Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-34175 |
Entity Registrant Name | ECOPETROL S.A. |
Entity Incorporation, State or Country Code | CO |
Entity Address, Address Line One | Carrera 13 No. 36 – 24 |
Entity Address, City or Town | BOGOTA |
Entity Address, Postal Zip Code | 00000 |
Entity Address, Country | CO |
Entity Common Stock, Shares Outstanding | 41,116,694,690 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001444406 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | Ernst & Young Audit S.A.S. |
Auditor Firm ID | 1522 |
Auditor Location | Bogotá D.C., Colombia |
Common shares | |
Document and Entity Information | |
Title of 12(b) Security | Ecopetrol common shares par value COP 609 per share |
Trading Symbol | EC |
Security Exchange Name | NYSE |
American depository receipts | |
Document and Entity Information | |
Title of 12(b) Security | American Depository Shares (as evidenced by American Depository Receipts), each representing 20 common shares par value COP 609 per share |
Trading Symbol | EC |
Security Exchange Name | NYSE |
Business Contact | |
Document and Entity Information | |
Contact Personnel Name | Iván Mauricio López Lagos |
Contact Personnel Email Address | investors@ecopetrol.com.co |
Entity Address, Address Line One | Carrera 13 No.36 - 24 |
Entity Address, City or Town | Bogot |
Entity Address, Postal Zip Code | 00000 |
Entity Address, Country | CO |
City Area Code | 57 |
Local Phone Number | 310 315 8600 |
Consolidated statement of finan
Consolidated statement of financial position - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 12,336,115 | $ 15,401,058 |
Trade and other receivables | 33,310,642 | 39,224,999 |
Inventories | 10,202,448 | 11,880,034 |
Other financial assets | 1,860,928 | 1,162,127 |
Current tax assets | 8,111,079 | 6,784,392 |
Other assets | 2,769,029 | 2,778,480 |
Current assets subtotal | 68,590,241 | 77,231,090 |
Assets held for sale | 24,865 | 45,755 |
Total current assets | 68,615,106 | 77,276,845 |
Non-current assets | ||
Trade and other receivables | 29,781,088 | 32,155,205 |
Other financial assets | 371,847 | 1,563,744 |
Investment in associates and joint ventures | 8,418,632 | 9,496,600 |
Property, plant, and equipment | 95,171,302 | 100,997,498 |
Natural and environmental resources | 45,216,133 | 42,323,610 |
Right-of-use assets | 841,636 | 627,813 |
Intangible assets | 14,714,809 | 18,146,605 |
Non-current tax assets | 10,530,057 | 13,401,050 |
Goodwill | 4,846,667 | 5,350,114 |
Other assets | 1,633,813 | 1,453,347 |
Total non-current assets | 211,525,984 | 225,515,586 |
Total assets | 280,141,090 | 302,792,431 |
Current liabilities | ||
Loans and borrowings | 15,550,008 | 22,198,583 |
Trade and other payables | 18,891,434 | 19,937,704 |
Provisions for employee benefits | 3,059,204 | 2,753,697 |
Current tax liabilities | 2,869,225 | 7,630,901 |
Accrued liabilities and provisions | 1,595,249 | 1,533,136 |
Other liabilities | 1,599,443 | 2,728,317 |
Total current liabilities | 43,564,563 | 56,782,338 |
Non-current liabilities | ||
Loans and borrowings | 90,265,519 | 92,936,256 |
Trade and other payables | 27,280 | 57,056 |
Provisions for employee benefits | 15,213,509 | 10,211,542 |
Non-current tax liabilities | 13,567,513 | 15,275,644 |
Accrued liabilities and provisions | 14,547,391 | 11,223,358 |
Other liabilities | 2,702,835 | 2,403,148 |
Total non-current liabilities | 136,324,047 | 132,107,004 |
Total liabilities | 179,888,610 | 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 | 8,674,648 | 15,796,719 |
Retained earnings | 17,461,488 | 29,811,809 |
Equity attributable to owners of parent | 75,706,627 | 86,154,927 |
Non-controlling interest | 24,545,853 | 27,748,162 |
Total equity | 100,252,480 | 113,903,089 |
Total liabilities and equity | $ 280,141,090 | $ 302,792,431 |
Consolidated statement of profi
Consolidated statement of profit or loss - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated statement of profit or loss | |||
Sales revenue | $ 143,189,602 | $ 159,611,078 | $ 91,881,204 |
Cost of sales | (88,178,198) | (89,458,148) | (55,581,776) |
Gross profit | 55,011,404 | 70,152,930 | 36,299,428 |
Administrative expenses | (5,025,797) | (4,335,695) | (3,342,069) |
Operations and project expenses | (5,702,162) | (4,743,628) | (3,153,557) |
Impairment of non-current assets | (2,098,333) | (287,999) | (33,351) |
Other operating expense | (426,131) | (555,855) | (72,744) |
Operating income | 41,758,981 | 60,229,753 | 29,697,707 |
Financial result | |||
Finance income | 2,320,969 | 1,317,145 | 403,592 |
Finance expenses | (10,384,065) | (8,027,252) | (4,431,648) |
Foreign exchange gain (loss) | 2,397,712 | (124,650) | 330,002 |
Financial result | (5,665,384) | (6,834,757) | (3,698,054) |
Share of profits of associates and joint ventures | 805,349 | 768,422 | 426,164 |
Profit before income tax expense | 36,898,946 | 54,163,418 | 26,425,817 |
Income tax expense | (11,515,875) | (18,963,938) | (8,795,263) |
Net profit for the year | 25,383,071 | 35,199,480 | 17,630,554 |
Net profit attributable to: | |||
Owners of parent | 21,060,798 | 31,604,781 | 15,649,143 |
Non-controlling interest | 4,322,273 | 3,594,699 | 1,981,411 |
Net profit for the year | $ 25,383,071 | $ 35,199,480 | $ 17,630,554 |
Basic earnings per share (Colombian pesos) | $ 512.2 | $ 768.7 | $ 380.6 |
Diluted earnings per share (Colombian pesos) | $ 512.2 | $ 768.7 | $ 380.6 |
Consolidated statement of compr
Consolidated statement of comprehensive income - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated statement of comprehensive income | |||
Net profit for the year | $ 25,383,071 | $ 35,199,480 | $ 17,630,554 |
Unrealized gain (loss) on hedges: | |||
Cash flow hedge for future exports | 3,071,546 | (1,528,749) | (808,777) |
Hedge of a net investment in a foreign operation | 6,213,387 | (4,987,735) | (2,871,410) |
Cash flow hedge with derivative instruments | 173,711 | 117,913 | (135,666) |
Financial instruments measured at fair value | (2,393) | 829 | 830 |
Foreign currency translation | (18,177,596) | 15,960,722 | 5,970,719 |
Sale of joint ventures | 0 | 0 | (361,728) |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods -net of taxes | (8,721,345) | 9,562,980 | 1,793,968 |
Other comprehensive income that will not to be reclassified to profit or loss in subsequent periods -net of taxes: | |||
Remeasurement (loss) gain on defined benefit plans | (2,734,273) | (668,254) | 1,777,157 |
Other comprehensive income that will not to be reclassified to profit or loss in subsequent periods -net of taxes | (2,734,273) | (668,254) | 1,777,157 |
Other comprehensive income for the year, net of tax | (11,455,618) | 8,894,726 | 3,571,125 |
Total comprehensive income for the year, net of tax | 13,927,453 | 44,094,206 | 21,201,679 |
Comprehensive income attributable to: | |||
Owners of parent | 13,938,727 | 36,043,606 | 19,059,975 |
Non-controlling interest | (11,274) | 8,050,600 | 2,141,704 |
Total comprehensive income for the year, net of tax | $ 13,927,453 | $ 44,094,206 | $ 21,201,679 |
Consolidated statement of chang
Consolidated statement of changes in equity - COP ($) $ in Millions | Subscribed and paid-in capital Adoption of new standards | Subscribed and paid-in capital After adoption of new standards IFRS | Subscribed and paid-in capital | Additional paid-in capital Adoption of new standards | Additional paid-in capital After adoption of new standards IFRS | Additional paid-in capital | Reserves Adoption of new standards | Reserves After adoption of new standards IFRS | Reserves | Other comprehensive income Adoption of new standards | Other comprehensive income After adoption of new standards IFRS | Other comprehensive income | Retained earnings Adoption of new standards | Retained earnings After adoption of new standards IFRS | Retained earnings | Total Adoption of new standards | Total After adoption of new standards IFRS | Total | Non-controlling interest Adoption of new standards | Non-controlling interest After adoption of new standards IFRS | Non-controlling interest | Adoption of new standards | After adoption of new standards IFRS | Total |
Opening balance at Dec. 31, 2020 | $ 25,040,067 | $ 6,607,699 | $ 9,635,136 | $ 7,947,062 | $ 669,900 | $ 49,899,864 | $ 3,599,499 | $ 53,499,363 | ||||||||||||||||
Net profit | 0 | 0 | 0 | 0 | 15,649,143 | 15,649,143 | $ 0 | 1,981,411 | 17,630,554 | |||||||||||||||
Release of reserves | 0 | 0 | (5,066,156) | 0 | 5,066,156 | 0 | 0 | 0 | ||||||||||||||||
Dividends declared | 0 | 0 | 0 | 0 | (698,984) | (698,984) | (2,008,840) | (2,707,824) | ||||||||||||||||
Business combination | 0 | 0 | 0 | 0 | 0 | 0 | 18,973,080 | 18,973,080 | ||||||||||||||||
Change in participation in subsidiaries | 0 | 0 | 0 | 0 | 228,692 | 228,692 | (596,394) | (367,702) | ||||||||||||||||
Equity restitution | 0 | 0 | 0 | 0 | 0 | 0 | (14,824) | (14,824) | ||||||||||||||||
Appropriation of reserves, Legal | 0 | 0 | 168,808 | 0 | (168,808) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 0 | 0 | 509,082 | 0 | (509,082) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves , Occasional | 0 | 0 | 5,377,359 | 0 | (5,377,359) | 0 | 0 | 0 | ||||||||||||||||
(Loss) gain on hedging instruments: | ||||||||||||||||||||||||
Cash flow hedge for future exports | 0 | 0 | 0 | (808,777) | 0 | (808,777) | 0 | (808,777) | ||||||||||||||||
Hedge of a net investment in a foreign operation | 0 | 0 | 0 | (2,869,539) | 0 | (2,869,539) | (1,871) | (2,871,410) | ||||||||||||||||
Cash flow hedge with derivative instruments | 0 | 0 | 0 | (105,048) | 0 | (105,048) | (30,618) | (135,666) | ||||||||||||||||
Financial instruments measured at fair value | 0 | 0 | 0 | 431 | 0 | 431 | 399 | 830 | ||||||||||||||||
Foreign currency translation | 0 | 0 | 0 | 5,811,782 | 0 | 5,811,782 | 158,937 | 5,970,719 | ||||||||||||||||
Sale of joint ventures | 0 | 0 | 0 | (361,728) | 0 | (361,728) | 0 | (361,728) | ||||||||||||||||
Remeasurement loss on defined benefit plans | 0 | 0 | 0 | 1,743,711 | 0 | 1,743,711 | 33,446 | 1,777,157 | ||||||||||||||||
Closing balance at Dec. 31, 2021 | $ 0 | $ 25,040,067 | 25,040,067 | $ 0 | $ 6,607,699 | 6,607,699 | $ 0 | $ 10,624,229 | 10,624,229 | $ 0 | $ 11,357,894 | 11,357,894 | $ 42,054 | $ 14,901,712 | 14,859,658 | $ 42,054 | $ 68,531,601 | 68,489,547 | $ 22,094,225 | 22,094,225 | $ 42,054 | $ 90,625,826 | 90,583,772 | |
Net profit | 0 | 0 | 0 | 0 | 31,604,781 | 31,604,781 | 3,594,699 | 35,199,480 | ||||||||||||||||
Release of reserves | 0 | 0 | (5,886,441) | 0 | 5,886,441 | 0 | 0 | 0 | ||||||||||||||||
Dividends declared | 0 | 0 | (6,907,605) | 0 | (11,512,675) | (18,420,280) | (2,073,000) | (20,493,280) | ||||||||||||||||
Business combination | 0 | 0 | 0 | 0 | 0 | 0 | (238,839) | (238,839) | ||||||||||||||||
Equity restitution | 0 | 0 | 0 | 0 | 0 | 0 | (84,824) | (84,824) | ||||||||||||||||
Appropriation of reserves, Legal | 0 | 0 | 1,669,468 | 0 | (1,669,468) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 0 | 0 | 509,082 | 0 | (509,082) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves , Occasional | 0 | 0 | 8,889,900 | 0 | (8,889,900) | 0 | 0 | 0 | ||||||||||||||||
(Loss) gain on hedging instruments: | ||||||||||||||||||||||||
Cash flow hedge for future exports | 0 | 0 | 0 | (1,528,749) | 0 | (1,528,749) | 0 | (1,528,749) | ||||||||||||||||
Hedge of a net investment in a foreign operation | 0 | 0 | 0 | (4,854,805) | 0 | (4,854,805) | (132,930) | (4,987,735) | ||||||||||||||||
Cash flow hedge with derivative instruments | 0 | 0 | 0 | 62,792 | 0 | 62,792 | 55,121 | 117,913 | ||||||||||||||||
Financial instruments measured at fair value | 0 | 0 | 0 | 942 | 0 | 942 | (113) | 829 | ||||||||||||||||
Foreign currency translation | 0 | 0 | 0 | 11,572,728 | 0 | 11,572,728 | 4,387,994 | 15,960,722 | ||||||||||||||||
Remeasurement loss on defined benefit plans | 0 | 0 | 0 | (814,083) | 0 | (814,083) | 145,829 | (668,254) | ||||||||||||||||
Closing balance at Dec. 31, 2022 | $ 0 | $ 25,040,067 | 25,040,067 | $ 0 | $ 6,607,699 | 6,607,699 | $ 0 | $ 8,898,633 | 8,898,633 | $ 0 | $ 15,796,719 | 15,796,719 | $ (4,828) | $ 29,806,981 | 29,811,809 | $ (4,828) | $ 86,150,099 | 86,154,927 | $ 0 | $ 27,748,162 | 27,748,162 | $ (4,828) | $ 113,898,261 | 113,903,089 |
Net profit | 0 | 0 | 0 | 0 | 21,060,798 | 21,060,798 | 4,322,273 | 25,383,071 | ||||||||||||||||
Release of reserves | 0 | 0 | (2,491,377) | 0 | 2,491,377 | 0 | 0 | 0 | ||||||||||||||||
Dividends declared | 0 | 0 | 0 | 0 | (24,382,199) | (24,382,199) | (3,146,267) | (27,528,466) | ||||||||||||||||
Equity restitution | 0 | 0 | 0 | 0 | 0 | 0 | (44,768) | (44,768) | ||||||||||||||||
Appropriation of reserves, Legal | 0 | 0 | 3,340,629 | 0 | (3,340,629) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves ,Fiscal and statutory | 0 | 0 | 509,082 | 0 | (509,082) | 0 | 0 | 0 | ||||||||||||||||
Appropriation of reserves , Occasional | 0 | 0 | 7,665,758 | 0 | (7,665,758) | 0 | 0 | 0 | ||||||||||||||||
(Loss) gain on hedging instruments: | ||||||||||||||||||||||||
Cash flow hedge for future exports | 0 | 0 | 0 | 3,075,743 | 0 | 3,075,743 | (4,197) | 3,071,546 | ||||||||||||||||
Hedge of a net investment in a foreign operation | 0 | 0 | 0 | 6,053,951 | 0 | 6,053,951 | 159,436 | 6,213,387 | ||||||||||||||||
Cash flow hedge with derivative instruments | 0 | 0 | 0 | 123,094 | 0 | 123,094 | 50,617 | 173,711 | ||||||||||||||||
Financial instruments measured at fair value | 0 | 0 | 0 | (2,125) | 0 | (2,125) | (268) | (2,393) | ||||||||||||||||
Foreign currency translation | 0 | 0 | 0 | (13,761,678) | 0 | (13,761,678) | (4,415,918) | (18,177,596) | ||||||||||||||||
Remeasurement loss on defined benefit plans | 0 | 0 | 0 | (2,611,056) | 0 | (2,611,056) | (123,217) | (2,734,273) | ||||||||||||||||
Closing balance at Dec. 31, 2023 | $ 25,040,067 | $ 6,607,699 | $ 17,922,725 | $ 8,674,648 | $ 17,461,488 | $ 75,706,627 | $ 24,545,853 | $ 100,252,480 |
Consolidated statement of cash
Consolidated statement of cash flows - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow in operating activities: | |||
Net profit for the year | $ 25,383,071 | $ 35,199,480 | $ 17,630,554 |
Adjustments to reconcile the net profit to net cash provided by operating activities: | |||
Income tax expense | 11,515,875 | 18,963,938 | 8,795,263 |
Depreciation, depletion, and amortization | 13,812,387 | 12,128,991 | 10,159,922 |
(Gain) loss foreign exchange | (2,397,712) | 124,650 | 31,726 |
Realization of other comprehensive income from the sale of a joint venture | 0 | 0 | (361,728) |
Finance cost of loans and borrowings | 6,923,831 | 5,517,417 | 3,095,224 |
Finance cost of post-employment benefits and abandonment costs | 2,196,936 | 2,003,687 | 1,043,728 |
Write off of exploratory assets and dry wells | 1,472,397 | 1,032,164 | 486,408 |
Loss on disposal of non-current assets | (143,424) | 379,985 | 61,846 |
Impairment loss of non-current assets | 2,098,333 | 287,999 | 33,351 |
Impairment loss of current assets | 95,902 | 101,871 | 83,773 |
Gain on fair value adjustment of financial assets | (245,081) | (77,082) | (7,431) |
Loss (gain) on hedging transactions with derivatives | 2,180 | (553) | 19,485 |
Share of profit of associates and joint ventures | (805,349) | (768,422) | (426,164) |
Net gain on the sale of assets held for sale | 19,799 | (279,635) | (3,840) |
Hedge ineffectiveness | 25,454 | 6,625 | 24,496 |
Realized loss on foreign exchange cash flow hedges | 479,779 | 1,143,287 | 249,978 |
Movements in provisions | 853,365 | 715,831 | 714,839 |
Net change in operational assets and liabilities: | |||
Trade and other receivables | (22,166,387) | (28,471,881) | (9,457,451) |
Inventories | 808,127 | (2,831,729) | (2,980,134) |
Trade and other payables | 507,579 | 3,690,068 | 3,117,982 |
Tax assets and liabilities | (5,854,882) | (3,100,744) | (2,448,882) |
Provisions for employee benefits | (177,960) | (355,645) | (222,356) |
Provisions and contingencies | (1,169,603) | (1,004,167) | (878,576) |
Other assets and liabilities | (601,662) | 589,729 | (523,090) |
Cash flows from operations | 32,632,955 | 44,995,864 | 28,238,923 |
Income tax paid | (12,832,403) | (8,761,294) | (5,702,902) |
Net cash provided by operating activities | 19,800,552 | 36,234,570 | 22,536,021 |
Cash flow in investing activities: | |||
Investment in joint ventures | (853) | (329,377) | (44,735) |
Acquisition of subsidiaries, net of acquired cash | 0 | 0 | (8,951,587) |
Investment in property, plant, and equipment | (9,349,885) | (8,767,716) | (6,117,588) |
Investment in natural and environmental resources | (13,964,435) | (11,962,544) | (6,733,028) |
Acquisitions of intangibles | (776,596) | (1,147,510) | (444,346) |
Proceeds from sales of other financial assets | 976,467 | 1,301,394 | 1,282,903 |
Interests received | 1,884,445 | 965,952 | 266,116 |
Dividends received | 482,124 | 1,471,134 | 206,048 |
Proceeds from sales of non-current assets | 728,995 | 373,634 | 17,986 |
Net cash used in investment activities | (20,019,738) | (18,095,033) | (20,518,231) |
Cash flow in financing activities: | |||
Proceeds from borrowings | 34,035,090 | 16,844,029 | 24,666,792 |
Repayment of borrowings | (21,659,669) | (16,409,494) | (11,267,540) |
Interest payments | (6,580,746) | (5,492,251) | (3,333,555) |
Lease payments | (533,640) | (434,555) | (336,030) |
Payment of restitution of equity to minority shareholders | (44,768) | (84,824) | 0 |
Dividends paid | (5,570,876) | (13,356,947) | (2,771,287) |
Net cash (used) provided in financing activities | (354,609) | (18,934,042) | 6,958,380 |
Exchange difference in cash and cash equivalents | (2,491,148) | 1,645,657 | 491,428 |
Net (decrease) increase in cash and cash equivalents | (3,064,943) | 851,152 | 9,467,598 |
Cash and cash equivalents at the beginning of the year | 15,401,058 | 14,549,906 | 5,082,308 |
Cash and cash equivalent at the end of the year | $ 12,336,115 | $ 15,401,058 | $ 14,549,906 |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 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 engaged in commercial and industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services. An 11.51% of Ecopetrol S.A.‘s shares are publicly traded on the Stock Exchanges of Colombia and New York, USA. The remaining shares (88.49% of the total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit. The address of the main office of Ecopetrol S.A. is Bogotá – Colombia, Carrera 13 No. 36 – 24. |
Basis for preparation
Basis for preparation | 12 Months Ended |
Dec. 31, 2023 | |
Basis for preparation | |
Basis for preparation | 2. 2.1 Statement of compliance and authorization of financial statements The consolidated financial statements of Ecopetrol and its subsidiaries as of December 31, 2023, and 2022 and for each of the three years in the period ended December 31, 2023, have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). Accounting policies have been applied consistently in all years presented. These consolidated financial statements were approved and authorized for issuance by the Board of Directors of Ecopetrol on April 18, 2024. 2.2 Basis for consolidation The consolidated financial statements were prepared by consolidating all companies set out in Exhibits 1, which are those over which Ecopetrol S.A. exercises direct or indirect control. Control is achieved when the Ecopetrol Business Group: ● has power over the investee (including rights to manage relevant activities); ● is exposed, or has the rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its operational returns. This instance occurs when the Ecopetrol Business Group has less than a majority of the voting rights of an investee, and it still has the power over the investee to provide it with the practical ability to direct the relevant activities of the investee unilaterally. The Ecopetrol Business Group considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient or not to give it power, including: a) the percentage of the Ecopetrol Business Group’s voting rights relative to the size and apportionment of the shares of other vote holders; b) potential voting rights held by the Ecopetrol Business Group, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate that the Ecopetrol Business Group has, or does not have, the current ability to direct the relevant activities, at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases. All intercompany assets and liabilities, equity, income, expenses, and cash flows relating to transactions between entities of the Ecopetrol Business Group were eliminated on consolidation. Unrealized losses are also eliminated. Non–controlling interest represents the proportion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders. The consolidated financial statements as of December 31, 2023, were prepared on the basis that the Ecopetrol Business Group will continue to operate as a going concern bases. Significant changes in consolidation: 2023 Econova Technology & Innovation, S.L. On March 17, 2023, Ecopetrol S.A. concluded the establishment process of the company called Econova Technology & Innovation, S.L., domiciled in Spain. Its main corporate purpose is oriented to activities related to science, technology, and innovation (CT+i). Ecopetrol S.A. is the direct owner of 100% of the share capital, subscribed in accordance with the regulatory requirements of the Spanish jurisdiction. 2022 Ecopetrol US Trading LLC In November 2022, the indirect subsidiary Ecopetrol US Trading LLC was incorporated. This company is domiciled in Delaware, United States of America, its main corporate purpose is the international commercialization of refined, petrochemical, crude oil, and natural gas of Ecopetrol Business Group and third parties. Ecopetrol US Trading LLC is a direct subsidiary of Ecopetrol USA Inc. Gasoducto de Oriente S.A. On July 12, 2022, the liquidation of the Gasoducto de Oriente S.A. took place in the Chamber of Commerce of Bogotá. It was a subsidiary of Inversiones de Gases de Colombia S.A. Conexión Kimal Lo Aguirre In July 2022, ISA Inversiones Chile incorporated the Joint Venture Conexión Kimal Lo Aguirre, together with Transelec and China Southern Power Grid International (CSG) as shareholders. This company will build and operate the Kimal-Lo Aguirre project in Chile awarded in 2021. 2021 Acquisition of Interconexión Eléctrica S.A. E.S.P. On August 20, 2021, the Ecopetrol acquired control of Interconexión Eléctrica S.A. E.S.P. (ISA), thus obtaining control of the company. ISA is a Multi-Latin business group with operations in the electric power transmission, toll roads concessions, and telecommunications businesses, through 50 subsidiaries, 11 joint ventures and 1 associate, in 6 countries in South and Central America. See the subsidiaries in Exhibit 1. New companies in Singapore On July, 2021, the subsidiaries Ecopetrol Singapore Pte. Ltd. and Ecopetrol Trading Asia Pte Ltd. were incorporated in Singapore. Ecopetrol Singapore Pte. Ltd. owns 100% of the share capital of Ecopetrol Trading Asia Pte Ltd., whose main purpose is the international commercialization of crude and refined products of the Company to clients in Asia. Both companies are domiciled in Singapore. 2.3 Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities that are measured at fair value through profit or loss and/or changes in other comprehensive income at the end of each reporting period, as explained in the accounting policies included below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The fair value is the price that would be received from selling an asset or that would be paid for transferring a liability among market participants, in an orderly transaction, on the date of measurement. When estimating the fair value, the Ecopetrol Business Group uses assumptions that market participants would use for pricing an asset or liability at current market conditions, including risk assumptions, which maximize the value (highest and best use) of the asset or liability. 2.4 Functional and presentation currency The consolidated financial statements are presented in Colombian Pesos, which is the Ecopetrol’s functional currency. For each Ecopetrol Business Group entity, its functional currency is determined based of the main economic environment where it operates. The statements of profit or loss, and cash flows of subsidiaries with functional currencies different from Ecopetrol’s functional currency are translated at the exchange rates on the dates of the transaction or based on the monthly average exchange rate. Assets and liabilities are translated at the closing exchange rate, and other equity items are translated at exchange rates at the time of the transaction. All resulting exchange differences are recognized in other comprehensive income. On disposal of all or significant part of a foreign operation, the cumulative translation adjustment related to the foreign operation is reclassified to profit or loss. The consolidated financial statements are presented in Colombian pesos rounded up to the closest million unit (COP$ 000,000) except when otherwise indicated. 2.5 Foreign currency Transactions in foreign currencies are initially recorded by the Ecopetrol Business Group’s entities at their respective functional currency spot rates at the transactions date. Monetary items denominated in foreign currencies are translated at the functional currency spot rates prevailing at the reporting date. Differences arising on settlement, or translation, or monetary items are recognized in profit or loss, in financial results, net, except those resulting from the conversion of loans and borrowings designated as cash flow hedges or net investment in a foreign operation hedge, which are recognized in other comprehensive income within equity. When the hedged item affects the financial results, exchange differences accumulated in equity are reclassified to profit or loss as part of operating results. Non–monetary items measured at fair value that are denominated in a foreign currency are translated using the exchange rates prevailing on the date when the fair value is determined. The gain or loss arising on translation of non–monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item. 2.6 Classification of assets and liabilities as current and non–current The Ecopetrol Business Group presents assets and liabilities in the consolidated statement of financial position based on whether assets are classified as current or non–current. An asset or liability is classified as current when: ● It is expected to be realized or intended to be sold or consumed (or expected to be settled, in the case of liabilities) in the ordinary course of business; ● Held mainly for the purpose of trading; ● Expected to be realized (or to be settled, in the case of liabilities) within twelve months after the reporting period; or ● In the case of the assets, it is cash or a cash equivalent, unless the exchange of such asset or liability is restricted or to be used to settle a liability at least twelve months after the reporting period; or ● In the case of a liability, there is no unconditional right to defer settlement of the liability until at least twelve months after the reporting period. Other assets and liabilities are classified as non–current. Deferred tax assets and liabilities are classified as non–current assets and liabilities. 2.7 Earnings per share Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of Ecopetrol, the parent company, by the weighted average number of ordinary shares outstanding during the year. There is no potential dilution of shares. |
Material estimates and accounti
Material estimates and accounting judgments | 12 Months Ended |
Dec. 31, 2023 | |
Material estimates and accounting judgments | |
Material estimates and accounting judgments | 3. The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, sales revenues, costs, and commitments recognized in the financial statements and the accompanying disclosures. The Ecopetrol Business Group based its assumptions and estimates on parameters available when these consolidated financial statements were prepared. Uncertainty about these assumptions and estimates could result in outcomes that required a material adjustment to the carrying amount of assets or liabilities affected in future periods. Changes in estimates are adjusted prospectively in the period in which the estimate is revised. In the process of applying the Ecopetrol Business Group’s accounting policies, management has made the following judgments and estimates which have the most significant impact on the amounts recognized in the consolidated financial statements: 3.1 Oil and gas reserves Oil and gas reserves are estimates of the amounts of hydrocarbons that can be economically and legally extracted from the Ecopetrol Business Group’s oil and gas properties. The reserves estimation is performed annually as of December 31 in accordance with the United States Securities and Exchange Commission (SEC) definitions and rules set forth in Rule 4–10(a) of SEC Regulation S–X and the disclosure guidelines contained in the SEC final rule – Modernization of Oil and Gas Reporting. As required by current regulations, the future estimated date on which a field will no longer produce for economic reasons, is based on actual costs and average of crude prices (calculated as the arithmetical average of prices on the first day of the past 12 months). The estimated date for end of production will affect the amounts of reserves, unless the prices have been defined by contractual agreements; therefore, if the prices and costs change from one year to the next, the proved reserves estimate also changes. Generally, our proved reserves decrease as prices go down and increase when prices go up. Reserves estimation is an inherently complex process, and it involves professional judgments. Reserves estimation is prepared using technical and economic factors, including projections of future production rates, oil prices, engineering data and duration and amounts of future investments, and they imply a certain degree of uncertainty. These estimations reflect the regulatory and market conditions existing on the date of reporting, which could significantly differ from other conditions during the year or in future periods. Any changes in regulatory and/or market conditions and assumptions could materially affect the reserves estimation. Impact of oil reserves and natural gas in depreciation and depletion Changes to estimations for proven developed reserves may affect the carrying amounts of exploration and production assets, natural resources and environment, liabilities for dismantling and depreciation and depletion. With all other variables remaining unchanged, a decrease in estimated proven reserves would increase, prospectively, depreciation, depletion, and amortization costs, while an increase in reserves would reduce depreciation and amortization expenses, as depreciation, depletion and amortization charges are calculated using the units of production method. Information about the carrying amounts of exploration and production assets and the amounts charged to income, including depreciation and depletion, is presented in Notes 13 and 14. In addition, the movements of proved developed reserves is presented in Note 33. 3.2 Impairment (recovery) of non-current assets Ecopetrol Business Group Management uses its professional judgment in assessing the existence of evidence of an impairment loss or reversal, based on internal and external factors. When an indicator of impairment loss or reversal of impairment of prior period impairment exists, the Ecopetrol Business Group estimates the recoverable amount of the cash generating units (CGU), which is considered the greater of fair value less costs of disposal and the value in use. The assessments require the use of estimates and assumptions, such as, among other factors: (1) future investments, and costs; (2) useful life of assets; (3) future prices, and (4) discount rate, which is reviewed annually, and is determined as the weighted average cost of capital (WACC). Specifically, for crude oil and gas assets, the following are also included: (6) estimation of volumes and market value of oil and natural gas reserves and (7) production profiles of oil fields and future production of refined and chemical products. The recoverable amount is compared with the net book value of the asset, or of the cash-generating unit (CGU), thus determining whether the asset is impaired or if the impairment recognized in prior periods should be reversed. A previously recognized impairment loss is reversed, only if there has been a change in the assumptions used to determine the assets or in the CGU’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of an asset or CGU, other than goodwill, does not exceed either its recoverable amount, or the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset or CGU in prior periods. Future oil and refined products prices assumptions are estimated at current market conditions. For oil and gas asset, expected production volumes, which comprise proven, unproved, probable, and possible reserves are used for impairment testing because Management believes this to be the most appropriate indicator of expected future cash flows, which would also be considered by market participants. Reserves estimates are inherently imprecise and subject to uncertainty risk. Furthermore, projections about unproved volumes are based on information that is necessarily less robust than what is available for mature reservoirs. These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will impact these projections, which may also impact the recoverable amount of assets and/or CGUs, hence, may also affect the recognition of an impairment loss or the reversal of prior period impairment amounts. 3.3 Exploration and evaluation costs The application of the Ecopetrol Business Group’s accounting policy for exploration and evaluation costs requires judgment to determine whether future economic benefits are likely, either from future exploitation or sale, or whether activities have not reached a stage which permits a reasonable assessment of the existence of reserves. Certain exploration and evaluation costs are initially capitalized when it is expected that commercially viable reserves will result. The Ecopetrol Business Group uses its professional judgment of future events and circumstances and makes estimates to assess annually the generation of future economic benefits for extracting oil resources, as well as technical and commercial analyses to confirm its intention of continuing their development. Changes regarding available information, such as drilling success level or changes in the project’s economics, production costs, and investment levels, as well as other factors, may result in capitalized exploration drilling costs being recognized in profit or loss for the period. The expenses for dry wells, as a cost of the period, are included in operating activities in the consolidated statement of cash flows. 3.4 Determination of cash generating units (CGU) The allocation of assets in cash generating units requires significant judgment, as well as assessments regarding integration among assets, the existence of active markets, and similar exposure to market risk, shared infrastructure, and the way in which management monitors the operations. See Note 4.13 – Impairment of non-current assets 3.5 Abandonment and dismantling costs of fields and other facilities According to environmental and oil regulations, the Ecopetrol Business Group is required to bear the costs for the abandonment of oil extraction, refining plants and transportation facilities, which include the cost of plugging and abandoning wells, dismantling facilities, and environmental remediation in the affected areas. Estimated abandonment and dismantling costs are recorded at the time of the installation of the assets and are reviewed annually. The calculations for these estimations are complex and involve significant judgments by Management. The ultimate decommissioning costs are uncertain and cost estimates can vary in response to many factors, including changes to relevant legal requirements, the emergence of new restoration techniques or experience at other production sites. The expected timing, extent and amount of expenditure may also change, for example, in response to changes in internal cost projections, changes in reserve estimates, future inflation rates and discount rates. Ecopetrol Business Group considers that the abandonment and dismantling costs are reasonable, based on the experience of the Ecopetrol Business Group and market conditions; nevertheless, significant variations in external factors used for the calculation of the estimation could significantly impact the amounts recorded in the financial statements. See Note 4.14 - Provisions and contingent liabilities 3.6 Pension plan and other benefits The determination of expenses, liabilities and adjustments relating to pension plans and other defined retirement benefits makes it necessary for Management to use its judgment in the application of actuarial assumptions made in the actuarial calculation. The actuarial assumptions include estimates regarding future mortality, retirement, changes in compensation, and discount rate to reflect the time value of money, in addition to the rate of return on the plan’s assets. Due to the complexity in the valuation of these variables, as well as their long-term nature, the estimated amounts are quite sensitive to any change in these assumptions. These assumptions are reviewed on an annual basis and may differ materially from actual results due to changes in economic and market conditions, regulatory changes, judicial rulings, higher or lower retirement rates, or longer or shorter life expectancies among employees. 3.7 Goodwill impairment In December of each year, the Ecopetrol Business Group performs an annual impairment test on goodwill to assess if its carrying amount may be recoverable. Goodwill is assigned to each cash generating unit (or groups of CGU). The determination of the recoverable amount is described in Note 4.11, and its calculation requires assumptions and estimates. Ecopetrol Business Group considers that the assumptions and estimations used are reasonable and supportable based on the current market conditions and are aligned to the risk profile of the related assets. However, if different assumptions and estimations are used, they could lead to different results. Valuation models used to determine fair value are sensitive to changes in the underlying assumptions. For example, sales volumes and prices that will be paid for the purchase of raw materials are assumptions that may vary in the future. Adverse changes in any of these assumptions could lead to the recognition of goodwill impairment. 3.8 Litigation The Ecopetrol Business Group is subject to claims relating to regulatory and arbitration proceedings, tax assessments, and other claims arising in the normal course of business. Management evaluates these claims based on their nature, the likelihood that they materialize, and the amounts involved, to decide on the amounts recognized and/or disclosed in the financial statements. This analysis, which may require considerable judgment, includes the assessment of current legal proceedings brought against the Ecopetrol Business Group and claims not yet initiated. A provision is recognized when the Ecopetrol Business Group has a present obligation derived from a past event, it is likely that an outflow of resources of economic benefits will be required to settle the obligation, and a reliable estimate of the amount of such obligation can be made. 3.9 Income and deferred taxes Calculation of the income tax provision requires interpretation of tax law in the jurisdictions where the Ecopetrol Business Group operates. Significant judgment is required to determine estimates for income tax on taxable profits and to evaluate the recoverability of deferred tax assets, which are based on the ability to generate sufficient taxable income during the periods in which such deferred taxes could be used or deduct. To the extent that future cash flows and taxable income differ significantly from the estimates, the Ecopetrol Business Group’s ability to realize the deferred tax assets recorded could be affected. Furthermore, changes in tax rules could impact the capacity of the Ecopetrol Business Group to obtain tax deductions in future years, as well as the recognition of new tax liabilities resulting from auditing conducted by the tax authorities. Tax positions taken involve a thorough assessment by Management and are reviewed and adjusted in response to situations such as expiration in the applicability of laws, closing of tax audits, additional disclosures caused by any legal issue or a court decision relevant to a particular tax issue. The Ecopetrol Business Group records provisions based on estimated potential liabilities that could be derived from a tax audit. The amount of these provisions depends on factors such as previous experience in tax audits and different interpretations of tax legislation. The actual results may differ from the estimates recorded. 3.10 The process of identifying hedging relationships between hedged items and the underlying instruments (derivative and non–derivative, such as long–term, foreign currency–denominated debt), and their corresponding effectiveness, requires the use of judgment by Management. The Ecopetrol Business Group periodically monitors the alignment between its hedge instruments and its risk management policy. 3.11 Provision for material maintenance and replacement Ecopetrol Business Group has contractual obligations under its road and electric power transmission concession agreements to provide the replacement and maintenance activities. The amount of the provision is based on qualitative and quantitative analyzes made by Ecopetrol Business Group’s maintenance area and an estimate of disbursements for major maintenance and replacements, which considers the current market prices of the components to be replaced at the time to recognize the provision. 3.12 Traffic projections for road concessions The revenue for the services provided under the road concessions related to certain contracts, which are accounted under the financial asset model of IFRIC 12, is calculated through the present value of future revenue cash flow. This estimation is based on traffic studies made by an independent entity based on GDP projections among other variables according to the concession. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting policies | |
Accounting policies | 4. 4.1 Financial instruments A financial instrument is any contract that creates a financial asset for an entity and a financial liability or equity instrument for another entity. The classification of financial instruments depends on the nature and purpose for which the financial assets or liabilities were acquired and is determined at the time of initial recognition. Financial assets and financial liabilities are initially measured at their fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and liabilities, other than those measured at fair value through profit or loss, are added to or deducted from the fair value of financial assets and liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and liabilities measured at fair value through profit or loss are immediately recognized in profit or loss. Loans and trade receivables, other receivables, and financial assets held–to–maturity are measured subsequently measured at amortized cost using the effective interest method. Additionally, equity instruments are measured at fair value. Measurements at fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the principal market of the asset or liability or in the absence of a principal market in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, supposing that the market participants act in their economic best interest. A fair value measurement of a non-financial asset considers a market participant’s ability to generate economic benefits by using the asset for its most profitable use or by selling it to another market participant that would use the asset in its highest and best use. Ecopetrol Business Group uses valuation techniques that are appropriate for the circumstances and for which the data is available and enough to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are classified within the following scale, based on the lowest level input that is significant to the fair value measurement, as follows: ● Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. The fair value of the Ecopetrol Business Group’s marketable securities with a quoted market price is based on Level 1 inputs. ● Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observed. Level 2 inputs include prices of similar assets, prices obtained through quotations made by stockbrokers, and prices that can be substantially corroborated with other observable data with the same contractual terms. For derivative contracts for which a quoted market price is not available, fair value estimates are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility estimates, price correlation, counterparty credit risk, and market liquidity, as appropriate. ● Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The Ecopetrol Business Group does not use Level–3 inputs for the measurement of financial assets and liabilities. The Ecopetrol Business Group may use Level–3 inputs for the calculation the recoverable amount of certain non–financial assets for the purpose of impairment testing. Effective interest rate method The effective interest rate method is a method of calculating the amortized cost of a financial instrument and accounting of income or financial cost over the relevant period. The effective interest rate is the discount rate that exactly discounts estimated future cash receipts or payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial instrument (or, when appropriate, at a shorter period), to the net carrying amount on initial recognition. This methodology is also applied to the instrument’s measurement related to the concession financial assets. Impairment The Ecopetrol Business Group evaluates if there is objective evidence that a financial asset or group of financial assets are impaired. Financial assets are evaluated for the impairment indicators at the end of each reporting period. Financial assets are considered impaired when there is objective evidence that, because of one or more events that occurred after initial recognition, the estimated future cash flows of the asset have been affected. For financial assets measured at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. 4.1.1 Cash and cash equivalents Cash and cash equivalents include cash on hand, financial investments that are highly liquid, bank deposits, and special funds with original maturity dates of ninety days or less which are subject to an insignificant risk of changes in value. Restricted cash is a monetary resource with the objective of allocating it to specific and previously determined purposes. 4.1.2 The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Ecopetrol Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient, Ecopetrol Business Group initially measures a financial asset at its fair value plus, and, in the case of a financial asset not at fair value through profit or loss, at transaction costs. Trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Ecopetrol Business Group classifies its financial assets in the following categories: a) Financial assets measured at fair value through profit or loss Financial assets are held for trading and financial assets designated at the time of the initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired to be sold or repurchased in the short term. They are recognized at their fair value and losses or profits arising at the time of re–measurement are recognized in the statement of profit or loss. b) Financial assets measured at fair value with changes in other comprehensive income These are equity instruments of other non–controlled and non–strategic companies not allowing for any type of control or significant influence thereon and where the Ecopetrol Business Group’s Management does not intend to negotiate with them in the short term. These financial instruments are recorded at their fair value, and unrealized gains or losses are recognized in other comprehensive income. c) Financial assets at amortized cost This category is the most relevant to Ecopetrol Business Group. The Group’s financial assets at amortized cost includes trade receivables, other receivables, loans, and borrowings. Loans and receivables are non–derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables, including trade and other receivables, are measured initially at fair value and then at amortized cost using the effective interest rate method, less impairment. Loans to employees are initially recorded using the present value of the future cash flows, discounted at the current market rate for similar loans. If the interest rate is less than the current market rate, fair value will be less than the amount of the loan. This difference is recorded as a benefit to employees. Ecopetrol Business Group measures financial assets at amortized cost if both of the following conditions are met: ● The asset is held within a business model with the objective to hold financial assets to collect contractual cash flows. ● The contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment analysis. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Derecognition of financial assets The Ecopetrol Business Group derecognizes a financial asset only upon the expiration of the contractual rights to the cash flows of the asset or, when it has transferred its rights to receive such cash flows or has assumed the obligation to pay the cash flows received in full without material delay to a third party and (a) it has transferred substantially all the risks and benefits inherent in the ownership of the financial asset or (b) it has neither transferred nor retained substantially all the risks and benefits of the asset, but has transferred control of the asset. When the Ecopetrol Business Group does neither transfer nor retain substantially all the risks and benefits of the asset or transfer control of the asset, the Ecopetrol Business Group continues to recognize the transferred asset, to the extent of its continuing participation, and it also recognizes the associated liability. 4.1.3 Financial liabilities correspond to the financing obtained by the Ecopetrol Business Group through bank credit facilities and bonds, accounts payables to suppliers, and creditors. Bonds and bank credit facilities are initially recognized at their fair value, net of directly attributable transactions cost. After initial recognition, interest–bearing credit facilities and bonds are subsequently measured at amortized cost, using the effective interest rate method. The effective interest method amortization is included as a financial expense in the statement of profit or loss. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate (EIR). The EIR amortization is included as finance costs in the statement of profit or loss. Accounts payable to suppliers and creditors are short–term financial liabilities recorded at nominal value since it does not significantly differ from fair value. Derecognition of financial liabilities A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled, or expires. When an existing financial liability has been replaced by another from the same lender, under substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de–recognition of the original liability and recognized as a new liability. The difference between the respective carrying amounts is recognized in the statement of profit or loss. 4.1.4 Financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Changes in the fair value of derivatives are recognized as gains or losses in the statement of profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income and later reclassified to profit or loss when the hedge item affects profit or loss. Changes in fair value of derivative contracts, which do not qualify or are not designated as hedges, including forward contracts for the purchase and sale of commodities under negotiation for physical delivery or receipt of the commodity are recorded in profit or loss. Derivatives embedded in the host contract are accounted for as separate derivatives at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. 4.1.5 For purposes of hedge accounting, hedges are classified as: ● Cash flow hedges: hedges of the exposure to variability in cash flows attributable to a particular risk associated with all, or a component of, a recognized asset or liability or a highly probable forecast transaction, and that could affect profit or loss. ● Hedges of net investments in foreign operations. ● Fair value hedges: hedges of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or a component of any such item, that is attributable to a particular risk and that could affect profit or loss. At the inception of a hedge relationship, Ecopetrol Business Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine whether they have been highly effective throughout the financial reporting periods for which they were designated. 4.1.5.1 Cash flow hedge The effective portion of the gain or loss on the hedging instrument is recognized in Other Comprehensive Income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The amounts previously accumulated in OCI are recognized in profit or loss when the hedged transaction affects the statement of profit or loss. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. If the hedging instrument expires or is sold, terminated, or exercised without replacement or rollover, or if its designation as a hedge is revoked or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in other comprehensive income remains separately in equity until the forecast transaction occurs is recognized in the consolidated statement of profit or loss. When it is no longer expected that the initially hedged transaction will occur. Ecopetrol Business Group designates certain loans as a hedging instrument for its exposure to exchange rate risk in future crude oil exports. Additionally, Ecopetrol Business Group enters positions with derivative financial instruments such as commodity swaps, cross currency swaps or interest rate swaps to hedge commodity price risks, exchange rate risk and interest rate risk, respectively, which may also be designated as cash flow hedges (See Note 29.3). 4.1.5.2 Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for similarly to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized as OCI while any gains or losses relating to the ineffective portion are recognized in the statement of profit or loss. On the disposal of a foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. Ecopetrol Business Group allocates long–term loans as hedging instruments for its exposure to foreign exchange risk on its investment in subsidiaries whose functional currency is the U.S. dollar. See Note 29.4. 4.1.5.3 Fair value hedge The gain or loss on the hedging instrument shall be recognized in profit or loss or other comprehensive income if the hedging instrument hedges an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income. The hedging gain or loss on the hedged item shall adjust the carrying amount of the hedged item (if applicable) and be recognized in profit or loss. If the hedged item is a financial asset (or a component thereof) that is measured at fair value through other comprehensive income, the hedging gain or loss on the hedged item shall be recognized in profit or loss. However, if the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income, those amounts shall remain in other comprehensive income. 4.2 Inventories Inventories are recorded at the lower of cost and net realizable value. Inventories mainly comprise crude oil, fuels and petrochemicals, and consumable inventories (spares and supplies). The cost of crude oil includes to the production costs and the transportation costs related to the process of giving to the products the current conditions and locations. The cost of other inventories is determined based on the weighted average cost method, which includes acquisition costs (deducting commercial discounts, rebates, and other similar items), transformation, and other costs incurred to bring inventory to their current location and condition, such as transportation costs. Consumable inventories (spares and supplies) are recognized as inventory and then charged to expense, maintenance, or project to the extent that such items are consumed. Ecopetrol Business Group estimates the net realizable value of inventories at the end of the period. When the circumstances that previously caused inventories to be written down below cost no longer exist, or when there is clear evidence of an increase in the net realizable value because of a change in economic circumstances, the amount of the write down is reversed. The reversal cannot be greater than the amount of the original write-down, so that the new carrying amount will always be the lower of the cost and the revised net realizable value. 4.3 Related parties Related parties are considered those where one of the parties can control the other, has joint control, or exercises significant influence in the financial or operational decision making of the investee or is a member of key management personnel (or close family member of key personnel). Ecopetrol Business Group has considered as related parties the associated companies, joint businesses, key management executives, the entities managing the resources for payment of post-employment benefit plans for employees and some relevant transactions entered with entities of the Colombian Government, such as the purchase of hydrocarbons and the oil stabilization fund. (See Note 30 – Related Parties). 4.3.1 An associate is an entity over which the Ecopetrol Business Group has significant influence but not control. Significant influence is the power to participate in the financial and operational policy decisions of the investee, but it is not control or joint control over those policies. Generally, these entities are those in which the Ecopetrol Business Group holds an equity interest with voting rights of 20% to 50%. See Exhibit 1 – Consolidated subsidiaries, associates, and joint ventures. Investments in associates are accounted for using the equity method. Under this method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Ecopetrol Business Group’s share of net assets of the associate since the acquisition date. Goodwill related to the associate is included in the carrying amount of the investment and it is not tested for impairment separately. The Ecopetrol Business Group’s share of the results of operations of the associate is recognized in the consolidated statement of profit or loss. Any change is recognized in other comprehensive income of the Ecopetrol Business Group. After application of the equity method, the Ecopetrol Business Group determines if it is necessary to recognize an impairment on its investment in its associate. The Ecopetrol Business Group determines whether there is objective evidence that the investment is impaired. If there is such evidence, the amount of the impairment is calculated as the difference between the recoverable amount and the carrying value, and then the impairment is recognized in the consolidated profit or loss statement. When necessary, the Ecopetrol Business Group adjusts the accounting policies of associates to ensure consistency with the policies adopted by the Ecopetrol Business Group. Additionally, the equity method of these companies is measured on their most recent financial statements. 4.3.2 Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control exists only when decisions about the relevant activities require unanimous consent of the parties sharing such control. The accounting treatment for the recognition of joint ventures is the same as investments in associates (see Note 30). 4.4 Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. Joint operation contracts are entered into between Ecopetrol Business Group and third parties to share risk, secure capital, maximize operating efficiency, and optimize the recovery of reserves. In these joint operations, one party is designated as the operator to execute the operations and report to partners according to their participating interests. Likewise, each party takes its share of the produced hydrocarbons (crude oil or gas), according to their share in production. When Ecopetrol Business Group participates as a non–operator partner, it recognizes the assets, liabilities, sales revenues, cost of sales, and expenses based on the operator partner’s report. When Ecopetrol Business Group is the direct operator of joint venture contract, it recognizes its percentage of assets, liabilities, sales revenues, costs, and expenses, based on the participation of each partner in the items corresponding to assets, liabilities, sales revenues, costs, and expenses. When the Ecopetrol Business Group acquires or increases its participation in a joint operation in which the activity constitutes a business combination, such transaction is recognized applying the acquisition method in accordance with IFRS 3 – Business combination. The acquisition cost is the sum of the consideration transferred, which corresponds to the fair value, on the date of acquisition of the assets transferred and the liabilities incurred. Any transaction cost related to the acquisition or increased share in the joint operation that constitutes a business combination is recognized in the consolidated statement of profit or loss. The excess of the sum of the consideration transferred and the amount paid in the operation is recognized as goodwill. If the result is in an excess value of the net assets acquired over the amount paid in the purchase transaction, the difference is recognized as income in the consolidated statement of profit or loss on the date of recognition of the transaction. 4.5 Non–current assets held for sale Non–current assets are classified as held for sale if their carrying values will be recovered principally through a sale transaction rather than through continued use. Non–current assets are classified as held for sale only when the sale is highly probable within one year from the classification date and the asset (or group of assets) is available for immediate sale in its present condition. These assets are measured at the lower of their carrying amount and fair value less related costs of disposal. 4.6 Property, plant, and equipment Recognition and measurement Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Tangible components related to natural and environmental resources are part of property, plant, and equipment. The initial cost of an assets comprises its purchase price or construction cost, including import duties and non–refundable purchase taxes, any costs directly attributable to bringing the asset into operation, costs of employee benefits arising directly from the construction or acquisition, borrowing costs incurred that are attributable to the acquisition and construction of qualifying assets and the initial estimate of the costs of dismantling and abandonment of the item. Spare parts and servicing equipment are recorded as inventories and recognized as an expense as they are used. Major spare parts and stand–by equipment that Ecopetrol Business Group expects to use during more than one period are recognized as property, plant, and equipment. Any gain or loss arising from the disposal of a property, plant, and equipment is recognized in profit or loss of the period. Subsequent disbursements Subsequent disbursements correspond to all payments to be made on existing assets to increase or extend the initial expected useful life, increase productivity or productive efficiency, allow for significant reduction of operating costs, increase the level of reserves in exploration or production areas or replace a part or component of an asset that is considered critical for the operation. The costs of repair, conservation and maintenance of a day-to-day nature are expensed as incurred. However, disbursements related to major maintenance are capitalized. Depreciation Property, plant, and equipment is depreciated using the straight–line method, except for those associated with exploration and production activities which are depreciated using the units–of–production method. Technical useful lives are updated annually considering factors such as: additions or improvements (due to parts replacement or critical components for the asset’s operation), technological advances, obsolescence, and other factors; the effect of this change is recognized from the period in which it was executed. Depreciation of an asset starts when it is ready to be used. Useful lives are determined based on the period over which an asset is expected to be available for use, physical exhaustion, technical or commercial obsolescence and legal limits or restrictions over the use of the asset. The estimated useful life of assets fluctuates in the following ranges: Plant and equipment 10 – 55 years Pipelines, networks, and lines 6 – 63 years Buildings 9 – 100 years Other 3 – 35 years Lands are recognized separately from buildings and facilities, have unlimited useful lives, and they are not subjected to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate. Impairment Non-current assets are subject to review for possible impairment in their recoverable value. See notes 3.2 – Impairment (recovery) of the value of non-current assets and 4.13 – Impairment of the value of non - current assets. 4.7 Natural and environmental resources Recognition and measurement Ecopetrol Business Group uses the successful efforts method to account for exploration and production of crude oil and gas activities, following the provisions of IFRS 6 – Exploration for the evaluation of mineral resources. Exploration costs Acquisition and exploration costs are recorded as exploration and evaluation assets until the determination of whether the exploration drilling is successful or not; if determined to be unsuccessful, all costs incurred are recognized as expenses in the statement of profit or loss. Exploration costs are those incurred with the objective of identifying areas that are considered to have prospects of containing oil and gas reserves, including geological and geophysical, seismic costs, viability, and others, which are recognized as expenses when incurred. Furthermore, disbursements associated with the drilling of exploratory wells and those related to stratigraphic wells of an exploratory nature are charged as assets until it is determined if they are commercially viable; otherwise, they are expensed in the consolidated statement of profit or loss as dry wells expense. Other expenditures are recognized as expenses when incurred. An exploration and evaluation asset will not be classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration and evaluation assets are reclassified to the natural and environmental resources account after being assessed for impairment. All capitalized costs are subjected to technical and commercial revisions at least once a year to confirm the evaluation and exploration efforts continue the fields; otherwise, these costs are written off through to profit or loss. Exploration costs are net of the revenues obtained from the sale of crude oil during the extensive testing period, net of cost of sales since they are considered necessary to complete the asset. Development costs Development costs correspond to those costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering, and storing. When a project is approved for development, the corresponding capitalized acquisition and exploration costs are classified as natural and environmental resources and costs after the exploration phase are capitalized as development costs of the properties that contain such natural resources. All development costs are capitalized, including drilling costs of unsuccessful development wells. Production costs Production costs are those incurred to operate and maintain productive wells and are part of the corresponding equipment and facilities. Production activity includes extraction of oil and gas to the surface, its gathering, treatment, and processing as well as storage in the field. Production costs are expenses recorded in the consolidated statement of profit or loss as incurred unless they add oil and gas reserves, in which case they are capitalized. Production and support equipment is recognized at cost and is part of property, plant, and equipment subject to depreciation. Capitalized costs also include decommissioning, dismantling, retiring, and restoration costs, as well as the estimated cost of future environmental obligations. The estimation includes plugging and abandonment costs, facility dismantling and environmental recovery of areas and wells. Changes arising in new abandonment liability estimations and environmental remediation are capitalized in the carrying amount of the related asset. Depletion Depletion of natural and environmental resources is determined using the unit–of–production method per field, using proved developed reserves as a base, except in limited exceptional cases that require greater judgment by Management to determine a better amortization factor of future economic benefits over the useful life of the asset. Depreciation/depletion rates are reviewed annually, based on reserves reports and the impact of any changes is recognized prospectively in the financial statements. Reserves are independently estimated by internationally recognized external consultants and approved by Ecopetrol’s Board of Directors. Proved reserves consist of the estimated quantities of crude oil and natural gas demonstrated with reasonable certainty by geological and engineering data to be recoverable in future years from known reserves under existing economic and operating conditions, which are at the prices and costs that apply for the date of the estimation. Impairment Assets associated to exploration, evaluation and production are subject to review for possible impairment in their carrying amount. See Notes 3.2 — Impairment (recovery) of non-current assets Impairment of non–current assets 4.8 Capitalization of borrowing costs Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period to get ready for its intended use are capitalized as part of the cost of such asset when it is probable t |
New standards and regulatory ch
New standards and regulatory changes | 12 Months Ended |
Dec. 31, 2023 | |
New standards and regulatory changes | |
New standards and regulatory changes | 5. 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. ● 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% . ● IAS 1 – Presentation of Financial Statements and IFRS Practice Statement 2 - Making Materiality Judgements. 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”. There is no relevant impact from this modification of IAS 1, neither regarding the classification of liabilities between current and non-current nor with respect to covenants. ● 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. ● 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 did not represent a significant effect on the Group’s consolidated financial statements, given that most of the insurance contracts are short-term and would be managed by the PPA methodology - Simplified allocation of premiums. Retroactive application only affected for other current liabilities accounts at the beginning of the earliest period presented in the consolidated financial statements in which the Ecopetrol Business Group adopted the standard, that is, on January 1, 2022. The impact of the adoption of this standard was as follows: o A decrease in retained earnings of $ 4,828 related to the risk adjustments estimations in BlackGold Re. as the modified retrospective application. This value also represented an increase in trade and other payables for $4,828 . o For 2023, the effect of IFRS 17 represented an increase in other foreign services revenues of $ 3,763 (see Note 24), a decrease in trade and other payables and a $3,643 , and a currency translation effect of $120 . 5.2 New standards issued but not yet adopted ● 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. ● Modifications to IFRS 16 - Lease Liability in a Sale and Leaseback Transaction. In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure that the seller-lessee does not recognize any amount for profit or loss related to the right of use that it maintains. The amendments to IFRS 16 will be effective for annual periods beginning on or after January 1, 2024, and must be applied retroactively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Early application is permitted as long as this fact is disclosed. 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. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 6. 2023 2022 Banks 7,525,552 9,483,747 Short–term investments 4,808,610 5,915,067 Cash 1,953 2,244 12,336,115 15,401,058 As of December 31, 2023, the balance of cash and cash equivalents (short-term investments) includes an amount of total restricted cash for $1,724,488 ($2,067,279 as of December 2022), mainly in a) Interconexión Eléctrica S.A. E.S.P. for $1,580,106 ($1,987,409 as of December 31, 2022), b) Cenit for $143,464 ($79,870 as of December 31, 2022, which corresponded to Oleoducto Bicentenario), and c) other companies for $918. The restricted cash amounts will be used in the next 12 months exclusively for the payment of principal and interest on loans. The fair value of cash and cash equivalents approximates its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to a non-significant risk of changes in value. The effective rate of return on cash and cash equivalents as of December 31, 2023, was 9.8% (2022 – 8.5%). The following table reflects the credit quality of banks in which Ecopetrol Business Group has deposits and check accounts, and issuers of investments included in cash and cash equivalents: Rating 2023 2022 F1+ 2,349,260 466,031 F1 2,133,937 1,458,524 A-1 1,498,034 731,424 P AAA 1,475,084 — AAA 993,553 5,356,966 P-1 741,041 — B 670,268 16,753 F2 630,089 — BRC1+ 378,077 606,052 BB 103,066 463,681 F3 70,055 584 BBB 68,378 425,485 AAAF 64,518 — AAAm 51,710 — AAAmmf 4,562 5,508 C 3,156 — Aaa 1,798 10,276 BRC1 1,513 1,201 A — 919,903 A -2 — 749,912 AA — 675,596 A3 — 647,316 A+ — 543,260 A- — 477,059 A2 — 197,917 A1 — 192,594 Baa1 — 93,157 Caa3 — 4,385 Ba1 — 3,083 CCC — 1,160 AAAf — 714 Ba2 — 3 Baa3 — 1 Others 1,098,016 1,352,513 12,336,115 15,401,058 See credit risk policy in Note 29.7. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables | |
Trade and other receivables | 7. 2023 2022 Current Fuel Price stabilization fund (1) 20,505,603 26,296,870 Concessions (2) 4,054,429 5,194,909 Customers Foreign 4,220,537 3,065,207 Domestic 3,087,463 3,268,944 Related parties (Note 30) 123,058 110,408 Accounts receivable from employees 106,022 115,922 Industrial services 40,729 70,762 Other 1,172,801 1,101,977 33,310,642 39,224,999 Non–current Concessions (2) 26,323,424 28,647,390 Customers Foreign 150,033 185,331 Domestic 75,419 72,985 Accounts receivable from employees 565,914 498,415 Related parties (Note 30) 143,238 335 Other (3) 2,523,060 2,750,749 29,781,088 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). During 2023, the Ministry of Finance and Public Credit paid $26,346,530 (2022 - $18,262,487) to the Ecopetrol Business Group as follows; ● Payments to Ecopetrol for $2,876,149 (2022 – $4,639,779 ) in cash and $21,576,179 (2022 - $6,788,385 ) through offsetting with dividends payable to the Ministry of Finance and Public Credit, this operation did not generate cash flows and its effect implies an increase in the variation in working capital in the cash flow statement of the Ecopetrol Business Group. These payments correspond to the settlements of the second, third and fourth quarters of 2022. ● Payments to Reficar for $1,894,202 (2022 - $6,114,489 ) in cash in August 2023, corresponding to settlement of the fourth quarter of 2022. During 2022, Reficar received a payment of $719,834 through Colombian sovereign bonds - TES (this operation did not generate cash flows). (2) Includes electric power transmission and toll roads concessions. (3) Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of the Business Group for transportation systems. The balance of these accounts receivable is $2,279,637 (2022: $2,481,530) and the related provision for expected losses established, included in the provision line for expected credit losses, is $407,567 (2022: $475,936), representing a net book value of $1,872,070 (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 consolidated financial statements. The company will continue to comply with the monthly payment in accordance with the law. In addition, the process of collecting these amounts from the Government of the State of Sao Paulo and their recoverability assessment will continue. The book value of trade and other receivables approximates their fair value. The changes in the allowance for doubtful accounts for the year ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Opening balance (906,118) (750,191) (291,144) (Additions) reversal, net (57,895) (46,690) 2,665 Effect of business combination — — (474,654) Currency translation 111,013 (131,270) 4,794 Accounts receivable write–off and uses 38,715 22,033 8,148 Closing balance (814,285) (906,118) (750,191) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Inventories | 8 . The inventories balance is presented net of the allowance for inventory losses. 2023 2022 Crude oil (1) 4,715,047 5,971,109 Fuels and petrochemicals (2) 2,356,585 3,241,154 Materials for goods production 3,130,816 2,667,771 10,202,448 11,880,034 (1) The variation is mainly due to higher consumption of crude oil inventories due to higher loads and processing of intermediate streams. (2) The variation is mainly due to the lower level of imported product due to better operations in refineries, which reduces the weighted valuation. The following are the changes of the allowances for losses for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Opening balance (128,797) (127,662) (109,549) Additions (23,373) (18,236) (58,437) Increase due to business combination — — (2,837) Foreign currency translation 6,873 (3,591) (1,449) Other (44,581) 20,692 44,610 Closing balance (189,878) (128,797) (127,662) Crude oil, fuel, and petrochemicals inventories are adjusted to the lower of cost and net realizable value, mainly due to fluctuations in international crude oil prices. The amount recorded for this in 2023 was $(10,660) (2022 - $133,164; 2021 - $23,785). |
Other financial assets
Other financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Other financial assets | |
Other financial assets | 9 . 2023 2022 Assets measured at fair value Investments in equity securities and trust funds (1) 1,210,138 875,335 Investment Portfolio – Foreign currency 364,962 1,056,385 Hedging instruments (2) 231,463 311 Investment Portfolio – Local currency 54,887 761,687 Assets measured at fair value through other comprehensive income 2,007 3,583 1,863,457 2,697,301 Assets measured at amortized cost (3) 369,318 28,570 2,232,775 2,725,871 Current 1,860,928 1,162,127 Non–current 371,847 1,563,744 2,232,775 2,725,871 (1) They include deposits in trusts companies and restricted funds in Brazil, Peru, Chile, and Colombia. (2) As of December 31, 2023, corresponds to swap contracts to hedge commodity price risk and forwards contracts to hedge exchange rate risk mainly 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 average return of the investment portfolio in Colombian pesos (local currency) and U.S. dollars (foreign currency) were 12.9% (2022 - 4.3%) and 7.7% (2022 - 13.11%), respectively. Changes in fair value are recognized in financial results (Note 28). 9.1 Restrictions As of December 31, 2023 and 2022, there were restricted funds for $68,069 and $328,283 respectively, which have a specific destination, mainly in: i) Isa Interchile, for $26,666 (2022: $289,964), for obligations acquired in the issuance of Bond 144. Reg. S that establish certain restrictions and limitations on the use of resources with the purpose of guaranteeing the payment of long-term interest and capital, ii) Interligação Elétrica Norte e Nordeste, for $12,743 (2022: $16,227), related to a guarantee granted to Banco do Nordeste do Brasil (BNB) until the debt with the bank is paid and, iii) ISA, for $11,547 (2022: $8,714), associated with administration and payment trusts established for the projects of the Mining and Energy Planning Unit (UPME), resources retained by judicial seizures and the resources to develop the Conexión Jaguar program. 9.2 Maturity The following is the balance of other financial assets by date to maturity as of December 31, 2023, and 2022: 2023 2022 Up to 1 year 1,860,928 1,162,127 1 – 2 years 291,392 673,169 2 – 5 years 28,186 452,417 > 5 years 52,269 438,158 2,232,775 2,725,871 9.3 Fair value The following is the balance of other financial assets by fair value hierarchy level as of December 31, 2023, and 2022: 2023 2022 Level 1 1,526,458 1,892,486 Level 2 336,999 804,815 1,863,457 2,697,301 There were no transfers between hierarchy levels for the years ended December 31, 2023, and 2022. 9.4 Credit rating The following table reflects the credit quality of the issuers of other financial assets: 2023 2022 B 1,263,144 — BB 296,394 1,051,042 F1 259,003 — P-1 150,905 — A-2 116,738 — F2 55,606 — AAA 22,864 40,369 BB+ 13,921 898,072 A1 13,904 — BBB 302 4,153 Baa3 3 — Ba1 — 388,743 Ba2 — 16,227 A — 14,702 A3 — 9,918 F3 — 4,457 F1+ — 29 Others 39,991 298,159 2,232,775 2,725,871 See credit risk policy in Note 29.7. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Taxes | |
Taxes | 10. 10.1 Current and non-current tax assets and liabilities 2023 2022 Current tax assets Income tax (1) 1,228,477 279,457 VAT refund (2) 4,548,264 4,725,281 Other taxes (3) 2,334,338 1,779,654 8,111,079 6,784,392 Non-current tax assets Deferred tax assets (4) 10,522,725 13,392,480 Income tax credits 7,332 8,570 10,530,057 13,401,050 Current tax liabilities Income tax payable (5) 1,746,972 6,617,468 Industry and commerce tax (6) 367,861 346,958 National tax and surcharge on gasoline 211,819 181,490 Value added tax 103,724 206,341 Carbon tax 92,736 77,721 Other taxes (7) 346,113 200,923 2,869,225 7,630,901 Non-current tax liabilities Deferred tax liabilities (8) 11,824,515 13,479,336 Income tax 1,742,998 1,796,308 13,567,513 15,275,644 (1) The increase corresponds to the balance in favor of the income tax generated in Ecopetrol for $981,881 due to the change in self-withholding rates. Additionally, Refinería de Cartagena is offsetting tax losses, therefore there is not tax due for the fiscal year. Thus Refinerias advance payment increase the balance favor. (2) The variation corresponds mainly to the balance in favor in value added tax (VAT) in Ecopetrol S.A for ($315,848), Esenttia S.A. for $64,340, and ISA for $82,378. (3) Includes the potential tax credit for the VAT paid on the acquisition of real productive fixed assets, in accordance with the section 258-1 of the Colombia Tax Code. Additionally, it includes advances and self-withholdings of territorial taxes. (4) The decrease of the deferred tax assets mainly corresponds to the realizability of the unrealized foreign exchange from 2023. The effect of the revaluation of the peso against the dollar in Ecopetrol S.A. of loans and borrowings in US dollar. (5) The variation mainly corresponds to the decrease by 31.88% in results obtained in the year by Ecopetrol S.A., due to the decrease of revenues given the decrease in the average prices of the basket of crude oil, natural gas, and products, among others. (6) The variation mainly corresponds to ISA for $88,901, due to lower taxable income. (7) The variation corresponds mainly to a pending payment of value added tax to the National Tax and Customs Direction of Colombia for nationalization of imports in Ecopetrol, and the income tax associated with the current works by taxes mechanism. (8) The variation mainly corresponds to the temporary differences related to IAS 12.41 and the deferred tax of ISA, represented by the changes related to the contractual asset CPC 47 and the deferral of income in accordance with Law 12,973/2014 in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), and lower tax deduction for the disposal of Yaros substation in Consorcio Transmantaro, among others. 10.2 Income tax In accordance with Law 2010/2019 and Laws 2155/2021 and 2277/2022, the tax provisions applicable in Colombia for taxable years 2022 and 2023, are the following: ● The income tax rate applicable to national companies and foreign entities operating in Colombia will be 35% for 2022 and beyond. ● From the year 2021, the presumptive income rate was 0% of the taxpayer’s net equity from the immediately previous year. ● The income tax for tax free trade zone users will be 20% . If the company located in the free zone has a Legal Stability Agreement (hereinafter LSA), the income tax rate is 15% during the term of said contract. This is the case of Refinería de Cartagena S.A.S. until 2023 and Esenttia Masterbatch Ltda. until 2028. ● For fiscal years 2022 and 2023, Ecopetrol Business Group has subsidiaries that are subject to 35% income tax rate, subsidiaries located in free trade zones (Refinería de Cartagena and Esenttia Masterbatch Ltda.) that were subject to a 15 % income tax rate depending upon whether they complied with the Legal Stability Contract (LSA) rules and other subsidiaries in Brazil, Chile, Perú, USA, that were subject to 34% , 27% , 29.5% , 21% , respectively. ● For Ecopetrol S.A. and Hocol, additional surcharge must be added to the general income tax rate of 35% . This surcharge will be calculated taking as reference the average Brent price of the last 10 years, which will be updated by the inflation index of the United States of America to update them to values constants. Based on these, the percentiles that give rise to the additional surcharge to the general rate are determined as indicated below: < percentile 30 0 % > = to percentile 30 and < to percentile 45 5 % > = to percentile 45 and < to percentile 60 10 % > = to percentile 60 15 % ● The tax depreciation percentages are adjusted based on the table established in Law 1819 of 2016. On the other hand, oil investments depletion will be calculated based on the technical production units as it is recorded for accounting purposes. ● Expenses for the acquisition of exploration rights, geology and geophysics, exploratory drilling, among others, are capitalizable until the technical feasibility and commercial viability of extracting the resource are determined. ● Fluctuations in items expressed in foreign currency will only have tax effects at the time of disposal or payment in the case of assets, or liquidation or partial payment in the case of liabilities. ● Tax losses generated as of January 1, 2017, may be offset against ordinary net income obtained in the following 12 taxable years , except for companies that have signed a legal stability contract, and included within it the article that they contemplated that tax losses did not have an expiration date. Related to income tax in other countries in which the Business Group operates, the following are the main aspects to consider: Peru ● Current income tax rate is 29.5% on the taxable income after deducting the employes participation, which is calculated with a rate of 5% or 10% on the taxable income. ● Dividends and other forms of profit distribution are subject 5% income tax rate. ● From 2021, the financial expenses deduction is limited to 30% of tax Ebitda. ● Intra-group services deduction is allowed for low value-added services to the extent that the deductible amount does not exceed expenses and costs plus a 5% margin. Brazil ● Legal entities income tax and Social Contribution on Liquid Profits are federal taxes that affect the income of the legal entity in its real or presumed profit. ● Real profit: Tax is determined based on the results for each period, establishing the taxable base considering the accounting profit and performing the depurations determined in tax legislation. All income and returns on capital are included in the calculation base. The 34% rate is applied to the taxable base of liquid profit. ● Presumed profit: it is a simplified form taxation for the calculation base. Applies to legal entities that have gross income up to BRL $78 million in the immediately preceding year. In this system, the tax base is determined by applying the rate of 8% , 12% or 32% to gross income (the rate to be applied depends on the activity carried out by the taxpayer) and the rate of 34% is applied to the result. Statute of limitations of tax returns In Colombia, the income tax returns of the taxable years 2011, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 and income tax for equality - CREE - of the taxable years 2014, 2015, and 2016 can still be reviewed by the tax authorities. The management of Ecopetrol Business Group considers that the amounts recorded as liabilities for taxes payable are sufficient and are supported by the law to meet any claim that may be established with respect to such years. In Colombia, as of January 1, 2017, the statute of limitations for the income tax return corresponds to three-year (3) counted from the due date to file the return or the filing date, when these have been lately filed. In the case of Ecopetrol S.A., because it is subject to compliance with transfer pricing rules, the final term is 6 years. However, Law 2010 of 2019 established that this term will be 5 years, for returns submitted after January 1, 2020. For the years 2022 and 2023, in accordance with Law 2155 of 2021, the time in which the tax authorities can audit an income tax return is reduced, which goes from 5 years to between 6 to 12 months, depending on if the net income increased to 35% or 25% compared to that was declared in the immediately previous year. Regarding those returns in which balances are presented in favor, the final term is 3 years, from the date of presentation of the request for refund or compensation. Starting in 2020, tax returns that present tax losses can be reviewed by tax authorities within 5 years from the date of filing and/or correction. Income tax expense 2023 2022 2021 Current income tax (1) 12,807,005 16,791,619 6,975,549 Deferred income tax (2) (3,310,147) 2,813,817 1,939,567 Deferred income tax – rate change (3) 1,941,995 (658,919) (28,993) Adjustments to prior years’ current and deferred tax (4) 77,022 17,421 (90,860) Income tax expenses 11,515,875 18,963,938 8,795,263 (1) The variation between 2023 and 2022 by ($3,984,614) corresponds mainly to the decrease in results obtained in the year in Ecopetrol S.A., generated by the decrease in revenues given the lower average prices of the crude basket oil, natural gas, and products, among others. (2) The variation between 2023 and 2022 by ($6,123,964) corresponds mainly i) to the effect of the exchange rate on loans denominated in US dollars, because of the revaluation of the Colombian peso against the US dollar in Ecopetrol S.A. and the adjustments in the surcharge rates to calculate the deferred income tax in Ecopetrol S.A and Hocol S.A., ii) Adjustment IAS 12.41 due to decrease the 20.5% in the exchange rate, among others (3) The variation between 2023 and 2022 by $2,600,914 corresponds mainly to the adjustments in the surcharge rates to calculate the deferred income tax in Ecopetrol S.A and Hocol S.A, according to Resolution No. 0061 of January 31, 2024, of the National Hydrocarbons Agency (ANH, by its acronym in Spanish) (4) The variation between 2023 and 2022 by $59,600 corresponds mainly to the adjustment to the income tax provision for fiscal year 2014 and the difference between the provision and the income tax return for fiscal year 2022 filed in 2023. Reconciliation of the income tax expenses The reconciliation between the income tax expense and the current tax applicable to the Ecopetrol Business Group is as follows: 2023 2022 2021 Net income before income tax 36,898,946 54,163,418 26,425,817 Statutory rate (Colombia) 35.0 % 35.0 % 31.0 % Income tax at statutory rate 12,914,631 18,957,196 8,192,003 Effective tax rate reconciliation items: Adjustment - IAS 12.41 (2,032,193) 1,946,269 1,194,065 Non–deductible expenses 646,616 448,433 387,407 Rate differential adjustment (1,630,935) (670,080) (304,176) Non–taxable income (1,080,149) (739,243) (517,483) Prior years’ taxes 77,022 17,421 (90,860) Foreign currency translation and exchange difference 577,949 (82,028) (149,035) Tax discounts and tax credit (18,215) (184,054) (173,154) Others 119,154 (71,057) 285,489 Effect of tax reform 1,941,995 (658,919) (28,993) Income tax calculated 11,515,875 18,963,938 8,795,263 Effective tax rate 31.2 % 35.0 % 33.3 % Current 12,867,278 16,801,363 6,940,660 Deferred (1,351,403) 2,162,575 1,854,603 11,515,875 18,963,938 8,795,263 The effective tax rate as of December 31, 2023, is 31.2% (2022 – 35.0%). The variation of (3.8%) compared to the previous period is mainly due to: a) the effect of the companies of the Group with profit that have a nominal tax rate different from the parent company (Refineria de Cartagena - $841,937 Ecopetrol Capital AG - $39,489, Esenttia MB - $47,781, Ecopetrol USA - $133,579, Ecopetrol Permian - $179,955 and others - $183,485), b) to the decrease in results obtained in the year in Ecopetrol S.A and Hocol, generated by the decrease in revenues given the lower average prices of the crude basket oil, natural gas, and products, and c) the adjustment IAS 12.41 due to decrease the 20.5% in the exchange rate, among others. Deferred income tax 2023 2022 Deferred tax assets (1) 10,522,725 13,392,480 Deferred tax liabilities (2) (11,824,515) (13,479,336) Net deferred income tax (1,301,790) (86,856) (1) The variation corresponds mainly to the effect of the exchange difference in loans and borrowings in dollars, the updating of the actuarial calculation, variations in the elements to calculate the present value of the technical costs of the abandonment provision and the updating of projected surcharges, among others. (2) The variation mainly corresponds to the temporary differences related to IAS 12.41 and the deferred tax of ISA, represented by the changes related to the contractual asset CPC 47 and the deferral of income in accordance with Law 12,973/2014 in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), and lower tax deduction for the disposal of Yaros substation in Consorcio Transmantaro, among others. The financial projections of the Ecopetrol Business Group suggest that, in the future, sufficient profits will be generated to ensure the recoverability of the active deferred tax asset. The detail of deferred tax assets and liabilities is as follows: 2023 2022 Deferred tax assets (liabilities) Loans (1) 192,923 8,707,743 Loss carry forwards (2) 5,519,519 6,497,845 Provisions (3) 5,063,332 3,712,239 Other assets (4) 689,369 1,144,097 Employee benefits (5) 3,623,801 963,558 Accounts payable (60,255) 54,611 Goodwill (6) (603,445) (604,350) Intangibles (7) (1,208,349) (1,573,224) Other (387,146) (182,419) Other liabilities (8) (3,429,662) (2,887,670) Accounts receivable (9) (3,766,299) (4,558,699) Property plant and equipment and Natural and environmental resources (10) (6,935,578) (11,360,587) (1,301,790) (86,856) (1) The variation corresponds mainly to the effect of exchange difference of loans and borrowings, considering the revaluation of the Colombian peso against the US dollar. (2) In 2023, a deferred tax asset for tax losses carryforwards was recognized for $5,519,519 (2022 - $6,497,845) in the following companies: - Tax losses that do not expire: Ecopetrol USA for $60,568 (2022 - $339,950); Refinería de Cartagena for $1,916,114 (2022 - $1,871,732); and ISA Group companies in Chile for $7,610 (2022 - $35,806). - Tax losses that expire in 12 years in Invercolsa for $16,112 (2022 - $17,524) and Esenttia for $76,337. - Tax losses that expire in 20 years from the date they were recognized by Ecopetrol USA Inc. for $1,499,997 (2022 - $1,887,805). - Tax losses expiring in 2025 of Ruta de la Araucanía and Transamerican for $45,147 (2022 - $111,273); 2027: Ruta Costera for $174,855 (2022 - $84,964); 2030: from Internexa Chile for ($16,062); 2029: Ruta del Maipó for $759,609 (2022 - $1,000,632); 2040: from ISA Interchile for $933,113 (2022 - $1,104,625); and 2044: Ruta del Loa for $30,057 (2022 - $27,472). (3) (4) The variation corresponds mainly to the effect of the uploading and increase of the financial asset due to UF readjustment in Maipó (Chile) in 2022. (5) Corresponds to update of the actuarial calculations for health, pensions and bonds, education, and other long-term benefits to employee. (6) According to Colombian tax law until the fiscal year 2016, goodwill was subject to amortization for fiscal proposes, while under IFRS it is only allowed to be subject to impairment tests, a difference that results in a deferred tax liability. (7) The variation corresponds mainly to the effect of the re-expression and dispossal of the Yaros substation of Consorcio Transmantaro (Peru). (8) The variation corresponds mainly to the effect of the re-expression and decrease of the financial asset in LOA route (Chile). (9) The variation corresponds mainly to the effect of the re-expression and changes in the portfolio of CTEEP (Brazil). (10) For tax purposes, natural and environmental resources, and property, plant, and equipment have a useful life and a depreciation and amortization methodology different from those determined under international accounting standards, mainly in ISA Colombia and Transmantaro considering their accelerated depreciation in 2022. The Ecopetrol Business Group offsets tax assets and liabilities only if it has a legally enforceable right to offset current tax assets and liabilities, and to the extent that they relate to income taxes required by the same tax jurisdiction and by the same tax authority. The movements of deferred income tax for the years as of December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Opening balance (86,856) (1,825,605) 6,034,706 Deferred tax recognized in profit or loss 1,351,403 (2,162,575) (1,854,603) Increase due to business combination — 96,767 (7,877,297) Deferred tax recognized in other comprehensive income (a) (3,726,415) 4,769,474 1,535,151 Other — (24,132) (35,033) Foreign currency translation 1,160,078 (940,785) 371,471 Closing balance (1,301,790) (86,856) (1,825,605) (a) December 31. 