) |
Invercolsa S.A. | Carrying Amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 276 | 292 | 276 |
Invercolsa S.A. | Recoverable amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 273 | 195 | 273 |
Refineria de Barrancabermeja | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | (340,019) | (341,000) | |
Refineria de Barrancabermeja | Carrying Amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 340,019 | 676,334 | |
Refineria de Barrancabermeja | Recoverable amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 335,334 |
Impairment of non-current ass_8
Impairment of non-current assets - Additional information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2020 COP ($) | Dec. 31, 2019 | |
Impairment of non-current assets | ||||
Information about prices based on information provided by specialized market analysts and management analysts | Oil price – Brent: Projections include USD$94.63/barrel for the first year, USD$82.56/barrel average for the medium term, and USD$79.17/barrel starting in 2034 | In 2021, the assumptions made took a price of USD$75.72/barrel for the first year, USD$62.60/barrel average for the medium term and USD$61.89 | ||
Impairment loss relating to south cash generating unit | $ 160,653 | |||
Cost of debt (Ke) | 0% | |||
Cost of equity (Ke) | 19.75% | |||
Other non-current assets | ||||
Impairment of non-current assets | ||||
Impairment loss relating to south cash generating unit | $ 142 | |||
Tax Surcharge Rate 0% | ||||
Impairment of non-current assets | ||||
Tax surcharge rate | 0% | |||
Tax Surcharge Rate 5% | ||||
Impairment of non-current assets | ||||
Tax surcharge rate | 5% | |||
Tax Surcharge Rate 10% | ||||
Impairment of non-current assets | ||||
Tax surcharge rate | 10% | |||
Tax Surcharge Rate 15% | ||||
Impairment of non-current assets | ||||
Tax surcharge rate | 15% | |||
Yaguara Tenay Systems | ||||
Impairment of non-current assets | ||||
Percentage of asset impaired under cash generating units | 39% | |||
Turbo Generator | ||||
Impairment of non-current assets | ||||
Impairment loss relating to south cash generating unit | $ 2,545 | |||
CGUs of South, North and Yaguara-Tenay | ||||
Impairment of non-current assets | ||||
Impairment loss | $ 405,357 | |||
CGUs of Oleoducto de Colombia S.A. | ||||
Impairment of non-current assets | ||||
Impairment loss | $ 872 | |||
Cenit | ||||
Impairment of non-current assets | ||||
Reversal of impairment loss recognised in profit or loss, biological assets | $ 341,065 | |||
Recoverable amount | 7,049,007 | |||
Carrying amount | $ 2,153,631 | |||
Internexa Brasil | ||||
Impairment of non-current assets | ||||
Cost of debt (Ke) | 12.35% | |||
Cost of equity (Ke) | 11.58% | |||
Growth rate | 4.31% | |||
Internexa Argentina | ||||
Impairment of non-current assets | ||||
Growth rate | 5.27% | |||
Offshore International Group | ||||
Impairment of non-current assets | ||||
Discount rate used in current estimate of value in use | 5.79% | 8.50% | ||
Refineria de Cartagena S.A.S | ||||
Impairment of non-current assets | ||||
Discount rate used in current estimate of value in use | 7.60% | 5.30% | 5.10% | |
Reversal of impairment | $ 1,107,101 | |||
Expense for impairment | $ 11,077 | |||
Weighted average cost of capital, measurement input | ||||
Impairment of non-current assets | ||||
Weighted average cost of capital, significant unobservable inputs, assets | 4.94 | |||
Weighted average cost of capital, measurement input | Tax Surcharge Rate 0% | ||||
Impairment of non-current assets | ||||
Weighted average cost of capital, significant unobservable inputs, assets | 7.34 | |||
Weighted average cost of capital, measurement input | Tax Surcharge Rate 5% | ||||
Impairment of non-current assets | ||||
Weighted average cost of capital, significant unobservable inputs, assets | 7.14 | |||
Weighted average cost of capital, measurement input | Tax Surcharge Rate 10% | ||||
Impairment of non-current assets | ||||
Weighted average cost of capital, significant unobservable inputs, assets | 6.93 | |||
Weighted average cost of capital, measurement input | Tax Surcharge Rate 15% | ||||
Impairment of non-current assets | ||||
Weighted average cost of capital, significant unobservable inputs, assets | 6.73 | |||
Transportation and logistics segment | ||||
Impairment of non-current assets | ||||
Discount rate used in current estimate of value in use | 4.73% | 2.95% | 3.17% | |
Yaguara Tenay Systems | Turbo Generator | ||||
Impairment of non-current assets | ||||
Impairment loss relating to south cash generating unit | $ 2,845 | |||
Refineria de Barrancabermeja | ||||
Impairment of non-current assets | ||||
Reversal of impairment loss recognised in profit or loss, biological assets | $ 0 | $ 340,019 | $ 341,000 | |
Energy transmission and roads | ||||
Impairment of non-current assets | ||||
Impairment loss | $ 87,543 | |||
Energy transmission and roads | Internexa Brasil | ||||
Impairment of non-current assets | ||||
Discount rate used in current estimate of value in use | 12.35% | |||
Impairment loss | $ 85,568 | |||
Energy transmission and roads | Internexa Argentina | ||||
Impairment of non-current assets | ||||
Discount rate used in current estimate of value in use | 19.75% | |||
Impairment loss | $ 1,975 |
Goodwill (Details)
Goodwill (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | ||
Goodwill | $ 5,350,114 | $ 4,686,324 |
Cost | ||
Goodwill | ||
Goodwill | 5,647,235 | 4,983,445 |
Cost | Interconexion Electrica S.A. E.S.P. | ||
Goodwill | ||
Goodwill | 3,755,835 | 3,092,045 |
Cost | Oleoducto Central S.A. | ||
Goodwill | ||
Goodwill | 683,496 | 683,496 |
Cost | Hocol Petroleum Ltd. | ||
Goodwill | ||
Goodwill | 537,598 | 537,598 |
Cost | Invercolsa S.A. | ||
Goodwill | ||
Goodwill | 434,357 | 434,357 |
Cost | Andean Chemical Ltd | ||
Goodwill | ||
Goodwill | 127,812 | 127,812 |
Cost | Esenttia S.A. | ||
Goodwill | ||
Goodwill | 108,137 | 108,137 |
Accumulated impairment | Hocol Petroleum Ltd. | ||
Goodwill | ||
Goodwill | $ (297,121) | $ (297,121) |
Loans and borrowings (Details)
Loans and borrowings (Details) $ in Millions, $ in Millions | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2021 USD ($) | |
Loans and borrowings | ||||
Borrowings | $ 115,134,839 | $ 95,060,928 | ||
Current | 22,198,583 | 9,206,283 | ||
Non-current | 92,936,256 | 85,854,645 | ||
Local currency | ||||
Loans and borrowings | ||||
Borrowings | 7,981,849 | 7,881,775 | ||
Foreign currency | ||||
Loans and borrowings | ||||
Borrowings | $ 107,152,990 | $ 87,179,153 | ||
Bonds | Local currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | 9.80% | 9.10% | 9.10% | |
Borrowings | $ 4,965,653 | $ 4,941,024 | ||
Bonds | Foreign currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | [1] | 6% | 5.70% | 5.70% |
Borrowings | [1] | $ 82,432,647 | $ 66,603,695 | |
Syndicated loan | Local currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | 11.50% | 5.40% | 5.40% | |
Borrowings | $ 388,518 | $ 600,452 | ||
Lease liabilities | Local currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | [2] | 8% | 6.30% | 6.30% |
Borrowings | [2] | $ 844,734 | $ 823,922 | |
Lease liabilities | Foreign currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | [2] | 6% | 6% | 6% |
Borrowings | [2] | $ 367,612 | $ 341,177 | |
Commercial loans | Local currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | 10.30% | 7.80% | 7.80% | |
Borrowings | $ 1,782,944 | $ 1,516,377 | ||
Commercial and syndicate loans | Foreign currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | 4.60% | 3.50% | 3.50% | |
Borrowings | $ 23,537,675 | $ 18,750,580 | ||
Loans from related parties | Foreign currency | ||||
Loans and borrowings | ||||
Borrowings, interest rate | 5.90% | 0.30% | 0.30% | |
Borrowings | $ 815,056 | $ 1,483,701 | ||
Committed credit line | ||||
Loans and borrowings | ||||
Borrowings | $ 665 | |||
Local currency | ||||
Loans and borrowings | ||||
Borrowings | 7,981,849 | 7,881,775 | ||
Local currency | Bonds | ||||
Loans and borrowings | ||||
Borrowings | 4,965,653 | 4,941,024 | ||
Local currency | Syndicated loan | ||||
Loans and borrowings | ||||
Borrowings | 388,518 | 600,452 | ||
Local currency | Lease liabilities | ||||
Loans and borrowings | ||||
Borrowings | 844,734 | 823,922 | ||
Local currency | Commercial loans | ||||
Loans and borrowings | ||||
Borrowings | 1,782,944 | 1,516,377 | ||
Foreign currency | ||||
Loans and borrowings | ||||
Borrowings | 107,152,990 | 87,179,153 | ||
Foreign currency | Bonds | ||||
Loans and borrowings | ||||
Borrowings | 82,432,647 | 66,603,695 | ||
Foreign currency | Lease liabilities | ||||
Loans and borrowings | ||||
Borrowings | 367,612 | 341,177 | ||
Foreign currency | Commercial loans | ||||
Loans and borrowings | ||||
Borrowings | 18,750,580 | |||
Foreign currency | Commercial and syndicate loans | ||||
Loans and borrowings | ||||
Borrowings | 23,537,675 | |||
Foreign currency | Loans from related parties | ||||
Loans and borrowings | ||||
Borrowings | $ 815,056 | $ 1,483,701 | ||
[1]Corresponds to the increase in the exchange rate by $829 per dollar and the movements in debt during the period[2]Corresponds to present value of the payments to be made during the term of the operative lease contracts of pipelines, tanks, property, and vehicles, recognized by the implementation of IFRS 16 – Leases (See Note 16). |
Loans and borrowings - Maturity
Loans and borrowings - Maturity of loans and borrowings (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | $ 115,134,839 | $ 95,060,928 | |
Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 7,981,849 | 7,881,775 | |
Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 107,152,990 | 87,179,153 | |
Up to 1 year | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 22,198,583 | 9,206,283 |
Up to 1 year | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 1,295,790 | 889,690 |
Up to 1 year | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 20,902,793 | 8,316,593 |
From 1 to 5 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 43,069,427 | 44,942,535 | |
From 1 to 5 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 2,471,820 | 2,393,660 | |
From 1 to 5 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 40,597,607 | 42,548,875 | |
From 5 to 10 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 26,304,662 | 20,156,688 | |
From 5 to 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 2,499,186 | 2,302,286 | |
From 5 to 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 23,805,476 | 17,854,402 | |
More than 10 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 23,562,167 | 20,755,422 | |
More than 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 1,715,053 | 2,296,139 | |
More than 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 21,847,114 | 18,459,283 | |
Bonds | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 4,965,653 | 4,941,024 | |
Bonds | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 82,432,647 | 66,603,695 | |
Bonds | Up to 1 year | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 579,032 | 290,858 |
Bonds | Up to 1 year | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 12,235,174 | 3,275,138 |
Bonds | From 1 to 5 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 1,262,971 | 1,152,829 | |
Bonds | From 1 to 5 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 25,336,179 | 27,550,698 | |
Bonds | From 5 to 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 1,559,593 | 1,423,909 | |
Bonds | From 5 to 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 23,223,393 | 17,515,876 | |
Bonds | More than 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 1,564,057 | 2,073,428 | |
Bonds | More than 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 21,637,901 | 18,261,983 | |
Syndicated loan | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 388,518 | 600,452 | |
Syndicated loan | Up to 1 year | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 254,165 | 239,597 |
Syndicated loan | From 1 to 5 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 134,353 | 360,855 | |
Syndicated loan | From 5 to 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 0 | 0 | |
Syndicated loan | More than 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 0 | 0 | |
Commercial and syndicate loans | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 23,537,675 | ||
Commercial and syndicate loans | Up to 1 year | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 7,726,416 | |
Commercial and syndicate loans | From 1 to 5 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 15,054,954 | ||
Commercial and syndicate loans | From 5 to 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 547,092 | ||
Commercial and syndicate loans | More than 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 209,213 | ||
Lease liabilities | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 844,734 | 823,922 | |
Lease liabilities | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 367,612 | 341,177 | |
Lease liabilities | Up to 1 year | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 150,872 | 188,477 |
Lease liabilities | Up to 1 year | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 126,147 | 100,046 |
Lease liabilities | From 1 to 5 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 384,661 | 340,283 | |
Lease liabilities | From 1 to 5 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 206,474 | 205,617 | |
Lease liabilities | From 5 to 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 308,493 | 283,070 | |
Lease liabilities | From 5 to 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 34,991 | 35,514 | |
Lease liabilities | More than 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 708 | 12,092 | |
Lease liabilities | More than 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 0 | 0 | |
Commercial loans | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 1,782,944 | 1,516,377 | |
Commercial loans | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 18,750,580 | ||
Commercial loans | Up to 1 year | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 311,721 | 170,758 |
Commercial loans | Up to 1 year | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 3,457,708 | |
Commercial loans | From 1 to 5 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 689,835 | 539,693 | |
Commercial loans | From 1 to 5 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 14,792,560 | ||
Commercial loans | From 5 to 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 631,100 | 595,307 | |
Commercial loans | From 5 to 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 303,012 | ||
Commercial loans | More than 10 years | Local currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 150,288 | 210,619 | |
Commercial loans | More than 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 197,300 | ||
Loans from related parties | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 815,056 | 1,483,701 | |
Loans from related parties | Up to 1 year | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | [1] | 815,056 | 1,483,701 |
Loans from related parties | From 1 to 5 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 0 | 0 | |
Loans from related parties | From 5 to 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | 0 | 0 | |
Loans from related parties | More than 10 years | Foreign currency | |||
Disclosure of detailed information about borrowings [line items] | |||
Outstanding balance | $ 0 | $ 0 | |
[1]Includes short-term credit and the current portion of long-term debt, as applicable. |
Loans and borrowings - Breakdow
Loans and borrowings - Breakdown by type of interest rate and currency (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and borrowings | ||
Outstanding balance | $ 115,134,839 | $ 95,060,928 |
Local currency | ||
Loans and borrowings | ||
Outstanding balance | 7,981,849 | 7,881,775 |
Foreign currency | ||
Loans and borrowings | ||
Outstanding balance | 107,152,990 | 87,179,153 |
Fixed interest rate | Local currency | ||
Loans and borrowings | ||
Outstanding balance | 1,844,086 | 1,239,723 |
Fixed interest rate | Foreign currency | ||
Loans and borrowings | ||
Outstanding balance | 82,850,932 | 69,427,014 |
Floating interest rate | Local currency | ||
Loans and borrowings | ||
Outstanding balance | 6,137,763 | 6,642,052 |
Floating interest rate | Foreign currency | ||
Loans and borrowings | ||
Outstanding balance | $ 24,302,058 | $ 17,752,139 |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 COP ($) $ / shares | Dec. 31, 2021 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 26, 2021 USD ($) | |
Loans and borrowings | |||||
Increase in exchange rate of Colombian pesos per dollar | $ / shares | $ 829 | ||||
Proceeds obtained from loans and borrowings | $ 16,844,029,000,000 | ||||
Fair value of loans and borrowings | 106,509,947,000,000 | $ 99,258,034,000,000 | |||
Hedges with derivative instruments | $ 750 | $ 8,208 | $ 307 | ||
Debt and financing | 16,409,494 | ||||
ISA and tts Companies | |||||
Loans and borrowings | |||||
Estimated value of the current guarantees | 23,670,968,000,000 | ||||
ISA and tts Companies | Chile | |||||
Loans and borrowings | |||||
Estimated value of the current guarantees | 17,676,320,000,000 | ||||
ISA and tts Companies | Brazil | |||||
Loans and borrowings | |||||
Estimated value of the current guarantees | 3,315,648,000,000 | ||||
ISA and tts Companies | Colombia | |||||
Loans and borrowings | |||||
Estimated value of the current guarantees | 2,679,000,000,000 | ||||
Hedge of a net investment in a foreign operation | |||||
Loans and borrowings | |||||
Hedges with derivative instruments | 8,940 | ||||
Cash flow hedging | |||||
Loans and borrowings | |||||
Hedges with derivative instruments | 5,572 | ||||
Local Borrowings | Hedge of a net investment in a foreign operation | |||||
Loans and borrowings | |||||
Hedges with derivative instruments | 14,512 | $ 13,287 | |||
Ecopetrol S.A. | |||||
Loans and borrowings | |||||
Proceeds obtained from loans and borrowings | 11,429,785,000,000 | ||||
Short-term financing | 5,384,315,000,000 | 1,200 | |||
Debt and financing | 10,071,064 | ||||
Ecopetrol S.A. | BNP Paribas | |||||
Loans and borrowings | |||||
Short-term financing | 625,944,000,000 | $ 160 | |||
Interconexion Electrica S.A. E.S.P. | |||||
Loans and borrowings | |||||
Proceeds obtained from loans and borrowings | 5,331,221,000,000 | ||||
Debt and financing | 5,101,656 | ||||
Interconexion Electrica S.A. E.S.P. | Consorcio Transmantaro | |||||
Loans and borrowings | |||||
Issuance of corporate bonds issued by subsidiary | $ 2,063,735,000,000 |
Trade and other payables (Detai
Trade and other payables (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
Suppliers | $ 15,034,677 | $ 10,470,260 | |
Withholding tax | 1,896,128 | 717,720 | |
Partners' advances | 1,164,197 | 1,060,349 | |
Dividends payable | [1] | 392,346 | 58,668 |
Insurance and reinsurance | 330,363 | 294,114 | |
Deposits received from third parties | 162,338 | 136,310 | |
Agreements in transport contracts | 115,526 | 33,883 | |
Related parties | 67,879 | 66,598 | |
Hedging operations | [2] | 4,311 | 2,032 |
Various creditors | 769,939 | 728,297 | |
Total trade and other current payables | 19,937,704 | 13,568,231 | |
Non - current | |||
Suppliers | 28,425 | 8,260 | |
Deposits received from third parties | 331 | 33 | |
Various creditors | 28,300 | 62,314 | |
Total trade and other non-current payables | 57,056 | 70,607 | |
Dividends payable | [1] | 392,346 | 58,668 |
Interconexion Electrica S.A. E.S.P. | |||
Current | |||
Dividends payable | 366,999 | 53,976 | |
Non - current | |||
Dividends payable | 366,999 | 53,976 | |
Inversiones de Gases de Colombia S.A. | |||
Current | |||
Dividends payable | 21,680 | 978 | |
Non - current | |||
Dividends payable | 21,680 | 978 | |
Ecopetrol S.A. | |||
Current | |||
Dividends payable | 3,667 | 3,714 | |
Non - current | |||
Dividends payable | $ 3,667 | $ 3,714 | |
[1]Corresponds to dividends payable from Interconexión Eléctrica S.A. for $366,999 (2021: $53,976), Inversiones de Gases de Colombia S.A. for $21,680 (2021: $978), and Ecopetrol S.A. for $3,667 (2021: $3,714).[2]Corresponds to the balance payable for the liquidation of swap contracts acquired to hedge the price risk of export crude oil. |
Provisions for employees' ben_3
Provisions for employees' benefits (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Post-employment benefits | ||
Post-employment benefits | $ 12,965,239 | $ 11,379,045 |
Current | 2,753,697 | 2,296,253 |
Non-current | 10,211,542 | 9,082,792 |
Health care | ||
Post-employment benefits | ||
Post-employment benefits | 8,140,648 | 6,636,809 |
Pension[Member] | ||
Post-employment benefits | ||
Post-employment benefits | 2,073,562 | 2,159,530 |
Education [Member] | ||
Post-employment benefits | ||
Post-employment benefits | 405,769 | 443,761 |
Bonds | ||
Post-employment benefits | ||
Post-employment benefits | 399,114 | 320,833 |
Other plans | ||
Post-employment benefits | ||
Post-employment benefits | 115,136 | 91,476 |
Termination benefits - Voluntary retirement plan [Member] | ||
Post-employment benefits | ||
Post-employment benefits | 772,133 | 746,585 |
Post employment and termination benefits | ||
Post-employment benefits | ||
Post-employment benefits | 11,906,362 | 10,398,994 |
Social benefits and salaries | ||
Post-employment benefits | ||
Post-employment benefits | 970,598 | 856,198 |
Other Employment Benefts [Member] | ||
Post-employment benefits | ||
Post-employment benefits | $ 88,279 | $ 123,853 |
Provisions for employees' ben_4
Provisions for employees' benefits - Net of post-employment benefits (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities for employee benefits | ||
Opening balance | $ 22,467,519 | $ 24,830,977 |
Effect of business combination | 0 | 847,099 |
Current service cost | 147,480 | 132,352 |
Past service cost | 114,162 | 129,328 |
Interest expense | 1,483,628 | 1,353,138 |
Transferred benefits | 0 | (577) |
Actuarial (gains) losses | (444,099) | (3,376,966) |
Benefits paid | (1,589,670) | (1,437,374) |
Foreign currency translation | 126,152 | (10,458) |
Closing balance | 22,305,172 | 22,467,519 |
Plan assets | ||
Opening balance | 12,068,525 | 13,172,965 |
Effect of business combination | 0 | 11,004 |
Return on assets | 804,530 | 691,951 |
Contributions to funds | 125,788 | 504,511 |
Benefits paid | (1,087,060) | (1,427,264) |
Actuarial (losses) gains | (1,512,973) | (884,642) |
Closing balance | 10,398,810 | 12,068,525 |
Net post-employment benefits liability | 11,906,362 | 10,398,994 |
Pension and pension bonds | ||
Liabilities for employee benefits | ||
Opening balance | 14,520,592 | 16,320,383 |
Effect of business combination | 0 | 545,319 |
Current service cost | 51,756 | 10,948 |
Past service cost | 0 | 3,545 |
Interest expense | 953,146 | 867,644 |
Transferred benefits | 0 | 0 |
Actuarial (gains) losses | (1,805,907) | (2,285,738) |
Benefits paid | (981,486) | (931,051) |
Foreign currency translation | 102,047 | (10,458) |
Closing balance | 12,840,148 | 14,520,592 |
Plan assets | ||
Opening balance | 12,040,229 | 13,157,729 |
Effect of business combination | 0 | 0 |
Return on assets | 802,711 | 691,584 |
Contributions to funds | 0 | 0 |
Benefits paid | (961,931) | (924,924) |
Actuarial (losses) gains | (1,513,537) | (884,160) |
Closing balance | 10,367,472 | 12,040,229 |
Net post-employment benefits liability | 2,472,676 | 2,480,363 |
