Core Insights - The company achieved a strong operating performance in 2024, with significant financial results and a solid investment plan for 2025 aimed at creating sustainable value for shareholders [1][6] - Key financial metrics for 2024 include revenues of COP 133.3 trillion, net income of COP 14.9 trillion, and an EBITDA of COP 54.1 trillion, reflecting a robust EBITDA margin of 41% [2][8] - The hydrocarbons business line demonstrated a 104% reserve replacement ratio, with significant contributions from the acquisition of the CPO-09 field and a production level of 746 kboed, marking a 1.2% increase from the previous year [3][8] Financial Performance - Total revenues for 2024 were COP 133.3 trillion, a decrease of 6.8% from COP 143.1 trillion in 2023 [9] - Net income attributable to owners of Ecopetrol was COP 14.9 trillion, down 21.7% from COP 19.1 trillion in 2023 [10] - EBITDA for the year was COP 54.1 trillion, a decline of 10.8% compared to COP 60.7 trillion in 2023, with an EBITDA margin of 40.6% [10] Operational Highlights - The company achieved the highest production level in nine years at 746 kboed and a record sales volume of 1,012 kboed [8] - The reserve replacement ratio was 104%, with a total of 260 MBPE added to reserves, and the average reserve life is 7.6 years [3][8] - In midstream operations, transported volumes reached 1,119 kbd, a 5.8% increase, while refining throughput was 414 kbd, reflecting operational availability of 94.5% [3] Strategic Initiatives - The company implemented an efficiencies program that resulted in historic optimizations amounting to COP 5.3 trillion [1][8] - In the energy transition sector, the company achieved energy optimization of 4.17 PJ, leading to savings of approximately COP 128 billion [4] - The approval of Phase III of the Coral project aims to produce up to 880 tons per day of green hydrogen at the Cartagena Refinery [4] Future Outlook - The company plans to continue enhancing shareholder value through strict capital discipline and efficiencies while reinforcing traditional business operations [6]

Group 1 - Ecopetrol has implemented a market maker program for its shares listed on the Colombian Stock Exchange for a 12-month period to enhance trading conditions and liquidity [1][2] - The company has partnered with Valores Bancolombia S.A. and Andes Investment Group Inc. as liquidity providers for this program [1] - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holds significant positions in various energy sectors [3] Group 2 - The company has expanded its operations through the acquisition of 51.4% of ISA's shares, which allows participation in energy transmission and other infrastructure projects [3] - Ecopetrol has international drilling and exploration operations in the United States, Brazil, and Mexico, and holds leading positions in power transmission in several South American countries [3]

Core Insights - Moody's has maintained Ecopetrol's global credit rating at Ba1 with a stable outlook, reflecting the company's significant role in Colombia's oil and gas production and its stable cash flow from subsidiaries [1][2][3] Group 1: Company Overview - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holding leading positions in transportation, logistics, and refining systems [3] - The company has over 19,000 employees and has expanded its operations internationally, with drilling and exploration activities in the United States, Brazil, and Mexico [3] Group 2: Financial Performance - The increase in production and the reduction of the Fuel Price Stabilization Fund (FEPC) have positively impacted the company's liquidity [2][3] - Moody's expects Ecopetrol's financial obligations to be supported by access to both global and Colombian capital markets, as well as government support [3]

Core Viewpoint - Ecopetrol S.A. is implementing measures to ensure adequate representation of shareholders at the upcoming Ordinary General Shareholder's Meeting scheduled for March 28, 2025 [1][2]. Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [3]. - The company is responsible for more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [3]. - Ecopetrol has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and other sectors [3]. - Internationally, Ecopetrol has operations in strategic basins in the U.S., Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [3]. Shareholder Representation Measures - The company will inform shareholders of their right to appoint proxies and outline the legal requirements for such appointments [6]. - Proxies that do not meet legal requirements will not be accepted, and proxy forms must clearly define the appointed representative [6]. - Company administrators and employees are instructed to refrain from influencing proxy appointments or voting decisions [6]. - Proxies will be restricted from individuals linked to the company's administration or employees [6]. - The Vice-Presidency of Legal Affairs and Secretariat will oversee the review and verification of proxies [6].

Core Viewpoint - Ecopetrol S.A. reported its proven reserves of oil, condensates, and natural gas as of December 31, 2024, showing a net increase in reserves and a strong reserve replacement ratio, indicating the company's ongoing commitment to sustainability and growth in the energy sector [1][3][6]. Reserves and Production - The Ecopetrol Group's net proven reserves reached 1,893 million barrels of oil equivalent (MBOE), an increase of 10 MBOE compared to 2023 [3][4]. - The reserve replacement ratio for 2024 was 104%, with an average reserve life of 7.6 years [3][8]. - In 2024, the company incorporated 260 MBOE of proven reserves, the highest in the last three years, with 244.3 MBOE being crude oil and 15.3 MBOE gas [4][8]. Organic and Inorganic Growth - The company achieved organic incorporation of 231 MBOE through new project maturation and enhanced recovery projects in various fields [5][6]. - Inorganic growth included the acquisition of a 45% stake from Repsol Colombia Oil & Gas in the CPO-09 block, adding 32 MBOE to the reserves [6][8]. Financial Metrics - The 2024 reserves were valued based on a Brent reference price of USD 79.7 per barrel, down from USD 82.8 per barrel in 2023 [2]. - The total production for 2024 was 250 MBOE, marking the highest production level in the last nine years [4][8]. Geographic Distribution - 89% of the proven reserves originated from fields in Colombia, while the remaining 11% came from the United States [8]. - Ecopetrol Permian LLC contributed 22 MBOE primarily from optimizations in drilling campaigns in Texas [9]. Company Overview - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holding significant positions in transportation, logistics, and refining [10]. - The company also has international operations in strategic basins across the Americas, including the Permian basin and the Gulf of Mexico [10].