2023 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 21.1) 4,460,534 (1,726,261) 2,734,273 Cash flow hedging for future crude oil exports (Note 29.3) (5,695,565) 2,624,019 (3,071,546) Hedge of a net investment in a foreign operation (Note 29.4) (8,973,471) 2,760,084 (6,213,387) Hedge with derivative instruments (242,284) 68,573 (173,711) (10,450,786) 3,726,415 (6,724,371) December 31. 2022 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 21.1) 1,254,514 (586,260) 668,254 Cash flow hedging for future crude oil exports (Note 29.3) 3,167,351 (1,638,602) 1,528,749 Hedge of a net investment in a foreign operation (Note 29.4) 7,526,124 (2,538,389) 4,987,735 Hedge with derivative instruments (111,690) (6,223) (117,913) 11,836,299 (4,769,474) 7,066,825 December 31. 2021 Pre-tax Deferred tax After tax Actuarial valuation gains (losses) (Note 21.1) (2,456,667) 679,510 (1,777,157) Cash flow hedging for future crude oil exports (Note 29.3) 1,259,269 (450,492) 808,777 Hedge of a net investment in a foreign operation (Note 29.4) 4,579,758 (1,708,348) 2,871,410 Hedge with derivative instruments 191,487 (55,821) 135,666 3,573,847 (1,535,151) 2,038,696 Deferred tax assets not recognized Deferred tax assets related to tax loss carryforwards incurred by the subsidiaries of ISA Group: Ruta del Bosque (Chile) for $100,356 (2022 – $102,864), Ruta del Maule (Chile) for $36,138 (2022 - $43,702), ISA Interconexiones Viales for $3,094, ISA Inversiones Costeras Chile for $39,221, Internexa Chile for $12,859, ISA Inversiones Chile Ltda. for $39,161, ISA Intervial Colombia for $542 (2022: $564), ISA Capital Do Brasil for $17,093 (2022:$20,216), Internexa Brasil Operadora de Telecomunicações for $95,226 (2022:$101,525), Internexa Participações (Brasil) for $2,579(2022:$2,913) and ISA Bolivia for $4,934 (2022:$4,142), are not recognized, since Management has assessed and reached the conclusion that it is not probable that the deferred tax asset related to these tax losses and presumptive excess income is recoverable in foreseeable future. If Ecopetrol Business Group had been able to recognize the unrecognized deferred tax asset, the profit for the year ended December 31, 2023, would have increased by $351,203 (2022 - $363,158). With respect to the additional income surtax, deferred tax assets corresponding to the estimated surcharge for the years 2026 and following are not recognized because there is no certainty about the proportion of the deferred that will be recovered in each of these years. Deferred tax liabilities (assets) not recognized in subsidiaries As of December 31, 2023, in connection with paragraph 39 of IAS 12 deferred tax liabilities are not recognized on the difference between the accounting and tax bases associated with investments in subsidiaries, joint ventures of Ecopetrol S.A. (Base: $-22,891 Tax: $-3,276). Dividends received in the year 2023 were untaxed. The Company expects this same treatment for the dividends it receives in 2024. Additionally, in connection with paragraph 44 of IAS 12 deferred tax assets are not recognized on the difference between the accounting and tax bases associated with investments in subsidiaries, joint ventures of Ecopetrol S.A. (Base: $11,573 Tax: $1,736). Minimum Tax Rate (Colombia Tax Law) In accordance with numeral 2 of paragraph 6 of article 240 of the Tax Code, taxpayers who are tax residents in Colombia whose financial statements are subject to consolidation must calculate the adjusted tax rate in a consolidated manner. For the taxable year 2023, according to the calculation made by Ecopetrol, the minimum tax rate of the companies with tax residence in Colombia of the Ecopetrol Group is greater than 15%. Given the above, the company does not recognize an additional expense for this concept. 2023 Adjusted tax Net income tax of Colombia Business Group companies 11,533,898 (+) Tax discounts or tax credits 3,359 (-) Income tax on passive income from controlled entities abroad (5,423) Total Tax Adjusted 11,531,834 Adjusted profit Profit before income tax expense of Colombia Business Group companies 48,160,689 (+)Permanent differences enshrined in law and that increase net income 9,512,825 (-) Income that does not constitute income or occasional profit, which affects accounting or financial profit (6,694,161) (-)Share of profits of associates and joint ventures of the respective taxable year of Colombia Business Group companies (17,039,972) (-) Net value of income from occasional gains that affect accounting or financial profit (10) (-) Exempt income due to the application of treaties to avoid double taxation (567,826) (-) Offsetting of tax losses or excesses of presumptive income taken in the taxable year and that did not affect the accounting profit of the period (2,472,219) Total Adjusted Profit 30,899,326 Adjusted tax rate 37.3 % Income tax to add — Pillar II The Ecopetrol Group has a presence in the jurisdictions of Argentina, Bahamas, Brazil, Bolivia, Cayman, Chile, Colombia, Spain, United States, Mexico, Peru, Singapore, and Switzerland. The Ecopetrol Group reviewed its corporate structure in order to determine possible impacts of the introduction of the Pillar model rules, as well as to determine the progress of each jurisdiction in implementing this international standard. The ongoing assessment is based on the most recent tax returns and country-by-country report for the year 2022, as well as the most up-to-date financial information for the year 2023. From the analysis carried out on the implementation of Pillar II in those countries in which in which the Company has a presence, it was identified that in some of them the regulations were issued to establish the Qualified Domestic Minimum Top-up Tax (QDMTT) as of January 1, 2024. However, no country has established internal regulations for the Income Inclusion Rule (IIR) and the Undertaxed Profits Rule (UTPR), which means that there are no tools associated with Pillar II that allow access to the income tax of other jurisdictions, whose Effective Tax Rate is less than 15%. Currently, the Ecopetrol Business Group is unable to provide information on potential exposure to Pillar II income taxes, considering that in the jurisdictions in which Ecopetrol operates, although countries such as Spain and Switzerland have adopted Pillar II in their domestic legislation, there are still delays in the implementation of the payment rules as of December 31, 2023. The Business Group will continue monitoring the implementation of BEPS 2.0 in jurisdictions that already have progress. Additionally, the Company will work in 2024 on the assessment and calculation of the global minimum tax rate. Notwithstanding, based on the mandatory temporary exception contemplated in the Amendment to IAS12, Ecopetrol Business Group does not recognize deferred tax assets or liabilities associated with the Pillar II income taxes, in its consolidated financial statement for taxable year 2023. Uncertain tax positions - IFRIC 23 Ecopetrol Business Group’s strategy is to avoid making aggressive tax decisions that may cause questioning of its tax returns, by tax authorities. Regarding uncertain tax positions where it has been determined that there may be a possible controversy with the tax authority that could result in an income tax increase, a success threshold has been established by IFRIC 23, which has been calculated based on current regulations and tax opinion provided by our tax advisors. In accordance with the aforementioned interpretation, the Ecopetrol Business Group considers that uncertain tax positions included in its determination of income tax will not affect the results if it is probable that the position will be accepted by the tax authorities. Notwithstanding, the Ecopetrol Business Group will continue to monitor new tax regulations and ruling issued by the tax authority and other entities. 10.3. Other taxes Dividend taxes Starting on the profits generated from the year 2017, the tax on dividends applies to resident natural persons, national companies, and foreign entities. Law 1943 of 2018 established that, as of January 1, 2019, dividends and participations paid or credited to the account from profit distributions that have been considered as income that does not constitute income or occasional profit between Colombian companies, are subject to a withholding for dividend tax at a rate of 10% from 2022 according to Law 2277 of 2022. This withholding is transferable to the final beneficiary, foreign entity, or natural person tax resident in Colombia. On the other hand, if the profits charged to which the dividends were distributed were not subject to tax at the company level, said dividends are taxed with the income tax applicable in the period of distribution. In this case, the 10% withholding will apply to the value of the dividend once decreased with the income tax (35% for the year 2023). The non-taxed dividends that the Ecopetrol Business Group will receive will not be subject to withholding at source by express provision of the regulation, which states that dividends distributed within business groups duly registered with the Chamber of Commerce, to decentralized entities or Colombian Holding Companies, they will not be subject to withholding at source for this concept. Transfer prices In Colombia, income taxpayers who enter into operations with economic associates or related parties from abroad and located in free zones, or with residents located in countries considered non-cooperative jurisdictions with low or no taxation, are required to determine for income tax purposes, their ordinary and extraordinary revenue, their costs and deductions, assets and liabilities, considering for these operations the prices and profit margins that would have been used in comparable operations with or between those not economically related. Ecopetrol Business Group submitted in 2023 the transfer pricing information for 2022 corresponding to the informative return, the supporting documentation, the country-by-country report, and the master file, in accordance with current tax regulations. For the taxable year 2023, the transactions with economic related parties abroad, as well as the business conditions under which such operations were made and the general structure, did not vary significantly with respect to the previous year. For this reason, it is possible to infer that said transactions were recognized in accordance with the arm’s length principle. It is estimated that no adjustments related to the transfer pricing analysis of the year 2023 will be required, which imply changes in the income provision of the same year. Value Added Tax The VAT already paid by the user of the free zone is excluded from the basis to settle the VAT on imports of goods from the free zone. Article 491 of the Tax Code expressly prohibits the possibility to consider the VAT paid on the acquisition of fixed assets as deductible tax. In addition, three VAT exemption days a year are established in Colombia for certain products, with limits depending on the units purchased. Additionally, the list of goods and services excluded from VAT enshrined in articles 424, 426, and 476 of the Tax Code was modified, and article 437 of the Tax Code was added, regarding guidelines on compliance with formal duties regarding to VAT on the part of service providers from abroad and it was indicated that VAT withholding may be up to 50% of the value of the tax, subject to regulation by the National Government. The VAT rate remains at 19%. (Art. 424, Art. 426, Art. 476 Tax Code). Tax procedures In terms of procedure, there are modifications: (i) withholding that, despite being ineffective, will be enforceable, (ii) electronic notification of administrative acts, (iii) payment of glosses in the statement of objections to avoid default interest, (iv) elimination of the extension of the finality to additional three years for offsetting of tax losses, and (v) the term of the finality will be 5 years, compared to the years in which there is an obligation to comply with the transfer pricing regime. In addition, an audit benefit was included for taxable years 2020 and 2021. By virtue of this benefit, the private settlement of income taxpayers and complementary taxpayers who increase their net income tax by at least a percentage a minimum of 30%, related to the net income tax of the immediately preceding year, will become final within six months after the date of presentation if a notification to correct or special requirement has been notified, or provisional settlement and, considering that the declaration must be presented in a timely manner and the payment must be made within the established deadlines. If the increase in the net income tax is at least 20% over the net income tax of the immediately preceding year, shall be considered for twelve (12) months, after the date the presentation if not notified of a deadline for correction or special requirement, or a special deadline or provisional settlement, provided that the return is filed timely, and the payment is made within the established deadlines. The above benefit does not apply to: (i) taxpayers who enjoy tax benefits due to their location in a specific geographical area; (ii) when it is shown that declared withholdings are non-existent; (iii) when the net income tax is less than 71 UVT ($24). The term set forth in this regulation does not extend to declarations of withholding or sales tax, which will be governed by the general regulations. Law 2155 of September 14, 2021 - Colombia In general terms, this reform increased the general income tax rate to 35% as of January 1, 2022 and maintained the discount for the Industry and Commerce Tax at 50%. This Tax Reform introduced other changes in value added tax and tax procedure obligations. Before the passing of this Law, the rate from the year 2022 was 30% and the discount of the Industry and Commerce Tax was 100%. Audit benefit: Works for Taxes Mechanism: This mechanism will also be applicable to those projects declared of national importance that are strategic for the economic and/or social reactivation of the Nation, even if they are not located in the previous territories (subject to the approval of the Ministry of Finance and Public Credit in Colombia). Tax reform Law 2277 of December 13, 2022 The most relevant aspects of this reform in the Business Group’s taxes. Non-deductibility of royalties: On November 16, 2023, the Constitutional Court in Colombia issued ruling C-489 in which it determined that royalties are a deductible cost of income tax. In December 2023, the Ministry of Mines and Energy and the Ministry of Finance and Public Credit requested the Constitutional Court to review the ruling issued, alleging a fiscal impact and its nullity. Given that the National Government has not filed the corresponding request, the Constitutional Court has not issued any consideration. If the Court decides to modulate the effects of the judgment issued in November 2023, the effects must be reflected in 2024. Free zone rate: Minimum tax rate: A minimum tax rate of 15% is introduced for income taxpayers. This minimum rate is called the adjusted tax rate and cannot be less than 15%. This rate is determined by dividi |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2023 | |
Other assets | |
Other assets | 11. 2023 2022 Current Partners in joint operations 845,590 871,409 Prepaid expenses 789,029 693,341 Advanced payments to contractors and suppliers 553,356 679,829 Trust funds 547,439 507,163 Related parties (Note 30) 84 1,087 Other assets 33,531 25,651 2,769,029 2,778,480 Non–current Abandonment and pension funds 648,980 568,066 Trust funds 245,790 184,464 Employee benefits 332,710 342,143 Advanced payments and deposits 55,178 87,684 Judicial deposits and attachments 47,264 54,776 Other assets 303,891 216,214 1,633,813 1,453,347 |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Dec. 31, 2023 | |
Investments in associates and joint ventures | |
Investments in associates and joint ventures | 12. 12.1 2023 2022 Joint ventures Interligação Elétrica do Madeira S.A. 1,705,188 1,871,142 Transmissora Aliança de Energia Elétrica S.A. 1,513,497 1,830,504 Equion Energía Limited 1,037,418 1,191,154 Interligação Elétrica Paraguaçu S.A. 526,294 614,112 Interligação Elétrica Garanhuns S.A. 500,889 571,328 Interligação Elétrica Ivaí S.A. 456,076 469,176 Interligação Elétrica Aimorés S.A. 335,995 411,495 Conexión Kimal Lo Aguirre S.A. 119,069 169,230 Ecodiesel Colombia S.A. 85,030 54,614 Transnexa S.A. E.M.A. 8,545 8,545 Interconexión Eléctrica Colombia Panamá S.A. 2,544 20,516 Derivex S.A. 1,123 439 Parques de Rio 71 83 Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. 4 4 6,291,743 7,212,342 Less impairment: Equion Energía Limited (408,183) (400,196) Transnexa S.A. E.M.A. (8,545) (8,545) 5,875,015 6,803,601 Associates Gases del Caribe S.A. E.S.P. 1,527,699 1,495,341 ATP Tower Holdings 720,332 913,218 Gas Natural del Oriente S.A. E.S.P. 156,353 148,254 Gases de la Guajira S.A. E.S.P. 69,996 69,376 E2 Energía Eficiente S.A. E.S.P. 34,432 34,944 Extrucol S.A. 30,147 27,680 Serviport S.A. 9,399 9,399 Sociedad Portuaria Olefinas y Derivados S.A. 4,658 4,186 2,553,016 2,702,398 Less impairment: Serviport S.A. (9,399) (9,399) 2,543,617 2,692,999 8,418,632 9,496,600 The following is the movement of investments in associates and joint ventures: For the year ended December 31, 2023: Associates Joint ventures Total Opening balance 2,692,999 6,803,601 9,496,600 Capital contributions — 853 853 Effects of equity method through: Profit or loss 197,732 607,617 805,349 Other comprehensive income (168,566) (1,181,002) (1,349,568) Dividends declared (1) (178,548) (348,067) (526,615) Impairment (Note 17) — (7,987) (7,987) Closing balance 2,543,617 5,875,015 8,418,632 (1) During 2023, Ecopetrol Business Group received dividends of $482,124 from its investments Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu, Interligação Elétrica Aimorés, Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira and Extrucol. For the year ended December 31, 2022: Associates Joint ventures Total Opening balance 2,608,156 5,749,030 8,357,186 Capital contributions — 329,377 329,377 Effects of equity method through: Profit or loss 126,329 642,093 768,422 Other comprehensive income 149,165 1,450,948 1,600,113 Dividends declared (1) (190,651) (1,365,755) (1,556,406) Impairment (Note 17) — (2,092) (2,092) Closing balance 2,692,999 6,803,601 9,496,600 (1) During 2022, Ecopetrol Business Group received dividends of $1,471,134 from its investments Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. For the year ended December 31, 2021: Associates Joint ventures Total Opening balance 1,791,249 1,383,379 3,174,628 Capital contributions — 44,735 44,735 Business combination 783,494 4,231,255 5,014,749 Effects of equity method through: Profit or loss 193,367 232,797 426,164 Other comprehensive income 12,142 121,856 133,998 Dividends declared (1) (171,238) (177,870) (349,108) Impairment (Note 17) (858) (83,644) (84,502) Others — (3,478) (3,478) Closing balance 2,608,156 5,749,030 8,357,186 (1) During 2021, the Group received dividends of $206,048 from Ecodiesel, Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. 12.2 The following is the detail of assets, liabilities, and results of the main investments in associates and joint ventures, as of December 31, 2023, and 2022: 2023 2022 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of financial position Current assets 675,192 2,167,294 1,395,515 689,613 1,967,310 1,684,029 Non–current assets 5,064,524 11,709,871 5,661 5,890,932 12,351,913 27,943 Total assets 5,739,716 13,877,165 1,401,176 6,580,545 14,319,223 1,711,972 Current liabilities 290,292 1,276,744 29,726 376,203 753,445 41,336 Non–current liabilities 2,288,606 7,327,321 42,056 2,765,355 7,474,497 31,372 Total liabilities 2,578,898 8,604,065 71,782 3,141,558 8,227,942 72,708 Equity 3,160,818 5,273,100 1,329,394 3,438,987 6,091,281 1,639,264 Other complementary information Cash and cash equivalents 193,009 624 34,378 200,091 700,313 52,370 2023 2022 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of profit or loss Sales revenue 613,807 1,165,129 11 603,362 2,598,283 4,263 Costs (33,798) (191,359) (23,815) (20,098) (410,106) (23,726) Other operating expenses, net — (133,717) (2,579) — (198,835) (945) Financial (expenses) income (125,247) 327,744 82,424 (88,991) (606,837) 48,040 Income tax (97,899) (46,465) (17,323) (106,292) (129,531) 23,151 Financial year results 356,863 1,121,332 38,718 387,981 1,252,974 50,783 Other comprehensive results — (46,177) 796,213 — 8,565 1,144,801 Other complementary information Depreciation and amortization 804 30,875 21 881 20,551 47 This is a reconciliation of equity of the significant investments and the carrying amount of investments as of December 31: 2023 2022 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Equity of the joint venture 3,160,818 5,273,100 1,329,394 3,438,987 6,091,281 1,639,264 % of Ecopetrol’s ownership 51 % 14.88 % 51 % 51 % 14.88 % 51 % Ecopetrol’s ownership 1,612,017 784,637 677,991 1,753,883 906,383 836,025 Additional value of the investment — 177,988 375,694 — 230,828 375,694 Impairment — — (408,183) — — (400,196) Unrealized gain — — (16,267) — — (20,565) Carrying amount of the investment 1,612,017 962,625 629,235 1,753,883 1,137,211 790,958 The information on assets, liabilities, and profit of the other associated companies and joint ventures is found in exhibit 1. |
Property, plant, and equipment
Property, plant, and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant, and equipment | |
Property, plant, and equipment | 13. Plant Pipelines, and networks, Work in equipment and lines progress Buildings Lands Other Total Cost Balance as of December 31, 2022 62,807,662 60,287,768 13,462,321 15,354,065 5,199,069 3,225,278 160,336,163 Additions/capitalizations (1) 2,592,249 2,257,397 3,510,753 552,852 15,489 421,145 9,349,885 Abandonment cost update (Note 22) 55,694 221,944 — (7,505) — (29) 270,104 Capitalized financial interests (2) 101,125 80,720 92,816 12,930 137 9,902 297,630 Exchange differences capitalized 457 365 659 58 1 45 1,585 Disposals (653,972) (266,862) (15,128) (13,398) (498) (70,430) (1,020,288) Foreign currency translation (7,966,666) (4,448,755) (226,974) (1,844,094) (479,724) (277,409) (15,243,622) Reclassifications/transfers (2,039,040) 452,276 (1,304,461) 2,613,118 98,176 29,497 (150,434) Balance as of December 31, 2023 54,897,509 58,584,853 15,519,986 16,668,026 4,832,650 3,337,999 153,841,023 Accumulated depreciation and impairment losses Balance as of December 31, 2022 (27,513,889) (22,870,508) (1,418,040) (6,230,154) (53,514) (1,252,560) (59,338,665) Depreciation expense (2,916,507) (2,319,289) — (626,962) — (153,357) (6,016,115) Recovery (loss) impairment (Note 17) 765,513 (212,245) (360,367) 136,123 (132,149) 8,905 205,780 Disposals 625,848 228,151 — 12,898 155 53,098 920,150 Foreign currency translation 3,039,353 1,722,919 5,207 678,512 17,409 158,678 5,622,078 Reclassifications/transfers 1,018,200 (37,711) 85,442 (1,116,754) — (12,126) (62,949) Balance as of December 31, 2023 (24,981,482) (23,488,683) (1,687,758) (7,146,337) (168,099) (1,197,362) (58,669,721) Balance as of December 31, 2022 35,293,773 37,417,260 12,044,281 9,123,911 5,145,555 1,972,718 100,997,498 Balance as of December 31, 2023 29,916,027 35,096,170 13,832,228 9,521,689 4,664,551 2,140,637 95,171,302 (1) Mainly includes: i) Ecopetrol S.A. ongoing projects associated with the Caño Sur, Castilla, Chichimene, Cusiana 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, Connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, Copey Second Circuit Project - Cuestecitas 500kV and asset optimization plan. (2) Financial interest is capitalized based on the weighted average rate of borrowing costs. Plant Pipelines, and networks, Work in equipment and lines progress Buildings Lands Other Total Cost Balance as of December 31, 2021 57,452,843 55,402,633 10,566,114 9,660,227 4,800,297 3,018,660 140,900,774 Additions/capitalizations (1) 2,433,113 1,331,585 4,496,490 401,079 15,956 89,493 8,767,716 Abandonment cost update (Note 22) (241,090) (333,705) — (42,730) — (3,652) (621,177) Capitalized financial interests (2) 62,677 23,155 89,809 7,778 518 2,031 185,968 Exchange differences capitalized 366 135 524 45 3 12 1,085 Disposals (669,531) (471,119) (18,057) (41,606) (480) (50,169) (1,250,962) Decrease related to business combination — (176,451) — 37,542 (14,648) — (153,557) Effect of adopting new standards (3) — — 18,013 — — — 18,013 Foreign currency translation 7,200,073 3,665,015 336,968 635,557 393,059 228,227 12,458,899 Reclassifications/transfers (4) (3,430,789) 846,520 (2,027,540) 4,696,173 4,364 (59,324) 29,404 Balance as of December 31, 2022 62,807,662 60,287,768 13,462,321 15,354,065 5,199,069 3,225,278 160,336,163 Accumulated depreciation and impairment losses Balance as of December 31, 2021 (24,698,837) (19,665,052) (1,279,600) (4,059,253) (67,611) (1,053,895) (50,824,248) Depreciation expense (2,807,716) (2,319,775) — (423,067) — (159,398) (5,709,956) Recovery (loss) impairment (Note 17) 504,960 (70,439) (153,449) 84,478 22,248 11,420 399,218 Disposals 637,049 448,340 755 37,953 41 44,162 1,168,300 Foreign currency translation (2,737,467) (1,340,435) (2,307) (195,728) (8,192) (126,507) (4,410,636) Reclassifications/transfers (4) 1,588,122 76,853 16,561 (1,674,537) — 31,658 38,657 Balance as of December 31, 2022 (27,513,889) (22,870,508) (1,418,040) (6,230,154) (53,514) (1,252,560) (59,338,665) Balance as of December 31, 2021 32,754,006 35,737,581 9,286,514 5,600,974 4,732,686 1,964,765 90,076,526 Balance as of December 31, 2022 35,293,773 37,417,260 12,044,281 9,123,911 5,145,555 1,972,718 100,997,498 (1) Mainly includes: i) Ecopetrol S.A. ongoing projects associated with the Caño Sur, Castilla, Chichimene, Cusiana and Rubiales fields, ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 05-2014 Interconexión Costa Caribe 500kV, the UPME 06-2018 project New El Rio 220 kV Substation, and associated transmission lines and the UPME 03-2014 Interconexión Noroccidental 230/500 kV project. (2) Financial interest is capitalized based on the weighted average rate of borrowing costs. (3) Corresponds to the effect of adopting the IAS 16 amendment in Hocol S.A. (4) Includes the activation of the interconnection of the crude plant of the Refinería de Cartagena S.A.S. (IPCC). |
Natural and environmental resou
Natural and environmental resources | 12 Months Ended |
Dec. 31, 2023 | |
Natural and environmental resources. | |
Natural and environmental resources | 14. Natural and environmental resources Exploration Oil Asset retirement and investments cost evaluation Total Cost Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Additions/capitalizations (1) 11,899,832 3,197 2,061,406 13,964,435 Abandonment cost update (Note 22) — 3,262,348 (67,112) 3,195,236 Disposals (503,017) — — (503,017) Write off exploratory assets and dry wells (2) — — (1,472,397) (1,472,397) Capitalized financial interests (3) 256,382 — 89,952 346,334 Exchange differences capitalized 1,158 — 404 1,562 Foreign currency translation (6,179,993) (220,433) (875,454) (7,275,880) Transfers/reclassifications 363,009 (3,472) (498,093) (138,556) Balance as of December 31, 2023 94,175,842 10,146,543 9,718,731 114,041,116 Accumulated depletion and impairment losses Balance as of December 31, 2022 (58,382,473) (5,088,086) (129,230) (63,599,789) Depletion expense (6,098,607) (507,651) — (6,606,258) Loss of impairment (Note 17) (1,898,824) — (254,708) (2,153,532) Disposals 79,824 — — 79,824 Foreign currency translation 3,249,017 117,626 — 3,366,643 Transfers/reclassifications 41,224 — 46,905 88,129 Balance as of December 31, 2023 (63,009,839) (5,478,111) (337,033) (68,824,983) Net balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 Net balance as of December 31, 2023 31,166,003 4,668,432 9,381,698 45,216,133 (1) Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities in RODEO, b) Ecopetrol S.A. mainly Caño Sur, Castilla, Chichimene, Floreña, and Rubiales fields, c) Hocol S.A. mainly to the execution of projects in Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSNN, VIM 8, SN-18, and d) Ecopetrol America mainly on Gunflint, Dalmatian, and K2. (2) Mainly includes: a) Ecopetrol S.A. mainly Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, Kale and Kinacú, b) Hocol S.A. mainly in Sabanales wells, the failure of wells LLa-87.2 A3, (Koala), LLan-87-3-a3 (Picabuey), LLan- 124 (Cucarachero), Merecumbé, Bullerengue, Yd-SN1 pozo Yoda B, and exploratory expenses in LLan-104- SSJN1, VIM8. (3) Financial interest is capitalized based on the weighted average rate of borrowing costs. Asset Exploration Oil retirement and investments cost evaluation Total Cost Balance as of December 31, 2021 76,229,481 8,172,698 7,212,305 91,614,484 Additions/capitalizations (1) 8,368,195 — 3,594,349 11,962,544 Abandonment cost update (Note 22) — (1,130,363) 21,524 (1,108,839) Disposals (2) (759,178) (114,899) (6,084) (880,161) Write off exploratory assets and dry wells (3) (223,058) — (809,106) (1,032,164) Capitalized financial interests (4) 136,696 — 60,570 197,266 Exchange differences capitalized 798 — 353 1,151 Effect of adopting new standards (5) — — 48,173 48,173 Foreign currency translation 4,431,851 127,871 533,347 5,093,069 Transfers/reclassifications 153,686 49,596 (175,406) 27,876 Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Accumulated depletion and impairment losses Balance as of December 31, 2022 (51,316,344) (4,230,674) (157,622) (55,704,640) Depletion expense (4,536,052) (800,139) — (5,336,191) (Loss) reversal of impairment (Note 17) (632,179) — 9,105 (623,074) Disposals 421,036 96,489 11,793 529,318 Foreign currency translation (2,354,611) (82,927) — (2,437,538) Transfers/reclassifications 35,677 (70,835) 7,494 (27,664) Balance as of December 31, 2023 (58,382,473) (5,088,086) (129,230) (63,599,789) Net balance as of December 31, 2021 24,913,137 3,942,024 7,054,683 35,909,844 Net balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 (1) Mainly includes a) Ecopetrol Permian, for investments in drilling of wells and construction of facilities executed in Rodeo, b) Ecopetrol S.A., mainly in Caño Sur, Casabe, Castilla, Chichimene, Floreña, Rubiales fields, and Cupiagua and Uchuva exploratory wells, and c) Hocol S.A., mainly in Guarrojo, Cicuco, SSJN1, Guajira, VIM-8, SN15, YDSN-1, LLA-87 blocks. (2) Corresponds mainly to the withdrawal of Rygberg’s association contract in Ecopetrol América. (3) Mainly includes a) Saturno block in Ecopetrol Brazil related to the entry bond, b) dry wells in Hocol S.A.: Bololó, Pilonera, Pollera, and Chinchorro and unsuccessfulness of the Sinuano and Yoda B wells, c) Ecopetrol S.A., Boranda Norte 1 well, and d) Ecopetrol América, Starman well. (4) Financial interest is capitalized based on the weighted average rate of borrowing costs. (5) Corresponds to the effect of adopting the IAS 16 amendment. Accounting for suspended exploratory wells The following table shows the classification by age, from the completion date, of the exploratory wells that are suspended as of December 31, 2023, 2022 and 2021: 2023 2022 2021 Between 1 and 3 years (a) — 48,206 — More than 5 years (b) — 650,767 651,040 Total suspended exploratory Wells — 698,973 651,040 Number of projects exceeding 1 year — 8 6 Projects under 1 year of suspended (c) 230,376 990 20,863 a) For 2022, the balance mainly corresponds to Hocol: Bullerengue South West-1 and Merecumbe 1, which were under evaluation. b) For 2022 and 2021, it mainly corresponds to i) Ecopetrol S.A.: Orca 1, Purple Angel, and Gordon. c) For 2023, it corresponds mainly to 1) Ecopetrol: Kale and Gibraltar, 2) Hocol: SSJN1 BO5, Pollera Norte A3 and YDSN-1 Yoda A. For 2022, the balance corresponds to Ecopetrol: Magallanes. For 2021, the balance corresponds to Hocol: Merecumbe 1 -SSJN1. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-use assets. | |
Right-of-use assets | 15. Right-of-use assets The following is the movement of right-of-use assets for the years ended December 31, 2023 and 2022: Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 Additions (31,998) 117,708 402,914 136,814 625,438 625,438 Amortization of the period (25,234) (58,019) (84,161) (130,407) (297,821) — Remeasurements(1) (7,031) 3,578 26,259 13,059 35,865 109,926 Impairment loss (Note 17) — (2,672) (6,632) (16,759) (26,063) — Disposals (11,958) (10,899) (10,369) (2,861) (36,087) (64,232) Finance cost — — — — — 105,710 Repayment of borrowings (capital) — — — — — (458,404) Payment of interests — — — — — (75,236) Transfers — — — (20) (20) (13,842) Exchange difference (8,088) (48,965) (11,561) (18,875) (87,489) (59,070) Balance as of December 31, 2023 11,925 244,789 435,984 148,938 841,636 1,382,636 (1) Corresponds mainly to updating rates and conditions in lease contracts. Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2021 77,019 199,070 121,384 99,205 496,678 1,165,099 Additions 40,642 100,070 71,013 142,346 354,071 354,071 Amortization of the period (24,751) (61,814) (60,359) (102,198) (249,122) — Remeasurements (1) (114) (24,524) 7,505 16,779 (354) 18,644 Impairment loss (Note 17) — (1,244) (4,042) (5,499) (10,785) — Disposals (4,701) (2,696) (23,010) (215) (30,622) (31,957) Finance cost — — — — — 70,250 Repayment of borrowings (capital) — — — — — (362,373) Payment of interests — — — — — (72,182) Transfers (584) (108) 595 (43) (140) (1,877) Exchange difference 8,723 35,304 6,448 17,612 68,087 72,671 Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 (1) Corresponds mainly to updating rates and conditions in lease contracts. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Intangible assets | 16. The following is the movement of intangibles and their amortization and impairment for the years ended December 31, 2023, and 2022: Licensees and Other Concessions Easements software intangibles and rights (1) Total Cost Balance as of December 31, 2022 1,512,614 1,282,752 17,568,081 1,637,444 22,000,891 Acquisitions 235,031 8,270 515,975 17,320 776,596 Disposals (23,443) (62) — (755) (24,260) Foreign currency translation (95,373) (312,512) (4,295,705) (113,875) (4,817,465) Transfers/reclassifications 30,623 (8,592) (129,202) 16,826 (90,345) Balance as of December 31, 2023 1,659,452 969,856 13,659,149 1,556,960 17,845,417 Accumulated amortization and impairment losses Balance as of December 31, 2022 (884,160) (446,671) (2,394,057) (129,398) (3,854,286) Amortization (165,635) (25,625) (693,587) (7,346) (892,193) Losses for impairment (4,418) (89) (13,215) (197) (17,919) Disposals 22,687 62 — — 22,749 Foreign currency translation 69,810 216,395 1,319,870 5,153 1,611,228 Transfers/reclassifications 302 — — (489) (187) Balance as of December 31, 2023 (961,414) (255,928) (1,780,989) (132,277) (3,130,608) Net balance as of December 31, 2022 628,454 836,081 15,174,024 1,508,046 18,146,605 Net balance as of December 31, 2023 698,038 713,928 11,878,160 1,424,683 14,714,809 (1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. Licensees and Other Concessions Easements software intangibles and rights (1) Total Cost Balance as of December 31, 2021 1,118,811 940,080 13,503,441 1,733,379 17,295,711 Acquisitions 292,803 9,953 835,457 9,297 1,147,510 Effect of business combination — 12,670 (117,270) (318,388) (422,988) Disposals (4,148) — (95,875) (478) (100,501) Foreign currency translation 74,759 338,654 3,439,810 86,905 3,940,128 Transfers/reclassifications 30,389 (18,605) 2,518 126,729 141,031 Balance as of December 31, 2022 1,512,614 1,282,752 17,568,081 1,637,444 22,000,891 Accumulated amortization and impairment losses Balance as of December 31, 2021 (689,817) (153,292) (878,125) (65,961) (1,787,195) Amortization (138,544) (30,282) (658,457) (6,439) (833,722) Losses for impairment (1,785) (15,323) (34,022) (133) (51,263) Disposals 3,283 — 95,875 425 99,583 Foreign currency translation (58,215) (243,909) (919,328) (109) (1,221,561) Transfers/reclassifications 918 (3,865) — (57,181) (60,128) Balance as of December 31, 2022 (884,160) (446,671) (2,394,057) (129,398) (3,854,286) Net balance as of December 31, 2021 428,994 786,788 12,625,316 1,667,418 15,508,516 Net balance as of December 31, 2022 628,454 836,081 15,174,024 1,508,046 18,146,605 (1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. |
Impairment of non-current asset
Impairment of non-current assets | 12 Months Ended |
Dec. 31, 2023 | |
Impairment of non-current assets | |
Impairment of non-current assets | 17. As mentioned in Note 4.13, each year the Ecopetrol Business Group assesses whether there is an indication that an asset or cash–generating unit may be impaired or if impairment losses recognized in previous periods should be reversed. The impairment of non-current assets includes property, plant, and equipment, natural resources, investments in companies, goodwill, and other non–current assets. Ecopetrol Business Group is exposed to future risks derived mainly from variations in (a) the estimate of future oil prices, (b) the refining margins and profitability, (c) the cost profile, (d) the investments and maintenance expenses, (e) the amounts of recoverable reserves, and (f) the market and country risk assessments reflected in the discount rate, among others. Any changes in the above estimates used to calculate the recoverable amount of a non–current assets can have a material impact on the recognition impairment losses or reversals in profit or loss statement. Highly sensitive significant estimates affecting each business segments, among others include (a) in the exploration and production segment, variations of hydrocarbon prices, (b) in the refining segment, changes in finished products and crude oil prices, the discount rate, refining margins, (c) in the transport and logistics segment, transported volumes and exchange rate, and (d) in electric power transmission and toll roads concessions, internal and external factors that affect the recoverable value of the assets versus the book value of the assets, such as currency devaluation, network capacity, modest economic growth, among others. Based on the impairment tests conducted by the Ecopetrol Business Group, the following are the impairments or reversals for the years ended on December 31, 2023, 2022 and 2021: Impairment (loss) reversal by segment 2023 2022 2021 Exploration and Production (2,741,092) (890,248) 438,020 Refining and Petrochemicals 1,482,444 1,096,021 (305,466) Transport and Logistics (630,134) (406,229) (165,901) Electric power transmission and toll roads concessions (209,551) (87,543) (4) (2,098,333) (287,999) (33,351) Recognized in: Property, plant, and equipment (Note 13) 205,780 399,218 (281,132) Natural resources (Note 14) (2,153,532) (623,074) 364,127 Investment in joint ventures and associates (Note 12) (7,987) (2,092) (84,502) Right of use assets (Note 15) (26,063) (10,785) (31,783) Other non-current assets (116,531) (51,266) (61) (2,098,333) (287,999) (33,351) 17.1 The impairment (loss) reversal of assets of the Exploration and Production segment for the years ended December 31 of 2023, 2022 and 2021 is the following: 2023 2022 2021 Oilfields (2,733,105) (888,156) 521,664 Investment in joint ventures (7,987) (2,092) (83,644) (2,741,092) (890,248) 438,020 17.1.1 Oilfields In 2023, an impairment loss was recognized, considering CAPEX variables, OPEX effects and prices mainly in the cash-generating units (CGU) Casabe, Llanito, Suria, and Tibú; and a recovery mainly in the Piedemonte unit, which was the subject of unification of Floreña, Cupiagua and Cusiana assets during 2023, considering that these fields share facilities with each other, possess synergies, and jointly manage the surface fluids across the three large infrastructures. Likewise, impairment losses were recognized in Hocol S.A. in the Cicuco, Toldado, La Hocha, Espinal, and Chenche CGUs and a recovery in Upía CGU. In the CGUs abroad, an impairment loss was recognized in K2 CGU of Ecopetrol America. In 2022, an impairment loss was recognized, mainly the Cusiana, Llanito, Sur, Cicuco-Boquete, and Upia fields (mainly associated with a decrease in reserve volumes) and a recovery in Tibú, Oripaya, and Arrayán (mainly associated with the better projection of market prices and higher volumes of reserves). In 2021, because of the new market variables, the incorporation of new reserves, price differentials versus the reference to Brent, available technical and operational information, there was a recovery of impairment recognized in previous years of the fields that operate in Colombia: Tibú, West B, South, Dina Cretaceous, Hobo, Underriver, La Hocha and Totare; and in the field K2 abroad. There also was an loss for impairment, mainly in the Oripaya, Arrayán, and Boranda fields. The following is the breakdown of oilfields impairment losses or reversals for the years ended December 31, 2023, 2022 and 2021: 2023 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 9,815,365 18,112,635 363,911 Loss 10,048,388 6,951,372 (3,097,016) (2,733,105) 2022 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 3,540,732 5,563,724 250,306 Loss 4,870,976 3,732,514 (1,138,462) (888,156) 2021 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 11,216,641 17,575,851 499,599 Loss 239,046 136,698 (104,041) Fields operated abroad Reversal 1,142,593 1,306,219 126,106 521,664 The assumptions used to determine the recoverable amount include the following: ● The fair value less costs of disposal of the Exploration and Production segment assets was determined based on cash flows after tax derived from the business plans approved by Ecopetrol Business Group’s Management, which are developed based on long–term macroeconomic policies and fundamental assumptions of supply and demand. The fair value hierarchy is 3. ● Balance of oil and gas reserves, in addition to proven reserves, probable and possible reserves were also considered (See Note 33), adjusted by different risk factors. ● The discount rate in real terms was determined as the weighted average cost of capital (WACC) and corresponds to a differential rate depending on the projected tax surcharge for each year, as follows: 7.15% (2022: 7.34% ) with tax surcharge of 0% , 6.9% (2022: 7.14% ) with a tax surcharge of 5% , 6.65% (2022: 6.93% ) with a tax surcharge of 10% and 6.40% (2022: 6.73% ) with a tax surcharge of 15% . ● Oil price – Brent: Projections include USD$83.35/barrel for the first year, USD$78.05/barrel average for the medium term, and USD$77.81/barrel starting in 2034 . In 2022, the assumptions made took a price of USD$94.63/barrel for the first year, USD$82.56/barrel average for the medium term and USD$79.17 /barrel as of 2033. ● The projection of international crude oil prices is carried out by an independent agency specialized in Oil & Gas, which has been considering the current scenarios of the OPEC (Organization of Petroleum Exporting Countries) oil quota agreements and the balance between supply and demand in the short and long term for the industry. 17.1.2 Investments in joint ventures in the Exploration and Production segment are recorded using the equity method of accounting. Ecopetrol Business group evaluates if there is any objective evidence that indicate that the fair value of such investments has impaired in the period, especially those for which goodwill has been recorded. As a result, Ecopetrol Business Group recognized a loss of impairment on the carrying value as of December 31, as follows: 2023 2022 2021 Equion Energía Limited (7,987) (2,092) (83,644) (7,987) (2,092) (83,644) In 2023, an impairment loss was recognized on the investment in Equion, mainly due to the update of its non-current assets in the model. In 2022, an impairment loss was recognized on the investment in Equion, mainly due to the increase in the discount rate, as well as the sale of the Alto Magdalena Pipeline (OAM) at a lower value than expected. In 2021, an impairment loss was recognized on the investment in Equion, mainly from the consideration of the fair value of the sale transaction of the El Morro Araguaney Pipeline. 17.2 Ecopetrol Business Group recognized a (loss) or reversal of impairment on the carrying value as of December 31, as follows: 2023 2022 2021 Refinería de Cartagena S.A.S. 1,482,512 1,096,024 34,650 Invercolsa S.A. (68) (3) (97) Refinería de Barrancabermeja — — (340,019) 1,482,444 1,096,021 (305,466) The following is the Cash Generating Units impairment or reversals in the refining and petrochemical segment for the years ended December 31, 2023, 2022 and 2021: 2023 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 26,423,190 27,905,702 1,482,512 Invercolsa S.A. 273 205 (68) 1,482,444 2022 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 31,750,957 32,846,981 1,096,024 Invercolsa S.A. 276 273 (3) 1,096,021 2021 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 26,808,008 26,842,658 34,650 Invercolsa S.A. 292 195 (97) Refinería de Barrancabermeja 340,019 — (340,019) (305,466) The grouping of assets to determine the CGUs is consistent with prior periods. 17.2.1 Refinería de Cartagena S.A.S. The recoverable amount of the Refinería de Cartagena was calculated based on its fair value less costs of disposal, which is higher than its value in continued use. The fair value less costs of disposal of the Refinería de Cartagena was determined based on cash flows after taxes that are derived from business plans approved by the Ecopetrol Business Group’s Management, which are developed based on market prices provided by a third-party expert, which considers long–term macroeconomic variables and fundamental supply and demand assumptions for crude oil and refined products. The fair value hierarchy is 3. The estimates derived from the valuation of the impairment of the assets of Refinería de Cartagena S.A.S. were carried out based on: i) exogenous and market variables that are outside the control of the Administration, such as the prices that define the income (refined products) and costs of the refinery (raw materials) and the macroeconomic variables that impact the discount rate of their cash flows for the purpose of asset valuation, and ii) the operational and corporate variables subject to the Company’s management, such as the efficiency of the plants, its operational availability and the corresponding management of costs and expenses. The assumptions used in the model to determine recoverable values include: ● Discount rate: the discount rate used was 7.82% (2022: 7.6% ; 2021: 5.27% ) determined under WACC methodology. ● Volumes: They correspond to the volumetric balances determined based on prices, availability of crude oil, local market demand, refinery utilization factor and particular characteristics of the system. ● Prices: The set of prices used to estimate the flow of sales income and the cost of raw materials are provided by the specialist IHS Market, a third party specialized in price projections. Long-term price forecasts are based on many assumptions and are therefore subject to change over time. Factors that affect forecasts, such as gross domestic product, changes in regulation, technology, and consumer preferences, are examples of assumptions that can have a major impact on a long-term forecast. ● OPEX: For the short and medium term projection, the OPEX per barrel included in the budget 2024, 2025 and 2026 is considered. For the purposes of the long-term projection, from 2027 to the evaluation limit, the OPEX per barrel, taking into consideration the current contracts and costs of the refinery and the latest study carried out by the specialist Solomon (a third party expert in global refinery benchmarking), adjusting the energy costs with the information included in the contracts of gas supply. ● CAPEX: Includes maintenance CAPEX (capitalizable), defined as the investments in major maintenance required to maintain the Refinery at its current operating level and optimal production level and operational continuity investments, also in according to the study of comparable entities by Solomon. The maintenance CAPEX is estimated in the 2024-2026 budget year. Starting in 2027, this indicator is estimated based on the same methodology used for OPEX. ● Capex SosTECnibilidad: Reficar’s investment plan, aligned with the Ecopetrol Business Group strategy, includes investments focused on the implementation of new technologies. These technologies aim to adjust the current operation of the refinery in line with the country’s fuel demands and to enter new markets such as petrochemicals. It is relevant to mention that the refining business is highly sensitive to the volatility of margins and the macroeconomic variables implicit in the determination of the discount rate, therefore, any change in these assumptions generates significant variations in the amount of impairment or recovery calculated. During 2023 there is a recovery of $1,494,224 mainly due to: i) higher price differentials in middle distillates in the medium and long-term projection, ii) imported crude oils more discounted on the brent marker, and iii) operational improvements executed in 2023, which together with energy efficiency initiatives have managed to optimize the operational costs of the refinery and reduce energy consumption. Additionally, a loss for impairment of office-type containers was recognized as a result of their appraisals and leftovers from the expansion project for $11,712. In 2022, there is a reversal of impairment of $1,107,101 mainly due to i) favorable market conditions, ii) high differentials of distilled products sustained in the short term due to conjunctural impacts of the Ukraine-Russia crisis, and iii) differential in national crudes allow diet optimization. Additionally, a loss is presented for impairment in office-type containers because of the appraisals made to these and surpluses from the expansion project for $11,077. The impairment reversal of impairment for 2021 is mainly due to: i) favorable market conditions, ii) the recovery in product spreads, especially gasoline and middle distillates, and iii) growth in fuel demand. 17.2.2 As of December 31, 2023 and 2022, qualitative assessment of the assets associated with the refining segment were executed, including the Barrancabermeja Refinery Modernization Project. As a result, there are no indicator of impairment loss or recovery. As of December 31, 2021, because an update analysis for the Barrancabermeja Refinery Modernization Project, an impairment loss of $340,019 was recognized, produced mainly by engineering work executed according to the evaluations and the context of the industry during the year. 17.3 The recoverable amount of these assets was determined based on its fair value with costs of disposal, which corresponds to discounted cash flows based on the hydrocarbon production curves and refined products transport curves. The fair value hierarchy is 3. The assumptions used in the model to determine the recoverable value included: i) the tariffs regulated by the Ministry of Mines and Energy and the Energy and Gas Regulation Commission - CREG, ii) the actual discount rate used in the valuation was 5.88% (2022 - 4.73% and 2021 - 2.95%) and iii) volumetric projection based on the financial plan and the long-term volumetric balance, and iv) exchange rate at the end of the year 2023, equivalent to $3,822.05. For the volumetric projection exercise until 2040, there is a decrease in the North, South and Yaguará-Tenay CGUs compared to 2022. This means that by 2023, an impairment loss of $630,134 will be recognized, mainly caused the variation in the exchange rate. For 2022, the volumetric projection up to 2040 shows a decrease in crude oil exploratory prospects in the southern and northern fields of Colombia because of contractual uncertainties and socio-environmental viability, which represented an impairment loss for the CGUs by 2022 of Cenit Transporte y Logística S.A.S. in the South, North, and Yaguará-Tenay for $405,357, and Oleoducto de Colombia S.A. for $872. In 2021, an impairment loss was recognized for the Southern Cash Generating Unit, the estimate of the impaired value was $160,653, corresponding to the total value of the asset. In addition, an impairment loss of $2,845 was established for the Yaguará-Tenay system, which corresponds to 39% of the value of the asset. Finally, the segment recognized an additional impairment loss of $2,545 as a result of the sale of a turbo-generator during the year and a recovery in other non-current assets of $142. The recognition of impairment is due to volumetric variation and rates. 17.4 Energy transmission and roads According to the impairment test, as of December 31, 2023 and 2022, ISA and its companies considered that there are no operational or economic issues indicating that the net book value of its non-current non-financial assets cannot be recovered, except for the facts evidenced in the period, which were recognized and assessed in accordance with the applicable accounting standard. As of December 31, 2023, the impairment loss was allocated to non-current assets held for sale and subsequently to property, plant, and equipment and intangible assets based on their book values. An impairment of non-current assets in the electric power transmission and toll roads concessions segment of $209,551 mainly due to: (i) impairment $85,168 in Consorcio Transmantaro due to lower fair market value in Yaros project, (ii) impairment of $85,568 in Internexa Brazil and $12,593 in Intenexa Argentina, considering the update of the business plan that reflected a decrease in revenues and operating margins. As of December 31, 2022, an impairment loss of $87,543 was recognized, which $85,568 corresponds to Internexa Brasil, due to updating the business plan that reflects a decline in revenues and operating profit margins, and $1,975 from Internexa Argentina, due to cost capital increase. Cash–generating units 2023 2022 2021 Non-current asset held for sale (98,543) — (4) Property, plant and, equipment (97,760) (38,821) — Intangibles (13,248) (48,722) — (209,551) (87,543) (4) |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | |
Goodwill | 18. 2023 2022 Interconexión Eléctrica S.A. E.S.P. (1) 3,252,388 3,755,835 Oleoducto Central S.A.S. 683,496 683,496 Hocol Petroleum Ltd. 537,598 537,598 Invercolsa S.A. 434,357 434,357 Andean Chemical Ltd 127,812 127,812 Esenttia S.A. 108,137 108,137 5,143,788 5,647,235 Less impairment Hocol Petroleum Ltd. (297,121) (297,121) 4,846,667 5,350,114 (1) |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Loans and borrowings | |
Loans and borrowings | 19. 19.1 Composition of loans and borrowings Weighted average effective interest rate as of December 31 2023 2022 2023 2022 Local currency Bonds 12.4 % 9.8 % 5,172,256 4,965,653 Commercial and syndicated loan (1) 12.9 % 11.5 % 4,323,198 2,171,462 Lease liabilities (2) 8.9 % 8.0 % 922,536 844,734 10,417,990 7,981,849 Foreign currency Bonds (3) 6.4 % 6.0 % 72,774,985 82,432,647 Commercial and syndicated loans 7.2 % 4.6 % 21,478,503 23,537,675 Loans from related parties (Note 30) 6.0 % 5.9 % 683,949 815,056 Lease liabilities (2) 6.0 % 6.0 % 460,100 367,612 95,397,537 107,152,990 105,815,527 115,134,839 Current 15,550,008 22,198,583 Non–current 90,265,519 92,936,256 105,815,527 115,134,839 (1) The variation corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. at Ecopetrol S.A. with an interest rate of IBR 6M+4.9% and maturity June 2028 for $400 USD million. Likewise, in September 2023, a long-term syndicated loan was disbursed with international banks for $800 USD million. (2) Corresponds to the present value of the payments to be made during the term of the operating lease contracts for oil pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 – Leases. See Note 15. (3) The reduction in the value of bonds in foreign currency is mainly due to the decrease in the exchange rate in $988.15 Colombian pesos per US dollar. The acquisitions made during the year mainly include international bond issues under the following conditions: i) January 2023 issue at 10 years for $2,000 USD million with a coupon rate of 8.88%, and ii) July 2023 issue at 5.5 years for $1,200 USD million with a coupon rate of 8.63% and reopening issue in January 2023 for $300 USD million. During 2023, loans and borrowings for $34,035,090 were acquired mainly: At Ecopetrol S.A. for $27,264,517 and Interconexión Eléctrica S.A. E.S.P. for $6,143,079. As a result of Ecopetrol Business Group strategy in integral debt management and financing of maturities, during 2023 capital payments of $21,659,669 were made; mainly in Ecopetrol S.A. for $16,926,267, which includes the repurchase of bonds and commercial credits, Interconnection Eléctrica S.A. E.S.P. for $3,937,765, and Ocensa S.A. for $454,009. Likewise, interest payments of $6,580,746 were made mainly in Ecopetrol S.A. for $4,242,746 and in Interconnection Eléctrica S.A. E.S.P. for $2,162,537. 19 .2 Fair value of loans The fair value of loans and borrowings is $104,223,267 and $106,509,947 as of December 31, 2023, and 2022, respectively. 19.3 The following are the maturities of loans and borrowing as of December 31, 2023: Up to 1 year (1) 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 580,737 1,330,184 1,411,988 1,849,347 5,172,256 Commercial and syndicated loan 772,216 1,929,871 1,262,816 358,295 4,323,198 Lease liabilities 245,673 452,320 223,372 1,171 922,536 1,598,626 3,712,375 2,898,176 2,208,813 10,417,990 Foreign currency Bonds 4,147,341 28,047,668 24,479,647 16,100,329 72,774,985 Commercial and syndicated loans 9,023,629 10,639,912 1,524,418 290,544 21,478,503 Loans from related parties 683,949 — — — 683,949 Lease liabilities 96,463 146,826 145,956 70,855 460,100 13,951,382 38,834,406 26,150,021 16,461,728 95,397,537 15,550,008 42,546,781 29,048,197 18,670,541 105,815,527 The following are the maturities of loans and borrowing as of December 31, 2022: Up to 1 year (1) 1 – 5 years 5–10 years > 10 years Total Local currency Bonds 579,032 1,262,971 1,559,593 1,564,057 4,965,653 Commercial and syndicated loan 565,886 824,188 631,100 150,288 2,171,462 Lease liabilities 150,872 384,661 308,493 708 844,734 1,295,790 2,471,820 2,499,186 1,715,053 7,981,849 Foreign currency Bonds 12,235,174 25,336,179 23,223,393 21,637,901 82,432,647 Commercial loans 7,726,416 15,054,954 547,092 209,213 23,537,675 Loans from related parties 815,056 — — — 815,056 Lease liabilities 126,147 206,474 34,991 — 367,612 20,902,793 40,597,607 23,805,476 21,847,114 107,152,990 22,198,583 43,069,427 26,304,662 23,562,167 115,134,839 19.4 Breakdown by type of interest rate and currency The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2023 and 2022: 2023 2022 Local currency Fixed rate 2,030,378 1,844,086 Floating rate 8,387,612 6,137,763 10,417,990 7,981,849 Foreign currency Fixed rate 70,956,700 82,850,932 Floating rate 24,440,837 24,302,058 95,397,537 107,152,990 105,815,527 115,134,839 19.5 As of December 31, 2023, Ecopetrol Business Group designated USD$16,535 million (2022 – USD14,512 million) of foreign currency debt as a hedging instrument, of which USD$10,270 million (2022 - USD$8,940 million) is used to hedge the net investment in foreign operations with the US dollar as their functional currency, and USD$6,265 million (2022 - USD$5,572 million) is used to hedge the cash flows of future crude oil exports. See Notes 29. 19.6 As of December 31, 2023, the estimated value of the current guarantees granted by ISA and its companies, within the framework of the definition in paragraph 14 of IFRS 7, used to support growth in its different business units and to ensure commercial, operational, and strategic viability amounts to $20,607,822 (2022 - $23,670,968), mainly in i) Chile for $14,899,609 (2022 - $17,676,320) 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 $3,029,213 (2022 - $3,315,648), and c) Colombia on the Ruta Costera for $2,679,000 (2022 - $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. 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. The syndicated loan entered by Cenit (before Oleoducto Bicentenario) requires that this subsidiary maintain an established relationship of leverage and solvency and cash flow / service to the debt. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables | |
Trade and other payables | 20 . 2023 2022 Current Suppliers 13,704,819 15,034,677 Dividends payable (1) 668,383 392,346 Withholding tax 2,099,847 1,896,128 Partners’ advances 1,270,721 1,164,197 Insurance and reinsurance 274,739 330,363 Deposits received from third parties 180,065 162,338 Related parties (Note 30) 64,766 67,879 Agreements in transport contracts 38,920 115,526 Various creditors 589,174 774,250 18,891,434 19,937,704 Non - current Suppliers 8 28,425 Deposits received from third parties 3,673 331 Various creditors 23,599 28,300 27,280 57,056 (1) Corresponds to dividends payable from Interconexión Eléctrica S.A. for $636,081 (2022: $366,999), Oleoducto de Colombia S.A. $26,608, Inversiones de Gases de Colombia S.A. for $1,747 (2022: $21,680), and Ecopetrol S.A. for $3,947 (2022: $3,667). See Note 23.4. The carrying amount of trade accounts and other accounts payable approximates their fair value due to their short–term nature. |
Provisions for employees' benef
Provisions for employees' benefits | 12 Months Ended |
Dec. 31, 2023 | |
Provisions for employees' benefits | |
Provisions for employees' benefits | 21. 2023 2022 Post–employment benefits Healthcare 11,234,939 8,140,648 Pension 4,013,542 2,073,562 Education 490,877 405,769 Bonds 424,199 399,114 Other plans 158,644 115,136 Termination benefits – Voluntary retirement plan 828,007 772,133 17,150,208 11,906,362 Social benefits and salaries 1,109,363 970,598 Other employee benefits 13,142 88,279 18,272,713 12,965,239 Current 3,059,204 2,753,697 Non–current 15,213,509 10,211,542 18,272,713 12,965,239 21.1 The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31: Pension and bonds Other Total 2023 2022 2023 2022 2023 2022 Liabilities for employee benefits Opening balance 12,840,148 14,520,592 9,465,024 7,946,927 22,305,172 22,467,519 Current service cost 20,583 — 94,448 95,724 115,031 95,724 Past service cost — 51,756 107,231 114,162 107,231 165,918 Interest expense 1,152,125 953,146 866,111 530,482 2,018,236 1,483,628 Actuarial (gains) losses 3,560,843 (1,805,907) 2,891,216 1,361,808 6,452,059 (444,099) Benefits paid (1,140,003) (981,486) (673,280) (608,184) (1,813,283) (1,589,670) Foreign currency translation (21,988) 102,047 (983) 24,105 (22,971) 126,152 Closing balance 16,411,708 12,840,148 12,749,767 9,465,024 29,161,475 22,305,172 Plan assets Opening balance 10,367,472 12,040,229 31,338 28,296 10,398,810 12,068,525 Return on assets 928,278 802,711 1,709 1,819 929,987 804,530 Contributions to funds — — 149,168 125,788 149,168 125,788 Benefits paid (1,085,236) (961,931) (150,228) (125,129) (1,235,464) (1,087,060) Actuarial gains (losses) 1,763,453 (1,513,537) 5,313 564 1,768,766 (1,512,973) Closing balance 11,973,967 10,367,472 37,300 31,338 12,011,267 10,398,810 Net post–employment benefits liability 4,437,741 2,472,676 12,712,467 9,433,686 17,150,208 11,906,362 The following table shows the movement in profit and loss and in other comprehensive income as of December 31, 2023, 2022 and 2021: 2023 2022 2021 Recognized in profit or loss Interest expense 1,088,249 679,098 661,187 Current service cost 115,031 147,480 132,352 Past service cost 107,231 114,162 129,328 Remeasurements — — (211) 1,310,511 940,740 922,656 Recognized in other comprehensive income Pension and pension bonds (1) (2,664,204) 156,755 1,401,578 Healthcare (1) (1,714,227) (1,429,423) 991,050 Other (82,103) 18,154 64,039 (4,460,534) (1,254,514) 2,456,667 Deferred tax 1,726,261 586,260 (679,510) (2,734,273) (668,254) 1,777,157 21.2 Plan assets are resources held by pension trusts for payment of pension obligations. Payments for health and education post–employment benefits are Ecopetrol’s responsibility. The destination of trust resources and its yields cannot be changed or returned to the Ecopetrol Business Group until all pension obligations have been fulfilled. The following is the composition of the plan assets of pension and pension bonds by type of investment as of December 31, 2023 and 2022: 2023 2022 Other local currency 3,298,496 4,810,813 Bonds of private entities 3,118,893 1,674,431 Bonds issued by the national government 2,262,378 1,552,690 Other foreign currency 1,980,308 1,762,899 Variable yield 1,027,891 291,847 Other public bonds 197,044 201,508 Bonds of foreign entities 126,257 104,622 12,011,267 10,398,810 The 55.70% (2022 – 53.76%) of plan assets are classified as level 1 in the fair value hierarchy where prices for the assets are directly observable on actively traded markets, and 44.30% (2022 – 46.24%) are classified as level 2. The following table reflects the credit ratings of the issuers and counterparties in assets held by the autonomous pension funds: 2023 2022 AAA 4,567,823 4,138,043 Nación 4,037,150 3,319,858 BB+ 407,183 267,961 AA+ 323,613 312,303 BBB- 164,034 47,919 AA 155,628 161,244 F1+ 64,624 87,111 BBB+ 24,796 30,331 BAA2 23,864 20,880 AA- 18,836 8,714 BAA1 16,728 20,814 BRC1+ 15,506 43,000 A+ 9,499 23,514 A 1,884 2,352 Other ratings 985,554 414,681 Rating not available 1,194,545 1,500,085 12,011,267 10,398,810 21.3 The following are the actuarial assumptions used in determining the present value of defined employee benefit obligations used for the actuarial calculations as of December 31, 2023, and 2022: 2023 Pension Bonds Health Education Others (1) Discount rate 7.5% - 11.7 % 7.25 % 11% - 12 % 11% - 12 % 7.4% - 12 % Salary growth rate 3.5% - 4.5 % N/A 3.5% - 4.5 % N/A 3.5% - 4.61 % Expected inflation rate 3.0% – 4.5 % 3.00 % 3.00 % 3.00 % 3.0% – 3.5 % Pension growth rate 3.0% - 5.0 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 12.80 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A 2022 Pension Bonds Health Education Others (1) Discount rate 6.2% - 14.7 % 9.00 % 8.7% - 14-7 % 6.3% - 14.8 % 7.4% - 14.5 % Salary growth rate 4.5% - 5.5 % N/A 4.5% - 5.5 % N/A 4.5% - 4.7 % Expected inflation rate 3.0% - 4.5 % 3.00 % 3.00 % 3.00 % 3.0% - 4.5 % Pension growth rate 3.00 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 6.33 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A N/A: Not applicable for this benefit. (1) Weighted average discount rate. The cost trend is the projected increase for the initial year, which includes the expected inflation rate. 21.4 The cash flows required for payment of post–employment obligations of Ecopetrol S.A. and Cenit are the following: Period Pension and bonds Other benefits Total 2024 1,293,410 683,341 1,976,751 2025 1,327,478 709,033 2,036,511 2026 1,342,616 741,746 2,084,362 2027 1,336,802 775,788 2,112,590 2028 1,351,056 817,592 2,168,648 2029 6,893,350 4,611,509 11,504,859 21.5 The following sensitivity analysis shows the effect of such possible changes on the obligation for defined benefits, while keeping the other assumptions constant, as of December 31, 2023: Pension Bonds Health Education Other Discount rate –50 basis points 15,428,231 1,247,485 11,819,342 469,157 987,882 +50 basis points 14,034,889 1,188,056 10,302,032 433,565 955,544 Inflation rate –50 basis points 13,972,915 1,190,418 N/A N/A 847,577 +50 basis points 15,491,342 1,244,748 N/A N/A 868,927 Salary growth rate –50 basis points N/A N/A N/A N/A 109,492 +50 basis points N/A N/A N/A N/A 117,265 Cost trend –50 basis points N/A N/A 10,315,944 433,225 N/A +50 basis points N/A N/A 11,797,481 469,388 N/A N/A: Not applicable for this benefit. |
Accrued liabilities and provisi
Accrued liabilities and provisions | 12 Months Ended |
Dec. 31, 2023 | |
Accrued liabilities and provisions | |
Accrued liabilities and provisions | 22. Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Abandonment costs update (1) 3,465,340 — — 3,465,340 Additions (2) 71,001 27,250 755,114 853,365 Uses (3) (680,283) (905,351) (382,828) (1,968,462) Financial costs and interest (3) 477,491 808,176 45,764 1,331,431 Foreign currency translation (237,449) (79,670) (137,107) (454,226) Transfers — (25,868) 184,566 158,698 Balance as of December 31, 2023 13,102,128 722,788 2,317,724 16,142,640 Current 1,105,004 70,182 420,063 1,595,249 Non-current 11,997,124 652,606 1,897,661 14,547,391 13,102,128 722,788 2,317,724 16,142,640 (1) Main variations in the abandonment cost are due to 1) an increase in activity in Rubiales and Caño Sur, 2) an increase in operating costs in Cira-Infantas fields, and 3) upgrades in the equipment and tariff increases. (2) It mainly includes the recognition of provisions related to potential obligations, provision forced environmental at Ecopetrol S.A., among others. (3) It mainly includes uses and interest expenses originating from rulings against the claims of Ecopetrol S.A. related to public works contributions. The recognition applied Law 2277 of 2022 with which a benefit was obtained by reducing interest payable to the tax authority by 50% Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Abandonment costs update (1,730,016) — — (1,730,016) Additions 93,704 153,786 468,341 715,831 Uses (607,769) (41,773) (354,625) (1,004,167) Financial costs 333,688 10,293 17,322 361,303 Foreign currency translation 186,215 81,894 42,085 310,194 Reversal of provision for sale of assets (1) (188,540) — — (188,540) Transfers 28,427 (9,915) 41,170 59,682 Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Current 946,675 94,375 492,086 1,533,136 Non-current 9,059,353 803,876 1,360,129 11,223,358 10,006,028 898,251 1,852,215 12,756,494 (1) Corresponding to the abandonment provision associated with the assets related to the participation of Ecopetrol S.A. in Asociación Casanare, Estero, Garcero, Orocué and Corocora (CEGOC), which were sold to Perenco Oil and Gas Colombia. This trade closed on August 26, 2022. Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2020 11,239,325 118,139 1,070,266 12,427,730 Abandonment costs update 500,868 — — 500,868 Effect of business combination — 329,123 618,760 947,883 Additions 242,435 261,785 210,619 714,839 Uses (548,133) (13,453) (334,922) (896,508) Financial costs 292,329 3,925 7,272 303,526 Foreign currency translation 152,212 4,466 34,774 191,452 Transfers 11,283 (19) 31,153 42,417 Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Current 1,041,674 59,843 488,601 1,590,118 Non-current 10,848,645 644,123 1,149,321 12,642,089 11,890,319 703,966 1,637,922 14,232,207 22.1 Asset retirement obligation The estimated liability for asset retirement obligation costs corresponds to the future obligation that the Ecopetrol Business Group to restore environmental conditions to a level similar to that existing before the start of projects or activities, as described in Note 4.14. As these relate to long–term obligations, this liability is estimated by projecting the expected future payments and discounting at present value with a rate indexed to the Ecopetrol Business Group’s financial obligations, considering the temporariness and risks of this obligation. The discount rates used in the estimate of the obligation as of December 31, 2023, were Exploration and Production 5.02% (2022 – 5.30%), Refining and Petrochemicals 5.51% (2022 - 6.36%), and Transportation and Logistics 5.20% (2022 - 5.58%). 22.2 Litigations The following table details the main litigations recognized in the statement of financial position as of December 31, whose loss expectations are probable and could imply an outflow of resources: 2023 2022 CTEEP Regulatory Contingency: Billing Eletrobras – RBNI Corresponds to the collection action filed by Eletrobras against ISA CTEEP requesting the return of the value charged in excess by the company as part of the payment of the compensation resulting from the extension of Concession Contract No. 059/2001 under Law No. 12,783/201, relating to NI facilities (new investments) that had been transferred to the company by Eletrobras. 34,846 40,692 Tax contingency: Property and Urban Land Tax (IPTU) CTEEP: corresponds to processes related to the collection of Property Tax (IPTU) in several municipalities of the State of São Paulo and recognizes a provision to cover processes. 20,228 23,691 Unfavorable first instance ruling for Ecopetrol in the process of direct fixing for the damages associated with the hydrocarbon spill that occurred in Guaduas, Vereda Raizal and Cajón, in the property called “La Floresta” in May 2004. 14,245 14,245 Administrative processes of a sanctioning type issued by PRONATEL and OSIPTEL Internexa Peru: Procedure for failure to pay contributions during the years 2010 to 2023 for the usufruct contracts with Telefónica del Perú and associated fines. 10,161 11,675 Second instance rulings unfavorable to the interests of Ecopetrol, related to public works contributions, for which they have a unified sentence and that could be subject to collection by the tax authority. 6,792 223,439 Lost profits because of an open competition for the management of a set of assets transferred to a trust company. 5,774 5,774 Ecopetrol S.A. as responsible for the damages caused by export activities in the area of influence of the municipalities of Cicuco, Talaigua Nuevo and Mompox. 5,428 4,680 22.3 These correspond to contingencies for environmental incidents and obligations related to environmental compensation and mandatory investment of 1% for the use of, exploitation of or effect on natural resources imposed by national, regional, and local environmental authorities. Mandatory investment of 1% is based on the use of water taken directly from natural sources in accordance with the provisions of Law 99 of 1993, Article 43, Decree 1900 of 2006, Decree 2099 of 2017 and 075 and 1120 of 2019 and article 321 of Law 1955 of 2019 in relation to the projects that Ecopetrol Business Group develops in Colombia. The Colombian Government through the Ministry of Environment and Sustainable Development, issued in December 2016 and in January 2017 the Decrees 2099 and 075, which modify the Single Regulatory Decree of the environment and sustainable development sector, Decree 1076 of 2015, related to the mandatory investment for the use of water taken directly from natural sources. The decrees included modifications and guidelines regarding the geographical scope for the execution of the activities for the fulfillment of the obligation, investment lines and the calculation of the base of liquidation of the obligations. Likewise, June 30, 2017, was defined as the maximum date to modify the Investment Plans that are in execution. From the Company’s Environmental Management, with the regional environmental departments and allies in the territory, Ecopetrol executes more than 240 current plans for environmental offsetting and forced investment of 1%, with a historical execution that exceeds $90 billion, these resources have been invested in protection, conservation and preservation actions through voluntary conservation agreements, purchase of properties intended for conservation, ecological restoration and reforestation and the achievement of the signing of the first agreement with IDEAM for the execution of the forced obligation not to less than 1%, in line with investment with actions to monitor water resources through the instrumentation and monitoring of climatological and hydrological variables with hydrometeorological stations. 22.4 Contingencies Refinería de Cartagena S.A.S. Arbitration tribunal: On March 8, 2016, Reficar filed a request for arbitration with the International Chamber of Commerce (the “ICC”) against Chicago Bridge & Iron Company NV, CB&I (UK) Limited and CBI Colombiana SA (jointly, “CB&I”), concerning a dispute related to the Engineering, Procurement, and Construction Agreements entered into by and between Reficar and CB&I for the expansion of the Refinería de Cartagena, Colombia. Reficar is the Claimant in the ICC arbitration and seeks no less than USD$2 billion in damages plus lost profits. On May 25, 2016, CB&I filed its Answer to the Request for Arbitration and the preliminary version of its counterclaim against Reficar, for approximately USD $ 213 million. On June 27, 2016, Reficar filed its reply to CB&I’s counterclaim denying and disputing the declarations and relief requested by CB&I. On April 28, 2017, Reficar filed its non-detailed claim, and, on the same date, CB&I submitted its Statement of Counterclaim increasing its claims to approximately USD $116 million and COP$387,558 million, including USD $70 million for a letter of credit compliance. On March 16, 2018, CB&I submitted its Exhaustive Statement of Counterclaim further increasing its claims to approximately USD$129 million and COP$432,303 million (including in each case interest), and also filed its Exhaustive Statement of Defense to Reficar’s claims. On this same date, Reficar filed its Exhaustive Statement of Claim seeking, among others, USD$139 million for provisionally paid invoices under the Memorandum of Agreement (“MOA”) and Project Invoicing Procedure (“PIP”) Agreements and the EPC Contract. On June 28, 2019, Chicago Bridge & Iron Company filed a response to Reficar’s non-detailed defense of the counterclaim, updating the value of its claim to approximately USD $137 million and COP $503,241 million, including interest. Likewise, CB&I presented its detailed defense to Reficar’s claim. On this same date, Reficar filed its Reply to CB&I’s Non-Exhaustive Statement of Defense and its Exhaustive Statement of Defense to CB&I’s counterclaim, updating its claim for provisionally paid invoices under the MOA and PIP Agreements and the EPC Contract to approximately USD$137 million. In relation to this matter, as of December 31, 2020, there is a balance of approximately USD $ 122 million, in invoices paid by Reficar to CB&I, under the PIP and MOA Agreements of the EPC contract, whose supports provided to date by CB&I do not show acceptance by AMEC Foster Wheeler - PCIB. In January 2020, McDermott International Inc. – CB&I parent company – commenced a bankruptcy case under title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. Faced with this situation, Refinería de Cartagena has taken actions to protect its interests and has a group of experts with whom it will continue to evaluate other measures it may adopt in this new circumstance. As a consequence of the initiation of the reorganization process, the arbitration was suspended until July 1, 2020, as described below. On January 21, 2020, Comet II BV, the successor in interest to Chicago Bridge & Iron Company NV, commenced bankruptcy case under title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. Before the beginning of the insolvency process of Comet II BV, an automatic suspension of the initiation or continuation of any action, process or execution of judgment or award against Comet II BV became effective, which suspended the arbitration. On January 23, 2020, Comet II B.V. obtained an order from the Bankruptcy Court permitting it to, in its discretion, modify the automatic stay to permit it to proceed with litigation or other contested matters. On March 14, 2020, the Bankruptcy Court entered an order confirming a plan of reorganization, and the order provides for the stay against the arbitration to end upon the earlier of the effective date of the plan or August 30, 2020.- whichever would occur first. On June 30, 2020, McDermott International Inc. notified the occurrence of the effective date of the reorganization plan, for which the suspension of arbitration was lifted on July 1, 2020. On May 6, 2020, the Superintendence of Companies ordered the judicial liquidation of CBI Colombiana SA, one of the defendants in the CB&I arbitration. On October 22, 2020, Reficar requested its recognition as a creditor of CBI Colombiana SA, up to the maximum amount of its claims in the arbitration. On January 15, 2021, the liquidator of CBI Colombiana SA accepted Reficar’s request. On September 22, 2020, the tribunal scheduled the start of the hearings for May 2021. Between May 17 and June 16, 2021, the first two blocks of the hearing were held, in which the evidence in the Arbitration against CB&I was presented. On June 16, 2021, the Court ordered the submission of post-hearing briefs for October 15 and November 5, 2021. Likewise, the Court summoned the parties to a hearing on closing arguments for November 18, and 19, 2021. On August 16, 2021, the parties requested the Court to modify the procedural calendar, consisting of slightly altering the dates of presentation of the post-hearing briefs. On August 26, 2021, the Court granted the request of the parties, so the post-hearing briefs were presented on October 22 and November 10, 2021. The closing arguments hearing was held in a single session on November 18, 2021, and the session scheduled for November 19, 2021, was dispensed with. Subsequently, on December 20, 2021, Refinería de Cartagena presented its memorial for costs in the Arbitration against CB&I. For its part, on February 11, 2022, CB&I presented its memorial for costs. On September 7, 2023, Refinería de Cartagena S.A.S. was notified of the decision of the International Arbitration Court 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 in favor of Refinería de Cartagena. Similarly, the Arbitral Tribunal dismissed CB&I’s claims for close to $400 USD million. Chicago Bridge & Iron Company N.V. and CB&I UK Limited applied for the annulment of the award on June 8, 2023. On August 4, 2023, Refinería de Cartagena answered to the annulment request and, in addition, requested its confirmation. Likewise, on September 22, the Company presented its reply memorandum to the request for confirmation of the Arbitration Award. The Arbitration Court 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 and in favor of Refinería de Cartagena. 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. Subsequently, on October 10, 2023, the Convicts requested before the Texas Bankruptcy Judge the initiation of a procedure for recognition of financial restructuring processes abroad, known as Chapter 15 of the Bankruptcy Code of the United States of America. Specifically, they requested recognition of the financial restructuring processes that were announced by McDermott International on September 8, 2023. Based on the above, the process of annulment and recognition of the Arbitration Award - which determines the possibility of executing it and therefore collecting the decreed sums - is temporarily suspended by order of the Bankruptcy Judge of the Texas Judge. In this regard, it should be noted that the judge only issued an order suspending proceedings in the United States of America that go against the assets of the Convicted parties. On November 29, 2023, a hearing was held to request the lifting of the temporary suspension, however the Judge did not grant the request, however, he determined that when new facts are available, Refinería de Cartagena may request the lifting of the measure again. provisional suspension. On February 27, 2024, Refinería de Cartagena was notified of the decision of the United Kingdom Court in which it was determined that the financial restructuring plan of CB&I UK Limited, a subsidiary of McDermott International Ltd., was approved by said court. Regarding the reorganization process started by Chicago Bridge & Iron Company (now McDermott Holdings N.V.) in the Netherlands on September 8, 2023, on February 25, 2024, an independent restructuring expert appointed by the Court put to a vote an alternative reorganization plan under which Refinería de Cartagena would receive shares from McDermott International Ltd. Business Group. This plan is expected to be approved in March of this year. On March 21, 2024, in response to the restructuring process, Refinería de Cartagena S.A.S. was notified of the decision of the Court of the Netherlands on March 21, 2024, facing the approval of the alternative financial restructuring plan of CB&I N.V. Through this plan, Refinería de Cartagena S.A., among other aspects, will receive preferred shares convertible into 19.9% of the common capital of McDermott International Ltd., (parent of CB&I N.V.) a business group with a presence in more than 54 countries, specialized in engineering for the energy industry, as well as in low carbon emissions solutions. With this judicial decision, the Company consolidates the defense of its interests and those of the Nation. As of March 31, 2024, given the sanctioning of the aforementioned plans, Refinería de Cartagena became a shareholder of 19.9% of McDermott International Ltd. and was a beneficiary of (i) US$ 70 million and US$ 95 million draw under two different letters of credits; and (ii) US$ 9 million corresponding to reimbursement of legal fees. In relation to the shares of McDermott International Ltd., although they are preferred shares, Refineria de Cartagena does not have the right to vote, or to designate a Board Member nor exercises control over McDermott International Ltd. Refinería de Cartagena advances in the fair value measurement of the shares to recognize them in its financial statements. These latest events have no impact on the financial statements as of December 31, 2023. Investigations of control entities – Reficar Reficar is a wholly owned subsidiary of Ecopetrol S.A. According to Colombian regulations, Ecopetrol’s and Reficar’s employees are considered public servants, and as such can be held liable for negligent use or management of public resources. In this context, given that Ecopetrol S.A. is majority owned by the Colombian Government and Reficar is a wholly owned subsidiary of Ecopetrol, Ecopetrol and Reficar administer public resources. As a result, Ecopetrol S.A. and Reficar employees are generally subject to the control and supervision of the following control entities, among others: 1. Office of the Comptroller General (Contraloría General de la República – CGR): - PRF-80011-2018-33300 Through Order No. 1328 of August 24 th In this process, 8 former officials of the Refinería de Cartagena are being investigated (3 former presidents and 5 former financial vice presidents). The CGR made a special visit to the refinery facilities between February 20 and 24, 2023, which focused on two main points related to: (i) unidentified expenses, for $22 MUSD from the periods 2015 to 2018 and, (ii) $269 MUSD that, according to the CGR, entered the Project, and its use could not be identified. On March 1, 2023, through Auto No. 0335, the CGR decreed the preparation of a technical report by the CGR team that participated in the visit. On April 14, 2023, the officials assigned by the CGR presented the technical report in which, based on the information provided and the explanations provided by the Refinería de Cartagena, it was concluded that in all records the destination of the associated expense was identified to each of the third parties. On April 19, 2023, by Order No. 0665, 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 CGR will make the decision to charge or archive the process. There were no additional changes to the process. 2. Prosecutor’s Office (Fiscalía General de la Nación - FGN) Proceeding 1 – 110016000101201600023 - MOA - PIP and EPC This process is being carried out against some ex-members of the Board of Directors and ex-employees of Refinería de Cartagena, workers of the Chicago Bridge and Iron Company (CB&I) and the Statutory Auditor of Refinería de Cartagena between 2013 and 2015, for crimes of undue interest in the execution of contracts, embezzlement by appropriation in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsehood in a public document. In this process, Refinería de Cartagena and Ecopetrol S.A. were officially recognized as victims. On November 25, 2019, the trial preparatory hearing was installed and is currently taking place. As of December 31, 2023, there were no changes to the process. Proceeding 2 - 110016000101201800132 Business line This process is being carried out against ex-members of the Board of Directors and a ex-president of Refinería de Cartagena, for the crimes of aggravated unfair administration, and obtaining a false public document. In this process, Refinería de Cartagena and Ecopetrol S.A. were officially recognized as victims. On November 18, 2019, the preparatory trial hearing was installed, and it is currently being developed. As of December 31, 2023, there were no changes to the process. Proceeding 3 – 110016000101201800134 – Subscription of contract PMC - Foster Wheeler This process is being carried out against two ex-employees of Refinería de Cartagena who acted as ex-president on property and ex-president in charge, for the crime of entering into a contract without legal requirements. In this process, Refinería de Cartagena and Ecopetrol S.A. were officially recognized as victims. On August 18, 2022, a sentence was handed down imposing the minimum penalty for the crime charged, equivalent to 64 months in prison and a fine of (66.66) SMLMV. On August 25, 2022, the defenders of the defendants supported the appeal briefs, and the parties were notified to rule. On October 19, 2023, the Criminal Chamber of the Superior Court of Bogota confirmed the first instance ruling. Against this ruling, the attorneys of the convicted persons filed an extraordinary appeal for cassation before the Supreme Court of Justice. Proceeding 4 - 110016000000201702546 – Principle of opportunity This process is being executed against a ex-employee of the Refinería de Cartagena, for charges related to crimes against the public administration, and illegal interest in the execution of contracts. The criminal action is suspended until December 2023, due to the application of the principle of opportunity. 22.5 Detail of contingent liabilities The following is a summary of the main contingent liabilities that have not been recognized in the statement of financial position as, according to the evaluations made by internal and external advisors of the Ecopetrol Business Group, the expectation of loss is not probable as of December 31, 2023, and 2022: 2023 2022 Number of Number of Type of process processes Proceedings processes Proceedings Constitutional 115 644,398 122 642,057 Ordinary administrative 145 3,092,308 147 2,590,089 Labor 645 78,432 625 68,194 Civil 57 17,350 59 761,090 Arbitration 1 449,781 — — Penal 1 — — — 964 4,282,269 953 4,061,430 22.6 Details of contingent assets The following is a breakdown of the Ecopetrol Business Group’s principal contingent assets, where the associated contingent gain is likely, but not certain: 2023 2022 Number of Number of Type of process processes Proceedings processes Proceedings Ordinary administrative 94 662,350 87 687,332 Arbitration 1 300,846 — — Civil 268 31,136 211 30,717 Penal 116 35,561 98 2,453 Labor 488 18,424 406 15,696 Constitutional 6 — 10 — 973 1,048,317 812 736,198 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Equity | 23. 23.1 Subscribed and paid–in capital Ecopetrol’s authorized capital amounts to $36,540,000, and is comprised of 60,000,000,000 ordinary shares, of which 41,116,694,690 are outstanding, and 11.51% (4,731,906,273 shares) are held privately and 88.49% (36,384,788,417 shares) are held by the Colombian Government. The value of the reserve shares amounts to $11,499,933 comprised of 18,883,305,310 shares. As of December 31, 2023, and 2022, subscribed and paid–in capital amounts to COP$25,040,067. There are no potentially dilutive shares. 23.2 Additional paid–in capital mainly corresponds to: (i) share premium from the Ecopetrol Business Group’s capitalization in 2007, for $4,457,997, (ii) share premium from the sale of shares awarded in the second capitalization, which took place in September 2011, of $2,118,468, iii) a $31,377 share premium from the placement of shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid–in capital receivables for ($143). 23.3 The following is the composition of the Ecopetrol Business Group’s reserves as of December 31, 2023, and 2022: 2023 2022 Legal reserve 9,747,885 6,407,256 Fiscal and statutory reserves 509,082 509,082 Occasional reserves 7,665,758 1,982,295 17,922,725 8,898,633 The General Shareholders’ Meeting of Ecopetrol S.A., held on March 31, 2023, approved the 2022 profit distribution project and the establishment of a reserve for $7,665,758, to support the financial sustainability of the Company and flexibility in the development of your strategy. The movement of equity reserves is the following for the years ended December 31, 2023, and 2022: 2023 2022 Opening balance 8,898,633 10,624,229 Release of reserves (2,491,377) (5,886,441) Allocation to reserves 11,515,469 11,068,450 Dividends declared — (6,907,605) Closing balance 17,922,725 8,898,633 23.4 Ecopetrol Business Group distributes dividends based on its financial statements prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish). The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 31, 2023, approved the profit distribution project for fiscal year 2022 and defined the distribution of dividends in the amount of $24,382,199 (distribution during 2022: $11,512,675). The payment of dividends to minority shareholders was made in three equal installments in April, September, and December 2023. On the other hand, for the majority shareholder, the respective compensation of the dividend has been made against the balance of the account receivable of the Stabilization Fund of Fuel Prices (FEPC) for $21,576,179 (2022: $6,788,385). As of December 31, 2023, the Company has paid cash dividends amounting to $5,570,876 (2022: 13,356,947). Dividends were paid as follows: 2023 2022 2021 Ecopetrol S.A. 2,747,231 11,622,778 696,387 Interconexión Eléctrica S.A. ESP 1,506,799 572,260 790,532 Oleoducto Central S.A. - Ocensa 809,302 752,530 682,615 Invercolsa S.A. 254,464 179,202 150,333 Oleoducto de los Llanos Orientales S.A. - ODL 171,290 138,939 147,056 Oleoducto de Colombia S.A. - ODC 81,790 91,238 86,594 Oleoducto Bicentenario de Colombia S.A.S. - OBC — — 217,770 Total 5,570,876 13,356,947 2,771,287 23.5 The following is the composition of the other comprehensive income attributable to the shareholders of the parent, Ecopetrol, net of tax: 2023 2022 2021 Foreign currency translation 15,055,305 28,816,983 17,244,255 Hedge of a net investment in a foreign operation (3,165,320) (9,219,271) (4,364,466) Actuarial gain on defined benefit plans (3,942,417) (1,331,361) (517,278) Cash flow hedges for future exports 601,744 (2,473,999) (945,250) Cash flow hedge with derivative instruments 124,384 1,290 (61,502) Others 952 3,077 2,135 8,674,648 15,796,719 11,357,894 23.6 2023 2022 2021 Profit attributable to Ecopetrol’s shareholders 21,060,798 31,604,781 15,649,143 Weighted average number of outstanding shares 41,116,694,690 41,116,694,690 41,116,694,690 Net basic earnings per share (Colombian pesos) COP$ 512.2 COP$ 768.7 COP$ 380.6 |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from contracts with customers | |
