Ecopetrol (EC) 20-F 29 Mar 23 2022 FY Annual report (foreign) Financial data

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