Group 1 - Ecopetrol's stock closed at $10.91, reflecting a +0.74% change, outperforming the S&P 500's gain of 0.24% [1] - Over the past month, Ecopetrol shares have increased by 28.32%, significantly surpassing the Oils-Energy sector's decline of 3.18% and the S&P 500's increase of 2.37% [2] - The upcoming earnings announcement on March 4, 2025, is projected to show an EPS of $0.44, a decrease of 40.54% year-over-year, with expected revenue of $8.09 billion, down 5.77% from the same quarter last year [3] Group 2 - Recent analyst estimate revisions for Ecopetrol indicate a positive outlook for the company's business [4] - The Zacks Rank system, which assesses estimate changes, has shown that stocks rated 1 have produced an average annual return of +25% since 1988 [5][6] - Ecopetrol currently has a Zacks Rank of 3 (Hold), with a 1.15% rise in the Zacks Consensus EPS estimate over the past month [6] Group 3 - Ecopetrol's Forward P/E ratio is 6.17, indicating a discount compared to the industry's average Forward P/E of 8.03 [7] - The Oil and Gas - Integrated - International industry, to which Ecopetrol belongs, is ranked 132 in the Zacks Industry Rank, placing it in the bottom 48% of over 250 industries [7] - The Zacks Industry Rank suggests that top-rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Viewpoint - Ecopetrol S.A. is set to release its financial and operational results for Q4 and the full year of 2024 on March 4, 2025, followed by a virtual conference call on March 5, 2025, to discuss these results [1][2]. Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [3]. - The company is responsible for more than 60% of Colombia's hydrocarbon production and has significant roles in transportation, logistics, and hydrocarbon refining [3]. - Ecopetrol has a 51.4% stake in ISA, expanding its involvement in energy transmission and real-time systems management, as well as road concessions [3]. - Internationally, Ecopetrol operates in strategic basins in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and holds leading positions in power transmission in Brazil, Chile, Peru, and Bolivia [3].

Core Viewpoint - Ecopetrol S.A. has successfully acquired the remaining 45% interest in the CPO-09 Block from Repsol for 452 million USD, resulting in full ownership of this strategic asset in the Piedemonte Llanero region [1][2]. Group 1: Transaction Details - The acquisition was completed on February 5, 2025, following the approval from the Superintendency of Industry and Commerce of Colombia, which confirmed that the transaction does not restrict competition [2]. - The formal transfer of the 45% interest was executed through an amendment to the Hydrocarbon Exploration and Production Contract CPO-09 [2]. Group 2: Strategic Importance - The CPO-09 block is located in the Meta department of Colombia, covering several municipalities including Villavicencio and Acacías [3]. - This acquisition strengthens Ecopetrol's position in hydrocarbon exploration and production within the Llanos Orientales basin, consolidating its operational presence in the region [4]. Group 3: Company Overview - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holding significant positions in transportation, logistics, and refining [5]. - The company also has international operations in strategic basins across the Americas, including the Permian basin and the Gulf of Mexico, and holds leading positions in power transmission in several South American countries [5].

Core Viewpoint - Ecopetrol S.A. and Occidental Petroleum Corp have agreed to extend their development plan for the Rodeo Midland Basin LLC in the Permian Basin, Texas, which includes a new drilling plan for 34 wells from April 2025 to June 2026 [1][2]. Group 1: Development Plans - The new agreement includes a drilling plan for 34 wells scheduled between April 2025 and June 2026, in addition to ongoing operations in early 2025 [2]. - Ecopetrol Permian's 2025 plan for the Midland and Delaware sub-basins will involve drilling approximately 91 development wells with an estimated investment of $885 million, targeting an average annual production of about 90,000 barrels of oil equivalent per day [4]. Group 2: Operational Performance - After five years of operations, Ecopetrol Permian and Occidental Petroleum have reported positive operational and financial results in the Permian Basin, contributing to the overall performance of the Ecopetrol Group [3]. Group 3: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy player in the Americas, responsible for over 60% of Colombia's hydrocarbon production and holding significant positions in petrochemicals and gas distribution [5]. - The company has expanded its international presence with operations in strategic basins across the Americas, including the Permian Basin and the Gulf of Mexico, and has interests in energy transmission and telecommunications in several South American countries [5].

Core Insights - Ecopetrol S.A. is implementing organizational changes to enhance management efficiency and support its 2040 strategy "Energy that Transforms" aimed at energy diversification and improved agility [1][2] Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy player in the Americas, employing over 18,000 people [2] - The company accounts for more than 60% of Colombia's hydrocarbon production and has significant roles in transportation, logistics, and refining [2] - Ecopetrol has a 51.4% stake in ISA, expanding its involvement in energy transmission and real-time system management [2] - Internationally, Ecopetrol operates in strategic basins in the U.S., Brazil, and Mexico, and holds leading positions in power transmission across several South American countries [2] Organizational Changes - The Corporate Legal Vice Presidency has been restructured to include the General Secretariat, now named Corporate Legal Vice Presidency and General Secretariat [5] - María Cristina Toro Restrepo has been appointed as Corporate Legal Vice President and General Secretary, reporting directly to the President [5] - Rafael Ernesto Guzmán Ayala has been named Executive Vice President of Hydrocarbons, also reporting directly to the President [5] - The Upstream Vice Presidency has been renamed to Exploration, Development, and Production Vice Presidency, led by Juan Carlos Hurtado Parra, reporting to the Executive Vice President of Hydrocarbons [5]