[Executive Summary](index=2&type=section&id=Executive%20Summary) [Overall Performance and Strategic Highlights](index=2&type=section&id=Overall%20Performance%20and%20Strategic%20Highlights) Ecopetrol Group maintained solid 1H 2025 operating performance, achieving competitive profitability through diversification, integration, cost cutting, and optimization, with COP 61.0 trillion in revenues, COP 24.4 trillion EBITDA, and COP 4.9 trillion net income - Maintained solid operating performance in 1H 2025, demonstrating sustainable value generation despite challenging market conditions like declining Brent crude prices and geopolitical tensions[5](index=5&type=chunk) - Financial results were underpinned by market and portfolio diversification, value chain integration, cost cutting, and operational optimization, leading to competitive profitability[6](index=6&type=chunk) Ecopetrol Group Key Financial Results (1H 2025) | Metric | Amount (COP Trillion) | EBITDA Margin | | :----- | :-------------------- | :------------ | | Revenues | 61.0 | | | EBITDA | 24.4 | 40% | | Net Income | 4.9 | | - Completed dividend payments to shareholders totaling **COP 8.8 trillion**, delivering an approximate **10% dividend yield**[8](index=8&type=chunk) - Hydrocarbons business achieved **751 mboed production** in 1H 2025, driven by strong performance in Colombian fields (Caño Sur, CPO-09) and the Permian Basin (U.S.)[9](index=9&type=chunk) - Declared commercial feasibility for the Lorito discovery (Meta Department), the largest in the last decade, realizing benefits from acquiring a **45% stake in CPO-09**[10](index=10&type=chunk) - Energy Transition business closed an acquisition agreement for the **205 MW Windpeshi wind project** and commercialized natural gas for an average of **58 GBTUD** for four years, plus **60 GBTUD** of imported gas for five years (starting 2Q26)[12](index=12&type=chunk) - Total investments reached **USD 2,582 million** by the end of 2Q25, maintaining operational growth across all business lines[14](index=14&type=chunk) [I. Financial and Operating Results](index=3&type=section&id=I.%20Financial%20and%20Operating%20Results) [Financial Summary Income Statement](index=3&type=section&id=Financial%20Summary%20Income%20Statement) Ecopetrol Group's 2Q25 and 1H25 net consolidated profit and EBITDA significantly decreased due to lower total sales and gross profit, with net profit dropping by 44.2% and 29.4% respectively Ecopetrol Group Financial Summary Income Statement (COP Billion) | Metric | 2Q25 | 2Q24 | ∆ ($) | ∆ (%) | 6M 2025 | 6M 2024 | ∆ ($) | ∆ (%) | | :-------------------------------- | :--- | :--- | :---- | :---- | :------ | :------ | :---- | :---- | | Total Sales | 29,669 | 32,627 | (2,958) | (9.1%) | 61,035 | 63,929 | (2,894) | (4.5%) | | Gross profit | 8,508 | 12,047 | (3,539) | (29.4%) | 19,168 | 24,285 | (5,117) | (21.1%) | | Operating profit | 5,637 | 9,535 | (3,898) | (40.9%) | 14,017 | 19,337 | (5,320) | (27.5%) | | Net consolidated profit | 2,456 | 4,400 | (1,944) | (44.2%) | 6,688 | 9,477 | (2,789) | (29.4%) | | Net profit attributable to Ecopetrol shareholders | 1,811 | 3,376 | (1,565) | (46.4%) | 4,938 | 7,387 | (2,449) | (33.2%) | | EBITDA | 11,136 | 14,052 | (2,916) | (20.8%) | 24,394 | 28,291 | (3,897) | (13.8%) | | EBITDA Margin | 37.5% | 43.1% | - | (5.6%) | 40.0% | 44.3% | - | (4.3%) | [Sales Revenues](index=4&type=section&id=Sales%20Revenues) 2Q25 total sales revenue decreased by 9.1% to COP 29.7 trillion, driven by lower crude oil and product prices, partially offset by exchange rate effects and stronger differentials, with local sales down 4.9% and exports up 3.7% - Accumulated sales revenue in 2Q25 totaled **COP 29.7 trillion**, a **9.1% decrease** compared to 2Q24[22](index=22&type=chunk) - Total volume sold in 2Q25 was **987 mboed**, a **0.1% decrease** from 2Q24, primarily due to lower local sales volume partially offset by increased export volumes[24](index=24&type=chunk) Ecopetrol Group Volumetric Sales (mboed) | Category | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :--------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total Local Volumes | 414.4 | 435.9 | (4.9%) | 416.6 | 435.0 | (4.2%) | | Total Export Volumes | 572.2 | 551.7 | 3.7% | 554.8 | 538.5 | 3.0% | | Total Sold Volumes | 986.6 | 987.6 | (0.1%) | 971.4 | 973.5 | (0.2%) | - A lower weighted average sales price of crude oil and products (**-12.0 USD/Bl**) contributed to revenue decrease, in line with Brent decline, partially offset by strengthening crude trading and product differentials[27](index=27&type=chunk) Ecopetrol Group Basket Realization Prices (USD/Bl) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :------- | :--- | :--- | :---- | :------ | :------ | :---- | | Brent | 66.7 | 85.0 | (21.5%) | 70.8 | 83.5 | (15.2%) | | Crude Sales Basket | 63.0 | 78.7 | (19.9%) | 65.8 | 76.2 | (13.6%) | | Product Sales Basket | 79.2 | 91.4 | (13.3%) | 82.7 | 92.0 | (10.1%) | | Gas Sales Basket | 26.9 | 27.1 | (0.7%) | 27.9 | 27.7 | 0.7% | - The hedging program covered **1.5 million barrels** for Ecopetrol S.A., **7.2 million barrels** for Ecopetrol Trading Asia, and **0.7 million barrels** for Ecopetrol US Trading during 2Q25[33](index=33&type=chunk) [Cost of Sales](index=6&type=section&id=Cost%20of%20Sales) 2Q25 cost of sales increased by 2.8% (COP +0.6 trillion), driven by a 21.0% rise in depreciation and 9.3% in fixed costs, while variable costs decreased by 5.3% due to lower crude, gas, and product purchases - Cost of sales increased by **2.8% (COP +0.6 trillion)** in 2Q25 compared to 2Q24[35](index=35&type=chunk) - Variable costs decreased by **5.3% (COP -0.6 trillion)** in 2Q25, primarily due to lower purchase value of crude oil, gas, and products (**-COP 1.6 trillion**), partially offset by increased refined product purchases (**COP +0.3 trillion**) and a negative exchange rate effect (**COP +0.6 trillion**)[36](index=36&type=chunk)[39](index=39&type=chunk) - Fixed costs increased by **9.3% (COP +0.5 trillion)** in 2Q25, attributed to greater construction activity at ISA and higher maintenance and general costs due to inflation and exchange rate effects[36](index=36&type=chunk) - Depreciation and amortization increased by **21.0% (COP +0.7 trillion)** in 2Q25, driven by higher production, increased capital investment, and exchange rate effects on USD-functional currency subsidiaries[37](index=37&type=chunk) [Operational and Exploratory Expenses, net of Other Income](index=6&type=section&id=Operational%20and%20Exploratory%20Expenses,%20net%20of%20Other%20Income) 2Q25 operating expenses, net of other income, increased by 14.3% (COP +0.4 trillion), driven by a higher tax rate, increased provisions for impairment and environmental/labor updates, and higher labor expenses - Operating expenses, net of other income, increased by **14.3% (COP +0.4 trillion)** in 2Q25 compared to 2Q24[38](index=38&type=chunk) - Key drivers for the increase include a higher tax rate due to an internal commotion decree (**COP +0.1 trillion**), higher provisions (**COP +0.2 trillion**) for Air-E portfolio impairment and environmental/labor updates, and higher labor expenses (**COP +0.1 trillion**) due to salary increases and inflation[40](index=40&type=chunk) [Financial Results (Non-Operational)](index=6&type=section&id=Financial%20Results%20(Non-Operational)) 2Q25 financial expenses remained stable, a net effect of higher income from exchange rate differences offsetting increased financial expenses from interest on USD-denominated debt due to higher average exchange rates and inflation - Financial expenses remained at similar levels compared to 2Q24[38](index=38&type=chunk) - This stability resulted from higher income from exchange rate differences (lower closing exchange rate on net liability position) largely offsetting increased financial expenses from interest on USD-denominated debt (higher average exchange rate and inflation)[38](index=38&type=chunk) [Income Taxes](index=7&type=section&id=Income%20Taxes) 2Q25 Effective Tax Rate decreased to 34.3% due to a lower income tax surcharge, while Ecopetrol disputes DIAN's VAT interpretation on fuel imports, facing potential liabilities of COP 0.9 trillion for the Refinery and COP 6.5 trillion for the Company, plus COP 3.3 trillion in interest - The Effective Tax Rate for 2Q25 was **34.3%**, down from **42.3%** in 2Q24, primarily due to a lower income tax surcharge (**0% in 2Q25 vs 10% in 2Q24**) based on Brent price projection[41](index=41&type=chunk) - DIAN issued an opinion in December 2024 stating that gasoline and Diesel imports are subject to **19% VAT**, which Ecopetrol and Refinería de Cartagena S.A.S. dispute[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - DIAN notified the Refinery of assessments and requirements totaling **COP 1.3 trillion** and the Company of requirements totaling **COP 6.5 trillion** for 2022-2024, with estimated accrued interest of **COP 3.3 trillion**[43](index=43&type=chunk) - Ecopetrol and the Refinery have been making VAT payments on gasoline and diesel imports since January 2025, estimated at **COP 3.6 trillion** for 2025, with approximately **COP 3.3 trillion** expected to be recovered through tax discount and refund procedures[45](index=45&type=chunk)[46](index=46&type=chunk) [Financial Position Statements](index=7&type=section&id=Financial%20Position%20Statements) Between March and June 2025, Group assets decreased by 1.9% (COP 5.7 trillion) due to lower FEPC receivables, cash consumption, and revaluation effects, while liabilities decreased by 4.1% (COP 8.0 trillion) mainly from dividend payments, and equity increased by COP 2.3 trillion to COP 105.6 trillion - Group's assets decreased by **COP 5.7 trillion (-1.9%)** between March and June 2025[47](index=47&type=chunk) - Main drivers for asset decrease included lower FEPC accounts receivable (**COP -4.5 trillion**), cash consumption (**COP -3.9 trillion**), revaluation effect on USD-functional currency assets (**COP -2.6 trillion**), and asset depreciation (**COP -4.5 trillion**), partially offset by higher CAPEX (**COP 5.1 trillion**) and increased tax credits (**COP 4.8 trillion**)[47](index=47&type=chunk) - Liabilities decreased by **COP -8.0 trillion (-4.1%)** during 2Q25, mainly due to payment of 100% of declared dividends, offset by increased financial obligations from short-term debt and revaluation effect of USD-denominated debt[48](index=48&type=chunk) - Group's equity totaled **COP 105.6 trillion** at the end of 2Q25, an increase of **COP 2.3 trillion** from 1Q25, driven by profits[49](index=49&type=chunk) [Cash Flow, Debt and FEPC](index=8&type=section&id=Cash%20Flow,%20Debt%20and%20FEPC) Ecopetrol Group's 2Q25 cash balance was COP 13.1 trillion, with operating cash flow and short-term debt covering dividends and CAPEX; total debt increased by COP 1.6 trillion to COP 120.3 trillion (USD 29,550 million), while the FEPC receivable decreased by COP 4.5 trillion to COP 2.5 trillion Ecopetrol Group Cash Position (COP Billion) | Metric | 2Q25 | 2Q24 | 6M 2025 | 6M 2024 | | :------------------------------ | :--- | :--- | :------ | :------ | | Initial cash and cash equivalents | 14,101 | 15,167 | 14,054 | 12,336 | | (+) Cash flow from operations | 10,046 | 17,071 | 16,168 | 23,084 | | (-) CAPEX | (5,031) | (4,628) | (8,990) | (8,901) | | (-) Dividend payments | (9,672) | (11,922) | (10,695) | (12,192) | | Final cash and cash equivalents | 10,118 | 13,237 | 10,118 | 13,237 | | Total cash | 13,142 | 15,939 | 13,142 | 15,939 | - Cash balance of **COP 13.1 trillion** at the end of 2Q25 (**23% COP, 77% USD**)[52](index=52&type=chunk) - Debt balance increased by **COP 1.6 trillion** to **COP 120.3 trillion (USD 29,550 million)** at the end of 2Q25, driven by short-term and long-term investment loans, partially offset by USD-denominated debt revaluation[53](index=53&type=chunk) - Gross Debt/EBITDA ratio was **2.4x** (below the 2.5x limit), Net Debt/EBITDA was **2.2x**, and Debt/Equity ratio was **1.1x** at the end of June[54](index=54&type=chunk) - FEPC account receivable decreased by **COP 4.5 trillion** to **COP 2.5 trillion** at the end of June 2025, mainly due to **COP 5.4 trillion** in payments received for 2024 accrual, partially offset by 2Q25 accrual of **COP 0.9 trillion**[55](index=55&type=chunk) [Efficiencies](index=9&type=section&id=Efficiencies) Ecopetrol Group achieved **COP 2.2 trillion** in efficiencies by 2Q25, with **66% (COP 1.4 trillion)** impacting EBITDA through OPEX reductions and revenue generation, reducing lifting cost by **0.81 USD/Bl**, alongside **COP 0.7 billion** in CAPEX efficiencies and **COP 0.1 billion** in working capital improvements - Achieved **COP 2.2 trillion** in efficiencies by the end of 2Q25[56](index=56&type=chunk) - **66%** of efficiencies (**COP 1.4 trillion**) impacted EBITDA, with **COP 0.8 trillion** from OPEX (e.g., corporate cost efficiencies, new service contracting, energy efficiency) and **COP 0.7 trillion** from revenue generation (e.g., synergies in crude transportation, higher margins in product purchases/exports)[56](index=56&type=chunk)[57](index=57&type=chunk) - Efficiencies reduced lifting cost by **0.81 USD/Bl**, refining cash cost by **0.07 USD/bl**, and cost per barrel transported by **0.015 USD/bl**[57](index=57&type=chunk) - **COP 0.7 billion (29%)** in CAPEX efficiencies achieved through optimization of investment costs in projects, including drilling and completion (Permian) and surface facility projects[57](index=57&type=chunk) - **COP 0.1 billion (5%)** in working capital improvements from inventory management and financial cost savings[57](index=57&type=chunk) [Investments](index=10&type=section&id=Investments) Ecopetrol Group invested **USD 2,582 million (COP 10.8 trillion)** by 2Q25, with **62%** in Colombia; Hydrocarbons received **61% (USD 1,583 million)**, Energy for Transition **14% (USD 348 million)**, and Transmission and Toll Roads **25% (USD 651 million)** - Total investments by Ecopetrol Group reached **USD 2,582 million (COP 10.8 trillion)** by the end of 2Q25[60](index=60&type=chunk) - Investments were primarily in Colombia (**62%**), followed by Brazil (**17%**) and the United States (**15%**)[60](index=60&type=chunk) Ecopetrol Group Investments by Segment (6M 2025) | Business Segment | Millions USD | Trillions COP | % Share | | :----------------- | :----------- | :------------ | :------ | | Hydrocarbons | 1,583 | 6.6 | 61% | | Energies for the Transition | 348 | 1.5 | 14% | | Transmission and Toll Roads | 651 | 2.7 | 25% | | Total | 2,582 | 10.8 | 100% | - Hydrocarbons investments (**USD 1,583 million**) focused on E&P in Meta, Brazil (Orca discovery), and the Permian Basin (U.S.), refining operational continuity (Barrancabermeja refinery maintenance), and transport infrastructure[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Energy for Transition investments (**USD 348 million**) concentrated on gas chain growth (Piedemonte assets, Tayrona Block) and renewable energy projects (solar farms, Coral hydrogen project)[64](index=64&type=chunk)[65](index=65&type=chunk) - Transmission and Toll Roads investments (**USD 651 million**) were mainly in energy transmission (**87%**) in Brazil, Peru, and Colombia, with **11%** in Toll Roads and **2%** in Telecommunications[65](index=65&type=chunk) [II. Business Lines Results](index=11&type=section&id=II.