Revenue from contracts with customers | 24 . 2023 2022 2021 National sales Mid–distillates (1) 32,605,842 39,182,510 17,140,327 Gasoline and turbo fuels (1) 23,129,025 27,620,199 15,475,370 Natural gas 4,358,266 4,162,876 3,200,069 Services 3,232,784 3,601,681 3,065,988 Electric power transmission services (2) 2,769,897 2,595,505 728,467 Plastic and rubber 1,225,223 1,568,816 1,642,035 Fuel gas service 989,084 860,102 734,666 Asphalts 938,185 897,200 611,051 LPG and propane 762,349 1,094,332 926,231 Roads and Construction Services (2) 349,834 355,737 107,179 Polyethylene 314,184 302,630 320,466 Aromatics 297,957 343,792 247,387 Crude oil 128,416 375,790 193,476 Fuel oil 36,298 9,213 23,799 Other income gas contracts 30 1,940 2,879 Other products 607,708 679,183 402,828 Cash flow hedges (3) — — (8) 71,745,082 83,651,506 44,822,210 Foreign sales Crude oil 49,559,864 56,651,753 34,868,421 Electric power transmission services (2) 5,666,389 5,114,783 1,827,622 Roads and Construction Services (2) 4,761,317 4,676,822 1,241,144 Fuel oil 4,028,908 4,348,312 2,288,977 Diesel 4,097,117 2,324,861 3,867,937 Plastic and rubber 1,393,669 2,036,201 2,092,379 LPG and propane 302,159 339,837 116,960 Natural gas 105,413 254,054 71,529 Gasoline and turbo fuels 193,394 157,685 — Cash flow hedges (3) (468,407) (1,578,246) (349,884) Other products (4) 1,804,697 1,633,510 1,033,909 71,444,520 75,959,572 47,058,994 143,189,602 159,611,078 91,881,204 (1) Includes the corresponding value to the application of Decree 180522 of March 29, 2010, and other standards that modify and add (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of ordinary motor gasoline and ACPM, and the methodology for calculating the net position, which can be positive or negative. As of December 31, 2023, the value recognized by price differential corresponds to $20,531,095 (2022: $36,532,743 ; 2021: $11,335,453 ). (2) Corresponds to the revenue related to the electric power transmission contracts and toll roads concessions of Interconexión Eléctrica S.A. E.S.P. (3) Includes the result of hedging for future exports (Note 29.3) for $( 479,779 ) (2022: ( $1,143,287 )); (2021: ( $249,978 )) and operations with derivative financial instruments for $11,372 (2022: ( $434,959 )); (2021: ( $99,914 )). (4) It includes a increase in other foreign services revenues of BlackGold Re. for $ 3,763 (see Note 5), considering the effects of risk adjustments in insurance contracts, according to the IFRS 17 implementation. Sales by geographic areas 2023 % 2022 % 2021 % Colombia 71,745,082 50.1 % 83,651,506 52.4 % 44,822,210 48.8 % Asia 28,841,440 20.1 % 22,547,997 14.1 % 20,355,063 22.2 % United States 24,991,770 17.5 % 27,120,783 17.0 % 16,025,083 17.4 % South America and others 12,223,922 8.5 % 13,609,587 8.5 % 5,727,355 6.2 % Central America and the Caribbean 2,637,460 1.9 % 9,841,202 6.2 % 3,503,618 3.8 % Europe 2,749,928 1.9 % 2,840,003 1.8 % 1,447,875 1.6 % 143,189,602 100.0 % 159,611,078 100 % 91,881,204 100 % Concentration of customers During 2023, Organización Terpel S.A. represented 10% of sales revenue for the period (2022 – 9% and 2021 – 11%); no other customer represented more than 10% of total sales. There is no risk of the Ecopetrol Business Group’s financial situation being affected by a potential loss of the client. The commercial relationship with this customer is for the sale of refined products and transportation services. Revenues from concession contracts ISA, through its companies, promotes development in several countries through concessions acquired for the supplying of public energy transport services, services associated with the Management of Real Time Systems in Colombia and public road transport, through concessionaires in Chile and Colombia. The ISA concessions contain the obligation to carry out major works and at the end of the concession to deliver the asset to the grantors in optimal conditions. These major maintenance works are accounted for i) at the moment in which the works are executed and ii) when the value of the outflow of resources is known. The current contracts signed by the ISA, except the contracts from Peru and Bolivia, have guaranteed cash flows. ISA meets its obligations under the concession contracts and provides the contracted services with the use of infrastructure assets determined in each concession contract. Upon the expiration of each concession, ISA has the opportunity to present a bid for its renewal. The main concessions are the following: Concessions in Colombia Intelligent Network Systems Intelligent Network Systems, through a business collaboration agreement entered into with UNE EPM Telecomunicaciones S.A. and Consorcio ITS, executes the addendum number 5 of the Inter-administrative Agreement 5400000003 of 2006 with the Municipality of Medellín to “provide under the concession modality, the necessary technological infrastructure, the services for its modernization and optimization of the management of the administrative services of the Secretaría de Transporte y Tránsito of Medellín, through a complete solution of technology, information, communications and operation of the information and communications technology (ICT’s)”. As payment for such services, Intelligent Network Systems receives a portion of the penalty fees collected through the photodetection system within the municipality. This contract is within the scope of IFRIC 12 under the intangible model, considering the following aspects: ● Municipality of Medellín is the grantor of the concession and as such controls the services provided by the concessionaire with the relevant infrastructure, as well as, in relation to penalty fees, the value of such penalties and the method of imposing them. ● The Municipality of Medellín controls, through ownership of the right of use, any significant residual interest in the infrastructure at the end of its useful life, as established in the agreement. Upon termination of this agreement, all goods, equipment, technology, and software use licenses will be reverted to the Municipality. Ruta Costera In accordance with Law 1508 of 2012 which regulates public-private partnerships, the National Infrastructure Agency (“ANI”), by means of Resolution No. 862 of July 2, 2014, awarded Public Tender No. VJ-VE-IP-LP-0011-2013 and, on September 10, 2014, executed Concession Contract No. 004 of 2014 with Concesion Costera Cartagena-Barranquilla, an indirect subsidiary of ISA. The contracted services consist of executing “ the final studies and designs, environmental management, property, social management, construction, rehabilitation, improvement, operation, and maintenance of the corridor Cartagena-Barranquilla Project and Circunvalar de la Prosperidad”. This contract is within the scope of IFRIC 12 under the financial asset model for investment in construction (construction services). As compensation, the concessionaire receives: revenues from commercial exploitation, including toll collections, and payments from ANI, to the extent applicable. If the concessionaire does not achieve the expected revenue from toll collection, the grantor (ANI) will pay the concessionaire a collection differential in years 8, 13 and 18. Such collection differential has been contractually defined as the present value of toll collections for any given reference month. This revenue arrangement represents an unconditional contractual right to receive a specific and determinable amount of cash or other financial assets for the construction services provided. As of December 31, 2021, construction of Functional Unit 3 had advanced 97.24% and construction of Functional Unit 6 had advanced 99.94%, thus achieving a consolidated progress 99.91% for the entire project. Since 2022 the concession is fully operational. Concessions in Brazil As concessionaires for power transmission services in Brazil, we have the obligation to build and operate the transmission infrastructure, while the grantor retains ownership rights to the concession assets. Upon expiration of the concession, concession assets are to be transferred back to the grantor who must pay any pending compensation to the concessionaire. The concession contracts of ISA CTEEP and TAESA were analyzed and classified in accordance with IFRS 15 - Revenue from contracts with customers within the contractual asset model as of January 1, 2018. The value of the contractual asset of the electric power transmission concessions is equal to the present value of future cash flows, which are determined at the beginning of any given concession or renewal. Such future cash flows are revaluated periodically, in previously determined tariff review periods. Cash flows are defined based on payments received by concessionaires for supplying power transmission services to end-users. Such payments are known as Receita Anual Permitida or “RAP” and serve to compensate the cost of investments made in the transmission infrastructure. Any investment costs that are not fully compensated through the receipt of RAPs trigger the right to receive payment from the grantor. This flow of future collections is updated for inflation (IPCA/IGPM) and paid at a discount rate at the beginning of each project. During the construction stage, the concessionaire has the right to receive consideration in accordance with progress made on construction of the network and the performance of its obligations, and not only in accordance with the time used for construction. Revenue is equivalent to the value of construction expenses plus a construction margin, as a result of the application of the pronouncement of the CVM (Brazilian Securities and Exchange Commission) on the accounting treatment for contract assets (CVM Official Communication 4/2020) Revenues from these concession assets generate taxes under the Social Integration Program and the Contribution for the Financing of Social Security (Cofins) program. These may be registered as deferred taxes (non-current liabilities). Concessions in Chile Road concession contracts for the supply of road infrastructure in Chile, may be remunerated in one or two ways: variable revenues, which may account for traffic risk (the variation of projected demand) or fixed revenue, that is, a guaranteed total amount subject to a revenue distribution mechanism or calculated at the present value of future cash flows. In the latter cases, the total revenue is guaranteed at present value. Additionally, in some concession contracts other concepts are included, such as the minimum guaranteed revenue and subsidies (both in construction and in operation stages); both correspond to payments from the State, subject to specific compliance of conditions by the concessionaire. The model applied to concessions in Chile will depend on whether revenue is guaranteed or not (whether it is subject to traffic risk or not) and whether it is enough to pay for the investment. On one hand, if the concession contract considers traffic risk, it is recognized according to IFRIC 12 as an intangible asset. This asset is amortized over the life of the concession operation. On the other hand, if the contract establishes income and compensation guarantee mechanisms, it is recognized as a financial asset. This asset is extinguished through payments received from road users, through the collection of tolls, or directly through payments from the Ministry of Public Works. Currently, ISA has road concessions in Chile applying the financial asset model. Concessions in Peru Due to their terms and conditions, as well as the rights and obligations of concessionaires, the concession contracts of ISA REP, ISA Perú, and Consorcio Transmantaro are recognized as intangible assets. The intangible asset model applies when the services provided by the concessionaire are paid by end-users or when the grantor does not unconditionally guarantee the collection of revenues. These contracts grant the concessionaire the right to charge end-users for the energy transmission service, but do not establish an unconditional right to receive cash. All the concession contracts for the supply of power transmission services in Peru contain similar terms and conditions. Concessions in Bolivia Similar to concession contracts in Peru, concessions to provide public energy services in Bolivia do not guarantee the unconditional receipt of cash by the concessionaire. In these concession contracts, we assume the credit risk associated with the collection of amounts invoiced and may not be able to recover the entire value of the investment made. Additionally, the Bolivian State is not obliged to guarantee shortages, either due to the non-existence of demand or due to non-payment by any of the market agents; therefore, the grantor has no obligation to pay for the construction services received and, in this sense, the model that adjusts to the contractual conditions by IFRIC 12 is the intangible asset model, framed by IFRIC 12. The balances of assets and income from concessions accounted for under IFRIC 12 are disclosed in Exhibit 3. Quantitative information on service concession contracts. Committed investments ISA and its companies have committed investments of $31.1 trillion pending execution in the 2024-2030 period. These investments correspond to the balance pending execution of contracts already awarded, and to estimated needs for reinforcements and expansions of existing infrastructure and replacement of assets. These investments represent a strategic commitment to expand and modernize infrastructure, improve operational efficiency, and promote the adoption of sustainable technologies, increasing cash flow generation and the value of ISA for its shareholders. The committed investments pending of execution for 2024-2030 period are distributed as follows: ● Projects awarded for $ 20.2 trillion in the energy transmission ( 71 %), construction and improvement businesses roads ( 24 %) and telecommunications business development ( 5 %). ● Reinforcement and improvements for the existing network of ISA CTEEP and subsidiaries for $3.3 trillion, approved by the National Electric Energy Agency (ANEEL). Additionally, it is estimated to execute $3.9 trillion associated with reinforcements and improvements pending of approval by the regulator. ● Capital contributions of $1.6 trillion to Conexión Kimal Lo Aguirre in Chile and to TOCE CEPI energy transmission project in Peru. ● Projection of investments related to the maintenance and optimization plan of existing assets for $1.2 trillion and investments in technological developments and headquarters conservation for $0.9 trillion. The committed investments include in 2023 the award of new energy transmission projects in Peru, Brazil, and Colombia (lots 1, 7, and 9 in ISA CTEEP, Group 1 in Transmantaro, capital contributions to TOCE CEPI and connections in Peru and Colombia), and in the roads in Chile and Panama (Orbital Sur and Panamericana). 81% of the investment will be concentrated in the energy transmission business, 15% in roads and the remaining 4% in telecommunications. The value of committed investments pending execution may vary, among other things, due to adjustments in the scope of the projects, equipment and material prices, and variations in macroeconomic estimates, such as exchange rates and price indexes. |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2023 | |
Cost of sales | |
Cost of sales | 25. 2023 2022 2021 Variable costs Imported products (1) 24,204,342 31,230,405 16,944,375 Purchases of crude 13,389,646 16,223,628 10,015,898 Purchases of hydrocarbons – ANH (2) 8,518,700 9,219,215 5,611,153 Depreciation amortization and depletion 8,125,774 6,774,770 6,328,144 Electric energy 2,294,253 1,540,452 1,087,269 Taxes and economic rights 1,712,283 1,510,265 1,125,761 Process materials 1,563,802 1,260,608 906,500 Purchases of other products and natural gas 1,201,349 1,244,765 811,024 Hydrocarbon transport services 1,586,553 1,219,818 917,552 Services contracted in associations 284,104 311,107 267,934 Others (3) 1,151,536 (2,354,814) (3,009,700) 64,032,342 68,180,219 41,005,910 Fixed costs Depreciation and amortization 5,079,308 4,635,601 3,270,735 Maintenance 4,642,710 3,771,137 2,637,857 Labor costs 3,976,370 3,436,167 2,596,947 Construction services 2,600,184 2,802,486 732,723 Services contracted 3,523,125 2,870,890 2,023,277 Services contracted in associations 1,467,693 1,566,562 1,286,291 Taxes and contributions 1,123,475 914,455 1,060,123 Materials and operating supplies 880,729 684,679 561,182 Hydrocarbon transport services 249,414 179,082 57,855 General costs 602,848 416,870 348,876 24,145,856 21,277,929 14,575,866 88,178,198 89,458,148 55,581,776 (1) Imported products correspond mainly to mid-distillates, gasolines and naphtha, the variation occurs due to lower requirements due to greater operations in refineries. (2) Corresponds to purchases of crude oil by Ecopetrol Business Group from the National Hydrocarbons Agency (ANH, by its acronym in Spanish) derived from national production. (3) Corresponds to i) result of the process of use and valuation of core inventories, ii) measurement at net realizable value, and iii) other capitalizable charges to projects. |
Administrative, operative, and
Administrative, operative, and project expenses | 12 Months Ended |
Dec. 31, 2023 | |
Administrative, operative, and project expenses | |
Administrative, operative, and project expenses | 26. 2023 2022 2021 Administrative expenses General expenses 2,378,606 2,040,773 1,638,129 Labor expenses 2,029,110 1,663,464 1,264,319 Taxes 82,692 57,944 52,889 Depreciation and amortization 535,389 573,514 386,732 5,025,797 4,335,695 3,342,069 Operations and project expenses Exploration costs (1) 2,088,922 1,512,268 959,562 Commissions fees freights and services 1,682,602 1,326,184 686,156 Taxes 838,977 781,181 515,848 Labor expenses 393,595 363,838 312,791 Fee for regulatory entities 288,212 192,094 139,158 Maintenance 107,832 162,383 156,412 Depreciation and amortization 71,916 145,106 174,311 Others 230,106 260,574 209,319 5,702,162 4,743,628 3,153,557 (1) It mainly includes the disposals and dry wells of the Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, Kale and Kinacú wells in Ecopetrol S.A. |
Other operating (expenses) inco
Other operating (expenses) income | 12 Months Ended |
Dec. 31, 2023 | |
Other operating (expenses) income | |
Other operating (expenses) income | 27. 2023 2022 2021 Expense for legal provisions (686,430) (516,288) (650,926) Gain (loss) on sale of assets 121,309 (86,954) (123,342) Impairment loss of current assets (95,902) (101,871) (83,773) Other income 234,892 149,258 785,297 (426,131) (555,855) (72,744) |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2023 | |
Financial results | |
Financial results | 28. 2023 2022 2021 Finance income Yields and interests 1,884,445 965,952 266,116 Results from financial assets 329,061 178,212 108,640 Gain (loss) on derivatives valuation 4,454 18,099 (406) Other financial income 103,009 154,882 29,242 2,320,969 1,317,145 403,592 Finance expenses Interest (6,923,831) (5,517,417) (3,095,224) Financial cost of other liabilities (1) (2,196,936) (2,003,687) (1,043,728) Results from financial assets (246,155) (152,355) (101,973) Other financial expenses (1,017,143) (353,793) (190,723) (10,384,065) (8,027,252) (4,431,648) Foreign exchange gain Gain (loss) from exchange difference 2,397,712 (124,650) (31,726) Gain from realization of other comprehensive income on sale of joint ventures — — 361,728 2,397,712 (124,650) 330,002 Financial result (5,665,384) (6,834,757) (3,698,054) (1) Includes the financial expense of the asset retirement obligations and the liabilities for post–employment benefits. |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2023 | |
Risk management | |
Risk management | 29 . 29.1 Exchange rate risk The Ecopetrol Business Group operates mainly in Colombia and makes sales in the local and international markets, for that reason, it is exposed to exchange rate risk. As of December 31, 2023, the Colombian peso appreciated 20.54%, going from a closing rate as of December 31, 2022, of COP$4,810.20 to COP$3,822.05 pesos per dollar. When the Colombian peso depreciates, export earnings, when converted to pesos, increase, and imports and external debt service become more expensive. The balance of financial assets and liabilities denominated in foreign currency for the years ended December 31, is presented in the following table: (in USD$Million) 2023 2022 Cash and cash equivalents 554 615 Other financial assets 1,188 955 Trade receivables and payables, net (973) (392) Loans and borrowings (18,470) (16,113) Other assets and liabilities, net 268 202 Net liability position (17,433) (14,733) Of the total net position, USD$(16,553) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(16,535) 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$18 million affects the statement of profit and loss. Likewise, USD$(880) million of the net position correspond to monetary assets and liabilities of Business Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement. 29.2 Sensitivity analysis for exchange rate risk The following is the effect of a change of 1% and 5% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2023: Scenario / Variation in Effect on income Effect in other the exchange rates before taxes +/– comprehensive income +/– 1% 34,326 631,972 5% 171,630 3,159,860 29.3 To express in the consolidated financial statements, the effect of the existing natural hedge between exports and indebtedness, understanding that the exchange rate risk materializes when exports are made, On September 30, 2015, the Board of Directors made the first designation of Ecopetrol’s debt as a hedging instrument for its future income from crude oil exports. The following is the movement of this non-derivative hedging instrument: (US$Million) 2023 2022 Hedging instrument at the beginning of the period 5,572 4,972 Reassignment of hedging instruments 970 1,879 Realization of exports (970) (1,879) Designation of new coverage 693 600 Hedging instrument at the end of the period 6,265 5,572 The following is the movement in other comprehensive income for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Opening balance (2,473,999) (945,250) (136,473) Exchange difference 5,194,529 (4,317,263) (1,533,743) Reclassification to profit or loss (Note 24) 479,779 1,143,287 249,978 Ineffectiveness 25,454 6,625 24,496 Deferred income tax (Note 10) (2,624,019) 1,638,602 450,492 Closing balance 601,744 (2,473,999) (945,250) The expected reclassification of the cumulative exchange difference from other comprehensive income to the profit or loss is as follows: Year Before taxes Taxes After taxes 2024 (259,133) 115,993 (143,140) 2025 (260,645) 114,704 (145,941) 2026 (253,536) 111,575 (141,961) 2027 (79,228) 34,866 (44,362) 2028 (78,661) 34,617 (44,044) 2029 (77,785) 34,231 (43,554) 2030 (36,975) 16,272 (20,703) 2031 (16,545) 7,281 (9,264) 2032 (14,746) 6,489 (8,257) 2033 (926) 408 (518) (1,078,180) 476,436 (601,744) 29.4 The Board of Directors approved the application of net investment hedge accounting from June 8, 2016. The measure is intended to reduce the volatility of non–operating income due to exchange rate variations. The net investment hedge will be applied on a portion of the Ecopetrol Business Group’s investments in foreign operations, in this case on investments in subsidiaries which have the U.S. dollar as their functional currency, using a portion of the Ecopetrol Business Group’s U.S. dollar denominated debt as the hedging instrument. As of December 31, 2023, the total hedged balance is USD$10,270 million; which includes: i) Ecopetrol S.A. USD$9,942 million and ii) ISA Colombia for USD$328 million in net investment coverage on investments in the companies ISA REP, ISA Perú, Consorcio Transmantaro and Proyectos de Infraestructura del Perú. The following is the movement in other comprehensive income attributable to owners of parent: 2023 2022 2021 Opening balance 9,354,071 4,366,336 1,494,926 Exchange difference (8,973,471) 7,526,124 4,579,758 Deferred income tax (Note 10) 2,760,084 (2,538,389) (1,708,348) Closing balance 3,140,684 9,354,071 4,366,336 29.5 The ISA Group and Oleoducto Central S.A. have hedges with derivative financial instruments – CCS (Cross Currency Swaps), IRS (Interest Rate Swap), and non-delivery forward to hedge exchange rates. These hedges are recognized as cash flow hedges. Company Derivative instrument 2023 2022 Intervial Chile (1) Cross currency swap 44,134 77,229 Red de Energía del Perú Cross currency swap — 48,195 Oleoducto Central S.A. Non-delivery forward 223,091 (137,242) (1) In 2021, a UF currency hedging operation was subscribed as a debt strategy in Chilean pesos (CLP). The subsidiary has a cross currency swap as a hedging instrument, the objective of which is to reduce the exposure to the variation of future cash flows, due to the variation in the exchange rate that affects the bond held by the entity in dollars and the variation of UF. for future flows, coming from toll collections. 29.6 The price risk of raw materials is associated with Ecopetrol Business Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices. The risk of such exposure is partially hedged in a natural way, as an integrated Business Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices. Ecopetrol Business Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures, and controls for their management: ● The main purpose of the strategic hedging program is to protect the separate and consolidated financial statements against the volatility of market variables in each period, protect income and thus cash flow. During 2023, a hedging plan was executed to protect the box against low price scenarios below the budget base price, in this sense, put options were purchased. As of December 31, 2023, there was no balance of these financial instruments on the balance sheet. ● On the other hand, tactical hedges allow capturing value in trading operations and Asset Backed Trading (ABT), mitigating the market risk of specific operations. In the trading activity, the commitments in spot and forward physical contracts imply an exposure to commodity price risk, particularly the risk associated with the volatility of the price of crude oil and refined products. Although said exposure is part of the natural risk of the production, refining and marketing activity carried out by the Business group, sometimes marketing, to maximize value capture, can concentrate risk exposure in terms of term and/or or indicator that differs from the Company’s natural price risk profile. 29.7 Credit risk Credit risk is the risk that the Ecopetrol Business Group may suffer financial losses because of default of: (a) payments by its clients for the sale of crude oil, gas, products, or services; (b) financial institutions in which it keeps investments, or (c) by counterparties with which it has contracted financial instruments. Credit risk related to customers In the selling process of crude oil, gas, refined products and petrochemicals, transport services, energy transmission, roads and telecommunications, the Ecopetrol Business Group may be exposed to credit risk if customers fail to fulfill their payment obligations. The Ecopetrol Business Group’s risk management strategy has designed mechanisms and procedures that aim to minimize such events, thus safeguarding the Ecopetrol Business Group’s cash flow. The Ecopetrol Business Group performs a continuous analysis of the financial strength of its counterparties, by classifying them according to their risk level and financial guarantees in the event of a default of payments. Similarly, the Ecopetrol Business Group continuously monitors national and international market conditions for early alerts of major changes that may have an impact on the timely payment of obligations from customers. For the receivables that are considered exposed to credit risk, Ecopetrol Business Group make individual analysis of each customer’s situation to determine the value of impairment to recognize in financial statements. The Ecopetrol Business Group performs administrative and legal actions required to recover amounts past due and charges interest from customers that fail to comply with payment policies. An aging analysis of the accounts receivable portfolio in arrears, but not impaired, as of December 31, 2023, and 2022 is as follows: 2023 2022 Less than 3 months overdue 119,608 171,896 Between 3 and 6 months overdue 56,615 67,985 More than 6 months overdue 181,012 456,046 357,235 695,927 Credit risk in financial assets Following the promulgation of Decree 1525 of 2008, which provides general rules on investments for public entities, Ecopetrol’s management established guidelines for its investment portfolios. These guidelines determine that investments in Ecopetrol’s U.S. dollar portfolios are generally limited to investments of cash excess in fixed–income securities issued by entities rated A or higher in the long term and A1/P1/F1 or higher in the short term (international scale) by Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings. In addition, Ecopetrol Business Group may also invest in securities issued or guaranteed by the United States of America or Colombia governments, without regard to the ratings assigned to such securities. In Ecopetrol’s Colombian Peso portfolio, it must invest the cash excess in fixed–income securities of issuers rated AAA in the long term, and F1+/BRC1+ in the short term (local scale) by Fitch Ratings Colombia or BRC Standard & Poor’s. Likewise, the Company may also invest in securities issued or guaranteed by the National Government of Colombia without qualification restrictions. To diversify the risk in the Colombian Peso portfolio, Ecopetrol Business Group does not invest more than 10% of the cash excess in one specific issuer. In the case of the U.S. dollar portfolio, Ecopetrol Business Group does not invest more than 5% of the cash excess in one specific issuer in the short term (up to one year), or 1% in the long term. The credit rating of issuers and counterparties in transactions involving financial instruments is disclosed in Note 6 – Cash and cash equivalents, Note 9 – Other financial assets and Note 21.2 – Plan assets. 29.8 Interest rate risk Interest rate risk arises from Ecopetrol’s exposure to changes in interest rates because the Ecopetrol Business Group has investments in fixed and floating–rate instruments and has issued floating rate debt linked to SOFT, DTF, and CPI interest rates. Thus, interest rate volatility may affect the fair value and cash flows of the Ecopetrol Business Group’s investments and the financial expense of floating rate loans and financing. As of December 31, 2023, 31.02% (2022, 26.4% and 2021, 25.7%) of the Ecopetrol Business Group’s indebtedness is linked to floating interest rates. As a result, if market interest rates rise, financing expenses will increase, which could have an adverse effect on the results of operations. Ecopetrol Business Group controls the exposure to interest rate risk by establishing limits to the portfolio duration, Value at Risk – VAR and tracking error. Autonomous equities linked to Ecopetrol Business Group’s pension obligations are also exposed to changes in interest rate, as they include fixed and floating rate instruments that are recognized according to the mark to market. Colombian regulation for pension funds, as stipulated in the Decree 941 of 2002 and Decree 1861 of 2012, indicates that they must follow the same regime as the regular obligatory pension funds in their moderate portfolio. The following table provides information about the sensitivity of the Ecopetrol Business Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points: Effect on Other Effect on profit or loss (+/–) Comprehensive Income (+/–) Financial Financial Assets * Liabilities Plan Assets +100 basis points (57,834) 1,250,938 (479,513) –100 basis points 57,834 (1,559,533) 491,397 (*) A sensitivity analysis of discount rates on pension plan assets and liabilities is disclosed in Note 21 – Provisions for employees’ benefits. 29.9 The ability to access credit and capital markets to obtain resources for the investment plan execution for Ecopetrol Business Group may be limited due to adverse changes in market conditions. A global financial crisis could worsen risk perception in emerging markets. Events that could affect the political and regional environment of Colombia may make it difficult for our subsidiaries to access the capital markets. These conditions, together with potential significant losses in the financial services sector and changes in credit risk assessments, may make it difficult to obtain resources on favorable terms. As a result, the Ecopetrol Business Group may be forced to review the conditions of the investment plan, or access financial markets under unfavorable terms, thereby negatively affecting the Ecopetrol Business Group’s results of operations and financial results. Liquidity risk is managed in accordance with the Ecopetrol Business Group’s policies aimed at ensuring that enough cash flows to comply with the Ecopetrol Business Group’s financial commitments within the established dates and with no additional costs. The main method for the measurement and monitoring of liquidity is cash flow forecasting. The following is a summary of the maturity of financial liabilities as of December 31, 2023. The amounts disclosed in the table are the contractual undiscounted cash flows. The payments in foreign currency were restated taking a constant exchange rate of COP$3,822.05 per U.S. dollar: Up to 1 year 1–5 years 5–10 years > 10 years Total Loans (payment of principal and interest) 16,114,446 53,349,820 52,849,835 42,033,907 164,348,008 Trade and other payables 18,891,434 30,663 — — 18,922,097 35,005,880 53,380,483 52,849,835 42,033,907 183,270,105 29.10 Risk and opportunities related to climate The Business Group advanced in the process of identifying and evaluating physical and transition climate risks, considering short, medium and long-term climate scenarios. Physical and transition risks are often considered opposites. The greatest transition risks are associated with the most aggressive reduction policies, with the objective of reaching zero net emissions, while the physical risks are greater in lax policy scenarios, in which the increase in emissions is expected cause more extreme weather events. As a result, the International Energy Agency (IEA), the Intergovernmental Panel on Climate Change (IPCC), and the Shared Socioeconomic Pathways (SSP) have concocted an array of future climate scenarios incorporating various political decisions and climate outcomes. Implementing the process of recognizing, assessing, and managing climate-related risks and opportunities, the Business Group provides the following summary: ● Physical risks: related to the exposure and vulnerability of the Business Group to the impacts of climate change and climate variability in Colombia, which could affect the availability of water and increase the exposure of assets to possible damage and operational disruptions. o The Business Group carried out the identification and analysis of seven (7) physical risks related to chronic threats (drought and thermal stress) and acute threats (precipitation, coastal flooding, river flooding, fires and winds) at 95 points associated with the main assets of the Group. The modeling was carried out through Cervest’s EarthScan platform, using the following IPCC scenarios: (i) scenario aligned with the Paris Agreement objective (SSP1- RCP2.6), (ii) peak emissions scenario 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, in relation to the potential impact of climate threats. The probability and severity of climate events are estimated up to 2100. o Ecopetrol S.A. also has an analysis of vulnerability for climate variability scenarios associated with the “El Niño” phenomena and its opposite phase “La Niña”. The frequency and intensity of these phenomena have been increasing in Colombia. ● Transition risk: related to the challenges that the company has identified to move towards a low-carbon, sustainable and competitive operation. The following are the identified risks: o Regulatory risk, associated with regulatory changes that may directly affect the Business Group in the short and medium term. Among the regulatory changes, the following can be highlighted: (i) new information requirements for the application or modification of current and future licenses, 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 and (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 the company. o Risk of assets trapped in the traditional business of hydrocarbon production, transportation, and refining, considering factors such as fuel demand prospects and asset profit horizons. o Market risk, related to the change in preferences in the use of low-carbon products in the long term, which implies a risk for Ecopetrol Business Group of not being able to meet market demand and of not advancing effectively in the development of these products and the impact in the costs due to the change in carbon prices. o Reputational risk, associated with the impossibility of responding in a timely way to the expectations and demand of investors and other interest groups to establish ambitious objectives regarding climate change, which would affect the image of Ecopetrol Business Group. o Technological risk, associated with the negative effects on the profitability of the business if there is no preparation and capacity to adapt to new technologies because of the transition process. The Group 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 2023 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 Group. 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, the Business Group has a business risk associated with the management of Climate Change and Water, which included Biodiversity in the recent update of the risk map. The risk incorporates mitigating measures related to the management of greenhouse gas emissions, adaptation to climate variability and change, decarbonization projects, initiatives and technologies and instruments for their financing (internal carbon price, allocation of resources for investment), among others, in addition to key risk indicators associated with the occurrence of extreme climate events, reduction of greenhouse gas emissions and efficiency in water management. This business risk is updated annually, to include new actions that allow the Business Group to adequately manage the risks associated with climate. 29.11 The main objective of the capital management of the Ecopetrol Business Group is to ensure a financial structure that optimizes the cost of capital, maximizes the rate of return to its shareholders and allows access to financial markets at a competitive cost to cover financial needs. The following is the leverage ratio as of December 31: 2023 2022 Loans and borrowings (Note 19) 105,815,527 115,134,839 Cash and cash equivalents (Note 6) (12,336,115) (15,401,058) Other financial assets (Note 9) (2,232,775) (2,725,871) Net financial debt 91,246,637 97,007,910 Equity (Note 23) 100,252,480 113,903,089 Leverage (1) 47.65 % 45.99 % (1) |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2023 | |
Related parties | |
Related parties | 30. Balances with associates and joint ventures as of December 31, 2023, and 2022 are as follows: Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energía Limited — — 84 6,327 683,949 423 Ecodiesel Colombia S.A. 4,953 — — 49,429 — — Interligação Elétrica do Madeira S.A. 35,100 — — — — — Interligação Elétrica Garanhuns S.A. 10,292 41 — — — — Interligação Elétrica Paraguaçu S.A. 11,366 25 — — — — Interligação Elétrica Aimorés S.A. 7,612 25 — — — — Interligação Elétrica Ivaí S.A. 18,316 1,097 — — — — Transmissora Aliança de Energia Elétrica S.A. 26,783 — — — — — Conexión Kimal Lo Aguirre S.A. — 143,236 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 7,560 — — Extrucol S.A. — — — 1,028 — — E2 Energía Eficiente S.A. E.S.P. 7,215 — — 422 — — Internexa Brasil Operadora de Telecomunicaciones — 235 — — — — Balance as of December 31, 2023 121,637 144,659 84 64,766 683,949 423 Current 121,637 1,421 84 64,766 683,949 423 Non–current — 143,238 — — — — 121,637 144,659 84 64,766 683,949 423 (Note 7) (Note 7) (Note 11) (Note 20) (Note 19) Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energy Limited (1) 127 — 1,087 2,004 815,056 2,698 Ecodiesel Colombia S.A. 13,155 — — 53,821 — 3 Interligação Elétrica do Madeira S.A. 89,505 — — — — — Interligação Elétrica Garanhuns S.A. — 40 — — — — Interligação Elétrica Ivaí S.A. — 182 — — — — Derivex S.A. — 335 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 7,048 — — Extrucol S.A. 2 — — 854 — — E2 Energía Eficiente S.A. E.S.P. 7,397 — — 4,152 — — Balance as of December 31, 2022 110,186 557 1,087 67,879 815,056 2,701 Current 110,186 222 1,087 67,879 815,056 2,701 Non–current — 335 — — — — 110,186 557 1,087 67,879 815,056 2,701 (Note 7) (Note 7) (Note 11) (Note 20) (Note 19) Loans: (1) Resources deposited by Equion in Ecopetrol Capital AG. The main transactions with related parties as of December 31 are detailed as follows: 2023 2022 2021 Sales and Purchases Sales and Purchases Sales and Purchases services and others services and others services and others Joint Ventures Equion Energy Limited 731 2,578 33 23,845 13,996 149,046 Ecodiesel Colombia S.A. 25,032 540,987 21,234 619,286 35,825 442,373 25,763 543,565 21,267 643,131 49,821 591,419 Associates Gas Natural del Oriente S.A. E.S.P. — 39,659 — 53,994 — 27,175 Extrucol S.A. 16 4,591 20 3,411 — 2,354 E2 Energía Eficiente S.A. E.S.P. 91,105 3,045 90,117 7,908 60,159 6,976 91,121 47,295 90,137 65,313 60,159 36,505 116,884 590,860 111,404 708,444 109,980 627,924 30.1 In accordance with the approval given by the shareholders’ meeting in 2012, which was recorded in Minute No. 026, the directors’ fees for attending the meetings of the Board of Directors and / or the committees increase from four to six legal monthly minimum legal monthly salaries in force. On the other hand, in the General Shareholders’ Meeting of 2018, the amendment of the Corporate Bylaws that appears in Minute No. 036 was approved, by virtue of which, the fourth paragraph of article 23 was eliminated that made the differentiation between the fees for face-to-face and non-face-to-face meetings. The members of the Board of Directors do not have any kind of variable remuneration. The amount paid in 2023 for fees to members of the Board of Directors amounted to $4,983 (2022 - $3,582). The total compensation paid to Executive Officers and Senior Managers as of December 31, 2023, amounted to $35,906 (2022 – $27,359). Executive Officers and Senior Managers are not eligible to receive pension and retirement benefits. 30.2 The administration and management of resources for payment of Ecopetrol’s pension obligations are managed by autonomous pension funds (PAPs, by its acronym in Spanish) which serve as guarantee and payment sources. In 2008, Ecopetrol S.A. received the authorization to partially commute the value corresponding to monthly payments, bonds, and quotas, transferring said obligations and the money that support them to autonomous patrimonies of a pension nature, in accordance with the requirements of Decree 1833 of 2016. Since November 2016, the entities that manage the resources are: Fiduciaria Bancolombia, Fiduciaria de Occidente, and Consorcio Ecopetrol PACC (formed by Fiduciaria La Previsora, Fiduciaria Bancoldex, Fiduagraria, and Fiduciaria Central). These fiduciaries will manage the pension resources for a period of five years (2016-2021) and as compensation they receive remuneration with fixed and variable components, the latter being settled on the gross returns of the portfolios and charged to the managed resources. As of 2023, and after a rigorous selection and asset allocation process, the new trust companies that manage the funds related to the pension obligations are Fiduciaria BBVA, Fiduciaria Bogotá, and the Ecopetrol PACC 2022 Consortium, defined by Fiduprevisora, Fiducoldex, FiduAgraria, and Fiducentral. 30.3 Government related parties The Colombian Government controls Ecopetrol S.A. with a stock ownership of 88.49%. The most significant transactions with governmental entities are comprised as follows: (a) Purchase of oil from the National Hydrocarbons Agency – ANH The ANH, an entity which operates under the rules of the Ministry of Mines and Energy, has as objective to manage the oil and gas reserves and resources owned by the Colombian Nation. In accordance with the nature of the purchase and sale contract business, Ecopetrol purchases the crude oil from ANH that it receives from some producers in Colombia at prices set in accordance with an established formula, which reflects the sales prices, with adjustment to the quality of API gravity, sulfur content, transportation rates, to export ports or to the Barrancabermeja and/or Cartagena refineries. The purchase value of oil and gas from ANH is detailed in Note 25 - Cost of sales. (b) Refined Price Stabilization Fund The sale prices of regular gasoline and diesel are regulated by the National Government. In that way, there are differentials between the volume reported by the companies at the time of sale and the difference between the parity price and the reference price, the parity price being the one that corresponds to the daily prices of motor gasoline and diesel observed during the month. This differential can be for or against the producers. The value of this differential is detailed in Note 24 - Revenue from contracts with customers and in Note 7 - Trade and other receivables. (c) National Tax and Customs Direction Ecopetrol Business Group, just like any other company in Colombia, has tax obligations that it must comply with and does not have any other kind of association or commercial relationship with the National Tax and Customs Direction of Colombia. (d) Comptroller General of the Republic Ecopetrol Business Group, just like any other state entity in Colombia, is obliged to comply with the requirements set out by the Comptroller General of the Republic and make an annual payment to this entity on account of a maintenance fee. Ecopetrol Business Group does not have any other kind of association or commercial relationship with this entity. |
Joint operations
Joint operations | 12 Months Ended |
Dec. 31, 2023 | |
Joint operations | |
Joint operations | 31. The Ecopetrol Business Group carries out exploration and production operations through Exploration and Production (E&P) Contracts, Technical Evaluation (TEA) Contracts and Agreements signed with the National Hydrocarbons Agency or ANH, as well as through Partnership Contracts and other types of contracts. The main joint operations in 2023 are as follows: 31.1 % Geographic area of Partners Contract Type Participation operations Chipirón 30-41% SierraCol Energy Arauca, LLC Cosecha Production 30% Colombia Cravo Norte 55% Rondón 50% Frontera Energy Colombia Corp Quifa Production 40% Colombia Variable Union Temporal Ismocol Joshi Parko CPI Palagua Production Between 70% and 80% Colombia According amendment Parex Resources Colombia LTD Capachos LLA-122 Production Exploration 50% Colombia E&P COL 1 40% Anadarko Colombia Company (OXY) E&P COL 2 Exploration 40% Offshore North Caribe E&P COL 6 40% E&P COL 7 40% Petrobras Tayrona Exploration 55.6% Offshore North Caribe Fuerte Sur 50% Shell EP Offshore ventures Limited Purple Angel Exploration 50% Offshore North Caribe Col-5 50% Mana 30% Interoil Colombia Rio Opia Production 30% Colombia Ambrosia 30% Llanos 86 50% Llanos 87 50% Geopark Colombia SAS Llanos 104 Exploration 50% Colombia Llanos 123 50% Llanos 124 50% SSJN1 Production 50% Perdices 50% Lewis Energy Colombia VIM-42 Exploration 50% Colombia SSJN3-1 50% Quarter North Energy Gunflint Production 32% Gulf of Mexico Murphy Exploration and Production Company – USA Dalmatian Production 30% Gulf of Mexico OXY (Anadarko) - K2 K2 Production 21% Gulf of Mexico HESS ESOX Production 21% Gulf of Mexico S-M-1709 30% S-M-1908 30% S-M-1601 30% Shell S-M-1713 Exploration 30% Brazil S-M-1817 30% S-M-1599 30% S-M-1910 30% Sul de Gato do Mato 30% BM-S-54 30% BP Energy Pau Brasil Exploration 20% Brazil Chevron CE-M-715 Exploration 50% Brazil PAMA-M-187 30% PAMA-M-188 30% Petrobras PAMA-M-222 Exploration 30% Brazil PAMA-M-223 30% BM-C-44 38% BM-S-74 13% Anadarko BM-C-29 Exploration 50% Brazil Repsol BM-ES-29 Exploration 30% Brazil ONGC BM-S-73 Exploration 13% Brazil BM-S-63 30% Vanco BM-S-71 Exploration 30% Brazil BM-S-72 30% Occidental Midland Basin, LLC (Oxy) Rodeo Midland Basin Production 49% Midland, Texas, USA Pemex Exploration y Production Bloque 8 Exploration 50% Gulf of Mexico PC Carigali Mexico Operation SA Bloque 6 Exploration 50% Gulf of Mexico 31.2 % Geographic area of Partners Contract Type Participation operations VMM29 50% CR2 50% ExxonMobil Exploration Colombia C62 Exploration 50% Colombia KALE 100% Repsol Colombia SA CPO9 Exploration 55% Colombia CPVEN E&P Corp Sucursal Colombia VMM32 Exploration 51% Colombia Repsol Exploration Colombia S.A. Catleya Exploration 50% Colombia Emerald Energy PLC Suc. Colombia Cardon Exploration 50% Colombia Parex Resourses Colombia Ltd. ORC401 CRC-2004-01 Exploration 50% Colombia Repsol Colombia Oil & Gas Limited CPO9 – Akacias Production 55% Colombia SierraCol Energy Arauca, LLC La Cira Infantas Production 52%+PAP Colombia Teca 100% Basic Total Colombie Talisman Oil & Gas Mundo Nuevo Exploration 15% Colombia Total Colombie Talisman Oil & Gas Niscota** Exploration 20% Colombia Emerald Energy Oleoducto Alto Magdalena Production 45% Colombia Frontera Energy Perenco Oil and Gas San Jacinto Rio Paez Production 68% Colombia Cepsa Colombia Lewis Energy Colombia Clarinero** Exploration 50% Colombia ** The Group acquires investment commitments at the moment of receiving the exploration and/or exploitation rights of a determined area by the competent authority. As of December 31, 2023, investment commitments with the ANH reach USD $802.3 million (2022 - USD $805,6 Ecopetrol Permian LLC has commitments related to the five-year business plan in the Permian Basin under the Rodeo Midland Basin LLC formation agreement, which may be modified annually by contract members, and Ecopetrol América LLC commitments derived from the joint operations in the Gulf of Mexico through authorizations for expenditures (AFEs) for projects of both a capital nature and operating expenses. |
Information by segments
Information by segments | 12 Months Ended |
Dec. 31, 2023 | |
Information by segments | |
Information by segments | 32. A description of the Ecopetrol Business Group’s business segments is in Note 4.20 - Information by business segment. The following segment information is reported based on the information used by the Board of Directors as the top body to make strategic and operational decisions of these business segments. The performance of the segments is based primarily on an analysis of income, costs, expenses, and results for the period generated by each segment which are regularly monitored. The information disclosed in each segment is presented net of transactions between the Ecopetrol Business Group companies. 32.1 Below are the consolidated statements of profit or loss by segment for the years ended December 31, 2023, 2022 and 2021: For the year ended on December 31, 2023 Electric power transmission Exploration Transport and toll and Refining and and roads Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 52,429,502 73,616,641 2,978,937 14,164,522 — 143,189,602 Inter–segment sales 29,085,413 8,531,285 12,530,795 3,744 (50,151,237) — Revenue from contracts with customers 81,514,915 82,147,926 15,509,732 14,168,266 (50,151,237) 143,189,602 Variable cost (37,643,759) (71,009,974) (885,109) — 45,506,500 (64,032,342) Fixed cost (14,184,125) (4,706,479) (3,495,086) (5,928,905) 4,168,739 (24,145,856) Cost of sales (51,827,884) (75,716,453) (4,380,195) (5,928,905) 49,675,239 (88,178,198) Gross profit 29,687,031 6,431,473 11,129,537 8,239,361 (475,998) 55,011,404 Administrative expenses (2,605,190) (962,063) (621,341) (1,182,380) 345,177 (5,025,797) Operation and project expenses (4,102,410) (1,392,588) (426,821) — 219,657 (5,702,162) Impairment (loss) reversal of non–current assets (2,741,092) 1,482,444 (630,134) (209,551) — (2,098,333) Other operating (expenses) income net (148,314) (103,563) 34,835 (201,141) (7,948) (426,131) Operating income 20,090,025 5,455,703 9,486,076 6,646,289 80,888 41,758,981 Financial result net Financial income 1,473,523 197,186 431,593 870,897 (652,230) 2,320,969 Financial expenses (4,872,501) (1,748,454) (349,340) (3,984,198) 570,428 (10,384,065) Foreign exchange gain (loss) net 2,009,356 657,678 (272,900) 3,578 — 2,397,712 (1,389,622) (893,590) (190,647) (3,109,723) (81,802) (5,665,384) Share of profits of associates and joint ventures 26,927 251,769 — 529,536 (2,883) 805,349 Income before tax 18,727,330 4,813,882 9,295,429 4,066,102 (3,797) 36,898,946 Income tax (8,610,599) 753,038 (3,129,197) (529,117) — (11,515,875) Net profit (loss) for the period 10,116,731 5,566,920 6,166,232 3,536,985 (3,797) 25,383,071 Profit (loss) attributable to: Group owners of parent 10,208,130 5,352,446 4,829,051 674,968 (3,797) 21,060,798 Non–controlling interest (91,399) 214,474 1,337,181 2,862,017 — 4,322,273 10,116,731 5,566,920 6,166,232 3,536,985 (3,797) 25,383,071 Supplementary information Depreciation, depletion and amortization 8,657,782 2,184,053 1,487,501 1,483,051 — 13,812,387 For the year ended on December 31, 2022 Electric power transmission and toll Exploration Refining and Transport and roads and Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 60,719,903 82,728,875 2,807,031 13,355,269 — 159,611,078 Inter–segment sales 30,300,562 6,450,072 11,148,961 2,237 (47,901,832) — Revenue from contracts with customers 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 Variable cost (34,649,988) (76,341,169) (720,247) — 43,531,185 (68,180,219) Fixed cost (12,099,432) (3,990,829) (3,172,963) (5,854,832) 3,840,127 (21,277,929) Cost of sales (46,749,420) (80,331,998) (3,893,210) (5,854,832) 47,371,312 (89,458,148) Gross profit 44,271,045 8,846,949 10,062,782 7,502,674 (530,520) 70,152,930 Administrative expenses (2,489,557) (823,349) (499,801) (965,314) 442,326 (4,335,695) Operation and project expenses (3,221,678) (1,387,064) (327,952) — 193,066 (4,743,628) Impairment loss (reversal) of non–current assets (890,248) 1,096,021 (406,229) (87,543) — (287,999) Other operating expenses net (310,628) (37,959) (96,239) (104,664) (6,365) (555,855) Operating income 37,358,934 7,694,598 8,732,561 6,345,153 98,507 60,229,753 Financial result net Financial income 1,011,182 89,173 157,264 577,743 (518,217) 1,317,145 Financial expenses (2,894,636) (1,381,682) (287,889) (3,883,596) 420,551 (8,027,252) Foreign exchange gain (loss) net (44,302) (289,105) 10,080 198,677 — (124,650) (1,927,756) (1,581,614) (120,545) (3,107,176) (97,666) (6,834,757) Share of profits of associates and joint ventures 30,197 222,460 — 515,746 19 768,422 Income before tax 35,461,375 6,335,444 8,612,016 3,753,723 860 54,163,418 Income tax (13,829,885) (1,464,380) (2,962,021) (707,652) — (18,963,938) Net profit (loss) for the period 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Profit (loss) attributable to: Group owners of parent 21,761,164 4,686,009 4,483,060 673,688 860 31,604,781 Non–controlling interest (129,674) 185,055 1,166,935 2,372,383 — 3,594,699 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Supplementary information Depreciation depletion and amortization 7,304,525 1,960,399 1,448,626 1,415,441 — 12,128,991 For the year ended on December 31, 2021 Electric power transmission and toll Exploration and Refining and Transport roads Production Petrochemicals and Logistics concessions Eliminations Total Third–party sales 38,552,572 46,658,196 2,557,238 4,113,198 — 91,881,204 Inter–segment sales 24,696,380 4,318,189 9,601,228 — (38,615,797) — Revenue from contracts with customers 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 Variable cost (30,473,145) (44,860,928) (531,361) — 34,859,524 (41,005,910) Fixed cost (9,861,987) (3,674,460) (2,728,948) (1,817,491) 3,507,020 (14,575,866) Cost of sales (40,335,132) (48,535,388) (3,260,309) (1,817,491) 38,366,544 (55,581,776) Gross profit 22,913,820 2,440,997 8,898,157 2,295,707 (249,253) 36,299,428 Administrative expenses (1,987,817) (784,214) (457,217) (322,939) 210,118 (3,342,069) Operation and project expenses (1,882,686) (944,616) (404,264) (460) 78,469 (3,153,557) Impairment reversal (loss) of non–current assets 438,020 (305,466) (165,901) (4) — (33,351) Other operating (expenses) income net (617,893) 10,749 591,829 (51,267) (6,162) (72,744) Operating income (expenses) 18,863,444 417,450 8,462,604 1,921,037 33,172 29,697,707 Financial result net Financial income 517,629 24,313 76,453 89,267 (304,070) 403,592 Financial expenses (2,410,906) (1,151,255) (250,816) (886,420) 267,749 (4,431,648) Foreign exchange gain (loss) net (219,747) (132,734) 381,964 300,519 — 330,002 (2,113,024) (1,259,676) 207,601 (496,634) (36,321) (3,698,054) Share of profits of associates and joint ventures 9,610 200,998 858 214,698 — 426,164 Income before tax 16,760,030 (641,228) 8,671,063 1,639,101 (3,149) 26,425,817 Income tax (5,019,540) (383,562) (2,925,390) (466,771) — (8,795,263) Net profit (loss) for the period 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Profit (loss) attributable to: Group owners of parent 11,829,119 (1,198,619) 4,635,354 386,438 (3,149) 15,649,143 Non–controlling interest (88,629) 173,829 1,110,319 785,892 — 1,981,411 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Supplementary information Depreciation depletion and amortization 6,844,910 1,640,940 1,211,642 462,430 — 10,159,922 32.2 The sales by product for each segment are detailed below for the years ended December 31, 2023, 2022 and 2021: For the year ended on December 31, 2023 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid–distillates — 32,638,191 — — (32,349) 32,605,842 Gasoline and turbo fuels — 26,965,667 — — (3,836,642) 23,129,025 Natural gas 5,551,389 — — — (1,193,123) 4,358,266 Services (53,379) 1,441,770 15,509,732 335,812 (14,001,151) 3,232,784 Electric power transmission services — — — 2,769,897 — 2,769,897 Plastic and rubber — 1,225,223 — — — 1,225,223 Fuel gas service — 998,367 — — (9,283) 989,084 Asphalts 65,574 872,611 — — — 938,185 LPG and propane 505,066 274,022 — — (16,739) 762,349 Roads and construction services — — — 349,834 — 349,834 Polyethylene — 313,535 — — 649 314,184 Aromatics — 297,957 — — — 297,957 Crude oil 27,870,500 (741) — — (27,741,343) 128,416 Fuel oil 26,564 9,734 — — — 36,298 Other income gas contracts 30 — — — — 30 Other products 15,861 3,691,674 — — (3,099,827) 607,708 33,981,605 68,728,010 15,509,732 3,455,543 (49,929,808) 71,745,082 Foreign sales Crude oil 47,631,662 1,928,202 — — — 49,559,864 Electric power transmission services — — — 5,666,389 — 5,666,389 Roads and Construction Services — — — 4,761,317 — 4,761,317 Diesel — 4,097,117 — — — 4,097,117 Fuel oil (82,348) 4,315,286 — — (204,030) 4,028,908 Plastic and rubber — 1,393,669 — — — 1,393,669 LPG and propane 302,159 — — — — 302,159 Gasoline and turbo fuels — 193,394 — — — 193,394 Natural gas 105,413 — — — — 105,413 Cash flow hedging (460,445) (7,962) — — — (468,407) Other products 36,869 1,500,210 — 285,017 (17,399) 1,804,697 47,533,310 13,419,916 — 10,712,723 (221,429) 71,444,520 81,514,915 82,147,926 15,509,732 14,168,266 (50,151,237) 143,189,602 For the year ended on December 31, 2022 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid-distillates — 39,217,618 — — (35,108) 39,182,510 Gasoline and turbo fuels — 32,022,556 — — (4,402,357) 27,620,199 Natural gas 5,250,577 — — — (1,087,701) 4,162,876 Services 450,322 746,500 13,955,992 296,216 (11,847,349) 3,601,681 Electric power transmission services — — — 2,595,505 — 2,595,505 Plastic and rubber — 1,568,816 — — — 1,568,816 LPG and propane 739,323 385,178 — — (30,169) 1,094,332 Asphalts 47,224 849,976 — — — 897,200 Fuel gas service — 869,101 — — (8,999) 860,102 Crude oil 28,725,485 491,440 — — (28,841,135) 375,790 Roads and Construction services — — — 355,737 — 355,737 Aromatics — 343,792 — — — 343,792 Polyethylene — 302,630 — — — 302,630 Fuel oil 2,663 6,550 — — — 9,213 Other income gas contracts 1,940 — — — — 1,940 Other products 20,204 2,164,882 — — (1,505,903) 679,183 35,237,738 78,969,039 13,955,992 3,247,458 (47,758,721) 83,651,506 Foreign sales Crude oil 56,701,497 92,147 — — (141,891) 56,651,753 Electric power transmission services — — — 5,114,783 — 5,114,783 Roads and Construction Services — — — 4,676,822 — 4,676,822 Fuel oil — 4,348,312 — — — 4,348,312 Diesel — 2,324,861 — — — 2,324,861 Plastic and rubber — 2,036,201 — — — 2,036,201 LPG and propane 339,837 — — — — 339,837 Natural gas 254,054 — — — — 254,054 Gasoline and turbo fuels — 157,685 — — — 157,685 Other products 35,113 1,281,174 — 318,443 (1,220) 1,633,510 Cash flow hedging (1,547,774) (30,472) — — — (1,578,246) 55,782,727 10,209,908 — 10,110,048 (143,111) 75,959,572 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 For the year ended on December 31, 2021 Electric power transmission and toll Exploration and Refining and Transport roads Production Petrochemicals and Logistics concessions Eliminations Total Local sales Mid–distillates — 17,166,812 — — (26,485) 17,140,327 Gasoline and turbo fuels — 17,931,469 — — (2,456,099) 15,475,370 Natural gas 4,077,691 — — — (877,622) 3,200,069 Services 132,060 659,088 12,158,466 120,795 (10,004,421) 3,065,988 Plastic and rubber — 1,642,035 — — — 1,642,035 LPG and propane 618,218 332,542 — — (24,529) 926,231 Fuel gas service — 742,212 — — (7,546) 734,666 Electric power transmission services — — — 728,467 — 728,467 Asphalts 25,178 585,873 — — — 611,051 Polyethylene — 320,466 — — — 320,466 Aromatics — 247,387 — — — 247,387 Crude oil 23,619,491 — — — (23,426,015) 193,476 Roads and Construction Services — — — 107,179 — 107,179 Fuel oil 10,838 12,961 — — — 23,799 Other income gas contracts 2,879 — — — — 2,879 Other products 35,213 2,160,653 — — (1,793,038) 402,828 Cash flow hedges — (8) — — — (8) 28,521,568 41,801,490 12,158,466 956,441 (38,615,755) 44,822,210 Foreign sales Crude oil 34,868,421 — — — — 34,868,421 Diesel — 3,867,937 — — — 3,867,937 Fuel oil — 2,288,977 — — — 2,288,977 Plastic and rubber — 2,092,379 — — — 2,092,379 Electric power transmission services — — — 1,827,622 — 1,827,622 Roads and Construction Services — — — 1,241,144 — 1,241,144 LPG and propane 116,960 — — — — 116,960 Natural gas 71,529 — — — — 71,529 Other products 20,365 925,595 — 87,991 (42) 1,033,909 Cash flow hedges (349,891) 7 — — — (349,884) 34,727,384 9,174,895 — 3,156,757 (42) 47,058,994 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 32.3 The following are the investments amounts made by each segment for the years ended December 31, 2023, 2022 and 2021: Electric power transmission Exploration Refining and Transport and and toll roads 2023 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 13) 4,258,469 738,161 2,702,091 1,651,164 9,349,885 Natural and environmental resources (Note 14) 13,964,435 — — — 13,964,435 Intangibles (Note 16) 59,870 84,268 622,559 9,899 776,596 18,282,774 822,429 3,324,650 1,661,063 24,090,916 Electric power transmission Exploration Refining and Transport and and toll roads 2022 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 13) 4,461,244 928,843 2,424,428 953,201 8,767,716 Natural and environmental resources (Note 14) 11,962,544 — — — 11,962,544 Intangibles (Note 16) 145,532 32,832 89,463 879,683 1,147,510 16,569,320 961,675 2,513,891 1,832,884 21,877,770 Electric power transmission Exploration Refining and Transport and and toll roads 2021 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 13) 2,633,119 1,845,618 1,344,654 294,197 6,117,588 Natural and environmental resources (Note 14) 6,733,028 — — — 6,733,028 Intangibles (Note 16) 106,490 22,685 47,236 267,935 444,346 9,472,637 1,868,303 1,391,890 562,132 13,294,962 |
Supplemental information on oil
Supplemental information on oil and gas producing activities (unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental information on oil and gas producing activities (unaudited) | |
Supplemental information on oil and gas producing activities (unaudited) | 33. The information in this note is referred to as “unaudited” as a means of clarifying that it is not covered by the audit opinion of the independent registered public accounting firm that has audited and reported on the “Consolidated Financial Statements.” In accordance with the requirements of the United States Securities and Exchange Commission (SEC), Rule 4–10(a) of Regulation S–X, Release 33–8879, Accounting Standards Codification 932 and the ASU– 2010–03 “Oil and Gas reserve Estimation and Disclosures” rule, this section provides supplemental information on oil and gas exploration and producing activities of the Ecopetrol Business Group. The information included in sections (1) to (3) provides historical cost information pertaining to costs incurred in exploration, property acquisitions and development, capitalized costs, and results of operations. The information included in sections (4) and (5) presents information on Ecopetrol’s estimated net proved reserve quantities, standardized measure of estimated discounted future net cash flows related to proved reserves and changes in estimated discounted future net cash flows. The following information corresponds to Ecopetrol’s oil and gas producing activities as of December 31, 2023, 2022 and 2021, and includes information related to the Ecopetrol Business Group’s consolidated subsidiaries. Under the SEC final rule optional disclosure of possible and probable reserves is allowed but, the Ecopetrol Business Group opted not to do so. Ecopetrol estimated its reserves without considering non–traditional resources. 33.1 2023 2022 2021 Natural and environmental properties 96,856,236 90,284,366 79,385,151 Wells, equipment, and facilities – property, plant, and equipment 35,897,318 33,568,835 31,730,001 Exploration and production projects 17,372,792 16,451,284 11,474,682 Accumulated depreciation, depletion, and amortization (84,413,729) (79,744,788) (70,739,885) Net capitalized cost 65,712,617 60,559,697 51,849,949 It includes information of the Exploration and Production segment subsidiaries and joint ventures. In accordance with IAS 37, costs capitalized to natural and environmental properties include provisions for asset retirement obligations of $4,101,617, $1,979,749, and $3,930,370 during 2023, 2022 and 2021, respectively. 33.2 Costs incurred are summarized below and include both amounts expensed and capitalized in the corresponding period. 2023 2022 2021 Acquisition of proved properties (1) 37,419 141,928 — Acquisition of unproved properties (2) — 339,394 — Exploration costs 2,911,974 3,322,055 1,793,549 Development costs 19,976,218 16,266,222 11,264,075 22,925,611 20,069,599 13,057,624 (1) For 2023 and 2022, it corresponds to 49 % of participation contract in Barnett, acquired by Ecopetrol Permian. (2) During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70 % of participation in the assets, with a 30 % of participation held by Ecopetrol Brasil. 33.3 Results of operations for oil and gas exploration and production activities The Ecopetrol Business Group’s results of operations from oil and gas exploration and production activities for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Net revenues Sales 66,258,193 71,223,307 50,631,272 Transfers 15,256,723 19,797,158 12,617,680 81,514,916 91,020,465 63,248,952 Production costs (1) 20,544,682 22,152,495 12,554,338 Depreciation, depletion, and amortization (2) 8,531,483 7,138,902 6,623,891 Other production costs (3) 22,751,720 20,741,550 21,156,904 Exploration expenses (4) 2,088,922 1,512,385 960,247 Other expenses (5) 7,508,085 5,399,726 3,090,128 61,424,892 56,945,058 44,385,508 Income before income tax expense 20,090,024 34,075,407 18,863,444 Income tax expense (9,250,450) (13,026,271) (5,652,743) Results of operations for exploration and production activities 10,839,574 21,049,136 13,210,701 (1) Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2023, 2022 and 2021 of $477,511, $333,683, and $292,329, respectively. (2) In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2023, 2022 and 2021 in depreciation, depletion, and amortization, were $438,675, $768,466, and $887,725, respectively. (3) Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost. (4) Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells. (5) Corresponds to administration, marketing expenses, and impairment. During 2023, 2022, and 2021, the Ecopetrol Business Group transferred approximately 18.7%, 21.8%, and 19.9%, respectively, of its crude oil and gas production; (percentages based on the value sales in Colombian pesos) to intercompany business units. Those transfers were 57.0%, 50.4%, and 52.1%, respectively, of crude oil and gas production volume (including Refinería de Cartagena). The intercompany transfers were realized at market prices. 33.4 The Ecopetrol Business Group follows international standards for estimating, classifying, and reporting reserves framed under SEC definitions. Corporate Reserve Management of Ecopetrol Business Group, Upstream Management and the Vice-Presidency of Development and Production, present the reserves balance to the Board of Directors, which approved it in February 2024. The reserves were estimated at a level of 99.8% by specialized firms: DeGolyer and MacNaughton, Ryder Scott Company, and Gaffney and Cline. According to these certifications the reserves report complies with the content and guidelines set forth in Rule 4–10 of Regulation S–X issued by the United States SEC. The following information relates to the net proven reserves owned by the Ecopetrol Business Group in 2023, 2022 and 2021, and corresponds to the official reserves statements prepared by the Ecopetrol Business Group: 2023 2022 2021 Oil Gas Total Oil Gas Total Oil Gas Total (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) Proved reserves: Opening balance 1,515 2,828 2,011 1,449 3,151 2,002 1,257 2,921 1,770 Revisions of previous estimates (1) 38 (165) 9 81 (104) 63 240 431 315 Improved recovery 91 9 93 77 21 81 120 107 139 Purchases — — — 39 50 48 — — — Extensions and discoveries 17 — 17 52 33 57 12 — 12 Sales — — — — — — (3) (4) (3) Production (190) (326) (247) (183) (323) (240) (177) (304) (231) Closing balance 1,471 2,346 1,883 1,515 2,828 2,011 1,449 3,151 2,002 Proved developed reserves: Opening balance 995 2,174 1,376 921 2,561 1,370 834 2,636 1,297 Closing balance 1,083 2,007 1,435 995 2,174 1,376 921 2,561 1,370 Proved undeveloped reserves: Opening balance 520 654 635 528 590 632 423 285 473 Closing balance 388 339 448 520 654 635 528 590 632 Some values were rounded for presentation purposes. Mbls = Million barrels Gpc: Giga cubic feet Mbe = Million barrels of oil equivalent (1) Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors. For additional information about the changes in Proved Reserves and the process for estimating reserves, see section 3.1 – Oil and Gas Reserves. 33.5 The standardized measure of discounted future net cash flows related to the above proved crude oil and natural gas reserves is calculated in accordance with the requirements of ASU 2010–03. Estimated future cash inflows from production under SEC requirements are computed by applying unweighted arithmetic average of the first day–of–the–month for oil and gas price to year–end quantities of estimated net proved reserves, with cost factors based on those at the end of each year, currently enacted tax rates and a 10% annual discount factor. In our view, the information so calculated does not provide a reliable measure of future cash flows from proved reserves, nor does it permit a realistic comparison to be made of one entity with another because the assumptions used cannot reflect the varying circumstances within each entity. In addition, a substantial but unknown proportion of future real cash flows from oil and gas production activities is expected to derive from reserves which have already been discovered, but which cannot yet be regarded as proved. 2023 2022 2021 Future cash inflows 425,761,732 685,716,359 401,980,640 Future costs Production (1) (158,870,388) (182,522,131) (129,109,036) Development (40,675,517) (58,332,264) (38,451,863) Income taxes (80,373,445) (201,912,509) (69,053,224) Future net cash flow 145,842,382 242,949,455 165,366,517 10% discount factor (49,557,596) (86,340,334) (57,009,654) Standardized measure of discounted net cash flows 96,284,786 156,609,121 108,356,863 (1) Production future costs include the estimated costs related to assets retirement obligations in the amount of $22,615,261; $23,234,408; and $17,364,520, as of December 31, 2023, 2022, and 2021, respectively. The following are the principal sources of change in the standardized measure of discounted net cash flows in 2023, 2022 and 2021: 2023 2022 2021 Net change in sales and transfer prices and in production cost (lifting) related to future production (123,240,049) 158,798,134 110,224,660 Changes in estimated future development costs (10,624,343) (52,166,780) (22,011,659) Sales and transfer of oil and gas produced net of production costs (60,970,234) (68,867,970) (50,694,613) Net change due to extensions, discoveries, and improved recovery 6,173,144 9,993,781 6,741,068 Net change due to purchase and sales of minerals in place — 1,767,856 (13,419) Net change due to revisions in quantity estimates 967,150 10,807,453 32,923,680 Previously estimated development costs incurred during the period 34,815,000 69,458,458 32,941,335 Accretion of discount 28,676,517 15,360,418 10,468,951 Timing and other (13,215,214) (11,990,359) (16,636,925) Net change in income taxes 77,093,694 (84,908,732) (36,016,420) Aggregate change in the standardized measure of discounted future net cash flows for the year (60,324,335) 48,252,259 67,926,658 |
Subsequent and relevant events
Subsequent and relevant events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent and relevant events | |
Subsequent and relevant events | 34. Subsequent and relevant events ● Issuance of bonds in the international market Ecopetrol S.A. reported on January 9, 2024, that as part of its refinancing and financing strategy, it successfully placed External Public Debt Bonds in the international capital market, based on the authorization issued by the Ministry of the Treasury and Public Credit through Resolution 0032 of January 05, 2024, for USD $1,850 million under the following conditions: Term 12 years Transaction date January 09, 2024 Compliance date January 19, 2024 Maturity January 19, 2036 Face amount US$ 1,850 million Yield 8.450% Coupon rate 8.375% Periodicity Semiannual Rating (Moody’s/S&P/Fitch) Baa3 / BB+ / BB+ The issuance will be used to prepay the repurchase of the bonds maturing in 2025, and to finance expenses other than investment, which includes the refinancing of other liabilities. ● International bonds repurchase offer On January 9, 2024, Ecopetrol S.A. reported that, as part of its comprehensive debt management strategy, it launched a tender offer to buy any and all of its international bonds maturing in January 2025 (issued in 2014). The nominal amount outstanding of the mentioned bond is USD $1,200 million and has a coupon rate of 4.125%. The repurchase offer is made simultaneously with the bond issued in the international capital market. This issuance will be used to finance the repurchase of the bonds issued in 2014 and to finance expenses other than investment, which includes the refinancing of other liabilities. Likewise, on January 19, 2024, Ecopetrol reported that, according to the depositary agent and the offer information, offers were received for USD $737,350,000 of the aggregate amount of the bonds, reaching a 61.45% repurchase rate. ● Abandonment of Pozo Milonga – Hocol S.A. In February 2024, Hocol S.A. made the decision to abandon the Milonga well; as a result of the analysis of the records in which there is no evidence of discovery of hydrocarbons at the target point. The Milonga well is located in the department of Magdalena - Colombia, which is part of the Perdices joint venture contract, in which Hocol S.A. has a 100% participation. Drilling work on the Milonga well began in December 2023. As of December 31, 2023, the Milonga well had been 72% drilled, and the cost of the activities carried out amounted to USD $17,000,000. It reached Total Depth target point on January 29, 2024, the date on which all investment activities were fulfilled. For the income statement for 2024, the fruitlessness of this well will be recognized. ● Issuance of Debentures in CTEEP Brazil on February 8, 2024, the board of directors of CTEEP approved the 15th issuance of simple, non-convertible debentures, of the unsecured type, in three (3) series. Initially, 1,195,000 (one million one hundred ninety-five thousand) obligations will be issued, of which (i) 685,000 (six hundred and eighty-five thousand) will be first series obligations; (ii) at least four hundred thousand (400,000) obligations of the second series; and (iii) at least 110,000 (one hundred ten thousand) obligations of the third series, subject to the option of additional lot, with a unit face value of R$1 (one thousand reais) on the date of issuance of the obligations, totaling the total value of the issue of, initially, R$1,195,000 (one thousand one hundred and ninety-five million reais). On February 15, 2024, the 5th Issuance of Simple Obligations, not convertible into shares, of a single series, was fully settled for R$444,634. ● Ecopetrol S.A. obtains authorization to execute a USD 1,200 million debt management transaction On March 20, 2024, Ecopetrol S.A. informs that, as part of its comprehensive debt management and maturity refinancing strategy, the Ministry of Finance and Public Credit (“MHCP”), through Resolution 0652 of 20 March 2024, has approved the execution of a loan of up to USD 1,200 million. The loan will be executed by and among Ecopetrol, as borrower, and Bank of Nova Scotia (USD 300 million), BBVA Securities Inc. (USD 250 million), Bank of America, N.A. (USD 200 million), JPMorgan Chase Bank, N.A. (USD 200 million), Itaú Chile New York Branch (USD 100 million) and Standard Chartered Bank Hong Kong Limited (USD 150 million), as lenders. The term of the loan will be five The loan was approved by the MHCP, given Ecopetrol’s request to refinance the USD 1,200 million outstanding under a previously-executed loan authorized by Resolution 1824 of July 30, 2021, and which expired on August 16, 2023. Such loan authorized in 2021 was disbursed on September 29, 2022, to refinance the debt contracted for the acquisition of Interconexión Eléctrica S.A. In order to obtain the loan, the Company complied with all the required internal and external procedures and approvals. The terms of the loan confirm the support and confidence of the international financial sector in the strategy of the Ecopetrol Business Group. Pursuant to Colombian regulation, the MHCP reviewed and authorized the terms of the agreement, which provide for events of default by the borrower, such as failure to make timely payments of principal and interest, possible impairment of the borrower’s ability to pay, impairment of the integrity of the borrower’s financial information, and failure to comply with contractual obligations, among others, which are frequently used in transactions of this nature. Should any of these events materialize, lenders would be entitled to claim early repayment of the debt, according to the procedure foreseen in the contract. Likewise, the loan agreement establishes Ecopetrol’s right of recourse against the lenders when they fail to make disbursements under the terms of the loan. All of the above, in accordance with the law of the State of New York, which is the governing law of the agreement. ● Non-deductibility of royalties 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. In March 2024, the Constitutional Court rejected the request for nullity, presented by the Ministry of Mines and Energy, with respect to the fiscal impact, the Ministry of Finance and Public Credit presented in March 11, 2024 the filed correspondence. The Constitutional Court has not issued to respect. The Constitutional Court rejected the fiscal impact incident presented by the Minister of Finance and Public Credit and granted a period of five ● Distribution of Profits for Fiscal Year 2023 Ecopetrol S.A. reports that the Ordinary General Shareholders’ Meeting, held on March 22, 2024, approved the profit distribution proposal submitted for its consideration, which establishes that an ordinary dividend of COP $278 per share and an extraordinary dividend of COP $34 per share, for a total of COP $312 per share. The payment of the ordinary and extraordinary dividend for minority shareholders will be made in two installments of equal value, on the following dates: April 3 and June 26, 2024. The payment for the majority shareholder will be made during 2024 and in any case before December 31, 2024, considering the payment schedule of the balance of the Fuel Price Stabilization Fund (FEPC). ● Fuel Price stabilization fund On April 01, 2024, the Ministry of Finance and Public Credit paid in cash $7,839,953 to Ecopetrol Business Group as follows: i) payments to Ecopetrol for $6,305,038 and ii) payments to Reficar for 1,534,915. These payments correspond to the settlements of the first quarters of 2023. |
Exhibit 1 - Consolidated subsid
Exhibit 1 - Consolidated subsidiaries, associates, and joint ventures | 12 Months Ended |
Dec. 31, 2023 | |
Exhibit 1 - Consolidated subsidiaries, associates, and joint ventures | |
Consolidated subsidiaries, associates, and joint ventures | Exhibit 1 – Consolidated subsidiaries, associates, and joint ventures Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Subsidiaries Refinería de Cartagena S.A.S. US Dollar 100 % Refining of hydrocarbons, commercialization and distribution of products Colombia Colombia 22,507,372 4,867,094 35,151,210 12,643,838 Cenit transporte y logística de hidrocarburos S.A.S. Colombian Peso 100 % Storage and transport by pipelines of hydrocarbons Colombia Colombia 16,184,340 4,918,027 19,165,246 2,980,906 Ecopetrol Global Energy S.L.U. US Dollar 100 % Investment Vehicle Spain Spain 13,936,493 779,372 13,936,782 289 Oleoducto Central S.A.S - Ocensa US Dollar 72.65 % Transportation by crude oil pipelines Colombia Colombia 3,339,065 3,262,352 7,014,139 3,675,074 Hocol Petroleum Limited. US Dollar 100 % Investment Vehicle Bermuda Bermuda 3,900,278 334,443 3,900,348 70 Ecopetrol América LLC. US Dollar 100 % Exploration and exploitation of hydrocarbons United States United States 1,565,618 (136,483) 3,216,891 1,651,273 Hocol S.A. US Dollar 100 % Exploration and exploitation of hydrocarbons Cayman Islands Colombia 3,397,978 314,192 5,247,665 1,849,687 Esenttia S.A. US Dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 2,483,261 291,877 2,949,288 466,027 Ecopetrol Capital AG US Dollar 100 % Collection of surpluses from, and providing funds to, companies of Ecopetrol Business Group Switzerland Switzerland 2,662,417 140,961 9,893,302 7,230,885 Oleoducto de Colombia S. A. – ODC Colombian Peso 73 % Transportation by crude oil pipelines Colombia Colombia 416,079 404,994 845,948 429,869 Black Gold Re Ltd. US Dollar 100 % Reinsurer for companies of Ecopetrol Business Group Bermuda Bermuda 1,074,772 103,061 1,349,418 274,646 Andean Chemicals Ltd. US Dollar 100 % Investment Vehicle Bermuda Bermuda 1,817,910 194,151 1,822,429 4,519 Oleoducto de los Llanos Orientales S. A. - ODL Colombian Peso 65 % Transportation by crude oil pipelines Panama Colombia 904,438 697,496 1,567,561 663,123 Interconexión Eléctrica S.A. E.S.P Colombian Peso 51.41 % Public transmission service of electric power, the development of infrastructure projects and their commercial exploitation and the development of information technology systems, activities and services and telecommunications. Colombia Latin-America 26,366,394 2,466,453 71,217,176 44,850,782 Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Inversiones de Gases de Colombia S.A. Invercolsa S.A. Colombian Peso 51.88 % Holding with investments in natural gas and LPG transportation and distribution companies in Colombia Colombia Colombia 654,544 341,249 658,602 4,058 Alcanos de Colombia S.A. E.S.P. (1) Colombian Peso 29.61 % Residential public fuel gas service, construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. Colombia Colombia 330,460 141,650 820,122 489,662 Metrogas de Colombia S.A E.S.P. (1) Colombian Peso 33.49 % Public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives. Colombia Colombia 57,091 20,559 141,006 83,915 Gases del Oriente S.A. E.S.P. (1) Colombian Peso 48.50 % Home public service of distribution of fuel gas and the development of all complementary activities to the supplying of said service. Colombia Colombia 90,681 60,588 203,703 113,022 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 55,250 40,433 85,986 30,736 Combustibles Líquidos de Colombia S.A E.S.P. (1) Colombian Peso 41.61 % Wholesale marketing of fuel gas, the supplying of the residential public service of LPG distribution and the development of complementary activities to supply the service. Colombia Colombia 61,759 1,351 79,823 18,064 Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Ecopetrol USA Inc. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 11,898,257 985,030 11,914,539 16,282 Ecopetrol Permian LLC. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 8,414,625 1,028,492 11,422,720 3,008,095 Ecopetrol Oleo é Gas do Brazil Ltda. Real 100% Exploration and exploitation of hydrocarbons Brazil Brazil 1,937,309 (203,243) 1,977,106 39,797 Esenttia Masterbatch Ltda. Colombian Peso 100% Manufacture of polypropylene compounds and masterbatches Colombia Colombia 357,206 203,097 469,328 112,122 Ecopetrol del Perú S. A. US Dollar 100% Exploration and exploitation of hydrocarbons Peru Peru 57,570 872 60,894 3,324 ECP Hidrocarburos de México S.A. de C.V. US Dollar 100% Offshore exploration Mexico Mexico 43,393 (1,811) 45,380 1,987 Ecopetrol Costa Afuera S.A.S. Colombian Peso 100% Offshore exploration Colombia Colombia 13,395 431 13,609 214 Esenttia Resinas del Peru SAC US Dollar 100% Commercialization polypropylene resins and masterbatches Peru Peru 14,579 809 37,141 22,562 Topili Servicios Administrativos S de RL De CV. Mexican Peso 100% Specialized management services Mexico Mexico (271) (303) 134 405 Kalixpan Servicios Técnicos S de RL De CV. Mexican Peso 100% Specialized services related to oil and gas industry Mexico Mexico 86 (87) 91 5 Ecopetrol US Trading LLC US Dollar 100% International trading of crude oil and refined products United States United States 58,927 61,252 1,330,201 1,271,274 Ecopetrol Singapore PTE. LTD Singapore dollar 100% Holding company with investment in an international trading company for crude oil and refined products Singapore Asia 653,065 661,672 653,174 109 Ecopetrol Trading Asia PTE. LTD Singapore dollar 100% International trading of crude oil and refined products Singapore Asia 653,095 661,951 3,558,012 2,904,917 Ownership Geographic Functional interest Country/ area of Profit (loss) of Total Company currency Ecopetrol Activity Domicile operations Equity the year Total assets liabilities Associates Serviport S.A. (2) Colombian Peso 49 % Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections, and load measurements Colombia Colombia 11,274 (4,692) 41,082 29,808 Sociedad Portuaria Olefinas y Derivados S.A. (3) Colombian Peso 50 % Construction, use, maintenance and administration of port facilities, ports, private docks. Colombia Colombia 8,476 2,904 12,219 3,743 Joint Ventures Equion Energía Limited US Dollar 51 % Exploration and exploitation of hydrocarbons United Kingdom Colombia 1,329,394 38,718 1,401,176 71,782 Ecodiesel Colombia S.A. (3) Colombian Peso 50 % Production, trading, and distribution of biofuels and oleochemicals Colombia Colombia 170,060 55,099 265,330 95,270 Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Consorcio Transmantaro US Dollar 60.00 % Electric power Peru Peru 1,763,298 264,947 7,344,752 5,581,454 Interligação Eléctrica Evrecy Brazilian real 35.82 % Electric power Brazil Brazil 301,117 (16,122) 338,371 37,254 Fundo de Investimento Assis Brazilian real 35.81 % Autonomous Fund – Special Purpose Entity Brazil Brazil 297,081 11,015 297,081 — Fundo de Investimento Barra Bonita Renda Fixa Referenciado Brazilian real 35.73 % Autonomous Fund – Special Purpose Entity Brazil Brazil 14,829 1,112 14,829 — Fundo de Investimento Referenciado di Bandeirantes Brazilian real 27.68 % Autonomous Fund – Special Purpose Entity Brazil Brazil 290,651 30,977 290,651 — Fundo de Investimento Xavantes Referenciado di Brazilian real 17.54 % Autonomous Fund – Special Purpose Entity Brazil Brazil 609,614 54,566 609,614 — Interconexiones Viales Chilean peso 65.00 % Roads concessions Chile Chile 37 (4,145) 39 2 Interligação Elétrica Aguapeí Brazilian real 35.82 % Electric power Brazil Brazil 506,224 51,352 556,177 49,953 Interligação Elétrica Biguaçu Brazilian real 35.82 % Electric power Brazil Brazil 361,965 59,638 424,904 62,939 Interligação Elétrica De Minas Gerais Brazilian real 35.82 % Electric power Brazil Brazil 416,128 783 452,785 36,657 Interligação Elétrica Itapura Brazilian real 35.82 % Electric power Brazil Brazil 139,848 18,699 157,436 17,588 Interligação Elétrica Itaquerê Brazilian real 35.82 % Electric power Brazil Brazil 474,440 60,763 523,334 48,894 Interligação Elétrica Itaúnes Brazilian real 35.82 % Electric power Brazil Brazil 420,279 25,801 480,882 60,603 Interligação Elétrica Norte E Nordeste Brazilian real 35.82 % Electric power Brazil Brazil 319,114 57,351 448,973 129,859 Interligação Elétrica Pinheiros Brazilian real 35.82 % Electric power Brazil Brazil 53,982 11,823 62,153 8,171 Interligação Elétrica Riacho Grande Brazilian real 35.82 % Electric power Brazil Brazil 126,250 11,066 158,806 32,556 Interligação Elétrica Serra Do Japi Brazilian real 35.82 % Electric power Brazil Brazil 342,355 46,124 378,842 36,487 Interligação Elétrica Sul Brazilian real 35.82 % Electric power Brazil Brazil 180,168 7,516 210,185 30,017 Interligação Elétrica Tibagi Brazilian real 35.82 % Electric power Brazil Brazil 208,874 26,181 233,320 24,446 Internexa Colombian peso 99.42 % Telecommunications and ICT Colombia Colombia 71,206 (143,493) 543,656 472,450 Transamerican Telecomunication S.A. US Dollar 99.42 % Telecommunications and ICT Argentina Argentina 5,909 (12,330) 16,905 10,996 Internexa Brasil Operadora de Telecomunicações Brazilian real 99.42 % Telecommunications and ICT Brazil Brazil 789 (134,535) 790 1 Internexa Chile Chilean peso 98.43 % Telecommunications and ICT Chile Chile 15,549 (13,073) 56,509 40,960 Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Interligação Elétrica JAGUAR 6 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 177,979 9,872 190,819 12,840 Interligação Elétrica JAGUAR 8 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 104,357 9,713 117,533 13,176 Interligação Elétrica JAGUAR 9 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 368,021 72,511 417,572 49,551 Internexa Participações Brazilian real 99.42 % Investment Vehicle Brazil Brazil 985 (91,887) 1,051 66 Internexa Peru US Dollar 99.42 % Telecommunications and ICT Peru Peru 44,450 (26,531) 305,746 261,296 ISA Bolivia US Dollar 100.00 % Electric power Bolivia Bolivia 110,562 10,284 121,428 10,866 ISA Capital Do Brazil Brazilian real 100.00 % Investment Vehicle Brazil Brazil 4,943,612 841,993 5,298,623 355,011 ISA CTEEP Brazilian real 35.82 % Electric power Brazil Brazil 13,721,058 2,461,680 27,486,842 13,765,784 ISA Interchile US Dollar 100.00 % Electric power Chile Chile 1,293,646 121,276 5,545,359 4,251,713 ISA Intercolombia Colombian peso 100.00 % Electric power Colombia Colombia 133,111 52,374 455,003 321,892 ISA Intervial Chile Chilean peso 100.00 % Roads concessions Chile Chile 3,635,694 533,512 4,256,273 620,579 ISA Intervial Colombia Colombian peso 100.00 % Roads concessions Colombia Colombia 638 51 638 - ISA Inversiones Chile Chilean peso 100.00 % Investment Vehicle Chile Chile 1,672,354 157,503 1,924,873 252,519 ISA Inversiones Chile Vías SpA Chilean peso 100.00 % Investment Vehicle Chile Chile 3,638,171 534,045 3,638,805 634 ISA Inversiones Costera Chile Chilean peso 100.00 % Investment Vehicle Chile Chile (114,051) (71,698) 70,173 184,224 ISA Inversiones Tolten Chilean peso 100.00 % Investment Vehicle Chile Chile 27 (5) 27 - ISA Investimentos E Participações Brazilian real 100.00 % Investment Vehicle Brazil Brazil 995,716 140,918 995,918 202 ISA Peru US Dollar 99.98 % Electric power Peru Peru 191,119 43,063 898,335 707,216 ISA REP US Dollar 60.00 % Electric power Peru Peru 546,059 290,512 1,859,619 1,313,560 ISA Transelca Colombian peso 100.00 % Electric power Colombia Colombia 910,581 199,452 1,936,548 1,025,967 Linear Systems RE US dollar 100.00 % Other business Bermudas Bermudas 35,632 7,232 93,546 57,914 Proyectos de Infraestructura del Perú US Dollar 100.00 % Electric power Peru Peru 19,019 7,773 21,204 2,185 Ruta Costera Colombian peso 100.00 % Roads concessions Colombia Colombia 173,012 (4,870) 2,588,885 2,415,873 Ruta de La Araucanía Chilean peso 100.00 % Roads concessions Chile Chile 323,871 60,950 681,824 357,953 Ruta de Los Ríos Chilean peso 75.00 % Roads concessions Chile Chile 79,259 35,696 301,539 222,280 Ruta del Bosque Chilean peso 100.00 % Roads concessions Chile Chile 11,072 (28,950) 12,595 1,523 Ruta del Loa Chilean peso 100.00 % Roads concessions Chile Chile 310,944 70,097 1,365,486 1,054,542 Ruta del Maipo Chilean peso 100.00 % Roads concessions Chile Chile 2,464,102 465,092 7,018,675 4,554,573 Ruta del Maule Chilean peso 100.00 % Roads concessions Chile Chile 24 2,264 25 1 Sistemas Inteligentes en Red Colombia peso 99.77 % Other business Colombia Colombia 13,743 4,543 25,252 11,509 XM Colombian peso 99.73 % Electric power Colombia Colombia 57,987 18,309 445,241 387,254 Interconexiones del Norte S.A. Chilean peso 100.00 % Electric power Chile Chile 152 167 30,123 29,971 Consorcio Eléctrico Yapay S.A. US Dollar 60.00 % Electric power Perú Perú 13,611 (6,221) 19,110 5,499 Joint ventures Interconexión Eléctrica S.A. ESP Interligação Elétrica do Madeira Brazilian real 51.00 % Electric power Brazil Brazil 3,160,818 356,863 5,739,716 2,578,898 Interligação Elétrica Garanhuns Brazilian real 51.00 % Electric power Brazil Brazil 875,296 101,875 1,228,068 352,772 Interligação Elétrica Paraguaçu Brazilian real 50.00 % Electric power Brazil Brazil 884,355 126,683 1,331,261 446,906 Interligação Elétrica Aimorés Brazilian real 50.00 % Electric power Brazil Brazil 551,370 84,280 850,421 299,051 Interligação Elétrica Ivaí Brazilian real 50.00 % Electric power Brazil Brazil 798,810 169,061 3,603,858 2,805,048 Transmissora Aliança de Energia Elétrica Brazilian real 14.88 % Electric power Brazil Brazil 5,273,100 1,121,332 13,877,165 8,604,065 Interconexión Eléctrica Colombia Panamá-Panamá US Dollar 50.00 % Electric power Panama Panama 2,189 (31,805) 5,572 3,383 Interconexión Eléctrica Colombia Panamá Colombia Colombia peso 1.17 % Electric power Colombia Colombia 265 (2) 266 1 Transnexa (4) US Dollar 50.00 % Transport and telecommunications Ecuador Ecuador — — — — Derivex Colombia peso 40.46 % Manage the trading system for financial instruments derived from electricity Colombia Colombia 2,568 (851) 2,568 — Parques del Río Colombia peso 33.00 % Roads Colombia Colombia 68 (34) 68 — Conexión Kimal Lo Aguirre S.A. Chilena peso 33.33 % Electric power Chile Chile 357,207 873 933,357 576,150 Associates Interconexión Eléctrica S.A. ESP ATP Tower Holdings US Dollar 24.7 % Transport and telecommunications United States United States 1,448,862 (95,648) 3,981,180 2,532,318 (1) Indirect participation through Inversiones de Gases de Colombia S.A. Invercolsa S.A. (2) Information available as of September 30, 2023, the investment of is fully impaired. (3) Information available as of November 30, 2023. (4) Transnexa is in the liquidation process and its investment has been impaired in its entirety. |
Exhibit 2 - Conditions of the m
Exhibit 2 - Conditions of the most significant debt | 12 Months Ended |
Dec. 31, 2023 | |
Exhibit 2 - Conditions of the most significant debt | |
