Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2023 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2023 |
Entity Registrant Name | ECOPETROL S.A. |
Entity Central Index Key | 0001444406 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Interim condensed consolidated
Interim condensed consolidated statement of financial position - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 12,070,744 | $ 15,401,058 |
Trade and other receivables | 37,580,673 | 39,224,999 |
Inventories | 11,356,473 | 11,880,034 |
Other financial assets | 1,752,234 | 1,162,127 |
Tax assets | 7,974,934 | 6,784,392 |
Other assets | 3,169,764 | 2,778,480 |
Current assets subtotal | 73,904,822 | 77,231,090 |
Assets held for sale | 29,519 | 45,755 |
Total current assets | 73,934,341 | 77,276,845 |
Non-current assets | ||
Trade and other receivables | 30,056,323 | 32,155,205 |
Other financial assets | 391,281 | 1,563,744 |
Investments in associates and joint ventures | 8,685,038 | 9,496,600 |
Property, plant, and equipment | 95,437,342 | 100,997,498 |
Natural and environmental resources | 43,985,932 | 42,323,610 |
Right-of-use-assets | 589,081 | 627,813 |
Intangibles | 15,560,161 | 18,146,605 |
Tax assets | 7,552,601 | 13,401,050 |
Goodwill | 4,964,720 | 5,350,114 |
Other assets | 1,620,593 | 1,453,347 |
Total non-current assets | 208,843,072 | 225,515,586 |
Total assets | 282,777,413 | 302,792,431 |
Current liabilities | ||
Loans and borrowings | 17,616,493 | 22,198,583 |
Trade and other payables | 23,766,756 | 19,937,704 |
Provisions for employee benefits | 2,822,786 | 2,753,697 |
Tax liabilities | 2,984,097 | 7,630,901 |
Accrued liabilities and provisions | 1,043,342 | 1,533,136 |
Other liabilities | 2,163,122 | 2,728,317 |
Total current liabilities | 50,396,596 | 56,782,338 |
Non-current liabilities | ||
Loans and borrowings | 92,112,183 | 92,936,256 |
Trade and other payables | 47,047 | 57,056 |
Provisions for employee benefits | 9,498,368 | 10,211,542 |
Tax liabilities | 14,099,000 | 15,275,644 |
Accrued liabilities and provisions | 11,532,712 | 11,223,358 |
Other liabilities | 3,166,872 | 2,403,148 |
Total non-current liabilities | 130,456,182 | 132,107,004 |
Total liabilities | 180,852,778 | 188,889,342 |
Equity | ||
Subscribed and paid in capital | 25,040,067 | 25,040,067 |
Additional paid-in capital | 6,607,699 | 6,607,699 |
Reserves | 17,922,725 | 8,898,633 |
Other comprehensive income | 12,612,959 | 15,796,719 |
Retained earnings | 14,043,195 | 29,811,809 |
Equity attributable to the Company's shareholders | 76,226,645 | 86,154,927 |
Non-controlling interest | 25,697,990 | 27,748,162 |
Total equity | 101,924,635 | 113,903,089 |
Total liabilities and equity | $ 282,777,413 | $ 302,792,431 |
Interim condensed consolidate_2
Interim condensed consolidated statement of profit or loss - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Interim condensed consolidated statement of profit or loss | ||
Revenue from contracts with customers | $ 108,391,346 | $ 119,898,794 |
Cost of sales | (64,871,173) | (65,458,241) |
Gross profit | 43,520,173 | 54,440,553 |
Administration expenses | (3,360,989) | (2,844,627) |
Operation and project expenses | (3,915,872) | (2,833,523) |
Impairment of non-current assets | (11,125) | (5,516) |
Other operating expenses | (89,688) | (302,671) |
Operating income | 36,142,499 | 48,454,216 |
Financial results | ||
Financial income | 1,784,771 | 887,398 |
Financial expenses | (7,770,455) | (5,875,877) |
Foreign exchange gain (loss) | 1,806,158 | (377,527) |
Financial result | (4,179,526) | (5,366,006) |
Share of profits of associates and joint ventures | 606,332 | 656,680 |
Profit before income tax expense | 32,569,305 | 43,744,890 |
Income tax expense | (11,476,872) | (16,214,065) |
Net profit for the period | 21,092,433 | 27,530,825 |
Net profit attributable to: | ||
Owners of parent | 17,637,678 | 24,770,909 |
Non-controlling interest | 3,454,755 | 2,759,916 |
Net profit | $ 21,092,433 | $ 27,530,825 |
Basic earnings per share (Colombian pesos) | $ 429 | $ 602.5 |
Diluted earnings per share (Colombian pesos) | $ 429 | $ 602.5 |
Interim condensed consolidate_3
Interim condensed consolidated statement of comprehensive income - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Interim condensed consolidated statement of comprehensive income | ||
Net profit for the period | $ 21,092,433 | $ 27,530,825 |
Unrealized gain (loss) on hedges: | ||
Cash flow hedge for future exports | 2,278,515 | (1,594,964) |
Hedge of a net investment in a foreign operation | 4,360,142 | (3,643,730) |
Cash flow hedge with derivative instruments | 125,505 | 41,885 |
Financial instruments measured at fair value | (1,704) | (1,478) |
Foreign currency translation | (13,751,843) | 10,991,556 |
Items that will not be reclassified subsequently to profit or loss (net of tax): | (6,989,385) | 5,793,269 |
Items that will not be reclassified to profit or loss in subsequent periods (net of taxes): | ||
Actuarial (loss) gain | 642,747 | (1,040,172) |
Other comprehensive income that will not to be reclassified to profit or loss in subsequent periods -net of taxes | 642,747 | (1,040,172) |
Other comprehensive income, net of tax | (6,346,638) | 4,753,097 |
Total comprehensive income, net of tax | 14,745,795 | 32,283,922 |
Comprehensive income attributable to: | ||
Owners of the parent | 14,453,919 | 26,947,470 |
Non-controlling interest | 291,876 | 5,336,452 |
Total comprehensive income, net of tax | $ 14,745,795 | $ 32,283,922 |
Interim condensed consolidate_4
Interim condensed consolidated statement of changes in equity - COP ($) $ in Millions | Subscribed and paid-in capital After adoption of new standards IFRS | Subscribed and paid-in capital | Additional paid-in capital After adoption of new standards IFRS | Additional paid-in capital | Reserves After adoption of new standards IFRS | Reserves | 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 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, 2021 | $ 25,040,067 | $ 25,040,067 | $ 6,607,699 | $ 6,607,699 | $ 10,624,229 | $ 10,624,229 | $ 11,357,894 | $ 11,357,894 | $ 42,054 | $ 14,901,712 | $ 14,859,658 | $ 42,054 | $ 68,531,601 | $ 68,489,547 | $ 22,094,225 | $ 22,094,225 | $ 42,054 | $ 90,625,826 | $ 90,583,772 |
Net profit | 24,770,909 | 24,770,909 | 2,759,916 | 27,530,825 | |||||||||||||||
Release of reserves | (5,886,441) | 5,886,441 | |||||||||||||||||
Dividends declared | (6,907,605) | (11,512,675) | (18,420,280) | (1,476,010) | (19,896,290) | ||||||||||||||
Business combination | (238,839) | (238,839) | |||||||||||||||||
Restitution of capital and reserves | (84,822) | (84,822) | |||||||||||||||||
Appropriation of reserves, Legal | 1,669,468 | (1,669,468) | |||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 509,082 | (509,082) | |||||||||||||||||
Appropriation of reserves , Occasional | 8,889,900 | (8,889,900) | |||||||||||||||||
Gain (loss) on hedging instruments: | |||||||||||||||||||
Cash flow hedge for future exports | (1,594,964) | (1,594,964) | (1,594,964) | ||||||||||||||||
Hedge of a net investment in a foreign operation | (3,555,396) | (3,555,396) | (88,334) | (3,643,730) | |||||||||||||||
Cash flow hedge with derivative instruments | 40,815 | 40,815 | 1,070 | 41,885 | |||||||||||||||
Financial instruments measured at fair value | (1,409) | (1,409) | (69) | (1,478) | |||||||||||||||
Foreign currency translation | 8,325,557 | 8,325,557 | 2,665,999 | 10,991,556 | |||||||||||||||
Actuarial gains (loss) | (1,038,042) | (1,038,042) | (2,130) | (1,040,172) | |||||||||||||||
Closing balance at Sep. 30, 2022 | 25,040,067 | 6,607,699 | 8,898,633 | 13,534,455 | 22,977,937 | 77,058,791 | 25,631,006 | 102,689,797 | |||||||||||
Opening balance (Before adoption of new standards IFRS) 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 | |||||||||||
Opening balance at Dec. 31, 2022 | 113,903,089 | ||||||||||||||||||
Net profit | 17,637,678 | 17,637,678 | 3,454,755 | 21,092,433 | |||||||||||||||
Release of reserves | (2,491,377) | 2,491,377 | |||||||||||||||||
Dividends declared | (24,382,200) | (24,382,200) | (2,317,979) | (26,700,179) | |||||||||||||||
Restitution of capital and reserves | (24,070) | (24,070) | |||||||||||||||||
Appropriation of reserves, Legal | 3,340,629 | (3,340,629) | |||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 509,082 | (509,082) | |||||||||||||||||
Appropriation of reserves , Occasional | 7,665,758 | (7,665,758) | |||||||||||||||||
Gain (loss) on hedging instruments: | |||||||||||||||||||
Cash flow hedge for future exports | 2,279,981 | 2,279,981 | (1,466) | 2,278,515 | |||||||||||||||
Hedge of a net investment in a foreign operation | 4,238,853 | 4,238,853 | 121,289 | 4,360,142 | |||||||||||||||
Cash flow hedge with derivative instruments | 96,137 | 96,137 | 29,368 | 125,505 | |||||||||||||||
Financial instruments measured at fair value | (1,704) | (1,704) | (1,704) | ||||||||||||||||
Foreign currency translation | (10,448,473) | (10,448,473) | (3,303,370) | (13,751,843) | |||||||||||||||
Actuarial gains (loss) | 651,446 | 651,446 | (8,699) | 642,747 | |||||||||||||||
Closing balance at Sep. 30, 2023 | $ 25,040,067 | $ 6,607,699 | $ 17,922,725 | $ 12,612,959 | $ 14,043,195 | $ 76,226,645 | $ 25,697,990 | $ 101,924,635 |
Interim condensed consolidate_5
Interim condensed consolidated statement of cash flows - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows provided by operating activities: | ||
Net profit for the period | $ 21,092,433 | $ 27,530,825 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Income taxes | 11,476,872 | 16,214,065 |
Depreciation, depletion, and amortization | 10,063,244 | 8,756,826 |
Foreign exchange (gain) loss | (1,806,158) | 377,527 |
Finance cost of loans and borrowings | 5,151,076 | 3,886,375 |
Finance cost of post-employment benefits and abandonment costs | 1,657,833 | 1,559,080 |
Disposal of exploratory assets and dry wells | 975,965 | 436,980 |
(Gain) loss on sale or disposal of non-current assets | (255,104) | 299,059 |
Impairment of non-current assets | 11,125 | 5,516 |
Impairment of current assets | 59,468 | 46,434 |
Gain on fair value of financial assets | (165,399) | (179,547) |
Gain on hedging transactions with derivatives | 2,248 | 32,037 |
Share of profit of associates and joint ventures | (606,332) | (656,680) |
Loss (gain) on disposal of assets held for sale | 13,792 | (266,339) |
Loss (gain) on hedge ineffectiveness | 18,998 | (949) |
Realized loss on foreign exchange cash flow hedges | 480,232 | 576,875 |
Provision expenses | 402,512 | 346,988 |
Net change in operational assets and liabilities: | ||
Trade and other receivables | (20,338,325) | (21,799,875) |
Inventories | (89,044) | (1,883,511) |
Trade and other payables | (1,237,154) | (526,781) |
Tax assets and liabilities | (6,713,428) | (1,675,196) |
Provisions for employee benefits | (394,202) | (244,825) |
Provisions and contingencies | (881,130) | (563,492) |
Other assets and liabilities | 53,076 | (389,978) |
Cash flows from (used in) operations | 18,972,598 | 31,881,414 |
Income tax paid | (9,573,747) | (7,006,077) |
Net cash provided by operating activities | 9,398,851 | 24,875,337 |
Cash flow from investing activities: | ||
Investment in joint ventures | 0 | (209,658) |
Investment in property, plant, and equipment | (6,091,965) | (5,259,905) |
Investment in natural and environmental resources | (10,298,102) | (7,472,555) |
Acquisitions of intangibles | (476,413) | (701,997) |
Proceeds from the sale of other financial assets | 1,003,102 | 393,099 |
Interests received | 1,378,145 | 612,914 |
Dividends received | 276,362 | 1,179,338 |
Proceeds from sales of non-current assets | 751,171 | 402,373 |
Net cash used in investment activities | (13,457,700) | (11,056,391) |
Cash flow provided (used) in financing activities: | ||
Proceeds obtained from loans and borrowings | 28,862,692 | 10,458,560 |
Payments of loans and borrowings | (18,196,512) | (11,614,789) |
Interest payments | (4,728,230) | (3,648,611) |
Lease payments (principal and interests) | (380,888) | (311,696) |
Capital restitution | (24,070) | (14,825) |
Dividends paid | (3,859,661) | (11,186,951) |
Net cash used in financing activities | 1,673,331 | (16,318,312) |
Exchange difference in cash and cash equivalents | (944,796) | 867,208 |
Net decrease in cash and cash equivalents | (3,330,314) | (1,632,158) |
Cash and cash equivalent at the beginning of the period | 15,401,058 | 14,549,906 |
Cash and cash equivalent at the end of the period | $ 12,070,744 | $ 12,917,748 |
Reporting entity
Reporting entity | 9 Months Ended |
Sep. 30, 2023 | |
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 dedicated to commercial or 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 of presentation
Basis of presentation | 9 Months Ended |
Sep. 30, 2023 | |
Basis of presentation | |
Basis of presentation | 2. Basis of presentation 2.1 Statement of compliance and authorization of financial statements The financial information contained in this report has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements are unaudited and in the management opinion, include all necessary adjustments for a fair presentation of the results of each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and notes for the year ended 31 December 2022 included in Form 20-F 2022. Ecopetrol Business Group prepares its consolidated financial statements included within Form 20-F based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in Form 20-F 2023 which are the same as those used in the previous year. These interim condensed consolidated financial statements were approved by the Company’s Ecopetrol Board of Directors on December 15, 2023. 2.2 The interim condensed consolidated financial statements were prepared by consolidating all the subsidiary companies described in Exhibits 1 and 2, in which Ecopetrol exercises, directly or indirectly, control, according to IFRS 10.5 and 10.7. Subsidiaries are consolidated from the date control is obtained until the date control ceases. All intercompany assets and liabilities, equity, income, expenses, and cash flows related to transactions between Group companies were eliminated in consolidation. Unrealized profits and losses are also eliminated. Non-controlling interest represents the portion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders. The interim condensed consolidated financial statements were prepared on the basis that it will continue to operate as a going concern. All business combinations are recognized using the acquisition method. The following were the changes in the Group: 2023 - On March 17, 2023, the Company concluded with process of establishing a new company called Econova Technology & Innovation, S.L., domiciled in Spain, was concluded. Its main corporate purpose is related to science, technology, and innovation (CT+i) activities. Ecopetrol S.A. is the direct owner of 100% of the capital shares, subscribed according to the regulatory requirements in Spain. - Concentra Inteligencia en Energía S.A.S is in the liquidation process in accordance with the decision made at the Concentra General Shareholders’ Meeting. 2.3 For presentation purposes, the Ecopetrol Business Group reclassified some items in the comparative figures as of September 30, 2022. They had no impact on the items of the statement of financial position, profits and losses, comprehensive income, and changes in equity. The reclassifications are presented in the statement of cash flows, note 28 - Financial results and note 31.2 - Revenue from contract with customers. |
Material accounting judgments a
Material accounting judgments and estimates | 9 Months Ended |
Sep. 30, 2023 | |
Material accounting judgments and estimates | |
Material accounting judgments and estimates | 3. Material accounting judgments and estimates The preparation of the consolidated financial statements requires that the Company’s Management make judgments, estimates and assumptions to quantify some of the assets, liabilities, income, expenses, and commitments recognized in the consolidated financial statements and their disclosures. These estimates have been made based on the best information available on the facts analyzed, management experience and other factors at the date of preparation of the financial statements. Uncertainty about assumptions and estimates could result in future material changes affecting the value of assets or liabilities. Changes in these estimates are recognized prospectively in the period in which they are reviewed. As of the date of this report, there have been no changes in the material accounting estimates and judgments used in the preparation of the financial statements as of December 31, 2022. |
Accounting policies
Accounting policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting policies | |
Accounting policies | 4. Accounting policies The Group’s main accounting policies are described in the consolidated financial statements as of December 31, 2022, and for the year then ended, and they have been applied consistently for the period comprising these interim condensed consolidated financial statements, except for the adoption of new standards effective as of January 1, 2022. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annuals, and therefore should be read in conjunction with the consolidated financial statements as of December 31, 2022. |
New standards
New standards | 9 Months Ended |
Sep. 30, 2023 | |
New standards | |
New standards | 5. New standards 5.1 New standards adopted by the Group, effective as of January 1, 2023 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 is effective since January 1, 2023. In addition, on October 31, 2022, IASB issued an amendment on non-current liabilities with agreed conditions and modified the effective date to January 1, 2024. ● 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 are intended to replace the reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, by the reference to the Conceptual Framework for Financial Information, issued in March 2018, without significantly changing its requirements. 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. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets are not affected by the replace of Framework in the presentation of Financial Statements. ● 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. ● IAS 12 Amendment: The IASB issued the amendment in May 2023, which provides to the companies a temporary exemption from accounting of deferred taxes arising from the international tax reform of the Organization for Economic Co-operation and Development (OECD), which published the rules to ensure that large multinational companies would be subject to a minimum tax rate of 15% . This amendment is in process of analyzing its impacts within the Company. ● 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. ● Amendment IAS 7 - Cash Flow Statement and IFRS 7 - Financial instruments: Disclosures. The IASB issued the amendment on disclosure requirements to improve the transparency of suppliers financing arrangements and their effects on a company’s liabilities, cash flows and liquidity risk exposure. The Amendment applies to annual periods beginning on January 1, 2024. ● Amendment IAS 21 - Effects of Variations in Foreign Currency Exchange Rates. The Amendment establishes criteria that allows assessing whether a currency is interchangeable and knowing when it is not. Thus, it will be possible to determine the exchange rate to be used and the disclosures to be provided. The Amendment applies to annual periods beginning on January 1, 2025. 5.2 New standards issued but not yet adopted. 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 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. 5.3 New standards issued by the ISSB that with effect in future periods. The International Sustainability Standards Committee, in September 2023 issued the first international sustainability and climate standards: IFRS S1 General Requirements for the Information to be Disclosed on Sustainability related to Financial Information and IFRS S2 Weather-related Disclosures. The purpose of these standards is for entities to disclose information about their risks and opportunities related to sustainability and climate that is useful to the primary users of financial information for decision-making. An entity will apply these standards for reports for annual periods beginning on or after January 1, 2024. The Ecopetrol Business Group is currently assessing the corresponding regulations and the methodology for their implementation. Ecopetrol Business Group is constantly monitoring changes in local accounting regulations to assess the possible impacts that the new standards issued by the international organization may generate in their adoption in Colombia. |
Cash and cash equivalents
Cash and cash equivalents | 9 Months Ended |
Sep. 30, 2023 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 6. Cash and cash equivalents September 30, December 31, 2023 2022 (Unaudited) Banks and corporations 7,151,034 9,491,029 Short–term investments 4,918,167 5,907,785 Cash 1,543 2,244 12,070,744 15,401,058 As of September 30, 2023, the balance of cash and cash equivalents includes $1,844,980 ($2,067,279 as of December 31, 2022) of restricted cash in: a) Interconexión Eléctrica S.A. E.S.P. for $1,767,893 ($1,987,409 as of December 31, 2022), b) Oleoducto Bicentenario for $76,205 ($79,870 as of December 31, 2022), and c) other companies for $882, to be used in the next 12 months, exclusively to guarantee debt service (payment of principal and interest). The fair value of cash and equivalents is close to 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 an insignificant risk of changes in value. |
Trade and other receivables
Trade and other receivables | 9 Months Ended |
Sep. 30, 2023 | |
Trade and other receivables | |
Trade and other receivables | 7. Trade and other receivables September 30, December 31, 2023 2022 (Unaudited) Current Fuel Price stabilization fund (1) 25,692,997 26,296,870 Concessions (2) 4,495,993 5,194,909 Customers Domestic 2,788,212 3,268,944 Foreign 3,528,244 3,065,207 Related parties (Note 30) 152,562 110,408 Accounts receivable from employees 89,639 115,922 Industrial services 55,797 70,762 Other 777,229 1,101,977 37,580,673 39,224,999 Non–current Concessions (2) 26,533,437 28,647,390 Customers Foreign 184,965 185,331 Domestic 72,001 72,985 Accounts receivable from employees 581,185 498,415 Related parties (Note 30) 130,306 335 Other (3) 2,554,429 2,750,749 30,056,323 32,155,205 (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). As of September 2023, Ecopetrol S.A. offset this account receivable by $16,415,907 (2022: $6,788,385 ) with the dividends payable to the Ministry of Finance and Public Credit. This transaction was treated as a non-cash transaction for the purpose of the cash flow statement. (2) Includes concessions and roads. Corresponds to accounts receivable for concessions acquired for public electric power transportation services and for public road transportation service. (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 Ecopetrol Business Group for transportation systems. The gross value of these accounts receivable is $2,291,892 (2022: $2,481,530 ) and the provision for expected losses established, included in the provision line for expected credit losses, is $417,920 (2022: $475,936 ), for a net book value of $1,873,972 (2022: $2,005,594 ). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its financial statements. The book value of trade accounts and other accounts receivable approximates their fair value. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventories | |
Inventories | 8 . Inventories September 30, December 31, 2023 2022 (Unaudited) Crude oil (1) 5,354,131 5,971,109 Fuels and petrochemicals (2) 3,073,856 3,241,154 Materials for goods production 2,928,486 2,667,771 11,356,473 11,880,034 (1) The variation mainly corresponds to a higher level of deliveries of inventories in transit. (2) The variation mainly corresponds to the lower level of imported products due to better operations in refineries, which decrease the weighted valuation. |
Other financial assets
Other financial assets | 9 Months Ended |
Sep. 30, 2023 | |
Other financial assets | |
Other financial assets | 9 . Other financial assets September 30, December 31, 2023 2022 (Unaudited) Assets measured at fair value Investment portfolio – Foreign currency 1,283,780 1,056,385 Investments in equity securities and trust funds (1) 497,392 875,335 Hedging instruments (2) 155,053 311 Investment portfolio – Local currency 46,173 761,687 Assets measured at fair value through other comprehensive income 3,652 3,583 1,986,050 2,697,301 Assets measured at amortized cost (3) 157,465 28,570 2,143,515 2,725,871 Current 1,752,234 1,162,127 Non–current 391,281 1,563,744 2,143,515 2,725,871 (1) Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia. (2) Corresponds to swap and forward contracts to hedge commodity price risk in Ecopetrol S.A. and Interconexión Eléctrica S.A. E.S.P. (3) Includes investments with maturities greater than 90 days, in Chile and Colombia. The measurement at fair value is recognized in financial results (Note 29). Restrictions As of September 30, 2023 and December 31, 2022, there were restricted funds of $199,435 and $328,283 respectively, which have a specific destination, mainly i) in ISA Interchile for acquired obligations in the issuance of the 144th Reg. S Bond that establishes certain restrictions and limitations on the use of resources with the purpose of guaranteeing the payment of interest and capital and ii) in projects in Brazil, Peru and Colombia. Fair value The following is the classification of other financial assets recognized at fair value, corresponding to the investment portfolio: September 30, December 31, 2023 2022 (Unaudited) Level 1 1,488,344 1,892,486 Level 2 497,706 804,815 1,986,050 2,697,301 There were no transfers between hierarchy levels during the periods. |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Taxes | |
Taxes | 10. Taxes Income taxes The Group calculates the income tax expense using the effective tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim consolidated statement of profit or loss are: Nine-month period ended September 30, 2023 2022 (Unaudited) Current income tax expense 10,378,745 13,586,947 Deferred income tax expense 1,025,705 2,613,356 Adjustments to prior years’ current and deferred tax 72,422 13,762 Income tax expense 11,476,872 16,214,065 The effective tax rate for the nine-month period ended September 30, 2023, stood at 35.2%, while for the corresponding period in 2022, it was 37.1%. As of September 30, for both 2023, and 2022, the nominal income tax rate was set at 35%. The 1.9% decrease in the effective tax rate during the indicated period is mainly due to: (i) the best results obtained by Group companies whose nominal income tax rate is less than 35% and (ii) the effects of the exchange rate movements on Colombian companies such as Refinería de Cartagena and Ocensa, which use the U.S. dollar as their functional currency; among others. On December 2022, Tax reform Law 2277 established the deductibility of oil royalties paid to the Colombian Government for the exploitation of non-renewable resources is restricted, regardless of the denomination of the payment. On November 16, 2023, the Constitutional Court of Colombia delivered judgment C-489 of 2023; this ruling deemed the non-deductibility of royalties in income tax (measure featured in the most recent tax reform) as unenforceable. The repercussions of this verdict have been factored into in these financial statements. In December 2023, both the Ministry of Mines and Energy and the Ministry of Finance and Public Credit, respectively, submitted requests concerning the fiscal impact incidence and nullity related to the Constitutional Court’s ruling C-489 of 2023. As of now, there has been no ruling the Court regarding these requests. |
Other assets
Other assets | 9 Months Ended |
Sep. 30, 2023 | |
Other assets | |
Other assets | 11. Other assets September 30, December 31, 2023 2022 (Unaudited) Current Partners in joint operations 973,170 871,409 Advanced payments to contractors and suppliers 948,594 679,829 Prepaid expenses 769,865 693,341 Trust funds 452,370 507,163 Related parties (Note 30) 108 1,087 Other 25,657 25,651 3,169,764 2,778,480 Non-current Wells abandonment and pension funds 619,324 568,066 Trust funds 349,638 184,464 Employee benefits 290,538 342,143 Advanced payments and deposits 75,602 87,684 Judicial deposits and judicial attachments 50,913 54,776 Other 234,578 216,214 1,620,593 1,453,347 |
Investments in associates and j
Investments in associates and joint ventures | 9 Months Ended |
Sep. 30, 2023 | |
Investments in associates and joint ventures | |
Investments in associates and joint ventures | 12. Investments in associates and joint ventures 12.1 September 30, December 31, 2023 2022 (Unaudited) Joint ventures Interligação Elétrica do Madeira S.A. 1,769,645 1,871,142 Transmissora Aliança de Energia Elétrica S.A. 1,570,643 1,830,504 Equion Energía Limited 1,059,231 1,191,154 Interligação Elétrica Paraguaçu S.A. 559,119 614,112 Interligação Elétrica Garanhuns S.A. 518,794 571,328 Interligação Elétrica Ivaí S.A. 471,951 469,176 Interligação Elétrica Aimorés S.A. 355,693 411,495 Conexión Kimal Lo Aguirre S.A. (1) 149,927 169,230 Ecodiesel Colombia S.A. 78,546 54,614 Transnexa S.A. E.M.A. 8,545 8,545 Interconexión Eléctrica Colombia Panamá S.A. 8,026 20,516 Derivex S.A. 188 439 Parques de Rio 75 83 Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. 4 4 6,550,387 7,212,342 Less impairment: Equion Energía Limited (400,196) (400,196) Transnexa S.A. E.M.A. (8,545) (8,545) 6,141,646 6,803,601 Associates Gases del Caribe S.A. E.S.P. 1,489,223 1,495,341 ATP Tower Holdings 766,753 913,218 Gas Natural del Oriente S.A. E.S.P. 150,394 148,254 Gases de la Guajira S.A. E.S.P. 69,232 69,376 E2 Energía Eficiente S.A. E.S.P. 34,180 34,944 Extrucol S.A. 28,680 27,680 Serviport S.A. 9,399 9,399 Sociedad Portuaria Olefinas 4,930 4,186 2,552,791 2,702,398 Less impairment: Serviport S.A. (9,399) (9,399) 2,543,392 2,692,999 8,685,038 9,496,600 The movement of investments in associates and joint ventures for the period ended September 30, 2023, is as follows: Associates Join ventures Total Balance as of December 31, 2022 2,692,999 6,803,601 9,496,600 Equity method recognized in: Profit or loss 154,080 452,252 606,332 Equity (125,139) (1,021,046) (1,146,185) Dividends declared (178,548) (93,161) (271,709) Balance as of September 30, 2023 (Unaudited) 2,543,392 6,141,646 8,685,038 |
Property, plant, and equipment
Property, plant, and equipment | 9 Months Ended |
Sep. 30, 2023 | |
Property, plant, and equipment | |
Property, plant, and equipment | 13. Property, plant, and equipment The movement of property, plant and equipment for the period ended September 30, 2023, with its corresponding depreciation and impairment, is as follows: Pipelines, Plant and networks, and Work in equipment lines progress Buildings Lands Other Total Cost Balance as of December 31, 2022 62,763,108 60,287,507 13,432,616 15,354,065 5,199,069 3,225,279 160,261,644 Additions/capitalizations (1) 1,417,220 1,362,963 2,972,969 205,978 3,034 129,801 6,091,965 Abandonment cost update (Note 22) — (23,365) — — — — (23,365) Capitalized financial interests (2) 71,725 57,252 69,081 9,171 97 7,023 214,349 Exchange differences capitalized 94 75 136 12 — 9 326 Disposals (387,574) (115,248) (2,762) (9,332) (256) (38,419) (553,591) Foreign currency translation (6,008,008) (3,366,305) (166,407) (1,362,125) (358,511) (203,094) (11,464,450) Reclassifications/transfers (1,577,274) 457,158 (987,669) 2,207,724 (69) (7,651) 92,219 Balance as of September 30, 2023 (Unaudited) 56,279,291 58,660,037 15,317,964 16,405,493 4,843,364 3,112,948 154,619,097 Accumulated depreciation and impairment losses Balance as of December 31, 2022 (27,439,631) (22,870,247) (1,418,040) (6,230,154) (53,515) (1,252,559) (59,264,146) Depreciation expense (2,202,381) (1,713,438) — (459,449) — (117,954) (4,493,222) Impairment loss (Note 17) (6,835) (635) — (1,868) — — (9,338) Disposals 368,450 105,806 — 7,935 39 21,576 503,806 Foreign currency translation 2,228,054 1,283,629 1,706 515,661 6,058 118,927 4,154,035 Reclassifications/transfers 865,102 (85,436) 47,220 (904,480) — 4,704 (72,890) Balance as of September 30, 2023 (Unaudited) (26,187,241) (23,280,321) (1,369,114) (7,072,355) (47,418) (1,225,306) (59,181,755) Balance as of December 31, 2022 35,323,477 37,417,260 12,014,576 9,123,911 5,145,554 1,972,720 100,997,498 Balance as of September 30, 2023 (Unaudited) 30,092,050 35,379,716 13,948,850 9,333,138 4,795,946 1,887,642 95,437,342 (1) Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Castilla, Chichimene, and Rubiales fields, and Barrancabermeja Refinery ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, UPME 07–2017 Sabanalarga – Bolívar 500 Kv, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, and asset optimization plan. (2) Financial interest is capitalized based on the weighted average rate of loan costs. |
Natural and environmental resou
Natural and environmental resources | 9 Months Ended |
Sep. 30, 2023 | |
Natural and environmental resources. | |