Other member | ||
Liabilities for employee benefits | ||
Opening balance | 7,946,927 | 8,510,594 |
Effect of business combination | 0 | 301,780 |
Current service cost | 95,724 | 121,404 |
Past service cost | 114,162 | 125,783 |
Interest expense | 530,482 | 485,494 |
Transferred benefits | 0 | (577) |
Actuarial (gains) losses | 1,361,808 | (1,091,228) |
Benefits paid | (608,184) | (506,323) |
Foreign currency translation | 24,105 | 0 |
Closing balance | 9,465,024 | 7,946,927 |
Plan assets | ||
Opening balance | 28,296 | 15,236 |
Effect of business combination | 0 | 11,004 |
Return on assets | 1,819 | 367 |
Contributions to funds | 125,788 | 504,511 |
Benefits paid | (125,129) | (502,340) |
Actuarial (losses) gains | 564 | (482) |
Closing balance | 31,338 | 28,296 |
Net post-employment benefits liability | $ 9,433,686 | $ 7,918,631 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss | |||
Interest expense | $ 679,098 | $ 661,187 | $ 622,163 |
Current service cost | 147,480 | 132,352 | 118,035 |
Past service cost | 114,162 | 129,328 | 631,761 |
Remeasurements | 0 | (211) | 0 |
Benefits plan costs recognized in profit or loss | 940,740 | 922,656 | 1,371,959 |
Other comprehensive income | |||
Recognized in other comprehensive income | (1,254,514) | 2,456,667 | 137,459 |
Deferred tax | 586,260 | (679,510) | (41,238) |
Other comprehensive income, net of taxes | (668,254) | 1,777,157 | 96,221 |
Pension and pension bonds | |||
Other comprehensive income | |||
Recognized in other comprehensive income | 156,755 | 1,401,578 | 226,597 |
Health care | |||
Other comprehensive income | |||
Recognized in other comprehensive income | (1,429,423) | 991,050 | (33,324) |
Other | |||
Other comprehensive income | |||
Recognized in other comprehensive income | $ 18,154 | $ 64,039 | $ (55,814) |
Provisions for employees' ben_6
Provisions for employees' benefits - Plan assets of pension and pension bonds (Details) - Pension trust - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of defined benefit plans | ||
Assets of benefit plan | $ 10,398,810 | $ 12,068,525 |
Floating interest rate | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 291,847 | 1,026,862 |
Foreign currency | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 1,762,899 | 113,012 |
Local currency | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 4,810,813 | 5,422,709 |
Bonds of private entities | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 1,674,431 | 2,393,322 |
Bonds issued by the national government | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 1,552,690 | 2,758,728 |
Other public bonds | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 201,508 | 302,254 |
Bonds of foreign entities | ||
Disclosure of defined benefit plans | ||
Cash and cash equivalents, amount contributed to fair value of plan assets | $ 104,622 | $ 51,638 |
Provisions for employees' ben_7
Provisions for employees' benefits - Credit ratings of the issuers and counterparties in assets (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of defined benefit plans | ||
Plan assets, at fair value | $ 10,398,810 | $ 12,068,525 |
AAA [Member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 4,138,043 | 7,183,658 |
Nation [Member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 3,319,858 | 2,871,610 |
AA+ [member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 312,303 | 455,875 |
BB+ [Member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 267,961 | 78,216 |
AA [Member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 161,244 | 74,350 |
This member stands for F1+. | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 87,111 | 112,284 |
F1 | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 83,684 | 0 |
BBB- [member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 47,919 | 39,865 |
BRC1+ [Member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 43,000 | 37,884 |
BBB+ [member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 30,331 | 40,928 |
A+ | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 23,514 | 0 |
BAA2 | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 20,880 | 0 |
BAA1 [member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 20,814 | 18,855 |
AA- [member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 8,714 | 9,558 |
A [Member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 2,352 | 5,834 |
Other credit ratings [member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 330,997 | 47,348 |
Not available ratings [member] | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | $ 1,500,085 | $ 1,092,260 |
Provisions for employees' ben_8
Provisions for employees' benefits - Actuarial assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Pension | ||
Disclosure of detailed information about provision for employee benefits | ||
Salary growth rate | 4.50% | |
Pension growth rate | 3% | |
Pension | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 14.70% | 8.70% |
Salary growth rate | 5.50% | |
Expected inflation rate | 4.50% | 4% |
Pension growth rate | 3.50% | |
Pension | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 6.20% | 5.18% |
Salary growth rate | 4.50% | |
Expected inflation rate | 3% | 3% |
Pension growth rate | 3% | |
Bonds | ||
Disclosure of detailed information about provision for employee benefits | ||
Expected inflation rate | 3% | |
Bonds | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 6.25% | |
Bonds | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 9% | 5% |
Health care | ||
Disclosure of detailed information about provision for employee benefits | ||
Expected inflation rate | 3% | |
Short-term rate | 6.33% | 6.67% |
Long-term rate | 4% | 4% |
Health care | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 8.80% | |
Salary growth rate | 5.50% | |
Pension growth rate | 5.50% | |
Health care | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 8.70% | 7% |
Salary growth rate | 4.50% | |
Pension growth rate | 4% | |
Education | ||
Disclosure of detailed information about provision for employee benefits | ||
Salary growth rate | 4.50% | |
Expected inflation rate | 3% | 3% |
Pension growth rate | 4% | |
Short-term rate | 4% | 4% |
Long-term rate | 4% | 4% |
Education | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 14.80% | 8.90% |
Education | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 6.30% | 6.30% |
Others | ||
Disclosure of detailed information about provision for employee benefits | ||
Pension growth rate | 4% | 3.50% |
Long-term rate | 4.70% | |
Others | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 14.50% | 7.10% |
Salary growth rate | 4.70% | 4.70% |
Expected inflation rate | 4.50% | 4% |
Others | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 7.40% | 5.56% |
Salary growth rate | 4.50% | 4.50% |
Expected inflation rate | 3% | 3% |
Provisions for employees' ben_9
Provisions for employees' benefits - Maturity of benefit obligation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 COP ($) | |
2023 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | $ 1,772,944 |
2023 | Pension and pension bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,158,416 |
2023 | Other | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 614,528 |
2024 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,833,226 |
2024 | Pension and pension bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,187,807 |
2024 | Other | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 645,419 |
2025 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,896,709 |
2025 | Pension and pension bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,212,665 |
2025 | Other | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 684,044 |
2026 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,943,766 |
2026 | Pension and pension bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,225,740 |
2026 | Other | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 718,026 |
2027 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 2,001,349 |
2027 | Pension and pension bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,245,109 |
2027 | Other | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 756,240 |
2028 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 10,704,470 |
2028 | Pension and pension bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 6,380,585 |
2028 | Other | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | $ 4,323,885 |
Provisions for employees' be_10
Provisions for employees' benefits - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Level 1 | ||
Disclosure of defined benefit plans | ||
Percentage of plan assets | 53.76% | 36.99% |
Level 2 | ||
Disclosure of defined benefit plans | ||
Percentage of plan assets | 46.24% | 63.01% |
Provisions for employees' be_11
Provisions for employees' benefits - Sensitivity analysis (Details) $ in Millions | Dec. 31, 2022 COP ($) |
Discount rate | Pension | |
Disclosure of defined benefit plans | |
-50 basis points | $ 12,000,383 |
+50 basis points | 10,969,190 |
Discount rate | Bonds | |
Disclosure of defined benefit plans | |
-50 basis points | 1,076,007 |
+50 basis points | 1,027,361 |
Discount rate | Education | |
Disclosure of defined benefit plans | |
-50 basis points | 396,973 |
+50 basis points | 372,713 |
Discount rate | Other | |
Disclosure of defined benefit plans | |
-50 basis points | 900,711 |
+50 basis points | 872,696 |
Discount rate | Health | |
Disclosure of defined benefit plans | |
-50 basis points | 8,472,198 |
+50 basis points | 7,538,544 |
Inflation rate | Pension | |
Disclosure of defined benefit plans | |
-50 basis points | 10,974,674 |
+50 basis points | 12,057,329 |
Inflation rate | Bonds | |
Disclosure of defined benefit plans | |
-50 basis points | 1,023,440 |
+50 basis points | 1,079,923 |
Inflation rate | Other | |
Disclosure of defined benefit plans | |
-50 basis points | 782,593 |
+50 basis points | 803,403 |
Salary growth rate | Other | |
Disclosure of defined benefit plans | |
-50 basis points | 90,552 |
+50 basis points | 96,723 |
Cost trend | Education | |
Disclosure of defined benefit plans | |
-50 basis points | 372,035 |
+50 basis points | 397,599 |
Cost trend | Health | |
Disclosure of defined benefit plans | |
-50 basis points | 7,535,085 |
+50 basis points | $ 8,478,117 |
Accrued liabilities and provi_3
Accrued liabilities and provisions (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accrued liabilities and provisions | |||
Balance Beginning period | $ 14,232,207 | $ 12,427,730 | $ 9,918,288 |
Abandonment costs update | 1,730,016 | 500,868 | 2,307,453 |
Effect of business combination (Note 12) | 947,883 | ||
Additions | 715,831 | (714,839) | 412,609 |
Uses | (1,004,167) | (896,508) | (429,950) |
Financial costs | (361,303) | 303,526 | 258,464 |
Effect of control loss in subsidiaries (Note 28) | (43,991) | ||
Adjustment on fair value for business combination | 31,137 | ||
Foreign currency translation | 310,194 | 191,452 | 43,143 |
Reversal of provision for sale of assets (1) | (188,540) | ||
Transfers | 59,682 | 42,417 | (69,423) |
Balance End Period | 12,756,494 | 14,232,207 | 12,427,730 |
Current | 1,533,136 | 1,590,118 | 1,221,109 |
Non-current | 11,223,358 | 12,642,089 | 11,206,621 |
Asset retirement obligation | |||
Accrued liabilities and provisions | |||
Balance Beginning period | 11,890,319 | 11,239,325 | 8,835,420 |
Abandonment costs update | 1,730,016 | 500,868 | 2,307,453 |
Additions | 93,704 | (242,435) | 143,320 |
Uses | (607,769) | (548,133) | (291,793) |
Financial costs | (333,688) | 292,329 | 258,464 |
Effect of control loss in subsidiaries (Note 28) | (23,874) | ||
Adjustment on fair value for business combination | 31,137 | ||
Foreign currency translation | 186,215 | 152,212 | 37,239 |
Reversal of provision for sale of assets (1) | (188,540) | ||
Transfers | 28,427 | 11,283 | (58,041) |
Balance End Period | 10,006,028 | 11,890,319 | 11,239,325 |
Current | 946,675 | 1,041,674 | 949,638 |
Non-current | 9,059,353 | 10,848,645 | 10,289,687 |
Litigation | |||
Accrued liabilities and provisions | |||
Balance Beginning period | 703,966 | 118,139 | 137,429 |
Abandonment costs update | 0 | 0 | 0 |
Effect of business combination (Note 12) | 329,123 | ||
Additions | 153,786 | (261,785) | 32,108 |
Uses | (41,773) | (13,453) | (31,709) |
Financial costs | (10,293) | 3,925 | 0 |
Effect of control loss in subsidiaries (Note 28) | (20,117) | ||
Adjustment on fair value for business combination | 0 | ||
Foreign currency translation | 81,894 | 4,466 | 428 |
Transfers | (9,915) | (19) | 0 |
Balance End Period | 898,251 | 703,966 | 118,139 |
Current | 94,375 | 59,843 | 46,844 |
Non-current | 803,876 | 644,123 | 71,295 |
Environmental contingencies and others | |||
Accrued liabilities and provisions | |||
Balance Beginning period | 1,637,922 | 1,070,266 | 945,439 |
Abandonment costs update | 0 | 0 | 0 |
Effect of business combination (Note 12) | 618,760 | ||
Additions | 468,341 | (210,619) | 237,181 |
Uses | (354,625) | (334,922) | (106,448) |
Financial costs | (17,322) | 7,272 | 0 |
Effect of control loss in subsidiaries (Note 28) | 0 | ||
Adjustment on fair value for business combination | 0 | ||
Foreign currency translation | 42,085 | 34,774 | 5,476 |
Reversal of provision for sale of assets (1) | 0 | ||
Transfers | 41,170 | 31,153 | (11,382) |
Balance End Period | 1,852,215 | 1,637,922 | 1,070,266 |
Current | 492,086 | 488,601 | 224,627 |
Non-current | $ 1,360,129 | $ 1,149,321 | $ 845,639 |
Accrued liabilities and provi_4
Accrued liabilities and provisions - Additional information (Details) $ in Millions | 12 Months Ended | ||||||||||||||
Jun. 28, 2019 USD ($) | Mar. 16, 2018 USD ($) | May 25, 2016 USD ($) | Mar. 08, 2016 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 | Dec. 31, 2020 USD ($) | Jun. 28, 2019 COP ($) | Jun. 28, 2019 USD ($) | Dec. 31, 2018 USD ($) | Mar. 16, 2018 COP ($) | Mar. 16, 2018 USD ($) | Apr. 28, 2017 COP ($) | Apr. 28, 2017 USD ($) | Dec. 31, 2015 USD ($) | |
Accrued liabilities and provisions | |||||||||||||||
Environmental compensation and mandatory investment | 1% | 1% | |||||||||||||
Reficar is the Claimant in the ICC arbitration | $ 213,000,000 | ||||||||||||||
Number of issues of an administrative nature established | item | 2 | ||||||||||||||
Number of former officials | item | 8 | ||||||||||||||
Number of former presidents | item | 3 | ||||||||||||||
Number of former financial vice-presidents | item | 5 | ||||||||||||||
Alleged damages | $ 268,710,000 | $ 12,447,618 | $ 9,240,927 | ||||||||||||
Refineria de Cartagena S.A.S. | |||||||||||||||
Accrued liabilities and provisions | |||||||||||||||
Reficar is the Claimant in the ICC arbitration | $ 2,000,000,000 | ||||||||||||||
Contingent asset claim | $ 432,303 | $ 129,000,000 | |||||||||||||
Contingent asset claim invoices provisionally paid | $ 137,000,000 | $ 139,000,000 | $ 122,000,000 | ||||||||||||
Legal proceedings in process, claims made, value updated including interest | $ 503,241 | $ 137,000,000 | |||||||||||||
Reficar filed its non-detailed claim | $ 387,558 | $ 116,000,000 | |||||||||||||
Letter of credit compliance | $ 70,000,000 | ||||||||||||||
Exploration and Production | |||||||||||||||
Accrued liabilities and provisions | |||||||||||||||
Discount rates used in the estimate of the obligation | 5.30% | 2.89% | |||||||||||||
Transportation and Logistics | |||||||||||||||
Accrued liabilities and provisions | |||||||||||||||
Discount rates used in the estimate of the obligation | 5.58% | 3.14% | |||||||||||||
Refining and Petrochemicals | |||||||||||||||
Accrued liabilities and provisions | |||||||||||||||
Discount rates used in the estimate of the obligation | 6.36% | 4.21% |
Accrued liabilities and provi_5
Accrued liabilities and provisions - Litigation (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Public Works Contributions, Case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | $ 223,439 | $ 203,160 |
CTEEP Regulatory Contingency, Case [Member] | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 40,692 | 27,993 |
Property and Urban Land Tax (IPTU) CTEEP case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 23,691 | |
Direct fixing for the damages associated with the hydrocarbon spill case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 14,245 | |
Administrative processes case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 11,675 | |
Hydrocarbon easement in a building case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 11,019 | 11,019 |
Open competition for the management of a set of assets transferred case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | $ 5,774 | $ 5,774 |
Accrued liabilities and provi_6
Accrued liabilities and provisions - Details of contingent liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 COP ($) item | Dec. 31, 2021 COP ($) item | |
Accrued liabilities and provisions | ||
Number of processes | item | 953 | 1,079 |
Proceedings amount | $ | $ 4,061,430 | $ 3,304,880 |
Constitutional | ||
Accrued liabilities and provisions | ||
Number of processes | item | 122 | 86 |
Proceedings amount | $ | $ 642,057 | $ 1,336,966 |
Ordinary administrative | ||
Accrued liabilities and provisions | ||
Number of processes | item | 147 | 146 |
Proceedings amount | $ | $ 2,590,089 | $ 1,867,591 |
Labor | ||
Accrued liabilities and provisions | ||
Number of processes | item | 625 | 788 |
Proceedings amount | $ | $ 68,194 | $ 87,175 |
Civil | ||
Accrued liabilities and provisions | ||
Number of processes | item | 59 | 58 |
Proceedings amount | $ | $ 761,090 | $ 13,148 |
Penal | ||
Accrued liabilities and provisions | ||
Number of processes | item | 0 | 1 |
Proceedings amount | $ | $ 0 | $ 0 |
Accrued liabilities and provi_7
Accrued liabilities and provisions - Details of contingent assets (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 COP ($) item | Dec. 31, 2021 COP ($) item | |
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 812 | 512 |
Proceedings amount | $ | $ 736,198 | $ 379,507 |
Ordinary administrative | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 87 | 62 |
Proceedings amount | $ | $ 687,332 | $ 217,550 |
Arbitration | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 1 | |
Proceedings amount | $ | $ 78,600 | |
Civil | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 211 | 188 |
Proceedings amount | $ | $ 30,717 | $ 23,258 |
Penal | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 98 | 72 |
Proceedings amount | $ | $ 2,453 | $ 55,385 |
Labor | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 406 | 185 |
Proceedings amount | $ | $ 15,696 | $ 4,714 |
Constitutional | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 10 | 4 |
Proceedings amount | $ | $ 0 | $ 0 |
Equity - Ecopetrol Business Gro
Equity - Ecopetrol Business Groups reserves (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Equity | ||
Equity reserves | $ 8,898,633 | $ 10,624,229 |
Legal reserve | ||
Equity | ||
Equity reserves | 6,407,256 | 4,737,788 |
Fiscal and statutory reserves | ||
Equity | ||
Equity reserves | 509,082 | 509,082 |
Occasional reserves | ||
Equity | ||
Equity reserves | $ 1,982,295 | $ 5,377,359 |
Equity - Movement of equity res
Equity - Movement of equity reserves (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity | |||
Opening balance | $ 90,583,772 | $ 53,499,363 | $ 58,231,628 |
Dividends declared | (1,556,406) | (349,108) | (157,682) |
Closing balance | 113,903,089 | 90,583,772 | 53,499,363 |
Equity reserves | |||
Equity | |||
Opening balance | 10,624,229 | 9,635,136 | |
Release of reserves | (5,886,441) | (5,066,156) | |
Allocation to reserves | 11,068,450 | 6,055,249 | |
Dividends declared | (6,907,605) | 0 | |
Closing balance | $ 8,898,633 | $ 10,624,229 | $ 9,635,136 |
Equity - Dividends paid (Detail
Equity - Dividends paid (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity | |||
Dividends paid | $ 13,356,947 | $ 2,771,287 | $ 8,734,351 |
Ecopetrol S.A. | |||
Equity | |||
Dividends paid | 11,622,778 | 696,387 | 7,369,498 |
Oleoducto Central S.A. - Ocensa | |||
Equity | |||
Dividends paid | 752,530 | 682,615 | 959,949 |
Interconexin Elctrica S.A. ESP | |||
Equity | |||
Dividends paid | 572,260 | 790,532 | 0 |
Invercolsa S.A. | |||
Equity | |||
Dividends paid | 179,202 | 150,333 | 148,941 |
Oleoducto de los Llanos Orientales S.A. - ODL | |||
Equity | |||
Dividends paid | 138,939 | 147,056 | 166,589 |
Oleoducto de Colombia S.A. - ODC | |||
Equity | |||
Dividends paid | 91,238 | 86,594 | 89,374 |
Oleoducto Bicentenario de Colombia S.A.S. - OBC | |||
Equity | |||
Dividends paid | $ 0 | $ 217,770 | $ 0 |
Equity - Other comprehensive in
Equity - Other comprehensive income (Details) - Other comprehensive income - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity | |||
Foreign currency translation | $ 28,816,983 | $ 17,244,255 | $ 11,794,201 |
Hedge of a net investment in a foreign operation | (9,219,271) | (4,364,466) | (1,494,927) |
Actuarial gain on defined benefit plans | (1,331,361) | (517,278) | (2,260,989) |
Cash flow hedges for future exports | (2,473,999) | (945,250) | (136,473) |
Cash flow hedge with derivative instruments | 1,290 | (61,502) | 43,546 |
Others | 3,077 | 2,135 | 1,704 |
Other comprehensive income attributable to owners of parent | $ 15,796,719 | $ 11,357,894 | $ 7,947,062 |
Equity - Earnings per share (De
Equity - Earnings per share (Details) - COP ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity | |||
Profit attributable to Ecopetrol's shareholders | $ 31,604,781 | $ 15,649,143 | $ 1,586,677 |
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) | $ 768.7 | $ 380.60 | $ 38.59 |
Equity - Additional information
Equity - Additional information (Details) - COP ($) $ in Millions | 12 Months Ended | |||||
Jun. 17, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 30, 2022 | Sep. 30, 2011 | |
Equity | ||||||
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 | |||||
Dividends paid | 13,356,947 | 2,771,287 | $ 8,734,351 | |||
Dividends approved for distribution | 11,512,675 | 698,984 | ||||
Ecopetrol S.A. | ||||||
Equity | ||||||
Dividends paid | 11,622,778 | $ 696,387 | $ 7,369,498 | |||
Profit distribution project reserve | $ 8,889,900 | |||||
Extraordinary dividend | $ 6,907,605 | |||||
Share-based payment arrangements | ||||||
Equity | ||||||
Additional paid in capital | $ 2,118,468 | |||||
Share-based payment arrangements | Colombian Peso | ||||||
Equity | ||||||
Additional paid in capital | 4,457,997 | |||||
Financial guarantee contracts | ||||||
Equity | ||||||
Additional paid in capital | $ 31,377 |
Revenue from contracts with c_3
Revenue from contracts with customers - National and foreign sales (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from contracts with customers | |||
Revenue | $ 159,611,078 | $ 91,881,204 | $ 50,223,393 |
National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 83,651,506 | 44,822,210 | 24,687,715 |
Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 75,959,572 | 47,058,994 | 25,535,678 |
Mid-distillates | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 39,182,510 | 17,140,327 | 8,860,588 |
Gasoline and turbo fuels | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 27,620,199 | 15,475,370 | 6,768,046 |
Gasoline and turbo fuels | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 157,685 | 179,257 | |
Natural gas | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 4,162,876 | 3,200,069 | 2,845,155 |