Exhibit 2. Conditions of the most significant debt | Exhibit 2 – Conditions of the most significant debt Outstanding Outstanding balance balance Interest Amortization Payment of Type of debt Company Issue date Maturity date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest Aug-13 Aug-28 347,500 347,500 284,300 Ecopetrol S.A. Dec-10 Dec-40 COP 284,300 284,300 347,500 Floating Bullet Half-yearly Aug-13 Aug-43 262,950 262,950 262,950 Dec-11 Dec-41 COP 120,000 120,000 120,000 Floating Bullet Half-yearly May-13 May-28 COP 100,000 100,000 100,000 Floating Bullet Quarterly May-15 May-25 COP 100,000 100,000 100,000 Floating Bullet Quarterly May-15 May-30 COP 120,000 120,000 120,000 Floating Bullet Quarterly May-15 May-35 COP 280,000 280,000 280,000 Floating Bullet Quarterly Feb-16 Feb-24 COP 115,000 115,000 115,000 Floating Bullet Quarterly Feb-16 Feb-28 COP 152,000 152,000 152,000 Floating Bullet Quarterly Feb-16 Feb-41 COP 133,000 133,000 133,000 Floating Bullet Quarterly Bonds, Apr-17 Apr-24 COP 260,780 260,780 260,780 Fixed Bullet Quarterly domestic Interconexión Apr-17 Apr-32 COP 196,300 196,300 196,300 Floating Bullet Quarterly currency Eléctrica S.A. Apr-17 Apr-42 COP 242,920 242,920 242,920 Floating Bullet Quarterly E.S.P. Nov-17 Nov-25 COP 150,080 150,080 150,080 Fixed Bullet Quarterly Nov-17 Nov-31 COP 120,100 120,100 120,100 Floating Bullet Quarterly Nov-17 Nov-47 COP 229,820 229,820 229,820 Floating Bullet Quarterly Jul-18 Jul-27 COP 156,500 156,500 156,500 Floating Bullet Quarterly Jul-18 Jul-33 COP 142,063 142,063 142,063 Floating Bullet Quarterly Jul-18 Jul-43 COP 201,437 201,437 201,437 Floating Bullet Quarterly Aug-20 Aug-29 COP 160,000 160,000 160,000 Fixed Bullet Quarterly Aug-20 Aug-40 UVR (1) 182,416 182,416 165,369 Fixed Bullet Annual Nov-23 Nov-30 COP 176,000 176,000 440,777 Floating Bullet Quarterly Nov-23 Nov-37 COP 224,000 224,000 — Floating Bullet Quarterly Nov-23 Nov-44 COP 100,000 100,000 — Floating Bullet Quarterly Outstanding Outstanding Type of Issue Maturity balance balance Interest Amortization Payment of debt Company date date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest Jul-23 Jan-29 1,200 1,200 — Apr-20 Apr-30 2,000 2,000 2,000 Nov-21 Nov-31 1,250 1,250 1,250 Ecopetrol S.A. Jan -23 Jan-33 USD 2,000 2,000 — Fixed Bullet Half-yearly Jan -23 Jan -33 300 300 — Sep-13 Sep-43 850 850 850 May-14 May-45 2,000 2,000 2,000 Nov-21 Nov-51 750 750 750 Oleoducto Central S.A. Jul-20 Jul-27 USD 500 400 500 Fixed Bullet Half-yearly Nov-21 Nov-33 330 330 330 Fixed Half-yearly Half-yearly Jul-16 Jan-34 151 134 143 Fixed Half-yearly Half-yearly Jan -11 Jan -26 38 38 38 Fixed Bullet Quarterly Oct-12 Apr -31 40 40 40 Fixed Bullet Half-yearly Apr-19 Apr -34 600 600 500 Fixed Half-yearly Half-yearly Apr -22 Apr -38 500 500 500 Fixed Half-yearly Half-yearly Bonds, Mar-17 Fev-24 62 87 77 Floating Bullet Annual foreign May-18 Apr-25 128 174 154 Floating Bullet Half-yearly currency Dec-19 Dec-29 85 108 96 Floating Half-yearly Half-yearly Dec -20 Nov-28 165 165 153 Floating Half-yearly Half-yearly Interconexión Dec -20 May-44 165 183 168 Floating Half-yearly Half-yearly Eléctrica S.A. Fev-21 Jul-44 USD 139 189 153 Floating Half-yearly Half-yearly E.S.P and Oct-21 Oct-31 138 156 138 Floating Bullet Half-yearly subsidiaries Oct-21 Oct-38 58 65 58 Floating Half-yearly Half-yearly Apr-22 Apr-29 145 145 134 Floating Half-yearly Half-yearly Mar-23 Mar-30 114 114 — Floating Bullet Half-yearly Oct-23 Oct-33 162 163 — Floating Half-yearly Half-yearly Oct-23 Oct-38 231 232 — Floating Half-yearly Half-yearly Jun-18 Jun-25 243 162 238 Fixed Half-yearly Half-yearly Jun-18 Dec-30 252 416 407 Fixed Half-yearly Half-yearly Jun-18 dec-24 42 6 23 Fixed Half-yearly Half-yearly Jun-18 Dec-30 210 212 207 Fixed Half-yearly Half-yearly Fev-21 Jun-50 37 37 36 Fixed Half-yearly Half-yearly Nov-22 Jun-50 81 81 79 Fixed Monthly Monthly Jul-21 Jun-56 1,200 1,073 1,200 Fixed Half-yearly Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest Sep-19 Sep-25 70 70 70 Fixed Half-yearly Half-yearly Dec-22 Nov-30 40 40 40 Floating Half-yearly Half-yearly Fev-23 Nov-30 30 30 — Floating Half-yearly Half-yearly Mar-23 Nov-30 36 36 — Floating Half-yearly Half-yearly Apr-22 Nov-26 67 62 65 Fixed Bullet Bullet Sep-22 Sep-32 20 76 76 Fixed Half-yearly Half-yearly Dec-23 Dec-24 38 38 — Fixed Bullet Monthly Fev-16 Jul-24 5 1 2 Floating Quarterly Quarterly Oct-22 Jun-27 5 4 4 Floating Quarterly Quarterly International Interconexión Dec-23 Mar-24 7 6 — Floating Quarterly Quarterly commercial Eléctrica S.A. Jan-14 Mar-29 USD 59 21 23 Floating Monthly Monthly loans E.S.P and Aug-17 Mar-32 56 34 105 Floating Monthly Monthly subsidiaries Mar-22 Dec-41 47 69 45 Floating Monthly Monthly May-10 May-30 45 22 23 Fixed Monthly Monthly Sep-23 Mar-25 43 43 — Floating Monthly Monthly Sep-23 Mar-25 23 23 — Floating Monthly Monthly Sep-23 Mar-25 18 18 — Floating Monthly Monthly Sep-18 Jun-50 13 31 13 Fixed Monthly Monthly Sep-18 Jun-50 5 13 5 Fixed Monthly Monthly May-21 May-25 101 50 83 Fixed Half-yearly Half-yearly May-21 May-26 67 78 69 Fixed Half-yearly Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest International Jun-23 Jun-24 160 160 — Floating Bullet Quarterly commercial Dec-23 Dec-24 40 40 — Floating Bullet Quarterly loans - Ecopetrol S.A. Sep-22 Ago-24 1,200 1,200 1,200 Floating Bullet Half-yearly Refinería de Dec-17 Dec-25 359 132 182 Floating Half-yearly Half-yearly Cartagena Dec-22 Dec-27 USD 576 700 700 Floating Half-yearly Half-yearly Dec-22 Dec-27 247 300 300 Floating Half-yearly Half-yearly May-23 May-28 400 400 — Floating Bullet Quarterly Sep-23 Sep-30 800 1,000 — Floating Half-yearly Half-yearly Apr-23 Apr -30 COP 450,000 450,000 — Floating Half-yearly Half-yearly Oct-23 Apr -30 COP 150,000 150,000 — Floating Half-yearly Half-yearly Dec-23 Dec -34 COP 250,000 250,000 — Floating Half-yearly Half-yearly Dec-23 Dec -35 COP 250,000 250,000 — Floating Half-yearly Half-yearly Dec-16 Jan-28 COP 250,000 189,000 242,125 Floating Half-yearly Half-yearly Dec-16 Jan -34 COP 150,000 144,000 147,000 Floating Half-yearly Half-yearly Dec-16 Jan -34 COP 150,000 144,000 147,000 Floating Half-yearly Half-yearly Domestic Interconexión Dec-16 Jan -34 UVR 486,213 200,730 181,972 Fixed Half-yearly Half-yearly commercial Eléctrica S.A. Jul-18 Jul-35 COP 217,500 3,595 4,353 Floating Half-yearly Half-yearly loans E.S.P and Oct-21 Oct-31 COP 158,050 158,050 158,050 Floating Quarterly Quarterly subsidiaries Oct-21 Oct-28 COP 70,500 70,500 70,500 Floating Quarterly Quarterly Jul-22 Jul-27 COP 194,000 194,000 194,000 Floating Bullet Quarterly Jul-23 Jul-24 COP 37,427 37,427 — Floating Bullet Quarterly Nov-23 Nov-33 COP 208,670 208,670 — Floating Quarterly Quarterly May-18 Nov-28 COP 59,467 42,476 50,971 Floating Half-yearly Half-yearly Nov-18 Nov-28 COP 23,000 16,429 19,714 Floating Half-yearly Half-yearly Jun-22 Jun-27 COP 12,900 12,900 12,900 Floating Quarterly Quarterly Aug-22 Aug-27 COP 51,085 51,085 51,085 Floating Half-yearly Half-yearly Domestic syndicated commercial loan Cenit (before Oleoducto Bicentenario) Jul-12 Jul-24 COP 2,100,000 148,400 375,725 Floating Quarterly Quarterly (1) |
Exhibit 3 - Quantitative inform
Exhibit 3 - Quantitative information of concession services contracts | 12 Months Ended |
Dec. 31, 2023 | |
Exhibit 3. Quantitative information of concession services contracts | |
Exhibit 3. Quantitative information of concession services contracts | Exhibit 3. Quantitative information of concession services contracts Tender at the end of Maintenance the obligation for Concession Revenue contract service condition Asset From Concession Business line Concession Country Maturity date Y/N Y/N 2023 2022 2023 2022 Intangible asset Consorcio Transmantaro Peru 09.09.2053 Y Y 6,374,904 7,917,103 1,265,674 1,545,733 Energy transmission ISA REP Peru 09.30.2032 Y Y 1,317,431 1,770,315 779,025 695,577 ISA Perú Peru 04.30.2033 Y Y 652,309 834,894 142,174 136,679 Total Peru 8,344,644 10,522,312 2,186,873 2,377,989 ISA Bolivia Bolivia 01.29.2039 Y Y 42,488 55,073 32,148 31,490 Energy transmission Sistemas Inteligentes en Red Colombia 12.31.2025 Y Y 1,337 2,021 24,356 17,871 Total concessions, asset intangible 8,388,469 10,579,406 2,243,377 2,427,350 Contractual Asset ISA CTEEP Brazil 09.29.2052 Y Y 15,502,876 16,497,745 3,979,957 2,824,587 Interligação Elétrica Aguapeí Brazil 08.11.2047 Y Y 539,430 630,953 72,891 76,257 Interligação Elétrica Itaquerê Brazil 08.11.2047 Y Y 507,600 578,080 63,240 66,770 Interligação Elétrica Itaúnes Brazil 02.10.2047 Y Y 463,822 499,625 65,898 98,480 Interligação Elétrica Biguaçu Brazil 09.20.2048 Y Y 412,584 467,150 47,142 148,383 Interligação Elétrica Norte e Nordeste Brazil 03.16.2038 Y Y 420,774 454,544 58,531 56,872 Interligação Elétrica JAGUAR 9 Brazil 10.15.2038 Y Y 396,444 424,627 80,759 10,207 Interligação Elétrica Serra Do Japi Brazil 11.18.2039 Y Y 367,545 419,762 49,604 65,004 Energy transmission Interligação Elétrica de Minas Gerais Brazil 03.20.2050 Y Y 440,643 402,393 132,885 249,647 Interligação Elétrica Tibagi Brazil 08.11.2047 Y Y 218,670 253,394 27,936 41,498 Interligação Elétrica JAGUAR 6 Brazil 08.11.2047 Y Y 184,741 232,475 12,125 1,797 Evrecy Participações Brazil 03.20.2050 Y Y 325,208 260,969 121,998 154,202 Interligação Elétrica Sul Brazil 10.15.2038 Y Y 186,642 206,437 31,256 22,131 Interligação Elétrica Itapura Brazil 09.20.2048 Y Y 150,682 160,534 26,828 24,127 Interligação Elétrica JAGUAR 8 Brazil 08.11.2047 Y Y 108,798 102,270 33,834 2,128 Interligação Elétrica Riacho Grande Brazil 03.30.2051 Y Y 158,384 98,546 81,210 40,281 Interligação Elétrica Pinheiros Brazil 10.15.2038 Y Y 50,090 57,038 6,667 74,989 Total concession, Contractual asset 20,434,933 21,746,542 4,892,761 3,957,360 Tender at the end of Maintenance the obligation for Concession Revenue contract service condition Asset From Concession Business line Concession Country Maturity date Y/N Y/N 2023 2022 2023 2022 Financial asset ISA CTEEP Brazil 12.31.2042 Y Y 81,660 202,858 1,045,884 1,101,045 Interligação Elétrica Aguapeí Brazil 08.11.2047 Y Y 7,225 16,914 14,563 24,091 Interligação Elétrica Biguaçu Brazil 09.20.2048 Y Y 2,881 4,810 12,447 4,378 Interligação Elétrica Serra Do Japi Brazil 11.18.2039 Y Y 2,947 4,604 8,049 8,599 Interligação Elétrica Itaquerê Brazil 08.11.2047 Y Y 2,999 4,495 7,568 6,019 Interligação Elétrica JAGUAR 9 Brazil 10.15.2038 Y Y 12,051 4,216 16,016 54 Interligação Elétrica Pinheiros Brazil 10.15.2038 Y Y 728 (3,423) 10,877 8,800 Interligação Elétrica JAGUAR 6 Brazil 08.11.2047 Y Y 1,263 2,842 2,165 210 Energy Transmission Evrecy Participações Brazil 03.20.2050 Y Y 1,280 2,327 7,144 7,381 Interligação Elétrica Sul Brazil 10.15.2038 Y Y 1,795 2,289 3,389 2,606 Interligação Elétrica Itapura Brazil 09.20.2048 Y Y 1,735 2,062 7,398 8,358 Interligação Elétrica de Minas Gerais Brazil 03.20.2050 Y Y 3,963 1,659 6,589 3,271 Interligação Elétrica Norte e Nordeste Brazil 03.16.2038 Y Y 3,655 1,610 1,627 3,775 Interligação Elétrica JAGUAR 8 Brazil 08.11.2047 Y Y 896 1,388 658 (148) Interligação Elétrica Itaúnas S.A. Brazil 09.20.2048 Y Y 5,055 — 6,647 — Interligação Elétrica Tibagi Brazil 08.11.2047 Y Y (1,347) 1,298 4,104 161 Total Brazil 128,786 249,949 1,155,125 1,178,600 Ruta del Maipo Chile 04.30.2035 Y Y 6,281,734 7,780,753 901,306 894,934 Ruta del LOA Chile 04.30.2049 Y Y 1,160,000 873,447 528,219 383,348 Roads Ruta de la Araucanía Chile 10.31.2026 Y Y 344,439 665,364 269,324 340,629 Ruta de los Ríos Chile 03.31.2026 Y Y 62,050 218,555 252,171 264,966 Ruta del Bosque Chile 02.28.2023 Y Y — 31,667 19,561 146,563 Ruta del Maule Chile 03.31.2021 Y Y — — — — Total Chile: 7,848,223 9,569,786 1,970,581 2,030,440 Roads Ruta Costera Colombia 02.28.2042 Y Y 1,965,912 2,276,022 27,327 51,189 Total Colombia 1,965,912 2,276,022 27,327 51,189 Total concessions, financial asset 9,942,921 12,095,757 3,153,033 3,260,229 Total concessions 38,766,323 44,421,705 10,289,171 9,644,939 |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting policies | |
Financial instruments | 4.1 Financial instruments A financial instrument is any contract that creates a financial asset for an entity and a financial liability or equity instrument for another entity. The classification of financial instruments depends on the nature and purpose for which the financial assets or liabilities were acquired and is determined at the time of initial recognition. Financial assets and financial liabilities are initially measured at their fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and liabilities, other than those measured at fair value through profit or loss, are added to or deducted from the fair value of financial assets and liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and liabilities measured at fair value through profit or loss are immediately recognized in profit or loss. Loans and trade receivables, other receivables, and financial assets held–to–maturity are measured subsequently measured at amortized cost using the effective interest method. Additionally, equity instruments are measured at fair value. Measurements at fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the principal market of the asset or liability or in the absence of a principal market in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, supposing that the market participants act in their economic best interest. A fair value measurement of a non-financial asset considers a market participant’s ability to generate economic benefits by using the asset for its most profitable use or by selling it to another market participant that would use the asset in its highest and best use. Ecopetrol Business Group uses valuation techniques that are appropriate for the circumstances and for which the data is available and enough to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are classified within the following scale, based on the lowest level input that is significant to the fair value measurement, as follows: ● Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. The fair value of the Ecopetrol Business Group’s marketable securities with a quoted market price is based on Level 1 inputs. ● Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observed. Level 2 inputs include prices of similar assets, prices obtained through quotations made by stockbrokers, and prices that can be substantially corroborated with other observable data with the same contractual terms. For derivative contracts for which a quoted market price is not available, fair value estimates are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility estimates, price correlation, counterparty credit risk, and market liquidity, as appropriate. ● Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The Ecopetrol Business Group does not use Level–3 inputs for the measurement of financial assets and liabilities. The Ecopetrol Business Group may use Level–3 inputs for the calculation the recoverable amount of certain non–financial assets for the purpose of impairment testing. Effective interest rate method The effective interest rate method is a method of calculating the amortized cost of a financial instrument and accounting of income or financial cost over the relevant period. The effective interest rate is the discount rate that exactly discounts estimated future cash receipts or payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial instrument (or, when appropriate, at a shorter period), to the net carrying amount on initial recognition. This methodology is also applied to the instrument’s measurement related to the concession financial assets. Impairment The Ecopetrol Business Group evaluates if there is objective evidence that a financial asset or group of financial assets are impaired. Financial assets are evaluated for the impairment indicators at the end of each reporting period. Financial assets are considered impaired when there is objective evidence that, because of one or more events that occurred after initial recognition, the estimated future cash flows of the asset have been affected. For financial assets measured at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. |
Cash and cash equivalents | 4.1.1 Cash and cash equivalents Cash and cash equivalents include cash on hand, financial investments that are highly liquid, bank deposits, and special funds with original maturity dates of ninety days or less which are subject to an insignificant risk of changes in value. Restricted cash is a monetary resource with the objective of allocating it to specific and previously determined purposes. |
Financial assets | 4.1.2 The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Ecopetrol Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient, Ecopetrol Business Group initially measures a financial asset at its fair value plus, and, in the case of a financial asset not at fair value through profit or loss, at transaction costs. Trade receivables that do not contain a significant financing component or for which the Ecopetrol Business Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Ecopetrol Business Group classifies its financial assets in the following categories: a) Financial assets measured at fair value through profit or loss Financial assets are held for trading and financial assets designated at the time of the initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired to be sold or repurchased in the short term. They are recognized at their fair value and losses or profits arising at the time of re–measurement are recognized in the statement of profit or loss. b) Financial assets measured at fair value with changes in other comprehensive income These are equity instruments of other non–controlled and non–strategic companies not allowing for any type of control or significant influence thereon and where the Ecopetrol Business Group’s Management does not intend to negotiate with them in the short term. These financial instruments are recorded at their fair value, and unrealized gains or losses are recognized in other comprehensive income. c) Financial assets at amortized cost This category is the most relevant to Ecopetrol Business Group. The Group’s financial assets at amortized cost includes trade receivables, other receivables, loans, and borrowings. Loans and receivables are non–derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables, including trade and other receivables, are measured initially at fair value and then at amortized cost using the effective interest rate method, less impairment. Loans to employees are initially recorded using the present value of the future cash flows, discounted at the current market rate for similar loans. If the interest rate is less than the current market rate, fair value will be less than the amount of the loan. This difference is recorded as a benefit to employees. Ecopetrol Business Group measures financial assets at amortized cost if both of the following conditions are met: ● The asset is held within a business model with the objective to hold financial assets to collect contractual cash flows. ● The contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment analysis. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Derecognition of financial assets The Ecopetrol Business Group derecognizes a financial asset only upon the expiration of the contractual rights to the cash flows of the asset or, when it has transferred its rights to receive such cash flows or has assumed the obligation to pay the cash flows received in full without material delay to a third party and (a) it has transferred substantially all the risks and benefits inherent in the ownership of the financial asset or (b) it has neither transferred nor retained substantially all the risks and benefits of the asset, but has transferred control of the asset. When the Ecopetrol Business Group does neither transfer nor retain substantially all the risks and benefits of the asset or transfer control of the asset, the Ecopetrol Business Group continues to recognize the transferred asset, to the extent of its continuing participation, and it also recognizes the associated liability. |
Financial liabilities | 4.1.3 Financial liabilities correspond to the financing obtained by the Ecopetrol Business Group through bank credit facilities and bonds, accounts payables to suppliers, and creditors. Bonds and bank credit facilities are initially recognized at their fair value, net of directly attributable transactions cost. After initial recognition, interest–bearing credit facilities and bonds are subsequently measured at amortized cost, using the effective interest rate method. The effective interest method amortization is included as a financial expense in the statement of profit or loss. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate (EIR). The EIR amortization is included as finance costs in the statement of profit or loss. Accounts payable to suppliers and creditors are short–term financial liabilities recorded at nominal value since it does not significantly differ from fair value. Derecognition of financial liabilities A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled, or expires. When an existing financial liability has been replaced by another from the same lender, under substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de–recognition of the original liability and recognized as a new liability. The difference between the respective carrying amounts is recognized in the statement of profit or loss. |
Derivative financial instruments | 4.1.4 Financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Changes in the fair value of derivatives are recognized as gains or losses in the statement of profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income and later reclassified to profit or loss when the hedge item affects profit or loss. Changes in fair value of derivative contracts, which do not qualify or are not designated as hedges, including forward contracts for the purchase and sale of commodities under negotiation for physical delivery or receipt of the commodity are recorded in profit or loss. Derivatives embedded in the host contract are accounted for as separate derivatives at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. |
Hedging operations | 4.1.5 For purposes of hedge accounting, hedges are classified as: ● Cash flow hedges: hedges of the exposure to variability in cash flows attributable to a particular risk associated with all, or a component of, a recognized asset or liability or a highly probable forecast transaction, and that could affect profit or loss. ● Hedges of net investments in foreign operations. ● Fair value hedges: hedges of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or a component of any such item, that is attributable to a particular risk and that could affect profit or loss. At the inception of a hedge relationship, Ecopetrol Business Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine whether they have been highly effective throughout the financial reporting periods for which they were designated. |
Cash flow hedge | 4.1.5.1 Cash flow hedge The effective portion of the gain or loss on the hedging instrument is recognized in Other Comprehensive Income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The amounts previously accumulated in OCI are recognized in profit or loss when the hedged transaction affects the statement of profit or loss. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. If the hedging instrument expires or is sold, terminated, or exercised without replacement or rollover, or if its designation as a hedge is revoked or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in other comprehensive income remains separately in equity until the forecast transaction occurs is recognized in the consolidated statement of profit or loss. When it is no longer expected that the initially hedged transaction will occur. Ecopetrol Business Group designates certain loans as a hedging instrument for its exposure to exchange rate risk in future crude oil exports. Additionally, Ecopetrol Business Group enters positions with derivative financial instruments such as commodity swaps, cross currency swaps or interest rate swaps to hedge commodity price risks, exchange rate risk and interest rate risk, respectively, which may also be designated as cash flow hedges (See Note 29.3). |
Hedge of net investment in a foreign operation | 4.1.5.2 Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for similarly to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized as OCI while any gains or losses relating to the ineffective portion are recognized in the statement of profit or loss. On the disposal of a foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. Ecopetrol Business Group allocates long–term loans as hedging instruments for its exposure to foreign exchange risk on its investment in subsidiaries whose functional currency is the U.S. dollar. See Note 29.4. |
Fair value hedge | 4.1.5.3 Fair value hedge The gain or loss on the hedging instrument shall be recognized in profit or loss or other comprehensive income if the hedging instrument hedges an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income. The hedging gain or loss on the hedged item shall adjust the carrying amount of the hedged item (if applicable) and be recognized in profit or loss. If the hedged item is a financial asset (or a component thereof) that is measured at fair value through other comprehensive income, the hedging gain or loss on the hedged item shall be recognized in profit or loss. However, if the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income, those amounts shall remain in other comprehensive income. |
Inventories | 4.2 Inventories Inventories are recorded at the lower of cost and net realizable value. Inventories mainly comprise crude oil, fuels and petrochemicals, and consumable inventories (spares and supplies). The cost of crude oil includes to the production costs and the transportation costs related to the process of giving to the products the current conditions and locations. The cost of other inventories is determined based on the weighted average cost method, which includes acquisition costs (deducting commercial discounts, rebates, and other similar items), transformation, and other costs incurred to bring inventory to their current location and condition, such as transportation costs. Consumable inventories (spares and supplies) are recognized as inventory and then charged to expense, maintenance, or project to the extent that such items are consumed. Ecopetrol Business Group estimates the net realizable value of inventories at the end of the period. When the circumstances that previously caused inventories to be written down below cost no longer exist, or when there is clear evidence of an increase in the net realizable value because of a change in economic circumstances, the amount of the write down is reversed. The reversal cannot be greater than the amount of the original write-down, so that the new carrying amount will always be the lower of the cost and the revised net realizable value. |
Related parties | 4.3 Related parties Related parties are considered those where one of the parties can control the other, has joint control, or exercises significant influence in the financial or operational decision making of the investee or is a member of key management personnel (or close family member of key personnel). Ecopetrol Business Group has considered as related parties the associated companies, joint businesses, key management executives, the entities managing the resources for payment of post-employment benefit plans for employees and some relevant transactions entered with entities of the Colombian Government, such as the purchase of hydrocarbons and the oil stabilization fund. (See Note 30 – Related Parties). |
Investments in associates | 4.3.1 An associate is an entity over which the Ecopetrol Business Group has significant influence but not control. Significant influence is the power to participate in the financial and operational policy decisions of the investee, but it is not control or joint control over those policies. Generally, these entities are those in which the Ecopetrol Business Group holds an equity interest with voting rights of 20% to 50%. See Exhibit 1 – Consolidated subsidiaries, associates, and joint ventures. Investments in associates are accounted for using the equity method. Under this method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Ecopetrol Business Group’s share of net assets of the associate since the acquisition date. Goodwill related to the associate is included in the carrying amount of the investment and it is not tested for impairment separately. The Ecopetrol Business Group’s share of the results of operations of the associate is recognized in the consolidated statement of profit or loss. Any change is recognized in other comprehensive income of the Ecopetrol Business Group. After application of the equity method, the Ecopetrol Business Group determines if it is necessary to recognize an impairment on its investment in its associate. The Ecopetrol Business Group determines whether there is objective evidence that the investment is impaired. If there is such evidence, the amount of the impairment is calculated as the difference between the recoverable amount and the carrying value, and then the impairment is recognized in the consolidated profit or loss statement. When necessary, the Ecopetrol Business Group adjusts the accounting policies of associates to ensure consistency with the policies adopted by the Ecopetrol Business Group. Additionally, the equity method of these companies is measured on their most recent financial statements. |
Joint ventures | 4.3.2 Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control exists only when decisions about the relevant activities require unanimous consent of the parties sharing such control. The accounting treatment for the recognition of joint ventures is the same as investments in associates (see Note 30). |
Joint operations | 4.4 Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. Joint operation contracts are entered into between Ecopetrol Business Group and third parties to share risk, secure capital, maximize operating efficiency, and optimize the recovery of reserves. In these joint operations, one party is designated as the operator to execute the operations and report to partners according to their participating interests. Likewise, each party takes its share of the produced hydrocarbons (crude oil or gas), according to their share in production. When Ecopetrol Business Group participates as a non–operator partner, it recognizes the assets, liabilities, sales revenues, cost of sales, and expenses based on the operator partner’s report. When Ecopetrol Business Group is the direct operator of joint venture contract, it recognizes its percentage of assets, liabilities, sales revenues, costs, and expenses, based on the participation of each partner in the items corresponding to assets, liabilities, sales revenues, costs, and expenses. When the Ecopetrol Business Group acquires or increases its participation in a joint operation in which the activity constitutes a business combination, such transaction is recognized applying the acquisition method in accordance with IFRS 3 – Business combination. The acquisition cost is the sum of the consideration transferred, which corresponds to the fair value, on the date of acquisition of the assets transferred and the liabilities incurred. Any transaction cost related to the acquisition or increased share in the joint operation that constitutes a business combination is recognized in the consolidated statement of profit or loss. The excess of the sum of the consideration transferred and the amount paid in the operation is recognized as goodwill. If the result is in an excess value of the net assets acquired over the amount paid in the purchase transaction, the difference is recognized as income in the consolidated statement of profit or loss on the date of recognition of the transaction. |
Non-current assets held for sale | 4.5 Non–current assets held for sale Non–current assets are classified as held for sale if their carrying values will be recovered principally through a sale transaction rather than through continued use. Non–current assets are classified as held for sale only when the sale is highly probable within one year from the classification date and the asset (or group of assets) is available for immediate sale in its present condition. These assets are measured at the lower of their carrying amount and fair value less related costs of disposal. |
Property, plant, and equipment | 4.6 Property, plant, and equipment Recognition and measurement Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Tangible components related to natural and environmental resources are part of property, plant, and equipment. The initial cost of an assets comprises its purchase price or construction cost, including import duties and non–refundable purchase taxes, any costs directly attributable to bringing the asset into operation, costs of employee benefits arising directly from the construction or acquisition, borrowing costs incurred that are attributable to the acquisition and construction of qualifying assets and the initial estimate of the costs of dismantling and abandonment of the item. Spare parts and servicing equipment are recorded as inventories and recognized as an expense as they are used. Major spare parts and stand–by equipment that Ecopetrol Business Group expects to use during more than one period are recognized as property, plant, and equipment. Any gain or loss arising from the disposal of a property, plant, and equipment is recognized in profit or loss of the period. Subsequent disbursements Subsequent disbursements correspond to all payments to be made on existing assets to increase or extend the initial expected useful life, increase productivity or productive efficiency, allow for significant reduction of operating costs, increase the level of reserves in exploration or production areas or replace a part or component of an asset that is considered critical for the operation. The costs of repair, conservation and maintenance of a day-to-day nature are expensed as incurred. However, disbursements related to major maintenance are capitalized. Depreciation Property, plant, and equipment is depreciated using the straight–line method, except for those associated with exploration and production activities which are depreciated using the units–of–production method. Technical useful lives are updated annually considering factors such as: additions or improvements (due to parts replacement or critical components for the asset’s operation), technological advances, obsolescence, and other factors; the effect of this change is recognized from the period in which it was executed. Depreciation of an asset starts when it is ready to be used. Useful lives are determined based on the period over which an asset is expected to be available for use, physical exhaustion, technical or commercial obsolescence and legal limits or restrictions over the use of the asset. The estimated useful life of assets fluctuates in the following ranges: Plant and equipment 10 – 55 years Pipelines, networks, and lines 6 – 63 years Buildings 9 – 100 years Other 3 – 35 years Lands are recognized separately from buildings and facilities, have unlimited useful lives, and they are not subjected to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate. Impairment Non-current assets are subject to review for possible impairment in their recoverable value. See notes 3.2 – Impairment (recovery) of the value of non-current assets and 4.13 – Impairment of the value of non - current assets. |
Natural and environmental resources | 4.7 Natural and environmental resources Recognition and measurement Ecopetrol Business Group uses the successful efforts method to account for exploration and production of crude oil and gas activities, following the provisions of IFRS 6 – Exploration for the evaluation of mineral resources. Exploration costs Acquisition and exploration costs are recorded as exploration and evaluation assets until the determination of whether the exploration drilling is successful or not; if determined to be unsuccessful, all costs incurred are recognized as expenses in the statement of profit or loss. Exploration costs are those incurred with the objective of identifying areas that are considered to have prospects of containing oil and gas reserves, including geological and geophysical, seismic costs, viability, and others, which are recognized as expenses when incurred. Furthermore, disbursements associated with the drilling of exploratory wells and those related to stratigraphic wells of an exploratory nature are charged as assets until it is determined if they are commercially viable; otherwise, they are expensed in the consolidated statement of profit or loss as dry wells expense. Other expenditures are recognized as expenses when incurred. An exploration and evaluation asset will not be classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration and evaluation assets are reclassified to the natural and environmental resources account after being assessed for impairment. All capitalized costs are subjected to technical and commercial revisions at least once a year to confirm the evaluation and exploration efforts continue the fields; otherwise, these costs are written off through to profit or loss. Exploration costs are net of the revenues obtained from the sale of crude oil during the extensive testing period, net of cost of sales since they are considered necessary to complete the asset. Development costs Development costs correspond to those costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering, and storing. When a project is approved for development, the corresponding capitalized acquisition and exploration costs are classified as natural and environmental resources and costs after the exploration phase are capitalized as development costs of the properties that contain such natural resources. All development costs are capitalized, including drilling costs of unsuccessful development wells. Production costs Production costs are those incurred to operate and maintain productive wells and are part of the corresponding equipment and facilities. Production activity includes extraction of oil and gas to the surface, its gathering, treatment, and processing as well as storage in the field. Production costs are expenses recorded in the consolidated statement of profit or loss as incurred unless they add oil and gas reserves, in which case they are capitalized. Production and support equipment is recognized at cost and is part of property, plant, and equipment subject to depreciation. Capitalized costs also include decommissioning, dismantling, retiring, and restoration costs, as well as the estimated cost of future environmental obligations. The estimation includes plugging and abandonment costs, facility dismantling and environmental recovery of areas and wells. Changes arising in new abandonment liability estimations and environmental remediation are capitalized in the carrying amount of the related asset. Depletion Depletion of natural and environmental resources is determined using the unit–of–production method per field, using proved developed reserves as a base, except in limited exceptional cases that require greater judgment by Management to determine a better amortization factor of future economic benefits over the useful life of the asset. Depreciation/depletion rates are reviewed annually, based on reserves reports and the impact of any changes is recognized prospectively in the financial statements. Reserves are independently estimated by internationally recognized external consultants and approved by Ecopetrol’s Board of Directors. Proved reserves consist of the estimated quantities of crude oil and natural gas demonstrated with reasonable certainty by geological and engineering data to be recoverable in future years from known reserves under existing economic and operating conditions, which are at the prices and costs that apply for the date of the estimation. Impairment Assets associated to exploration, evaluation and production are subject to review for possible impairment in their carrying amount. See Notes 3.2 — Impairment (recovery) of non-current assets Impairment of non–current assets |
Capitalization of borrowing costs | 4.8 Capitalization of borrowing costs Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period to get ready for its intended use are capitalized as part of the cost of such asset when it is probable that future economic benefits associated with the item will flow to the Ecopetrol Business Group and costs can be measured reliably. Other borrowing costs are recognized as financial costs. Projects that have been suspended but that the Ecopetrol Business Group intends to continue to pursue their development in the future, are not considered qualifying assets for the purpose of capitalization of borrowing costs. |
Intangible assets | 4.9 Intangible assets Intangible assets with a defined useful life, are stated at cost less accumulated amortization and any impairment loss. Intangible assets are amortized under the straight–line method, over their estimated useful lives. The estimated useful lives and amortization method are revised at the end of each reporting period; any change in estimates is recognized on a prospective basis. The disbursements related to research activities are recognized as expense as incurred. Easements Easements are rights obtained for the use part of land for the installation of a transmission line. This implies restrictions on the use of the land by the owner and authorizations to Ecopetrol Business Group to build, operate, or maintain the transmission lines. These intangible assets are permanent rights with an indefinite term of use. Although the transmission lines to which these easements are related have a finite useful life, the rights do not expire, and Ecopetrol Business Group may replace the transmission lines at the end of their useful life or make use of said rights for any other service related to transmission electricity and telecommunications. Easements have an indefinite useful life, so they are not amortized and are reviewed annually for impairment. |
Concessions | 4.10 Concessions Ecopetrol Business Group operates concessions under public service concession agreements, in which the grantor controls or regulates the services provided by the concessionaire, whom they are provided to, and price of the service. Concessions that meet the above criteria are recorded according IFRIC 12 - Concession Agreements of services. IFRIC 12, Service Concession Arrangements, establishes general guidelines for the recognition and measurement of rights and obligations related to concession agreements and applies when the granting authority controls or regulates which services the concessionaire should provide with the infrastructure, to whom the services should be provided and at what price, and controls any significant residual interest in the infrastructure at the end of the concession period. Ecopetrol Business Group’s assets that were built to operate concessions where the grantor has no residual interest in the infrastructure and Ecopetrol Business Group has no obligation to return the assets are recognized under IFRS 16 - Leases. In these cases, the construction of the infrastructure is a service provided to the grantor, different from the operation and maintenance service. Revenue from services is measured and recorded in accordance with IFRS 15 – Revenue from Contracts with Customers and IFRS 9 – Financial Instruments, depending on the asset model. Concessions assets are subject to impairment test in their recoverable value. See notes 3.2 - Impairment (recovery) of the value of non – current assets and 4.13 – Impairment of the value of long-term assets. The detail of each type of concession by country is disclosed in Note 24 and Exhibit 3. Intangible asset model Considering IFRIC 12, concessions in which Ecopetrol Business Group does not have a contractual right to receive cash or another financial asset from the grantor but has the right to charge users in exchange for the services provided, are recognized under the intangible asset model. The costs incurred by Ecopetrol Business Group for the construction of the concession infrastructure are on a straight-line basis over the term of the concession period. Revenue from construction or improvement services is recognized according to the level of completion of the construction, based on the costs actually incurred, including at construction margin. The operation and maintenance costs related to the concession are recognized in the statement of profit or loss once the infrastructure of the concession is ready for its use and Ecopetrol Business Group receives from the grantor the right to receive a fee for the services. Revenues are recognized based on the services provided as established in the concession agreements. Infrastructure expansions are recognized as intangible asset when they are expected to generate future economic benefits. The renovations costs, improvements and additions are capitalized, while routine maintenance and repairs that do not extend the useful life of the assets are recognized in the profit or loss statement. Financial asset model Concessions in which Ecopetrol Business Group has a contractual right to receive cash or another financial asset from the grantor for the services provided under the concession agreements and the grantor has little or no power to avoid payment are recognized under financial asset model. In this model the financial asset is classified as a financial asset concession, according to IFRS 9 – Financial Instruments, and it will be represented as current and non-current concessions in the financial position of Ecopetrol Business Group. This asset accrues interest using the effective interest rate method (see Note 4.1). Mixed model for concessions This model is applied when the contract simultaneously includes remuneration commitments guaranteed by the grantor and remuneration commitments that depend on the level of use of the concession infrastructure. |
Goodwill | 4.11 Goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non–controlling interest and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition goodwill is measured at cost less any accumulated impairment loss, which cannot be reversed in subsequent periods according to IAS 36. Goodwill is not amortized but tested for impairment annually. |
Leases | 4.12 As of January 1, 2019, the Ecopetrol Business Group adopted IFRS 16, “Leases” applying the modified retrospective scope. At the beginning of a contract, Ecopetrol Business Group assesses whether a contract is, or contains, a lease. This situation arises if the contract transfers the right to control the use of an identified asset for a period in exchange for a consideration. To assess whether a contract conveys the right to control an identified asset, the regulations of IFRS 16 are used. Ecopetrol Business Group applies the guidance of IFRS 16 – Leases on concessions contracts that do not meet the criteria of the guidance of IFRIC 12. Ecopetrol Business Group as a lessee On the commencement date of the lease, Ecopetrol Business Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying asset during the lease term. The interest expense on the lease liability and the depreciation expense on the right-of-use asset are recognized separately. In subsequent recognition, Ecopetrol Business Group makes a remeasurement of the lease obligation upon the occurrence of events such as: a) changes in the lease term and b) changes in future lease payments resulting from variations in an index or in the rate used for determining the payments. The amount of the remeasurement of the obligation will be recognized as an adjustment to the asset for the right of use. Ecopetrol Business Group as a lessor Ecopetrol Business Group classifies as financial leases those contracts in which the terms of the lease substantially transfer to the lessees all the risks and inherent rewards to ownership of the asset. All other leases are classified as operational. If the lease is classified as financial, an account receivable is recorded in the statement of financial position, for an amount equal to the net investment in the lease. For leases classified as operating leases, income from payments is recognized on a straight-line basis in the profit and loss statement. Right-of-use assets The Ecopetrol Business Group recognizes right-of-use assets on the commencement date of the lease (that is, the date on which the underlying asset is available for use). The right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are amortized in a straight-line basis during the lease term. Right-of-use assets are subject to impairment assessment. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Lease liabilities At the commencement date of the lease, the Ecopetrol Business Group recognizes lease liabilities measured at the present value of the lease payments to be made during the term of the lease. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable payments that do not depend on an index or rate are recognized as expenses in the period in which an event or condition indicates that the payment will occur. To calculate the present value of the lease payments, the Ecopetrol Business Group uses the incremental borrowing rate on the lease’s commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Current leases and low-value asset leases The Ecopetrol Business Group elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts for which the underlying asset is of low value (low-value assets). Joint Operating Agreements (JOA) In JOA agreements, the Ecopetrol Business Group assesses whether it controls the use of the asset. If the Ecopetrol Business Group, as the operator, controls the use of the asset, it recognizes the entire right-of-use and lease liability in the financial statements. If it is the JOA who controls, it is analyzed whether the contract meets the characteristics of a sublease, and in that case each party must recognize the right of use in proportion to their participation. Ecopetrol Business Group recognizes 100% of the right-of-use in joint venture agreements in which the Groups is the operator. |
Impairment of non-current assets | 4.13 In order to evaluate if any non-current assets are impaired, Ecopetrol Business Group compares its carrying amount with its recoverable amount at least annually or earlier, if there is any indicator that an asset may be impaired. For purposes of impairment testing, assets are grouped into cash generating units (CGU), provided that those assets individually considered do not generate cash inflows that, to a greater extent, are independent from those generated by other assets or CGUs. The grouping of assets in different CGUs requires the exercise of professional judgment and the consideration, among other parameters, of the business segments. In this sense, in the Exploration and Production segment, each CGU corresponds to each one of the different contractual areas commonly called “fields”; by exception, in those cases where the cash inflows generated by several fields are interdependent from each other, those fields are grouped into a single CGU. In the case of the Refining and Petrochemicals, each CGUs corresponds to each one of the refineries, petrochemical plants, and companies in this segment of the Ecopetrol Business Group, for the Transportation and logistics segment, each pipeline system is considered an independent CGU, and for the Electric power transmission and toll roads concessions segment, which also includes telecommunication business, the CGUs correspond to three groups: energy power transmission, toll roads and telecommunications; these units are distributed in identified and independent groups of assets, agreements, subsidiaries, associates, and joint ventures defined within Interconexión Eléctrica S.A. E.S.P. The recoverable amount of an asset is the higher amount of the fair value less costs of disposal or its value in use. If the recoverable amount of an asset (or of a CGU) is lower than its net carrying amount, such amount (or that of the CGU) is reduced to its recoverable amount, recognizing an impairment loss in profit or loss. Fair value less costs of disposal is usually higher than the value in use for the asset in the production segment due to some significant restrictions in the estimation of future cash flows, such as: a) future capital expenses that improve the CGU performance, which could result in expected increase of net cash flows, and b) items that reflect specific business risks, resulting in a higher discount rate. Fair value less costs of disposal is determined as the sum of the future discounted cash flows adjusted to the estimated risk. The estimations of expected future cash flows used in the assessment of impairment of the assets include estimates of futures commodity prices, supply and demand estimations, and the margins of the products. Fair value less costs of disposal, as described above, is compared to valuation multiples and quoted prices of shares in companies comparable to Ecopetrol Business Group to determine if it is reasonable. In the case of assets or CGUs that participate in the evaluation and exploration of reserves, proven, probable, and possible reserves are considered, with a risk factor associated with them. When an impairment loss is recorded, future amortization expenses are calculated based on the adjusted recoverable amount. Impairment losses may be recovered only if the reversal is related to a change in estimations used after impairment loss was recognized in previous periods. These recoveries do not exceed the carrying amount of the assets net of depreciation or amortization that would have been determined if such impairment had not been recognized. The carrying amount of non–current assets reclassified as assets held–for–sale is compared to its fair value less costs of disposal. No other provision for depreciation, depletion, or amortization is recorded if the fair value less costs of sale is lower than the carrying amount. For the case of concessions, Ecopetrol Business Group periodically performs a qualitative impairment test on the assets related to the concession to identify events or circumstances, at the CGU level, which is the concession contract with its corresponding amendments, if any, events that indicate that the carrying amount exceeds the recoverable amount. When such events are identified, the quantitative calculation is made, and any impairment is recognized in profit or loss statement. |
Provisions and contingent liabilities | 4.14 Provisions are recognized when the Ecopetrol Business Group has a current obligation (legal or constructive) because of a past event, it is probable that Ecopetrol will be required to settle the obligation, and a reliable estimation can be made of the amount of the obligation. Where applicable, they are recorded at present value, using a rate reflecting the risk specific to the liability. If the effect of the temporary value of money over time is significant, the provisions are discounted using a current market rate before taxes that reflects, when applicable, the specific risks of the liability. When the discount is recognized, the increase in the provision is recognized as a financial expense in the statement of profit and loss. Disbursements related to environmental conservation, linked to revenue from current or future operations, are recognized as expenses or assets, as appropriate. Disbursements related to past operations, which do not contribute to obtaining current or future revenue, are recorded as expenses. The recognition of these provisions coincides with the identification of an obligation related to environmental remediation and Ecopetrol Business Group uses all available information to determine a reasonable estimate of their respective cost. Contingent liabilities are not recognized but are subject to disclosure in the explanatory notes when an outflow of resources is possible; including those whose amounts cannot be estimated. In cases where the provision is expected to be reimbursed in whole or in part, for example under an insurance contract, the reimbursement is recognized as a separate asset only in cases where such reimbursement is practically certain. The amount recognized for the asset should not exceed the amount of the provision. Asset retirement obligation Liabilities associated with the retirement of assets are recognized when there are current obligations, either legal or constructive, related to the abandonment and dismantling of wells, facilities, pipelines, buildings, and equipment. The obligation is usually recorded when the assets are installed or when the surface or the environment are altered at the operating sites. These liabilities are calculated using the discounted cash flow method, using a pre–tax rate reflecting current market conditions similar liabilities and considering the economic limits of the field or the useful life of the respective asset. When it is not possible to determine a reliable estimation in the period in which the obligation originates, a provision is recognized when there is enough information available to make the best estimation. The carrying amount of the provision is reviewed and adjusted annually considering changes in the assumptions used for its estimation, using a risk-free rate adjusted by a premium that reflects the risk and the company credit rating under the current market conditions. Any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding property, plant, and equipment and natural and environmental resources. When a decrease in the asset retirement obligation related to a producing asset exceeds the carrying amount of the asset, the excess is recognized in the statement of profit or loss. The increase in the provision due to the passage of time is recognized in results for the period as a financial expense. |
Income tax and other taxes | 4.15 Income tax and other taxes Income tax expense is comprised of income tax payable for the period and the effect of deferred taxes in each period. Current income taxes are recognized in income except when they relate to items recognized in other comprehensive income, in which case the corresponding tax effect is also recognized in other comprehensive income. Income tax assets and liabilities are presented separately in the consolidated statement of financial position, except where there is a right of setoff within fiscal jurisdictions and an intention to settle such balances on a net basis. |
Current income tax | 4.15.1 Current income tax The Ecopetrol Business Group determines the provision for income tax based on the highest amount between taxable income and presumptive income (the minimum estimated amount of taxable profit on which the law expects to quantify and collect income taxes). Taxable income differs from profit before tax as reported in the consolidated statement of profit or loss, because of items of income or expense that are taxable or deductible in other periods, special taxable deductions, tax losses and income and line items measured that, according to applicable tax laws in each jurisdiction, are considered nontaxable or nondeductible. |
Deferred income tax | 4.15.2 Deferred tax is provided using the liability method for temporary differences between the carrying amounts of existing assets and liabilities in the consolidated financial statements and their respective tax bases. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences and for all accumulated tax losses, if there is a reasonable expectation that the Ecopetrol Business Group will generate future tax profits against which they will be used. Deferred taxes on assets and liabilities are calculated based on the tax rates that are expected to apply during the years in which temporary differences between the carrying amounts and tax bases are expected to be reversed. The carrying amount of a deferred tax asset is subject to review at the end of each reporting period, and it is reduced to the extent it is no longer probable that the corresponding legal entity will generate enough future taxable profit to realize such deferred tax asset. In the statement of financial position, deferred tax assets are reflected net and as an offset against deferred tax liabilities, depending on the overall tax position in a particular jurisdiction and on the same taxable entity. Deferred taxes are not recognized when they arise in the initial recognition of an asset or liability in a transaction (except in a business combination) and at the time of the transaction, do not affect the accounting or tax profit, or in respect of the taxes on the possible future distribution of accumulated profits of subsidiaries or investments accounted for by the equity method, if at the time of the distribution it may be controlled by Ecopetrol and it is probable that the retained earnings will be reinvested by the Ecopetrol Business Group companies and, therefore, will not be distributed to the Group. |
Other taxes | 4.15.3 The Ecopetrol Business Group recognizes in profit or loss the costs and expenses related to other taxes than the income tax, such as the wealth tax, which is determined based on the tax equity, the industry and commerce tax on income obtained in the municipalities for performance of commercial, industrial, and service activities, and the transport tax on volumes loaded in the transport systems. Taxes are calculated in accordance with current tax regulations. |
Employee benefits | 4.16 Salaries and benefits for Ecopetrol Business Group’s employees are governed by the Colombian Collective Labor (Agreement 01 of 1977), and, by the Colombian Substantive Labor Code. In addition to the benefits determined by labour laws, employees are entitled to fringe benefits which are subject to the place of work, type of work, length of service, and basic salary. An annual interest of 12% is recognized on accumulated severance amounts for each employee, and the payment of compensation is provided for when special circumstances arise resulting in the non–voluntary termination of the contract, without justified cause, and in periods other than the probationary period. Ecopetrol belonged to the special pension regime under which pension liabilities are Ecopetrol’s responsibility and not pension fund’s responsibility. However, Law 797 of January 29, 2003, and Legislative Act 001 of 2005 determined that Ecopetrol will no longer belong to the said regime and that from that point on employees would be part of the General Pension Regime. Consequently, pension obligations related to employees pensioned until July 31, 2010, are still Ecopetrol’s responsibility. Employees are entitled to such pension bonus if they worked with Ecopetrol prior to January 29, 2003, but whose labor agreement expired without renewal before that date. All labor benefits of employees who joined Ecopetrol before 1990 are Ecopetrol’s responsibility, without the involvement of any social security entity or institution. Service cost for the employee and his/her relatives registered with Ecopetrol is determined by means of a mortality table, prepared based on facts occurring during the year. For employees who joined Ecopetrol after the Act 50 of 1990 went in effect, Ecopetrol makes periodic contributions for severance payments, pensions, and labor risks to the respective funds. In 2008, Ecopetrol partially settled the value corresponding to monthly pension payments from its pension liabilities, transferring such liabilities and their underlying amounts to autonomous pension funds (PAP, for its acronym in Spanish). The funds transferred, and returns on those funds, cannot be redirected, nor can they be returned to the Ecopetrol Business Group, until all of the pension obligations have been fulfilled. The settled obligation covers allowances and pension bonds payments, with health and education remaining Ecopetrol’s responsibility. Employee benefits are divided into four groups comprised as follows: a) Short–term employee benefits and post–employment defined benefits: Benefits to employees in the short term mainly correspond to those which payment will be made in the term of twelve months following the closing of the period in which the employees have rendered their services. These mainly include salaries, severance payments, vacation, bonuses, and other benefits. Post–employment benefits of defined contributions plans correspond to the periodic payments for severance, pensions, and labor risk payments that the Ecopetrol Business Group makes to the respective funds that assume these obligations in their entirety. The above benefits are recognized as an expense with an associated liability after deducting any already paid amounts. b) Post–employment defined benefit plans: In the defined benefits plan, the Ecopetrol Business Group provides the benefits agreed to current and former employees and assumes the actuarial and investment risks. The following benefits are classified as long–term defined benefit plans recognized in the financial statements according to the calculations of an independent actuary: ● Pensions ● Pension bonds ● Pension incentives ● Health ● Educational plan ● Retroactive severances Liabilities recognized in the statement of financial position with respect to these benefit plans are determined based on the present value of the defined benefit obligation at the date of the statement of financial position less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected credit unit method, which considers employees’ years of service and, for pensions, average or final pensionable remuneration. This obligation is discounted at its present value using interest rates of high–quality government bonds denominated in the currency in which the benefits will be paid and of a duration consistent with the plan obligations. These actuarial calculations involve several assumptions that could differ from the events that will effectively take place in the future. Said assumptions include the determination of a discount rate, future salary increases, mortality rates and future pension increases. Because of the complexity of the calculation, the underlying assumptions and long–term nature of these plans, the obligations for defined benefits are extremely sensitive to changes in assumptions. All key assumptions are revised at the end of the reported period. In determining the appropriate discount rate, in absence of a broad high quality bond market, Management considers interest rates corresponding to the class B TES bonds issued by the Colombian Government as its best reference, at an appropriate discount rate with maturities extrapolated in line with the term expected for each benefit plan. The mortality rate is based on the country’s rate, the latest version of which is the RV08 mortality table published in resolution 1555 of October 2010. The future salary and pension increases are linked to the country’s future inflation rates. Note 21 – Provisions for employee benefits The amounts recognized in the consolidated statement of profit or loss related to employees defined benefit plans are comprised mainly by service cost and the net financial expense. Service cost includes mainly the increase in present value of the benefit obligation during the period (current service cost) and the amount resulting from a new benefit plan. Plan amendments corresponds to changes in benefits and are usually recognized when all legal and regulatory approvals have been obtained and the effects have been conveyed to the employees involved. The net financial expense is calculated using the net liability for defined benefits as compared with the yield curve of the discount rate at the beginning of each year for each plan. The net defined benefit obligation or asset resulting from actuarial profits and losses, the asset ceiling effect, and the asset profitability, excluding the value of recognized in the consolidated statement of profit or loss, are recognized in other comprehensive income. When the plan assets exceed the gross obligation, the recognized asset is limited to the lower of the surplus in the defined benefits plan and the ceiling of assets determined using a discount rate based on Colombian Government bonds. (a) Others long-term benefits Others long–term benefits include the five–year term bonus which also considered in the actuarial calculation. This benefit is a cash bond that accumulates annually and is paid every five years to employees. The Ecopetrol Business Group recognizes in the consolidated statement of profit or loss the service cost, the net financial cost and the adjustment to the obligation of the defined benefit plan. (b) Termination benefits Termination benefits are recognized only when a detailed plan exists and there is no possibility to withdraw the offer. The Ecopetrol Business Group recognizes a liability and an expense for termination benefits at the earliest date between the date when the offer of such benefits cannot be withdrawn and the date when the restructuring costs are recognized. |
Revenue from contracts with customers | 4.17 The Ecopetrol Business Group’s business is based on four principal sources of revenue from customer contracts: 1) sales of crude oil and natural gas, 2) services associated with the transport of hydrocarbons, 3) sales of refined and petrochemical products, and biofuels, and 4) electric power transmission and toll roads concessions. Revenue from customer contracts is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration that the Ecopetrol Business Group expects to receive in exchange for those goods or services. Sales of crude oil and natural gas Revenue from sales of crude oil and natural gas is recognized upon transfer of control to the buyer. This generally occurs when the product is physically transferred into a vessel, pipeline or by another delivery method, thus fulfilling the Ecopetrol Business Group’s performance obligations to its customers. For some natural gas supply contracts with a replacement period, a distinction is made between quantities of gas consumed and not consumed to recognize the respective revenue or liability relating to quantities that will be requested in the future. Once the customer claims such natural gas, the revenue is recognized. Services associated with the transport of hydrocarbons Revenue from hydrocarbons transport services is recognized when the service is provided to the customer and there are no contractual conditions that prevent recognition of the revenue. Ecopetrol Business Group companies are principal in providing these services. Ship/ Take-or-Pay contracts for the sale of refined products, storage and transport specify minimum quantities of products or services for which a customer will pay, even if the latter does not receive them or use them (“deficient quantities”). Although the Ecopetrol Business Group expects customers to recover all deficient quantities to which they are contractually entitled, any load revenue received related to temporary shortfalls that will be offset in a future period will be deferred and that amount recognized as revenue in the event any of the following scenarios occurs: a) The customer exercises its right to deficient volumes or services, or b) The possibility is remote that the customer will exercise its right to deficient volumes or services. Refined and petrochemical products and biofuels In the case of refined products and petrochemicals, such as fuel oil, asphalt, polyethylene, LPG and propane and gasoline, etc., revenue is recognized when the products are shipped and delivered by the refinery; subsequently, they are adjusted for price changes, in the case of products with regulated prices. In the case of the companies that distribute natural gas and LPG, the revenue from the services is recognized when the service is provided to the customer. In other cases, Ecopetrol Business Group recognizes revenue when the performance obligation is satisfied, giving rise to the certain, probable, and quantifiable right to demand payment. Under current local regulation, Ecopetrol Business Group sells regular gasoline and ACPM in Colombia at a regulated price. In accordance with Decree 1068 of 2015, the Ministry of Mines and Energy semiannually calculates and settles Ecopetrol’s net position to be stabilized for each fuel by the Fuel Price Stabilization Fund (FEPC, for its acronym in Spanish). The net position corresponds to the sum of the spreads throughout the period, the result of which is the amount in pesos owed to the Company and charged to the resources of the FEPC. The differential corresponds to the product between the volume reported by the Company at the time of sale and the difference between the parity price and the reference price, the parity price being that which corresponds to the daily prices of motor and diesel gasoline observed during the month, expressed in pesos, referenced to the Gulf of the United States market, calculated by applying Resolution 18 0522 of 2010, and the reference price is the Producer Income defined by the Ministry of Mines and Energy for these purposes. Therefore, this differential constitutes a greater or lesser value of sales revenue and a receivable or payable account for Ecopetrol. Electric power transmission and toll roads concessions This group refers to 1) supplying of electricity transmission services in Latin America through the operation and maintenance of high-voltage transport networks and interconnections 2) design, construction, operation, and maintenance of road infrastructures, 3) supplying of information technology, and (4) telecommunications services. The recognition of revenue from electric power transmission services occurs according to the performance obligations based on the conditions of the contracts that include requirements established by the electricity market regulators in the countries in which Ecopetrol Business Group operates. This is generally achieved when the performance obligations agreed with the regulatory entities are executed, considering the period and the quality of the service established in the contracts. Technology and telecommunications services revenue is also recognized according to the performance obligations defined in contracts with customers. For service concession agreements, Ecopetrol Business Group measures the revenue in accordance with IFRIC 12 at the fair value of the consideration received or receivable, considering the payment defined in the contracts. ● Recognize revenues and costs for project construction services in results for the period, according to the percentage completion method of the projects at the reporting date, which includes an estimated profit margin determined based on the macroeconomic characteristics and the conditions of the project, and the weighting of the estimated receivable cash flows related to the estimated cash flows of the construction. ● Recognize revenues and costs for operation and maintenance services of third-party facilities in the profit or loss statement for the period, as the service is provided, based on the performance obligations established in the contracts. ● Recognize the financial returns of concession agreements classified as financial assets in the statement of profit or loss for the period using the effective interest rate method. The business model developed under electric power transmission concession agreement, associated with the obligation to build, and implement the electric power transmission infrastructure and is classified under the asset according to IFRS 15 – Revenue from contracts with customers. The asset is recognized while the obligation to build and implement the infrastructure is satisfied, and revenue is recognized over the life of the project. Significant financing component Payments received from customers are generally short term (except for revenue of concessions). Using the practical expedient in IFRS 15, Ecopetrol Business Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and the customer’s payment for that good or service to be one year or less. Considering that revenues related to concessions generates long term accounts receivables, a financial component is applied considering the measurement of the asset as amortized cost, defining the future cash flows, and applying and discount rate, according to IFRS 9 – Financial Instruments. Variable considerations Upon fulfillment of the obligations set forth in agreements with customers, via delivery of the product or provision of the service, variable components of the transaction price may exist, such as the exchange rate for crude exports or international price fluctuations. In these cases, the Ecopetrol Business Group makes its best estimate of the transaction price that reflects the goods and services transferred to customers. Agreements signed with customers do not include material variable considerations such as rebates, refunds, or discounts. Customer advances They correspond to contractual obligations in which the Ecopetrol Business Group receives monetary resources from customers to subsequently transfer goods and services. These advances made by customers are part of the policies and risk assessment defined by the Ecopetrol Business Group. |
Costs and expenses | 4.18 Costs and expenses are presented according to their function; they are detailed in the related disclosures in cost of sales, and administrative, operating, projects, and other associated expenses. |
Finance income (expenses) | 4.19 Finance income and expenses include mainly: a) borrowings costs on loans and financing, except for those that are capitalized on qualifying asset, b) gains and losses on changes in fair value of financial instruments measured at fair value through profit or loss, c) currency exchange differences of financial assets and liabilities, except for debt instruments designated as hedging instruments, d) interest expenses as a result of discounting long–term liabilities (abandonment costs and pension liabilities), e) dividends derived from equity instruments measured at fair value with changes in other comprehensive income. |
Information by business segment | 4.20 Ecopetrol Business Group presents the information related to its business segments in its consolidated financial statements in accordance with paragraph 4 of IFRS 8 – Operation segments. The operations of the Ecopetrol Business Group are performed through four business segments: 1) Exploration and Production, 2) Transport and Logistics, 3) Refining and Petrochemical, and 4) Electric Power Transmission and Toll Roads Concessions. Segments are determined based on Ecopetrol Business Group Management objectives and corporate strategic plans, considering that these businesses: (a) are engaged in different commercial activities, which generate sales revenue and incur costs and expenses; (b) the operational results are revised regularly by the Ecopetrol Business Group’s Governance that makes operational decisions to allocate resources to the various segments and assess their performance; and (c) there is differentiated financial information available. Internal transfers represent sales to inter–company segments and are recognized and presented at market prices. a) Exploration and production b) Transport and logistics c) Refining and petrochemicals d) Electric power transmission and toll roads concessions: See information by segments in Note 32. |
Business combinations | 4.21 Business combinations The Ecopetrol Business Group accounts for business combinations using the acquisition method. Identifiable assets acquired and liabilities assumed are initially measured at fair value on the acquisition date. Ecopetrol Business Group recognizes separately, at the acquisition date, the identifiable assets, and liabilities of the acquiree that meet the appropriate criteria for recognition, regardless of whether they had been previously recognized in the financial statements of the acquiree. On the acquisition date, the acquirer will recognize separately the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree. The company that acts as buyer will recognize the goodwill generated as an asset on the acquisition date, measured as the difference between (i) the sum of the consideration transferred, the amount of any non-controlling interest, and the fair values on the date of acquisition of the shareholding in the acquiree, and (ii) the net amount of the acquisition date of the identifiable assets acquired and the liabilities assumed. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Ecopetrol Business Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Ecopetrol Business Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When Ecopetrol Business Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Ecopetrol Business Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Ecopetrol Business Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. |
Accounting policies (Tables)
Accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting policies | |
Schedule of depreciation and amortisation expense | Plant and equipment 10 – 55 years Pipelines, networks, and lines 6 – 63 years Buildings 9 – 100 years Other 3 – 35 years |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Schedule of Cash and cash equivalents | 2023 2022 Banks 7,525,552 9,483,747 Short–term investments 4,808,610 5,915,067 Cash 1,953 2,244 12,336,115 15,401,058 |
Credit quality of issuers of investments | |
Cash and cash equivalents | |
Schedule of other financial assets measured at fair value through profit or loss | Rating 2023 2022 F1+ 2,349,260 466,031 F1 2,133,937 1,458,524 A-1 1,498,034 731,424 P AAA 1,475,084 — AAA 993,553 5,356,966 P-1 741,041 — B 670,268 16,753 F2 630,089 — BRC1+ 378,077 606,052 BB 103,066 463,681 F3 70,055 584 BBB 68,378 425,485 AAAF 64,518 — AAAm 51,710 — AAAmmf 4,562 5,508 C 3,156 — Aaa 1,798 10,276 BRC1 1,513 1,201 A — 919,903 A -2 — 749,912 AA — 675,596 A3 — 647,316 A+ — 543,260 A- — 477,059 A2 — 197,917 A1 — 192,594 Baa1 — 93,157 Caa3 — 4,385 Ba1 — 3,083 CCC — 1,160 AAAf — 714 Ba2 — 3 Baa3 — 1 Others 1,098,016 1,352,513 12,336,115 15,401,058 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables | |
Schedule of trade and other receivables, net | 2023 2022 Current Fuel Price stabilization fund (1) 20,505,603 26,296,870 Concessions (2) 4,054,429 5,194,909 Customers Foreign 4,220,537 3,065,207 Domestic 3,087,463 3,268,944 Related parties (Note 30) 123,058 110,408 Accounts receivable from employees 106,022 115,922 Industrial services 40,729 70,762 Other 1,172,801 1,101,977 33,310,642 39,224,999 Non–current Concessions (2) 26,323,424 28,647,390 Customers Foreign 150,033 185,331 Domestic 75,419 72,985 Accounts receivable from employees 565,914 498,415 Related parties (Note 30) 143,238 335 Other (3) 2,523,060 2,750,749 29,781,088 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). During 2023, the Ministry of Finance and Public Credit paid $26,346,530 (2022 - $18,262,487) to the Ecopetrol Business Group as follows; ● Payments to Ecopetrol for $2,876,149 (2022 – $4,639,779 ) in cash and $21,576,179 (2022 - $6,788,385 ) through offsetting with dividends payable to the Ministry of Finance and Public Credit, this operation did not generate cash flows and its effect implies an increase in the variation in working capital in the cash flow statement of the Ecopetrol Business Group. These payments correspond to the settlements of the second, third and fourth quarters of 2022. ● Payments to Reficar for $1,894,202 (2022 - $6,114,489 ) in cash in August 2023, corresponding to settlement of the fourth quarter of 2022. During 2022, Reficar received a payment of $719,834 through Colombian sovereign bonds - TES (this operation did not generate cash flows). (2) Includes electric power transmission and toll roads concessions. (3) Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of the Business Group for transportation systems. The balance of these accounts receivable is $2,279,637 (2022: $2,481,530) and the related provision for expected losses established, included in the provision line for expected credit losses, is $407,567 (2022: $475,936), representing a net book value of $1,872,070 (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 consolidated financial statements. The company will continue to comply with the monthly payment in accordance with the law. In addition, the process of collecting these amounts from the Government of the State of Sao Paulo and their recoverability assessment will continue. |
Schedule of changes in the allowance for doubtful accounts | 2023 2022 2021 Opening balance (906,118) (750,191) (291,144) (Additions) reversal, net (57,895) (46,690) 2,665 Effect of business combination — — (474,654) Currency translation 111,013 (131,270) 4,794 Accounts receivable write–off and uses 38,715 22,033 8,148 Closing balance (814,285) (906,118) (750,191) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Schedule of inventories | 2023 2022 Crude oil (1) 4,715,047 5,971,109 Fuels and petrochemicals (2) 2,356,585 3,241,154 Materials for goods production 3,130,816 2,667,771 10,202,448 11,880,034 (1) The variation is mainly due to higher consumption of crude oil inventories due to higher loads and processing of intermediate streams. (2) The variation is mainly due to the lower level of imported product due to better operations in refineries, which reduces the weighted valuation. |
Schedule of changes of the allowances for losses | 2023 2022 2021 Opening balance (128,797) (127,662) (109,549) Additions (23,373) (18,236) (58,437) Increase due to business combination — — (2,837) Foreign currency translation 6,873 (3,591) (1,449) Other (44,581) 20,692 44,610 Closing balance (189,878) (128,797) (127,662) |
Other financial assets (Tables)
Other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other financial assets | |
Schedule of other financial assets | 2023 2022 Assets measured at fair value Investments in equity securities and trust funds (1) 1,210,138 875,335 Investment Portfolio – Foreign currency 364,962 1,056,385 Hedging instruments (2) 231,463 311 Investment Portfolio – Local currency 54,887 761,687 Assets measured at fair value through other comprehensive income 2,007 3,583 1,863,457 2,697,301 Assets measured at amortized cost (3) 369,318 28,570 2,232,775 2,725,871 Current 1,860,928 1,162,127 Non–current 371,847 1,563,744 2,232,775 2,725,871 (1) They include deposits in trusts companies and restricted funds in Brazil, Peru, Chile, and Colombia. (2) As of December 31, 2023, corresponds to swap contracts to hedge commodity price risk and forwards contracts to hedge exchange rate risk mainly 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 maturities of other financial assets | 2023 2022 Up to 1 year 1,860,928 1,162,127 1 – 2 years 291,392 673,169 2 – 5 years 28,186 452,417 > 5 years 52,269 438,158 2,232,775 2,725,871 |
Schedule of other financial assets recognized at fair value | 2023 2022 Level 1 1,526,458 1,892,486 Level 2 336,999 804,815 1,863,457 2,697,301 |
Other financial assets | |
Other financial assets | |
Schedule of other financial assets measured at fair value through profit or loss | 2023 2022 B 1,263,144 — BB 296,394 1,051,042 F1 259,003 — P-1 150,905 — A-2 116,738 — F2 55,606 — AAA 22,864 40,369 BB+ 13,921 898,072 A1 13,904 — BBB 302 4,153 Baa3 3 — Ba1 — 388,743 Ba2 — 16,227 A — 14,702 A3 — 9,918 F3 — 4,457 F1+ — 29 Others 39,991 298,159 2,232,775 2,725,871 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxes | |
Schedule of current tax assets and tax liabilities and movements of deferred income tax | 2023 2022 Current tax assets Income tax (1) 1,228,477 279,457 VAT refund (2) 4,548,264 4,725,281 Other taxes (3) 2,334,338 1,779,654 8,111,079 6,784,392 Non-current tax assets Deferred tax assets (4) 10,522,725 13,392,480 Income tax credits 7,332 8,570 10,530,057 13,401,050 Current tax liabilities Income tax payable (5) 1,746,972 6,617,468 Industry and commerce tax (6) 367,861 346,958 National tax and surcharge on gasoline 211,819 181,490 Value added tax 103,724 206,341 Carbon tax 92,736 77,721 Other taxes (7) 346,113 200,923 2,869,225 7,630,901 Non-current tax liabilities Deferred tax liabilities (8) 11,824,515 13,479,336 Income tax 1,742,998 1,796,308 13,567,513 15,275,644 (1) The increase corresponds to the balance in favor of the income tax generated in Ecopetrol for $981,881 due to the change in self-withholding rates. Additionally, Refinería de Cartagena is offsetting tax losses, therefore there is not tax due for the fiscal year. Thus Refinerias advance payment increase the balance favor. (2) The variation corresponds mainly to the balance in favor in value added tax (VAT) in Ecopetrol S.A for ($315,848), Esenttia S.A. for $64,340, and ISA for $82,378. (3) Includes the potential tax credit for the VAT paid on the acquisition of real productive fixed assets, in accordance with the section 258-1 of the Colombia Tax Code. Additionally, it includes advances and self-withholdings of territorial taxes. (4) The decrease of the deferred tax assets mainly corresponds to the realizability of the unrealized foreign exchange from 2023. The effect of the revaluation of the peso against the dollar in Ecopetrol S.A. of loans and borrowings in US dollar. (5) The variation mainly corresponds to the decrease by 31.88% in results obtained in the year by Ecopetrol S.A., due to the decrease of revenues given the decrease in the average prices of the basket of crude oil, natural gas, and products, among others. (6) The variation mainly corresponds to ISA for $88,901, due to lower taxable income. (7) The variation corresponds mainly to a pending payment of value added tax to the National Tax and Customs Direction of Colombia for nationalization of imports in Ecopetrol, and the income tax associated with the current works by taxes mechanism. (8) The variation mainly corresponds to the temporary differences related to IAS 12.41 and the deferred tax of ISA, represented by the changes related to the contractual asset CPC 47 and the deferral of income in accordance with Law 12,973/2014 in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), and lower tax deduction for the disposal of Yaros substation in Consorcio Transmantaro, among others. |
Schedule of income tax expense | 2023 2022 2021 Current income tax (1) 12,807,005 16,791,619 6,975,549 Deferred income tax (2) (3,310,147) 2,813,817 1,939,567 Deferred income tax – rate change (3) 1,941,995 (658,919) (28,993) Adjustments to prior years’ current and deferred tax (4) 77,022 17,421 (90,860) Income tax expenses 11,515,875 18,963,938 8,795,263 (1) The variation between 2023 and 2022 by ($3,984,614) corresponds mainly to the decrease in results obtained in the year in Ecopetrol S.A., generated by the decrease in revenues given the lower average prices of the crude basket oil, natural gas, and products, among others. (2) The variation between 2023 and 2022 by ($6,123,964) corresponds mainly i) to the effect of the exchange rate on loans denominated in US dollars, because of the revaluation of the Colombian peso against the US dollar in Ecopetrol S.A. and the adjustments in the surcharge rates to calculate the deferred income tax in Ecopetrol S.A and Hocol S.A., ii) Adjustment IAS 12.41 due to decrease the 20.5% in the exchange rate, among others (3) The variation between 2023 and 2022 by $2,600,914 corresponds mainly to the adjustments in the surcharge rates to calculate the deferred income tax in Ecopetrol S.A and Hocol S.A, according to Resolution No. 0061 of January 31, 2024, of the National Hydrocarbons Agency (ANH, by its acronym in Spanish) (4) The variation between 2023 and 2022 by $59,600 corresponds mainly to the adjustment to the income tax provision for fiscal year 2014 and the difference between the provision and the income tax return for fiscal year 2022 filed in 2023. |
Schedule of reconciliation of the income tax expenses | 2023 2022 2021 Net income before income tax 36,898,946 54,163,418 26,425,817 Statutory rate (Colombia) 35.0 % 35.0 % 31.0 % Income tax at statutory rate 12,914,631 18,957,196 8,192,003 Effective tax rate reconciliation items: Adjustment - IAS 12.41 (2,032,193) 1,946,269 1,194,065 Non–deductible expenses 646,616 448,433 387,407 Rate differential adjustment (1,630,935) (670,080) (304,176) Non–taxable income (1,080,149) (739,243) (517,483) Prior years’ taxes 77,022 17,421 (90,860) Foreign currency translation and exchange difference 577,949 (82,028) (149,035) Tax discounts and tax credit (18,215) (184,054) (173,154) Others 119,154 (71,057) 285,489 Effect of tax reform 1,941,995 (658,919) (28,993) Income tax calculated 11,515,875 18,963,938 8,795,263 Effective tax rate 31.2 % 35.0 % 33.3 % Current 12,867,278 16,801,363 6,940,660 Deferred (1,351,403) 2,162,575 1,854,603 11,515,875 18,963,938 8,795,263 |
Schedule of deferred income tax | 2023 2022 Deferred tax assets (1) 10,522,725 13,392,480 Deferred tax liabilities (2) (11,824,515) (13,479,336) Net deferred income tax (1,301,790) (86,856) (1) The variation corresponds mainly to the effect of the exchange difference in loans and borrowings in dollars, the updating of the actuarial calculation, variations in the elements to calculate the present value of the technical costs of the abandonment provision and the updating of projected surcharges, among others. (2) The variation mainly corresponds to the temporary differences related to IAS 12.41 and the deferred tax of ISA, represented by the changes related to the contractual asset CPC 47 and the deferral of income in accordance with Law 12,973/2014 in Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), and lower tax deduction for the disposal of Yaros substation in Consorcio Transmantaro, among others. |
Schedule of deferred income tax assets and liabilities | 2023 2022 Deferred tax assets (liabilities) Loans (1) 192,923 8,707,743 Loss carry forwards (2) 5,519,519 6,497,845 Provisions (3) 5,063,332 3,712,239 Other assets (4) 689,369 1,144,097 Employee benefits (5) 3,623,801 963,558 Accounts payable (60,255) 54,611 Goodwill (6) (603,445) (604,350) Intangibles (7) (1,208,349) (1,573,224) Other (387,146) (182,419) Other liabilities (8) (3,429,662) (2,887,670) Accounts receivable (9) (3,766,299) (4,558,699) Property plant and equipment and Natural and environmental resources (10) (6,935,578) (11,360,587) (1,301,790) (86,856) (1) The variation corresponds mainly to the effect of exchange difference of loans and borrowings, considering the revaluation of the Colombian peso against the US dollar. (2) In 2023, a deferred tax asset for tax losses carryforwards was recognized for $5,519,519 (2022 - $6,497,845) in the following companies: - Tax losses that do not expire: Ecopetrol USA for $60,568 (2022 - $339,950); Refinería de Cartagena for $1,916,114 (2022 - $1,871,732); and ISA Group companies in Chile for $7,610 (2022 - $35,806). - Tax losses that expire in 12 years in Invercolsa for $16,112 (2022 - $17,524) and Esenttia for $76,337. - Tax losses that expire in 20 years from the date they were recognized by Ecopetrol USA Inc. for $1,499,997 (2022 - $1,887,805). - Tax losses expiring in 2025 of Ruta de la Araucanía and Transamerican for $45,147 (2022 - $111,273); 2027: Ruta Costera for $174,855 (2022 - $84,964); 2030: from Internexa Chile for ($16,062); 2029: Ruta del Maipó for $759,609 (2022 - $1,000,632); 2040: from ISA Interchile for $933,113 (2022 - $1,104,625); and 2044: Ruta del Loa for $30,057 (2022 - $27,472). (3) (4) The variation corresponds mainly to the effect of the uploading and increase of the financial asset due to UF readjustment in Maipó (Chile) in 2022. (5) Corresponds to update of the actuarial calculations for health, pensions and bonds, education, and other long-term benefits to employee. (6) According to Colombian tax law until the fiscal year 2016, goodwill was subject to amortization for fiscal proposes, while under IFRS it is only allowed to be subject to impairment tests, a difference that results in a deferred tax liability. (7) The variation corresponds mainly to the effect of the re-expression and dispossal of the Yaros substation of Consorcio Transmantaro (Peru). (8) The variation corresponds mainly to the effect of the re-expression and decrease of the financial asset in LOA route (Chile). (9) The variation corresponds mainly to the effect of the re-expression and changes in the portfolio of CTEEP (Brazil). (10) For tax purposes, natural and environmental resources, and property, plant, and equipment have a useful life and a depreciation and amortization methodology different from those determined under international accounting standards, mainly in ISA Colombia and Transmantaro considering their accelerated depreciation in 2022. |
Schedule of movements of deferred income tax | 2023 2022 2021 Opening balance (86,856) (1,825,605) 6,034,706 Deferred tax recognized in profit or loss 1,351,403 (2,162,575) (1,854,603) Increase due to business combination — 96,767 (7,877,297) Deferred tax recognized in other comprehensive income (a) (3,726,415) 4,769,474 1,535,151 Other — (24,132) (35,033) Foreign currency translation 1,160,078 (940,785) 371,471 Closing balance (1,301,790) (86,856) (1,825,605) (a) |
Schedule of income tax recorded in other comprehensive income | December 31. 2023 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 21.1) 4,460,534 (1,726,261) 2,734,273 Cash flow hedging for future crude oil exports (Note 29.3) (5,695,565) 2,624,019 (3,071,546) Hedge of a net investment in a foreign operation (Note 29.4) (8,973,471) 2,760,084 (6,213,387) Hedge with derivative instruments (242,284) 68,573 (173,711) (10,450,786) 3,726,415 (6,724,371) December 31. 2022 Pre–tax Deferred tax After tax Actuarial valuation gains (losses) (Note 21.1) 1,254,514 (586,260) 668,254 Cash flow hedging for future crude oil exports (Note 29.3) 3,167,351 (1,638,602) 1,528,749 Hedge of a net investment in a foreign operation (Note 29.4) 7,526,124 (2,538,389) 4,987,735 Hedge with derivative instruments (111,690) (6,223) (117,913) 11,836,299 (4,769,474) 7,066,825 December 31. 2021 Pre-tax Deferred tax After tax Actuarial valuation gains (losses) (Note 21.1) (2,456,667) 679,510 (1,777,157) Cash flow hedging for future crude oil exports (Note 29.3) 1,259,269 (450,492) 808,777 Hedge of a net investment in a foreign operation (Note 29.4) 4,579,758 (1,708,348) 2,871,410 Hedge with derivative instruments 191,487 (55,821) 135,666 3,573,847 (1,535,151) 2,038,696 |