%20Business%20Lines%20Results) [1. HYDROCARBONS](index=11&type=section&id=1.%20HYDROCARBONS) The Hydrocarbons segment saw mixed 2Q25/1H25 results, with 2 successful exploration wells and stable 1H25 production at 750.5 mboed, decreased lifting and dilution costs, improved refining margins, and strong commercial management EBITDA despite lower transported volumes [1.1 Exploration, Development and Production](index=11&type=section&id=1.1%20Exploration,%20Development%20and%20Production) In 2Q25, Ecopetrol drilled 6 exploratory wells with 2 successes, declared Lorito commercial, and maintained 1H25 production at 750.5 mboed, while lifting and dilution costs decreased due to efficiencies and exchange rates, despite a decline in segment net income and EBITDA from lower Brent prices - **6 exploratory wells** drilled in 2Q25 (out of 10 planned for the year), with **2 successful** (Sirius-2 ST2, Currucutu-1) and 2 under evaluation[68](index=68&type=chunk)[194](index=194&type=chunk) - Declaration of commerciality for the Lorito discovery (Llanos Sur basin) adds **1,450 bpd potential** to the production portfolio[70](index=70&type=chunk) Ecopetrol Group Gross Production (mboed) | Production - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :----------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total Ecopetrol Group | 755.5 | 759.6 | (0.5%) | 750.5 | 750.3 | 0.0% | - 1H25 production levels maintained (**+0.21 mboed**) compared to 1H24, driven by growth in Caño Sur and Chichimene, acquisition of **45% of CPO-09**, and Permian production increase, offsetting environmental impacts and natural gas decline[78](index=78&type=chunk) - Deferred production of **1.5 million barrels** in 2Q25 (cumulative **1.8 million barrels** for 1H25) due to blockades and pipeline unavailability[79](index=79&type=chunk)[80](index=80&type=chunk) Ecopetrol Group Lifting and Dilution Cost (USD/Bl) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :----------- | :--- | :--- | :---- | :------ | :------ | :---- | | Lifting Cost | 11.97 | 12.08 | (0.9%) | 11.59 | 12.04 | (3.7%) | | Dilution Cost | 4.36 | 5.38 | (19.0%) | 4.89 | 5.40 | (9.4%) | - 1H25 lifting cost decreased by **-0.45 USD/Bl** due to a positive exchange rate effect (**-0.81 USD/Bl**) and efficiencies (**+0.37 USD/Bl**), partially offsetting cost increases from inflation and maintenance[84](index=84&type=chunk)[85](index=85&type=chunk) - 1H25 dilution cost decreased by **-0.51 USD/Bl** due to lower naphtha purchase price and reduction in dilution factor, partially offset by lower crude oil volumes marketed[86](index=86&type=chunk)[87](index=87&type=chunk) Exploration and Production Income Statement (COP Billion) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :-------------------------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total revenue | 18,089 | 21,499 | (15.9%) | 36,506 | 40,215 | (9.2%) | | Gross income | 3,865 | 7,487 | (48.4%) | 9,273 | 13,981 | (33.7%) | | Operating income | 2,232 | 5,843 | (61.8%) | 6,397 | 10,876 | (41.2%) | | Net income attributable to owners of Ecopetrol | 842 | 2,341 | (64.0%) | 2,924 | 4,639 | (37.0%) | | EBITDA | 5,915 | 8,661 | (31.7%) | 13,121 | 16,376 | (19.9%) | | EBITDA Margin | 32.7% | 40.3% | (7.6%) | 35.9% | 40.7% | (4.8%) | [1.2 Transport and Logistics](index=15&type=section&id=1.2%20Transport%20and%20Logistics) 2Q25 transported volumes decreased by 5.9% due to third-party disruptions, but Ecopetrol's mitigation strategies helped; 1H25 cost per transported barrel increased by 2.3% to **3.14 USD/Bl**, while 2Q25 segment revenues increased due to exchange rates and rate updates Ecopetrol Group Transported Volumes (mbd) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :------- | :--- | :--- | :---- | :------ | :------ | :---- | | Crude oil | 786.7 | 848.9 | (7.3%) | 794.8 | 831.2 | (4.4%) | | Products | 297.4 | 303.5 | (2.0%) | 293.0 | 304.2 | (3.7%) | | Total | 1,084.0 | 1,152.4 | (5.9%) | 1,087.8 | 1,135.4 | (4.2%) | - Crude oil transported volumes decreased due to lower third-party production, blockades, and infrastructure damage by third parties, particularly affecting Caño Limón-Coveñas and Bicentennial pipelines[97](index=97&type=chunk)[98](index=98&type=chunk) - Mitigation strategies included using alternate routes (Bicentennial Pipeline), increasing operating capacity of strategic systems (Araguaney - Cusiana, Vasconia-Barrancabermeja), and testing dual pumping in the Ayacucho-Coveñas system[99](index=99&type=chunk)[100](index=100&type=chunk) - Incidents involving third parties affecting transport infrastructure increased to **20 events** in 1H25 (**8 in 2Q25**) from **2 events** in 1H24 (**0 in 2Q24**)[105](index=105&type=chunk) Ecopetrol Group Cost per Transported Barrel (USD/Bl) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :------------------------ | :--- | :--- | :---- | :------ | :------ | :---- | | Cost per Transported Barrel | 3.24 | 3.23 | 0.3% | 3.14 | 3.07 | 2.3% | - 1H25 cost per transported barrel increased by **0.07 USD/Bl** due to lower transported volume (**+0.15 USD/Bl**) and higher costs from inflation and emergency care (**+0.12 USD/Bl**), partially offset by a positive exchange rate effect (**-0.20 USD/Bl**)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) Transport Segment Profit or Loss Statement (COP Billion) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :-------------------------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total revenue | 3,868 | 3,625 | 6.7% | 7,849 | 7,194 | 9.1% | | Gross income | 2,833 | 2,562 | 10.6% | 5,804 | 5,204 | 11.5% | | Operating income | 2,520 | 2,359 | 6.8% | 5,268 | 4,805 | 9.6% | | Net income attributable to owners of Ecopetrol | 1,299 | 1,317 | (1.4%) | 2,594 | 2,649 | (2.1%) | | EBITDA | 2,906 | 2,728 | 6.5% | 6,028 | 5,546 | 8.7% | | EBITDA Margin | 75.1% | 75.3% | (0.2%) | 76.8% | 77.1% | (0.3%) | [1.3 Refining and Petrochemicals](index=17&type=section&id=1.3%20Refining%20and%20Petrochemicals) The refining segment achieved a **12.5 USD/Bl** integrated gross margin in 2Q25, up from **9.1 USD/Bl**, despite lower