Natural gas | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 254,054 | 71,529 | 17,231 |
Services | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 3,601,681 | 3,065,988 | 2,859,559 |
Electric power transmission services | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 2,595,505 | 728,467 | |
Electric power transmission services | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 5,114,783 | 1,827,622 | |
Plastic and rubber | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 1,568,816 | 1,642,035 | 865,204 |
Plastic and rubber | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 2,036,201 | 2,092,379 | 1,302,131 |
LPG and propane | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 1,094,332 | 926,231 | 375,775 |
LPG and propane | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 339,837 | 116,960 | 18,943 |
Asphalts | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 897,200 | 611,051 | 526,100 |
Fuel gas service | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 860,102 | 734,666 | 671,570 |
Roads and Construction Services | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 355,737 | 107,179 | |
Roads and Construction Services | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 4,676,822 | 1,241,144 | |
Aromatics | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 343,792 | 247,387 | 155,740 |
Polyethylene | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 302,630 | 320,466 | 138,035 |
Fuel oil | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 9,213 | 23,799 | 37,001 |
Fuel oil | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 4,348,312 | 2,288,977 | 1,044,811 |
Other income gas contracts | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 1,940 | 2,879 | 32,190 |
Other products | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 679,183 | 402,828 | 322,232 |
Other products | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 1,633,510 | 1,033,909 | 580,411 |
Cash flow hedges | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | (8) | ||
Cash flow hedges | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | (1,578,246) | (349,884) | (857,347) |
Crude oil | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 375,790 | 193,476 | 230,520 |
Crude oil | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 56,651,753 | 34,868,421 | 20,086,173 |
Diesel | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | $ 2,324,861 | $ 3,867,937 | $ 3,164,068 |
Revenue from contracts with c_4
Revenue from contracts with customers - Additional information (Details) $ in Millions, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2020 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 COP ($) | Nov. 26, 2021 USD ($) | |
Revenue from contracts with customers | ||||||||
Recognition of price differential | $ 36,532,743 | $ 11,335,453 | $ 142,723 | |||||
Hedges with derivative instruments | $ 750 | $ 8,208 | $ 307 | |||||
Percentage of entity's revenue | 100% | 100% | 100% | |||||
Terpel | ||||||||
Revenue from contracts with customers | ||||||||
Percentage of entity's revenue | 9% | 11% | 15% | |||||
Others | ||||||||
Revenue from contracts with customers | ||||||||
Percentage of entity's revenue | 10% | |||||||
Cash flow hedging. | ||||||||
Revenue from contracts with customers | ||||||||
Hedges with derivative instruments | $ 193,374 | $ 1,143,287 | $ 249,978 | |||||
Natural gas | National sales | ||||||||
Revenue from contracts with customers | ||||||||
Extensive tests | $ 44,962 | |||||||
Crude oil | ||||||||
Revenue from contracts with customers | ||||||||
Hedges with derivative instruments | $ 663,973 | $ 434,959 | $ 99,914 | |||||
Crude oil | Foreign sales | ||||||||
Revenue from contracts with customers | ||||||||
Extensive tests | $ 141,242 |
Revenue from contracts with c_5
Revenue from contracts with customers - Sales by geographic area (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about sales revenue [Line Items] | |||
Revenue | $ 159,611,078 | $ 91,881,204 | $ 50,223,393 |
Percentage of entitys revenue | 100% | 100% | 100% |
Percentage Of Progress Obtained For Functional Unit 3 | 97.24% | ||
Percentage Of Progress Obtained For Functional Unit 6 | 99.94% | ||
Percentage Of Consolidated Progress Obtained For Functional Unit | 99.91% | ||
ISA committed investments | $ 22,400 | ||
Percentage of capital contribution | 100% | ||
Investment percentage executed in 2023-2025 | 60% | ||
Investment percentage executed in 2026-2030 | 40% | ||
Roads | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of capital contribution committed | 5% | ||
Telecommunication | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of capital contribution committed | 5% | ||
Colombia Country | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Revenue | $ 83,651,506 | $ 44,822,210 | $ 24,687,715 |
Percentage of entitys revenue | 52.40% | 48.80% | 49.20% |
Percentage of capital contribution committed | 25% | ||
Asia | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Revenue | $ 22,547,997 | $ 20,355,063 | $ 9,497,498 |
Percentage of entitys revenue | 14.10% | 22.20% | 18.90% |
United States Of America | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Revenue | $ 27,120,783 | $ 16,025,083 | $ 11,365,218 |
Percentage of entitys revenue | 17% | 17.40% | 22.60% |
South America And Others | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Revenue | $ 13,609,587 | $ 5,727,355 | $ 1,296,370 |
Percentage of entitys revenue | 8.50% | 6.20% | 2.60% |
Central America And Caribbean | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Revenue | $ 9,841,202 | $ 3,503,618 | $ 2,581,644 |
Percentage of entitys revenue | 6.20% | 3.80% | 5.10% |
Europe | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Revenue | $ 2,840,003 | $ 1,447,875 | $ 794,948 |
Percentage of entitys revenue | 1.80% | 1.60% | 1.60% |
Brazil | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of capital contribution committed | 55% | ||
Chile | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of capital contribution committed | 14% | ||
Peru country | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of capital contribution committed | 6% | ||
Argentina | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of capital contribution committed | 6% | ||
Bolivia | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of capital contribution committed | 6% |
Cost of sales (Details)
Cost of sales (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cost of variables and fixed | ||||
Total costs variables | $ 68,180,219 | $ 41,005,910 | $ 25,909,931 | |
Total fixed cost | 21,277,929 | 14,575,866 | 11,657,541 | |
Cost of sales | 89,458,148 | 55,581,776 | 37,567,472 | |
Variable costs | ||||
Cost of variables and fixed | ||||
Imported products | [1] | 31,230,405 | 16,944,375 | 7,592,489 |
Purchases of crude in association and concession | 16,223,628 | 10,015,898 | 4,281,661 | |
Purchases of hydrocarbons - ANH | 9,219,215 | 5,611,153 | 2,798,432 | |
Depreciation amortization and depletion | 6,774,770 | 6,328,144 | 6,069,903 | |
Electric energy | 1,540,452 | 1,087,269 | 1,098,621 | |
Taxes and economic rights | 1,510,265 | 1,125,761 | 841,443 | |
Process materials | 1,260,608 | 906,500 | 827,464 | |
Purchases of other products and gas | 1,244,765 | 811,024 | 598,015 | |
Hydrocarbon transport services | 1,219,818 | 917,552 | 874,632 | |
Services contracted in associations | 311,107 | 267,934 | 269,637 | |
Extensive tests | 71,304 | |||
Others | (2,426,118) | (3,009,700) | 657,634 | |
Fixed costs | ||||
Cost of variables and fixed | ||||
Hydrocarbon transport services | 179,082 | 57,855 | 253,752 | |
Services contracted in associations | 1,566,562 | 1,286,291 | 1,121,010 | |
Depreciation and amortization | 4,635,601 | 3,270,735 | 2,930,120 | |
Maintenance | 3,771,137 | 2,637,857 | 2,257,370 | |
Labor costs | 3,436,167 | 2,596,947 | 2,299,761 | |
Construction services | 2,802,486 | 732,723 | ||
Services contracted | 2,870,890 | 2,023,277 | 1,623,375 | |
Taxes and contributions | 914,455 | 1,060,123 | 593,041 | |
Materials and operating supplies | 684,679 | 561,182 | 508,037 | |
General costs | $ 416,870 | $ 348,876 | $ 71,075 | |
[1]Imported products correspond mainly to mid-distillates and gasolines. The variation corresponds to the higher national demand of these products, considering the maintenance programmed for the refineries for 2022, and diluent to facilitate the transport of heavy crude oil. |
Administrative, operative, an_3
Administrative, operative, and project expenses (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Administrative, operative, and project expenses | ||||
Total administrative expenses | $ (4,335,695) | $ (3,342,069) | $ (3,373,150) | |
Exploration costs | [1] | (1,512,385) | (960,247) | (689,204) |
Total operations and project expenses | (4,743,628) | (3,153,557) | (2,586,016) | |
Administrative expenses | ||||
Administrative, operative, and project expenses | ||||
General expenses | (2,040,773) | (1,638,129) | (1,424,348) | |
Labor expenses | (1,663,464) | (1,264,319) | (1,658,613) | |
Taxes | (57,944) | (52,889) | (60,397) | |
Depreciation and amortization | (573,514) | (386,732) | (229,792) | |
Operations and project expenses | ||||
Administrative, operative, and project expenses | ||||
Labor expenses | (363,838) | (312,791) | (309,972) | |
Taxes | (781,181) | (515,848) | (428,608) | |
Depreciation and amortization | (145,106) | (174,311) | (94,723) | |
Exploration costs | (1,512,268) | (959,562) | (689,087) | |
Commissions fees freights and services | (1,326,184) | (686,156) | (656,432) | |
Fee for regulatory entities | (192,094) | (139,158) | (142,695) | |
Maintenance | (162,383) | (156,412) | (78,181) | |
Others | $ (260,574) | $ (209,319) | $ (186,318) | |
[1]Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells. |
Other operating (expenses) in_3
Other operating (expenses) income (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Other operating (expenses) income | ||||
Expense for legal provisions | $ (516,288) | $ (650,926) | $ (139,978) | |
Loss on sale of assets | [1] | (86,954) | (123,342) | (263,647) |
Impairment loss of current assets | (101,871) | (83,773) | (34,416) | |
Gain on revaluation of assets in Guajira association | [2] | 0 | 0 | 1,284,372 |
Gain on acquisition of participations and interests | [2] | 0 | 0 | 86,026 |
Gain on loss of control in subsidiaries | [3] | 0 | 0 | 65,695 |
Other income | [4] | 149,258 | 785,297 | 120,114 |
Other operating income (expense), net | $ (555,855) | $ (72,744) | $ 1,118,166 | |
[1]It mainly corresponds to the end of Rygberg’s association contract in Ecopetrol America, and the profit on the sale of the total participation of Ecopetrol S.A. in the Casanare, Estero, Garcero, Orocué and Corocora Association (CEGOC). This sale of fields was made to its partner Perenco Oil and Gas Colombia.[2]Results in the acquisition of Guajira in 2020: Ecopetrol S.A. $1,284,372 and Hocol $86,026. For Ecopetrol S.A. 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.[3]Recognition in 2020 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. $65,570 and liquidation process of ECP Oil and Gas Germany GmbH COP$125.[4]For 2021, it mainly corresponds to the compensation received by Cenit Transporte y Logística de Hidrocarburos and Oleoducto Bicentenario de Colombia, because of the approval of the conciliation agreement with the Frontera Group. |
Other operating (expenses) in_4
Other operating (expenses) income - Additional Information (Details) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 08, 2022 | ||
Other operating (expenses) income | |||||
Gain on acquisition of participations and interests | [1] | $ 0 | $ 0 | $ 86,026 | |
Percentage of interest acquired | 51.40% | ||||
Guajira association contract | |||||
Other operating (expenses) income | |||||
Percentage of interest acquired | 43% | ||||
Hocol Petroleum Ltd. | Guajira association contract | |||||
Other operating (expenses) income | |||||
Gain on acquisition of participations and interests | $ 86,026 | ||||
Bioenergy S.A, Bionergy Zona Franca | |||||
Other operating (expenses) income | |||||
Loss on disposal assets | 65,570 | ||||
Ecopetrol Germany Gmbh | |||||
Other operating (expenses) income | |||||
Loss on disposal assets | 125 | ||||
Ecopetrol S.A. | Guajira association contract | |||||
Other operating (expenses) income | |||||
Gain on acquisition of participations and interests | $ 1,284,372 | ||||
[1]Results in the acquisition of Guajira in 2020: Ecopetrol S.A. $1,284,372 and Hocol $86,026. For Ecopetrol S.A. it corresponds to the revaluation of the assets that it already had in the Guajira association and for Hocol it corresponds to the Bargain obtained from the acquisition of the 43% stake. |
Financial result (Details)
Financial result (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Finance income | ||||
Yields and interests | $ 965,952 | $ 266,116 | $ 299,246 | |
Results from financial assets | 178,212 | 108,640 | 665,310 | |
Gain (loss) on derivatives valuation | 18,099 | (406) | 0 | |
Dividends | 70 | 27 | 44 | |
Gain on derivatives liquidation | 0 | 10,695 | 108,838 | |
Other financial income | 154,812 | 18,520 | 27,992 | |
Total finance income | 1,317,145 | 403,592 | 1,101,430 | |
Finance expenses | ||||
Interest | (5,517,417) | (3,095,224) | (2,384,342) | |
Financial cost of other liabilities | [1] | (2,003,687) | (1,043,728) | (872,987) |
Results from financial assets | (152,355) | (101,973) | (473,598) | |
Other financial expenses | (353,793) | (190,723) | (198,864) | |
Total finance expenses | (8,027,252) | (4,431,648) | (3,929,791) | |
(Loss) gain from exchange difference | (124,650) | (31,726) | 346,774 | |
Gain from realization of other comprehensive income on sale of joint ventures | [2] | 0 | 361,728 | 0 |
Foreign exchange (loss) gain | (124,650) | 330,002 | 346,774 | |
Financial result | $ (6,834,757) | $ (3,698,054) | $ (2,481,587) | |
[1]Includes the financial expense of the asset retirement obligations and the liabilities for post–employment benefits.[2]On January 19, 2021, through the signing of the share purchase agreement (Share Purchase Agreement) with one of the subsidiaries of De Jong Capital LLC., in its capacity as buyer, Ecopetrol S.A. formalized the sale of all the shares in the company Offshore International Group (OIG), in which it had a participation equivalent to 50%. This operation generated the following impacts on the results of the period: profit from the sale of assets for $4,923 and the realization of other comprehensive income for $361,728. |
Financial result - Additional I
Financial result - Additional Information (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Jan. 19, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial result | ||||
Interest capitalized in natural resources and property, plant and equipment | $ 4,923 | |||
Dividends percentage on participation in dispute | 50% | |||
Other comprehensive income | $ 361,728 | $ 8,894,726 | $ 3,571,125 | $ 1,356,224 |
Risk management - Financial ass
Risk management - Financial assets and liabilities (Details) $ in Millions, $ in Millions | Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 COP ($) | Dec. 31, 2019 COP ($) |
Risk management | ||||||
Cash and cash equivalents | $ 15,401,058 | $ 14,549,906 | $ 5,082,308 | $ 7,075,758 | ||
Other financial assets | $ 2,725,871 | $ 2,934,734 | ||||
USD$ Million | ||||||
Risk management | ||||||
Cash and cash equivalents | $ 615 | $ 388 | ||||
Other financial assets | 955 | 408 | ||||
Trade receivables and payables, net | (392) | 423 | ||||
Loans and borrowings | (16,113) | (15,514) | ||||
Other assets and liabilities, net | 202 | 702 | ||||
Net liability position | $ (14,733) | $ (13,593) |
Risk management - Financial a_2
Risk management - Financial assets and liabilities denominated in foreign currency (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 COP ($) | |
Risk management | |
Scenario / variation in the exchange rate | 1% |
variation in the exchange rate | 5% |
USD$ Million | |
Risk management | |
variation in the exchange rate | 5% |
Currency risk | |
Risk management | |
One Percent variations in exchange rate, Effect on income before income taxes | $ 10,618 |
One percent variations in exchange rate, effect on other comprehensive income | 698,068 |
Five Percent variations in exchange rate, Effect on income before income taxes | 53,092 |
Five Percent variations in exchange rate, effect on other comprehensive income | $ 3,490,342 |
Risk management - Non derivativ
Risk management - Non derivative hedging instrument (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2021 USD ($) | |
Risk management | ||||
Opening balance | $ 148,144 | |||
Closing balance | 125,424 | $ 148,144 | ||
Cash flow hedging | ||||
Risk management | ||||
Opening balance | $ 4,972 | $ 1,300 | ||
Reassignment of hedging instruments | 1,879 | 675 | ||
Realization of exports | (1,879) | (675) | ||
Designation of new hedging | 4,272 | 600 | $ 4,272 | 3,672 |
Closing balance | $ 1,300 | $ 5,572 | $ 4,972 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Risk management | |||
Opening balance | $ (945,250) | $ (136,473) | $ (135,751) |
Exchange difference | (4,317,263) | (1,533,743) | (201,967) |
Reclassification to profit or loss | 1,143,287 | 249,978 | 193,374 |
Ineffectiveness | 6,625 | 24,496 | 9,779 |
Deferred income tax | 1,638,602 | 450,492 | (1,908) |
Closing balance | $ (2,473,999) | $ (945,250) | $ (136,473) |
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, 2022 COP ($) | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | $ 4,621,581 |
Taxes | (2,147,582) |
After taxes | 2,473,999 |
2023 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 1,910,677 |
Taxes | (887,863) |
After taxes | 1,022,814 |
2024 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 884,199 |
Taxes | (410,875) |
After taxes | 473,324 |
2025 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 878,587 |
Taxes | (408,267) |
After taxes | 470,320 |
2026 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 864,459 |
Taxes | (401,702) |
After taxes | 462,757 |
2027 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 26,104 |
Taxes | (12,130) |
After taxes | 13,974 |
2028 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 25,561 |
Taxes | (11,878) |
After taxes | 13,683 |
2029 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 24,526 |
Taxes | (11,397) |
After taxes | 13,129 |
2030 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 7,468 |
Taxes | (3,470) |
After taxes | $ 3,998 |
Risk management - Hedge of a ne
Risk management - Hedge of a net investment in a foreign operation (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Risk management | |||
Opening balance | $ 148,144 | ||
Closing balance | 125,424 | $ 148,144 | |
Hedge of a net investment in a foreign operation | |||
Risk management | |||
Opening balance | 4,366,336 | 1,494,926 | $ 1,130,583 |
Exchange difference | 7,526,124 | 4,579,758 | 520,490 |
Deferred income tax | (2,538,389) | (1,708,348) | (156,147) |
Closing balance | $ 9,354,071 | $ 4,366,336 | $ 1,494,926 |
Risk management - Schedule of D
Risk management - Schedule of Detailed Information About Hedging Instruments Explanatory (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial risk management [Line Items] | ||
Hedging instrument | $ 125,424 | $ 148,144 |
Currency swap contract | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Hedging instrument | 6,544 | |
Currency swap contract | Red De Energia Del Peru [Member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Hedging instrument | 48,195 | 106,333 |
Currency swap contract | Intervial Chile [Member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Hedging instrument | 77,229 | 30,769 |
Currency swap contract | Ruta del Maipo | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Hedging instrument | $ 0 | $ 11,042 |
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, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | $ 695,927 | $ 343,770 |
Less than 3 months overdue [member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | 171,896 | 332,249 |
Between 3 and 6 months overdue [member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | 67,985 | 7,103 |
More than 6 months overdue [member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | $ 456,046 | $ 4,418 |
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, 2022 COP ($) | |
Increase in floating interest (+100 basis points) | |
Disclosure of detailed information about financial risk management [Line Items] | |
Financial assets (Financial expenses) | $ (57,833) |
Financial liabilities (Financial income) | 842,534 |
Plan assets (Other comprehensive income) | (346,784) |
Decrease in floating interest (-100 basis points) | |
Disclosure of detailed information about financial risk management [Line Items] | |
Financial assets (Financial income) | 57,833 |
Financial liabilities (Financial expenses) | (887,053) |
Plan assets (Other comprehensive income) | $ 352,209 |
Risk management - Maturity of f
Risk management - Maturity of financial liabilities (Details) $ in Millions | Dec. 31, 2022 COP ($) |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (payment of principal and interest) | $ 170,558,364 |
Trade and other payables | 20,000,351 |
Total | 190,558,715 |
Up to 1 year | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (payment of principal and interest) | 22,915,877 |
Trade and other payables | 19,937,704 |
Total | 42,853,581 |
From 1 to 5 years | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (payment of principal and interest) | 58,620,843 |
Trade and other payables | 62,647 |
Total | 58,683,490 |
From 5 to 10 years | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (payment of principal and interest) | 39,406,585 |
Trade and other payables | 0 |
Total | 39,406,585 |
More than 10 years | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (payment of principal and interest) | 49,615,059 |
Trade and other payables | 0 |
Total | $ 49,615,059 |
Risk management - Leverage rati
Risk management - Leverage ratio (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Risk management | ||||
Loans and borrowings | $ 115,134,839 | $ 95,060,928 | ||
Cash and cash equivalents | (15,401,058) | (14,549,906) | $ (5,082,308) | $ (7,075,758) |
Other financial assets | (2,725,871) | (2,934,734) | ||
Net financial debt | 97,007,910 | 77,576,288 | ||
Equity | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 | $ 58,231,628 |
Leverage | 45.99% | 46.13% |
Risk management - Additional In
Risk management - Additional Information (Details) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2015 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 26, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 COP ($) | |
Risk management | |||||||||||||
Closing foreign exchange rate | 4,810.20 | 4,810.20 | 3,981.16 | 3,981.16 | |||||||||
Net position of assets and liabilities different functional currency | $ 167 | ||||||||||||
Hedging Instruments Foreign Currency Debt | $ 5,440 | ||||||||||||
Capital payments | $ 16,409,494 | $ 11,267,540 | $ 5,003,885 | ||||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | $ 750 | $ 8,208 | $ 307 | ||||||||||
Hedging instrument at the end of the period | $ 125,424 | $ 148,144 | |||||||||||
Maximum percentage of cash investment held in portfolio, current | 5% | 5% | |||||||||||
Scenario / variation in the exchange rate | 1% | 1% | |||||||||||