Natural and environmental resources | 14. Natural and environmental resources The movement of natural and environmental resources for the period ended September 30, 2023, with their corresponding depletions, calculated based on production units, and impairment, is as follows: Oil and gas Assets retirement Exploration and investments obligations evaluation Total Cost Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Additions/capitalizations (1) 7,310,327 14,473 2,973,302 10,298,102 Abandonment cost update (Note 22) — 118,376 (422) 117,954 Disposals (501,700) — — (501,700) Disposals of exploratory assets and dry wells (2) — — (975,965) (975,965) Capitalized financial interests (3) 190,333 — 66,939 257,272 Exchange differences capitalized 250 — 87 337 Foreign currency translation (4,535,675) (161,889) (713,119) (5,410,683) Reclassifications/transfers (1,177) (16,999) (112,418) (130,594) Balance as of September 30, 2023 (Unaudited) 90,800,829 7,058,864 11,718,429 109,578,122 Accumulated amortization Balance as of December 31, 2022 (58,382,473) (5,088,086) (129,230) (63,599,789) Amortization expense (4,376,364) (280,361) — (4,656,725) Disposals 78,507 — — 78,507 Foreign currency translation 2,408,370 87,900 — 2,496,270 Reclassifications/transfers 64,467 — 25,080 89,547 Balance as of September 30, 2023 (Unaudited) (60,207,493) (5,280,547) (104,150) (65,592,190) Balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 Balance as of September 30, 2023 (Unaudited) 30,593,336 1,778,317 11,614,279 43,985,932 (1) Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in RODEO, b) Ecopetrol S.A. by Caño Sur, Castilla, Chichimene, Floreña, Rubiales, c) Hocol S.A. mainly in projects for the blocks Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSJN-1, VIM 8, and d) Ecopetrol America Inc. mainly in Gunflint, Dalmatian, and K2. (2) Includes: Ecopetrol S.A. the dry wells Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú, and b) Hocol S.A mainly unsuccessful wells Lla-87-2 A3 (Koala), Lla-87-3 A3 (Picabuey), LLan- 124 (Cucarachero), Yd-SN1 well Yoda B, and exploratory expenses in: Lla-104, SSJN1, VIM8. (3) Financial interest is capitalized based on the weighted average rate of loan costs. |
Right-of-use assets
Right-of-use assets | 9 Months Ended |
Sep. 30, 2023 | |
Right-of-use assets. | |
Right-of-use assets | 15. Right-of-use assets The movement of right-of-use assets and lease liabilities for the period ended September 30, 2023, is as follows: Right-of-use assets Right-of- Lease Lands and Plant and use liabilities Pipelines buildings equipment Vehicles assets (Note 19.1) Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 Additions 13,533 59,173 107,737 49,619 230,062 230,062 Amortization of the period (19,419) (47,893) (60,972) (100,769) (229,053) — Remeasurements (1) 971 33,823 18,680 10,883 64,357 91,237 Disposals (10,435) (13,007) (3,026) (111) (26,579) (47,547) Finance cost — — — — — 84,809 Payment of capital — — — — — (319,781) Payment of interests — — — — — (61,107) Transfers — 80 — 1,951 2,031 18,835 Exchange difference and translation (7,448) (48,018) (9,862) (14,222) (79,550) (60,828) Balance as of September 30, 2023 (Unaudited) 73,436 228,216 172,091 115,338 589,081 1,148,026 (1) Corresponds mainly to updating rates and conditions in lease contracts . |
Intangible assets
Intangible assets | 9 Months Ended |
Sep. 30, 2023 | |
Intangible assets | |
Intangible assets | 16. Intangible assets The movement of intangibles assets for the period ended September 30, 2023, with their corresponding amortizations, is as follows: Licenses and Other Concessions software intangibles and rights Easements (1) Total Cost Balance as of December 31, 2022 1,512,614 1,282,751 17,568,081 1,637,445 22,000,891 Additions 143,933 5,370 312,969 14,141 476,413 Disposals (14,496) — — (500) (14,996) Foreign currency translation (71,146) (216,913) (3,254,069) (86,880) (3,629,008) Transfers 23,776 (2,185) 81,746 15,402 118,739 Balance as of September 30, 2023 (Unaudited) 1,594,681 1,069,023 14,708,727 1,579,608 18,952,039 Accumulated amortization Balance as of December 31, 2022 (884,160) (446,646) (2,394,082) (129,398) (3,854,286) Amortization of the period (135,437) (19,317) (523,927) (5,563) (684,244) Disposals 13,730 — — (104) 13,626 Foreign currency translation 50,966 141,315 936,848 3,897 1,133,026 Transfers 141 34 — (175) — Balance as of September 30, 2023 (Unaudited) (954,760) (324,614) (1,981,161) (131,343) (3,391,878) Balance as of December 31, 2022 628,454 836,105 15,173,999 1,508,047 18,146,605 Balance as of September 30, 2023 (Unaudited) 639,921 744,409 12,727,566 1,448,265 15,560,161 (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. |
Impairment of non-current asset
Impairment of non-current assets | 9 Months Ended |
Sep. 30, 2023 | |
Impairment of non-current assets | |
Impairment of non-current assets | 17. Impairment of non-current assets As of September 30, 2023, the Company did not identify impairment indicators that the book value of its assets exceeds its recoverable value, considering the market conditions, the international prices and indicators of crude oil and products and the geopolitical context. However, there are immaterial impairment charges associated to specific projects for $9,338 in Refinería de Cartagena S.A.S., in other assets for $1,758 in Interconexión Eléctrica S.A. E.S.P., and for $29 in Invercolsa. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill | |
Goodwill | 18. Goodwill September 30, December 31, 2023 2022 (Unaudited) Interconexión Eléctrica S.A. E.S.P. 3,370,441 3,755,835 Oleoducto Central S.A. 683,496 683,496 Hocol Petroleum Ltd 537,598 537,598 Invercolsa S.A. 434,357 434,357 Andean Chemical Limited 127,812 127,812 Esenttia S.A. 108,137 108,137 5,261,841 5,647,235 Less Impairment Hocol Petroleum Ltd (297,121) (297,121) Total 4,964,720 5,350,114 |
Loans and borrowings
Loans and borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Loans and borrowings | |
Loans and borrowings | 19. Loans and borrowings 19.1 Interest rate* September 30, December 31, 2023 2022 2023 2022 (Unaudited) Local currency Bonds 9.4 % 9.8 % 4,833,891 4,965,653 Syndicate and commercial loans (1) 10.8 % 11.5 % 3,377,210 2,171,462 Lease liabilities (2) 8.4 % 8.0 % 905,165 844,734 9,116,266 7,981,849 Foreign currency Bonds (3) 6.5 % 6.0 % 77,342,221 82,432,647 Commercial and syndicate loans (4) 7.4 % 4.6 % 22,312,308 23,537,675 Loans from related parties (Nota 30) 6.0 % 5.9 % 715,020 815,056 Lease liabilities (2) 6.0 % 6.0 % 242,861 367,612 100,612,410 107,152,990 109,728,676 115,134,839 Current 17,616,493 22,198,583 Non–current 92,112,183 92,936,256 109,728,676 115,134,839 * Weighted average effective interest rate for the end of each period. (1) Corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. in Ecopetrol SA. with IBR 6M rate + 4.9% and maturity September 2028. (2) Corresponds to the present value of the payments to be made during the term of the operating lease contracts for pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 - Leases. See Note 16 (Note 15). (3) The variation is mainly due to the revaluation of the Colombian peso in $756.44 pesos by dollar and the repurchase of international bonds with maturity date September 2023 and coupon rate of 5.875% for USD $978 million in Ecopetrol S.A. This effect is partially offset by the issuance in January 2023 of USD $2,000 million with maturity date January 2033 and coupon rate of 8.875% . (4) It includes an acquisition of syndicated loan in September 2023, for $800 MUSD with international banks. During 2023, loans for $28,862,692 were acquired mainly in Ecopetrol S.A. for $25,864,960 and Interconexión Eléctrica S.A. E.S.P. for $2,841,311. According to the strategy of Ecopetrol Business Group in the integral management of loans and borrowings and their maturities, during 2023, payments for $18,196,512 were made mainly in Ecopetrol S.A. for $15,698,111, including the repurchase of bonds and commercial credits, Interconexión Eléctrica S.A. E.S.P. for $1,780,143, and Ocensa S.A. for $454,009. 19 .2 Fair value The fair value of the financial obligations is $105,362,612 y $106,509,947 as of September 30, 2023 (unaudited) and December 31, 2022, respectively. 19 .3 The following is the maturity profile of loans and borrowings as of September 30, 2023: Up to 1 year 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 781,760 1,324,238 1,148,399 1,579,494 4,833,891 Syndicate and commercial loans 777,934 1,191,542 336,703 1,071,031 3,377,210 Lease liabilities 193,845 544,264 165,517 1,539 905,165 1,753,539 3,060,044 1,650,619 2,652,064 9,116,266 Foreign currency Bonds 5,767,419 25,214,129 28,822,440 17,538,233 77,342,221 Syndicate and commercial loans 9,289,437 10,921,672 1,431,243 669,956 22,312,308 Loans from related parties 715,020 — — — 715,020 Lease liabilities 91,078 129,272 22,511 — 242,861 15,862,954 36,265,073 30,276,194 18,208,189 100,612,410 Balance as of September 30, 2023 (Unaudited) 17,616,493 39,325,117 31,926,813 20,860,253 109,728,676 19.4 Loans designated as hedging instrument As of September 30, 2023 (unaudited), Ecopetrol has designated USD$16,563 million of debt in foreign currency as a hedging instrument; of which, USD$10,298 million correspond to the hedge of investments in companies with dollar functional currency and USD$6,265 million to the cash flow hedge for future crude oil exports. See Notes 29.3 and 29.4. 19.5 As of September 30, 2023 (unaudited), the total value of the current guarantees provided by Interconexión Eléctrica S.A. E.S.P. and its companies, within the framework of the definition of paragraph 14 of IFRS 7, used to support growth in its different business units and ensure strategic commercial and operational viability amount to $20,919,981, mainly in: a) Chile for $15,095,532 in ISA Intervial, Ruta de la Araucaria, Ruta del Maipo, Ruta del Loa, Ruta de los Ríos, and ISA Interchile, b) Brazil in ISA CTEEP for $3,145,449, and c) Colombia in Ruta Costera for $2,679,000. 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. From December 31, 2022 to the reporting date, there have only been changes in the covenants of CTEEP and its subsidiaries, which have financing contracts with covenants calculated based on indebtedness ratios. Ecopetrol USA and its companies have commitments (covenants) related to the delivery of periodic financial information and compliance with the obligations arising from a volumetric prepayment agreement with a third party. In addition, Ecopetrol Permian LLC is guaranteed by Ecopetrol USA Inc., and it is required to maintain an established debt/Ebitda leverage and solvency ratio of 2:1, to transfer funds to the holding company. |
Trade and other payables
Trade and other payables | 9 Months Ended |
Sep. 30, 2023 | |
Trade and other payables | |
Trade and other payables | 20 . Trade and other payables September 30, December 31, 2023 2022 (Unaudited) Current Suppliers 12,030,080 15,034,677 Dividends payable (1) 6,742,487 392,346 Withholding tax 2,109,316 1,896,128 Partner’s advances 1,544,411 1,164,197 Insurance and reinsurance 463,772 330,363 Deposits received from third parties 186,902 162,338 Related parties (Note 30) 59,547 67,879 Hedging operations 7,293 4,311 Agreements in transport contracts 48,298 115,526 Various creditors 574,650 769,939 23,766,756 19,937,704 Non-current Suppliers 31,325 28,425 Deposits received from third parties 391 331 Various creditors 15,331 28,300 47,047 57,056 (1) Corresponds mainly to dividends payable by Ecopetrol S.A. for $6,098,606 (2022: $3,667 ), Interconexión Eléctrica S.A. $479,668 (2022: $366,999 ), Inversiones de Gases de Colombia S.A. $110,997 (2022: $21,680 ), and Oleoducto Central S.A. $53,216 . The book values of trade accounts and other accounts payable approximate their fair values due to the short-term nature of these accounts. |
Provisions for employees' benef
Provisions for employees' benefits | 9 Months Ended |
Sep. 30, 2023 | |
Provisions for employees' benefits | |
Provisions for employees' benefits | 21. Provisions for employees’ benefits September 30, December 31, 2023 2022 (Unaudited) Post-employment benefits Health 8,461,041 8,140,648 Pension 1,226,186 2,073,562 Education 396,650 405,769 Bonds 354,675 399,114 Other plans 80,695 115,136 Termination benefits - Voluntary retirement plan 668,901 772,133 11,188,148 11,906,362 Social benefits and salaries 1,045,654 970,598 Other long-term benefits 87,352 88,279 12,321,154 12,965,239 Current 2,822,786 2,753,697 Non-current 9,498,368 10,211,542 12,321,154 12,965,239 21.1 The assets of the plan are represented by the resources delivered to the Autonomous Pension Funds for the payment of the pension liability of the obligations for pension and pension bonds; what concerns health and education oversees Ecopetrol S.A. and XM (Ecopetrol S.A. is in charge of health and education matters). The destination of the resources of the autonomous patrimonies, as well as their yields, cannot be changed or returned to the Group until all the obligations are fulfilled. Plan asset balance is $11,387,736 and $10,398,810 as of September 30, 2023 (unaudited) and December 31, 2022, respectively. 53,28% |
Accrued liabilities and provisi
Accrued liabilities and provisions | 9 Months Ended |
Sep. 30, 2023 | |
Accrued liabilities and provisions | |
Accrued liabilities and provisions | 22. Accrued liabilities and provisions Abandonment Environmental and dismantling contingencies costs Litigations and others Total Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Abandonment cost update 94,589 — — 94,589 Additions and (recoveries) (1) (26,094) 10,598 418,009 402,513 Uses (2) (437,664) (772,390) (228,589) (1,438,643) Financial cost 356,336 7,273 17,197 380,806 Financial interest — 559,609 70,292 629,901 Foreign currency translation (176,860) (62,271) (105,435) (344,566) Transfers — (22,245) 117,205 94,960 Balance as of September 30, 2023 (Unaudited) 9,816,335 618,825 2,140,894 12,576,054 Current 535,575 97,249 410,518 1,043,342 Non-current 9,280,760 521,576 1,730,376 11,532,712 9,816,335 618,825 2,140,894 12,576,054 (1) Mainly includes the recognition of provisions related to potential liabilities, various, and mandatory environmental provision in Ecopetrol S.A. (2) Mainly includes uses originating from judgments against Ecopetrol S.A. related to public works contributions. The recognition applied Law 2277 of 2022, with which a benefit was obtained by reducing 50% the interest to be paid to the tax authority. 22.1 Refinería de Cartagena S.A.S 1. Court of arbitration On September 7, 2023, Refinería de Cartagena S.A.S. was notified of the decision of the international Arbitral Tribunal that resolved the lawsuit filed by the Company against Chicago Bridge & Iron Company N.V., CB&I UK Limited Ltd. and CBI Colombiana S.A. (CB&I), in face of the International Chamber of Commerce, in relation to the engineering, procurement and construction contract for the expansion and modernization of the Refinería de Cartagena. The Arbitration Court ordered CB&I to pay approximately $1,000 USD million plus interest to Refinería de Cartagena. Similarly, the Arbitral Tribunal dismissed CB&I’s claims for close to $400 million USD. Chicago Bridge & Iron Company N.V. and CB&I UK Limited applied for the annulment of the award on September 8, 2023. On August 4, 2023, Refinería de Cartagena answered to the annulment request and, in addition, requested its confirmation. The Arbitral Tribunal decision is binding on the parties and, as part of the legal process, it must be confirmed by the Court for the Southern District of New York. On September 8, 2023, McDermott International, parent company and controlling company of CB&I, reported that it will initiate financial restructuring procedures for its subsidiaries in the United Kingdom and the Netherlands, CB&I UK Limited and Chicago Bridge & Iron Company N.V. respectively, considering the imposed order by an international arbitration court of the International Chamber of Commerce against them. The Company, advised by a global team of lawyers and experts, became an active part of the business reorganization processes in said countries to defend its own interests. Refinería de Cartagena S.A.S., advised by a global team of lawyers and experts in the field, became an active part of the business reorganization processes in said countries to defend its interests. Due there are still certain legal matters still under dispute, as of September 30, 2023, the Company has not recognized any effects arising of the aforementioned notification but will continue monitoring the updates. 2. Investigations of control entities Office of the Comptroller General: PRF-80011-2018-33300 In the week of February 20 to 24, 2023, the CGR executed a special visit to Refinería de Cartagena facilities, with the purpose of “(...) establishing whether or not there is fiscal responsibility of the alleged perpetrators involved in it, regarding the harmful events generated by expenses operated between the month of September 2015 to the year 2018, with respect to which there is no record of the concept thereof, in the amount of $9,240,927 USD; and for the amount of $268.71 million USD, an amount that was approved and disbursed for the refinery modernization project, but which is not reflected in the execution of the project”. On March 1, 2023, a technical report on the results of the visit was ordered; on April 14, 2023, the CGR officials assigned to the Intersectoral Delegate Comptroller number 15 of the Special Investigations Unit against Corruption, the technical report which concluded, among other aspects, the following: “(...) from the new information provided by Refinería de Cartagena and from the explanations obtained, in the expenses corresponding to the period September 2015 to 2018, registered in group 583, it can be determined that all register not only the third-party beneficiary, but also the concept of the expense associated with each of these third parties.” “(...) the accounting information was corroborated with the condensed information in the Minutes of the Board of Directors and minutes of the Shareholders’ Meeting, especially those related to the resource injection processes and the documentation related to the loan process with international banks, concluding that indeed, according to said information, the resources injected through capitalization and loan processes referred to either the aforementioned project, the payment and/or service of the debt and the “operation” concept of the Refinery, which was the focus of the analyzes executed in the course of the special visit procedure.” “(...) if the verified records add up to a total of $375.99 USD million ( $186 USD million for start-up tests and $189.9 USD million for operation of the new refinery) and the difference under examination was $269 USD million, the analyzed difference would be covered.” On April 19, 2023, it was ordered to incorporate the technical report into the process and make it available to the procedural subjects. It is expected that, based on the conclusions of the report, the Delegate Comptroller will make the decision to impute or file the process. In this process, Ecopetrol and Refinería de Cartagena are considered as entities affected. At the date of the unaudited interim financial statements there have no changes in the process. Prosecutor’s Office: Process 1 – No. 110016000101201600023 - MOA - PIP and EPC This process is being carried out against some ex-members of the Board of Directors and ex-workers of the Cartagena Refinery, workers of the Chicago Bridge and Iron Company (CB&I) and the Statutory Auditor of the Cartagena Refinery between 2013 and 2015, for the crimes of improper 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 public documents. On March 29, 2022, a hearing was held to lift the house arrest measure for Felipe Laverde Concha and on April 5, 2023, the 34th Municipal Criminal Court with a Function of Guarantees granted him freedom due to the expiration of terms. From July 25 to 29, 2022, the preparatory hearing was held, where the interlocutory order of decree of evidence was issued, against which the defenders filed appeals. The appeals were granted and will be resolved by the Superior Court of Bogotá. At the date of the unaudited interim financial statements there have no changes in the process. Process 2 – No. 110016000101201800132 Business line This process is being carried out against ex-members of the Board of Directors and an ex-employee of the Refinería de Cartagena for the crimes of aggravated unfair administration and obtaining a false public document. On November 18, 2019, the preparatory trial hearing was installed, which has been resumed on several occasions, but to date it is suspended pending rescheduling. At the date of the unaudited interim financial statements there have no changes in the process. Process 3 – No. 110016000101201800134 - Subscription of the PMC Contract - Foster Wheeler This process is carried out against two ex-workers of Refinería de Cartagena who acted as ex-President in property and ex-President in charge, for the crime of entering a contract without legal requirements. On August 18, 2022, a sentence was handed down imposing the minimum sentence for the crime charged, equivalent to 64 months in prison and a fine of 66.66 current monthly legal minimum salaries in Colombia (SMLMV as its acronym in Spanish). On August 25, 2022, the defenders supported the appeal, and the parties were notified for declaration. The defendants will remain free until the appeals are resolved and, if applicable, the extraordinary appeal before the Supreme Court of Justice. At the date of the unaudited interim financial statements there have no changes in the process. Process 4 - No.110016000000201702546 – Principle of opportunity This process is being carried out against a former employee of 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. At the date of the unaudited interim financial statements there have no changes in the process. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity | |
Equity | 23. Equity 23.1 Ecopetrol’s authorized capital is $36,540,000, and is divided in 60,000,000,000 ordinary shares, of which 41,116,694,690 have been subscribed, represented by 11.51% (4,731,906,273 shares) of non-government entities and people, and 88.49% (36,384,788,417 shares) held by Government entities. The value of the reserve shares amounts to $11,499,933 comprised by 18,883,305,310 shares. As of September 30, 2023, and December 31, 2022, subscribed and paid-in capital is $25,040,067. There is no potential dilution of shares. 23.2 As of September 30, 2023, the balance of the additional and paid-in capital is $6,607,699 and it mainly corresponds to: (i) surplus with respect to its nominal value derived from the sale of shares upon capitalization in 2007, for $4,457,997, (ii) surplus over nominal value arising from the sale of shares awarded in the second round, which took place in September 2011, in the amount of $2,118,468, (iii) $31,377 the value generated by the process of placing the 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 receivable of $(143). 23.3 September 30, December 31, 2023 2022 (Unaudited) Legal reserve 9,747,885 6,407,256 Fiscal and statutory reserves 509,082 509,082 Occasional reserves 7,665,758 1,982,295 Total 17,922,725 8,898,633 Ecopetrol’s General Shareholders’ Meeting, held on March 31, 2023, approved the 2022 profit distribution project, and recognized a reserve of $7,665,758 to support financial sustainability of the Company and flexibility in the development of its strategy. The movement of the equity reserves in the periods ended September 30, is the following: September 30, December 31, 2023 2022 (Unaudited) Opening balance 8,898,633 10,624,229 Release of reserves (2,491,377) (5,886,441) Appropriation of reserves 11,515,469 11,068,450 Dividends declared — (6,907,605) Closing balance 17,922,725 8,898,633 23.4 The Group distributes dividends based on Ecopetrol and subsidiaries’s separate 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 31, 2023, approved the profit distribution project for fiscal year 2022 and defined the distribution of dividends in the amount of $24,382,200. (2022: $11,512,675). The payment of dividends to minority shareholders will be made in three equal installments: April 27, September 28, and December 21, 2023. For the majority shareholder, the respective offset between the dividend and the accounts receivable from the Fuel Price Stabilization Fund has been made in the amount of $16,415,907 (2022: $6,788,385). The payment of dividends is as follows: September 30, September 30, 2023 2022 (Unaudited) Ecopetrol S.A. 1,829,710 10,037,445 Interconexión Eléctrica SA ESP 1,058,282 356,773 Oleoducto Central S.A. - Ocensa 599,985 516,284 Oleoducto de los Llanos Orientales S.A. 171,290 104,205 Invercolsa S.A. 145,213 126,161 Oleoducto de Colombia S.A. - ODC 55,181 46,083 Total 3,859,661 11,186,951 23.5 The following is the composition of the other comprehensive results attributable to the shareholders of the parent company, net of deferred income tax: September 30, December 31, 2023 2022 (Unaudited) Foreign currency translation 18,368,510 28,816,983 Hedges of a net investment in a foreign operation (4,980,418) (9,219,271) Gains and loss on defined benefit obligation (679,915) (1,331,361) Cash flow hedging - Future crude oil exports (194,018) (2,473,999) Cash flow hedging - Derivative financial instruments 97,427 1,290 Financial instruments measured at fair value 1,373 3,077 12,612,959 15,796,719 23.6 September 30, September 30, 2023 2022 (Unaudited) Profit attributable to Ecopetrol’s shareholders 17,637,678 24,770,909 Weighted average number of outstanding shares 41,116,694,690 41,116,694,690 Net basic earnings per share (Colombian pesos) 429.0 602.5 |
Revenue from contracts with cus
Revenue from contracts with customers | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from contracts with customers | |
Revenue from contracts with customers | 24 . Revenue from contracts with customers Nine-month period ended September 30, 2023 2022 (Unaudited) National sales Mid-distillates (1) 24,553,761 28,031,166 Gasolines (1) 18,368,808 20,610,595 Natural gas (2) 3,322,731 3,016,677 Services 2,618,695 2,643,135 Electric power transmission services (3) 2,010,717 1,934,461 Plastic and rubber 930,979 1,216,431 Fuel gas Service 738,821 621,349 Asphalts 684,959 634,240 L.P.G. and propane 613,543 807,235 Roads and construction services (3) 260,781 255,736 Polyethylene 234,620 220,975 Aromatics 228,180 242,045 Crude oil 132,357 214,587 Other products 502,370 513,753 55,201,322 60,962,385 Foreign sales Crude oil (2) 36,879,139 43,946,601 Diesel 3,215,505 1,896,842 Fuel oil 3,047,606 3,628,416 Electric power transmission services (3) 4,373,784 3,750,829 Roads and construction services (3) 3,510,948 3,209,685 Plastic and rubber 1,096,741 1,621,076 L.P.G. and propane 206,540 242,581 Gasolines 193,394 157,685 Natural gas 75,044 189,665 Cash flow hedging (4) (650,012) (968,534) Other products (5) 1,241,335 1,261,563 53,190,024 58,936,409 108,391,346 119,898,794 (1) Includes the value corresponding to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add to it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of regular 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 September 30, 2023, the value recognized for price differential corresponds to $17,699,168 (2022: $26,584,199 ). (2) As of September 30, 2023, the value recognized for extensive tests is as follows: natural gas for national sales $27,952 (2022: $34,197 ) and crude oil for foreign sales $74,792 (2022: $104,493 ). (3) Corresponds to the income derived from the energy transmission and road concession contracts of Interconexión Eléctrica S.A. E.S.P. (4) Includes the result of hedges for future exports (Note 29.3) for $( 480,232 ) (2022: ( 576,875 )) and operations with derivative financial instruments for $( 169,780 ) (2022: ( 391,659 )). (5) Includes income from telecommunications services and the sale of asphalt, and other products. |
Cost of sales
Cost of sales | 9 Months Ended |
Sep. 30, 2023 | |
Cost of sales | |
Cost of sales | 25. Cost of sales Nine-month period ended September 30, 2023 2022 (Unaudited) Costs variables Imported products (1) 19,194,752 23,243,685 Purchases of crude in associations and concessions 10,136,966 11,712,144 Depreciation, depletion, and amortization 5,871,353 4,985,749 Hydrocarbon purchases - ANH (2) 5,849,162 6,929,845 Electric Energy 1,561,217 1,074,527 Gas royalties in cash 1,293,176 1,073,435 Hydrocarbon transportation services 1,154,795 869,983 Processing materials 1,118,863 828,599 Purchases of other products and gas 890,403 879,966 Services contracted in association 225,664 239,872 Extensive tests (3) 61,030 43,289 Others (4) 196,214 (1,505,246) 47,553,595 50,375,848 Fixed cost Depreciation and amortization 3,793,954 3,382,811 Maintenance 3,149,139 2,652,864 Labor costs 2,938,292 2,438,632 Contracted services 2,399,503 1,919,342 Construction services 1,931,562 1,888,186 Contracted services in associations 1,048,425 1,175,197 Taxes and contributions 810,719 725,640 Materials and operating supplies 639,449 452,560 Hydrocarbon transportation services 179,759 133,837 General costs 426,776 313,324 17,317,578 15,082,393 64,871,173 65,458,241 (1) Imported products correspond mainly to middle distillates and gasoline, the variation is due to a lower requirement due to the greater operation in refineries. (2) Corresponds mainly to royalty crude purchases made by Ecopetrol S.A. from the National Hydrocarbons Agency (ANH), derived from national production. (3) Corresponds to the cost related to revenue from the sale of hydrocarbons (Note 24 – Revenue from contracts with customers), obtained in the exploration stage or extensive tests prior to the declaration of commerciality of the oil fields. (4) It corresponds to i) the process of use and valuation of core inventories, ii) measurement at net realizable value (VNR), and iii) other capitalizable charges to projects. |
Administrative, operation and p
Administrative, operation and project expenses | 9 Months Ended |
Sep. 30, 2023 | |
Administrative, operation and project expenses | |
Administrative, operation and project expenses | 26. Administrative, operation and project expenses Nine-month period ended September 30, 2023 2022 (Unaudited) Administration expenses General expenses 1,542,546 1,269,973 Labor expenses 1,407,865 1,208,844 Depreciation and amortization 348,306 314,566 Taxes 62,272 51,244 3,360,989 2,844,627 Operation and project expenses Exploration expenses (1) 1,303,339 637,590 Commissions, fees, freights, and services 1,232,089 896,113 Taxes 632,085 562,837 Labor expenses 292,543 270,162 Fee for regulatory entities 230,357 123,128 Maintenance 69,540 82,440 Depreciation and amortization 49,631 73,700 Other 106,288 187,553 3,915,872 2,833,523 (1) As of Septembre 2023, it mainly includes the disposals of Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú wells in Ecopetrol SA. |
Other operating expenses
Other operating expenses | 9 Months Ended |
Sep. 30, 2023 | |
Other operating expenses | |
Other operating expenses | 27. Other operating expenses Nine-month period ended September 30, 2023 2022 (Unaudited) Provision expenses (368,068) (310,406) Gain (loss) on sale of assets 227,891 (38,309) Impairment of current assets (59,468) (46,434) Other income 109,957 92,478 (89,688) (302,671) |
Financial results
Financial results | 9 Months Ended |
Sep. 30, 2023 | |
Financial results | |
Financial results | 28. Financial result s Nine-month period ended September 30, 2023 2022 (Unaudited) Finance income Results from financial assets 321,142 124,493 Yields and interests 1,378,145 612,914 Gain on derivative settlement 2,852 11,834 Dividends 90 70 Other financial income 82,542 138,087 1,784,771 887,398 Financial expenses Financial cost of loans and borrowings (5,151,076) (3,886,375) Financial cost of other liabilities (1) (1,657,833) (1,559,080) Results from financial assets (251,001) (125,493) Other financial expenses (710,545) (304,929) (7,770,455) (5,875,877) Foreign exchange Foreign exchange gain (loss) 1,806,158 (377,527) 1,806,158 (377,527) (4,179,526) (5,366,006) (1) It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits. |
Risk management
Risk management | 9 Months Ended |
Sep. 30, 2023 | |
Risk management | |
Risk management | 29. Risk management 29.1 Exchange rate risk The Group operates both in the local (Colombia) and international markets, for this reason, it is exposed to exchange rate risk, to a greater extent due to fluctuations in exchange rates, especially the peso/US dollar rate. As of September 30, 2023, the Colombian peso appreciated 15.73% from a closing rate of $4,810.20 on December 31, 2022, to $4,053.72 pesos per dollar. When the Colombian peso depreciates, export revenues, when converted to pesos, increase, and imports and foreign debt service become more expensive. The book values of financial assets and liabilities denominated in foreign currency are presented in the following table: September 30, December 31, (USD$ Millions) 2023 2022 (Unaudited) Cash and cash equivalents 765 615 Other financial assets 1,063 955 Trade receivables and payables (608) (392) Loans and borrowings (18,388) (16,113) Other assets and liabilities 98 202 Net liability position (17,070) (14,733) Of the total net position, USD$(16,215) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(16,563) correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange difference valuation of the remaining net assets for USD$(348) million affects the statement of profit and loss. Likewise, USD$(855) million of the net position correspond to monetary assets and liabilities of Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement. 29.2 Sensitivity analysis for exchange rate risk The following is the effect that a variation of 1% and 5% would have in the exchange rate of Colombian pesos against the U.S. United States dollar, related to the exposure of financial assets and liabilities in foreign currency as of September 30, 2023: Scenario / variation in the Effect on income Effect on other exchange rate before taxes +/– comprehensive income +/ 1 % 24,385 796,716 5 % 121,925 3,983,580 29.3 In 2022 and 2021, were designated USD$4,340 million as a hedging instrument for its future revenues from crude oil exports, for the period 2022 – 2030; in accordance with IFRS 9 – Financial Instruments. During 2023, USD$1,925 million were designated; as of September 30, 2023, the balance of the hedging is USD$6,265 million. The following is the movement of this non-derivative hedging instrument: September 30, December 31, (USD$ Millions) 2023 2022 (Unaudited) Opening balance 5,572 4,972 Reassignment of hedging instruments 227 1,879 Realized exports (227) (1,879) Designation of new hedges 693 600 Closing balance 6,265 5,572 The following is the movement in the other comprehensive income: September 30, December 31, 2023 2022 (Unaudited) Opening balance (2,473,999) (945,250) Exchange difference 3,760,813 (4,317,263) Realized exports (Note 22) 480,231 1,143,287 Ineffectiveness 18,998 6,625 Deferred tax (Note 10) (1,980,061) 1,638,602 Closing balance (194,018) (2,473,999) The expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss is as follows: Year Before taxes Taxes After taxes 2023 (Oct-Dec) 24,860 (10,847) 14,013 2024 94,236 (43,853) 50,383 2025 93,139 (43,343) 49,796 2026 90,478 (42,104) 48,374 2027 (7,208) 3,354 (3,854) 2028 (7,420) 3,453 (3,967) 2029 (7,748) 3,606 (4,142) 2030 17,937 (8,347) 9,590 2031 30,771 (14,319) 16,452 2032 30,097 (14,006) 16,091 2033 2,397 (1,115) 1,282 361,539 (167,521) 194,018 29.4 The Board of Directors approved the application of hedge accounting of net investment from September 8, 2016. The measure seeks to reduce the volatility of non-operating income due to the exchange difference. The hedge of a net investment applies to a portion of the investments the Company has in foreign currency, in this case in subsidiaries with the US dollars as their functional currency, using as hedging instrument a portion of the Company’s debt denominated in U.S. dollars. As of September 30, 2023, the total hedged balance is USD$10,298 million, which includes: i) Ecopetrol S.A. USD$10,100 million and ii) ISA Colombia for USD$198 million in hedge of net investment in the companies ISA REP, ISA Perú, Consorcio Transmantaro (CTM) and Proyectos de Infrastructura del Perú (PDI). The following is the movement in the other comprehensive income: September 30, December 31, 2023 2022 (Unaudited) Opening balance 9,354,071 4,366,336 Exchange difference (6,573,497) 7,526,124 Deferred tax 2,213,355 (2,538,389) Closing balance 4,993,929 9,354,071 29.5 Commodity Price risk The price risk of raw materials is associated with the Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices. The risk of such exposure is partially hedged in a natural way, as an integrated Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices. The Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures, and controls for their management. The main purpose of the strategic hedging program is to protect the Group’s consolidated financial statements from the volatility of market variables in each period, to protect income and thus cash flow. During 2022, a hedging plan was executed to protect the cash against low price scenarios below the budget base price, in this sense, put options were purchased. There is not balance of these financial instruments as of September 30, 2023, and December 31, 2022. On the other hand, tactical hedges allow to capture value in trading operations and Asset Backed Trading (ABT), thereby mitigating the market risk of specific operations. In the trading activity, commitments in physical spot and forward contracts could represent an exposure to commodity price risk, in particular the risk associated with the volatility of the price of crude oil and refined products. Although this exposure is part of the natural risk of the production, refining, and marketing activity made by Ecopetrol, sometimes marketing, to maximize value capture, can concentrate the exposure to risk in terms of time and/or or indicator that differs from the Company’s natural price risk profile. As of the date of this report, Ecopetrol Business Group recognizes a total net asset position in swaps for $12,619 (December 2022: asset $41,316). These transactions with financial derivatives are recognized under cash flow hedge accounting. 29.6 Risk and opportunities related to climate The 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 the most aggressive reduction policies, with the goal of reaching net zero emissions, while the physical risks are greater in the lax policy scenarios, in which the increase in emissions is expected to cause more extreme weather events. For this reason, the IEA (International Energy Agency), the IPCC (Intergovernmental Panel on Climate Change), and the SSP (Shared Socioeconomic Pathways) have developed multiple future climate scenarios that reflect a series of political decisions and climate outcomes. ● Physical risks: related to the Company’s exposure and vulnerability to the impacts of climate change and climate variability in Colombia, which could affect the availability of water and increase the exposure of assets and operations to possible damage. 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. In addition, there is a vulnerability analysis 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 Colombian territory. ● 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 Company 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) new requirements for project verification, (v) 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 Ecopetrol Business Group 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 the Company of not being able to meet market demand and of not advancing effectively in the development of these products and cost impact due to carbon price change. 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 the Company. 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. To mitigate the materialization of physical and transition risks, there is a business risk associated with the management of Climate Change and Water, which included Biodiversity in the recent updates of the risk map process. The risk that incorporates mitigation measures related to the management of GHG emissions, adaptation to climate variability and change, projects, initiatives, and decarbonization technologies, and financing instruments (internal carbon price, allocation of resources), among others, in addition to key risk indicators associated with the occurrence of extreme weather events, reduction of greenhouse gas emissions and efficiency in the water management. This business risk is updated annually, to include new actions that make it possible to adequately manage the risks associated with the climate. 29.7 Capital management The main objective of Ecopetrol Business Group’s Capital Management is to ensure a financial structure that will optimize the Company’s cost of capital, maximize the returns to its shareholders and allow access to financial markets at a competitive cost to cover its financing needs. The following is the leverage index over the periods reported: September 30, December 31, 2023 2022 (Unaudited) Loans and borrowings (Note 19) 109,728,676 115,134,839 Cash and cash equivalents (Note 6) (12,070,744) (15,401,058) Other financial assets (Note 9) (2,143,515) (2,725,871) Net financial debt 95,514,417 97,007,910 Equity 101,924,635 113,903,089 Leverage (1) 48.38 % 45.99 % (1) |
Related parties
Related parties | 9 Months Ended |
Sep. 30, 2023 | |
Related parties | |
Related parties | 30. Related parties The balances with associated companies and joint ventures as of September 30, 2023 (unaudited), and December 31, 2022 are as follows: Accounts Loans Other Accounts Loans Other receivable receivable assets payable payable liabilities Joint ventures Equion Energía Limited — — 108 2,029 715,020 1,828 Ecodiesel Colombia S.A. 3,682 — — 50,360 — 101 Interligação Elétrica do Madeira S.A. 42,226 — — — — — Interligação Elétrica Garanhuns S.A. 11,034 38 — — — — Interligação Elétrica Paraguaçu S.A. — 25 — — — — Interligação Elétrica Aimorés S.A. — 25 — — — — Interligação Elétrica Ivaí S.A. — 544 — — — — Derivex S.A. — 335 — — — — Conexión Kimal Lo Aguirre S.A. — 129,978 — — — — Associates Gases del Caribe S.A. E.S.P. 78,617 — — — — — Gas Natural del Oriente S.A. E.S.P. 4,735 — — 6,343 — — Gases de la Guajira S.A. E.S.P. 879 — — — — — Extrucol S.A. 721 — — 753 — — E2 Energía Eficiente S.A. E.S.P. 10,029 — — 62 — — Balance as of September 30, 2023 (unaudited) 151,923 130,945 108 59,547 715,020 1,929 Current 151,923 639 108 59,547 715,020 1,929 Non-current — 130,306 — — — — 151,923 130,945 108 59,547 715,020 1,929 (Note 7) (Note 7) (Note 11) (Note 20) (Note 19) Accounts Loans Other Accounts Loans Other receivable receivable assets payable payable liabilities Joint ventures Equion Energía 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 20) (Note 19) Loans payable: (1) Deposits held by Equion in Ecopetrol Capital AG. The main transactions with related parties for the periods ended September 30, are detailed as follows: 2023 2022 Purchases of Purchases of Sales and product and Sales and product and services other services other (Unaudited) (Unaudited) Joint ventures Equion Energía Limited 698 30,447 430 15,423 Ecodiesel Colombia S.A. 17,957 414,075 13,993 468,589 18,655 444,522 14,423 484,012 Associates Gas Natural del Oriente S.A. E.S.P. — 28,906 — 26,783 Extrucol S.A. — — 10 2,222 E2 Energía Eficiente S.A. E.S.P. 12 2,932 65,137 2,202 Serviport S.A. 68,471 2,615 — — 68,483 34,453 65,147 31,207 87,138 478,975 79,570 515,219 |
Segments information
Segments information | 9 Months Ended |
Sep. 30, 2023 | |
Segments information | |
Segments information | 31. Segments information The description of the business segments can be seen in note 4.20 of the consolidated financial statements December 31, 2022. The following information by segments is reported based on the information used by the Board of Directors, as the highest body for making strategic and operational decisions of the business segments. The performance of the segments is based mainly on analyzes of income, costs, expenses, and results for the period generated by each segment, which are monitored periodically. The information disclosed in each segment is presented net of the transactions carried out between the Group companies. 31.1 Below is the profit and loss statement by segment as of and for the periods ended September 30: Nine-month period ended September 30, 2023 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total Third party sales 38,868,330 57,737,777 2,221,686 10,609,111 (1,045,558) 108,391,346 Inter-segment sales 21,834,134 5,324,407 9,601,985 2,415 (36,762,941) — Revenue from contracts with customers 60,702,464 63,062,184 11,823,671 10,611,526 (37,808,499) 108,391,346 Costs of sales (38,072,085) (56,855,440) (3,114,497) (4,313,681) 37,484,530 (64,871,173) Gross profit 22,630,379 6,206,744 8,709,174 6,297,845 (323,969) 43,520,173 Administration expenses (1,738,102) (566,870) (434,408) (869,242) 247,633 (3,360,989) Operation and projects expenses (2,751,048) (1,050,847) (276,718) — 162,741 (3,915,872) Impairment of non-current assets — (9,367) — (1,758) — (11,125) Other operating income (expense) 9,806 (43,112) 7,438 (59,248) (4,572) (89,688) Operating income 18,151,035 4,536,548 8,005,486 5,367,597 81,833 36,142,499 Financial results Financial income 1,215,406 163,723 326,581 587,830 (508,769) 1,784,771 Financial expenses (3,567,808) (1,343,057) (265,008) (3,020,557) 425,975 (7,770,455) Foreign exchange gain (loss) 1,411,085 509,358 (116,246) 1,961 — 1,806,158 (941,317) (669,976) (54,673) (2,430,766) (82,794) (4,179,526) Share of profit of associates and joint ventures 22,277 198,549 — 385,506 — 606,332 Profit before income tax expense 17,231,995 4,065,121 7,950,813 3,322,337 (961) 32,569,305 Income tax expense (8,394,481) (10,686) (2,692,004) (379,701) — (11,476,872) Net profit for the period 8,837,514 4,054,435 5,258,809 2,942,636 (961) 21,092,433 Net profit (loss) attributable to: Owners of the parent 8,912,142 3,889,560 4,217,516 619,421 (961) 17,637,678 Non-controlling interest (74,628) 164,875 1,041,293 2,323,215 — 3,454,755 8,837,514 4,054,435 5,258,809 2,942,636 (961) 21,092,433 Nine-month period ended September 30, 2022 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total Third party sales 47,423,709 60,987,163 1,995,275 9,578,562 (85,915) 119,898,794 Inter-segment sales 22,583,663 5,127,399 7,873,394 1,995 (35,586,451) — Revenue from contracts with customers 70,007,372 66,114,562 9,868,669 9,580,557 (35,672,366) 119,898,794 Costs of sales (34,896,814) (59,242,324) (2,681,117) (3,954,326) 35,316,340 (65,458,241) Gross profit 35,110,558 6,872,238 7,187,552 5,626,231 (356,026) 54,440,553 Administration expenses (1,537,478) (487,623) (339,903) (754,149) 274,526 (2,844,627) Operation and projects expenses (1,871,806) (866,722) (225,224) — 130,229 (2,833,523) Impairment of non–current assets — (5,516) — — — (5,516) Other operating expenses (193,586) (31,033) (24,523) (51,033) (2,496) (302,671) Operating income 31,507,688 5,481,344 6,597,902 4,821,049 46,233 48,454,216 Financial results Financial income 656,434 59,308 80,522 404,771 (313,637) 887,398 Financial expenses (2,117,736) (974,944) (207,257) (2,843,762) 267,822 (5,875,877) Foreign exchange (loss) gain (102,929) (244,300) (60,892) 30,594 — (377,527) (1,564,231) (1,159,936) (187,627) (2,408,397) (45,815) (5,366,006) Share of profit of associates and joint ventures 8,741 171,348 (1,001) 477,592 — 656,680 Profit before income tax expense 29,952,198 4,492,756 6,409,274 2,890,244 418 43,744,890 Income tax expense (10,809,210) (2,664,643) (2,276,607) (463,605) — (16,214,065) Net profit for the period 19,142,988 1,828,113 4,132,667 2,426,639 418 27,530,825 Net profit (loss) attributable to: Owners of the parent 19,209,590 1,684,580 3,339,949 536,372 418 24,770,909 Non–controlling interest (66,602) 143,533 792,718 1,890,267 — 2,759,916 19,142,988 1,828,113 4,132,667 2,426,639 418 27,530,825 31.2 Revenue from contracts with customers - Segments Nine-month period ended September 30, 2023 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total National sales Mid-distillates — 24,580,708 — — (26,947) 24,553,761 Gasolines — 21,298,912 — — (2,930,104) 18,368,808 Natural gas 4,246,019 — — — (923,288) 3,322,731 Services 178,448 1,313,177 11,823,671 234,597 (10,931,198) 2,618,695 Electric power transmission services — — — 2,010,717 — 2,010,717 Plastic and rubber — 930,979 — — — 930,979 Fuel gas service — 745,885 — — (7,064) 738,821 Asphalts 46,250 638,709 — — — 684,959 L.P.G. and propane 408,442 218,692 — — (13,591) 613,543 Roads and construction services — — — 260,781 — 260,781 Polyethylene — 234,107 — — 513 234,620 Aromatics — 228,180 — — — 228,180 Crude oil 20,772,440 — — — (20,640,083) 132,357 Other products 32,716 2,805,840 — — (2,336,186) 502,370 25,684,315 52,995,189 11,823,671 2,506,095 (37,807,948) 55,201,322 Foreign sales Crude oil 35,357,848 1,521,291 — — — 36,879,139 Electric power transmission services — — — 4,373,784 — 4,373,784 Construction services — — — 3,510,948 — 3,510,948 Diesel — 3,215,505 — — — 3,215,505 Fuel oil — 3,047,606 — — — 3,047,606 Plastic and rubber — 1,096,741 — — — 1,096,741 L.P.G. and propane 206,540 — — — — 206,540 Gasolines — 193,394 — — — 193,394 Natural gas 75,044 — — — — 75,044 Cash flow hedging (642,050) (7,962) — — — (650,012) Other products 20,767 1,000,420 — 220,699 (551) 1,241,335 35,018,149 10,066,995 — 8,105,431 (551) 53,190,024 60,702,464 63,062,184 11,823,671 10,611,526 (37,808,499) 108,391,346 Sales by product - Segments Nine-month period ended September 30, 2022 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total National sales Mid-distillates — 28,049,021 — — (17,855) 28,031,166 Gasolines — 23,859,630 — — (3,249,035) 20,610,595 Gas natural 3,783,528 — — — (766,851) 3,016,677 Services 386,472 315,302 9,868,669 208,024 (8,135,332) 2,643,135 Electric power transmission services — — — 1,934,461 — 1,934,461 Roads and construction services — — — 255,736 — 255,736 Fuel gas service — 627,753 — — (6,404) 621,349 Plastic and rubber — 1,216,431 — — — 1,216,431 Asphalts 32,966 601,274 — — — 634,240 L.P.G. and propane 550,211 280,473 — — (23,449) 807,235 Crude oil 21,711,604 491,440 — — (21,988,457) 214,587 Polyethylene — 220,975 — — — 220,975 Aromatics — 242,045 — — — 242,045 Other products 19,395 1,837,450 — — (1,343,092) 513,753 26,484,176 57,741,794 9,868,669 2,398,221 (35,530,475) 60,962,385 Foreign sales Crude oil 43,996,345 92,147 — — (141,891) 43,946,601 Diesel — 1,896,842 — — — 1,896,842 Electric power transmission services — — — 3,750,829 — 3,750,829 Roads and construction services — — — 3,209,685 — 3,209,685 Plastic and rubber — 1,621,076 — — — 1,621,076 Gasolines — 157,685 — — — 157,685 Fuel oil — 3,628,416 — — — 3,628,416 Natural gas 189,665 — — — — 189,665 L.P.G. and propane 242,581 — — — — 242,581 Cash flow hedging (932,542) (35,992) — — — (968,534) Other products 27,147 1,012,594 — 221,822 — 1,261,563 43,523,196 8,372,768 — 7,182,336 (141,891) 58,936,409 70,007,372 66,114,562 9,868,669 9,580,557 (35,672,366) 119,898,794 |
Relevant and_or subsequent even
Relevant and/or subsequent events (unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Relevant and/or subsequent events (unaudited) | |
Relevant and/or subsequent events (unaudited) | 32. Relevant and/or subsequent events (unaudited) The Ecopetrol Business Group opened a marketing company in the United States of America The Ecopetrol Business Group has in operation a new marketing company abroad, this time in the United States of America. The main objective of the company is finding new customers and strengthening its commercial strategy in the North American market. The trading company, created in 2022, is called Ecopetrol US Trading and is in Houston, Texas, a recognized city as one of the energy capitals of the World. From there, the Company will execute its commercial operations in the United States of America. Ecopetrol US Trading’s marketing and operation strategy seeks to get closer and strengthen the relationship with customers, through a local support team that will facilitate fluid communication with customers and suppliers. ISA bonds issuance In November 2023, ISA issued bonds in the local market for COP$500,000 million of the fifteenth tranche of the Company’s internal public debt securities issuance and placement program. The placement was carried out through the Colombian Stock Exchange (BVC, acronym in Spanish), under the Dutch auction mechanism. |
Exhibit 1. Consolidated compani
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) | |
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) | 33. Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) Ownership Geographic Profit (loss) Functional Interest Country/ area of for the Total Total Company Currency Ecopetrol Activity Domicile operations Net equity period assets liabilities Subsidiaries Refinería de Cartagena S.A.S. U.S. Dollar 100 % Hydrocarbons refining, marketing and distribution Colombia Colombia 22,111,929 3,166,632 35,666,794 13,554,865 Cenit transporte y logística de hidrocarburos S.A.S. Colombian peso 100 % Storage and transportation through hydrocarbon pipelines Colombia Colombia 15,668,591 4,272,019 17,685,907 2,017,316 Ecopetrol Global Energy S.L.U. U.S. Dollar 100 % Investment vehicle Spain Spain 14,521,345 627,109 14,521,402 57 Oleoducto Central S.A. - Ocensa U.S. Dollar 72.65 % Transportation through hydrocarbon pipelines Colombia Colombia 3,543,754 2,535,316 6,942,434 3,398,680 Hocol Petroleum Limited. U.S. Dollar 100 % Investment vehicle Bermuda Bermuda 4,235,448 468,018 4,235,622 174 Ecopetrol América LLC. U.S. Dollar 100 % Hydrocarbons exploration and exploitation United States of America United States of America 1,786,726 (11,115) 3,485,196 1,698,470 Hocol S.A. U.S. Dollar 100 % Exploration, exploitation, and production of hydrocarbons Cayman Islands Colombia 3,708,388 452,663 5,733,699 2,025,311 Esenttia S.A. U.S. Dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 2,540,932 189,181 3,259,229 718,297 Ecopetrol Capital AG U.S. Dollar 100 % Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group Switzerland Switzerland 2,800,207 117,164 10,141,763 7,341,556 Oleoducto Bicentenario de Colombia S.A.S. Colombian peso 100 % Pipeline transportation of crude oil Colombia Colombia 1,241,660 286,583 2,102,165 860,505 Oleoducto de Colombia S. A. – ODC Colombian peso 73 % Pipeline transportation of crude oil Colombia Colombia 341,913 330,828 825,712 483,799 Black Gold Re Ltd. U.S. Dollar 100 % Reinsurer of Ecopetrol and its subsidiaries Bermuda Bermuda 1,106,135 64,340 1,567,127 460,992 Andean Chemicals Ltd. U.S. Dollar 100 % Investment vehicle Bermuda Bermuda 1,866,627 128,129 1,869,764 3,137 Oleoducto de los Llanos Orientales S. A. - ODL Colombian peso 65 % Pipeline transportation of crude oil Panama Colombia 791,478 525,398 1,357,814 566,336 Interconexión Eléctrica S.A. E.S.P. Colombian peso 51.41 % -Provision of the public electricity transmission service - Development of infrastructure projects and their commercial exploitation and - Software development, Information technology and telecommunications activities and services Colombia Latin America 27,462,253 2,034,446 72,758,663 45,296,410 Ownership Geographic Profit Functional Interest Country/ area of (loss) for Total Total Company Currency Ecopetrol Activity Domicile operations Net equity the period assets liabilities Inversiones de Gases de Colombia S.A. Invercolsa S.A. Colombian peso 51.88 % Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia Colombia Colombia 580,247 266,589 746,271 166,024 Alcanos de Colombia S.A. E.S.P. (1) Colombian peso 29.61 % Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. Colombia Colombia 297,244 107,430 837,451 540,207 Metrogas de Colombia S.A E.S.P. (1) Colombian peso 33.49 % Provision of the 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 52,944 16,411 142,043 89,099 Gases del Oriente S.A. E.S.P. (1) Colombian peso 48.50 % Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service. Colombia Colombia 77,161 47,069 215,458 138,297 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 44,835 30,035 91,343 46,508 Combustibles Líquidos de Colombia S.A E.S.P. (1) Colombian peso 41.61 % Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service. Colombia Colombia 61,606 1,198 82,341 20,735 Ownership Geographic Profit (loss) Functional Interest Country/ area of for the Total Total Company Currency Ecopetrol Activity Domicile operations Net equity period assets liabilities Ecopetrol USA Inc. U.S. Dollar 100 % Hydrocarbons exploration and exploitation United States of America United States of America 12,379,433 744,326 12,388,513 9,080 Ecopetrol Permian LLC. U.S. Dollar 100 % Hydrocarbons exploration and exploitation United States of America United States of America 8,649,795 752,321 11,197,337 2,547,542 Ecopetrol Oleo e Gas do Brasil Ltda. Real 100 % Hydrocarbons exploration and exploitation Brazil Brazil 2,033,536 (116,742) 2,085,202 51,666 Esenttia Masterbatch Ltda. Colombian peso 100 % Manufacture of polypropylene compounds and masterbatches Colombia Colombia 319,567 165,172 432,525 112,958 Ecopetrol del Perú S. A. U.S. Dollar 100 % Hydrocarbons exploration and exploitation Peru Peru 62,325 2,084 65,277 2,952 ECP Hidrocarburos de México S.A. de C.V. U.S. Dollar 100 % Offshore exploration Mexico Mexico 46,090 (1,649) 47,910 1,820 Ecopetrol Costa Afuera S.A.S. Colombian peso 100 % Offshore exploration Colombia Colombia 13,146 182 13,330 184 Esenttia Resinas del Perú SAC U.S. Dollar 100 % Commercialization polypropylene resins and masterbatches Peru Peru 15,846 1,204 37,948 22,102 Topili Servicios Administrativos S de RL De CV. Mexican pesos 100 % Specialized management services Mexico Mexico (162) (182) 284 446 Kalixpan Servicios Técnicos S de RL De CV. Mexican pesos 100 % Specialized services related to oil and gas industry Mexico Mexico 131 (48) 135 4 Ecopetrol US Trading LLC U.S. Dollar 100 % International marketing of crude oil and refined products United States of America United States of America — — — — Econova Technology & Innovation S.L. U.S. Dollar 100 % Execution of activities related to science, technology, and innovation (ST&I) activities. Spain Spain 11 (3) 14 3 Ecopetrol Singapore PTE. LTD Singapore dollar 100 % Holding company with investment in an international trading company for crude oil and refined products Singapore Asia 572,630 534,357 572,867 237 Ecopetrol Trading Asia PTE. LTD Singapore dollar 100 % International marketing of crude oil and refined products Singapore Asia 572,434 534,411 4,223,623 3,651,189 Ownership Geographic Profit (loss) Functional Interest Country/ area of for the Total Total Company Currency Ecopetrol Activity Domicile operations Net equity period assets liabilities Associates Serviport S.A. (2) Colombian peso 49 % Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements Colombia Colombia 12,790 (3,176) 42,028 29,238 Sociedad Portuaria Olefinas y Derivados S.A. (3) Colombian peso 50 % Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public Colombia Colombia 8,447 2,875 12,145 3,698 Joint ventures Equion Energía Limited U.S. Dollar 51 % Hydrocarbons exploration and exploitation United Kingdom Colombia 1,374,271 37,360 1,442,473 68,202 Ecodiesel Colombia S.A. (3) Colombian peso 50 % Production, commercialization and distribution of biofuels and oleochemicals Colombia Colombia 157,092 42,131 253,058 95,966 (1) Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A. (2) Information available as of June 30, 2023, the investment is totally impaired. (3) Information available as of August 31, 2023. |
Exhibit 2. Consolidated compani
Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited) | |
Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited) | 34. Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P. (Unaudited) Ownership Country/ Interest Company Activity Domicile ISA Assets Liabilities Equity Profit (loss) Subsidiaries Consorcio Transmantaro Electric power Peru 60.00 % 8,182,331 6,310,996 1,871,335 213,401 Interligação Eléctrica Evrecy Electric power Brazil 35.82 % 304,403 26,263 278,140 (11,169) Fundo de Investimento Assis Trust - Special Purpose Entity Brazil 35.82 % 46,655 — 46,655 588 Fundo de Investimento Barra Bonita Renda Fixa Referenciado Trust - Special Purpose Entity Brazil 35.00 % 4,082 — 4,082 401 Fundo de Investimento Referenciado di Bandeirantes Trust - Special Purpose Entity Brazil 13.64 % 142,791 — 142,791 8,985 Fundo de Investimento Xavantes Referenciado di Trust - Special Purpose Entity Brazil 14.20 % 453,128 — 453,128 11,569 Interconexiones Viales Roads Chile 65.00 % 132 803 (671) (4,416) Interligação Elétrica Aguapeí Electric power Brazil 35.82 % 639,101 45,680 593,421 46,521 Interligação Elétrica Biguaçu Electric power Brazil 35.82 % 463,846 57,239 406,607 36,744 Interligação Elétrica De Minas Gerais Electric power Brazil 35.82 % 460,365 41,256 419,109 3,236 Interligação Elétrica Itapura Electric power Brazil 35.82 % 173,388 12,376 161,012 11,289 Interligação Elétrica Itaquerê Electric power Brazil 35.82 % 579,199 59,094 520,105 40,230 Interligação Elétrica Itaúnes Electric power Brazil 35.82 % 491,096 36,683 454,413 11,644 Interligação Elétrica Norte E Nordeste Electric power Brazil 35.82 % 468,165 132,894 335,271 23,813 Interligação Elétrica Pinheiros Electric power Brazil 35.82 % 62,896 6,618 56,278 6,110 Interligação Elétrica Riacho Grande Electric power Brazil 35.82 % 105,765 29,098 76,667 1,270 Interligação Elétrica Serra Do Japi Electric power Brazil 35.82 % 418,725 28,635 390,090 27,634 Interligação Elétrica Sul Electric power Brazil 35.82 % 231,935 26,480 205,455 13,273 Interligação Elétrica Tibagi Electric power Brazil 35.82 % 251,998 25,105 226,893 17,549 Internexa Information and communications technologies Colombia 99.50 % 518,004 425,656 92,348 (22,236) Transamerican Telecomunication S.A. Information and communications technologies Argentina 99.50 % 38,333 20,912 17,421 (1,108) Internexa Brasil Operadora de Telecomunicações Information and communications technologies Brazil 99.50 % 203,365 191,632 11,733 (15,501) Internexa Chile Information and communications technologies Chile 98.50 % 72,496 53,656 18,840 (14,290) Interligação Elétrica JAGUAR 6 S.A. Electric power Brazil 35.82 % 225,550 12,330 213,220 10,348 Interligação Elétrica JAGUAR 8 S.A. Electric power Brazil 35.82 % 121,085 8,857 112,228 4,899 Interligação Elétrica JAGUAR 9 S.A. Electric power Brazil 35.82 % 423,079 31,613 391,466 28,979 Ownership Country/ Interest Company Activity Domicile ISA Assets Liabilities Equity Profit (loss) Internexa Participações Investment vehicle Brazil 99.50 % 10,166 1,324 8,842 (13,624) Internexa Peru Information and communications technologies Peru 99.50 % 303,563 256,660 46,903 4,816 ISA Bolivia Electric power Bolivia 100.00 % 125,783 8,105 117,678 5,059 ISA Capital Do Brasil Investment vehicle Brazil 100.00 % 5,564,972 559 5,564,413 522,802 ISA CTEEP Electric power Brazil 35.82 % 28,788,164 13,338,881 15,449,283 1,457,418 ISA Interchile Electric power Chile 100.00 % 6,517,095 5,203,405 1,313,690 13,841 ISA Intercolombia Electric power Colombia 100.00 % 417,663 304,644 113,019 25,126 ISA Intervial Chile Roads Chile 100.00 % 4,708,532 717,645 3,990,887 323,463 ISA Intervial Colombia Roads Colombia 100.00 % 620 — 620 33 ISA Inversiones Chile SpA Investment vehicle Chile 100.00 % 1,980,090 215,605 1,764,485 68,356 ISA Inversiones Chile Vias SpA Investment vehicle Chile 100.00 % 4,078,002 165 4,077,837 324,149 ISA Inversiones Costera Chile Investment vehicle Chile 100.00 % 609,354 815,968 (206,614) (45,778) ISA Inversiones Tolten Investment vehicle Chile 100.00 % 34 — 34 (2) ISA Investimentos E Participações Investment vehicle Brazil 100.00 % 1,081,679 105 1,081,574 59,341 ISA Perú Electric power Peru 99.98 % 1,005,540 821,725 183,815 24,533 ISA REP Electric power Peru 60.00 % 1,960,767 1,507,293 453,474 149,484 ISA Transelca Electric power Colombia 100.00 % 1,809,039 919,491 889,548 107,111 Linear Systems RE Other businesses Bermudas 100.00 % 119,758 84,330 35,428 3,689 Proyectos de Infraestructura del Perú Electric power Peru 100.00 % 34,700 12,533 22,167 9,706 Ruta Costera Roads Colombia 100.00 % 2,601,976 2,431,341 170,635 (7,247) Ruta de La Araucanía Roads Chile 100.00 % 899,448 458,278 441,170 42,486 Ruta de Los Ríos Roads Chile 75.00 % 332,927 240,274 92,653 25,029 Ruta del Bosque Roads Chile 100.00 % 29,924 4,082 25,842 (18,387) Ruta del Loa Roads Chile 100.00 % 1,232,237 897,639 334,598 35,711 Ruta del Maipo Roads Chile 100.00 % 8,148,692 5,428,644 2,720,048 257,527 Ruta del Maule Roads Chile 100.00 % 8,674 2,803 5,871 267 Sistemas Inteligentes en Red Other businesses Colombia 99.77 % 20,803 9,753 11,050 1,850 XM Electric power Colombia 99.73 % 367,977 311,517 56,460 10,706 Ownership Country/ Interest Company Activity Domicile ISA Assets Liabilities Equity Profit (loss) Joint ventures Interligação Elétrica do Madeira Energy transport Brazil 51.00 % 6,286,123 2,821,217 3,464,906 230,072 Interligação Elétrica Garanhuns Energy transport Brazil 51.00 % 1,334,544 382,140 952,404 63,862 Interligação Elétrica Paraguaçu Energy transport Brazil 50.00 % 1,508,843 498,283 1,010,560 74,685 Interligação Elétrica Aimorés Energy transport Brazil 50.00 % 954,447 334,667 619,780 48,236 Interligação Elétrica Ivaí Energy transport Brazil 50.00 % 3,999,502 3,084,164 915,338 171,733 Transmissora Aliança de Energia Elétrica Energy transport Brazil 14.88 % 14,578,138 8,769,989 5,808,149 472,045 Interconexión Eléctrica Colombia Panamá-Panamá Energy transport Panama 50.00 % 21,860 3,084 18,776 (15,856) Interconexión Eléctrica Colombia Panamá Colombia Energy transport Colombia 1.17 % 266 1 265 (2) Transnexa Telecommunications transport Ecuador 50.00 % — — — — Derivex Manage the negotiation system of operations on derivative financial instruments of electrical energy Colombia 40.46 % 447 — 447 (402) Parques del Río Roads Colombia 33.00 % 89 3 86 (30) Conexión Kimal Lo Aguirre S.A. Energy transport Chile 33.33 % 721,017 263,565 457,452 4,158 Associates ATP Tower Holdings Telecommunications transport United States of America 24.70 % 4,265,203 2,576,809 1,688,394 (19,164) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash and cash equivalents. | |
Schedule of Cash and cash equivalents | September 30, December 31, 2023 2022 (Unaudited) Banks and corporations 7,151,034 9,491,029 Short–term investments 4,918,167 5,907,785 Cash 1,543 2,244 12,070,744 15,401,058 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Trade and other receivables | |
Schedule of trade and other receivables, net | September 30, December 31, 2023 2022 (Unaudited) Current Fuel Price stabilization fund (1) 25,692,997 26,296,870 Concessions (2) 4,495,993 5,194,909 Customers Domestic 2,788,212 3,268,944 Foreign 3,528,244 3,065,207 Related parties (Note 30) 152,562 110,408 Accounts receivable from employees 89,639 115,922 Industrial services 55,797 70,762 Other 777,229 1,101,977 37,580,673 39,224,999 Non–current Concessions (2) 26,533,437 28,647,390 Customers Foreign 184,965 185,331 Domestic 72,001 72,985 Accounts receivable from employees 581,185 498,415 Related parties (Note 30) 130,306 335 Other (3) 2,554,429 2,750,749 30,056,323 32,155,205 (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). As of September 2023, Ecopetrol S.A. offset this account receivable by $16,415,907 (2022: $6,788,385 ) with the dividends payable to the Ministry of Finance and Public Credit. This transaction was treated as a non-cash transaction for the purpose of the cash flow statement. (2) Includes concessions and roads. Corresponds to accounts receivable for concessions acquired for public electric power transportation services and for public road transportation service. (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 Ecopetrol Business Group for transportation systems. The gross value of these accounts receivable is $2,291,892 (2022: $2,481,530 ) and the provision for expected losses established, included in the provision line for expected credit losses, is $417,920 (2022: $475,936 ), for a net book value of $1,873,972 (2022: $2,005,594 ). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its financial statements. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventories | |
Schedule of inventories | September 30, December 31, 2023 2022 (Unaudited) Crude oil (1) 5,354,131 5,971,109 Fuels and petrochemicals (2) 3,073,856 3,241,154 Materials for goods production 2,928,486 2,667,771 11,356,473 11,880,034 (1) The variation mainly corresponds to a higher level of deliveries of inventories in transit. (2) The variation mainly corresponds to the lower level of imported products due to better operations in refineries, which decrease the weighted valuation. |
Other financial assets (Tables)
Other financial assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other financial assets | |
Schedule of other financial assets | September 30, December 31, 2023 2022 (Unaudited) Assets measured at fair value Investment portfolio – Foreign currency 1,283,780 1,056,385 Investments in equity securities and trust funds (1) 497,392 875,335 Hedging instruments (2) 155,053 311 Investment portfolio – Local currency 46,173 761,687 Assets measured at fair value through other comprehensive income 3,652 3,583 1,986,050 2,697,301 Assets measured at amortized cost (3) 157,465 28,570 2,143,515 2,725,871 Current 1,752,234 1,162,127 Non–current 391,281 1,563,744 2,143,515 2,725,871 (1) Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia. (2) Corresponds to swap and forward contracts to hedge commodity price risk in Ecopetrol S.A. and Interconexión Eléctrica S.A. E.S.P. (3) Includes investments with maturities greater than 90 days, in Chile and Colombia. |
Schedule of other financial assets recognized at fair value | September 30, December 31, 2023 2022 (Unaudited) Level 1 1,488,344 1,892,486 Level 2 497,706 804,815 1,986,050 2,697,301 |
Taxes (Tables)
Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Taxes | |
Schedule of income tax expense | Nine-month period ended September 30, 2023 2022 (Unaudited) Current income tax expense 10,378,745 13,586,947 Deferred income tax expense 1,025,705 2,613,356 Adjustments to prior years’ current and deferred tax 72,422 13,762 Income tax expense 11,476,872 16,214,065 |
Other assets (Tables)
Other assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other assets | |
Schedule of other assets | September 30, December 31, 2023 2022 (Unaudited) Current Partners in joint operations 973,170 871,409 Advanced payments to contractors and suppliers 948,594 679,829 Prepaid expenses 769,865 693,341 Trust funds 452,370 507,163 Related parties (Note 30) 108 1,087 Other 25,657 25,651 3,169,764 2,778,480 Non-current Wells abandonment and pension funds 619,324 568,066 Trust funds 349,638 184,464 Employee benefits 290,538 342,143 Advanced payments and deposits 75,602 87,684 Judicial deposits and judicial attachments 50,913 54,776 Other 234,578 216,214 1,620,593 1,453,347 |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments in associates and joint ventures | |
Schedule of investment entities | September 30, December 31, 2023 2022 (Unaudited) Joint ventures Interligação Elétrica do Madeira S.A. 1,769,645 1,871,142 Transmissora Aliança de Energia Elétrica S.A. 1,570,643 1,830,504 Equion Energía Limited 1,059,231 1,191,154 Interligação Elétrica Paraguaçu S.A. 559,119 614,112 Interligação Elétrica Garanhuns S.A. 518,794 571,328 Interligação Elétrica Ivaí S.A. 471,951 469,176 Interligação Elétrica Aimorés S.A. 355,693 411,495 Conexión Kimal Lo Aguirre S.A. (1) 149,927 169,230 Ecodiesel Colombia S.A. 78,546 54,614 Transnexa S.A. E.M.A. 8,545 8,545 Interconexión Eléctrica Colombia Panamá S.A. 8,026 20,516 Derivex S.A. 188 439 Parques de Rio 75 83 Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. 4 4 6,550,387 7,212,342 Less impairment: Equion Energía Limited (400,196) (400,196) Transnexa S.A. E.M.A. (8,545) (8,545) 6,141,646 6,803,601 Associates Gases del Caribe S.A. E.S.P. 1,489,223 1,495,341 ATP Tower Holdings 766,753 913,218 Gas Natural del Oriente S.A. E.S.P. 150,394 148,254 Gases de la Guajira S.A. E.S.P. 69,232 69,376 E2 Energía Eficiente S.A. E.S.P. 34,180 34,944 Extrucol S.A. 28,680 27,680 Serviport S.A. 9,399 9,399 Sociedad Portuaria Olefinas 4,930 4,186 2,552,791 2,702,398 Less impairment: Serviport S.A. (9,399) (9,399) 2,543,392 2,692,999 8,685,038 9,496,600 |
Schedule of movement of investments in associates and joint ventures | Associates Join ventures Total Balance as of December 31, 2022 2,692,999 6,803,601 9,496,600 Equity method recognized in: Profit or loss 154,080 452,252 606,332 Equity (125,139) (1,021,046) (1,146,185) Dividends declared (178,548) (93,161) (271,709) Balance as of September 30, 2023 (Unaudited) 2,543,392 6,141,646 8,685,038 |
Property, plant, and equipment
Property, plant, and equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, plant, and equipment | |
Schedule of plant and equipment and depreciation and impairment | Pipelines, Plant and networks, and Work in equipment lines progress Buildings Lands Other Total Cost Balance as of December 31, 2022 62,763,108 60,287,507 13,432,616 15,354,065 5,199,069 3,225,279 160,261,644 Additions/capitalizations (1) 1,417,220 1,362,963 2,972,969 205,978 3,034 129,801 6,091,965 Abandonment cost update (Note 22) — (23,365) — — — — (23,365) Capitalized financial interests (2) 71,725 57,252 69,081 9,171 97 7,023 214,349 Exchange differences capitalized 94 75 136 12 — 9 326 Disposals (387,574) (115,248) (2,762) (9,332) (256) (38,419) (553,591) Foreign currency translation (6,008,008) (3,366,305) (166,407) (1,362,125) (358,511) (203,094) (11,464,450) Reclassifications/transfers (1,577,274) 457,158 (987,669) 2,207,724 (69) (7,651) 92,219 Balance as of September 30, 2023 (Unaudited) 56,279,291 58,660,037 15,317,964 16,405,493 4,843,364 3,112,948 154,619,097 Accumulated depreciation and impairment losses Balance as of December 31, 2022 (27,439,631) (22,870,247) (1,418,040) (6,230,154) (53,515) (1,252,559) (59,264,146) Depreciation expense (2,202,381) (1,713,438) — (459,449) — (117,954) (4,493,222) Impairment loss (Note 17) (6,835) (635) — (1,868) — — (9,338) Disposals 368,450 105,806 — 7,935 39 21,576 503,806 Foreign currency translation 2,228,054 1,283,629 1,706 515,661 6,058 118,927 4,154,035 Reclassifications/transfers 865,102 (85,436) 47,220 (904,480) — 4,704 (72,890) Balance as of September 30, 2023 (Unaudited) (26,187,241) (23,280,321) (1,369,114) (7,072,355) (47,418) (1,225,306) (59,181,755) Balance as of December 31, 2022 35,323,477 37,417,260 12,014,576 9,123,911 5,145,554 1,972,720 100,997,498 Balance as of September 30, 2023 (Unaudited) 30,092,050 35,379,716 13,948,850 9,333,138 4,795,946 1,887,642 95,437,342 (1) Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Castilla, Chichimene, and Rubiales fields, and Barrancabermeja Refinery ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, UPME 07–2017 Sabanalarga – Bolívar 500 Kv, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, and asset optimization plan. (2) Financial interest is capitalized based on the weighted average rate of loan costs. |
Natural and environmental res_2
Natural and environmental resources (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Natural and environmental resources. | |
Schedule of detailed information about natural and environmental | Oil and gas Assets retirement Exploration and investments obligations evaluation Total Cost Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Additions/capitalizations (1) 7,310,327 14,473 2,973,302 10,298,102 Abandonment cost update (Note 22) — 118,376 (422) 117,954 Disposals (501,700) — — (501,700) Disposals of exploratory assets and dry wells (2) — — (975,965) (975,965) Capitalized financial interests (3) 190,333 — 66,939 257,272 Exchange differences capitalized 250 — 87 337 Foreign currency translation (4,535,675) (161,889) (713,119) (5,410,683) Reclassifications/transfers (1,177) (16,999) (112,418) (130,594) Balance as of September 30, 2023 (Unaudited) 90,800,829 7,058,864 11,718,429 109,578,122 Accumulated amortization Balance as of December 31, 2022 (58,382,473) (5,088,086) (129,230) (63,599,789) Amortization expense (4,376,364) (280,361) — (4,656,725) Disposals 78,507 — — 78,507 Foreign currency translation 2,408,370 87,900 — 2,496,270 Reclassifications/transfers 64,467 — 25,080 89,547 Balance as of September 30, 2023 (Unaudited) (60,207,493) (5,280,547) (104,150) (65,592,190) Balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 Balance as of September 30, 2023 (Unaudited) 30,593,336 1,778,317 11,614,279 43,985,932 (1) Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in RODEO, b) Ecopetrol S.A. by Caño Sur, Castilla, Chichimene, Floreña, Rubiales, c) Hocol S.A. mainly in projects for the blocks Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSJN-1, VIM 8, and d) Ecopetrol America Inc. mainly in Gunflint, Dalmatian, and K2. (2) Includes: Ecopetrol S.A. the dry wells Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú, and b) Hocol S.A mainly unsuccessful wells Lla-87-2 A3 (Koala), Lla-87-3 A3 (Picabuey), LLan- 124 (Cucarachero), Yd-SN1 well Yoda B, and exploratory expenses in: Lla-104, SSJN1, VIM8. (3) Financial interest is capitalized based on the weighted average rate of loan costs. |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Right-of-use assets. | |
Schedule of right-of-use assets | Right-of-use assets Right-of- Lease Lands and Plant and use liabilities Pipelines buildings equipment Vehicles assets (Note 19.1) Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 Additions 13,533 59,173 107,737 49,619 230,062 230,062 Amortization of the period (19,419) (47,893) (60,972) (100,769) (229,053) — Remeasurements (1) 971 33,823 18,680 10,883 64,357 91,237 Disposals (10,435) (13,007) (3,026) (111) (26,579) (47,547) Finance cost — — — — — 84,809 Payment of capital — — — — — (319,781) Payment of interests — — — — — (61,107) Transfers — 80 — 1,951 2,031 18,835 Exchange difference and translation (7,448) (48,018) (9,862) (14,222) (79,550) (60,828) Balance as of September 30, 2023 (Unaudited) 73,436 228,216 172,091 115,338 589,081 1,148,026 (1) Corresponds mainly to updating rates and conditions in lease contracts . |
Intangible assets (Tables)
Intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Intangible assets | |
Schedule of intangibles and their amortizations | Licenses and Other Concessions software intangibles and rights Easements (1) Total Cost Balance as of December 31, 2022 1,512,614 1,282,751 17,568,081 1,637,445 22,000,891 Additions 143,933 5,370 312,969 14,141 476,413 Disposals (14,496) — — (500) (14,996) Foreign currency translation (71,146) (216,913) (3,254,069) (86,880) (3,629,008) Transfers 23,776 (2,185) 81,746 15,402 118,739 Balance as of September 30, 2023 (Unaudited) 1,594,681 1,069,023 14,708,727 1,579,608 18,952,039 Accumulated amortization Balance as of December 31, 2022 (884,160) (446,646) (2,394,082) (129,398) (3,854,286) Amortization of the period (135,437) (19,317) (523,927) (5,563) (684,244) Disposals 13,730 — — (104) 13,626 Foreign currency translation 50,966 141,315 936,848 3,897 1,133,026 Transfers 141 34 — (175) — Balance as of September 30, 2023 (Unaudited) (954,760) (324,614) (1,981,161) (131,343) (3,391,878) Balance as of December 31, 2022 628,454 836,105 15,173,999 1,508,047 18,146,605 Balance as of September 30, 2023 (Unaudited) 639,921 744,409 12,727,566 1,448,265 15,560,161 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill | |
Schedule of goodwill in acquisitions of subsidiaries | September 30, December 31, 2023 2022 (Unaudited) Interconexión Eléctrica S.A. E.S.P. 3,370,441 3,755,835 Oleoducto Central S.A. 683,496 683,496 Hocol Petroleum Ltd 537,598 537,598 Invercolsa S.A. 434,357 434,357 Andean Chemical Limited 127,812 127,812 Esenttia S.A. 108,137 108,137 5,261,841 5,647,235 Less Impairment Hocol Petroleum Ltd (297,121) (297,121) Total 4,964,720 5,350,114 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Loans and borrowings | |
Schedule of composition of loans and borrowings | Interest rate* September 30, December 31, 2023 2022 2023 2022 (Unaudited) Local currency Bonds 9.4 % 9.8 % 4,833,891 4,965,653 Syndicate and commercial loans (1) 10.8 % 11.5 % 3,377,210 2,171,462 Lease liabilities (2) 8.4 % 8.0 % 905,165 844,734 9,116,266 7,981,849 Foreign currency Bonds (3) 6.5 % 6.0 % 77,342,221 82,432,647 Commercial and syndicate loans (4) 7.4 % 4.6 % 22,312,308 23,537,675 Loans from related parties (Nota 30) 6.0 % 5.9 % 715,020 815,056 Lease liabilities (2) 6.0 % 6.0 % 242,861 367,612 100,612,410 107,152,990 109,728,676 115,134,839 Current 17,616,493 22,198,583 Non–current 92,112,183 92,936,256 109,728,676 115,134,839 * Weighted average effective interest rate for the end of each period. (1) Corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. in Ecopetrol SA. with IBR 6M rate + 4.9% and maturity September 2028. (2) Corresponds to the present value of the payments to be made during the term of the operating lease contracts for pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 - Leases. See Note 16 (Note 15). (3) The variation is mainly due to the revaluation of the Colombian peso in $756.44 pesos by dollar and the repurchase of international bonds with maturity date September 2023 and coupon rate of 5.875% for USD $978 million in Ecopetrol S.A. This effect is partially offset by the issuance in January 2023 of USD $2,000 million with maturity date January 2033 and coupon rate of 8.875% . (4) It includes an acquisition of syndicated loan in September 2023, for $800 MUSD with international banks. |
Schedule of maturity of loans and borrowings | The following is the maturity profile of loans and borrowings as of September 30, 2023: Up to 1 year 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 781,760 1,324,238 1,148,399 1,579,494 4,833,891 Syndicate and commercial loans 777,934 1,191,542 336,703 1,071,031 3,377,210 Lease liabilities 193,845 544,264 165,517 1,539 905,165 1,753,539 3,060,044 1,650,619 2,652,064 9,116,266 Foreign currency Bonds 5,767,419 25,214,129 28,822,440 17,538,233 77,342,221 Syndicate and commercial loans 9,289,437 10,921,672 1,431,243 669,956 22,312,308 Loans from related parties 715,020 — — — 715,020 Lease liabilities 91,078 129,272 22,511 — 242,861 15,862,954 36,265,073 30,276,194 18,208,189 100,612,410 Balance as of September 30, 2023 (Unaudited) 17,616,493 39,325,117 31,926,813 20,860,253 109,728,676 |
Trade and other payables (Table
Trade and other payables (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Trade and other payables | |
Schedule of trade and other payables | September 30, December 31, 2023 2022 (Unaudited) Current Suppliers 12,030,080 15,034,677 Dividends payable (1) 6,742,487 392,346 Withholding tax 2,109,316 1,896,128 Partner’s advances 1,544,411 1,164,197 Insurance and reinsurance 463,772 330,363 Deposits received from third parties 186,902 162,338 Related parties (Note 30) 59,547 67,879 Hedging operations 7,293 4,311 Agreements in transport contracts 48,298 115,526 Various creditors 574,650 769,939 23,766,756 19,937,704 Non-current Suppliers 31,325 28,425 Deposits received from third parties 391 331 Various creditors 15,331 28,300 47,047 57,056 (1) Corresponds mainly to dividends payable by Ecopetrol S.A. for $6,098,606 (2022: $3,667 ), Interconexión Eléctrica S.A. $479,668 (2022: $366,999 ), Inversiones de Gases de Colombia S.A. $110,997 (2022: $21,680 ), and Oleoducto Central S.A. $53,216 . |
Provisions for employees' ben_2
Provisions for employees' benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Provisions for employees' benefits | |
Schedule of provision balances for employee benefits | September 30, December 31, 2023 2022 (Unaudited) Post-employment benefits Health 8,461,041 8,140,648 Pension 1,226,186 2,073,562 Education 396,650 405,769 Bonds 354,675 399,114 Other plans 80,695 115,136 Termination benefits - Voluntary retirement plan 668,901 772,133 11,188,148 11,906,362 Social benefits and salaries 1,045,654 970,598 Other long-term benefits 87,352 88,279 12,321,154 12,965,239 Current 2,822,786 2,753,697 Non-current 9,498,368 10,211,542 12,321,154 12,965,239 |
Accrued liabilities and provi_2
Accrued liabilities and provisions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accrued liabilities and provisions | |
Schedule of accrued liabilities and provisions | Abandonment Environmental and dismantling contingencies costs Litigations and others Total Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Abandonment cost update 94,589 — — 94,589 Additions and (recoveries) (1) (26,094) 10,598 418,009 402,513 Uses (2) (437,664) (772,390) (228,589) (1,438,643) Financial cost 356,336 7,273 17,197 380,806 Financial interest — 559,609 70,292 629,901 Foreign currency translation (176,860) (62,271) (105,435) (344,566) Transfers — (22,245) 117,205 94,960 Balance as of September 30, 2023 (Unaudited) 9,816,335 618,825 2,140,894 12,576,054 Current 535,575 97,249 410,518 1,043,342 Non-current 9,280,760 521,576 1,730,376 11,532,712 9,816,335 618,825 2,140,894 12,576,054 (1) Mainly includes the recognition of provisions related to potential liabilities, various, and mandatory environmental provision in Ecopetrol S.A. (2) Mainly includes uses originating from judgments against Ecopetrol S.A. related to public works contributions. The recognition applied Law 2277 of 2022, with which a benefit was obtained by reducing 50% the interest to be paid to the tax authority. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity | |
Schedule of composition of the ecopetrol business group's reserves | September 30, December 31, 2023 2022 (Unaudited) Legal reserve 9,747,885 6,407,256 Fiscal and statutory reserves 509,082 509,082 Occasional reserves 7,665,758 1,982,295 Total 17,922,725 8,898,633 |
Schedule of balance of movement of the equity reserves | September 30, December 31, 2023 2022 (Unaudited) Opening balance 8,898,633 10,624,229 Release of reserves (2,491,377) (5,886,441) Appropriation of reserves 11,515,469 11,068,450 Dividends declared — (6,907,605) Closing balance 17,922,725 8,898,633 |
Schedule of dividends paid | September 30, September 30, 2023 2022 (Unaudited) Ecopetrol S.A. 1,829,710 10,037,445 Interconexión Eléctrica SA ESP 1,058,282 356,773 Oleoducto Central S.A. - Ocensa 599,985 516,284 Oleoducto de los Llanos Orientales S.A. 171,290 104,205 Invercolsa S.A. 145,213 126,161 Oleoducto de Colombia S.A. - ODC 55,181 46,083 Total 3,859,661 11,186,951 |
Schedule of composition of the other comprehensive results attributable to the shareholders | September 30, December 31, 2023 2022 (Unaudited) Foreign currency translation 18,368,510 28,816,983 Hedges of a net investment in a foreign operation (4,980,418) (9,219,271) Gains and loss on defined benefit obligation (679,915) (1,331,361) Cash flow hedging - Future crude oil exports (194,018) (2,473,999) Cash flow hedging - Derivative financial instruments 97,427 1,290 Financial instruments measured at fair value 1,373 3,077 12,612,959 15,796,719 |
Schedule of earnings per share | September 30, September 30, 2023 2022 (Unaudited) Profit attributable to Ecopetrol’s shareholders 17,637,678 24,770,909 Weighted average number of outstanding shares 41,116,694,690 41,116,694,690 Net basic earnings per share (Colombian pesos) 429.0 602.5 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from contracts with customers | |
Schedule of detailed information of revenue from contracts with customers | Nine-month period ended September 30, 2023 2022 (Unaudited) National sales Mid-distillates (1) 24,553,761 28,031,166 Gasolines (1) 18,368,808 20,610,595 Natural gas (2) 3,322,731 3,016,677 Services 2,618,695 2,643,135 Electric power transmission services (3) 2,010,717 1,934,461 Plastic and rubber 930,979 1,216,431 Fuel gas Service 738,821 621,349 Asphalts 684,959 634,240 L.P.G. and propane 613,543 807,235 Roads and construction services (3) 260,781 255,736 Polyethylene 234,620 220,975 Aromatics 228,180 242,045 Crude oil 132,357 214,587 Other products 502,370 513,753 55,201,322 60,962,385 Foreign sales Crude oil (2) 36,879,139 43,946,601 Diesel 3,215,505 1,896,842 Fuel oil 3,047,606 3,628,416 Electric power transmission services (3) 4,373,784 3,750,829 Roads and construction services (3) 3,510,948 3,209,685 Plastic and rubber 1,096,741 1,621,076 L.P.G. and propane 206,540 242,581 Gasolines 193,394 157,685 Natural gas 75,044 189,665 Cash flow hedging (4) (650,012) (968,534) Other products (5) 1,241,335 1,261,563 53,190,024 58,936,409 108,391,346 119,898,794 (1) Includes the value corresponding to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add to it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of regular 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 September 30, 2023, the value recognized for price differential corresponds to $17,699,168 (2022: $26,584,199 ). (2) As of September 30, 2023, the value recognized for extensive tests is as follows: natural gas for national sales $27,952 (2022: $34,197 ) and crude oil for foreign sales $74,792 (2022: $104,493 ). (3) Corresponds to the income derived from the energy transmission and road concession contracts of Interconexión Eléctrica S.A. E.S.P. (4) Includes the result of hedges for future exports (Note 29.3) for $( 480,232 ) (2022: ( 576,875 )) and operations with derivative financial instruments for $( 169,780 ) (2022: ( 391,659 )). (5) Includes income from telecommunications services and the sale of asphalt, and other products. |
Cost of sales (Tables)
Cost of sales (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cost of sales | |
Schedule of cost of sales of non current assets | Nine-month period ended September 30, 2023 2022 (Unaudited) Costs variables Imported products (1) 19,194,752 23,243,685 Purchases of crude in associations and concessions 10,136,966 11,712,144 Depreciation, depletion, and amortization 5,871,353 4,985,749 Hydrocarbon purchases - ANH (2) 5,849,162 6,929,845 Electric Energy 1,561,217 1,074,527 Gas royalties in cash 1,293,176 1,073,435 Hydrocarbon transportation services 1,154,795 869,983 Processing materials 1,118,863 828,599 Purchases of other products and gas 890,403 879,966 Services contracted in association 225,664 239,872 Extensive tests (3) 61,030 43,289 Others (4) 196,214 (1,505,246) 47,553,595 50,375,848 Fixed cost Depreciation and amortization 3,793,954 3,382,811 Maintenance 3,149,139 2,652,864 Labor costs 2,938,292 2,438,632 Contracted services 2,399,503 1,919,342 Construction services 1,931,562 1,888,186 Contracted services in associations 1,048,425 1,175,197 Taxes and contributions 810,719 725,640 Materials and operating supplies 639,449 452,560 Hydrocarbon transportation services 179,759 133,837 General costs 426,776 313,324 17,317,578 15,082,393 64,871,173 65,458,241 (1) Imported products correspond mainly to middle distillates and gasoline, the variation is due to a lower requirement due to the greater operation in refineries. (2) Corresponds mainly to royalty crude purchases made by Ecopetrol S.A. from the National Hydrocarbons Agency (ANH), derived from national production. (3) Corresponds to the cost related to revenue from the sale of hydrocarbons (Note 24 – Revenue from contracts with customers), obtained in the exploration stage or extensive tests prior to the declaration of commerciality of the oil fields. (4) It corresponds to i) the process of use and valuation of core inventories, ii) measurement at net realizable value (VNR), and iii) other capitalizable charges to projects. |
Administrative, operation and_2
Administrative, operation and project expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Administrative, operation and project expenses | |
Schedule of administrative, operation and project expenses | Nine-month period ended September 30, 2023 2022 (Unaudited) Administration expenses General expenses 1,542,546 1,269,973 Labor expenses 1,407,865 1,208,844 Depreciation and amortization 348,306 314,566 Taxes 62,272 51,244 3,360,989 2,844,627 Operation and project expenses Exploration expenses (1) 1,303,339 637,590 Commissions, fees, freights, and services 1,232,089 896,113 Taxes 632,085 562,837 Labor expenses 292,543 270,162 Fee for regulatory entities 230,357 123,128 Maintenance 69,540 82,440 Depreciation and amortization 49,631 73,700 Other 106,288 187,553 3,915,872 2,833,523 |
Other operating expenses (Table
Other operating expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other operating expenses | |
Schedule of other operating expenses | Nine-month period ended September 30, 2023 2022 (Unaudited) Provision expenses (368,068) (310,406) Gain (loss) on sale of assets 227,891 (38,309) Impairment of current assets (59,468) (46,434) Other income 109,957 92,478 (89,688) (302,671) |
Financial results (Tables)
Financial results (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Financial results | |
Schedule of financial results | Nine-month period ended September 30, 2023 2022 (Unaudited) Finance income Results from financial assets 321,142 124,493 Yields and interests 1,378,145 612,914 Gain on derivative settlement 2,852 11,834 Dividends 90 70 Other financial income 82,542 138,087 1,784,771 887,398 Financial expenses Financial cost of loans and borrowings (5,151,076) (3,886,375) Financial cost of other liabilities (1) (1,657,833) (1,559,080) Results from financial assets (251,001) (125,493) Other financial expenses (710,545) (304,929) (7,770,455) (5,875,877) Foreign exchange Foreign exchange gain (loss) 1,806,158 (377,527) 1,806,158 (377,527) (4,179,526) (5,366,006) (1) It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits. |
Risk management (Tables)
Risk management (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Risk management | |
Schedule of book values of financial assets and liabilities denominated in foreign currency | September 30, December 31, (USD$ Millions) 2023 2022 (Unaudited) Cash and cash equivalents 765 615 Other financial assets 1,063 955 Trade receivables and payables (608) (392) Loans and borrowings (18,388) (16,113) Other assets and liabilities 98 202 Net liability position (17,070) (14,733) |
Schedule of sensitivity analysis for exchange rate risk | The following is the effect that a variation of 1% and 5% would have in the exchange rate of Colombian pesos against the U.S. United States dollar, related to the exposure of financial assets and liabilities in foreign currency as of September 30, 2023: Scenario / variation in the Effect on income Effect on other exchange rate before taxes +/– comprehensive income +/ 1 % 24,385 796,716 5 % 121,925 3,983,580 |
Schedule of non-derivative hedging instrument | September 30, December 31, (USD$ Millions) 2023 2022 (Unaudited) Opening balance 5,572 4,972 Reassignment of hedging instruments 227 1,879 Realized exports (227) (1,879) Designation of new hedges 693 600 Closing balance 6,265 5,572 |
Schedule of movement in the other comprehensive income | September 30, December 31, 2023 2022 (Unaudited) Opening balance (2,473,999) (945,250) Exchange difference 3,760,813 (4,317,263) Realized exports (Note 22) 480,231 1,143,287 Ineffectiveness 18,998 6,625 Deferred tax (Note 10) (1,980,061) 1,638,602 Closing balance (194,018) (2,473,999) September 30, December 31, 2023 2022 (Unaudited) Opening balance 9,354,071 4,366,336 Exchange difference (6,573,497) 7,526,124 Deferred tax 2,213,355 (2,538,389) Closing balance 4,993,929 9,354,071 |
Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | Year Before taxes Taxes After taxes 2023 (Oct-Dec) 24,860 (10,847) 14,013 2024 94,236 (43,853) 50,383 2025 93,139 (43,343) 49,796 2026 90,478 (42,104) 48,374 2027 (7,208) 3,354 (3,854) 2028 (7,420) 3,453 (3,967) 2029 (7,748) 3,606 (4,142) 2030 17,937 (8,347) 9,590 2031 30,771 (14,319) 16,452 2032 30,097 (14,006) 16,091 2033 2,397 (1,115) 1,282 361,539 (167,521) 194,018 |
Schedule of leverage index over the periods reported | September 30, December 31, 2023 2022 (Unaudited) Loans and borrowings (Note 19) 109,728,676 115,134,839 Cash and cash equivalents (Note 6) (12,070,744) (15,401,058) Other financial assets (Note 9) (2,143,515) (2,725,871) Net financial debt 95,514,417 97,007,910 Equity 101,924,635 113,903,089 Leverage (1) 48.38 % 45.99 % (1) |
Related parties (Tables)
Related parties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related parties | |
Schedule of associates and joint ventures | Accounts Loans Other Accounts Loans Other receivable receivable assets payable payable liabilities Joint ventures Equion Energía Limited — — 108 2,029 715,020 1,828 Ecodiesel Colombia S.A. 3,682 — — 50,360 — 101 Interligação Elétrica do Madeira S.A. 42,226 — — — — — Interligação Elétrica Garanhuns S.A. 11,034 38 — — — — Interligação Elétrica Paraguaçu S.A. — 25 — — — — Interligação Elétrica Aimorés S.A. — 25 — — — — Interligação Elétrica Ivaí S.A. — 544 — — — — Derivex S.A. — 335 — — — — Conexión Kimal Lo Aguirre S.A. — 129,978 — — — — Associates Gases del Caribe S.A. E.S.P. 78,617 — — — — — Gas Natural del Oriente S.A. E.S.P. 4,735 — — 6,343 — — Gases de la Guajira S.A. E.S.P. 879 — — — — — Extrucol S.A. 721 — — 753 — — E2 Energía Eficiente S.A. E.S.P. 10,029 — — 62 — — Balance as of September 30, 2023 (unaudited) 151,923 130,945 108 59,547 715,020 1,929 Current 151,923 639 108 59,547 715,020 1,929 Non-current — 130,306 — — — — 151,923 130,945 108 59,547 715,020 1,929 (Note 7) (Note 7) (Note 11) (Note 20) (Note 19) Accounts Loans Other Accounts Loans Other receivable receivable assets payable payable liabilities Joint ventures Equion Energía 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 20) (Note 19) Loans payable: (1) Deposits held by Equion in Ecopetrol Capital AG. |
Schedule of transactions between related parties | 2023 2022 Purchases of Purchases of Sales and product and Sales and product and services other services other (Unaudited) (Unaudited) Joint ventures Equion Energía Limited 698 30,447 430 15,423 Ecodiesel Colombia S.A. 17,957 414,075 13,993 468,589 18,655 444,522 14,423 484,012 Associates Gas Natural del Oriente S.A. E.S.P. — 28,906 — 26,783 Extrucol S.A. — — 10 2,222 E2 Energía Eficiente S.A. E.S.P. 12 2,932 65,137 2,202 Serviport S.A. 68,471 2,615 — — 68,483 34,453 65,147 31,207 87,138 478,975 79,570 515,219 |
Segments information (Tables)
Segments information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segments information | |
Schedule of operating segments | Nine-month period ended September 30, 2023 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total Third party sales 38,868,330 57,737,777 2,221,686 10,609,111 (1,045,558) 108,391,346 Inter-segment sales 21,834,134 5,324,407 9,601,985 2,415 (36,762,941) — Revenue from contracts with customers 60,702,464 63,062,184 11,823,671 10,611,526 (37,808,499) 108,391,346 Costs of sales (38,072,085) (56,855,440) (3,114,497) (4,313,681) 37,484,530 (64,871,173) Gross profit 22,630,379 6,206,744 8,709,174 6,297,845 (323,969) 43,520,173 Administration expenses (1,738,102) (566,870) (434,408) (869,242) 247,633 (3,360,989) Operation and projects expenses (2,751,048) (1,050,847) (276,718) — 162,741 (3,915,872) Impairment of non-current assets — (9,367) — (1,758) — (11,125) Other operating income (expense) 9,806 (43,112) 7,438 (59,248) (4,572) (89,688) Operating income 18,151,035 4,536,548 8,005,486 5,367,597 81,833 36,142,499 Financial results Financial income 1,215,406 163,723 326,581 587,830 (508,769) 1,784,771 Financial expenses (3,567,808) (1,343,057) (265,008) (3,020,557) 425,975 (7,770,455) Foreign exchange gain (loss) 1,411,085 509,358 (116,246) 1,961 — 1,806,158 (941,317) (669,976) (54,673) (2,430,766) (82,794) (4,179,526) Share of profit of associates and joint ventures 22,277 198,549 — 385,506 — 606,332 Profit before income tax expense 17,231,995 4,065,121 7,950,813 3,322,337 (961) 32,569,305 Income tax expense (8,394,481) (10,686) (2,692,004) (379,701) — (11,476,872) Net profit for the period 8,837,514 4,054,435 5,258,809 2,942,636 (961) 21,092,433 Net profit (loss) attributable to: Owners of the parent 8,912,142 3,889,560 4,217,516 619,421 (961) 17,637,678 Non-controlling interest (74,628) 164,875 1,041,293 2,323,215 — 3,454,755 8,837,514 4,054,435 5,258,809 2,942,636 (961) 21,092,433 Nine-month period ended September 30, 2022 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total Third party sales 47,423,709 60,987,163 1,995,275 9,578,562 (85,915) 119,898,794 Inter-segment sales 22,583,663 5,127,399 7,873,394 1,995 (35,586,451) — Revenue from contracts with customers 70,007,372 66,114,562 9,868,669 9,580,557 (35,672,366) 119,898,794 Costs of sales (34,896,814) (59,242,324) (2,681,117) (3,954,326) 35,316,340 (65,458,241) Gross profit 35,110,558 6,872,238 7,187,552 5,626,231 (356,026) 54,440,553 Administration expenses (1,537,478) (487,623) (339,903) (754,149) 274,526 (2,844,627) Operation and projects expenses (1,871,806) (866,722) (225,224) — 130,229 (2,833,523) Impairment of non–current assets — (5,516) — — — (5,516) Other operating expenses (193,586) (31,033) (24,523) (51,033) (2,496) (302,671) Operating income 31,507,688 5,481,344 6,597,902 4,821,049 46,233 48,454,216 Financial results Financial income 656,434 59,308 80,522 404,771 (313,637) 887,398 Financial expenses (2,117,736) (974,944) (207,257) (2,843,762) 267,822 (5,875,877) Foreign exchange (loss) gain (102,929) (244,300) (60,892) 30,594 — (377,527) (1,564,231) (1,159,936) (187,627) (2,408,397) (45,815) (5,366,006) Share of profit of associates and joint ventures 8,741 171,348 (1,001) 477,592 — 656,680 Profit before income tax expense 29,952,198 4,492,756 6,409,274 2,890,244 418 43,744,890 Income tax expense (10,809,210) (2,664,643) (2,276,607) (463,605) — (16,214,065) Net profit for the period 19,142,988 1,828,113 4,132,667 2,426,639 418 27,530,825 Net profit (loss) attributable to: Owners of the parent 19,209,590 1,684,580 3,339,949 536,372 418 24,770,909 Non–controlling interest (66,602) 143,533 792,718 1,890,267 — 2,759,916 19,142,988 1,828,113 4,132,667 2,426,639 418 27,530,825 |
Schedule of products and services | Revenue from contracts with customers - Segments Nine-month period ended September 30, 2023 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total National sales Mid-distillates — 24,580,708 — — (26,947) 24,553,761 Gasolines — 21,298,912 — — (2,930,104) 18,368,808 Natural gas 4,246,019 — — — (923,288) 3,322,731 Services 178,448 1,313,177 11,823,671 234,597 (10,931,198) 2,618,695 Electric power transmission services — — — 2,010,717 — 2,010,717 Plastic and rubber — 930,979 — — — 930,979 Fuel gas service — 745,885 — — (7,064) 738,821 Asphalts 46,250 638,709 — — — 684,959 L.P.G. and propane 408,442 218,692 — — (13,591) 613,543 Roads and construction services — — — 260,781 — 260,781 Polyethylene — 234,107 — — 513 234,620 Aromatics — 228,180 — — — 228,180 Crude oil 20,772,440 — — — (20,640,083) 132,357 Other products 32,716 2,805,840 — — (2,336,186) 502,370 25,684,315 52,995,189 11,823,671 2,506,095 (37,807,948) 55,201,322 Foreign sales Crude oil 35,357,848 1,521,291 — — — 36,879,139 Electric power transmission services — — — 4,373,784 — 4,373,784 Construction services — — — 3,510,948 — 3,510,948 Diesel — 3,215,505 — — — 3,215,505 Fuel oil — 3,047,606 — — — 3,047,606 Plastic and rubber — 1,096,741 — — — 1,096,741 L.P.G. and propane 206,540 — — — — 206,540 Gasolines — 193,394 — — — 193,394 Natural gas 75,044 — — — — 75,044 Cash flow hedging (642,050) (7,962) — — — (650,012) Other products 20,767 1,000,420 — 220,699 (551) 1,241,335 35,018,149 10,066,995 — 8,105,431 (551) 53,190,024 60,702,464 63,062,184 11,823,671 10,611,526 (37,808,499) 108,391,346 Sales by product - Segments Nine-month period ended September 30, 2022 (Unaudited) Concessions, Exploration electricity and Refining and Transportation transport Production Petrochemicals and Logistics and roads Eliminations Total National sales Mid-distillates — 28,049,021 — — (17,855) 28,031,166 Gasolines — 23,859,630 — — (3,249,035) 20,610,595 Gas natural 3,783,528 — — — (766,851) 3,016,677 Services 386,472 315,302 9,868,669 208,024 (8,135,332) 2,643,135 Electric power transmission services — — — 1,934,461 — 1,934,461 Roads and construction services — — — 255,736 — 255,736 Fuel gas service — 627,753 — — (6,404) 621,349 Plastic and rubber — 1,216,431 — — — 1,216,431 Asphalts 32,966 601,274 — — — 634,240 L.P.G. and propane 550,211 280,473 — — (23,449) 807,235 Crude oil 21,711,604 491,440 — — (21,988,457) 214,587 Polyethylene — 220,975 — — — 220,975 Aromatics — 242,045 — — — 242,045 Other products 19,395 1,837,450 — — (1,343,092) 513,753 26,484,176 57,741,794 9,868,669 2,398,221 (35,530,475) 60,962,385 Foreign sales Crude oil 43,996,345 92,147 — — (141,891) 43,946,601 Diesel — 1,896,842 — — — 1,896,842 Electric power transmission services — — — 3,750,829 — 3,750,829 Roads and construction services — — — 3,209,685 — 3,209,685 Plastic and rubber — 1,621,076 — — — 1,621,076 Gasolines — 157,685 — — — 157,685 Fuel oil — 3,628,416 — — — 3,628,416 Natural gas 189,665 — — — — 189,665 L.P.G. and propane 242,581 — — — — 242,581 Cash flow hedging (932,542) (35,992) — — — (968,534) Other products 27,147 1,012,594 — 221,822 — 1,261,563 43,523,196 8,372,768 — 7,182,336 (141,891) 58,936,409 70,007,372 66,114,562 9,868,669 9,580,557 (35,672,366) 119,898,794 |
Exhibit 1. Consolidated compa_2
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) | |
Disclosure of interests in subsidiaries | Ownership Geographic Profit (loss) Functional Interest Country/ area of for the Total Total Company Currency Ecopetrol Activity Domicile operations Net equity period assets liabilities Subsidiaries Refinería de Cartagena S.A.S. U.S. Dollar 100 % Hydrocarbons refining, marketing and distribution Colombia Colombia 22,111,929 3,166,632 35,666,794 13,554,865 Cenit transporte y logística de hidrocarburos S.A.S. Colombian peso 100 % Storage and transportation through hydrocarbon pipelines Colombia Colombia 15,668,591 4,272,019 17,685,907 2,017,316 Ecopetrol Global Energy S.L.U. U.S. Dollar 100 % Investment vehicle Spain Spain 14,521,345 627,109 14,521,402 57 Oleoducto Central S.A. - Ocensa U.S. Dollar 72.65 % Transportation through hydrocarbon pipelines Colombia Colombia 3,543,754 2,535,316 6,942,434 3,398,680 Hocol Petroleum Limited. U.S. Dollar 100 % Investment vehicle Bermuda Bermuda 4,235,448 468,018 4,235,622 174 Ecopetrol América LLC. U.S. Dollar 100 % Hydrocarbons exploration and exploitation United States of America United States of America 1,786,726 (11,115) 3,485,196 1,698,470 Hocol S.A. U.S. Dollar 100 % Exploration, exploitation, and production of hydrocarbons Cayman Islands Colombia 3,708,388 452,663 5,733,699 2,025,311 Esenttia S.A. U.S. Dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 2,540,932 189,181 3,259,229 718,297 Ecopetrol Capital AG U.S. Dollar 100 % Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group Switzerland Switzerland 2,800,207 117,164 10,141,763 7,341,556 Oleoducto Bicentenario de Colombia S.A.S. Colombian peso 100 % Pipeline transportation of crude oil Colombia Colombia 1,241,660 286,583 2,102,165 860,505 Oleoducto de Colombia S. A. – ODC Colombian peso 73 % Pipeline transportation of crude oil Colombia Colombia 341,913 330,828 825,712 483,799 Black Gold Re Ltd. U.S. Dollar 100 % Reinsurer of Ecopetrol and its subsidiaries Bermuda Bermuda 1,106,135 64,340 1,567,127 460,992 Andean Chemicals Ltd. U.S. Dollar 100 % Investment vehicle Bermuda Bermuda 1,866,627 128,129 1,869,764 3,137 Oleoducto de los Llanos Orientales S. A. - ODL Colombian peso 65 % Pipeline transportation of crude oil Panama Colombia 791,478 525,398 1,357,814 566,336 Interconexión Eléctrica S.A. E.S.P. Colombian peso 51.41 % -Provision of the public electricity transmission service - Development of infrastructure projects and their commercial exploitation and - Software development, Information technology and telecommunications activities and services Colombia Latin America 27,462,253 2,034,446 72,758,663 45,296,410 Ownership Geographic Profit Functional Interest Country/ area of (loss) for Total Total Company Currency Ecopetrol Activity Domicile operations Net equity the period assets liabilities Inversiones de Gases de Colombia S.A. Invercolsa S.A. Colombian peso 51.88 % Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia Colombia Colombia 580,247 266,589 746,271 166,024 Alcanos de Colombia S.A. E.S.P. (1) Colombian peso 29.61 % Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. Colombia Colombia 297,244 107,430 837,451 540,207 Metrogas de Colombia S.A E.S.P. (1) Colombian peso 33.49 % Provision of the 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 52,944 16,411 142,043 89,099 Gases del Oriente S.A. E.S.P. (1) Colombian peso 48.50 % Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service. Colombia Colombia 77,161 47,069 215,458 138,297 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 44,835 30,035 91,343 46,508 Combustibles Líquidos de Colombia S.A E.S.P. (1) Colombian peso 41.61 % Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service. Colombia Colombia 61,606 1,198 82,341 20,735 Ownership Geographic Profit (loss) Functional Interest Country/ area of for the Total Total Company Currency Ecopetrol Activity Domicile operations Net equity period assets liabilities Ecopetrol USA Inc. U.S. Dollar 100 % Hydrocarbons exploration and exploitation United States of America United States of America 12,379,433 744,326 12,388,513 9,080 Ecopetrol Permian LLC. U.S. Dollar 100 % Hydrocarbons exploration and exploitation United States of America United States of America 8,649,795 752,321 11,197,337 2,547,542 Ecopetrol Oleo e Gas do Brasil Ltda. Real 100 % Hydrocarbons exploration and exploitation Brazil Brazil 2,033,536 (116,742) 2,085,202 51,666 Esenttia Masterbatch Ltda. Colombian peso 100 % Manufacture of polypropylene compounds and masterbatches Colombia Colombia 319,567 165,172 432,525 112,958 Ecopetrol del Perú S. A. U.S. Dollar 100 % Hydrocarbons exploration and exploitation Peru Peru 62,325 2,084 65,277 2,952 ECP Hidrocarburos de México S.A. de C.V. U.S. Dollar 100 % Offshore exploration Mexico Mexico 46,090 (1,649) 47,910 1,820 Ecopetrol Costa Afuera S.A.S. Colombian peso 100 % Offshore exploration Colombia Colombia 13,146 182 13,330 184 Esenttia Resinas del Perú SAC U.S. Dollar 100 % Commercialization polypropylene resins and masterbatches Peru Peru 15,846 1,204 37,948 22,102 Topili Servicios Administrativos S de RL De CV. Mexican pesos 100 % Specialized management services Mexico Mexico (162) (182) 284 446 Kalixpan Servicios Técnicos S de RL De CV. Mexican pesos 100 % Specialized services related to oil and gas industry Mexico Mexico 131 (48) 135 4 Ecopetrol US Trading LLC U.S. Dollar 100 % International marketing of crude oil and refined products United States of America United States of America — — — — Econova Technology & Innovation S.L. U.S. Dollar 100 % Execution of activities related to science, technology, and innovation (ST&I) activities. Spain Spain 11 (3) 14 3 Ecopetrol Singapore PTE. LTD Singapore dollar 100 % Holding company with investment in an international trading company for crude oil and refined products Singapore Asia 572,630 534,357 572,867 237 Ecopetrol Trading Asia PTE. LTD Singapore dollar 100 % International marketing of crude oil and refined products Singapore Asia 572,434 534,411 4,223,623 3,651,189 |
Disclosure of interests in associates and joint ventures | Ownership Geographic Profit (loss) Functional Interest Country/ area of for the Total Total Company Currency Ecopetrol Activity Domicile operations Net equity period assets liabilities Associates Serviport S.A. (2) Colombian peso 49 % Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements Colombia Colombia 12,790 (3,176) 42,028 29,238 Sociedad Portuaria Olefinas y Derivados S.A. (3) Colombian peso 50 % Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public Colombia Colombia 8,447 2,875 12,145 3,698 Joint ventures Equion Energía Limited U.S. Dollar 51 % Hydrocarbons exploration and exploitation United Kingdom Colombia 1,374,271 37,360 1,442,473 68,202 Ecodiesel Colombia S.A. (3) Colombian peso 50 % Production, commercialization and distribution of biofuels and oleochemicals Colombia Colombia 157,092 42,131 253,058 95,966 (1) Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A. (2) Information available as of June 30, 2023, the investment is totally impaired. (3) Information available as of August 31, 2023. |
Exhibit 2. Consolidated compa_2
Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited) | |
Schedule of subsidiaries, associates, and joint ventures Interconexion Electrica S.A. ESP (Unaudited) | Ownership Country/ Interest Company Activity Domicile ISA Assets Liabilities Equity Profit (loss) Subsidiaries Consorcio Transmantaro Electric power Peru 60.00 % 8,182,331 6,310,996 1,871,335 213,401 Interligação Eléctrica Evrecy Electric power Brazil 35.82 % 304,403 26,263 278,140 (11,169) Fundo de Investimento Assis Trust - Special Purpose Entity Brazil 35.82 % 46,655 — 46,655 588 Fundo de Investimento Barra Bonita Renda Fixa Referenciado Trust - Special Purpose Entity Brazil 35.00 % 4,082 — 4,082 401 Fundo de Investimento Referenciado di Bandeirantes Trust - Special Purpose Entity Brazil 13.64 % 142,791 — 142,791 8,985 Fundo de Investimento Xavantes Referenciado di Trust - Special Purpose Entity Brazil 14.20 % 453,128 — 453,128 11,569 Interconexiones Viales Roads Chile 65.00 % 132 803 (671) (4,416) Interligação Elétrica Aguapeí Electric power Brazil 35.82 % 639,101 45,680 593,421 46,521 Interligação Elétrica Biguaçu Electric power Brazil 35.82 % 463,846 57,239 406,607 36,744 Interligação Elétrica De Minas Gerais Electric power Brazil 35.82 % 460,365 41,256 419,109 3,236 Interligação Elétrica Itapura Electric power Brazil 35.82 % 173,388 12,376 161,012 11,289 Interligação Elétrica Itaquerê Electric power Brazil 35.82 % 579,199 59,094 520,105 40,230 Interligação Elétrica Itaúnes Electric power Brazil 35.82 % 491,096 36,683 454,413 11,644 Interligação Elétrica Norte E Nordeste Electric power Brazil 35.82 % 468,165 132,894 335,271 23,813 Interligação Elétrica Pinheiros Electric power Brazil 35.82 % 62,896 6,618 56,278 6,110 Interligação Elétrica Riacho Grande Electric power Brazil 35.82 % 105,765 29,098 76,667 1,270 Interligação Elétrica Serra Do Japi Electric power Brazil 35.82 % 418,725 28,635 390,090 27,634 Interligação Elétrica Sul Electric power Brazil 35.82 % 231,935 26,480 205,455 13,273 Interligação Elétrica Tibagi Electric power Brazil 35.82 % 251,998 25,105 226,893 17,549 Internexa Information and communications technologies Colombia 99.50 % 518,004 425,656 92,348 (22,236) Transamerican Telecomunication S.A. Information and communications technologies Argentina 99.50 % 38,333 20,912 17,421 (1,108) Internexa Brasil Operadora de Telecomunicações Information and communications technologies Brazil 99.50 % 203,365 191,632 11,733 (15,501) Internexa Chile Information and communications technologies Chile 98.50 % 72,496 53,656 18,840 (14,290) Interligação Elétrica JAGUAR 6 S.A. Electric power Brazil 35.82 % 225,550 12,330 213,220 10,348 Interligação Elétrica JAGUAR 8 S.A. Electric power Brazil 35.82 % 121,085 8,857 112,228 4,899 Interligação Elétrica JAGUAR 9 S.A. Electric power Brazil 35.82 % 423,079 31,613 391,466 28,979 Ownership Country/ Interest Company Activity Domicile ISA Assets Liabilities Equity Profit (loss) Internexa Participações Investment vehicle Brazil 99.50 % 10,166 1,324 8,842 (13,624) Internexa Peru Information and communications technologies Peru 99.50 % 303,563 256,660 46,903 4,816 ISA Bolivia Electric power Bolivia 100.00 % 125,783 8,105 117,678 5,059 ISA Capital Do Brasil Investment vehicle Brazil 100.00 % 5,564,972 559 5,564,413 522,802 ISA CTEEP Electric power Brazil 35.82 % 28,788,164 13,338,881 15,449,283 1,457,418 ISA Interchile Electric power Chile 100.00 % 6,517,095 5,203,405 1,313,690 13,841 ISA Intercolombia Electric power Colombia 100.00 % 417,663 304,644 113,019 25,126 ISA Intervial Chile Roads Chile 100.00 % 4,708,532 717,645 3,990,887 323,463 ISA Intervial Colombia Roads Colombia 100.00 % 620 — 620 33 ISA Inversiones Chile SpA Investment vehicle Chile 100.00 % 1,980,090 215,605 1,764,485 68,356 ISA Inversiones Chile Vias SpA Investment vehicle Chile 100.00 % 4,078,002 165 4,077,837 324,149 ISA Inversiones Costera Chile Investment vehicle Chile 100.00 % 609,354 815,968 (206,614) (45,778) ISA Inversiones Tolten Investment vehicle Chile 100.00 % 34 — 34 (2) ISA Investimentos E Participações Investment vehicle Brazil 100.00 % 1,081,679 105 1,081,574 59,341 ISA Perú Electric power Peru 99.98 % 1,005,540 821,725 183,815 24,533 ISA REP Electric power Peru 60.00 % 1,960,767 1,507,293 453,474 149,484 ISA Transelca Electric power Colombia 100.00 % 1,809,039 919,491 889,548 107,111 Linear Systems RE Other businesses Bermudas 100.00 % 119,758 84,330 35,428 3,689 Proyectos de Infraestructura del Perú Electric power Peru 100.00 % 34,700 12,533 22,167 9,706 Ruta Costera Roads Colombia 100.00 % 2,601,976 2,431,341 170,635 (7,247) Ruta de La Araucanía Roads Chile 100.00 % 899,448 458,278 441,170 42,486 Ruta de Los Ríos Roads Chile 75.00 % 332,927 240,274 92,653 25,029 Ruta del Bosque Roads Chile 100.00 % 29,924 4,082 25,842 (18,387) Ruta del Loa Roads Chile 100.00 % 1,232,237 897,639 334,598 35,711 Ruta del Maipo Roads Chile 100.00 % 8,148,692 5,428,644 2,720,048 257,527 Ruta del Maule Roads Chile 100.00 % 8,674 2,803 5,871 267 Sistemas Inteligentes en Red Other businesses Colombia 99.77 % 20,803 9,753 11,050 1,850 XM Electric power Colombia 99.73 % 367,977 311,517 56,460 10,706 Ownership Country/ Interest Company Activity Domicile ISA Assets Liabilities Equity Profit (loss) Joint ventures Interligação Elétrica do Madeira Energy transport Brazil 51.00 % 6,286,123 2,821,217 3,464,906 230,072 Interligação Elétrica Garanhuns Energy transport Brazil 51.00 % 1,334,544 382,140 952,404 63,862 Interligação Elétrica Paraguaçu Energy transport Brazil 50.00 % 1,508,843 498,283 1,010,560 74,685 Interligação Elétrica Aimorés Energy transport Brazil 50.00 % 954,447 334,667 619,780 48,236 Interligação Elétrica Ivaí Energy transport Brazil 50.00 % 3,999,502 3,084,164 915,338 171,733 Transmissora Aliança de Energia Elétrica Energy transport Brazil 14.88 % 14,578,138 8,769,989 5,808,149 472,045 Interconexión Eléctrica Colombia Panamá-Panamá Energy transport Panama 50.00 % 21,860 3,084 18,776 (15,856) Interconexión Eléctrica Colombia Panamá Colombia Energy transport Colombia 1.17 % 266 1 265 (2) Transnexa Telecommunications transport Ecuador 50.00 % — — — — Derivex Manage the negotiation system of operations on derivative financial instruments of electrical energy Colombia 40.46 % 447 — 447 (402) Parques del Río Roads Colombia 33.00 % 89 3 86 (30) Conexión Kimal Lo Aguirre S.A. Energy transport Chile 33.33 % 721,017 263,565 457,452 4,158 Associates ATP Tower Holdings Telecommunications transport United States of America 24.70 % 4,265,203 2,576,809 1,688,394 (19,164) |
Reporting entity (Details)
Reporting entity (Details) | Sep. 30, 2023 |
Reporting entity | |
Proportion of shares available for public trade | 11.51% |
Proportion of shares held by majority share holders | 88.49% |
Basis of presentation (Details)
Basis of presentation (Details) | Mar. 17, 2023 |
Econova Technology & Innovation, S.L. | |
Basis of presentation | |
Percentage of direct ownership of capital shares | 100% |
New standards (Details)
New standards (Details) | 9 Months Ended |
Sep. 30, 2023 | |
New standards | |
Minimum tax rate of large multinational companies | 15% |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents. | ||||
Banks and corporations | $ 7,151,034 | $ 9,491,029 | ||
Short-term investments | 4,918,167 | 5,907,785 | ||
Cash | 1,543 | 2,244 | ||
Total cash and cash equivalents | $ 12,070,744 | $ 15,401,058 | $ 12,917,748 | $ 14,549,906 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | ||
Restricted cash | $ 1,844,980 | $ 2,067,279 |
Interconexion Electrica S.A. E.S.P. | ||
Cash and cash equivalents | ||
Restricted cash | 1,767,893 | 1,987,409 |
Oleoducto Central S.A. - Ocensa | ||
Cash and cash equivalents | ||
Restricted cash | 76,205 | $ 79,870 |
Other Companies | ||
Cash and cash equivalents | ||
Restricted cash | $ 882 |
Trade and other receivables (De
Trade and other receivables (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current | ||
Fuel Price stabilization fund | $ 25,692,997 | $ 26,296,870 |
Concessions | 4,495,993 | 5,194,909 |
Customers | ||
Domestic | 2,788,212 | 3,268,944 |
Foreign | 3,528,244 | 3,065,207 |
Related parties | 152,562 | 110,408 |
Accounts receivable from employees | 89,639 | 115,922 |
Industrial services | 55,797 | 70,762 |
Other | 777,229 | 1,101,977 |
Total current | 37,580,673 | 39,224,999 |
Non-current | ||
Concessions | 26,533,437 | 28,647,390 |
Foreign | 184,965 | 185,331 |
Domestic | 72,001 | 72,985 |
Accounts receivable from employees | 581,185 | 498,415 |
Related parties | 130,306 | 335 |
Other | 2,554,429 | 2,750,749 |
Total non-current | $ 30,056,323 | $ 32,155,205 |
Trade and other receivables - A
Trade and other receivables - Additional Information (Details) - COP ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
ISA | ||
Trade and other receivables | ||
Gross accounts receivable | $ 2,291,892 | $ 2,481,530 |
Provision for expected losses, included in provision line for expected credit losses | 417,920 | 475,936 |
Net book value of accounts receivable included in others | 1,873,972 | 2,005,594 |
Ecopetrol | ||
Trade and other receivables | ||
Contribution from Ministry of Finance and Public Credit | $ 16,415,907 | $ 6,788,385 |
Inventories (Details)
Inventories (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventories | ||
Crude oil | $ 5,354,131 | $ 5,971,109 |
Fuels and petrochemicals | 3,073,856 | 3,241,154 |
Materials for goods production | 2,928,486 | 2,667,771 |
Inventories, net | $ 11,356,473 | $ 11,880,034 |
Other financial assets (Details
Other financial assets (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets measured at fair value | ||
Other financial assets | $ 2,143,515 | $ 2,725,871 |
Current | 1,752,234 | 1,162,127 |
Non-current | 391,281 | 1,563,744 |
Financial assets at fair value, class | ||
Assets measured at fair value | ||
Assets measured at fair value | 1,986,050 | 2,697,301 |
Investment in equity securities and trust funds | ||
Assets measured at fair value | ||
Assets measured at fair value | 497,392 | 875,335 |
Hedging instruments | ||
Assets measured at fair value | ||
Other financial assets | 155,053 | 311 |
Assets measured at fair value through other comprehensive income | ||
Assets measured at fair value | ||
Other financial assets | 3,652 | 3,583 |
Assets measured at amortized cost | ||
Assets measured at fair value | ||
Assets measured at fair value | 157,465 | 28,570 |
Investment portfolio - Foreign currency | ||
Assets measured at fair value | ||
Assets measured at fair value | 1,283,780 | 1,056,385 |
Investment portfolio - Local currency | ||
Assets measured at fair value | ||
Assets measured at fair value | $ 46,173 | $ 761,687 |
Other financial assets - Restri
Other financial assets - Restrictions (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other financial assets | ||
Restricted funds | $ 199,435 | $ 328,283 |
Other financial assets - Other
Other financial assets - Other financial assets recognized at fair value (Details) - COP ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2023 | |
Other financial assets | ||
Financial assets at fair value | $ 2,697,301 | $ 1,986,050 |
Level 1 | ||
Other financial assets | ||
Financial assets at fair value | 1,892,486 | 1,488,344 |
Transfers into (out of) Level 1,2 and 3 of fair value hierarchy, assets net | 0 | 0 |
Level 2 | ||
Other financial assets | ||
Financial assets at fair value | 804,815 | 497,706 |
Transfers into (out of) Level 1,2 and 3 of fair value hierarchy, assets net | $ 0 | $ 0 |
Taxes - Income tax expense (Det
Taxes - Income tax expense (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Taxes | ||
Current income tax expense | $ 10,378,745 | $ 13,586,947 |
Deferred income tax expense | 1,025,705 | 2,613,356 |
Adjustments to prior years' current and deferred tax | 72,422 | 13,762 |
Income tax expense | $ 11,476,872 | $ 16,214,065 |
Effective tax rate | 35.20% | 37.10% |
Nominal income rate | 35% | 35% |
decrease in effective tax rate | 1.90% |
Other assets (Details)
Other assets (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current | ||
Partners in joint operations | $ 973,170 | $ 871,409 |
Advanced payments to contractors and suppliers | 948,594 | 679,829 |
Prepaid expenses | 769,865 | 693,341 |
Trust funds | 452,370 | 507,163 |
Related parties (Note 30) | 108 | 1,087 |
Other | 25,657 | 25,651 |
Total current | 3,169,764 | 2,778,480 |
Non-current | ||
Wells abandonment and pension funds | 619,324 | 568,066 |
Trust funds | 349,638 | 184,464 |
Employee benefits | 290,538 | 342,143 |
Advanced payments and deposits | 75,602 | 87,684 |
Judicial deposits and judicial attachments | 50,913 | 54,776 |
Other | 234,578 | 216,214 |
Total non-current | $ 1,620,593 | $ 1,453,347 |
Investments in associates and_3
Investments in associates and joint ventures - Composition and movements (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments in joint ventures | ||
Equity of the joint venture | $ 6,141,646 | $ 6,803,601 |
Investments in associates | ||
Investments in associates | 2,543,392 | 2,692,999 |
Investments in joint ventures and associates | 8,685,038 | 9,496,600 |
Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 6,550,387 | 7,212,342 |
Investments in associates | ||
Investments in associates | 2,552,791 | 2,702,398 |
Gases del Caribe S.A. E.S.P. | Cost | ||
Investments in associates | ||
Investments in associates | 1,489,223 | 1,495,341 |
ATP Tower Holdings | Cost | ||
Investments in associates | ||
Investments in associates | 766,753 | 913,218 |
Gas Natural del Oriente S.A. E.S.P. | Cost | ||
Investments in associates | ||
Investments in associates | 150,394 | 148,254 |
Gases de la Guajira S.A. E.S.P. | Cost | ||
Investments in associates | ||
Investments in associates | 69,232 | 69,376 |
Extrucol S.A. | Cost | ||
Investments in associates | ||
Investments in associates | 28,680 | 27,680 |
E2 Energia Eficiente S.A. E.S.P. | Cost | ||
Investments in associates | ||
Investments in associates | 34,180 | 34,944 |
Serviport S.A. | Cost | ||
Investments in associates | ||
Investments in associates | 9,399 | 9,399 |
Serviport S.A. | Accumulated impairment | ||
Investments in associates | ||
Investments in associates | (9,399) | (9,399) |
Sociedad Portuaria Olefinas | Cost | ||
Investments in associates | ||
Investments in associates | 4,930 | 4,186 |
Interligacao Electrica do Madeira S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 1,769,645 | 1,871,142 |
Transmissora Alianca de Energia Electrica S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 1,570,643 | 1,830,504 |
Equion Energa Limited | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 1,059,231 | 1,191,154 |
Equion Energa Limited | Accumulated impairment | ||
Investments in joint ventures | ||
Equity of the joint venture | (400,196) | (400,196) |
Interligacao Electrica Paraguacu S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 559,119 | 614,112 |
Interligacao Electrica Garanhuns S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 518,794 | 571,328 |
Interligacao Electrica Ivai S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 471,951 | 469,176 |
Interligacao Electrica Aimores S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 355,693 | 411,495 |
Conexion Kimal Lo Aguirre S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 149,927 | 169,230 |
Ecodiesel Colombia S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 78,546 | 54,614 |
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) |
Interconexion Electrica Colombia Panama S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 8,026 | 20,516 |
Derivex S.A. | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 188 | 439 |
Parques de Rio | Cost | ||
Investments in joint ventures | ||
Equity of the joint venture | 75 | 83 |
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 | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Investments in associates and joint ventures | ||
Opening balance | $ 9,496,600 | |
Equity method recognized in: | ||
Profit or loss | 606,332 | $ 656,680 |
Equity | (1,146,185) | |
Dividends declared | (271,709) | |
Closing balance | 8,685,038 | |
Joint ventures | ||
Investments in associates and joint ventures | ||
Opening balance | 6,803,601 | |
Equity method recognized in: | ||
Profit or loss | 452,252 | |
Equity | (1,021,046) | |
Dividends declared | (93,161) | |
Closing balance | 6,141,646 | |
Associates | ||
Investments in associates and joint ventures | ||
Opening balance | 2,692,999 | |
Equity method recognized in: | ||
Profit or loss | 154,080 | |
Equity | (125,139) | |
Dividends declared | (178,548) | |
Closing balance | $ 2,543,392 |
Property, plant, and equipmen_2
Property, plant, and equipment (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 COP ($) | ||
Property, plant, and equipment | ||
Beginning Balance | $ 100,997,498 | |
Ending Balance | 95,437,342 | |
Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 160,261,644 | |
Additions/capitalizations | 6,091,965 | [1] |
Abandonment cost update | (23,365) | |
Capitalized financial interests | 214,349 | [2] |
Exchange differences capitalized | 326 | |
Disposals | (553,591) | |
Foreign currency translation | (11,464,450) | |
Reclassifications/transfers | 92,219 | |
Ending Balance | 154,619,097 | |
Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (59,264,146) | |
Depreciation expense | (4,493,222) | |
Impairment loss | (9,338) | |
Disposals | 503,806 | |
Foreign currency translation | 4,154,035 | |
Reclassifications/transfers | (72,890) | |
Ending Balance | (59,181,755) | |
Plant and equipment | ||
Property, plant, and equipment | ||
Beginning Balance | 35,323,477 | |
Ending Balance | 30,092,050 | |
Plant and equipment | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 62,763,108 | |
Additions/capitalizations | 1,417,220 | [1] |
Abandonment cost update | 0 | |
Capitalized financial interests | 71,725 | [2] |
Exchange differences capitalized | 94 | |
Disposals | (387,574) | |
Foreign currency translation | (6,008,008) | |
Reclassifications/transfers | (1,577,274) | |
Ending Balance | 56,279,291 | |
Plant and equipment | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (27,439,631) | |
Depreciation expense | (2,202,381) | |
Impairment loss | (6,835) | |
Disposals | 368,450 | |
Foreign currency translation | 2,228,054 | |
Reclassifications/transfers | 865,102 | |
Ending Balance | (26,187,241) | |
Pipelines, networks and lines | ||
Property, plant, and equipment | ||
Beginning Balance | 37,417,260 | |
Ending Balance | 35,379,716 | |
Pipelines, networks and lines | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 60,287,507 | |
Additions/capitalizations | 1,362,963 | [1] |
Abandonment cost update | (23,365) | |
Capitalized financial interests | 57,252 | [2] |
Exchange differences capitalized | 75 | |
Disposals | (115,248) | |
Foreign currency translation | (3,366,305) | |
Reclassifications/transfers | 457,158 | |
Ending Balance | 58,660,037 | |
Pipelines, networks and lines | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (22,870,247) | |
Depreciation expense | (1,713,438) | |
Impairment loss | (635) | |
Disposals | 105,806 | |
Foreign currency translation | 1,283,629 | |
Reclassifications/transfers | (85,436) | |
Ending Balance | (23,280,321) | |
Work in progress | ||
Property, plant, and equipment | ||
Beginning Balance | 12,014,576 | |
Ending Balance | 13,948,850 | |
Work in progress | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 13,432,616 | |
Additions/capitalizations | 2,972,969 | [1] |
Abandonment cost update | 0 | |
Capitalized financial interests | 69,081 | [2] |
Exchange differences capitalized | 136 | |
Disposals | (2,762) | |
Foreign currency translation | (166,407) | |
Reclassifications/transfers | (987,669) | |
Ending Balance | 15,317,964 | |
Work in progress | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (1,418,040) | |
Depreciation expense | 0 | |
Impairment loss | 0 | |
Disposals | 0 | |
Foreign currency translation | 1,706 | |
Reclassifications/transfers | 47,220 | |
Ending Balance | (1,369,114) | |
Buildings | ||
Property, plant, and equipment | ||
Beginning Balance | 9,123,911 | |
Ending Balance | 9,333,138 | |
Buildings | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 15,354,065 | |
Additions/capitalizations | 205,978 | [1] |
Abandonment cost update | 0 | |
Capitalized financial interests | 9,171 | [2] |
Exchange differences capitalized | 12 | |
Disposals | (9,332) | |
Foreign currency translation | (1,362,125) | |
Reclassifications/transfers | 2,207,724 | |
Ending Balance | 16,405,493 | |
Buildings | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (6,230,154) | |
Depreciation expense | (459,449) | |
Impairment loss | (1,868) | |
Disposals | 7,935 | |
Foreign currency translation | 515,661 | |
Reclassifications/transfers | (904,480) | |
Ending Balance | (7,072,355) | |
Lands | ||
Property, plant, and equipment | ||
Beginning Balance | 5,145,554 | |
Ending Balance | 4,795,946 | |
Lands | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 5,199,069 | |
Additions/capitalizations | 3,034 | [1] |
Abandonment cost update | 0 | |
Capitalized financial interests | 97 | [2] |
Exchange differences capitalized | 0 | |
Disposals | (256) | |
Foreign currency translation | (358,511) | |
Reclassifications/transfers | (69) | |
Ending Balance | 4,843,364 | |
Lands | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (53,515) | |
Depreciation expense | 0 | |
Impairment loss | 0 | |
Disposals | 39 | |
Foreign currency translation | 6,058 | |
Reclassifications/transfers | 0 | |
Ending Balance | (47,418) | |
Other | ||
Property, plant, and equipment | ||
Beginning Balance | 1,972,720 | |
Ending Balance | 1,887,642 | |
Other | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 3,225,279 | |
Additions/capitalizations | 129,801 | [1] |
Abandonment cost update | 0 | |
Capitalized financial interests | 7,023 | [2] |
Exchange differences capitalized | 9 | |
Disposals | (38,419) | |
Foreign currency translation | (203,094) | |
Reclassifications/transfers | (7,651) | |
Ending Balance | 3,112,948 | |
Other | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (1,252,559) | |
Depreciation expense | (117,954) | |
Impairment loss | 0 | |
Disposals | 21,576 | |
Foreign currency translation | 118,927 | |
Reclassifications/transfers | 4,704 | |
Ending Balance | $ (1,225,306) | |
[1] Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Castilla, Chichimene, and Rubiales fields, and Barrancabermeja Refinery ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, UPME 07–2017 Sabanalarga – Bolívar 500 Kv, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, and asset optimization plan. Financial interest is capitalized based on the weighted average rate of loan costs. |
Natural and environmental res_3
Natural and environmental resources (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 COP ($) | |
Natural and environmental resources | |
Beginning Balance | $ 42,323,610 |
Ending Balance | 43,985,932 |
Cost | Oil and gas investments | |
Natural and environmental resources | |
Beginning Balance | 88,338,471 |
Additions/capitalizations | 7,310,327 |
Abandonment cost update (Note 23) | 0 |
Disposals | (501,700) |
Disposals of exploratory assets and dry wells | 0 |
Capitalized financial interests | 190,333 |
Exchange differences capitalized | 250 |
Foreign currency translation | (4,535,675) |
Reclassifications/transfers | (1,177) |
Ending Balance | 90,800,829 |
Cost | Assets retirement obligations | |
Natural and environmental resources | |
Beginning Balance | 7,104,903 |
Additions/capitalizations | 14,473 |
Abandonment cost update (Note 23) | 118,376 |
Disposals | 0 |
Disposals of exploratory assets and dry wells | 0 |
Capitalized financial interests | 0 |
Exchange differences capitalized | 0 |
Foreign currency translation | (161,889) |
Reclassifications/transfers | (16,999) |
Ending Balance | 7,058,864 |
Cost | Exploration and evaluation | |
Natural and environmental resources | |
Beginning Balance | 10,480,025 |
Additions/capitalizations | 2,973,302 |
Abandonment cost update (Note 23) | (422) |
Disposals | 0 |
Disposals of exploratory assets and dry wells | (975,965) |
Capitalized financial interests | 66,939 |
Exchange differences capitalized | 87 |
Foreign currency translation | (713,119) |
Reclassifications/transfers | (112,418) |
Ending Balance | 11,718,429 |
Accumulated depreciation and impairment losses | Oil and gas investments | |
Natural and environmental resources | |
Beginning Balance | (58,382,473) |
Amortization expense | (4,376,364) |
Disposals | 78,507 |
Foreign currency translation | 2,408,370 |
Reclassifications/transfers | 64,467 |
Ending Balance | (60,207,493) |
Accumulated depreciation and impairment losses | Assets retirement obligations | |
Natural and environmental resources | |
Beginning Balance | (5,088,086) |
Amortization expense | (280,361) |
Disposals | 0 |
Foreign currency translation | 87,900 |
Reclassifications/transfers | 0 |
Ending Balance | (5,280,547) |
Accumulated depreciation and impairment losses | Exploration and evaluation | |
Natural and environmental resources | |
Beginning Balance | (129,230) |
Amortization expense | 0 |
Disposals | 0 |
Foreign currency translation | 0 |
Reclassifications/transfers | 25,080 |
Ending Balance | (104,150) |
Natural and environmental resources | |
Natural and environmental resources | |
Beginning Balance | 42,323,610 |
Ending Balance | 43,985,932 |
Natural and environmental resources | Oil and gas investments | |
Natural and environmental resources | |
Beginning Balance | 29,955,998 |
Ending Balance | 30,593,336 |
Natural and environmental resources | Assets retirement obligations | |
Natural and environmental resources | |
Beginning Balance | 2,016,817 |
Ending Balance | 1,778,317 |
Natural and environmental resources | Exploration and evaluation | |
Natural and environmental resources | |
Beginning Balance | 10,350,795 |
Ending Balance | 11,614,279 |
Natural and environmental resources | Cost | |
Natural and environmental resources | |
Beginning Balance | 105,923,399 |
Additions/capitalizations | 10,298,102 |
Abandonment cost update (Note 23) | 117,954 |
Disposals | (501,700) |
Disposals of exploratory assets and dry wells | (975,965) |
Capitalized financial interests | 257,272 |
Exchange differences capitalized | 337 |
Foreign currency translation | (5,410,683) |
Reclassifications/transfers | (130,594) |
Ending Balance | 109,578,122 |
Natural and environmental resources | Accumulated depreciation and impairment losses | |
Natural and environmental resources | |
Beginning Balance | (63,599,789) |
Amortization expense | (4,656,725) |
Disposals | 78,507 |
Foreign currency translation | 2,496,270 |
Reclassifications/transfers | 89,547 |
Ending Balance | $ (65,592,190) |
Right-of-use assets (Details)
Right-of-use assets (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 COP ($) | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | $ 627,813 | |
Balance at the end | 589,081 | |
Lease liabilities | ||
Right of Use Assets, Subleased Rollforward [Abstract] | ||
Payment of interests | (61,107) | |
Lease Liabilities Rollforward [Abstract] | ||
Balance at the beginning | 1,212,346 | |
Additions | 230,062 | |
Remeasurements | 91,237 | [1] |
Disposals | (47,547) | |
Finance cost | 84,809 | |
Payment of capital | (319,781) | |
Reclassifications/transfers | 18,835 | |
Exchange difference | (60,828) | |
Balance at the end | 1,148,026 | |
Pipelines | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 96,234 | |
Additions | 13,533 | |
Amortization of the period | (19,419) | |
Remeasurements | $ 971 | [1] |
Disposals | 10,435 | |
Exchange difference | $ (7,448) | |
Balance at the end | 73,436 | |
Lands and buildings | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 244,058 | |
Additions | 59,173 | |
Amortization of the period | (47,893) | |
Remeasurements | $ 33,823 | [1] |
Disposals | 13,007 | |
Reclassifications/transfers | $ 80 | |
Exchange difference | (48,018) | |
Balance at the end | 228,216 | |
Plant and equipments | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 119,534 | |
Additions | 107,737 | |
Amortization of the period | (60,972) | |
Remeasurements | $ 18,680 | [1] |
Disposals | 3,026 | |
Exchange difference | $ (9,862) | |
Balance at the end | 172,091 | |
Vehicles | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 167,987 | |
Additions | 49,619 | |
Amortization of the period | (100,769) | |
Remeasurements | $ 10,883 | [1] |
Disposals | 111 | |
Reclassifications/transfers | $ 1,951 | |
Exchange difference | (14,222) | |
Balance at the end | 115,338 | |
Right-of-use assets | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 627,813 | |
Additions | 230,062 | |
Amortization of the period | (229,053) | |
Remeasurements | $ 64,357 | [1] |
Disposals | 26,579 | |
Reclassifications/transfers | $ 2,031 | |
Exchange difference | (79,550) | |
Balance at the end | $ 589,081 | |
[1] Corresponds mainly to updating rates and conditions in lease contracts |
Intangible assets (Details)
Intangible assets (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 COP ($) | |
Intangible assets | |
Beginning balance | $ 18,146,605 |
Ending balance | 15,560,161 |
Licences and software | |
Intangible assets | |
Beginning balance | 628,454 |
Ending balance | 639,921 |
Other intangibles | |
Intangible assets | |
Beginning balance | 836,105 |
Ending balance | 744,409 |
Concessions and rights | |
Intangible assets | |
Beginning balance | 15,173,999 |
Ending balance | 12,727,566 |
Easements | |
Intangible assets | |
Beginning balance | 1,508,047 |
Ending balance | 1,448,265 |
Intangible assets | |
Intangible assets | |
Beginning balance | 18,146,605 |
Ending balance | 15,560,161 |
Cost | Licences and software | |
Intangible assets | |
Beginning balance | 1,512,614 |
Additions | 143,933 |
Disposals | (14,496) |
Foreign currency translation | (71,146) |
Transfers | 23,776 |
Ending balance | 1,594,681 |
Cost | Other intangibles | |
Intangible assets | |
Beginning balance | 1,282,751 |
Additions | 5,370 |
Foreign currency translation | (216,913) |
Transfers | (2,185) |
Ending balance | 1,069,023 |
Cost | Concessions and rights | |
Intangible assets | |
Beginning balance | 17,568,081 |
Additions | 312,969 |
Foreign currency translation | (3,254,069) |
Transfers | 81,746 |
Ending balance | 14,708,727 |
Cost | Easements | |
Intangible assets | |
Beginning balance | 1,637,445 |
Additions | 14,141 |
Disposals | (500) |
Foreign currency translation | (86,880) |
Transfers | 15,402 |
Ending balance | 1,579,608 |
Cost | Intangible assets | |
Intangible assets | |
Beginning balance | 22,000,891 |
Additions | 476,413 |
Disposals | (14,996) |
Foreign currency translation | (3,629,008) |
Transfers | 118,739 |
Ending balance | 18,952,039 |
Accumulated amortization | Licences and software | |
Intangible assets | |
Beginning balance | (884,160) |
Amortization of the period | (135,437) |
Disposals | 13,730 |
Foreign currency translation | 50,966 |
Transfers | 141 |
Ending balance | (954,760) |
Accumulated amortization | Other intangibles | |
Intangible assets | |
Beginning balance | (446,646) |
Amortization of the period | (19,317) |
Foreign currency translation | 141,315 |
Transfers | 34 |
Ending balance | (324,614) |
Accumulated amortization | Concessions and rights | |
Intangible assets | |
Beginning balance | (2,394,082) |
Amortization of the period | (523,927) |
Foreign currency translation | 936,848 |
Ending balance | (1,981,161) |
Accumulated amortization | Easements | |
Intangible assets | |
Beginning balance | (129,398) |
Amortization of the period | (5,563) |
Disposals | (104) |
Foreign currency translation | 3,897 |
Transfers | (175) |
Ending balance | (131,343) |
Accumulated amortization | Intangible assets | |
Intangible assets | |
Beginning balance | (3,854,286) |
Amortization of the period | (684,244) |
Disposals | 13,626 |
Foreign currency translation | 1,133,026 |
Transfers | 0 |
Ending balance | $ (3,391,878) |
Impairment of non-current ass_2
Impairment of non-current assets (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 COP ($) | |
Refineria de Cartagena S.A.S. | |
Impairment of non-current assets | |
Impairment | $ 9,338 |
Interconexion Electrica S.A. E.S.P. | |
Impairment of non-current assets | |
Impairment | 1,758 |
Invercolsa S.A. | |
Impairment of non-current assets | |
Impairment | $ 29 |
Goodwill (Details)
Goodwill (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill | ||
Goodwill | $ 4,964,720 | $ 5,350,114 |
Cost | ||
Goodwill | ||
Goodwill | 5,261,841 | 5,647,235 |
Interconexion Electrica S.A. E.S.P. | Cost | ||
Goodwill | ||
Goodwill | 3,370,441 | 3,755,835 |
Oleoducto Central S.A. | Cost | ||
Goodwill | ||
Goodwill | 683,496 | 683,496 |
Hocol Petroleum Ltd | Cost | ||
Goodwill | ||
Goodwill | 537,598 | 537,598 |
Hocol Petroleum Ltd | Accumulated impairment | ||
Goodwill | ||
Goodwill | (297,121) | (297,121) |
Invercolsa S.A. | Cost | ||
Goodwill | ||
Goodwill | 434,357 | 434,357 |
Andean Chemical Limited | Cost | ||
Goodwill | ||
Goodwill | 127,812 | 127,812 |
Esenttia S.A. | Cost | ||
Goodwill | ||
Goodwill | $ 108,137 | $ 108,137 |
Loans and borrowings (Details)
Loans and borrowings (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loans and borrowings | ||
Borrowings | $ 109,728,676 | $ 115,134,839 |
Current | 17,616,493 | 22,198,583 |
Non-current | 92,112,183 | 92,936,256 |
Local currency | ||
Loans and borrowings | ||
Borrowings | 9,116,266 | 7,981,849 |
Foreign currency | ||
Loans and borrowings | ||
Borrowings | $ 100,612,410 | $ 107,152,990 |
Bonds | Local currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 9.40% | 9.80% |
Borrowings | $ 4,833,891 | $ 4,965,653 |
Bonds | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 6.50% | 6% |
Borrowings | $ 77,342,221 | $ 82,432,647 |
Syndicate and commercial loans | Local currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 10.80% | 11.50% |
Borrowings | $ 3,377,210 | $ 2,171,462 |
Commercial and syndicate loans | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 7.40% | 4.60% |
Borrowings | $ 22,312,308 | $ 23,537,675 |
Loans from related parties | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 6% | 5.90% |
Borrowings | $ 715,020 | $ 815,056 |
Lease liabilities | Local currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 8.40% | 8% |
Borrowings | $ 905,165 | $ 844,734 |
Lease liabilities | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 6% | 6% |
Borrowings | $ 242,861 | $ 367,612 |
Loans and borrowings - Maturity
Loans and borrowings - Maturity of loans and borrowings (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loans and borrowings | ||
Borrowings | $ 109,728,676 | $ 115,134,839 |
Local currency | ||
Loans and borrowings | ||
Borrowings | 9,116,266 | |
Foreign currency | ||
Loans and borrowings | ||
Borrowings | 100,612,410 | |
Up to 1 year | ||
Loans and borrowings | ||
Borrowings | 17,616,493 | |
Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,753,539 | |
Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 15,862,954 | |
From 1 to 5 years | ||
Loans and borrowings | ||
Borrowings | 39,325,117 | |
From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 3,060,044 | |
From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 36,265,073 | |
From 5 to 10 years | ||
Loans and borrowings | ||
Borrowings | 31,926,813 | |
From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,650,619 | |
From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 30,276,194 | |
More than 10 years | ||
Loans and borrowings | ||
Borrowings | 20,860,253 | |
More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 2,652,064 | |
More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 18,208,189 | |
Bonds | Local currency | ||
Loans and borrowings | ||
Borrowings | 4,833,891 | |
Bonds | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 77,342,221 | |
Bonds | Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 781,760 | |
Bonds | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 5,767,419 | |
Bonds | From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,324,238 | |
Bonds | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 25,214,129 | |
Bonds | From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,148,399 | |
Bonds | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 28,822,440 | |
Bonds | More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,579,494 | |
Bonds | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 17,538,233 | |
Syndicate and commercial loans | Local currency | ||
Loans and borrowings | ||
Borrowings | 3,377,210 | |
Syndicate and commercial loans | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 22,312,308 | |
Syndicate and commercial loans | Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 777,934 | |
Syndicate and commercial loans | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 9,289,437 | |
Syndicate and commercial loans | From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,191,542 | |
Syndicate and commercial loans | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 10,921,672 | |
Syndicate and commercial loans | From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 336,703 | |
Syndicate and commercial loans | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 1,431,243 | |
Syndicate and commercial loans | More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,071,031 | |
Syndicate and commercial loans | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 669,956 | |
Loans from related parties | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 242,861 | |
Loans from related parties | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 91,078 | |
Loans from related parties | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 129,272 | |
Loans from related parties | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 22,511 | |
Loans from related parties | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 0 | |
Lease liabilities | Local currency | ||
Loans and borrowings | ||
Borrowings | 905,165 | |
Lease liabilities | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 715,020 | |
Lease liabilities | Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 193,845 | |
Lease liabilities | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 715,020 | |
Lease liabilities | From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 544,264 | |
Lease liabilities | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 0 | |
Lease liabilities | From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 165,517 | |
Lease liabilities | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 0 | |
Lease liabilities | More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,539 | |
Lease liabilities | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | $ 0 |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Details) $ / shares in Units, $ in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 COP ($) $ / shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 COP ($) | Dec. 31, 2022 COP ($) $ / shares | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2021 USD ($) | |
Loans and borrowings | ||||||||||
Increase in exchange rate of Colombian pesos per dollar | $ / shares | $ 756.44 | $ 756.44 | ||||||||
Repayment of loans and borrowings | $ 18,196,512 | $ 11,614,789 | ||||||||
Proceeds obtained from loans and borrowings | 28,862,692 | $ 10,458,560 | ||||||||
Fair value of loans and borrowings | 105,362,612 | $ 106,509,947 | ||||||||
ISA and tts Companies | ||||||||||
Loans and borrowings | ||||||||||
Estimated value of the current guarantees | 20,919,981 | |||||||||
ISA and tts Companies | Chile | ||||||||||
Loans and borrowings | ||||||||||
Estimated value of the current guarantees | 15,095,532 | |||||||||
ISA and tts Companies | Brazil | ||||||||||
Loans and borrowings | ||||||||||
Estimated value of the current guarantees | 3,145,449 | |||||||||
ISA and tts Companies | Colombia | ||||||||||
Loans and borrowings | ||||||||||
Estimated value of the current guarantees | 2,679,000 | |||||||||
Hedge of a net investment in a foreign operation | ||||||||||
Loans and borrowings | ||||||||||
Hedging instrument assets | $ 4,993,929 | $ 9,354,071 | $ 10,298 | $ 4,366,336 | ||||||
Cash flow hedging | ||||||||||
Loans and borrowings | ||||||||||
Hedging instrument assets | 6,265 | $ 5,572 | $ 4,972 | |||||||
Local Borrowings | Hedge of a net investment in a foreign operation | ||||||||||
Loans and borrowings | ||||||||||
Hedging instrument liabilities | $ 16,563 | |||||||||
Syndicate and commercial loans | ||||||||||
Loans and borrowings | ||||||||||
Proceeds obtained from loans and borrowings | $ 800 | |||||||||
Syndicate and commercial loans | IBR 6M rate | ||||||||||
Loans and borrowings | ||||||||||
Spread on variable rate | 4.90% | 4.90% | 4.90% | 4.90% | ||||||
Bonds with coupon rate 5.875% | ||||||||||
Loans and borrowings | ||||||||||
Borrowings, interest rate | 5.875% | 5.875% | 5.875% | 5.875% | ||||||
Repayment of loans and borrowings | $ 978 | $ 978 | ||||||||
Bonds with coupon rate 8.875% | ||||||||||
Loans and borrowings | ||||||||||
Borrowings, interest rate | 8.875% | 8.875% | 8.875% | 8.875% | ||||||
Proceeds obtained from loans and borrowings | $ 2,000 | $ 2,000 | ||||||||
Ecopetrol S.A | ||||||||||
Loans and borrowings | ||||||||||
Repayment of loans and borrowings | $ 15,698,111 | |||||||||
Proceeds obtained from loans and borrowings | 25,864,960 | |||||||||
Interconexion Electrica S.A. E.S.P | ||||||||||
Loans and borrowings | ||||||||||
Repayment of loans and borrowings | 1,780,143 | |||||||||
Proceeds obtained from loans and borrowings | 2,841,311 | |||||||||
Ocensa S.A | Consorcio Transmantaro | ||||||||||
Loans and borrowings | ||||||||||
Repayment of loans and borrowings | 454,009 | |||||||||
Ecopetrol S.A. | ||||||||||
Loans and borrowings | ||||||||||
Short-term financing | 2,841,311 | |||||||||
Financing line | $ 2,841,311 |
Trade and other payables (Detai
Trade and other payables (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current | ||
Suppliers | $ 12,030,080 | $ 15,034,677 |
Dividends payable (1) | 6,742,487 | 392,346 |
Withholding tax | 2,109,316 | 1,896,128 |
Partner's advances | 1,544,411 | 1,164,197 |
Insurance and reinsurance | 463,772 | 330,363 |
Deposits received from third parties | 186,902 | 162,338 |
Related parties (Note 30) | 59,547 | 67,879 |
Related parties (Note 30) | 59,547 | 67,879 |
Hedging operations | 7,293 | 4,311 |
Agreements in transport contracts | 48,298 | 115,526 |
Various creditors | 574,650 | 769,939 |
Total trade and other current payables | 23,766,756 | 19,937,704 |
Non-current | ||
Suppliers | 31,325 | 28,425 |
Deposits received from third parties | 391 | 331 |
Various creditors | 15,331 | 28,300 |
Total trade and other non-current payables | $ 47,047 | $ 57,056 |
Trade and other payables - Addi
Trade and other payables - Additional information (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Trade And Other Payables (Line Items) | ||
Dividends payable | $ 6,742,487 | $ 392,346 |
Ecopetrol S.A. | ||
Disclosure Of Trade And Other Payables (Line Items) | ||
Dividends payable | 6,098,606 | 3,667 |
Interconexion Electrica S.A | ||
Disclosure Of Trade And Other Payables (Line Items) | ||
Dividends payable | 479,668 | 366,999 |
Inversiones de Gases de Colombia S.A. | ||
Disclosure Of Trade And Other Payables (Line Items) | ||
Dividends payable | 110,997 | $ 21,680 |
Oleoducto de Colombia S.A. | ||
Disclosure Of Trade And Other Payables (Line Items) | ||
Dividends payable | $ 53,216 |
Provisions for employees' ben_3
Provisions for employees' benefits (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Post-employment benefits | ||
Post-employment benefits | $ 12,321,154 | $ 12,965,239 |
Current | 2,822,786 | 2,753,697 |
Non-current | 9,498,368 | 10,211,542 |
Health | ||
Post-employment benefits | ||
Post-employment benefits | 8,461,041 | 8,140,648 |
Pension | ||
Post-employment benefits | ||
Post-employment benefits | 1,226,186 | 2,073,562 |
Education | ||
Post-employment benefits | ||
Post-employment benefits | 396,650 | 405,769 |
Bonds | ||
Post-employment benefits | ||
Post-employment benefits | 354,675 | 399,114 |
Other plans | ||
Post-employment benefits | ||
Post-employment benefits | 80,695 | 115,136 |
Termination benefits - Voluntary retirement plan | ||
Post-employment benefits | ||
Post-employment benefits | 668,901 | 772,133 |
Post employment and termination benefits | ||
Post-employment benefits | ||
Post-employment benefits | 11,188,148 | 11,906,362 |
Social benefits and salaries | ||
Post-employment benefits | ||
Post-employment benefits | 1,045,654 | 970,598 |
Other long-term benefits | ||
Post-employment benefits | ||
Post-employment benefits | $ 87,352 | $ 88,279 |
Provisions for employees' ben_4
Provisions for employees' benefits - Additional Information (Details) - COP ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Provisions for employees' benefits | ||
Assets of benefit plan | $ 11,387,736 | $ 10,398,810 |
Fair value level 1 | ||
Provisions for employees' benefits | ||
Percentage of plan assets | 53.28% | 53.76% |
Fair value level 2 | ||
Provisions for employees' benefits | ||
Percentage of plan assets | 46.72% | 46.24% |
Accrued liabilities and provi_3
Accrued liabilities and provisions (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 COP ($) | |
Disclosure of accrued liabilities and provisions [Line Items] | |
Balance Beginning period | $ 12,756,494 |
Abandonment cost update | 94,589 |
Additions and (recoveries) | 402,513 |
Uses | (1,438,643) |
Financial cost | 380,806 |
Financial interest | 629,901 |
Foreign currency translation | (344,566) |
Transfers | 94,960 |
Balance End Period | 12,576,054 |
Current | 1,043,342 |
Non-current | $ 11,532,712 |
Interest to be paid to the tax authority (as a percent) | 50% |
Abandonment and dismantling costs | |
Disclosure of accrued liabilities and provisions [Line Items] | |
Balance Beginning period | $ 10,006,028 |
Abandonment cost update | 94,589 |
Additions and (recoveries) | (26,094) |
Uses | (437,664) |
Financial cost | 356,336 |
Foreign currency translation | (176,860) |
Balance End Period | 9,816,335 |
Current | 535,575 |
Non-current | 9,280,760 |
Litigations | |
Disclosure of accrued liabilities and provisions [Line Items] | |
Balance Beginning period | 898,251 |
Abandonment cost update | 0 |
Additions and (recoveries) | 10,598 |
Uses | (772,390) |
Financial cost | 7,273 |
Financial interest | 559,609 |
Foreign currency translation | (62,271) |
Transfers | (22,245) |
Balance End Period | 618,825 |
Current | 97,249 |
Non-current | 521,576 |
Environmental contingencies and others | |
Disclosure of accrued liabilities and provisions [Line Items] | |
Balance Beginning period | 1,852,215 |
Abandonment cost update | 0 |
Additions and (recoveries) | 418,009 |
Uses | (228,589) |
Financial cost | 17,197 |
Financial interest | 70,292 |
Foreign currency translation | (105,435) |
Transfers | 117,205 |
Balance End Period | 2,140,894 |
Current | 410,518 |
Non-current | $ 1,730,376 |
Accrued liabilities and provi_4
Accrued liabilities and provisions - Additional information (Details) | 9 Months Ended | ||||
Aug. 18, 2022 item | Sep. 30, 2023 item | Sep. 07, 2023 USD ($) | Apr. 14, 2023 USD ($) | Feb. 24, 2023 USD ($) | |
Disclosure of accrued liabilities and provisions [Line Items] | |||||
Minimum period of sentence in prison | 64 months | ||||
Fine of current monthly legal minimum salaries in Colombia. | item | 66.66 | ||||
Refineria de Cartagena | |||||
Disclosure of accrued liabilities and provisions [Line Items] | |||||
Number of ex-workers of who acted as ex-president in property and ex-president in charge | item | 2 | ||||
Refineria de Cartagena | |||||
Disclosure of accrued liabilities and provisions [Line Items] | |||||
Amount plus interest to be received in court of arbitration | $ 1,000,000,000 | ||||
Amount of cliam dismissed by court of arbitration | $ 400,000,000 | ||||
Amount of harmful events generated by expense with respect to which there is no record | $ 9,240,927 | ||||
Amount of harmful events that was approved and disbursed for refinery modernization project | $ 268,710,000 | ||||
Amount of verified records as per technical report | $ 375,990,000 | ||||
Amount of verified records as per technical report for start-up tests | 186,000,000 | ||||
Amount of verified records as per technical report for operation of the new refinery | 189,900,000 | ||||
Difference under examination as per technical report for the analyzed difference to be covered | $ 269,000,000 |
Equity - Ecopetrol Business Gro
Equity - Ecopetrol Business Groups reserves (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Equity | ||
Equity reserves | $ 17,922,725 | $ 8,898,633 |
Legal reserve | ||
Equity | ||
Equity reserves | 9,747,885 | 6,407,256 |
Fiscal and statutory reserves | ||
Equity | ||
Equity reserves | 509,082 | 509,082 |
Occasional reserves | ||
Equity | ||
Equity reserves | $ 7,665,758 | $ 1,982,295 |
Equity - Movement of equity res
Equity - Movement of equity reserves (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Equity | ||
Opening balance | $ 113,903,089 | $ 90,583,772 |
Dividends declared | (271,709) | |
Closing balance | 101,924,635 | 102,689,797 |
Equity reserves | ||
Equity | ||
Opening balance | 8,898,633 | 10,624,229 |
Release of reserves | (2,491,377) | (5,886,441) |
Appropriation of reserves | 11,515,469 | 11,068,450 |
Dividends declared | (6,907,605) | |
Closing balance | $ 17,922,725 | $ 8,898,633 |
Equity - Dividends paid (Detail
Equity - Dividends paid (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Equity | ||
Dividends paid | $ 3,859,661 | $ 11,186,951 |
Ecopetrol S.A. | ||
Equity | ||
Dividends paid | 1,829,710 | 10,037,445 |
Interconexin Elctrica SA ESP | ||
Equity | ||
Dividends paid | 1,058,282 | 356,773 |
Oleoducto Central S.A. - Ocensa | ||
Equity | ||
Dividends paid | 599,985 | 516,284 |
Oleoducto de los Llanos Orientales S.A.. | ||
Equity | ||
Dividends paid | 171,290 | 104,205 |
Invercolsa S.A. | ||
Equity | ||
Dividends paid | 145,213 | 126,161 |
Oleoducto de Colombia S.A. - ODC | ||
Equity | ||
Dividends paid | $ 55,181 | $ 46,083 |
Equity - Other comprehensive in
Equity - Other comprehensive income (Details) - COP ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Equity | |||
Financial instruments measured at fair value | $ (6,989,385) | $ 5,793,269 | |
Other comprehensive income | |||
Equity | |||
Foreign currency translation | 18,368,510 | $ 28,816,983 | |
Hedges of a net investment in a foreign operation | (4,980,418) | (9,219,271) | |
Gains and loss on defined benefit obligation | (679,915) | (1,331,361) | |
Cash flow hedging - Future crude oil exports | (194,018) | (2,473,999) | |
Cash flow hedging - Derivative financial instruments | 97,427 | 1,290 | |
Financial instruments measured at fair value | 1,373 | 3,077 | |
Other comprehensive income attributable to owners of parent | $ 12,612,959 | $ 15,796,719 |
Equity - Earnings per share (De
Equity - Earnings per share (Details) - COP ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Equity | ||
Profit attributable to Ecopetrol's shareholders | $ 17,637,678 | $ 24,770,909 |
Weighted average number of outstanding shares | 41,116,694,690 | 41,116,694,690 |
Net basic earnings per share (Colombian pesos) | $ 429 | $ 602.5 |
Equity - Additional information
Equity - Additional information (Details) - COP ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 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 | 3,859,661 | $ 11,186,951 | ||
Profit distribution project reserve | 7,665,758 | |||
Dividends approved for distribution | 24,382,200 | 11,512,675 | ||
Ecopetrol S.A. | ||||
Equity | ||||
Dividends paid | 16,415,907 | $ 6,788,385 | ||
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 | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from contracts with customers | ||
Revenue | $ 108,391,346 | $ 119,898,794 |
National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 55,201,322 | 60,962,385 |
Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 53,190,024 | 58,936,409 |
Mid-distillates | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 24,553,761 | 28,031,166 |
Gasolines | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 18,368,808 | 20,610,595 |
Gasolines | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 193,394 | 157,685 |
Natural gas | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 3,322,731 | 3,016,677 |
Natural gas | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 75,044 | 189,665 |
Services | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 2,618,695 | 2,643,135 |
Electric Power Transmission Services | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 2,010,717 | 1,934,461 |
Electric Power Transmission Services | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 4,373,784 | 3,750,829 |
Plastic and rubber | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 930,979 | 1,216,431 |
Plastic and rubber | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 1,096,741 | 1,621,076 |
Fuel gas Service | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 738,821 | 621,349 |
Asphalts | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 684,959 | 634,240 |
L.P.G. and propane | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 613,543 | 807,235 |
L.P.G. and propane | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 206,540 | 242,581 |
Roads and construction service | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 260,781 | 255,736 |
Roads and construction service | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 3,510,948 | 3,209,685 |
Polyethylene | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 234,620 | 220,975 |
Aromatics | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 228,180 | 242,045 |
Crude oil | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 132,357 | 214,587 |
Crude oil | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 36,879,139 | 43,946,601 |
Fuel oil | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 3,047,606 | 3,628,416 |
Other products | National sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 502,370 | 513,753 |
Other products | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | 1,241,335 | 1,261,563 |
Cash flow hedging | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | (650,012) | (968,534) |
Diesel | Foreign sales | ||
Revenue from contracts with customers | ||
Revenue from sale of goods | $ 3,215,505 | $ 1,896,842 |
Revenue from contracts with c_4
Revenue from contracts with customers - Additional information (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from contracts with customers | ||
Recognition of price differential | $ 17,699,168 | $ 26,584,199 |
Cash flow hedging | ||
Revenue from contracts with customers | ||
Result of hedges for future exports | 480,232 | 576,875 |
Result from operations with derivative financial instruments | 169,780 | 391,659 |
Natural gas | National sales | ||
Revenue from contracts with customers | ||
Extensive tests | 27,952 | 34,197 |
Crude oil | Foreign sales | ||
Revenue from contracts with customers | ||
Extensive tests | $ 74,792 | $ 104,493 |
Cost of sales (Details)
Cost of sales (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cost of variables and fixed | ||
Total Costs Variables | $ 47,553,595 | $ 50,375,848 |
Total Fixed cost | 17,317,578 | 15,082,393 |
Cost of sales | 64,871,173 | 65,458,241 |
Variable Costs | ||
Cost of variables and fixed | ||
Imported products | 19,194,752 | 23,243,685 |
Purchases of crude in associations and concessions | 10,136,966 | 11,712,144 |
Depreciation, depletion, and amortization | 5,871,353 | 4,985,749 |
Hydrocarbons purchases - ANH | 5,849,162 | 6,929,845 |
Electric Energy | 1,561,217 | 1,074,527 |
Gas royalties in cash | 1,293,176 | 1,073,435 |
Hydrocarbon transportation services | 1,154,795 | 869,983 |
Processing materials | 1,118,863 | 828,599 |
Purchases of other products and gas | 890,403 | 879,966 |
Contracted services in associations | 225,664 | 239,872 |
Extensive tests | 61,030 | 43,289 |
Others | 196,214 | (1,505,246) |
Fixed cost | ||
Cost of variables and fixed | ||
Hydrocarbon transportation services | 179,759 | 133,837 |
Contracted services in associations | 1,048,425 | 1,175,197 |
Depreciation and amortization | 3,793,954 | 3,382,811 |
Maintenance | 3,149,139 | 2,652,864 |
Labor costs | 2,938,292 | 2,438,632 |
Contracted services | 2,399,503 | 1,919,342 |
Construction services | 1,931,562 | 1,888,186 |
Taxes and contributions | 810,719 | 725,640 |
Materials and operating supplies | 639,449 | 452,560 |
General costs | $ 426,776 | $ 313,324 |
Administrative, operation and_3
Administrative, operation and project expenses (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Administrative, operation and project expenses: | ||
Administrative expenses | $ 3,360,989 | $ 2,844,627 |
Operations and project expenses | 3,915,872 | 2,833,523 |
Administration expenses. | ||
Administrative, operation and project expenses: | ||
General expenses | 1,542,546 | 1,269,973 |
Labor expenses | 1,407,865 | 1,208,844 |
Depreciation and amortization | 348,306 | 314,566 |
Taxes | 62,272 | 51,244 |
Operations and project expenses | ||
Administrative, operation and project expenses: | ||
Labor expenses | 292,543 | 270,162 |
Depreciation and amortization | 49,631 | 73,700 |
Taxes | 632,085 | 562,837 |
Commissions, fees, freights and services | 1,232,089 | 896,113 |
Exploration expenses | 1,303,339 | 637,590 |
Fee for regulatory entities | 230,357 | 123,128 |
Maintenance | 69,540 | 82,440 |
Others | $ 106,288 | $ 187,553 |
Other operating expenses (Detai
Other operating expenses (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Other operating expenses | ||
Provision expenses | $ (368,068) | $ (310,406) |
Gain (loss) on sale of assets | 227,891 | (38,309) |
Impairment of current assets | (59,468) | (46,434) |
Other income | 109,957 | 92,478 |
Other operating income (expense) | $ (89,688) | $ (302,671) |
Financial results (Details)
Financial results (Details) - COP ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Finance income | |||
Results from financial assets | $ 321,142 | $ 124,493 | |
Yields and interests | 1,378,145 | 612,914 | |
Gain on derivative settlement | 2,852 | 11,834 | |
Dividends | 90 | 70 | |
Other financial income | 82,542 | 138,087 | |
Finance income | 1,784,771 | 887,398 | |
Financial expenses | |||
Financial cost of loans and borrowings | (5,151,076) | (3,886,375) | |
Financial cost of other liabilities | [1] | (1,657,833) | (1,559,080) |
Results from financial assets | (251,001) | (125,493) | |
Other financial expenses | (710,545) | (304,929) | |
Financial expenses | (7,770,455) | (5,875,877) | |
Foreign exchange gain (loss) | 1,806,158 | (377,527) | |
Foreign exchange gain (loss) | 1,806,158 | (377,527) | |
Financial result | $ (4,179,526) | $ (5,366,006) | |
[1] It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits. |
Risk management - Financial ass
Risk management - Financial assets and liabilities (Details) $ in Millions, $ in Millions | Sep. 30, 2023 COP ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 COP ($) | Dec. 31, 2021 COP ($) |
Risk management | ||||||
Cash and cash equivalents | $ 12,070,744 | $ 15,401,058 | $ 12,917,748 | $ 14,549,906 | ||
Other financial assets | $ 2,143,515 | $ 2,725,871 | ||||
USD$ Million | ||||||
Risk management | ||||||
Cash and cash equivalents | $ 765 | $ 615 | ||||
Other financial assets | 1,063 | 955 | ||||
Trade receivables and payables | (608) | (392) | ||||
Loans and borrowings | (18,388) | (16,113) | ||||
Other assets and liabilities | 98 | 202 | ||||
Net liability position | $ (17,070) | $ (14,733) |
Risk management - Financial a_2
Risk management - Financial assets and liabilities denominated in foreign currency (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 COP ($) | |
Risk management | |
Scenario / variation in the exchange rate | 1% |
variation in the exchange rate | 5% |
Credit risk in U.S. dollar portfolio | |
Risk management | |
Scenario / variation in the exchange rate | 1% |
USD$ 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 | $ 24,385 |
One percent variations in exchange rate, effect on other comprehensive income | 796,716 |
Five Percent variations in exchange rate, Effect on income before income taxes | 121,925 |
Five Percent variations in exchange rate, effect on other comprehensive income | $ 3,983,580 |
Risk management - Non derivativ
Risk management - Non derivative hedging instrument (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Risk management | ||
Designation of new hedges | $ 1,925 | |
Cash flow hedging | ||
Risk management | ||
Opening balance | 5,572 | $ 4,972 |
Reassignment of hedging instruments | 227 | 1,879 |
Realized exports | (227) | (1,879) |
Designation of new hedges | 693 | 600 |
Closing balance | $ 6,265 | $ 5,572 |
Risk management - Cash flow hed
Risk management - Cash flow hedge for future exports - Movement in other comprehensive income (Details) - COP ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Risk management | ||
Opening balance | $ (2,473,999) | $ (945,250) |
Exchange difference | 3,760,813 | (4,317,263) |
Realized exports (Note 22) | 480,231 | 1,143,287 |
Ineffectiveness | 18,998 | 6,625 |
Deferred tax (Note 10) | (1,980,061) | 1,638,602 |
Closing balance | $ (194,018) | $ (2,473,999) |
Risk management - Expected recl
Risk management - Expected reclassification of the cumulative exchange difference from other comprehensive income to profit or loss (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 COP ($) | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | $ 361,539 |
Taxes | (167,521) |
After taxes | 194,018 |
2023 (Oct-Dec) | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 24,860 |
Taxes | (10,847) |
After taxes | 14,013 |
2024 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 94,236 |
Taxes | (43,853) |
After taxes | 50,383 |
2025 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 93,139 |
Taxes | (43,343) |
After taxes | 49,796 |
2026 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 90,478 |
Taxes | (42,104) |
After taxes | 48,374 |
2027 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | (7,208) |
Taxes | 3,354 |
After taxes | (3,854) |
2028 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | (7,420) |
Taxes | 3,453 |
After taxes | (3,967) |
2029 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | (7,748) |
Taxes | 3,606 |
After taxes | (4,142) |
2030 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 17,937 |
Taxes | (8,347) |
After taxes | 9,590 |
2031 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 30,771 |
Taxes | (14,319) |
After taxes | 16,452 |
2032 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 30,097 |
Taxes | (14,006) |
After taxes | 16,091 |
2033 | |
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | |
Before taxes | 2,397 |
Taxes | (1,115) |
After taxes | $ 1,282 |
Risk management - Hedge of a ne
Risk management - Hedge of a net investment in a foreign operation (Details) - Hedge of a net investment in a foreign operation $ in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 COP ($) | Dec. 31, 2022 COP ($) | |
Risk management | |||
Opening balance | $ 9,354,071 | $ 4,366,336 | |
Exchange difference | (6,573,497) | 7,526,124 | |
Deferred tax | 2,213,355 | (2,538,389) | |
Closing balance | $ 10,298 | $ 4,993,929 | $ 9,354,071 |
Risk management - Leverage rati
Risk management - Leverage ratio (Details) - COP ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Risk management | ||||
Loans and borrowings (Note 19) | $ 109,728,676 | $ 115,134,839 | ||
Cash and cash equivalents (Note 6) | (12,070,744) | (15,401,058) | $ (12,917,748) | $ (14,549,906) |
Other financial assets (Note 9) | (2,143,515) | (2,725,871) | ||
Net financial debt | 95,514,417 | 97,007,910 | ||
Equity | $ 101,924,635 | $ 113,903,089 | $ 102,689,797 | $ 90,583,772 |
Leverage | 48.38% | 45.99% |
Risk management - Additional In
Risk management - Additional Information (Details) $ in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 COP ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | |
Risk management | ||||||||
Closing foreign exchange rate | 4,053.72 | 4,053.72 | 4,810.20 | |||||
Net position of assets and liabilities different functional currency | $ 855 | |||||||
Maximum percentage of cash investment held in portfolio, current | 5% | 5% | ||||||
Designation of new hedges | $ 1,925 | |||||||
Debt principal payments | $ 18,196,512 | $ 11,614,789 | ||||||
Colombian Peso | ||||||||
Risk management | ||||||||
Net liabilities of companies in the group with a different functional currency | $ 16,215 | |||||||
Exchange difference valuation of remaining net liabilities | 348 | |||||||
US Dollar | ||||||||
Risk management | ||||||||
Exchange difference valuation of remaining net liabilities | 16,563 | |||||||
Maximum percentage of cash investment held in portfolio, current | 5% | 5% | ||||||
Hedge of a net investment in a foreign operation | ||||||||
Risk management | ||||||||
Net asset position | $ 4,993,929 | 10,298 | $ 9,354,071 | $ 4,366,336 | ||||
Hedge of a net investment in a foreign operation | Ecopetrol Business Group | ||||||||
Risk management | ||||||||
Debt principal payments | $ 198 | |||||||
Net asset position | 10,100 | |||||||
Hedge of a net investment in a foreign operation | Isa Colombia [Member] | ||||||||
Risk management | ||||||||
Net asset position | $ 198 | |||||||
Cash flow hedging for future revenues from crude oil exports, for the period 2015 - 2023 | ||||||||
Risk management | ||||||||
Designation of new hedges | $ 6,265 | |||||||
Cash flow hedging for future revenues from crude oil exports, for the period 2022 - 2026 | ||||||||
Risk management | ||||||||
Designation of new hedges | $ 4,340 | $ 4,340 | ||||||
Commodity price risk [member] | ||||||||
Risk management | ||||||||
Total net asset (liability) position in swaps | $ 12,619 | $ 41,316 | ||||||
Currency risk | ||||||||
Risk management | ||||||||
Increase decrease in foreign exchange rate | 15.73% | 15.73% |
Related parties (Details)
Related parties (Details) - COP ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Joint ventures and Associates | ||
Accounts receivable | $ 151,923 | $ 110,186 |
Accounts receivable, Current | 151,923 | 110,186 |
Loans receivable | 130,945 | 557 |
Loans receivable, Current | 639 | 222 |
Loans receivable, Non-current | 130,306 | 335 |
Other assets | 108 | 1,087 |
Other assets, Current | 108 | 1,087 |
Accounts payable | 59,547 | 67,879 |
Accounts payable, Current | 59,547 | 67,879 |
Loans payable | 715,020 | 815,056 |
Loans payable, Current | 715,020 | 815,056 |
Other liabilities | 1,929 | 2,701 |
Other liabilities, Current | 1,929 | 2,701 |
Gases del Caribe S.A. E.S.P. | Associates | ||
Joint ventures and Associates | ||
Accounts receivable | 78,617 | |
Gas Natural del Oriente S.A. E.S.P. | Associates | ||
Joint ventures and Associates | ||
Accounts receivable | 4,735 | |
Accounts payable | 6,343 | 7,048 |
Gases de la Guajira S.A. E.S.P. | Associates | ||
Joint ventures and Associates | ||
Accounts receivable | 879 | |
Extrucol S.A. | Associates | ||
Joint ventures and Associates | ||
Accounts receivable | 721 | 2 |
Accounts payable | 753 | 854 |
E2 Energia Eficiente S.A. E.S.P. | Associates | ||
Joint ventures and Associates | ||
Accounts receivable | 10,029 | 7,397 |
Accounts payable | 62 | 4,152 |
Equion Energa Limited | Joint Ventures | ||
Joint ventures and Associates | ||
Accounts receivable | 127 | |
Other assets | 108 | 1,087 |
Accounts payable | 2,029 | 2,004 |
Loans payable | 715,020 | 815,056 |
Other liabilities | 1,828 | 2,698 |
Ecodiesel Colombia S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Accounts receivable | 3,682 | 13,155 |
Accounts payable | 50,360 | 53,821 |
Other liabilities | 101 | 3 |
Interligao Eltrica do Madeira S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Accounts receivable | 42,226 | 89,505 |
Interligao Eltrica Garanhuns S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Accounts receivable | 11,034 | |
Loans receivable | 38 | 40 |
Interligao Eltrica Paraguau S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Loans receivable | 25 | |
Interligao Eltrica Aimors S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Loans receivable | 25 | |
Interligao Eltrica Iva S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Loans receivable | 544 | 182 |
Derivex S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Loans receivable | 335 | $ 335 |
Conexion Kimal Lo Aguirre S.A. | Joint Ventures | ||
Joint ventures and Associates | ||
Loans receivable | $ 129,978 |
Related parties - Transactions
Related parties - Transactions with related parties (Details) - COP ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Main transactions with related parties | ||
Sales and services | $ 87,138 | $ 79,570 |
Purchases of product and others | 478,975 | 515,219 |
Joint ventures | ||
Main transactions with related parties | ||
Sales and services | 18,655 | 14,423 |
Purchases of product and others | 444,522 | 484,012 |
Associates | ||
Main transactions with related parties | ||
Sales and services | 68,483 | 65,147 |
Purchases of product and others | 34,453 | 31,207 |
Gas Natural del Oriente S.A. E.S.P. | Associates | ||
Main transactions with related parties | ||
Purchases of product and others | 28,906 | 26,783 |
Extrucol S.A. | Associates | ||
Main transactions with related parties | ||
Sales and services | 10 | |
Purchases of product and others | 2,222 | |
E2 Energia Eficiente S.A. E.S.P. | Associates | ||
Main transactions with related parties | ||
Sales and services | 12 | 65,137 |
Purchases of product and others | 2,932 | 2,202 |
Serviport S.A. | Associates | ||
Main transactions with related parties | ||
Sales and services | 68,471 | |
Purchases of product and others | 2,615 | |
Equion Energa Limited | Joint ventures | ||
Main transactions with related parties | ||
Sales and services | 698 | 430 |
Purchases of product and others | 30,447 | 15,423 |
Ecodiesel Colombia S.A. | Joint ventures | ||
Main transactions with related parties | ||
Sales and services | 17,957 | 13,993 |
Purchases of product and others | $ 414,075 | $ 468,589 |
Segments information (Details)
Segments information (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of profit or loss by segment | ||
Revenue from contracts with customers | $ 108,391,346 | $ 119,898,794 |
Costs of sales | (64,871,173) | (65,458,241) |
Gross profit | 43,520,173 | 54,440,553 |
Administration expenses | (3,360,989) | (2,844,627) |
Operation and projects expenses | (3,915,872) | (2,833,523) |
Impairment of non-current assets | (11,125) | (5,516) |
Other operating income (expense) | (89,688) | (302,671) |
Operating income | 36,142,499 | 48,454,216 |
Financial results | ||
Financial income | 1,784,771 | 887,398 |
Financial expenses | (7,770,455) | (5,875,877) |
Foreign exchange gain (loss) | 1,806,158 | (377,527) |
Financial results | (4,179,526) | (5,366,006) |
Share of profits of associates and joint ventures | 606,332 | 656,680 |
Profit before income tax expense | 32,569,305 | 43,744,890 |
Income tax expense | (11,476,872) | (16,214,065) |
Net profit for the period | 21,092,433 | 27,530,825 |
Net profit (loss) attributable to: | ||
Owners of parent | 17,637,678 | 24,770,909 |
Non-controlling interest | 3,454,755 | 2,759,916 |
Net profit for the period | 21,092,433 | 27,530,825 |
Third party sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 108,391,346 | 119,898,794 |
Operating segments | Exploration and Production | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 60,702,464 | 70,007,372 |
Costs of sales | (38,072,085) | (34,896,814) |
Gross profit | 22,630,379 | 35,110,558 |
Administration expenses | (1,738,102) | (1,537,478) |
Operation and projects expenses | (2,751,048) | (1,871,806) |
Other operating income (expense) | 9,806 | (193,586) |
Operating income | 18,151,035 | 31,507,688 |
Financial results | ||
Financial income | 1,215,406 | 656,434 |
Financial expenses | (3,567,808) | (2,117,736) |
Foreign exchange gain (loss) | 1,411,085 | (102,929) |
Financial results | (941,317) | (1,564,231) |
Share of profits of associates and joint ventures | 22,277 | 8,741 |
Profit before income tax expense | 17,231,995 | 29,952,198 |
Income tax expense | (8,394,481) | (10,809,210) |
Net profit for the period | 8,837,514 | 19,142,988 |
Net profit (loss) attributable to: | ||
Owners of parent | 8,912,142 | 19,209,590 |
Non-controlling interest | (74,628) | (66,602) |
Net profit for the period | 8,837,514 | 19,142,988 |
Operating segments | Exploration and Production | Third party sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 38,868,330 | 47,423,709 |
Operating segments | Exploration and Production | Inter-segment sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 21,834,134 | 22,583,663 |
Operating segments | Refining and Petrochemicals | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 63,062,184 | 66,114,562 |
Costs of sales | (56,855,440) | (59,242,324) |
Gross profit | 6,206,744 | 6,872,238 |
Administration expenses | (566,870) | (487,623) |
Operation and projects expenses | (1,050,847) | (866,722) |
Impairment of non-current assets | (9,367) | (5,516) |
Other operating income (expense) | (43,112) | (31,033) |
Operating income | 4,536,548 | 5,481,344 |
Financial results | ||
Financial income | 163,723 | 59,308 |
Financial expenses | (1,343,057) | (974,944) |
Foreign exchange gain (loss) | 509,358 | (244,300) |
Financial results | (669,976) | (1,159,936) |
Share of profits of associates and joint ventures | 198,549 | 171,348 |
Profit before income tax expense | 4,065,121 | 4,492,756 |
Income tax expense | (10,686) | (2,664,643) |
Net profit for the period | 4,054,435 | 1,828,113 |
Net profit (loss) attributable to: | ||
Owners of parent | 3,889,560 | 1,684,580 |
Non-controlling interest | 164,875 | 143,533 |
Net profit for the period | 4,054,435 | 1,828,113 |
Operating segments | Refining and Petrochemicals | Third party sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 57,737,777 | 60,987,163 |
Operating segments | Refining and Petrochemicals | Inter-segment sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 5,324,407 | 5,127,399 |
Operating segments | Transportation and Logistics | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 11,823,671 | 9,868,669 |
Costs of sales | (3,114,497) | (2,681,117) |
Gross profit | 8,709,174 | 7,187,552 |
Administration expenses | (434,408) | (339,903) |
Operation and projects expenses | (276,718) | (225,224) |
Other operating income (expense) | 7,438 | (24,523) |
Operating income | 8,005,486 | 6,597,902 |
Financial results | ||
Financial income | 326,581 | 80,522 |
Financial expenses | (265,008) | (207,257) |
Foreign exchange gain (loss) | (116,246) | (60,892) |
Financial results | (54,673) | (187,627) |
Share of profits of associates and joint ventures | (1,001) | |
Profit before income tax expense | 7,950,813 | 6,409,274 |
Income tax expense | (2,692,004) | (2,276,607) |
Net profit for the period | 5,258,809 | 4,132,667 |
Net profit (loss) attributable to: | ||
Owners of parent | 4,217,516 | 3,339,949 |
Non-controlling interest | 1,041,293 | 792,718 |
Net profit for the period | 5,258,809 | 4,132,667 |
Operating segments | Transportation and Logistics | Third party sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 2,221,686 | 1,995,275 |
Operating segments | Transportation and Logistics | Inter-segment sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 9,601,985 | 7,873,394 |
Operating segments | Concessions, electricity transport and roads | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 10,611,526 | 9,580,557 |
Costs of sales | (4,313,681) | (3,954,326) |
Gross profit | 6,297,845 | 5,626,231 |
Administration expenses | (869,242) | (754,149) |
Impairment of non-current assets | (1,758) | |
Other operating income (expense) | (59,248) | (51,033) |
Operating income | 5,367,597 | 4,821,049 |
Financial results | ||
Financial income | 587,830 | 404,771 |
Financial expenses | (3,020,557) | (2,843,762) |
Foreign exchange gain (loss) | 1,961 | 30,594 |
Financial results | (2,430,766) | (2,408,397) |
Share of profits of associates and joint ventures | 385,506 | 477,592 |
Profit before income tax expense | 3,322,337 | 2,890,244 |
Income tax expense | (379,701) | (463,605) |
Net profit for the period | 2,942,636 | 2,426,639 |
Net profit (loss) attributable to: | ||
Owners of parent | 619,421 | 536,372 |
Non-controlling interest | 2,323,215 | 1,890,267 |
Net profit for the period | 2,942,636 | 2,426,639 |
Operating segments | Concessions, electricity transport and roads | Third party sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 10,609,111 | 9,578,562 |
Operating segments | Concessions, electricity transport and roads | Inter-segment sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | 2,415 | 1,995 |
Eliminations | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | (37,808,499) | (35,672,366) |
Costs of sales | 37,484,530 | 35,316,340 |
Gross profit | (323,969) | (356,026) |
Administration expenses | 247,633 | 274,526 |
Operation and projects expenses | 162,741 | 130,229 |
Other operating income (expense) | (4,572) | (2,496) |
Operating income | 81,833 | 46,233 |
Financial results | ||
Financial income | (508,769) | (313,637) |
Financial expenses | 425,975 | 267,822 |
Financial results | (82,794) | (45,815) |
Profit before income tax expense | (961) | 418 |
Net profit for the period | (961) | 418 |
Net profit (loss) attributable to: | ||
Owners of parent | (961) | 418 |
Net profit for the period | (961) | 418 |
Eliminations | Third party sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | (1,045,558) | (85,915) |
Eliminations | Inter-segment sales | ||
Statement of profit or loss by segment | ||
Revenue from contracts with customers | $ (36,762,941) | $ (35,586,451) |
Segments information - Sales by
Segments information - Sales by product (Details) - COP ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Sales by product | ||
Total sales revenue | $ 108,391,346 | $ 119,898,794 |
National sales | ||
Sales by product | ||
Sales by product | 55,201,322 | 60,962,385 |
National sales | Mid-distillates | ||
Sales by product | ||
Sales by product | 24,553,761 | 28,031,166 |
National sales | Gasolines | ||
Sales by product | ||
Sales by product | 18,368,808 | 20,610,595 |
National sales | Gas Natural | ||
Sales by product | ||
Sales by product | 3,322,731 | 3,016,677 |
National sales | Services | ||
Sales by product | ||
Sales by product | 2,618,695 | 2,643,135 |
National sales | Electric power transmission services | ||
Sales by product | ||
Sales by product | 2,010,717 | 1,934,461 |
National sales | Roads and construction services | ||
Sales by product | ||
Sales by product | 260,781 | 255,736 |
National sales | Fuel gas service | ||
Sales by product | ||
Sales by product | 738,821 | 621,349 |
National sales | Plastic and rubber | ||
Sales by product | ||
Sales by product | 930,979 | 1,216,431 |
National sales | Asphalts | ||
Sales by product | ||
Sales by product | 684,959 | 634,240 |
National sales | L.P.G. and propane | ||
Sales by product | ||
Sales by product | 613,543 | 807,235 |
National sales | Crude oil | ||
Sales by product | ||
Sales by product | 132,357 | 214,587 |
National sales | Polyethylene | ||
Sales by product | ||
Sales by product | 234,620 | 220,975 |
National sales | Aromatics | ||
Sales by product | ||
Sales by product | 228,180 | 242,045 |
National sales | Other products | ||
Sales by product | ||
Sales by product | 502,370 | 513,753 |
Foreign sales | ||
Sales by product | ||
Sales by product | 53,190,024 | 58,936,409 |
Foreign sales | Gasolines | ||
Sales by product | ||
Sales by product | 193,394 | 157,685 |
Foreign sales | Gas Natural | ||
Sales by product | ||
Sales by product | 75,044 | 189,665 |
Foreign sales | Electric power transmission services | ||
Sales by product | ||
Sales by product | 4,373,784 | 3,750,829 |
Foreign sales | Roads and construction services | ||
Sales by product | ||
Sales by product | 3,510,948 | 3,209,685 |
Foreign sales | Plastic and rubber | ||
Sales by product | ||
Sales by product | 1,096,741 | 1,621,076 |
Foreign sales | L.P.G. and propane | ||
Sales by product | ||
Sales by product | 206,540 | 242,581 |
Foreign sales | Crude oil | ||
Sales by product | ||
Sales by product | 36,879,139 | 43,946,601 |
Foreign sales | Fuel oil | ||
Sales by product | ||
Sales by product | 3,047,606 | 3,628,416 |
Foreign sales | Other products | ||
Sales by product | ||
Sales by product | 1,241,335 | 1,261,563 |
Foreign sales | Diesel | ||
Sales by product | ||
Sales by product | 3,215,505 | 1,896,842 |
Foreign sales | Cash flow hedging | ||
Sales by product | ||
Sales by product | (650,012) | (968,534) |
Foreign sales | Construction services [Member] | ||
Sales by product | ||
Sales by product | 3,510,948 | |
Eliminations | ||
Sales by product | ||
Total sales revenue | (37,808,499) | (35,672,366) |
Eliminations | National sales | ||
Sales by product | ||
Sales by product | (37,807,948) | (35,530,475) |
Eliminations | National sales | Mid-distillates | ||
Sales by product | ||
Sales by product | (26,947) | (17,855) |
Eliminations | National sales | Gasolines | ||
Sales by product | ||
Sales by product | (2,930,104) | (3,249,035) |
Eliminations | National sales | Gas Natural | ||
Sales by product | ||
Sales by product | (923,288) | (766,851) |
Eliminations | National sales | Services | ||
Sales by product | ||
Sales by product | (10,931,198) | (8,135,332) |
Eliminations | National sales | Fuel gas service | ||
Sales by product | ||
Sales by product | (7,064) | (6,404) |
Eliminations | National sales | L.P.G. and propane | ||
Sales by product | ||
Sales by product | (13,591) | (23,449) |
Eliminations | National sales | Crude oil | ||
Sales by product | ||
Sales by product | (20,640,083) | (21,988,457) |
Eliminations | National sales | Polyethylene | ||
Sales by product | ||
Sales by product | 513 | |
Eliminations | National sales | Other products | ||
Sales by product | ||
Sales by product | (2,336,186) | (1,343,092) |
Eliminations | Foreign sales | ||
Sales by product | ||
Sales by product | (551) | (141,891) |
Eliminations | Foreign sales | Crude oil | ||
Sales by product | ||
Sales by product | (141,891) | |
Eliminations | Foreign sales | Other products | ||
Sales by product | ||
Sales by product | (551) | |
Exploration and Production | Operating segments | ||
Sales by product | ||
Total sales revenue | 60,702,464 | 70,007,372 |
Exploration and Production | Operating segments | National sales | ||
Sales by product | ||
Sales by product | 25,684,315 | 26,484,176 |
Exploration and Production | Operating segments | National sales | Gas Natural | ||
Sales by product | ||
Sales by product | 4,246,019 | 3,783,528 |
Exploration and Production | Operating segments | National sales | Services | ||
Sales by product | ||
Sales by product | 178,448 | 386,472 |
Exploration and Production | Operating segments | National sales | Asphalts | ||
Sales by product | ||
Sales by product | 46,250 | 32,966 |
Exploration and Production | Operating segments | National sales | L.P.G. and propane | ||
Sales by product | ||
Sales by product | 408,442 | 550,211 |
Exploration and Production | Operating segments | National sales | Crude oil | ||
Sales by product | ||
Sales by product | 20,772,440 | 21,711,604 |
Exploration and Production | Operating segments | National sales | Other products | ||
Sales by product | ||
Sales by product | 32,716 | 19,395 |
Exploration and Production | Operating segments | Foreign sales | ||
Sales by product | ||
Sales by product | 35,018,149 | 43,523,196 |
Exploration and Production | Operating segments | Foreign sales | Gas Natural | ||
Sales by product | ||
Sales by product | 75,044 | 189,665 |
Exploration and Production | Operating segments | Foreign sales | L.P.G. and propane | ||
Sales by product | ||
Sales by product | 206,540 | 242,581 |
Exploration and Production | Operating segments | Foreign sales | Crude oil | ||
Sales by product | ||
Sales by product | 35,357,848 | 43,996,345 |
Exploration and Production | Operating segments | Foreign sales | Other products | ||
Sales by product | ||
Sales by product | 20,767 | 27,147 |
Exploration and Production | Operating segments | Foreign sales | Cash flow hedging | ||
Sales by product | ||
Sales by product | (642,050) | (932,542) |
Refining and Petrochemicals | Operating segments | ||
Sales by product | ||
Total sales revenue | 63,062,184 | 66,114,562 |
Refining and Petrochemicals | Operating segments | National sales | ||
Sales by product | ||
Sales by product | 52,995,189 | 57,741,794 |
Refining and Petrochemicals | Operating segments | National sales | Mid-distillates | ||
Sales by product | ||
Sales by product | 24,580,708 | 28,049,021 |
Refining and Petrochemicals | Operating segments | National sales | Gasolines | ||
Sales by product | ||
Sales by product | 21,298,912 | 23,859,630 |
Refining and Petrochemicals | Operating segments | National sales | Services | ||
Sales by product | ||
Sales by product | 1,313,177 | 315,302 |
Refining and Petrochemicals | Operating segments | National sales | Fuel gas service | ||
Sales by product | ||
Sales by product | 745,885 | 627,753 |
Refining and Petrochemicals | Operating segments | National sales | Plastic and rubber | ||
Sales by product | ||
Sales by product | 930,979 | 1,216,431 |
Refining and Petrochemicals | Operating segments | National sales | Asphalts | ||
Sales by product | ||
Sales by product | 638,709 | 601,274 |
Refining and Petrochemicals | Operating segments | National sales | L.P.G. and propane | ||
Sales by product | ||
Sales by product | 218,692 | 280,473 |
Refining and Petrochemicals | Operating segments | National sales | Crude oil | ||
Sales by product | ||
Sales by product | 491,440 | |
Refining and Petrochemicals | Operating segments | National sales | Polyethylene | ||
Sales by product | ||
Sales by product | 234,107 | 220,975 |
Refining and Petrochemicals | Operating segments | National sales | Aromatics | ||
Sales by product | ||
Sales by product | 228,180 | 242,045 |
Refining and Petrochemicals | Operating segments | National sales | Other products | ||
Sales by product | ||
Sales by product | 2,805,840 | 1,837,450 |
Refining and Petrochemicals | Operating segments | Foreign sales | ||
Sales by product | ||
Sales by product | 10,066,995 | 8,372,768 |
Refining and Petrochemicals | Operating segments | Foreign sales | Gasolines | ||
Sales by product | ||
Sales by product | 193,394 | 157,685 |
Refining and Petrochemicals | Operating segments | Foreign sales | Plastic and rubber | ||
Sales by product | ||
Sales by product | 1,096,741 | 1,621,076 |
Refining and Petrochemicals | Operating segments | Foreign sales | Crude oil | ||
Sales by product | ||
Sales by product | 1,521,291 | 92,147 |
Refining and Petrochemicals | Operating segments | Foreign sales | Fuel oil | ||
Sales by product | ||
Sales by product | 3,047,606 | 3,628,416 |
Refining and Petrochemicals | Operating segments | Foreign sales | Other products | ||
Sales by product | ||
Sales by product | 1,000,420 | 1,012,594 |
Refining and Petrochemicals | Operating segments | Foreign sales | Diesel | ||
Sales by product | ||
Sales by product | 3,215,505 | 1,896,842 |
Refining and Petrochemicals | Operating segments | Foreign sales | Cash flow hedging | ||
Sales by product | ||
Sales by product | (7,962) | (35,992) |
Transportation and Logistics | Operating segments | ||
Sales by product | ||
Total sales revenue | 11,823,671 | 9,868,669 |
Transportation and Logistics | Operating segments | National sales | ||
Sales by product | ||
Sales by product | 11,823,671 | 9,868,669 |
Transportation and Logistics | Operating segments | National sales | Services | ||
Sales by product | ||
Sales by product | 11,823,671 | 9,868,669 |
Concessions, electricity transport and roads | Operating segments | ||
Sales by product | ||
Total sales revenue | 10,611,526 | 9,580,557 |
Concessions, electricity transport and roads | Operating segments | National sales | ||
Sales by product | ||
Sales by product | 2,506,095 | 2,398,221 |
Concessions, electricity transport and roads | Operating segments | National sales | Services | ||
Sales by product | ||
Sales by product | 234,597 | 208,024 |
Concessions, electricity transport and roads | Operating segments | National sales | Electric power transmission services | ||
Sales by product | ||
Sales by product | 2,010,717 | 1,934,461 |
Concessions, electricity transport and roads | Operating segments | National sales | Roads and construction services | ||
Sales by product | ||
Sales by product | 260,781 | 255,736 |
Concessions, electricity transport and roads | Operating segments | Foreign sales | ||
Sales by product | ||
Sales by product | 8,105,431 | 7,182,336 |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Electric power transmission services | ||
Sales by product | ||
Sales by product | 4,373,784 | 3,750,829 |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Roads and construction services | ||
Sales by product | ||
Sales by product | 3,209,685 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Other products | ||
Sales by product | ||
Sales by product | 220,699 | $ 221,822 |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Construction services [Member] | ||
Sales by product | ||
Sales by product | $ 3,510,948 |
Relevant and_or subsequent ev_2
Relevant and/or subsequent events (unaudited) (Details) $ in Millions | Nov. 30, 2023 COP ($) |
ISA Bond Placement | |
Relevant and/or subsequent events (unaudited) | |
Bonds | $ 500,000 |
Exhibit 1. Consolidated compa_3
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) - Consolidated subsidiary companies (Details) - COP ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Net equity | $ 101,924,635 | $ 102,689,797 | $ 113,903,089 | $ 90,583,772 |
Profit (loss) | 21,092,433 | $ 27,530,825 | ||
Total assets | 282,777,413 | 302,792,431 | ||
Total liabilities | $ 180,852,778 | $ 188,889,342 | ||
Refineria de Cartagena S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Hydrocarbons refining, marketing and distribution | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 22,111,929 | |||
Profit (loss) | 3,166,632 | |||
Total assets | 35,666,794 | |||
Total liabilities | $ 13,554,865 | |||
Cenit Transporte y Logistica S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Storage and transportation through hydrocarbon pipelines | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 15,668,591 | |||
Profit (loss) | 4,272,019 | |||
Total assets | 17,685,907 | |||
Total liabilities | $ 2,017,316 | |||
Ecopetrol Global Energy S.L.U. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Investment vehicle | |||
Country/Domicile | Spain | |||
Geographic area of operations | Spain | |||
Net equity | $ 14,521,345 | |||
Profit (loss) | 627,109 | |||
Total assets | 14,521,402 | |||
Total liabilities | $ 57 | |||
Oleoducto Central S. A. - Ocensa | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 72.65% | |||
Activity | Transportation through hydrocarbon pipelines | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 3,543,754 | |||
Profit (loss) | 2,535,316 | |||
Total assets | 6,942,434 | |||
Total liabilities | $ 3,398,680 | |||
Hocol Petroleum Limited. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Investment vehicle | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Net equity | $ 4,235,448 | |||
Profit (loss) | 468,018 | |||
Total assets | 4,235,622 | |||
Total liabilities | $ 174 | |||
Ecopetrol America LLC. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Hydrocarbons exploration and exploitation | |||
Country/Domicile | United States of America | |||
Geographic area of operations | United States of America | |||
Net equity | $ 1,786,726 | |||
Profit (loss) | (11,115) | |||
Total assets | 3,485,196 | |||
Total liabilities | $ 1,698,470 | |||
Hocol S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Exploration, exploitation, and production of hydrocarbons | |||
Country/Domicile | Cayman Islands | |||
Geographic area of operations | Colombia | |||
Net equity | $ 3,708,388 | |||
Profit (loss) | 452,663 | |||
Total assets | 5,733,699 | |||
Total liabilities | $ 2,025,311 | |||
Esenttia S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Production and commercialization of polypropylene resin | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 2,540,932 | |||
Profit (loss) | 189,181 | |||
Total assets | 3,259,229 | |||
Total liabilities | $ 718,297 | |||
Ecopetrol Capital AG | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group | |||
Country/Domicile | Switzerland | |||
Geographic area of operations | Switzerland | |||
Net equity | $ 2,800,207 | |||
Profit (loss) | 117,164 | |||
Total assets | 10,141,763 | |||
Total liabilities | $ 7,341,556 | |||
Oleoducto Bicentenario de Colombia S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Pipeline transportation of crude oil | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 1,241,660 | |||
Profit (loss) | 286,583 | |||
Total assets | 2,102,165 | |||
Total liabilities | $ 860,505 | |||
Oleoducto de Colombia S.A. - ODC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 73% | |||
Activity | Pipeline transportation of crude oil | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 341,913 | |||
Profit (loss) | 330,828 | |||
Total assets | 825,712 | |||
Total liabilities | $ 483,799 | |||
Black Gold Re Ltd. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Reinsurer of Ecopetrol and its subsidiaries | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Net equity | $ 1,106,135 | |||
Profit (loss) | 64,340 | |||
Total assets | 1,567,127 | |||
Total liabilities | $ 460,992 | |||
Andean Chemicals Ltd. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Investment vehicle | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Net equity | $ 1,866,627 | |||
Profit (loss) | 128,129 | |||
Total assets | 1,869,764 | |||
Total liabilities | $ 3,137 | |||
Oleoducto de los Llanos Orientales S.A | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 65% | |||
Activity | Pipeline transportation of crude oil | |||
Country/Domicile | Panama | |||
Geographic area of operations | Colombia | |||
Net equity | $ 791,478 | |||
Profit (loss) | 525,398 | |||
Total assets | 1,357,814 | |||
Total liabilities | $ 566,336 | |||
Interconexion Electrica S.A. E.S.P | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 51.41% | |||
Activity | -Provision of the public electricitytransmission service- Development of infrastructureprojects and their commercialexploitation and- Software development, Informationtechnology and telecommunicationsactivities and services | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Latin America | |||
Net equity | $ 27,462,253 | |||
Profit (loss) | 2,034,446 | |||
Total assets | 72,758,663 | |||
Total liabilities | $ 45,296,410 | |||
Inversiones de Gases de Colombia S.A. Invercolsa S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 51.88% | |||
Activity | Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 580,247 | |||
Profit (loss) | 266,589 | |||
Total assets | 746,271 | |||
Total liabilities | $ 166,024 | |||
Alcanos de Colombia S.A. E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 29.61% | |||
Activity | Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 297,244 | |||
Profit (loss) | 107,430 | |||
Total assets | 837,451 | |||
Total liabilities | $ 540,207 | |||
Metrogas de Colombia S.A E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 33.49% | |||
Activity | Provision of the 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 | |||
Net equity | $ 52,944 | |||
Profit (loss) | 16,411 | |||
Total assets | 142,043 | |||
Total liabilities | $ 89,099 | |||
Gases del Oriente S.A. E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 48.50% | |||
Activity | Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 77,161 | |||
Profit (loss) | 47,069 | |||
Total assets | 215,458 | |||
Total liabilities | $ 138,297 | |||
Promotora de Gases del Sur S.A. E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 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 | |||
Net equity | $ 44,835 | |||
Profit (loss) | 30,035 | |||
Total assets | 91,343 | |||
Total liabilities | $ 46,508 | |||
Combustibles Lquidos de Colombia S.A E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 41.61% | |||
Activity | Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 61,606 | |||
Profit (loss) | 1,198 | |||
Total assets | 82,341 | |||
Total liabilities | $ 20,735 | |||
Ecopetrol USA Inc. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Hydrocarbons exploration and exploitation | |||
Country/Domicile | United States of America | |||
Geographic area of operations | United States of America | |||
Net equity | $ 12,379,433 | |||
Profit (loss) | 744,326 | |||
Total assets | 12,388,513 | |||
Total liabilities | $ 9,080 | |||
Ecopetrol Permian LLC. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Hydrocarbons exploration and exploitation | |||
Country/Domicile | United States of America | |||
Geographic area of operations | United States of America | |||
Net equity | $ 8,649,795 | |||
Profit (loss) | 752,321 | |||
Total assets | 11,197,337 | |||
Total liabilities | $ 2,547,542 | |||
Ecopetrol Oleo e Gas do Brasil Ltda. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Real | |||
Ownership Interest | 100% | |||
Activity | Hydrocarbons exploration and exploitation | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Net equity | $ 2,033,536 | |||
Profit (loss) | (116,742) | |||
Total assets | 2,085,202 | |||
Total liabilities | $ 51,666 | |||
Esenttia Masterbatch Ltda. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Manufacture of polypropylene compounds and masterbatches | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 319,567 | |||
Profit (loss) | 165,172 | |||
Total assets | 432,525 | |||
Total liabilities | $ 112,958 | |||
Ecopetrol del Peru S. A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Hydrocarbons exploration and exploitation | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Net equity | $ 62,325 | |||
Profit (loss) | 2,084 | |||
Total assets | 65,277 | |||
Total liabilities | $ 2,952 | |||
ECP Hidrocarburos de Mexico S.A. de C.V. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Offshore exploration | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Net equity | $ 46,090 | |||
Profit (loss) | (1,649) | |||
Total assets | 47,910 | |||
Total liabilities | $ 1,820 | |||
Ecopetrol Costa Afuera S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Offshore exploration | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Net equity | $ 13,146 | |||
Profit (loss) | 182 | |||
Total assets | 13,330 | |||
Total liabilities | $ 184 | |||
Esenttia Resinas del Peru SAC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Commercialization polypropylene resins and masterbatches | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Net equity | $ 15,846 | |||
Profit (loss) | 1,204 | |||
Total assets | 37,948 | |||
Total liabilities | $ 22,102 | |||
Topili Servicios Administrativos S de RL de CV. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Mexican pesos | |||
Ownership Interest | 100% | |||
Activity | Specialized management services | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Net equity | $ (162) | |||
Profit (loss) | (182) | |||
Total assets | 284 | |||
Total liabilities | $ 446 | |||
Kalixpan Servicios Tecnicos S de RL de CV. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Mexican pesos | |||
Ownership Interest | 100% | |||
Activity | Specialized services related to oil and gas industry | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Net equity | $ 131 | |||
Profit (loss) | (48) | |||
Total assets | 135 | |||
Total liabilities | $ 4 | |||
Ecopetrol US Trading LLC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | International marketing of crude oil and refined products | |||
Country/Domicile | United States of America | |||
Geographic area of operations | United States of America | |||
Econova Technology & Innovation S.L. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership Interest | 100% | |||
Activity | Execution of activities related to science, technology, and innovation (ST&I) activities. | |||
Country/Domicile | Spain | |||
Geographic area of operations | Spain | |||
Net equity | $ 11 | |||
Profit (loss) | (3) | |||
Total assets | 14 | |||
Total liabilities | $ 3 | |||
Ecopetrol Singapore PTE. LTD | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Singapore dollar | |||
Ownership Interest | 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 | |||
Net equity | $ 572,630 | |||
Profit (loss) | 534,357 | |||
Total assets | 572,867 | |||
Total liabilities | $ 237 | |||
Ecopetrol Trading Asia PTE. LTD | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Singapore dollar | |||
Ownership Interest | 100% | |||
Activity | International marketing of crude oil and refined products | |||
Country/Domicile | Singapore | |||
Geographic area of operations | Asia | |||
Net equity | $ 572,434 | |||
Profit (loss) | 534,411 | |||
Total assets | 4,223,623 | |||
Total liabilities | $ 3,651,189 |
Exhibit 1. Consolidated compa_4
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) - Consolidated subsidiary companies (Details) - COP ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Net equity | $ 101,924,635 | $ 102,689,797 | $ 113,903,089 | $ 90,583,772 |
Profit (loss) for the period | 21,092,433 | $ 27,530,825 | ||
Total assets | 282,777,413 | 302,792,431 | ||
Total liabilities | $ 180,852,778 | $ 188,889,342 | ||
Equion Energia Limited | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | U.S. Dollar | |||
Ownership interest Ecopetrol, joint venture | 51% | |||
Activity, joint venture | Hydrocarbons exploration and exploitation | |||
Country/Domicile, joint venture | United Kingdom | |||
Geographic area of operations, joint venture | Colombia | |||
Net equity | $ 1,374,271 | |||
Profit (loss) for the period | 37,360 | |||
Total assets | 1,442,473 | |||
Total liabilities | $ 68,202 | |||
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, commercialization and distribution of biofuels and oleochemicals | |||
Country/Domicile, joint venture | Colombia | |||
Geographic area of operations, joint venture | Colombia | |||
Net equity | $ 157,092 | |||
Profit (loss) for the period | 42,131 | |||
Total assets | 253,058 | |||
Total liabilities | $ 95,966 | |||
Serviport S.A. [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership interest Ecopetrol, associate | 49% | |||
Activity, associate | Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Net equity | $ 12,790 | |||
Profit (loss) for the period | (3,176) | |||
Total assets | 42,028 | |||
Total liabilities | $ 29,238 | |||
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, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Net equity | $ 8,447 | |||
Profit (loss) for the period | 2,875 | |||
Total assets | 12,145 | |||
Total liabilities | $ 3,698 |
Exhibit 2. Consolidated compa_3
Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. ESP (Unaudited) (Details) - COP ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated companies, associates, and joint ventures | ||||
Assets | $ 282,777,413 | $ 302,792,431 | ||
Liabilities | 180,852,778 | 188,889,342 | ||
Equity | 101,924,635 | $ 102,689,797 | $ 113,903,089 | $ 90,583,772 |
Profit (loss) | $ 21,092,433 | $ 27,530,825 | ||
Interconexion Electrica S.A. E.S.P. | ATP Tower Holdings | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, associate | Telecommunications transport | |||
Country/Domicile, associate | United States of America | |||
Ownership Interest, associate | 24.70% | |||
Assets | $ 4,265,203 | |||
Liabilities | 2,576,809 | |||
Equity | 1,688,394 | |||
Profit (loss) | $ (19,164) | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica do Madeira [Member] | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Brazil | |||
Ownership Interest, joint venture | 51% | |||
Assets | $ 6,286,123 | |||
Liabilities | 2,821,217 | |||
Equity | 3,464,906 | |||
Profit (loss) | $ 230,072 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Garanhuns | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Brazil | |||
Ownership Interest, joint venture | 51% | |||
Assets | $ 1,334,544 | |||
Liabilities | 382,140 | |||
Equity | 952,404 | |||
Profit (loss) | $ 63,862 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Paraguacu | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Brazil | |||
Ownership Interest, joint venture | 50% | |||
Assets | $ 1,508,843 | |||
Liabilities | 498,283 | |||
Equity | 1,010,560 | |||
Profit (loss) | $ 74,685 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Aimores | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Brazil | |||
Ownership Interest, joint venture | 50% | |||
Assets | $ 954,447 | |||
Liabilities | 334,667 | |||
Equity | 619,780 | |||
Profit (loss) | $ 48,236 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Ivai | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Brazil | |||
Ownership Interest, joint venture | 50% | |||
Assets | $ 3,999,502 | |||
Liabilities | 3,084,164 | |||
Equity | 915,338 | |||
Profit (loss) | $ 171,733 | |||
Interconexion Electrica S.A. E.S.P. | Transmissora Alianca de Energia Eletrica | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Brazil | |||
Ownership Interest, joint venture | 14.88% | |||
Assets | $ 14,578,138 | |||
Liabilities | 8,769,989 | |||
Equity | 5,808,149 | |||
Profit (loss) | $ 472,045 | |||
Interconexion Electrica S.A. E.S.P. | Interconexion Electrica Colombia Panama-Panama | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Panama | |||
Ownership Interest, joint venture | 50% | |||
Assets | $ 21,860 | |||
Liabilities | 3,084 | |||
Equity | 18,776 | |||
Profit (loss) | $ (15,856) | |||
Interconexion Electrica S.A. E.S.P. | Interconexion Electrica Colombia Panama-Colombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Colombia | |||
Ownership Interest, joint venture | 1.17% | |||
Assets | $ 266 | |||
Liabilities | 1 | |||
Equity | 265 | |||
Profit (loss) | $ (2) | |||
Interconexion Electrica S.A. E.S.P. | Transnexa | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Telecommunications transport | |||
Country/Domicile, joint venture | Ecuador | |||
Ownership Interest, joint venture | 50% | |||
Interconexion Electrica S.A. E.S.P. | Derivex | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Manage the negotiation system of operations on derivative financial instruments of electrical energy | |||
Country/Domicile, joint venture | Colombia | |||
Ownership Interest, joint venture | 40.46% | |||
Assets | $ 447 | |||
Equity | 447 | |||
Profit (loss) | $ (402) | |||
Interconexion Electrica S.A. E.S.P. | Parques de Rio [Member] | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Roads | |||
Country/Domicile, joint venture | Colombia | |||
Ownership Interest, joint venture | 33% | |||
Assets | $ 89 | |||
Liabilities | 3 | |||
Equity | 86 | |||
Profit (loss) | $ (30) | |||
Interconexion Electrica S.A. E.S.P. | Conexin Kimal Lo Aguirre S.A. [Member] | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity, joint venture | Energy transport | |||
Country/Domicile, joint venture | Chile | |||
Ownership Interest, joint venture | 33.33% | |||
Assets | $ 721,017 | |||
Liabilities | 263,565 | |||
Equity | 457,452 | |||
Profit (loss) | $ 4,158 | |||
Interconexion Electrica S.A. E.S.P. | Consorcio Transmantaro | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Ownership Interest | 60% | |||
Assets | $ 8,182,331 | |||
Liabilities | 6,310,996 | |||
Equity | 1,871,335 | |||
Profit (loss) | $ 213,401 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Evrecy | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 304,403 | |||
Liabilities | 26,263 | |||
Equity | 278,140 | |||
Profit (loss) | $ (11,169) | |||
Interconexion Electrica S.A. E.S.P. | Fundo De Investimento Assis | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Trust - Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 46,655 | |||
Equity | 46,655 | |||
Profit (loss) | $ 588 | |||
Interconexion Electrica S.A. E.S.P. | Fundo de Investimento Barra Bonita Renda Fixa Referenciado | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Trust - Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35% | |||
Assets | $ 4,082 | |||
Equity | 4,082 | |||
Profit (loss) | $ 401 | |||
Interconexion Electrica S.A. E.S.P. | Fundo de Investimento Referenciado di Bandeirantes | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Trust - Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Ownership Interest | 13.64% | |||
Assets | $ 142,791 | |||
Equity | 142,791 | |||
Profit (loss) | $ 8,985 | |||
Interconexion Electrica S.A. E.S.P. | Fundo de Investimento Xavantes Referenciado di | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Trust - Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Ownership Interest | 14.20% | |||
Assets | $ 453,128 | |||
Equity | 453,128 | |||
Profit (loss) | $ 11,569 | |||
Interconexion Electrica S.A. E.S.P. | Interconexiones Viales | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 65% | |||
Assets | $ 132 | |||
Liabilities | 803 | |||
Equity | (671) | |||
Profit (loss) | $ (4,416) | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Aguapei | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 639,101 | |||
Liabilities | 45,680 | |||
Equity | 593,421 | |||
Profit (loss) | $ 46,521 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Biguacu | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 463,846 | |||
Liabilities | 57,239 | |||
Equity | 406,607 | |||
Profit (loss) | $ 36,744 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica De Minas Gerais | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 460,365 | |||
Liabilities | 41,256 | |||
Equity | 419,109 | |||
Profit (loss) | $ 3,236 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Itapura | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 173,388 | |||
Liabilities | 12,376 | |||
Equity | 161,012 | |||
Profit (loss) | $ 11,289 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Itaquere | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 579,199 | |||
Liabilities | 59,094 | |||
Equity | 520,105 | |||
Profit (loss) | $ 40,230 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Itaunes | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 491,096 | |||
Liabilities | 36,683 | |||
Equity | 454,413 | |||
Profit (loss) | $ 11,644 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Norte E Nordeste | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 468,165 | |||
Liabilities | 132,894 | |||
Equity | 335,271 | |||
Profit (loss) | $ 23,813 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Pinheiros | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 62,896 | |||
Liabilities | 6,618 | |||
Equity | 56,278 | |||
Profit (loss) | $ 6,110 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Riacho Grande | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 105,765 | |||
Liabilities | 29,098 | |||
Equity | 76,667 | |||
Profit (loss) | $ 1,270 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Serra Do Japi | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 418,725 | |||
Liabilities | 28,635 | |||
Equity | 390,090 | |||
Profit (loss) | $ 27,634 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Sul | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 231,935 | |||
Liabilities | 26,480 | |||
Equity | 205,455 | |||
Profit (loss) | $ 13,273 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Tibagi | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 251,998 | |||
Liabilities | 25,105 | |||
Equity | 226,893 | |||
Profit (loss) | $ 17,549 | |||
Interconexion Electrica S.A. E.S.P. | Internexa | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Information and communications technologies | |||
Country/Domicile | Colombia | |||
Ownership Interest | 99.50% | |||
Assets | $ 518,004 | |||
Liabilities | 425,656 | |||
Equity | 92,348 | |||
Profit (loss) | $ (22,236) | |||
Interconexion Electrica S.A. E.S.P. | Transamerican Telecomunication S.A. | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Information and communications technologies | |||
Country/Domicile | Argentina | |||
Ownership Interest | 99.50% | |||
Assets | $ 38,333 | |||
Liabilities | 20,912 | |||
Equity | 17,421 | |||
Profit (loss) | $ (1,108) | |||
Interconexion Electrica S.A. E.S.P. | Internexa Brazil Operadora De Telecomunicacoes | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Information and communications technologies | |||
Country/Domicile | Brazil | |||
Ownership Interest | 99.50% | |||
Assets | $ 203,365 | |||
Liabilities | 191,632 | |||
Equity | 11,733 | |||
Profit (loss) | $ (15,501) | |||
Interconexion Electrica S.A. E.S.P. | Internexa Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Information and communications technologies | |||
Country/Domicile | Chile | |||
Ownership Interest | 98.50% | |||
Assets | $ 72,496 | |||
Liabilities | 53,656 | |||
Equity | 18,840 | |||
Profit (loss) | $ (14,290) | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica JAGUAR 6 S.A. | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 225,550 | |||
Liabilities | 12,330 | |||
Equity | 213,220 | |||
Profit (loss) | $ 10,348 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica JAGUAR 8 S.A | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 121,085 | |||
Liabilities | 8,857 | |||
Equity | 112,228 | |||
Profit (loss) | $ 4,899 | |||
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica JAGUAR 9 S.A. | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 423,079 | |||
Liabilities | 31,613 | |||
Equity | 391,466 | |||
Profit (loss) | $ 28,979 | |||
Interconexion Electrica S.A. E.S.P. | Internexa Participacoes | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Investment vehicle | |||
Country/Domicile | Brazil | |||
Ownership Interest | 99.50% | |||
Assets | $ 10,166 | |||
Liabilities | 1,324 | |||
Equity | 8,842 | |||
Profit (loss) | $ (13,624) | |||
Interconexion Electrica S.A. E.S.P. | Internexa Peru | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Information and communications technologies | |||
Country/Domicile | Peru | |||
Ownership Interest | 99.50% | |||
Assets | $ 303,563 | |||
Liabilities | 256,660 | |||
Equity | 46,903 | |||
Profit (loss) | $ 4,816 | |||
Interconexion Electrica S.A. E.S.P. | ISA Bolivia | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Bolivia | |||
Ownership Interest | 100% | |||
Assets | $ 125,783 | |||
Liabilities | 8,105 | |||
Equity | 117,678 | |||
Profit (loss) | $ 5,059 | |||
Interconexion Electrica S.A. E.S.P. | ISA Capital Do Brasil | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Investment vehicle | |||
Country/Domicile | Brazil | |||
Ownership Interest | 100% | |||
Assets | $ 5,564,972 | |||
Liabilities | 559 | |||
Equity | 5,564,413 | |||
Profit (loss) | $ 522,802 | |||
Interconexion Electrica S.A. E.S.P. | ISA CTEEP | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Ownership Interest | 35.82% | |||
Assets | $ 28,788,164 | |||
Liabilities | 13,338,881 | |||
Equity | 15,449,283 | |||
Profit (loss) | $ 1,457,418 | |||
Interconexion Electrica S.A. E.S.P. | ISA Interchile | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 6,517,095 | |||
Liabilities | 5,203,405 | |||
Equity | 1,313,690 | |||
Profit (loss) | $ 13,841 | |||
Interconexion Electrica S.A. E.S.P. | ISA Intercolombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Ownership Interest | 100% | |||
Assets | $ 417,663 | |||
Liabilities | 304,644 | |||
Equity | 113,019 | |||
Profit (loss) | $ 25,126 | |||
Interconexion Electrica S.A. E.S.P. | ISA Intervial Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 4,708,532 | |||
Liabilities | 717,645 | |||
Equity | 3,990,887 | |||
Profit (loss) | $ 323,463 | |||
Interconexion Electrica S.A. E.S.P. | ISA Intervial Colombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Colombia | |||
Ownership Interest | 100% | |||
Assets | $ 620 | |||
Equity | 620 | |||
Profit (loss) | $ 33 | |||
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Chile SpA | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Investment vehicle | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 1,980,090 | |||
Liabilities | 215,605 | |||
Equity | 1,764,485 | |||
Profit (loss) | $ 68,356 | |||
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Chile Vias SpA | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Investment vehicle | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 4,078,002 | |||
Liabilities | 165 | |||
Equity | 4,077,837 | |||
Profit (loss) | $ 324,149 | |||
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Costera Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Investment vehicle | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 609,354 | |||
Liabilities | 815,968 | |||
Equity | (206,614) | |||
Profit (loss) | $ (45,778) | |||
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Tolten | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Investment vehicle | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 34 | |||
Equity | 34 | |||
Profit (loss) | $ (2) | |||
Interconexion Electrica S.A. E.S.P. | ISA Investimentos E Participacoes | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Investment vehicle | |||
Country/Domicile | Brazil | |||
Ownership Interest | 100% | |||
Assets | $ 1,081,679 | |||
Liabilities | 105 | |||
Equity | 1,081,574 | |||
Profit (loss) | $ 59,341 | |||
Interconexion Electrica S.A. E.S.P. | ISA Peru | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Ownership Interest | 99.98% | |||
Assets | $ 1,005,540 | |||
Liabilities | 821,725 | |||
Equity | 183,815 | |||
Profit (loss) | $ 24,533 | |||
Interconexion Electrica S.A. E.S.P. | ISA REP | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Ownership Interest | 60% | |||
Assets | $ 1,960,767 | |||
Liabilities | 1,507,293 | |||
Equity | 453,474 | |||
Profit (loss) | $ 149,484 | |||
Interconexion Electrica S.A. E.S.P. | ISA Transelca | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Ownership Interest | 100% | |||
Assets | $ 1,809,039 | |||
Liabilities | 919,491 | |||
Equity | 889,548 | |||
Profit (loss) | $ 107,111 | |||
Interconexion Electrica S.A. E.S.P. | Linear Systems RE | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Other businesses | |||
Country/Domicile | Bermudas | |||
Ownership Interest | 100% | |||
Assets | $ 119,758 | |||
Liabilities | 84,330 | |||
Equity | 35,428 | |||
Profit (loss) | $ 3,689 | |||
Interconexion Electrica S.A. E.S.P. | Proyectos De Infraestructura Del Peru | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Ownership Interest | 100% | |||
Assets | $ 34,700 | |||
Liabilities | 12,533 | |||
Equity | 22,167 | |||
Profit (loss) | $ 9,706 | |||
Interconexion Electrica S.A. E.S.P. | Ruta Costera | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Colombia | |||
Ownership Interest | 100% | |||
Assets | $ 2,601,976 | |||
Liabilities | 2,431,341 | |||
Equity | 170,635 | |||
Profit (loss) | $ (7,247) | |||
Interconexion Electrica S.A. E.S.P. | Ruta De La Araucania | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 899,448 | |||
Liabilities | 458,278 | |||
Equity | 441,170 | |||
Profit (loss) | $ 42,486 | |||
Interconexion Electrica S.A. E.S.P. | Ruta De Los Rios | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 75% | |||
Assets | $ 332,927 | |||
Liabilities | 240,274 | |||
Equity | 92,653 | |||
Profit (loss) | $ 25,029 | |||
Interconexion Electrica S.A. E.S.P. | Ruta del Bosque | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 29,924 | |||
Liabilities | 4,082 | |||
Equity | 25,842 | |||
Profit (loss) | $ (18,387) | |||
Interconexion Electrica S.A. E.S.P. | Ruta del Loa | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 1,232,237 | |||
Liabilities | 897,639 | |||
Equity | 334,598 | |||
Profit (loss) | $ 35,711 | |||
Interconexion Electrica S.A. E.S.P. | Ruta del Maipo | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 8,148,692 | |||
Liabilities | 5,428,644 | |||
Equity | 2,720,048 | |||
Profit (loss) | $ 257,527 | |||
Interconexion Electrica S.A. E.S.P. | Ruta del Maule | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Roads | |||
Country/Domicile | Chile | |||
Ownership Interest | 100% | |||
Assets | $ 8,674 | |||
Liabilities | 2,803 | |||
Equity | 5,871 | |||
Profit (loss) | $ 267 | |||
Interconexion Electrica S.A. E.S.P. | Sistemas Inteligentes en Red | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Other businesses | |||
Country/Domicile | Colombia | |||
Ownership Interest | 99.77% | |||
Assets | $ 20,803 | |||
Liabilities | 9,753 | |||
Equity | 11,050 | |||
Profit (loss) | $ 1,850 | |||
Interconexion Electrica S.A. E.S.P. | XM | ||||
Consolidated companies, associates, and joint ventures | ||||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Ownership Interest | 99.73% | |||
Assets | $ 367,977 | |||
Liabilities | 311,517 | |||
Equity | 56,460 | |||
Profit (loss) | $ 10,706 |