Schedule of adjusted income tax rate | 2023 Adjusted tax Net income tax of Colombia Business Group companies 11,533,898 (+) Tax discounts or tax credits 3,359 (-) Income tax on passive income from controlled entities abroad (5,423) Total Tax Adjusted 11,531,834 Adjusted profit Profit before income tax expense of Colombia Business Group companies 48,160,689 (+)Permanent differences enshrined in law and that increase net income 9,512,825 (-) Income that does not constitute income or occasional profit, which affects accounting or financial profit (6,694,161) (-)Share of profits of associates and joint ventures of the respective taxable year of Colombia Business Group companies (17,039,972) (-) Net value of income from occasional gains that affect accounting or financial profit (10) (-) Exempt income due to the application of treaties to avoid double taxation (567,826) (-) Offsetting of tax losses or excesses of presumptive income taken in the taxable year and that did not affect the accounting profit of the period (2,472,219) Total Adjusted Profit 30,899,326 Adjusted tax rate 37.3 % Income tax to add — |
Schedule of income tax rate | < percentile 30 0 % > = to percentile 30 and < to percentile 45 5 % > = to percentile 45 and < to percentile 60 10 % > = to percentile 60 15 % |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other assets | |
Schedule of other assets | 2023 2022 Current Partners in joint operations 845,590 871,409 Prepaid expenses 789,029 693,341 Advanced payments to contractors and suppliers 553,356 679,829 Trust funds 547,439 507,163 Related parties (Note 30) 84 1,087 Other assets 33,531 25,651 2,769,029 2,778,480 Non–current Abandonment and pension funds 648,980 568,066 Trust funds 245,790 184,464 Employee benefits 332,710 342,143 Advanced payments and deposits 55,178 87,684 Judicial deposits and attachments 47,264 54,776 Other assets 303,891 216,214 1,633,813 1,453,347 |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in associates and joint ventures | |
Schedule of investment entities | 2023 2022 Joint ventures Interligação Elétrica do Madeira S.A. 1,705,188 1,871,142 Transmissora Aliança de Energia Elétrica S.A. 1,513,497 1,830,504 Equion Energía Limited 1,037,418 1,191,154 Interligação Elétrica Paraguaçu S.A. 526,294 614,112 Interligação Elétrica Garanhuns S.A. 500,889 571,328 Interligação Elétrica Ivaí S.A. 456,076 469,176 Interligação Elétrica Aimorés S.A. 335,995 411,495 Conexión Kimal Lo Aguirre S.A. 119,069 169,230 Ecodiesel Colombia S.A. 85,030 54,614 Transnexa S.A. E.M.A. 8,545 8,545 Interconexión Eléctrica Colombia Panamá S.A. 2,544 20,516 Derivex S.A. 1,123 439 Parques de Rio 71 83 Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. 4 4 6,291,743 7,212,342 Less impairment: Equion Energía Limited (408,183) (400,196) Transnexa S.A. E.M.A. (8,545) (8,545) 5,875,015 6,803,601 Associates Gases del Caribe S.A. E.S.P. 1,527,699 1,495,341 ATP Tower Holdings 720,332 913,218 Gas Natural del Oriente S.A. E.S.P. 156,353 148,254 Gases de la Guajira S.A. E.S.P. 69,996 69,376 E2 Energía Eficiente S.A. E.S.P. 34,432 34,944 Extrucol S.A. 30,147 27,680 Serviport S.A. 9,399 9,399 Sociedad Portuaria Olefinas y Derivados S.A. 4,658 4,186 2,553,016 2,702,398 Less impairment: Serviport S.A. (9,399) (9,399) 2,543,617 2,692,999 8,418,632 9,496,600 |
Schedule of movement of investments in associates and joint ventures | For the year ended December 31, 2023: Associates Joint ventures Total Opening balance 2,692,999 6,803,601 9,496,600 Capital contributions — 853 853 Effects of equity method through: Profit or loss 197,732 607,617 805,349 Other comprehensive income (168,566) (1,181,002) (1,349,568) Dividends declared (1) (178,548) (348,067) (526,615) Impairment (Note 17) — (7,987) (7,987) Closing balance 2,543,617 5,875,015 8,418,632 (1) During 2023, Ecopetrol Business Group received dividends of $482,124 from its investments Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu, Interligação Elétrica Aimorés, Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira and Extrucol. For the year ended December 31, 2022: Associates Joint ventures Total Opening balance 2,608,156 5,749,030 8,357,186 Capital contributions — 329,377 329,377 Effects of equity method through: Profit or loss 126,329 642,093 768,422 Other comprehensive income 149,165 1,450,948 1,600,113 Dividends declared (1) (190,651) (1,365,755) (1,556,406) Impairment (Note 17) — (2,092) (2,092) Closing balance 2,692,999 6,803,601 9,496,600 (1) During 2022, Ecopetrol Business Group received dividends of $1,471,134 from its investments Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. For the year ended December 31, 2021: Associates Joint ventures Total Opening balance 1,791,249 1,383,379 3,174,628 Capital contributions — 44,735 44,735 Business combination 783,494 4,231,255 5,014,749 Effects of equity method through: Profit or loss 193,367 232,797 426,164 Other comprehensive income 12,142 121,856 133,998 Dividends declared (1) (171,238) (177,870) (349,108) Impairment (Note 17) (858) (83,644) (84,502) Others — (3,478) (3,478) Closing balance 2,608,156 5,749,030 8,357,186 (1) During 2021, the Group received dividends of $206,048 from Ecodiesel, Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P. |
Schedule of breakdown of assets, liabilities and results of the main investments in associates and joint ventures | 2023 2022 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of financial position Current assets 675,192 2,167,294 1,395,515 689,613 1,967,310 1,684,029 Non–current assets 5,064,524 11,709,871 5,661 5,890,932 12,351,913 27,943 Total assets 5,739,716 13,877,165 1,401,176 6,580,545 14,319,223 1,711,972 Current liabilities 290,292 1,276,744 29,726 376,203 753,445 41,336 Non–current liabilities 2,288,606 7,327,321 42,056 2,765,355 7,474,497 31,372 Total liabilities 2,578,898 8,604,065 71,782 3,141,558 8,227,942 72,708 Equity 3,160,818 5,273,100 1,329,394 3,438,987 6,091,281 1,639,264 Other complementary information Cash and cash equivalents 193,009 624 34,378 200,091 700,313 52,370 2023 2022 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Statement of profit or loss Sales revenue 613,807 1,165,129 11 603,362 2,598,283 4,263 Costs (33,798) (191,359) (23,815) (20,098) (410,106) (23,726) Other operating expenses, net — (133,717) (2,579) — (198,835) (945) Financial (expenses) income (125,247) 327,744 82,424 (88,991) (606,837) 48,040 Income tax (97,899) (46,465) (17,323) (106,292) (129,531) 23,151 Financial year results 356,863 1,121,332 38,718 387,981 1,252,974 50,783 Other comprehensive results — (46,177) 796,213 — 8,565 1,144,801 Other complementary information Depreciation and amortization 804 30,875 21 881 20,551 47 |
Schedule of reconciliation of equity of the significant investments and carrying amount of investments | 2023 2022 Interligação Transmissora Equion Interligação Transmissora Equion Elétrica do Aliança de Energía Elétrica do Aliança de Energía Madeira Energia Elétrica Limited Madeira Energia Elétrica Limited Equity of the joint venture 3,160,818 5,273,100 1,329,394 3,438,987 6,091,281 1,639,264 % of Ecopetrol’s ownership 51 % 14.88 % 51 % 51 % 14.88 % 51 % Ecopetrol’s ownership 1,612,017 784,637 677,991 1,753,883 906,383 836,025 Additional value of the investment — 177,988 375,694 — 230,828 375,694 Impairment — — (408,183) — — (400,196) Unrealized gain — — (16,267) — — (20,565) Carrying amount of the investment 1,612,017 962,625 629,235 1,753,883 1,137,211 790,958 |
Property, plant, and equipment
Property, plant, and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant, and equipment | |
Schedule of plant and equipment and depreciation and impairment | Plant Pipelines, and networks, Work in equipment and lines progress Buildings Lands Other Total Cost Balance as of December 31, 2022 62,807,662 60,287,768 13,462,321 15,354,065 5,199,069 3,225,278 160,336,163 Additions/capitalizations (1) 2,592,249 2,257,397 3,510,753 552,852 15,489 421,145 9,349,885 Abandonment cost update (Note 22) 55,694 221,944 — (7,505) — (29) 270,104 Capitalized financial interests (2) 101,125 80,720 92,816 12,930 137 9,902 297,630 Exchange differences capitalized 457 365 659 58 1 45 1,585 Disposals (653,972) (266,862) (15,128) (13,398) (498) (70,430) (1,020,288) Foreign currency translation (7,966,666) (4,448,755) (226,974) (1,844,094) (479,724) (277,409) (15,243,622) Reclassifications/transfers (2,039,040) 452,276 (1,304,461) 2,613,118 98,176 29,497 (150,434) Balance as of December 31, 2023 54,897,509 58,584,853 15,519,986 16,668,026 4,832,650 3,337,999 153,841,023 Accumulated depreciation and impairment losses Balance as of December 31, 2022 (27,513,889) (22,870,508) (1,418,040) (6,230,154) (53,514) (1,252,560) (59,338,665) Depreciation expense (2,916,507) (2,319,289) — (626,962) — (153,357) (6,016,115) Recovery (loss) impairment (Note 17) 765,513 (212,245) (360,367) 136,123 (132,149) 8,905 205,780 Disposals 625,848 228,151 — 12,898 155 53,098 920,150 Foreign currency translation 3,039,353 1,722,919 5,207 678,512 17,409 158,678 5,622,078 Reclassifications/transfers 1,018,200 (37,711) 85,442 (1,116,754) — (12,126) (62,949) Balance as of December 31, 2023 (24,981,482) (23,488,683) (1,687,758) (7,146,337) (168,099) (1,197,362) (58,669,721) Balance as of December 31, 2022 35,293,773 37,417,260 12,044,281 9,123,911 5,145,555 1,972,718 100,997,498 Balance as of December 31, 2023 29,916,027 35,096,170 13,832,228 9,521,689 4,664,551 2,140,637 95,171,302 (1) Mainly includes: i) Ecopetrol S.A. ongoing projects associated with the Caño Sur, Castilla, Chichimene, Cusiana 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, Connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, Copey Second Circuit Project - Cuestecitas 500kV and asset optimization plan. (2) Financial interest is capitalized based on the weighted average rate of borrowing costs. Plant Pipelines, and networks, Work in equipment and lines progress Buildings Lands Other Total Cost Balance as of December 31, 2021 57,452,843 55,402,633 10,566,114 9,660,227 4,800,297 3,018,660 140,900,774 Additions/capitalizations (1) 2,433,113 1,331,585 4,496,490 401,079 15,956 89,493 8,767,716 Abandonment cost update (Note 22) (241,090) (333,705) — (42,730) — (3,652) (621,177) Capitalized financial interests (2) 62,677 23,155 89,809 7,778 518 2,031 185,968 Exchange differences capitalized 366 135 524 45 3 12 1,085 Disposals (669,531) (471,119) (18,057) (41,606) (480) (50,169) (1,250,962) Decrease related to business combination — (176,451) — 37,542 (14,648) — (153,557) Effect of adopting new standards (3) — — 18,013 — — — 18,013 Foreign currency translation 7,200,073 3,665,015 336,968 635,557 393,059 228,227 12,458,899 Reclassifications/transfers (4) (3,430,789) 846,520 (2,027,540) 4,696,173 4,364 (59,324) 29,404 Balance as of December 31, 2022 62,807,662 60,287,768 13,462,321 15,354,065 5,199,069 3,225,278 160,336,163 Accumulated depreciation and impairment losses Balance as of December 31, 2021 (24,698,837) (19,665,052) (1,279,600) (4,059,253) (67,611) (1,053,895) (50,824,248) Depreciation expense (2,807,716) (2,319,775) — (423,067) — (159,398) (5,709,956) Recovery (loss) impairment (Note 17) 504,960 (70,439) (153,449) 84,478 22,248 11,420 399,218 Disposals 637,049 448,340 755 37,953 41 44,162 1,168,300 Foreign currency translation (2,737,467) (1,340,435) (2,307) (195,728) (8,192) (126,507) (4,410,636) Reclassifications/transfers (4) 1,588,122 76,853 16,561 (1,674,537) — 31,658 38,657 Balance as of December 31, 2022 (27,513,889) (22,870,508) (1,418,040) (6,230,154) (53,514) (1,252,560) (59,338,665) Balance as of December 31, 2021 32,754,006 35,737,581 9,286,514 5,600,974 4,732,686 1,964,765 90,076,526 Balance as of December 31, 2022 35,293,773 37,417,260 12,044,281 9,123,911 5,145,555 1,972,718 100,997,498 (1) Mainly includes: i) Ecopetrol S.A. ongoing projects associated with the Caño Sur, Castilla, Chichimene, Cusiana and Rubiales fields, ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 05-2014 Interconexión Costa Caribe 500kV, the UPME 06-2018 project New El Rio 220 kV Substation, and associated transmission lines and the UPME 03-2014 Interconexión Noroccidental 230/500 kV project. (2) Financial interest is capitalized based on the weighted average rate of borrowing costs. (3) Corresponds to the effect of adopting the IAS 16 amendment in Hocol S.A. (4) Includes the activation of the interconnection of the crude plant of the Refinería de Cartagena S.A.S. (IPCC). |
Natural and environmental res_2
Natural and environmental resources (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Natural and environmental resources. | |
Schedule of detailed information about natural and environmental | Exploration Oil Asset retirement and investments cost evaluation Total Cost Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Additions/capitalizations (1) 11,899,832 3,197 2,061,406 13,964,435 Abandonment cost update (Note 22) — 3,262,348 (67,112) 3,195,236 Disposals (503,017) — — (503,017) Write off exploratory assets and dry wells (2) — — (1,472,397) (1,472,397) Capitalized financial interests (3) 256,382 — 89,952 346,334 Exchange differences capitalized 1,158 — 404 1,562 Foreign currency translation (6,179,993) (220,433) (875,454) (7,275,880) Transfers/reclassifications 363,009 (3,472) (498,093) (138,556) Balance as of December 31, 2023 94,175,842 10,146,543 9,718,731 114,041,116 Accumulated depletion and impairment losses Balance as of December 31, 2022 (58,382,473) (5,088,086) (129,230) (63,599,789) Depletion expense (6,098,607) (507,651) — (6,606,258) Loss of impairment (Note 17) (1,898,824) — (254,708) (2,153,532) Disposals 79,824 — — 79,824 Foreign currency translation 3,249,017 117,626 — 3,366,643 Transfers/reclassifications 41,224 — 46,905 88,129 Balance as of December 31, 2023 (63,009,839) (5,478,111) (337,033) (68,824,983) Net balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 Net balance as of December 31, 2023 31,166,003 4,668,432 9,381,698 45,216,133 (1) Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities in RODEO, b) Ecopetrol S.A. mainly Caño Sur, Castilla, Chichimene, Floreña, and Rubiales fields, c) Hocol S.A. mainly to the execution of projects in Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSNN, VIM 8, SN-18, and d) Ecopetrol America mainly on Gunflint, Dalmatian, and K2. (2) Mainly includes: a) Ecopetrol S.A. mainly Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, Kale and Kinacú, b) Hocol S.A. mainly in Sabanales wells, the failure of wells LLa-87.2 A3, (Koala), LLan-87-3-a3 (Picabuey), LLan- 124 (Cucarachero), Merecumbé, Bullerengue, Yd-SN1 pozo Yoda B, and exploratory expenses in LLan-104- SSJN1, VIM8. (3) Financial interest is capitalized based on the weighted average rate of borrowing costs. Asset Exploration Oil retirement and investments cost evaluation Total Cost Balance as of December 31, 2021 76,229,481 8,172,698 7,212,305 91,614,484 Additions/capitalizations (1) 8,368,195 — 3,594,349 11,962,544 Abandonment cost update (Note 22) — (1,130,363) 21,524 (1,108,839) Disposals (2) (759,178) (114,899) (6,084) (880,161) Write off exploratory assets and dry wells (3) (223,058) — (809,106) (1,032,164) Capitalized financial interests (4) 136,696 — 60,570 197,266 Exchange differences capitalized 798 — 353 1,151 Effect of adopting new standards (5) — — 48,173 48,173 Foreign currency translation 4,431,851 127,871 533,347 5,093,069 Transfers/reclassifications 153,686 49,596 (175,406) 27,876 Balance as of December 31, 2022 88,338,471 7,104,903 10,480,025 105,923,399 Accumulated depletion and impairment losses Balance as of December 31, 2022 (51,316,344) (4,230,674) (157,622) (55,704,640) Depletion expense (4,536,052) (800,139) — (5,336,191) (Loss) reversal of impairment (Note 17) (632,179) — 9,105 (623,074) Disposals 421,036 96,489 11,793 529,318 Foreign currency translation (2,354,611) (82,927) — (2,437,538) Transfers/reclassifications 35,677 (70,835) 7,494 (27,664) Balance as of December 31, 2023 (58,382,473) (5,088,086) (129,230) (63,599,789) Net balance as of December 31, 2021 24,913,137 3,942,024 7,054,683 35,909,844 Net balance as of December 31, 2022 29,955,998 2,016,817 10,350,795 42,323,610 (1) Mainly includes a) Ecopetrol Permian, for investments in drilling of wells and construction of facilities executed in Rodeo, b) Ecopetrol S.A., mainly in Caño Sur, Casabe, Castilla, Chichimene, Floreña, Rubiales fields, and Cupiagua and Uchuva exploratory wells, and c) Hocol S.A., mainly in Guarrojo, Cicuco, SSJN1, Guajira, VIM-8, SN15, YDSN-1, LLA-87 blocks. (2) Corresponds mainly to the withdrawal of Rygberg’s association contract in Ecopetrol América. (3) Mainly includes a) Saturno block in Ecopetrol Brazil related to the entry bond, b) dry wells in Hocol S.A.: Bololó, Pilonera, Pollera, and Chinchorro and unsuccessfulness of the Sinuano and Yoda B wells, c) Ecopetrol S.A., Boranda Norte 1 well, and d) Ecopetrol América, Starman well. (4) Financial interest is capitalized based on the weighted average rate of borrowing costs. (5) Corresponds to the effect of adopting the IAS 16 amendment. |
Schedule of detailed information about classification by age from completion date of suspended exploratory wells | 2023 2022 2021 Between 1 and 3 years (a) — 48,206 — More than 5 years (b) — 650,767 651,040 Total suspended exploratory Wells — 698,973 651,040 Number of projects exceeding 1 year — 8 6 Projects under 1 year of suspended (c) 230,376 990 20,863 a) For 2022, the balance mainly corresponds to Hocol: Bullerengue South West-1 and Merecumbe 1, which were under evaluation. b) For 2022 and 2021, it mainly corresponds to i) Ecopetrol S.A.: Orca 1, Purple Angel, and Gordon. c) For 2023, it corresponds mainly to 1) Ecopetrol: Kale and Gibraltar, 2) Hocol: SSJN1 BO5, Pollera Norte A3 and YDSN-1 Yoda A. For 2022, the balance corresponds to Ecopetrol: Magallanes. For 2021, the balance corresponds to Hocol: Merecumbe 1 -SSJN1. |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-use assets. | |
Schedule of right-of-use assets | Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 Additions (31,998) 117,708 402,914 136,814 625,438 625,438 Amortization of the period (25,234) (58,019) (84,161) (130,407) (297,821) — Remeasurements(1) (7,031) 3,578 26,259 13,059 35,865 109,926 Impairment loss (Note 17) — (2,672) (6,632) (16,759) (26,063) — Disposals (11,958) (10,899) (10,369) (2,861) (36,087) (64,232) Finance cost — — — — — 105,710 Repayment of borrowings (capital) — — — — — (458,404) Payment of interests — — — — — (75,236) Transfers — — — (20) (20) (13,842) Exchange difference (8,088) (48,965) (11,561) (18,875) (87,489) (59,070) Balance as of December 31, 2023 11,925 244,789 435,984 148,938 841,636 1,382,636 (1) Corresponds mainly to updating rates and conditions in lease contracts. Lands and Plant and Right-of-use Lease Pipelines buildings equipment Vehicles assets liabilities Balance as of December 31, 2021 77,019 199,070 121,384 99,205 496,678 1,165,099 Additions 40,642 100,070 71,013 142,346 354,071 354,071 Amortization of the period (24,751) (61,814) (60,359) (102,198) (249,122) — Remeasurements (1) (114) (24,524) 7,505 16,779 (354) 18,644 Impairment loss (Note 17) — (1,244) (4,042) (5,499) (10,785) — Disposals (4,701) (2,696) (23,010) (215) (30,622) (31,957) Finance cost — — — — — 70,250 Repayment of borrowings (capital) — — — — — (362,373) Payment of interests — — — — — (72,182) Transfers (584) (108) 595 (43) (140) (1,877) Exchange difference 8,723 35,304 6,448 17,612 68,087 72,671 Balance as of December 31, 2022 96,234 244,058 119,534 167,987 627,813 1,212,346 (1) Corresponds mainly to updating rates and conditions in lease contracts. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Schedule of intangibles and their amortizations | Licensees and Other Concessions Easements software intangibles and rights (1) Total Cost Balance as of December 31, 2022 1,512,614 1,282,752 17,568,081 1,637,444 22,000,891 Acquisitions 235,031 8,270 515,975 17,320 776,596 Disposals (23,443) (62) — (755) (24,260) Foreign currency translation (95,373) (312,512) (4,295,705) (113,875) (4,817,465) Transfers/reclassifications 30,623 (8,592) (129,202) 16,826 (90,345) Balance as of December 31, 2023 1,659,452 969,856 13,659,149 1,556,960 17,845,417 Accumulated amortization and impairment losses Balance as of December 31, 2022 (884,160) (446,671) (2,394,057) (129,398) (3,854,286) Amortization (165,635) (25,625) (693,587) (7,346) (892,193) Losses for impairment (4,418) (89) (13,215) (197) (17,919) Disposals 22,687 62 — — 22,749 Foreign currency translation 69,810 216,395 1,319,870 5,153 1,611,228 Transfers/reclassifications 302 — — (489) (187) Balance as of December 31, 2023 (961,414) (255,928) (1,780,989) (132,277) (3,130,608) Net balance as of December 31, 2022 628,454 836,081 15,174,024 1,508,046 18,146,605 Net balance as of December 31, 2023 698,038 713,928 11,878,160 1,424,683 14,714,809 (1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. Licensees and Other Concessions Easements software intangibles and rights (1) Total Cost Balance as of December 31, 2021 1,118,811 940,080 13,503,441 1,733,379 17,295,711 Acquisitions 292,803 9,953 835,457 9,297 1,147,510 Effect of business combination — 12,670 (117,270) (318,388) (422,988) Disposals (4,148) — (95,875) (478) (100,501) Foreign currency translation 74,759 338,654 3,439,810 86,905 3,940,128 Transfers/reclassifications 30,389 (18,605) 2,518 126,729 141,031 Balance as of December 31, 2022 1,512,614 1,282,752 17,568,081 1,637,444 22,000,891 Accumulated amortization and impairment losses Balance as of December 31, 2021 (689,817) (153,292) (878,125) (65,961) (1,787,195) Amortization (138,544) (30,282) (658,457) (6,439) (833,722) Losses for impairment (1,785) (15,323) (34,022) (133) (51,263) Disposals 3,283 — 95,875 425 99,583 Foreign currency translation (58,215) (243,909) (919,328) (109) (1,221,561) Transfers/reclassifications 918 (3,865) — (57,181) (60,128) Balance as of December 31, 2022 (884,160) (446,671) (2,394,057) (129,398) (3,854,286) Net balance as of December 31, 2021 428,994 786,788 12,625,316 1,667,418 15,508,516 Net balance as of December 31, 2022 628,454 836,081 15,174,024 1,508,046 18,146,605 (1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time. |
Impairment of non-current ass_2
Impairment of non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Impairment of non-current assets | |
Schedule of impairment (losses) or reversals | Impairment (loss) reversal by segment 2023 2022 2021 Exploration and Production (2,741,092) (890,248) 438,020 Refining and Petrochemicals 1,482,444 1,096,021 (305,466) Transport and Logistics (630,134) (406,229) (165,901) Electric power transmission and toll roads concessions (209,551) (87,543) (4) (2,098,333) (287,999) (33,351) Recognized in: Property, plant, and equipment (Note 13) 205,780 399,218 (281,132) Natural resources (Note 14) (2,153,532) (623,074) 364,127 Investment in joint ventures and associates (Note 12) (7,987) (2,092) (84,502) Right of use assets (Note 15) (26,063) (10,785) (31,783) Other non-current assets (116,531) (51,266) (61) (2,098,333) (287,999) (33,351) |
Schedule of refining and petrochemical segment | 2023 2022 2021 Refinería de Cartagena S.A.S. 1,482,512 1,096,024 34,650 Invercolsa S.A. (68) (3) (97) Refinería de Barrancabermeja — — (340,019) 1,482,444 1,096,021 (305,466) The following is the Cash Generating Units impairment or reversals in the refining and petrochemical segment for the years ended December 31, 2023, 2022 and 2021: 2023 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 26,423,190 27,905,702 1,482,512 Invercolsa S.A. 273 205 (68) 1,482,444 2022 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 31,750,957 32,846,981 1,096,024 Invercolsa S.A. 276 273 (3) 1,096,021 2021 Carrying Recoverable Impairment Cash–generating units amount amount reversal (loss) Refinería de Cartagena S.A.S. 26,808,008 26,842,658 34,650 Invercolsa S.A. 292 195 (97) Refinería de Barrancabermeja 340,019 — (340,019) (305,466) |
Schedule of breakdown of oilfields impairment losses or reversals | 2023 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 9,815,365 18,112,635 363,911 Loss 10,048,388 6,951,372 (3,097,016) (2,733,105) 2022 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 3,540,732 5,563,724 250,306 Loss 4,870,976 3,732,514 (1,138,462) (888,156) 2021 Carrying Recoverable Impairment Cash generating units amount amount reversal (loss) Oil fields in Colombia Reversal 11,216,641 17,575,851 499,599 Loss 239,046 136,698 (104,041) Fields operated abroad Reversal 1,142,593 1,306,219 126,106 521,664 |
Schedule of energy transmission and roads | Cash–generating units 2023 2022 2021 Non-current asset held for sale (98,543) — (4) Property, plant and, equipment (97,760) (38,821) — Intangibles (13,248) (48,722) — (209,551) (87,543) (4) |
Investment in joint ventures | |
Impairment of non-current assets | |
Schedule of breakdown of oilfields impairment losses or reversals | 2023 2022 2021 Equion Energía Limited (7,987) (2,092) (83,644) (7,987) (2,092) (83,644) |
Exploration and Production | |
Impairment of non-current assets | |
Schedule of breakdown of oilfields impairment losses or reversals | 2023 2022 2021 Oilfields (2,733,105) (888,156) 521,664 Investment in joint ventures (7,987) (2,092) (83,644) (2,741,092) (890,248) 438,020 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | |
Schedule of goodwill in acquisitions of subsidiaries | 2023 2022 Interconexión Eléctrica S.A. E.S.P. (1) 3,252,388 3,755,835 Oleoducto Central S.A.S. 683,496 683,496 Hocol Petroleum Ltd. 537,598 537,598 Invercolsa S.A. 434,357 434,357 Andean Chemical Ltd 127,812 127,812 Esenttia S.A. 108,137 108,137 5,143,788 5,647,235 Less impairment Hocol Petroleum Ltd. (297,121) (297,121) 4,846,667 5,350,114 (1) |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans and borrowings | |
Schedule of composition of loans and borrowings | Weighted average effective interest rate as of December 31 2023 2022 2023 2022 Local currency Bonds 12.4 % 9.8 % 5,172,256 4,965,653 Commercial and syndicated loan (1) 12.9 % 11.5 % 4,323,198 2,171,462 Lease liabilities (2) 8.9 % 8.0 % 922,536 844,734 10,417,990 7,981,849 Foreign currency Bonds (3) 6.4 % 6.0 % 72,774,985 82,432,647 Commercial and syndicated loans 7.2 % 4.6 % 21,478,503 23,537,675 Loans from related parties (Note 30) 6.0 % 5.9 % 683,949 815,056 Lease liabilities (2) 6.0 % 6.0 % 460,100 367,612 95,397,537 107,152,990 105,815,527 115,134,839 Current 15,550,008 22,198,583 Non–current 90,265,519 92,936,256 105,815,527 115,134,839 (1) The variation corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. at Ecopetrol S.A. with an interest rate of IBR 6M+4.9% and maturity June 2028 for $400 USD million. Likewise, in September 2023, a long-term syndicated loan was disbursed with international banks for $800 USD million. (2) Corresponds to the present value of the payments to be made during the term of the operating lease contracts for oil pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 – Leases. See Note 15. (3) The reduction in the value of bonds in foreign currency is mainly due to the decrease in the exchange rate in $988.15 Colombian pesos per US dollar. The acquisitions made during the year mainly include international bond issues under the following conditions: i) January 2023 issue at 10 years for $2,000 USD million with a coupon rate of 8.88%, and ii) July 2023 issue at 5.5 years for $1,200 USD million with a coupon rate of 8.63% and reopening issue in January 2023 for $300 USD million. |
Schedule of maturity of loans and borrowings | Up to 1 year (1) 1 – 5 years 5-10 years > 10 years Total Local currency Bonds 580,737 1,330,184 1,411,988 1,849,347 5,172,256 Commercial and syndicated loan 772,216 1,929,871 1,262,816 358,295 4,323,198 Lease liabilities 245,673 452,320 223,372 1,171 922,536 1,598,626 3,712,375 2,898,176 2,208,813 10,417,990 Foreign currency Bonds 4,147,341 28,047,668 24,479,647 16,100,329 72,774,985 Commercial and syndicated loans 9,023,629 10,639,912 1,524,418 290,544 21,478,503 Loans from related parties 683,949 — — — 683,949 Lease liabilities 96,463 146,826 145,956 70,855 460,100 13,951,382 38,834,406 26,150,021 16,461,728 95,397,537 15,550,008 42,546,781 29,048,197 18,670,541 105,815,527 The following are the maturities of loans and borrowing as of December 31, 2022: Up to 1 year (1) 1 – 5 years 5–10 years > 10 years Total Local currency Bonds 579,032 1,262,971 1,559,593 1,564,057 4,965,653 Commercial and syndicated loan 565,886 824,188 631,100 150,288 2,171,462 Lease liabilities 150,872 384,661 308,493 708 844,734 1,295,790 2,471,820 2,499,186 1,715,053 7,981,849 Foreign currency Bonds 12,235,174 25,336,179 23,223,393 21,637,901 82,432,647 Commercial loans 7,726,416 15,054,954 547,092 209,213 23,537,675 Loans from related parties 815,056 — — — 815,056 Lease liabilities 126,147 206,474 34,991 — 367,612 20,902,793 40,597,607 23,805,476 21,847,114 107,152,990 22,198,583 43,069,427 26,304,662 23,562,167 115,134,839 |
Schedule of Breakdown by type of interest rate and currency | 2023 2022 Local currency Fixed rate 2,030,378 1,844,086 Floating rate 8,387,612 6,137,763 10,417,990 7,981,849 Foreign currency Fixed rate 70,956,700 82,850,932 Floating rate 24,440,837 24,302,058 95,397,537 107,152,990 105,815,527 115,134,839 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables | |
Schedule of trade and other payables | 2023 2022 Current Suppliers 13,704,819 15,034,677 Dividends payable (1) 668,383 392,346 Withholding tax 2,099,847 1,896,128 Partners’ advances 1,270,721 1,164,197 Insurance and reinsurance 274,739 330,363 Deposits received from third parties 180,065 162,338 Related parties (Note 30) 64,766 67,879 Agreements in transport contracts 38,920 115,526 Various creditors 589,174 774,250 18,891,434 19,937,704 Non - current Suppliers 8 28,425 Deposits received from third parties 3,673 331 Various creditors 23,599 28,300 27,280 57,056 (1) Corresponds to dividends payable from Interconexión Eléctrica S.A. for $636,081 (2022: $366,999), Oleoducto de Colombia S.A. $26,608, Inversiones de Gases de Colombia S.A. for $1,747 (2022: $21,680), and Ecopetrol S.A. for $3,947 (2022: $3,667). See Note 23.4. |
Provisions for employees' ben_2
Provisions for employees' benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions for employees' benefits | |
Schedule of provision balances for employee benefits | 2023 2022 Post–employment benefits Healthcare 11,234,939 8,140,648 Pension 4,013,542 2,073,562 Education 490,877 405,769 Bonds 424,199 399,114 Other plans 158,644 115,136 Termination benefits – Voluntary retirement plan 828,007 772,133 17,150,208 11,906,362 Social benefits and salaries 1,109,363 970,598 Other employee benefits 13,142 88,279 18,272,713 12,965,239 Current 3,059,204 2,753,697 Non–current 15,213,509 10,211,542 18,272,713 12,965,239 |
Schedule of net defined benefit liability (asset) | Pension and bonds Other Total 2023 2022 2023 2022 2023 2022 Liabilities for employee benefits Opening balance 12,840,148 14,520,592 9,465,024 7,946,927 22,305,172 22,467,519 Current service cost 20,583 — 94,448 95,724 115,031 95,724 Past service cost — 51,756 107,231 114,162 107,231 165,918 Interest expense 1,152,125 953,146 866,111 530,482 2,018,236 1,483,628 Actuarial (gains) losses 3,560,843 (1,805,907) 2,891,216 1,361,808 6,452,059 (444,099) Benefits paid (1,140,003) (981,486) (673,280) (608,184) (1,813,283) (1,589,670) Foreign currency translation (21,988) 102,047 (983) 24,105 (22,971) 126,152 Closing balance 16,411,708 12,840,148 12,749,767 9,465,024 29,161,475 22,305,172 Plan assets Opening balance 10,367,472 12,040,229 31,338 28,296 10,398,810 12,068,525 Return on assets 928,278 802,711 1,709 1,819 929,987 804,530 Contributions to funds — — 149,168 125,788 149,168 125,788 Benefits paid (1,085,236) (961,931) (150,228) (125,129) (1,235,464) (1,087,060) Actuarial gains (losses) 1,763,453 (1,513,537) 5,313 564 1,768,766 (1,512,973) Closing balance 11,973,967 10,367,472 37,300 31,338 12,011,267 10,398,810 Net post–employment benefits liability 4,437,741 2,472,676 12,712,467 9,433,686 17,150,208 11,906,362 |
Schedule of movement of defined benefits plans recognized in results and other comprehensive income | 2023 2022 2021 Recognized in profit or loss Interest expense 1,088,249 679,098 661,187 Current service cost 115,031 147,480 132,352 Past service cost 107,231 114,162 129,328 Remeasurements — — (211) 1,310,511 940,740 922,656 Recognized in other comprehensive income Pension and pension bonds (1) (2,664,204) 156,755 1,401,578 Healthcare (1) (1,714,227) (1,429,423) 991,050 Other (82,103) 18,154 64,039 (4,460,534) (1,254,514) 2,456,667 Deferred tax 1,726,261 586,260 (679,510) (2,734,273) (668,254) 1,777,157 |
Schedule of fair value of plan assets | 2023 2022 Other local currency 3,298,496 4,810,813 Bonds of private entities 3,118,893 1,674,431 Bonds issued by the national government 2,262,378 1,552,690 Other foreign currency 1,980,308 1,762,899 Variable yield 1,027,891 291,847 Other public bonds 197,044 201,508 Bonds of foreign entities 126,257 104,622 12,011,267 10,398,810 |
Schedule of fair value hierarchy of plan assets | 2023 2022 AAA 4,567,823 4,138,043 Nación 4,037,150 3,319,858 BB+ 407,183 267,961 AA+ 323,613 312,303 BBB- 164,034 47,919 AA 155,628 161,244 F1+ 64,624 87,111 BBB+ 24,796 30,331 BAA2 23,864 20,880 AA- 18,836 8,714 BAA1 16,728 20,814 BRC1+ 15,506 43,000 A+ 9,499 23,514 A 1,884 2,352 Other ratings 985,554 414,681 Rating not available 1,194,545 1,500,085 12,011,267 10,398,810 |
Schedule of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks | 2023 Pension Bonds Health Education Others (1) Discount rate 7.5% - 11.7 % 7.25 % 11% - 12 % 11% - 12 % 7.4% - 12 % Salary growth rate 3.5% - 4.5 % N/A 3.5% - 4.5 % N/A 3.5% - 4.61 % Expected inflation rate 3.0% – 4.5 % 3.00 % 3.00 % 3.00 % 3.0% – 3.5 % Pension growth rate 3.0% - 5.0 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 12.80 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A 2022 Pension Bonds Health Education Others (1) Discount rate 6.2% - 14.7 % 9.00 % 8.7% - 14-7 % 6.3% - 14.8 % 7.4% - 14.5 % Salary growth rate 4.5% - 5.5 % N/A 4.5% - 5.5 % N/A 4.5% - 4.7 % Expected inflation rate 3.0% - 4.5 % 3.00 % 3.00 % 3.00 % 3.0% - 4.5 % Pension growth rate 3.00 % N/A N/A N/A N/A Cost trend Short–term rate N/A N/A 6.33 % 4.00 % N/A Long–term rate N/A N/A 4.00 % 4.00 % N/A N/A: Not applicable for this benefit. (1) Weighted average discount rate. |
Schedule of maturity profile of defined benefit obligation | Period Pension and bonds Other benefits Total 2024 1,293,410 683,341 1,976,751 2025 1,327,478 709,033 2,036,511 2026 1,342,616 741,746 2,084,362 2027 1,336,802 775,788 2,112,590 2028 1,351,056 817,592 2,168,648 2029 6,893,350 4,611,509 11,504,859 |
Schedule of sensitivity analysis for actuarial assumptions | The following sensitivity analysis shows the effect of such possible changes on the obligation for defined benefits, while keeping the other assumptions constant, as of December 31, 2023: Pension Bonds Health Education Other Discount rate –50 basis points 15,428,231 1,247,485 11,819,342 469,157 987,882 +50 basis points 14,034,889 1,188,056 10,302,032 433,565 955,544 Inflation rate –50 basis points 13,972,915 1,190,418 N/A N/A 847,577 +50 basis points 15,491,342 1,244,748 N/A N/A 868,927 Salary growth rate –50 basis points N/A N/A N/A N/A 109,492 +50 basis points N/A N/A N/A N/A 117,265 Cost trend –50 basis points N/A N/A 10,315,944 433,225 N/A +50 basis points N/A N/A 11,797,481 469,388 N/A |
Accrued liabilities and provi_2
Accrued liabilities and provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued liabilities and provisions | |
Schedule of accrued liabilities and provisions | Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Abandonment costs update (1) 3,465,340 — — 3,465,340 Additions (2) 71,001 27,250 755,114 853,365 Uses (3) (680,283) (905,351) (382,828) (1,968,462) Financial costs and interest (3) 477,491 808,176 45,764 1,331,431 Foreign currency translation (237,449) (79,670) (137,107) (454,226) Transfers — (25,868) 184,566 158,698 Balance as of December 31, 2023 13,102,128 722,788 2,317,724 16,142,640 Current 1,105,004 70,182 420,063 1,595,249 Non-current 11,997,124 652,606 1,897,661 14,547,391 13,102,128 722,788 2,317,724 16,142,640 (1) Main variations in the abandonment cost are due to 1) an increase in activity in Rubiales and Caño Sur, 2) an increase in operating costs in Cira-Infantas fields, and 3) upgrades in the equipment and tariff increases. (2) It mainly includes the recognition of provisions related to potential obligations, provision forced environmental at Ecopetrol S.A., among others. (3) It mainly includes uses and interest expenses originating from rulings against the claims of Ecopetrol S.A. related to public works contributions. The recognition applied Law 2277 of 2022 with which a benefit was obtained by reducing interest payable to the tax authority by 50% Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Abandonment costs update (1,730,016) — — (1,730,016) Additions 93,704 153,786 468,341 715,831 Uses (607,769) (41,773) (354,625) (1,004,167) Financial costs 333,688 10,293 17,322 361,303 Foreign currency translation 186,215 81,894 42,085 310,194 Reversal of provision for sale of assets (1) (188,540) — — (188,540) Transfers 28,427 (9,915) 41,170 59,682 Balance as of December 31, 2022 10,006,028 898,251 1,852,215 12,756,494 Current 946,675 94,375 492,086 1,533,136 Non-current 9,059,353 803,876 1,360,129 11,223,358 10,006,028 898,251 1,852,215 12,756,494 (1) Corresponding to the abandonment provision associated with the assets related to the participation of Ecopetrol S.A. in Asociación Casanare, Estero, Garcero, Orocué and Corocora (CEGOC), which were sold to Perenco Oil and Gas Colombia. This trade closed on August 26, 2022. Asset Environmental retirement contingencies and obligation Litigation others Total Balance as of December 31, 2020 11,239,325 118,139 1,070,266 12,427,730 Abandonment costs update 500,868 — — 500,868 Effect of business combination — 329,123 618,760 947,883 Additions 242,435 261,785 210,619 714,839 Uses (548,133) (13,453) (334,922) (896,508) Financial costs 292,329 3,925 7,272 303,526 Foreign currency translation 152,212 4,466 34,774 191,452 Transfers 11,283 (19) 31,153 42,417 Balance as of December 31, 2021 11,890,319 703,966 1,637,922 14,232,207 Current 1,041,674 59,843 488,601 1,590,118 Non-current 10,848,645 644,123 1,149,321 12,642,089 11,890,319 703,966 1,637,922 14,232,207 |
Schedule of litigations | 2023 2022 CTEEP Regulatory Contingency: Billing Eletrobras – RBNI Corresponds to the collection action filed by Eletrobras against ISA CTEEP requesting the return of the value charged in excess by the company as part of the payment of the compensation resulting from the extension of Concession Contract No. 059/2001 under Law No. 12,783/201, relating to NI facilities (new investments) that had been transferred to the company by Eletrobras. 34,846 40,692 Tax contingency: Property and Urban Land Tax (IPTU) CTEEP: corresponds to processes related to the collection of Property Tax (IPTU) in several municipalities of the State of São Paulo and recognizes a provision to cover processes. 20,228 23,691 Unfavorable first instance ruling for Ecopetrol in the process of direct fixing for the damages associated with the hydrocarbon spill that occurred in Guaduas, Vereda Raizal and Cajón, in the property called “La Floresta” in May 2004. 14,245 14,245 Administrative processes of a sanctioning type issued by PRONATEL and OSIPTEL Internexa Peru: Procedure for failure to pay contributions during the years 2010 to 2023 for the usufruct contracts with Telefónica del Perú and associated fines. 10,161 11,675 Second instance rulings unfavorable to the interests of Ecopetrol, related to public works contributions, for which they have a unified sentence and that could be subject to collection by the tax authority. 6,792 223,439 Lost profits because of an open competition for the management of a set of assets transferred to a trust company. 5,774 5,774 Ecopetrol S.A. as responsible for the damages caused by export activities in the area of influence of the municipalities of Cicuco, Talaigua Nuevo and Mompox. 5,428 4,680 |
Schedule of unrecorded contingent liabilities | 2023 2022 Number of Number of Type of process processes Proceedings processes Proceedings Constitutional 115 644,398 122 642,057 Ordinary administrative 145 3,092,308 147 2,590,089 Labor 645 78,432 625 68,194 Civil 57 17,350 59 761,090 Arbitration 1 449,781 — — Penal 1 — — — 964 4,282,269 953 4,061,430 |
Schedule of contingent assets | 2023 2022 Number of Number of Type of process processes Proceedings processes Proceedings Ordinary administrative 94 662,350 87 687,332 Arbitration 1 300,846 — — Civil 268 31,136 211 30,717 Penal 116 35,561 98 2,453 Labor 488 18,424 406 15,696 Constitutional 6 — 10 — 973 1,048,317 812 736,198 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Schedule of composition of the ecopetrol business group's reserves | 2023 2022 Legal reserve 9,747,885 6,407,256 Fiscal and statutory reserves 509,082 509,082 Occasional reserves 7,665,758 1,982,295 17,922,725 8,898,633 |
Schedule of balance of movement of the equity reserves | 2023 2022 Opening balance 8,898,633 10,624,229 Release of reserves (2,491,377) (5,886,441) Allocation to reserves 11,515,469 11,068,450 Dividends declared — (6,907,605) Closing balance 17,922,725 8,898,633 |
Schedule of dividends paid | 2023 2022 2021 Ecopetrol S.A. 2,747,231 11,622,778 696,387 Interconexión Eléctrica S.A. ESP 1,506,799 572,260 790,532 Oleoducto Central S.A. - Ocensa 809,302 752,530 682,615 Invercolsa S.A. 254,464 179,202 150,333 Oleoducto de los Llanos Orientales S.A. - ODL 171,290 138,939 147,056 Oleoducto de Colombia S.A. - ODC 81,790 91,238 86,594 Oleoducto Bicentenario de Colombia S.A.S. - OBC — — 217,770 Total 5,570,876 13,356,947 2,771,287 |
Schedule of composition of the other comprehensive results attributable to the shareholders | 2023 2022 2021 Foreign currency translation 15,055,305 28,816,983 17,244,255 Hedge of a net investment in a foreign operation (3,165,320) (9,219,271) (4,364,466) Actuarial gain on defined benefit plans (3,942,417) (1,331,361) (517,278) Cash flow hedges for future exports 601,744 (2,473,999) (945,250) Cash flow hedge with derivative instruments 124,384 1,290 (61,502) Others 952 3,077 2,135 8,674,648 15,796,719 11,357,894 |
Schedule of earnings per share | 2023 2022 2021 Profit attributable to Ecopetrol’s shareholders 21,060,798 31,604,781 15,649,143 Weighted average number of outstanding shares 41,116,694,690 41,116,694,690 41,116,694,690 Net basic earnings per share (Colombian pesos) COP$ 512.2 COP$ 768.7 COP$ 380.6 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from contracts with customers | |
Schedule of detailed information of revenue from contracts with customers | 2023 2022 2021 National sales Mid–distillates (1) 32,605,842 39,182,510 17,140,327 Gasoline and turbo fuels (1) 23,129,025 27,620,199 15,475,370 Natural gas 4,358,266 4,162,876 3,200,069 Services 3,232,784 3,601,681 3,065,988 Electric power transmission services (2) 2,769,897 2,595,505 728,467 Plastic and rubber 1,225,223 1,568,816 1,642,035 Fuel gas service 989,084 860,102 734,666 Asphalts 938,185 897,200 611,051 LPG and propane 762,349 1,094,332 926,231 Roads and Construction Services (2) 349,834 355,737 107,179 Polyethylene 314,184 302,630 320,466 Aromatics 297,957 343,792 247,387 Crude oil 128,416 375,790 193,476 Fuel oil 36,298 9,213 23,799 Other income gas contracts 30 1,940 2,879 Other products 607,708 679,183 402,828 Cash flow hedges (3) — — (8) 71,745,082 83,651,506 44,822,210 Foreign sales Crude oil 49,559,864 56,651,753 34,868,421 Electric power transmission services (2) 5,666,389 5,114,783 1,827,622 Roads and Construction Services (2) 4,761,317 4,676,822 1,241,144 Fuel oil 4,028,908 4,348,312 2,288,977 Diesel 4,097,117 2,324,861 3,867,937 Plastic and rubber 1,393,669 2,036,201 2,092,379 LPG and propane 302,159 339,837 116,960 Natural gas 105,413 254,054 71,529 Gasoline and turbo fuels 193,394 157,685 — Cash flow hedges (3) (468,407) (1,578,246) (349,884) Other products (4) 1,804,697 1,633,510 1,033,909 71,444,520 75,959,572 47,058,994 143,189,602 159,611,078 91,881,204 (1) Includes the corresponding value to the application of Decree 180522 of March 29, 2010, and other standards that modify and add (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of ordinary motor gasoline and ACPM, and the methodology for calculating the net position, which can be positive or negative. As of December 31, 2023, the value recognized by price differential corresponds to $20,531,095 (2022: $36,532,743 ; 2021: $11,335,453 ). (2) Corresponds to the revenue related to the electric power transmission contracts and toll roads concessions of Interconexión Eléctrica S.A. E.S.P. (3) Includes the result of hedging for future exports (Note 29.3) for $( 479,779 ) (2022: ( $1,143,287 )); (2021: ( $249,978 )) and operations with derivative financial instruments for $11,372 (2022: ( $434,959 )); (2021: ( $99,914 )). (4) It includes a increase in other foreign services revenues of BlackGold Re. for $ 3,763 (see Note 5), considering the effects of risk adjustments in insurance contracts, according to the IFRS 17 implementation. |
Schedule of sales by geographic areas | 2023 % 2022 % 2021 % Colombia 71,745,082 50.1 % 83,651,506 52.4 % 44,822,210 48.8 % Asia 28,841,440 20.1 % 22,547,997 14.1 % 20,355,063 22.2 % United States 24,991,770 17.5 % 27,120,783 17.0 % 16,025,083 17.4 % South America and others 12,223,922 8.5 % 13,609,587 8.5 % 5,727,355 6.2 % Central America and the Caribbean 2,637,460 1.9 % 9,841,202 6.2 % 3,503,618 3.8 % Europe 2,749,928 1.9 % 2,840,003 1.8 % 1,447,875 1.6 % 143,189,602 100.0 % 159,611,078 100 % 91,881,204 100 % |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cost of sales | |
Schedule of cost of sales of non current assets | 2023 2022 2021 Variable costs Imported products (1) 24,204,342 31,230,405 16,944,375 Purchases of crude 13,389,646 16,223,628 10,015,898 Purchases of hydrocarbons – ANH (2) 8,518,700 9,219,215 5,611,153 Depreciation amortization and depletion 8,125,774 6,774,770 6,328,144 Electric energy 2,294,253 1,540,452 1,087,269 Taxes and economic rights 1,712,283 1,510,265 1,125,761 Process materials 1,563,802 1,260,608 906,500 Purchases of other products and natural gas 1,201,349 1,244,765 811,024 Hydrocarbon transport services 1,586,553 1,219,818 917,552 Services contracted in associations 284,104 311,107 267,934 Others (3) 1,151,536 (2,354,814) (3,009,700) 64,032,342 68,180,219 41,005,910 Fixed costs Depreciation and amortization 5,079,308 4,635,601 3,270,735 Maintenance 4,642,710 3,771,137 2,637,857 Labor costs 3,976,370 3,436,167 2,596,947 Construction services 2,600,184 2,802,486 732,723 Services contracted 3,523,125 2,870,890 2,023,277 Services contracted in associations 1,467,693 1,566,562 1,286,291 Taxes and contributions 1,123,475 914,455 1,060,123 Materials and operating supplies 880,729 684,679 561,182 Hydrocarbon transport services 249,414 179,082 57,855 General costs 602,848 416,870 348,876 24,145,856 21,277,929 14,575,866 88,178,198 89,458,148 55,581,776 (1) Imported products correspond mainly to mid-distillates, gasolines and naphtha, the variation occurs due to lower requirements due to greater operations in refineries. (2) Corresponds to purchases of crude oil by Ecopetrol Business Group from the National Hydrocarbons Agency (ANH, by its acronym in Spanish) derived from national production. (3) Corresponds to i) result of the process of use and valuation of core inventories, ii) measurement at net realizable value, and iii) other capitalizable charges to projects. |
Administrative, operative, an_2
Administrative, operative, and project expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Administrative, operative, and project expenses | |
Schedule of Administrative, operative, and project expenses | 2023 2022 2021 Administrative expenses General expenses 2,378,606 2,040,773 1,638,129 Labor expenses 2,029,110 1,663,464 1,264,319 Taxes 82,692 57,944 52,889 Depreciation and amortization 535,389 573,514 386,732 5,025,797 4,335,695 3,342,069 Operations and project expenses Exploration costs (1) 2,088,922 1,512,268 959,562 Commissions fees freights and services 1,682,602 1,326,184 686,156 Taxes 838,977 781,181 515,848 Labor expenses 393,595 363,838 312,791 Fee for regulatory entities 288,212 192,094 139,158 Maintenance 107,832 162,383 156,412 Depreciation and amortization 71,916 145,106 174,311 Others 230,106 260,574 209,319 5,702,162 4,743,628 3,153,557 |
Other operating (expenses) in_2
Other operating (expenses) income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other operating (expenses) income | |
Schedule of other operating (expenses) income | 2023 2022 2021 Expense for legal provisions (686,430) (516,288) (650,926) Gain (loss) on sale of assets 121,309 (86,954) (123,342) Impairment loss of current assets (95,902) (101,871) (83,773) Other income 234,892 149,258 785,297 (426,131) (555,855) (72,744) |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial results | |
Schedule of financial results | 2023 2022 2021 Finance income Yields and interests 1,884,445 965,952 266,116 Results from financial assets 329,061 178,212 108,640 Gain (loss) on derivatives valuation 4,454 18,099 (406) Other financial income 103,009 154,882 29,242 2,320,969 1,317,145 403,592 Finance expenses Interest (6,923,831) (5,517,417) (3,095,224) Financial cost of other liabilities (1) (2,196,936) (2,003,687) (1,043,728) Results from financial assets (246,155) (152,355) (101,973) Other financial expenses (1,017,143) (353,793) (190,723) (10,384,065) (8,027,252) (4,431,648) Foreign exchange gain Gain (loss) from exchange difference 2,397,712 (124,650) (31,726) Gain from realization of other comprehensive income on sale of joint ventures — — 361,728 2,397,712 (124,650) 330,002 Financial result (5,665,384) (6,834,757) (3,698,054) (1) Includes the financial expense of the asset retirement obligations and the liabilities for post–employment benefits. |
Risk management (Tables)
Risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risk management | |
Schedule of book values of financial assets and liabilities denominated in foreign currency | (in USD$Million) 2023 2022 Cash and cash equivalents 554 615 Other financial assets 1,188 955 Trade receivables and payables, net (973) (392) Loans and borrowings (18,470) (16,113) Other assets and liabilities, net 268 202 Net liability position (17,433) (14,733) |
Schedule of sensitivity analysis for exchange rate risk | The following is the effect of a change of 1% and 5% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2023: Scenario / Variation in Effect on income Effect in other the exchange rates before taxes +/– comprehensive income +/– 1% 34,326 631,972 5% 171,630 3,159,860 |
Schedule of non-derivative hedging instrument | (US$Million) 2023 2022 Hedging instrument at the beginning of the period 5,572 4,972 Reassignment of hedging instruments 970 1,879 Realization of exports (970) (1,879) Designation of new coverage 693 600 Hedging instrument at the end of the period 6,265 5,572 |
Schedule of movement in the other comprehensive income | 2023 2022 2021 Opening balance (2,473,999) (945,250) (136,473) Exchange difference 5,194,529 (4,317,263) (1,533,743) Reclassification to profit or loss (Note 24) 479,779 1,143,287 249,978 Ineffectiveness 25,454 6,625 24,496 Deferred income tax (Note 10) (2,624,019) 1,638,602 450,492 Closing balance 601,744 (2,473,999) (945,250) 2023 2022 2021 Opening balance 9,354,071 4,366,336 1,494,926 Exchange difference (8,973,471) 7,526,124 4,579,758 Deferred income tax (Note 10) 2,760,084 (2,538,389) (1,708,348) Closing balance 3,140,684 9,354,071 4,366,336 |
Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | Year Before taxes Taxes After taxes 2024 (259,133) 115,993 (143,140) 2025 (260,645) 114,704 (145,941) 2026 (253,536) 111,575 (141,961) 2027 (79,228) 34,866 (44,362) 2028 (78,661) 34,617 (44,044) 2029 (77,785) 34,231 (43,554) 2030 (36,975) 16,272 (20,703) 2031 (16,545) 7,281 (9,264) 2032 (14,746) 6,489 (8,257) 2033 (926) 408 (518) (1,078,180) 476,436 (601,744) |
Schedule of analysis of age of financial assets that are past due but not impaired | 2023 2022 Less than 3 months overdue 119,608 171,896 Between 3 and 6 months overdue 56,615 67,985 More than 6 months overdue 181,012 456,046 357,235 695,927 |
Schedule of leverage index over the periods reported | 2023 2022 Loans and borrowings (Note 19) 105,815,527 115,134,839 Cash and cash equivalents (Note 6) (12,336,115) (15,401,058) Other financial assets (Note 9) (2,232,775) (2,725,871) Net financial debt 91,246,637 97,007,910 Equity (Note 23) 100,252,480 113,903,089 Leverage (1) 47.65 % 45.99 % (1) |
Schedule of financial instruments by type of interest rate | The following table provides information about the sensitivity of the Ecopetrol Business Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points: Effect on Other Effect on profit or loss (+/–) Comprehensive Income (+/–) Financial Financial Assets * Liabilities Plan Assets +100 basis points (57,834) 1,250,938 (479,513) –100 basis points 57,834 (1,559,533) 491,397 |
Schedule of how entity manages liquidity risk | The following is a summary of the maturity of financial liabilities as of December 31, 2023. The amounts disclosed in the table are the contractual undiscounted cash flows. The payments in foreign currency were restated taking a constant exchange rate of COP$3,822.05 per U.S. dollar: Up to 1 year 1–5 years 5–10 years > 10 years Total Loans (payment of principal and interest) 16,114,446 53,349,820 52,849,835 42,033,907 164,348,008 Trade and other payables 18,891,434 30,663 — — 18,922,097 35,005,880 53,380,483 52,849,835 42,033,907 183,270,105 |
Cash flow hedging | |
Risk management | |
Schedule of non-derivative hedging instrument | Company Derivative instrument 2023 2022 Intervial Chile (1) Cross currency swap 44,134 77,229 Red de Energía del Perú Cross currency swap — 48,195 Oleoducto Central S.A. Non-delivery forward 223,091 (137,242) |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related parties | |
Schedule of associates and joint ventures | Balances with associates and joint ventures as of December 31, 2023, and 2022 are as follows: Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energía Limited — — 84 6,327 683,949 423 Ecodiesel Colombia S.A. 4,953 — — 49,429 — — Interligação Elétrica do Madeira S.A. 35,100 — — — — — Interligação Elétrica Garanhuns S.A. 10,292 41 — — — — Interligação Elétrica Paraguaçu S.A. 11,366 25 — — — — Interligação Elétrica Aimorés S.A. 7,612 25 — — — — Interligação Elétrica Ivaí S.A. 18,316 1,097 — — — — Transmissora Aliança de Energia Elétrica S.A. 26,783 — — — — — Conexión Kimal Lo Aguirre S.A. — 143,236 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 7,560 — — Extrucol S.A. — — — 1,028 — — E2 Energía Eficiente S.A. E.S.P. 7,215 — — 422 — — Internexa Brasil Operadora de Telecomunicaciones — 235 — — — — Balance as of December 31, 2023 121,637 144,659 84 64,766 683,949 423 Current 121,637 1,421 84 64,766 683,949 423 Non–current — 143,238 — — — — 121,637 144,659 84 64,766 683,949 423 (Note 7) (Note 7) (Note 11) (Note 20) (Note 19) Accounts Accounts receivable Other Accounts Other receivable – Loans assets payable Loans liabilities Joint Ventures Equion Energy Limited (1) 127 — 1,087 2,004 815,056 2,698 Ecodiesel Colombia S.A. 13,155 — — 53,821 — 3 Interligação Elétrica do Madeira S.A. 89,505 — — — — — Interligação Elétrica Garanhuns S.A. — 40 — — — — Interligação Elétrica Ivaí S.A. — 182 — — — — Derivex S.A. — 335 — — — — Associates Gas Natural del Oriente S.A. E.S.P. — — — 7,048 — — Extrucol S.A. 2 — — 854 — — E2 Energía Eficiente S.A. E.S.P. 7,397 — — 4,152 — — Balance as of December 31, 2022 110,186 557 1,087 67,879 815,056 2,701 Current 110,186 222 1,087 67,879 815,056 2,701 Non–current — 335 — — — — 110,186 557 1,087 67,879 815,056 2,701 (Note 7) (Note 7) (Note 11) (Note 20) (Note 19) Loans: (1) Resources deposited by Equion in Ecopetrol Capital AG. |
Schedule of transactions between related parties | 2023 2022 2021 Sales and Purchases Sales and Purchases Sales and Purchases services and others services and others services and others Joint Ventures Equion Energy Limited 731 2,578 33 23,845 13,996 149,046 Ecodiesel Colombia S.A. 25,032 540,987 21,234 619,286 35,825 442,373 25,763 543,565 21,267 643,131 49,821 591,419 Associates Gas Natural del Oriente S.A. E.S.P. — 39,659 — 53,994 — 27,175 Extrucol S.A. 16 4,591 20 3,411 — 2,354 E2 Energía Eficiente S.A. E.S.P. 91,105 3,045 90,117 7,908 60,159 6,976 91,121 47,295 90,137 65,313 60,159 36,505 116,884 590,860 111,404 708,444 109,980 627,924 |
Joint operations (Tables)
Joint operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contract where entity not operator | |
Joint operations | |
Schedule of interests in joint arrangements | 31.1 % Geographic area of Partners Contract Type Participation operations Chipirón 30-41% SierraCol Energy Arauca, LLC Cosecha Production 30% Colombia Cravo Norte 55% Rondón 50% Frontera Energy Colombia Corp Quifa Production 40% Colombia Variable Union Temporal Ismocol Joshi Parko CPI Palagua Production Between 70% and 80% Colombia According amendment Parex Resources Colombia LTD Capachos LLA-122 Production Exploration 50% Colombia E&P COL 1 40% Anadarko Colombia Company (OXY) E&P COL 2 Exploration 40% Offshore North Caribe E&P COL 6 40% E&P COL 7 40% Petrobras Tayrona Exploration 55.6% Offshore North Caribe Fuerte Sur 50% Shell EP Offshore ventures Limited Purple Angel Exploration 50% Offshore North Caribe Col-5 50% Mana 30% Interoil Colombia Rio Opia Production 30% Colombia Ambrosia 30% Llanos 86 50% Llanos 87 50% Geopark Colombia SAS Llanos 104 Exploration 50% Colombia Llanos 123 50% Llanos 124 50% SSJN1 Production 50% Perdices 50% Lewis Energy Colombia VIM-42 Exploration 50% Colombia SSJN3-1 50% Quarter North Energy Gunflint Production 32% Gulf of Mexico Murphy Exploration and Production Company – USA Dalmatian Production 30% Gulf of Mexico OXY (Anadarko) - K2 K2 Production 21% Gulf of Mexico HESS ESOX Production 21% Gulf of Mexico S-M-1709 30% S-M-1908 30% S-M-1601 30% Shell S-M-1713 Exploration 30% Brazil S-M-1817 30% S-M-1599 30% S-M-1910 30% Sul de Gato do Mato 30% BM-S-54 30% BP Energy Pau Brasil Exploration 20% Brazil Chevron CE-M-715 Exploration 50% Brazil PAMA-M-187 30% PAMA-M-188 30% Petrobras PAMA-M-222 Exploration 30% Brazil PAMA-M-223 30% BM-C-44 38% BM-S-74 13% Anadarko BM-C-29 Exploration 50% Brazil Repsol BM-ES-29 Exploration 30% Brazil ONGC BM-S-73 Exploration 13% Brazil BM-S-63 30% Vanco BM-S-71 Exploration 30% Brazil BM-S-72 30% Occidental Midland Basin, LLC (Oxy) Rodeo Midland Basin Production 49% Midland, Texas, USA Pemex Exploration y Production Bloque 8 Exploration 50% Gulf of Mexico PC Carigali Mexico Operation SA Bloque 6 Exploration 50% Gulf of Mexico |
Contract where Entity is operator | |
Joint operations | |
Schedule of interests in joint arrangements | 31.2 % Geographic area of Partners Contract Type Participation operations VMM29 50% CR2 50% ExxonMobil Exploration Colombia C62 Exploration 50% Colombia KALE 100% Repsol Colombia SA CPO9 Exploration 55% Colombia CPVEN E&P Corp Sucursal Colombia VMM32 Exploration 51% Colombia Repsol Exploration Colombia S.A. Catleya Exploration 50% Colombia Emerald Energy PLC Suc. Colombia Cardon Exploration 50% Colombia Parex Resourses Colombia Ltd. ORC401 CRC-2004-01 Exploration 50% Colombia Repsol Colombia Oil & Gas Limited CPO9 – Akacias Production 55% Colombia SierraCol Energy Arauca, LLC La Cira Infantas Production 52%+PAP Colombia Teca 100% Basic Total Colombie Talisman Oil & Gas Mundo Nuevo Exploration 15% Colombia Total Colombie Talisman Oil & Gas Niscota** Exploration 20% Colombia Emerald Energy Oleoducto Alto Magdalena Production 45% Colombia Frontera Energy Perenco Oil and Gas San Jacinto Rio Paez Production 68% Colombia Cepsa Colombia Lewis Energy Colombia Clarinero** Exploration 50% Colombia |
Information by segments (Tables
Information by segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Information by segments | |
Schedule of operating segments | For the year ended on December 31, 2023 Electric power transmission Exploration Transport and toll and Refining and and roads Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 52,429,502 73,616,641 2,978,937 14,164,522 — 143,189,602 Inter–segment sales 29,085,413 8,531,285 12,530,795 3,744 (50,151,237) — Revenue from contracts with customers 81,514,915 82,147,926 15,509,732 14,168,266 (50,151,237) 143,189,602 Variable cost (37,643,759) (71,009,974) (885,109) — 45,506,500 (64,032,342) Fixed cost (14,184,125) (4,706,479) (3,495,086) (5,928,905) 4,168,739 (24,145,856) Cost of sales (51,827,884) (75,716,453) (4,380,195) (5,928,905) 49,675,239 (88,178,198) Gross profit 29,687,031 6,431,473 11,129,537 8,239,361 (475,998) 55,011,404 Administrative expenses (2,605,190) (962,063) (621,341) (1,182,380) 345,177 (5,025,797) Operation and project expenses (4,102,410) (1,392,588) (426,821) — 219,657 (5,702,162) Impairment (loss) reversal of non–current assets (2,741,092) 1,482,444 (630,134) (209,551) — (2,098,333) Other operating (expenses) income net (148,314) (103,563) 34,835 (201,141) (7,948) (426,131) Operating income 20,090,025 5,455,703 9,486,076 6,646,289 80,888 41,758,981 Financial result net Financial income 1,473,523 197,186 431,593 870,897 (652,230) 2,320,969 Financial expenses (4,872,501) (1,748,454) (349,340) (3,984,198) 570,428 (10,384,065) Foreign exchange gain (loss) net 2,009,356 657,678 (272,900) 3,578 — 2,397,712 (1,389,622) (893,590) (190,647) (3,109,723) (81,802) (5,665,384) Share of profits of associates and joint ventures 26,927 251,769 — 529,536 (2,883) 805,349 Income before tax 18,727,330 4,813,882 9,295,429 4,066,102 (3,797) 36,898,946 Income tax (8,610,599) 753,038 (3,129,197) (529,117) — (11,515,875) Net profit (loss) for the period 10,116,731 5,566,920 6,166,232 3,536,985 (3,797) 25,383,071 Profit (loss) attributable to: Group owners of parent 10,208,130 5,352,446 4,829,051 674,968 (3,797) 21,060,798 Non–controlling interest (91,399) 214,474 1,337,181 2,862,017 — 4,322,273 10,116,731 5,566,920 6,166,232 3,536,985 (3,797) 25,383,071 Supplementary information Depreciation, depletion and amortization 8,657,782 2,184,053 1,487,501 1,483,051 — 13,812,387 For the year ended on December 31, 2022 Electric power transmission and toll Exploration Refining and Transport and roads and Production Petrochemicals Logistics concessions Eliminations Total Third–party sales 60,719,903 82,728,875 2,807,031 13,355,269 — 159,611,078 Inter–segment sales 30,300,562 6,450,072 11,148,961 2,237 (47,901,832) — Revenue from contracts with customers 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 Variable cost (34,649,988) (76,341,169) (720,247) — 43,531,185 (68,180,219) Fixed cost (12,099,432) (3,990,829) (3,172,963) (5,854,832) 3,840,127 (21,277,929) Cost of sales (46,749,420) (80,331,998) (3,893,210) (5,854,832) 47,371,312 (89,458,148) Gross profit 44,271,045 8,846,949 10,062,782 7,502,674 (530,520) 70,152,930 Administrative expenses (2,489,557) (823,349) (499,801) (965,314) 442,326 (4,335,695) Operation and project expenses (3,221,678) (1,387,064) (327,952) — 193,066 (4,743,628) Impairment loss (reversal) of non–current assets (890,248) 1,096,021 (406,229) (87,543) — (287,999) Other operating expenses net (310,628) (37,959) (96,239) (104,664) (6,365) (555,855) Operating income 37,358,934 7,694,598 8,732,561 6,345,153 98,507 60,229,753 Financial result net Financial income 1,011,182 89,173 157,264 577,743 (518,217) 1,317,145 Financial expenses (2,894,636) (1,381,682) (287,889) (3,883,596) 420,551 (8,027,252) Foreign exchange gain (loss) net (44,302) (289,105) 10,080 198,677 — (124,650) (1,927,756) (1,581,614) (120,545) (3,107,176) (97,666) (6,834,757) Share of profits of associates and joint ventures 30,197 222,460 — 515,746 19 768,422 Income before tax 35,461,375 6,335,444 8,612,016 3,753,723 860 54,163,418 Income tax (13,829,885) (1,464,380) (2,962,021) (707,652) — (18,963,938) Net profit (loss) for the period 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Profit (loss) attributable to: Group owners of parent 21,761,164 4,686,009 4,483,060 673,688 860 31,604,781 Non–controlling interest (129,674) 185,055 1,166,935 2,372,383 — 3,594,699 21,631,490 4,871,064 5,649,995 3,046,071 860 35,199,480 Supplementary information Depreciation depletion and amortization 7,304,525 1,960,399 1,448,626 1,415,441 — 12,128,991 For the year ended on December 31, 2021 Electric power transmission and toll Exploration and Refining and Transport roads Production Petrochemicals and Logistics concessions Eliminations Total Third–party sales 38,552,572 46,658,196 2,557,238 4,113,198 — 91,881,204 Inter–segment sales 24,696,380 4,318,189 9,601,228 — (38,615,797) — Revenue from contracts with customers 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 Variable cost (30,473,145) (44,860,928) (531,361) — 34,859,524 (41,005,910) Fixed cost (9,861,987) (3,674,460) (2,728,948) (1,817,491) 3,507,020 (14,575,866) Cost of sales (40,335,132) (48,535,388) (3,260,309) (1,817,491) 38,366,544 (55,581,776) Gross profit 22,913,820 2,440,997 8,898,157 2,295,707 (249,253) 36,299,428 Administrative expenses (1,987,817) (784,214) (457,217) (322,939) 210,118 (3,342,069) Operation and project expenses (1,882,686) (944,616) (404,264) (460) 78,469 (3,153,557) Impairment reversal (loss) of non–current assets 438,020 (305,466) (165,901) (4) — (33,351) Other operating (expenses) income net (617,893) 10,749 591,829 (51,267) (6,162) (72,744) Operating income (expenses) 18,863,444 417,450 8,462,604 1,921,037 33,172 29,697,707 Financial result net Financial income 517,629 24,313 76,453 89,267 (304,070) 403,592 Financial expenses (2,410,906) (1,151,255) (250,816) (886,420) 267,749 (4,431,648) Foreign exchange gain (loss) net (219,747) (132,734) 381,964 300,519 — 330,002 (2,113,024) (1,259,676) 207,601 (496,634) (36,321) (3,698,054) Share of profits of associates and joint ventures 9,610 200,998 858 214,698 — 426,164 Income before tax 16,760,030 (641,228) 8,671,063 1,639,101 (3,149) 26,425,817 Income tax (5,019,540) (383,562) (2,925,390) (466,771) — (8,795,263) Net profit (loss) for the period 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Profit (loss) attributable to: Group owners of parent 11,829,119 (1,198,619) 4,635,354 386,438 (3,149) 15,649,143 Non–controlling interest (88,629) 173,829 1,110,319 785,892 — 1,981,411 11,740,490 (1,024,790) 5,745,673 1,172,330 (3,149) 17,630,554 Supplementary information Depreciation depletion and amortization 6,844,910 1,640,940 1,211,642 462,430 — 10,159,922 |
Schedule of products and services | For the year ended on December 31, 2023 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid–distillates — 32,638,191 — — (32,349) 32,605,842 Gasoline and turbo fuels — 26,965,667 — — (3,836,642) 23,129,025 Natural gas 5,551,389 — — — (1,193,123) 4,358,266 Services (53,379) 1,441,770 15,509,732 335,812 (14,001,151) 3,232,784 Electric power transmission services — — — 2,769,897 — 2,769,897 Plastic and rubber — 1,225,223 — — — 1,225,223 Fuel gas service — 998,367 — — (9,283) 989,084 Asphalts 65,574 872,611 — — — 938,185 LPG and propane 505,066 274,022 — — (16,739) 762,349 Roads and construction services — — — 349,834 — 349,834 Polyethylene — 313,535 — — 649 314,184 Aromatics — 297,957 — — — 297,957 Crude oil 27,870,500 (741) — — (27,741,343) 128,416 Fuel oil 26,564 9,734 — — — 36,298 Other income gas contracts 30 — — — — 30 Other products 15,861 3,691,674 — — (3,099,827) 607,708 33,981,605 68,728,010 15,509,732 3,455,543 (49,929,808) 71,745,082 Foreign sales Crude oil 47,631,662 1,928,202 — — — 49,559,864 Electric power transmission services — — — 5,666,389 — 5,666,389 Roads and Construction Services — — — 4,761,317 — 4,761,317 Diesel — 4,097,117 — — — 4,097,117 Fuel oil (82,348) 4,315,286 — — (204,030) 4,028,908 Plastic and rubber — 1,393,669 — — — 1,393,669 LPG and propane 302,159 — — — — 302,159 Gasoline and turbo fuels — 193,394 — — — 193,394 Natural gas 105,413 — — — — 105,413 Cash flow hedging (460,445) (7,962) — — — (468,407) Other products 36,869 1,500,210 — 285,017 (17,399) 1,804,697 47,533,310 13,419,916 — 10,712,723 (221,429) 71,444,520 81,514,915 82,147,926 15,509,732 14,168,266 (50,151,237) 143,189,602 For the year ended on December 31, 2022 Electric power transmission and toll Exploration and Refining and Transport and roads Production Petrochemicals Logistics concessions Eliminations Total Local sales Mid-distillates — 39,217,618 — — (35,108) 39,182,510 Gasoline and turbo fuels — 32,022,556 — — (4,402,357) 27,620,199 Natural gas 5,250,577 — — — (1,087,701) 4,162,876 Services 450,322 746,500 13,955,992 296,216 (11,847,349) 3,601,681 Electric power transmission services — — — 2,595,505 — 2,595,505 Plastic and rubber — 1,568,816 — — — 1,568,816 LPG and propane 739,323 385,178 — — (30,169) 1,094,332 Asphalts 47,224 849,976 — — — 897,200 Fuel gas service — 869,101 — — (8,999) 860,102 Crude oil 28,725,485 491,440 — — (28,841,135) 375,790 Roads and Construction services — — — 355,737 — 355,737 Aromatics — 343,792 — — — 343,792 Polyethylene — 302,630 — — — 302,630 Fuel oil 2,663 6,550 — — — 9,213 Other income gas contracts 1,940 — — — — 1,940 Other products 20,204 2,164,882 — — (1,505,903) 679,183 35,237,738 78,969,039 13,955,992 3,247,458 (47,758,721) 83,651,506 Foreign sales Crude oil 56,701,497 92,147 — — (141,891) 56,651,753 Electric power transmission services — — — 5,114,783 — 5,114,783 Roads and Construction Services — — — 4,676,822 — 4,676,822 Fuel oil — 4,348,312 — — — 4,348,312 Diesel — 2,324,861 — — — 2,324,861 Plastic and rubber — 2,036,201 — — — 2,036,201 LPG and propane 339,837 — — — — 339,837 Natural gas 254,054 — — — — 254,054 Gasoline and turbo fuels — 157,685 — — — 157,685 Other products 35,113 1,281,174 — 318,443 (1,220) 1,633,510 Cash flow hedging (1,547,774) (30,472) — — — (1,578,246) 55,782,727 10,209,908 — 10,110,048 (143,111) 75,959,572 91,020,465 89,178,947 13,955,992 13,357,506 (47,901,832) 159,611,078 For the year ended on December 31, 2021 Electric power transmission and toll Exploration and Refining and Transport roads Production Petrochemicals and Logistics concessions Eliminations Total Local sales Mid–distillates — 17,166,812 — — (26,485) 17,140,327 Gasoline and turbo fuels — 17,931,469 — — (2,456,099) 15,475,370 Natural gas 4,077,691 — — — (877,622) 3,200,069 Services 132,060 659,088 12,158,466 120,795 (10,004,421) 3,065,988 Plastic and rubber — 1,642,035 — — — 1,642,035 LPG and propane 618,218 332,542 — — (24,529) 926,231 Fuel gas service — 742,212 — — (7,546) 734,666 Electric power transmission services — — — 728,467 — 728,467 Asphalts 25,178 585,873 — — — 611,051 Polyethylene — 320,466 — — — 320,466 Aromatics — 247,387 — — — 247,387 Crude oil 23,619,491 — — — (23,426,015) 193,476 Roads and Construction Services — — — 107,179 — 107,179 Fuel oil 10,838 12,961 — — — 23,799 Other income gas contracts 2,879 — — — — 2,879 Other products 35,213 2,160,653 — — (1,793,038) 402,828 Cash flow hedges — (8) — — — (8) 28,521,568 41,801,490 12,158,466 956,441 (38,615,755) 44,822,210 Foreign sales Crude oil 34,868,421 — — — — 34,868,421 Diesel — 3,867,937 — — — 3,867,937 Fuel oil — 2,288,977 — — — 2,288,977 Plastic and rubber — 2,092,379 — — — 2,092,379 Electric power transmission services — — — 1,827,622 — 1,827,622 Roads and Construction Services — — — 1,241,144 — 1,241,144 LPG and propane 116,960 — — — — 116,960 Natural gas 71,529 — — — — 71,529 Other products 20,365 925,595 — 87,991 (42) 1,033,909 Cash flow hedges (349,891) 7 — — — (349,884) 34,727,384 9,174,895 — 3,156,757 (42) 47,058,994 63,248,952 50,976,385 12,158,466 4,113,198 (38,615,797) 91,881,204 |
Schedule of detailed information about investment property segment wise | Electric power transmission Exploration Refining and Transport and and toll roads 2023 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 13) 4,258,469 738,161 2,702,091 1,651,164 9,349,885 Natural and environmental resources (Note 14) 13,964,435 — — — 13,964,435 Intangibles (Note 16) 59,870 84,268 622,559 9,899 776,596 18,282,774 822,429 3,324,650 1,661,063 24,090,916 Electric power transmission Exploration Refining and Transport and and toll roads 2022 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 13) 4,461,244 928,843 2,424,428 953,201 8,767,716 Natural and environmental resources (Note 14) 11,962,544 — — — 11,962,544 Intangibles (Note 16) 145,532 32,832 89,463 879,683 1,147,510 16,569,320 961,675 2,513,891 1,832,884 21,877,770 Electric power transmission Exploration Refining and Transport and and toll roads 2021 and Production Petrochemicals Logistics concessions Total Property, plant, and equipment (Note 13) 2,633,119 1,845,618 1,344,654 294,197 6,117,588 Natural and environmental resources (Note 14) 6,733,028 — — — 6,733,028 Intangibles (Note 16) 106,490 22,685 47,236 267,935 444,346 9,472,637 1,868,303 1,391,890 562,132 13,294,962 |
Supplemental information on o_2
Supplemental information on oil and gas producing activities (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental information on oil and gas producing activities (unaudited) | |
Schedule of capitalized costs relating to oil and gas exploration and production activities | 2023 2022 2021 Natural and environmental properties 96,856,236 90,284,366 79,385,151 Wells, equipment, and facilities – property, plant, and equipment 35,897,318 33,568,835 31,730,001 Exploration and production projects 17,372,792 16,451,284 11,474,682 Accumulated depreciation, depletion, and amortization (84,413,729) (79,744,788) (70,739,885) Net capitalized cost 65,712,617 60,559,697 51,849,949 |
Schedule of costs incurred in oil and gas exploration and developed activities | 2023 2022 2021 Acquisition of proved properties (1) 37,419 141,928 — Acquisition of unproved properties (2) — 339,394 — Exploration costs 2,911,974 3,322,055 1,793,549 Development costs 19,976,218 16,266,222 11,264,075 22,925,611 20,069,599 13,057,624 (1) For 2023 and 2022, it corresponds to 49 % of participation contract in Barnett, acquired by Ecopetrol Permian. (2) During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70 % of participation in the assets, with a 30 % of participation held by Ecopetrol Brasil. |
Schedule of results of operations for oil and gas exploration and production activities | 2023 2022 2021 Net revenues Sales 66,258,193 71,223,307 50,631,272 Transfers 15,256,723 19,797,158 12,617,680 81,514,916 91,020,465 63,248,952 Production costs (1) 20,544,682 22,152,495 12,554,338 Depreciation, depletion, and amortization (2) 8,531,483 7,138,902 6,623,891 Other production costs (3) 22,751,720 20,741,550 21,156,904 Exploration expenses (4) 2,088,922 1,512,385 960,247 Other expenses (5) 7,508,085 5,399,726 3,090,128 61,424,892 56,945,058 44,385,508 Income before income tax expense 20,090,024 34,075,407 18,863,444 Income tax expense (9,250,450) (13,026,271) (5,652,743) Results of operations for exploration and production activities 10,839,574 21,049,136 13,210,701 (1) Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2023, 2022 and 2021 of $477,511, $333,683, and $292,329, respectively. (2) In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2023, 2022 and 2021 in depreciation, depletion, and amortization, were $438,675, $768,466, and $887,725, respectively. (3) Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost. (4) Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells. (5) Corresponds to administration, marketing expenses, and impairment. |
Schedule of information relates to the net proven reserves owned by the Ecopetrol Business Group | 2023 2022 2021 Oil Gas Total Oil Gas Total Oil Gas Total (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) (Mbls) (Gpc) (Mbe) Proved reserves: Opening balance 1,515 2,828 2,011 1,449 3,151 2,002 1,257 2,921 1,770 Revisions of previous estimates (1) 38 (165) 9 81 (104) 63 240 431 315 Improved recovery 91 9 93 77 21 81 120 107 139 Purchases — — — 39 50 48 — — — Extensions and discoveries 17 — 17 52 33 57 12 — 12 Sales — — — — — — (3) (4) (3) Production (190) (326) (247) (183) (323) (240) (177) (304) (231) Closing balance 1,471 2,346 1,883 1,515 2,828 2,011 1,449 3,151 2,002 Proved developed reserves: Opening balance 995 2,174 1,376 921 2,561 1,370 834 2,636 1,297 Closing balance 1,083 2,007 1,435 995 2,174 1,376 921 2,561 1,370 Proved undeveloped reserves: Opening balance 520 654 635 528 590 632 423 285 473 Closing balance 388 339 448 520 654 635 528 590 632 Some values were rounded for presentation purposes. Mbls = Million barrels Gpc: Giga cubic feet Mbe = Million barrels of oil equivalent (1) Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors. |
Schedule of standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein | 2023 2022 2021 Future cash inflows 425,761,732 685,716,359 401,980,640 Future costs Production (1) (158,870,388) (182,522,131) (129,109,036) Development (40,675,517) (58,332,264) (38,451,863) Income taxes (80,373,445) (201,912,509) (69,053,224) Future net cash flow 145,842,382 242,949,455 165,366,517 10% discount factor (49,557,596) (86,340,334) (57,009,654) Standardized measure of discounted net cash flows 96,284,786 156,609,121 108,356,863 (1) Production future costs include the estimated costs related to assets retirement obligations in the amount of $22,615,261; $23,234,408; and $17,364,520, as of December 31, 2023, 2022, and 2021, respectively. |
Schedule of principal sources of change in the standardized measure of discounted net cash flows | 2023 2022 2021 Net change in sales and transfer prices and in production cost (lifting) related to future production (123,240,049) 158,798,134 110,224,660 Changes in estimated future development costs (10,624,343) (52,166,780) (22,011,659) Sales and transfer of oil and gas produced net of production costs (60,970,234) (68,867,970) (50,694,613) Net change due to extensions, discoveries, and improved recovery 6,173,144 9,993,781 6,741,068 Net change due to purchase and sales of minerals in place — 1,767,856 (13,419) Net change due to revisions in quantity estimates 967,150 10,807,453 32,923,680 Previously estimated development costs incurred during the period 34,815,000 69,458,458 32,941,335 Accretion of discount 28,676,517 15,360,418 10,468,951 Timing and other (13,215,214) (11,990,359) (16,636,925) Net change in income taxes 77,093,694 (84,908,732) (36,016,420) Aggregate change in the standardized measure of discounted future net cash flows for the year (60,324,335) 48,252,259 67,926,658 |
Subsequent and relevant events
Subsequent and relevant events (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent and relevant events | |
Schedule of refinancing and financing strategy | Term 12 years Transaction date January 09, 2024 Compliance date January 19, 2024 Maturity January 19, 2036 Face amount US$ 1,850 million Yield 8.450% Coupon rate 8.375% Periodicity Semiannual Rating (Moody’s/S&P/Fitch) Baa3 / BB+ / BB+ |
Exhibit 1 - Consolidated subs_2
Exhibit 1 - Consolidated subsidiaries, associates, and joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Exhibit 1 - Consolidated subsidiaries, associates, and joint ventures | |
Schedule of interests in subsidiaries | Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Subsidiaries Refinería de Cartagena S.A.S. US Dollar 100 % Refining of hydrocarbons, commercialization and distribution of products Colombia Colombia 22,507,372 4,867,094 35,151,210 12,643,838 Cenit transporte y logística de hidrocarburos S.A.S. Colombian Peso 100 % Storage and transport by pipelines of hydrocarbons Colombia Colombia 16,184,340 4,918,027 19,165,246 2,980,906 Ecopetrol Global Energy S.L.U. US Dollar 100 % Investment Vehicle Spain Spain 13,936,493 779,372 13,936,782 289 Oleoducto Central S.A.S - Ocensa US Dollar 72.65 % Transportation by crude oil pipelines Colombia Colombia 3,339,065 3,262,352 7,014,139 3,675,074 Hocol Petroleum Limited. US Dollar 100 % Investment Vehicle Bermuda Bermuda 3,900,278 334,443 3,900,348 70 Ecopetrol América LLC. US Dollar 100 % Exploration and exploitation of hydrocarbons United States United States 1,565,618 (136,483) 3,216,891 1,651,273 Hocol S.A. US Dollar 100 % Exploration and exploitation of hydrocarbons Cayman Islands Colombia 3,397,978 314,192 5,247,665 1,849,687 Esenttia S.A. US Dollar 100 % Production and commercialization of polypropylene resin Colombia Colombia 2,483,261 291,877 2,949,288 466,027 Ecopetrol Capital AG US Dollar 100 % Collection of surpluses from, and providing funds to, companies of Ecopetrol Business Group Switzerland Switzerland 2,662,417 140,961 9,893,302 7,230,885 Oleoducto de Colombia S. A. – ODC Colombian Peso 73 % Transportation by crude oil pipelines Colombia Colombia 416,079 404,994 845,948 429,869 Black Gold Re Ltd. US Dollar 100 % Reinsurer for companies of Ecopetrol Business Group Bermuda Bermuda 1,074,772 103,061 1,349,418 274,646 Andean Chemicals Ltd. US Dollar 100 % Investment Vehicle Bermuda Bermuda 1,817,910 194,151 1,822,429 4,519 Oleoducto de los Llanos Orientales S. A. - ODL Colombian Peso 65 % Transportation by crude oil pipelines Panama Colombia 904,438 697,496 1,567,561 663,123 Interconexión Eléctrica S.A. E.S.P Colombian Peso 51.41 % Public transmission service of electric power, the development of infrastructure projects and their commercial exploitation and the development of information technology systems, activities and services and telecommunications. Colombia Latin-America 26,366,394 2,466,453 71,217,176 44,850,782 Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Inversiones de Gases de Colombia S.A. Invercolsa S.A. Colombian Peso 51.88 % Holding with investments in natural gas and LPG transportation and distribution companies in Colombia Colombia Colombia 654,544 341,249 658,602 4,058 Alcanos de Colombia S.A. E.S.P. (1) Colombian Peso 29.61 % Residential public fuel gas service, construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. Colombia Colombia 330,460 141,650 820,122 489,662 Metrogas de Colombia S.A E.S.P. (1) Colombian Peso 33.49 % Public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives. Colombia Colombia 57,091 20,559 141,006 83,915 Gases del Oriente S.A. E.S.P. (1) Colombian Peso 48.50 % Home public service of distribution of fuel gas and the development of all complementary activities to the supplying of said service. Colombia Colombia 90,681 60,588 203,703 113,022 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 55,250 40,433 85,986 30,736 Combustibles Líquidos de Colombia S.A E.S.P. (1) Colombian Peso 41.61 % Wholesale marketing of fuel gas, the supplying of the residential public service of LPG distribution and the development of complementary activities to supply the service. Colombia Colombia 61,759 1,351 79,823 18,064 Ownership Geographic Profit Functional interest Country/ area of (loss) of Total Total Company currency Ecopetrol Activity Domicile operations Equity the year assets liabilities Ecopetrol USA Inc. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 11,898,257 985,030 11,914,539 16,282 Ecopetrol Permian LLC. US Dollar 100% Exploration and exploitation of hydrocarbons United States United States 8,414,625 1,028,492 11,422,720 3,008,095 Ecopetrol Oleo é Gas do Brazil Ltda. Real 100% Exploration and exploitation of hydrocarbons Brazil Brazil 1,937,309 (203,243) 1,977,106 39,797 Esenttia Masterbatch Ltda. Colombian Peso 100% Manufacture of polypropylene compounds and masterbatches Colombia Colombia 357,206 203,097 469,328 112,122 Ecopetrol del Perú S. A. US Dollar 100% Exploration and exploitation of hydrocarbons Peru Peru 57,570 872 60,894 3,324 ECP Hidrocarburos de México S.A. de C.V. US Dollar 100% Offshore exploration Mexico Mexico 43,393 (1,811) 45,380 1,987 Ecopetrol Costa Afuera S.A.S. Colombian Peso 100% Offshore exploration Colombia Colombia 13,395 431 13,609 214 Esenttia Resinas del Peru SAC US Dollar 100% Commercialization polypropylene resins and masterbatches Peru Peru 14,579 809 37,141 22,562 Topili Servicios Administrativos S de RL De CV. Mexican Peso 100% Specialized management services Mexico Mexico (271) (303) 134 405 Kalixpan Servicios Técnicos S de RL De CV. Mexican Peso 100% Specialized services related to oil and gas industry Mexico Mexico 86 (87) 91 5 Ecopetrol US Trading LLC US Dollar 100% International trading of crude oil and refined products United States United States 58,927 61,252 1,330,201 1,271,274 Ecopetrol Singapore PTE. LTD Singapore dollar 100% Holding company with investment in an international trading company for crude oil and refined products Singapore Asia 653,065 661,672 653,174 109 Ecopetrol Trading Asia PTE. LTD Singapore dollar 100% International trading of crude oil and refined products Singapore Asia 653,095 661,951 3,558,012 2,904,917 |
Schedule of interests in associates and joint ventures | Ownership Geographic Functional interest Country/ area of Profit (loss) of Total Company currency Ecopetrol Activity Domicile operations Equity the year Total assets liabilities Associates Serviport S.A. (2) Colombian Peso 49 % Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections, and load measurements Colombia Colombia 11,274 (4,692) 41,082 29,808 Sociedad Portuaria Olefinas y Derivados S.A. (3) Colombian Peso 50 % Construction, use, maintenance and administration of port facilities, ports, private docks. Colombia Colombia 8,476 2,904 12,219 3,743 Joint Ventures Equion Energía Limited US Dollar 51 % Exploration and exploitation of hydrocarbons United Kingdom Colombia 1,329,394 38,718 1,401,176 71,782 Ecodiesel Colombia S.A. (3) Colombian Peso 50 % Production, trading, and distribution of biofuels and oleochemicals Colombia Colombia 170,060 55,099 265,330 95,270 |
Schedule of subsidiaries, associates, and joint ventures Interconexion Electrica S.A. ESP | Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Consorcio Transmantaro US Dollar 60.00 % Electric power Peru Peru 1,763,298 264,947 7,344,752 5,581,454 Interligação Eléctrica Evrecy Brazilian real 35.82 % Electric power Brazil Brazil 301,117 (16,122) 338,371 37,254 Fundo de Investimento Assis Brazilian real 35.81 % Autonomous Fund – Special Purpose Entity Brazil Brazil 297,081 11,015 297,081 — Fundo de Investimento Barra Bonita Renda Fixa Referenciado Brazilian real 35.73 % Autonomous Fund – Special Purpose Entity Brazil Brazil 14,829 1,112 14,829 — Fundo de Investimento Referenciado di Bandeirantes Brazilian real 27.68 % Autonomous Fund – Special Purpose Entity Brazil Brazil 290,651 30,977 290,651 — Fundo de Investimento Xavantes Referenciado di Brazilian real 17.54 % Autonomous Fund – Special Purpose Entity Brazil Brazil 609,614 54,566 609,614 — Interconexiones Viales Chilean peso 65.00 % Roads concessions Chile Chile 37 (4,145) 39 2 Interligação Elétrica Aguapeí Brazilian real 35.82 % Electric power Brazil Brazil 506,224 51,352 556,177 49,953 Interligação Elétrica Biguaçu Brazilian real 35.82 % Electric power Brazil Brazil 361,965 59,638 424,904 62,939 Interligação Elétrica De Minas Gerais Brazilian real 35.82 % Electric power Brazil Brazil 416,128 783 452,785 36,657 Interligação Elétrica Itapura Brazilian real 35.82 % Electric power Brazil Brazil 139,848 18,699 157,436 17,588 Interligação Elétrica Itaquerê Brazilian real 35.82 % Electric power Brazil Brazil 474,440 60,763 523,334 48,894 Interligação Elétrica Itaúnes Brazilian real 35.82 % Electric power Brazil Brazil 420,279 25,801 480,882 60,603 Interligação Elétrica Norte E Nordeste Brazilian real 35.82 % Electric power Brazil Brazil 319,114 57,351 448,973 129,859 Interligação Elétrica Pinheiros Brazilian real 35.82 % Electric power Brazil Brazil 53,982 11,823 62,153 8,171 Interligação Elétrica Riacho Grande Brazilian real 35.82 % Electric power Brazil Brazil 126,250 11,066 158,806 32,556 Interligação Elétrica Serra Do Japi Brazilian real 35.82 % Electric power Brazil Brazil 342,355 46,124 378,842 36,487 Interligação Elétrica Sul Brazilian real 35.82 % Electric power Brazil Brazil 180,168 7,516 210,185 30,017 Interligação Elétrica Tibagi Brazilian real 35.82 % Electric power Brazil Brazil 208,874 26,181 233,320 24,446 Internexa Colombian peso 99.42 % Telecommunications and ICT Colombia Colombia 71,206 (143,493) 543,656 472,450 Transamerican Telecomunication S.A. US Dollar 99.42 % Telecommunications and ICT Argentina Argentina 5,909 (12,330) 16,905 10,996 Internexa Brasil Operadora de Telecomunicações Brazilian real 99.42 % Telecommunications and ICT Brazil Brazil 789 (134,535) 790 1 Internexa Chile Chilean peso 98.43 % Telecommunications and ICT Chile Chile 15,549 (13,073) 56,509 40,960 Ownership Geographic Profit interest Country/ area of (loss) of Company Functional currency ISA Activity Domicile operations Equity the year Assets Liabilities Subsidiaries Interconexión Eléctrica S.A. ESP Interligação Elétrica JAGUAR 6 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 177,979 9,872 190,819 12,840 Interligação Elétrica JAGUAR 8 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 104,357 9,713 117,533 13,176 Interligação Elétrica JAGUAR 9 S.A. Brazilian real 35.82 % Electric power Brazil Brazil 368,021 72,511 417,572 49,551 Internexa Participações Brazilian real 99.42 % Investment Vehicle Brazil Brazil 985 (91,887) 1,051 66 Internexa Peru US Dollar 99.42 % Telecommunications and ICT Peru Peru 44,450 (26,531) 305,746 261,296 ISA Bolivia US Dollar 100.00 % Electric power Bolivia Bolivia 110,562 10,284 121,428 10,866 ISA Capital Do Brazil Brazilian real 100.00 % Investment Vehicle Brazil Brazil 4,943,612 841,993 5,298,623 355,011 ISA CTEEP Brazilian real 35.82 % Electric power Brazil Brazil 13,721,058 2,461,680 27,486,842 13,765,784 ISA Interchile US Dollar 100.00 % Electric power Chile Chile 1,293,646 121,276 5,545,359 4,251,713 ISA Intercolombia Colombian peso 100.00 % Electric power Colombia Colombia 133,111 52,374 455,003 321,892 ISA Intervial Chile Chilean peso 100.00 % Roads concessions Chile Chile 3,635,694 533,512 4,256,273 620,579 ISA Intervial Colombia Colombian peso 100.00 % Roads concessions Colombia Colombia 638 51 638 - ISA Inversiones Chile Chilean peso 100.00 % Investment Vehicle Chile Chile 1,672,354 157,503 1,924,873 252,519 ISA Inversiones Chile Vías SpA Chilean peso 100.00 % Investment Vehicle Chile Chile 3,638,171 534,045 3,638,805 634 ISA Inversiones Costera Chile Chilean peso 100.00 % Investment Vehicle Chile Chile (114,051) (71,698) 70,173 184,224 ISA Inversiones Tolten Chilean peso 100.00 % Investment Vehicle Chile Chile 27 (5) 27 - ISA Investimentos E Participações Brazilian real 100.00 % Investment Vehicle Brazil Brazil 995,716 140,918 995,918 202 ISA Peru US Dollar 99.98 % Electric power Peru Peru 191,119 43,063 898,335 707,216 ISA REP US Dollar 60.00 % Electric power Peru Peru 546,059 290,512 1,859,619 1,313,560 ISA Transelca Colombian peso 100.00 % Electric power Colombia Colombia 910,581 199,452 1,936,548 1,025,967 Linear Systems RE US dollar 100.00 % Other business Bermudas Bermudas 35,632 7,232 93,546 57,914 Proyectos de Infraestructura del Perú US Dollar 100.00 % Electric power Peru Peru 19,019 7,773 21,204 2,185 Ruta Costera Colombian peso 100.00 % Roads concessions Colombia Colombia 173,012 (4,870) 2,588,885 2,415,873 Ruta de La Araucanía Chilean peso 100.00 % Roads concessions Chile Chile 323,871 60,950 681,824 357,953 Ruta de Los Ríos Chilean peso 75.00 % Roads concessions Chile Chile 79,259 35,696 301,539 222,280 Ruta del Bosque Chilean peso 100.00 % Roads concessions Chile Chile 11,072 (28,950) 12,595 1,523 Ruta del Loa Chilean peso 100.00 % Roads concessions Chile Chile 310,944 70,097 1,365,486 1,054,542 Ruta del Maipo Chilean peso 100.00 % Roads concessions Chile Chile 2,464,102 465,092 7,018,675 4,554,573 Ruta del Maule Chilean peso 100.00 % Roads concessions Chile Chile 24 2,264 25 1 Sistemas Inteligentes en Red Colombia peso 99.77 % Other business Colombia Colombia 13,743 4,543 25,252 11,509 XM Colombian peso 99.73 % Electric power Colombia Colombia 57,987 18,309 445,241 387,254 Interconexiones del Norte S.A. Chilean peso 100.00 % Electric power Chile Chile 152 167 30,123 29,971 Consorcio Eléctrico Yapay S.A. US Dollar 60.00 % Electric power Perú Perú 13,611 (6,221) 19,110 5,499 Joint ventures Interconexión Eléctrica S.A. ESP Interligação Elétrica do Madeira Brazilian real 51.00 % Electric power Brazil Brazil 3,160,818 356,863 5,739,716 2,578,898 Interligação Elétrica Garanhuns Brazilian real 51.00 % Electric power Brazil Brazil 875,296 101,875 1,228,068 352,772 Interligação Elétrica Paraguaçu Brazilian real 50.00 % Electric power Brazil Brazil 884,355 126,683 1,331,261 446,906 Interligação Elétrica Aimorés Brazilian real 50.00 % Electric power Brazil Brazil 551,370 84,280 850,421 299,051 Interligação Elétrica Ivaí Brazilian real 50.00 % Electric power Brazil Brazil 798,810 169,061 3,603,858 2,805,048 Transmissora Aliança de Energia Elétrica Brazilian real 14.88 % Electric power Brazil Brazil 5,273,100 1,121,332 13,877,165 8,604,065 Interconexión Eléctrica Colombia Panamá-Panamá US Dollar 50.00 % Electric power Panama Panama 2,189 (31,805) 5,572 3,383 Interconexión Eléctrica Colombia Panamá Colombia Colombia peso 1.17 % Electric power Colombia Colombia 265 (2) 266 1 Transnexa (4) US Dollar 50.00 % Transport and telecommunications Ecuador Ecuador — — — — Derivex Colombia peso 40.46 % Manage the trading system for financial instruments derived from electricity Colombia Colombia 2,568 (851) 2,568 — Parques del Río Colombia peso 33.00 % Roads Colombia Colombia 68 (34) 68 — Conexión Kimal Lo Aguirre S.A. Chilena peso 33.33 % Electric power Chile Chile 357,207 873 933,357 576,150 Associates Interconexión Eléctrica S.A. ESP ATP Tower Holdings US Dollar 24.7 % Transport and telecommunications United States United States 1,448,862 (95,648) 3,981,180 2,532,318 (1) Indirect participation through Inversiones de Gases de Colombia S.A. Invercolsa S.A. (2) Information available as of September 30, 2023, the investment of is fully impaired. (3) Information available as of November 30, 2023. (4) Transnexa is in the liquidation process and its investment has been impaired in its entirety. |
Exhibit 2 - Conditions of the_2
Exhibit 2 - Conditions of the most significant debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Exhibit 2 - Conditions of the most significant debt | |