Floating interest rate | |||||||||||||
Risk management | |||||||||||||
Borrowings, interest rate | 26.40% | 25.70% | 16% | 26.40% | 25.70% | 16% | |||||||
Ecopetrol Business Group | |||||||||||||
Risk management | |||||||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | $ 5,200 | ||||||||||||
Ecopetrol Permian LLC and Ecopetrol Brazil | |||||||||||||
Risk management | |||||||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | $ 7,249 | ||||||||||||
Colombian Peso | |||||||||||||
Risk management | |||||||||||||
Net liabilities of companies in the Group with a different functional currency | 14,566 | ||||||||||||
Exchange difference valuation of remaining net liabilities | 54 | ||||||||||||
US Dollar | |||||||||||||
Risk management | |||||||||||||
Exchange difference valuation of remaining net liabilities | 14,512 | ||||||||||||
Maximum percentage of cash investment held in portfolio, current | 5% | 5% | |||||||||||
Hedge of a net investment in a foreign operation | |||||||||||||
Risk management | |||||||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | 8,940 | ||||||||||||
Hedging instrument at the end of the period | $ 9,354,071 | $ 4,366,336 | $ 1,494,926 | $ 1,130,583 | |||||||||
Hedge of a net investment in a foreign operation | Ecopetrol Business Group | |||||||||||||
Risk management | |||||||||||||
Capital payments | $ 107 | $ 163 | $ 270 | ||||||||||
Hedge of a net investment in a foreign operation | Permian [Member] | |||||||||||||
Risk management | |||||||||||||
Investment in hedges | 1,229 | ||||||||||||
Capital payments | 325 | ||||||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | 8,633 | ||||||||||||
Cash flow hedging | |||||||||||||
Risk management | |||||||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | 5,572 | ||||||||||||
Hedging instrument at the end of the period | 1,300 | $ 5,572 | $ 4,972 | $ 1,300 | |||||||||
Designation of new hedging | 4,272 | $ 600 | 4,272 | $ 3,672 | |||||||||
Cash flow hedging | Swap contract [member] | |||||||||||||
Risk management | |||||||||||||
Short-term financing | $ 28,519 | ||||||||||||
Hedge instrument, Liabilities | $ 34,395 | ||||||||||||
Credit risk in Peso portfolio | |||||||||||||
Risk management | |||||||||||||
Maximum percentage of cash investment held in portfolio | 10% | 10% | |||||||||||
Us Dollor Portfolio [Member] | |||||||||||||
Risk management | |||||||||||||
Maximum percentage of cash investment held in portfolio, current | 5% | 5% | |||||||||||
Scenario / variation in the exchange rate | 1% | 1% | |||||||||||
Currency risk | |||||||||||||
Risk management | |||||||||||||
Increase decrease in foreign exchange rate | 20.82% | 20.82% |
Related parties (Details)
Related parties (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Joint ventures and Associates | |||
Accounts receivable | $ 110,186 | $ 9,243 | |
Accounts receivable- Loans | 557 | 447 | |
Other assets | 1,087 | 1,386 | |
Accounts payable | 67,879 | 66,598 | |
Loans | 815,056 | 1,483,701 | |
Other liabilities | 2,701 | 233 | |
Accounts receivable, Current | 110,186 | 9,243 | |
Accounts receivable, Non-current | 0 | 0 | |
Loans receivable - Current | 222 | 112 | |
Loans receivable Non-current | 335 | 335 | |
Other assets, Current | 1,087 | 1,386 | |
Other assets, Non-current | 0 | 0 | |
Accounts payable, Current | 67,879 | 66,598 | |
Accounts payable, Non-current | 0 | 0 | |
Loans, Current | 815,056 | 1,483,701 | |
Loans, Non-current | 0 | 0 | |
Other liabilities, Current | 2,701 | 233 | |
Other liabilities, Non-current | 0 | 0 | |
Gas Natural del Oriente S.A. E.S.P. | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | 0 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 7,048 | 5,211 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Extrucol S.A. | |||
Joint ventures and Associates | |||
Accounts receivable | 2 | 0 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 854 | 283 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
E2 Energia Eficiente S.A. E.S.P. | |||
Joint ventures and Associates | |||
Accounts receivable | 7,397 | 6,797 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 4,152 | 1,655 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Equion Energy Limited | |||
Joint ventures and Associates | |||
Accounts receivable | [1] | 127 | 925 |
Accounts receivable- Loans | [1] | 0 | 0 |
Other assets | [1] | 1,087 | 1,386 |
Accounts payable | [1] | 2,004 | 12,997 |
Loans | [1] | 815,056 | 1,483,701 |
Other liabilities | [1] | 2,698 | 233 |
Ecodiesel Colombia S.A. | |||
Joint ventures and Associates | |||
Accounts receivable | 13,155 | 1,521 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 53,821 | 46,452 | |
Loans | 0 | 0 | |
Other liabilities | 3 | 0 | |
Interligacao Eletrica do Madeira S.A. | |||
Joint ventures and Associates | |||
Accounts receivable | 89,505 | ||
Accounts receivable- Loans | 0 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | 0 | ||
Interligacao Eletrica Garanhuns S.A. | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | 0 | |
Accounts receivable- Loans | 40 | 28 | |
Other assets | 0 | 0 | |
Accounts payable | 0 | 0 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Interligacao Eletrica Paraguacu S.A | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | ||
Accounts receivable- Loans | 28 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | 0 | ||
Interligacao Eletrica Aimores. S.A. | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | ||
Accounts receivable- Loans | 28 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | 0 | ||
Interligacao Eletrica Ivai S.A. | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | 0 | |
Accounts receivable- Loans | 182 | 28 | |
Other assets | 0 | 0 | |
Accounts payable | 0 | 0 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Derivex S.A. | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | 0 | |
Accounts receivable- Loans | 335 | 335 | |
Other assets | 0 | 0 | |
Accounts payable | 0 | 0 | |
Loans | 0 | 0 | |
Other liabilities | $ 0 | $ 0 | |
[1]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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related parties | |||
Sales and services | $ 111,404 | $ 109,980 | $ 90,184 |
Purchases and others | 708,444 | 627,924 | 733,225 |
Joint ventures | |||
Related parties | |||
Sales and services | 21,267 | 49,821 | 40,324 |
Purchases and others | 643,131 | 591,419 | 703,073 |
Associates | |||
Related parties | |||
Sales and services | 90,137 | 60,159 | 49,860 |
Purchases and others | 65,313 | 36,505 | 30,152 |
Gas Natural del Oriente S.A. E.S.P. | Associates | |||
Related parties | |||
Sales and services | 0 | 0 | 0 |
Purchases and others | 53,994 | 27,175 | 26,141 |
Extrucol S.A. | Associates | |||
Related parties | |||
Sales and services | 20 | 0 | 0 |
Purchases and others | 3,411 | 2,354 | 1,162 |
E2 Energia Eficiente S.A. E.S.P. | Associates | |||
Related parties | |||
Sales and services | 90,117 | 60,159 | 49,860 |
Purchases and others | 7,908 | 6,976 | 2,849 |
Equion Energy Limited | Joint ventures | |||
Related parties | |||
Sales and services | 33 | 13,996 | 27,595 |
Purchases and others | 23,845 | 149,046 | 356,872 |
Ecodiesel Colombia S.A. | Joint ventures | |||
Related parties | |||
Sales and services | 21,234 | 35,825 | 8,268 |
Purchases and others | 619,286 | 442,373 | 346,201 |
Offshore International Group | Joint ventures | |||
Related parties | |||
Sales and services | 0 | 0 | 4,461 |
Purchases and others | $ 0 | $ 0 | $ 0 |
Related parties - Directors and
Related parties - Directors and key management personnel (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Felipe Bayon | |
Related parties | |
Key Management Personnel Shareholding Description | <1% outstanding shares |
Jaime Caballero | |
Related parties | |
Key Management Personnel Shareholding Description | <1% outstanding shares |
Related parties - Additional In
Related parties - Additional Information (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related parties | ||
Cancellation of Fees | $ 3,582 | $ 3,757 |
Payment of key management personnel compensation | $ 27,359 | $ 27,735 |
Ownership Interest Held By Government | 88.49% |
Joint operations - Contracts in
Joint operations - Contracts in which Ecopetrol is not the operator (Details) - Contract where entity not operator | 12 Months Ended |
Dec. 31, 2022 | |
Joint operations | |
Contract | Capachos |
Type | Production |
Chipiron | Bottom of range [member] | |
Joint operations | |
% Participation | 30% |
Chipiron | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Chipirón |
Type | Production |
Geographic area of operations | Colombia |
Chipiron | SierraCol Energy Arauca, LLC | Bottom of range [member] | |
Joint operations | |
% Participation | 30% |
Chipiron | SierraCol Energy Arauca, LLC | Top of range [member] | |
Joint operations | |
% Participation | 41% |
Cosecha | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Cosecha |
Type | Production |
% Participation | 30% |
Geographic area of operations | Colombia |
Cravo norte | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Cravo Norte |
Type | Production |
% Participation | 55% |
Geographic area of operations | Colombia |
Rondon | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Rondón |
Type | Production |
% Participation | 50% |
Geographic area of operations | Colombia |
Quifa | Frontera Energy Colombia Corp | |
Joint operations | |
Contract | Quifa |
Type | Production |
% Participation | 40% |
Geographic area of operations | Colombia |
CPI Palagua | Union Temporal Ismocol Joshi Parko | |
Joint operations | |
Contract | CPI Palagua |
Type | Production |
Geographic area of operations | Colombia |
CPI Palagua | Union Temporal Ismocol Joshi Parko | Bottom of range [member] | |
Joint operations | |
% Participation | 70% |
CPI Palagua | Union Temporal Ismocol Joshi Parko | Top of range [member] | |
Joint operations | |
% Participation | 80% |
Capachos | |
Joint operations | |
Contract | CapachosLLA-122 |
Type | ProductionExploration |
Geographic area of operations | Colombia |
Capachos | Parex Resources Colombia LTD | |
Joint operations | |
Contract | LLA-122 |
Type | Exploration |
% Participation | 50% |
E&P COL 1 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 1 |
Type | Exploration |
% Participation | 40% |
E&P COL 2 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 2 |
Type | Exploration |
% Participation | 40% |
Geographic area of operations | Offshore North Caribe |
E&P COL 6 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 6 |
% Participation | 40% |
Geographic area of operations | Offshore North Caribe |
E&P COL 7 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 7 |
Type | Exploration |
% Participation | 40% |
Geographic area of operations | Offshore North Caribe |
Tayrona | Petrobras | |
Joint operations | |
Contract | Tayrona |
Type | Exploration |
% Participation | 55.60% |
Geographic area of operations | Offshore North Caribe |
Fuerte Sur | Shell EP Offshore Ventures Limited | |
Joint operations | |
Contract | Fuerte Sur |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Offshore Caribe Norte |
Purple Angel | Shell EP Offshore Ventures Limited | |
Joint operations | |
Contract | Purple Angel |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Offshore North Caribe |
Col-5 | Shell EP Offshore Ventures Limited | |
Joint operations | |
Contract | Col-5 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Offshore Caribe Norte |
Mana | Interoil Colombia | |
Joint operations | |
Contract | Mana |
% Participation | 30% |
Geographic area of operations | Colombia |
Rio Opia | Interoil Colombia | |
Joint operations | |
Contract | Rio Opia |
Type | Production |
% Participation | 30% |
Geographic area of operations | Colombia |
Ambrosia | Interoil Colombia | |
Joint operations | |
Contract | Ambrosia |
Type | Production |
% Participation | 30% |
Geographic area of operations | Colombia |
Llanos 86 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 86 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Llanos 87 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 87 |
% Participation | 50% |
Llanos 104 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 104 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Llanos 123 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 123 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Llanos 124 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 124 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
SSJN1 | Lewis Energy Colombia | |
Joint operations | |
Contract | SSJN1 |
Type | Production |
% Participation | 50% |
Geographic area of operations | Colombia |
Perdices | Lewis Energy Colombia | |
Joint operations | |
Contract | Perdices |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
VIM-42 | Lewis Energy Colombia | |
Joint operations | |
Contract | VIM-42 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
SSJN3-1 | Lewis Energy Colombia | |
Joint operations | |
Contract | SSJN3-1 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Clarinero | Lewis Energy Colombia | |
Joint operations | |
Contract | Clarinero |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
SSJN9 | Maurel & Prom Colombia B.V. | |
Joint operations | |
Contract | SSJN9 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | North Colombia |
Gunflint | Quarter North Energy | |
Joint operations | |
Contract | Gunflint |
Type | Production |
% Participation | 32% |
Geographic area of operations | Gulf of Mexico |
Dalmatian | Murphy Exploration and Production Company - USA | |
Joint operations | |
Contract | Dalmatian |
Type | Production |
% Participation | 30% |
Geographic area of operations | Gulf of Mexico |
K2 | OXY (Anadarko) | |
Joint operations | |
Contract | Redeo Midland Basin |
Type | Production |
% Participation | 21% |
Geographic area of operations | Gulf of Mexico |
ESOX | HESS | |
Joint operations | |
Contract | ESOX |
Type | Production |
% Participation | 21% |
Geographic area of operations | Gulf of Mexico |
S-M-1709 | Shell | |
Joint operations | |
Contract | S-M-1709 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1908 | Shell | |
Joint operations | |
Contract | S-M-1908 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1601 | Shell | |
Joint operations | |
Contract | S-M-1601 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1713 | Shell | |
Joint operations | |
Contract | S-M-1713 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1817 | Shell | |
Joint operations | |
Contract | S-M-1817 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1599 | Shell | |
Joint operations | |
Contract | S-M-1599 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1910 | Shell | |
Joint operations | |
Contract | S-M-1910 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
Saturno | Shell | |
Joint operations | |
Contract | Saturno |
Type | Exploration |
% Participation | 10% |
Geographic area of operations | Brazil |
Sul de Gato do Mato | Shell | |
Joint operations | |
Contract | Sul de Gato do Mato |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-54 | Shell | |
Joint operations | |
Contract | BM-S-54 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
Pau Brasil | BP Energy | |
Joint operations | |
Contract | Pau Brasil |
Type | Exploration |
% Participation | 20% |
Geographic area of operations | Brazil |
CE-M-715 | Chevron | |
Joint operations | |
Contract | CE-M-715 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Brazil |
PAMA-M-187 | Petrobras | |
Joint operations | |
Contract | PAMA-M-187 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
PAMA-M-188 | Petrobras | |
Joint operations | |
Contract | PAMA-M-188 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
PAMA-M-222 | Petrobras | |
Joint operations | |
Contract | PAMA-M-222 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
PAMA-M-223 | Petrobras | |
Joint operations | |
Contract | PAMA-M-223 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-C-44 | Petrobras | |
Joint operations | |
Contract | BM-C-44 |
Type | Exploration |
% Participation | 38% |
Geographic area of operations | Brazil |
BM-S-74 | Petrobras | |
Joint operations | |
Contract | BM-S-74 |
Type | Exploration |
% Participation | 13% |
Geographic area of operations | Brazil |
BM-C-29 | Anadarko | |
Joint operations | |
Contract | BM-C-29 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Brazil |
BM-ES-29 | Repsol | |
Joint operations | |
Contract | BM-ES-29 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-73 | ONGC | |
Joint operations | |
Contract | BM-S-73 |
Type | Exploration |
% Participation | 13% |
Geographic area of operations | Brazil |
BM-S-63 | Vanco | |
Joint operations | |
Contract | BM-S-63 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-71 | Vanco | |
Joint operations | |
Contract | BM-S-71 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-72 | Vanco | |
Joint operations | |
Contract | BM-S-72 |
% Participation | 30% |
Rodeo Midland Basin | Occidental Midland Basin, LLC (Oxy) | |
Joint operations | |
Contract | Rodeo Midland Basin |
Type | Production |
% Participation | 49% |
Geographic area of operations | Midland, Texas, USA |
Bloque 8 | Pemex Exploration y Production | |
Joint operations | |
Contract | Bloque 8 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Gulf of Mexico |
Bloque 6 | PC Carigali Mexico Operation SA | |
Joint operations | |
Contract | Bloque 6 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Gulf of Mexico |
Joint operations - Contracts _2
Joint operations - Contracts in which Ecopetrol is the operator (Details) - Contract where Entity is operator | 12 Months Ended |
Dec. 31, 2022 | |
Repsol Exploracion Colombia S.A. | |
Joint operations | |
Contract | Mundo Nuevo |
Type | Exploration |
Geographic area of operations | Colombia |
VMM29 | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | VMM29 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
CR2 | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | CR2 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
C62 | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | C62 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
KALE | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | KALE |
Type | Exploration |
% Participation | 100% |
Geographic area of operations | Colombia |
CPO9 | Repsol Colombia Oil & Gas Limited | |
Joint operations | |
Contract | CPO9 |
Type | Exploration |
% Participation | 55% |
Geographic area of operations | Colombia |
RC9 | ONGC Videsh Limited Sucursal Colombiana | |
Joint operations | |
Contract | RC9 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
VMM32 | CPVEN E&P Corp Sucursal Colombia | |
Joint operations | |
Contract | VMM32 |
Type | Exploration |
% Participation | 51% |
Geographic area of operations | Colombia |
San Jacinto | SK Innovation Co Ltd. | |
Joint operations | |
Contract | San Jacinto |
Type | Exploration |
% Participation | 70% |
Geographic area of operations | Colombia |
Catleya | Repsol Exploracion Colombia S.A. | |
Joint operations | |
Contract | Catleya |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Cardon | Emerald Energy PLC Suc. Colombia | |
Joint operations | |
Contract | Cardon |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
ORC401 CRC-2004-01 | Parex Resources Colombia Ltd. | |
Joint operations | |
Contract | ORC401 CRC-2004-01 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
CPO9 - Akacias | Repsol Colombia Oil & Gas Limited | |
Joint operations | |
Contract | CPO9 – Akacias |
Type | Production |
% Participation | 55% |
Geographic area of operations | Colombia |
La Cira Infantas | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | La Cira Infantas |
Type | Production |
Geographic area of operations | Colombia |
% participation in addition to PAP | 52% |
Teca | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Teca |
% participation, basic | 100% |
% participation, incremental | 60% |
Niscota | Total Colombie | |
Joint operations | |
Contract | Niscota** |
Type | Exploration |
% Participation | 20% |
Geographic area of operations | Colombia |
Alto Magdalena Pipeline | Emerald Energy | |
Joint operations | |
Contract | Oleoducto Alto Magdalena |
Type | Production |
% Participation | 45% |
Geographic area of operations | Colombia |
San Jacinto Rio Paez | Perenco Oil And Gas | |
Joint operations | |
Contract | San Jacinto Rio Paez |
Type | Production |
% Participation | 68% |
Geographic area of operations | Colombia |
SSJN1 | Lewis Energy Colombia | |
Joint operations | |
Contract | SSJN1 |
Type | Production |
% Participation | 50% |
Geographic area of operations | Colombia |
Perdices | Lewis Energy Colombia | |
Joint operations | |
Contract | Perdices |
% Participation | 50% |
Geographic area of operations | Colombia |
VIM-42 | Lewis Energy Colombia | |
Joint operations | |
Contract | VIM-42 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
SSJN3-1 | Lewis Energy Colombia | |
Joint operations | |
Contract | SSJN3-1 |
% Participation | 50% |
Geographic area of operations | Colombia |
Clarinero | Lewis Energy Colombia | |
Joint operations | |
Contract | Clarinero |
% Participation | 50% |
Geographic area of operations | Colombia |
CPO 17 | Maurel & Prom Colombia B.V | |
Joint operations | |
Contract | Niscota |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Joint operations - Additional I
Joint operations - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Joint operations | ||
Investment commitments | $ 805.6 | $ 739.9 |
Information by segments (Detail
Information by segments (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of profit or loss by segment | |||
Sales revenue | $ 159,611,078 | $ 91,881,204 | $ 50,223,393 |
Costs of sales | (89,458,148) | (55,581,776) | (37,567,472) |
Gross profit | 70,152,930 | 36,299,428 | 12,655,921 |
Administration expenses | (4,335,695) | (3,342,069) | (3,373,150) |
Operation and project expenses | (4,743,628) | (3,153,557) | (2,586,016) |
Impairment of non-current assets | (287,999) | (33,351) | (633,156) |
Other operating income and expenses net | (555,855) | (72,744) | 1,118,166 |
Operating income | 60,229,753 | 29,697,707 | 7,181,765 |
Financial result net | |||
Financial income | 1,317,145 | 403,592 | 1,101,430 |
Financial expenses | (8,027,252) | (4,431,648) | (3,929,791) |
Foreign exchange gain (loss) net | (124,650) | 330,002 | 346,774 |
Financial results | (6,834,757) | (3,698,054) | (2,481,587) |
Share of profits of associates and joint ventures | 768,422 | 426,164 | 76,336 |
Income before tax | 54,163,418 | 26,425,817 | 4,776,514 |
Income tax | (18,963,938) | (8,795,263) | (2,038,661) |
Net profit for the period | 35,199,480 | 17,630,554 | 2,737,853 |
Profit (loss) attributable to: | |||
Owners of parent | 31,604,781 | 15,649,143 | 1,586,677 |
Non-controlling interest | 3,594,699 | 1,981,411 | 1,151,176 |
Net profit for the period | 35,199,480 | 17,630,554 | 2,737,853 |
Supplementary information | |||
Depreciation depletion and amortization | 12,128,991 | 10,159,922 | 9,324,538 |
Variable Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (68,180,219) | (41,005,910) | (25,909,931) |
Fixed Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (21,277,929) | (14,575,866) | (11,657,541) |
Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 159,611,078 | 91,881,204 | 50,223,393 |
Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 0 | 0 | |
Operating segments | Exploration and Production | |||
