Ecopetrol (EC) 20-F 18 Apr 24 2023 FY Annual report (foreign) Financial data

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