Disclosure of loans | Outstanding Outstanding balance balance Interest Amortization Payment of Type of debt Company Issue date Maturity date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest Aug-13 Aug-28 347,500 347,500 284,300 Ecopetrol S.A. Dec-10 Dec-40 COP 284,300 284,300 347,500 Floating Bullet Half-yearly Aug-13 Aug-43 262,950 262,950 262,950 Dec-11 Dec-41 COP 120,000 120,000 120,000 Floating Bullet Half-yearly May-13 May-28 COP 100,000 100,000 100,000 Floating Bullet Quarterly May-15 May-25 COP 100,000 100,000 100,000 Floating Bullet Quarterly May-15 May-30 COP 120,000 120,000 120,000 Floating Bullet Quarterly May-15 May-35 COP 280,000 280,000 280,000 Floating Bullet Quarterly Feb-16 Feb-24 COP 115,000 115,000 115,000 Floating Bullet Quarterly Feb-16 Feb-28 COP 152,000 152,000 152,000 Floating Bullet Quarterly Feb-16 Feb-41 COP 133,000 133,000 133,000 Floating Bullet Quarterly Bonds, Apr-17 Apr-24 COP 260,780 260,780 260,780 Fixed Bullet Quarterly domestic Interconexión Apr-17 Apr-32 COP 196,300 196,300 196,300 Floating Bullet Quarterly currency Eléctrica S.A. Apr-17 Apr-42 COP 242,920 242,920 242,920 Floating Bullet Quarterly E.S.P. Nov-17 Nov-25 COP 150,080 150,080 150,080 Fixed Bullet Quarterly Nov-17 Nov-31 COP 120,100 120,100 120,100 Floating Bullet Quarterly Nov-17 Nov-47 COP 229,820 229,820 229,820 Floating Bullet Quarterly Jul-18 Jul-27 COP 156,500 156,500 156,500 Floating Bullet Quarterly Jul-18 Jul-33 COP 142,063 142,063 142,063 Floating Bullet Quarterly Jul-18 Jul-43 COP 201,437 201,437 201,437 Floating Bullet Quarterly Aug-20 Aug-29 COP 160,000 160,000 160,000 Fixed Bullet Quarterly Aug-20 Aug-40 UVR (1) 182,416 182,416 165,369 Fixed Bullet Annual Nov-23 Nov-30 COP 176,000 176,000 440,777 Floating Bullet Quarterly Nov-23 Nov-37 COP 224,000 224,000 — Floating Bullet Quarterly Nov-23 Nov-44 COP 100,000 100,000 — Floating Bullet Quarterly Outstanding Outstanding Type of Issue Maturity balance balance Interest Amortization Payment of debt Company date date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest Jul-23 Jan-29 1,200 1,200 — Apr-20 Apr-30 2,000 2,000 2,000 Nov-21 Nov-31 1,250 1,250 1,250 Ecopetrol S.A. Jan -23 Jan-33 USD 2,000 2,000 — Fixed Bullet Half-yearly Jan -23 Jan -33 300 300 — Sep-13 Sep-43 850 850 850 May-14 May-45 2,000 2,000 2,000 Nov-21 Nov-51 750 750 750 Oleoducto Central S.A. Jul-20 Jul-27 USD 500 400 500 Fixed Bullet Half-yearly Nov-21 Nov-33 330 330 330 Fixed Half-yearly Half-yearly Jul-16 Jan-34 151 134 143 Fixed Half-yearly Half-yearly Jan -11 Jan -26 38 38 38 Fixed Bullet Quarterly Oct-12 Apr -31 40 40 40 Fixed Bullet Half-yearly Apr-19 Apr -34 600 600 500 Fixed Half-yearly Half-yearly Apr -22 Apr -38 500 500 500 Fixed Half-yearly Half-yearly Bonds, Mar-17 Fev-24 62 87 77 Floating Bullet Annual foreign May-18 Apr-25 128 174 154 Floating Bullet Half-yearly currency Dec-19 Dec-29 85 108 96 Floating Half-yearly Half-yearly Dec -20 Nov-28 165 165 153 Floating Half-yearly Half-yearly Interconexión Dec -20 May-44 165 183 168 Floating Half-yearly Half-yearly Eléctrica S.A. Fev-21 Jul-44 USD 139 189 153 Floating Half-yearly Half-yearly E.S.P and Oct-21 Oct-31 138 156 138 Floating Bullet Half-yearly subsidiaries Oct-21 Oct-38 58 65 58 Floating Half-yearly Half-yearly Apr-22 Apr-29 145 145 134 Floating Half-yearly Half-yearly Mar-23 Mar-30 114 114 — Floating Bullet Half-yearly Oct-23 Oct-33 162 163 — Floating Half-yearly Half-yearly Oct-23 Oct-38 231 232 — Floating Half-yearly Half-yearly Jun-18 Jun-25 243 162 238 Fixed Half-yearly Half-yearly Jun-18 Dec-30 252 416 407 Fixed Half-yearly Half-yearly Jun-18 dec-24 42 6 23 Fixed Half-yearly Half-yearly Jun-18 Dec-30 210 212 207 Fixed Half-yearly Half-yearly Fev-21 Jun-50 37 37 36 Fixed Half-yearly Half-yearly Nov-22 Jun-50 81 81 79 Fixed Monthly Monthly Jul-21 Jun-56 1,200 1,073 1,200 Fixed Half-yearly Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest Sep-19 Sep-25 70 70 70 Fixed Half-yearly Half-yearly Dec-22 Nov-30 40 40 40 Floating Half-yearly Half-yearly Fev-23 Nov-30 30 30 — Floating Half-yearly Half-yearly Mar-23 Nov-30 36 36 — Floating Half-yearly Half-yearly Apr-22 Nov-26 67 62 65 Fixed Bullet Bullet Sep-22 Sep-32 20 76 76 Fixed Half-yearly Half-yearly Dec-23 Dec-24 38 38 — Fixed Bullet Monthly Fev-16 Jul-24 5 1 2 Floating Quarterly Quarterly Oct-22 Jun-27 5 4 4 Floating Quarterly Quarterly International Interconexión Dec-23 Mar-24 7 6 — Floating Quarterly Quarterly commercial Eléctrica S.A. Jan-14 Mar-29 USD 59 21 23 Floating Monthly Monthly loans E.S.P and Aug-17 Mar-32 56 34 105 Floating Monthly Monthly subsidiaries Mar-22 Dec-41 47 69 45 Floating Monthly Monthly May-10 May-30 45 22 23 Fixed Monthly Monthly Sep-23 Mar-25 43 43 — Floating Monthly Monthly Sep-23 Mar-25 23 23 — Floating Monthly Monthly Sep-23 Mar-25 18 18 — Floating Monthly Monthly Sep-18 Jun-50 13 31 13 Fixed Monthly Monthly Sep-18 Jun-50 5 13 5 Fixed Monthly Monthly May-21 May-25 101 50 83 Fixed Half-yearly Half-yearly May-21 May-26 67 78 69 Fixed Half-yearly Half-yearly Outstanding Outstanding Issue Maturity balance balance Interest Amortization Payment of Type of debt Company date date Currency Disbursement Dec 31, 2023 Dec 31, 2022 rate plan interest International Jun-23 Jun-24 160 160 — Floating Bullet Quarterly commercial Dec-23 Dec-24 40 40 — Floating Bullet Quarterly loans - Ecopetrol S.A. Sep-22 Ago-24 1,200 1,200 1,200 Floating Bullet Half-yearly Refinería de Dec-17 Dec-25 359 132 182 Floating Half-yearly Half-yearly Cartagena Dec-22 Dec-27 USD 576 700 700 Floating Half-yearly Half-yearly Dec-22 Dec-27 247 300 300 Floating Half-yearly Half-yearly May-23 May-28 400 400 — Floating Bullet Quarterly Sep-23 Sep-30 800 1,000 — Floating Half-yearly Half-yearly Apr-23 Apr -30 COP 450,000 450,000 — Floating Half-yearly Half-yearly Oct-23 Apr -30 COP 150,000 150,000 — Floating Half-yearly Half-yearly Dec-23 Dec -34 COP 250,000 250,000 — Floating Half-yearly Half-yearly Dec-23 Dec -35 COP 250,000 250,000 — Floating Half-yearly Half-yearly Dec-16 Jan-28 COP 250,000 189,000 242,125 Floating Half-yearly Half-yearly Dec-16 Jan -34 COP 150,000 144,000 147,000 Floating Half-yearly Half-yearly Dec-16 Jan -34 COP 150,000 144,000 147,000 Floating Half-yearly Half-yearly Domestic Interconexión Dec-16 Jan -34 UVR 486,213 200,730 181,972 Fixed Half-yearly Half-yearly commercial Eléctrica S.A. Jul-18 Jul-35 COP 217,500 3,595 4,353 Floating Half-yearly Half-yearly loans E.S.P and Oct-21 Oct-31 COP 158,050 158,050 158,050 Floating Quarterly Quarterly subsidiaries Oct-21 Oct-28 COP 70,500 70,500 70,500 Floating Quarterly Quarterly Jul-22 Jul-27 COP 194,000 194,000 194,000 Floating Bullet Quarterly Jul-23 Jul-24 COP 37,427 37,427 — Floating Bullet Quarterly Nov-23 Nov-33 COP 208,670 208,670 — Floating Quarterly Quarterly May-18 Nov-28 COP 59,467 42,476 50,971 Floating Half-yearly Half-yearly Nov-18 Nov-28 COP 23,000 16,429 19,714 Floating Half-yearly Half-yearly Jun-22 Jun-27 COP 12,900 12,900 12,900 Floating Quarterly Quarterly Aug-22 Aug-27 COP 51,085 51,085 51,085 Floating Half-yearly Half-yearly Domestic syndicated commercial loan Cenit (before Oleoducto Bicentenario) Jul-12 Jul-24 COP 2,100,000 148,400 375,725 Floating Quarterly Quarterly (1) |
Exhibit 3 - Quantitative info_2
Exhibit 3 - Quantitative information of concession services contracts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Exhibit 3. Quantitative information of concession services contracts | |
Concession | Tender at the end of Maintenance the obligation for Concession Revenue contract service condition Asset From Concession Business line Concession Country Maturity date Y/N Y/N 2023 2022 2023 2022 Intangible asset Consorcio Transmantaro Peru 09.09.2053 Y Y 6,374,904 7,917,103 1,265,674 1,545,733 Energy transmission ISA REP Peru 09.30.2032 Y Y 1,317,431 1,770,315 779,025 695,577 ISA Perú Peru 04.30.2033 Y Y 652,309 834,894 142,174 136,679 Total Peru 8,344,644 10,522,312 2,186,873 2,377,989 ISA Bolivia Bolivia 01.29.2039 Y Y 42,488 55,073 32,148 31,490 Energy transmission Sistemas Inteligentes en Red Colombia 12.31.2025 Y Y 1,337 2,021 24,356 17,871 Total concessions, asset intangible 8,388,469 10,579,406 2,243,377 2,427,350 Contractual Asset ISA CTEEP Brazil 09.29.2052 Y Y 15,502,876 16,497,745 3,979,957 2,824,587 Interligação Elétrica Aguapeí Brazil 08.11.2047 Y Y 539,430 630,953 72,891 76,257 Interligação Elétrica Itaquerê Brazil 08.11.2047 Y Y 507,600 578,080 63,240 66,770 Interligação Elétrica Itaúnes Brazil 02.10.2047 Y Y 463,822 499,625 65,898 98,480 Interligação Elétrica Biguaçu Brazil 09.20.2048 Y Y 412,584 467,150 47,142 148,383 Interligação Elétrica Norte e Nordeste Brazil 03.16.2038 Y Y 420,774 454,544 58,531 56,872 Interligação Elétrica JAGUAR 9 Brazil 10.15.2038 Y Y 396,444 424,627 80,759 10,207 Interligação Elétrica Serra Do Japi Brazil 11.18.2039 Y Y 367,545 419,762 49,604 65,004 Energy transmission Interligação Elétrica de Minas Gerais Brazil 03.20.2050 Y Y 440,643 402,393 132,885 249,647 Interligação Elétrica Tibagi Brazil 08.11.2047 Y Y 218,670 253,394 27,936 41,498 Interligação Elétrica JAGUAR 6 Brazil 08.11.2047 Y Y 184,741 232,475 12,125 1,797 Evrecy Participações Brazil 03.20.2050 Y Y 325,208 260,969 121,998 154,202 Interligação Elétrica Sul Brazil 10.15.2038 Y Y 186,642 206,437 31,256 22,131 Interligação Elétrica Itapura Brazil 09.20.2048 Y Y 150,682 160,534 26,828 24,127 Interligação Elétrica JAGUAR 8 Brazil 08.11.2047 Y Y 108,798 102,270 33,834 2,128 Interligação Elétrica Riacho Grande Brazil 03.30.2051 Y Y 158,384 98,546 81,210 40,281 Interligação Elétrica Pinheiros Brazil 10.15.2038 Y Y 50,090 57,038 6,667 74,989 Total concession, Contractual asset 20,434,933 21,746,542 4,892,761 3,957,360 Tender at the end of Maintenance the obligation for Concession Revenue contract service condition Asset From Concession Business line Concession Country Maturity date Y/N Y/N 2023 2022 2023 2022 Financial asset ISA CTEEP Brazil 12.31.2042 Y Y 81,660 202,858 1,045,884 1,101,045 Interligação Elétrica Aguapeí Brazil 08.11.2047 Y Y 7,225 16,914 14,563 24,091 Interligação Elétrica Biguaçu Brazil 09.20.2048 Y Y 2,881 4,810 12,447 4,378 Interligação Elétrica Serra Do Japi Brazil 11.18.2039 Y Y 2,947 4,604 8,049 8,599 Interligação Elétrica Itaquerê Brazil 08.11.2047 Y Y 2,999 4,495 7,568 6,019 Interligação Elétrica JAGUAR 9 Brazil 10.15.2038 Y Y 12,051 4,216 16,016 54 Interligação Elétrica Pinheiros Brazil 10.15.2038 Y Y 728 (3,423) 10,877 8,800 Interligação Elétrica JAGUAR 6 Brazil 08.11.2047 Y Y 1,263 2,842 2,165 210 Energy Transmission Evrecy Participações Brazil 03.20.2050 Y Y 1,280 2,327 7,144 7,381 Interligação Elétrica Sul Brazil 10.15.2038 Y Y 1,795 2,289 3,389 2,606 Interligação Elétrica Itapura Brazil 09.20.2048 Y Y 1,735 2,062 7,398 8,358 Interligação Elétrica de Minas Gerais Brazil 03.20.2050 Y Y 3,963 1,659 6,589 3,271 Interligação Elétrica Norte e Nordeste Brazil 03.16.2038 Y Y 3,655 1,610 1,627 3,775 Interligação Elétrica JAGUAR 8 Brazil 08.11.2047 Y Y 896 1,388 658 (148) Interligação Elétrica Itaúnas S.A. Brazil 09.20.2048 Y Y 5,055 — 6,647 — Interligação Elétrica Tibagi Brazil 08.11.2047 Y Y (1,347) 1,298 4,104 161 Total Brazil 128,786 249,949 1,155,125 1,178,600 Ruta del Maipo Chile 04.30.2035 Y Y 6,281,734 7,780,753 901,306 894,934 Ruta del LOA Chile 04.30.2049 Y Y 1,160,000 873,447 528,219 383,348 Roads Ruta de la Araucanía Chile 10.31.2026 Y Y 344,439 665,364 269,324 340,629 Ruta de los Ríos Chile 03.31.2026 Y Y 62,050 218,555 252,171 264,966 Ruta del Bosque Chile 02.28.2023 Y Y — 31,667 19,561 146,563 Ruta del Maule Chile 03.31.2021 Y Y — — — — Total Chile: 7,848,223 9,569,786 1,970,581 2,030,440 Roads Ruta Costera Colombia 02.28.2042 Y Y 1,965,912 2,276,022 27,327 51,189 Total Colombia 1,965,912 2,276,022 27,327 51,189 Total concessions, financial asset 9,942,921 12,095,757 3,153,033 3,260,229 Total concessions 38,766,323 44,421,705 10,289,171 9,644,939 |
Reporting entity (Details)
Reporting entity (Details) | Dec. 31, 2023 |
Reporting entity | |
Proportion of shares available for public trade held privately | 11.51% |
Proportion of shares held by majority share holders | 88.49% |
Basis for preparation (Details)
Basis for preparation (Details) | 12 Months Ended | |||
Mar. 17, 2023 | Aug. 20, 2021 item subsidiary country | Dec. 31, 2023 | Dec. 31, 2022 | |
Basis for presentation | ||||
Number of subsidiaries | subsidiary | 50 | |||
Number of joint ventures | 11 | |||
Number of associate | 1 | |||
Number of countries in which the company operates | country | 6 | |||
Percentage of direct ownership of capital shares | 49% | 49% | ||
Econova Technology & Innovation, S.L. | ||||
Basis for presentation | ||||
Percentage of direct ownership of capital shares | 100% |
Accounting policies (Details)
Accounting policies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Plant and equipment | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 10 years |
Plant and equipment | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 55 years |
Pipelines, networks and lines | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 6 years |
Pipelines, networks and lines | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 63 years |
Buildings | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 9 years |
Buildings | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 100 years |
Other | Bottom of range | |
Disclosure of accounting policies | |
Estimated, useful life | 3 years |
Other | Top of range | |
Disclosure of accounting policies | |
Estimated, useful life | 35 years |
Accounting policies - Additiona
Accounting policies - Additional Information (Details) | Dec. 31, 2023 |
Disclosure of accounting policies | |
Percentage of interest rate on accumulated severance amount | 12% |
Percentage of right of use assets recognized in joint venture | 100% |
Bottom of range | |
Disclosure of accounting policies | |
Percentage of interest acquired | 20% |
Top of range | |
Disclosure of accounting policies | |
Percentage of interest acquired | 50% |
New standards and regulatory _2
New standards and regulatory changes (Details) - COP ($) $ in Millions | 12 Months Ended | ||
May 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
New standards and regulatory changes | |||
Minimum tax rate of large multinational companies | 15% | ||
Retained earnings | $ 17,461,488 | $ 29,811,809 | |
Other liabilities | 1,599,443 | 2,728,317 | |
Trade and other payables | 18,891,434 | 19,937,704 | |
Black Gold Re Ltd. | Adoption of new standards | IFRS 17 Issuance contract | |||
New standards and regulatory changes | |||
Retained earnings | 4,828 | ||
Trade and other payables | 3,643 | $ 4,828 | |
Increase in other foreign services revenues | 3,763 | ||
Currency translation effect | $ 120 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents. | ||||
Banks | $ 7,525,552 | $ 9,483,747 | ||
Short-term investments | 4,808,610 | 5,915,067 | ||
Cash | 1,953 | 2,244 | ||
Total cash and cash equivalents | $ 12,336,115 | $ 15,401,058 | $ 14,549,906 | $ 5,082,308 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | ||
Restricted cash | $ 1,724,488 | $ 2,067,279 |
Return on cash and cash equivalents | 9.80% | 8.50% |
Interconexion Electrica S.A. E.S.P. | ||
Cash and cash equivalents | ||
Restricted cash | $ 1,580,106 | $ 1,987,409 |
Cenit | ||
Cash and cash equivalents | ||
Restricted cash | 143,464 | $ 79,870 |
Other Companies | ||
Cash and cash equivalents | ||
Restricted cash | $ 918 |
Cash and cash equivalents - Cre
Cash and cash equivalents - Credit quality of banks in Ecopetrol Business Group has deposits and check accounts, and issuers of investments (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||||
Cash and cash equivalents | $ 12,336,115 | $ 15,401,058 | $ 14,549,906 | $ 5,082,308 |
F1+ | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 2,349,260 | 466,031 | ||
F1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 2,133,937 | 1,458,524 | ||
A-1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 1,498,034 | 731,424 | ||
P AAA | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 1,475,084 | 0 | ||
AAA | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 993,553 | 5,356,966 | ||
P-1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 741,041 | 0 | ||
B | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 670,268 | 16,753 | ||
F2 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 630,089 | 0 | ||
BRC1+ | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 378,077 | 606,052 | ||
BB | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 103,066 | 463,681 | ||
F3 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 70,055 | 584 | ||
BBB | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 68,378 | 425,485 | ||
AAAf | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 714 | ||
AAAm | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 51,710 | 0 | ||
AAAmmf | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 4,562 | 5,508 | ||
C | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 3,156 | 0 | ||
Aaa | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 1,798 | 10,276 | ||
BRC1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 1,513 | 1,201 | ||
A | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 919,903 | ||
A-2 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 749,912 | ||
AA | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 675,596 | ||
A3 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 647,316 | ||
A+ | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 543,260 | ||
A- | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 477,059 | ||
A2 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 197,917 | ||
A1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 192,594 | ||
Baa1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 93,157 | ||
Caa3 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 4,385 | ||
Ba1 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 3,083 | ||
CCC | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 1,160 | ||
AAAF | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 64,518 | 0 | ||
Ba2 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 3 | ||
Baa3 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 0 | 1 | ||
Others | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | $ 1,098,016 | $ 1,352,513 |
Trade and other receivables (De
Trade and other receivables (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Fuel Price stabilization fund | $ 20,505,603 | $ 26,296,870 |
Concessions | 4,054,429 | 5,194,909 |
Customers | ||
Foreign | 4,220,537 | 3,065,207 |
Domestic | 3,087,463 | 3,268,944 |
Related parties | 123,058 | 110,408 |
Accounts receivable from employees | 106,022 | 115,922 |
Industrial services | 40,729 | 70,762 |
Other | 1,172,801 | 1,101,977 |
Total current | 33,310,642 | 39,224,999 |
Non-current | ||
Concessions | 26,323,424 | 28,647,390 |
Foreign | 150,033 | 185,331 |
Domestic | 75,419 | 72,985 |
Accounts receivable from employees | 565,914 | 498,415 |
Related parties | 143,238 | 335 |
Other | 2,523,060 | 2,750,749 |
Total non-current | $ 29,781,088 | $ 32,155,205 |
Trade and other receivables - A
Trade and other receivables - Additional Information (Details) - COP ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Trade and other receivables | ||||||||
Contribution from Ministry of Finance and Public Credit | $ 26,346,530 | $ 18,262,487 | ||||||
Isa | ||||||||
Trade and other receivables | ||||||||
Gross accounts receivable | $ 2,481,530 | $ 2,279,637 | 2,279,637 | 2,481,530 | ||||
Provision for expected losses, included in provision line for expected credit losses | 475,936 | 407,567 | 407,567 | 475,936 | ||||
Net book value of accounts receivable included in others | 2,005,594 | 1,872,070 | $ 1,872,070 | $ 2,005,594 | ||||
Ecopetrol | ||||||||
Trade and other receivables | ||||||||
Contribution from Ministry of Finance and Public Credit | $ 2,876,149 | 6,788,385 | $ 4,639,779 | $ 21,576,179 | ||||
Reficar | ||||||||
Trade and other receivables | ||||||||
Contribution from Ministry of Finance and Public Credit | $ 1,894,202 | $ 6,114,489 | $ 719,834 |
Trade and other receivables -_2
Trade and other receivables - Allowance for doubtful accounts (Details) - Trade And Other Receivables [Member] - Accumulated impairment - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Opening balance | $ 906,118 | $ 750,191 | $ 291,144 |
Additions (reversal), net | (57,895) | (46,690) | 2,665 |
Effect of business combination | 0 | 0 | (474,654) |
Currency translation | 111,013 | (131,270) | 4,794 |
Accounts receivable write-off and uses | 38,715 | 22,033 | 8,148 |
Closing balance | $ 814,285 | $ 906,118 | $ 750,191 |
Inventories (Details)
Inventories (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories | ||
Crude oil | $ 4,715,047 | $ 5,971,109 |
Fuels and petrochemicals | 2,356,585 | 3,241,154 |
Materials for goods production | 3,130,816 | 2,667,771 |
Inventories, net | $ 10,202,448 | $ 11,880,034 |
Inventories - Changes of the al
Inventories - Changes of the allowances for losses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories | |||
Opening balance | $ (128,797) | $ (127,662) | $ (109,549) |
Additions | (23,373) | (18,236) | (58,437) |
Increase due to business combination | 0 | (2,837) | |
Foreign currency translation | 6,873 | (3,591) | (1,449) |
Other | (44,581) | 20,692 | 44,610 |
Closing balance | (189,878) | (128,797) | (127,662) |
Inventories adjustment | $ 10,660 | $ 133,164 | $ 23,785 |
Other financial assets (Details
Other financial assets (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets measured at fair value | ||
Other financial assets | $ 2,232,775 | $ 2,725,871 |
Current | 1,860,928 | 1,162,127 |
Non-current | 371,847 | 1,563,744 |
Financial assets at fair value, class | ||
Assets measured at fair value | ||
Assets measured at fair value | 1,863,457 | 2,697,301 |
Investment in equity securities and trust funds | ||
Assets measured at fair value | ||
Assets measured at fair value | 1,210,138 | 875,335 |
Hedging instruments | ||
Assets measured at fair value | ||
Other financial assets | 231,463 | 311 |
Assets measured at fair value through other comprehensive income | ||
Assets measured at fair value | ||
Other financial assets | 2,007 | 3,583 |
Assets measured at amortized cost | ||
Assets measured at fair value | ||
Assets measured at fair value | 369,318 | 28,570 |
Investment portfolio - Foreign currency | ||
Assets measured at fair value | ||
Assets measured at fair value | 364,962 | 1,056,385 |
Investment portfolio - Local currency | ||
Assets measured at fair value | ||
Assets measured at fair value | $ 54,887 | $ 761,687 |
Other financial assets - Additi
Other financial assets - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Colombian pesos | ||
Other financial assets | ||
Average rate of return on investments | 12.90% | 4.30% |
US Dollar | ||
Other financial assets | ||
Average rate of return on investments | 7.70% | 13.11% |
Other financial assets - Restri
Other financial assets - Restrictions (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other financial assets | ||
Restricted funds | $ 68,069 | $ 328,283 |
Isa Interchile | ||
Other financial assets | ||
Restricted funds | 26,666 | 289,964 |
Interligacao Eletrica Norte E Nordeste | ||
Other financial assets | ||
Restricted funds | 12,743 | 16,227 |
ISA | ||
Other financial assets | ||
Restricted funds | $ 11,547 | $ 8,714 |
Other financial assets - Maturi
Other financial assets - Maturity (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other financial assets | ||
Other financial assets | $ 2,232,775 | $ 2,725,871 |
Up to 1 year | ||
Other financial assets | ||
Other financial assets | 1,860,928 | 1,162,127 |
1 - 2 years | ||
Other financial assets | ||
Other financial assets | 291,392 | 673,169 |
2 - 5 years | ||
Other financial assets | ||
Other financial assets | 28,186 | 452,417 |
> 5 years | ||
Other financial assets | ||
Other financial assets | $ 52,269 | $ 438,158 |
Other financial assets - Fair v
Other financial assets - Fair value (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other financial assets | ||
Financial assets at fair value | $ 1,863,457 | $ 2,697,301 |
Level 1 | ||
Other financial assets | ||
Financial assets at fair value | 1,526,458 | 1,892,486 |
Level 2 | ||
Other financial assets | ||
Financial assets at fair value | $ 336,999 | $ 804,815 |
Other financial assets - Credit
Other financial assets - Credit rating (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other financial assets | ||
Other financial assets measured at fair value through profit | $ 2,232,775 | $ 2,725,871 |
B | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 1,263,144 | |
BB | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 296,394 | 1,051,042 |
F1 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 259,003 | |
P-1 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 150,905 | |
A-2 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 116,738 | |
F2 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 55,606 | |
AAA | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 22,864 | 40,369 |
BB+ | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 13,921 | 898,072 |
A1 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 13,904 | |
BBB | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 302 | 4,153 |
Baa3 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 3 | |
Ba1 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 388,743 | |
Ba2 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 16,227 | |
A | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 14,702 | |
A3 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 9,918 | |
F3 | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 4,457 | |
F1+ | ||
Other financial assets | ||
Financial assets at fair value through profit or loss | 29 | |
Others | ||
Other financial assets | ||
Other financial assets measured at fair value through profit | $ 39,991 | $ 298,159 |
Taxes - Current and Non-current
Taxes - Current and Non-current tax assets and liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax assets | ||
Current tax assets | $ 8,111,079 | $ 6,784,392 |
Non-current tax assets | 10,530,057 | 13,401,050 |
Tax liabilities | ||
Current tax liabilities | 2,869,225 | 7,630,901 |
Non-current tax liabilities | $ 13,567,513 | 15,275,644 |
Percentage of decrease in results | 31.88% | |
Deferred tax liabilities | ||
Tax liabilities | ||
Non-current tax liabilities | $ 11,824,515 | 13,479,336 |
Income tax | ||
Tax liabilities | ||
Non-current tax liabilities | 1,742,998 | 1,796,308 |
Income tax payable | ||
Tax liabilities | ||
Current tax liabilities | 1,746,972 | 6,617,468 |
Industry and commerce tax | ||
Tax liabilities | ||
Current tax liabilities | 367,861 | 346,958 |
Industry and commerce tax | ISA Group | ||
Tax liabilities | ||
Current tax liabilities | 88,901 | |
National tax and surcharge on gasoline | ||
Tax liabilities | ||
Current tax liabilities | 211,819 | 181,490 |
Value added tax | ||
Tax liabilities | ||
Current tax liabilities | 103,724 | 206,341 |
Carbon tax | ||
Tax liabilities | ||
Current tax liabilities | 92,736 | 77,721 |
Other taxes, liabilities | ||
Tax liabilities | ||
Current tax liabilities | 346,113 | 200,923 |
Deferred tax assets | ||
Tax assets | ||
Non-current tax assets | 10,522,725 | 13,392,480 |
Income tax credits | ||
Tax assets | ||
Non-current tax assets | 7,332 | 8,570 |
Income tax | ||
Tax assets | ||
Current tax assets | 1,228,477 | 279,457 |
Income tax | Ecopetrol | ||
Tax liabilities | ||
Income tax generated due to the increase in self-withholding rates | 981,881 | |
VAT refund | ||
Tax assets | ||
Current tax assets | 4,548,264 | 4,725,281 |
VAT refund | Ecopetrol | ||
Tax liabilities | ||
Current value added tax | 315,848 | |
VAT refund | Esenttia PP | ||
Tax liabilities | ||
Current value added tax | 64,340 | |
VAT refund | ISA Group | ||
Tax liabilities | ||
Current value added tax | 82,378 | |
Other taxes, assets | ||
Tax assets | ||
Current tax assets | $ 2,334,338 | $ 1,779,654 |
Taxes - Income tax - Additional
Taxes - Income tax - Additional Information (Details) R$ in Millions | 12 Months Ended | |||
Jan. 01, 2022 | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 35% | 35% | 31% | |
Presumptive income tax | 0% | |||
Applicable tax rate for fixed assets | 35 | |||
Description of tax losses carry forward | 12 taxable years | |||
Ecopetrol S.A. and Hocol | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Applicable tax rate for fixed assets | 35 | |||
Ecopetrol Group | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 35% | 35% | ||
Ecopetrol Group | Free trade zone | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Presumptive income, percentage on beginning equity | 15% | |||
Free trade zone | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 20% | |||
Free zone Legal Stability Agreement (LSA) | Ecopetrol Group | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 15% | |||
Brazil | Ecopetrol Group | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 34% | |||
Percentage of income tax rate taxable base of liquid profit | 34% | |||
Legal entities maximum gross income | R$ 78 | |||
Percentage of income tax rate based on legal entities gross income | 8% | |||
Brazil | Ecopetrol Group | Bottom of range | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 12% | |||
Brazil | Ecopetrol Group | Top of range | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 32% | |||
Chile | Ecopetrol Group | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 27% | |||
Peru country | Ecopetrol Group | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 29.50% | |||
Percentage of current income tax rate on taxable income after deducting employee participation | 29.50% | |||
Percentage of dividend and other forms of profit distribution income tax rate | 5% | |||
Percentage of income tax rate of financial expenses deduction | 30% | |||
Percentage of income tax rate of deduction allowed for low value added services and cost plus margin | 5% | |||
Peru country | Ecopetrol Group | Bottom of range | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 5% | |||
Peru country | Ecopetrol Group | Top of range | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 10% | |||
USA | Ecopetrol Group | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 21% | |||
2022 | Colombia | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Statutory tax rate | 35% |
Taxes - Income tax expense (Det
Taxes - Income tax expense (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes | |||
Current income tax | $ 12,807,005 | $ 16,791,619 | $ 6,975,549 |
Deferred income tax | (3,310,147) | 2,813,817 | 1,939,567 |
Deferred income tax - rate change | 1,941,995 | (658,919) | (28,993) |
Adjustments to prior years' current and deferred tax | 77,022 | 17,421 | (90,860) |
Income tax expenses | 11,515,875 | 18,963,938 | $ 8,795,263 |
Growth of revenue | (3,984,614) | (3,984,614) | |
Exchange rate effect in deferred income tax variation | $ (6,123,964) | (6,123,964) | |
Percentage of increase Decrease in Exchange Rate | 20.50% | ||
Adjustments in surcharge rates | $ 2,600,914 | 2,600,914 | |
Adjustment to income tax provision | $ 59,600 | $ 59,600 |
Taxes - Reconciliation of the i
Taxes - Reconciliation of the income tax expenses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes | |||
Net income before income tax | $ 36,898,946 | $ 54,163,418 | $ 26,425,817 |
Statutory tax rate | 35% | 35% | 31% |
Income tax at statutory rate | $ 12,914,631 | $ 18,957,196 | $ 8,192,003 |
Effective tax rate reconciliation items: | |||
Adjustment - IAS 12.41 | (2,032,193) | 1,946,269 | 1,194,065 |
Non-deductible expenses | 646,616 | 448,433 | 387,407 |
Rate differential adjustment | (1,630,935) | (670,080) | (304,176) |
Non-taxable income | (1,080,149) | (739,243) | (517,483) |
Prior years' taxes | 77,022 | 17,421 | (90,860) |
Foreign currency translation and exchange difference | 577,949 | (82,028) | (149,035) |
Tax discounts and tax credit | (18,215) | (184,054) | (173,154) |
Others | 119,154 | (71,057) | 285,489 |
Effect of tax reform | 1,941,995 | (658,919) | (28,993) |
Income tax expenses | $ 11,515,875 | $ 18,963,938 | $ 8,795,263 |
Effective tax rate | 31.20% | 35% | 33.30% |
Current | $ 12,867,278 | $ 16,801,363 | $ 6,940,660 |
Deferred | (1,351,403) | 2,162,575 | 1,854,603 |
Income tax expenses | $ 11,515,875 | $ 18,963,938 | $ 8,795,263 |
Taxes - Deferred income tax (De
Taxes - Deferred income tax (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Taxes | ||
Deferred tax assets | $ 10,522,725 | $ 13,392,480 |
Deferred tax liabilities | (11,824,515) | (13,479,336) |
Net deferred income tax | $ (1,301,790) | $ (86,856) |
Taxes - Deferred tax assets and
Taxes - Deferred tax assets and liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Taxes | ||||
Deferred tax assets (liabilities) | $ (1,301,790) | $ (86,856) | $ (1,825,605) | $ 6,034,706 |
Ecopetrol USA Inc. | ||||
Taxes | ||||
Deferred tax assets operating loss carry forwards not subject to expiration | 60,568 | 339,950 | ||
Refineria De Cartagana [Member] | ||||
Taxes | ||||
Deferred tax assets operating loss carry forwards not subject to expiration | 1,916,114 | 1,871,732 | ||
ISA Interchile | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | $ 933,113 | 1,104,625 | ||
Invercolsa S.A. | ||||
Taxes | ||||
Deferred tax asset attributable to deductible operating loss carryforwards | 12 years | |||
Operating loss carryforwards, subject to expiration | $ 16,112 | 17,524 | ||
Ruta de la Araucana and Transamerican | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 45,147 | 111,273 | ||
Ruta Costera | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 174,855 | 84,964 | ||
Internexa Chile | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 16,062 | |||
Ruta del Maipo | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 759,609 | 1,000,632 | ||
Ruta del Loa | ||||
Taxes | ||||
Operating loss carryforwards, subject to expiration | 30,057 | 27,472 | ||
Loans | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 192,923 | 8,707,743 | ||
Loss carry forwards | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 5,519,519 | 6,497,845 | ||
Deferred tax asset (liability) | $ 5,519,519 | 6,497,845 | ||
Deferred tax asset attributable to deductible operating loss carryforwards | 20 years | |||
Operating loss carryforwards, subject to expiration | $ 1,499,997 | 1,887,805 | ||
Provisions | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 5,063,332 | 3,712,239 | ||
Other assets | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 689,369 | 1,144,097 | ||
Employee benefits | ||||
Taxes | ||||
Deferred tax assets (liabilities) | 3,623,801 | 963,558 | ||
Accounts payable | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (60,255) | 54,611 | ||
Goodwill | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (603,445) | (604,350) | ||
Intangibles | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (1,208,349) | (1,573,224) | ||
Other | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (387,146) | (182,419) | ||
Other liabilities | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (3,429,662) | (2,887,670) | ||
Accounts receivable | ||||
Taxes | ||||
Deferred tax assets (liabilities) | (3,766,299) | (4,558,699) | ||
Property plant and equipment and Natural and environmental resources | ||||
Taxes | ||||
Deferred tax assets (liabilities) | $ (6,935,578) | $ (11,360,587) |
Taxes - Deferred income tax (_2
Taxes - Deferred income tax (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes | |||
Opening balance | $ (86,856) | $ (1,825,605) | |
Deferred tax recognized in profit or loss | 1,351,403 | (2,162,575) | $ (1,854,603) |
Increase due to business combination | 0 | 96,767 | (7,877,297) |
Deferred tax recognized in other comprehensive income | (3,726,415) | 4,769,474 | 1,535,151 |
Other | 0 | (24,132) | (35,033) |
Foreign currency translation | 1,160,078 | (940,785) | 371,471 |
Closing balance | $ (1,301,790) | $ (86,856) | $ (1,825,605) |
Taxes - Income tax recorded in
Taxes - Income tax recorded in other comprehensive income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes | |||
Pre-tax | $ (10,450,786) | $ 11,836,299 | $ 3,573,847 |
Deferred tax | 3,726,415 | (4,769,474) | (1,535,151) |
After tax | (6,724,371) | 7,066,825 | 2,038,696 |
Cash flow hedging for future crude oil exports | |||
Taxes | |||
Pre-tax | (5,695,565) | 3,167,351 | 1,259,269 |
Deferred tax | 2,624,019 | (1,638,602) | (450,492) |
After tax | (3,071,546) | 1,528,749 | 808,777 |
Hedge of a net investment in a foreign operation | |||
Taxes | |||
Pre-tax | (8,973,471) | 7,526,124 | 4,579,758 |
Deferred tax | 2,760,084 | (2,538,389) | (1,708,348) |
After tax | (6,213,387) | 4,987,735 | 2,871,410 |
Hedge with derivative instruments | |||
Taxes | |||
Pre-tax | (242,284) | (111,690) | 191,487 |
Deferred tax | 68,573 | (6,223) | (55,821) |
After tax | (173,711) | (117,913) | 135,666 |
Actuarial valuation gains (losses) | |||
Taxes | |||
Pre-tax | 4,460,534 | 1,254,514 | (2,456,667) |
Deferred tax | (1,726,261) | (586,260) | 679,510 |
After tax | $ 2,734,273 | $ 668,254 | $ (1,777,157) |
Taxes - Deferred tax assets a_2
Taxes - Deferred tax assets and liabilities not recognized in subsidiaries (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | $ 351,203 | $ 363,158 |
Ruta del Bosque (Chile) | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 100,356 | 102,864 |
Ruta del Maule (Chile) | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 36,138 | 43,702 |
ISA Interconexiones Viales | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 3,094 | |
ISA Inversiones Costeras Chile | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 39,221 | |
Internexa Chile | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 12,859 | |
ISA Inversiones Chile Ltda | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 39,161 | |
ISA Intervial Colombia | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 542 | 564 |
ISA Capital do Brasil | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 17,093 | 20,216 |
Internexa Brasil Operadora de Telecomunicaes | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 95,226 | 101,525 |
Internexa Participaes (Brasil) | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | 2,579 | 2,913 |
ISA Bolivia | ||
Disclosure of detailed information about income tax [Line Items] | ||
Deferred tax assets not recognised | $ 4,934 | $ 4,142 |
Taxes - Minimum Tax Rate (Colom
Taxes - Minimum Tax Rate (Colombia Tax Law) (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about income tax [Line Items] | |||
Income tax rate for future years in free zones | 15% | ||
Net income tax of Colombia Business Group companies | $ 11,515,875 | $ 18,963,938 | $ 8,795,263 |
Profit before income tax expense of Colombia Business Group companies | 36,898,946 | 54,163,418 | 26,425,817 |
Share of profits of associates and joint ventures of the respective taxable year of Colombia Business Group companies | (805,349) | $ (768,422) | $ (426,164) |
Colombia | |||
Disclosure of detailed information about income tax [Line Items] | |||
Net income tax of Colombia Business Group companies | 11,533,898 | ||
Tax discounts and tax credit | 3,359 | ||
Income tax on passive income from controlled entities abroad | (5,423) | ||
Total Tax Adjusted | 11,531,834 | ||
Profit before income tax expense of Colombia Business Group companies | 48,160,689 | ||
Permanent differences enshrined in law and that increase net income | 9,512,825 | ||
Income that does not constitute income or occasional profit, which affects accounting or financial profit | (6,694,161) | ||
Share of profits of associates and joint ventures of the respective taxable year of Colombia Business Group companies | (17,039,972) | ||
Net value of income from occasional gains that affect accounting or financial profit | (10) | ||
Exempt income due to the application of treaties to avoid double taxation | (567,826) | ||
Offsetting of tax losses or excesses of presumptive income taken in the taxable year and that did not affect the accounting profit of the period | (2,472,219) | ||
Total Adjusted Profit | $ 30,899,326 | ||
Adjusted tax rate | 37.30% | ||
Ecopetrol Group | Colombia | |||
Disclosure of detailed information about income tax [Line Items] | |||
Income tax rate for future years in free zones | 15% |
Taxes - Other taxes (Details)
Taxes - Other taxes (Details) | 12 Months Ended | ||||
Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 13, 2022 | |
Disclosure of detailed information about income tax [Line Items] | |||||
Nominal income rate | 35% | 35% | 31% | ||
Capital debt ratio | 3 | ||||
Applicable Tax Rate For Fixed Assets | 35 | ||||
Presumptive income tax | 0% | ||||
Percentage Of Industry And Commerce Tax Discount | 100% | ||||
Maximum Percentage of Value-Added Tax Withholding Rate | 50% | ||||
Value Added Tax Rate | 19% | 20% | |||
Description of audit benefit terms | Audit benefit: For the fiscal years 2022 and 2023, this Law reduces the time in which the tax authorities can audit an income tax return, from 5 years to between 6 to 12 months, depending on whether the net income tax increased to 35% or 25% with respect to that income tax return in the last fiscal year. | ||||
Free zone tax rate | 20% | ||||
Income tax rate for future years in free zones | 15% | ||||
Percentage of income tax rate for foreign legal entities | 0% | ||||
Percentage of ZOMAC and income from hotel service | 15% | ||||
Percentage of minimum tax rate for publishing companies | 9% | ||||
Percentage of right to discount | 30% | ||||
Maximum deduction rate per year | 3% | ||||
Industry and Commerce Tax Deduction Rate | 100% | ||||
Percentage of dividend tax rate as withholding tax on income | 10% | ||||
Dividend Tax Rate | |||||
Disclosure of detailed information about income tax [Line Items] | |||||
Withholding Dividend Tax Rate | 10% | ||||
2022 | |||||
Disclosure of detailed information about income tax [Line Items] | |||||
Applicable income tax rate before update | 30% | ||||
2022 | Dividend Tax Rate | |||||
Disclosure of detailed information about income tax [Line Items] | |||||
Withholding Dividend Tax Rate | 10% | ||||
Nominal income rate | 35% | ||||
Colombia | |||||
Disclosure of detailed information about income tax [Line Items] | |||||
Presumptive income tax | 50% | ||||
Ecopetrol Group | |||||
Disclosure of detailed information about income tax [Line Items] | |||||
Nominal income rate | 35% | 35% | |||
Ecopetrol Group | Colombia | |||||
Disclosure of detailed information about income tax [Line Items] | |||||
Income tax rate for future years in free zones | 15% |
Taxes - Additional Information
Taxes - Additional Information (Details) R$ in Millions, $ in Millions | 12 Months Ended | |||||
Jan. 01, 2022 | Dec. 31, 2023 COP ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 | Dec. 13, 2022 | |
Taxes | ||||||
Current tax liabilities | $ 2,869,225 | $ 7,630,901 | ||||
Nominal income rate | 35% | 35% | 35% | 31% | ||
Presumptive income tax | 0% | |||||
Effective tax rate | 31.20% | 31.20% | 35% | |||
Variation rate | (3.80%) | (3.80%) | ||||
Percentage of increase or decrease in exchange rates | 20.50% | 20.50% | ||||
Deferred tax assets not recognised | $ 351,203 | $ 363,158 | ||||
Deferred tax assets are not recognized, Base amount | 11,573 | |||||
Deferred tax assets are not recognized, Tax | $ 1,736 | |||||
Percentage Of Industry And Commerce Tax Discount | 100% | |||||
Applicable tax rate for fixed assets | 35 | |||||
Capital debt ratio | 3 | |||||
Vat rate | 19% | 20% | ||||
Free zone tax rate | 20% | |||||
Income tax rate for future years in free zones | 15% | |||||
Maximum deduction rate per year | 3% | |||||
Industry and commerce tax deduction rate | 100% | |||||
Percentage of dividend tax rate as withholding tax on income | 10% | |||||
Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 35% | 35% | 35% | |||
Ecopetrol USA Inc. | ||||||
Taxes | ||||||
Base tax amount | $ (22,891) | |||||
Deferred tax assets amount unrecognized | (3,276) | |||||
2022 [Member] | ||||||
Taxes | ||||||
Applicable income tax rate before update | 30% | |||||
Unused tax losses | ||||||
Taxes | ||||||
Deferred tax asset (liability) | $ 5,519,519 | $ 6,497,845 | ||||
Deferred tax assets operating tax losses expiration period | 20 years | 20 years | ||||
Operating loss carryforwards, subject to expiration | $ 1,499,997 | $ 1,887,805 | ||||
Dividend Tax Rate [Member] | ||||||
Taxes | ||||||
Withholding dividend tax rate | 10% | 10% | ||||
Dividend Tax Rate [Member] | 2022 [Member] | ||||||
Taxes | ||||||
Nominal income rate | 35% | 35% | ||||
Withholding dividend tax rate | 10% | |||||
Industry and commerce tax | ||||||
Taxes | ||||||
Current tax liabilities | $ 367,861 | $ 346,958 | ||||
ISA Group | ||||||
Taxes | ||||||
Deferred tax assets operating loss carry forwards not subject to expiration | 7,610 | 35,806 | ||||
ISA Group | Industry and commerce tax | ||||||
Taxes | ||||||
Current tax liabilities | 88,901 | |||||
Other Companies | ||||||
Taxes | ||||||
Nominal tax rate | 183,485 | |||||
Ecopetrol USA Inc. | ||||||
Taxes | ||||||
Deferred tax assets operating loss carry forwards not subject to expiration | 60,568 | 339,950 | ||||
Refineria de Cartagena S.A.S | ||||||
Taxes | ||||||
Deferred tax assets operating loss carry forwards not subject to expiration | $ 1,916,114 | 1,871,732 | ||||
Invercolsa | ||||||
Taxes | ||||||
Deferred tax assets operating tax losses expiration period | 12 years | 12 years | ||||
Operating loss carryforwards, subject to expiration | $ 16,112 | 17,524 | ||||
Ruta de la Araucana and Transamerican | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 45,147 | 111,273 | ||||
Ruta Costera | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 174,855 | 84,964 | ||||
Internexa Chile | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 16,062 | |||||
Deferred tax assets not recognised | 12,859 | |||||
Ruta del Maipo | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 759,609 | 1,000,632 | ||||
ISA Interchile | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 933,113 | 1,104,625 | ||||
Ruta del Loa | ||||||
Taxes | ||||||
Operating loss carryforwards, subject to expiration | 30,057 | 27,472 | ||||
Ruta del Bosque (Chile) | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 100,356 | 102,864 | ||||
Ruta del Maule (Chile) | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 36,138 | 43,702 | ||||
ISA Intervial Colombia | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 542 | 564 | ||||
ISA Capital do Brasil | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 17,093 | 20,216 | ||||
Internexa Brasil Operadora de Telecomunicaes | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 95,226 | 101,525 | ||||
Internexa Participaes (Brasil) | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 2,579 | 2,913 | ||||
ISA Bolivia | ||||||
Taxes | ||||||
Deferred tax assets not recognised | 4,934 | $ 4,142 | ||||
Ecopetrol USA | ||||||
Taxes | ||||||
Nominal tax rate | 133,579 | |||||
Ecopetrol Permian | ||||||
Taxes | ||||||
Nominal tax rate | 179,955 | |||||
Cartagena | ||||||
Taxes | ||||||
Nominal tax rate | 841,937 | |||||
Ecopetrol Capital AG | ||||||
Taxes | ||||||
Nominal tax rate | 39,489 | |||||
Esenttia MB | ||||||
Taxes | ||||||
Nominal tax rate | 47,781 | |||||
Operating loss carryforwards, subject to expiration | $ 76,337 | |||||
Ecopetrol SA And Hocol Petroleum [Member] | ||||||
Taxes | ||||||
Applicable tax rate for fixed assets | 35 | 35 | ||||
Free Trade Zone Area [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Presumptive income, percentage on beginning equity | 15% | 15% | ||||
Colombia Country [Member] | ||||||
Taxes | ||||||
Presumptive income tax | 50% | |||||
Colombia Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Income tax rate for future years in free zones | 15% | |||||
Free Trade Zone Area [Member] | ||||||
Taxes | ||||||
Nominal income rate | 20% | 20% | ||||
Free trade zone with legal stability contract [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 15% | 15% | ||||
Brazil Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 34% | 34% | ||||
Percentage of income tax rate taxable base of liquid profit | 34% | |||||
Percentage of income tax rate based on legal entities gross income | 8% | |||||
Legal entities maximum gross income | R$ | R$ 78 | |||||
Brazil Country [Member] | Bottom of range | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 12% | 12% | ||||
Brazil Country [Member] | Top of range | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 32% | 32% | ||||
Chile Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 27% | 27% | ||||
Peru Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 29.50% | 29.50% | ||||
Percentage of current income tax rate on taxable income after deducting employee participation | 29.50% | |||||
Percentage of dividend and other forms of profit distribution income tax rate | 5% | |||||
Percentage of income tax rate of financial expenses deduction | 30% | |||||
Percentage of income tax rate of deduction allowed for low value added services and cost plus margin | 5% | |||||
Peru Country [Member] | Bottom of range | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 5% | 5% | ||||
Peru Country [Member] | Top of range | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 10% | 10% | ||||
United States Of America Country [Member] | Ecopetrol Group | ||||||
Taxes | ||||||
Nominal income rate | 21% | 21% |
Other assets (Details)
Other assets (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Partners in joint operations | $ 845,590 | $ 871,409 |
Prepaid expenses | 789,029 | 693,341 |
Advanced payments to contractors and suppliers | 553,356 | 679,829 |
Trust funds | 547,439 | 507,163 |
Related parties (Note 30) | 84 | 1,087 |
Other assets | 33,531 | 25,651 |
Total current | 2,769,029 | 2,778,480 |
Non-current | ||
Abandonment and pension funds | 648,980 | 568,066 |
Trust funds | 245,790 | 184,464 |
Employee benefits | 332,710 | 342,143 |
Advanced payments and deposits | 55,178 | 87,684 |
Judicial deposits and attachments | 47,264 | 54,776 |
Other assets | 303,891 | 216,214 |
Total non-current | $ 1,633,813 | $ 1,453,347 |
Investments in associates and_3
Investments in associates and joint ventures - Composition and movements (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Joint ventures | ||||
Investments in joint ventures | $ 5,875,015 | $ 6,803,601 | ||
Associates | ||||
Investments in associates | 2,543,617 | 2,692,999 | ||
Total investments in subsidiaries, joint ventures and associates | 8,418,632 | 9,496,600 | $ 8,357,186 | $ 3,174,628 |
Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 6,291,743 | 7,212,342 | ||
Associates | ||||
Investments in associates | 2,553,016 | 2,702,398 | ||
Accumulated impairment | ||||
Associates | ||||
Investments in associates | (9,399) | (9,399) | ||
Gases del Caribe S.A. E.S.P. | Cost | ||||
Associates | ||||
Investments in associates | 1,527,699 | 1,495,341 | ||
ATP Tower Holdings | Cost | ||||
Associates | ||||
Investments in associates | 720,332 | 913,218 | ||
Gas Natural del Oriente S.A. E.S.P. | Cost | ||||
Associates | ||||
Investments in associates | 156,353 | 148,254 | ||
Gases de la Guajira S.A. E.S.P. | Cost | ||||
Associates | ||||
Investments in associates | 69,996 | 69,376 | ||
E2 Energia Eficiente S.A. E.S.P. | Cost | ||||
Associates | ||||
Investments in associates | 34,432 | 34,944 | ||
Extrucol S.A. | Cost | ||||
Associates | ||||
Investments in associates | 30,147 | 27,680 | ||
Serviport S.A. | Cost | ||||
Associates | ||||
Investments in associates | 9,399 | 9,399 | ||
Sociedad Portuaria Olefinas y Derivados S.A. | Cost | ||||
Associates | ||||
Investments in associates | 4,658 | 4,186 | ||
Interligacao, Electrica do Madeira S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 1,705,188 | 1,871,142 | ||
Transmissora Alianca de Energia Electrica S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 1,513,497 | 1,830,504 | ||
Equion Energa Limited | ||||
Joint ventures | ||||
Investments in joint ventures | 1,329,394 | 1,639,264 | ||
Equion Energa Limited | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 1,037,418 | 1,191,154 | ||
Equion Energa Limited | Accumulated impairment | ||||
Joint ventures | ||||
Investments in joint ventures | (408,183) | (400,196) | ||
Interligacao Electrica Paraguacu S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 526,294 | 614,112 | ||
Interligacao Electrica Garanhuns S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 500,889 | 571,328 | ||
Interligacao Electrica Ivai S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 456,076 | 469,176 | ||
Interligacao Electrica Aimores S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 335,995 | 411,495 | ||
Conexion Kimal Lo Aguirre S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 119,069 | 169,230 | ||
Ecodiesel Colombia S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 85,030 | 54,614 | ||
Transnexa S.A. E.M.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 8,545 | 8,545 | ||
Transnexa S.A. E.M.A. | Accumulated impairment | ||||
Joint ventures | ||||
Investments in joint ventures | (8,545) | (8,545) | ||
Interconexion Electrica Colombia Panama S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 2,544 | 20,516 | ||
Derivex S.A. | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 1,123 | 439 | ||
Parques de Rio | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | 71 | 83 | ||
Interconexion Electrica Colombia Panama S.A.S. E.S.P | Cost | ||||
Joint ventures | ||||
Investments in joint ventures | $ 4 | $ 4 |
Investments in associates and_4
Investments in associates and joint ventures - Movement of investments in associates and joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in associates and joint ventures | |||
Opening balance | $ 9,496,600 | $ 8,357,186 | $ 3,174,628 |
Capital contributions | 853 | 329,377 | 44,735 |
Business combination | 5,014,749 | ||
Effects of equity method through: | |||
Profit or loss | 805,349 | 768,422 | 426,164 |
Other comprehensive income | (1,349,568) | 1,600,113 | 133,998 |
Dividends declared | (526,615) | (1,556,406) | (349,108) |
Impairment | (7,987) | (2,092) | (84,502) |
Others | (3,478) | ||
Closing balance | 8,418,632 | 9,496,600 | 8,357,186 |
Dividends received | 482,124 | 1,471,134 | 206,048 |
Joint ventures | |||
Investments in associates and joint ventures | |||
Opening balance | 6,803,601 | 5,749,030 | 1,383,379 |
Capital contributions | 853 | 329,377 | 44,735 |
Business combination | 4,231,255 | ||
Effects of equity method through: | |||
Profit or loss | 607,617 | 642,093 | 232,797 |
Other comprehensive income | (1,181,002) | 1,450,948 | 121,856 |
Dividends declared | (348,067) | (1,365,755) | (177,870) |
Impairment | (7,987) | (2,092) | (83,644) |
Others | (3,478) | ||
Closing balance | 5,875,015 | 6,803,601 | 5,749,030 |
Associates | |||
Investments in associates and joint ventures | |||
Opening balance | 2,692,999 | 2,608,156 | 1,791,249 |
Capital contributions | 0 | 0 | |
Business combination | 783,494 | ||
Effects of equity method through: | |||
Profit or loss | 197,732 | 126,329 | 193,367 |
Other comprehensive income | (168,566) | 149,165 | 12,142 |
Dividends declared | (178,548) | (190,651) | (171,238) |
Impairment | 0 | 0 | (858) |
Closing balance | $ 2,543,617 | $ 2,692,999 | $ 2,608,156 |
Investments in associates and_5
Investments in associates and joint ventures - Additional information about associates and joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of financial position | ||||
Current assets | $ 68,615,106 | $ 77,276,845 | ||
Non-current assets | 211,525,984 | 225,515,586 | ||
Total assets | 280,141,090 | 302,792,431 | ||
Current liabilities | 43,564,563 | 56,782,338 | ||
Non-current liabilities | 136,324,047 | 132,107,004 | ||
Total liabilities | 179,888,610 | 188,889,342 | ||
Net equity | 100,252,480 | 113,903,089 | $ 90,583,772 | $ 53,499,363 |
Other complementary information | ||||
Cash and cash equivalents | 12,336,115 | 15,401,058 | 14,549,906 | $ 5,082,308 |
Loans and borrowings | 15,550,008 | 22,198,583 | ||
Non-current | 90,265,519 | 92,936,256 | ||
Statement of profit or loss | ||||
Sales revenue | 143,189,602 | 159,611,078 | 91,881,204 | |
Costs | (88,178,198) | (89,458,148) | (55,581,776) | |
Other operating expenses, net | (5,025,797) | (4,335,695) | (3,342,069) | |
Financial (expenses) income | (5,665,384) | (6,834,757) | (3,698,054) | |
Income tax | 11,515,875 | 18,963,938 | 8,795,263 | |
Financial year results | 25,383,071 | 35,199,480 | 17,630,554 | |
Other comprehensive results | (11,455,618) | 8,894,726 | $ 3,571,125 | |
Interligao Eltrica do Madeira | ||||
Statement of financial position | ||||
Current assets | 675,192 | 689,613 | ||
Non-current assets | 5,064,524 | 5,890,932 | ||
Total assets | 5,739,716 | 6,580,545 | ||
Current liabilities | 290,292 | 376,203 | ||
Non-current liabilities | 2,288,606 | 2,765,355 | ||
Total liabilities | 2,578,898 | 3,141,558 | ||
Net equity | 3,160,818 | 3,438,987 | ||
Other complementary information | ||||
Cash and cash equivalents | 193,009 | 200,091 | ||
Statement of profit or loss | ||||
Sales revenue | 613,807 | 603,362 | ||
Costs | (33,798) | (20,098) | ||
Other operating expenses, net | 0 | |||
Financial (expenses) income | (125,247) | (88,991) | ||
Income tax | (97,899) | (106,292) | ||
Financial year results | 356,863 | 387,981 | ||
Other comprehensive results | 0 | 0 | ||
Depreciation and amortization | 804 | 881 | ||
Transmissora Alianca de Energia Eletrica | ||||
Statement of financial position | ||||
Current assets | 2,167,294 | 1,967,310 | ||
Non-current assets | 11,709,871 | 12,351,913 | ||
Total assets | 13,877,165 | 14,319,223 | ||
Current liabilities | 1,276,744 | 753,445 | ||
Non-current liabilities | 7,327,321 | 7,474,497 | ||
Total liabilities | 8,604,065 | 8,227,942 | ||
Net equity | 5,273,100 | 6,091,281 | ||
Other complementary information | ||||
Cash and cash equivalents | 624 | 700,313 | ||
Statement of profit or loss | ||||
Sales revenue | 1,165,129 | 2,598,283 | ||
Costs | (191,359) | (410,106) | ||
Other operating expenses, net | (133,717) | (198,835) | ||
Financial (expenses) income | 327,744 | (606,837) | ||
Income tax | (46,465) | (129,531) | ||
Financial year results | 1,121,332 | 1,252,974 | ||
Other comprehensive results | (46,177) | 8,565 | ||
Depreciation and amortization | 30,875 | 20,551 | ||
Equion Energa Limited | ||||
Statement of financial position | ||||
Current assets | 1,395,515 | 1,684,029 | ||
Non-current assets | 5,661 | 27,943 | ||
Total assets | 1,401,176 | 1,711,972 | ||
Current liabilities | 29,726 | 41,336 | ||
Non-current liabilities | 42,056 | 31,372 | ||
Total liabilities | 71,782 | 72,708 | ||
Net equity | 1,329,394 | 1,639,264 | ||
Other complementary information | ||||
Cash and cash equivalents | 34,378 | 52,370 | ||
Statement of profit or loss | ||||
Sales revenue | 11 | 4,263 | ||
Costs | (23,815) | (23,726) | ||
Other operating expenses, net | (2,579) | (945) | ||
Financial (expenses) income | 82,424 | 48,040 | ||
Income tax | (17,323) | 23,151 | ||
Financial year results | 38,718 | 50,783 | ||
Other comprehensive results | 796,213 | 1,144,801 | ||
Depreciation and amortization | $ 21 | $ 47 |
Investments in associates and_6
Investments in associates and joint ventures - Reconciliation of equity (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 5,875,015 | $ 6,803,601 |
Interligacao Eletrica do Madeira [Member] | ||
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 3,160,818 | $ 3,438,987 |
% of Ecopetrol's ownership | 51% | 51% |
Ecopetrol's ownership | $ 1,612,017 | $ 1,753,883 |
Carrying amount of the investment | 1,612,017 | 1,753,883 |
Transmissora Alianca de Energia Eletrica | ||
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 5,273,100 | $ 6,091,281 |
% of Ecopetrol's ownership | 14.88% | 14.88% |
Ecopetrol's ownership | $ 784,637 | $ 906,383 |
Additional value of the investment | 177,988 | 230,828 |
Carrying amount of the investment | 962,625 | 1,137,211 |
Equion Energa Limited | ||
Investments in associates and joint ventures | ||
Equity of the joint venture | $ 1,329,394 | $ 1,639,264 |
% of Ecopetrol's ownership | 51% | 51% |
Ecopetrol's ownership | $ 677,991 | $ 836,025 |
Additional value of the investment | 375,694 | 375,694 |
Impairment | (408,183) | (400,196) |
Unrealized gain | (16,267) | (20,565) |
Carrying amount of the investment | $ 629,235 | $ 790,958 |
Property, plant, and equipmen_2
Property, plant, and equipment (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, plant, and equipment | ||
Beginning Balance | $ 100,997,498 | $ 90,076,526 |
Ending Balance | 95,171,302 | 100,997,498 |
Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 160,336,163 | 140,900,774 |
Additions/capitalizations | 9,349,885 | 8,767,716 |
Abandonment cost update | 270,104 | (621,177) |
Capitalized financial interests | 297,630 | 185,968 |
Exchange differences capitalized | 1,585 | 1,085 |
Disposals | (1,020,288) | (1,250,962) |
Decrease related to business combination | (153,557) | |
Effect of adopting new standards | 18,013 | |
Foreign currency translation | (15,243,622) | 12,458,899 |
Reclassifications/transfers | (150,434) | 29,404 |
Ending Balance | 153,841,023 | 160,336,163 |
Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (59,338,665) | (50,824,248) |
Depreciation expense | (6,016,115) | (5,709,956) |
Recovery (loss) impairment | 205,780 | 399,218 |
Disposals | 920,150 | 1,168,300 |
Foreign currency translation | 5,622,078 | (4,410,636) |
Reclassifications/transfers | (62,949) | 38,657 |
Ending Balance | (58,669,721) | (59,338,665) |
Plant and equipment | ||
Property, plant, and equipment | ||
Beginning Balance | 35,293,773 | 32,754,006 |
Ending Balance | 29,916,027 | 35,293,773 |
Plant and equipment | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 62,807,662 | 57,452,843 |
Additions/capitalizations | 2,592,249 | 2,433,113 |
Abandonment cost update | 55,694 | (241,090) |
Capitalized financial interests | 101,125 | 62,677 |
Exchange differences capitalized | 457 | 366 |
Disposals | (653,972) | (669,531) |
Decrease related to business combination | 0 | |
Effect of adopting new standards | 0 | |
Foreign currency translation | (7,966,666) | 7,200,073 |
Reclassifications/transfers | (2,039,040) | (3,430,789) |
Ending Balance | 54,897,509 | 62,807,662 |
Plant and equipment | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (27,513,889) | (24,698,837) |
Depreciation expense | (2,916,507) | (2,807,716) |
Recovery (loss) impairment | 765,513 | 504,960 |
Disposals | 625,848 | 637,049 |
Foreign currency translation | 3,039,353 | (2,737,467) |
Reclassifications/transfers | 1,018,200 | 1,588,122 |
Ending Balance | (24,981,482) | (27,513,889) |
Pipelines, networks and lines | ||
Property, plant, and equipment | ||
Beginning Balance | 37,417,260 | 35,737,581 |
Ending Balance | 35,096,170 | 37,417,260 |
Pipelines, networks and lines | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 60,287,768 | 55,402,633 |
Additions/capitalizations | 2,257,397 | 1,331,585 |
Abandonment cost update | 221,944 | (333,705) |
Capitalized financial interests | 80,720 | 23,155 |
Exchange differences capitalized | 365 | 135 |
Disposals | (266,862) | (471,119) |
Decrease related to business combination | (176,451) | |
Effect of adopting new standards | 0 | |
Foreign currency translation | (4,448,755) | 3,665,015 |
Reclassifications/transfers | 452,276 | 846,520 |
Ending Balance | 58,584,853 | 60,287,768 |
Pipelines, networks and lines | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (22,870,508) | (19,665,052) |
Depreciation expense | (2,319,289) | (2,319,775) |
Recovery (loss) impairment | (212,245) | (70,439) |
Disposals | 228,151 | 448,340 |
Foreign currency translation | 1,722,919 | (1,340,435) |
Reclassifications/transfers | (37,711) | 76,853 |
Ending Balance | (23,488,683) | (22,870,508) |
Work in progress | ||
Property, plant, and equipment | ||
Beginning Balance | 12,044,281 | 9,286,514 |
Ending Balance | 13,832,228 | 12,044,281 |
Work in progress | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 13,462,321 | 10,566,114 |
Additions/capitalizations | 3,510,753 | 4,496,490 |
Abandonment cost update | 0 | 0 |
Capitalized financial interests | 92,816 | 89,809 |
Exchange differences capitalized | 659 | 524 |
Disposals | (15,128) | (18,057) |
Decrease related to business combination | 0 | |
Effect of adopting new standards | 18,013 | |
Foreign currency translation | (226,974) | 336,968 |
Reclassifications/transfers | (1,304,461) | (2,027,540) |
Ending Balance | 15,519,986 | 13,462,321 |
Work in progress | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (1,418,040) | (1,279,600) |
Depreciation expense | 0 | 0 |
Recovery (loss) impairment | (360,367) | (153,449) |
Disposals | 0 | 755 |
Foreign currency translation | 5,207 | (2,307) |
Reclassifications/transfers | 85,442 | 16,561 |
Ending Balance | (1,687,758) | (1,418,040) |
Buildings | ||
Property, plant, and equipment | ||
Beginning Balance | 9,123,911 | 5,600,974 |
Ending Balance | 9,521,689 | 9,123,911 |
Buildings | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 15,354,065 | 9,660,227 |
Additions/capitalizations | 552,852 | 401,079 |
Abandonment cost update | (7,505) | (42,730) |
Capitalized financial interests | 12,930 | 7,778 |
Exchange differences capitalized | 58 | 45 |
Disposals | (13,398) | (41,606) |
Decrease related to business combination | 37,542 | |
Effect of adopting new standards | 0 | |
Foreign currency translation | (1,844,094) | 635,557 |
Reclassifications/transfers | 2,613,118 | 4,696,173 |
Ending Balance | 16,668,026 | 15,354,065 |
Buildings | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (6,230,154) | (4,059,253) |
Depreciation expense | (626,962) | (423,067) |
Recovery (loss) impairment | 136,123 | 84,478 |
Disposals | 12,898 | 37,953 |
Foreign currency translation | 678,512 | (195,728) |
Reclassifications/transfers | (1,116,754) | (1,674,537) |
Ending Balance | (7,146,337) | (6,230,154) |
Lands | ||
Property, plant, and equipment | ||
Beginning Balance | 5,145,555 | 4,732,686 |
Ending Balance | 4,664,551 | 5,145,555 |
Lands | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 5,199,069 | 4,800,297 |
Additions/capitalizations | 15,489 | 15,956 |
Abandonment cost update | 0 | 0 |
Capitalized financial interests | 137 | 518 |
Exchange differences capitalized | 1 | 3 |
Disposals | (498) | (480) |
Decrease related to business combination | (14,648) | |
Effect of adopting new standards | 0 | |
Foreign currency translation | (479,724) | 393,059 |
Reclassifications/transfers | 98,176 | 4,364 |
Ending Balance | 4,832,650 | 5,199,069 |
Lands | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (53,514) | (67,611) |
Depreciation expense | 0 | 0 |
Recovery (loss) impairment | (132,149) | 22,248 |
Disposals | 155 | 41 |
Foreign currency translation | 17,409 | (8,192) |
Reclassifications/transfers | 0 | 0 |
Ending Balance | (168,099) | (53,514) |
Other | ||
Property, plant, and equipment | ||
Beginning Balance | 1,972,718 | 1,964,765 |
Ending Balance | 2,140,637 | 1,972,718 |
Other | Cost | ||
Property, plant, and equipment | ||
Beginning Balance | 3,225,278 | 3,018,660 |
Additions/capitalizations | 421,145 | 89,493 |
Abandonment cost update | (29) | (3,652) |
Capitalized financial interests | 9,902 | 2,031 |
Exchange differences capitalized | 45 | 12 |
Disposals | (70,430) | (50,169) |
Decrease related to business combination | 0 | |
Effect of adopting new standards | 0 | |
Foreign currency translation | (277,409) | 228,227 |
Reclassifications/transfers | 29,497 | (59,324) |
Ending Balance | 3,337,999 | 3,225,278 |
Other | Accumulated depreciation and impairment losses | ||
Property, plant, and equipment | ||
Beginning Balance | (1,252,560) | (1,053,895) |
Depreciation expense | (153,357) | (159,398) |
Recovery (loss) impairment | 8,905 | 11,420 |
Disposals | 53,098 | 44,162 |
Foreign currency translation | 158,678 | (126,507) |
Reclassifications/transfers | (12,126) | 31,658 |
Ending Balance | $ (1,197,362) | $ (1,252,560) |
Natural and environmental res_3
Natural and environmental resources (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Natural and environmental resources | ||
Beginning Balance | $ 42,323,610 | |
Ending Balance | 45,216,133 | $ 42,323,610 |
Cost | Oil and gas investments | ||
Natural and environmental resources | ||
Beginning Balance | 88,338,471 | 76,229,481 |
Additions/capitalizations | 11,899,832 | 8,368,195 |
Abandonment cost update (Note 22) | 0 | |
Disposals | (503,017) | (759,178) |
Capitalized financial interests | 256,382 | 136,696 |
Exchange differences capitalized | 1,158 | 798 |
Foreign currency translation | (6,179,993) | 4,431,851 |
Transfers/reclassifications | 363,009 | 153,686 |
Ending Balance | 94,175,842 | 88,338,471 |
Write off exploratory assets and dry wells (3) | 0 | (223,058) |
Beginning Balance | 88,338,471 | |
Ending Balance | 88,338,471 | |
Cost | Assets retirement obligations | ||
Natural and environmental resources | ||
Beginning Balance | 7,104,903 | 8,172,698 |
Additions/capitalizations | 3,197 | |
Abandonment cost update (Note 22) | 3,262,348 | (1,130,363) |
Disposals | 0 | (114,899) |
Capitalized financial interests | 0 | |
Exchange differences capitalized | 0 | |
Foreign currency translation | (220,433) | 127,871 |
Transfers/reclassifications | (3,472) | 49,596 |
Ending Balance | 10,146,543 | 7,104,903 |
Write off exploratory assets and dry wells (3) | 0 | |
Beginning Balance | 7,104,903 | |
Ending Balance | 7,104,903 | |
Cost | Exploration and evaluation | ||
Natural and environmental resources | ||
Beginning Balance | 10,480,025 | 7,212,305 |
Additions/capitalizations | 2,061,406 | 3,594,349 |
Abandonment cost update (Note 22) | (67,112) | 21,524 |
Disposals | 0 | (6,084) |
Capitalized financial interests | 89,952 | 60,570 |
Exchange differences capitalized | 404 | 353 |
Effect of adopting new standards | 48,173 | |
Foreign currency translation | (875,454) | 533,347 |
Transfers/reclassifications | (498,093) | (175,406) |
Ending Balance | 9,718,731 | 10,480,025 |
Write off exploratory assets and dry wells (3) | (1,472,397) | (809,106) |
Beginning Balance | 10,480,025 | |
Ending Balance | 10,480,025 | |
Accumulated depreciation and impairment losses | Oil and gas investments | ||
Natural and environmental resources | ||
Beginning Balance | (58,382,473) | (51,316,344) |
Disposals | 79,824 | 421,036 |
Foreign currency translation | 3,249,017 | (2,354,611) |
Transfers/reclassifications | 41,224 | 35,677 |
Ending Balance | (63,009,839) | (58,382,473) |
Depletion expense | (6,098,607) | (4,536,052) |
(Loss) reversal of impairment (Note 17) | (1,898,824) | (632,179) |
Beginning Balance | (58,382,473) | |
Ending Balance | (58,382,473) | |
Accumulated depreciation and impairment losses | Assets retirement obligations | ||
Natural and environmental resources | ||
Beginning Balance | (5,088,086) | (4,230,674) |
Disposals | 0 | 96,489 |
Foreign currency translation | 117,626 | (82,927) |
Transfers/reclassifications | 0 | (70,835) |
Ending Balance | (5,478,111) | (5,088,086) |
Depletion expense | (507,651) | (800,139) |
(Loss) reversal of impairment (Note 17) | 0 | |
Beginning Balance | (5,088,086) | |
Ending Balance | (5,088,086) | |
Accumulated depreciation and impairment losses | Exploration and evaluation | ||
Natural and environmental resources | ||
Beginning Balance | (129,230) | (157,622) |
Disposals | 0 | 11,793 |
Foreign currency translation | 0 | |
Transfers/reclassifications | 46,905 | 7,494 |
Ending Balance | (337,033) | (129,230) |
Depletion expense | 0 | |
(Loss) reversal of impairment (Note 17) | (254,708) | 9,105 |
Beginning Balance | (129,230) | |
Ending Balance | (129,230) | |
Natural and environmental resources | ||
Natural and environmental resources | ||
Beginning Balance | 42,323,610 | 35,909,844 |
Ending Balance | 45,216,133 | 42,323,610 |
Natural and environmental resources | Oil and gas investments | ||
Natural and environmental resources | ||
Beginning Balance | 29,955,998 | 24,913,137 |
Ending Balance | 31,166,003 | 29,955,998 |
Natural and environmental resources | Assets retirement obligations | ||
Natural and environmental resources | ||
Beginning Balance | 2,016,817 | 3,942,024 |
Ending Balance | 4,668,432 | 2,016,817 |
Natural and environmental resources | Exploration and evaluation | ||
Natural and environmental resources | ||
Beginning Balance | 10,350,795 | 7,054,683 |
Ending Balance | 9,381,698 | 10,350,795 |
Natural and environmental resources | Cost | ||
Natural and environmental resources | ||
Beginning Balance | 105,923,399 | 91,614,484 |
Additions/capitalizations | 13,964,435 | 11,962,544 |
Abandonment cost update (Note 22) | 3,195,236 | (1,108,839) |
Disposals | (503,017) | (880,161) |
Capitalized financial interests | 346,334 | 197,266 |
Exchange differences capitalized | 1,562 | 1,151 |
Effect of adopting new standards | 48,173 | |
Foreign currency translation | (7,275,880) | 5,093,069 |
Transfers/reclassifications | (138,556) | 27,876 |
Ending Balance | 114,041,116 | 105,923,399 |
Write off exploratory assets and dry wells (3) | (1,472,397) | (1,032,164) |
Beginning Balance | 105,923,399 | |
Ending Balance | 105,923,399 | |
Natural and environmental resources | Accumulated depreciation and impairment losses | ||
Natural and environmental resources | ||
Beginning Balance | (63,599,789) | (55,704,640) |
Disposals | 79,824 | 529,318 |
Foreign currency translation | 3,366,643 | (2,437,538) |
Transfers/reclassifications | 88,129 | (27,664) |
Ending Balance | (68,824,983) | (63,599,789) |
Depletion expense | (6,606,258) | (5,336,191) |
(Loss) reversal of impairment (Note 17) | (2,153,532) | (623,074) |
Beginning Balance | $ (63,599,789) | |
Ending Balance | $ (63,599,789) |
Natural and environmental res_4
Natural and environmental resources - Accounting for suspended exploratory wells (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Natural and environmental resources [Line Items] | |||
Number of projects exceeding 1 year | — | 8 | 6 |
Projects under 1 year of suspension | $ 0 | $ 698,973 | $ 651,040 |
Between 1 and 3 years | |||
Disclosure of Natural and environmental resources [Line Items] | |||
Projects under 1 year of suspension | 0 | 48,206 | |
More than 5 years | |||
Disclosure of Natural and environmental resources [Line Items] | |||
Projects under 1 year of suspension | 0 | 650,767 | 651,040 |
Up to 1 year | |||
Disclosure of Natural and environmental resources [Line Items] | |||
Projects under 1 year of suspension | $ 230,376 | $ 990 | $ 20,863 |
Right-of-use assets (Details)
Right-of-use assets (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Right of Use Assets Rollforward | ||
Balance at the beginning | $ 627,813 | |
Balance at the end | 841,636 | $ 627,813 |
Lease liabilities | ||
Lease Liabilities Rollforward | ||
Balance at the beginning | 1,212,346 | 1,165,099 |
Additions | 625,438 | 354,071 |
Amortization of the period | 0 | 0 |
Remeasurements | 109,926 | 18,644 |
Impairment loss | 0 | 0 |
Disposals | (64,232) | (31,957) |
Finance cost | 105,710 | 70,250 |
Repayment of borrowings (capital) | (458,404) | (362,373) |
Payment of interests | (75,236) | (72,182) |
Transfers | (13,842) | (1,877) |
Exchange difference | (59,070) | 72,671 |
Balance at the end | 1,382,636 | 1,212,346 |
Pipelines | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 96,234 | 77,019 |
Additions | 31,998 | 40,642 |
Amortization of the period | (25,234) | (24,751) |
Remeasurements | (7,031) | (114) |
Impairment loss (Note 17) | $ 0 | $ 0 |
Disposals | (11,958) | (4,701) |
Transfers | $ 0 | $ (584) |
Exchange difference | (8,088) | 8,723 |
Balance at the end | 11,925 | 96,234 |
Lands and buildings | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 244,058 | 199,070 |
Additions | 117,708 | 100,070 |
Amortization of the period | (58,019) | (61,814) |
Remeasurements | 3,578 | (24,524) |
Impairment loss (Note 17) | $ (2,672) | $ (1,244) |
Disposals | (10,899) | (2,696) |
Transfers | $ 0 | $ (108) |
Exchange difference | (48,965) | 35,304 |
Balance at the end | 244,789 | 244,058 |
Plant and equipments | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 119,534 | 121,384 |
Additions | 402,914 | 71,013 |
Amortization of the period | (84,161) | (60,359) |
Remeasurements | 26,259 | 7,505 |
Impairment loss (Note 17) | $ (6,632) | $ (4,042) |
Disposals | (10,369) | (23,010) |
Transfers | $ 0 | $ 595 |
Exchange difference | (11,561) | 6,448 |
Balance at the end | 435,984 | 119,534 |
Vehicles | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 167,987 | 99,205 |
Additions | 136,814 | 142,346 |
Amortization of the period | (130,407) | (102,198) |
Remeasurements | 13,059 | 16,779 |
Impairment loss (Note 17) | $ (16,759) | $ (5,499) |
Disposals | (2,861) | (215) |
Transfers | $ (20) | $ (43) |
Exchange difference | (18,875) | 17,612 |
Balance at the end | 148,938 | 167,987 |
Right-of-use assets | ||
Right of Use Assets Rollforward | ||
Balance at the beginning | 627,813 | 496,678 |
Additions | 625,438 | 354,071 |
Amortization of the period | (297,821) | (249,122) |
Remeasurements | 35,865 | (354) |
Impairment loss (Note 17) | $ (26,063) | $ (10,785) |
Disposals | (36,087) | (30,622) |
Transfers | $ (20) | $ (140) |
Exchange difference | (87,489) | 68,087 |
Balance at the end | $ 841,636 | $ 627,813 |
Intangible assets (Details)
Intangible assets (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible assets | ||
Beginning balance | $ 18,146,605 | |
Ending balance | 14,714,809 | $ 18,146,605 |
Licences and software | ||
Intangible assets | ||
Beginning balance | 628,454 | |
Ending balance | 698,038 | 628,454 |
Licences and software | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 628,454 | 428,994 |
Ending balance | 628,454 | |
Other intangibles | ||
Intangible assets | ||
Beginning balance | 836,081 | |
Ending balance | 713,928 | 836,081 |
Other intangibles | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 836,081 | 786,788 |
Ending balance | 836,081 | |
Concessions and rights | ||
Intangible assets | ||
Beginning balance | 15,174,024 | |
Ending balance | 11,878,160 | 15,174,024 |
Concessions and rights | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 15,174,024 | 12,625,316 |
Ending balance | 15,174,024 | |
Easements | ||
Intangible assets | ||
Beginning balance | 1,508,046 | |
Ending balance | 1,424,683 | 1,508,046 |
Easements | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 1,508,046 | 1,667,418 |
Ending balance | 1,508,046 | |
Intangible assets | ||
Intangible assets | ||
Beginning balance | 18,146,605 | |
Ending balance | 14,714,809 | 18,146,605 |
Intangible assets | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 18,146,605 | 15,508,516 |
Ending balance | 18,146,605 | |
Cost | Licences and software | ||
Intangible assets | ||
Beginning balance | 1,512,614 | |
Acquisitions | 235,031 | |
Disposals | (23,443) | |
Foreign currency translation | (95,373) | |
Transfers/reclassifications | 30,623 | |
Ending balance | 1,659,452 | 1,512,614 |
Cost | Licences and software | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 1,512,614 | 1,118,811 |
Acquisitions | 292,803 | |
Disposals | (4,148) | |
Foreign currency translation | 74,759 | |
Transfers/reclassifications | 30,389 | |
Ending balance | 1,512,614 | |
Cost | Other intangibles | ||
Intangible assets | ||
Beginning balance | 1,282,752 | |
Acquisitions | 8,270 | |
Disposals | (62) | |
Foreign currency translation | (312,512) | |
Transfers/reclassifications | (8,592) | |
Ending balance | 969,856 | 1,282,752 |
Cost | Other intangibles | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 1,282,752 | 940,080 |
Acquisitions | 9,953 | |
Effect of business combination | 12,670 | |
Foreign currency translation | 338,654 | |
Transfers/reclassifications | (18,605) | |
Ending balance | 1,282,752 | |
Cost | Concessions and rights | ||
Intangible assets | ||
Beginning balance | 17,568,081 | |
Acquisitions | 515,975 | |
Foreign currency translation | (4,295,705) | |
Transfers/reclassifications | (129,202) | |
Ending balance | 13,659,149 | 17,568,081 |
Cost | Concessions and rights | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 17,568,081 | 13,503,441 |
Acquisitions | 835,457 | |
Effect of business combination | (117,270) | |
Disposals | (95,875) | |
Foreign currency translation | 3,439,810 | |
Transfers/reclassifications | 2,518 | |
Ending balance | 17,568,081 | |
Cost | Easements | ||
Intangible assets | ||
Beginning balance | 1,637,444 | |
Acquisitions | 17,320 | |
Disposals | (755) | |
Foreign currency translation | (113,875) | |
Transfers/reclassifications | 16,826 | |
Ending balance | 1,556,960 | 1,637,444 |
Cost | Easements | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 1,637,444 | 1,733,379 |
Acquisitions | 9,297 | |
Effect of business combination | (318,388) | |
Disposals | (478) | |
Foreign currency translation | 86,905 | |
Transfers/reclassifications | 126,729 | |
Ending balance | 1,637,444 | |
Cost | Intangible assets | ||
Intangible assets | ||
Beginning balance | 22,000,891 | |
Acquisitions | 776,596 | |
Disposals | (24,260) | |
Foreign currency translation | (4,817,465) | |
Transfers/reclassifications | (90,345) | |
Ending balance | 17,845,417 | 22,000,891 |
Cost | Intangible assets | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | 22,000,891 | 17,295,711 |
Acquisitions | 1,147,510 | |
Effect of business combination | (422,988) | |
Disposals | (100,501) | |
Foreign currency translation | 3,940,128 | |
Transfers/reclassifications | 141,031 | |
Ending balance | 22,000,891 | |
Accumulated amortization | Licences and software | ||
Intangible assets | ||
Beginning balance | (884,160) | |
Amortization | (165,635) | |
Losses for impairment | (4,418) | |
Disposals | 22,687 | |
Foreign currency translation | 69,810 | |
Transfers/reclassifications | 302 | |
Ending balance | (961,414) | (884,160) |
Accumulated amortization | Licences and software | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | (884,160) | (689,817) |
Amortization | (138,544) | |
Losses for impairment | (1,785) | |
Disposals | 3,283 | |
Foreign currency translation | (58,215) | |
Transfers/reclassifications | 918 | |
Ending balance | (884,160) | |
Accumulated amortization | Other intangibles | ||
Intangible assets | ||
Beginning balance | (446,671) | |
Amortization | (25,625) | |
Losses for impairment | (89) | |
Disposals | 62 | |
Foreign currency translation | 216,395 | |
Transfers/reclassifications | 0 | |
Ending balance | (255,928) | (446,671) |
Accumulated amortization | Other intangibles | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | (446,671) | (153,292) |
Amortization | (30,282) | |
Losses for impairment | (15,323) | |
Foreign currency translation | (243,909) | |
Transfers/reclassifications | (3,865) | |
Ending balance | (446,671) | |
Accumulated amortization | Concessions and rights | ||
Intangible assets | ||
Beginning balance | (2,394,057) | |
Amortization | (693,587) | |
Losses for impairment | (13,215) | |
Foreign currency translation | 1,319,870 | |
Ending balance | (1,780,989) | (2,394,057) |
Accumulated amortization | Concessions and rights | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | (2,394,057) | (878,125) |
Amortization | (658,457) | |
Losses for impairment | (34,022) | |
Disposals | 95,875 | |
Foreign currency translation | (919,328) | |
Ending balance | (2,394,057) | |
Accumulated amortization | Easements | ||
Intangible assets | ||
Beginning balance | (129,398) | |
Amortization | (7,346) | |
Losses for impairment | (197) | |
Foreign currency translation | 5,153 | |
Transfers/reclassifications | (489) | |
Ending balance | (132,277) | (129,398) |
Accumulated amortization | Easements | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | (129,398) | (65,961) |
Amortization | (6,439) | |
Losses for impairment | (133) | |
Disposals | 425 | |
Foreign currency translation | (109) | |
Transfers/reclassifications | (57,181) | |
Ending balance | (129,398) | |
Accumulated amortization | Intangible assets | ||
Intangible assets | ||
Beginning balance | (3,854,286) | |
Amortization | (892,193) | |
Losses for impairment | (17,919) | |
Disposals | 22,749 | |
Foreign currency translation | 1,611,228 | |
Transfers/reclassifications | (187) | |
Ending balance | (3,130,608) | (3,854,286) |
Accumulated amortization | Intangible assets | Electric Power Transmission Lines [Member] | ||
Intangible assets | ||
Beginning balance | $ (3,854,286) | (1,787,195) |
Amortization | (833,722) | |
Losses for impairment | (51,263) | |
Disposals | 99,583 | |
Foreign currency translation | (1,221,561) | |
Transfers/reclassifications | (60,128) | |
Ending balance | $ (3,854,286) |
Impairment of non-current ass_3
Impairment of non-current assets (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of non-current assets | |||
Impairment loss | $ (2,098,333) | $ (287,999) | $ (33,351) |
Exploration and Production | |||
Impairment of non-current assets | |||
Impairment loss | (2,741,092) | (890,248) | 438,020 |
Refining and Petrochemicals | |||
Impairment of non-current assets | |||
Impairment loss | 1,482,444 | 1,096,021 | (305,466) |
Transportation and Logistics | |||
Impairment of non-current assets | |||
Impairment loss | (630,134) | (406,229) | (165,901) |
Electric power transmission and toll roads concessions | |||
Impairment of non-current assets | |||
Impairment loss | (209,551) | (87,543) | (4) |
Property, plant, and equipment | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | 205,780 | 399,218 | (281,132) |
Natural and environmental resources | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | (2,153,532) | (623,074) | 364,127 |
Investment in joint ventures and associates | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | (7,987) | (2,092) | (84,502) |
Right of use assets | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | (26,063) | (10,785) | (31,783) |
Other non-current assets | Financial statement segment | |||
Impairment of non-current assets | |||
Impairment loss | $ (116,531) | $ (51,266) | $ (61) |
Impairment of non-current ass_4
Impairment of non-current assets - Exploration and production (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of non-current assets | |||
Impairment loss - exploration and production segment (reversal of impairment loss) recognized in profit or loss | $ (2,741,092) | $ (890,248) | $ 438,020 |
Oilfields | |||
Impairment of non-current assets | |||
Impairment loss - exploration and production segment (reversal of impairment loss) recognized in profit or loss | (2,733,105) | (888,156) | 521,664 |
Investment in joint ventures | |||
Impairment of non-current assets | |||
Impairment loss - exploration and production segment (reversal of impairment loss) recognized in profit or loss | $ (7,987) | $ (2,092) | $ (83,644) |
Impairment of non-current ass_5
Impairment of non-current assets - Breakdown of oilfields impairment losses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of non-current assets | |||
Impairment reversal (loss) | $ (2,741,092) | $ (890,248) | $ 438,020 |
Oilfields | |||
Impairment of non-current assets | |||
Impairment reversal (loss) | (2,733,105) | (888,156) | 521,664 |
Oil fields in Colombia | Oilfields | Reversal | |||
Impairment of non-current assets | |||
Carrying amount | 9,815,365 | 3,540,732 | 11,216,641 |
Recoverable amount | 18,112,635 | 5,563,724 | 17,575,851 |
Impairment reversal (loss) | 363,911 | 250,306 | 499,599 |
Oil fields in Colombia | Oilfields | Loss | |||
Impairment of non-current assets | |||
Carrying amount | 10,048,388 | 4,870,976 | 239,046 |
Recoverable amount | 6,951,372 | 3,732,514 | 136,698 |
Impairment reversal (loss) | $ (3,097,016) | $ (1,138,462) | (104,041) |
Fields operated abroad | Oilfields | Reversal | |||
Impairment of non-current assets | |||
Carrying amount | 1,142,593 | ||
Recoverable amount | 1,306,219 | ||
Impairment reversal (loss) | $ 126,106 |
Impairment of non-current ass_6
Impairment of non-current assets - Investments in joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of non-current assets | |||
Investment in associates and joint ventures | $ (7,987) | $ (2,092) | $ (83,644) |
Equion Energa Limited | |||
Impairment of non-current assets | |||
Investment in associates and joint ventures | $ (7,987) | $ (2,092) | $ (83,644) |
Impairment of non-current ass_7
Impairment of non-current assets - Cash Generating Units (Details) - Refining and Petrochemical segment - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 1,482,444 | $ 1,096,021 | $ (305,466) |
Refineria de Cartagena S.A.S | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 1,482,512 | 1,096,024 | 34,650 |
Refineria de Cartagena S.A.S | Carrying Amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 26,423,190 | 31,750,957 | 26,808,008 |
Refineria de Cartagena S.A.S | Recoverable amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 27,905,702 | 32,846,981 | 26,842,658 |
Invercolsa S.A. | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | (68) | (3) | (97) |
Invercolsa S.A. | Carrying Amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 273 | 276 | 292 |
Invercolsa S.A. | Recoverable amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 205 | $ 273 | 195 |
Refinera de Barrancabermeja | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | (340,019) | ||
Refinera de Barrancabermeja | Carrying Amount | |||
Impairment of non-current assets | |||
Impairment loss - refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 340,019 |
Impairment of non-current ass_8
Impairment of non-current assets - Energy transmission and roads (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of non-current assets | |||
Non-current asset held for sale | $ 209,551 | ||
Energy transmission and roads | |||
Impairment of non-current assets | |||
Non-current asset held for sale | (98,543) | $ (4) | |
Property, plant and, equipment | (97,760) | $ (38,821) | |
Intangibles | (13,248) | (48,722) | |
Impairment loss | $ (209,551) | $ (87,543) | $ (4) |
Impairment of non-current ass_9
Impairment of non-current assets - Additional information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 COP ($) $ / $ $ / shares | Dec. 31, 2022 COP ($) $ / $ | Dec. 31, 2021 COP ($) | |
Impairment of non-current assets | |||
Information about prices based on information provided by specialized market analysts and management analysts | Oil price – Brent: Projections include USD$83.35/barrel for the first year, USD$78.05/barrel average for the medium term, and USD$77.81/barrel starting in 2034 | In 2022, the assumptions made took a price of USD$94.63/barrel for the first year, USD$82.56/barrel average for the medium term and USD$79.17 | |
Closing balance exchange rate | $ / $ | 3,822.05 | 4,810.20 | |
Impairment loss relating to south cash generating unit | $ 160,653 | ||
Non-current asset held for sale | $ 209,551 | ||
Other non-current assets | |||
Impairment of non-current assets | |||
Impairment loss relating to south cash generating unit | $ 142 | ||
Tax Surcharge Rate 0% | |||
Impairment of non-current assets | |||
Tax surcharge rate | 0% | ||
Tax Surcharge Rate 5% | |||
Impairment of non-current assets | |||
Tax surcharge rate | 5% | ||
Tax Surcharge Rate 10% | |||
Impairment of non-current assets | |||
Tax surcharge rate | 10% | ||
Tax Surcharge Rate 15% | |||
Impairment of non-current assets | |||
Tax surcharge rate | 15% | ||
Yaguara Tenay Systems | |||
Impairment of non-current assets | |||
Percentage of asset impaired under cash generating units | 39% | ||
Turbo Generator | |||
Impairment of non-current assets | |||
Impairment loss relating to south cash generating unit | $ 2,545 | ||
CGUs of South, North and Yaguara-Tenay | |||
Impairment of non-current assets | |||
Impairment loss | $ 630,134 | $ 405,357 | |
CGUs of Oleoducto de Colombia S.A. | |||
Impairment of non-current assets | |||
Impairment loss | $ 872 | ||
Internexa Brasil | |||
Impairment of non-current assets | |||
Non-current asset held for sale | 85,568 | ||
Internexa Argentina | |||
Impairment of non-current assets | |||
Non-current asset held for sale | 12,593 | ||
Consorcio Transmantaro | |||
Impairment of non-current assets | |||
Non-current asset held for sale | $ 85,168 | ||
Refineria de Cartagena S.A.S | |||
Impairment of non-current assets | |||
Discount rate used in current estimate of value in use | 7.82% | 7.60% | 5.27% |
Recovery of impairment loss | $ 1,494,224 | $ 1,107,101 | |
Expense for impairment | $ 11,712 | $ 11,077 | |
Weighted average cost of capital, measurement input | Tax Surcharge Rate 0% | |||
Impairment of non-current assets | |||
Weighted average cost of capital, significant unobservable inputs, assets | 7.15 | 7.34 | |
Weighted average cost of capital, measurement input | Tax Surcharge Rate 5% | |||
Impairment of non-current assets | |||
Weighted average cost of capital, significant unobservable inputs, assets | 6.9 | 7.14 | |
Weighted average cost of capital, measurement input | Tax Surcharge Rate 10% | |||
Impairment of non-current assets | |||
Weighted average cost of capital, significant unobservable inputs, assets | 6.65 | 6.93 | |
Weighted average cost of capital, measurement input | Tax Surcharge Rate 15% | |||
Impairment of non-current assets | |||
Weighted average cost of capital, significant unobservable inputs, assets | 6.40 | 6.73 | |
Transportation and logistics segment | |||
Impairment of non-current assets | |||
Discount rate used in current estimate of value in use | 5.88% | 4.73% | 2.95% |
Closing balance exchange rate | $ / shares | 3,822.05 | ||
Yaguara Tenay Systems | Turbo Generator | |||
Impairment of non-current assets | |||
Impairment loss relating to south cash generating unit | $ 2,845 | ||
Refineria de Barrancabermeja | |||
Impairment of non-current assets | |||
Reversal of impairment loss recognised in profit or loss, biological assets | $ 0 | 340,019 | |
Energy transmission and roads | |||
Impairment of non-current assets | |||
Non-current asset held for sale | (98,543) | (4) | |
Impairment loss | $ (209,551) | $ (87,543) | $ (4) |
Energy transmission and roads | Internexa Brasil | |||
Impairment of non-current assets | |||
Impairment loss | 85,568 | ||
Energy transmission and roads | Internexa Argentina | |||
Impairment of non-current assets | |||
Impairment loss | $ 1,975 |
Goodwill (Details)
Goodwill (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill | ||
Goodwill | $ 4,846,667 | $ 5,350,114 |
Cost | ||
Goodwill | ||
Goodwill | 5,143,788 | 5,647,235 |
Interconexion Electrica S.A. E.S.P. | Cost | ||
Goodwill | ||
Goodwill | 3,252,388 | 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Loans and borrowings | ||
Borrowings | $ 105,815,527 | $ 115,134,839 |
Current | 15,550,008 | 22,198,583 |
Non-current | 90,265,519 | 92,936,256 |
Local currency | ||
Loans and borrowings | ||
Borrowings | 10,417,990 | 7,981,849 |
Foreign currency | ||
Loans and borrowings | ||
Borrowings | $ 95,397,537 | $ 107,152,990 |
Bonds | Local currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 12.40% | 9.80% |
Borrowings | $ 5,172,256 | $ 4,965,653 |
Bonds | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 6.40% | 6% |
Borrowings | $ 72,774,985 | $ 82,432,647 |
Commercial and syndicate loans | Local currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 12.90% | 11.50% |
Borrowings | $ 4,323,198 | $ 2,171,462 |
Commercial and syndicate loans | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 7.20% | 4.60% |
Borrowings | $ 21,478,503 | $ 23,537,675 |
Loans from related parties | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 6% | 5.90% |
Borrowings | $ 683,949 | $ 815,056 |
Lease liabilities | Local currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 8.90% | 8% |
Borrowings | $ 922,536 | $ 844,734 |
Lease liabilities | Foreign currency | ||
Loans and borrowings | ||
Borrowings, interest rate | 6% | 6% |
Borrowings | $ 460,100 | $ 367,612 |
Loans and borrowings - Maturity
Loans and borrowings - Maturity of loans and borrowings (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loans and borrowings | ||
Borrowings | $ 105,815,527 | $ 115,134,839 |
Local currency | ||
Loans and borrowings | ||
Borrowings | 10,417,990 | 7,981,849 |
Foreign currency | ||
Loans and borrowings | ||
Borrowings | 95,397,537 | 107,152,990 |
Up to 1 year | ||
Loans and borrowings | ||
Borrowings | 15,550,008 | 22,198,583 |
Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,598,626 | 1,295,790 |
Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 13,951,382 | 20,902,793 |
From 1 to 5 years | ||
Loans and borrowings | ||
Borrowings | 42,546,781 | 43,069,427 |
From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 3,712,375 | 2,471,820 |
From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 38,834,406 | 40,597,607 |
From 5 to 10 years | ||
Loans and borrowings | ||
Borrowings | 29,048,197 | 26,304,662 |
From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 2,898,176 | 2,499,186 |
From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 26,150,021 | 23,805,476 |
More than 10 years | ||
Loans and borrowings | ||
Borrowings | 18,670,541 | 23,562,167 |
More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 2,208,813 | 1,715,053 |
More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 16,461,728 | 21,847,114 |
Bonds | Local currency | ||
Loans and borrowings | ||
Borrowings | 5,172,256 | 4,965,653 |
Bonds | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 72,774,985 | 82,432,647 |
Bonds | Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 580,737 | 579,032 |
Bonds | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 4,147,341 | 12,235,174 |
Bonds | From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,330,184 | 1,262,971 |
Bonds | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 28,047,668 | 25,336,179 |
Bonds | From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,411,988 | 1,559,593 |
Bonds | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 24,479,647 | 23,223,393 |
Bonds | More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,849,347 | 1,564,057 |
Bonds | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 16,100,329 | 21,637,901 |
Commercial and syndicate loans | Local currency | ||
Loans and borrowings | ||
Borrowings | 4,323,198 | 2,171,462 |
Commercial and syndicate loans | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 21,478,503 | |
Commercial and syndicate loans | Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 772,216 | 565,886 |
Commercial and syndicate loans | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 9,023,629 | |
Commercial and syndicate loans | From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,929,871 | 824,188 |
Commercial and syndicate loans | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 10,639,912 | |
Commercial and syndicate loans | From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,262,816 | 631,100 |
Commercial and syndicate loans | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 1,524,418 | |
Commercial and syndicate loans | More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 358,295 | 150,288 |
Commercial and syndicate loans | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 290,544 | |
Lease liabilities | Local currency | ||
Loans and borrowings | ||
Borrowings | 922,536 | 844,734 |
Lease liabilities | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 460,100 | 367,612 |