Statement of profit or loss by segment | |||
Sales revenue | 91,020,465 | 63,248,952 | 36,839,997 |
Costs of sales | (46,749,420) | (40,335,132) | (32,908,419) |
Gross profit | 44,271,045 | 22,913,820 | 3,931,578 |
Administration expenses | (2,489,557) | (1,987,817) | (2,163,198) |
Operation and project expenses | (3,221,678) | (1,882,686) | (1,511,510) |
Impairment of non-current assets | (890,248) | 438,020 | (192,693) |
Other operating income and expenses net | (310,628) | (617,893) | 1,085,114 |
Operating income | 37,358,934 | 18,863,444 | 1,149,291 |
Financial result net | |||
Financial income | 1,011,182 | 517,629 | 1,177,712 |
Financial expenses | (2,894,636) | (2,410,906) | (2,896,060) |
Foreign exchange gain (loss) net | (44,302) | (219,747) | 360,409 |
Financial results | (1,927,756) | (2,113,024) | (1,357,939) |
Share of profits of associates and joint ventures | 30,197 | 9,610 | (53,037) |
Income before tax | 35,461,375 | 16,760,030 | (261,685) |
Income tax | (13,829,885) | (5,019,540) | 43,569 |
Net profit for the period | 21,631,490 | 11,740,490 | (218,116) |
Profit (loss) attributable to: | |||
Owners of parent | 21,761,164 | 11,829,119 | (139,279) |
Non-controlling interest | (129,674) | (88,629) | (78,837) |
Net profit for the period | 21,631,490 | 11,740,490 | (218,116) |
Supplementary information | |||
Depreciation depletion and amortization | 7,304,525 | 6,844,910 | 6,445,812 |
Operating segments | Exploration and Production | Variable Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (34,649,988) | (30,473,145) | (23,429,102) |
Operating segments | Exploration and Production | Fixed Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (12,099,432) | (9,861,987) | (9,479,317) |
Operating segments | Exploration and Production | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 60,719,903 | 38,552,572 | 22,854,925 |
Operating segments | Exploration and Production | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 30,300,562 | 24,696,380 | 13,985,072 |
Operating segments | Refining and Petrochemicals | |||
Statement of profit or loss by segment | |||
Sales revenue | 89,178,947 | 50,976,385 | 26,104,351 |
Costs of sales | (80,331,998) | (48,535,388) | (25,825,555) |
Gross profit | 8,846,949 | 2,440,997 | 278,796 |
Administration expenses | (823,349) | (784,214) | (936,175) |
Operation and project expenses | (1,387,064) | (944,616) | (781,309) |
Impairment of non-current assets | 1,096,021 | (305,466) | (781,528) |
Other operating income and expenses net | (37,959) | 10,749 | 34,705 |
Operating income | 7,694,598 | 417,450 | (2,185,511) |
Financial result net | |||
Financial income | 89,173 | 24,313 | 67,832 |
Financial expenses | (1,381,682) | (1,151,255) | (914,534) |
Foreign exchange gain (loss) net | (289,105) | (132,734) | (447,880) |
Financial results | (1,581,614) | (1,259,676) | (1,294,582) |
Share of profits of associates and joint ventures | 222,460 | 200,998 | 131,462 |
Income before tax | 6,335,444 | (641,228) | (3,348,631) |
Income tax | (1,464,380) | (383,562) | 614,269 |
Net profit for the period | 4,871,064 | (1,024,790) | (2,734,362) |
Profit (loss) attributable to: | |||
Owners of parent | 4,686,009 | (1,198,619) | (2,848,511) |
Non-controlling interest | 185,055 | 173,829 | 114,149 |
Net profit for the period | 4,871,064 | (1,024,790) | (2,734,362) |
Supplementary information | |||
Depreciation depletion and amortization | 1,960,399 | 1,640,940 | 1,599,780 |
Operating segments | Refining and Petrochemicals | Variable Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (76,341,169) | (44,860,928) | (22,398,344) |
Operating segments | Refining and Petrochemicals | Fixed Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (3,990,829) | (3,674,460) | (3,427,211) |
Operating segments | Refining and Petrochemicals | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 82,728,875 | 46,658,196 | 24,804,887 |
Operating segments | Refining and Petrochemicals | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 6,450,072 | 4,318,189 | 1,299,464 |
Operating segments | Transportation and Logistics | |||
Statement of profit or loss by segment | |||
Sales revenue | 13,955,992 | 12,158,466 | 12,194,440 |
Costs of sales | (3,893,210) | (3,260,309) | (3,381,357) |
Gross profit | 10,062,782 | 8,898,157 | 8,813,083 |
Administration expenses | (499,801) | (457,217) | (533,594) |
Operation and project expenses | (327,952) | (404,264) | (403,657) |
Impairment of non-current assets | (406,229) | (165,901) | 341,065 |
Other operating income and expenses net | (96,239) | 591,829 | 1,827 |
Operating income | 8,732,561 | 8,462,604 | 8,218,724 |
Financial result net | |||
Financial income | 157,264 | 76,453 | 125,677 |
Financial expenses | (287,889) | (250,816) | (389,394) |
Foreign exchange gain (loss) net | 10,080 | 381,964 | 434,245 |
Financial results | (120,545) | 207,601 | 170,528 |
Share of profits of associates and joint ventures | 858 | (2,089) | |
Income before tax | 8,612,016 | 8,671,063 | 8,387,163 |
Income tax | (2,962,021) | (2,925,390) | (2,696,499) |
Net profit for the period | 5,649,995 | 5,745,673 | 5,690,664 |
Profit (loss) attributable to: | |||
Owners of parent | 4,483,060 | 4,635,354 | 4,574,800 |
Non-controlling interest | 1,166,935 | 1,110,319 | 1,115,864 |
Net profit for the period | 5,649,995 | 5,745,673 | 5,690,664 |
Supplementary information | |||
Depreciation depletion and amortization | 1,448,626 | 1,211,642 | 1,278,946 |
Operating segments | Transportation and Logistics | Variable Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (720,247) | (531,361) | (567,501) |
Operating segments | Transportation and Logistics | Fixed Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (3,172,963) | (2,728,948) | (2,813,856) |
Operating segments | Transportation and Logistics | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 2,807,031 | 2,557,238 | 2,563,581 |
Operating segments | Transportation and Logistics | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 11,148,961 | 9,601,228 | 9,630,859 |
Operating segments | Concessions, electricity transport and roads | |||
Statement of profit or loss by segment | |||
Sales revenue | 13,357,506 | 4,113,198 | |
Costs of sales | (5,854,832) | (1,817,491) | |
Gross profit | 7,502,674 | 2,295,707 | |
Administration expenses | (965,314) | (322,939) | |
Operation and project expenses | 0 | (460) | |
Impairment of non-current assets | (87,543) | (4) | |
Other operating income and expenses net | (104,664) | (51,267) | |
Operating income | 6,345,153 | 1,921,037 | |
Financial result net | |||
Financial income | 577,743 | 89,267 | |
Financial expenses | (3,883,596) | (886,420) | |
Foreign exchange gain (loss) net | 198,677 | 300,519 | |
Financial results | (3,107,176) | (496,634) | |
Share of profits of associates and joint ventures | 515,746 | 214,698 | |
Income before tax | 3,753,723 | 1,639,101 | |
Income tax | (707,652) | (466,771) | |
Net profit for the period | 3,046,071 | 1,172,330 | |
Profit (loss) attributable to: | |||
Owners of parent | 673,688 | 386,438 | |
Non-controlling interest | 2,372,383 | 785,892 | |
Net profit for the period | 3,046,071 | 1,172,330 | |
Supplementary information | |||
Depreciation depletion and amortization | 1,415,441 | 462,430 | |
Operating segments | Concessions, electricity transport and roads | Variable Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | 0 | 0 | |
Operating segments | Concessions, electricity transport and roads | Fixed Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | (5,854,832) | (1,817,491) | |
Operating segments | Concessions, electricity transport and roads | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 13,355,269 | 4,113,198 | |
Operating segments | Concessions, electricity transport and roads | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 2,237 | 0 | |
Eliminations | |||
Statement of profit or loss by segment | |||
Sales revenue | (47,901,832) | (38,615,797) | (24,915,395) |
Costs of sales | 47,371,312 | 38,366,544 | 24,547,859 |
Gross profit | (530,520) | (249,253) | (367,536) |
Administration expenses | 442,326 | 210,118 | 259,817 |
Operation and project expenses | 193,066 | 78,469 | 110,460 |
Impairment of non-current assets | 0 | 0 | 0 |
Other operating income and expenses net | (6,365) | (6,162) | (3,480) |
Operating income | 98,507 | 33,172 | (739) |
Financial result net | |||
Financial income | (518,217) | (304,070) | (269,791) |
Financial expenses | 420,551 | 267,749 | 270,197 |
Foreign exchange gain (loss) net | 0 | 0 | 0 |
Financial results | (97,666) | (36,321) | 406 |
Share of profits of associates and joint ventures | 19 | 0 | 0 |
Income before tax | 860 | (3,149) | (333) |
Income tax | 0 | 0 | 0 |
Net profit for the period | 860 | (3,149) | (333) |
Profit (loss) attributable to: | |||
Owners of parent | 860 | (3,149) | (333) |
Non-controlling interest | 0 | 0 | 0 |
Net profit for the period | 860 | (3,149) | (333) |
Supplementary information | |||
Depreciation depletion and amortization | 0 | 0 | 0 |
Eliminations | Variable Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | 43,531,185 | 34,859,524 | 20,485,016 |
Eliminations | Fixed Cost [Member] | |||
Statement of profit or loss by segment | |||
Costs of sales | 3,840,127 | 3,507,020 | 4,062,843 |
Eliminations | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 0 | 0 | 0 |
Eliminations | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | $ (47,901,832) | $ (38,615,797) | $ (24,915,395) |
Information by segments - Sales
Information by segments - Sales by product (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
National sales | |||
Sales by product | |||
Sales by product | $ 83,651,506 | $ 44,822,210 | $ 24,687,715 |
National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 39,182,510 | 17,140,327 | 8,860,588 |
National sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 27,620,199 | 15,475,370 | 6,768,046 |
National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 4,162,876 | 3,200,069 | 2,845,155 |
National sales | Services | |||
Sales by product | |||
Sales by product | 3,601,681 | 3,065,988 | 2,859,559 |
National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 2,595,505 | 728,467 | |
National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 355,737 | 107,179 | |
National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,568,816 | 1,642,035 | 865,204 |
National sales | Asphalts | |||
Sales by product | |||
Sales by product | 897,200 | 611,051 | 526,100 |
National sales | LPG and propane | |||
Sales by product | |||
Sales by product | 1,094,332 | 926,231 | 375,775 |
National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 302,630 | 320,466 | 138,035 |
National sales | Aromatics | |||
Sales by product | |||
Sales by product | 343,792 | 247,387 | 155,740 |
National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 9,213 | 23,799 | 37,001 |
National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 1,940 | 2,879 | 32,190 |
National sales | Other products | |||
Sales by product | |||
Sales by product | 679,183 | 402,828 | 322,232 |
National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (8) | ||
Foreign sales | |||
Sales by product | |||
Sales by product | 75,959,572 | 47,058,994 | 25,535,678 |
Foreign sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 157,685 | 179,257 | |
Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 254,054 | 71,529 | 17,231 |
Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 5,114,783 | 1,827,622 | |
Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 4,676,822 | 1,241,144 | |
Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 2,036,201 | 2,092,379 | 1,302,131 |
Foreign sales | LPG and propane | |||
Sales by product | |||
Sales by product | 339,837 | 116,960 | 18,943 |
Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 4,348,312 | 2,288,977 | 1,044,811 |
Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 1,633,510 | 1,033,909 | 580,411 |
Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 2,324,861 | 3,867,937 | 3,164,068 |
Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (1,578,246) | (349,884) | (857,347) |
Operating segments | |||
Sales by product | |||
Total sales revenue | 159,611,078 | 91,881,204 | 50,223,393 |
Operating segments | National sales | |||
Sales by product | |||
Sales by product | 83,651,506 | 44,822,210 | 24,687,715 |
Operating segments | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 39,182,510 | 17,140,327 | 8,860,588 |
Operating segments | National sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 27,620,199 | 15,475,370 | 6,768,046 |
Operating segments | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 4,162,876 | 3,200,069 | 2,845,155 |
Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 3,601,681 | 3,065,988 | 2,859,559 |
Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 2,595,505 | 728,467 | |
Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 355,737 | 107,179 | |
Operating segments | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | 860,102 | 734,666 | 671,570 |
Operating segments | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,568,816 | 1,642,035 | 865,204 |
Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 897,200 | 611,051 | 526,100 |
Operating segments | National sales | LPG and propane | |||
Sales by product | |||
Sales by product | 1,094,332 | 926,231 | 375,775 |
Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | 375,790 | 193,476 | 230,520 |
Operating segments | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 302,630 | 320,466 | 138,035 |
Operating segments | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 343,792 | 247,387 | 155,740 |
Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 9,213 | 23,799 | 37,001 |
Operating segments | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 1,940 | 2,879 | 32,190 |
Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 679,183 | 402,828 | 322,232 |
Operating segments | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (8) | ||
Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 75,959,572 | 47,058,994 | 25,535,678 |
Operating segments | Foreign sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 157,685 | 179,257 | |
Operating segments | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 254,054 | 71,529 | 17,231 |
Operating segments | Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 5,114,783 | 1,827,622 | |
Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 4,676,822 | 1,241,144 | |
Operating segments | Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 2,036,201 | 2,092,379 | 1,302,131 |
Operating segments | Foreign sales | LPG and propane | |||
Sales by product | |||
Sales by product | 339,837 | 116,960 | 18,943 |
Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 56,651,753 | 34,868,421 | 20,086,173 |
Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 4,348,312 | 2,288,977 | 1,044,811 |
Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 1,633,510 | 1,033,909 | 580,411 |
Operating segments | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 2,324,861 | 3,867,937 | 3,164,068 |
Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (1,578,246) | (349,884) | (857,347) |
Eliminations | |||
Sales by product | |||
Total sales revenue | (47,901,832) | (38,615,797) | (24,915,396) |
Eliminations | National sales | |||
Sales by product | |||
Sales by product | (47,758,721) | (38,615,755) | (24,836,498) |
Eliminations | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | (35,108) | (26,485) | (11,350) |
Eliminations | National sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | (4,402,357) | (2,456,099) | (1,118,817) |
Eliminations | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | (1,087,701) | (877,622) | (837,863) |
Eliminations | National sales | Services | |||
Sales by product | |||
Sales by product | (11,847,349) | (10,004,421) | (9,719,391) |
Eliminations | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Eliminations | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Eliminations | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | (8,999) | (7,546) | (6,826) |
Eliminations | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | National sales | LPG and propane | |||
Sales by product | |||
Sales by product | (30,169) | (24,529) | (7,283) |
Eliminations | National sales | Crude oil | |||
Sales by product | |||
Sales by product | (28,841,135) | (23,426,015) | (13,019,755) |
Eliminations | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | National sales | Other products | |||
Sales by product | |||
Sales by product | (1,505,903) | (1,793,038) | (115,213) |
Eliminations | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | 0 | ||
Eliminations | Foreign sales | |||
Sales by product | |||
Sales by product | (143,111) | (42) | (78,898) |
Eliminations | Foreign sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Eliminations | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Eliminations | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Eliminations | Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | Foreign sales | LPG and propane | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | (141,891) | 0 | (79,345) |
Eliminations | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 1,220 | (42) | 447 |
Eliminations | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Eliminations | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | |||
Sales by product | |||
Total sales revenue | 91,020,465 | 63,248,952 | 36,839,997 |
Exploration and Production | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 35,237,738 | 28,521,568 | 17,392,597 |
Exploration and Production | Operating segments | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | National sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 0 | 0 | 6,739 |
Exploration and Production | Operating segments | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 5,250,577 | 4,077,691 | 3,683,018 |
Exploration and Production | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 450,322 | 132,060 | 116,485 |
Exploration and Production | Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Exploration and Production | Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Exploration and Production | Operating segments | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 47,224 | 25,178 | 27,043 |
Exploration and Production | Operating segments | National sales | LPG and propane | |||
Sales by product | |||
Sales by product | 739,323 | 618,218 | 249,533 |
Exploration and Production | Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | 28,725,485 | 23,619,491 | 13,250,275 |
Exploration and Production | Operating segments | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 2,663 | 10,838 | 7,758 |
Exploration and Production | Operating segments | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 1,940 | 2,879 | 32,190 |
Exploration and Production | Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 20,204 | 35,213 | 19,556 |
Exploration and Production | Operating segments | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | 0 | ||
Exploration and Production | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 55,782,727 | 34,727,384 | 19,447,400 |
Exploration and Production | Operating segments | Foreign sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Exploration and Production | Operating segments | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 254,054 | 71,529 | 17,231 |
Exploration and Production | Operating segments | Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Exploration and Production | Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Exploration and Production | Operating segments | Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | Foreign sales | LPG and propane | |||
Sales by product | |||
Sales by product | 339,837 | 116,960 | 18,943 |
Exploration and Production | Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 56,701,497 | 34,868,421 | 20,165,489 |
Exploration and Production | Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 35,113 | 20,365 | 26,702 |
Exploration and Production | Operating segments | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Exploration and Production | Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (1,547,774) | (349,891) | (780,965) |
Refining and Petrochemicals | Operating segments | |||
Sales by product | |||
Total sales revenue | 89,178,947 | 50,976,385 | 26,104,352 |
Refining and Petrochemicals | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 78,969,039 | 41,801,490 | 19,937,232 |
Refining and Petrochemicals | Operating segments | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 39,217,618 | 17,166,812 | 8,871,938 |
Refining and Petrochemicals | Operating segments | National sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 32,022,556 | 17,931,469 | 7,880,124 |
Refining and Petrochemicals | Operating segments | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Refining and Petrochemicals | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 746,500 | 659,088 | 268,081 |
Refining and Petrochemicals | Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Refining and Petrochemicals | Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Refining and Petrochemicals | Operating segments | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | 869,101 | 742,212 | 678,396 |
Refining and Petrochemicals | Operating segments | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,568,816 | 1,642,035 | 865,204 |
Refining and Petrochemicals | Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 849,976 | 585,873 | 499,057 |
Refining and Petrochemicals | Operating segments | National sales | LPG and propane | |||
Sales by product | |||
Sales by product | 385,178 | 332,542 | 133,525 |
Refining and Petrochemicals | Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | 491,440 | 0 | 0 |
Refining and Petrochemicals | Operating segments | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 302,630 | 320,466 | 138,035 |
Refining and Petrochemicals | Operating segments | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 343,792 | 247,387 | 155,740 |
Refining and Petrochemicals | Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 6,550 | 12,961 | 29,243 |
Refining and Petrochemicals | Operating segments | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Refining and Petrochemicals | Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 2,164,882 | 2,160,653 | 417,889 |
Refining and Petrochemicals | Operating segments | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (8) | ||
Refining and Petrochemicals | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 10,209,908 | 9,174,895 | 6,167,120 |
Refining and Petrochemicals | Operating segments | Foreign sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 157,685 | 179,257 | |
Refining and Petrochemicals | Operating segments | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Refining and Petrochemicals | Operating segments | Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Refining and Petrochemicals | Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Refining and Petrochemicals | Operating segments | Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 2,036,201 | 2,092,379 | 1,302,131 |
Refining and Petrochemicals | Operating segments | Foreign sales | LPG and propane | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Refining and Petrochemicals | Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 92,147 | 0 | 29 |