throughput, driven by improved gasoline and diesel differentials; Esenttia increased sales volumes and captured **USD 3.1 million** in OPEX efficiencies, while refining cash cost increased to **5.74 USD/Bl** - The refining segment achieved an integrated gross margin of **12.5 USD/Bl** in 2Q25, up from **9.1 USD/Bl** in 2Q24, driven by improved international gasoline and diesel differentials[117](index=117&type=chunk) - Consolidated throughput was **413.3 mboed** in 2Q25, lower than **424.4 mboed** in 2Q24, affected by maintenance and lower light crude oil receipt[117](index=117&type=chunk) - Ecopetrol made its first export of IFO 380 marine fuel (**185 thousand barrels**) from Cartagena Refinery and set a record in liquid asphalt exports (**56,700 tons**) from Barrancabermeja Refinery[123](index=123&type=chunk) Cartagena Refinery Performance | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :------------------ | :--- | :--- | :---- | :------ | :------ | :---- | | Throughput (mbd) | 193.4 | 195.1 | (0.9%) | 191.1 | 199.3 | (4.1%) | | Gross Margin (USD/Bl) | 11.0 | 9.1 | 20.9% | 10.7 | 12.4 | (13.7%) | Barrancabermeja Refinery Performance | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :------------------ | :--- | :--- | :---- | :------ | :------ | :---- | | Throughput (mbd) | 219.9 | 229.2 | (4.1%) | 213.5 | 227.1 | (6.0%) | | Gross Margin (USD/Bl) | 13.9 | 9.2 | 51.1% | 12.6 | 11.6 | 8.6% | Esenttia Sales (Kton) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :--------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total Sales | 95.8 | 94.1 | 1.8% | 207.1 | 185.4 | 11.7% | - Esenttia captured **USD 3.1 million** in OPEX efficiencies in 1H25[129](index=129&type=chunk) Refining Cash Cost (USD/Bl) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :---------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Refining Cash Cost | 5.74 | 5.56 | 3.2% | 5.66 | 5.49 | 3.1% | - Refining cash cost increased by **0.18 USD/Bl** in 2Q25 due to lower crude oil loading and higher costs (inflation, gas, operational activity in Esenttia), partially offset by exchange rate effect[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) Refining Segment Income Statement (COP Billion) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :-------------------------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total revenue | 15,682 | 16,733 | (6.3%) | 32,958 | 34,378 | (4.1%) | | Gross income | 404 | 195 | 107.2% | 605 | 1,392 | (56.5%) | | Operating income (loss) | (206) | (356) | (42.1%) | (594) | 278 | (313.7%) | | Net income attributable to owners of Ecopetrol | (379) | (517) | (26.7%) | (792) | (318) | 149.1% | | EBITDA | 665 | 435 | 52.9% | 1,147 | 1,881 | (39.0%) | | EBITDA Margin | 4.2% | 2.6% | 1.6% | 3.5% | 5.5% | (2.0%) | [1.4 Commercial Management](index=20&type=section&id=1.4%20Commercial%20Management) Ecopetrol's commercial offices traded **45 million barrels** in 2Q25, generating **USD 44 million** EBITDA and **USD 40 million** net income, with 1H25 accumulating **USD 110 million** EBITDA and **USD 94 million** net income, while expanding product exports and trading **280 thousand carbon credits** - Commercial offices in Houston and Singapore traded **45 million barrels** of crude oil and products in 2Q25, achieving **USD 44 million** in EBITDA and **USD 40 million** in net income[138](index=138&type=chunk) - Accumulated 1H25 results for commercial offices: **USD 110 million** in EBITDA and **USD 94 million** in net income[138](index=138&type=chunk) - Expanded product portfolio with the first export of RMG380-grade fuel oil (**320 thousand barrels**), first delivery of IFO380 marine diesel (**186 thousand barrels**), and first direct sale of paraffin to Brazil (**200 tons**)[139](index=139&type=chunk) - The Carbon Trading Desk traded approximately **280 thousand carbon credits (tCO2e)** in 2Q25, with **87%** for internal Group requirements and **13%** marketed with third parties[140](index=140&type=chunk) [2. ENERGIES FOR THE TRANSITION](index=21&type=section&id=2.%20ENERGIES%20FOR%20THE%20TRANSITION) Ecopetrol advanced energy transition by commercializing natural gas (58 GBTUD local, 60 GBTUD imported), incorporating **630 MW** renewable energy (**208 MW** operational), achieving **2.42 PJ** energy savings (COP 53 billion, 171,226 tCO2e reduction), and adding **19,242** social gas connections [Natural Gas](index=21&type=section&id=Natural%20Gas) Ecopetrol commercialized natural gas (58 GBTUD local, 60 GBTUD imported), reduced its 1H25 natural gas consumption by **8%**, increased substitute energy use to nearly **12%**, and plans regasification on the Pacific coast for 2H26 - Commercialized natural gas for an average of **58 GBTUD** for the next four years[141](index=141&type=chunk) - For the first time, commercialized a block of **60 GBTUD** of imported natural gas for five years (starting 2Q26)[141](index=141&type=chunk) - Achieved an **8% reduction** in natural gas consumption in 1H25 and increased the use of substitute energy sources to nearly **12%** of current consumption[142](index=142&type=chunk) - Regasification on the Pacific coast planned for 2H26; Caribbean options are being evaluated for 2026-2027[143](index=143&type=chunk)[144](index=144&type=chunk) [Renewable Energy](index=21&type=section&id=Renewable%20Energy) By 2Q25, Ecopetrol Group incorporated **630 MW** of renewable energy (**208 MW** operational), reducing **23,900 tCO2e** and saving **COP 29.3 billion** in 2025, while fulfilling conditions for the **205 MW Windpeshi** project and signing agreements for **1,087 MW** and **1,300 MW** wind/solar portfolios - Incorporated a total of **630 MW** of renewable energy by the end of 2Q25 (**208 MW** in operation, **228 MW** from MEM purchases, **95 MW** under construction, **99 MW** in execution)[145](index=145&type=chunk) - Operational renewable energy projects accumulated **23,900 tCO2e reduction** and **COP 29.3 billion** in energy cost savings in 2025[146](index=146&type=chunk) - Fulfilled conditions precedent for acquiring **100%** of Wind Autogeneración S.A.S. (**Windpeshi wind project, 205 MW**) in La Guajira, expected to contribute to energy cost optimization and decarbonization[146](index=146&type=chunk) - Signed a Master Investment Agreement with AES for a potential **49% stake** in the Jemeiwaa Ka'l wind cluster (**1,087 MW**)[146](index=146&type=chunk) - Signed a contract with Statkraft to acquire a solar and wind portfolio of up to **1,300 MW**[146](index=146&type=chunk) [Wholesale Energy Market (MEM)](index=22&type=section&id=Wholesale%20Energy%20Market%20(MEM)) In 1H25, Ecopetrol Group's average electricity demand was **23.3 GWh per day**, with **87.7%** covered by self-generation and contracts (up from **80.6%** in 1H24), minimizing spot market exposure and achieving **6.2%** lower average contract rates than regulated market rates - 1H25 average electricity demand was **23.3 GWh per day**, with **58.4%** met by self-generation and **41.6%** by MEM purchases[147](index=147&type=chunk) - **87.7%** of the Group's energy demand was covered through self-generation and contracts (up from **80.6%** in 