Lease liabilities | Up to 1 year | Local currency | ||
Loans and borrowings | ||
Borrowings | 245,673 | 150,872 |
Lease liabilities | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 96,463 | 126,147 |
Lease liabilities | From 1 to 5 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 452,320 | 384,661 |
Lease liabilities | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 146,826 | 206,474 |
Lease liabilities | From 5 to 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 223,372 | 308,493 |
Lease liabilities | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 145,956 | 34,991 |
Lease liabilities | More than 10 years | Local currency | ||
Loans and borrowings | ||
Borrowings | 1,171 | 708 |
Lease liabilities | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 70,855 | |
Loans from related parties | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 683,949 | 815,056 |
Loans from related parties | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 683,949 | 815,056 |
Loans from related parties | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 0 | |
Loans from related parties | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 0 | |
Loans from related parties | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | $ 0 | |
Commercial loans [Member] | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 23,537,675 | |
Commercial loans [Member] | Up to 1 year | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 7,726,416 | |
Commercial loans [Member] | From 1 to 5 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 15,054,954 | |
Commercial loans [Member] | From 5 to 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 547,092 | |
Commercial loans [Member] | More than 10 years | Foreign currency | ||
Loans and borrowings | ||
Borrowings | $ 209,213 |
Loans and borrowings - Breakdow
Loans and borrowings - Breakdown by type of interest rate and currency (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loans and borrowings | ||
Borrowings | $ 105,815,527 | $ 115,134,839 |
Local currency | ||
Loans and borrowings | ||
Borrowings | 10,417,990 | 7,981,849 |
Foreign currency | ||
Loans and borrowings | ||
Borrowings | 95,397,537 | 107,152,990 |
Fixed interest rate | Local currency | ||
Loans and borrowings | ||
Borrowings | 2,030,378 | 1,844,086 |
Fixed interest rate | Foreign currency | ||
Loans and borrowings | ||
Borrowings | 70,956,700 | 82,850,932 |
Floating interest rate | Local currency | ||
Loans and borrowings | ||
Borrowings | 8,387,612 | 6,137,763 |
Floating interest rate | Foreign currency | ||
Loans and borrowings | ||
Borrowings | $ 24,440,837 | $ 24,302,058 |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Details) $ / shares in Units, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Jul. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2023 COP ($) $ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loans and borrowings | |||||||||
Repayment of loans and borrowings | $ 21,659,669 | $ 16,409,494 | $ 11,267,540 | ||||||
Proceeds from borrowings | 34,035,090 | 16,844,029 | 24,666,792 | ||||||
Fair value of loans and borrowings | 104,223,267 | 106,509,947 | |||||||
Proceeds obtained from loans and borrowings | 34,035,090 | ||||||||
Interest payments | 6,580,746 | 5,492,251 | $ 3,333,555 | ||||||
ISA and its Companies | |||||||||
Loans and borrowings | |||||||||
Estimated value of the current guarantees | 20,607,822 | 23,670,968 | |||||||
Chile | ISA and its Companies | |||||||||
Loans and borrowings | |||||||||
Estimated value of the current guarantees | 14,899,609 | 17,676,320 | |||||||
Brazil | ISA and its Companies | |||||||||
Loans and borrowings | |||||||||
Estimated value of the current guarantees | 3,029,213 | 3,315,648 | |||||||
Colombia | ISA and its Companies | |||||||||
Loans and borrowings | |||||||||
Estimated value of the current guarantees | $ 2,679,000 | $ 2,679,000 | |||||||
Hedge of a net investment in a foreign operation | |||||||||
Loans and borrowings | |||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | $ 10,270 | $ 8,940 | |||||||
Cash flow hedging | |||||||||
Loans and borrowings | |||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | 6,265 | 5,572 | |||||||
Local Borrowings | Hedge of a net investment in a foreign operation | |||||||||
Loans and borrowings | |||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | $ 16,535 | $ 14,512 | |||||||
Commercial and syndicate loans | Local currency | |||||||||
Loans and borrowings | |||||||||
Borrowings, interest rate | 12.90% | 11.50% | 12.90% | 11.50% | |||||
Commercial and syndicate loans | Foreign currency | |||||||||
Loans and borrowings | |||||||||
Borrowings, interest rate | 7.20% | 4.60% | 7.20% | 4.60% | |||||
Commercial Loan Maturity June 2028 | Local currency | |||||||||
Loans and borrowings | |||||||||
Proceeds from borrowings | $ 400 | ||||||||
Commercial Loan Maturity June 2028 | IBR 6M rate | Local currency | |||||||||
Loans and borrowings | |||||||||
Spread on variable rate | 4.90% | 4.90% | |||||||
Long Term Syndicated Loan | Local currency | |||||||||
Loans and borrowings | |||||||||
Proceeds from borrowings | $ 800 | ||||||||
Bonds | Local currency | |||||||||
Loans and borrowings | |||||||||
Borrowings, interest rate | 12.40% | 9.80% | 12.40% | 9.80% | |||||
Bonds | Foreign currency | |||||||||
Loans and borrowings | |||||||||
Decrease In Exchange Rate Of Colombian Pesos Per Dollar | $ / shares | $ 988.15 | ||||||||
Borrowings, interest rate | 6.40% | 6% | 6.40% | 6% | |||||
Proceeds from borrowings | $ 300 | ||||||||
Bonds With Coupon Rate 8.88 Percent | Foreign currency | |||||||||
Loans and borrowings | |||||||||
Borrowings, interest rate | 8.88% | ||||||||
Proceeds from borrowings | $ 2,000 | ||||||||
Ifrs Debt Instrument, Term | 10 years | ||||||||
Bonds With Coupon Rate 8.63 Percent | Foreign currency | |||||||||
Loans and borrowings | |||||||||
Borrowings, interest rate | 8.63% | ||||||||
Proceeds from borrowings | $ 1,200 | ||||||||
Ifrs Debt Instrument, Term | 5 years 6 months | ||||||||
Ecopetrol S.A | |||||||||
Loans and borrowings | |||||||||
Repayment of loans and borrowings | $ 16,926,267 | ||||||||
Proceeds obtained from loans and borrowings | 27,264,517 | ||||||||
Interest payments | 4,242,746 | ||||||||
Interconexion Electrica S.A. E.S.P | |||||||||
Loans and borrowings | |||||||||
Repayment of loans and borrowings | 3,937,765 | ||||||||
Proceeds obtained from loans and borrowings | 6,143,079 | ||||||||
Interest payments | 2,162,537 | ||||||||
Ocensa S.A | |||||||||
Loans and borrowings | |||||||||
Repayment of loans and borrowings | $ 454,009 |
Trade and other payables (Detai
Trade and other payables (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Suppliers | $ 13,704,819 | $ 15,034,677 |
Dividends payable (1) | 668,383 | 392,346 |
Withholding tax | 2,099,847 | 1,896,128 |
Partner's advances | 1,270,721 | 1,164,197 |
Insurance and reinsurance | 274,739 | 330,363 |
Deposits received from third parties | 180,065 | 162,338 |
Related parties (Note 30) | 64,766 | 67,879 |
Agreements in transport contracts | 38,920 | 115,526 |
Various creditors (2) | 589,174 | 774,250 |
Total trade and other current payables | 18,891,434 | 19,937,704 |
Non-current | ||
Suppliers | 8 | 28,425 |
Deposits received from third parties | 3,673 | 331 |
Various creditors | 23,599 | 28,300 |
Total trade and other non-current payables | $ 27,280 | $ 57,056 |
Trade and other payables - Addi
Trade and other payables - Additional information (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other payables | ||
Dividends payable | $ 668,383 | $ 392,346 |
Ecopetrol S.A. | ||
Trade and other payables | ||
Dividends payable | 3,947 | 3,667 |
Interconexion Electrica S.A. E.S.P. | ||
Trade and other payables | ||
Dividends payable | 636,081 | 366,999 |
Inversiones de Gases de Colombia S.A. | ||
Trade and other payables | ||
Dividends payable | 1,747 | $ 21,680 |
Oleoducto de Colombia S.A. | ||
Trade and other payables | ||
Dividends payable | $ 26,608 |
Provisions for employees' ben_3
Provisions for employees' benefits (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Post-employment benefits | ||
Post-employment benefits | $ 18,272,713 | $ 12,965,239 |
Current | 3,059,204 | 2,753,697 |
Non-current | 15,213,509 | 10,211,542 |
Healthcare | ||
Post-employment benefits | ||
Post-employment benefits | 11,234,939 | 8,140,648 |
Pension | ||
Post-employment benefits | ||
Post-employment benefits | 4,013,542 | 2,073,562 |
Education | ||
Post-employment benefits | ||
Post-employment benefits | 490,877 | 405,769 |
Bonds | ||
Post-employment benefits | ||
Post-employment benefits | 424,199 | 399,114 |
Other plans | ||
Post-employment benefits | ||
Post-employment benefits | 158,644 | 115,136 |
Termination benefits - Voluntary retirement plan | ||
Post-employment benefits | ||
Post-employment benefits | 828,007 | 772,133 |
Post employment and termination benefits | ||
Post-employment benefits | ||
Post-employment benefits | 17,150,208 | 11,906,362 |
Social benefits and salaries | ||
Post-employment benefits | ||
Post-employment benefits | 1,109,363 | 970,598 |
Other Employment Benefits | ||
Post-employment benefits | ||
Post-employment benefits | $ 13,142 | $ 88,279 |
Provisions for employees' ben_4
Provisions for employees' benefits - Net of post-employment benefits (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Liabilities for employee benefits | ||
Opening balance | $ 22,305,172 | $ 22,467,519 |
Current service cost | 115,031 | 95,724 |
Past service cost | 107,231 | 165,918 |
Interest expense | 2,018,236 | 1,483,628 |
Actuarial (gains) losses | 6,452,059 | (444,099) |
Benefits paid | (1,813,283) | (1,589,670) |
Foreign currency translation | (22,971) | 126,152 |
Closing balance | 29,161,475 | 22,305,172 |
Plan assets | ||
Opening balance | 10,398,810 | 12,068,525 |
Return on assets | 929,987 | 804,530 |
Contributions to funds | 149,168 | 125,788 |
Benefits paid | (1,235,464) | (1,087,060) |
Actuarial gains (losses) | 1,768,766 | (1,512,973) |
Closing balance | 12,011,267 | 10,398,810 |
Net post-employment benefits liability | 17,150,208 | 11,906,362 |
Pension and bonds | ||
Liabilities for employee benefits | ||
Opening balance | 12,840,148 | 14,520,592 |
Current service cost | 20,583 | 0 |
Past service cost | 0 | 51,756 |
Interest expense | 1,152,125 | 953,146 |
Actuarial (gains) losses | 3,560,843 | (1,805,907) |
Benefits paid | (1,140,003) | (981,486) |
Foreign currency translation | (21,988) | 102,047 |
Closing balance | 16,411,708 | 12,840,148 |
Plan assets | ||
Opening balance | 10,367,472 | 12,040,229 |
Return on assets | 928,278 | 802,711 |
Contributions to funds | 0 | 0 |
Benefits paid | (1,085,236) | (961,931) |
Actuarial gains (losses) | 1,763,453 | (1,513,537) |
Closing balance | 11,973,967 | 10,367,472 |
Net post-employment benefits liability | 4,437,741 | 2,472,676 |
Other | ||
Liabilities for employee benefits | ||
Opening balance | 9,465,024 | 7,946,927 |
Current service cost | 94,448 | 95,724 |
Past service cost | 107,231 | 114,162 |
Interest expense | 866,111 | 530,482 |
Actuarial (gains) losses | 2,891,216 | 1,361,808 |
Benefits paid | (673,280) | (608,184) |
Foreign currency translation | (983) | 24,105 |
Closing balance | 12,749,767 | 9,465,024 |
Plan assets | ||
Opening balance | 31,338 | 28,296 |
Return on assets | 1,709 | 1,819 |
Contributions to funds | 149,168 | 125,788 |
Benefits paid | (150,228) | (125,129) |
Actuarial gains (losses) | 5,313 | 564 |
Closing balance | 37,300 | 31,338 |
Net post-employment benefits liability | $ 12,712,467 | $ 9,433,686 |
Provisions for employees' ben_5
Provisions for employees' benefits - Movement in profit and loss and in other comprehensive income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss | |||
Interest expense | $ 1,088,249 | $ 679,098 | $ 661,187 |
Current service cost | 115,031 | 147,480 | 132,352 |
Past service cost | 107,231 | 114,162 | 129,328 |
Remeasurements | 0 | 0 | (211) |
Benefits plan costs recognized in profit or loss | 1,310,511 | 940,740 | 922,656 |
Other comprehensive income | |||
Recognized in other comprehensive income | (4,460,534) | (1,254,514) | 2,456,667 |
Deferred tax | 1,726,261 | 586,260 | (679,510) |
Other comprehensive income, net of taxes | (2,734,273) | (668,254) | 1,777,157 |
Pension and bonds | |||
Other comprehensive income | |||
Recognized in other comprehensive income | (2,664,204) | 156,755 | 1,401,578 |
Healthcare | |||
Other comprehensive income | |||
Recognized in other comprehensive income | (1,714,227) | (1,429,423) | 991,050 |
Other | |||
Other comprehensive income | |||
Recognized in other comprehensive income | $ (82,103) | $ 18,154 | $ 64,039 |
Provisions for employees' ben_6
Provisions for employees' benefits - Plan assets of pension and pension bonds (Details) - Pension trust - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of defined benefit plans | ||
Assets of benefit plan | $ 12,011,267 | $ 10,398,810 |
Floating interest rate | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 1,027,891 | 291,847 |
Foreign currency | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 1,980,308 | 1,762,899 |
Local currency | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 3,298,496 | 4,810,813 |
Bonds of private entities | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 3,118,893 | 1,674,431 |
Bonds issued by the national government | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 2,262,378 | 1,552,690 |
Other public bonds | ||
Disclosure of defined benefit plans | ||
Debt instruments, amount contributed to fair value of plan assets | 197,044 | 201,508 |
Bonds of foreign entities | ||
Disclosure of defined benefit plans | ||
Cash and cash equivalents, amount contributed to fair value of plan assets | $ 126,257 | $ 104,622 |
Provisions for employees' ben_7
Provisions for employees' benefits - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value level 1 | ||
Provisions for employees' benefits | ||
Percentage of plan assets | 55.70% | 53.76% |
Fair value level 2 | ||
Provisions for employees' benefits | ||
Percentage of plan assets | 44.30% | 46.24% |
Provisions for employees' ben_8
Provisions for employees' benefits - Credit ratings of the issuers and counterparties in assets (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of defined benefit plans | ||
Plan assets, at fair value | $ 12,011,267 | $ 10,398,810 |
AAA | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 4,567,823 | 4,138,043 |
Nation | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 4,037,150 | 3,319,858 |
BB+ | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 407,183 | 267,961 |
AA+ | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 323,613 | 312,303 |
BBB- | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 164,034 | 47,919 |
AA | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 155,628 | 161,244 |
F1+ | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 64,624 | 87,111 |
BBB+ | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 24,796 | 30,331 |
BAA2 | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 23,864 | 20,880 |
AA- | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 18,836 | 8,714 |
BAA1 | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 16,728 | 20,814 |
BRC1+ | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 15,506 | 43,000 |
A+ | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 9,499 | 23,514 |
A | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 1,884 | 2,352 |
Other ratings | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | 985,554 | 414,681 |
Rating not available | ||
Disclosure of defined benefit plans | ||
Plan assets, at fair value | $ 1,194,545 | $ 1,500,085 |
Provisions for employees' ben_9
Provisions for employees' benefits - Actuarial assumptions (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 11.70% | 14.70% |
Salary growth rate | 4.50% | 5.50% |
Expected inflation rate | 4.50% | 4.50% |
Pension growth rate | 5% | |
Pension | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 7.50% | 6.20% |
Salary growth rate | 3.50% | 4.50% |
Expected inflation rate | 3% | 3% |
Pension growth rate | 3% | 3% |
Bonds | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 7.25% | 9% |
Expected inflation rate | 3% | 3% |
Health | ||
Disclosure of detailed information about provision for employee benefits | ||
Expected inflation rate | 3% | 3% |
Short-term rate | 12.80% | 6.33% |
Long-term rate | 4% | 4% |
Health | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 12% | |
Salary growth rate | 4.50% | 5.50% |
Health | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 11% | 8.70% |
Salary growth rate | 3.50% | 4.50% |
Education | ||
Disclosure of detailed information about provision for employee benefits | ||
Expected inflation rate | 3% | 3% |
Short-term rate | 4% | 4% |
Long-term rate | 4% | 4% |
Education | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 12% | 14.80% |
Education | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 11% | 6.30% |
Others | Top of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 12% | 14.50% |
Salary growth rate | 4.61% | 4.70% |
Expected inflation rate | 3.50% | 4.50% |
Others | Bottom of range | ||
Disclosure of detailed information about provision for employee benefits | ||
Discount rate | 7.40% | 7.40% |
Salary growth rate | 3.50% | 4.50% |
Expected inflation rate | 3% | 3% |
Provisions for employees' be_10
Provisions for employees' benefits - Maturity of benefit obligation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 COP ($) | |
2024 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | $ 1,976,751 |
2024 | Pension and bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,293,410 |
2024 | Other benefits | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 683,341 |
2025 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 2,036,511 |
2025 | Pension and bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,327,478 |
2025 | Other benefits | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 709,033 |
2026 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 2,084,362 |
2026 | Pension and bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,342,616 |
2026 | Other benefits | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 741,746 |
2027 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 2,112,590 |
2027 | Pension and bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,336,802 |
2027 | Other benefits | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 775,788 |
2029 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 2,168,648 |
2029 | Pension and bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 1,351,056 |
2029 | Other benefits | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 817,592 |
2029 | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 11,504,859 |
2029 | Pension and bonds | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | 6,893,350 |
2029 | Other benefits | |
Disclosure of defined benefit plans | |
payment of post-employment obligations | $ 4,611,509 |
Provisions for employees' be_11
Provisions for employees' benefits - Sensitivity analysis (Details) $ in Millions | Dec. 31, 2023 COP ($) |
Discount rate | Pension | |
Disclosure of defined benefit plans | |
-50 basis points | $ 15,428,231 |
+50 basis points | 14,034,889 |
Discount rate | Bonds | |
Disclosure of defined benefit plans | |
-50 basis points | 1,247,485 |
+50 basis points | 1,188,056 |
Discount rate | Education | |
Disclosure of defined benefit plans | |
-50 basis points | 469,157 |
+50 basis points | 433,565 |
Discount rate | Other benefits | |
Disclosure of defined benefit plans | |
-50 basis points | 987,882 |
+50 basis points | 955,544 |
Discount rate | Health | |
Disclosure of defined benefit plans | |
-50 basis points | 11,819,342 |
+50 basis points | 10,302,032 |
Inflation rate | Pension | |
Disclosure of defined benefit plans | |
-50 basis points | 13,972,915 |
+50 basis points | 15,491,342 |
Inflation rate | Bonds | |
Disclosure of defined benefit plans | |
-50 basis points | 1,190,418 |
+50 basis points | 1,244,748 |
Inflation rate | Other benefits | |
Disclosure of defined benefit plans | |
-50 basis points | 847,577 |
+50 basis points | 868,927 |
Salary growth rate | Other benefits | |
Disclosure of defined benefit plans | |
-50 basis points | 109,492 |
+50 basis points | 117,265 |
Cost trend | Education | |
Disclosure of defined benefit plans | |
-50 basis points | 433,225 |
+50 basis points | 469,388 |
Cost trend | Health | |
Disclosure of defined benefit plans | |
-50 basis points | 10,315,944 |
+50 basis points | $ 11,797,481 |
Accrued liabilities and provi_3
Accrued liabilities and provisions (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of accrued liabilities and provisions [Line Items] | |||
Balance Beginning period | $ 12,756,494 | $ 14,232,207 | $ 12,427,730 |
Abandonment cost update | 3,465,340 | (1,730,016) | 500,868 |
Effect of business combination | 947,883 | ||
Additions | 853,365 | 715,831 | 714,839 |
Uses | (1,968,462) | (1,004,167) | (896,508) |
Financial costs and interest | (1,331,431) | 361,303 | 303,526 |
Foreign currency translation | 454,226 | (310,194) | (191,452) |
Reversal of provision for sale of assets (1) | (188,540) | ||
Transfers | 158,698 | 59,682 | 42,417 |
Balance End Period | 16,142,640 | 12,756,494 | 14,232,207 |
Current | 1,595,249 | 1,533,136 | 1,590,118 |
Non-current | 14,547,391 | 11,223,358 | 12,642,089 |
Asset retirement obligation | |||
Disclosure of accrued liabilities and provisions [Line Items] | |||
Balance Beginning period | 10,006,028 | 11,890,319 | 11,239,325 |
Abandonment cost update | 3,465,340 | (1,730,016) | 500,868 |
Additions | 71,001 | 93,704 | 242,435 |
Uses | (680,283) | (607,769) | (548,133) |
Financial costs and interest | (477,491) | 333,688 | 292,329 |
Foreign currency translation | 237,449 | (186,215) | (152,212) |
Reversal of provision for sale of assets (1) | (188,540) | ||
Transfers | 28,427 | 11,283 | |
Balance End Period | 13,102,128 | 10,006,028 | 11,890,319 |
Current | 1,105,004 | 946,675 | 1,041,674 |
Non-current | 11,997,124 | 9,059,353 | 10,848,645 |
Litigations | |||
Disclosure of accrued liabilities and provisions [Line Items] | |||
Balance Beginning period | 898,251 | 703,966 | 118,139 |
Effect of business combination | 329,123 | ||
Additions | 27,250 | 153,786 | 261,785 |
Uses | (905,351) | (41,773) | (13,453) |
Financial costs and interest | (808,176) | 10,293 | 3,925 |
Foreign currency translation | 79,670 | (81,894) | (4,466) |
Transfers | (25,868) | (9,915) | (19) |
Balance End Period | 722,788 | 898,251 | 703,966 |
Current | 70,182 | 94,375 | 59,843 |
Non-current | 652,606 | 803,876 | 644,123 |
Environmental contingencies and others | |||
Disclosure of accrued liabilities and provisions [Line Items] | |||
Balance Beginning period | 1,852,215 | 1,637,922 | 1,070,266 |
Effect of business combination | 618,760 | ||
Additions | 755,114 | 468,341 | 210,619 |
Uses | (382,828) | (354,625) | (334,922) |
Financial costs and interest | (45,764) | 17,322 | 7,272 |
Foreign currency translation | 137,107 | (42,085) | (34,774) |
Transfers | 184,566 | 41,170 | 31,153 |
Balance End Period | 2,317,724 | 1,852,215 | 1,637,922 |
Current | 420,063 | 492,086 | 488,601 |
Non-current | $ 1,897,661 | $ 1,360,129 | $ 1,149,321 |
Accrued liabilities and provi_4
Accrued liabilities and provisions - Additional information (Details) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||||||
Mar. 21, 2024 country | Sep. 07, 2023 USD ($) | Jun. 28, 2019 USD ($) | Mar. 16, 2018 USD ($) | May 25, 2016 USD ($) | Mar. 08, 2016 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 COP ($) item | Dec. 31, 2023 USD ($) item | Dec. 31, 2022 | Dec. 31, 2020 USD ($) | Dec. 31, 2018 USD ($) | Jun. 28, 2019 COP ($) | Jun. 28, 2019 USD ($) | Mar. 16, 2018 COP ($) | Mar. 16, 2018 USD ($) | Apr. 28, 2017 COP ($) | Apr. 28, 2017 USD ($) | |
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Mandatory investments, natural resources | 1% | 1% | 1% | |||||||||||||||
Minimum current plans executed | item | 240 | 240 | ||||||||||||||||
Percentage of forced investment | 1% | 1% | ||||||||||||||||
Minimum Percentage of Execution of Forced Obligation | 1% | 1% | ||||||||||||||||
Minimum historical execution amount | $ 90,000 | |||||||||||||||||
Unidentified expenses | $ 22 | |||||||||||||||||
Unidentified project cost | $ 269 | |||||||||||||||||
Legal proceedings in process, claims made, value | $ 213 | |||||||||||||||||
Legal fees | $ 9 | |||||||||||||||||
Number of former officials | item | 8 | 8 | ||||||||||||||||
Number of former presidents | item | 3 | 3 | ||||||||||||||||
Number of former financial vice-presidents | item | 5 | 5 | ||||||||||||||||
McDermott International Ltd | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Number of countries the business group is having presence | country | 54 | |||||||||||||||||
Vice President | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Number of former officials being investigated | item | 5 | 5 | ||||||||||||||||
Refineria de Cartagena | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Amount awarded to other party | $ 1,000 | |||||||||||||||||
Dismissal of claim amount by Plaintif | $ 400 | |||||||||||||||||
Number of former officials being investigated | item | 8 | 8 | ||||||||||||||||
Legal proceedings in process, claims made, value | $ 2,000 | |||||||||||||||||
Contingent asset claim | $ 432,303 | $ 129 | ||||||||||||||||
Contingent asset claim invoices provisionally paid | $ 137 | $ 139 | $ 122 | |||||||||||||||
Legal proceedings in process, claims made, value updated including interest | $ 503,241 | $ 137 | ||||||||||||||||
Contingent asset non detailed counterclaim | $ 387,558 | $ 116 | ||||||||||||||||
Contingent Asset Compliance Letter Of Credit | $ 70 | |||||||||||||||||
Refineria de Cartagena | McDermott International Ltd | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Percentage of preferred shares issued | 19.90% | |||||||||||||||||
Refineria de Cartagena | President | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Number of former officials being investigated | item | 3 | 3 | ||||||||||||||||
Refineria de Cartagena | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Percentage of shares acquired | 19.90% | |||||||||||||||||
Refineria de Cartagena | Letters of credits one | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Maximum credit loan | $ 70 | |||||||||||||||||
Refineria de Cartagena | Letters of credits two | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Maximum credit loan | $ 95 | |||||||||||||||||
Exploration and Production [Member] | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Discount rate applied to cash flow projections | 5.02% | 5.02% | 5.30% | |||||||||||||||
Transport and logistics [Member] | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Discount rate applied to cash flow projections | 5.20% | 5.20% | 5.58% | |||||||||||||||
Refining and petrochemicals [Member] | ||||||||||||||||||
Disclosure of accrued liabilities and provisions [Line Items] | ||||||||||||||||||
Discount rate applied to cash flow projections | 5.51% | 5.51% | 6.36% |
Accrued liabilities and provi_5
Accrued liabilities and provisions - Litigation (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CTEEP Regulatory Contingency, Case [Member] | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | $ 34,846 | $ 40,692 |
Property and Urban Land Tax (IPTU) CTEEP case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 20,228 | 23,691 |
Direct fixing for the damages associated with the hydrocarbon spill case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 14,245 | 14,245 |
Administrative processes case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 10,161 | 11,675 |
Public Works Contributions, Case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 6,792 | 223,439 |
Open competition for the management of a set of assets transferred case | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | 5,774 | 5,774 |
Damages caused by export activities | ||
Accrued liabilities and provisions | ||
Legal proceedings in process, damages sought, value | $ 5,428 | $ 4,680 |
Accrued liabilities and provi_6
Accrued liabilities and provisions - Details of contingent liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 COP ($) item | Dec. 31, 2022 COP ($) item | |
Accrued liabilities and provisions | ||
Number of processes | item | 964 | 953 |
Proceedings amount | $ | $ 4,282,269 | $ 4,061,430 |
Constitutional | ||
Accrued liabilities and provisions | ||
Number of processes | item | 115 | 122 |
Proceedings amount | $ | $ 644,398 | $ 642,057 |
Ordinary administrative | ||
Accrued liabilities and provisions | ||
Number of processes | item | 145 | 147 |
Proceedings amount | $ | $ 3,092,308 | $ 2,590,089 |
Labor | ||
Accrued liabilities and provisions | ||
Number of processes | item | 645 | 625 |
Proceedings amount | $ | $ 78,432 | $ 68,194 |
Civil | ||
Accrued liabilities and provisions | ||
Number of processes | item | 57 | 59 |
Proceedings amount | $ | $ 17,350 | $ 761,090 |
Arbitration | ||
Accrued liabilities and provisions | ||
Number of processes | item | 1 | |
Proceedings amount | $ | $ 449,781 | |
Penal | ||
Accrued liabilities and provisions | ||
Number of processes | item | 1 | 0 |
Proceedings amount | $ | $ 0 | $ 0 |
Accrued liabilities and provi_7
Accrued liabilities and provisions - Details of contingent assets (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 COP ($) item | Dec. 31, 2022 COP ($) item | |
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 973 | 812 |
Proceedings amount | $ | $ 1,048,317 | $ 736,198 |
Ordinary administrative | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 94 | 87 |
Proceedings amount | $ | $ 662,350 | $ 687,332 |
Arbitration | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 1 | |
Proceedings amount | $ | $ 300,846 | |
Civil | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 268 | 211 |
Proceedings amount | $ | $ 31,136 | $ 30,717 |
Penal | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 116 | 98 |
Proceedings amount | $ | $ 35,561 | $ 2,453 |
Labor | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 488 | 406 |
Proceedings amount | $ | $ 18,424 | $ 15,696 |
Constitutional | ||
Accrued liabilities and provisions | ||
Number of processes of contingent assets | item | 6 | 10 |
Proceedings amount | $ | $ 0 | $ 0 |
Equity - Ecopetrol Business Gro
Equity - Ecopetrol Business Groups reserves (Details) - COP ($) $ in Millions | Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | |||
Opening balance | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 |
Dividends declared | (526,615) | (1,556,406) | (349,108) |
Closing balance | 100,252,480 | 113,903,089 | 90,583,772 |
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 | $ 10,624,229 |
Equity - Dividends paid (Detail
Equity - Dividends paid (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | |||
Dividends paid | $ 5,570,876 | $ 13,356,947 | $ 2,771,287 |
Ecopetrol S.A. | |||
Equity | |||
Dividends paid | 2,747,231 | 11,622,778 | 696,387 |
Interconexion Electrica S.A. ESP | |||
Equity | |||
Dividends paid | 1,506,799 | 572,260 | 790,532 |
Oleoducto Central S.A. - Ocensa | |||
Equity | |||
Dividends paid | 809,302 | 752,530 | 682,615 |
Invercolsa S.A. | |||
Equity | |||
Dividends paid | 254,464 | 179,202 | 150,333 |
Oleoducto de los Llanos Orientales S.A. - ODL | |||
Equity | |||
Dividends paid | 171,290 | 138,939 | 147,056 |
Oleoducto de Colombia S.A. - ODC | |||
Equity | |||
Dividends paid | $ 81,790 | $ 91,238 | 86,594 |
Oleoducto Bicentenario de Colombia S.A.S. - OBC | |||
Equity | |||
Dividends paid | $ 217,770 |
Equity - Other comprehensive in
Equity - Other comprehensive income (Details) - Other comprehensive income - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | |||
Foreign currency translation | $ 15,055,305 | $ 28,816,983 | $ 17,244,255 |
Hedge of a net investment in a foreign operation | (3,165,320) | (9,219,271) | (4,364,466) |
Actuarial gain on defined benefit plans | (3,942,417) | (1,331,361) | (517,278) |
Cash flow hedges for future exports | 601,744 | (2,473,999) | (945,250) |
Cash flow hedge with derivative instruments | 124,384 | 1,290 | (61,502) |
Others | 952 | 3,077 | 2,135 |
Other comprehensive income attributable to owners of parent | $ 8,674,648 | $ 15,796,719 | $ 11,357,894 |
Equity - Earnings per share (De
Equity - Earnings per share (Details) - COP ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | |||
Profit attributable to Ecopetrol's shareholders | $ 21,060,798 | $ 31,604,781 | $ 15,649,143 |
Weighted average number of outstanding shares | 41,116,694,690 | 41,116,694,690 | 41,116,694,690 |
Net basic earnings per share (Colombian pesos) | $ 512.2 | $ 768.7 | $ 380.6 |
Equity - Additional information
Equity - Additional information (Details) - COP ($) | 12 Months Ended | ||||||
Mar. 22, 2024 | Jun. 17, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 30, 2022 | Sep. 30, 2011 | |
Equity | |||||||
Authorized capital | $ 36,540,000,000,000 | ||||||
Number of ordinary shares authorised | 60,000,000,000 | ||||||
Number of shares subscribed | 41,116,694,690 | ||||||
Proportion of shares available for public trade held privately | 11.51% | ||||||
Number of shares available for public trade held privately | 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 | $ 11,499,933,000,000 | ||||||
Number of shares reserved for issue under options and contracts for sale of shares | 18,883,305,310 | ||||||
Subscribed and paid-in capital | $ 25,040,067,000,000 | $ 25,040,067,000,000 | |||||
Subscribed and Paid-In-Capital | 25,040,067,000,000 | 25,040,067,000,000 | |||||
Additional paid in capital | 6,607,699,000,000 | 6,607,699,000,000 | |||||
Additional paid-in capital receivable | 143,000,000 | ||||||
Dividends paid | 5,570,876,000,000 | 13,356,947,000,000 | $ 2,771,287,000,000 | ||||
Profit distribution project reserve | $ 7,665,758,000,000 | ||||||
Dividends approved for distribution | $ 312 | 24,382,199,000,000 | 11,512,675,000,000 | ||||
Dividend payables | 668,383,000,000 | 392,346,000,000 | |||||
Stabilization Fund of Fuel Prices | |||||||
Equity | |||||||
Dividends made against fuel price stabilization fund receivables | $ 21,576,179,000,000 | 6,788,385,000,000 | |||||
Compensation dividend against balance of accounts receivable | 21,576,179,000,000 | ||||||
Ecopetrol S.A. | |||||||
Equity | |||||||
Dividend payables | 3,947,000,000 | $ 3,667,000,000 | |||||
Share-based payment arrangements | |||||||
Equity | |||||||
Additional paid in capital | $ 2,118,468,000,000 | ||||||
Share-based payment arrangements | Colombian Peso | |||||||
Equity | |||||||
Additional paid in capital | 4,457,997,000,000 | ||||||
Financial guarantee contracts | |||||||
Equity | |||||||
Additional paid in capital | $ 31,377,000,000 |
Revenue from contracts with c_3
Revenue from contracts with customers - National and foreign sales (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from contracts with customers | |||
Revenue | $ 143,189,602 | $ 159,611,078 | $ 91,881,204 |
National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 71,745,082 | 83,651,506 | 44,822,210 |
Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 71,444,520 | 75,959,572 | 47,058,994 |
Mid-distillates | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 32,605,842 | 39,182,510 | 17,140,327 |
Gasolines | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 23,129,025 | 27,620,199 | 15,475,370 |
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 | 4,358,266 | 4,162,876 | 3,200,069 |
Natural gas | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 105,413 | 254,054 | 71,529 |
Services | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 3,232,784 | 3,601,681 | 3,065,988 |
Electric Power Transmission Services | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 2,769,897 | 2,595,505 | 728,467 |
Electric Power Transmission Services | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 5,666,389 | 5,114,783 | 1,827,622 |
Plastic and rubber | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 1,225,223 | 1,568,816 | 1,642,035 |
Plastic and rubber | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 1,393,669 | 2,036,201 | 2,092,379 |
Fuel gas Service | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 989,084 | 860,102 | 734,666 |
Asphalts | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 938,185 | 897,200 | 611,051 |
L.P.G. and propane | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 762,349 | 1,094,332 | 926,231 |
L.P.G. and propane | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 302,159 | 339,837 | 116,960 |
Roads and construction service | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 349,834 | 355,737 | 107,179 |
Roads and construction service | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 4,761,317 | 4,676,822 | 1,241,144 |
Polyethylene | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 314,184 | 302,630 | 320,466 |
Aromatics | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 297,957 | 343,792 | 247,387 |
Crude oil | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 128,416 | 375,790 | 193,476 |
Crude oil | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 49,559,864 | 56,651,753 | 34,868,421 |
Fuel oil | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 36,298 | 9,213 | 23,799 |
Fuel oil | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 4,028,908 | 4,348,312 | 2,288,977 |
Other income - Gas contracts | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 30 | 1,940 | 2,879 |
Other products | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 607,708 | 679,183 | 402,828 |
Other products | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | 1,804,697 | 1,633,510 | 1,033,909 |
Cash flow hedging | National sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | (8) | ||
Cash flow hedging | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | (468,407) | (1,578,246) | (349,884) |
Diesel | Foreign sales | |||
Revenue from contracts with customers | |||
Revenue from sale of goods | $ 4,097,117 | $ 2,324,861 | $ 3,867,937 |
Revenue from contracts with c_4
Revenue from contracts with customers - Additional information (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from contracts with customers | |||
Recognition of price differential | $ 20,531,095 | $ 36,532,743 | $ 11,335,453 |
Percentage of entity's revenue | 100% | 100% | 100% |
Black Gold Re Ltd. | Adoption of new standards | IFRS 17 Issuance contract | |||
Revenue from contracts with customers | |||
Increase in other foreign services revenues | $ 3,763 | ||
Terpel | |||
Revenue from contracts with customers | |||
Percentage of entity's revenue | 10% | 9% | 11% |
Others | |||
Revenue from contracts with customers | |||
Percentage of entity's revenue | 10% | ||
Cash flow hedging. | |||
Revenue from contracts with customers | |||
Result of hedges for future exports | $ (479,779) | $ (1,143,287) | $ (249,978) |
Result from operations with derivative financial instruments | $ 11,372 | $ (434,959) | $ (99,914) |
Revenue from contracts with c_5
Revenue from contracts with customers - Sales by geographic area (Details) $ in Millions, $ in Trillions | 12 Months Ended | ||||
Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2023 USD ($) | |
Revenue from contracts with customers | |||||
Revenue | $ 143,189,602 | $ 159,611,078 | $ 91,881,204 | ||
Percentage of entitys revenue | 100% | 100% | 100% | 100% | |
Percentage Of Progress Obtained For Functional Unit 3 | 97.24% | ||||
Percentage Of Progress Obtained For Functional Unit 6 | 99.94% | ||||
Percentage Of Consolidated Progress Obtained For Functional Unit | 99.91% | ||||
ISA committed investments | $ 31,100 | ||||
Amount of projects awarded | $ 20.2 | ||||
Capital contributions | $ 853 | $ 329,377 | $ 44,735 | ||
Maintenance and optimization plan | $ 1.2 | ||||
Technological developments and headquarters conservation | 0.9 | ||||
Conexin Kimal Lo Aguirre in Chile and TOCE CEPI Energy Transmission Project | |||||
Revenue from contracts with customers | |||||
Capital contributions | $ 1.6 | ||||
ISA CTEEP and Subsidiaries | |||||
Revenue from contracts with customers | |||||
Amount of reinforcement and improvements approved | 3.3 | ||||
Reinforcements and improvements pending approval | $ 3.9 | ||||
Energy transmission | |||||
Revenue from contracts with customers | |||||
Percentage of projects awarded | 71% | 71% | |||
Construction and Improvement Businesses Roads | |||||
Revenue from contracts with customers | |||||
Percentage of projects awarded | 24% | 24% | |||
Telecommunications Business Development | |||||
Revenue from contracts with customers | |||||
Percentage of projects awarded | 5% | 5% | |||
Percentage of capital contribution committed | 4% | 4% | |||
Colombia | |||||
Revenue from contracts with customers | |||||
Revenue | $ 71,745,082 | $ 83,651,506 | $ 44,822,210 | ||
Percentage of entitys revenue | 50.10% | 50.10% | 52.40% | 48.80% | |
Percentage of capital contribution committed | 81% | 81% | |||
Asia | |||||
Revenue from contracts with customers | |||||
Revenue | $ 28,841,440 | $ 22,547,997 | $ 20,355,063 | ||
Percentage of entitys revenue | 20.10% | 20.10% | 14.10% | 22.20% | |
United States | |||||
Revenue from contracts with customers | |||||
Revenue | $ 24,991,770 | $ 27,120,783 | $ 16,025,083 | ||
Percentage of entitys revenue | 17.50% | 17.50% | 17% | 17.40% | |
South America And Others | |||||
Revenue from contracts with customers | |||||
Revenue | $ 12,223,922 | $ 13,609,587 | $ 5,727,355 | ||
Percentage of entitys revenue | 8.50% | 8.50% | 8.50% | 6.20% | |
Central America And the Caribbean | |||||
Revenue from contracts with customers | |||||
Revenue | $ 2,637,460 | $ 9,841,202 | $ 3,503,618 | ||
Percentage of entitys revenue | 1.90% | 1.90% | 6.20% | 3.80% | |
Europe | |||||
Revenue from contracts with customers | |||||
Revenue | $ 2,749,928 | $ 2,840,003 | $ 1,447,875 | ||
Percentage of entitys revenue | 1.90% | 1.90% | 1.80% | 1.60% | |
panama | |||||
Revenue from contracts with customers | |||||
Percentage of capital contribution committed | 15% | 15% |
Cost of sales (Details)
Cost of sales (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost of variables and fixed | |||
Total Costs Variables | $ 64,032,342 | $ 68,180,219 | $ 41,005,910 |
Total Fixed cost | 24,145,856 | 21,277,929 | 14,575,866 |
Cost of sales | 88,178,198 | 89,458,148 | 55,581,776 |
Variable Costs | |||
Cost of variables and fixed | |||
Imported products | 24,204,342 | 31,230,405 | 16,944,375 |
Purchases Of Crude | 13,389,646 | 16,223,628 | 10,015,898 |
Purchases of hydrocarbons - ANH | 8,518,700 | 9,219,215 | 5,611,153 |
Depreciation amortization and depletion | 8,125,774 | 6,774,770 | 6,328,144 |
Electric Energy | 2,294,253 | 1,540,452 | 1,087,269 |
Taxes and economic rights | 1,712,283 | 1,510,265 | 1,125,761 |
Process materials | 1,563,802 | 1,260,608 | 906,500 |
Purchases of other products and natural gas | 1,201,349 | 1,244,765 | 811,024 |
Hydrocarbon transportation services | 1,586,553 | 1,219,818 | 917,552 |
Others | 1,151,536 | (2,354,814) | (3,009,700) |
Services contracted in associations | 284,104 | 311,107 | 267,934 |
Fixed costs | |||
Cost of variables and fixed | |||
Hydrocarbon transportation services | 249,414 | 179,082 | 57,855 |
Depreciation and amortization | 5,079,308 | 4,635,601 | 3,270,735 |
Maintenance | 4,642,710 | 3,771,137 | 2,637,857 |
Labor costs | 3,976,370 | 3,436,167 | 2,596,947 |
Construction services | 2,600,184 | 2,802,486 | 732,723 |
Services contracted | 3,523,125 | 2,870,890 | 2,023,277 |
Services contracted in associations | 1,467,693 | 1,566,562 | 1,286,291 |
Taxes and contributions | 1,123,475 | 914,455 | 1,060,123 |
Materials and operating supplies | 880,729 | 684,679 | 561,182 |
General costs | $ 602,848 | $ 416,870 | $ 348,876 |
Administrative, operative, an_3
Administrative, operative, and project expenses (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Administrative, operation and project expenses: | ||||
Administrative expenses | $ 5,025,797 | $ 4,335,695 | $ 3,342,069 | |
Exploration costs | [1] | 2,088,922 | 1,512,385 | 960,247 |
Operations and project expenses | 5,702,162 | 4,743,628 | 3,153,557 | |
Administration expenses. | ||||
Administrative, operation and project expenses: | ||||
General expenses | 2,378,606 | 2,040,773 | 1,638,129 | |
Labor expenses | 2,029,110 | 1,663,464 | 1,264,319 | |
Depreciation and amortization | 535,389 | 573,514 | 386,732 | |
Taxes | 82,692 | 57,944 | 52,889 | |
Operations and project expenses | ||||
Administrative, operation and project expenses: | ||||
Labor expenses | 393,595 | 363,838 | 312,791 | |
Depreciation and amortization | 71,916 | 145,106 | 174,311 | |
Taxes | 838,977 | 781,181 | 515,848 | |
Commissions, fees, freights and services | 1,682,602 | 1,326,184 | 686,156 | |
Exploration costs | [2] | 2,088,922 | 1,512,268 | 959,562 |
Fee for regulatory entities | 288,212 | 192,094 | 139,158 | |
Maintenance | 107,832 | 162,383 | 156,412 | |
Others | $ 230,106 | $ 260,574 | $ 209,319 | |
[1]Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells.[2] It mainly includes the disposals and dry wells of the Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, Kale and Kinacú wells in Ecopetrol S.A. |
Other operating (expenses) in_3
Other operating (expenses) income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other operating (expenses) income | |||
Expense for legal provisions | $ (686,430) | $ (516,288) | $ (650,926) |
Gain (loss) on sale of assets | 121,309 | (86,954) | (123,342) |
Impairment of current assets | (95,902) | (101,871) | (83,773) |
Other income | 234,892 | 149,258 | 785,297 |
Other operating income (expense) | $ (426,131) | $ (555,855) | $ (72,744) |
Financial results (Details)
Financial results (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance income | |||
Yields and interests | $ 1,884,445 | $ 965,952 | $ 266,116 |
Results from financial assets | 329,061 | 178,212 | 108,640 |
Gain (loss) on derivatives valuation | 4,454 | 18,099 | (406) |
Other financial income | 103,009 | 154,882 | 29,242 |
Finance income | 2,320,969 | 1,317,145 | 403,592 |
Financial expenses | |||
Interest | (6,923,831) | (5,517,417) | (3,095,224) |
Financial cost of other liabilities | (2,196,936) | (2,003,687) | (1,043,728) |
Results from financial assets | (246,155) | (152,355) | (101,973) |
Other financial expenses | (1,017,143) | (353,793) | (190,723) |
Financial expenses | (10,384,065) | (8,027,252) | (4,431,648) |
Gain (loss) from exchange difference | 2,397,712 | (124,650) | (31,726) |
Gain from realization of other comprehensive income on sale of joint ventures | 0 | 0 | 361,728 |
Foreign exchange gain (loss) | 2,397,712 | (124,650) | 330,002 |
Financial result | $ (5,665,384) | $ (6,834,757) | $ (3,698,054) |
Risk management - Financial ass
Risk management - Financial assets and liabilities (Details) $ in Millions, $ in Millions | Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2020 COP ($) |
Risk management | ||||||
Cash and cash equivalents | $ 12,336,115 | $ 15,401,058 | $ 14,549,906 | $ 5,082,308 | ||
Other financial assets | $ 2,232,775 | $ 2,725,871 | ||||
USD$ Million | ||||||
Risk management | ||||||
Cash and cash equivalents | $ 554 | $ 615 | ||||
Other financial assets | 1,188 | 955 | ||||
Trade receivables and payables, net | (973) | (392) | ||||
Loans and borrowings | (18,470) | (16,113) | ||||
Other assets and liabilities, net | 268 | 202 | ||||
Net liability position | $ (17,433) | $ (14,733) |
Risk management - Financial a_2
Risk management - Financial assets and liabilities denominated in foreign currency (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 COP ($) | |
Risk management | |
Scenario / variation in the exchange rate | 1% |
variation in the exchange rate | 5% |
USD$ Million | |
Risk management | |
variation in the exchange rate | 5% |
Currency risk | |
Risk management | |
One Percent variations in exchange rate, Effect on income before income taxes | $ 34,326 |
One percent variations in exchange rate, effect on other comprehensive income | 631,972 |
Five Percent variations in exchange rate, Effect on income before income taxes | 171,630 |
Five Percent variations in exchange rate, effect on other comprehensive income | $ 3,159,860 |
Risk management - Non derivativ
Risk management - Non derivative hedging instrument (Details) - Cash flow hedging - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risk management | |||
Hedging instrument at the end of the period | $ 6,265 | $ 5,572 | $ 4,972 |
Reassignment of hedging instruments | 970 | 1,879 | |
Realization of exports | (970) | (1,879) | |
Designation of new coverage | $ 693 | $ 600 |
Risk management - Cash flow hed
Risk management - Cash flow hedge for future exports (Movement in other comprehensive income) (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risk management | |||
Opening balance | $ (2,473,999) | $ (945,250) | $ (136,473) |
Exchange difference | 5,194,529 | (4,317,263) | (1,533,743) |
Reclassification to profit or loss (Note 24) | 479,779 | 1,143,287 | 249,978 |
Ineffectiveness | 25,454 | 6,625 | 24,496 |
Deferred income tax (Note 10) | (2,624,019) | 1,638,602 | 450,492 |
Closing balance | $ 601,744 | $ (2,473,999) | $ (945,250) |
Risk management - Expected recl
Risk management - Expected reclassification of the cumulative exchange difference from other comprehensive income to profit or loss (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 COP ($) | |
Risk management | |
Before taxes | $ (1,078,180) |
Taxes | 476,436 |
After taxes | (601,744) |
2024 | |
Risk management | |
Before taxes | (259,133) |
Taxes | 115,993 |
After taxes | (143,140) |
2025 | |
Risk management | |
Before taxes | (260,645) |
Taxes | 114,704 |
After taxes | (145,941) |
2026 | |
Risk management | |
Before taxes | (253,536) |
Taxes | 111,575 |
After taxes | (141,961) |
2027 | |
Risk management | |
Before taxes | (79,228) |
Taxes | 34,866 |
After taxes | (44,362) |
2028 | |
Risk management | |
Before taxes | (78,661) |
Taxes | 34,617 |
After taxes | (44,044) |
2029 | |
Risk management | |
Before taxes | (77,785) |
Taxes | 34,231 |
After taxes | (43,554) |
2030 | |
Risk management | |
Before taxes | (36,975) |
Taxes | 16,272 |
After taxes | (20,703) |
2031 | |
Risk management | |
Before taxes | (16,545) |
Taxes | 7,281 |
After taxes | (9,264) |
2032 | |
Risk management | |
Before taxes | (14,746) |
Taxes | 6,489 |
After taxes | (8,257) |
2033 | |
Risk management | |
Before taxes | (926) |
Taxes | 408 |
After taxes | $ (518) |
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 | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | |
Risk management | ||||
Opening balance | $ 9,354,071 | $ 4,366,336 | $ 1,494,926 | |
Exchange difference | (8,973,471) | 7,526,124 | 4,579,758 | |
Deferred income tax (Note 10) | 2,760,084 | (2,538,389) | (1,708,348) | |
Closing balance | $ 10,270 | $ 3,140,684 | 9,354,071 | 4,366,336 |
Hedging instrument assets | 10,270 | $ 9,354,071 | $ 4,366,336 | |
Ecopetrol Business Group | ||||
Risk management | ||||
Closing balance | 9,942 | |||
Hedging instrument assets | 9,942 | |||
ISA Colombia | ||||
Risk management | ||||
Closing balance | 328 | |||
Hedging instrument assets | $ 328 |
Risk management - Schedule of D
Risk management - Schedule of Detailed Information About Hedging Instruments Explanatory (Details) - Currency swap contract - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Red de Energa del Per | ||
Risk management | ||
Hedging instrument assets | $ 48,195 | |
Intervial Chile | ||
Risk management | ||
Hedging instrument assets | $ 44,134 | 77,229 |
Oleoducto Central S.A. | ||
Risk management | ||
Hedging instrument assets | $ 223,091 | |
Hedging instrument liabilities | $ (137,242) |
Risk management - Significant c
Risk management - Significant concentration of credit risk (Details) - Financial assets past due but not impaired [member] - Accounts receivable - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Risk management | ||
Financial assets | $ 357,235 | $ 695,927 |
Less than 3 months overdue | ||
Risk management | ||
Financial assets | 119,608 | 171,896 |
Between 3 and 6 months overdue | ||
Risk management | ||
Financial assets | 56,615 | 67,985 |
More than 6 months overdue | ||
Risk management | ||
Financial assets | $ 181,012 | $ 456,046 |
Risk management - Risk manageme
Risk management - Risk management (Sensitivity in income and other comprehensive income to variations in interest rate) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 COP ($) | |
Increase in floating interest (+100 basis points) | |
Risk management | |
Financial assets (Financial expenses) | $ (57,834) |
Financial liabilities (Financial income) | 1,250,938 |
Plan assets (Other comprehensive income) | (479,513) |
Decrease in floating interest (-100 basis points) | |
Risk management | |
Financial assets (Financial income) | 57,834 |
Financial liabilities (Financial expenses) | (1,559,533) |
Plan assets (Other comprehensive income) | $ 491,397 |
Risk management - Maturity of f
Risk management - Maturity of financial liabilities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 COP ($) $ / $ | |
Risk management | |
Loans (payment of principal and interest) | $ 164,348,008 |
Trade and other payables | 18,922,097 |
Total | $ 183,270,105 |
Closing foreign exchange rate | $ / $ | 3,822.05 |
Up to 1 year | |
Risk management | |
Loans (payment of principal and interest) | $ 16,114,446 |
Trade and other payables | 18,891,434 |
Total | 35,005,880 |
From 1 to 5 years | |
Risk management | |
Loans (payment of principal and interest) | 53,349,820 |
Trade and other payables | 30,663 |
Total | 53,380,483 |
From 5 to 10 years | |
Risk management | |
Loans (payment of principal and interest) | 52,849,835 |
Trade and other payables | 0 |
Total | 52,849,835 |
More than 10 years | |
Risk management | |
Loans (payment of principal and interest) | 42,033,907 |
Trade and other payables | 0 |
Total | $ 42,033,907 |
Risk management - Leverage rati
Risk management - Leverage ratio (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Risk management | ||||
Loans and borrowings (Note 19) | $ 105,815,527 | $ 115,134,839 | ||
Cash and cash equivalents (Note 6) | (12,336,115) | (15,401,058) | $ (14,549,906) | $ (5,082,308) |
Other financial assets (Note 9) | (2,232,775) | (2,725,871) | ||
Net financial debt | 91,246,637 | 97,007,910 | ||
Equity (Note 23) | $ 100,252,480 | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 |
Leverage (1) | 47.65% | 45.99% |
Risk management - Additional In
Risk management - Additional Information (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2023 COP ($) $ / $ | Dec. 31, 2023 USD ($) | Dec. 31, 2022 COP ($) $ / $ | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2023 USD ($) $ / $ | Dec. 31, 2022 USD ($) $ / $ | Dec. 31, 2021 USD ($) | Dec. 31, 2020 COP ($) | |
Risk management | |||||||||
Closing balance exchange rate | $ / $ | 3,822.05 | 4,810.20 | 3,822.05 | 4,810.20 | |||||
Net position of assets and liabilities different functional currency | $ 880 | ||||||||
Debt principal payments | $ 21,659,669 | $ 16,409,494 | $ 11,267,540 | ||||||
Open position forward non-delivery operations | $ 25,454 | $ 6,625 | $ 24,496 | ||||||
variation in the exchange rate | 5% | 5% | |||||||
Scenario / variation in the exchange rate | 1% | 1% | |||||||
Floating interest rate | |||||||||
Risk management | |||||||||
Borrowings, interest rate | 31.02% | 26.40% | 25.70% | 31.02% | 26.40% | 25.70% | |||
Colombian Peso | |||||||||
Risk management | |||||||||
Net liabilities of companies in the group with a different functional currency | $ 16,553 | ||||||||
Exchange difference valuation of remaining net liabilities | 18 | ||||||||
US Dollar | |||||||||
Risk management | |||||||||
Exchange difference valuation of remaining net liabilities | 16,535 | ||||||||
variation in the exchange rate | 5% | 5% | |||||||
Hedge of a net investment in a foreign operation | |||||||||
Risk management | |||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | 10,270 | $ 8,940 | |||||||
Hedging instrument at the end of the period | $ 3,140,684 | $ 9,354,071 | $ 4,366,336 | 10,270 | $ 1,494,926 | ||||
Hedge of a net investment in a foreign operation | Ecopetrol Business Group | |||||||||
Risk management | |||||||||
Hedging instrument at the end of the period | 9,942 | ||||||||
Hedge of a net investment in a foreign operation | Isa Colombia [Member] | |||||||||
Risk management | |||||||||
Hedging instrument at the end of the period | 328 | ||||||||
Cash flow hedging | |||||||||
Risk management | |||||||||
Amount in which the company expanded the hedge of a net investment in a foreign operation | 6,265 | 5,572 | |||||||
Hedging instrument at the end of the period | $ 6,265 | $ 5,572 | $ 4,972 | ||||||
Designation of new coverage | $ 693 | $ 600 | |||||||
Credit risk in Peso portfolio | |||||||||
Risk management | |||||||||
Maximum percentage of cash investment held in portfolio | 10% | 10% | |||||||
Us Dollor Portfolio [Member] | |||||||||
Risk management | |||||||||
variation in the exchange rate | 5% | 5% | |||||||
Scenario / variation in the exchange rate | 1% | 1% | |||||||
Currency risk | |||||||||
Risk management | |||||||||
Increase decrease in foreign exchange rate | 20.54% | 20.54% |
Related parties (Details)
Related parties (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Joint ventures and Associates | |||
Accounts receivable | $ 121,637 | $ 110,186 | |
Accounts receivable, Current | 121,637 | 110,186 | |
Accounts receivable, Non-current | 0 | 0 | |
Accounts receivable- Loans | 144,659 | 557 | |
Loans receivable, Current | 1,421 | 222 | |
Loans receivable, Non-current | 143,238 | 335 | |
Other assets | 84 | 1,087 | |
Other assets, Current | 84 | 1,087 | |
Other assets, Non-current | 0 | 0 | |
Accounts payable | 64,766 | 67,879 | |
Accounts payable, Current | 64,766 | 67,879 | |
Accounts payable, Non-current | 0 | 0 | |
Loans | 683,949 | 815,056 | |
Loans, Current | 683,949 | 815,056 | |
Loans, Non-current | 0 | 0 | |
Other liabilities | 423 | 2,701 | |
Other liabilities, Current | 423 | 2,701 | |
Other liabilities, Non-current | 0 | 0 | |
Gas Natural del Oriente S.A. E.S.P. | Associates | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | 0 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 7,560 | 7,048 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Extrucol S.A. | Associates | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | 2 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 1,028 | 854 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
E2 Energia Eficiente S.A. E.S.P. | Associates | |||
Joint ventures and Associates | |||
Accounts receivable | 7,215 | 7,397 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 422 | 4,152 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Internexa Brasil Operadora de Telecomunicaes | Associates | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | ||
Accounts receivable- Loans | 235 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | 0 | ||
Equion Energa Limited | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | [1] | 0 | 127 |
Accounts receivable- Loans | [1] | 0 | 0 |
Other assets | [1] | 84 | 1,087 |
Accounts payable | [1] | 6,327 | 2,004 |
Loans | [1] | 683,949 | 815,056 |
Other liabilities | [1] | 423 | 2,698 |
Ecodiesel Colombia S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 4,953 | 13,155 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 49,429 | 53,821 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 3 | |
Interligao Eltrica do Madeira S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 35,100 | 89,505 | |
Accounts receivable- Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable | 0 | 0 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Interligao Eltrica Garanhuns S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 10,292 | 0 | |
Accounts receivable- Loans | 41 | 40 | |
Other assets | 0 | 0 | |
Accounts payable | 0 | 0 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Interligao Eltrica Paraguau S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 11,366 | ||
Accounts receivable- Loans | 25 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | 0 | ||
Interligao Eltrica Aimors S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 7,612 | ||
Accounts receivable- Loans | 25 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | 0 | ||
Interligao Eltrica Iva S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 18,316 | 0 | |
Accounts receivable- Loans | 1,097 | 182 | |
Other assets | 0 | 0 | |
Accounts payable | 0 | 0 | |
Loans | 0 | 0 | |
Other liabilities | 0 | 0 | |
Transmissora Alianca de Energia Eltrica S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 26,783 | ||
Accounts receivable- Loans | 0 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | 0 | ||
Derivex S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | ||
Accounts receivable- Loans | 335 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | $ 0 | ||
Conexion Kimal Lo Aguirre S.A. | Joint Ventures | |||
Joint ventures and Associates | |||
Accounts receivable | 0 | ||
Accounts receivable- Loans | 143,236 | ||
Other assets | 0 | ||
Accounts payable | 0 | ||
Loans | 0 | ||
Other liabilities | $ 0 | ||
[1]Resources deposited by Equion in Ecopetrol Capital AG. |
Related parties - Transactions
Related parties - Transactions with related parties (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Main transactions with related parties | |||
Sales and services | $ 116,884 | $ 111,404 | $ 109,980 |
Purchases and others | 590,860 | 708,444 | 627,924 |
Joint ventures | |||
Main transactions with related parties | |||
Sales and services | 25,763 | 21,267 | 49,821 |
Purchases and others | 543,565 | 643,131 | 591,419 |
Associates | |||
Main transactions with related parties | |||
Sales and services | 91,121 | 90,137 | 60,159 |
Purchases and others | 47,295 | 65,313 | 36,505 |
Gas Natural del Oriente S.A. E.S.P. | Associates | |||
Main transactions with related parties | |||
Sales and services | 0 | 0 | 0 |
Purchases and others | 39,659 | 53,994 | 27,175 |
Extrucol S.A. | Associates | |||
Main transactions with related parties | |||
Sales and services | 16 | 20 | 0 |
Purchases and others | 4,591 | 3,411 | 2,354 |
E2 Energia Eficiente S.A. E.S.P. | Associates | |||
Main transactions with related parties | |||
Sales and services | 91,105 | 90,117 | 60,159 |
Purchases and others | 3,045 | 7,908 | 6,976 |
Equion Energa Limited | Joint ventures | |||
Main transactions with related parties | |||
Sales and services | 731 | 33 | 13,996 |
Purchases and others | 2,578 | 23,845 | 149,046 |
Ecodiesel Colombia S.A. | Joint ventures | |||
Main transactions with related parties | |||
Sales and services | 25,032 | 21,234 | 35,825 |
Purchases and others | $ 540,987 | $ 619,286 | $ 442,373 |
Related parties - Additional In
Related parties - Additional Information (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related parties | ||
Remuneration fees to board of directors | $ 4,983 | $ 3,582 |
Payment of key management personnel compensation | $ 35,906 | $ 27,359 |
Ownership interest held by government | 88.49% |
Joint operations - Contracts in
Joint operations - Contracts in which Ecopetrol is not the operator (Details) - Contract where entity not operator | 12 Months Ended |
Dec. 31, 2023 | |
Chipiron | Bottom of range | |
Joint operations | |
% Participation | 30% |
Chipiron | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Chipirón |
Type | Production |
Geographic area of operations | Colombia |
Chipiron | SierraCol Energy Arauca, LLC | Bottom of range | |
Joint operations | |
% Participation | 30% |
Chipiron | SierraCol Energy Arauca, LLC | Top of range | |
Joint operations | |
% Participation | 41% |
Cosecha | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Cosecha |
Type | Production |
% Participation | 30% |
Geographic area of operations | Colombia |
Cravo norte | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Cravo Norte |
Type | Production |
% Participation | 55% |
Geographic area of operations | Colombia |
Rondon | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Rondón |
Type | Production |
% Participation | 50% |
Geographic area of operations | Colombia |
Quifa | Frontera Energy Colombia Corp | |
Joint operations | |
Contract | Quifa |
Type | Production |
% Participation | 40% |
Geographic area of operations | Colombia |
CPI Palagua | Union Temporal Ismocol Joshi Parko | |
Joint operations | |
Contract | CPI Palagua |
Type | Production |
Geographic area of operations | Colombia |
CPI Palagua | Union Temporal Ismocol Joshi Parko | Bottom of range | |
Joint operations | |
% Participation | 70% |
CPI Palagua | Union Temporal Ismocol Joshi Parko | Top of range | |
Joint operations | |
% Participation | 80% |
CapachosLLA-122 | Parex Resources Colombia LTD | |
Joint operations | |
Contract | CapachosLLA-122 |
Type | ProductionExploration |
% Participation | 50% |
Geographic area of operations | Colombia |
E&P COL 1 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 1 |
Type | Exploration |
% Participation | 40% |
E&P COL 2 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 2 |
Type | Exploration |
% Participation | 40% |
Geographic area of operations | Offshore North Caribe |
E&P COL 6 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 6 |
% Participation | 40% |
Geographic area of operations | Offshore North Caribe |
E&P COL 7 | Anadarko Colombia Company (OXY) | |
Joint operations | |
Contract | E&P COL 7 |
Type | Exploration |
% Participation | 40% |
Geographic area of operations | Offshore North Caribe |
Tayrona | Petrobras | |
Joint operations | |
Contract | Tayrona |
Type | Exploration |
% Participation | 55.60% |
Geographic area of operations | Offshore North Caribe |
Fuerte Sur | Shell EP Offshore Ventures Limited | |
Joint operations | |
Contract | Fuerte Sur |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Offshore Caribe Norte |
Purple Angel | Shell EP Offshore Ventures Limited | |
Joint operations | |
Contract | Purple Angel |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Offshore North Caribe |
Col-5 | Shell EP Offshore Ventures Limited | |
Joint operations | |
Contract | Col-5 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Offshore Caribe Norte |
Mana | Interoil Colombia | |
Joint operations | |
Contract | Mana |
% Participation | 30% |
Geographic area of operations | Colombia |
Rio Opia | Interoil Colombia | |
Joint operations | |
Contract | Rio Opia |
Type | Production |
% Participation | 30% |
Geographic area of operations | Colombia |
Ambrosia | Interoil Colombia | |
Joint operations | |
Contract | Ambrosia |
Type | Production |
% Participation | 30% |
Geographic area of operations | Colombia |
Llanos 86 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 86 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Llanos 87 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 87 |
% Participation | 50% |
Llanos 104 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 104 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Llanos 123 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 123 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Llanos 124 | Geopark Colombia SAS | |
Joint operations | |
Contract | Llanos 124 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
SSJN1 | Lewis Energy Colombia | |
Joint operations | |
Contract | SSJN1 |
Type | Production |
% Participation | 50% |
Geographic area of operations | Colombia |
Perdices | Lewis Energy Colombia | |
Joint operations | |
Contract | Perdices |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
VIM-42 | Lewis Energy Colombia | |
Joint operations | |
Contract | VIM-42 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
SSJN3-1 | Lewis Energy Colombia | |
Joint operations | |
Contract | SSJN3-1 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Gunflint | Quarter North Energy | |
Joint operations | |
Contract | Gunflint |
Type | Production |
% Participation | 32% |
Geographic area of operations | Gulf of Mexico |
Dalmatian | Murphy Exploration and Production Company - USA | |
Joint operations | |
Contract | Dalmatian |
Type | Production |
% Participation | 30% |
Geographic area of operations | Gulf of Mexico |
K2 | OXY (Anadarko) | |
Joint operations | |
Contract | Redeo Midland Basin |
Type | Production |
% Participation | 21% |
Geographic area of operations | Gulf of Mexico |
ESOX | HESS | |
Joint operations | |
Contract | ESOX |
Type | Production |
% Participation | 21% |
Geographic area of operations | Gulf of Mexico |
S-M-1709 | Shell | |
Joint operations | |
Contract | S-M-1709 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1908 | Shell | |
Joint operations | |
Contract | S-M-1908 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1601 | Shell | |
Joint operations | |
Contract | S-M-1601 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1713 | Shell | |
Joint operations | |
Contract | S-M-1713 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1817 | Shell | |
Joint operations | |
Contract | S-M-1817 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1599 | Shell | |
Joint operations | |
Contract | S-M-1599 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
S-M-1910 | Shell | |
Joint operations | |
Contract | S-M-1910 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
Sul de Gato do Mato | Shell | |
Joint operations | |
Contract | Sul de Gato do Mato |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-54 | Shell | |
Joint operations | |
Contract | BM-S-54 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
Pau Brasil | BP Energy | |
Joint operations | |
Contract | Pau Brasil |
Type | Exploration |
% Participation | 20% |
Geographic area of operations | Brazil |
CE-M-715 | Chevron | |
Joint operations | |
Contract | CE-M-715 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Brazil |
PAMA-M-187 | Petrobras | |
Joint operations | |
Contract | PAMA-M-187 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
PAMA-M-188 | Petrobras | |
Joint operations | |
Contract | PAMA-M-188 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
PAMA-M-222 | Petrobras | |
Joint operations | |
Contract | PAMA-M-222 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
PAMA-M-223 | Petrobras | |
Joint operations | |
Contract | PAMA-M-223 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-C-44 | Petrobras | |
Joint operations | |
Contract | BM-C-44 |
Type | Exploration |
% Participation | 38% |
Geographic area of operations | Brazil |
BM-S-74 | Petrobras | |
Joint operations | |
Contract | BM-S-74 |
Type | Exploration |
% Participation | 13% |
Geographic area of operations | Brazil |
BM-C-29 | Anadarko | |
Joint operations | |
Contract | BM-C-29 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Brazil |
BM-ES-29 | Repsol | |
Joint operations | |
Contract | BM-ES-29 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-73 | ONGC | |
Joint operations | |
Contract | BM-S-73 |
Type | Exploration |
% Participation | 13% |
Geographic area of operations | Brazil |
BM-S-63 | Vanco | |
Joint operations | |
Contract | BM-S-63 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-71 | Vanco | |
Joint operations | |
Contract | BM-S-71 |
Type | Exploration |
% Participation | 30% |
Geographic area of operations | Brazil |
BM-S-72 | Vanco | |
Joint operations | |
Contract | BM-S-72 |
% Participation | 30% |
Rodeo Midland Basin | Occidental Midland Basin, LLC (Oxy) | |
Joint operations | |
Contract | Rodeo Midland Basin |
Type | Production |
% Participation | 49% |
Geographic area of operations | Midland, Texas, USA |
Bloque 8 | Pemex Exploration y Production | |
Joint operations | |
Contract | Bloque 8 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Gulf of Mexico |
Bloque 6 | PC Carigali Mexico Operation SA | |
Joint operations | |
Contract | Bloque 6 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Gulf of Mexico |
Joint operations - Contracts _2
Joint operations - Contracts in which Ecopetrol is the operator (Details) - Contract where Entity is operator | 12 Months Ended |
Dec. 31, 2023 | |
VMM29 | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | VMM29 |
% Participation | 50% |
Geographic area of operations | Colombia |
CR2 | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | CR2 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
C62 | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | C62 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
KALE | ExxonMobil Exploration Colombia | |
Joint operations | |
Contract | KALE |
Type | Exploration |
% Participation | 100% |
Geographic area of operations | Colombia |
CPO9 | Repsol Colombia Oil & Gas Limited | |
Joint operations | |
Contract | CPO9 |
Type | Exploration |
% Participation | 55% |
Geographic area of operations | Colombia |
VMM32 | CPVEN E&P Corp Sucursal Colombia | |
Joint operations | |
Contract | VMM32 |
Type | Exploration |
% Participation | 51% |
Geographic area of operations | Colombia |
Catleya | Repsol Exploracion Colombia S.A. | |
Joint operations | |
Contract | Catleya |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Cardon | Emerald Energy PLC Suc. Colombia | |
Joint operations | |
Contract | Cardon |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
ORC401 CRC-2004-01 | Parex Resources Colombia Ltd. | |
Joint operations | |
Contract | ORC401 CRC-2004-01 |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
CPO9 - Akacias | Repsol Colombia Oil & Gas Limited | |
Joint operations | |
Contract | CPO9 – Akacias |
Type | Production |
% Participation | 55% |
Geographic area of operations | Colombia |
La Cira Infantas | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | La Cira Infantas |
Type | Production |
Geographic area of operations | Colombia |
% participation in addition to PAP | 52% |
Teca | SierraCol Energy Arauca, LLC | |
Joint operations | |
Contract | Teca |
% participation, basic | 100% |
% participation, incremental | 60% |
Niscota | Talisman Oil & Gas | |
Joint operations | |
Contract | San Jacinto Rio Paez |
Type | Production |
% Participation | 20% |
Geographic area of operations | Colombia |
Alto Magdalena Pipeline | Emerald Energy | |
Joint operations | |
Contract | Oleoducto Alto Magdalena |
Type | Production |
% Participation | 45% |
Geographic area of operations | Colombia |
San Jacinto Rio Paez | Perenco Oil And Gas | |
Joint operations | |
Contract | San Jacinto Rio Paez |
Type | Production |
% Participation | 68% |
Geographic area of operations | Colombia |
Clarinero | Lewis Energy Colombia | |
Joint operations | |
Contract | Clarinero** |
Type | Exploration |
% Participation | 50% |
Geographic area of operations | Colombia |
Mundo Nuevo | Talisman Oil & Gas | |
Joint operations | |
Contract | Mundo Nuevo |
Type | Exploration |
% Participation | 15% |
Geographic area of operations | Colombia |
Joint operations - Additional I
Joint operations - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Joint operations | ||
Investment commitments | $ 802.3 | $ 805.6 |
Information by segments (Detail
Information by segments (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of profit or loss by segment | |||
Sales revenue | $ 143,189,602 | $ 159,611,078 | $ 91,881,204 |
Costs | (88,178,198) | (89,458,148) | (55,581,776) |
Gross profit | 55,011,404 | 70,152,930 | 36,299,428 |
Administration expenses | (5,025,797) | (4,335,695) | (3,342,069) |
Operation and projects expenses | (5,702,162) | (4,743,628) | (3,153,557) |
Impairment of non-current assets | (2,098,333) | (287,999) | (33,351) |
Other operating income (expense) | (426,131) | (555,855) | (72,744) |
Operating income | 41,758,981 | 60,229,753 | 29,697,707 |
Financial results | |||
Financial income | 2,320,969 | 1,317,145 | 403,592 |
Financial cost registered to projects | (10,384,065) | (8,027,252) | (4,431,648) |
Foreign exchange gain (loss) | 2,397,712 | (124,650) | 330,002 |
Financial results | (5,665,384) | (6,834,757) | (3,698,054) |
Share of profits of associates and joint ventures | 805,349 | 768,422 | 426,164 |
Profit before income tax expense | 36,898,946 | 54,163,418 | 26,425,817 |
Income tax expense | (11,515,875) | (18,963,938) | (8,795,263) |
Net profit for the year | 25,383,071 | 35,199,480 | 17,630,554 |
Net profit (loss) attributable to: | |||
Owners of parent | 21,060,798 | 31,604,781 | 15,649,143 |
Non-controlling interest | 4,322,273 | 3,594,699 | 1,981,411 |
Net profit for the year | 25,383,071 | 35,199,480 | 17,630,554 |
Supplementary information | |||
Depreciation, depletion and amortization | 13,812,387 | 12,128,991 | 10,159,922 |
Variable Cost | |||
Statement of profit or loss by segment | |||
Costs | (64,032,342) | (68,180,219) | (41,005,910) |
Fixed Cost | |||
Statement of profit or loss by segment | |||
Costs | (24,145,856) | (21,277,929) | (14,575,866) |
Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 143,189,602 | 159,611,078 | 91,881,204 |
Operating segments | Exploration and Production | |||
Statement of profit or loss by segment | |||
Sales revenue | 81,514,915 | 91,020,465 | 63,248,952 |
Costs | (51,827,884) | (46,749,420) | (40,335,132) |
Gross profit | 29,687,031 | 44,271,045 | 22,913,820 |
Administration expenses | (2,605,190) | (2,489,557) | (1,987,817) |
Operation and projects expenses | (4,102,410) | (3,221,678) | (1,882,686) |
Impairment of non-current assets | (2,741,092) | (890,248) | 438,020 |
Other operating income (expense) | (148,314) | (310,628) | (617,893) |
Operating income | 20,090,025 | 37,358,934 | 18,863,444 |
Financial results | |||
Financial income | 1,473,523 | 1,011,182 | 517,629 |
Financial cost registered to projects | (4,872,501) | (2,894,636) | (2,410,906) |
Foreign exchange gain (loss) | 2,009,356 | (44,302) | (219,747) |
Financial results | (1,389,622) | (1,927,756) | (2,113,024) |
Share of profits of associates and joint ventures | 26,927 | 30,197 | 9,610 |
Profit before income tax expense | 18,727,330 | 35,461,375 | 16,760,030 |
Income tax expense | (8,610,599) | (13,829,885) | (5,019,540) |
Net profit for the year | 10,116,731 | 21,631,490 | 11,740,490 |
Net profit (loss) attributable to: | |||
Owners of parent | 10,208,130 | 21,761,164 | 11,829,119 |
Non-controlling interest | (91,399) | (129,674) | (88,629) |
Net profit for the year | 10,116,731 | 21,631,490 | 11,740,490 |
Supplementary information | |||
Depreciation, depletion and amortization | 8,657,782 | 7,304,525 | 6,844,910 |
Operating segments | Exploration and Production | Variable Cost | |||
Statement of profit or loss by segment | |||
Costs | (37,643,759) | (34,649,988) | (30,473,145) |
Operating segments | Exploration and Production | Fixed Cost | |||
Statement of profit or loss by segment | |||
Costs | (14,184,125) | (12,099,432) | (9,861,987) |
Operating segments | Exploration and Production | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 52,429,502 | 60,719,903 | 38,552,572 |
Operating segments | Exploration and Production | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 29,085,413 | 30,300,562 | 24,696,380 |
Operating segments | Refining and Petrochemicals | |||
Statement of profit or loss by segment | |||
Sales revenue | 82,147,926 | 89,178,947 | 50,976,385 |
Costs | (75,716,453) | (80,331,998) | (48,535,388) |
Gross profit | 6,431,473 | 8,846,949 | 2,440,997 |
Administration expenses | (962,063) | (823,349) | (784,214) |
Operation and projects expenses | (1,392,588) | (1,387,064) | (944,616) |
Impairment of non-current assets | 1,482,444 | 1,096,021 | (305,466) |
Other operating income (expense) | (103,563) | (37,959) | 10,749 |
Operating income | 5,455,703 | 7,694,598 | 417,450 |
Financial results | |||
Financial income | 197,186 | 89,173 | 24,313 |
Financial cost registered to projects | (1,748,454) | (1,381,682) | (1,151,255) |
Foreign exchange gain (loss) | 657,678 | (289,105) | (132,734) |
Financial results | (893,590) | (1,581,614) | (1,259,676) |
Share of profits of associates and joint ventures | 251,769 | 222,460 | 200,998 |
Profit before income tax expense | 4,813,882 | 6,335,444 | (641,228) |
Income tax expense | 753,038 | (1,464,380) | (383,562) |
Net profit for the year | 5,566,920 | 4,871,064 | (1,024,790) |
Net profit (loss) attributable to: | |||
Owners of parent | 5,352,446 | 4,686,009 | (1,198,619) |
Non-controlling interest | 214,474 | 185,055 | 173,829 |
Net profit for the year | 5,566,920 | 4,871,064 | (1,024,790) |
Supplementary information | |||
Depreciation, depletion and amortization | 2,184,053 | 1,960,399 | 1,640,940 |
Operating segments | Refining and Petrochemicals | Variable Cost | |||
Statement of profit or loss by segment | |||
Costs | (71,009,974) | (76,341,169) | (44,860,928) |
Operating segments | Refining and Petrochemicals | Fixed Cost | |||
Statement of profit or loss by segment | |||
Costs | (4,706,479) | (3,990,829) | (3,674,460) |
Operating segments | Refining and Petrochemicals | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 73,616,641 | 82,728,875 | 46,658,196 |
Operating segments | Refining and Petrochemicals | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 8,531,285 | 6,450,072 | 4,318,189 |
Operating segments | Transportation and Logistics | |||
Statement of profit or loss by segment | |||
Sales revenue | 15,509,732 | 13,955,992 | 12,158,466 |
Costs | (4,380,195) | (3,893,210) | (3,260,309) |
Gross profit | 11,129,537 | 10,062,782 | 8,898,157 |
Administration expenses | (621,341) | (499,801) | (457,217) |
Operation and projects expenses | (426,821) | (327,952) | (404,264) |
Impairment of non-current assets | (630,134) | (406,229) | (165,901) |
Other operating income (expense) | 34,835 | (96,239) | 591,829 |
Operating income | 9,486,076 | 8,732,561 | 8,462,604 |
Financial results | |||
Financial income | 431,593 | 157,264 | 76,453 |
Financial cost registered to projects | (349,340) | (287,889) | (250,816) |
Foreign exchange gain (loss) | (272,900) | 10,080 | 381,964 |
Financial results | (190,647) | (120,545) | 207,601 |
Share of profits of associates and joint ventures | 858 | ||
Profit before income tax expense | 9,295,429 | 8,612,016 | 8,671,063 |
Income tax expense | (3,129,197) | (2,962,021) | (2,925,390) |
Net profit for the year | 6,166,232 | 5,649,995 | 5,745,673 |
Net profit (loss) attributable to: | |||
Owners of parent | 4,829,051 | 4,483,060 | 4,635,354 |
Non-controlling interest | 1,337,181 | 1,166,935 | 1,110,319 |
Net profit for the year | 6,166,232 | 5,649,995 | 5,745,673 |
Supplementary information | |||
Depreciation, depletion and amortization | 1,487,501 | 1,448,626 | 1,211,642 |
Operating segments | Transportation and Logistics | Variable Cost | |||
Statement of profit or loss by segment | |||
Costs | (885,109) | (720,247) | (531,361) |
Operating segments | Transportation and Logistics | Fixed Cost | |||
Statement of profit or loss by segment | |||
Costs | (3,495,086) | (3,172,963) | (2,728,948) |
Operating segments | Transportation and Logistics | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 2,978,937 | 2,807,031 | 2,557,238 |
Operating segments | Transportation and Logistics | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 12,530,795 | 11,148,961 | 9,601,228 |
Operating segments | Electric power transmission and toll roads concessions | |||
Statement of profit or loss by segment | |||
Sales revenue | 4,113,198 | ||
Costs | (1,817,491) | ||
Gross profit | 2,295,707 | ||
Administration expenses | (322,939) | ||
Operation and projects expenses | (460) | ||
Impairment of non-current assets | (4) | ||
Other operating income (expense) | (51,267) | ||
Operating income | 1,921,037 | ||
Financial results | |||
Financial income | 89,267 | ||
Financial cost registered to projects | (886,420) | ||
Foreign exchange gain (loss) | 300,519 | ||
Financial results | (496,634) | ||
Share of profits of associates and joint ventures | 214,698 | ||
Profit before income tax expense | 1,639,101 | ||
Income tax expense | (466,771) | ||
Net profit for the year | 1,172,330 | ||
Net profit (loss) attributable to: | |||
Owners of parent | 386,438 | ||
Non-controlling interest | 785,892 | ||
Net profit for the year | 1,172,330 | ||
Supplementary information | |||
Depreciation, depletion and amortization | 462,430 | ||
Operating segments | Electric power transmission and toll roads concessions | Fixed Cost | |||
Statement of profit or loss by segment | |||
Costs | (1,817,491) | ||
Operating segments | Electric power transmission and toll roads concessions | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 4,113,198 | ||
Operating segments | Concessions, electricity transport and roads | |||
Statement of profit or loss by segment | |||
Sales revenue | 14,168,266 | 13,357,506 | |
Costs | (5,928,905) | (5,854,832) | |
Gross profit | 8,239,361 | 7,502,674 | |
Administration expenses | (1,182,380) | (965,314) | |
Impairment of non-current assets | (209,551) | (87,543) | |
Other operating income (expense) | (201,141) | (104,664) | |
Operating income | 6,646,289 | 6,345,153 | |
Financial results | |||
Financial income | 870,897 | 577,743 | |
Financial cost registered to projects | (3,984,198) | (3,883,596) | |
Foreign exchange gain (loss) | 3,578 | 198,677 | |
Financial results | (3,109,723) | (3,107,176) | |
Share of profits of associates and joint ventures | 529,536 | 515,746 | |
Profit before income tax expense | 4,066,102 | 3,753,723 | |
Income tax expense | (529,117) | (707,652) | |
Net profit for the year | 3,536,985 | 3,046,071 | |
Net profit (loss) attributable to: | |||
Owners of parent | 674,968 | 673,688 | |
Non-controlling interest | 2,862,017 | 2,372,383 | |
Net profit for the year | 3,536,985 | 3,046,071 | |
Supplementary information | |||
Depreciation, depletion and amortization | 1,483,051 | 1,415,441 | |
Operating segments | Concessions, electricity transport and roads | Fixed Cost | |||
Statement of profit or loss by segment | |||
Costs | (5,928,905) | (5,854,832) | |
Operating segments | Concessions, electricity transport and roads | Third party sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 14,164,522 | 13,355,269 | |
Operating segments | Concessions, electricity transport and roads | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | 3,744 | 2,237 | |
Eliminations | |||
Statement of profit or loss by segment | |||
Sales revenue | (50,151,237) | (47,901,832) | (38,615,797) |
Costs | 49,675,239 | 47,371,312 | 38,366,544 |
Gross profit | (475,998) | (530,520) | (249,253) |
Administration expenses | 345,177 | 442,326 | 210,118 |
Operation and projects expenses | 219,657 | 193,066 | 78,469 |
Other operating income (expense) | (7,948) | (6,365) | (6,162) |
Operating income | 80,888 | 98,507 | 33,172 |
Financial results | |||
Financial income | (652,230) | (518,217) | (304,070) |
Financial cost registered to projects | 570,428 | 420,551 | 267,749 |
Financial results | (81,802) | (97,666) | (36,321) |
Share of profits of associates and joint ventures | (2,883) | 19 | |
Profit before income tax expense | (3,797) | 860 | (3,149) |
Net profit for the year | (3,797) | 860 | (3,149) |
Net profit (loss) attributable to: | |||
Owners of parent | (3,797) | 860 | (3,149) |
Net profit for the year | (3,797) | 860 | (3,149) |
Eliminations | Variable Cost | |||
Statement of profit or loss by segment | |||
Costs | 45,506,500 | 43,531,185 | 34,859,524 |
Eliminations | Fixed Cost | |||
Statement of profit or loss by segment | |||
Costs | 4,168,739 | 3,840,127 | 3,507,020 |
Eliminations | Inter-segment sales | |||
Statement of profit or loss by segment | |||
Sales revenue | $ (50,151,237) | $ (47,901,832) | $ (38,615,797) |
Information by segments - Sales
Information by segments - Sales by product (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
National sales | |||
Sales by product | |||
Sales by product | $ 71,745,082 | $ 83,651,506 | $ 44,822,210 |
National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 32,605,842 | 39,182,510 | 17,140,327 |
National sales | Gasolines | |||
Sales by product | |||
Sales by product | 23,129,025 | 27,620,199 | 15,475,370 |
National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 4,358,266 | 4,162,876 | 3,200,069 |
National sales | Services | |||
Sales by product | |||
Sales by product | 3,232,784 | 3,601,681 | 3,065,988 |
National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 2,769,897 | 2,595,505 | 728,467 |
National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 349,834 | 355,737 | 107,179 |
National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,225,223 | 1,568,816 | 1,642,035 |
National sales | Asphalts | |||
Sales by product | |||
Sales by product | 938,185 | 897,200 | 611,051 |
National sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | 762,349 | 1,094,332 | 926,231 |
National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 314,184 | 302,630 | 320,466 |
National sales | Aromatics | |||
Sales by product | |||
Sales by product | 297,957 | 343,792 | 247,387 |
National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 36,298 | 9,213 | 23,799 |
National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 30 | 1,940 | 2,879 |
National sales | Other products | |||
Sales by product | |||
Sales by product | 607,708 | 679,183 | 402,828 |
National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (8) | ||
Foreign sales | |||
Sales by product | |||
Sales by product | 71,444,520 | 75,959,572 | 47,058,994 |
Foreign sales | Gasolines | |||
Sales by product | |||
Sales by product | 193,394 | 157,685 | |
Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 105,413 | 254,054 | 71,529 |
Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 5,666,389 | 5,114,783 | 1,827,622 |
Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 4,761,317 | 4,676,822 | 1,241,144 |
Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,393,669 | 2,036,201 | 2,092,379 |
Foreign sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | 302,159 | 339,837 | 116,960 |
Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 4,028,908 | 4,348,312 | 2,288,977 |
Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 1,804,697 | 1,633,510 | 1,033,909 |
Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 4,097,117 | 2,324,861 | 3,867,937 |
Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (468,407) | (1,578,246) | (349,884) |
Operating segments | |||
Sales by product | |||
Sales by product | 83,651,506 | ||
Total sales revenue | 143,189,602 | 159,611,078 | 91,881,204 |
Operating segments | National sales | |||
Sales by product | |||
Sales by product | 71,745,082 | 44,822,210 | |
Operating segments | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 32,605,842 | 39,182,510 | 17,140,327 |
Operating segments | National sales | Gasolines | |||
Sales by product | |||
Sales by product | 23,129,025 | 27,620,199 | 15,475,370 |
Operating segments | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 4,358,266 | 4,162,876 | 3,200,069 |
Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 3,232,784 | 3,601,681 | 3,065,988 |
Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 2,769,897 | 2,595,505 | 728,467 |
Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 349,834 | 355,737 | 107,179 |
Operating segments | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | 989,084 | 860,102 | 734,666 |
Operating segments | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,225,223 | 1,568,816 | 1,642,035 |
Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 938,185 | 897,200 | 611,051 |
Operating segments | National sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | 762,349 | 1,094,332 | 926,231 |
Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | 128,416 | 375,790 | 193,476 |
Operating segments | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 314,184 | 302,630 | 320,466 |
Operating segments | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 297,957 | 343,792 | 247,387 |
Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 36,298 | 9,213 | 23,799 |
Operating segments | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 30 | 1,940 | 2,879 |
Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 607,708 | 679,183 | 402,828 |
Operating segments | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (8) | ||
Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 71,444,520 | 75,959,572 | 47,058,994 |
Operating segments | Foreign sales | Gasolines | |||
Sales by product | |||
Sales by product | 193,394 | 157,685 | |
Operating segments | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 105,413 | 254,054 | 71,529 |
Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 4,761,317 | 4,676,822 | 1,241,144 |
Operating segments | Foreign sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,393,669 | 2,036,201 | 2,092,379 |
Operating segments | Foreign sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | 302,159 | 339,837 | 116,960 |
Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 49,559,864 | 56,651,753 | 34,868,421 |
Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 4,028,908 | 4,348,312 | 2,288,977 |
Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 1,804,697 | 1,633,510 | 1,033,909 |
Operating segments | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 4,097,117 | 2,324,861 | 3,867,937 |
Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (468,407) | (1,578,246) | (349,884) |
Eliminations | |||
Sales by product | |||
Sales by product | (47,758,721) | ||
Total sales revenue | (50,151,237) | (47,901,832) | (38,615,797) |
Eliminations | National sales | |||
Sales by product | |||
Sales by product | (49,929,808) | (38,615,755) | |
Eliminations | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | (32,349) | (35,108) | (26,485) |
Eliminations | National sales | Gasolines | |||
Sales by product | |||
Sales by product | (3,836,642) | (4,402,357) | (2,456,099) |
Eliminations | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | (1,193,123) | (1,087,701) | (877,622) |
Eliminations | National sales | Services | |||
Sales by product | |||
Sales by product | (14,001,151) | (11,847,349) | (10,004,421) |
Eliminations | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | (9,283) | (8,999) | (7,546) |
Eliminations | National sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | (16,739) | (30,169) | (24,529) |
Eliminations | National sales | Crude oil | |||
Sales by product | |||
Sales by product | (27,741,343) | (28,841,135) | (23,426,015) |
Eliminations | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 649 | ||
Eliminations | National sales | Other products | |||
Sales by product | |||
Sales by product | (3,099,827) | (1,505,903) | (1,793,038) |
Eliminations | Foreign sales | |||
Sales by product | |||
Sales by product | (221,429) | (143,111) | (42) |
Eliminations | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | (141,891) | ||
Eliminations | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | (204,030) | ||
Eliminations | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 17,399 | (1,220) | (42) |
Exploration and Production | Operating segments | |||
Sales by product | |||
Sales by product | 35,237,738 | ||
Total sales revenue | 81,514,915 | 91,020,465 | 63,248,952 |
Exploration and Production | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 33,981,605 | 28,521,568 | |
Exploration and Production | Operating segments | National sales | Gas Natural | |||
Sales by product | |||
Sales by product | 5,551,389 | 5,250,577 | 4,077,691 |
Exploration and Production | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | (53,379) | 450,322 | 132,060 |
Exploration and Production | Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 65,574 | 47,224 | 25,178 |
Exploration and Production | Operating segments | National sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | 505,066 | 739,323 | 618,218 |
Exploration and Production | Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | 27,870,500 | 28,725,485 | 23,619,491 |
Exploration and Production | Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 26,564 | 2,663 | 10,838 |
Exploration and Production | Operating segments | National sales | Other income - Gas contracts | |||
Sales by product | |||
Sales by product | 30 | 1,940 | 2,879 |
Exploration and Production | Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 15,861 | 20,204 | 35,213 |
Exploration and Production | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 47,533,310 | 55,782,727 | 34,727,384 |
Exploration and Production | Operating segments | Foreign sales | Gas Natural | |||
Sales by product | |||
Sales by product | 105,413 | 254,054 | 71,529 |
Exploration and Production | Operating segments | Foreign sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | 302,159 | 339,837 | 116,960 |
Exploration and Production | Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 47,631,662 | 56,701,497 | 34,868,421 |
Exploration and Production | Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | (82,348) | ||
Exploration and Production | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 36,869 | 35,113 | 20,365 |
Exploration and Production | Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (460,445) | (1,547,774) | (349,891) |
Refining and Petrochemicals | Operating segments | |||
Sales by product | |||
Sales by product | 78,969,039 | ||