Refining and Petrochemicals | Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 4,348,312 | 2,288,977 | 1,044,811 |
Refining and Petrochemicals | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 1,281,174 | 925,595 | 553,206 |
Refining and Petrochemicals | Operating segments | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 2,324,861 | 3,867,937 | 3,164,068 |
Refining and Petrochemicals | Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (30,472) | 7 | (76,382) |
Transportation and Logistics | Operating segments | |||
Sales by product | |||
Total sales revenue | 13,955,992 | 12,158,466 | 12,194,440 |
Transportation and Logistics | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 13,955,992 | 12,158,466 | 12,194,384 |
Transportation and Logistics | Operating segments | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 13,955,992 | 12,158,466 | 12,194,384 |
Transportation and Logistics | Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Transportation and Logistics | Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Transportation and Logistics | Operating segments | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | LPG and propane | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | 0 | ||
Transportation and Logistics | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 0 | 0 | 56 |
Transportation and Logistics | Operating segments | Foreign sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Transportation and Logistics | Operating segments | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Transportation and Logistics | Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Transportation and Logistics | Operating segments | Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | Foreign sales | LPG and propane | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 0 | 0 | 56 |
Transportation and Logistics | Operating segments | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 0 | 0 | 0 |
Transportation and Logistics | Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | 0 | 0 | $ 0 |
Concessions, electricity transport and roads | Operating segments | |||
Sales by product | |||
Total sales revenue | 13,357,506 | 4,113,198 | |
Concessions, electricity transport and roads | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 3,247,458 | 956,441 | |
Concessions, electricity transport and roads | Operating segments | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 296,216 | 120,795 | |
Concessions, electricity transport and roads | Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 2,595,505 | 728,467 | |
Concessions, electricity transport and roads | Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 355,737 | 107,179 | |
Concessions, electricity transport and roads | Operating segments | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | LPG and propane | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | 0 | ||
Concessions, electricity transport and roads | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 10,110,048 | 3,156,757 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Gasoline and turbo fuels | |||
Sales by product | |||
Sales by product | 0 | ||
Concessions, electricity transport and roads | Operating segments | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 5,114,783 | 1,827,622 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 4,676,822 | 1,241,144 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | LPG and propane | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 318,443 | (87,991) | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 0 | 0 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | $ 0 | $ 0 |
Information by segments - Capit
Information by segments - Capital expenditures by segments (Details) - Operating segments [member] - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | |||
Investment property | $ 21,877,770 | $ 13,294,962 | $ 11,116,861 |
Property, plant and equipments [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 8,767,716 | 6,117,588 | 5,032,317 |
Natural and environmental resources [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 11,962,544 | 6,733,028 | 5,994,462 |
Intangibles [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 1,147,510 | 444,346 | 90,082 |
Exploration and Production [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 16,569,320 | 9,472,637 | 8,902,064 |
Exploration and Production [Member] | Property, plant and equipments [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 4,461,244 | 2,633,119 | 2,866,600 |
Exploration and Production [Member] | Natural and environmental resources [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 11,962,544 | 6,733,028 | 5,994,462 |
Exploration and Production [Member] | Intangibles [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 145,532 | 106,490 | 41,002 |
Refining and petrochemicals [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 961,675 | 1,868,303 | 1,337,952 |
Refining and petrochemicals [Member] | Property, plant and equipments [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 928,843 | 1,845,618 | 1,329,181 |
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 | 32,832 | 22,685 | 8,771 |
Transport and logistics [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 2,513,891 | 1,391,890 | 876,845 |
Transport and logistics [Member] | Property, plant and equipments [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 2,424,428 | 1,344,654 | 836,536 |
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 | 89,463 | 47,236 | $ 40,309 |
Electric Power transmission and toll roads concessions [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 1,832,884 | 562,132 | |
Electric Power transmission and toll roads concessions [Member] | Property, plant and equipments [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 953,201 | 294,197 | |
Electric Power transmission and toll roads concessions [Member] | Natural and environmental resources [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 0 | ||
Electric Power transmission and toll roads concessions [Member] | Intangibles [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | $ 879,683 | $ 267,935 |
Supplemental information on o_3
Supplemental information on oil and gas producing activities (unaudited) - Capitalized costs relating to oil and gas exploration and production activities (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental information on oil and gas producing activities (unaudited) | |||
Natural and environmental properties | $ 90,284,366 | $ 79,385,151 | $ 67,767,005 |
Wells, equipment, and facilities - property, plant, and equipment | 33,568,835 | 31,730,001 | 31,166,804 |
Exploration and production projects | 16,451,284 | 11,474,682 | 12,494,665 |
Accumulated depreciation, depletion, and amortization | (79,744,788) | (70,739,885) | (64,233,572) |
Net capitalized cost | $ 60,559,697 | $ 51,849,949 | $ 47,194,902 |
Supplemental information on o_4
Supplemental information on oil and gas producing activities (unaudited) - Costs incurred in oil and gas exploration and developed activities (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Acquisition of proved properties | [1] | $ 141,928 | $ 0 | $ 507,907 |
Acquisition of unproved properties | [2] | 339,394 | 0 | 1,274,660 |
Exploration costs | 3,322,055 | 1,793,549 | 1,340,898 | |
Development costs | 16,266,222 | 11,264,075 | 7,367,020 | |
Total costs incurred | $ 20,069,599 | $ 13,057,624 | $ 10,490,485 | |
[1] For 2022, it corresponds to 49 % of participation contract in Barnett, acquired by Ecopetrol Permian. 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. During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70 % of participation in the assets, with a 30 % of participation held by Ecopetrol Brasil. During 2020, Ecopetrol Business Group 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 Agrement 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, 2020, the Ministry of Mines and Energy of Brazil authorized the transfer of 10% of the Saturn block for USD $85 million, located in the Santos basin, to Ecopetrol Óleo e Gás do Brasil, this percentage of which Shell Brasil Petróleo Ltda and Chevron Brasil Óleo e Gas Ltda. were equal holders. In the new shareholding structure, Ecopetrol Óleo e Gás do Brasil retains 10% of the interests of the block, while Shell (operator) and Chevron each retain 45% of the total. |
Supplemental information on o_5
Supplemental information on oil and gas producing activities (unaudited) - Results of operations for oil and gas exploration and production activities (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net revenues | ||||
Sales | $ 71,223,307 | $ 50,631,272 | $ 30,141,662 | |
Transfers | 19,797,158 | 12,617,680 | 7,025,839 | |
Total | 91,020,465 | 63,248,952 | 37,167,501 | |
Production costs | [1] | 22,152,495 | 12,554,338 | 12,753,880 |
Depreciation, depletion, and amortization | [2] | 7,138,902 | 6,623,891 | 6,393,506 |
Other production costs | [3] | 20,741,550 | 21,156,904 | 14,005,669 |
Exploration expenses | [4] | 1,512,385 | 960,247 | 689,204 |
Other expenses | [5] | 5,399,726 | 3,090,128 | 2,227,481 |
Total | 56,945,058 | 44,385,508 | 36,069,740 | |
Income before income tax expense | 34,075,407 | 18,863,444 | 1,097,761 | |
Income tax expense | (13,026,271) | (5,652,743) | (233,255) | |
Results of operations for exploration and production activities | $ 21,049,136 | $ 13,210,701 | $ 864,506 | |
[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 2022, 2021 and 2020 of $333,683, $292,329, and $213,925, respectively.[2]In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2022, 2021 and 2020 in depreciation, depletion, and amortization, were $768,466, $887,725, and $639,123, 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 (unaudited) - Reserve information (Details) - gal | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Opening balance | 2,002 | 1,770 | 1,894 | |
Proved reserves, Revisions of previous estimates | [1] | 63 | 315 | (72) |
Proved reserves, Improved recovery | 81 | 139 | 113 | |
Proved reserves, Purchases | 48 | 0 | 30 | |
Proved reserves, Extensions and discoveries | 57 | 12 | 42 | |
Proved reserves, Sales | 0 | (3) | (1) | |
Proved reserves, Production | (240) | (231) | (236) | |
Closing balance | 2,011 | 2,002 | 1,770 | |
Proved developed reserves: Opening balance | 1,370 | 1,297 | 1,365 | |
Proved developed reserves: Closing balance | 1,376 | 1,370 | 1,297 | |
Proved undeveloped reserves: Opening balance | 632 | 473 | 529 | |
Proved undeveloped reserves: Closing balance | 635 | 632 | 473 | |
Gas | ||||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Opening balance | 3,151 | 2,921 | 2,906 | |
Proved reserves, Revisions of previous estimates | [1] | (104) | 431 | 51 |
Proved reserves, Improved recovery | 21 | 107 | 74 | |
Proved reserves, Purchases | 50 | 0 | 171 | |
Proved reserves, Extensions and discoveries | 33 | 0 | 8 | |
Proved reserves, Sales | 0 | (4) | 0 | |
Proved reserves, Production | (323) | (304) | (289) | |
Closing balance | 2,828 | 3,151 | 2,921 | |
Proved developed reserves: Opening balance | 2,561 | 2,636 | 2,662 | |
Proved developed reserves: Closing balance | 2,174 | 2,561 | 2,636 | |
Proved undeveloped reserves: Opening balance | 590 | 285 | 244 | |
Proved undeveloped reserves: Closing balance | 654 | 590 | 285 | |
Oil | ||||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Opening balance | 1,449 | 1,257 | 1,384 | |
Proved reserves, Revisions of previous estimates | [1] | 81 | 240 | (81) |
Proved reserves, Improved recovery | 77 | 120 | 100 | |
Proved reserves, Purchases | 39 | 0 | 0 | |
Proved reserves, Extensions and discoveries | 52 | 12 | 41 | |
Proved reserves, Sales | 0 | (3) | (1) | |
Proved reserves, Production | (183) | (177) | (186) | |
Closing balance | 1,515 | 1,449 | 1,257 | |
Proved developed reserves: Opening balance | 921 | 834 | 898 | |
Proved developed reserves: Closing balance | 995 | 921 | 834 | |
Proved undeveloped reserves: Opening balance | 528 | 423 | 486 | |
Proved undeveloped reserves: Closing balance | 520 | 528 | 423 | |
[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 (unaudited) - Future net cash flows (Details) - COP ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental information on oil and gas producing activities (unaudited) | ||||
Future cash inflows | $ 685,716,359 | $ 401,980,640 | $ 187,210,379 | |
Future costs | ||||
Production | [1] | (182,522,131) | (129,109,036) | (85,989,384) |
Development | (58,332,264) | (38,451,863) | (28,752,131) | |
Income taxes | (201,912,509) | (69,053,224) | (13,470,352) | |
Future net cash flow | 242,949,455 | 165,366,517 | 58,998,512 | |
10% discount factor | (86,340,334) | (57,009,654) | (18,568,308) | |
Standardized measure of discounted net cash flows | $ 156,609,121 | $ 108,356,863 | $ 40,430,204 | |
[1]Production future costs include the estimated costs related to assets retirement obligations in the amount of $23,234,408; $17,364,520, and $12,545,574 as of December 31, 2022, 2021, and 2020, respectively. |
Supplemental information on o_8
Supplemental information on oil and gas producing activities (unaudited) - Discounted net cash flows (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 158,798,134 | $ 110,224,660 | $ (44,482,725) |
Changes in estimated future development costs | (52,166,780) | (22,011,659) | (5,401,560) |
Sales and transfer of oil and gas produced net of production costs | (68,867,970) | (50,694,613) | (24,413,621) |
Net change due to extensions, discoveries, and improved recovery | 9,993,781 | 6,741,068 | 3,134,469 |
Net change due to purchase and sales of minerals in place | 1,767,856 | (13,419) | 570,460 |
Net change due to revisions in quantity estimates | 10,807,453 | 32,923,680 | (3,414,649) |
Previously estimated development costs incurred during the period | 69,458,458 | 32,941,335 | 7,943,239 |
Accretion of discount | 15,360,418 | 10,468,951 | 10,468,951 |
Timing and other | (11,990,359) | (16,636,925) | 567,027 |
Net change in income taxes | (84,908,732) | (36,016,420) | 16,073,288 |
Aggregate change in the standardized measure of discounted future net cash flows for the year | $ 48,252,259 | $ 67,926,658 | $ (38,955,121) |
Supplemental information on o_9
Supplemental information on oil and gas producing activities (unaudited) - Additional Information (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||
Jul. 17, 2020 USD ($) | Dec. 31, 2022 COP ($) item | Dec. 31, 2021 COP ($) | Dec. 31, 2020 COP ($) | Feb. 08, 2022 | |
Supplemental information on oil and gas producing activities (unaudited) | |||||
Provisions for asset retirement obligations included in cost capitalized to natural and enviromental properties | $ 1,979,749 | $ 3,930,370 | $ 3,936,494 | ||
Percentage of interest acquired | 51.40% | ||||
Percentage of interest, rates and obligation acquired - "Gato do Mato" | 30% | ||||
Expense related to the asset retirement obligations | 333,683 | 292,329 | $ 213,925 | ||
Depreciation, depletion and amortization related to asset retirement obligations | $ 768,466 | $ 887,725 | $ 639,123 | ||
Percentage of transferred crude oil and gas production based on value to intercompany units | 21.80% | 19.90% | 18.90% | ||
Percentage of transferred crude oil and gas production based on volume to intercompany units | 50.40% | 52.10% | 45.90% | ||
Percentage of interest of the block Saturn | 10% | ||||
Percentage of estimated reserve specialized firms | 99.80% | ||||
Interest rate on acquisition of block Saturn | 10% | ||||
Estimated costs related to assets retirement obligations | $ 23,234,408 | $ 17,364,520 | $ 12,545,574 | ||
Ownership interest Ecopetrol | 49% | ||||
Ecopetrol Oleo e Gas do Brasil Ltda | |||||
Supplemental information on oil and gas producing activities (unaudited) | |||||
Number of offshore blocks acquired and capitalized | item | 7 | ||||
Ecopetrol Oleo e Gas do Brasil Ltda | Offshore blocks in Santos Basin | Ecopetrol Brazil | |||||
Supplemental information on oil and gas producing activities (unaudited) | |||||
Percentage of participation | 30% | ||||
Guajira association contract | |||||
Supplemental information on oil and gas producing activities (unaudited) | |||||
Percentage of interest acquired | 43% | ||||
Ecopetrol Oleo e Gas do Brasil Ltda | |||||
Supplemental information on oil and gas producing activities (unaudited) | |||||
Cash transferred for Saturn block | $ 85 | ||||
Ecopetrol Oleo e Gas do Brasil Ltda | Offshore blocks in Santos Basin | Shell | |||||
Supplemental information on oil and gas producing activities (unaudited) | |||||
Percentage of participation | 70% | ||||
Shell and Chevron | |||||
Supplemental information on oil and gas producing activities (unaudited) | |||||
Proportion of ownership interest in join operation by Shell and Chevron each | 45% |
Subsequent and relevant event_2
Subsequent and relevant events (Details) $ in Millions | 12 Months Ended | |||||||
Feb. 13, 2023 USD ($) | Jan. 10, 2023 COP ($) | Dec. 31, 2022 COP ($) | Jan. 17, 2023 COP ($) | Jan. 17, 2023 USD ($) | Dec. 31, 2022 USD ($) | Feb. 08, 2022 | Dec. 31, 2021 COP ($) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Outstanding balance | $ 115,134,839,000,000 | $ 95,060,928,000,000 | ||||||
Percentage of ownership interest acquired | 51.40% | |||||||
Repurchase of depositary and information bonds from agents | $ 978.5 | |||||||
Outstanding of repurchases depositary | $ 821.4 | |||||||
Debt and financing | $ 16,409,494 | |||||||
Isa | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Maturity period | 10 years | |||||||
Price | $ 99,187,000 | |||||||
Yield | 9% | |||||||
Borrowings, interest rate | 8.875% | |||||||
Short-term financing | $ 2,000,000,000 | |||||||
Issuance of bonds in the international market | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Short-term financing | $ 2,000 | |||||||
International bonds repurchase offer | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Borrowings, interest rate | 5.875% | 5.875% | ||||||
Short-term financing | $ 1,000 | |||||||
Outstanding balance | $ 1,800,000,000 |
Exhibit 1. Consolidated subsi_2
Exhibit 1. Consolidated subsidiaries, associates, and joint ventures - Consolidated subsidiary companies (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Ownership interest Ecopetrol | 49% | |||
Equity | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 | $ 58,231,628 |
Net profit | 35,199,480 | 17,630,554 | $ 2,737,853 | |
Total assets | 302,792,431 | 242,426,616 | ||
Total liabilities | $ 188,889,342 | $ 151,842,844 | ||
Refineria de Cartagena S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Refining of hydrocarbons, commercialization and distribution of products | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 27,050,693 | |||
Net profit | 2,871,807 | |||
Total assets | 43,624,345 | |||
Total liabilities | $ 16,573,652 | |||
Cenit Transporte y Logistica S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Storage and transport by pipelines of hydrocarbons | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 17,213,132 | |||
Net profit | 4,584,958 | |||
Total assets | 19,560,744 | |||
Total liabilities | $ 2,347,612 | |||
Ecopetrol Global Energy S.L.U. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Spain | |||
Geographic area of operations | Spain | |||
Equity | $ 16,066,888 | |||
Net profit | 751,378 | |||
Total assets | 16,067,277 | |||
Total liabilities | $ 389 | |||
Oleoducto Central S. A. - Ocensa | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 72.65% | |||
Activity | Transportation by crude oil pipelines | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 4,878,286 | |||
Net profit | 2,838,743 | |||
Total assets | 8,706,108 | |||
Total liabilities | $ 3,827,822 | |||
Hocol Petroleum Limited. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Equity | $ 5,215,029 | |||
Net profit | 605,044 | |||
Total assets | 5,215,238 | |||
Total liabilities | $ 209 | |||
Ecopetrol America LLC. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Equity | $ 2,547,392 | |||
Net profit | (154,690) | |||
Total assets | 3,298,838 | |||
Total liabilities | $ 751,446 | |||
Hocol S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | Cayman Islands | |||
Geographic area of operations | Colombia | |||
Equity | $ 4,615,488 | |||
Net profit | 608,858 | |||
Total assets | 6,772,497 | |||
Total liabilities | $ 2,157,009 | |||
Esenttia S.A. [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Production and commercialization of polypropylene resin | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 3,047,356 | |||
Net profit | 188,561 | |||
Total assets | 3,678,832 | |||
Total liabilities | $ 631,476 | |||
Ecopetrol Capital AG | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Collection of surpluses from, and providing funds to, companies of Ecopetrol Business Group | |||
Country/Domicile | Switzerland | |||
Geographic area of operations | Switzerland | |||
Equity | $ 3,196,506 | |||
Net profit | 255,926 | |||
Total assets | 11,473,594 | |||
Total liabilities | $ 8,277,088 | |||
Oleoducto Bicentenario de Colombia S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Transportation by crude oil pipelines | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 1,349,368 | |||
Net profit | 218,102 | |||
Total assets | 2,249,766 | |||
Total liabilities | $ 900,398 | |||
Oleoducto de Colombia S.A. - ODC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 73% | |||
Activity | Transportation by crude oil pipelines | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 486,729 | |||
Net profit | 426,614 | |||
Total assets | 787,802 | |||
Total liabilities | $ 301,073 | |||
Black Gold Re Ltd. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Reinsurer for companies of Ecopetrol Business Group | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Equity | $ 1,243,639 | |||
Net profit | 46,795 | |||
Total assets | 1,548,991 | |||
Total liabilities | $ 305,352 | |||
Andean Chemicals Ltd. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Equity | $ 2,162,912 | |||
Net profit | 119,383 | |||
Total assets | 2,163,316 | |||
Total liabilities | $ 404 | |||
Oleoducto de los Llanos Orientales S.A. - ODL | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 65% | |||
Activity | Transportation by crude oil pipelines | |||
Country/Domicile | Panama | |||
Geographic area of operations | Colombia | |||
Equity | $ 824,251 | |||
Net profit | 515,817 | |||
Total assets | 1,414,330 | |||
Total liabilities | $ 590,079 | |||
Interconexion Electrica S.A. E.S.P. [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 51.41% | |||
Activity | Public transmission service of electric power, the development of infrastructure projects and their commercial exploitation and the development of information technology systems, activities and services and telecommunications. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Latin-America | |||
Equity | $ 29,550,372 | |||
Net profit | 2,202,581 | |||
Total assets | 78,733,852 | |||
Total liabilities | $ 49,183,480 | |||
Inversiones de Gases de Colombia S.A. Invercolsa S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
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 | $ 616,330 | |||
Net profit | 283,885 | |||
Total assets | 663,786 | |||
Total liabilities | $ 47,456 | |||
Alcanos de Colombia S.A. E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 29.61% | |||