1H24), minimizing spot market exposure to **12.3%**[147](index=147&type=chunk) - Average rates settled in contracts were **6.2% lower** than regulated market rates published by XM[148](index=148&type=chunk) [Energy Efficiency](index=22&type=section&id=Energy%20Efficiency) By 1H25, Ecopetrol achieved **2.42 PJ** in energy optimization, reducing **171,226 tons of CO2e** and saving approximately **COP 53 billion**, with cumulative savings since 2018 reaching **22.33 PJ (89% of 2030 goal)** - Accumulated energy optimization of **2.42 PJ** by the end of 1H25, impacting **171,226 tons of CO2e** and saving **COP 53 billion**[149](index=149&type=chunk) - Total cumulative energy savings since 2018 reached **22.33 PJ (89% of 2030 goal)**, equivalent to the consumption of over **1.1 million Colombian households**[149](index=149&type=chunk) [Social Gas & Invercolsa](index=22&type=section&id=Social%20Gas%20%26%20Invercolsa) Ecopetrol's social gas initiative added **19,242** new home connections in 1H25, totaling **94,507** since 2019, while Invercolsa's user base grew by **3.9%** to over **4.1 million** users - The social gas initiative made **19,242** new home connections in social strata 1 and 2 during 1H25, totaling **94,507** physical connections since 2019[150](index=150&type=chunk) - Invercolsa and its affiliates registered over **4.1 million users** connected to gas service, a **3.9% increase** compared to 2Q24, driven by network projects and social gas[151](index=151&type=chunk) [3. ENERGY TRANSMISSION AND TOLL ROADS](index=22&type=section&id=3.%20ENERGY%20TRANSMISSION%20AND%20TOLL%20ROADS) The Energy Transmission and Toll Roads segment secured new projects but saw 2Q25 revenues decrease by **2.5%** due to a Brazilian RBSE methodology adjustment, reducing ISA's EBITDA by **COP 594 billion** and net income by **COP 140 billion**, while toll road projects progressed and segment net income attributable to Ecopetrol owners significantly declined [3.1 Energy Transmission](index=22&type=section&id=3.1%20Energy%20Transmission) ISA Energía in Brazil was awarded seven transmission network reinforcements (**BRL 250 million CAPEX**) and commissioned projects in Colombia (**COP 16 billion**) and Brazil (**USD 57 million**); ANEEL's RBSE methodology adjustment reduced ISA's EBITDA by **COP 594 billion** and net income by **COP 140 billion** - ISA Energía in Brazil was awarded seven transmission network reinforcements in 2Q25, with CAPEX of **BRL 250 million (~COP 187 billion)**[152](index=152&type=chunk) - Projects commissioned in 2Q25 include the Bolivar Sabanalarga and Bolivar Termocartagena transmission line renovation in Colombia (**COP 16 billion**), and seven reinforcements in Brazil (**USD 57 million**), including the Água Vermelha project[153](index=153&type=chunk) - ANEEL's decision in June 2025 adjusted the methodology for calculating the financial component of Brazil's Existing System Basic Network (RBSE)[156](index=156&type=chunk) - This decision led to a reduction of **COP 594 billion** in ISA's EBITDA and **COP 140 billion** in net income, implying lower RBSE-related collections from July 2025 to July 2028[157](index=157&type=chunk) [3.2 Toll Roads](index=23&type=section&id=3.2%20Toll%20Roads) The **COP 11 billion** Caracolí vehicular bridge in Colombia was inaugurated, construction began on Panama's Eastern Pan-American Highway, Chile's Orbital Sur route is progressing for 2028 construction, and Ruta del Maipo expects Free Flow system completion in 4Q25 - The Caracolí vehicular bridge (**COP 11 billion investment**) was inaugurated on Circunvalar de la Prosperidad in Colombia[158](index=158&type=chunk) - Construction phase began for the rehabilitation, improvement, and maintenance of the Eastern Pan-American Highway in Panama[158](index=158&type=chunk) - The Orbital Sur route in Chile is progressing for construction in 2028; Ruta del Maipo is set to complete its Free Flow system in Santiago in 4Q25[159](index=159&type=chunk) [3.3 Telecommunications](index=23&type=section&id=3.3%20Telecommunications) Internexa expanded its fiber optic network, opening new nodes in eight cities in Colombia and five in Peru to boost connectivity - Internexa expanded fiber optic coverage, opening new nodes in eight cities in Colombia and five in Peru[160](index=160&type=chunk) [Financial Results (Energy Transmission and Toll Roads)](index=24&type=section&id=Financial%20Results%20(Energy%20Transmission%20and%20Toll%20Roads)) 2Q25 sales revenue for Energy Transmission and Toll Roads decreased by **2.5%** due to Brazil's RBSE methodology revision, despite new projects; increased costs and higher indebtedness led to a **78.7%** decrease in net income attributable to Ecopetrol owners Energy Transmission and Toll Roads Income Statement (COP Billion) | Metric | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :-------------------------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total revenue | 3,343 | 3,427 | (2.5%) | 7,354 | 7,095 | 3.7% | | Gross income | 1,533 | 1,903 | (19.4%) | 3,748 | 3,917 | (4.3%) | | Operating income (loss) | 1,085 | 1,688 | (35.7%) | 2,930 | 3,377 | (13.2%) | | Net income attributable to owners of Ecopetrol | 50 | 235 | (78.7%) | 212 | 419 | (49.4%) | | EBITDA | 1,644 | 2,227 | (26.2%) | 4,081 | 4,487 | (9.0%) | | EBITDA Margin | 49.1% | 65.0% | (15.9%) | 55.5% | 63.2% | (7.7%) | - Sales revenue in 2Q25 decreased by **2.5%** due to the revised methodology for calculating the financial component of Brazil's RBSE, partially offset by new projects and contractual escalators[162](index=162&type=chunk) - Cost of sales and operating expenses increased due to inflation, increased construction activity, new project commissioning, and recognition of portfolio impairment (Air-E)[163](index=163&type=chunk) - Net financial result reflected higher indebtedness to support operations in Brazil and Peru, and increased monetary adjustments on debt indexed to UF (Chile) and IPCA (Brazil)[164](index=164&type=chunk) [III. Corporate Governance and Social Bodies](index=24&type=section&id=III.%20Corporate%20Governance%20and%20Social%20Bodies) [Board of Directors](index=24&type=section&id=Board%20of%20Directors) Ecopetrol S.A.'s Board of Directors approved key appointments, including President and Vice President, formed support committees, and approved the Group's 2024 Full IFRS financial statements, 20F report, and 1Q25 financial statements - Approved the appointment of Dr. Guillermo García Realpe as President and Dr. Mónica de Greiff Lindo as Vice President of the Board of Directors[165](index=165&type=chunk) - Approved the formation of support committees of the Board of Directors and appointed their presidents[165](index=165&type=chunk) - Approved the Group's financial statements under Full IFRS for December 31, 2024, and the 20F 2024 report for filing with the SEC[165](index=165&type=chunk) - Approved separate Financial Statements of Ecopetrol and consolidated statements of the Group corresponding to 1Q25[169](index=169&type=chunk) - Approved key appointments including Julián Fernando Lemos as Corporate Vice President of Strategy and Business Development, Diana Marcela Jiménez as Director of Institutional Relations and Communications, Julio César Herrera as Commercial and Marketing Vice President, and Rodolfo Mario García as temporary Compliance Corporate Director[169](index=169&type=chunk) [IV. Presentation of Results](index=25&type=section&id=IV.%20Presentation%20of%20Results) [Conference Details](index=25&type=section&id=Conference%20Details) Ecopetrol S.A. will host a virtual conference on Wednesday, August 13, 2025, at 9:00 a.m. Colombian time (10:00 a.m. New York Time) to discuss its 2Q25 results, with a webcast available in Spanish and English - A virtual conference to comment on 2Q25 results is scheduled for Wednesday, August 13, 2025, at 9:00 a.m. Colombian time (10:00 a.m. New York Time)[166](index=166&type=chunk) - The conference will be transmitted in Spanish and English via webcast, with a link provided for access and questions[167](index=167&type=chunk) - The results announcement, presentation, webcast, and recording will be available on the Ecopetrol website[168](index=168&type=chunk) [Ecopetrol Group Appendices](index=26&type=section&id=Ecopetrol%20Group%20Appendices) [Table 1: Income Statement - Ecopetrol Group](index=26&type=section&id=Table%201:%20Income%20Statement%20-%20Ecopetrol%20Group) This table details the Ecopetrol Group's income statement for 2Q25 and 1H25, presenting total revenue, cost of sales, gross income, operating income, finance result, income tax, net income attributable to owners, EBITDA, and EBITDA margin Ecopetrol Group Income Statement (COP Billion) | Billion (COP) | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :-------------------------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total revenue | 29,669 | 32,627 | (9.1%) | 61,035 | 63,929 | (4.5%) | | Total cost of sales | 21,161 | 20,580 | 2.8% | 41,867 | 39,644 | 5.6% | | Gross income | 8,508 | 12,047 | (29.4%) | 19,168 | 24,285 | (21.1%) | | Operating income | 5,637 | 9,535 | (40.9%) | 14,017 | 19,337 | (27.5%) | | Net income attributable to owners of Ecopetrol | 1,811 | 3,376 | (46.4%) | 4,938 | 7,387 | (33.2%) | | EBITDA | 11,136 | 14,052 | (20.8%) | 24,394 | 28,291 | (13.8%) | | EBITDA margin | 37.5% | 43.1% | (5.6%) | 40.0% | 44.3% | (4.3%) | [Table 2: Statement of Financial Position / Balance Sheet - Ecopetrol Group](index=27&type=section&id=Table%202:%20Statement%20of%20Financial%20Position%20/%20Balance%20Sheet%20-%20Ecopetrol%20Group) This table presents the Ecopetrol Group's consolidated balance sheet as of June 30, 2025, and March 31, 2025, showing a 1.9% decrease in total assets, a 4.1% decrease in total liabilities, and a 2.2% increase in total equity Ecopetrol Group Statement of Financial Position (COP Billion) | Billion (COP) | June 30, 2025 | March 31, 2025 | ∆ (%) | | :-------------------------------- | :------------ | :------------- | :---- | | Total current assets | 59,170 | 63,995 | (7.5%) | | Total non-current assets | 235,440 | 236,326 | (0.4%) | | Total assets | 294,610 | 300,321 | (1.9%) | | Total current liabilities | 40,689 | 48,138 | (15.5%) | | Total non-current liabilities | 148,340 | 148,885 | (0.4%) | | Total liabilities | 189,029 | 197,023 | (4.1%) | | Total equity | 105,581 | 103,298 | 2.2% | [Table 3: Cash Flow Statement - Ecopetrol Group](index=28&type=section&id=Table%203:%20Cash%20Flow%20Statement%20-%20Ecopetrol%20Group) This table outlines the Ecopetrol Group's cash flow statement for 2Q25 and 1H25, detailing cash flow from operating activities (COP 10,046 billion and COP 16,168 billion respectively), investing activities (COP 6,084 billion and COP 11,552 billion used), and financing activities (COP 7,692 billion and COP 8,264 billion used) Ecopetrol Group Cash Flow Statement (COP Billion) | Billion (COP) | 2Q25 | 2Q24 | 6M 2025 | 6M 2024 | | :-------------------------------- | :--- | :--- | :------ | :------ | | Cash flow provided by operating activities | 10,046 | 17,071 | 16,168 | 23,084 | | Net cash used in investing activities | (6,084) | (4,525) | (11,552) | (8,534) | | Net cash used in financing activities | (7,692) | (14,727) | (8,264) | (14,122) | | Net (decrease) increase in cash and cash equivalents | (3,983) | (1,930) | (3,936) | 901 | | Cash and cash equivalents at the end of the period | 10,118 | 13,237 | 10,118 | 13,237 | [Table 4: EBITDA Reconciliation - Ecopetrol Group](index=29&type=section&id=Table%204:%20EBITDA%20Reconciliation%20-%20Ecopetrol%20Group) This table reconciles the Ecopetrol Group's net income attributable to owners to consolidated EBITDA for 2Q25 (COP 11,136 billion) and 1H25 (COP 24,394 billion), with adjustments for depreciation, financial results, income tax, and non-controlling interests Ecopetrol Group EBITDA Reconciliation (COP Billion) | Billion (COP) | 2Q25 | 2Q24 | 6M 2025 | 6M 2024 | | :-------------------------------- | :--- | :--- | :------ | :------ | | Net income attributable to the owners of Ecopetrol | 1,811 | 3,376 | 4,938 | 7,387 | | (+) Depreciation, amortization and depletion | 4,494 | 3,714 | 8,384 | 7,287 | | (+/-) Financial result, net | 2,085 | 2,090 | 4,503 | 4,092 | | (+) Income tax | 1,285 | 3,234 | 3,224 | 6,154 | | (+) Non-controlling interest | 645 | 1,024 | 1,750 | 2,090 | | Consolidated EBITDA | 11,136 | 14,052 | 24,394 | 28,291 | [Table 5: EBITDA Consolidation by Segment (2Q25)](index=29&type=section&id=Table%205:%20EBITDA%20Consolidation%20by%20Segment%20(2Q25)) This table breaks down 2Q25 consolidated EBITDA (COP 11,136 billion) by segment, with Upstream contributing the largest share (COP 5,915 billion), followed by Midstream (COP 2,906 billion), Energy (COP 1,644 billion), and Downstream (COP 665 billion) EBITDA Consolidation by Segment (2Q25) (COP Billion) | Billion (COP) | Upstream | Downstream | Midstream | Energy | Eliminations | Consolidated | | :-------------- | :------- | :--------- | :-------- | :----- | :----------- | :----------- | | Consolidated EBITDA | 5,915 | 665 | 2,906 | 1,644 | 6 | 11,136 | [Table 6: Investment by Segment - Ecopetrol Group](index=29&type=section&id=Table%206:%20Investment%20by%20Segment%20-%20Ecopetrol%20Group) This table details Ecopetrol Group's 6M 2025 investments totaling **USD 2,582 million**, with Hydrocarbons accounting for **73% (USD 1,891 million)**, Energy Transmission and Toll Roads for **25.2% (USD 651 million)**, and Energies for the Transition for **1.6% (USD 40 million)** Ecopetrol Group Investment by Segment (6M 2025) (Million USD) | Million (USD) | Ecopetrol S.A. | Affiliates and Subsidiaries | Total 6M 2025 | % Share | | :-------------------------- | :------------- | :-------------------------- | :------------ | :------ | | Hydrocarbons | 1,202 | 689 | 1,891 | 73% | | Production | 928 | 511 | 1,439 | 55.7% | | Downstream | 127 | 45 | 172 | 6.7% | | Exploration | 125 | 31 | 156 | 6.0% | | Midstream* | 0 | 102 | 102 | 3.9% | | Corporate** | 22 | 0 | 22 | 0.9% | | Energies for the Transition** | 36 | 4 | 40 | 1.6% | | Energy Transmission and Toll Roads | 0 | 651 | 651 | 25.2% | | Energy Transmission | 0 | 568 | 568 | 22.0% | | Toll Roads | 0 | 72 | 72 | 2.8% | | Telecommunications | 0 | 11 | 11 | 0.4% | | Total | 1,238 | 1,344 | 2,582 | 100.0% | [Ecopetrol S.A. Appendices](index=30&type=section&id=Ecopetrol%20S.A.%20Appendices) This section provides Ecopetrol S.A.'s separate financial statements, showing a significant decrease in 2Q25 and 1H25 total revenue and net income, a slight decrease in total assets and liabilities, and a modest increase in equity attributable to owners Ecopetrol S.A. Income Statement (COP Billion) | Billion (COP) | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :-------------------------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Total revenue | 23,259 | 27,395 | (15.1%) | 48,265 | 52,727 | (8.5%) | | Gross income | 3,527 | 6,528 | (46.0%) | 8,016 | 12,355 | (35.1%) | | Operating income | 2,015 | 5,178 | (61.1%) | 5,447 | 10,028 | (45.7%) | | Net income attributable to owners of Ecopetrol | 1,811 | 3,376 | (46.4%) | 4,938 | 7,387 | (33.2%) | | EBITDA | 4,656 | 7,260 | (35.9%) | 10,345 | 14,201 | (27.2%) | | EBITDA margin | 20.0% | 26.50% | (6.5%) | 21.40% | 26.90% | (5.5%) | Ecopetrol S.A. Statement of Financial Position (COP Billion) | Billion (COP) | June 30, 2025 | March 31, 2025 | ∆ (%) | | :-------------------------------- | :------------ | :------------- | :---- | | Total current assets | 41,864 | 44,477 | (5.9%) | | Total non-current assets | 166,989 | 168,268 | (0.8%) | | Total assets | 208,853 | 212,745 | (1.8%) | | Total current liabilities | 32,588 | 37,695 | (13.5%) | | Total non-current liabilities | 97,040 | 97,565 | (0.5%) | | Total liabilities | 129,628 | 135,260 | (4.2%) | | Total equity | 79,225 | 77,485 | 2.2% | [Table 9: Export Destinations - Ecopetrol Group](index=32&type=section&id=Table%209:%20Export%20Destinations%20-%20Ecopetrol%20Group) This table details Ecopetrol Group's crude oil and product export destinations for 2Q25 and 1H25, with Asia and the U.S. Gulf Coast as primary crude markets, and the U.S. Gulf Coast and Central America/Caribbean for products Ecopetrol Group Crude Exports by Destination (mboed) | Crudes - mboed | 2Q25 | 2Q24 | % Share | 6M 2025 | 6M 2024 | % Share | | :--------------- | :--- | :--- | :------ | :------ | :------ | :------ | | U.S. Gulf Coast | 181.2 | 164.8 | 41.1% | 181.5 | 176.4 | 42.1% | | Asia | 190.4 | 236.8 | 43.2% | 190.4 | 226.9 | 44.1% | | Europe | 31.7 | 9.4 | 7.2% | 26.9 | 4.7 | 6.2% | | Total | 441.0 | 428.5 | 100.0% | 431.5 | 421.0 | 100.0% | Ecopetrol Group Product Exports by Destination (mboed) | Products - mboed | 2Q25 | 2Q24 | % Share | 6M 2025 | 6M 2024 | % Share | | :----------------- | :--- | :--- | :------ | :------ | :------ | :------ | | Central America / Caribbean | 35.0 | 45.1 | 31.1% | 27.3 | 40.8 | 25.7% | | U.S. Gulf Coast | 42.2 | 42.8 | 37.5% | 40.4 | 39.1 | 38.0% | | U.S. East Coast | 17.2 | 0.0 | 15.3% | 12.2 | 0.0 | 11.5% | | Total | 112.6 | 109.1 | 100.0% | 106.2 | 104.2 | 100.0% | [Table 10: Local Purchases and Imports - Ecopetrol Group](index=32&type=section&id=Table%2010:%20Local%20Purchases%20and%20Imports%20-%20Ecopetrol%20Group) This table details Ecopetrol Group's 2Q25 and 1H25 local purchases and imports of crude oil, gas, products, and diluent, showing a significant decrease in local purchases and an increase in imports across all categories Ecopetrol Group Local Purchases (mboed) | Local Purchases - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :---------------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Crude Oil | 178.5 | 217.9 | (18.1%) | 185.4 | 211.0 | (12.1%) | | Gas | 4.9 | 6.4 | (23.4%) | 3.8 | 6.6 | (42.4%) | | Products | 2.8 | 3.4 | (17.6%) | 3.1 | 3.3 | (6.1%) | | Total | 186.4 | 227.8 | (18.2%) | 192.3 | 220.9 | (12.9%) | Ecopetrol Group Imports (mboed) | Imports - mboed | 2Q25 | 2Q24 | ∆ (%) | 6M 2025 | 6M 2024 | ∆ (%) | | :---------------- | :--- | :--- | :---- | :------ | :------ | :---- | | Crude Oil | 63.1 | 46.9 | 34.5% | 65.6 | 50.6 | 29.6% | | Products | 78.0 | 67.0 | 16.4% | 87.0 | 65.4 | 33.0% | | Diluent | 27.4 | 27.6 | (0.7%) | 32.9 | 29.3 | 12.3% | | Total | 168.5 | 141.5 | 19.1% | 185.5 | 145.2 | 27.8% | | Total (Local + Imports) | 354.9 | 369.3 | (3.9%) | 377.8 | 366.1 | 3.2% | [Table 11: Exploratory Well Details - Ecopetrol Group](index=33&type=section&id=Table%2011:%20Exploratory%20Well%20Details%20-%20Ecopetrol%20Group) This table details the 6 exploratory wells drilled by Ecopetrol Group in 1H25, with two successful (Currucutu-1, Sirius-2 ST2), two under evaluation, and two dry, across various basins with different operators Ecopetrol Group Exploratory Well Details (1H25) | | Quartes | Name | Initial Well Classification (Lahee) | Block | Basin | Operator / Partner | Status | TD Date | | :-- | :------ | :--- | :-------------------------------- | :---- | :---------- | :--------------------------------- | :---------- | :-------- | | 1 | First | Toritos Oeste-1 | A1 | LLA123 | LLanos Central | Geopark 50%(operador) -Hocol 50% | Under Evaluation | Feb 10/2025 | | 2 | First | Currucutu-1 | A3 | LLA123 | LLanos Central | Geopark 50%(operador) -Hocol 50% | Successful | Apr 4/2025 | | 3 | First | Sirius-2 ST2 | A1 | Gua Off 0 | Caribe Offshore | Petrobras 44% (operador) - Ecopetrol 56% | Successful | Jan 7/2025 | | 4 | First | Andina Este-1 | A3 | Capachos | Piedemonte | Parex 50% (operador) - Ecopetrol 50% | Dry | Feb 4/2025 | | 5 | Second | Buena Suerte-1 | A3 | Gua Off 0 | Caribe Offshore | Parex 50% (operador) - Ecopetrol 50% | Dry | Jun 3/2025 | | 6 | Second | Toritos Sur-3 | A1 | LLA123 | Llanos Central | Geopark 50% (Operador) - HOCOL 50% | Under Evaluation | Apr 19/2025 | [Table 12: HSE Performance (Health, Safety and Environment)](index=33&type=section&id=Table%2012:%20HSE%20Performance%20(Health,%20Safety%20and%20Environment)) This table presents Ecopetrol Group's 2Q25 and 1H25 HSE performance, showing an increase in total registrable injuries frequency to **0.30** and **0.31** respectively, and an increase in environmental incidents (hydrocarbon spills >1 barrel) to **1** in 2Q25 and **2** in 1H25 Ecopetrol Group HSE Performance | HSE Indicators* | 2Q 2025 | 2Q 2024 | 6M 2025 | 6M 2024 | | :------------------------------------------ | :------ | :------ | :------ | :------ | | Frequency of total registrable injuries (No. Recordable cases / Million man hours) | 0.30 | 0.21 | 0.31 | 0.19 | | Environmental incidents** | 1 | 0 | 2 | 0 |

Core Viewpoint - Ecopetrol S.A. is set to release its financial and operational results for Q2 2025 on August 12, 2025, followed by a virtual conference call on August 13, 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 over 60% of Colombia's hydrocarbon production and holds leading positions in transportation, logistics, refining, petrochemicals, and gas distribution [3]. - Ecopetrol has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and real-time systems management, as well as road concessions [3]. - Internationally, Ecopetrol has operations in strategic basins across the Americas, including drilling and exploration in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico [3]. - Through ISA and its subsidiaries, Ecopetrol holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia, as well as road concessions in Chile and interests in the telecommunications sector [3].

Core Viewpoint - Ecopetrol has been trending in stock searches, with recent performance showing a decline of -10.2% over the past month, contrasting with the S&P 500's increase of +5.4% [2] Earnings Estimates - For the current quarter, Ecopetrol is projected to report earnings of $0.52 per share, reflecting a year-over-year increase of +23.8% [5] - The consensus earnings estimate for the current fiscal year is $1.62, indicating a decrease of -2.4% from the previous year [5] - For the next fiscal year, the earnings estimate is $1.6, showing a decline of -1.2% compared to the prior year [6] - The Zacks Rank for Ecopetrol is 4 (Sell), suggesting potential underperformance in the near term [7] Revenue Growth - The consensus sales estimate for the current quarter is $7.26 billion, representing a year-over-year decline of -12.7% [11] - Estimated revenues for the current fiscal year are $29.2 billion, indicating a decrease of -10.8%, while the next fiscal year's estimate is $28.59 billion, reflecting a -2.1% change [11] Last Reported Results - In the last reported quarter, Ecopetrol generated revenues of $7.5 billion, a year-over-year decrease of -6.1% [12] - The EPS for the same period was $0.36, down from $0.5 a year ago, with reported revenues falling short of the Zacks Consensus Estimate of $8.19 billion by -8.48% [12] Valuation - Ecopetrol is graded A in the Zacks Value Style Score, indicating it is trading at a discount compared to its peers [17]

Core Insights - Ecopetrol S.A. has acquired the Windpeshi wind power project from Enel S.p.A. for $50 million, located in La Guajira, Colombia [1][8] - The project has a total installed capacity of approximately 205 megawatts (MW) and is expected to generate around 1,006 gigawatt hours (GWh) of power annually, which will cover about 8-9% of Ecopetrol Group's energy needs [2][8] Project Overview - The Windpeshi project will consist of 41 turbines, each with a capacity of 5 MW [2] - The total development cost of the project is estimated at $350 million, part of Ecopetrol's broader investment plan [3] - Development is expected to commence before the end of 2025, with commercial operations projected to start by 2028 [3] Colombia's Clean Energy Targets - The Colombian government, under President Gustavo Petro, aims to transition from fossil fuels to a cleaner energy mix, including renewable sources like solar and wind [4] - The country faces challenges in advancing renewable energy projects, including resistance from indigenous communities and regulatory hurdles [4]

Core Viewpoint - Ecopetrol has successfully acquired 100% of Wind Autogeneración S.A.S. from Enel S.A.S., marking a significant step in its energy transition strategy and commitment to renewable energy projects in Colombia [1][6]. Group 1: Acquisition Details - The acquisition was approved by Ecopetrol's Board of Directors in December 2024 and has now been completed following the fulfillment of regulatory and anti-trust conditions [1]. - The integration of Wind Autogeneración S.A.S. into Ecopetrol's corporate structure has commenced [7]. Group 2: Windpeshi Project Overview - The Windpeshi project, located in La Guajira, will have an installed capacity of 205 MW and is expected to contribute an average of 1,006 GWh/year, which is approximately 8-9% of Ecopetrol Group's energy demand [2]. - The project aims to optimize energy costs and is projected to result in a decarbonization benefit of about 4.8 million tons of CO2 emissions, with estimated investments of nearly $350 million from 2025 to 2027 [3]. Group 3: Project Development Timeline - Ecopetrol plans to restart construction of the Windpeshi project by the end of 2025, with operations expected to begin before 2028 [4]. - The company intends to engage top-tier contractors for the development and construction phases [4]. Group 4: Community Engagement - Ecopetrol emphasizes the importance of engaging with the Wayuu indigenous communities affected by the project, coordinating efforts with national, regional, and local authorities [5]. Group 5: Strategic Positioning - The Windpeshi Project represents the beginning of Ecopetrol's non-conventional renewable energy initiatives in La Guajira, a region recognized for its potential in solar and wind energy development [6]. - 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 across the Americas [8].

Core Viewpoint - Ecopetrol S.A. is facing a proposed tax adjustment and penalty from the Colombian Tax and Customs Authority (DIAN) amounting to COP 1.2 trillion, plus estimated interest of COP 0.5 trillion, related to VAT on diesel fuel imports from 2022 to 2024 [1][2]. Group 1: Tax and Customs Issues - On June 3, 2025, DIAN notified Ecopetrol of Special Customs Requirement No. 525, indicating its intention to issue an official adjustment assessment related to VAT on diesel fuel imports [1]. - Ecopetrol formally opposed the proposed tax adjustment and penalty in its response submitted on July 1, 2025, highlighting differing legal interpretations between DIAN and the Company [2]. - Since January 2025, Ecopetrol has been making VAT payments on diesel and gasoline imports at a 19% rate, which does not affect its right to challenge DIAN's interpretation [3]. Group 2: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [5]. - The Company is responsible for more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [5]. - Ecopetrol has expanded its operations internationally, with drilling and exploration activities in the United States, Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [5].

Core Viewpoint - Ecopetrol S.A. has received authorization from the Financial Superintendency of Colombia to amend its bond issuance program, aligning it with the company's decarbonization and energy transition strategy while expanding capital market alternatives [1][2]. Group 1: Bond Issuance Program - The amendment formalized through Addendum No. 5 will be incorporated into the prospectus of Ecopetrol's local public bonds and commercial paper [2]. - Since the initial bond issuance in August 2013, totaling COP 900 billion, no additional issuances have occurred, allowing for potential future issuances up to COP 2.1 trillion [3]. - The company will inform the market of any future issuances under the program [3]. Group 2: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [4]. - The company is responsible for over 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [4]. - Ecopetrol has expanded its operations internationally, with interests in strategic basins in the U.S., Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [4]. Group 3: New Bond Features - The updated program will allow for the issuance of local public bonds linked to sustainable performance, including green, social, sustainable, and blue bonds [6]. - It will also enable bonds that allow in-kind payments by investors and the reopening of previous bond issuances [6]. - Additional features include bonds indexed to the UVR (Real Value Unit) and TRM (Representative Market Exchange Rate), as well as securities allocation through a book-building process [6].

Core Viewpoint - Ecopetrol S.A. has received an affirmation of its global credit rating at Ba1 with a stable outlook from Moody's, reflecting its strong position in the oil and gas sector in Colombia and Latin America [1][2]. Group 1: Credit Rating and Financial Strength - Moody's Ba1 global rating indicates Ecopetrol's leading role as Colombia's primary oil and gas producer and its significant power transmission operations [2]. - The global rating is three notches above the standalone rating due to government support through the phase-out of fuel subsidies and improved liquidity from reduced accounts receivable related to the Fuel Price Stabilization Fund (FEPC) [3]. - The standalone rating highlights the stability of Ecopetrol's cash flow, bolstered by its power transmission subsidiary (ISA) and midstream affiliates, which contributed 18% to EBITDA in 2024 [4]. Group 2: Company Overview and Operations - Ecopetrol is the largest company in Colombia, responsible for over 60% of the country's hydrocarbon production and holding key positions in petrochemicals and gas distribution [4]. - The company has a 51.4% stake in ISA, engaging in energy transmission and managing real-time systems, along with road concessions [4]. - Internationally, Ecopetrol operates in strategic basins across the Americas, including the Permian basin and the Gulf of Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [4].

Core Points - Ecopetrol has successfully extended the agreement with JPMorgan Chase Bank N.A. to reduce conversion fees for ADR issuance and cancellation by 50%, now valid through December 31, 2025 [1] - The initiative has received positive market reception, prompting Ecopetrol to ensure its continuation to support investor interests [2] Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 18,000 people [2] - The company is responsible for over 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [2] - Ecopetrol has acquired 51.4% of ISA's shares, expanding its involvement in energy transmission and other sectors [2] - Internationally, Ecopetrol has operations in strategic basins in the U.S. (Permian basin and Gulf of Mexico), Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [2]

Investment Rating - The report provides a "Neutral" rating for BP and Eni, while it assigns a "Buy" rating to Chevron, ExxonMobil, Shell, TotalEnergies, GALP, OMV, and Cenovus Energy, indicating a positive outlook for these companies [10]. Core Insights - The report highlights that the global oil and gas sector is expected to experience a compound annual growth rate (CAGR) of 6.5% from 2024 to 2027, driven by increasing demand and recovering prices [10]. - The Brent front month price is projected to stabilize around $65.99 per barrel in 2025, while WTI is expected to be at $62.13 per barrel, reflecting a recovery from previous lows [7]. - Refining margins are anticipated to fluctuate, with European composite margins expected to average around $5.00 per barrel in 2025, indicating a challenging environment for refiners [7]. Summary by Sections Company Ratings and Projections - BP: Current price at 393.0, target price 400, with a 2% upside and a Neutral rating [10] - Chevron: Current price at 148.19, target price 177, with a 19% upside and a Buy rating [10] - ExxonMobil: Current price at 113.19, target price 130, with a 15% upside and a Buy rating [10] - Shell: Current price at 2,698, target price 2,900, with a 7% upside and a Buy rating [10] - TotalEnergies: Current price at 54.90, target price 60.0, with a 9% upside and a Buy rating [10] - Eni: Current price at 14.26, target price 13.0, with a -9% downside and a Neutral rating [10] - Cenovus Energy: Current price at 14.64, target price 25, with a 71% upside and a Buy rating [10] Market Assumptions - The report outlines macro assumptions for commodity prices, with Brent and WTI prices expected to stabilize in 2025 [7]. - The report also discusses refining margins, indicating a challenging environment for refiners with European margins projected at $5.00 per barrel [7]. Performance Metrics - The report includes performance metrics such as EV/DACF, FCF yield, and P/E ratios for major oil companies, providing a comprehensive view of their financial health and market positioning [10].