Total sales revenue | 82,147,926 | 89,178,947 | 50,976,385 |
Refining and Petrochemicals | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 68,728,010 | 41,801,490 | |
Refining and Petrochemicals | Operating segments | National sales | Mid-distillates | |||
Sales by product | |||
Sales by product | 32,638,191 | 39,217,618 | 17,166,812 |
Refining and Petrochemicals | Operating segments | National sales | Gasolines | |||
Sales by product | |||
Sales by product | 26,965,667 | 32,022,556 | 17,931,469 |
Refining and Petrochemicals | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 1,441,770 | 746,500 | 659,088 |
Refining and Petrochemicals | Operating segments | National sales | Fuel gas service | |||
Sales by product | |||
Sales by product | 998,367 | 869,101 | 742,212 |
Refining and Petrochemicals | Operating segments | National sales | Plastic and rubber | |||
Sales by product | |||
Sales by product | 1,225,223 | 1,568,816 | 1,642,035 |
Refining and Petrochemicals | Operating segments | National sales | Asphalts | |||
Sales by product | |||
Sales by product | 872,611 | 849,976 | 585,873 |
Refining and Petrochemicals | Operating segments | National sales | L.P.G. and propane | |||
Sales by product | |||
Sales by product | 274,022 | 385,178 | 332,542 |
Refining and Petrochemicals | Operating segments | National sales | Crude oil | |||
Sales by product | |||
Sales by product | (741) | 491,440 | |
Refining and Petrochemicals | Operating segments | National sales | Polyethylene | |||
Sales by product | |||
Sales by product | 313,535 | 302,630 | 320,466 |
Refining and Petrochemicals | Operating segments | National sales | Aromatics | |||
Sales by product | |||
Sales by product | 297,957 | 343,792 | 247,387 |
Refining and Petrochemicals | Operating segments | National sales | Fuel oil | |||
Sales by product | |||
Sales by product | 9,734 | 6,550 | 12,961 |
Refining and Petrochemicals | Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 3,691,674 | 2,164,882 | 2,160,653 |
Refining and Petrochemicals | Operating segments | National sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (8) | ||
Refining and Petrochemicals | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 13,419,916 | 10,209,908 | 9,174,895 |
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 | 1,393,669 | 2,036,201 | 2,092,379 |
Refining and Petrochemicals | Operating segments | Foreign sales | Crude oil | |||
Sales by product | |||
Sales by product | 1,928,202 | 92,147 | |
Refining and Petrochemicals | Operating segments | Foreign sales | Fuel oil | |||
Sales by product | |||
Sales by product | 4,315,286 | 4,348,312 | 2,288,977 |
Refining and Petrochemicals | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | 1,500,210 | 1,281,174 | 925,595 |
Refining and Petrochemicals | Operating segments | Foreign sales | Diesel | |||
Sales by product | |||
Sales by product | 4,097,117 | 2,324,861 | 3,867,937 |
Refining and Petrochemicals | Operating segments | Foreign sales | Cash flow hedging | |||
Sales by product | |||
Sales by product | (7,962) | (30,472) | 7 |
Transportation and Logistics | Operating segments | |||
Sales by product | |||
Sales by product | 13,955,992 | ||
Total sales revenue | 15,509,732 | 13,955,992 | 12,158,466 |
Transportation and Logistics | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 15,509,732 | 12,158,466 | |
Transportation and Logistics | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 15,509,732 | 13,955,992 | 12,158,466 |
Transportation and Logistics | Operating segments | National sales | Other products | |||
Sales by product | |||
Sales by product | 0 | ||
Electric power transmission and toll roads concessions | Operating segments | |||
Sales by product | |||
Total sales revenue | 4,113,198 | ||
Electric power transmission and toll roads concessions | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 956,441 | ||
Electric power transmission and toll roads concessions | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 120,795 | ||
Electric power transmission and toll roads concessions | Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 728,467 | ||
Electric power transmission and toll roads concessions | Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 107,179 | ||
Electric power transmission and toll roads concessions | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 3,156,757 | ||
Electric power transmission and toll roads concessions | Operating segments | Foreign sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 5,666,389 | 5,114,783 | 1,827,622 |
Electric power transmission and toll roads concessions | Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 1,241,144 | ||
Electric power transmission and toll roads concessions | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | $ 87,991 | ||
Concessions, electricity transport and roads | Operating segments | |||
Sales by product | |||
Sales by product | 3,247,458 | ||
Total sales revenue | 14,168,266 | 13,357,506 | |
Concessions, electricity transport and roads | Operating segments | National sales | |||
Sales by product | |||
Sales by product | 3,455,543 | ||
Concessions, electricity transport and roads | Operating segments | National sales | Services | |||
Sales by product | |||
Sales by product | 335,812 | 296,216 | |
Concessions, electricity transport and roads | Operating segments | National sales | Electric power transmission services | |||
Sales by product | |||
Sales by product | 2,769,897 | 2,595,505 | |
Concessions, electricity transport and roads | Operating segments | National sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 349,834 | 355,737 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | |||
Sales by product | |||
Sales by product | 10,712,723 | 10,110,048 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Roads and construction services | |||
Sales by product | |||
Sales by product | 4,761,317 | 4,676,822 | |
Concessions, electricity transport and roads | Operating segments | Foreign sales | Other products | |||
Sales by product | |||
Sales by product | $ 285,017 | $ 318,443 |
Information by segments - Capit
Information by segments - Capital expenditures by segments (Details) - Operating segments - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of operating segments [line items] | |||
Investment property | $ 24,090,916 | $ 21,877,770 | $ 13,294,962 |
Property, plant and equipment's | |||
Disclosure of operating segments [line items] | |||
Investment property | 9,349,885 | 8,767,716 | 6,117,588 |
Natural and environmental resources | |||
Disclosure of operating segments [line items] | |||
Investment property | 13,964,435 | 11,962,544 | 6,733,028 |
Intangibles | |||
Disclosure of operating segments [line items] | |||
Investment property | 776,596 | 1,147,510 | 444,346 |
Exploration and Production | |||
Disclosure of operating segments [line items] | |||
Investment property | 18,282,774 | 16,569,320 | 9,472,637 |
Exploration and Production | Property, plant and equipment's | |||
Disclosure of operating segments [line items] | |||
Investment property | 4,258,469 | 4,461,244 | 2,633,119 |
Exploration and Production | Natural and environmental resources | |||
Disclosure of operating segments [line items] | |||
Investment property | 13,964,435 | 11,962,544 | 6,733,028 |
Exploration and Production | Intangibles | |||
Disclosure of operating segments [line items] | |||
Investment property | 59,870 | 145,532 | 106,490 |
Refining and Petrochemicals | |||
Disclosure of operating segments [line items] | |||
Investment property | 822,429 | 961,675 | 1,868,303 |
Refining and Petrochemicals | Property, plant and equipment's | |||
Disclosure of operating segments [line items] | |||
Investment property | 738,161 | 928,843 | 1,845,618 |
Refining and Petrochemicals | Intangibles | |||
Disclosure of operating segments [line items] | |||
Investment property | 84,268 | 32,832 | 22,685 |
Transportation and Logistics | |||
Disclosure of operating segments [line items] | |||
Investment property | 3,324,650 | 2,513,891 | 1,391,890 |
Transportation and Logistics | Property, plant and equipment's | |||
Disclosure of operating segments [line items] | |||
Investment property | 2,702,091 | 2,424,428 | 1,344,654 |
Transportation and Logistics | Intangibles | |||
Disclosure of operating segments [line items] | |||
Investment property | 622,559 | 89,463 | 47,236 |
Electric power transmission and toll roads concessions | |||
Disclosure of operating segments [line items] | |||
Investment property | 1,661,063 | 1,832,884 | 562,132 |
Electric power transmission and toll roads concessions | Property, plant and equipment's | |||
Disclosure of operating segments [line items] | |||
Investment property | 1,651,164 | 953,201 | 294,197 |
Electric power transmission and toll roads concessions | Intangibles | |||
Disclosure of operating segments [line items] | |||
Investment property | $ 9,899 | $ 879,683 | $ 267,935 |
Supplemental information on o_3
Supplemental information on oil and gas producing activities (unaudited) - Capitalized costs relating to oil and gas exploration and production activities (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Supplemental information on oil and gas producing activities (unaudited) | |||
Natural and environmental properties | $ 96,856,236 | $ 90,284,366 | $ 79,385,151 |
Wells, equipment, and facilities - property, plant, and equipment | 35,897,318 | 33,568,835 | 31,730,001 |
Exploration and production projects | 17,372,792 | 16,451,284 | 11,474,682 |
Accumulated depreciation, depletion, and amortization | (84,413,729) | (79,744,788) | (70,739,885) |
Net capitalized cost | $ 65,712,617 | $ 60,559,697 | $ 51,849,949 |
Supplemental information on o_4
Supplemental information on oil and gas producing activities (unaudited) - Costs incurred in oil and gas exploration and developed activities (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Acquisition of proved properties | [1] | $ 37,419 | $ 141,928 | $ 0 |
Acquisition of unproved properties | [2] | 0 | 339,394 | 0 |
Exploration costs | 2,911,974 | 3,322,055 | 1,793,549 | |
Development costs | 19,976,218 | 16,266,222 | 11,264,075 | |
Total costs incurred | $ 22,925,611 | $ 20,069,599 | $ 13,057,624 | |
[1] For 2023 and 2022, it corresponds to 49 % of participation contract in Barnett, acquired by Ecopetrol Permian. During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70 % of participation in the assets, with a 30 % of participation held by Ecopetrol Brasil. |
Supplemental information on o_5
Supplemental information on oil and gas producing activities (unaudited) - Results of operations for oil and gas exploration and production activities (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net revenues | ||||
Sales | $ 66,258,193 | $ 71,223,307 | $ 50,631,272 | |
Transfers | 15,256,723 | 19,797,158 | 12,617,680 | |
Total | 81,514,916 | 91,020,465 | 63,248,952 | |
Production costs | [1] | 20,544,682 | 22,152,495 | 12,554,338 |
Depreciation, depletion, and amortization | [2] | 8,531,483 | 7,138,902 | 6,623,891 |
Other production costs | [3] | 22,751,720 | 20,741,550 | 21,156,904 |
Exploration costs | [4] | 2,088,922 | 1,512,385 | 960,247 |
Other expenses | [5] | 7,508,085 | 5,399,726 | 3,090,128 |
Total | 61,424,892 | 56,945,058 | 44,385,508 | |
Income before income tax expense | 20,090,024 | 34,075,407 | 18,863,444 | |
Income tax expense | (9,250,450) | (13,026,271) | (5,652,743) | |
Results of operations for exploration and production activities | $ 10,839,574 | $ 21,049,136 | $ 13,210,701 | |
[1]Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2023, 2022 and 2021 of $477,511, $333,683, and $292,329, respectively.[2]In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2023, 2022 and 2021 in depreciation, depletion, and amortization, were $438,675, $768,466, and $887,725, respectively.[3]Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost.[4]Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells.[5]Corresponds to administration, marketing expenses, and impairment. |
Supplemental information on o_6
Supplemental information on oil and gas producing activities (unaudited) - Reserve information (Details) - gal | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Opening balance | 2,011 | 2,002 | 1,770 | |
Proved reserves, Revisions of previous estimates | [1] | 9 | 63 | 315 |
Proved reserves, Improved recovery | 93 | 81 | 139 | |
Proved reserves, Purchases | 0 | 48 | 0 | |
Proved reserves, Extensions and discoveries | 17 | 57 | 12 | |
Proved reserves, Sales | 0 | 0 | (3) | |
Proved reserves, Production | (247) | (240) | (231) | |
Closing balance | 1,883 | 2,011 | 2,002 | |
Proved developed reserves: Opening balance | 1,376 | 1,370 | 1,297 | |
Proved developed reserves: Closing balance | 1,435 | 1,376 | 1,370 | |
Proved undeveloped reserves: Opening balance | 635 | 632 | 473 | |
Proved undeveloped reserves: Closing balance | 448 | 635 | 632 | |
Gas | ||||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Opening balance | 2,828 | 3,151 | 2,921 | |
Proved reserves, Revisions of previous estimates | [1] | (165) | (104) | 431 |
Proved reserves, Improved recovery | 9 | 21 | 107 | |
Proved reserves, Purchases | 0 | 50 | 0 | |
Proved reserves, Extensions and discoveries | 0 | 33 | 0 | |
Proved reserves, Sales | 0 | 0 | (4) | |
Proved reserves, Production | (326) | (323) | (304) | |
Closing balance | 2,346 | 2,828 | 3,151 | |
Proved developed reserves: Opening balance | 2,174 | 2,561 | 2,636 | |
Proved developed reserves: Closing balance | 2,007 | 2,174 | 2,561 | |
Proved undeveloped reserves: Opening balance | 654 | 590 | 285 | |
Proved undeveloped reserves: Closing balance | 339 | 654 | 590 | |
Oil | ||||
Supplemental information on oil and gas producing activities (unaudited) | ||||
Opening balance | 1,515 | 1,449 | 1,257 | |
Proved reserves, Revisions of previous estimates | [1] | 38 | 81 | 240 |
Proved reserves, Improved recovery | 91 | 77 | 120 | |
Proved reserves, Purchases | 0 | 39 | 0 | |
Proved reserves, Extensions and discoveries | 17 | 52 | 12 | |
Proved reserves, Sales | 0 | 0 | (3) | |
Proved reserves, Production | (190) | (183) | (177) | |
Closing balance | 1,471 | 1,515 | 1,449 | |
Proved developed reserves: Opening balance | 995 | 921 | 834 | |
Proved developed reserves: Closing balance | 1,083 | 995 | 921 | |
Proved undeveloped reserves: Opening balance | 520 | 528 | 423 | |
Proved undeveloped reserves: Closing balance | 388 | 520 | 528 | |
[1]Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors. |
Supplemental information on o_7
Supplemental information on oil and gas producing activities (unaudited) - Future net cash flows (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental information on oil and gas producing activities (unaudited) | ||||
Future cash inflows | $ 425,761,732 | $ 685,716,359 | $ 401,980,640 | |
Future costs | ||||
Production | [1] | (158,870,388) | (182,522,131) | (129,109,036) |
Development | (40,675,517) | (58,332,264) | (38,451,863) | |
Income taxes | (80,373,445) | (201,912,509) | (69,053,224) | |
Future net cash flow | 145,842,382 | 242,949,455 | 165,366,517 | |
10% discount factor | (49,557,596) | (86,340,334) | (57,009,654) | |
Standardized measure of discounted net cash flows | $ 96,284,786 | $ 156,609,121 | $ 108,356,863 | |
[1]Production future costs include the estimated costs related to assets retirement obligations in the amount of $22,615,261; $23,234,408; and $17,364,520, as of December 31, 2023, 2022, and 2021, respectively. |
Supplemental information on o_8
Supplemental information on oil and gas producing activities (unaudited) - Discounted net cash flows (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental information on oil and gas producing activities (unaudited) | |||
Net change in sales and transfer prices and in production cost (lifting) related to future production | $ (123,240,049) | $ 158,798,134 | $ 110,224,660 |
Changes in estimated future development costs | (10,624,343) | (52,166,780) | (22,011,659) |
Sales and transfer of oil and gas produced net of production costs | (60,970,234) | (68,867,970) | (50,694,613) |
Net change due to extensions, discoveries, and improved recovery | 6,173,144 | 9,993,781 | 6,741,068 |
Net change due to purchase and sales of minerals in place | 0 | 1,767,856 | (13,419) |
Net change due to revisions in quantity estimates | 967,150 | 10,807,453 | 32,923,680 |
Previously estimated development costs incurred during the period | 34,815,000 | 69,458,458 | 32,941,335 |
Accretion of discount | 28,676,517 | 15,360,418 | 10,468,951 |
Timing and other | (13,215,214) | (11,990,359) | (16,636,925) |
Net change in income taxes | 77,093,694 | (84,908,732) | (36,016,420) |
Aggregate change in the standardized measure of discounted future net cash flows for the year | $ (60,324,335) | $ 48,252,259 | $ 67,926,658 |
Supplemental information on o_9
Supplemental information on oil and gas producing activities (unaudited) - Additional Information (Details) (Imported) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) item | Dec. 31, 2021 COP ($) | |
Supplemental information on oil and gas producing activities (unaudited) | |||
Provisions for asset retirement obligations included in cost capitalized to natural and environmental properties | $ 4,101,617 | $ 1,979,749 | $ 3,930,370 |
Expense related to the asset retirement obligations | 477,511 | 333,683 | 292,329 |
Depreciation, depletion and amortization related to asset retirement obligations | $ 438,675 | $ 768,466 | $ 887,725 |
Percentage of transferred crude oil and gas production based on value to intercompany units | 18.70% | 21.80% | 19.90% |
Percentage of transferred crude oil and gas production based on volume to intercompany units | 57% | 50.40% | 52.10% |
Percentage of estimated reserve specialized firms | 99.80% | ||
Estimated costs related to assets retirement obligations | $ 22,615,261 | $ 23,234,408 | $ 17,364,520 |
Ownership Interest | 49% | 49% | |
Ecopetrol Oleo e Gas do Brasil Ltda | |||
Supplemental information on oil and gas producing activities (unaudited) | |||
Number of offshore blocks acquired and capitalized | item | 7 | ||
Ecopetrol Oleo e Gas do Brasil Ltda | Offshore blocks in Santos Basin | Ecopetrol Brazil | |||
Supplemental information on oil and gas producing activities (unaudited) | |||
Percentage of participation | 30% | ||
Ecopetrol Oleo e Gas do Brasil Ltda | Offshore blocks in Santos Basin | Shell | |||
Supplemental information on oil and gas producing activities (unaudited) | |||
Percentage of participation | 70% |
Subsequent and relevant event_2
Subsequent and relevant events (Details) $ in Millions | Jan. 09, 2024 USD ($) | Jan. 19, 2024 USD ($) | Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | $ 105,815,527 | $ 115,134,839 | ||
Isa | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Maturity period | 12 years | |||
Yield | 8.45% | |||
Borrowings, interest rate | 8.375% | |||
Short-term financing | $ 1,850,000,000 | |||
Issuance of bonds in the international market | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Short-term financing | $ 1,850,000,000 | |||
International bonds repurchase offer | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, interest rate | 4.125% | |||
Borrowings | $ 1,200,000,000 | |||
Offer received for aggregate amount of bonds | $ 737,350,000 | |||
Bonds repurchase rate | 61.45% |
Subsequent and relevant event_3
Subsequent and relevant events - Issuance of bonds (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent and relevant events | |||
Amount of disbursement | $ 34,035,090 | $ 16,844,029 | $ 24,666,792 |
Subsequent and relevant event_4
Subsequent and relevant events - Additional Information (Details) R$ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Feb. 15, 2024 BRL (R$) | Feb. 08, 2024 BRL (R$) R$ / shares shares | Feb. 29, 2024 | Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | ||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Exploration costs | $ | [1] | $ 2,088,922 | $ 1,512,385 | $ 960,247 | ||||
Abandonment of Pozo Milonga - Hocol S.A. | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Exploration for evaluation of mineral resources and percentage of work | 72% | 72% | ||||||
Exploration costs | $ | $ 17,000,000 | |||||||
Issuance of debentures | 15th issuance of simple, non-convertible debentures | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of debentures issuable | 1,195,000 | |||||||
Debentures face value | R$ / shares | R$ 1 | |||||||
Total fair value of issuance of debentures | R$ | R$ 1195000 | |||||||
Settlement of debentures | R$ | R$ 444634 | |||||||
Issuance of debentures | Debentures first series obligations | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of debentures issuable | 685,000 | |||||||
Issuance of debentures | Bottom of range | Debentures second series obligations | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of debentures issuable | (400,000) | |||||||
Issuance of debentures | Bottom of range | Debentures third series obligations | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of debentures issuable | 110,000 | |||||||
Hocol S.A. | Abandonment of Pozo Milonga - Hocol S.A. | Predices Joint Venture contract | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Ownership interest Ecopetrol, joint venture | 100% | |||||||
[1]Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells. |
Subsequent and relevant event_5
Subsequent and relevant events - Debt management transaction (Details) - Debt management transaction $ in Millions | Mar. 20, 2024 USD ($) |
Relevant and/or subsequent events (unaudited) | |
Short-term financing | $ 1,200 |
Term of subject to adjustments | 5 years |
Bank of Nova Scotia | |
Relevant and/or subsequent events (unaudited) | |
Short-term financing | $ 300 |
BBVA Securities Inc | |
Relevant and/or subsequent events (unaudited) | |
Short-term financing | 250 |
Bank of America, N.A | |
Relevant and/or subsequent events (unaudited) | |
Short-term financing | 200 |
JPMorgan Chase Bank, N.A | |
Relevant and/or subsequent events (unaudited) | |
Short-term financing | 200 |
Itau Chile New York Branch | |
Relevant and/or subsequent events (unaudited) | |
Short-term financing | 100 |
Standard Chartered Bank Hong Kong Limited | |
Relevant and/or subsequent events (unaudited) | |
Short-term financing | $ 150 |
Subsequent and relevant event_6
Subsequent and relevant events - Non-deductibility of royalties (Details) | Apr. 11, 2024 |
Non-deductibility of royalties | |
Relevant and/or subsequent events (unaudited) | |
Term of grant for minister to correct the supporting document | 5 days |
Subsequent and relevant event_7
Subsequent and relevant events - Distribution of Profits (Details) | 12 Months Ended | ||
Mar. 22, 2024 COP ($) installment $ / shares | Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | |
Relevant and/or subsequent events (unaudited) | |||
Dividends approved for distribution | $ | $ 312 | $ 24,382,199,000,000 | $ 11,512,675,000,000 |
Number of installments for payments of dividend | installment | 2 | ||
Ordinary dividend | |||
Relevant and/or subsequent events (unaudited) | |||
Dividends approved for distribution, per share | $ 278 | ||
Extraordinary dividend | |||
Relevant and/or subsequent events (unaudited) | |||
Dividends approved for distribution, per share | $ 34 |
Subsequent and relevant event_8
Subsequent and relevant events - Fuel Price stabilization fund (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 01, 2024 USD ($) | Aug. 31, 2023 COP ($) | Mar. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | Sep. 30, 2022 COP ($) | Dec. 31, 2023 COP ($) | Sep. 30, 2022 COP ($) | Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | |
Relevant and/or subsequent events (unaudited) | |||||||||
Contribution from Ministry of Finance and Public Credit | $ 26,346,530 | $ 18,262,487 | |||||||
Ecopetrol | |||||||||
Relevant and/or subsequent events (unaudited) | |||||||||
Contribution from Ministry of Finance and Public Credit | $ 2,876,149 | $ 6,788,385 | $ 4,639,779 | $ 21,576,179 | |||||
Reficar | |||||||||
Relevant and/or subsequent events (unaudited) | |||||||||
Contribution from Ministry of Finance and Public Credit | $ 1,894,202 | $ 6,114,489 | $ 719,834 | ||||||
Fuel Price stabilization fund | |||||||||
Relevant and/or subsequent events (unaudited) | |||||||||
Contribution from Ministry of Finance and Public Credit | $ 7,839,953 | ||||||||
Fuel Price stabilization fund | Ecopetrol | |||||||||
Relevant and/or subsequent events (unaudited) | |||||||||
Contribution from Ministry of Finance and Public Credit | 6,305,038 | ||||||||
Fuel Price stabilization fund | Reficar | |||||||||
Relevant and/or subsequent events (unaudited) | |||||||||
Contribution from Ministry of Finance and Public Credit | $ 1,534,915 |
Exhibit 1 - Consolidated subs_3
Exhibit 1 - Consolidated subsidiaries, associates, and joint ventures - Consolidated subsidiary companies (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Ownership Interest | 49% | 49% | ||
Equity | $ 100,252,480 | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 |
Net profit | 25,383,071 | 35,199,480 | $ 17,630,554 | |
Total assets | 280,141,090 | 302,792,431 | ||
Total liabilities | $ 179,888,610 | $ 188,889,342 | ||
Refineria de Cartagena S.A.S. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Refining of hydrocarbons, commercialization and distribution of products | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 22,507,372 | |||
Net profit | 4,867,094 | |||
Total assets | 35,151,210 | |||
Total liabilities | $ 12,643,838 | |||
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 transport by pipelines of hydrocarbons | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 16,184,340 | |||
Net profit | 4,918,027 | |||
Total assets | 19,165,246 | |||
Total liabilities | $ 2,980,906 | |||
Ecopetrol Global Energy S.L.U. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Spain | |||
Geographic area of operations | Spain | |||
Equity | $ 13,936,493 | |||
Net profit | 779,372 | |||
Total assets | 13,936,782 | |||
Total liabilities | $ 289 | |||
Oleoducto Central S. A. - Ocensa | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 72.65% | |||
Activity | Transportation by crude oil pipelines | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 3,339,065 | |||
Net profit | 3,262,352 | |||
Total assets | 7,014,139 | |||
Total liabilities | $ 3,675,074 | |||
Hocol Petroleum Limited. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Equity | $ 3,900,278 | |||
Net profit | 334,443 | |||
Total assets | 3,900,348 | |||
Total liabilities | $ 70 | |||
Ecopetrol America LLC. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Equity | $ 1,565,618 | |||
Net profit | (136,483) | |||
Total assets | 3,216,891 | |||
Total liabilities | $ 1,651,273 | |||
Hocol S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | Cayman Islands | |||
Geographic area of operations | Colombia | |||
Equity | $ 3,397,978 | |||
Net profit | 314,192 | |||
Total assets | 5,247,665 | |||
Total liabilities | $ 1,849,687 | |||
Esenttia S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Production and commercialization of polypropylene resin | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 2,483,261 | |||
Net profit | 291,877 | |||
Total assets | 2,949,288 | |||
Total liabilities | $ 466,027 | |||
Ecopetrol Capital AG | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Collection of surpluses from, and providing funds to, companies of Ecopetrol Business Group | |||
Country/Domicile | Switzerland | |||
Geographic area of operations | Switzerland | |||
Equity | $ 2,662,417 | |||
Net profit | 140,961 | |||
Total assets | 9,893,302 | |||
Total liabilities | $ 7,230,885 | |||
Oleoducto de Colombia S.A. - ODC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian Peso | |||
Ownership Interest | 73% | |||
Activity | Transportation by crude oil pipelines | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 416,079 | |||
Net profit | 404,994 | |||
Total assets | 845,948 | |||
Total liabilities | $ 429,869 | |||
Black Gold Re Ltd. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Reinsurer for companies of Ecopetrol Business Group | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Equity | $ 1,074,772 | |||
Net profit | 103,061 | |||
Total assets | 1,349,418 | |||
Total liabilities | $ 274,646 | |||
Andean Chemicals Ltd. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Bermuda | |||
Geographic area of operations | Bermuda | |||
Equity | $ 1,817,910 | |||
Net profit | 194,151 | |||
Total assets | 1,822,429 | |||
Total liabilities | $ 4,519 | |||
Oleoducto de los Llanos Orientales S.A | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian Peso | |||
Ownership Interest | 65% | |||
Activity | Transportation by crude oil pipelines | |||
Country/Domicile | Panama | |||
Geographic area of operations | Colombia | |||
Equity | $ 904,438 | |||
Net profit | 697,496 | |||
Total assets | 1,567,561 | |||
Total liabilities | $ 663,123 | |||
Interconexion Electrica S.A. E.S.P. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian Peso | |||
Ownership Interest | 51.41% | |||
Activity | Public transmission service of electric power, the development of infrastructure projects and their commercial exploitation and the development of information technology systems, activities and services and telecommunications. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Latin-America | |||
Equity | $ 26,366,394 | |||
Net profit | 2,466,453 | |||
Total assets | 71,217,176 | |||
Total liabilities | $ 44,850,782 | |||
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 natural gas and LPG transportation and distribution companies in Colombia | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 654,544 | |||
Net profit | 341,249 | |||
Total assets | 658,602 | |||
Total liabilities | $ 4,058 | |||
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 | Residential public fuel gas service, construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 330,460 | |||
Net profit | 141,650 | |||
Total assets | 820,122 | |||
Total liabilities | $ 489,662 | |||
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 | Public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 57,091 | |||
Net profit | 20,559 | |||
Total assets | 141,006 | |||
Total liabilities | $ 83,915 | |||
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 | Home public service of distribution of fuel gas and the development of all complementary activities to the supplying of said service. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 90,681 | |||
Net profit | 60,588 | |||
Total assets | 203,703 | |||
Total liabilities | $ 113,022 | |||
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 | |||
Equity | $ 55,250 | |||
Net profit | 40,433 | |||
Total assets | 85,986 | |||
Total liabilities | $ 30,736 | |||
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 marketing of fuel gas, the supplying of the residential public service of LPG distribution and the development of complementary activities to supply the service. | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 61,759 | |||
Net profit | 1,351 | |||
Total assets | 79,823 | |||
Total liabilities | $ 18,064 | |||
Ecopetrol USA Inc. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Equity | $ 11,898,257 | |||
Net profit | 985,030 | |||
Total assets | 11,914,539 | |||
Total liabilities | $ 16,282 | |||
Ecopetrol Permian LLC. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Equity | $ 8,414,625 | |||
Net profit | 1,028,492 | |||
Total assets | 11,422,720 | |||
Total liabilities | $ 3,008,095 | |||
Ecopetrol Oleo e Gas do Brasil Ltda. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Real | |||
Ownership Interest | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 1,937,309 | |||
Net profit | (203,243) | |||
Total assets | 1,977,106 | |||
Total liabilities | $ 39,797 | |||
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 | |||
Equity | $ 357,206 | |||
Net profit | 203,097 | |||
Total assets | 469,328 | |||
Total liabilities | $ 112,122 | |||
Ecopetrol del Peru S. A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Exploration and exploitation of hydrocarbons | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 57,570 | |||
Net profit | 872 | |||
Total assets | 60,894 | |||
Total liabilities | $ 3,324 | |||
ECP Hidrocarburos de Mexico S.A. de C.V. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Offshore exploration | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Equity | $ 43,393 | |||
Net profit | (1,811) | |||
Total assets | 45,380 | |||
Total liabilities | $ 1,987 | |||
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 | |||
Equity | $ 13,395 | |||
Net profit | 431 | |||
Total assets | 13,609 | |||
Total liabilities | $ 214 | |||
Esenttia Resinas del Peru SAC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Commercialization polypropylene resins and masterbatches | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 14,579 | |||
Net profit | 809 | |||
Total assets | 37,141 | |||
Total liabilities | $ 22,562 | |||
Topili Servicios Administrativos S de RL de CV. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Mexican Peso | |||
Ownership Interest | 100% | |||
Activity | Specialized management services | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Equity | $ (271) | |||
Net profit | (303) | |||
Total assets | 134 | |||
Total liabilities | $ 405 | |||
Kalixpan Servicios Tecnicos S de RL de CV. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Mexican Peso | |||
Ownership Interest | 100% | |||
Activity | Specialized services related to oil and gas industry | |||
Country/Domicile | Mexico | |||
Geographic area of operations | Mexico | |||
Equity | $ 86 | |||
Net profit | (87) | |||
Total assets | 91 | |||
Total liabilities | $ 5 | |||
Ecopetrol US Trading LLC | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | International trading of crude oil and refined products | |||
Country/Domicile | United States | |||
Geographic area of operations | United States | |||
Equity | $ 58,927 | |||
Net profit | 61,252 | |||
Total assets | 1,330,201 | |||
Total liabilities | $ 1,271,274 | |||
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 | |||
Equity | $ 653,065 | |||
Net profit | 661,672 | |||
Total assets | 653,174 | |||
Total liabilities | $ 109 | |||
Ecopetrol Trading Asia PTE. LTD | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Singapore dollar | |||
Ownership Interest | 100% | |||
Activity | International trading of crude oil and refined products | |||
Country/Domicile | Singapore | |||
Geographic area of operations | Asia | |||
Equity | $ 653,095 | |||
Net profit | 661,951 | |||
Total assets | 3,558,012 | |||
Total liabilities | $ 2,904,917 |
Exhibit 1 - Consolidated subs_4
Exhibit 1 - Consolidated subsidiaries, associates, and joint ventures - Associates and Joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Net equity | $ 100,252,480 | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 |
Profit (loss) for the period | 25,383,071 | 35,199,480 | $ 17,630,554 | |
Total assets | 280,141,090 | 302,792,431 | ||
Total liabilities | $ 179,888,610 | $ 188,889,342 | ||
Equion Energia Limited | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership interest Ecopetrol, joint venture | 51% | |||
Activity, joint venture | Exploration and exploitation of hydrocarbons | |||
Country/Domicile, joint venture | United Kingdom | |||
Geographic area of operations, joint venture | Colombia | |||
Net equity | $ 1,329,394 | |||
Profit (loss) for the period | 38,718 | |||
Total assets | 1,401,176 | |||
Total liabilities | $ 71,782 | |||
Ecodiesel Colombia S.A. | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian Peso | |||
Ownership interest Ecopetrol, joint venture | 50% | |||
Activity, joint venture | Production, trading, and distribution of biofuels and oleochemicals | |||
Country/Domicile, joint venture | Colombia | |||
Geographic area of operations, joint venture | Colombia | |||
Net equity | $ 170,060 | |||
Profit (loss) for the period | 55,099 | |||
Total assets | 265,330 | |||
Total liabilities | $ 95,270 | |||
Serviport S.A. [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures | ||||
Functional Currency | Colombian Peso | |||
Ownership interest Ecopetrol, associate | 49% | |||
Activity, associate | Services for the support of loading and unloading of oil ships, supply of equipment, technical inspections, and load measurements | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Net equity | $ 11,274 | |||
Profit (loss) for the period | (4,692) | |||
Total assets | 41,082 | |||
Total liabilities | $ 29,808 | |||
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 and administration of port facilities, ports, private docks. | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Net equity | $ 8,476 | |||
Profit (loss) for the period | 2,904 | |||
Total assets | 12,219 | |||
Total liabilities | $ 3,743 |
Exhibit 1 - Consolidated subs_5
Exhibit 1 - Consolidated subsidiaries, associates, and joint ventures - Interconexion Electrica S.A. ESP (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | ||||
Ownership Interest | 49% | 49% | ||
Total assets | $ 280,141,090 | $ 302,792,431 | ||
Total liabilities | 179,888,610 | 188,889,342 | ||
Equity | 100,252,480 | 113,903,089 | $ 90,583,772 | $ 53,499,363 |
Net profit | $ 25,383,071 | $ 35,199,480 | $ 17,630,554 | |
Consorcio Transmantaro | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | US Dollar | |||
Ownership Interest | 60% | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Total assets | $ 7,344,752 | |||
Total liabilities | 5,581,454 | |||
Equity | 1,763,298 | |||
Net profit | $ 264,947 | |||
Interligacao Eletrica JAGUAR 6 S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 190,819 | |||
Total liabilities | 12,840 | |||
Equity | 177,979 | |||
Net profit | $ 9,872 | |||
Interligacao Eletrica JAGUAR 8 S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 117,533 | |||
Total liabilities | 13,176 | |||
Equity | 104,357 | |||
Net profit | $ 9,713 | |||
Interligacao Eletrica JAGUAR 9 S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 417,572 | |||
Total liabilities | 49,551 | |||
Equity | 368,021 | |||
Net profit | $ 72,511 | |||
Interligacao Electrica Evrecy | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 338,371 | |||
Total liabilities | 37,254 | |||
Equity | 301,117 | |||
Net profit | $ (16,122) | |||
Fundo De Investimento Assis | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Autonomous Fund – Special Purpose Entity | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.81% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 297,081 | |||
Equity | 297,081 | |||
Net profit | $ 11,015 | |||
Fundo de Investimento Barra Bonita Renda Fixa Referenciado | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Autonomous Fund – Special Purpose Entity | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.73% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 14,829 | |||
Equity | 14,829 | |||
Net profit | $ 1,112 | |||
Fundo de Investimento Referenciado di Bandeirantes | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Autonomous Fund – Special Purpose Entity | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 27.68% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 290,651 | |||
Equity | 290,651 | |||
Net profit | $ 30,977 | |||
Fundo de Investimento Xavantes Referenciado di | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Autonomous Fund – Special Purpose Entity | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 17.54% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 609,614 | |||
Equity | 609,614 | |||
Net profit | $ 54,566 | |||
Interconexiones Viales | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 65% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 39 | |||
Total liabilities | 2 | |||
Equity | 37 | |||
Net profit | $ (4,145) | |||
Interligacao Eletrica Aguapei | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 556,177 | |||
Total liabilities | 49,953 | |||
Equity | 506,224 | |||
Net profit | $ 51,352 | |||
Interligacao Eletrica Biguau | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 424,904 | |||
Total liabilities | 62,939 | |||
Equity | 361,965 | |||
Net profit | $ 59,638 | |||
Interligacao Eletrica De Minas Gerais | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 452,785 | |||
Total liabilities | 36,657 | |||
Equity | 416,128 | |||
Net profit | $ 783 | |||
Interligacao Eletrica Itapura | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 157,436 | |||
Total liabilities | 17,588 | |||
Equity | 139,848 | |||
Net profit | $ 18,699 | |||
Interligacao Eletrica Itaquere | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 523,334 | |||
Total liabilities | 48,894 | |||
Equity | 474,440 | |||
Net profit | $ 60,763 | |||
Interligacao Eletrica Itaunes | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 480,882 | |||
Total liabilities | 60,603 | |||
Equity | 420,279 | |||
Net profit | $ 25,801 | |||
Interligacao Eletrica Norte E Nordeste | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 448,973 | |||
Total liabilities | 129,859 | |||
Equity | 319,114 | |||
Net profit | $ 57,351 | |||
Interligacao Eletrica Pinheiros | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 62,153 | |||
Total liabilities | 8,171 | |||
Equity | 53,982 | |||
Net profit | $ 11,823 | |||
Interligacao Eletrica Riacho Grande | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 158,806 | |||
Total liabilities | 32,556 | |||
Equity | 126,250 | |||
Net profit | $ 11,066 | |||
Interligacao Eletrica Serra Do Japi | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 378,842 | |||
Total liabilities | 36,487 | |||
Equity | 342,355 | |||
Net profit | $ 46,124 | |||
Interligacao Eletrica Sul | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 210,185 | |||
Total liabilities | 30,017 | |||
Equity | 180,168 | |||
Net profit | $ 7,516 | |||
Interligacao Eletrica Tibagi | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 233,320 | |||
Total liabilities | 24,446 | |||
Equity | 208,874 | |||
Net profit | $ 26,181 | |||
Internexa | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Telecommunications and ICT | |||
Functional Currency | Colombian peso | |||
Ownership Interest | 99.42% | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Total assets | $ 543,656 | |||
Total liabilities | 472,450 | |||
Equity | 71,206 | |||
Net profit | $ (143,493) | |||
Transamerican Telecomunication S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Telecommunications and ICT | |||
Functional Currency | US Dollar | |||
Ownership Interest | 99.42% | |||
Country/Domicile | Argentina | |||
Geographic area of operations | Argentina | |||
Total assets | $ 16,905 | |||
Total liabilities | 10,996 | |||
Equity | 5,909 | |||
Net profit | $ (12,330) | |||
Internexa Brasil Operadora de Telecomunicacoes | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Telecommunications and ICT | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 99.42% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 790 | |||
Total liabilities | 1 | |||
Equity | 789 | |||
Net profit | $ (134,535) | |||
Internexa Chile | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Telecommunications and ICT | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 98.43% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 56,509 | |||
Total liabilities | 40,960 | |||
Equity | 15,549 | |||
Net profit | $ (13,073) | |||
Internexa Participaes | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Investment Vehicle | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 99.42% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 1,051 | |||
Total liabilities | 66 | |||
Equity | 985 | |||
Net profit | $ (91,887) | |||
Internexa Peru | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Telecommunications and ICT | |||
Functional Currency | US Dollar | |||
Ownership Interest | 99.42% | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Total assets | $ 305,746 | |||
Total liabilities | 261,296 | |||
Equity | 44,450 | |||
Net profit | $ (26,531) | |||
ISA Bolivia | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Country/Domicile | Bolivia | |||
Geographic area of operations | Bolivia | |||
Total assets | $ 121,428 | |||
Total liabilities | 10,866 | |||
Equity | 110,562 | |||
Net profit | $ 10,284 | |||
ISA Capital Do Brasil | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Investment Vehicle | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 100% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 5,298,623 | |||
Total liabilities | 355,011 | |||
Equity | 4,943,612 | |||
Net profit | $ 841,993 | |||
ISA CTEEP | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 27,486,842 | |||
Total liabilities | 13,765,784 | |||
Equity | 13,721,058 | |||
Net profit | $ 2,461,680 | |||
ISA Interchile | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 5,545,359 | |||
Total liabilities | 4,251,713 | |||
Equity | 1,293,646 | |||
Net profit | $ 121,276 | |||
ISA Intercolombia | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Total assets | $ 455,003 | |||
Total liabilities | 321,892 | |||
Equity | 133,111 | |||
Net profit | $ 52,374 | |||
ISA Intervial Chile | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 4,256,273 | |||
Total liabilities | 620,579 | |||
Equity | 3,635,694 | |||
Net profit | $ 533,512 | |||
ISA Intervial Colombia | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Total assets | $ 638 | |||
Equity | 638 | |||
Net profit | $ 51 | |||
ISA Inversiones Chile | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Investment Vehicle | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 1,924,873 | |||
Total liabilities | 252,519 | |||
Equity | 1,672,354 | |||
Net profit | $ 157,503 | |||
ISA Inversiones Costera Chile | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Investment Vehicle | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 70,173 | |||
Total liabilities | 184,224 | |||
Equity | (114,051) | |||
Net profit | $ (71,698) | |||
ISA Inversiones Tolten | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Investment Vehicle | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 27 | |||
Equity | 27 | |||
Net profit | $ (5) | |||
ISA Investimentos E Participacoes | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Investment Vehicle | |||
Functional Currency | Brazilian real | |||
Ownership Interest | 100% | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Total assets | $ 995,918 | |||
Total liabilities | 202 | |||
Equity | 995,716 | |||
Net profit | $ 140,918 | |||
ISA Peru | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | US Dollar | |||
Ownership Interest | 99.98% | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Total assets | $ 898,335 | |||
Total liabilities | 707,216 | |||
Equity | 191,119 | |||
Net profit | $ 43,063 | |||
ISA REP | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | US Dollar | |||
Ownership Interest | 60% | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Total assets | $ 1,859,619 | |||
Total liabilities | 1,313,560 | |||
Equity | 546,059 | |||
Net profit | $ 290,512 | |||
ISA Transelca | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Total assets | $ 1,936,548 | |||
Total liabilities | 1,025,967 | |||
Equity | 910,581 | |||
Net profit | $ 199,452 | |||
Linear Systems RE | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Other business | |||
Functional Currency | US dollar | |||
Ownership Interest | 100% | |||
Country/Domicile | Bermudas | |||
Geographic area of operations | Bermudas | |||
Total assets | $ 93,546 | |||
Total liabilities | 57,914 | |||
Equity | 35,632 | |||
Net profit | $ 7,232 | |||
Proyectos De Infraestructura Del Peru | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Total assets | $ 21,204 | |||
Total liabilities | 2,185 | |||
Equity | 19,019 | |||
Net profit | $ 7,773 | |||
Ruta Costera | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Total assets | $ 2,588,885 | |||
Total liabilities | 2,415,873 | |||
Equity | 173,012 | |||
Net profit | $ (4,870) | |||
Ruta de La Araucania | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 681,824 | |||
Total liabilities | 357,953 | |||
Equity | 323,871 | |||
Net profit | $ 60,950 | |||
Ruta de Los Rios | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 75% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 301,539 | |||
Total liabilities | 222,280 | |||
Equity | 79,259 | |||
Net profit | $ 35,696 | |||
Ruta del Bosque | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 12,595 | |||
Total liabilities | 1,523 | |||
Equity | 11,072 | |||
Net profit | $ (28,950) | |||
Ruta del Loa | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 1,365,486 | |||
Total liabilities | 1,054,542 | |||
Equity | 310,944 | |||
Net profit | $ 70,097 | |||
Ruta del Maipo | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 7,018,675 | |||
Total liabilities | 4,554,573 | |||
Equity | 2,464,102 | |||
Net profit | $ 465,092 | |||
Ruta del Maule | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Roads concessions | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 25 | |||
Total liabilities | 1 | |||
Equity | 24 | |||
Net profit | $ 2,264 | |||
Sistemas Inteligentes en Red | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Other business | |||
Functional Currency | Colombia peso | |||
Ownership Interest | 99.77% | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Total assets | $ 25,252 | |||
Total liabilities | 11,509 | |||
Equity | 13,743 | |||
Net profit | $ 4,543 | |||
XM | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Colombian peso | |||
Ownership Interest | 99.73% | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Total assets | $ 445,241 | |||
Total liabilities | 387,254 | |||
Equity | 57,987 | |||
Net profit | $ 18,309 | |||
Interconexiones del Norte S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Total assets | $ 30,123 | |||
Total liabilities | 29,971 | |||
Equity | 152 | |||
Net profit | $ 167 | |||
Consorcio Electrico Yapay S.A | ||||
Disclosure of subsidiaries [line items] | ||||
Activity | Electric power | |||
Functional Currency | US Dollar | |||
Ownership Interest | 60% | |||
Country/Domicile | Perú | |||
Geographic area of operations | Perú | |||
Total assets | $ 19,110 | |||
Total liabilities | 5,499 | |||
Equity | 13,611 | |||
Net profit | $ (6,221) |
Exhibit 1. Consolidated compani
Exhibit 1. Consolidated companies, associates, and joint ventures - Subsidiaries & Joint ventures Interconexion Electrica S.A. ESP (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated companies, associates, and joint ventures | ||||
Ownership Interest | 49% | 49% | ||
Equity | $ 100,252,480 | $ 113,903,089 | $ 90,583,772 | $ 53,499,363 |
Profit (loss) | 25,383,071 | 35,199,480 | $ 17,630,554 | |
Assets | 280,141,090 | 302,792,431 | ||
Liabilities | $ 179,888,610 | $ 188,889,342 | ||
ATP Tower Holdings | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 24.70% | |||
Activity | Transport and telecommunications | |||
Country/Domicile | UnitedStates | |||
Geographic area of operations | UnitedStates | |||
Equity | $ 1,448,862 | |||
Profit (loss) | (95,648) | |||
Assets | 3,981,180 | |||
Liabilities | $ 2,532,318 | |||
Interligacao Eletrica do Madeira [Member] | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 51% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
% of Ecopetrol's ownership | 51% | 51% | ||
Equity | $ 3,160,818 | $ 3,438,987 | ||
Profit (loss) | 356,863 | 387,981 | ||
Assets | 5,739,716 | 6,580,545 | ||
Liabilities | $ 2,578,898 | $ 3,141,558 | ||
Interligao Eltrica Garanhuns | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 51% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 875,296 | |||
Profit (loss) | 101,875 | |||
Assets | 1,228,068 | |||
Liabilities | $ 352,772 | |||
Interligao Eltrica Paraguau | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 50% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 884,355 | |||
Profit (loss) | 126,683 | |||
Assets | 1,331,261 | |||
Liabilities | $ 446,906 | |||
Interligacao Eletrica Aimores | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 50% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 551,370 | |||
Profit (loss) | 84,280 | |||
Assets | 850,421 | |||
Liabilities | $ 299,051 | |||
Interligacao Eletrica Ivai | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 50% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 798,810 | |||
Profit (loss) | 169,061 | |||
Assets | 3,603,858 | |||
Liabilities | $ 2,805,048 | |||
Transmissora Alianca de Energia Eletrica | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 14.88% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
% of Ecopetrol's ownership | 14.88% | 14.88% | ||
Equity | $ 5,273,100 | $ 6,091,281 | ||
Profit (loss) | 1,121,332 | 1,252,974 | ||
Assets | 13,877,165 | 14,319,223 | ||
Liabilities | $ 8,604,065 | $ 8,227,942 | ||
Interconexion Electrica Colombia Panama-Panama | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 50% | |||
Activity | Electric power | |||
Country/Domicile | Panama | |||
Geographic area of operations | Panama | |||
Equity | $ 2,189 | |||
Profit (loss) | (31,805) | |||
Assets | 5,572 | |||
Liabilities | $ 3,383 | |||
Interconexion Electrica Colombia Panama Colombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombia peso | |||
Ownership Interest | 1.17% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 265 | |||
Profit (loss) | (2) | |||
Assets | 266 | |||
Liabilities | $ 1 | |||
Transnexa | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 50% | |||
Activity | Transport and telecommunications | |||
Country/Domicile | Ecuador | |||
Geographic area of operations | Ecuador | |||
Derivex | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombia peso | |||
Ownership Interest | 40.46% | |||
Activity | Manage the trading system for financial instruments derived from electricity | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 2,568 | |||
Profit (loss) | (851) | |||
Assets | $ 2,568 | |||
Parques de Rio [Member] | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombia peso | |||
Ownership Interest | 33% | |||
Activity | Roads | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 68 | |||
Profit (loss) | (34) | |||
Assets | $ 68 | |||
Conexin Kimal Lo Aguirre S.A. [Member] | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilena peso | |||
Ownership Interest | 33.33% | |||
Activity | Electric power | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 357,207 | |||
Profit (loss) | 873 | |||
Assets | 933,357 | |||
Liabilities | $ 576,150 | |||
Consorcio Transmantaro | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 60% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 1,763,298 | |||
Profit (loss) | 264,947 | |||
Assets | 7,344,752 | |||
Liabilities | $ 5,581,454 | |||
Interligacao Electrica Evrecy | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 301,117 | |||
Profit (loss) | (16,122) | |||
Assets | 338,371 | |||
Liabilities | $ 37,254 | |||
Fundo De Investimento Assis | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.81% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 297,081 | |||
Profit (loss) | 11,015 | |||
Assets | $ 297,081 | |||
Fundo de Investimento Barra Bonita Renda Fixa Referenciado | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.73% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 14,829 | |||
Profit (loss) | 1,112 | |||
Assets | $ 14,829 | |||
Fundo de Investimento Referenciado di Bandeirantes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 27.68% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 290,651 | |||
Profit (loss) | 30,977 | |||
Assets | $ 290,651 | |||
Fundo de Investimento Xavantes Referenciado di | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 17.54% | |||
Activity | Autonomous Fund – Special Purpose Entity | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 609,614 | |||
Profit (loss) | 54,566 | |||
Assets | $ 609,614 | |||
Interconexiones Viales | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 65% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 37 | |||
Profit (loss) | (4,145) | |||
Assets | 39 | |||
Liabilities | $ 2 | |||
Interligacao Eletrica Aguapei | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 506,224 | |||
Profit (loss) | 51,352 | |||
Assets | 556,177 | |||
Liabilities | $ 49,953 | |||
Interligacao Eletrica Biguau | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 361,965 | |||
Profit (loss) | 59,638 | |||
Assets | 424,904 | |||
Liabilities | $ 62,939 | |||
Interligacao Eletrica De Minas Gerais | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 416,128 | |||
Profit (loss) | 783 | |||
Assets | 452,785 | |||
Liabilities | $ 36,657 | |||
Interligacao Eletrica Itapura | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 139,848 | |||
Profit (loss) | 18,699 | |||
Assets | 157,436 | |||
Liabilities | $ 17,588 | |||
Interligacao Eletrica Itaquere | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 474,440 | |||
Profit (loss) | 60,763 | |||
Assets | 523,334 | |||
Liabilities | $ 48,894 | |||
Interligacao Eletrica Itaunes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 420,279 | |||
Profit (loss) | 25,801 | |||
Assets | 480,882 | |||
Liabilities | $ 60,603 | |||
Interligacao Eletrica Norte E Nordeste | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 319,114 | |||
Profit (loss) | 57,351 | |||
Assets | 448,973 | |||
Liabilities | $ 129,859 | |||
Interligacao Eletrica Pinheiros | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 53,982 | |||
Profit (loss) | 11,823 | |||
Assets | 62,153 | |||
Liabilities | $ 8,171 | |||
Interligacao Eletrica Riacho Grande | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 126,250 | |||
Profit (loss) | 11,066 | |||
Assets | 158,806 | |||
Liabilities | $ 32,556 | |||
Interligacao Eletrica Serra Do Japi | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 342,355 | |||
Profit (loss) | 46,124 | |||
Assets | 378,842 | |||
Liabilities | $ 36,487 | |||
Interligacao Eletrica Sul | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 180,168 | |||
Profit (loss) | 7,516 | |||
Assets | 210,185 | |||
Liabilities | $ 30,017 | |||
Interligacao Eletrica Tibagi | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 208,874 | |||
Profit (loss) | 26,181 | |||
Assets | 233,320 | |||
Liabilities | $ 24,446 | |||
Internexa | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 71,206 | |||
Profit (loss) | (143,493) | |||
Assets | 543,656 | |||
Liabilities | $ 472,450 | |||
Transamerican Telecomunication S.A. | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Argentina | |||
Geographic area of operations | Argentina | |||
Equity | $ 5,909 | |||
Profit (loss) | (12,330) | |||
Assets | 16,905 | |||
Liabilities | $ 10,996 | |||
Internexa Brasil Operadora de Telecomunicacoes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 789 | |||
Profit (loss) | (134,535) | |||
Assets | 790 | |||
Liabilities | $ 1 | |||
Internexa Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 98.43% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 15,549 | |||
Profit (loss) | (13,073) | |||
Assets | 56,509 | |||
Liabilities | $ 40,960 | |||
Internexa Participaes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 99.42% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 985 | |||
Profit (loss) | (91,887) | |||
Assets | 1,051 | |||
Liabilities | $ 66 | |||
Internexa Peru | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 99.42% | |||
Activity | Telecommunications and ICT | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 44,450 | |||
Profit (loss) | (26,531) | |||
Assets | 305,746 | |||
Liabilities | $ 261,296 | |||
ISA Bolivia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Electric power | |||
Country/Domicile | Bolivia | |||
Geographic area of operations | Bolivia | |||
Equity | $ 110,562 | |||
Profit (loss) | 10,284 | |||
Assets | 121,428 | |||
Liabilities | $ 10,866 | |||
ISA Capital Do Brasil | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 4,943,612 | |||
Profit (loss) | 841,993 | |||
Assets | 5,298,623 | |||
Liabilities | $ 355,011 | |||
ISA CTEEP | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 35.82% | |||
Activity | Electric power | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 13,721,058 | |||
Profit (loss) | 2,461,680 | |||
Assets | 27,486,842 | |||
Liabilities | $ 13,765,784 | |||
ISA Interchile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Electric power | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 1,293,646 | |||
Profit (loss) | 121,276 | |||
Assets | 5,545,359 | |||
Liabilities | $ 4,251,713 | |||
ISA Intercolombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 133,111 | |||
Profit (loss) | 52,374 | |||
Assets | 455,003 | |||
Liabilities | $ 321,892 | |||
ISA Intervial Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 3,635,694 | |||
Profit (loss) | 533,512 | |||
Assets | 4,256,273 | |||
Liabilities | $ 620,579 | |||
ISA Intervial Colombia | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 638 | |||
Profit (loss) | 51 | |||
Assets | $ 638 | |||
ISA Inversiones Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 1,672,354 | |||
Profit (loss) | 157,503 | |||
Assets | 1,924,873 | |||
Liabilities | $ 252,519 | |||
ISA Inversiones Chile Vas SpA | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 3,638,171 | |||
Profit (loss) | 534,045 | |||
Assets | 3,638,805 | |||
Liabilities | $ 634 | |||
ISA Inversiones Costera Chile | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ (114,051) | |||
Profit (loss) | (71,698) | |||
Assets | 70,173 | |||
Liabilities | $ 184,224 | |||
ISA Inversiones Tolten | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 27 | |||
Profit (loss) | (5) | |||
Assets | $ 27 | |||
ISA Investimentos E Participacoes | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Brazilian real | |||
Ownership Interest | 100% | |||
Activity | Investment Vehicle | |||
Country/Domicile | Brazil | |||
Geographic area of operations | Brazil | |||
Equity | $ 995,716 | |||
Profit (loss) | 140,918 | |||
Assets | 995,918 | |||
Liabilities | $ 202 | |||
ISA Peru | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 99.98% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 191,119 | |||
Profit (loss) | 43,063 | |||
Assets | 898,335 | |||
Liabilities | $ 707,216 | |||
ISA REP | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 60% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 546,059 | |||
Profit (loss) | 290,512 | |||
Assets | 1,859,619 | |||
Liabilities | $ 1,313,560 | |||
ISA Transelca | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 910,581 | |||
Profit (loss) | 199,452 | |||
Assets | 1,936,548 | |||
Liabilities | $ 1,025,967 | |||
Linear Systems RE | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US dollar | |||
Ownership Interest | 100% | |||
Activity | Other business | |||
Country/Domicile | Bermudas | |||
Geographic area of operations | Bermudas | |||
Equity | $ 35,632 | |||
Profit (loss) | 7,232 | |||
Assets | 93,546 | |||
Liabilities | $ 57,914 | |||
Proyectos De Infraestructura Del Peru | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | US Dollar | |||
Ownership Interest | 100% | |||
Activity | Electric power | |||
Country/Domicile | Peru | |||
Geographic area of operations | Peru | |||
Equity | $ 19,019 | |||
Profit (loss) | 7,773 | |||
Assets | 21,204 | |||
Liabilities | $ 2,185 | |||
Ruta Costera | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 173,012 | |||
Profit (loss) | (4,870) | |||
Assets | 2,588,885 | |||
Liabilities | $ 2,415,873 | |||
Ruta de La Araucania | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 323,871 | |||
Profit (loss) | 60,950 | |||
Assets | 681,824 | |||
Liabilities | $ 357,953 | |||
Ruta de Los Rios | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 75% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 79,259 | |||
Profit (loss) | 35,696 | |||
Assets | 301,539 | |||
Liabilities | $ 222,280 | |||
Ruta del Bosque | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 11,072 | |||
Profit (loss) | (28,950) | |||
Assets | 12,595 | |||
Liabilities | $ 1,523 | |||
Ruta del Loa | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 310,944 | |||
Profit (loss) | 70,097 | |||
Assets | 1,365,486 | |||
Liabilities | $ 1,054,542 | |||
Ruta del Maipo | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 2,464,102 | |||
Profit (loss) | 465,092 | |||
Assets | 7,018,675 | |||
Liabilities | $ 4,554,573 | |||
Ruta del Maule | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Chilean peso | |||
Ownership Interest | 100% | |||
Activity | Roads concessions | |||
Country/Domicile | Chile | |||
Geographic area of operations | Chile | |||
Equity | $ 24 | |||
Profit (loss) | 2,264 | |||
Assets | 25 | |||
Liabilities | $ 1 | |||
Sistemas Inteligentes en Red | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombia peso | |||
Ownership Interest | 99.77% | |||
Activity | Other business | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 13,743 | |||
Profit (loss) | 4,543 | |||
Assets | 25,252 | |||
Liabilities | $ 11,509 | |||
XM | ||||
Consolidated companies, associates, and joint ventures | ||||
Functional Currency | Colombian peso | |||
Ownership Interest | 99.73% | |||
Activity | Electric power | |||
Country/Domicile | Colombia | |||
Geographic area of operations | Colombia | |||
Equity | $ 57,987 | |||
Profit (loss) | 18,309 | |||
Assets | 445,241 | |||
Liabilities | $ 387,254 |
Exhibit 2 - Conditions of the_3
Exhibit 2 - Conditions of the most significant debt (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | |
Conditions of the most significant debt | ||||
Borrowings | $ 105,815,527 | $ 115,134,839 | ||
Bonds domestic currency One | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2013-08 | |||
Maturity date | 2028-08 | |||
Disbursement | $ 347,500 | |||
Borrowings | $ 347,500 | 284,300 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Two | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2010-12 | |||
Maturity date | 2040-12 | |||
Currency | COP | |||
Disbursement | $ 284,300 | |||
Borrowings | $ 284,300 | 347,500 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Three | ||||
Conditions of the most significant debt | ||||
Issue date | 2013-08 | |||
Maturity date | 2043-08 | |||
Disbursement | $ 262,950 | |||
Borrowings | $ 262,950 | 262,950 | ||
Bonds domestic currency Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-12 | |||
Maturity date | 2041-12 | |||
Currency | COP | |||
Disbursement | $ 120,000 | |||
Borrowings | $ 120,000 | 120,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds domestic currency Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2013-05 | |||
Maturity date | 2028-05 | |||
Currency | COP | |||
Disbursement | $ 100,000 | |||
Borrowings | $ 100,000 | 100,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2015-05 | |||
Maturity date | 2025-05 | |||
Currency | COP | |||
Disbursement | $ 100,000 | |||
Borrowings | $ 100,000 | 100,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2015-05 | |||
Maturity date | 2030-05 | |||
Currency | COP | |||
Disbursement | $ 120,000 | |||
Borrowings | $ 120,000 | 120,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2015-05 | |||
Maturity date | 2035-05 | |||
Currency | COP | |||
Disbursement | $ 280,000 | |||
Borrowings | $ 280,000 | 280,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Nine | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2024-02 | |||
Currency | COP | |||
Disbursement | $ 115,000 | |||
Borrowings | $ 115,000 | 115,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Ten | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2028-02 | |||
Currency | COP | |||
Disbursement | $ 152,000 | |||
Borrowings | $ 152,000 | 152,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2041-05 | |||
Currency | COP | |||
Disbursement | $ 133,000 | |||
Borrowings | $ 133,000 | 133,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twelve [Member] | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-04 | |||
Maturity date | 2024-04 | |||
Currency | COP | |||
Disbursement | $ 260,780 | |||
Borrowings | $ 260,780 | 260,780 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-04 | |||
Maturity date | 2032-04 | |||
Currency | COP | |||
Disbursement | $ 196,300 | |||
Borrowings | $ 196,300 | 196,300 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency fourteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-04 | |||
Maturity date | 2042-04 | |||
Currency | COP | |||
Disbursement | $ 242,920 | |||
Borrowings | $ 242,920 | 242,920 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-11 | |||
Maturity date | 2025-11 | |||
Currency | COP | |||
Disbursement | $ 150,080 | |||
Borrowings | $ 150,080 | 150,080 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Sixteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-11 | |||
Maturity date | 2031-11 | |||
Currency | COP | |||
Disbursement | $ 120,100 | |||
Borrowings | $ 120,100 | 120,100 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Seventeen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-11 | |||
Maturity date | 2047-11 | |||
Currency | COP | |||
Disbursement | $ 229,820 | |||
Borrowings | $ 229,820 | 229,820 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Eighteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2027-07 | |||
Currency | COP | |||
Disbursement | $ 156,500 | |||
Borrowings | $ 156,500 | 156,500 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Nineteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2033-07 | |||
Currency | COP | |||
Disbursement | $ 142,063 | |||
Borrowings | $ 142,063 | 142,063 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2043-07 | |||
Currency | COP | |||
Disbursement | $ 201,437 | |||
Borrowings | $ 201,437 | 201,437 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-08 | |||
Maturity date | 2029-08 | |||
Currency | COP | |||
Disbursement | $ 160,000 | |||
Borrowings | $ 160,000 | 160,000 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-08 | |||
Maturity date | 2040-08 | |||
Currency | UVR (1) | |||
Disbursement | $ 182,416 | |||
Borrowings | $ 182,416 | 165,369 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Annual | |||
Bonds domestic currency Twenty Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-11 | |||
Maturity date | 2030-11 | |||
Currency | COP | |||
Disbursement | $ 176,000 | |||
Borrowings | $ 176,000 | 440,777 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-11 | |||
Maturity date | 2037-11 | |||
Currency | COP | |||
Disbursement | $ 224,000 | |||
Borrowings | $ 224,000 | |||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds domestic currency Twenty Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-11 | |||
Maturity date | 2044-11 | |||
Currency | COP | |||
Disbursement | $ 100,000 | |||
Borrowings | $ 100,000 | |||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Syndicated commercial loan, domestic currency One | ||||
Conditions of the most significant debt | ||||
Company | Cenit (before Oleoducto Bicentenario) | |||
Issue date | 2012-07 | |||
Maturity date | 2024-07 | |||
Currency | COP | |||
Disbursement | $ 2,100,000 | |||
Borrowings | $ 148,400 | 375,725 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan One | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2022-12 | |||
Maturity date | 2027-12 | |||
Disbursement | $ 247 | |||
Borrowings | 300 | $ 300 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Two | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2023-05 | |||
Maturity date | 2028-05 | |||
Disbursement | 400 | |||
Borrowings | 400 | |||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Commercial Loan Three | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2023-09 | |||
Maturity date | 2030-09 | |||
Disbursement | 800 | |||
Borrowings | 1,000 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-04 | |||
Maturity date | 2030-04 | |||
Currency | COP | |||
Disbursement | $ 450,000 | |||
Borrowings | $ 450,000 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Five | ||||
Conditions of the most significant debt | ||||
Issue date | 2023-10 | |||
Maturity date | 2030-04 | |||
Currency | COP | |||
Disbursement | $ 150,000 | |||
Borrowings | $ 150,000 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Six | ||||
Conditions of the most significant debt | ||||
Issue date | 2023-12 | |||
Maturity date | 2034-12 | |||
Currency | COP | |||
Disbursement | $ 250,000 | |||
Borrowings | $ 250,000 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Seven | ||||
Conditions of the most significant debt | ||||
Issue date | 2023-12 | |||
Maturity date | 2035-12 | |||
Currency | COP | |||
Disbursement | $ 250,000 | |||
Borrowings | $ 250,000 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Eight | ||||
Conditions of the most significant debt | ||||
Issue date | 2016-12 | |||
Maturity date | 2028-01 | |||
Currency | COP | |||
Disbursement | $ 250,000 | |||
Borrowings | $ 189,000 | 242,125 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Nine | ||||
Conditions of the most significant debt | ||||
Issue date | 2016-12 | |||
Maturity date | 2034-01 | |||
Currency | COP | |||
Disbursement | $ 150,000 | |||
Borrowings | $ 144,000 | 147,000 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Ten | ||||
Conditions of the most significant debt | ||||
Issue date | 2016-12 | |||
Maturity date | 2034-01 | |||
Currency | COP | |||
Disbursement | $ 150,000 | |||
Borrowings | $ 144,000 | 147,000 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-12 | |||
Maturity date | 2034-01 | |||
Currency | UVR | |||
Disbursement | $ 486,213 | |||
Borrowings | $ 200,730 | 181,972 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Twelve | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-07 | |||
Maturity date | 2035-07 | |||
Currency | COP | |||
Disbursement | $ 217,500 | |||
Borrowings | $ 3,595 | 4,353 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2031-10 | |||
Currency | COP | |||
Disbursement | $ 158,050 | |||
Borrowings | $ 158,050 | 158,050 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Fourteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2028-10 | |||
Currency | COP | |||
Disbursement | $ 70,500 | |||
Borrowings | $ 70,500 | 70,500 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-07 | |||
Maturity date | 2027-07 | |||
Currency | COP | |||
Disbursement | $ 194,000 | |||
Borrowings | $ 194,000 | 194,000 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Commercial Loan Sixteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-07 | |||
Maturity date | 2024-07 | |||
Currency | COP | |||
Disbursement | $ 37,427 | |||
Borrowings | $ 37,427 | |||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Commercial Loan Seventeen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-11 | |||
Maturity date | 2033-11 | |||
Currency | COP | |||
Disbursement | $ 208,670 | |||
Borrowings | $ 208,670 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Eighteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-05 | |||
Maturity date | 2028-11 | |||
Currency | COP | |||
Disbursement | $ 59,467 | |||
Borrowings | $ 42,476 | 50,971 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Nineteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-11 | |||
Maturity date | 2028-11 | |||
Currency | COP | |||
Disbursement | $ 23,000 | |||
Borrowings | $ 16,429 | 19,714 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Commercial Loan Twenty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-06 | |||
Maturity date | 2027-06 | |||
Currency | COP | |||
Disbursement | $ 12,900 | |||
Borrowings | $ 12,900 | 12,900 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
Commercial Loan Twenty One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-08 | |||
Maturity date | 2027-08 | |||
Currency | COP | |||
Disbursement | $ 51,085 | |||
Borrowings | $ 51,085 | $ 51,085 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency One | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2023-07 | |||
Maturity date | 2029-01 | |||
Currency | USD | |||
Disbursement | 1,200 | |||
Borrowings | 1,200 | |||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Two | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2020-04 | |||
Maturity date | 2030-04 | |||
Currency | USD | |||
Disbursement | 2,000 | |||
Borrowings | 2,000 | 2,000 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Three | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2021-11 | |||
Maturity date | 2031-11 | |||
Currency | USD | |||
Disbursement | 1,250 | |||
Borrowings | 1,250 | 1,250 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Four | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2023-01 | |||
Maturity date | 2033-01 | |||
Currency | USD | |||
Disbursement | 2,000 | |||
Borrowings | 2,000 | |||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Five | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2023-01 | |||
Maturity date | 2033-01 | |||
Currency | USD | |||
Disbursement | 300 | |||
Borrowings | 300 | |||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Six | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2013-09 | |||
Maturity date | 2043-09 | |||
Currency | USD | |||
Disbursement | 850 | |||
Borrowings | 850 | 850 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Seven | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2014-05 | |||
Maturity date | 2045-05 | |||
Currency | USD | |||
Disbursement | 2,000 | |||
Borrowings | 2,000 | 2,000 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Eight | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2021-11 | |||
Maturity date | 2051-11 | |||
Currency | USD | |||
Disbursement | 750 | |||
Borrowings | 750 | 750 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Nine | ||||
Conditions of the most significant debt | ||||
Company | Oleoducto Central S.A. | |||
Issue date | 2020-07 | |||
Maturity date | 2027-07 | |||
Currency | USD | |||
Disbursement | 500 | |||
Borrowings | 400 | 500 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Ten | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-11 | |||
Maturity date | 2033-11 | |||
Currency | USD | |||
Disbursement | 330 | |||
Borrowings | 330 | 330 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-07 | |||
Maturity date | 2034-01 | |||
Currency | USD | |||
Disbursement | 151 | |||
Borrowings | 134 | 143 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twelve {Member] | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2011-01 | |||
Maturity date | 2026-01 | |||
Currency | USD | |||
Disbursement | 38 | |||
Borrowings | 38 | 38 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Quarterly | |||
Bonds Foreign currency Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2012-10 | |||
Maturity date | 2031-04 | |||
Currency | USD | |||
Disbursement | 40 | |||
Borrowings | 40 | 40 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Fourteen | ||||
Conditions of the most significant debt | ||||
Issue date | 2019-04 | |||
Maturity date | 2034-04 | |||
Disbursement | 600 | |||
Borrowings | 600 | 500 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-04 | |||
Maturity date | 2038-04 | |||
Currency | USD | |||
Disbursement | 500 | |||
Borrowings | 500 | 500 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Sixteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-03 | |||
Maturity date | 2024-02 | |||
Currency | USD | |||
Disbursement | 62 | |||
Borrowings | 87 | 77 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Annual | |||
Bonds Foreign currency Seventeen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-05 | |||
Maturity date | 2025-04 | |||
Currency | USD | |||
Disbursement | 128 | |||
Borrowings | 174 | 154 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Eighteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2019-12 | |||
Maturity date | 2029-12 | |||
Currency | USD | |||
Disbursement | 85 | |||
Borrowings | 108 | 96 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Nineteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-12 | |||
Maturity date | 2028-11 | |||
Currency | USD | |||
Disbursement | 165 | |||
Borrowings | 165 | 153 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2020-12 | |||
Maturity date | 2044-05 | |||
Currency | USD | |||
Disbursement | 165 | |||
Borrowings | 183 | 168 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty one | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-02 | |||
Maturity date | 2044-07 | |||
Currency | USD | |||
Disbursement | 139 | |||
Borrowings | 189 | 153 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2031-10 | |||
Currency | USD | |||
Disbursement | 138 | |||
Borrowings | 156 | 138 | ||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-10 | |||
Maturity date | 2038-10 | |||
Currency | USD | |||
Disbursement | 58 | |||
Borrowings | 65 | 58 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-04 | |||
Maturity date | 2029-04 | |||
Currency | USD | |||
Disbursement | 145 | |||
Borrowings | 145 | 134 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Five | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-03 | |||
Maturity date | 2030-03 | |||
Currency | USD | |||
Disbursement | 114 | |||
Borrowings | 114 | |||
Interest rate | Floating | |||
Amortization plan | Bullet | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-10 | |||
Maturity date | 2033-10 | |||
Currency | USD | |||
Disbursement | 162 | |||
Borrowings | 163 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-10 | |||
Maturity date | 2038-10 | |||
Currency | USD | |||
Disbursement | 231 | |||
Borrowings | 232 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-06 | |||
Maturity date | 2025-06 | |||
Currency | USD | |||
Disbursement | 243 | |||
Borrowings | 162 | 238 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Twenty Nine | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-06 | |||
Maturity date | 2030-12 | |||
Currency | USD | |||
Disbursement | 252 | |||
Borrowings | 416 | 407 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-06 | |||
Maturity date | 2024-12 | |||
Currency | USD | |||
Disbursement | 42 | |||
Borrowings | 6 | 23 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-06 | |||
Maturity date | 2030-12 | |||
Currency | USD | |||
Disbursement | 210 | |||
Borrowings | 212 | 207 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-02 | |||
Maturity date | 2050-06 | |||
Currency | USD | |||
Disbursement | 37 | |||
Borrowings | 37 | 36 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
Bonds Foreign currency Thirty Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-11 | |||
Maturity date | 2050-06 | |||
Currency | USD | |||
Disbursement | 81 | |||
Borrowings | 81 | 79 | ||
Interest rate | Fixed | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
Bonds Foreign currency Thirty Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-07 | |||
Maturity date | 2056-06 | |||
Currency | USD | |||
Disbursement | 1,200 | |||
Borrowings | 1,073 | 1,200 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2019-09 | |||
Maturity date | 2025-09 | |||
Currency | USD | |||
Disbursement | 70 | |||
Borrowings | 70 | 70 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Two | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-12 | |||
Maturity date | 2030-11 | |||
Currency | USD | |||
Disbursement | 40 | |||
Borrowings | 40 | 40 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Three | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-02 | |||
Maturity date | 2030-11 | |||
Currency | USD | |||
Disbursement | 30 | |||
Borrowings | 30 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Four | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-03 | |||
Maturity date | 2030-11 | |||
Currency | USD | |||
Disbursement | 36 | |||
Borrowings | 36 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Five | ||||
Conditions of the most significant debt | ||||
Issue date | 2022-04 | |||
Maturity date | 2026-11 | |||
Disbursement | 67 | |||
Borrowings | 62 | 65 | ||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Bullet | |||
International Commercial Loans Six | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-09 | |||
Maturity date | 2032-09 | |||
Currency | USD | |||
Disbursement | 20 | |||
Borrowings | 76 | 76 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Seven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-12 | |||
Maturity date | 2024-12 | |||
Currency | USD | |||
Disbursement | 38 | |||
Borrowings | 38 | |||
Interest rate | Fixed | |||
Amortization plan | Bullet | |||
Payment of interest | Monthly | |||
International Commercial Loans Eight | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2016-02 | |||
Maturity date | 2024-07 | |||
Currency | USD | |||
Disbursement | 5 | |||
Borrowings | 1 | 2 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
International Commercial Loans Nine | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-10 | |||
Maturity date | 2027-06 | |||
Currency | USD | |||
Disbursement | 5 | |||
Borrowings | 4 | 4 | ||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
International Commercial Loans Ten | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-12 | |||
Maturity date | 2024-03 | |||
Currency | USD | |||
Disbursement | 7 | |||
Borrowings | 6 | |||
Interest rate | Floating | |||
Amortization plan | Quarterly | |||
Payment of interest | Quarterly | |||
International Commercial Loans Eleven | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2014-01 | |||
Maturity date | 2029-03 | |||
Currency | USD | |||
Disbursement | 59 | |||
Borrowings | 21 | 23 | ||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Twelve | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2017-08 | |||
Maturity date | 2032-03 | |||
Currency | USD | |||
Disbursement | 56 | |||
Borrowings | 34 | 105 | ||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Thirteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2022-03 | |||
Maturity date | 2041-12 | |||
Currency | USD | |||
Disbursement | 47 | |||
Borrowings | 69 | 45 | ||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Fourteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2010-05 | |||
Maturity date | 2030-05 | |||
Currency | USD | |||
Disbursement | 45 | |||
Borrowings | 22 | 23 | ||
Interest rate | Fixed | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Fifteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-09 | |||
Maturity date | 2025-03 | |||
Currency | USD | |||
Disbursement | 43 | |||
Borrowings | 43 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Sixteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-09 | |||
Maturity date | 2025-03 | |||
Currency | USD | |||
Disbursement | 23 | |||
Borrowings | 23 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Seventeen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2023-09 | |||
Maturity date | 2025-03 | |||
Currency | USD | |||
Disbursement | 18 | |||
Borrowings | 18 | |||
Interest rate | Floating | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Eighteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-09 | |||
Maturity date | 2050-06 | |||
Currency | USD | |||
Disbursement | 13 | |||
Borrowings | 31 | 13 | ||
Interest rate | Fixed | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Nineteen | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2018-09 | |||
Maturity date | 2050-06 | |||
Currency | USD | |||
Disbursement | 5 | |||
Borrowings | 13 | 5 | ||
Interest rate | Fixed | |||
Amortization plan | Monthly | |||
Payment of interest | Monthly | |||
International Commercial Loans Twenty | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-05 | |||
Maturity date | 2025-05 | |||
Currency | USD | |||
Disbursement | 101 | |||
Borrowings | 50 | 83 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International Commercial Loans Twenty One | ||||
Conditions of the most significant debt | ||||
Company | Interconexión Eléctrica S.A.E.S.P and subsidiaries | |||
Issue date | 2021-05 | |||
Maturity date | 2026-05 | |||
Currency | USD | |||
Disbursement | 67 | |||
Borrowings | 78 | 69 | ||
Interest rate | Fixed | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena One | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2023-06 | |||
Maturity date | 2024-06 | |||
Currency | USD | |||
Disbursement | 160 | |||
Borrowings | 160 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Two | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2023-12 | |||
Maturity date | 2024-12 | |||
Currency | USD | |||
Disbursement | 40 | |||
Borrowings | $ 40 | |||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Three | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2022-09 | |||
Maturity date | 2024-08 | |||
Disbursement | 1,200 | |||
Borrowings | $ 1,200 | 1,200 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Four | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2017-12 | |||
Maturity date | 2025-12 | |||
Currency | USD | |||
Disbursement | 359 | |||
Borrowings | $ 132 | 182 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly | |||
International commercial credits - Refineria de Cartagena Five | ||||
Conditions of the most significant debt | ||||
Company | Ecopetrol S.A. | |||
Issue date | 2022-12 | |||
Maturity date | 2027-12 | |||
Currency | USD | |||
Disbursement | 576 | |||
Borrowings | $ 700 | $ 700 | ||
Interest rate | Floating | |||
Amortization plan | Half-yearly | |||
Payment of interest | Half-yearly |
Exhibit 3 - Quantitative info_3
Exhibit 3 - Quantitative information of concession services contracts (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | $ 9,942,921 | $ 12,095,757 |
Revenue from concession | 3,153,033 | 3,260,229 |
Total concessions, financial asset | 38,766,323 | 44,421,705 |
Total revenue concessions, financial asset | 10,289,171 | 9,644,939 |
Colombia | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 1,965,912 | 2,276,022 |
Revenue from concession | 27,327 | 51,189 |
Consorcio Transmantaro | PERU | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concessions asset, intangible assets | 6,374,904 | 7,917,103 |
Revenue From Concession, asset intangible | 1,265,674 | 1,545,733 |
Energy Transmission | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concessions asset, intangible assets | 8,388,469 | 10,579,406 |
Concession asset, contractual asset | 20,434,933 | 21,746,542 |
Revenue From Concession, asset intangible | 2,243,377 | 2,427,350 |
Revenue From Concession, contractual asset | 4,892,761 | 3,957,360 |
Energy Transmission | PERU | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concessions asset, intangible assets | 8,344,644 | 10,522,312 |
Revenue From Concession, asset intangible | 2,186,873 | 2,377,989 |
Energy Transmission | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 128,786 | 249,949 |
Revenue from concession | 1,155,125 | 1,178,600 |
Energy Transmission | ISA REP | PERU | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concessions asset, intangible assets | 1,317,431 | 1,770,315 |
Revenue From Concession, asset intangible | 779,025 | 695,577 |
Energy Transmission | ISA Peru | PERU | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concessions asset, intangible assets | 652,309 | 834,894 |
Revenue From Concession, asset intangible | 142,174 | 136,679 |
Energy Transmission | ISA Bolivia | Bolivia | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concessions asset, intangible assets | 42,488 | 55,073 |
Revenue From Concession, asset intangible | 32,148 | 31,490 |
Energy Transmission | Sistemas Inteligentes en Red | Colombia | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concessions asset, intangible assets | 1,337 | 2,021 |
Revenue From Concession, asset intangible | 24,356 | 17,871 |
Energy Transmission | CTEEP | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 15,502,876 | 16,497,745 |
Revenue From Concession, contractual asset | 3,979,957 | 2,824,587 |
Concession Asset | 81,660 | 202,858 |
Revenue from concession | 1,045,884 | 1,101,045 |
Energy Transmission | Interligacao Eletrica Aguapei | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 539,430 | 630,953 |
Revenue From Concession, contractual asset | 72,891 | 76,257 |
Concession Asset | 7,225 | 16,914 |
Revenue from concession | 14,563 | 24,091 |
Energy Transmission | Interligacao Eletrica Itaquere | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 507,600 | 578,080 |
Revenue From Concession, contractual asset | 63,240 | 66,770 |
Concession Asset | 2,999 | 4,495 |
Revenue from concession | 7,568 | 6,019 |
Energy Transmission | Interligacao Eletrica Itaunes | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 463,822 | 499,625 |
Revenue From Concession, contractual asset | 65,898 | 98,480 |
Concession Asset | 5,055 | |
Revenue from concession | 6,647 | |
Energy Transmission | Interligacao Eletrica Biguau | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 412,584 | 467,150 |
Revenue From Concession, contractual asset | 47,142 | 148,383 |
Concession Asset | 2,881 | 4,810 |
Revenue from concession | 12,447 | 4,378 |
Energy Transmission | Interligacao Eletrica Norte E Nordeste | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 420,774 | 454,544 |
Revenue From Concession, contractual asset | 58,531 | 56,872 |
Concession Asset | 3,655 | 1,610 |
Revenue from concession | 1,627 | 3,775 |
Energy Transmission | Interligacao Eletrica JAGUAR 9 S.A | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 396,444 | 424,627 |
Revenue From Concession, contractual asset | 80,759 | 10,207 |
Concession Asset | 12,051 | 4,216 |
Revenue from concession | 16,016 | 54 |
Energy Transmission | Interligacao Eletrica Serra Do Japi | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 367,545 | 419,762 |
Revenue From Concession, contractual asset | 49,604 | 65,004 |
Concession Asset | 2,947 | 4,604 |
Revenue from concession | 8,049 | 8,599 |
Energy Transmission | Interligacao Eletrica De Minas Gerais | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 440,643 | 402,393 |
Revenue From Concession, contractual asset | 132,885 | 249,647 |
Concession Asset | 3,963 | 1,659 |
Revenue from concession | 6,589 | 3,271 |
Energy Transmission | Interligacao Eletrica Tibagi | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 218,670 | 253,394 |
Revenue From Concession, contractual asset | 27,936 | 41,498 |
Concession Asset | (1,347) | 1,298 |
Revenue from concession | 4,104 | 161 |
Energy Transmission | Interligacao Eletrica JAGUAR 6 S.A | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 184,741 | 232,475 |
Revenue From Concession, contractual asset | 12,125 | 1,797 |
Concession Asset | 1,263 | 2,842 |
Revenue from concession | 2,165 | 210 |
Energy Transmission | Evrecy Participaes | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 325,208 | 260,969 |
Revenue From Concession, contractual asset | 121,998 | 154,202 |
Concession Asset | 1,280 | 2,327 |
Revenue from concession | 7,144 | 7,381 |
Energy Transmission | Interligacao Eletrica Sul | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 186,642 | 206,437 |
Revenue From Concession, contractual asset | 31,256 | 22,131 |
Concession Asset | 1,795 | 2,289 |
Revenue from concession | 3,389 | 2,606 |
Energy Transmission | Interligacao Eletrica Itapura | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 150,682 | 160,534 |
Revenue From Concession, contractual asset | 26,828 | 24,127 |
Concession Asset | 1,735 | 2,062 |
Revenue from concession | 7,398 | 8,358 |
Energy Transmission | Interligacao Eletrica JAGUAR 8 S.A | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 108,798 | 102,270 |
Revenue From Concession, contractual asset | 33,834 | 2,128 |
Concession Asset | 896 | 1,388 |
Revenue from concession | 658 | (148) |
Energy Transmission | Interligacao Eletrica Riacho Grande | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 158,384 | 98,546 |
Revenue From Concession, contractual asset | 81,210 | 40,281 |
Energy Transmission | Interligacao Eletrica Pinheiros | Brazil | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession asset, contractual asset | 50,090 | 57,038 |
Revenue From Concession, contractual asset | 6,667 | 74,989 |
Concession Asset | 728 | (3,423) |
Revenue from concession | 10,877 | 8,800 |
Energy Transmission | Ruta del Loa | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 1,160,000 | 873,447 |
Revenue from concession | 528,219 | 383,348 |
Energy Transmission | Ruta del Maipo | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 6,281,734 | 7,780,753 |
Revenue from concession | 901,306 | 894,934 |
Roads | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 7,848,223 | 9,569,786 |
Revenue from concession | 1,970,581 | 2,030,440 |
Roads | Ruta de La Araucania | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 344,439 | 665,364 |
Revenue from concession | 269,324 | 340,629 |
Roads | Ruta de Los Rios | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 62,050 | 218,555 |
Revenue from concession | 252,171 | 264,966 |
Roads | Ruta del Maule | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 0 | 0 |
Revenue from concession | 0 | 0 |
Roads | Ruta del Bosque | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 31,667 | |
Revenue from concession | 19,561 | 146,563 |
Roads | Ruta Costera | Chile | ||
Exhibit 3. Quantitative information of concession services contracts | ||
Concession Asset | 1,965,912 | 2,276,022 |
Revenue from concession | $ 27,327 | $ 51,189 |