Activity | Residential public fuel gas service, construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 393,197 | |||
Net profit | 131,102 | |||
Total assets | 814,660 | |||
Total liabilities | $ 421,463 | |||
Metrogas de Colombia S.A E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 33.49% | |||
Activity | Public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 67,772 | |||
Net profit | 17,047 | |||
Total assets | 136,167 | |||
Total liabilities | $ 68,395 | |||
Gases del Oriente S.A. E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 48.50% | |||
Activity | Home public service of distribution of fuel gas and the development of all complementary activities to the supplying of said service. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 123,247 | |||
Net profit | 44,925 | |||
Total assets | 216,319 | |||
Total liabilities | $ 93,072 | |||
Promotora de Gases del Sur S.A. E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 31.44% | |||
Activity | Promote the linking of national or foreign capital, public or private, to achieve the gas massification project. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 64,031 | |||
Net profit | 28,470 | |||
Total assets | 91,463 | |||
Total liabilities | $ 27,432 | |||
Combustibles Lquidos de Colombia S.A E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 41.61% | |||
Activity | Wholesale marketing of fuel gas, the supplying of the residential public service of LPG distribution and the development of complementary activities to supply the service. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 60,408 | |||
Net profit | 1,444 | |||
Total assets | 84,213 | |||
Total liabilities | $ 23,805 | |||
Ecopetrol USA Inc. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Equity | $ 13,849,664 | |||
Net profit | 1,235,087 | |||
Total assets | 13,872,872 | |||
Total liabilities | $ 23,208 | |||
Ecopetrol Permian LLC. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Equity | $ 8,999,442 | |||
Net profit | 1,357,066 | |||
Total assets | 9,875,481 | |||
Total liabilities | $ 876,039 | |||
Ecopetrol Oleo e Gas do Brasil Ltda [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Real | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 2,093,147 | |||
Net profit | (462,646) | |||
Total assets | 2,313,440 | |||
Total liabilities | $ 220,293 | |||
Esenttia Masterbatch Ltda | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Manufacture of polypropylene compounds and masterbatches | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 445,118 | |||
Net profit | 290,672 | |||
Total assets | 584,869 | |||
Total liabilities | $ 139,751 | |||
Ecopetrol del Peru S. A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 71,668 | |||
Net profit | (2,129) | |||
Total assets | 75,229 | |||
Total liabilities | $ 3,561 | |||
ECP Hidrocarburos de Mxico S.A. de C.V. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Offshore exploration | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Equity | $ 52,677 | |||
Net profit | (17,473) | |||
Total assets | 59,826 | |||
Total liabilities | $ 7,149 | |||
Ecopetrol Costa Afuera S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Offshore exploration | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 12,964 | |||
Net profit | (483) | |||
Total assets | 13,130 | |||
Total liabilities | $ 166 | |||
Esenttia Resinas del Per SAC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Commercialization polypropylene resins and masterbatches | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 17,486 | |||
Net profit | 2,232 | |||
Total assets | 40,417 | |||
Total liabilities | $ 22,931 | |||
Topili Servicios Administrativos S de RL de CV. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Mexican Peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Specialized management services | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Equity | $ 5 | |||
Net profit | (48) | |||
Total assets | 25 | |||
Total liabilities | $ 20 | |||
Kalixpan Servicios Tecnicos S de RL de CV. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Mexican Peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Specialized services related to oil and gas industry | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Equity | $ 53 | |||
Net profit | (46) | |||
Total assets | 58 | |||
Total liabilities | $ 5 | |||
Ecopetrol US Trading LLC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | International trading of crude oil and refined products | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Ecopetrol Singapore PTE. LTD | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Singapore dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Holding company with investment in an international trading company for crude oil and refined products | |||
Country/Domicile | Singapore | |||
Geographic area of operations | Asia | |||
Equity | $ 240,841 | |||
Net profit | 222,548 | |||
Total assets | 241,043 | |||
Total liabilities | $ 202 | |||
Ecopetrol Trading Asia PTE. LTD | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Singapore dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | International trading of crude oil and refined products | |||
Country/Domicile | Singapore | |||
Geographic area of operations | Asia | |||
Equity | $ 241,032 | |||
Net profit | 222,727 | |||
Total assets | 2,862,371 | |||
Total liabilities | $ 2,621,339 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Net equity | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 | $ 58,231,628 |
Profit (loss) for the period | 35,199,480 | 17,630,554 | $ 2,737,853 | |
Total assets | 302,792,431 | 242,426,616 | ||
Total liabilities | $ 188,889,342 | $ 151,842,844 | ||
Equion Energia Limited | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol, joint venture | 51% | |||
Activity, joint venture | Exploration and exploitationof hydrocarbons | |||
Country/Domicile, joint venture | United Kingdom | |||
Geographic area of operations, joint venture | Colombia | |||
Net equity | $ 1,639,264 | |||
Profit (loss) for the period | 50,783 | |||
Total assets | 1,711,972 | |||
Total liabilities | $ 72,708 | |||
Ecodiesel Colombia S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol, joint venture | 50% | |||
Activity, joint venture | Production, trading, and distribution of biofuels and oleochemicals | |||
Country/Domicile, joint venture | Colombia | |||
Geographic area of operations, joint venture | Colombia | |||
Net equity | $ 109,229 | |||
Profit (loss) for the period | 77,729 | |||
Total assets | 248,791 | |||
Total liabilities | $ 139,562 | |||
Serviport S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol, associate | 49% | |||
Activity, associate | Services for the supportof loading andunloading of oil ships,supply of equipment,technical inspections,and load measurements | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Net equity | $ 16,589 | |||
Profit (loss) for the period | (653) | |||
Total assets | 38,776 | |||
Total liabilities | $ 22,187 | |||
Sociedad Portuaria Olefinas y Derivados S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol, associate | 50% | |||
Activity, associate | Construction, use,maintenanceand administrationof port facilities,ports, private docks. | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Net equity | $ 5,362 | |||
Profit (loss) for the period | 1,323 | |||
Total assets | 8,940 | |||
Total liabilities | $ 3,578 |
Exhibit 1. Consolidated compani
Exhibit 1. Consolidated companies, associates, and joint ventures - Subsidiaries & Joint centures Interconexion Electrica S.A. ESP (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated companies, associates, and joint ventures | ||||
Ownership interest Ecopetrol | 49% | |||
Equity | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 | $ 58,231,628 |
Profit (loss) | 35,199,480 | 17,630,554 | $ 2,737,853 | |
Assets | 302,792,431 | 242,426,616 | ||
Liabilities | $ 188,889,342 | $ 151,842,844 | ||
ATP Tower Holdings | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 24.70% | |||
Activity | Transport and telecommunications | |||
Country/Domicile | UnitedStates | |||
Geographic area of operations | UnitedStates | |||
Equity | $ 1,850,384 | |||
Profit (loss) | (219,990) | |||
Assets | 4,551,118 | |||
Liabilities | $ 2,700,734 | |||
Interligacao Eletrica do Madeira | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 51% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
% of Ecopetrol's ownership | 51% | 51% | ||
Equity | $ 3,438,987 | $ 2,504,773 | ||
Profit (loss) | 387,981 | 379,667 | ||
Assets | 6,580,545 | 5,026,053 | ||
Liabilities | $ 3,141,558 | $ 2,521,280 | ||
Interligao Eltrica Garanhuns | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 51% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 985,789 | |||
Profit (loss) | 161,864 | |||
Assets | 1,369,603 | |||
Liabilities | $ 383,814 | |||
Interligao Eltrica Paraguau | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 50% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 1,016,496 | |||
Profit (loss) | 135,684 | |||
Assets | 1,530,815 | |||
Liabilities | $ 514,319 | |||
Interligao Eltrica Aimors | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 50% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 671,186 | |||
Profit (loss) | 110,769 | |||
Assets | 1,014,426 | |||
Liabilities | $ 343,240 | |||
Interligao Eltrica Iva | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 50% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 795,707 | |||
Profit (loss) | 33,388 | |||
Assets | 3,706,984 | |||
Liabilities | $ 2,911,277 | |||
Transmissora Alianca de Energia Eletrica | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 14.88% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
% of Ecopetrol's ownership | 14.88% | 14.88% | ||
Equity | $ 6,091,281 | $ 4,873,821 | ||
Profit (loss) | 1,252,974 | 1,537,229 | ||
Assets | 14,319,223 | 10,218,835 | ||
Liabilities | $ 8,227,942 | $ 5,345,014 | ||
Interconexin Elctrica Colombia Panam-Panam | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 50% | |||
Activity | Electric power | |||
Country/Domicile | Panama | |||
Geographic area of operations | Panama | |||
Equity | $ 38,132 | |||
Profit (loss) | (31,996) | |||
Assets | 40,480 | |||
Liabilities | $ 2,348 | |||
Interconexin Elctrica Colombia Panam Colombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombia peso | |||
Ownership interest Ecopetrol | 1.17% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 267 | |||
Profit (loss) | (2) | |||
Assets | 268 | |||
Liabilities | $ 1 | |||
Transnexa | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 50% | |||
Activity | Transport and telecommunications | |||
Country/Domicile | Ecuador | |||
Geographic area of operations | Ecuador | |||
Derivex | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombia peso | |||
Ownership interest Ecopetrol | 40.46% | |||
Activity | Manage the trading system for financial instruments derived from electricity | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 850 | |||
Profit (loss) | (873) | |||
Assets | $ 850 | |||
Parques de Rio | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombia peso | |||
Ownership interest Ecopetrol | 33% | |||
Activity | Roads | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 102 | |||
Profit (loss) | (30) | |||
Assets | $ 102 | |||
Conexin Kimal Lo Aguirre S.A. | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilena peso | |||
Ownership interest Ecopetrol | 33.33% | |||
Activity | Electric power | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 507,690 | |||
Profit (loss) | 776 | |||
Assets | 631,392 | |||
Liabilities | $ 123,702 | |||
Consorcio Transmantaro | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 60% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 2,272,947 | |||
Profit (loss) | 307,699 | |||
Assets | 9,085,357 | |||
Liabilities | $ 6,812,410 | |||
Interligao Elctrica Evrecy | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 243,025 | |||
Profit (loss) | (48,856) | |||
Assets | 267,247 | |||
Liabilities | $ 24,222 | |||
Fundo De Investimento Assis | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.81% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 37,107 | |||
Profit (loss) | 7,562 | |||
Assets | $ 37,107 | |||
Fundo de Investimento Barra Bonita Renda Fixa Referenciado | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.73% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 13,197 | |||
Profit (loss) | 3,651 | |||
Assets | $ 13,197 | |||
Fundo de Investimento Referenciado di Bandeirantes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 27.68% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 250,436 | |||
Profit (loss) | 29,441 | |||
Assets | $ 250,436 | |||
Fundo de Investimento Xavantes Referenciado di | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 17.54% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 538,537 | |||
Profit (loss) | 55,264 | |||
Assets | $ 538,537 | |||
Interconexiones Viales | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 65% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 3,380 | |||
Profit (loss) | (2,935) | |||
Assets | 3,901 | |||
Liabilities | $ 521 | |||
Interligao Eltrica Aguape | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 582,138 | |||
Profit (loss) | 88,602 | |||
Assets | 654,581 | |||
Liabilities | $ 72,443 | |||
Interligao Eltrica Biguau | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 399,587 | |||
Profit (loss) | 35,053 | |||
Assets | 476,172 | |||
Liabilities | $ 76,585 | |||
Interligao Eltrica De Minas Gerais | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 372,475 | |||
Profit (loss) | (27,636) | |||
Assets | 410,106 | |||
Liabilities | $ 37,631 | |||
Interligao Eltrica Itapura | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 163,809 | |||
Profit (loss) | 25,988 | |||
Assets | 176,625 | |||
Liabilities | $ 12,816 | |||
Interligao Eltrica Itaquer | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 510,426 | |||
Profit (loss) | 59,930 | |||
Assets | 592,065 | |||
Liabilities | $ 81,639 | |||
Interligao Eltrica Itanes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 462,427 | |||
Profit (loss) | 23,425 | |||
Assets | 499,955 | |||
Liabilities | $ 37,528 | |||
Interligao Eltrica Norte E Nordeste | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 338,101 | |||
Profit (loss) | 38,685 | |||
Assets | 485,124 | |||
Liabilities | $ 147,023 | |||
Interligao Eltrica Pinheiros | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 56,620 | |||
Profit (loss) | 62,687 | |||
Assets | 69,231 | |||
Liabilities | $ 12,611 | |||
Interligao Eltrica Riacho Grande | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 87,708 | |||
Profit (loss) | (721) | |||
Assets | 98,771 | |||
Liabilities | $ 11,063 | |||
Interligao Eltrica Serra Do Japi | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 384,866 | |||
Profit (loss) | 62,833 | |||
Assets | 432,753 | |||
Liabilities | $ 47,887 | |||
Interligao Eltrica Sul | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 204,438 | |||
Profit (loss) | 12,193 | |||
Assets | 232,392 | |||
Liabilities | $ 27,954 | |||
Interligao Eltrica Tibagi | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 222,671 | |||
Profit (loss) | 19,465 | |||
Assets | 257,165 | |||
Liabilities | $ 34,494 | |||
Internexa | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombian peso | |||
Ownership interest Ecopetrol | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 125,935 | |||
Profit (loss) | (92,594) | |||
Assets | 607,744 | |||
Liabilities | $ 481,809 | |||
Transamerican Telecomunication S.A. | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Argentina | |||
Geographic area of operations | Argentina | |||
Equity | $ 21,152 | |||
Profit (loss) | (3,278) | |||
Assets | 45,400 | |||
Liabilities | $ 24,248 | |||
Internexa Brazil Operadora de Telecomunicaes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 28,195 | |||
Profit (loss) | (114,568) | |||
Assets | 253,014 | |||
Liabilities | $ 224,819 | |||
Internexa Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 98.43% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 34,332 | |||
Profit (loss) | 7,098 | |||
Assets | 100,853 | |||
Liabilities | $ 66,521 | |||
Interligao Eltrica JAGUAR 6 S.A | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 224,245 | |||
Profit (loss) | 1,775 | |||
Assets | 237,516 | |||
Liabilities | $ 13,271 | |||
Interligao Eltrica JAGUAR 8 S.A | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 97,020 | |||
Profit (loss) | 1,833 | |||
Assets | 103,999 | |||
Liabilities | $ 6,979 | |||
Interligao Eltrica JAGUAR 9 S.A | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 388,824 | |||
Profit (loss) | 7,930 | |||
Assets | 432,420 | |||
Liabilities | $ 43,596 | |||
Internexa Participaes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 99.42% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 23,221 | |||
Profit (loss) | (99,644) | |||
Assets | 24,430 | |||
Liabilities | $ 1,209 | |||
Internexa Peru | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 52,265 | |||
Profit (loss) | (4,307) | |||
Assets | 376,626 | |||
Liabilities | $ 324,361 | |||
ISA Bolivia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Electric power | |||
Country/Domicile | Bolivia | |||
Geographic area of operations | Bolivia | |||
Equity | $ 140,414 | |||
Profit (loss) | 10,976 | |||
Assets | 155,384 | |||
Liabilities | $ 14,970 | |||
ISA Capital Do Brasil | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 5,373,693 | |||
Profit (loss) | 650,721 | |||
Assets | 5,606,854 | |||
Liabilities | $ 233,161 | |||
ISA CTEEP | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 14,914,001 | |||
Profit (loss) | 1,861,300 | |||
Assets | 28,831,572 | |||
Liabilities | $ 13,917,571 | |||
ISA Interchile [Member] | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Electric power | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 1,493,203 | |||
Profit (loss) | (19,966) | |||
Assets | 7,374,469 | |||
Liabilities | $ 5,881,266 | |||
ISA Intercolombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombian peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 130,626 | |||
Profit (loss) | 47,481 | |||
Assets | 357,192 | |||
Liabilities | $ 226,566 | |||
ISA Intervial Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 4,024,265 | |||
Profit (loss) | 438,479 | |||
Assets | 4,985,244 | |||
Liabilities | $ 960,979 | |||
ISA Intervial Colombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombian peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 587 | |||
Profit (loss) | 20 | |||
Assets | $ 587 | |||
ISA Inversiones Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 1,949,226 | |||
Profit (loss) | (9,385) | |||
Assets | 1,954,212 | |||
Liabilities | $ 4,986 | |||
ISA Inversiones Chile Vas SpA | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 4,025,954 | |||
Profit (loss) | 438,012 | |||
Assets | $ 4,025,954 | |||
ISA Inversiones Costera Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ (211,407) | |||
Profit (loss) | (76,363) | |||
Assets | 612,824 | |||
Liabilities | $ 824,231 | |||
ISA Inversiones Tolten | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 39 | |||
Profit (loss) | (9) | |||
Assets | $ 39 | |||
ISA Investimentos E Participaes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Brazilian real | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 1,152,834 | |||
Profit (loss) | 163,525 | |||
Assets | 1,152,949 | |||
Liabilities | $ 115 | |||
ISA Per | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 99.98% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 240,254 | |||
Profit (loss) | 34,518 | |||
Assets | 1,159,668 | |||
Liabilities | $ 919,414 | |||
ISA REP | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 60% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 672,302 | |||
Profit (loss) | 273,783 | |||
Assets | 2,311,363 | |||
Liabilities | $ 1,639,061 | |||
ISA Transelca | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombian peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 1,002,878 | |||
Profit (loss) | 222,945 | |||
Assets | 1,788,873 | |||
Liabilities | $ 785,995 | |||
Linear Systems RE | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Other business | |||
Country/Domicile | Bermudas | |||
Geographic area of operations | Bermudas | |||
Equity | $ 36,506 | |||
Profit (loss) | 4,802 | |||
Assets | 141,027 | |||
Liabilities | $ 104,521 | |||
Proyectos De Infraestructura Del Per | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | US Dollar | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 15,289 | |||
Profit (loss) | 2,254 | |||
Assets | 114,879 | |||
Liabilities | $ 99,590 | |||
Ruta Costera | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombian peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 177,882 | |||
Profit (loss) | (11,404) | |||
Assets | 2,859,724 | |||
Liabilities | $ 2,681,842 | |||
Ruta De La Araucana | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 432,393 | |||
Profit (loss) | 76,332 | |||
Assets | 905,688 | |||
Liabilities | $ 473,295 | |||
Ruta De Los Ros | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 75% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 122,428 | |||
Profit (loss) | 49,926 | |||
Assets | 339,054 | |||
Liabilities | $ 216,626 | |||
Ruta Del Bosque | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 106,522 | |||
Profit (loss) | (23,361) | |||
Assets | 150,803 | |||
Liabilities | $ 44,281 | |||
Ruta Del Loa | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 324,504 | |||
Profit (loss) | 50,506 | |||
Assets | 1,121,725 | |||
Liabilities | $ 797,221 | |||
Ruta del Maipo | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 2,831,192 | |||
Profit (loss) | 355,286 | |||
Assets | 8,869,327 | |||
Liabilities | $ 6,038,135 | |||
Ruta Del Maule | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Chilean peso | |||
Ownership interest Ecopetrol | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 6,048 | |||
Profit (loss) | (4,561) | |||
Assets | 9,693 | |||
Liabilities | $ 3,645 | |||
Sistemas Inteligentes en Red | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombia peso | |||
Ownership interest Ecopetrol | 99.77% | |||
Activity | Other business | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 10,472 | |||
Profit (loss) | 2,868 | |||
Assets | 19,885 | |||
Liabilities | $ 9,413 | |||
XM | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional currency | Colombian peso | |||
Ownership interest Ecopetrol | 99.73% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 45,336 | |||
Profit (loss) | 10,873 | |||
Assets | 306,304 | |||
Liabilities | $ 260,968 |
Exhibit 2. Conditions of the _2
Exhibit 2. Conditions of the most significant debt - Interconexion Electrica S.A. E.S.P. (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2021 USD ($) | |
Conditions of the most significant debt | ||||
Outstanding balance | $ 115,134,839 | $ 95,060,928 | ||
Bonds domestic currency One | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2010-12 | |||
Maturity date | 2040-12 | |||
Disbursement | $ 284,300 | |||
Outstanding balance | $ 284,300 | 284,300 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Two | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2013-08 | |||
Maturity date | 2023-08 | |||
Disbursement | $ 168,600 | |||
Outstanding balance | $ 168,600 | 168,600 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Three | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2013-08 | |||
Maturity date | 2028-08 | |||
Currency | COP | |||
Disbursement | $ 347,500 | |||
Outstanding balance | $ 347,500 | 347,500 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Four | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2013-08 | |||
Maturity date | 2043-08 | |||
Disbursement | $ 262,950 | |||
Outstanding balance | $ 262,950 | 262,950 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-12 | |||
Maturity date | 2023-12 | |||
Currency | COP | |||
Disbursement | $ 180,000 | |||
Outstanding balance | $ 180,000 | 180,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-12 | |||
Maturity date | 2041-12 | |||
Currency | COP | |||
Disbursement | $ 120,000 | |||
Outstanding balance | $ 120,000 | 120,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2013-05 | |||
Maturity date | 2022-05 | |||
Currency | COP | |||
Disbursement | $ 120,000 | |||
Outstanding balance | 120,000 | |||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2013-05 | |||
Maturity date | 2028-05 | |||
Currency | COP | |||
Disbursement | $ 100,000 | |||
Outstanding balance | $ 100,000 | 100,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Nine | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2015-05 | |||
Maturity date | 2025-05 | |||
Currency | COP | |||
Disbursement | $ 100,000 | |||
Outstanding balance | $ 100,000 | 100,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Ten | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2015-05 | |||
Maturity date | 2030-05 | |||
Currency | COP | |||
Disbursement | $ 120,000 | |||
Outstanding balance | $ 120,000 | 120,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2015-05 | |||
Maturity date | 2035-05 | |||
Currency | COP | |||
Disbursement | $ 280,000 | |||
Outstanding balance | $ 280,000 | $ 280,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Tweleve | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2024-02 | |||
Currency | COP | |||
Disbursement | $ 115,000 | |||
Outstanding balance | $ 115,000 | 115,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2028-02 | |||
Currency | COP | |||
Disbursement | $ 152,000 | |||
Outstanding balance | $ 152,000 | 152,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency fourteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2041-02 | |||
Currency | COP | |||
Disbursement | $ 133,000 | |||
Outstanding balance | $ 133,000 | 133,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-04 | |||
Maturity date | 2024-04 | |||
Currency | COP | |||
Disbursement | $ 260,780 | |||
Outstanding balance | $ 260,780 | 260,780 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Sixteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-04 | |||
Maturity date | 2032-04 | |||
Currency | COP | |||
Disbursement | $ 196,300 | |||
Outstanding balance | $ 196,300 | 196,300 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Seventeen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-04 | |||
Maturity date | 2042-04 | |||
Currency | COP | |||
Disbursement | $ 242,920 | |||
Outstanding balance | $ 242,920 | 242,920 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Eighteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-11 | |||
Maturity date | 2025-11 | |||
Currency | COP | |||
Disbursement | $ 150,080 | |||
Outstanding balance | $ 150,080 | 150,080 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Nineteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-11 | |||
Maturity date | 2031-11 | |||
Currency | COP | |||
Disbursement | $ 120,100 | |||
Outstanding balance | $ 120,100 | 120,100 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-11 | |||
Maturity date | 2047-11 | |||
Currency | COP | |||
Disbursement | $ 229,820 | |||
Outstanding balance | $ 229,820 | 229,820 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2027-07 | |||
Currency | COP | |||
Disbursement | $ 156,500 | |||
Outstanding balance | $ 156,500 | 156,500 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2033-07 | |||
Currency | COP | |||
Disbursement | $ 142,063 | |||
Outstanding balance | $ 142,063 | 142,063 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2043-07 | |||
Currency | COP | |||
Disbursement | $ 201,437 | |||
Outstanding balance | $ 201,437 | 201,437 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-08 | |||
Maturity date | 2029-08 | |||
Currency | COP | |||
Disbursement | $ 160,000 | |||
Outstanding balance | $ 160,000 | 160,000 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-08 | |||
Maturity date | 2040-08 | |||
Currency | UVR (1) | |||
Disbursement | $ 152,311 | |||
Outstanding balance | $ 165,369 | 147,132 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Annual | |||
Bonds domestic currency Twenty Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-07 | |||
Maturity date | 2034-01 | |||
Currency | UVR (1) | |||
Disbursement | $ 353,434 | |||
Outstanding balance | $ 440,777 | 341,416 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Twenty Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-10 | |||
Maturity date | 2026-10 | |||
Currency | COP | |||
Disbursement | $ 100,000 | |||
Outstanding balance | $ 100,000 | 100,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Syndicated commercial loan, domestic currency One | ||||
Conditions of the most significant debt | ||||
Company | Oleoducto Bicentenario | |||
Issue date | 2012-07 | |||
Maturity date | 2024-07 | |||
Currency | COP | |||
Disbursement | $ 2,100,000 | |||
Outstanding balance | $ 375,725 | 600,450 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-12 | |||
Maturity date | 2028-01 | |||
Currency | COP | |||
Disbursement | $ 250,000 | |||
Outstanding balance | $ 242,125 | 250,000 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-12 | |||
Maturity date | 2034-01 | |||
Currency | COP | |||
Disbursement | $ 150,000 | |||
Outstanding balance | $ 147,000 | 150,000 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-12 | |||
Maturity date | 2034-01 | |||
Currency | COP | |||
Disbursement | $ 150,000 | |||
Outstanding balance | $ 147,000 | 150,000 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-12 | |||
Maturity date | 2034-01 | |||
Currency | UVR (1) | |||
Disbursement | $ 405,972 | |||
Outstanding balance | $ 181,972 | 161,904 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2035-07 | |||
Currency | COP | |||
Disbursement | $ 217,500 | |||
Outstanding balance | $ 4,353 | 4,651 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2031-10 | |||
Currency | COP | |||
Disbursement | $ 158,050 | |||
Outstanding balance | $ 158,050 | 158,050 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2028-10 | |||
Currency | COP | |||
Disbursement | $ 70,500 | |||
Outstanding balance | $ 70,500 | 70,500 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-07 | |||
Maturity date | 2024-07 | |||
Currency | COP | |||
Disbursement | $ 28,000 | |||
Outstanding balance | 8,717 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Nine | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-08 | |||
Maturity date | 2024-08 | |||
Currency | COP | |||
Disbursement | $ 32,000 | |||
Outstanding balance | 23,863 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Ten | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-12 | |||
Maturity date | 2024-12 | |||
Currency | COP | |||
Disbursement | $ 10,000 | |||
Outstanding balance | 7,472 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-05 | |||
Maturity date | 2028-11 | |||
Currency | COP | |||
Disbursement | $ 59,467 | |||
Outstanding balance | $ 50,971 | 59,467 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Twelve | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-11 | |||
Maturity date | 2028-11 | |||
Currency | COP | |||
Disbursement | $ 23,000 | |||
Outstanding balance | $ 19,714 | $ 23,000 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-05 | |||
Maturity date | 2023-05 | |||
Currency | COP | |||
Disbursement | $ 14,422 | |||
Outstanding balance | $ 14,422 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Fourteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-06 | |||
Maturity date | 2027-06 | |||
Currency | COP | |||
Disbursement | $ 12,900 | |||
Outstanding balance | $ 12,900 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-08 | |||
Maturity date | 2027-08 | |||
Currency | COP | |||
Disbursement | $ 51,085 | |||
Outstanding balance | $ 51,085 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency One | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2013-09 | |||
Maturity date | 2023-09 | |||
Currency | USD | |||
Disbursement | $ 1,300 | |||
Outstanding balance | 1,300 | 1,300 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Two | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2013-09 | |||
Maturity date | 2043-09 | |||
Currency | USD | |||
Disbursement | 850 | |||
Outstanding balance | 850 | 850 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Three | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2014-05 | |||
Maturity date | 2045-05 | |||
Currency | USD | |||
Disbursement | 2,000 | |||
Outstanding balance | 2,000 | 2,000 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Four | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2014-09 | |||
Maturity date | 2025-01 | |||
Currency | USD | |||
Disbursement | 1,200 | |||
Outstanding balance | 1,200 | 1,200 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Five | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2015-06 | |||
Maturity date | 2026-06 | |||
Currency | USD | |||
Disbursement | 1,500 | |||
Outstanding balance | 1,500 | 1,500 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Six | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2021-11 | |||
Maturity date | 2031-11 | |||
Currency | USD | |||
Disbursement | 1,250 | |||
Outstanding balance | 1,250 | 1,250 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Seven | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2021-11 | |||
Maturity date | 2051-11 | |||
Currency | USD | |||
Disbursement | 750 | |||
Outstanding balance | 750 | 750 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Eight | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2016-06 | |||
Maturity date | 2023-09 | |||
Currency | USD | |||
Disbursement | 500 | |||
Outstanding balance | 500 | 500 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Nine | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2020-04 | |||
Maturity date | 2030-04 | |||
Currency | USD | |||
Disbursement | 2,000 | |||
Outstanding balance | 2,000 | 2,000 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Ten | ||||
Conditions of the most significant debt | ||||
Company | Oleoducto Central S.A.S. | |||
Issue date | 2014-05 | |||
Maturity date | 2021-05 | |||
Currency | USD | |||
Disbursement | 500 | |||
Outstanding balance | 500 | 500 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-11 | |||
Maturity date | 2033-11 | |||
Currency | USD | |||
Disbursement | 330 | |||
Outstanding balance | 330 | 330 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Tweleve | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-07 | |||
Maturity date | 2034-01 | |||
Currency | USD | |||
Disbursement | 151 | |||
Outstanding balance | 143 | 151 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-01 | |||
Maturity date | 2026-01 | |||
Currency | USD | |||
Disbursement | 38 | |||
Outstanding balance | 38 | 38 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds Foreign currency Fourteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2012-10 | |||
Maturity date | 2031-04 | |||
Currency | USD | |||
Disbursement | 40 | |||
Outstanding balance | 40 | 40 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2013-02 | |||
Maturity date | 2023-02 | |||
Currency | USD | |||
Disbursement | 21 | |||
Outstanding balance | 20 | 19 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Sixteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2013-05 | |||
Maturity date | 2023-05 | |||
Currency | USD | |||
Disbursement | 450 | |||
Outstanding balance | 600 | 450 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Seventeen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2019-04 | |||
Maturity date | 2034-04 | |||
Currency | USD | |||
Disbursement | 600 | |||
Outstanding balance | 500 | 600 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Eighteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-03 | |||
Maturity date | 2024-02 | |||
Currency | USD | |||
Disbursement | 63 | |||
Outstanding balance | 77 | 54 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Annual | |||
Bonds Foreign currency Nineteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-05 | |||
Maturity date | 2025-04 | |||
Currency | USD | |||
Disbursement | 131 | |||
Outstanding balance | 154 | 111 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2019-12 | |||
Maturity date | 2029-12 | |||
Currency | USD | |||
Disbursement | 86 | |||
Outstanding balance | 96 | 73 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty one | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-12 | |||
Maturity date | 2028-11 | |||
Currency | USD | |||
Disbursement | 169 | |||
Outstanding balance | 153 | 143 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-12 | |||
Maturity date | 2044-05 | |||
Currency | USD | |||
Disbursement | 169 | |||
Outstanding balance | 168 | 143 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-02 | |||
Maturity date | 2044-07 | |||
Currency | USD | |||
Disbursement | 142 | |||
Outstanding balance | 153 | 121 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-05 | |||
Maturity date | 2024-05 | |||
Currency | USD | |||
Disbursement | 253 | |||
Outstanding balance | 230 | 215 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Bullet | |||
Bonds Foreign currency Twenty Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2031-10 | |||
Currency | USD | |||
Disbursement | 141 | |||
Outstanding balance | 138 | 120 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2039-10 | |||
Currency | USD | |||
Disbursement | 59 | |||
Outstanding balance | 58 | 50 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2001-08 | |||
Maturity date | 2022-06 | |||
Currency | USD | |||
Disbursement | 134 | |||
Outstanding balance | 134 | |||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-08 | |||
Maturity date | 2025-06 | |||
Currency | USD | |||
Disbursement | 234 | |||
Outstanding balance | 238 | 213 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Nine | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-08 | |||
Maturity date | 2030-12 | |||
Currency | USD | |||
Disbursement | 242 | |||
Outstanding balance | 407 | 220 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-08 | |||
Maturity date | 2024-12 | |||
Currency | USD | |||
Disbursement | 40 | |||
Outstanding balance | 23 | 37 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2019-06 | |||
Maturity date | 2030-12 | |||
Currency | USD | |||
Disbursement | 201 | |||
Outstanding balance | 207 | 183 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2006-11 | |||
Maturity date | 2022-06 | |||
Currency | USD | |||
Disbursement | 36 | |||
Outstanding balance | 36 | 55 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-02 | |||
Maturity date | 2050-06 | |||
Currency | USD | |||
Disbursement | 79 | |||
Outstanding balance | 79 | |||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-07 | |||
Maturity date | 2056-06 | |||
Currency | USD | |||
Disbursement | 1,200 | |||
Outstanding balance | 1,200 | 1,200 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
International Commercial Loans One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2019-09 | |||
Maturity date | 2025-09 | |||
Currency | USD | |||
Disbursement | 70 | |||
Outstanding balance | 70 | 70 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-06 | |||
Maturity date | 2022-06 | |||
Currency | USD | |||
Disbursement | 40 | |||
Outstanding balance | 10 | 40 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Bullet | |||
International Commercial Loans Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2024-07 | |||
Currency | USD | |||
Disbursement | 5 | |||
Outstanding balance | 2 | 3 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
International Commercial Loans Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2014-01 | |||
Maturity date | 2029-03 | |||
Currency | USD | |||
Disbursement | 60 | |||
Outstanding balance | 23 | 25 | ||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2014-01 | |||
Maturity date | 2024-01 | |||
Currency | USD | |||
Disbursement | 22 | |||
Outstanding balance | 2 | 4 | ||
Interest rate | Fixed | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-08 | |||
Maturity date | 2032-03 | |||
Currency | USD | |||
Disbursement | 57 | |||
Outstanding balance | 35 | 36 | ||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-01 | |||
Maturity date | 2026-05 | |||
Currency | USD | |||
Disbursement | 10 | |||
Outstanding balance | 3 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-11 | |||
Maturity date | 2026-05 | |||
Currency | USD | |||
Disbursement | 11 | |||
Outstanding balance | 3 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Nine | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-11 | |||
Maturity date | 2026-05 | |||
Currency | USD | |||
Disbursement | 9 | |||
Outstanding balance | 3 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Ten | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2010-05 | |||
Maturity date | 2030-05 | |||
Currency | USD | |||
Disbursement | 46 | |||
Outstanding balance | 23 | 24 | ||
Interest rate | Fixed | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-11 | |||
Maturity date | 2022-12 | |||
Currency | USD | |||
Disbursement | 7 | |||
Outstanding balance | 6 | 6 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
International Commercial Loans Twelve | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-03 | |||
Maturity date | 2024-08 | |||
Currency | USD | |||
Disbursement | 63 | |||
Outstanding balance | 9 | |||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-04 | |||
Maturity date | 2022-12 | |||
Currency | USD | |||
Disbursement | 9 | |||
Outstanding balance | 8 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Fourteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-03 | |||
Maturity date | 2024-03 | |||
Currency | USD | |||
Disbursement | 35 | |||
Outstanding balance | 4 | |||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2012-09 | |||
Maturity date | 2023-09 | |||
Currency | USD | |||
Disbursement | 25 | |||
Outstanding balance | 5 | |||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Sixteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-10 | |||
Maturity date | 2025-03 | |||
Currency | USD | |||
Disbursement | 11 | |||
Outstanding balance | 6 | 11 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Seventeen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-03 | |||
Maturity date | 2024-03 | |||
Currency | USD | |||
Disbursement | 6 | |||
Outstanding balance | 6 | |||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Eighteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2012-09 | |||
Maturity date | 2023-09 | |||
Currency | USD | |||
Disbursement | 13 | |||
Outstanding balance | 13 | 16 | ||
Interest rate | Fixed | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Nineteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-05 | |||
Maturity date | 2024-03 | |||
Currency | USD | |||
Disbursement | 112 | |||
Outstanding balance | 83 | 105 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Twenty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-05 | |||
Maturity date | 2024-03 | |||
Currency | USD | |||
Disbursement | 75 | |||
Outstanding balance | 69 | 70 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Twenty One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-09 | |||
Maturity date | 2022-08 | |||
Currency | USD | |||
Disbursement | 10 | |||
Outstanding balance | 30 | |||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Bullet | |||
International Commercial Loans Twenty Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-09 | |||
Maturity date | 2022-08 | |||
Currency | USD | |||
Disbursement | 40 | |||
Outstanding balance | 40 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Twenty Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2019-01 | |||
Maturity date | 2022-12 | |||
Currency | USD | |||
Disbursement | 67 | |||
Outstanding balance | 65 | |||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Bullet | |||
International Commercial Loans Twenty Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-09 | |||
Maturity date | 2050-06 | |||
Currency | USD | |||
Disbursement | 76 | |||
Outstanding balance | 76 | |||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Twenty Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-05 | |||
Maturity date | 2025-05 | |||
Currency | USD | |||
Disbursement | 48 | |||
Outstanding balance | 45 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Twenty Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-03 | |||
Maturity date | 2024-03 | |||
Currency | USD | |||
Disbursement | 10 | |||
Outstanding balance | 10 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
International Commercial Loans Twenty Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2012-09 | |||
Maturity date | 2023-09 | |||
Currency | USD | |||
Disbursement | 18 | |||
Outstanding balance | 28 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Twenty Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-05 | |||
Maturity date | 2026-05 | |||
Currency | USD | |||
Disbursement | 10 | |||
Outstanding balance | 15 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Committed credit line | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2020-04 | |||
Maturity date | 2023-09 | |||
Currency | USD | |||
Disbursement | 665 | |||
Outstanding balance | 665 | |||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena One | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2017-12 | |||
Maturity date | 2027-12 | |||
Currency | USD | |||
Disbursement | 2,001 | |||
Outstanding balance | 855 | 1,100 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Two | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2017-12 | |||
Maturity date | 2027-12 | |||
Currency | USD | |||
Disbursement | 75 | |||
Outstanding balance | 32 | 42 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Three | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2017-12 | |||
Maturity date | 2027-12 | |||
Currency | USD | |||
Disbursement | 73 | |||
Outstanding balance | 31 | 40 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Four | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2017-12 | |||
Maturity date | 2027-12 | |||
Currency | USD | |||
Disbursement | 158 | |||
Outstanding balance | 68 | 87 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Five | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2017-12 | |||
Maturity date | 2025-12 | |||
Currency | USD | |||
Disbursement | 359 | |||
Outstanding balance | 182 | 224 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial loans - ISA Acquisiton | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2021-08 | |||
Maturity date | 2023-08 | |||
Currency | USD | |||
Disbursement | 3,672 | |||
Outstanding balance | $ 472 | $ 1,672 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly |