As filed with the Securities and Exchange Commission on April 25, 2018
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F/A
(Amendment No. 1)
(Mark One)
¨ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2017
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to |
OR
¨ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR
Date of event requiring this shell company report
Commission
file number: 001-34175
ECOPETROL S.A.
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant’s name into English)
REPUBLIC OF COLOMBIA
(Jurisdiction of incorporation or organization)
Carrera 13 No. 36 – 24
BOGOTA – COLOMBIA
(Address of principal executive offices)
Tel. (571) 234 4000
Andrés Felipe Sánchez
Investor Relations Officer
investors@ecopetrol.com.co
Tel. (571) 234 5190
Carrera 13 N.36-24 Piso 5
Bogota, Colombia
(Name, Telephone, E-Mail and/or Facsimile number and Address of Company Contact Person)
Title of each class | Name of each exchange on which registered: | |
American Depository Shares (as evidenced by American Depository Receipts), each representing 20 common shares par value COP$609 per share | New York Stock Exchange | |
Ecopetrol common shares par value COP$609 per share | New York Stock Exchange (for listing purposes only) | |
7.625% Notes due 2019 | New York Stock Exchange | |
5.875% Notes due 2023 | New York Stock Exchange | |
4.125% Notes due 2025 | New York Stock Exchange | |
5.375% Notes due 2026 | New York Stock Exchange | |
7.375% Notes due 2043 | New York Stock Exchange | |
5.875% Notes due 2045 | New York Stock Exchange |
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
41,116,694,690 Ecopetrol common shares, par value COP$609 per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
¨ Yes x No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
¨ Yes x No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes ¨ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ | Emerging growth company ¨ |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ¨
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
¨ U.S. GAAP | x International Financial Reporting Standards as issued by the International Accounting Standards Board |
¨ Other |
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:
¨ Item 17 ¨ Item 18
If this is an annual report, indicate by
check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
¨ Yes x No
EXPLANATORY NOTE
This Amendment No. 1 to Ecopetrol S.A.’s Annual Report on Form 20-F for the fiscal year ended December 31, 2017, originally filed with the Securities and Exchange Commission on April 19, 2018 (the “2017 Form 20-F”), is being filed solely for the purposes of adding Exhibit 101 to Item 19 “Exhibits” and furnishing the Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. This Exhibit was not previously filed.
Other than as expressly set forth above, this Amendment No. 1 to the 2017 Form 20-F does not, and does not purport to, amend, update or restate the information in any other item of the 2017 Form 20-F, or reflect any events that have occurred after the 2017 Form 20-F was originally filed.
PART III.
Item 19. Exhibits.
Exhibit |
Description of Document |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to its 2017 Form 20-F on its behalf.
Ecopetrol S.A. | |||
By: | /s/ María Fernanda Suárez | ||
Name: | María Fernanda Suárez | ||
Title: | Chief Financial Officer | ||
By: | /s/ Felipe Bayón Pardo | ||
Name: | Felipe Bayón Pardo | ||
Title: | Chief Executive Officer |
Dated: April 25, 2018
Document And Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ECOPETROL S.A. |
Entity Central Index Key | 0001444406 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Trading Symbol | EC |
Entity Common Stock, Shares Outstanding | 41,116,694,690 |
Consolidated statement of profit or loss - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Profit or loss [abstract] | |||
Sales revenue | $ 55,954,228 | $ 48,485,561 | $ 52,347,271 |
Cost of sales | (36,908,325) | (34,251,423) | (36,994,516) |
Gross profit | 19,045,903 | 14,234,138 | 15,352,755 |
Administrative expenses | (1,764,524) | (1,923,268) | (1,700,985) |
Operations and project expenses | (2,926,065) | (2,751,687) | (4,034,268) |
Recovery of (expense for) impairment of long-term assets, net | 1,311,138 | (928,747) | (7,864,875) |
Other operating income, net | 505,403 | 274,112 | 378,538 |
Operating income | 16,171,855 | 8,904,548 | 2,131,165 |
Financial results, net | |||
Finance income | 1,159,356 | 1,311,743 | 621,924 |
Finance expenses | (3,660,601) | (3,463,540) | (2,718,414) |
Foreign exchange gain (loss) | 5,514 | 976,430 | (5,566,614) |
Financial result, net | (2,495,731) | (1,175,367) | (7,663,104) |
Share of profits (losses) of associates and joint ventures | 93,538 | 61,345 | (46,687) |
Profit (loss) before income tax expense | 13,769,662 | 7,790,526 | (5,578,626) |
Income tax expense | (5,800,268) | (4,543,046) | (710,353) |
Net profit (loss) for the period | 7,969,394 | 3,247,480 | (6,288,979) |
Net profit (loss) attributable to: | |||
Owners of parent | 7,178,539 | 2,447,881 | (7,193,859) |
Non-controlling interest | 790,855 | 799,599 | 904,880 |
Net profit (loss) for the period | $ 7,969,394 | $ 3,247,480 | $ (6,288,979) |
Basic and diluted earnings (loss) per share | $ 174.6 | $ 59.5 | $ (175) |
Consolidated statement of other comprehensive income - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Profit or loss [abstract] | |||
Net profit (loss) for the period | $ 7,969,394 | $ 3,247,480 | $ (6,288,979) |
Unrealized gain (loss) on hedges: | |||
Cash flow hedge for future exports | (84,837) | 461,424 | (217,291) |
Hedge of a net investment in a foreign operation | 57,997 | (155,359) | 0 |
Cash flow hedge with derivative instruments | 35,768 | 33,869 | (60,083) |
Equity instruments measured at fair value: | |||
Unrealized (loss) gain | (7,828) | 126,205 | (106,911) |
Realized (loss) gain | 0 | (68,497) | (19,405) |
Foreign currency translation | (257,147) | (925,981) | 5,979,644 |
Other comprehensive income that will be reclassified to profit or loss, net of tax | (256,047) | (528,339) | 5,575,954 |
Other comprehensive income not to be reclassified to profit or loss in subsequent periods (net of taxes): | |||
Remeasurement (loss) gain on defined benefit plans | (1,548,043) | (1,153,442) | 1,404,602 |
Others (losses) gains | (11,817) | (46,826) | 58,643 |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (1,559,860) | (1,200,268) | 1,463,245 |
Other comprehensive income for the year, net of tax | (1,815,907) | (1,728,607) | 7,039,199 |
Total comprehensive income for the year, net of tax | 6,153,487 | 1,518,873 | 750,220 |
Comprehensive results attributable to: | |||
Owners of parent | 5,353,778 | 784,658 | (328,604) |
Non-controlling interest | 799,709 | 734,215 | 1,078,824 |
Comprehensive income | $ 6,153,487 | $ 1,518,873 | $ 750,220 |
Consolidated statement of changes in equity - COP ($) $ in Millions |
Total |
Subscribed and paid-in capital |
Additional paid-in capital |
Reserves |
Other comprehensive income |
Retained earnings |
Total |
Non-controlling interest |
|||
---|---|---|---|---|---|---|---|---|---|---|---|
Opening balance at Dec. 31, 2014 | $ 48,534,228 | $ 10,279,175 | $ 6,607,612 | $ 17,963,370 | $ 3,980,749 | $ 8,192,040 | $ 47,022,946 | $ 1,511,282 | |||
Net income | (6,288,979) | 0 | 0 | 0 | 0 | (7,193,859) | (7,193,859) | 904,880 | |||
Dividends declared | (6,183,572) | 0 | 0 | 0 | 0 | (5,468,521) | (5,468,521) | (715,051) | |||
Release\Appropriation of reserves, net | 0 | 0 | 0 | 2,344,095 | 0 | (2,344,095) | 0 | 0 | |||
Capitalization of reserves | 0 | 14,760,895 | 0 | (14,760,895) | 0 | 0 | 0 | 0 | |||
Other movements | 87 | (3) | 87 | 0 | 0 | 3 | 87 | 0 | |||
Gain (loss) on hedging instruments: | |||||||||||
Cash flow hedge for future exports | (217,291) | 0 | 0 | 0 | (217,291) | 0 | (217,291) | 0 | |||
Hedge of a net investment in a foreign operation | 0 | ||||||||||
Cash flow hedge with derivative instruments | (60,083) | 0 | 0 | 0 | (43,590) | 0 | (43,590) | (16,493) | |||
Net fair value gain (loss) on equity instruments measured at fair value | (126,316) | 0 | 0 | 0 | (126,316) | 0 | (126,316) | 0 | |||
Foreign currency translation | 5,979,644 | 0 | 0 | 0 | 5,789,207 | 0 | 5,789,207 | 190,437 | |||
Actuarial valuation losses | 1,404,602 | 0 | 0 | 0 | 1,404,602 | 0 | 1,404,602 | 0 | |||
Other movements | 58,643 | 0 | 0 | 0 | 58,643 | 0 | 58,643 | 0 | |||
Closing balance at Dec. 31, 2015 | 43,100,963 | 25,040,067 | 6,607,699 | 5,546,570 | 10,846,004 | (6,814,432) | 41,225,908 | 1,875,055 | |||
Net income | 3,247,480 | 0 | 0 | 0 | 0 | 2,447,881 | 2,447,881 | 799,599 | |||
Dividends declared | (1,029,612) | 0 | 0 | 0 | 0 | 0 | 0 | (1,029,612) | |||
Legal reserve used to offset previous year loss | 0 | 0 | 0 | (3,869,907) | 0 | 3,869,907 | 0 | 0 | |||
Release\Appropriation of reserves, net | 0 | 0 | 0 | (117,819) | 0 | 117,819 | 0 | 0 | |||
Other movements | (29,723) | 0 | 0 | 0 | 0 | (23,637) | (23,637) | (6,086) | |||
Gain (loss) on hedging instruments: | |||||||||||
Cash flow hedge for future exports | 461,424 | 0 | 0 | 0 | 461,424 | 0 | 461,424 | 0 | |||
Hedge of a net investment in a foreign operation | (155,359) | 0 | 0 | 0 | (155,359) | 0 | (155,359) | 0 | |||
Cash flow hedge with derivative instruments | 33,869 | 0 | 0 | 0 | 24,546 | 0 | 24,546 | 9,323 | |||
Net fair value gain (loss) on equity instruments measured at fair value | 57,708 | 0 | 0 | 0 | 57,708 | 0 | 57,708 | 0 | |||
Foreign currency translation | (925,981) | 0 | 0 | 0 | (811,345) | 0 | (811,345) | (114,636) | |||
Actuarial valuation losses | (1,153,442) | 0 | 0 | 0 | (1,153,442) | 0 | (1,153,442) | 0 | |||
Other movements | (46,826) | 0 | 0 | 0 | (46,826) | 0 | (46,826) | 0 | |||
Closing balance at Dec. 31, 2016 | 43,560,501 | 25,040,067 | 6,607,699 | 1,558,844 | 9,222,710 | [1] | (402,462) | 42,026,858 | 1,533,643 | ||
Net income | 7,969,394 | 0 | 0 | 0 | 0 | 7,178,539 | 7,178,539 | 790,855 | |||
Dividends declared | (1,497,178) | 0 | 0 | 0 | 0 | (945,684) | (945,684) | (551,494) | |||
Release\Appropriation of reserves, net | 0 | 0 | 0 | 619,025 | 0 | (619,025) | 0 | 0 | |||
Other movements | (1,111) | 0 | 1 | 0 | 2 | (1,066) | (1,063) | (48) | |||
Gain (loss) on hedging instruments: | |||||||||||
Cash flow hedge for future exports | (84,837) | 0 | 0 | 0 | (84,837) | 0 | (84,837) | 0 | |||
Hedge of a net investment in a foreign operation | 57,997 | 0 | 0 | 0 | 57,997 | 0 | 57,997 | 0 | |||
Cash flow hedge with derivative instruments | 35,768 | 0 | 0 | 0 | 25,984 | 0 | 25,984 | 9,784 | |||
Net fair value gain (loss) on equity instruments measured at fair value | (7,828) | 0 | 0 | 0 | (7,828) | 0 | (7,828) | 0 | |||
Foreign currency translation | (257,147) | 0 | 0 | 0 | (255,153) | 0 | (255,153) | (1,994) | |||
Actuarial valuation losses | (1,548,043) | 0 | 0 | 0 | (1,548,043) | 0 | (1,548,043) | 0 | |||
Other movements | (11,817) | 0 | 0 | 0 | (11,817) | 0 | (11,817) | 0 | |||
Closing balance at Dec. 31, 2017 | $ 48,215,699 | $ 25,040,067 | $ 6,607,700 | $ 2,177,869 | $ 7,399,015 | [1] | $ 5,210,302 | $ 46,434,953 | $ 1,780,746 | ||
|
Consolidated statement of cash flows - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Cash flow provided by operating activities: | |||
Net profit (loss) for the period | $ 7,969,394 | $ 3,247,480 | $ (6,288,979) |
Adjustments to reconcile the net profit (loss) to net cash provided by operating activities: | |||
Income tax expense | 5,800,268 | 4,543,046 | 710,353 |
Depreciation, depletion and amortization | 8,281,347 | 7,607,000 | 6,770,358 |
Foreign exchange loss | (5,514) | (976,430) | 5,566,614 |
Finance cost of loans and borrowings | 2,385,994 | 2,765,024 | 1,768,618 |
Finance cost of post-employment benefits and abandonment costs | 753,047 | 580,491 | 627,827 |
Dry wells | 898,264 | 342,691 | 1,266,440 |
Loss on disposal of non-current assets | 26,686 | 78,990 | 59,932 |
Gain in acquisition of interests in joint operations | (451,095) | 0 | 0 |
Loss on (recovery of) impairment of short term assets | 30,600 | 74,393 | (8,698) |
(Recovery of) loss on impairment of long term assets | (1,311,138) | 928,747 | 7,864,875 |
Gain on fair value adjustment of financial assets | (104,706) | (59,593) | (109,673) |
Share of profit (loss) of associates and joint ventures | (93,538) | (61,345) | 46,687 |
Net gain on the sale of assets held for sale | (166,389) | 0 | 0 |
Gain on sale of equity instruments measured at fair value | (13,236) | (47,129) | (72,339) |
Hedge ineffectiveness | 8,918 | 0 | 0 |
Realized foreign exchange cash flow hedges | (160,772) | (33,074) | (7,646) |
Income tax paid | (4,217,303) | (4,347,364) | (3,148,028) |
Net change in operational assets and liabilities: | |||
Trade and other receivables | (2,189,473) | (1,400,583) | 751,031 |
Inventories | (323,626) | (217,198) | (183,231) |
Trade and other payables | 21,417 | (619,131) | (2,202,808) |
Tax assets and liabilities | (493,533) | 2,547,232 | (1,964,995) |
Provisions for employee benefits | (227,384) | (11,677) | (206,444) |
Provisions and contingencies | 104,135 | (827,153) | (216,939) |
Other assets and liabilities | 451,263 | 118,523 | 654,960 |
Net cash generated by operating activities | 16,973,626 | 14,232,940 | 11,677,915 |
Cash flow from investing activities: | |||
Investment in property, plant and equipment | (2,363,283) | (3,646,929) | (8,548,933) |
Investment in natural and environmental resources | (3,426,405) | (2,121,295) | (6,856,761) |
Acquisition of interests in joint operations | (141,950) | 0 | 0 |
Acquisitions of intangibles | (175,868) | (69,253) | (112,255) |
Sales (purchases) of other financial asset | 564,754 | (5,446,507) | 1,208,898 |
Interests received | 405,562 | 386,001 | 293,507 |
Dividends received | 270,136 | 437,803 | 423,856 |
Proceeds from sales of assets held for sale | 159,041 | 0 | 0 |
Proceeds from sales of equity instruments measured at fair value | 56,930 | 966,715 | 613,998 |
Proceeds from sales of property, plant and equipment | 267,324 | 109,896 | 166,211 |
Net cash used in investment activities | (4,383,759) | (9,383,569) | (12,811,479) |
Cash flow used in financing activities: | |||
Proceeds from borrowings | 444,827 | 4,594,640 | 10,985,933 |
Repayment of borrowings | (9,007,340) | (3,149,917) | (4,903,592) |
Interest payments | (2,696,979) | (2,495,446) | (1,981,127) |
Capitalizations | 0 | 0 | 3 |
Dividends paid | (1,504,647) | (1,712,298) | (5,493,400) |
Net cash used in financing activities | (12,764,139) | (2,763,021) | (1,392,183) |
Exchange difference in cash and cash equivalents | (290,310) | (226,333) | 1,458,019 |
Net (decrease) increase in cash and cash equivalents | (464,582) | 1,860,017 | (1,067,728) |
Cash and cash equivalents at the beginning of the year | 8,410,467 | 6,550,450 | 7,618,178 |
Cash and cash equivalent at the end of the year | 7,945,885 | 8,410,467 | 6,550,450 |
Non-cash transactions | |||
Capitalization of reserves | 0 | 0 | 14,760,895 |
Payment of income tax through the offset of balances in favor | $ 0 | $ 656,121 | $ 894,451 |
Reporting entity |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 | ||||
Disclosure of reporting entity [Abstract] | ||||
Disclosure of reporting entity [text block] |
Ecopetrol S.A. (“Ecopetrol”) is a mixed economy company, of a commercial nature, incorporated in 1948 in Bogotá - Colombia, parent company of the Ecopetrol Business Group. Its corporate purpose is to conduct commercial or industrial activities related to the exploration, exploitation, production, refining, transportation, storage, distribution and commercialization of hydrocarbons and their derivatives and products, directly or through its subsidiaries (collectively referred to as "Ecopetrol Business Group"). 11.51% of Ecopetrol shares are publicly traded on the Stock Exchanges of Colombia and New York. 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 is Bogotá - Colombia, Carrera 13 No. 36 - 24. |
Basis for presentation |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of basis of presentation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reclassifications or changes in presentation [text block] |
These consolidated financial statements of Ecopetrol and its subsidiaries as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015 have been prepared in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). Accounting policies described in Note 4 have been applied consistently in all periods. These consolidated financial statements were approved and authorized for issuance by the Board of Directors of Ecopetrol on April 19, 2018.
The consolidated financial statements were prepared by consolidating all companies set out in Exhibit 1, which are those over which Ecopetrol exercises direct or indirect control. Control is achieved when the Group:
Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases. All inter-company 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 following subsidiaries were incorporated in 2017:
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 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.
The consolidated financial statements are presented in Colombian Pesos, which is the Ecopetrol’s functional currency. For each 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.A.’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 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 particular foreign operation is reclassified to profit or loss. The financial statements are presented in Colombian pesos rounded up to the closest million unit (COP 000,000) except when otherwise indicated.
Transactions in foreign currencies are initially recorded by the 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.
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:
Other assets and liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Basic earnings (loss) per share is calculated by dividing the profit for the year attributable to equity holders of Ecopetrol S.A., the parent company, by the weighted average number of ordinary shares outstanding during the year. There is no potential dilution of shares.
As of December 31, 2017, the Group changed the presentation of deferred tax assets and liabilities balances by offsetting deferred tax balances levied by the same taxation authority. As a result, the Group reclassified the corresponding amounts as of December 31, 2016 to conform them to the current year's presentation, which had an immaterial impact in the deferred tax assets and deferred tax liabilities line items as of December 31, 2016. In addition, such reclassifications did not have an impact in the statements of cash flows, profit or loss and changes in equity for the year ended December 31, 2016. See additional details in Note 10 - Taxes. |
Significant estimates and accounting judgments |
12 Months Ended | ||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||
Disclosure of significant estimates and accounting judgments [Abstract] | |||||||||||||||||||||||||||||
Disclosure of accounting judgements and estimates [text block] |
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 Group based its assumptions and estimates on parameters available when the 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 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:
Hydrocarbon reserves are estimates of the amount of hydrocarbons that can be economically and legally extracted from the Group’s oil and gas properties. The reserves estimation is conducted 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 amount of reserves, unless the prices have been defined by contractual agreements; therefore, if the prices and costs change from one year to the other, 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 estimations are prepared using geological, technical and economic factors, including projections of future production rates, oil prices, engineering data and duration and amount 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, goodwill, liabilities for dismantling and depreciation, depletion and amortization. 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, depletion and amortization, is presented in Notes 15 and 16.
Management uses its professional judgment in assessing the existence of evidence of an expense for (recovery of) impairment, based on internal and external factors. When an indicator of impairment or reversal of a prior periods impairment exists, the 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) estimation of the volumes and market value of oil and natural gas reserves; (2) production profiles for oilfields and the future production of refined and chemical products; (3) investments, taxes and future costs; (4) useful life of assets; (5) long-term prices; (6) the discount rate, which is revised annually and determined as the weighted average cost of capital (WACC); and (7) changes in environmental regulation. The recoverable amount is compared to the carrying amount of the asset, 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 price assumptions are estimated at current market conditions. Expected production volumes, which comprise proven and unproved 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 risk and uncertainty. 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.
The application of the Group’s accounting policy for exploration and evaluation costs requires judgment in order 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 Group uses its professional judgment of future events and circumstances and makes estimates in order to annually assess 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 is included in operating activities in the consolidated statement of cash flows.
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 4.12 - Impairment of non-financial assets for more information.
According to environmental and oil regulations, the Group is required to bear the costs for the abandonment of oil extraction 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. The Group considers that the abandonment and dismantling costs are reasonable, based on the experience of the 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.
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 in order 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.
In December of each year, the Group performs an annual impairment test on goodwill to assess if its carrying amount may be impaired. The determination of the recoverable amount is described in note 4.12 and its calculation requires assumptions and estimates. The 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.
The 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 Group and claims not yet initiated. A provision is recognized when the 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.
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 Group's ability to realize the deferred tax assets recorded could be affected. Furthermore, changes in tax rules could limit the capacity of the 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 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.
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 Group periodically monitors the alignment between its hedge instruments and its risk management policy. |
Accounting policies |
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Disclosure of accounting policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of significant accounting policies [text block] |
The accounting policies indicated below have been applied consistently for all the periods presented.
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 issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. All financial assets are initially recorded at fair value. Loans and trade receivables, other receivables and financial assets held-to-maturity are measured subsequently measured at amortized cost using the effective interest method. Equity investments available for sale that do not have a market quotation price and for which fair value cannot be reliably measured are measured at cost less any impairment identified at the end of each reporting period. 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 for the asset or liability. 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 a whole, as follows:
For derivative contracts for which a quoted market price is not available, fair value estimations 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. For other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash.
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. Impairment The Group evaluates, on each reporting date, 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 to be impaired when there is objective evidence that, as a result 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. De-recognition of financial assets Ecopetrol 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 Group does neither transfer nor retain substantially all the risks and benefits of the asset or transfer control of the asset, the Group continues to recognize the transferred asset, to the extent of its continuing participation, and it also recognizes the associated liability.
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.
The Group classifies its financial assets in the following categories:
Financial assets at fair value through profit or loss are financial assets 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.
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 Group’s management does not intend to negotiate with them in the short-term. These investments are recorded at their fair value and unrealized gains or losses are recognized in other comprehensive income and credited to the available for sale reserve until the investment is derecognized, at which time, the cumulative gain or loss is recognized in other operating income, or the investment is determined to be impaired, when the cumulative loss is reclassified from the available to sale reserve to the statement of profit or loss.
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.
Financial liabilities correspond to the financing obtained by the Group through bank credit facilities and bonds, accounts payable to suppliers and creditors. Bank credit facilities and bonds are initially recognized at their fair value, net of 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. Accounts payable to suppliers and creditors are short-term financial liabilities recorded at nominal value, since it does not significantly differ from fair value. A financial liability is derecognized when the obligation specified in the corresponding contract is paid or expired. 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 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.
Financial derivative instruments are initially recognized in the statement of financial position as assets or liabilities and are measured at fair value on the date on which the derivative is recorded and subsequently measured 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 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.
For purposes of hedge accounting, hedges are classified as:
At the inception of the hedging relationship, the Group formally designates and documents the hedge relationship between the hedging instrument and the hedged item, together with its risk management objectives and strategy to perform hedging transactions. 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 that 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 of the hedging instrument is recognized in other comprehensive income, while any ineffective portion is recognized in the consolidated statement of profit or loss, in the net financial results line item. The amounts previously recognized in other comprehensive income are transferred to profit or loss, when the hedged transaction affects profit or loss. When the hedged item is the cost of a non-financial asset or liability, the amounts previously recognized in other comprehensive income are transferred to the initial carrying amount of the non-financial 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 designates long-term loans as hedging instruments for its exposure to the exchange risk in future oil exports. See Note 30 for further information. 4.1.5.2 Hedge of net investment in a foreign operation Hedges of net investment in a foreign operation are accounted in a way similar to the cash flow hedges. Gains or losses on of the hedging instrument related to the effective portion of the hedge are recognized in other comprehensive income, while any gains or losses relating to the ineffective portion are recognized in the statement profit or loss. Cumulative gains or losses recorded in equity is transferred to the consolidated statement of profit or loss when the foreign operation is partially or totally disposed of. Ecopetrol 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 30 for further information.
Inventories are stated 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 is the production costs, including transportation costs. The cost required to bring the pipeline into working order, is treated as part of the related pipeline. 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 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 are considered those in which one party has the ability to control, or has joint control of the other, or exercises significant influence over the other party in making financial or operational decisions, or is a member of key management personnel (or close relative of a member). The Group considers related parties to be associates, joint ventures, key management executives, entities managing resources for payment of employee post-employment benefit plans and Colombian government entities for the purposes of certain relevant transactions, such as the purchase of hydrocarbons and the fuel price stabilization fund (see Note 4.16).
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 Group holds an equity interest with voting rights of 20% to 50%. See Exhibit I - Consolidated companies, associates and joint ventures for further details. 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 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 is not tested for impairment separately. The Group's share of the results of operations of the associate is recognized in the consolidated statement of profit or loss. Any change in other comprehensive income is recognized in other comprehensive income of the Group. After application of the equity method, the Group determines if it is necessary to recognize an impairment on its investment in its associate. At each reporting date, the 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 its carrying value, and then the impairment is recognized in the consolidated statement of profit or loss. When necessary, the Group makes adjustments to the accounting policies of associates to ensure consistency with the policies adopted by the Group. Additionally, the equity method of these companies is measured on their most recent financial statements.
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.
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 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 participates as a non-operator partner, it records the assets, liabilities, sales revenues, cost of sales and expenses based on the operator’s report. When Ecopetrol is the direct operator of joint venture contracts, it records 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 Group acquires or increases its participation in a joint operation in which the activity constitutes a business combination, such transaction is recorded 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 operation, 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 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. See Note 13 for further information.
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 the entity 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 in order 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:
Land is recorded separately from buildings and facilities and is not subject to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate.
Recognition and measurement Ecopetrol 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 consolidated 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 is no longer 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 on 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 subsequent to 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 rates are reviewed annually, based on reserves reports and the impact of any changes is recognized prospectively in the financial statements. Reserves are audited by internationally recognized external consultants and approved by the Company’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, that is, at the prices and costs that apply at 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 Asset impairment (recovery) and 4.12 - Impairment of non-financial assets.
Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period of time 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 Group and costs can be measured reliably. Other borrowing costs are recognized as finance costs. Projects that have been suspended but that the 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 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 in relation to research activities are expensed as incurred.
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. Goodwill is not amortized but tested for impairment annually.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership. All other leases are classified as operating leases. Assets held under finance leases, when Ecopetrol is the lessee, are recognized in the consolidated statement of financial position at an amount equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payment. These assets are depreciated over the asset's useful life. When there is no reasonable certainty that the company will obtain ownership of the asset at the end of the contract, the leased assets are depreciated in the shortest period between the asset estimated useful life and the lease term. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation, in the loans and financing line item. Lease payments are apportioned between financial charges and reduction of lease liabilities in order to achieve a constant rate of interest on the liability remaining balance. Interest expense is recognized in profit or loss. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic prorating basis is more representative of the time pattern of economic benefits from the lease. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.
In order to evaluate if any tangible or intangible assets are impaired, Ecopetrol compares its carrying amount with its recoverable amount at the end of each reporting period or earlier, if there is any indicator that an asset may be impaired. For purposes of impairment testing, the 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 group 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 segment, each CGUs corresponds to each one of the refineries of the Ecopetrol Business Group and for the Transportation segment; each pipeline is taken as an independent CGU. The recoverable amount of the 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 the statement of profit or loss. Fair value less costs of disposal is usually higher than the value in use for the asset’s 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 before taxes 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, in order to determine if it is reasonable. When an impairment loss is recorded, future amortization expenses are calculated on the basis of the adjusted recoverable amount. Impairment losses may be recovered only if the recovery is related to a change in estimations used after impairment loss was recognized. 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.
Provisions are recognized when Ecopetrol has a current obligation (legal or implied) as a result 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 liability specific risk. Future environmental decommissioning costs related to current or future operations, are accounted for as expenses or assets, as the case may be. Expenditures related to past operations that do not contribute to the obtaining of current or future benefits, are expensed as incurred. The recognition of these provisions coincides with the identification of an obligation related to environmental remediation and Ecopetrol uses available information to determine a reasonable estimation of the related cost. Provisions for which a negative outcome is assessed as possible are not recognized but are disclosed in the explanatory notes; including those for which the amount cannot be estimated. If there is an expectation that the provision will be reimbursed, either in whole or in part, for example by virtue of an insurance contract, the amounts expected to be reimbursed are recognized as a separate asset only when such reimbursement is almost certain. If the effect of the time value of money is significant, the provisions are discounted using the current market rate before taxes reflecting, as applicable, the liability specific risks. When recognizing the discount, the increase of the provision resulting from time elapsed is recognized as financial cost in the profit or loss statement. Asset retirement obligation Liabilities associated with the retirement of assets are recognized when there are current obligations, either legal or implied, related to the abandonment and dismantling of wells, facilities, pipelines, buildings and equipment. The obligation is usually recorded when the assets are installed or 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 sufficient 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 rate that reflects the liability specific risk. 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 the consolidated statement of profit or loss. The financial cost of updating these liabilities is recognized in results for the period as financial expense.
Income tax expense is comprised of income tax payable for the period (including, income tax and income tax for equality - CREE, as appropriate) 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 set-off within fiscal jurisdictions and an intention to settle such balances on a net basis.
The 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 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 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 there Group 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, does 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 Group companies and, therefore, will not be distributed to Ecopetrol. The 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. For more details, see Note 10.
Salaries and benefits for Ecopetrol staff are governed by the Colombian Collective Labor (Agreement 01 of 1977), and, by the Colombian Substantive Labor Code. In addition to the legally mandated benefits, 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 the Group 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 commuted 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 they can be returned to the Group until all of the pension obligations have been fulfilled. The commuted obligation covers allowances and pension bonds payments; while health and education remains under the labor liability in charge of Ecopetrol. Employee-benefits are divided into four groups comprised as follows:
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 correspond to the periodic payments for severance, pensions and labor risk payments that the 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.
In the defined benefits plan, the 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:
Liabilities recognized in the statement of financial position in respect of these benefit plans are 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 takes into account 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 the discount rate, future salary increases, mortality rates and future pension increase. 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 particular country’s rate, which latest version 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 22 - Provisions for employee benefits provides further details on key assumptions used. 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 liability 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.
Other long-term benefit is 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 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.
Termination benefits are recognized only when a detailed plan exists for such process and there is no possibility to withdraw the offer. The 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.
Sales revenue from crude oil and natural gas sales is recognized at the time of transfer of title to the buyer, including risks and rewards of ownership. In the case of refined and petrochemical products, sales revenue is recognized when products are shipped by the refinery and subsequently adjusted in accordance with price changes when dealing with regulated price products, as explained bellow. Sales revenue from transportation services is recognized when products are transported and delivered to the buyer in accordance with contractual terms. In all other cases, sales revenue is recognized at the time it is earned and a true, probable and quantifiable right to demand its payment arises. Under current regulations, Ecopetrol and Refinería de Cartagena S.A. sell regular gasoline and mid-distillates at a regulated price. In accordance with Decree 1068 of 2015, the Ministry of Mines and Energy calculates semiannually 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 amount to be settled is calculated as the volume sold during the corresponding period multiplied by the difference between the international parity price and the reference price actually charged. The net position is calculated by adding all differentials throughout the six month period in Colombian pesos in favor of the Group and chargeable to the FEPC. The international parity price is the daily price of gasoline and diesel oil of the respective month in Colombian pesos, indexed to the United States of America Gulf market price, calculated in accordance with Resolution 18 0522 of 2010. The reference price is the price per gallon fixed by the Ministry of Energy and Mines, at which refiners or importers sell gasoline or diesel to the national market. Therefore, this difference represents a higher or lower value of sales revenues for Ecopetrol S.A. and Refinería de Cartagena S.A.
Costs and expenses are presented according to their nature; they are detailed in the related disclosures in cost of sales, and administrative, operating, projects and other associated expenses.
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.
Ecopetrol presents the respective disclosures relative to its business segments in its consolidated financial statements in accordance with paragraph 4 of IFRS 8 - Operation segments. The operation of the Ecopetrol Business Group is performed through three business segments: 1) Exploration and Production, 2) Transport and Logistics, and 3) Refining, Petrochemical and Biofuels. This segmentation is based on management of objectives and corporate strategic plan, considering that these businesses: (a) are engaged in differential commercial activities, which generate sales revenue and incur costs and expenses; (b) the operational results are revised regularly by the 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 registered and presented at market prices.
See figures of the information by segments in Note 33. |
New accounting standards and regulatory changes |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Disclosure of new standards issued by the IASB [Abstract] | ||||||||||||||||||||||||||||||||||||||
Disclosure of expected impact of initial application of new standards or interpretations [text block] |
Ecopetrol adopted for the first time the following amendments to the IFRS issued by the IASB, applicable for the period covered by this report:
The following accounting standards will become effective in future periods and are being implemented and /or assessed:
In relation to classification and measurement, the Group made and assessment on its financial assets and liabilities and concluded that: a) the valuation of financial assets and liabilities measured at amortized cost is consistent with the Group’s business model, which seeks to pay or receive cash flows at a certain moment; b) the amortized cost valuation method does not apply to short-term accounts payable and receivables, as they do not have an associated interest rate and their settlement is less than one year; and c) investment portfolios and financial derivatives continue to be measured at fair value with changes in fair value through profit or loss, in compliance with their function within the Group’s business model. Based on the aforementioned evaluations, the current classification of the Group's financial instruments is consistent with its business model and no significant change to the current accounting is expected. With respect to the impairment assessment model applied to financial assets valued at amortized cost, Management believes that the adoption of IFRS 9 will not result in any impact, taking into account processes executed to monitor credit risk, knowledge prior to the financial situation of the counterparties with which transactions are made, and the quality of the portfolio. Finally, with respect to the hedging accounting model, as an accounting policy, the Group decided to continue applying the guidance of IAS 39 for existing operations. Should Ecopetrol decide to establish new hedges, the requirements of IFRS 9 will be assessed to establish the relationship of those hedges to and their alignment with risk management objectives, as well as the qualitative and quantitative components to be considered for effectiveness of the assessment.
The Ecopetrol Business Group will apply this standard on January 1, 2018, using the modified retrospective method, which allows adjusting the calculated impacts within equity, at the date of initial application, without adjusting the comparative years. Management estimates that the adoption of the new standard will not have a material effect; nevertheless, the adoption will required the implementation of new internal controls, changes in accounting procedures and policies to allow documentation on the adoption of the standard and its future application. During the process of implementing IFRS 15, sources of ordinary income were assessed, considering the identification of contracts with customers, performance obligations, the determination of transaction prices, the association of prices with performance obligations, and the recognition of income when such obligations are fulfilled. The analysis included the following aspects by segment: Exploration and production: Revenues in this segment correspond to the sale of oil and natural gas. The Group assessed the following: agreements with partners in joint operations, long-term contracts, over and underlifting, production, royalties, role of principal and agent, purchase and sale agreements, take-or-pay agreements and variable price components. No significant impacts were identified for the recognition, measurement or presentation of revenue in this segment. The Group assessed whether the operating partner in a joint operation can have a contract with another non-operator partner to market and sell the non-operator product to a third party. The analysis included whether one of the parties acts as principal or agent in the agreement. The operator evaluates whether it records gross income based on total production or net income based on its net operating interest. The non-operator evaluates the moment of revenue recognition. The Ecopetrol Business Group does not maintain significant agreements with non-operating partners whereby it assumes the role of agent. Transport and Logistics: Revenues in this segment correspond to the income from transport, storage and wholesale commercialization of crude or refined products derived from petroleum either by pipeline, rail, barge or truck. Pipelines and other transportation systems can be used to move crude oil from production sites to refineries and deliver the various refined products to fuel distributors. The main aspects evaluated are ship or pay and ship and pay contracts, variable price components and deposit agreements. The Ecopetrol Business Group has evaluated the performance obligations established in the provision of service, noting that there are no conditions with effects on the variable price related to volumetric adjustments or other contractual conditions that prevent recognition of income. Take-or-pay contracts: Commodity sales contracts and some firm storage and transportation contracts can be structured as more complex purchase or minimum payment contracts, which specify minimum quantities of product that a customer will pay, even if they choose not to receive or use them. The quantities of products that a customer chooses not to take or use in the specified delivery period are called "deficient quantities." No significant impacts were identified for recognition, measurement or reporting of revenue for this segment. Refining, Petrochemicals and Biofuels: Revenues in these segments correspond to the refining of oil, the processing and purification of natural gas, and the production of petrochemicals and biofuels. The main aspects assessed are long-term contracts, variable price components, non-monetary agreements, discounts, financing components and refinery network deliveries. No significant impacts were identified for the recognition, measurement or reporting of revenue for this segment. For each of these segments, income is recognized when the goods or services have been delivered to customers at the established delivery points (when the performance obligation is fulfilled), whereby the transfer of the goods takes place and the risks associated with the products have been accepted by customers. Regarding the agent and principal structure, as part of the process of selling products or services, the Ecopetrol Business Group enters into contracts to acquire, on behalf of the customer, other products or provide services. Under these contracts, the Ecopetrol Business Group is considered as the entity responsible for fulfilling the specific performance obligation. In some cases an inventory risk is not maintained before or after having sold the good or rendered the service. The Ecopetrol Business Group has assessed the impact on recognition in both cases and does not expect significant effects in the adoption of the new standard. As a result of the analysis of these segments, it was concluded that: a) for contracts with several performance obligations, the Group concluded that such contracts are interdependent; therefore, the prices assigned are not independent and the application of a pricing methodology was not required; b) the Ecopetrol Business Group acts as principal in its transactions where it controls assets before transferring them to a client; c) the Group recognizes variable considerations in transaction prices unless they cannot be reliably measured, in which case the recognition is deferred until the uncertainty is resolved; d) the product's method is used by the Group to recognize income from long-term contracts with partial deliveries of goods; e) no effects associated with contract costs were identified when they were recognized in the accounting period and capitalization of the costs is not required; and, f) non-monetary agreements are recognized at fair value.
IFRS 16 "Leases" contains a new model for the identification of leases and their treatment in the financial statements for lessees. As a result of its implementation, oil and gas companies could recognize more assets and liabilities, mainly derived from the rental of drilling equipment and offices. Ecopetrol has completed its initial assessment and started an action plan for its implementation. The Group will continue to perform a more detailed analysis of the potential impact on the financial statements from the adoption of IFRS 16 and does not expect to adopt it in advance.
The amendments address the conflict between IFRS 10 and IAS 28 as to the treatment of control loss of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that the gain or loss resulting from the asset sale or contribution that constitutes a business, as defined in IFRS 3, between the investor and its associate or joint venture, is recognized in its entirety. However, any gain or loss resulting from an asset sale or contribution that is not a business, is recognized only up to the interests of investors who are not related to the associate or joint venture. The IASB has deferred the effective date of these amendments indefinitely, but an entity that early adopts it must apply them prospectively.
The Interpretations Committee reached the following conclusions:
These new accounting policies are subject to change until the Group presents its first financial statements on the initial application date. |
Cash and cash equivalents |
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Disclosure of cash and cash equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cash and cash equivalents [text block] |
Cash and cash equivalents details as of December 31, 2017 and 2016 is as follows:
As of December 31, 2017, cash and cash equivalents balance included COP $ 96,758 and COP $ 114,206 as of December 31, 2016, of restricted cash to be used exclusively for the payment of loans principal and interest obtained by Oleoducto Bicentenario and Oleoducto de los Llanos. The use of short-term financial investments depends on the liquidity needs of the Group. The fair value of cash and cash equivalents approximates their book value due to their short-term nature. The return on cash and cash equivalents for the year ended December 31, 2017 was approximately 4.2% (2016 - 3.5%). The following table reflects the credit quality of issuers of investments included in cash and cash equivalents:
See credit risk policy in Note 30.3. |
Trade and other receivables, net |
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Disclosure of trade and other receivables, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of trade and other receivables [text block] |
The balance of trade and other receivables, net of allowance for doubtful accounts, is comprised as follows as of December 31, 2017 and 2016:
The following shows the changes in the allowance for doubtful accounts for the year ended December 31, 2017 and 2016:
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Inventories, net |
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Disclosure of Inventories, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of inventories [text block] |
The balance of inventories, net of allowance for losses, as of December 31, 2017 and 2016 is as follows:
The following is the changes of the allowance for losses, for the years ended December 31, 2017 and 2016:
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Other financial assets |
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Disclosure of Other financial assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets [text block] |
The balance of other financial assets as of December 31, 2017 and 2016 is as follows:
The average return of the investment portfolio in Colombian pesos and U.S. dollars was 7.4% (2016- 8.1%) and 1.1% (2016 - 0.8%), respectively. Changes in fair value are recognized in financial result (Note 29).
As of December 31, 2017 and 2016, there were no investment with a restricted use. On November 6, 2016, through the Ministries of Mines and Energy and Finance and Public Credit, the termination of Ecopetrol's sequester status in the process of nullity and re-establishment of rights filed against the Comuneros de Santiago de las Atalayas was confirmed. In view of the foregoing, the restricted assets related to this case were released Ecopetrol (see Note 23.3 Comuneros Santiago de las Atalayas provisions, for further information).
The following are the maturities of other financial assets as of December 31, 2017 and 2016:
The following is the balance of other financial assets by fair value hierarchy level as of December 31, 2017 and 2016:
There were no transfers between hierarchy levels for the years ended December 31, 2017 and 2016. The securities comprising Ecopetrol's portfolio are valued on a daily basis according to the instructions issued by the Financial Superintendence of Colombia. To this end, the information provided by authorized entities is used, which includes data from active markets. For cases in which market data is not available, other directly or indirectly observable data is used. For U.S. dollar-denominated investments, fair value is based on information released by Bloomberg while for investments denominated in Colombian pesos, fair value is provided by Infovalmer, an entity authorized by the Financial Superintendence of Colombia to provide this service. Within the investment hierarchy process, in addition to the information used for the valuation, other relevant aspects are taken into account, such as the issuer’s rating, investment rating, and the risk analysis of the issuer performed by Ecopetrol, which makes it possible to establish the appropriate hierarchy level for investments.
The following table reflects the credit quality of the issuers of other financial assets measured at fair value through profit or loss:
See credit risk policy in Note 30.3. |
Taxes |
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Disclosure Of Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of income tax [text block] |
The balance of current tax assets and tax liabilities as of December 31, 2017 and 2016 is as follows:
On December 23, 2014, through Law 1739, a surtax on income for equality - CREE was established for the years 2015, 2016, 2017 and 2018, which is applicable entities with taxable income above COP$800 million, at rates of 5%, 6%, 8% and 9% per year, respectively. For taxable year 2016, the Ecopetrol Business Group had companies subject to a 40% income tax rate, companies in free trade zones subject to a 15% and 20% income tax rate, and other entities that were subject to statutory income tax rates in the country where they are incorporated, and some other entities that pay taxes under presumptive taxable income in Colombia.
As of December 31, 2017, deferred tax assets related to unused accumulated tax losses, which do not expire, amounted to COP$611,766 attributable to the Refinería de Cartagena. Such deferred tax assets were calculated based on COP$4,078,439 of accumulated income tax losses. The recognition of this deferred tax is based on the refinery's operational stability of the refinery presented in 2017, the projection of margins and the optimization of costs. The assessment of the accumulated tax losses related to companies Ecopetrol Costa Afuera S.A.S., Bioenergy and Bioenergy Zona Franca with respect to deferred tax is mentioned in this note under the chapter titled "Deferred Income Tax". In accordance with Article 290 of Law 1819 of 2016, the unused presumptive income surplus and minimal base surplus generated before 2017 on income tax and CREE can be used based on a formula contained in said Article and subject to the terms established in Article 189 of the Tax Code. Statute of limitations of review for tax returns Tax returns may be reviewed by the tax authorities within 5 years following the filing date and/or amendment, if the returns reflected tax losses. As of the year 2017, the statute of limitations covering tax returns will be 3 years as of the date of expiration or as of the filing date, when these have been filed extemporaneously. With respect to transfer pricing, the statute of limitations will be 6 years. With respect to tax returns with favorable balances, the statute of limitations will be 3 years as of the filing date of the request for devolution or offsetting. With regard to tax returns in which tax losses are offset, these will be considered determined after 6 years counted as of their filing date. With respect to tax returns where tax losses are calculated, the statute of limitations will be 12 years and if the losses are offset within the last 2 years of the 12-year period, the statute of limitations will be extended up to 3 additional years from the year of offsetting. Income tax expense The following is a detail of the income tax recognized in profit or loss for the years ended December 31, 2017, 2016 and 2015:
Reconciliation of the income tax expenses The reconciliation between the income tax expenses and the tax determined based on the official rate applicable to the Group in Colombia is as follows:
The effective tax rate (ETR) as of December 31, 2017 was 42.1% (2016 - 58.3%). The decrease compared to the previous year is mainly due to the following: a) Decrease in non-deductible expenses due to the effects of the transportation tax; b) Adjustment for differential of taxable bases; c) The adjustment for differential tax rates of the Group other than the nominal 40%, where the most significant item is the deferred tax asset to be amortized in the long term, with a rate lower than the nominal rate; and d) The adjustment of the wealth tax due to the effect of the rate, which is 0.4% for 2017, compared to 1% in 2016. Income and supplementary tax returns for taxable years 2011, 2012, 2014, 2015 and 2016, and CREE returns for taxable years 2014, 2015 and 2016 of the Ecopetrol Business Group are subject to acceptance and review by the tax authorities. Management of the Ecopetrol Business Group companies considers that the amounts accounted as liability for payable taxes are sufficient and are supported by current regulations, doctrine and case law applicable to any claim that could be eventually filed with respect to such years. The Group's strategy is not making tax decisions based on aggressive or less-assured positions that could put into question its tax returns. Deferred income tax The following is the detail of the deferred tax balance on gains as of December 31, 2017 and 2016:
The deferred income tax assets and liabilities are reported net in compliance with the requirements of international financial reporting standards (IAS 12). As of December 31, 2017 and 2016, the deferred tax detail is as follows:
The table above takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance is presented within deferred tax assets or deferred tax liabilities. Accordingly, certain deferred tax assets are presented within deferred tax liabilities, and certain deferred tax liabilities within deferred tax assets. The following is the detail of the deferred tax assets (liabilities) for the years ended December 31, 2017 and 2016:
The Ecopetrol Business Group offsets assets and liabilities for deferred taxes only if it has a legally enforceable right to offset current tax liabilities and assets; and in the case of deferred tax on assets and liabilities, to the extent that they also correspond to income taxes required by the same tax jurisdiction and the same tax authority. Pursuant to current tax law, losses generated in income and supplementary taxes and/or income tax for equality - CREE before 2017, must be offset with the net income obtained in 2017 and subsequent periods, taking into account the formula set forth in Section 5, Article 290 of Law 1819 of 2016. Tax losses determined must not be tax readjusted. As of the tax year 2017, companies can offset tax losses obtained in the current period defined, with taxable income generated through the next 12 taxable periods, following the attainment of said tax losses, without prejudice of the period's presumptive income. Deferred tax assets related to tax losses generated by Bioenergy S.A. and Bioenergy Zona Franca in the amount of COP$(53,328), and excess presumptive income of Refinería de Cartagena in the amount of COP$(44,475) were written off in 2016 because, even though they can be offset in the long term, Management concluded that having a conservative position, it is not likely that the deferred tax assets related to such tax losses and excess of presumptive income would be recoverable in the short term. If the Group would have recognized the deferred tax assets that were not recognized, the income for the period ended on December 31, 2017, would have increased by COP$ 97,803. In accordance with tax provisions applicable until December 31, 2016, the surplus of presumptive income and the minimum base generated before 2017 in income and supplementary taxes and in the income tax for equality - CREE, respectively, can be offset with ordinary net income obtained by the Group in the next five years, using for such purpose the formula set forth in Section 6, Article 290 of Law 1819 of 2016. The movements of deferred income tax for the years ended December 31, 2017 and 2016 are as follows:
Deferred tax assets (liabilities) not recognized As of December 31, 2017, deferred tax assets (liabilities) are not recognized in the difference between the accounting and tax bases related to investments in companies of the Ecopetrol Business Group, as there is no intention to sell any of these investments in the foreseeable future.
The new tax on dividends will be applicable to foreign companies and entities on profits generated starting 2017. The rate of this tax will be 5%. Furthermore, the tax rate for dividends will be 35%. In this scenario, the 5% tax on dividends will apply to the amount of the tax distribution, once it has been reduced with the 35% income tax. For taxed individuals residing in Colombia, the tax on dividends will have a maximum 10% rate that will be applied on non-taxed dividends, and 35% with respect to taxed dividends distributed. There are no effects on income tax related to dividend payments made by the Group to its shareholders during 2017 and 2016.
Income tax payers carrying out operations with related parties abroad or located in free trade zones or companies located in countries considered tax havens, must determine their ordinary and extraordinary revenues, costs and deductions, considering the arm's length principle for such transactions. Such companies submitted their transfer-pricing information statement for the 2016 tax year and their respective supporting documents. For the 2017 tax year, the transactions performed with related parties abroad, as well as the business conditions for such operations and their general structure, did not vary significantly as compared with the previous year. Therefore, it can be inferred that said transactions were performed in accordance with the arm's length principle. It is estimated that no adjustments will be required from the analysis of transfer prices in 2017, which entail amendments of the income provision of taxable year 2017.
As of tax year 2017, the general sales tax rate is 19%, with a differential 5% rate for some goods and services is maintained in accordance with Articles 184 and 185 of Law 1819 of 2016. As of tax year 2017, the VAT was extended to the sale of goods at large, the sale or concession of intangibles related to industrial property and to the provision of services in Colombia, or from services abroad, except for express exclusions of the norm, pursuant to Article 173 of Law 1819 of 2016. Likewise, Article 194 of this Law stipulated that the term for filing requests for VAT deductions will be 3 bimonthly periods immediately following the period of causation.
Law 1739 of 2014 established the wealth tax for natural and juridical persons whose possession of wealth at January 1, 2015 exceeds COP$1,000 million. The taxable base for companies is the gross equity value held as of January 1, 2015, 2016 and 2017, less the debts valid on the same dates. The applicable rate will depend on the taxable base of each taxpayer and the paid value will not be deductible or discountable on income and supplementary taxes or income tax for equality - CREE, nor can they be offset by these, or any other taxes. In 2017, the wealth tax paid by the Group amounted to COP$226,778, which was recognized as an expense in the period (2016 - COP$569,756). |
Equity instruments measured at fair value |
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Disclosure of equity instruments measured at fair value [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of fair value measurement of equity [text block] |
As of December 31, 2016, Equity instruments measured at fair value mainly included the shares that Ecopetrol owned in Empresa de Energía de Bogotá S.A.E.S.P, which were sold as part of the shareholding sales plan, authorized by the National Government through Decree 2305 of November 13, 2014. During the 2017, Ecopetrol completed the sales of shares under the sales plan with the following:
The movement of equity instruments measured at fair value as of December 31, 2017 and 2016 is as follows:
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Other assets |
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Disclosure of other assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other assets [text block] |
The balance as of December 31, 2017 and 2016 of other assets is comprised as follows:
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Assets held for sale and their related liabilities |
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Disclosure of assets held for sale and their related liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of assets held for sale and their related liabilities [text block] |
The balance as of December 31, 2017 and 2016 of assets held for sale and their related liabilities, which do not correspond to discontinued operations, included:
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Investments in associates and joint ventures |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Investments in associates and joint ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of investments accounted for using equity method [text block] |
The details on the participations, economic activity, address, area of operations and financial information of the investments in joint ventures and associates can be found in Exhibit 1.
The balance as of December 31, 2017 and 2016 of investments in associates and joint ventures, is as follows:
The following is the movement of investments in companies: For the year ended December 31, 2017:
For the year ended December 31, 2016:
The number of shares held by Ecopetrol in Invercolsa S.A. has been subject to a legal dispute with another shareholder of this company. The courts decided in favor of Ecopetrol through a ruling IN 2011, whereby it was determined that 324 million shares, equivalent to 11.58% of Invercolsa S.A.’s share capital should be returned to Ecopetrol. Ecopetrol’s equity share in said company is 43.35%. The dividends paid in relation to the shares returned to Ecopetrol are also subject to controversy. As of December 31, 2017, the settlement of these claims is still pending.
The breakdown of assets, liabilities and results of the two main investments in associates and joint ventures, Equion Energy Limited and the Offshore International Group, as of December 31, 2017 and 2016 is as follows:
Included below, there is a reconciliation of equity between the most significant participations and the carrying amount of investments as of December 31, 2017 and 2016:
|
Property, plant and equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of property plant and equipment explanatory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of property, plant and equipment [text block] |
The following shows a breakdown of the changes in property, plant and equipment and depreciation and impairment for the years ended December 31, 2017 and 2016:
|
Natural and environmental resources |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of Natural and environmental resources [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of natural and environmental resources explanatory [text Block] |
The following is the movement of natural resources and amortization and impairment for the years ended December 31, 2017 and 2016:
Accounting for suspended exploratory wells The following table shows the classification by ages, from the completion date, of the exploratory wells that are suspended as of December 31, 2017, 2016 and 2015:
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Intangible assets |
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Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of intangible assets [text block] |
The following is the movement of intangibles and their amortization and impairment for the years ended December 31, 2017 and 2016:
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Impairment of long-term assets |
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Disclosure of Impairment on long term assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of impairment of assets [text block] |
As mentioned in Note 4.12, each year the Group assesses whether there are indications of impairment of its assets or cash-generating units or whether an impairment loss recognized in previous periods may be reversed. The impairment of our non-current assets includes expenses (or recovery) of impairment of property, plant and equipment and natural resources, investments in companies, goodwill and other non-current assets. The Group is exposed to future risks derived mainly from variations in: (i) the oil prices outlook, (ii) refining margins and profitability, (iii) cost profile, (iv) investments and maintenance expenses, (v) amounts of recoverable reserves, (vi) market and country risk assessments reflected in the discount rate, and (vii) changes in domestic and international regulations, among others. Any change in the foregoing variables used to calculate the recoverable amount of a non-current asset can have a material effect on the recognition or either losses or recovery of impairment charges in the profit or loss statement. In our business segments highly sensitive variables can include, among others: (i) in the exploration and production segment, variations of the hydrocarbon prices outlook; (ii) in the refining segment, changes in product and crude oil prices, discount rate, refining margins, changes in environmental regulations, cost structure and the level of capital expenditures; and (iii) in the transport and logistics segment, changes in tariffs regulation and volumes transported. Expense (recovery) for impairment Based on impairment tests conducted by the Group, the following (recoveries) losses for impairment of long term assets for the years ended December 31, 2017, 2016 and 2015 are presented:
The expenses for (recovery of) asset impairment of the Exploration and Production segment for the years ended December 31 of 2017, 2016 and 2015 is as follows:
In 2017, based on new market variables, incorporation of new reserves, Ecopetrol’s crude oil basket price discounts as compared to the ICE Brent crude price, available technical and operational information, there was a partial reversal of an impairment recognized in previous years for the oil fields that operate in Colombia CPO09, Casabe and Oripaya and in fields operated abroad Gunflint Dalmatian and K2, and an impairment in the Tibú, Underriver, Provincia and Orito fields. In 2016, as a result of the revision of prospective oil prices in the long term, it was identified that some impairments recognized in previous years for oil fields could be recovered due to an improved future price scenarios. The main fields on which there was a recovery of impairment were Chichimene, Caño Sur, Apiay and Llanito. Similarly, the new technical information and operational aspects that gave rise to changes in investment levels caused an impairment in the Casabe, Tibú, Gunflint and Niscota fields. The breakdown of the expenses for (recovery of) impairment of fields for the years ended December 31, 2017, 2016 and 2015 includes: 2017
2016
2015
The assumptions used in the model to determine the recoverable amount include:
The aggregation of assets to identify the CGUs is consistent as compared to the previous period.
Investments in associated companies and joint ventures in the segment are recorded through the equity method. Ecopetrol evaluates if there is any objective evidence to determine if the value of such investments has deteriorated in the period, especially those Companies that were acquired with goodwill. As a result, Ecopetrol recognized an expense for (recovery of) impairment in the value of its investments in companies as of December 31, as follows:
The assumptions used to determine the recoverable amount of the companies assessed are those described in Note 18.1.1, except for the use of a discount rate in real terms in 2017 for Equion Energía Limited of 8.2% (2016 - 8.9%) and for Offshore International Group of 8.6% (2016 - 8.0%). For 2016, in spite of better forecasts of oil prices in the long term, there was an additional impairment in the investment in the Offshore International Group for the reversion to local authorities of some low-prospective success exploration blocks, high geological risk, and low economic viability with respect to a new price scenario.
2017
2016
2015
The aggregation of assets for identifying the CGUs is consistent across these periods.
The recoverable amount of the Refinería de Cartagena was calculated based on the 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 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 and refined products. The fair value category is level 3. The assumptions to determine the recoverable amount included: a) a gross refining margin determined by crude oil feedstock and products price outlook provided by an independent third party expert; b) an actual discount rate of 6.0% (2016 - 6.3%) determined under WACC methodology; c) current conditions or benefits, or similar, as an industrial user of goods and services of the free trade zone and during the validity of the license; d) level of costs and long-term operating expenses in line with international refinery standards of similar configuration and conversion capacity, e) refinery throughput and production, and f) level of continued investment. In 2017, we recorded a partial reversal of the impairment recorded in previous periods primarily as a result of: a) an improved outlook in refining margins due to the ratification of the implementation of the International Convention for the Prevention of Pollution from Ships (Marpol) starting in 2020; b) a lower discount rate resulting from the application of WACC methodology; and c) operational and financial optimizations identified as part of the stabilization of the refinery. In 2016, we recorded an impairment caused mostly by adjustment of operational variables based on what was that observed during the stabilization period, offset by a lower discount rate and better refining margins.
In compliance with the provisions of IAS 36 - Impairment of the value of assets, during 2017 the Refinería de Barrancabermeja recognized COP$273,987 for impairment, mainly related to the write off of certain management and financial capitalized balances associated with the suspended the modernization project of the Refinery. This suspension is in response to capital discipline criteria implemented to ensure the growth and financial sustainability of Ecopetrol S.A. and the Ecopetrol Business Group in the adverse context that the hydrocarbons sector experienced in previous years. This project is being assessed within the Group’s strategic plan; and when the project is reactivated, any impairment loss recognized in previous years may be subject to recovery.
The recoverable amount of Bioenergy was calculated based on the fair value less the costs of disposal level with value hierarchy 3, which is greater than the value in continued use and corresponds to the future cash flows discounted after taxes on profit. The assumptions used in the model to determine the recoverable amount included: a) forecast of ethanol prices based on projections made by Ecopetrol specialists based on independent third party sources; and b) a 6.2% discount rate in real terms (2016 6.7% in real terms) determined under the WACC methodology. In 2017 and 2016, we recorded an impairment mainly due to updating of the dates of entry into operation of the project, the stabilization process of the industrial plant, and the updating of operational variables.
In 2017, there was a recovery of an impairment for the Transportation and Logistics segment for COP$59,455, mainly in Oleoducto del Sur, which includes, among others, the Trans Andino Pipeline. The recovery was due to the inclusion of the Port of Tumaco in that generating unit. The recovery of COP$41,062 in 2016 was caused mainly by the incorporation of flows associated with the San Fernando - Apiay system project, which affects the recoverable amount of Los Llanos transport line, but was offset by the impairment of the Sur transport line. The recoverable amount of these assets was determined based on its fair value with costs of disposal with value hierarchy 3, which corresponds to discounted cash flows based on the hydrocarbon production curves and tariffs regulated by the Ministry of Mines and Energy and the Energy and Gas Regulating Commission - CREG. The real discount rate used in the valuation was 5.0% (2016 -4.98%). |
Goodwill |
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Disclosure of Goodwill [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of goodwill [text block] |
The balance as of December 31, 2017 and 2016 of goodwill in acquisitions of subsidiaries is as follows:
As of December 31, 2017 and 2016, the Group assessed the recoverability of the carrying value of goodwill generated in the acquisition of subsidiaries. The recoverable amount was determined based on the realization value less costs of disposal using the present value of future cash flows for each of the companies acquired with goodwill. The source of information used the financial projections of each company derived from the business plans approved by management, which were developed based on long term macro-economic factors such as price curves and margins and fundamental assumptions of supply and demand. As a result of the analysis, the Group did not recognize any goodwill impairment. |
Loans and borrowings |
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Disclosure of loans and borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of borrowings [text block] |
Exhibit 2 details the main conditions of the most significant loans of the Business Group.
The balances of the loans and financing, which are recorded at amortized cost, as of December 31, 2017 and 2016 are:
Bonds - foreign currency
Foreign currency commercial loans
Local currency commercial loans
The following are the maturities of loans and borrowing as of December 31, 2017:
The following are the maturities of loans and borrowing as of December 31, 2016:
The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2017 and 2016:
The floating rate loans in local currency are indexed mainly to the CPI (Consumer Price Index) and the DTF (Fixed Term Deposits); and those in foreign currency loans at LIBOR plus a spread.
As of December 31, 2017, the Group designated US$8,532 million (2016 - US$10,512 million) of foreign currency debt as a hedging instrument of which, US$5,200 million is used to hedge the net investment in foreign operations with the US dollar as their functional currency and US$3,332 million is used to hedge the cash flows of future crude oil exports. See Note 30 - Risk management, for further information.
Financing obtained directly by Ecopetrol S.A. in capital markets has no guarantees granted or financial covenant restrictions, due to the support of the Colombian Government through the Ministry of Finance and Public Credit. Until December 13, 2017, when Ecopetrol voluntarily assumed the international loan held by Reficar, in its capacity as sponsor, the following restrictions applied to Reficar: maintain a minimum debt service coverage ratio of 1.35:1; obligation to maintain a commercial trust and a depositary agreement for receiving resources of the new refinery to fulfill specific purposes such as operating expenses, interest and others. The following is a summary of certain restrictions contained in certain loan instruments of Ecopetrol’s subsidiaries:
Ecopetrol and its subsidiaries were in compliance with these restrictions as of December 31, 2017 and 2016.
The fair value of loans and borrowings is COP$45,781,317 and COP$52,109,438 as of December 31, 2017 and 2016, respectively. For fair value measurement, local currency bonds were valued using Infovalmer reference prices, while bonds in U.S. dollars, were valued using Bloomberg. With regard to the other financial obligations for which there is no market benchmark, a discount to present value technique was used. These rates incorporate market risk through some benchmarks (Libor, DTF) and the Group’s credit risk (spread).
The following is the movement of net financial debt as of December 31, 2017, 2016 and 2015:
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Trade and other payables |
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Disclosure Of Trade and other payables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of trade and other payables [text block] |
The balance of trade and other payables, as of December 31, 2017 and 2016, is comprised as follows:
The carrying amount of trade accounts and other accounts payable approximates their fair value due to their short-term nature. |
Provisions for employees benefits |
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Disclosure of defined benefit plans [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of employee benefits [text block] |
The following are the balances of provisions for employee benefits as of December 31, 2017 and 2016:
The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2017 and 2016:
The following table shows the movement in profit and loss and in other comprehensive income as of December 31, 2017 and 2016:
Plan assets are resources held by pension trusts, for payment of pension obligations. Payments for health and education post-employment benefits is Ecopetrol’s responsibility. The destination of trust resources and its yields cannot be changed or returned to the 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, 2017 and 2016:
46.0% 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 54.0% are classified as level 2. The fair value of level 2 plan assets is calculated using prices quoted in the assets’ market. The Group obtains these prices through reliable financial data providers recognized in Colombia or abroad depending on the investment. For the securities issued in local currency, the fair value of plan assets is calculated using information published by Infovalmer, a price supplier authorized by the Financial Superintendence of Colombia. According to its methodology, prices are calculated based on market information on the valuation date or estimated from historical inputs according to the criteria established for the calculation of each of the prices. The average price is calculated based on the most representative market of the transactions carried out through electronic platforms approved and supervised by the regulator. On the other hand, the estimated price is calculated for investments that do not reflect enough information to estimate an average market price, replicating the quoted prices for similar assets or prices obtained through quotes from brokers. This estimated price is also given by Infovalmer as a result of the application of robust methodologies approved by the financial regulator and widely used by the financial sector. The following table reflects the credit quality of the issuers and counterparties in assets held by the autonomous pension funds:
See credit risk policy in Note 30.3.
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, 2017 and 2016:
N/A: Not applicable for this benefit.
The cost trend is the projected increase for the initial year, which includes the expected inflation rate. The mortality table used for the calculations was that of ‘Valid Annuitant’ for men and women based on the experience gained for the period 2005-2008 of the Colombian Social Security Institute.
The cash flows required for payment of post-employment obligations are the following:
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, 2017:
In August 2016, the Group offered a voluntary retirement plan to 200 employees who met certain criteria. As of December 31, 2017 and 2016, 137 employees were part of plan, with a corresponding cost of COP$155,286 (2016 - COP$161,796). This plan includes benefits such as monthly income, education and health benefits until the date on which the employee is granted their retirement pension. |
Accrued liabilities and provisions |
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Disclosure of accrued liabilities and provisions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accrued expenses and other liabilities [text block] |
Below is the breakdown of the changes in the different categories of provisions and contingencies as of December 31, 2017 and 2016:
The estimated liability for asset retirement obligation costs corresponds to the future obligation to restore environmental conditions to a level similar to that existing before the start of projects or activities, as described in Note 3.5 - Abandonment and dismantling costs of fields and other facilities. 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 Group's financial obligations, taking into account the temporality and risks of this obligation. The discount rates used in the estimate of the obligation as of December 31, 2017 were: Exploration and Production 6.93% (2016 - 7.93%), Transportation and Logistics 7.02% (2016 - 8.20%) and Refining and Petrochemicals 7.37% (2016 - 8.99%).
The following is a summary of the main legal proceedings recognized in the statement of financial position whose amount exceeds COP$13,000 million, where the expectation of loss is probable and could imply an outflow of resources as of December 31, 2017 and 2016:
On November 8, 2016, the Ministry of Mines and Energy concluded that the resources that were restricted in relation to this process were not royalties and, therefore, were not due to the Comuneros. In accordance with the foregoing, the resources held by Ecopetrol are its property, without any claim or discussion to date regarding ownership title thereof. On November 8, 2016, the amount claimed reached COP$688,664, originated mostly from the valuation and financial yield of the fund where the resources were deposited. The recovery of this provision was recognized in the net financial results of the period ending December 31, 2016.
These corresponds 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 2018 in relation to the projects that Ecopetrol 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 main changes established by these decrees were related to the areas and lines of investment and the basis for settlement of the obligations. Similarly, June 30, 2018 was declared the maximum date to modify investment plans that were underway. On June 30, 2017, Ecopetrol filed with the National Environmental Licensing Authority (ANLA) certain investment plans to meet the 1% mandatory investment based on the new decrees, relative to investment lines, maintaining the settlement base of Decree 1900. As of December 31, 2017, the provision for the 1% mandatory investment for the use of water was estimated based on the parameters established in Decree 1076 of 2015. The Group is in the process of analyzing the impact of the applicability of the changes set out in the aforementioned decrees. Ocensa Some requests for arbitration were filed by some of Ocensa’s shippers in connection with the tariff and monetary conditions established in the transportation contracts for the use of the increased capacity of the pipeline resulting from the P-135 project. Similar claims could be brought by other shippers of the aforementioned project. Frontera Energy Colombia Corp. Sucursal Colombia entered into a memorandum of understanding for a comprehensive settlement agreement that is pending the approval by Frontera’s arbitration panel. If the arbitration panel approves the settlement agreement, it will resolve any pending proceedings and controversies among the parties, and both parties will execute the amendments to the Agreements. The recognized provision is based on the risk assessment carried out by Ocensa and its advisors, without implying the recognition of the validity of the claims of the shippers.
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 Group, the expectation of loss is not probable as at December 31, 2017 and 2016:
The following is a breakdown of the Group’s principal contingent assets, where the associated contingent gain is likely, but not certain as of December 31, 2017 and 2016:
Refinería de Cartagena On March 8, 2016, Reficar presented a request for Arbitration before the International Chamber of Commerce against Chicago Bridge &; Iron Group NV, CB&;I (UK) Limited and CBI Colombiana S.A. (collectively, "CB&;I") related to the contract for the construction, procurement and engineering entered into by Reficar and CB&;I for the expansion of Refinería de Cartagena, in Cartagena, Colombia. Reficar is the claimant in the arbitration process of the CCIO and requests at least US$2 billion from CB&;I. On May 25, 2016, CB&;I filed a counterclaim of approximately US$213 million. On June 27, 2016, Reficar filed its reply to CB&;I’s counterclaim denying and disputing the declarations and the relief requested by CB&;I. On April 28, 2017, Reficar submitted its Non-Exhaustive Statement of Claim and CB&;I submitted its Statement of Counterclaim. According to the latest modification of the procedural calendar, the arbitral tribunal will hold the hearing in 2019 and will likely issue the final award in the second half of 2019. In relation to this matter, as of December 31, 2017, there is an amount of approximately US$122 million, in invoices paid by Reficar to CB&;I, under the PIP and MOA agreements, of the EPC contract. The proof of the sources for these invoices, delivered by CB&;I, have not been accepted by of AMEC Foster Wheeler - PCIB.
As part of the investigations carried out by various control entities of the modernization and expansion project (the “Project”) of Refinería de Cartagena, Reficar has been officially informed of the following investigations and proceedings:
Because of the modifications of the schedule and budget related to the Project, the Office of the Comptroller General initiated a special audit investigation of the Project in 2016 and delivered a final report to Reficar on December 5, 2016. The report made 36 findings most of which were related to increased costs compared to budget for services, labor and materials. As a result of the findings described above, the Office of the Comptroller General opened actions for financial responsibility (proceso de responsabilidad fiscal) against 36 individuals and the six companies involved in the Project, including current and former members of Ecopetrol’s Board of Directors; former members of Reficar’s Board of Directors; current and former employees of Ecopetrol; and former employees of Reficar, as well as Chicago Bridge &; Iron Group N.V., CBI - Chicago Bridge &; Iron company (CB&;I) Americas Ltd., Chicago Bridge &; Iron Group CB&;I UK Limited, CBI Colombiana S.A., Foster Wheeler USA Corporation and Process Consultants Inc. One current member of Ecopetrol’s Board of Directors being investigated in these proceedings. In January 2017, the Office of the Comptroller General initiated another special audit in Reficar and delivered a final report to Reficar on July 12, 2017. In this report the Office of the Comptroller General concluded that, in their opinion, Reficar’s 2016 Financial Statements do not reasonably represent, in all material aspects, the entity’s financial position as of December 31, 2016.
Reficar has been officially informed that the Attorney General’s Office currently has one ongoing investigation relating to the Project. The investigation initiated in 2012 against members of Reficar’s Board of Directors at the time, as well as certain current and former officers of Reficar. On September 12, 2017 the Attorney General’s Office issued a list of charges related to the failure to fulfill some of their duties as administrators and/or for acting “ultra vires” in the exercise of their functions against: (i) Javier Genaro Gutiérrez (Ecopetrol CEO, 2007-2015), (ii) Felipe Laverde (Reficar General Counsel, 2009-March 2017), (iii) Pedro Rosales (Ecopetrol Downstream Executive Vice President, 2008-2015), (iv) Diana Constanza Calixto (Ecopetrol Head of the Corporate Finance Unit, 2009-2014) and (vi) Reyes Reinoso Yañez (Reficar CEO, 2012-2016) The Attorney General’s Office closed the case against the rest of the members of Reficar’s Board of Directors and the rest of the current and former officers of Reficar.
The Prosecutor’s Office is conducting an investigation. In connection therewith, between July 25 and August 2, 2017 the Prosecutor’s Office indicted the following individuals with charges, the majority of which are related to offenses against the public administration and illegal interest in the execution of agreements: (i) Orlando José Cabrales Martínez (Reficar CEO, 2009-2012); (ii) Reyes Reinoso Yañez (Reficar CEO, 2012-2016); (iii) Felipe Laverde Concha (Reficar General Counsel, 2009-March 2017); (iv) Pedro Alfonso Rosales Navarro (Ecopetrol Downstream Executive Vice President, 2008-2015); (v) Masoud Deidehban (CBI Executive Project Director); (vi) Phillip Asherman (CBI CEO) and (vii) Carlos Lloreda (Reficar’s statutory auditor from 2013-2015). The arraignment hearing is scheduled to take place on May 30, 2018. Ecopetrol is not in a position to forecast the results of these investigations; nor is it possible to evaluate the probability of any consequence that may impact the financial statements, such as additional provisions, fines or ignorance of tax deductions that affect the amounts of deferred tax assets. As of the date of this report, the financial statements continue to adequately disclose the financial and operational situation of Ecopetrol in all material aspects and its internal controls remain in force. |
Equity |
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Disclosure of equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of share capital, reserves and other equity interest [text block] |
The main components of equity are detailed below:
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 have been subscribed, and 11.51% (4,731,905,873 shares) are held privately and 88.49% (36,384,788,817 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, 2017 and 2016, subscribed and paid-in capital amounts to $25,040,067. There are no potentially dilutive shares.
Additional paid-in capital mainly corresponds to: (i) share premium from the Group’s capitalization in 2007, for COP$4,457,997, (ii) COP$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, (iii) share premium from the sale of shares awarded in the second capitalization, which took place in September 2011, of COP$2,118,468, and (iv) additional paid-in capital receivables for COP$(142).
The following is the composition of the Group’s reserves as of December 31, 2017 and 2016:
The movement of equity reserves is the following for the years ended December 31, 2017 and 2016:
Legal reserve The Colombian Code of Commerce establishes that 10% of net income is allocated to legal reserves until their balance reaches 50% of subscribed capital. The legal reserve can be used to offset losses or distributed in the event of the Company’s liquidation. Occasional reserves Occasional reserves correspond to allocation of net income as approved at the shareholders at the Stockholders’ meeting to carry out new explorations. On March 31, 2017, the Stockholders’ Meeting approved the appropriation of occasional reserves for the establishment of a reserve for new explorations for the amount of COP $ 239,086. Tax and mandatory reserves The Colombian tax regime allows for the allocation of up to 70% of the period’s net income to a reserve when the value of the depreciation expense recorded in the financial statements. This reserve may be released in future periods to the extent that depreciation expenses exceeds the amount deducted for income tax purposes or the assets that generated the higher value deducted are sold.
The following is the balance and movement of retained earnings as of December 31, 2017 and 2016:
Dividends paid in 2017 attributable to the shareholders of Ecopetrol S.A. amounted to COP$945,661 (2016 - COP$690,177) and those of the non-controlling interest of subsidiary companies to COP $ 558,986 (2016 - COP$1,022,121).
The following is the composition of the other comprehensive income attributable to the shareholders of the parent company, Ecopetrol S.A., net tax as of December 31, 2017 and 2016:
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Sales revenue |
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Disclosure of Sales revenue [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of revenue [text block] |
The following is the breakdown of sales revenue for the years ended December 31, 2017, 2016 and 2015:
Sales by geographic areas The following are the sales revenue by geographic area for the years ended December 31, 2017, 2016 and 2015:
Concentration of customers During 2017, Organización Terpel S.A. represented 14.3% of sales revenue for the period (2016 - 14.4% and 2015 - 14.4%); no other customer represented more than 10% of our sales. The commercial relationship with this customer is for the sale of refined products and transportation services. Sales to this customer are recognized in the Refining and Petrochemical and Transport and Logistics segments. Organización Terpel is the leader in these areas thanks to its network of gas stations and its strategy of sales to the industrial and the aviation segments. |
Cost of sales |
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Disclosure of cost of sales before impairment of non-current assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cost of sales [text block] |
The following is the cost of sales breakdown by function for the years ended December 31, 2017, 2016 and 2015:
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Administrative, operations and project expenses |
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Disclosure of Administration, operation and project expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of general and administrative expense [text block] |
The following is the detail of administration, operation and project expenses, according to their function, for the years ended December 31, 2017, 2016 and 2015:
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Other operating income net |
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Disclosure of Other operating income and expenses, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other operating income expense [text block] |
The following is the detail of other operating income or expenses for the years ended December 31, 2017, 2016 and 2015:
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Financial result, net |
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Disclosure of financial result, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of finance income (cost) [text block] |
The following is the detail of financial results for the years ended December 31, 2017, 2016 and 2015:
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Risk management |
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Disclosure of financial risk management [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial risk management [text block] |
Ecopetrol’s business is significantly impacted by international prices for crude oil and refined products. The prices for these products are volatile and drastic changes could adversely affect the Group business prospects and results of operations. A large proportion of Ecopetrol’s sales revenues come from sales of crude oil, natural gas and refined products. These products are indexed to international reference prices such as the Brent index. Consequently, fluctuations in those international indexes have a direct effect on the financial condition and Group’s results of operations. Prices of crude oil, natural gas and refined products have historically fluctuated as a result of a variety of factors including, among others, competition within the oil and natural gas industry; changes in international prices of natural gas and refined products; long-term changes in the demand for crude oil, natural gas and refined products; regulatory changes; changes in the cost of capital; adverse economic conditions; transactions in derivative financial instruments related to oil and gas and development or availability of alternative fuels. The Ecopetrol Business Group has a policy approved by the Board of Directors that allows it to use derivative financial instruments in the organized over the counter (OTC) market to cover itself from the risk of price fluctuations of crude oil and refined products associated with physical transactions. The Group has established appropriate processes to handle risk which include constant monitoring of physical and financial markets to identify risks in order to subsequently prepare and execute hedging strategies. Ecopetrol does not regularly use derivative instruments to hedge exposures to sales or purchase price risks. The impact of the settlement of the price hedges made in 2016 and 2015 was not material and was made as hedging instruments to mitigate risk at different price indices to the benchmark of the Group's international trade strategy on exports of crude and imports of products. In 2017, hedging transactions were not carried out with derivative instruments. In 2016 and 2015, then outstanding price hedges were settled in full, with an impact on the result of the period of COP$3,181 and COP$4,141, respectively.
The Ecopetrol Business Group operates mainly in Colombia makes sales in the local and international markets. It is exposed to exchange rate risk, which arises from various foreign currency exposures due to commercial transactions and assets and liabilities denominated in foreign currency. The impact of exchange rate fluctuations, especially the Colombian peso/U.S. dollar exchange rate, has been material in previous years. To mitigate this risk, the Group's risk management strategy involves the use of non-derivative financial instruments related to cash flow hedges for future exports and net investment of foreign operations to minimize exchange rate risk exposure. The U.S. dollar/Colombian peso exchange rate has fluctuated over the last few years. The Colombian peso appreciated on average by 3.3% in 2017. During 2016 and 2015, the Colombian peso depreciated by 11.2% and 37.3%, respectively. The closing exchange rates were COP$2,984.00 COP $3,000.71 and COP $3,149.47 to US$1.00 for 2017, 2016 and 2015, respectively. When the Colombian peso appreciates in relation to the U.S. dollar, export sales revenue decreases when converted to Colombian pesos; however, imported goods, oil services and interest on foreign debt denominated in U.S. dollars become less expensive. Conversely, when the Colombian peso depreciates, export revenues, when translated to Colombian pesos, increases, and imports and servicing of the external debt become more expensive. The following table sets out the carrying amount for financial assets and liabilities denominated in foreign currency as of December 31, 2017 and 2016:
Of the total net liability position, US$8,532 million relates to financial liabilities designated as non-derivative hedging instruments of Ecopetrol, on which unrealized foreign exchange gains and losses are recognized in other comprehensive income, within equity. Likewise, US$ 1,699 million corresponds to the net liability position in U.S. dollars of Ecopetrol Business Group companies whose functional currency is the U.S. dollar, without affecting profit or loss and US$91 million correspond to the net liability position in U.S dollars of Ecopetrol Business Group companies whose functional currency is Colombian pesos with foreign exchange affects the profit or loss.
The Group’s risk management strategy involves the use of non-derivative financial instruments related to cash flow hedges for future exports and hedges of a net investment in a foreign operation in order to minimize exposure to currency rate risk, which is detailed below. 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, 2017:
The sensitivity analysis only includes financial assets and liabilities in foreign currency at the closing date.
Ecopetrol is exposed to foreign exchange risk given that a significant percentage of its income from crude oil exports is denominated in U.S. dollars. In recent years, the Group has acquired long-term debt for investment activities in the same currency in which it expects to receive the cash flow of its export sales revenues. This situation creates a natural hedge relationship due to the fact that the risks generated by the foreign exchange difference of export sales revenues when booked in Ecopetrol’s functional currency (Colombian pesos) are naturally hedged with the foreign exchange variances of the long-term debt, in line with the Group's risk management strategy. With the objective of presenting in the financial statements the effect of the existing natural hedge between exports and debt, understanding that the exchange rate risk materializes when the exports are made, on October 1, 2015, the Board of Directors designated the sum of US$5,440 million of Ecopetrol's foreign currency debt as a hedge instrument of future revenue from crude oil exports, for the period 2015-2023, in accordance with IAS 39 - Financial instruments: Recognition and Measurement. Hedge accounting records the impact on the statement of profit or loss at the time of realization of the hedged risk. For this to happen, every month when foreign currency debt is converted to Colombian pesos based on the closing rate for the period, the effects for exchange difference are recognized in other comprehensive income, within equity and, as crude oil exports take place and the hedge occurs and sales revenue is recognized, cumulative exchange differences held within other comprehensive income are reclassified to profit or loss statement, impacting operating income. The following is the movement of foreign currency debt designated as a non-derivative hedging instrument for the years ended December 31, 2017 and 2016:
The following is the movement of accumulated foreign currency gains and losses in respect of the cash flow hedge recognized in other comprehensive income for the years ended December 31, 2017 and 2016:
The expected reclassification of the cumulative exchange rate difference in other comprehensive income to the profit or loss statement, taking an exchange rate of COP$2,984 per US$1.00 is as follows:
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 Group’s investments in foreign operations, in this case on investments in subsidiaries which have the US dollar as their functional currency, using a portion of the Group’s US dollar denominated debt as the hedging instrument. Ecopetrol designated the net investments in Ocensa, Ecopetrol America Inc., Hocol Petroleum Ltd. (HPL) and Reficar and as hedged items and as a hedging instrument and US$5,200 million of the Group’s US dollar debt as the hedging instrument. The following is the movement of accumulated foreign currency gains and losses in respect of the net investment hedge recognized in other comprehensive income for the years ended December 31, 2017 and 2016:
The Group carries out forwards hedging operations using the Non-Delivery modality, for mitigating the volatility of the exchange rate in the cash flow required for operations of its subsidiary, Ocensa, whose functional currency is the US dollar. The forward hedging instruments used enable setting sales prices in US dollars, mitigating the foreign exchange variation given Ocensa’s obligations relative to operational cost and tax payments are payable in Colombian pesos. The accounting policy applicable to this operation is described in the Note 4.1.5.1. As of December 31, 2017, there are forward contracts with a net short position for US$325 million (2016 - US$323 million) with maturities between January and December 2018. The impact on the statement of profit or loss for the settlement of these hedges amounted to COP$99,971 (2016- COP$42,865 of profit) and the amount recognized in the other comprehensive income was a gain of COP$35,769 (2016 gain of COP$33,869).
Credit risk is the risk that the Group may suffer financial losses as a consequence 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.
In the selling process of crude oil, gas, refined products and petrochemicals, and transport services, the Group may be exposed to credit risk in the event that customers fail to fulfill their payment obligations. The Group’s risk management strategy has designed mechanisms and procedures that aim to minimize such events, thus safeguarding the Group's cash flow. The 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 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 of the Group. Allowances for loan losses are set by individual analysis of each customer’s situation. The Group performs administrative and legal actions required to recover amounts past due and charges interest from customers that fail to comply with payment policies. Ecopetrol does not have a significant concentration of credit risk. An aging analysis of the accounts receivable portfolio in arrears, but not impaired, as of December 31, 2017 and 2016 is as follows:
Following the promulgation of Decree 1525 of 2008, which provides general rules on investments for public entities, Ecopetrol’s management established guidelines for our investment portfolios. These guidelines determine that investments in Ecopetrol’s U.S. dollar portfolio are generally limited to investments of our excess cash 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 S.A. may also invest in securities issued or guaranteed by the U.S. government or Colombian government, without regard to the ratings assigned to such securities. In Ecopetrol’s Colombian Peso portfolio, it must invest our excess cash 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. In addition, Ecopetrol may also invest in securities issued or guaranteed by the Colombian government without rating restrictions. In order to diversify risk in our Colombian Peso portfolio, Ecopetrol does not invest more than 10% of the excess of cash in one specific issuer. In the case of our U.S. dollar portfolio, it does not invest more than 5% of the excess of cash in one specific issuer in the short term (up to one year), or 1% in the long term. Ecopetrol’s investment portfolio in U.S. dollars is segmented into four tranches, each one matching our liquidity needs. The working capital tranche is calculated taking into account our cash flow needs for the next 60 days. The liquidity tranche is calculated as the contingent cash flow needs over the working capital, taking into account the development of capital expenditures related to projects. The asset liability tranche is built to match our long-term debt. The investment tranche includes the remaining amount of the total portfolio after deducting the amounts pertaining to the above mentioned tranches and after subtracting the Colombian Peso portfolio. Ecopetrol’s investment portfolio in Colombian Pesos is segmented in two tranches, each one matching our liquidity needs. The first tranche is calculated taking into account our cash flow needs for the next 30 days, and the second tranche is built for investment purposes. The credit rating of issuers and counterparties in transactions involving financial instruments is disclosed in Note 6 - Cash and cash equivalents, Note 7 - Other financial assets and Note 21 - Provisions for employee benefits.
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 LIBOR, DTF and IPC interest rates. Thus, interest rate volatility may affect the fair value and cash flows of the Group's investments and the financial expense of floating rate loans and financing. As of December 31, 2017, 19% (2016, 31%) of the 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 controls the exposure to interest rate risk by establishing limits to exposure duration, Value at Risk - VAR and tracking error. Autonomous equities linked to Ecopetrol’s pension obligations are also exposed to changes in interest rates, as they include fixed and floating rate instruments that are marked to market. Colombian regulation for pension funds, as stipulated in the Decree 941 of 2002 and Decree 1861 of 2012, indicates that they have to follow the same regime as the regular obligatory pension funds in their moderate portfolio. The following table provides information about the sensitivity of Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points:
A sensitivity analysis of discount rates on pension plan assets and liabilities is disclosed in Note 22 Provisions for employee benefits.
The ability to access capital necessary to finance the Group’s investment plans on acceptable terms can be limited due to deterioration in market conditions. A new financial crisis could worsen risk perception in emerging markets. Events impacting the political and regional environment of Colombia, could make it difficult for our subsidiaries to access 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 financing on favorable terms. As a result, the Group may be forced to review the opportunity and scope of its investment plans as necessary, or access financial markets under less favorable terms, thereby negatively affecting the Group’s results of operations and financial position. Liquidity risk is managed in accordance with the Group’s policies aimed at ensuring that there are sufficient net funds to meet the Group's financial commitments within its maturity schedules with no additional costs. The main method for the measurement and monitoring of liquidity is cash flow forecasting. During 2017, the Group used US$2,400 million as part of its liquidity surpluses to prepay part of its foreign currency debts that had original maturities between 2020 and 2021. The details of these movements are described in Note 20 - Loans and borrowings. The following is a summary of the maturity of financial liabilities as of December 31, 2017. 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$2,984.00 per US dollar. Consequently, these amounts may not reconcile with the amounts disclosed on the consolidated statement of financial position:
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 financing needs that support an investment grade credit rating profile. Net financial debt is calculated by taking short-term and long-term loans and borrowings less cash and cash equivalents and investments in securities as of December 31 of each year. The level of leverage is calculated as the ratio between net financial debt and the sum of equity and net financial debt. The following is the information of these indicators as of December 31, 2017 and 2016:
The movement of the net financial debt is detailed in Note 20.8. |
Related parties |
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Disclosure of transactions between related parties [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of related party [text block] |
Balances with associates and joint ventures as of December 31, 2017 and 2016 are as follows:
Loans with related parties:
The amounts outstanding are not guaranteed and will be settled in cash. No expense has been recognized in the current period or in previous periods with respect to uncollectible or doubtful accounts related to the amounts owed by related parties. The main transactions with related parties for years ended December 31, 2017, 2016 and 2015 are detailed as follows:
The dividends received from these Companies are related in note 14 - Investments in associates and joint ventures.
In accordance with the approval given by the shareholders’ meeting in 2012, compensation paid to directors for attending the meetings of the Board of Directors and / or committees increased from four to six minimum legal monthly salaries in force, or approximately to COP$4,426,000 for 2017, from COP$4,140,000 for 2016 and COP$3,870,000 for 2015. For non-face-to-face sessions, 50% of the quota for face-to-face meetings is set. The members of the Board of Directors do not have any kind of variable remuneration. The amount paid in 2017 for compensation to members of the Board of Directors amounted to COP$1,877 (2016 - COP$1,253). The total compensation paid to Directors as of December 31, 2017 amounted to COP$20,669 (2016 - COP$13,901). Directors are not eligible to receive pension and retirement benefits. The total amount reserved as of December 31, 2017 to provide pension and retirement benefits to our eligible executive officers amounted to COP$5,401 (2016 - COP$4,674). As of December 31, 2017, the following key management officers owned less than 1% of the outstanding shares of Ecopetrol S.A. as follows:
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. These funds were established in compliance with the provisions of Decree 2153 of 1999 which authorized, as of December 31, 2008 partial commutation of the value corresponding to monthly payments, bonuses and contributions, transferring said obligations and money supporting them to autonomous patrimonies for pensions. As of December 31, 2017 and 2016, the entities managing these resources were: Fiduciaria Bancolombia, Fiduciaria de Occidente and Consorcio Ecopetrol PAAC (comprised of Fiduciaria La Previsora, Fiduciaria Bancoldex, Fiduciaria Agraria and Fiduciaria Central). These entities will manage pension resources for a five-year term (2016 - 2021) and as consideration they receive a remuneration with fixed and variable components which is calculated on the gross yield of the portfolios and are charged to manage resources.
The Colombian Government controls Ecopetrol with a stock ownership of 88.49%. The most significant transactions with governmental entities are comprised as follows:
The Group has a direct relationship with ANH, an entity which operates under the rules of the Ministry of Mines and Energy, whose objective is to manage the oil and gas reserves and resources owned by the Colombian Nation. Ecopetrol purchases the crude oil that the ANH receives from all producers in Colombia at the prices set in accordance with a jointly established formula, which reflects the export sale prices (crude oils and products), adjusted for API gravity quality, sulfur content, transportation rates from the wellhead to the ports of Coveñas and Tumaco, refining process cost and a commercialization rate. This contract was extended to June 30, 2018. From December 2013 the Group commercialized, on behalf of the ANH, the natural gas received by the latter in kind from producers. Since January 2014, ANH has received royalties in cash for the production of natural gas. The purchase value of oil and gas from ANH is detailed in Note 26 - Cost of sales. Additionally Ecopetrol, like other oil companies, takes part in "rounds" for the allocation of exploration blocks in Colombia without implying special treatment for Ecopetrol on account of it being an entity whose majority shareholder is the Colombian Government.
Regular gasoline and diesel sale prices are regulated by the National Government. In this case, there are differentials between the volume reported by the Colombian companies at the time of the sale and the difference between the international parity price and the regulated price actually charged, where the parity price is the daily price of gasoline and diesel oil of the respective month in Colombian pesos, indexed to the United States of America Gulf market, calculated in accordance with Resolution 18 0522 of 2010 and the Producer Price reference defined by the Ministry of Mines and Energy. These differentials may be in favor or against the producers. The value of this differential is detailed in Note 25 - Sales revenue and 7 Trade and other receivables, net.
Ecopetrol, 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. For more information see Note 10 Taxes.
Ecopetrol, 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 does not have any other kind of association or commercial relationship with this entity. |
Joint operations |
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Disclosure of joint operations [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of joint operations [text block] |
The 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 2017 are as follows:
During 2017 and 2016, the following significant events occurred in respect of our joint operations contracts:
On December 11, 2017, Ecopetrol América Inc. acquired the 11.6% interest in the K2 oil field in the Gulf of Mexico MCX Exploration USA LLC (“MCX”), increasing its share from 9.2% to 20.8%. The acquisition of MCX’s interest was recognized in accordance with policy 4.4 Joint Operations. To determine the fair value of the assets acquired and liabilities assumed, the income approach model was used, using the discounted cash flow and market data to determine the fair values of oil and gas properties. This model incorporated future commodity prices, estimated volumes of oil and gas reserves, future developments, operating costs, future abandonment and packing costs and a risk adjusted discount rate. The fair value of the consideration transferred in the operation was US$47.6 million (COP$141,950), the fair value of the net assets acquired was US$198.4 million before deferred taxes (US$146 million net of deferred taxes) with recognition of a gain of US$150.8 million before deferred taxes (US$98 million after deferred taxes) in the period’s statement of profit or loss (equivalent to COP$451,095 before deferred taxes), mainly due to the transaction price being fixed before the closing date of the transaction and the fair value of the net identifiable assets acquired having increased during the interim period. Transaction costs incurred in the operation amounted to US $ 0.2 million, recognized in profit or loss for the year.
On July 1, 2016, Ecopetrol took over the direct operation of the Rubiales and Pirirí fields, which up to that date had been operated by Pacific Rubiales Energy. Upon termination of the contract Ecopetrol gained control over the assets and the obligations associated with the BOMT contracts for US$46 million.
On July 3, 2016, the Tauramena Association Agreement was terminated and for this reason, Ecopetrol began to operate directly the Cusiana field, Casanare. Since its commercialization in 1993, it was operated first by BP and then by Equion. Cusiana represents for Ecopetrol a 98% participation in the Unified Exploitation Plan (PEU) of the field, while Equion and Emerald maintain 2%. |
Information by segments |
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Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of entity's operating segments [text block] |
A description of the Group’s business segments is in Note 4.19 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 are 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. Below are the consolidated statements of profit or loss by segment for the years ended December 31, 2017, 2016 and 2015:
The sales by product for each segment are detailed below for the years ended December 31, 2017, 2016 and 2015:
The following are the amounts of the investments made by each segment for the years ended December 31, 2017, 2016 and 2015:
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Contractual obligations |
12 Months Ended | |||
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Dec. 31, 2017 | ||||
Disclosure of Contractual obligations [Abstract] | ||||
Disclosure of commitments [text block] |
The Group has several commitments and contractual obligations that may require future disbursement of funds. The main commitments are related to a) payments of loans and borrowings, which are disclosed in Note 30.5, b) payment of benefits post-employment, the amounts of which in the next 5 years are disclosed in Note 22.4 c) future payment commitments in service contracts, operational leasing, gas and energy supplies, purchase of assets and others, and d) commitments of exploration activities and others with the National Hydrocarbons Agency in current contracts. The details of the commitments and contractual obligations can be found in section 4.8 Financial Review - Financial Indebtedness and Other Contractual Obligations. |
Subsequent events |
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Dec. 31, 2017 | |||||||||||||||
Events after reporting period [Abstract] | |||||||||||||||
Disclosure of events after reporting period [text block] |
Office of the Comptroller General (Contraloría General de la República): On February 2, 2018, the Legal Accounts Commission of the National House of Representatives of the Republic of Colombia informed Reficar that the House of Representatives decided, through Resolution No. 2713, that it would not close the General Budget, Treasury Account or the National Balance Sheet for the 2016 fiscal year, since the 2016 Financial Statements of several state entities, among them Reficar, had received a negative opinion from the Office of the Comptroller General. Pursuant to Resolution No. 2713, Colombian control entities have been ordered to initiate disciplinary, fiscal and/or penal investigations. Ecopetrol is not in a position to forecast the results of these investigations; nor is it possible to evaluate the probability of any consequence that may impact the financial statements, such as additional provisions, fines or ignorance of tax deductions that affect the amounts of deferred tax assets. |
Supplemental information on oil and gas producing activities |
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Exploration for and evaluation of mineral resources [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of exploration and evaluation assets [text block] | Supplemental information on oil and gas producing activities (unaudited) 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 Group. The information included in sections a) to c) 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 d) and e) 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 2017, 2016 and 2015, and includes information related to the Group’s consolidated subsidiaries as well as its investments the joint ventures Equion Energía Limited and Offshore International Group. The oil and gas exploration and production activities of these two joint ventures are immaterial, as such the corresponding information has not been disclosed separately. Under the SEC final rule optional disclosure of possible and probable reserves is allowed but, the Group opted not to do so. Ecopetrol estimated its reserves without considering non-traditional resources.
It includes information of the Exploration and Production segment subsidiaries. In accordance with IAS 37, costs capitalized to natural and environmental properties include provisions for asset retirement obligations of COP$598,125, COP$766,909 and COP$580,575 during 2017, 2016 and 2015, respectively.
Costs incurred are summarized below and include both amounts expensed and capitalized in the corresponding period.
The Group’s results of operations from oil and gas exploration and production activities for the years ended December 31, 2017, 2016 and 2015 are as follows:
During 2017, 2016 and 2015, the Group transferred approximately 20.1%, 17.7% and 17.9%, respectively, of its crude oil and gas production; (percentages based on the value sales in Colombian pesos) to intercompany business units. Those transfers were 48.4%, 46.1% and 37.4%, respectively of crude oil and gas production volume (including Reficar). The intercompany transfers were realized at market prices.
Ecopetrol follows international standards for estimating, classifying and reporting reserves framed under SEC definitions. The process is led by the Reserves Department which submits the report to the Board of Directors for approval. The reserves were audited at a level of 99% by 2 specialized auditing companies: DeGolyer and MacNaughton and Ryder Scott Group. 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 2017, 2016 and 2015, and corresponds to the official reserves statements prepared by the Group:
For additional information about the changes in Proved Reserves and the process for estimating reserves, see section 3.4.3 - Business Overview - Exploration and Production - Reserves.
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.
The following are the principal sources of change in the standardized measure of discounted net cash flows in 2017, 2016 and 2015:
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Exhibit 1. Consolidated subsidiaries, associates and joint ventures |
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Disclosure of consolidated subsidiaries, associates and joint ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in subsidiaries, associates and joint ventures [text block] | Exhibit 1. Consolidated subsidiaries, associates and joint ventures Consolidated subsidiary companies (1/2)
* Information taken from the audited financial statements. Consolidated subsidiaries (2/2)
Associated companies and joint ventures
(*) Information available as of November 30, 2017 |
Accounting policies (Policies) |
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Disclosure of accounting policies [Abstract] | |||||||||||||||||||||||||||||
Description of accounting policy for financial instruments [text block] |
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 issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. All financial assets are initially recorded at fair value. Loans and trade receivables, other receivables and financial assets held-to-maturity are measured subsequently measured at amortized cost using the effective interest method. Equity investments available for sale that do not have a market quotation price and for which fair value cannot be reliably measured are measured at cost less any impairment identified at the end of each reporting period. 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 for the asset or liability. 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 a whole, as follows:
For derivative contracts for which a quoted market price is not available, fair value estimations 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. For other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash.
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. Impairment The Group evaluates, on each reporting date, 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 to be impaired when there is objective evidence that, as a result 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. De-recognition of financial assets Ecopetrol 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 Group does neither transfer nor retain substantially all the risks and benefits of the asset or transfer control of the asset, the Group continues to recognize the transferred asset, to the extent of its continuing participation, and it also recognizes the associated liability. |
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Description of accounting policy for determining components of cash and cash equivalents [text block] |
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. |
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Description of accounting policy for financial assets [text block] |
The Group classifies its financial assets in the following categories:
Financial assets at fair value through profit or loss are financial assets 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.
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 Group’s management does not intend to negotiate with them in the short-term. These investments are recorded at their fair value and unrealized gains or losses are recognized in other comprehensive income and credited to the available for sale reserve until the investment is derecognized, at which time, the cumulative gain or loss is recognized in other operating income, or the investment is determined to be impaired, when the cumulative loss is reclassified from the available to sale reserve to the statement of profit or loss.
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. |
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Description of accounting policy for financial liabilities [text block] |
Financial liabilities correspond to the financing obtained by the Group through bank credit facilities and bonds, accounts payable to suppliers and creditors. Bank credit facilities and bonds are initially recognized at their fair value, net of 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. Accounts payable to suppliers and creditors are short-term financial liabilities recorded at nominal value, since it does not significantly differ from fair value. A financial liability is derecognized when the obligation specified in the corresponding contract is paid or expired. 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 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. |
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Description of accounting policy for derivative financial instruments and hedging [text block] |
Financial derivative instruments are initially recognized in the statement of financial position as assets or liabilities and are measured at fair value on the date on which the derivative is recorded and subsequently measured 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 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. |
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Description of accounting policy for hedging [text block] |
For purposes of hedge accounting, hedges are classified as:
At the inception of the hedging relationship, the Group formally designates and documents the hedge relationship between the hedging instrument and the hedged item, together with its risk management objectives and strategy to perform hedging transactions. 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 that they have been highly effective throughout the financial reporting periods for which they were designated. |
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Description of accounting policy for cash flow hedge [text block] | 4.1.5.1 Cash flow hedge The effective portion of the gain or loss of the hedging instrument is recognized in other comprehensive income, while any ineffective portion is recognized in the consolidated statement of profit or loss, in the net financial results line item. The amounts previously recognized in other comprehensive income are transferred to profit or loss, when the hedged transaction affects profit or loss. When the hedged item is the cost of a non-financial asset or liability, the amounts previously recognized in other comprehensive income are transferred to the initial carrying amount of the non-financial 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 designates long-term loans as hedging instruments for its exposure to the exchange risk in future oil exports. See Note 30 for further information. |
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Description of accounting policy for hedge of net investments in foreign operation [text block] | 4.1.5.2 Hedge of net investment in a foreign operation Hedges of net investment in a foreign operation are accounted in a way similar to the cash flow hedges. Gains or losses on of the hedging instrument related to the effective portion of the hedge are recognized in other comprehensive income, while any gains or losses relating to the ineffective portion are recognized in the statement profit or loss. Cumulative gains or losses recorded in equity is transferred to the consolidated statement of profit or loss when the foreign operation is partially or totally disposed of. Ecopetrol 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 30 for further information. |
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Description of accounting policy for measuring inventories [text block] |
Inventories are stated 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 is the production costs, including transportation costs. The cost required to bring the pipeline into working order, is treated as part of the related pipeline. 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 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. |
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Description of accounting policy for transactions with related parties [text block] |
Related parties are considered those in which one party has the ability to control, or has joint control of the other, or exercises significant influence over the other party in making financial or operational decisions, or is a member of key management personnel (or close relative of a member). The Group considers related parties to be associates, joint ventures, key management executives, entities managing resources for payment of employee post-employment benefit plans and Colombian government entities for the purposes of certain relevant transactions, such as the purchase of hydrocarbons and the fuel price stabilization fund (see Note 4.16). |
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Description of accounting policy for investment in associates [text block] |
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 Group holds an equity interest with voting rights of 20% to 50%. See Exhibit I - Consolidated companies, associates and joint ventures for further details. 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 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 is not tested for impairment separately. The Group's share of the results of operations of the associate is recognized in the consolidated statement of profit or loss. Any change in other comprehensive income is recognized in other comprehensive income of the Group. After application of the equity method, the Group determines if it is necessary to recognize an impairment on its investment in its associate. At each reporting date, the 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 its carrying value, and then the impairment is recognized in the consolidated statement of profit or loss. When necessary, the Group makes adjustments to the accounting policies of associates to ensure consistency with the policies adopted by the Group. Additionally, the equity method of these companies is measured on their most recent financial statements. |
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Description of accounting policy for investments in joint ventures [text block] |
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. |
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Description of accounting policy for joint operations [text block] |
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 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 participates as a non-operator partner, it records the assets, liabilities, sales revenues, cost of sales and expenses based on the operator’s report. When Ecopetrol is the direct operator of joint venture contracts, it records 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 Group acquires or increases its participation in a joint operation in which the activity constitutes a business combination, such transaction is recorded 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 operation, the difference is recognized as income in the consolidated statement of profit or loss on the date of recognition of the transaction. |
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Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block] |
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. See Note 13 for further information. |
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Description of accounting policy for property, plant and equipment [text block] |
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 the entity 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 in order 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:
Land is recorded separately from buildings and facilities and is not subject to depreciation. Depreciation methods and useful lives are reviewed annually and adjusted if appropriate. |
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Description of accounting policy for exploration and evaluation expenditures [text block] |
Recognition and measurement Ecopetrol 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 consolidated 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 is no longer 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 on 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 subsequent to 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 rates are reviewed annually, based on reserves reports and the impact of any changes is recognized prospectively in the financial statements. Reserves are audited by internationally recognized external consultants and approved by the Company’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, that is, at the prices and costs that apply at 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 Asset impairment (recovery) and 4.12 - Impairment of non-financial assets. |
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Description of accounting policy for borrowing costs [text block] |
Borrowing costs related to the acquisition, construction or production of a qualifying asset that requires a substantial period of time 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 Group and costs can be measured reliably. Other borrowing costs are recognized as finance costs. Projects that have been suspended but that the Group intends to continue to pursue their development in the future, are not considered qualifying assets for the purpose of capitalization of borrowing costs. |
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Description of accounting policy for intangible assets other than goodwill [text block] |
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 in relation to research activities are expensed as incurred. |
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Description of accounting policy for goodwill [text block] |
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. Goodwill is not amortized but tested for impairment annually. |
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Description of accounting policy for leases [text block] |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership. All other leases are classified as operating leases. Assets held under finance leases, when Ecopetrol is the lessee, are recognized in the consolidated statement of financial position at an amount equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payment. These assets are depreciated over the asset's useful life. When there is no reasonable certainty that the company will obtain ownership of the asset at the end of the contract, the leased assets are depreciated in the shortest period between the asset estimated useful life and the lease term. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation, in the loans and financing line item. Lease payments are apportioned between financial charges and reduction of lease liabilities in order to achieve a constant rate of interest on the liability remaining balance. Interest expense is recognized in profit or loss. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic prorating basis is more representative of the time pattern of economic benefits from the lease. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. |
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Description of accounting policy for impairment of assets [text block] |
In order to evaluate if any tangible or intangible assets are impaired, Ecopetrol compares its carrying amount with its recoverable amount at the end of each reporting period or earlier, if there is any indicator that an asset may be impaired. For purposes of impairment testing, the 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 group 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 segment, each CGUs corresponds to each one of the refineries of the Ecopetrol Business Group and for the Transportation segment; each pipeline is taken as an independent CGU. The recoverable amount of the 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 the statement of profit or loss. Fair value less costs of disposal is usually higher than the value in use for the asset’s 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 before taxes 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, in order to determine if it is reasonable. When an impairment loss is recorded, future amortization expenses are calculated on the basis of the adjusted recoverable amount. Impairment losses may be recovered only if the recovery is related to a change in estimations used after impairment loss was recognized. 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. |
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Description of accounting policy for provisions [text block] |
Provisions are recognized when Ecopetrol has a current obligation (legal or implied) as a result 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 liability specific risk. Future environmental decommissioning costs related to current or future operations, are accounted for as expenses or assets, as the case may be. Expenditures related to past operations that do not contribute to the obtaining of current or future benefits, are expensed as incurred. The recognition of these provisions coincides with the identification of an obligation related to environmental remediation and Ecopetrol uses available information to determine a reasonable estimation of the related cost. Provisions for which a negative outcome is assessed as possible are not recognized but are disclosed in the explanatory notes; including those for which the amount cannot be estimated. If there is an expectation that the provision will be reimbursed, either in whole or in part, for example by virtue of an insurance contract, the amounts expected to be reimbursed are recognized as a separate asset only when such reimbursement is almost certain. If the effect of the time value of money is significant, the provisions are discounted using the current market rate before taxes reflecting, as applicable, the liability specific risks. When recognizing the discount, the increase of the provision resulting from time elapsed is recognized as financial cost in the profit or loss statement. Asset retirement obligation Liabilities associated with the retirement of assets are recognized when there are current obligations, either legal or implied, related to the abandonment and dismantling of wells, facilities, pipelines, buildings and equipment. The obligation is usually recorded when the assets are installed or 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 sufficient 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 rate that reflects the liability specific risk. 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 the consolidated statement of profit or loss. The financial cost of updating these liabilities is recognized in results for the period as financial expense. |
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Description of accounting policy for income tax and other taxes [text block] |
Income tax expense is comprised of income tax payable for the period (including, income tax and income tax for equality - CREE, as appropriate) 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 set-off within fiscal jurisdictions and an intention to settle such balances on a net basis. |
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Description of accounting policy for income tax [text block] |
The 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. |
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Description of accounting policy for deferred income tax [text block] |
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 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 there Group 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, does 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 Group companies and, therefore, will not be distributed to Ecopetrol. |
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Description of accounting policy for taxes other than income tax [text block] | The 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. For more details, see Note 10. |
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Description of accounting policy for employee benefits [text block] |
Salaries and benefits for Ecopetrol staff are governed by the Colombian Collective Labor (Agreement 01 of 1977), and, by the Colombian Substantive Labor Code. In addition to the legally mandated benefits, 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 the Group 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 commuted 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 they can be returned to the Group until all of the pension obligations have been fulfilled. The commuted obligation covers allowances and pension bonds payments; while health and education remains under the labor liability in charge of Ecopetrol. Employee-benefits are divided into four groups comprised as follows:
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 correspond to the periodic payments for severance, pensions and labor risk payments that the 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.
In the defined benefits plan, the 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:
Liabilities recognized in the statement of financial position in respect of these benefit plans are 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 takes into account 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 the discount rate, future salary increases, mortality rates and future pension increase. 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 particular country’s rate, which latest version 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 22 - Provisions for employee benefits provides further details on key assumptions used. 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 liability 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.
Other long-term benefit is 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 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.
Termination benefits are recognized only when a detailed plan exists for such process and there is no possibility to withdraw the offer. The 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. |
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Description of accounting policy for recognition of revenue [text block] |
Sales revenue from crude oil and natural gas sales is recognized at the time of transfer of title to the buyer, including risks and rewards of ownership. In the case of refined and petrochemical products, sales revenue is recognized when products are shipped by the refinery and subsequently adjusted in accordance with price changes when dealing with regulated price products, as explained bellow. Sales revenue from transportation services is recognized when products are transported and delivered to the buyer in accordance with contractual terms. In all other cases, sales revenue is recognized at the time it is earned and a true, probable and quantifiable right to demand its payment arises. Under current regulations, Ecopetrol and Refinería de Cartagena S.A. sell regular gasoline and mid-distillates at a regulated price. In accordance with Decree 1068 of 2015, the Ministry of Mines and Energy calculates semiannually 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 amount to be settled is calculated as the volume sold during the corresponding period multiplied by the difference between the international parity price and the reference price actually charged. The net position is calculated by adding all differentials throughout the six month period in Colombian pesos in favor of the Group and chargeable to the FEPC. The international parity price is the daily price of gasoline and diesel oil of the respective month in Colombian pesos, indexed to the United States of America Gulf market price, calculated in accordance with Resolution 18 0522 of 2010. The reference price is the price per gallon fixed by the Ministry of Energy and Mines, at which refiners or importers sell gasoline or diesel to the national market. Therefore, this difference represents a higher or lower value of sales revenues for Ecopetrol S.A. and Refinería de Cartagena S.A. |
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Description of accounting policy for expenses [text block] |
Costs and expenses are presented according to their nature; they are detailed in the related disclosures in cost of sales, and administrative, operating, projects and other associated expenses. |
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Description of accounting policy for finance income and costs [text block] |
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. |
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Description of accounting policy for segment reporting [text block] |
Ecopetrol presents the respective disclosures relative to its business segments in its consolidated financial statements in accordance with paragraph 4 of IFRS 8 - Operation segments. The operation of the Ecopetrol Business Group is performed through three business segments: 1) Exploration and Production, 2) Transport and Logistics, and 3) Refining, Petrochemical and Biofuels. This segmentation is based on management of objectives and corporate strategic plan, considering that these businesses: (a) are engaged in differential commercial activities, which generate sales revenue and incur costs and expenses; (b) the operational results are revised regularly by the 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 registered and presented at market prices.
See figures of the information by segments in Note 33. |
Cash and cash equivalents (Tables) |
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Disclosure of detailed information about Cash and cash equivalents [text block] | Cash and cash equivalents details as of December 31, 2017 and 2016 is as follows:
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Disclosure of external credit grades [text block] | The following table reflects the credit quality of issuers of investments included in cash and cash equivalents:
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Trade and other receivables, net (Tables) |
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Disclosure of trade and other receivables, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about trade and other receivables [text block] | The balance of trade and other receivables, net of allowance for doubtful accounts, is comprised as follows as of December 31, 2017 and 2016:
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Disclosure of allowance for credit losses [text block] | The following shows the changes in the allowance for doubtful accounts for the year ended December 31, 2017 and 2016:
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Inventories, net (Tables) |
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Disclosure of Inventories, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about inventories [Text Block] | The balance of inventories, net of allowance for losses, as of December 31, 2017 and 2016 is as follows:
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Disclosure of other provisions [text block] | The following is the changes of the allowance for losses, for the years ended December 31, 2017 and 2016:
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Other financial assets (Tables) |
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Disclosure of detailed information about other financial assets [Text Block] | The balance of other financial assets as of December 31, 2017 and 2016 is as follows:
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Disclosure of detailed information about maturity analysis of other financial assets [text Block] | The following are the maturities of other financial assets as of December 31, 2017 and 2016:
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Disclosure of fair value measurement of assets [text block] | The following is the balance of other financial assets by fair value hierarchy level as of December 31, 2017 and 2016:
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Disclosure of external credit grades [text block] | The following table reflects the credit quality of the issuers of other financial assets measured at fair value through profit or loss:
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Taxes (Tables) |
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Disclosure of detailed information about current tax assets and liabilities [text block] | The balance of current tax assets and tax liabilities as of December 31, 2017 and 2016 is as follows:
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Disclosure of detailed information about income tax Expenses [text block] | The following is a detail of the income tax recognized in profit or loss for the years ended December 31, 2017, 2016 and 2015:
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Disclosure of detailed information about reconciliation of the expected income tax expense -benefit [text block] | The reconciliation between the income tax expenses and the tax determined based on the official rate applicable to the Group in Colombia is as follows:
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Disclosure of deferred taxes [text block] | The following is the detail of the deferred tax balance on gains as of December 31, 2017 and 2016:
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Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | The deferred income tax assets and liabilities are reported net in compliance with the requirements of international financial reporting standards (IAS 12). As of December 31, 2017 and 2016, the deferred tax detail is as follows:
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Disclosure of detailed information about movement of deferred tax assets and deferred tax liabilities [text block] | The following is the detail of the deferred tax assets (liabilities) for the years ended December 31, 2017 and 2016:
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Disclosure of detailed information about movement of deferred income tax [text block] | The movements of deferred income tax for the years ended December 31, 2017 and 2016 are as follows:
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Disclosure of detailed information about breakdown of other comprehensive income [text block] | The following is the composition of the income tax recorded against other comprehensive income:
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Equity instruments measured at fair value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of equity instruments measured at fair value [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about equity instruments measured at fair value [text block] | The movement of equity instruments measured at fair value as of December 31, 2017 and 2016 is as follows:
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Other assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about other assets [text Block] | The balance as of December 31, 2017 and 2016 of other assets is comprised as follows:
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Assets held for sale and their related liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Assets Held For Sale And Their Related Liabilites [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of detailed information about assets and liabilities held for sale [text block] | The balance as of December 31, 2017 and 2016 of assets held for sale and their related liabilities, which do not correspond to discontinued operations, included:
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Investments in associates and joint ventures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Investments in associates and joint ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of investment entities [text block] | The balance as of December 31, 2017 and 2016 of investments in associates and joint ventures, is as follows:
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Disclosure of detailed information about changes in investments in subsidiaries, associates and joint ventures [text block] | For the year ended December 31, 2017:
For the year ended December 31, 2016:
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Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [text block] | The breakdown of assets, liabilities and results of the two main investments in associates and joint ventures, Equion Energy Limited and the Offshore International Group, as of December 31, 2017 and 2016 is as follows:
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Disclosure of detailed information about reconciliation of investments in joint ventures [text block] | Included below, there is a reconciliation of equity between the most significant participations and the carrying amount of investments as of December 31, 2017 and 2016:
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Property, plant and equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of property plant and equipment explanatory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of property, plant and equipment and its depreciation and impairment [Text Block] | The following shows a breakdown of the changes in property, plant and equipment and depreciation and impairment for the years ended December 31, 2017 and 2016:
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Natural and environmental resources (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Natural and environmental resources [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed Information about natural and environmental resources explanatory [text Block] | The following is the movement of natural resources and amortization and impairment for the years ended December 31, 2017 and 2016:
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Disclosure of detailed information about classification by age from completion date of the suspended exploratory wells [text block] | The following table shows the classification by ages, from the completion date, of the exploratory wells that are suspended as of December 31, 2017, 2016 and 2015:
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Intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [text block] | The following is the movement of intangibles and their amortization and impairment for the years ended December 31, 2017 and 2016:
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Impairment of long-term assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Impairment Of Noncurrent Assets [Text Block] | Based on impairment tests conducted by the Group, the following (recoveries) losses for impairment of long term assets for the years ended December 31, 2017, 2016 and 2015 are presented:
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Disclosure of detailed information about impairment losses of assets of refining and petrochemicals segment [Text Block] | The Cash Generating Units with an expense for (recovery of) impairment in the Refining and Petrochemical segment for the years ended December 31 of 2017, 2016 and 2015 include: 2017
2016
2015
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Investments accounted for using equity method [member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Informations About Impairment Losses Reversals Of Assets [Text Block] | As a result, Ecopetrol recognized an expense for (recovery of) impairment in the value of its investments in companies as of December 31, as follows:
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Explorations And Productions Segments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Informations About Impairment Losses Reversals Of Assets Of Exploration And Production Segment [Text Block] | The breakdown of the expenses for (recovery of) impairment of fields for the years ended December 31, 2017, 2016 and 2015 includes: 2017
2016
2015
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Exploration and production [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Informations About Impairment Losses Reversals Of Assets [Text Block] | The expenses for (recovery of) asset impairment of the Exploration and Production segment for the years ended December 31 of 2017, 2016 and 2015 is as follows:
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Goodwill (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Goodwill [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in goodwill [text block] | The balance as of December 31, 2017 and 2016 of goodwill in acquisitions of subsidiaries is as follows:
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Loans and borrowings (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of loans and borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [text block] | The balances of the loans and financing, which are recorded at amortized cost, as of December 31, 2017 and 2016 are:
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Disclosure of detailed information about borrowings by maturity [text block] | The following are the maturities of loans and borrowing as of December 31, 2017:
The following are the maturities of loans and borrowing as of December 31, 2016:
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Disclosure of detailed information about borrowings by interest rate type [text block] |
The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2017 and 2016:
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Disclosure of net financial debt explanatory [Text Block] | The following is the movement of net financial debt as of December 31, 2017, 2016 and 2015:
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Trade and other payables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Trade and other payables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Detailed information of trade and other payables [Text Block] | The balance of trade and other payables, as of December 31, 2017 and 2016, is comprised as follows:
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Provisions for employees benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of defined benefit plans [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about provision balances for employee benefits [Text Block] | The following are the balances of provisions for employee benefits as of December 31, 2017 and 2016:
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Disclosure of net defined benefit liability (asset) [text block] | The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2017 and 2016:
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Disclosure of detailed information about movement of defined benefits plans recognized in results and other comprehensive income [Text Block] | The following table shows the movement in profit and loss and in other comprehensive income as of December 31, 2017 and 2016:
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Disclosure of fair value of plan assets [text block] | The following is the composition of the plan assets of pension and pension bonds by type of investment as of December 31, 2017 and 2016:
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Disclosure of detailed information about fair value hierarchy of plan assets [Text Block] | The following table reflects the credit quality of the issuers and counterparties in assets held by the autonomous pension funds:
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Disclosure of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks [text block] | 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, 2017 and 2016:
N/A: Not applicable for this benefit.
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Disclosure of information about maturity profile of defined benefit obligation [text block] | The cash flows required for payment of post-employment obligations are the following:
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Disclosure of sensitivity analysis for actuarial assumptions [text block] | 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, 2017:
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Accrued liabilities and provisions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accrued liabilities and provisions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accrued liabilities and provisions [Text Block] | Below is the breakdown of the changes in the different categories of provisions and contingenciesas of December 31, 2017 and 2016:
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Disclosure of contingent liabilities [text block] | The following is a summary of the main legal proceedings recognized in the statement of financial position whose amount exceeds COP$13,000 million, where the expectation of loss is probable and could imply an outflow of resources as of December 31, 2017 and 2016:
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Disclosure of detailed information about unrecorded contingent liabilities [Text Block] | 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 Group, the expectation of loss is not probable as at December 31, 2017 and 2016:
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Disclosure of detailed information about contingent assets [Text Block] | The following is a breakdown of the Group’s principal contingent assets, where the associated contingent gain is likely, but not certain as of December 31, 2017 and 2016:
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Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about share capital, reserves and other equity interest [text block] | The following is the composition of the Group’s reserves as of December 31, 2017 and 2016:
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Disclosure of detailed information about balance and breakdown of changes in equity reserves [Text Block] | The movement of equity reserves is the following for the years ended December 31, 2017 and 2016:
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Disclosure of detailed information about balance and breakdown of changes in retained earnings [Text Block] | The following is the balance and movement of retained earnings as of December 31, 2017 and 2016:
Dividends paid in 2017 attributable to the shareholders of Ecopetrol S.A. amounted to COP$945,661 (2016 - COP$690,177) and those of the non-controlling interest of subsidiary companies to COP $ 558,986 (2016 - COP$1,022,121).
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Disclosure of analysis of other comprehensive income by item [text block] | The following is the composition of the other comprehensive income attributable to the shareholders of the parent company, Ecopetrol S.A., net tax as of December 31, 2017 and 2016:
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Disclosure of earnings per share [text block] |
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Sales revenue (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Sales revenue [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about breakdown of sales revenue [Table Text Block] | The following is the breakdown of sales revenue for the years ended December 31, 2017, 2016 and 2015:
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Disclosure of disaggregation of revenue from contracts with customers [Table Text Block] | The following are the sales revenue by geographic area for the years ended December 31, 2017, 2016 and 2015:
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Cost of sales (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cost of sales before impairment of non-current assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about cost of sales of non current assets [text Block] | The following is the cost of sales breakdown by function for the years ended December 31, 2017, 2016 and 2015:
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Administrative, operations and project expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Administration, operation and project expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information on general and administration expense [text block] | The following is the detail of administration, operation and project expenses, according to their function, for the years ended December 31, 2017, 2016 and 2015:
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Other operating income net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other operating income and expenses, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other operating income expense [Table Text Block] | The following is the detail of other operating income or expenses for the years ended December 31, 2017, 2016 and 2015:
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Financial result, net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of financial result, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Finance Income Expense Explanatory [Table Text Block] | The following is the detail of financial results for the years ended December 31, 2017, 2016 and 2015:
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Risk management (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial risk management [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Carrying Values For Financial Assets And Liabilities Denominated In Foreign Currencies [Text Block] | The following table sets out the carrying amount for financial assets and liabilities denominated in foreign currency as of December 31, 2017 and 2016:
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Disclosure of detailed information about hedging instruments [text block] | The following is the movement of foreign currency debt designated as a non-derivative hedging instrument for the years ended December 31, 2017 and 2016:
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Disclosure of detailed information about movement of other comprehensive income by item explanatory [text Block] | The following is the movement of accumulated foreign currency gains and losses in respect of the cash flow hedge recognized in other comprehensive income for the years ended December 31, 2017 and 2016:
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Disclosure of detailed information about expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss [Table Text Block] | The expected reclassification of the cumulative exchange rate difference in other comprehensive income to the profit or loss statement, taking an exchange rate of COP$2,984 per US$1.00 is as follows:
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Sensitivity analysis for types of market risk [text block] | The Group’s risk management strategy involves the use of non-derivative financial instruments related to cash flow hedges for future exports and hedges of a net investment in a foreign operation in order to minimize exposure to currency rate risk, which is detailed below. 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, 2017:
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Analysis of age of financial assets that are past due but not impaired [text block] | Ecopetrol does not have a significant concentration of credit risk. An aging analysis of the accounts receivable portfolio in arrears, but not impaired, as of December 31, 2017 and 2016 is as follows:
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Disclosure of financial instruments by type of interest rate [text block] | The following table provides information about the sensitivity of Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points:
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Disclosure of how entity manages liquidity risk [text block] | The following is a summary of the maturity of financial liabilities as of December 31, 2017. 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$2,984.00 per US dollar. Consequently, these amounts may not reconcile with the amounts disclosed on the consolidated statement of financial position:
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Disclosure of detailed information about levearage ratio [Text Block] | Net financial debt is calculated by taking short-term and long-term loans and borrowings less cash and cash equivalents and investments in securities as of December 31 of each year. The level of leverage is calculated as the ratio between net financial debt and the sum of equity and net financial debt. The following is the information of these indicators as of December 31, 2017 and 2016:
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Hedges of net investment in foreign operations [member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial risk management [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [text block] | The following is the movement of accumulated foreign currency gains and losses in respect of the net investment hedge recognized in other comprehensive income for the years ended December 31, 2017 and 2016:
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Related parties (Tables) |
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Disclosure of transactions between related parties [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in other entities [text block] | Balances with associates and joint ventures as of December 31, 2017 and 2016 are as follows:
Loans with related parties:
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Disclosure of transactions between related parties [text block] | The main transactions with related parties for years ended December 31, 2017, 2016 and 2015 are detailed as follows:
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Disclosure of information about key management personnel [text block] | As of December 31, 2017, the following Key Management Officers owned less than 1% of the outstanding shares of Ecopetrol SA as follows:
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Joint operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of interests in joint arrangements [text block] | Contracts in which Ecopetrol is not the operator
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Disclosure of joint operations [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in joint arrangements [text block] | Contracts in which Ecopetrol is the operator
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Information by segments (Tables) |
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Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [text block] | Below are the consolidated statements of profit or loss by segment for the years ended December 31, 2017, 2016 and 2015:
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Disclosure of products and services [text block] | The sales by product for each segment are detailed below for the years ended December 31, 2017, 2016 and 2015:
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Disclosure Of Detailed Informat Disclosure of detailed information about investment property segmentwise [Text Block] | The following are the investments amounts made by each segment for the years ended December 31, 2017, 2016 and 2015:
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Supplemental information on oil and gas producing activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Exploration for and evaluation of mineral resources [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about capitalized costs relating to oil and gas producing activities [Text Block] |
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Disclosure of detailed information about costs Incurred in oil and gas property acquisition, exploration, and development activities [Text Block] |
Costs incurred are summarized below and include both amounts expensed and capitalized in the corresponding period.
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Disclosure of detailed information about results of operations for oil and gas exploration and production activities [Text Block] |
The Group’s results of operations from oil and gas exploration and production activities for the years ended December 31, 2017, 2016 and 2015 are as follows:
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Disclosure of detailed information about proved developed and undeveloped oil and gas reserve quantities [Text Block] | The following information relates to the net proven reserves owned by the Ecopetrol Business Group in 2017, 2016 and 2015, and corresponds to the official reserves statements prepared by the Group:
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Disclosure of detailed information about schedule of standardized measure of discounted future cash flows relating to proved crude oil and gas eserves [Text Block] | 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.
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Disclosure of detailed information about principal sources of change in standardized measure of discounted future net cash flows [Text Block] | The following are the principal sources of change in the standardized measure of discounted net cash flows in 2017, 2016 and 2015:
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Exhibit 1. Consolidated subsidiaries, associates and joint ventures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of consolidated subsidiaries, associates and joint ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in subsidiaries [text block] | Consolidated subsidiary companies (1/2)
* Information taken from the audited financial statements. Consolidated subsidiaries (2/2)
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Disclosure of interests in associates [text block] | Associated companies and joint ventures
(*) Information available as of November 30, 2017 |
Reporting entity (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Disclosure of reporting entity [Abstract] | |
Proportion of shares available for public trade | 11.51% |
Proportion of shares held by majority share holders | 88.49% |
Accounting policies (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Plant and equipment [Member] | Bottom of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 15 years |
Plant and equipment [Member] | Top of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 65 years |
Pipelines, networks and lines [member] | Bottom of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 10 years |
Pipelines, networks and lines [member] | Top of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 59 years |
Buildings [member] | Bottom of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 12 years |
Buildings [member] | Top of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 80 years |
Other [member] | Bottom of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 years |
Other [member] | Top of range [member] | |
Disclosure of accounting policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 33 years |
Accounting policies (Details Textual) |
Dec. 31, 2017 |
---|---|
Bottom of range [member] | |
Disclosure of accounting policies [Line Items] | |
Percentage of voting equity interests acquired | 20.00% |
Top of range [member] | |
Disclosure of accounting policies [Line Items] | |
Percentage of voting equity interests acquired | 50.00% |
Cash and cash equivalents (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Banks | $ 5,484,981 | $ 3,319,465 | ||
Short-term investments | 2,459,438 | 5,090,048 | ||
Cash | 1,466 | 954 | ||
Cash and cash equivalents | $ 7,945,885 | $ 8,410,467 | $ 6,550,450 | $ 7,618,178 |
Cash and cash equivalents (Details 1) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Cash and cash equivalents | $ 7,945,885 | $ 8,410,467 | $ 6,550,450 | $ 7,618,178 |
AAA [Member] | ||||
Cash and cash equivalents | 2,807,170 | 3,198,394 | ||
A One [Member] | ||||
Cash and cash equivalents | 2,922,714 | 1,466,015 | ||
BRC One Plus [Member] | ||||
Cash and cash equivalents | 1,152,593 | 312,290 | ||
F One [Member] | ||||
Cash and cash equivalents | 896,231 | 545,872 | ||
AA Three [Member] | ||||
Cash and cash equivalents | 99,029 | 0 | ||
F Two [Member] | ||||
Cash and cash equivalents | 180 | 409,717 | ||
A One Plus [Member] | ||||
Cash and cash equivalents | 0 | 73,470 | ||
F One Plus [Member] | ||||
Cash and cash equivalents | 0 | 2,188,471 | ||
Prime Two [Member] | ||||
Cash and cash equivalents | 0 | 78,989 | ||
F Three [Member] | ||||
Cash and cash equivalents | 0 | 37,172 | ||
Prime Three [Member] | ||||
Cash and cash equivalents | 0 | 32,748 | ||
B [Member] | ||||
Cash and cash equivalents | 0 | 144 | ||
AA Two [Member] | ||||
Cash and cash equivalents | 27,868 | 0 | ||
A Two [Member] | ||||
Cash and cash equivalents | 27,350 | 0 | ||
No rating available [Member] | ||||
Cash and cash equivalents | $ 12,750 | $ 67,185 |
Cash and cash equivalents (Details Textual) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of cash and cash equivalents [Abstract] | ||
Restricted cash and cash equivalents | $ 96,758 | $ 114,206 |
Average rate of return on cash and cash equilents | 4.20% | 3.50% |
Trade and other receivables, net (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Customers | |||||||
Foreign | $ 2,052,829 | $ 1,366,322 | |||||
Domestic | 1,533,058 | 1,180,577 | |||||
Fuel price stabilization fund | [1] | 2,256,312 | 1,203,811 | ||||
Related parties (Note 31) | 23,013 | 97,730 | |||||
Industrial services | 26,223 | 60,025 | |||||
Accounts receivable from employees | [2] | 34,461 | 42,407 | ||||
Other | 173,022 | 261,829 | |||||
Total current | 6,098,918 | 4,212,701 | |||||
Non-current | |||||||
Accounts receivable from employees | [2] | 484,504 | 425,468 | ||||
Related parties (Note 31) | 154,810 | 170,121 | |||||
Fuel price stabilization fund | [1] | 77,510 | 77,510 | ||||
Other | 60,308 | 56,311 | |||||
Total non-current | $ 777,132 | $ 729,410 | |||||
|
Trade and other receivables, net (Details 1) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of trade and other receivables, net [Abstract] | ||
Opening balance | $ 144,329 | $ 160,406 |
Additions of allowances, net | 35,229 | 19,438 |
Accounts receivable write-off and uses | (9,542) | (35,515) |
Closing balance | $ 170,016 | $ 144,329 |
Inventories, net (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of Inventories, net [Abstract] | ||
Crude oil | $ 1,836,363 | $ 1,557,267 |
Fuels and petrochemicals | 1,481,777 | 1,270,870 |
Materials for the production of goods | 1,283,256 | 1,013,764 |
Current inventories | $ 4,601,396 | $ 3,841,901 |
Inventories, net (Details 1) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of Inventories, net [Abstract] | ||
Opening balance | $ 265,435 | $ 198,539 |
Additions | 9,134 | 41,957 |
Foreign currency translation | (4,266) | 50,053 |
Uses | (75,796) | (25,114) |
Closing balance | $ 194,507 | $ 265,435 |
Other financial assets (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets measured at fair value through profit or loss | ||
Financial assets at fair value through profit or loss | $ 6,504,625 | $ 6,636,298 |
Amortized cost | ||
Other financial assets | 6,533,725 | 6,686,895 |
Current | 2,967,878 | 5,315,537 |
Non-current | 3,565,847 | 1,371,358 |
Assets measured at amortized cost [Member] | ||
Amortized cost | ||
Other financial assets | 3,636 | 4,152 |
Hedging instruments [Member] | ||
Amortized cost | ||
Other financial assets | 25,464 | 46,445 |
Investment portfolio in local currency [Member] | ||
Assets measured at fair value through profit or loss | ||
Financial assets at fair value through profit or loss | 3,310,338 | 2,519,311 |
Investment portfolio in foreign currency [Member] | ||
Assets measured at fair value through profit or loss | ||
Financial assets at fair value through profit or loss | $ 3,194,287 | $ 4,116,987 |
Other financial assets (Details 1) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | $ 6,533,725 | $ 6,686,895 |
Not later than one year [member] | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 2,967,878 | 5,315,537 |
Later than one year and not later than two years [member] | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 1,588,145 | 838,786 |
Later than two years and not later than five yearse [Member] | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 1,817,558 | 497,204 |
Later than five years [member] | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | $ 160,144 | $ 35,368 |
Other financial assets (Details 2) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of Other financial assets [Line Items] | ||
Financial assets at fair value through profit or loss | $ 6,504,625 | $ 6,636,298 |
Level 1 | ||
Disclosure of Other financial assets [Line Items] | ||
Financial assets at fair value through profit or loss | 317,912 | 25,066 |
Level 2 | ||
Disclosure of Other financial assets [Line Items] | ||
Financial assets at fair value through profit or loss | $ 6,186,713 | $ 6,611,232 |
Other financial assets (Details 3) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financial assets at fair value through profit or loss | $ 6,504,625 | $ 6,636,298 |
AAA [member] | ||
Financial assets at fair value through profit or loss | 3,175,727 | 1,858,665 |
A1 [member] | ||
Financial assets at fair value through profit or loss | 1,149,606 | 3,060,660 |
AA+ [member] | ||
Financial assets at fair value through profit or loss | 1,067,989 | 50,192 |
BBB- [member] | ||
Financial assets at fair value through profit or loss | 378,939 | 0 |
A [member] | ||
Financial assets at fair value through profit or loss | 300,179 | 0 |
AA- [member] | ||
Financial assets at fair value through profit or loss | 233,668 | 3,730 |
A+ [member] | ||
Financial assets at fair value through profit or loss | 175,767 | 0 |
BBB [member] | ||
Financial assets at fair value through profit or loss | 21,835 | 0 |
AA [member] | ||
Financial assets at fair value through profit or loss | 0 | 5,289 |
F1+ [member] | ||
Financial assets at fair value through profit or loss | 0 | 1,636,039 |
No rating available [member] | ||
Financial assets at fair value through profit or loss | $ 915 | $ 21,723 |
Other financial assets (Details Textual) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Colombian pesos [Member] | ||
Disclosure of Other financial assets [line Items] | ||
Average rate of return on investments | 7.40% | 8.10% |
US Dollar [Member] | ||
Disclosure of Other financial assets [line Items] | ||
Average rate of return on investments | 1.10% | 0.80% |
Taxes (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Current tax assets | |||||||||
Current tax assets | $ 625,374 | $ 1,129,098 | |||||||
Current tax liabilities | |||||||||
Current tax liabilities | 2,005,688 | 2,130,940 | |||||||
Income tax [Member] | |||||||||
Current tax liabilities | |||||||||
Current tax liabilities | [1] | 1,305,011 | 1,478,294 | ||||||
National tax on gasoline and surtax on gasoline [Member] | |||||||||
Current tax liabilities | |||||||||
Current tax liabilities | 136,706 | 324,402 | |||||||
Other taxes [Member] | |||||||||
Current tax liabilities | |||||||||
Current tax liabilities | [2] | 512,588 | 328,244 | ||||||
Carbon tax [Member] | |||||||||
Current tax liabilities | |||||||||
Current tax liabilities | 51,383 | 0 | |||||||
Income tax [Member] | |||||||||
Current tax assets | |||||||||
Current tax assets | [1] | 165,437 | 308,868 | ||||||
Credit tax balance [Member] | |||||||||
Current tax assets | |||||||||
Current tax assets | [3] | 234,410 | 598,140 | ||||||
Other taxes [Member] | |||||||||
Current tax assets | |||||||||
Current tax assets | $ 225,527 | $ 222,090 | |||||||
|
Taxes (Details 1) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Taxes [Abstract] | |||
Current income tax | $ 5,144,962 | $ 4,517,336 | $ 3,510,546 |
Adjustments to prior years’ tax | (68,270) | 0 | 0 |
Deferred income tax | 723,576 | 25,710 | (2,800,193) |
Income tax expenses | $ 5,800,268 | $ 4,543,046 | $ 710,353 |
Taxes (Details 2) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Taxes [Abstract] | |||
Net income (loss) before income tax | $ 13,769,662 | $ 7,790,526 | $ (5,578,626) |
Statutory rate | 40.00% | 40.00% | 39.00% |
Income tax at statutory rate | $ 5,507,865 | $ 3,116,210 | $ (2,175,664) |
ETR reconciliation items: | |||
Effect in changes in tax rates and effect in tax base (CREE) | 910 | 807,989 | 2,063,782 |
Non deductible wealth tax | 85,872 | 229,375 | 253,422 |
Foreign currency translation and exchange difference | (186,787) | (234,316) | 310,657 |
Prior year taxes | 274,777 | 140,630 | (21,233) |
Non-deductible expenses | 129,531 | 486,300 | 251,246 |
Valuation of investments | 0 | 0 | 48,129 |
Non taxable income | (11,900) | (3,142) | (19,986) |
Income tax calculated | 5,800,268 | 4,543,046 | 710,353 |
Current | 5,144,962 | 4,517,336 | 3,510,546 |
Deferred | 723,576 | 25,710 | (2,800,193) |
Income tax | $ 5,800,268 | $ 4,543,046 | $ 710,353 |
Taxes (Details 3) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure Of Taxes [Abstract] | ||
Deferred tax assets | $ 4,016,161 | $ 4,248,014 |
Deferred tax liabilities | (1,333,280) | (1,639,703) |
Net deferred income tax | $ 2,682,881 | $ 2,608,311 |
Taxes (Details 4) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets | $ 4,016,161 | $ 4,248,014 | |||||||||
Deferred tax liabilities | (1,333,280) | (1,639,703) | |||||||||
Deferred tax assets (liabilities) | 2,682,881 | 2,608,311 | $ 2,213,422 | ||||||||
Property, plant and equipment and Natural and environmental resources [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | (1,006,299) | [1] | (220,315) | [1] | 205,499 | ||||||
Provisions [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | 1,840,988 | [2] | 1,875,965 | [2] | 1,824,844 | ||||||
Employee benefits [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | 1,373,561 | [3] | 656,997 | [3] | 0 | ||||||
Loss carry forwards [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | 611,766 | 477,808 | 238,193 | ||||||||
Accounts payable [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | 208,618 | 311,607 | 726,256 | ||||||||
Borrowings and other financial liabilities [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | 0 | (113,497) | (540,811) | ||||||||
Accounts receivable [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | 94,864 | 133,840 | 17,927 | ||||||||
Others [Member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | (31,685) | (168,806) | 3,804 | ||||||||
Goodwill [member] | |||||||||||
Disclosure Of Taxes [Line Items] | |||||||||||
Deferred tax assets (liabilities) | $ (408,932) | $ (345,288) | $ (262,290) | ||||||||
|
Taxes (Details 5) - COP ($) $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | $ 2,608,311 | $ 2,213,422 | ||||||||||
Recognized in profit or loss | (723,576) | (25,710) | ||||||||||
Deferred tax | [1] | 798,146 | 420,599 | |||||||||
Closing balance | 2,682,881 | 2,608,311 | ||||||||||
Property, plant and equipment and natural resources [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | (220,315) | [2] | 205,499 | |||||||||
Recognized in profit or loss | (785,984) | (425,814) | ||||||||||
Deferred tax | 0 | 0 | ||||||||||
Closing balance | [2] | (1,006,299) | (220,315) | |||||||||
Provisions [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | 1,875,965 | [3] | 1,824,844 | |||||||||
Recognized in profit or loss | (34,977) | 51,121 | ||||||||||
Deferred tax | 0 | 0 | ||||||||||
Closing balance | [3] | 1,840,988 | 1,875,965 | |||||||||
Employee benefits [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | 656,997 | [4] | 0 | |||||||||
Recognized in profit or loss | (22,818) | 40,300 | ||||||||||
Deferred tax | 739,382 | 616,697 | ||||||||||
Closing balance | [4] | 1,373,561 | 656,997 | |||||||||
Loss carry forwards [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | 477,808 | 238,193 | ||||||||||
Recognized in profit or loss | 133,958 | 239,615 | ||||||||||
Deferred tax | 0 | 0 | ||||||||||
Closing balance | 611,766 | 477,808 | ||||||||||
Accounts payables [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | 311,607 | 726,256 | ||||||||||
Recognized in profit or loss | (102,989) | (414,649) | ||||||||||
Deferred tax | 0 | 0 | ||||||||||
Closing balance | 208,618 | 311,607 | ||||||||||
Accounts receivables [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | 133,840 | 17,927 | ||||||||||
Recognized in profit or loss | (38,976) | 115,913 | ||||||||||
Deferred tax | 0 | 0 | ||||||||||
Closing balance | 94,864 | 133,840 | ||||||||||
Borrowings and other financial liabilities [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | (113,497) | (540,811) | ||||||||||
Recognized in profit or loss | 113,497 | 427,314 | ||||||||||
Deferred tax | 0 | 0 | ||||||||||
Closing balance | 0 | (113,497) | ||||||||||
Others [Member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | (168,806) | 3,804 | ||||||||||
Recognized in profit or loss | 78,357 | 23,488 | ||||||||||
Deferred tax | 58,764 | (196,098) | ||||||||||
Closing balance | (31,685) | (168,806) | ||||||||||
Goodwill [member] | ||||||||||||
Disclosure Of Taxes [Line Items] | ||||||||||||
Opening balance | (345,288) | (262,290) | ||||||||||
Recognized in profit or loss | (63,644) | (82,998) | ||||||||||
Deferred tax | 0 | 0 | ||||||||||
Closing balance | $ (408,932) | $ (345,288) | ||||||||||
|
Taxes (Details 6) - COP ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Disclosure Of Taxes [Abstract] | ||||
Opening balance | $ 2,608,311 | $ 2,213,422 | ||
Deferred tax recognized in profit or loss | (723,576) | (25,710) | ||
Deferred tax recognized in other comprehensive income | [1] | 798,146 | 420,599 | |
Closing balance | $ 2,682,881 | $ 2,608,311 | ||
|
Taxes (Details 7) - COP ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Disclosure of detailed information about income tax [Line Items] | ||||
Pre-tax | $ 2,344,671 | $ 1,175,982 | ||
Deferred tax | [1] | 798,146 | 420,599 | |
After tax | 1,546,525 | 755,383 | ||
Other [member] | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Pre-tax | 12,119 | 0 | ||
Deferred tax | (4,708) | (47,220) | ||
After tax | 7,411 | (47,220) | ||
Derivative financial instruments [member] | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Pre-tax | (56,804) | |||
Deferred tax | 22,722 | |||
After tax | (34,082) | |||
Cash flow hedging for future crude oil exports [member] | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Pre-tax | 80,896 | (537,353) | ||
Deferred tax | (54,056) | 220,596 | ||
After tax | 26,840 | (316,757) | ||
Actuarial valuation gains (losses) [member] | ||||
Disclosure of detailed information about income tax [Line Items] | ||||
Pre-tax | 2,251,656 | 1,770,139 | ||
Deferred tax | (739,382) | (616,697) | ||
After tax | $ 1,512,274 | $ 1,153,442 | ||
|
Taxes (Details Textual) - COP ($) $ in Millions |
1 Months Ended | 12 Months Ended | 48 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 23, 2014 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 40.00% | 40.00% | 39.00% | ||||
Presumptive income, percentage on beginning equity | 3.00% | 3.00% | |||||
Disclosure of information about methods, inputs and assumptions used for measuring obligations for returns, refunds and other similar obligations | Tax returns may be reviewed by the tax authorities within 5 years following the filing date and/or amendment, if the returns reflected tax losses. |
||||||
Average effective tax rate | 42.10% | 58.30% | |||||
Increase (decrease) in deferred tax liability (asset) | $ 97,803 | ||||||
Description of nature of potential income tax consequences that would result from payment of dividend | The rate of this tax will be 5%. Furthermore, the tax rate for dividends will be 35%. In this scenario, the 5% tax on dividends will apply on the amount of the tax distribution, once it has been reduced with the 35% income tax. | ||||||
Current wealth tax Paid | $ 226,778 | ||||||
Current wealth tax expense -income | $ 569,756 | ||||||
Description of applicability of surtax | A surtax was established on income tax for 2017 and 2018, of 6% and 4%, respectively, which is applicable when taxable income exceeds COP$800 million. | ||||||
Description of tax losses carry forward | Accumulated tax loss balance generated starting January 1, 2017 can be offset with the liquid income generated over the following 12 years (unlimited for those with CEJ). | ||||||
Deferred tax assets | $ 4,016,161 | $ 4,248,014 | $ 4,248,014 | ||||
Deferred tax assets for accumulated income tax losses | 4,078,439 | ||||||
Unused tax losses [member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Deferred tax Refineria | $ 44,475 | ||||||
Scenario plan [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 33.00% | ||||||
surtax on income for equality In Year 2017 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 6.00% | ||||||
surtax on income for equality In Year 2018 [Member] | Scenario plan [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 4.00% | ||||||
Value added tax [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 19.00% | ||||||
Tax rate effect from change in tax rate | 5.00% | ||||||
Bioenergy S.A, Bionergy Zona Franca [Member] | Unused tax losses [member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Deferred tax assets | $ 53,328 | ||||||
Refineria de Cartagena [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Deferred tax assets | $ 611,766 | ||||||
Ecopetrol Group [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 40.00% | ||||||
Colombia [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 25.00% | ||||||
Surcharge Rate | 9.00% | ||||||
Wealth Tax determined | $ 1,000 | ||||||
Colombia [Member] | surtax on income for equality In Year 2015 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 5.00% | ||||||
Colombia [Member] | surtax on income for equality In Year 2016 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 6.00% | ||||||
Colombia [Member] | surtax on income for equality In Year 2017 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 8.00% | ||||||
Colombia [Member] | surtax on income for equality In Year 2018 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 9.00% | ||||||
Colombia [Member] | Capital gain tax [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 10.00% | ||||||
Colombia [Member] | Bottom of range [member] | surtax on income for equality In Year 2015 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Accounting profit | $ 800 | ||||||
Colombia [Member] | Bottom of range [member] | surtax on income for equality In Year 2016 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Accounting profit | 800 | ||||||
Colombia [Member] | Bottom of range [member] | surtax on income for equality In Year 2017 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Accounting profit | 800 | ||||||
Colombia [Member] | Bottom of range [member] | surtax on income for equality In Year 2018 [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Accounting profit | $ 800 | ||||||
Free Trade Zone Area [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 20.00% | 15.00% | 15.00% | ||||
Presumtive income tax | 3.50% | ||||||
Free Trade Zone Area [Member] | Ecopetrol Group [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 15.00% | ||||||
Free trade zone with legal stability contract [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 15.00% | ||||||
Presumtive income tax | 3.00% | ||||||
Free trade zone with legal stability contract [Member] | Ecopetrol Group [Member] | |||||||
Disclosure of detailed information about income tax [Line Items] | |||||||
Applicable tax rate | 20.00% |
Equity instruments measured at fair value (Details) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of equity instruments measured at fair value [line Items] | ||
Opening balance | $ 51,610 | |
Closing balance | 0 | $ 51,610 |
Non-current assets held for sale [member] | ||
Disclosure of equity instruments measured at fair value [line Items] | ||
Opening balance | 51,610 | 913,488 |
Fair value adjustments | (7,828) | 126,205 |
Proceeds from sale of shares | (56,930) | (966,715) |
Profit (loss) on sale of shares | 13,236 | (21,368) |
Transfers | (88) | 0 |
Closing balance | $ 0 | $ 51,610 |
Equity instruments measured at fair value (Details Textual) - Empresa de Energia de Bogota [member] - COP ($) $ / shares in Units, $ in Millions |
1 Months Ended | |
---|---|---|
Oct. 19, 2017 |
Jul. 29, 2017 |
|
Disclosure of equity instruments measured at fair value [line Items] | ||
Number of shares held in other entity sold | 17,465,872 | |
Total cash receipt from sales of equity or debt instruments of other entities, clasified as investing activities | $ 34,932 | |
Sale price per share | $ 2,000 | |
First auction [Member] | ||
Disclosure of equity instruments measured at fair value [line Items] | ||
Number of shares held in other entity sold | 10,999,163 | |
Total cash receipt from sales of equity or debt instruments of other entities, clasified as investing activities | $ 21,998 | |
Sale price per share | $ 2,000 |
Other assets (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Current | |||||||
Partners in joint operations | [1] | $ 583,656 | $ 735,032 | ||||
Advanced payments to contractors and suppliers | 103,762 | 151,871 | |||||
Prepaid expenses | 115,866 | 140,606 | |||||
Related parties (Note 31) | 7,716 | 7,135 | |||||
Other current assets | 69,425 | 988 | |||||
Total current | 880,425 | 1,035,632 | |||||
Non-current | |||||||
Abandonment and pension funds | [2] | 323,621 | 312,423 | ||||
Employee benefits | 202,012 | 187,969 | |||||
Judicial deposits and attachments | 43,248 | 140,338 | |||||
Trust funds | 32,748 | 87,602 | |||||
Advances and deposits | 74,225 | 63,402 | |||||
Other assets | 5,155 | 35,002 | |||||
Total non-current | $ 681,009 | $ 826,736 | |||||
|
Assets held for sale and their related liabilities (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Assets held for sale Abstract [Abstract] | |||||||||
Assets held for sale | $ 104,140 | $ 132,216 | |||||||
Liabilities held for sale Abstract [Abstract] | |||||||||
Liabilities related to assets held for sale | 0 | 40,128 | |||||||
Surplus project materials [Member] | |||||||||
Assets held for sale Abstract [Abstract] | |||||||||
Assets held for sale | [1] | 56,049 | 65,703 | ||||||
Other property, plant and equipment [member] | |||||||||
Assets held for sale Abstract [Abstract] | |||||||||
Assets held for sale | [2] | 48,091 | 36,902 | ||||||
Oil fields [Member] | |||||||||
Assets held for sale Abstract [Abstract] | |||||||||
Assets held for sale | [3] | 0 | 29,611 | ||||||
Liabilities held for sale Abstract [Abstract] | |||||||||
Liabilities related to assets held for sale | [3] | $ 0 | $ 40,128 | ||||||
|
Assets held for sale and their related liabilities (Details Textual) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
COP ($)
| |
Other property, plant and equipment [member] | |
Disclosure of assets held for sale and their related liabilities [Line Items] | |
Impairment loss on financial assets | $ 11,292 |
Oil fields [Member] | |
Disclosure of assets held for sale and their related liabilities [Line Items] | |
Gain on assignment of rights | 168,726 |
Surplus project materials [Member] | |
Disclosure of assets held for sale and their related liabilities [Line Items] | |
Losses on disposals of non-current assets | $ 2,337 |
Investments in associates and joint ventures (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Investments in joint ventures | |||
Investments in joint ventures | $ 1,105,282 | $ 1,303,157 | |
Investments in associates | |||
Investments in associates | 225,178 | 249,537 | |
Investments in joint ventures and associates | 1,330,460 | 1,552,694 | $ 1,931,934 |
Gross carrying amount [member] | |||
Investments in joint ventures | |||
Investments in joint ventures | 1,941,174 | 2,133,893 | |
Investments in associates | |||
Investments in associates | 235,082 | 249,537 | |
Invercolsa S.A. [member] | Gross carrying amount [member] | |||
Investments in associates | |||
Investments in associates | 223,963 | 243,156 | |
Serviport S.A. [member] | Gross carrying amount [member] | |||
Investments in associates | |||
Investments in associates | 9,905 | 5,255 | |
Serviport S.A. [member] | Accumulated impairment [member] | |||
Investments in associates | |||
Investments in associates | (9,904) | 0 | |
Olefinas Port Society [Member] | Gross carrying amount [member] | |||
Investments in associates | |||
Investments in associates | 1,214 | 1,126 | |
Equion Energia Limited [Member] | |||
Investments in joint ventures | |||
Investments in joint ventures | 761,039 | 902,747 | |
Equion Energia Limited [Member] | Gross carrying amount [member] | |||
Investments in joint ventures | |||
Investments in joint ventures | 1,057,466 | 1,156,430 | |
Equion Energia Limited [Member] | Accumulated impairment [member] | |||
Investments in joint ventures | |||
Investments in joint ventures | (296,427) | (253,683) | |
Offshore International Group [member] | |||
Investments in joint ventures | |||
Investments in joint ventures | 305,860 | 360,885 | |
Offshore International Group [member] | Gross carrying amount [member] | |||
Investments in joint ventures | |||
Investments in joint ventures | 845,325 | 937,938 | |
Offshore International Group [member] | Accumulated impairment [member] | |||
Investments in joint ventures | |||
Investments in joint ventures | (539,465) | (577,053) | |
Ecodiesel Colombia S.A. [member] | Gross carrying amount [member] | |||
Investments in joint ventures | |||
Investments in joint ventures | $ 38,383 | $ 39,525 |
Investments in associates and joint ventures (Details 1) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of Investments in associates and joint ventures [Line Items] | |||
Opening balance | $ 1,552,694 | $ 1,931,934 | |
Effects of equity method through: | |||
Profit or loss | 93,538 | 61,345 | $ (46,687) |
Other comprehensive income | (14,752) | 124,645 | |
Dividends declared | (285,961) | (426,837) | |
Impairment | (15,059) | (127,858) | |
Reclassifications | (10,535) | ||
Closing balance | 1,330,460 | 1,552,694 | 1,931,934 |
Joint ventures [member] | |||
Disclosure of Investments in associates and joint ventures [Line Items] | |||
Opening balance | 1,303,157 | 1,862,418 | |
Effects of equity method through: | |||
Profit or loss | 46,869 | 13,046 | |
Other comprehensive income | (14,752) | (49,127) | |
Dividends declared | (224,837) | (384,787) | |
Impairment | (5,155) | (127,858) | |
Reclassifications | (10,535) | ||
Closing balance | 1,105,282 | 1,303,157 | 1,862,418 |
Associates [member] | |||
Disclosure of Investments in associates and joint ventures [Line Items] | |||
Opening balance | 249,537 | 69,516 | |
Effects of equity method through: | |||
Profit or loss | 46,669 | 48,299 | |
Other comprehensive income | 0 | 173,772 | |
Dividends declared | (61,124) | (42,050) | |
Impairment | (9,904) | 0 | |
Reclassifications | 0 | ||
Closing balance | $ 225,178 | $ 249,537 | $ 69,516 |
Investments in associates and joint ventures (Details 2) - COP ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Statement of financial position | ||||||
Current assets | $ 23,224,016 | $ 24,129,162 | ||||
Non-current assets | 94,623,396 | 94,829,815 | ||||
Total assets | 117,847,412 | 118,958,977 | ||||
Current liabilities | 16,846,611 | 16,387,358 | ||||
Non-current liabilities | 52,785,102 | 59,011,118 | ||||
Total liabilities | 69,631,713 | 75,398,476 | ||||
Equity | 48,215,699 | 43,560,501 | $ 43,100,963 | $ 48,534,228 | ||
Other complementary information | ||||||
Cash and cash equivalents | 7,945,885 | 8,410,467 | 6,550,450 | $ 7,618,178 | ||
Financial obligations, short-term | [1] | 5,144,504 | 4,126,203 | |||
Financial obligations, long-term | 38,403,331 | 48,095,824 | ||||
Statement of profit or loss | ||||||
Sales revenue | 55,954,228 | 48,485,561 | 52,347,271 | |||
Costs | 36,908,325 | 34,251,423 | 36,994,516 | |||
Administrative expenses and others | (1,764,524) | (1,923,268) | (1,700,985) | |||
Financial income (expenses) | (2,495,731) | (1,175,367) | (7,663,104) | |||
Income tax | 5,800,268 | 4,543,046 | 710,353 | |||
Net income for the period | 7,969,394 | 3,247,480 | (6,288,979) | |||
Other comprehensive income | (1,815,907) | (1,728,607) | 7,039,199 | |||
Offshore International Group [member] | ||||||
Statement of financial position | ||||||
Current assets | 289,618 | 317,700 | ||||
Non-current assets | 1,568,395 | 1,693,947 | ||||
Total assets | 1,858,013 | 2,011,647 | ||||
Current liabilities | 192,513 | 147,090 | ||||
Non-current liabilities | 657,746 | 671,577 | ||||
Total liabilities | 850,259 | 818,667 | ||||
Equity | 1,007,754 | 1,192,980 | ||||
Other complementary information | ||||||
Cash and cash equivalents | 32,490 | 22,224 | ||||
Financial obligations, short-term | 97,960 | 21,408 | ||||
Financial obligations, long-term | 214,259 | 356,353 | ||||
Statement of profit or loss | ||||||
Sales revenue | 393,210 | 379,811 | 463,660 | |||
Costs | (508,461) | (502,107) | (654,095) | |||
Administrative expenses and others | (103,340) | (221,238) | (128,895) | |||
Financial income (expenses) | (20,264) | (12,010) | (8,528) | |||
Income tax | 60,575 | 107,507 | 90,294 | |||
Net income for the period | (178,280) | (248,037) | (237,564) | |||
Other comprehensive income | 0 | 0 | 0 | |||
Dividends paid to the Ecopetrol Business Group | 0 | 0 | 0 | |||
Depreciation and amortization | 232,953 | 228,250 | 229,317 | |||
Equion Energia Limited [Member] | ||||||
Statement of financial position | ||||||
Current assets | 909,927 | 712,078 | ||||
Non-current assets | 955,849 | 1,406,510 | ||||
Total assets | 1,865,776 | 2,118,588 | ||||
Current liabilities | 430,130 | 417,203 | ||||
Non-current liabilities | 98,835 | 170,527 | ||||
Total liabilities | 528,965 | 587,730 | ||||
Equity | 1,336,811 | 1,530,858 | ||||
Other complementary information | ||||||
Cash and cash equivalents | 170,618 | 300,689 | ||||
Financial obligations, short-term | 336,352 | 328,497 | ||||
Financial obligations, long-term | 2,921 | 309 | ||||
Statement of profit or loss | ||||||
Sales revenue | 1,213,692 | 1,204,301 | 1,218,796 | |||
Costs | (793,999) | (969,318) | (958,467) | |||
Administrative expenses and others | 12,188 | (44,810) | (74,258) | |||
Financial income (expenses) | 2,373 | 59,143 | 37,970 | |||
Income tax | (180,546) | 30,199 | (209,221) | |||
Net income for the period | 253,708 | 279,515 | 14,820 | |||
Other comprehensive income | 913,728 | 935,847 | 1,024,423 | |||
Dividends paid to the Ecopetrol Business Group | 217,075 | 375,035 | 284,984 | |||
Depreciation and amortization | $ 557,970 | $ 678,488 | $ 642,369 | |||
|
Investments in associates and joint ventures (Details 3) - COP ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Disclosure of Investments in associates and joint ventures [Line Items] | ||||
Equity | $ 48,215,699 | $ 43,560,501 | $ 43,100,963 | $ 48,534,228 |
Investments in joint ventures | 1,105,282 | 1,303,157 | ||
Equion Energy Limited [Member] | ||||
Disclosure of Investments in associates and joint ventures [Line Items] | ||||
Equity | $ 1,336,811 | $ 1,530,858 | ||
% of Ecopetrol’s ownership | 51.00% | 51.00% | ||
Ecopetrol’s ownership | $ 681,773 | $ 780,738 | ||
Additional value of the investment | 375,693 | 375,693 | ||
Investments in joint ventures | 761,039 | 902,747 | ||
Equion Energy Limited [Member] | Accumulated impairment [member] | ||||
Disclosure of Investments in associates and joint ventures [Line Items] | ||||
Investments in joint ventures | (296,427) | (253,683) | ||
Offshore International Group [member] | ||||
Disclosure of Investments in associates and joint ventures [Line Items] | ||||
Equity | $ 1,007,754 | $ 1,192,980 | ||
% of Ecopetrol’s ownership | 50.00% | 50.00% | ||
Ecopetrol’s ownership | $ 503,877 | $ 596,490 | ||
Additional value of the investment | 341,448 | 341,448 | ||
Investments in joint ventures | 305,860 | 360,885 | ||
Offshore International Group [member] | Accumulated impairment [member] | ||||
Disclosure of Investments in associates and joint ventures [Line Items] | ||||
Investments in joint ventures | $ (539,465) | $ (577,053) |
Investments in associates and joint ventures (Details Textual) - Invercolsa S.A [Member] - shares shares in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2011 |
|
Disclosure of Investments in associates and joint ventures [Line Items] | ||
Equivalent Percentage of Associate´s Social Capital assigned to Ecopetrol by a Court | 11.58% | |
Equivalent Percentage of Associate´s Social Capital Ownership | 43.35% | |
Ecopetrol [Member] | ||
Disclosure of Investments in associates and joint ventures [Line Items] | ||
Number of shares investments in associates assigned to Ecopetrol by a Court | 324 |
Property, plant and equipment (Details) - COP ($) $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | $ 62,328,502 | ||||||||||||
Ending Balance | 61,404,374 | $ 62,328,502 | |||||||||||
Cost [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 90,858,880 | 89,433,422 | |||||||||||
Additions/capitalizations | 2,363,283 | 3,646,929 | |||||||||||
Increase (Decrease) in abandonment costs | 156,716 | (157,355) | |||||||||||
Capitalized financial interests | 109,304 | 242,778 | |||||||||||
Exchange differences capitalized | 6,725 | 8,639 | |||||||||||
Disposals | (159,753) | (223,320) | |||||||||||
Foreign currency translation | (215,751) | (2,038,527) | |||||||||||
Other (reclassifications) | [1] | 0 | (53,686) | ||||||||||
Transfers | [2] | (426,506) | 0 | ||||||||||
Ending Balance | 92,692,898 | 90,858,880 | |||||||||||
Accumulated depreciation and impairment losses [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | (28,530,378) | (24,328,349) | |||||||||||
Disposals | 71,098 | 153,964 | |||||||||||
Foreign currency translation | 55,626 | 470,762 | |||||||||||
Depreciation expense | (3,999,982) | (3,791,178) | |||||||||||
Recovery (losses) for impairment (Note 18) | 977,919 | (561,738) | |||||||||||
Other (reclassifications) | [1] | 0 | (473,839) | ||||||||||
Transfers | [2] | 137,193 | 0 | ||||||||||
Ending Balance | (31,288,524) | (28,530,378) | |||||||||||
Plant and equipment [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 27,096,281 | ||||||||||||
Ending Balance | 27,781,921 | 27,096,281 | |||||||||||
Plant and equipment [member] | Cost [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 42,608,276 | 37,360,222 | |||||||||||
Additions/capitalizations | 904,854 | 1,457,547 | |||||||||||
Increase (Decrease) in abandonment costs | 51,619 | (84,780) | |||||||||||
Capitalized financial interests | 38,847 | 0 | |||||||||||
Exchange differences capitalized | 2,636 | 0 | |||||||||||
Disposals | (67,326) | (158,193) | |||||||||||
Foreign currency translation | (136,501) | (42,870) | |||||||||||
Other (reclassifications) | [1] | 0 | 4,076,350 | ||||||||||
Transfers | [2] | (840,511) | 0 | ||||||||||
Ending Balance | 42,561,894 | 42,608,276 | |||||||||||
Plant and equipment [member] | Accumulated depreciation and impairment losses [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | (15,511,995) | (13,469,749) | |||||||||||
Disposals | 54,244 | 121,382 | |||||||||||
Foreign currency translation | 15,166 | 272,582 | |||||||||||
Depreciation expense | (1,996,614) | (1,869,604) | |||||||||||
Recovery (losses) for impairment (Note 18) | 1,014,613 | (659,223) | |||||||||||
Other (reclassifications) | [1] | 0 | 92,617 | ||||||||||
Transfers | [2] | 1,644,613 | 0 | ||||||||||
Ending Balance | (14,779,973) | (15,511,995) | |||||||||||
Pipelines, networks and lines [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 19,122,228 | ||||||||||||
Ending Balance | 19,538,423 | 19,122,228 | |||||||||||
Pipelines, networks and lines [member] | Cost [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 29,087,782 | 26,856,085 | |||||||||||
Additions/capitalizations | 876,940 | 1,383,352 | |||||||||||
Increase (Decrease) in abandonment costs | 105,097 | (78,712) | |||||||||||
Capitalized financial interests | 33,875 | 0 | |||||||||||
Exchange differences capitalized | 2,299 | 0 | |||||||||||
Disposals | (56,147) | (21,814) | |||||||||||
Foreign currency translation | (49,800) | (298,750) | |||||||||||
Other (reclassifications) | [1] | 0 | 1,247,621 | ||||||||||
Transfers | [2] | 2,000,003 | 0 | ||||||||||
Ending Balance | 32,000,049 | 29,087,782 | |||||||||||
Pipelines, networks and lines [member] | Accumulated depreciation and impairment losses [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | (9,965,554) | (8,572,373) | |||||||||||
Disposals | 13,464 | 14,022 | |||||||||||
Foreign currency translation | 32,729 | 138,611 | |||||||||||
Depreciation expense | (1,479,792) | (1,426,659) | |||||||||||
Recovery (losses) for impairment (Note 18) | 316,360 | 33,048 | |||||||||||
Other (reclassifications) | [1] | 0 | (152,203) | ||||||||||
Transfers | [2] | (1,378,833) | 0 | ||||||||||
Ending Balance | (12,461,626) | (9,965,554) | |||||||||||
Work in progress [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | [3] | 4,611,809 | |||||||||||
Ending Balance | 3,312,898 | [4] | 4,611,809 | [3] | |||||||||
Work in progress [member] | Cost [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | [3] | 4,874,406 | [4] | 11,015,010 | |||||||||
Additions/capitalizations | (102) | [4] | (107,181) | [3] | |||||||||
Increase (Decrease) in abandonment costs | 0 | [4] | 0 | [3] | |||||||||
Capitalized financial interests | 8,501 | [4] | 205,662 | [3] | |||||||||
Exchange differences capitalized | 577 | [4] | 8,639 | [3] | |||||||||
Disposals | (26,991) | [4] | (16,031) | [3] | |||||||||
Foreign currency translation | (13,302) | [4] | (1,629,613) | [3] | |||||||||
Other (reclassifications) | [1] | 0 | (4,602,080) | [3] | |||||||||
Transfers | [2] | (976,771) | [4] | 0 | |||||||||
Ending Balance | [4] | 3,866,318 | 4,874,406 | [3] | |||||||||
Work in progress [member] | Accumulated depreciation and impairment losses [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | [3] | (262,597) | [4] | (19,566) | |||||||||
Disposals | 0 | [4] | 0 | [3] | |||||||||
Foreign currency translation | 0 | [4] | 38,904 | [3] | |||||||||
Depreciation expense | 0 | [4] | 0 | [3] | |||||||||
Recovery (losses) for impairment (Note 18) | (372,804) | [4] | (3,270) | [3] | |||||||||
Other (reclassifications) | [1] | 0 | (278,665) | [3] | |||||||||
Transfers | [2] | 81,981 | [4] | 0 | |||||||||
Ending Balance | [4] | (553,420) | (262,597) | [3] | |||||||||
Buildings [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 4,823,279 | ||||||||||||
Ending Balance | 4,950,024 | 4,823,279 | |||||||||||
Buildings [member] | Cost [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 6,911,757 | 6,479,356 | |||||||||||
Additions/capitalizations | 363,836 | 360,596 | |||||||||||
Increase (Decrease) in abandonment costs | 0 | 0 | |||||||||||
Capitalized financial interests | 6,941 | 0 | |||||||||||
Exchange differences capitalized | 471 | 0 | |||||||||||
Disposals | (6,539) | (12,540) | |||||||||||
Foreign currency translation | (4,904) | (9,832) | |||||||||||
Other (reclassifications) | [1] | 0 | 94,177 | ||||||||||
Transfers | [2] | 347,024 | 0 | ||||||||||
Ending Balance | 7,618,586 | 6,911,757 | |||||||||||
Buildings [member] | Accumulated depreciation and impairment losses [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | (2,088,478) | (1,698,791) | |||||||||||
Disposals | 807 | 7,021 | |||||||||||
Foreign currency translation | 3,929 | 12,658 | |||||||||||
Depreciation expense | (416,698) | (392,294) | |||||||||||
Recovery (losses) for impairment (Note 18) | 11,538 | 57,157 | |||||||||||
Other (reclassifications) | [1] | 0 | (74,229) | ||||||||||
Transfers | [2] | (179,660) | 0 | ||||||||||
Ending Balance | (2,668,562) | (2,088,478) | |||||||||||
Lands [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 3,867,368 | ||||||||||||
Ending Balance | 3,799,833 | 3,867,368 | |||||||||||
Lands [member] | Cost [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 3,894,220 | 4,068,951 | |||||||||||
Additions/capitalizations | 14,631 | 41,202 | |||||||||||
Increase (Decrease) in abandonment costs | 0 | 0 | |||||||||||
Capitalized financial interests | 1,027 | 0 | |||||||||||
Exchange differences capitalized | 70 | 0 | |||||||||||
Disposals | (23) | 713 | |||||||||||
Foreign currency translation | (7,850) | (69,878) | |||||||||||
Other (reclassifications) | [1] | 0 | (146,768) | ||||||||||
Transfers | [2] | (62,720) | 0 | ||||||||||
Ending Balance | 3,839,355 | 3,894,220 | |||||||||||
Lands [member] | Accumulated depreciation and impairment losses [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | (26,852) | (13,689) | |||||||||||
Disposals | 0 | 15 | |||||||||||
Foreign currency translation | 0 | 0 | |||||||||||
Depreciation expense | 0 | 0 | |||||||||||
Recovery (losses) for impairment (Note 18) | (7,794) | 24,067 | |||||||||||
Other (reclassifications) | [1] | 0 | (37,245) | ||||||||||
Transfers | [2] | (4,876) | 0 | ||||||||||
Ending Balance | (39,522) | (26,852) | |||||||||||
Other [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 2,807,537 | ||||||||||||
Ending Balance | 2,021,275 | 2,807,537 | |||||||||||
Other [member] | Cost [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | 3,482,439 | 3,653,798 | |||||||||||
Additions/capitalizations | 203,124 | 511,413 | |||||||||||
Increase (Decrease) in abandonment costs | 0 | 6,137 | |||||||||||
Capitalized financial interests | 20,113 | 37,116 | |||||||||||
Exchange differences capitalized | 672 | 0 | |||||||||||
Disposals | (2,727) | (15,455) | |||||||||||
Foreign currency translation | (3,394) | 12,416 | |||||||||||
Other (reclassifications) | [1] | 0 | (722,986) | ||||||||||
Transfers | [2] | (893,531) | 0 | ||||||||||
Ending Balance | 2,806,696 | 3,482,439 | |||||||||||
Other [member] | Accumulated depreciation and impairment losses [member] | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Beginning Balance | (674,902) | (554,181) | |||||||||||
Disposals | 2,583 | 11,524 | |||||||||||
Foreign currency translation | 3,802 | 8,007 | |||||||||||
Depreciation expense | (106,878) | (102,621) | |||||||||||
Recovery (losses) for impairment (Note 18) | 16,006 | (13,517) | |||||||||||
Other (reclassifications) | [1] | 0 | (24,114) | ||||||||||
Transfers | [2] | (26,032) | 0 | ||||||||||
Ending Balance | $ (785,421) | $ (674,902) | |||||||||||
|
Property, plant and equipment (Details Textual) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Inventory [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Increase (decrease) through transfers from (to) investment property, property, plant and equipment | $ 250,239 | $ (712,967) |
Intangible Part Of Natural Resources [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Increase (decrease) through transfers from (to) investment property, property, plant and equipment | 7,222 | 68,750 |
Other assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Increase (decrease) through transfers from (to) investment property, property, plant and equipment | $ 31,852 | $ 116,692 |
Natural and environmental resources (Details) - COP ($) $ in Millions |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Net balance as of December 31, 2016 | $ 22,341,047 | $ 24,043,297 | |||||||||||||
Net balance as of December 31, 2017 | 21,308,265 | 22,341,047 | |||||||||||||
Oil and gas investments [Member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Net balance as of December 31, 2016 | 16,608,681 | 17,273,579 | |||||||||||||
Net balance as of December 31, 2017 | 16,168,895 | 16,608,681 | |||||||||||||
Asset retirement cost [Member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Net balance as of December 31, 2016 | 914,242 | 580,576 | |||||||||||||
Net balance as of December 31, 2017 | 630,562 | 914,242 | |||||||||||||
Exploration and evaluation [member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Net balance as of December 31, 2016 | [2] | 4,818,124 | [1] | 6,189,142 | |||||||||||
Net balance as of December 31, 2017 | [1] | 4,508,808 | 4,818,124 | [2] | |||||||||||
Natural and environmental resources [Member] | Cost [member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | 54,202,135 | 52,099,869 | |||||||||||||
Additions/capitalizations | 3,426,405 | 2,121,295 | |||||||||||||
Acquisition of interests in joint operations | 141,950 | ||||||||||||||
Adjustment to fair value of participation in joint operations | 451,095 | ||||||||||||||
Increase (decrease) in abandonment costs | (117,082) | 562,151 | |||||||||||||
Disposals | (253,551) | (185,522) | |||||||||||||
Dry wells | (898,264) | [3] | (342,691) | [4] | |||||||||||
Capitalized financial interests | 82,347 | 98,431 | |||||||||||||
Exchange differences capitalized | 5,588 | 7,259 | |||||||||||||
Foreign currency translation | (77,523) | (464,543) | |||||||||||||
Transfers | [5] | (55,171) | |||||||||||||
Other | 305,886 | ||||||||||||||
Balance | 56,907,929 | 54,202,135 | |||||||||||||
Natural and environmental resources [Member] | Cost [member] | Oil and gas investments [Member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | 47,079,096 | 44,148,353 | |||||||||||||
Additions/capitalizations | 2,422,203 | 3,045,474 | |||||||||||||
Acquisition of interests in joint operations | 141,950 | ||||||||||||||
Adjustment to fair value of participation in joint operations | 451,095 | ||||||||||||||
Increase (decrease) in abandonment costs | 224 | 0 | |||||||||||||
Disposals | (38,072) | (26,548) | |||||||||||||
Dry wells | 0 | [3] | 0 | [4] | |||||||||||
Capitalized financial interests | 72,395 | 0 | |||||||||||||
Exchange differences capitalized | 4,913 | 0 | |||||||||||||
Foreign currency translation | (62,446) | (352,766) | |||||||||||||
Transfers | [5] | 112,500 | |||||||||||||
Other | 264,583 | ||||||||||||||
Balance | 50,183,858 | 47,079,096 | |||||||||||||
Natural and environmental resources [Member] | Cost [member] | Asset retirement cost [Member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | 2,304,915 | 1,762,374 | |||||||||||||
Additions/capitalizations | 59,345 | 10,391 | |||||||||||||
Acquisition of interests in joint operations | 0 | ||||||||||||||
Adjustment to fair value of participation in joint operations | 0 | ||||||||||||||
Increase (decrease) in abandonment costs | (143,241) | 566,213 | |||||||||||||
Disposals | (629) | (37,942) | |||||||||||||
Dry wells | 0 | [3] | 0 | [4] | |||||||||||
Capitalized financial interests | 0 | 0 | |||||||||||||
Exchange differences capitalized | 0 | 0 | |||||||||||||
Foreign currency translation | (573) | (8,049) | |||||||||||||
Transfers | [5] | (4,554) | |||||||||||||
Other | 11,928 | ||||||||||||||
Balance | 2,215,263 | 2,304,915 | |||||||||||||
Natural and environmental resources [Member] | Cost [member] | Exploration and evaluation [member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | [2] | 4,818,124 | [1] | 6,189,142 | |||||||||||
Additions/capitalizations | 944,857 | [1] | (934,570) | [2] | |||||||||||
Acquisition of interests in joint operations | [1] | 0 | |||||||||||||
Adjustment to fair value of participation in joint operations | [1] | 0 | |||||||||||||
Increase (decrease) in abandonment costs | 25,935 | [1] | (4,062) | [2] | |||||||||||
Disposals | (214,850) | [1] | (121,032) | [2] | |||||||||||
Dry wells | (898,264) | [1],[3] | (342,691) | [2],[4] | |||||||||||
Capitalized financial interests | 9,952 | [1] | 98,431 | [2] | |||||||||||
Exchange differences capitalized | 675 | [1] | 7,259 | [2] | |||||||||||
Foreign currency translation | (14,504) | [1] | (103,728) | [2] | |||||||||||
Transfers | [1],[5] | (163,117) | |||||||||||||
Other | [2] | 29,375 | |||||||||||||
Balance | [1] | 4,508,808 | 4,818,124 | [2] | |||||||||||
Natural and environmental resources [Member] | Accumulated depletion and impairment [member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | (31,861,088) | (28,056,572) | |||||||||||||
Depletion expense | (4,173,319) | (3,705,767) | |||||||||||||
Impairment | (239,151) | ||||||||||||||
Recovery (losses) for impairment | 376,934 | ||||||||||||||
Disposals | 38,098 | 64,262 | |||||||||||||
Foreign currency translation | 42,359 | 224,069 | |||||||||||||
Transfers | [5] | (22,648) | |||||||||||||
Other | (147,929) | ||||||||||||||
Balance | (35,599,664) | (31,861,088) | |||||||||||||
Natural and environmental resources [Member] | Accumulated depletion and impairment [member] | Oil and gas investments [Member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | (30,470,415) | (26,874,774) | |||||||||||||
Depletion expense | (3,979,179) | (3,496,998) | |||||||||||||
Impairment | (239,151) | ||||||||||||||
Recovery (losses) for impairment | 376,934 | ||||||||||||||
Disposals | 37,808 | 26,320 | |||||||||||||
Foreign currency translation | 42,114 | 218,898 | |||||||||||||
Transfers | [5] | (22,225) | |||||||||||||
Other | (104,710) | ||||||||||||||
Balance | (34,014,963) | (30,470,415) | |||||||||||||
Natural and environmental resources [Member] | Accumulated depletion and impairment [member] | Asset retirement cost [Member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | (1,390,673) | (1,181,798) | |||||||||||||
Depletion expense | (194,140) | (208,769) | |||||||||||||
Impairment | 0 | ||||||||||||||
Recovery (losses) for impairment | 0 | ||||||||||||||
Disposals | 290 | 37,942 | |||||||||||||
Foreign currency translation | 245 | 5,171 | |||||||||||||
Transfers | [5] | (423) | |||||||||||||
Other | (43,219) | ||||||||||||||
Balance | (1,584,701) | (1,390,673) | |||||||||||||
Natural and environmental resources [Member] | Accumulated depletion and impairment [member] | Exploration and evaluation [member] | |||||||||||||||
Disclosure of Natural and environmental resources [Line Items] | |||||||||||||||
Balance | [2] | 0 | [1] | 0 | |||||||||||
Depletion expense | 0 | [1] | 0 | [2] | |||||||||||
Impairment | [2] | 0 | |||||||||||||
Recovery (losses) for impairment | [1] | 0 | |||||||||||||
Disposals | 0 | [1] | 0 | [2] | |||||||||||
Foreign currency translation | 0 | [1] | 0 | [2] | |||||||||||
Transfers | [1],[5] | 0 | |||||||||||||
Other | [2] | 0 | |||||||||||||
Balance | [1] | $ 0 | $ 0 | [2] | |||||||||||
|
Natural and environmental resources (Details 1) - Suspended exploratory wells [Member] - COP ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||
Disclosure of Natural and environmental resources [Line Items] | ||||||||||
Intangible exploration and evaluation assets | $ 1,642,247 | $ 1,652,423 | $ 751,892 | |||||||
No. of projects exceeding 1 year | 24 | 24 | 59 | |||||||
Later than one year and not later than three years [member] | ||||||||||
Disclosure of Natural and environmental resources [Line Items] | ||||||||||
Intangible exploration and evaluation assets | [1] | $ 600,767 | $ 1,300,874 | $ 490,184 | ||||||
Later than three years and not later than five years [member] | ||||||||||
Disclosure of Natural and environmental resources [Line Items] | ||||||||||
Intangible exploration and evaluation assets | [2] | 791,261 | 197,997 | 100,316 | ||||||
Later than five years [member] | ||||||||||
Disclosure of Natural and environmental resources [Line Items] | ||||||||||
Intangible exploration and evaluation assets | [3] | 250,219 | 153,552 | 161,392 | ||||||
Not later than one year [member] | ||||||||||
Disclosure of Natural and environmental resources [Line Items] | ||||||||||
Intangible exploration and evaluation assets | $ 2,480 | $ 528,313 | $ 280,801 | |||||||
|
Natural and environmental resources (Details Textual) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Non-current assets held for sale [member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Transfers | $ 244,387 | |
Other [Member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Transfers | (17,532) | |
Property, plant and equipment [member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Transfers | (68,898) | |
Ecopetrol [Member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Dry wells | $ 450,524 | 302,965 |
ECP Oil and Gas Germany GmbH [Member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Dry wells | 26,273 | |
Ecopetrol America Inc [Member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Dry wells | 312,684 | 5,032 |
Hocol S.A [Member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Dry wells | 5,049 | |
Ecopetrol Brasil [Member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Dry wells | $ 3,372 | |
Ecopetrol Costa Afuera [Member] | ||
Disclosure of Natural and environmental resources [Line Items] | ||
Dry wells | $ 57,877 |
Intangible assets (Details) - COP ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | $ 272,132 | $ 388,051 | |||
Ending Balance | 380,226 | 272,132 | |||
Licences and Software member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | 200,640 | 199,331 | |||
Ending Balance | $ 295,141 | $ 200,640 | |||
Intangibles, Useful life | < 5 years | < 5 years | |||
Other intangible assets [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | [1] | $ 71,492 | $ 188,720 | ||
Ending Balance | [1] | $ 85,085 | $ 71,492 | ||
Intangibles, Useful life | [1] | < 7 years | < 7 years | ||
Cost [member] | Licences and Software member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | $ 784,320 | $ 733,115 | |||
Acquisitions\Additions | 169,545 | 63,560 | |||
Disposals | (9,469) | (29,099) | |||
Foreign currency translation | (1,414) | (9,359) | |||
Reclassifications | 26,103 | ||||
Transfers | 17,574 | ||||
Ending Balance | 960,556 | 784,320 | |||
Cost [member] | Other intangible assets [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | [1] | 138,982 | 244,063 | ||
Acquisitions\Additions | [1] | 6,323 | 5,693 | ||
Disposals | [1] | 0 | 0 | ||
Foreign currency translation | [1] | (92) | (149) | ||
Reclassifications | [1] | (110,625) | |||
Transfers | [1] | 23,339 | |||
Ending Balance | [1] | 168,552 | 138,982 | ||
Cost [member] | Intangible assets [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | 923,302 | 977,178 | |||
Acquisitions\Additions | 175,868 | 69,253 | |||
Disposals | (9,469) | (29,099) | |||
Foreign currency translation | (1,506) | (9,508) | |||
Reclassifications | (84,522) | ||||
Transfers | 40,913 | ||||
Ending Balance | 1,129,108 | 923,302 | |||
Accumulated amortization [member] | Licences and Software member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | (583,680) | (533,784) | |||
Amortization expense | (89,216) | (81,913) | |||
Disposals | 8,744 | 29,097 | |||
Foreign currency translation | 979 | 8,527 | |||
Reclassifications | (5,607) | ||||
Transfers | (2,242) | ||||
Ending Balance | (665,415) | (583,680) | |||
Accumulated amortization [member] | Other intangible assets [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | [1] | (67,490) | (55,343) | ||
Amortization expense | [1] | (18,830) | (28,142) | ||
Disposals | [1] | 0 | 0 | ||
Foreign currency translation | [1] | 0 | 1 | ||
Reclassifications | [1] | 15,994 | |||
Transfers | [1] | 2,853 | |||
Ending Balance | [1] | (83,467) | (67,490) | ||
Accumulated amortization [member] | Intangible assets [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Beggining Balance | (651,170) | (589,127) | |||
Amortization expense | (108,046) | (110,055) | |||
Disposals | 8,744 | 29,097 | |||
Foreign currency translation | 979 | 8,528 | |||
Reclassifications | 10,387 | ||||
Transfers | 611 | ||||
Ending Balance | $ (748,882) | $ (651,170) | |||
|
Impairment of long-term assets (Details) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | $ (1,311,138) | $ 928,747 | $ 7,864,875 |
Production and exploration [Member] | Impairment by segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | (183,718) | 196,448 | 4,504,495 |
Refining and petrochemicals [Member] | Impairment by segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | (1,067,965) | 773,361 | 3,278,993 |
Transportation and logistics [Member] | Impairment by segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | (59,455) | (41,062) | 81,387 |
Natural resources [Member] | Financial statement segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | (376,934) | 239,151 | 2,865,076 |
Investment in joint ventures and associates [Member] | Financial statement segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | 15,059 | 127,858 | 588,144 |
Other non-current assets [Member] | Financial statement segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | 28,656 | 0 | 0 |
Goodwill [member] | Financial statement segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | 0 | 0 | 266,901 |
Property, plant and equipment [Member] | Financial statement segment [Member] | |||
Disclosure of detailed information about impairment of non-current assets [Line Items] | |||
Total of the impairment charge | $ (977,919) | $ 561,738 | $ 4,144,754 |
Impairment of long-term assets (Details 1) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss | $ (183,718) | $ 196,448 | $ 4,504,495 |
Oilfields [Member] | |||
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss | (188,873) | 68,590 | 3,649,451 |
Investment in joint ventures and associates [Member] | |||
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss | 5,155 | 127,858 | 588,144 |
Goodwill [Member] | |||
Impairment loss - Exploration and production segment (reversal of impairment loss) recognised in profit or loss | $ 0 | $ 0 | $ 266,900 |
Impairment of long-term assets (Details 2) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Impairment loss | $ (15,059) | $ (127,858) | |
Impairment loss (reversal of impairment loss) recognised in profit or loss | (183,718) | 196,448 | $ 4,504,495 |
Oil fields [Member] | |||
Impairment loss (reversal of impairment loss) recognised in profit or loss | (188,873) | 68,590 | 3,649,451 |
Oil fields in Colombia | Oil fields [Member] | Expense (recovery) for impairment | |||
Impairment loss | 584,540 | 1,117,020 | 2,430,923 |
Reversal of impairment loss | (298,210) | (1,090,434) | |
Oil fields in Colombia | Oil fields [Member] | Carrying amount | |||
Impairment loss | 2,172,747 | 5,258,265 | 10,323,500 |
Reversal of impairment loss | 13,229,212 | 17,502,391 | |
Oil fields in Colombia | Oil fields [Member] | Recoverable amount | |||
Impairment loss | 1,588,207 | 4,902,943 | 7,645,665 |
Reversal of impairment loss | 23,906,828 | 36,704,807 | |
Fields operated abroad | Oil fields [Member] | Expense (recovery) for impairment | |||
Impairment loss | (475,203) | 42,004 | 1,218,528 |
Fields operated abroad | Oil fields [Member] | Carrying amount | |||
Impairment loss | 748,510 | 688,895 | 1,242,979 |
Fields operated abroad | Oil fields [Member] | Recoverable amount | |||
Impairment loss | $ 1,324,010 | $ 647,272 | $ 24,451 |
Impairment of long-term assets (Details 3) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Investment in associates and joint ventures | $ 5,155 | $ 127,858 | $ 588,144 |
Offshore International Group | |||
Investment in associates and joint ventures | (37,589) | 46,703 | 415,616 |
Equion Energy Limited | |||
Investment in associates and joint ventures | $ 42,744 | $ 81,155 | $ 172,528 |
Impairment of long-term assets (Details 4) - Refining and Petrochemical segment [Member] - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ (1,067,965) | $ 773,361 | $ 3,278,993 |
Carrying amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 22,508,926 | 22,598,322 | 27,203,474 |
Recoverable amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 23,576,891 | 21,824,961 | 23,924,482 |
Refineria de Cartagena [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | (1,434,298) | 465,852 | 3,226,240 |
Refineria de Cartagena [Member] | Carrying amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 20,578,412 | 21,672,367 | 26,561,335 |
Refineria de Cartagena [Member] | Recoverable amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 22,012,710 | 21,206,515 | 23,335,096 |
Refineria de Barrancabermeja (projects) | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 273,987 | ||
Refineria de Barrancabermeja (projects) | Carrying amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 1,172,773 | ||
Refineria de Barrancabermeja (projects) | Recoverable amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 898,786 | ||
Bioenergy | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 92,346 | 307,509 | 52,753 |
Bioenergy | Carrying amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | 757,741 | 925,955 | 642,139 |
Bioenergy | Recoverable amount [Member] | |||
Impairment loss - Refining and petrochemical segment (reversal of impairment loss) recognized in profit or loss | $ 665,395 | $ 618,446 | $ 589,386 |
Impairment of long-term assets (Details Textual) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Equion Energy Limited [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Discount rate used in current estimate of value in use | 8.20% | 8.90% |
Refineria de Barrancabermeja [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Expense for impairment | $ 273,987 | |
Offshore international group [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Discount rate used in current estimate of value in use | 8.60% | 8.00% |
Refineria de Cartagena [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Discount rate used in current estimate of value in use | 6.00% | 6.30% |
Bioenergy [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Discount rate used in current estimate of value in use | 6.20% | 6.70% |
Transportation and logistics segment [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Reversal of impairment loss | $ 59,455 | $ 41,062 |
Oil fields [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Information about prices based on information provided by specialized market analysts and management analysts | The forecasts include US$52.9/barrel for 2018, US$ 72.5/barrel average for the next six years and US$81.9/barrel as of the year 2030. | |
Refining and Petrochemical segment [Member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Information about prices based on information provided by specialized market analysts and management analysts | In 2016, the assumptions made used a price of US$56.8/ barrel in 2017, US $67.9/barrel average for the medium term and US$80/ barrel in the long term. | |
Bottom of range [member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Weighted average cost of capital, significant unobservable inputs, assets | 7.90% | 7.90% |
Top of range [member] | ||
Disclosure of impairment of long-term assets [Line Items] | ||
Weighted average cost of capital, significant unobservable inputs, assets | 8.90% | 8.90% |
Goodwill (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Goodwill From Acquisitions [Abstract] | ||
Goodwill | $ 1,159,922 | $ 1,159,922 |
Oleoducto central S.A [Member] | ||
Goodwill From Acquisitions [Abstract] | ||
Goodwill | 683,496 | 683,496 |
Hocol Petroleum Ltd. [member] | ||
Goodwill From Acquisitions [Abstract] | ||
Goodwill | 537,598 | 537,598 |
Andean Chemical Ltd [member] | ||
Goodwill From Acquisitions [Abstract] | ||
Goodwill | 127,812 | 127,812 |
Propilco S.A [Member] | ||
Goodwill From Acquisitions [Abstract] | ||
Goodwill | 108,137 | 108,137 |
Gross carrying amount [member] | ||
Goodwill From Acquisitions [Abstract] | ||
Goodwill | 1,457,043 | 1,457,043 |
Accumulated impairment [member] | ||
Goodwill From Acquisitions [Abstract] | ||
Goodwill | $ (297,121) | $ (297,121) |
Loans and borrowings (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings | $ 43,547,835 | $ 52,222,027 | |||||
Less short-term | [1] | 5,144,504 | 4,126,203 | ||||
Total long-term | 38,403,331 | 48,095,824 | |||||
Local currency [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings | $ 5,979,216 | $ 6,741,798 | |||||
Local currency [Member] | Syndicated Loan [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings, interest rate | 8.70% | 9.50% | |||||
Borrowings | $ 3,307,950 | $ 3,828,329 | |||||
Local currency [Member] | Other borrowings [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings, interest rate | [2] | 7.70% | 9.10% | ||||
Borrowings | [2] | $ 978,795 | $ 905,266 | ||||
Local currency [Member] | Bonds [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings, interest rate | 8.90% | 8.60% | |||||
Borrowings | $ 1,692,471 | $ 2,008,203 | |||||
Foreign currency [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings | $ 37,568,619 | $ 45,480,229 | |||||
Foreign currency [Member] | Commercial loans [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings, interest rate | 4.30% | 2.90% | |||||
Borrowings | $ 528,815 | $ 7,945,693 | |||||
Foreign currency [Member] | Commercial loan-Refineria de Cartagena [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings, interest rate | 4.30% | 4.10% | |||||
Borrowings | $ 7,401,781 | $ 7,988,678 | |||||
Foreign currency [Member] | Other borrowings [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings | [2] | $ 471,429 | $ 235,693 | ||||
Foreign currency [Member] | Bonds [Member] | |||||||
Disclosure of Loans and borrowings [Line Items] | |||||||
Borrowings, interest rate | 6.10% | 6.10% | |||||
Borrowings | $ 29,166,594 | $ 29,310,165 | |||||
|
Loans and borrowings (Details 1) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | $ 43,547,835 | $ 52,222,027 | |||
Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 5,144,504 | 4,126,203 | ||
From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 17,186,480 | 25,734,135 | |||
From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 16,138,305 | 17,141,255 | |||
More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 5,078,546 | 5,220,434 | |||
Local currency [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 5,979,216 | 6,741,798 | |||
Local currency [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 1,091,249 | 1,164,902 | ||
Local currency [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 3,167,531 | 3,663,599 | |||
Local currency [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 1,190,259 | 1,355,587 | |||
Local currency [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 530,177 | 557,710 | |||
Local currency [member] | Bonds [Member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 1,692,471 | 2,008,203 | |||
Local currency [member] | Bonds [Member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 253,172 | 312,207 | ||
Local currency [member] | Bonds [Member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 742,512 | 955,204 | |||
Local currency [member] | Bonds [Member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 322,956 | 357,015 | |||
Local currency [member] | Bonds [Member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 373,831 | 383,777 | |||
Local currency [member] | Commercial loans and other [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 3,828,329 | ||||
Local currency [member] | Commercial loans and other [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 793,743 | |||
Local currency [member] | Commercial loans and other [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 2,375,023 | ||||
Local currency [member] | Commercial loans and other [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 659,563 | ||||
Local currency [member] | Commercial loans and other [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 0 | ||||
Local currency [member] | Other borrowings [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 978,795 | 905,266 | |||
Local currency [member] | Other borrowings [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 98,729 | 58,952 | ||
Local currency [member] | Other borrowings [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 415,599 | 333,372 | |||
Local currency [member] | Other borrowings [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 308,121 | 339,009 | |||
Local currency [member] | Other borrowings [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 156,346 | 173,933 | |||
Local currency [member] | Syndicated loans [Member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 3,307,950 | ||||
Local currency [member] | Syndicated loans [Member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 739,348 | |||
Local currency [member] | Syndicated loans [Member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 2,009,420 | ||||
Local currency [member] | Syndicated loans [Member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 559,182 | ||||
Local currency [member] | Syndicated loans [Member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 0 | ||||
Foreign currency [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 37,568,619 | 45,480,229 | |||
Foreign currency [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 4,053,255 | 2,961,301 | ||
Foreign currency [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 14,018,949 | 22,070,536 | |||
Foreign currency [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 14,948,046 | 15,785,668 | |||
Foreign currency [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 4,548,369 | 4,662,724 | |||
Foreign currency [member] | Bonds [Member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 29,166,594 | 29,310,165 | |||
Foreign currency [member] | Bonds [Member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 2,651,174 | 1,648,707 | ||
Foreign currency [member] | Bonds [Member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 9,948,238 | 10,956,507 | |||
Foreign currency [member] | Bonds [Member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 12,018,813 | 12,133,576 | |||
Foreign currency [member] | Bonds [Member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 4,548,369 | 4,571,375 | |||
Foreign currency [member] | Commercial loans and other [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 528,815 | ||||
Foreign currency [member] | Commercial loans and other [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 153,873 | |||
Foreign currency [member] | Commercial loans and other [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 315,849 | ||||
Foreign currency [member] | Commercial loans and other [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 59,093 | ||||
Foreign currency [member] | Commercial loans and other [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 0 | ||||
Foreign currency [member] | Other borrowings [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 471,429 | 235,693 | |||
Foreign currency [member] | Other borrowings [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 289,290 | 65,056 | ||
Foreign currency [member] | Other borrowings [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 119,014 | 114,226 | |||
Foreign currency [member] | Other borrowings [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 63,125 | 56,411 | |||
Foreign currency [member] | Other borrowings [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 0 | 0 | |||
Foreign currency [member] | Commercial loan-refineria de cartagena [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 7,401,781 | 7,988,678 | |||
Foreign currency [member] | Commercial loan-refineria de cartagena [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 958,918 | 875,734 | ||
Foreign currency [member] | Commercial loan-refineria de cartagena [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 3,635,848 | 3,549,216 | |||
Foreign currency [member] | Commercial loan-refineria de cartagena [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 2,807,015 | 3,472,379 | |||
Foreign currency [member] | Commercial loan-refineria de cartagena [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | $ 0 | 91,349 | |||
Foreign currency [member] | Other commercial loans [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 7,945,693 | ||||
Foreign currency [member] | Other commercial loans [member] | Up to 1 year [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | [1] | 371,804 | |||
Foreign currency [member] | Other commercial loans [member] | From 1 to 5 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 7,450,587 | ||||
Foreign currency [member] | Other commercial loans [member] | From 5 to 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | 123,302 | ||||
Foreign currency [member] | Other commercial loans [member] | More than 10 years [member] | |||||
Disclosure of Loans and borrowings [Line Items] | |||||
Borrowings | $ 0 | ||||
|
Loans and borrowings (Details 2) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of Loans and borrowings [Line Items] | ||
Borrowings | $ 43,547,835 | $ 52,222,027 |
Local currency [Member] | ||
Disclosure of Loans and borrowings [Line Items] | ||
Borrowings | 5,979,216 | 6,741,798 |
Foreign currency [Member] | ||
Disclosure of Loans and borrowings [Line Items] | ||
Borrowings | 37,568,619 | 45,480,229 |
Fixed interest rate [member] | Local currency [Member] | ||
Disclosure of Loans and borrowings [Line Items] | ||
Borrowings | 143,156 | 299,472 |
Fixed interest rate [member] | Foreign currency [Member] | ||
Disclosure of Loans and borrowings [Line Items] | ||
Borrowings | 35,062,742 | 35,719,486 |
Floating interest rate [member] | Local currency [Member] | ||
Disclosure of Loans and borrowings [Line Items] | ||
Borrowings | 5,836,060 | 6,442,326 |
Floating interest rate [member] | Foreign currency [Member] | ||
Disclosure of Loans and borrowings [Line Items] | ||
Borrowings | $ 2,505,877 | $ 9,760,743 |
Loans and borrowings (Details 3) - COP ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||
Cash flow | $ 444,827 | $ 4,594,640 | $ 10,985,933 | |||||||
Exchange difference Recognized in profit or loss | 5,514 | 976,430 | (5,566,614) | |||||||
Financial cost registered to projects | 3,660,601 | 3,463,540 | 2,718,414 | |||||||
Financial income (expense) recognized in profit or loss | (2,495,731) | (1,175,367) | (7,663,104) | |||||||
Cash and equivalents [Member] | ||||||||||
Begining Balance | 8,410,467 | 6,550,450 | ||||||||
Cash flow | (174,272) | 2,086,350 | ||||||||
Exchange difference Recognized in profit or loss | (290,310) | (226,333) | ||||||||
Exchange difference Recognized in other comprehensive income | 0 | 0 | ||||||||
Financial cost registered to projects | 0 | 0 | ||||||||
Financial income (expense) recognized in profit or loss | 0 | 0 | ||||||||
Foreign currency translation | 0 | 0 | ||||||||
Other movements not generating cash flow | 0 | 0 | [1] | |||||||
Ending Balance | 7,945,885 | 8,410,467 | 6,550,450 | |||||||
Other financial assets [Member] | ||||||||||
Begining Balance | [2] | 6,686,895 | 1,585,379 | |||||||
Cash flow | [2] | (564,755) | 5,446,507 | |||||||
Exchange difference Recognized in profit or loss | [2] | 208,394 | (12,837) | |||||||
Exchange difference Recognized in other comprehensive income | [2] | 0 | 0 | |||||||
Financial cost registered to projects | [2] | 0 | 0 | |||||||
Financial income (expense) recognized in profit or loss | [2] | 104,706 | 59,593 | |||||||
Foreign currency translation | [2] | 39,628 | (6,462) | |||||||
Other movements not generating cash flow | 58,857 | [2] | (385,285) | [1] | ||||||
Ending Balance | [2] | 6,533,725 | 6,686,895 | 1,585,379 | ||||||
Loans and borrowings [Member] | ||||||||||
Begining Balance | (52,222,027) | (53,223,338) | ||||||||
Cash flow | 11,259,492 | 1,050,723 | ||||||||
Exchange difference Recognized in profit or loss | 147,993 | 1,252,420 | ||||||||
Exchange difference Recognized in other comprehensive income | 70,958 | 612,983 | ||||||||
Financial cost registered to projects | (203,964) | (357,107) | ||||||||
Financial income (expense) recognized in profit or loss | (2,385,994) | (2,765,024) | ||||||||
Foreign currency translation | (76,171) | 593,384 | ||||||||
Other movements not generating cash flow | (138,122) | 613,932 | [1] | |||||||
Ending Balance | (43,547,835) | (52,222,027) | (53,223,338) | |||||||
Net financial debt [Member] | ||||||||||
Begining Balance | (37,124,665) | (45,087,509) | ||||||||
Cash flow | 10,520,465 | 8,583,580 | ||||||||
Exchange difference Recognized in profit or loss | 66,077 | 1,013,250 | ||||||||
Exchange difference Recognized in other comprehensive income | 70,958 | 612,983 | ||||||||
Financial cost registered to projects | (203,964) | (357,107) | ||||||||
Financial income (expense) recognized in profit or loss | (2,281,288) | (2,705,431) | ||||||||
Foreign currency translation | (36,543) | 586,922 | ||||||||
Other movements not generating cash flow | (79,265) | 228,647 | [1] | |||||||
Ending Balance | $ (29,068,225) | $ (37,124,665) | $ (45,087,509) | |||||||
|
Loans and borrowings (Details Textual) $ in Millions, $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Aug. 14, 2017
COP ($)
|
Jun. 08, 2016
USD ($)
|
Dec. 31, 2017
COP ($)
|
Dec. 31, 2016
COP ($)
|
Dec. 31, 2015
COP ($)
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Disclosure of Loans and borrowings [Line Items] | ||||||||
Notional amount | $ 1,925 | |||||||
Borrowings | $ 43,547,835 | $ 52,222,027 | ||||||
Repayments of borrowings, classified as financing activities | $ 990,000 | 9,007,340 | 3,149,917 | $ 4,903,592 | ||||
Financial instruments designated as hedging instruments, at fair value | $ 8,532 | $ 10,512 | ||||||
Loans Payable Fair Value | 45,781,317 | 52,109,438 | ||||||
Other financial assets | $ 6,533,725 | $ 6,686,895 | ||||||
Santiago de las Atalayas [Member] | ||||||||
Disclosure of Loans and borrowings [Line Items] | ||||||||
Other financial assets | $ 699,832 | |||||||
Export Development Canada [Member] | ||||||||
Disclosure of Loans and borrowings [Line Items] | ||||||||
Notional amount | 300 | |||||||
Hedges of net investment in foreign operations [member] | ||||||||
Disclosure of Loans and borrowings [Line Items] | ||||||||
Financial instruments designated as hedging instruments, at fair value | 5,200 | $ 5,200 | ||||||
Cash flow hedges [member] | ||||||||
Disclosure of Loans and borrowings [Line Items] | ||||||||
Financial instruments designated as hedging instruments, at fair value | 3,332 | |||||||
Foreign Currency Bonds Eight [Member] | ||||||||
Disclosure of Loans and borrowings [Line Items] | ||||||||
Borrowings Initiation Date | June 8, 2016 | |||||||
Notional amount | $ 500 | |||||||
Borrowings, interest rate | 5.875% | |||||||
Borrowings | $ 1,800 | |||||||
Foreign Currency Commercial Loans Seven [Member] | ||||||||
Disclosure of Loans and borrowings [Line Items] | ||||||||
Prepaid Loan | $ 175 |
Trade and other payables (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Disclosure Of Trade and other payables [Abstract] | |||||||
Suppliers | $ 5,088,957 | $ 4,687,353 | |||||
Partners’ advances | 880,420 | 864,971 | |||||
Withholding tax | 376,169 | 379,194 | |||||
Related parties | 129,520 | 114,420 | |||||
Insurance and reinsurance | 121,555 | 110,530 | |||||
Agreements in transport contracts | [1] | 91,324 | 111,899 | ||||
Deposits received from third parties | 25,523 | 209,570 | |||||
Dividends payable | [2] | 3,723 | 11,193 | ||||
Various creditors | 280,485 | 389,126 | |||||
Trade and other payables | 6,997,676 | 6,878,256 | |||||
Current | 6,968,207 | 6,854,363 | |||||
Non-current | 29,469 | 23,893 | |||||
Trade and other payables | $ 6,997,676 | $ 6,878,256 | |||||
|
Provisions for employees benefits (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Post-employment benefits | ||
Current | $ 1,829,819 | $ 1,974,496 |
Non-current | 6,502,475 | 3,901,082 |
Provisions for employee benefits | 8,332,294 | 5,875,578 |
Healthcare [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 5,367,005 | 4,475,540 |
Pension [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 1,327,859 | 76,695 |
Education [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 502,260 | 333,379 |
Bonds [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 348,442 | 263,563 |
Other plans [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 77,636 | 67,945 |
Termination benefits - Voluntary retirement plan [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 155,286 | 161,796 |
Post employment and termination benefits [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 7,778,488 | 5,378,918 |
Other Employment Benefts [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | 67,867 | 73,300 |
Social benefits and salaries [Member] | ||
Post-employment benefits | ||
Provisions for employee benefits | $ 485,939 | $ 423,360 |
Provisions for employees benefits (Details 1) - COP ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Employee benefits liabilities | |||||
Opening balance | $ 17,504,566 | $ 14,605,593 | |||
Current service cost | 52,164 | 53,771 | |||
Past service cost | 0 | 164,271 | |||
Interest expense | 1,222,584 | 1,209,970 | |||
Actuarial losses (gains) | 2,633,389 | 2,532,601 | |||
Benefits paid | (1,159,807) | (1,061,640) | |||
Closing balance | 20,252,896 | 17,504,566 | |||
Plan assets | |||||
Opening balance | 12,125,648 | 11,181,604 | |||
Return on assets | 849,062 | 950,704 | |||
Contributions to funds | 22,465 | 0 | |||
Variation in the ceiling of assets | 0 | 379,884 | |||
Benefits paid | (831,755) | (769,122) | |||
Actuarial gains (losses) | 308,988 | 382,578 | |||
Closing balance | 12,474,408 | 12,125,648 | |||
Net post-employment benefits liability | 7,778,488 | 5,378,918 | |||
Pension and pension bonds [Member] | |||||
Employee benefits liabilities | |||||
Opening balance | [1] | 12,463,433 | 10,435,546 | ||
Current service cost | [1] | 0 | 0 | ||
Past service cost | [1] | 0 | 0 | ||
Interest expense | [1] | 872,524 | 876,076 | ||
Actuarial losses (gains) | [1] | 1,621,184 | 1,915,767 | ||
Benefits paid | [1] | (809,677) | (763,956) | ||
Closing balance | [1] | 14,147,464 | 12,463,433 | ||
Plan assets | |||||
Opening balance | [1] | 12,123,175 | 11,181,604 | ||
Return on assets | [1] | 848,677 | 950,704 | ||
Contributions to funds | [1] | 0 | 0 | ||
Variation in the ceiling of assets | [1] | 0 | 379,884 | ||
Benefits paid | [1] | (809,677) | (771,528) | ||
Actuarial gains (losses) | [1] | 308,988 | 382,511 | ||
Closing balance | [1] | 12,471,163 | 12,123,175 | ||
Net post-employment benefits liability | [1] | 1,676,301 | 340,258 | ||
Healthcare, Education and others [Member] | |||||
Employee benefits liabilities | |||||
Opening balance | 5,041,133 | 4,170,047 | |||
Current service cost | 52,164 | 53,771 | |||
Past service cost | 0 | 164,271 | |||
Interest expense | 350,060 | 333,894 | |||
Actuarial losses (gains) | 1,012,205 | 616,834 | |||
Benefits paid | (350,130) | (297,684) | |||
Closing balance | 6,105,432 | 5,041,133 | |||
Plan assets | |||||
Opening balance | 2,473 | 0 | |||
Return on assets | 385 | 0 | |||
Contributions to funds | 22,465 | 0 | |||
Variation in the ceiling of assets | 0 | 0 | |||
Benefits paid | (22,078) | 2,406 | |||
Actuarial gains (losses) | 0 | 67 | |||
Closing balance | 3,245 | 2,473 | |||
Net post-employment benefits liability | $ 6,102,187 | $ 5,038,660 | |||
|
Provisions for employees benefits (Details 2) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Recognized in profit or loss | |||
Current service cost | $ 52,164 | $ 53,771 | |
Past service cost | 0 | 164,271 | |
Interest expense, net | 373,522 | 259,266 | |
Remedies | 13,889 | 0 | |
Benefits plan costs recognized in profit or loss | 439,575 | 477,308 | |
Recognized in other comprehensive income | |||
Recognized in other comprehensive income | (2,310,512) | (1,770,139) | |
Deferred tax | 762,469 | 616,697 | |
Other comprehensive income, net of taxes | (1,548,043) | (1,153,442) | $ 1,404,602 |
Change in the effect of the asset ceiling | |||
Recognized in other comprehensive income | |||
Recognized in other comprehensive income | 0 | 379,884 | |
Healthcare [Member] | |||
Recognized in other comprehensive income | |||
Recognized in other comprehensive income | (794,535) | (792,093) | |
Pension and pension bonds [Member] | |||
Recognized in other comprehensive income | |||
Recognized in other comprehensive income | (1,312,195) | (1,533,256) | |
Education and severance [member] | |||
Recognized in other comprehensive income | |||
Recognized in other comprehensive income | (203,779) | 175,259 | |
Termination benefits - Voluntary retirement plan [Member] | |||
Recognized in other comprehensive income | |||
Recognized in other comprehensive income | $ (3) | $ 67 |
Provisions for employee benefits (Details 3) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure of defined benefit plans [line items] | |||
Assets of benefit plan | $ 12,474,408 | $ 12,125,648 | $ 11,181,604 |
Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Assets of benefit plan | 12,471,163 | 12,123,175 | |
Variable yield [Member] | Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Debt instruments, amount contributed to fair value of plan assets | 605,380 | 305,052 | |
Other local currency [Member] | Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Cash and cash equivalents, amount contributed to fair value of plan assets | 2,337,580 | 2,910,083 | |
Other foreign currency [Member] | Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Cash and cash equivalents, amount contributed to fair value of plan assets | 503,653 | 300,878 | |
Bonds of private entities [Member] | Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Debt instruments, amount contributed to fair value of plan assets | 2,967,030 | 2,880,958 | |
Other public bonds | Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Debt instruments, amount contributed to fair value of plan assets | 1,149,200 | 693,061 | |
Bonds of foreign entities [Member] | Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Debt instruments, amount contributed to fair value of plan assets | 558,920 | 622,817 | |
Bonds issued by the national government | Pension Trust [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Debt instruments, amount contributed to fair value of plan assets | $ 4,349,400 | $ 4,410,326 |
Provisions for employees benefits (Details 4) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | $ 12,471,163 | $ 12,123,175 |
AAA [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 4,870,932 | 4,467,642 |
Nation [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 4,471,274 | 4,610,251 |
AA+ [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 690,391 | 470,944 |
BAA2 [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 371,972 | 141,940 |
BBB [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 246,795 | 150,808 |
F1+ [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 230,321 | 416,439 |
BBB- [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 192,636 | 23,237 |
BBB+ [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 159,103 | 193,835 |
BRC 1+ [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 118,008 | 309,282 |
AA [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 58,234 | 79,750 |
BAA3 [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 45,699 | 131,993 |
A [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 39,048 | 4,175 |
A3 [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 29,098 | 61,325 |
AA3 [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 27,051 | 14,385 |
AA- [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 18,770 | 34,197 |
VRR1 + [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 14,112 | 55,821 |
BAA1 [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 5,296 | 5,274 |
Other qualifications [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | 9,621 | 66,470 |
No rating available [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets, at fair value | $ 872,802 | $ 885,407 |
Provisions for employee benefits (Details 5) |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Bonds [Member] | |||||
Disclosure of detailed information about provision for employee benefits [Line Items] | |||||
Discount rate | 6.25% | 7.00% | |||
Salary growth rate | |||||
Expected inflation rate | 3.00% | 3.00% | |||
Pension growth rate | |||||
Cost trend - Short-term rate | |||||
Cost trend - Long-term rate | |||||
Health | |||||
Disclosure of detailed information about provision for employee benefits [Line Items] | |||||
Discount rate | 6.50% | 7.25% | |||
Salary growth rate | |||||
Expected inflation rate | 3.00% | 3.00% | |||
Pension growth rate | |||||
Cost trend - Short-term rate | 6.00% | 3.00% | |||
Cost trend - Long-term rate | 4.00% | 4.00% | |||
Education [Member] | |||||
Disclosure of detailed information about provision for employee benefits [Line Items] | |||||
Discount rate | 5.50% | 6.50% | |||
Salary growth rate | |||||
Expected inflation rate | 3.00% | 3.00% | |||
Pension growth rate | |||||
Cost trend - Short-term rate | 4.00% | 4.00% | |||
Cost trend - Long-term rate | 4.00% | 4.00% | |||
Pension [Member] | |||||
Disclosure of detailed information about provision for employee benefits [Line Items] | |||||
Discount rate | 6.50% | 7.25% | |||
Salary growth rate | |||||
Expected inflation rate | 3.00% | 3.00% | |||
Pension growth rate | 3.00% | 3.00% | |||
Cost trend - Short-term rate | |||||
Cost trend - Long-term rate | |||||
Other benefits [Member] | |||||
Disclosure of detailed information about provision for employee benefits [Line Items] | |||||
Discount rate | [1] | 5.51% | 6.67% | ||
Salary growth rate | [1] | 4.25% | |||
Expected inflation rate | [1] | 3.00% | 3.00% | ||
Pension growth rate | [1] | ||||
Cost trend - Short-term rate | [1] | ||||
Cost trend - Long-term rate | [1] | ||||
Other benefits [Member] | Top of range [member] | |||||
Disclosure of detailed information about provision for employee benefits [Line Items] | |||||
Salary growth rate | [1] | 4.75% | |||
Other benefits [Member] | Bottom of range [member] | |||||
Disclosure of detailed information about provision for employee benefits [Line Items] | |||||
Salary growth rate | [1] | 4.25% | |||
|
Provisions for employee benefits (Details 6) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
COP ($)
| |
2018 | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 1,254,613 |
2018 | Other benefits [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 374,315 |
2018 | Pension and bonds [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 880,298 |
2019 | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 1,232,406 |
2019 | Other benefits [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 355,241 |
2019 | Pension and bonds [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 877,165 |
2020 | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 1,257,420 |
2020 | Other benefits [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 358,292 |
2020 | Pension and bonds [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 899,128 |
2021 | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 1,282,988 |
2021 | Other benefits [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 361,655 |
2021 | Pension and bonds [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 921,333 |
2022 | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 1,315,529 |
2022 | Other benefits [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 362,998 |
2022 | Pension and bonds [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 952,531 |
2023-2026 | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 7,026,375 |
2023-2026 | Other benefits [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 1,824,756 |
2023-2026 | Pension and bonds [Member] | |
Disclosure of defined benefit plans [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 5,201,619 |
Provisions for employee benefits (Details 7) $ in Millions |
Dec. 31, 2017
COP ($)
|
---|---|
Discount rate [Member] | Pension [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | $ 13,948,863 |
+50 basis points | 12,440,607 |
Discount rate [Member] | Bonds [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 1,032,967 |
+50 basis points | 948,129 |
Discount rate [Member] | Education [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 527,839 |
+50 basis points | 480,224 |
Discount rate [Member] | Other benefits [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 242,117 |
+50 basis points | 230,501 |
Discount rate [Member] | Health [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 5,775,492 |
+50 basis points | 4,962,688 |
Inflation rate [Member] | Pension [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 12,386,975 |
+50 basis points | 14,003,214 |
Inflation rate [Member] | Bonds [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 946,675 |
+50 basis points | 1,033,715 |
Inflation rate [Member] | Education [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Inflation rate [Member] | Other benefits [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 156,021 |
+50 basis points | 161,094 |
Inflation rate [Member] | Health [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Salary growth rate [Member] | Pension [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Salary growth rate [Member] | Bonds [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Salary growth rate [Member] | Education [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Salary growth rate [Member] | Other benefits [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 76,336 |
+50 basis points | 79,150 |
Salary growth rate [Member] | Health [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Cost trend [Member] | Pension [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Cost trend [Member] | Bonds [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Cost trend [Member] | Education [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 479,829 |
+50 basis points | 528,104 |
Cost trend [Member] | Other benefits [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | |
+50 basis points | |
Cost trend [Member] | Health [Member] | |
Reasonable possible change in discount rate [Abstract] | |
-50 basis points | 4,982,874 |
+50 basis points | $ 5,797,753 |
Provisions for employees benefits (Details Textual) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of defined benefit plans [line items] | ||
Termination benefits expense | $ 155,286 | $ 161,796 |
Level 1 of fair value hierarchy [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of plan assets | 46.00% | |
Level 2 of fair value hierarchy [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of plan assets | 54.00% |
Accrued liabilities and provisions (Details) - COP ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Disclosure of accrued liabilities and provisions [Line Items] | |||||||
Balance Beginning period | $ 5,917,870 | $ 6,077,347 | |||||
Increase in abandonment costs | 39,634 | 404,797 | |||||
Additions (recoveries) | 197,934 | (714,393) | |||||
Uses | (93,824) | (104,263) | |||||
Financial cost | 379,524 | 317,275 | |||||
Foreign currency translation | (300) | (17,817) | |||||
Transfers | [1] | 96,611 | (45,076) | ||||
Balance End Period | 6,537,449 | 5,917,870 | |||||
Current | $ 558,828 | $ 821,954 | |||||
Non-current | 5,978,621 | 5,095,916 | |||||
Total | 5,917,870 | 5,917,870 | 6,537,449 | 5,917,870 | |||
Asset retirement obligation [Member] | |||||||
Disclosure of accrued liabilities and provisions [Line Items] | |||||||
Balance Beginning period | 5,064,660 | 4,452,369 | |||||
Increase in abandonment costs | 39,634 | 404,797 | |||||
Additions (recoveries) | 110,587 | 18,285 | |||||
Uses | (66,469) | (68,460) | |||||
Financial cost | 379,891 | 317,448 | |||||
Foreign currency translation | (979) | (14,703) | |||||
Transfers | [1] | 0 | (45,076) | ||||
Balance End Period | 5,527,324 | 5,064,660 | |||||
Current | 199,824 | 330,057 | |||||
Non-current | 5,327,500 | 4,734,603 | |||||
Total | 5,064,660 | 5,064,660 | 5,527,324 | 5,064,660 | |||
Litigation [Member] | |||||||
Disclosure of accrued liabilities and provisions [Line Items] | |||||||
Balance Beginning period | 209,932 | 99,798 | |||||
Increase in abandonment costs | 0 | 0 | |||||
Additions (recoveries) | (19,185) | 44,120 | |||||
Uses | (7,742) | (4,585) | |||||
Financial cost | 0 | 0 | |||||
Foreign currency translation | (39) | (355) | |||||
Transfers | [1] | 0 | 70,954 | ||||
Balance End Period | 182,966 | 209,932 | |||||
Current | 159,881 | 146,767 | |||||
Non-current | 23,085 | 63,165 | |||||
Total | 209,932 | 209,932 | 182,966 | 209,932 | |||
Environmental contingencies and others [Member] | |||||||
Disclosure of accrued liabilities and provisions [Line Items] | |||||||
Balance Beginning period | 643,278 | 822,694 | |||||
Increase in abandonment costs | 0 | 0 | |||||
Additions (recoveries) | 106,532 | (74,312) | |||||
Uses | (19,613) | (31,218) | |||||
Financial cost | (367) | (173) | |||||
Foreign currency translation | 718 | (2,759) | |||||
Transfers | [1] | 96,611 | (70,954) | ||||
Balance End Period | 827,159 | 643,278 | |||||
Current | 199,123 | 345,130 | |||||
Non-current | 628,036 | 298,148 | |||||
Total | 643,278 | 643,278 | $ 827,159 | 643,278 | |||
Comuneros provision [Member] | |||||||
Disclosure of accrued liabilities and provisions [Line Items] | |||||||
Balance Beginning period | 0 | 702,486 | |||||
Increase in abandonment costs | 0 | ||||||
Additions (recoveries) | (702,486) | ||||||
Uses | 0 | ||||||
Financial cost | 0 | ||||||
Foreign currency translation | 0 | ||||||
Transfers | [1] | 0 | |||||
Balance End Period | 0 | ||||||
Current | 0 | ||||||
Non-current | 0 | ||||||
Total | $ 0 | $ 702,486 | $ 0 | ||||
|
Accrued liabilities and provisions (Details 1) - Legal proceedings contingent liability [member] - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Ministry of Finance and Public Credit [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent liabilities | $ 64,104 | $ 59,528 |
Acciona Infraestructura S.A. y Mantenimiento y Montajes S.A. [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent liabilities | 0 | 44,986 |
Schrader Camargo [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent liabilities | $ 17,003 | $ 17,003 |
Accrued liabilities and provisions (Details 2) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Legal proceedings contingent liability [member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | $ 62,131 | $ 62,131 |
Contingent liability arising from post-employment benefit obligations [member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 16,562 | 16,562 |
Tax contingent liability 2010 [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 0 | 344,915 |
Damage of transandino pipeline [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 209,220 | 0 |
Breaking of the economic and financial balance [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 110,266 | 0 |
Salary readjustments [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 60,313 | 0 |
Damage caused by oil spills [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 43,333 | 43,333 |
Contractual imbalance road connection works [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 31,679 | 0 |
Differences with supplier in contract settlement [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | 30,027 | 0 |
seismic acquisition service [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Loss contingency, unrecorded amount | $ 30,000 | $ 0 |
Accrued liabilities and provisions (Details 3) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Ocensa claim [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent assets | $ 112,735 | $ 0 |
Claim for disagreement of Ecopetrol [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent assets | 40,711 | 40,746 |
Environmental incident [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent assets | 35,000 | 0 |
Document falsification [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent assets | 32,000 | 0 |
Breach of the pipe purchase order [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent assets | 21,232 | 21,232 |
Nullity of DIAN administrative act, contingent asset [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent assets | 13,214 | 13,214 |
Claim against Metapetroleum [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Estimated financial effect of contingent assets | $ 0 | $ 25,421 |
Accrued liabilities and provisions (Details Textual) $ in Millions, $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
COP ($)
|
|
Disclosure of accrued liabilities and provisions [Line Items] | ||
Mandatory investments, natural resources | 1.00% | |
Description of recognition of legal proceedings | The following is a summary of the main legal proceedings recognized in the statement of financial position whose amount exceeds COP$13,000 million, where the expectation of loss is probable | |
Refineria de Cartagena [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Legal proceedings in process, claims made, value | $ 2,000 | |
Legal proceedings in process, damages sought, value | 213 | |
Proceeds from legal settlement | $ 122 | |
Santiago de las Atalayas [Member] | Top of range [member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Unused provision reversed, other provisions | $ 688,664 | |
Asset retirement obligation [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Discount rate applied to cash flow projections | 6.93% | 7.93% |
Transportation [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Discount rate applied to cash flow projections | 7.02% | 8.20% |
Refining [Member] | ||
Disclosure of accrued liabilities and provisions [Line Items] | ||
Discount rate applied to cash flow projections | 7.37% | 8.99% |
Equity (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of changes in equity [Line Items] | ||
Other reserves | $ 2,177,869 | $ 1,558,844 |
Legal reserve [member] | ||
Disclosure of changes in equity [Line Items] | ||
Other reserves | 1,426,151 | 1,269,680 |
Fiscal and statutory reserves [member] | ||
Disclosure of changes in equity [Line Items] | ||
Other reserves | 512,632 | 289,164 |
Occasional reserves [member] | ||
Disclosure of changes in equity [Line Items] | ||
Other reserves | $ 239,086 | $ 0 |
Equity (Details 1) $ in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2017
COP ($)
|
Dec. 31, 2016
COP ($)
|
|
Disclosure of changes in equity [Line Items] | |||
Opening balance | $ 43,560,501 | $ 43,100,963 | |
Allocation to reserves | $ 3,869,907 | ||
Legal reserve used to offset previous year loss (Note 24.4) | 0 | ||
Closing balance | 48,215,699 | 43,560,501 | |
Equity reserves [Member] | |||
Disclosure of changes in equity [Line Items] | |||
Opening balance | 1,558,844 | 5,546,570 | |
Release of reserves | (289,164) | (406,983) | |
Allocation to reserves | 908,189 | 289,164 | |
Legal reserve used to offset previous year loss (Note 24.4) | 0 | (3,869,907) | |
Closing balance | $ 2,177,869 | $ 1,558,844 |
Equity (Details 2) $ in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2017
COP ($)
|
Dec. 31, 2016
COP ($)
|
Dec. 31, 2015
COP ($)
|
||||||
Disclosure of changes in equity [Line Items] | |||||||||
Opening balance | $ 43,560,501 | $ 43,100,963 | $ 48,534,228 | ||||||
Profit attributable to owners of Ecopetrol’s shareholders | 7,969,394 | 3,247,480 | (6,288,979) | ||||||
Allocation to reserves | $ 3,869,907 | ||||||||
Dividends declared | (1,497,178) | (1,029,612) | (6,183,572) | ||||||
Legal reserve used to offset previous year loss | 0 | 0 | 0 | ||||||
Other movements | (1,111) | (29,723) | 87 | ||||||
Closing balance | 48,215,699 | 43,560,501 | 43,100,963 | ||||||
Retained earnings and dividends [member] | |||||||||
Disclosure of changes in equity [Line Items] | |||||||||
Opening balance | (402,462) | (6,814,432) | |||||||
Profit attributable to owners of Ecopetrol’s shareholders | 7,178,539 | 2,447,881 | |||||||
Release of reserves | 289,164 | 406,983 | |||||||
Allocation to reserves | (908,189) | (289,164) | |||||||
Dividends declared | [1] | (945,684) | 0 | ||||||
Legal reserve used to offset previous year loss | [2] | 0 | 3,869,907 | ||||||
Other movements | (1,066) | (23,637) | |||||||
Closing balance | $ 5,210,302 | $ (402,462) | $ (6,814,432) | ||||||
|
Equity (Details 3) - COP ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Disclosure of changes in equity [Line Items] | ||||||||
Actuarial gain on defined benefit plans | $ (1,548,043) | $ (1,153,442) | $ 1,404,602 | |||||
Cash flow hedges for future exports (Note 30.2.2) | 159,294 | |||||||
Foreign currency translation | 15,934 | (724,395) | ||||||
Equity | 48,215,699 | 43,560,501 | 43,100,963 | $ 48,534,228 | ||||
Other comprehensive income attributable to owners of parent [member] | ||||||||
Disclosure of changes in equity [Line Items] | ||||||||
Actuarial gain on defined benefit plans | (553,091) | 994,953 | ||||||
Gain (loss) on equity instruments measured at fair value (1) | [1] | 0 | 7,828 | |||||
Cash flow hedges for future exports (Note 30.2.2) | 159,295 | 244,131 | ||||||
Hedge of a net investment in a foreign operation (Note 30.2.3) | (97,362) | (155,359) | ||||||
Cash flow hedge with derivative instruments | 6,942 | (19,042) | ||||||
Others | 0 | 11,817 | ||||||
Foreign currency translation | 7,883,231 | 8,138,382 | ||||||
Equity | $ 7,399,015 | [1] | $ 9,222,710 | [1] | $ 10,846,004 | $ 3,980,749 | ||
|
Equity (Details 4) - COP ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of equity [Abstract] | |||
Profit (loss) attributable to Ecopetrol’s shareholders | $ 7,178,539 | $ 2,447,881 | $ (7,193,859) |
Weighted average number of outstanding shares | 41,116,694,690 | 41,116,694,690 | 41,116,694,690 |
Net basic earnings (loss) per share (Colombian pesos) | $ 174.6 | $ 59.5 | $ (175) |
Equity (Details Textual) $ / shares in Units, $ in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017
COP ($)
$ / shares
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2017
COP ($)
shares
|
Dec. 31, 2016
COP ($)
|
Dec. 31, 2015
COP ($)
|
Sep. 30, 2011
COP ($)
|
Dec. 31, 2007
COP ($)
|
|
Disclosure of changes in equity [Line Items] | |||||||
Capital commitments | $ 36,540,000 | ||||||
Number of shares authorised | shares | 60,000,000,000 | ||||||
Number of shares subscribed | shares | 41,116,694,690 | ||||||
Proportion of shares available for public trade | 11.51% | ||||||
Number of shares available for public trade | shares | 4,731,905,873 | ||||||
Proportion of shares held by majority share holders | 88.49% | ||||||
Number of shares held by majority share holders | shares | 36,384,788,817 | ||||||
Capital reserve | $ 11,499,933 | ||||||
Number of shares reserved for issue under options and contracts for sale of shares | shares | 18,883,305,310 | ||||||
Subscribed and Paid-In-Capital | $ 25,040,067 | $ 25,040,067 | |||||
Additional paid-in capital | $ 4,457,997 | ||||||
Additional paid-in capital receivable | $ (142) | ||||||
Proportion of legal reserve derive from net income | 10.00% | ||||||
Proportion of legal reserve | 50.00% | ||||||
Proportion of statutory tax reserve from appropriation of profits | 70.00% | ||||||
Increase decrease through transfer between legal reserve and retained earnings, equity | $ 3,869,907 | ||||||
Dividends recognised as distributions to owners per share | $ / shares | $ 945,684 | ||||||
Dividends paid to non-controlling interests, classified as financing activities | $ 558,986 | 1,022,121 | |||||
Dividends paid to equity holders of parent, classified as financing activities | 945,661 | 690,177 | |||||
Realized gain loss on proceeds from sales of equity instruments measured at fair value, net of tax | $ 68,497 | $ 19,405 | |||||
Reserve for New Exploration | $ 239,086 | ||||||
Share-based payment arrangements [member] | |||||||
Disclosure of changes in equity [Line Items] | |||||||
Additional paid-in capital | $ 2,118,468 | ||||||
Financial guarantee contracts [member] | |||||||
Disclosure of changes in equity [Line Items] | |||||||
Additional paid-in capital | $ 31,377 |
Sales revenue (Details) - COP ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue | $ 55,954,228 | $ 48,485,561 | $ 52,347,271 | ||
Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment | 26,006,139 | 23,697,150 | 25,624,750 | ||
Increase decrease in sale price differential | [1] | 2,229,953 | 1,048,022 | 441,871 | |
Revenue | 28,236,092 | 24,745,172 | 26,066,621 | ||
Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 27,718,136 | 23,740,389 | 26,280,650 | ||
Med-distillates [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 9,590,326 | 8,553,503 | 10,215,224 | ||
Med-distillates [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 1,594,945 | ||||
Gasoline and turbo fuel [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 6,990,187 | 6,092,739 | 6,128,208 | ||
Gasoline and turbo fuel [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 1,223,994 | 1,046,758 | 93,125 | ||
Services [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from rendering of services | 3,873,352 | 4,043,284 | 4,435,274 | ||
Natural Gass [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 1,815,754 | 1,988,336 | 1,845,345 | ||
Natural Gass [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 32,303 | 58,809 | 182,950 | ||
Plastic and rubber [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 833,982 | 724,708 | 724,392 | ||
Plastic and rubber [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 1,169,101 | 1,171,342 | 1,096,730 | ||
L.P.G. and propane [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 509,619 | 405,869 | 335,494 | ||
L.P.G. and propane [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 15,631 | 8,568 | 0 | ||
Crude [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 21,479,063 | 17,278,579 | 21,181,265 | ||
Asphalts [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 275,803 | 340,400 | 461,188 | ||
Other products [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 1,207,245 | 994,645 | 988,346 | ||
Other products [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 441,124 | 380,222 | 161,287 | ||
Cash flow hedging - Reclassification to profit or loss [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 160,772 | 33,074 | 7,646 | ||
Fuel oil [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 148,248 | ||||
Fuel oil [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 1,982,408 | 2,158,539 | 2,166,469 | ||
Crude Oil's [Member] | Domestic sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 909,871 | 553,666 | 491,279 | ||
Trading of crude [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | 0 | 0 | 1,309,196 | ||
Diesel [Member] | Foreign sales [Member] | |||||
Disclosure of detailed information about sales revenue [Line Items] | |||||
Revenue from sale of goods | $ 1,213,740 | $ 1,604,498 | $ 81,982 | ||
|
Sales revenue (Details 1) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 100.00% | 100.00% | 100.00% |
Revenue | $ 55,954,228 | $ 48,485,561 | $ 52,347,271 |
Colombia [Member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 50.50% | 51.00% | 49.80% |
Revenue | $ 28,236,092 | $ 24,745,172 | $ 26,066,621 |
United States Of America [Member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 22.40% | 24.70% | 22.80% |
Revenue | $ 12,532,932 | $ 11,956,967 | $ 11,921,720 |
Asia [member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 11.00% | 5.60% | 11.70% |
Revenue | $ 6,136,796 | $ 2,717,414 | $ 6,123,593 |
Europe [member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 1.80% | 6.10% | 7.60% |
Revenue | $ 1,030,617 | $ 2,945,951 | $ 3,981,926 |
Central America And Caribbean [Member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 10.80% | 7.30% | 6.40% |
Revenue | $ 6,070,565 | $ 3,551,894 | $ 3,366,978 |
South America And Others [Member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 3.50% | 5.30% | 1.70% |
Revenue | $ 1,947,226 | $ 2,568,163 | $ 886,433 |
Sales revenue (Details Textual) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 100.00% | 100.00% | 100.00% |
Terpel [Member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 14.30% | 14.40% | 14.40% |
Others [Member] | |||
Disclosure of detailed information about sales revenue [Line Items] | |||
Percentage of entitys revenue | 10.00% |
Cost of sales (before impairment of non-current assets) (Details) - COP ($) $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||||
Disclosure of detailed information about cost of sales of non current assets [line Items] | ||||||||||||
Taxes and contributions | $ 5,800,268 | $ 4,543,046 | $ 710,353 | |||||||||
Total Variable Costs | 26,567,933 | 24,960,115 | 27,369,065 | |||||||||
Total Fixed Costs | 10,340,392 | 9,291,308 | 9,625,451 | |||||||||
Cost of sales | 36,908,325 | 34,251,423 | 36,994,516 | |||||||||
Varible costs [member] | ||||||||||||
Disclosure of detailed information about cost of sales of non current assets [line Items] | ||||||||||||
Imported products | [1] | 11,637,419 | 12,049,477 | 12,935,878 | ||||||||
Depreciation, amortization and depletion | 5,765,186 | 5,333,245 | 5,166,455 | |||||||||
Purchases of hydrocarbons - ANH | [2] | 4,338,576 | 3,178,199 | 3,741,010 | ||||||||
Purchases of crude in association and concession | 2,240,704 | 1,517,829 | 1,928,938 | |||||||||
Process materials | 889,122 | 608,535 | 366,454 | |||||||||
Hydrocarbon transport services | 665,714 | 783,307 | 1,380,733 | |||||||||
Electric energy | 561,424 | 618,675 | 424,920 | |||||||||
Purchases of other products and gas | 488,056 | 519,884 | 703,163 | |||||||||
Taxes and contributions | [3] | 449,959 | 478,332 | 481,029 | ||||||||
Services contracted in associations | 195,689 | 305,326 | 563,032 | |||||||||
Others | [4] | (663,916) | (432,694) | (322,547) | ||||||||
Fixed costs [member] | ||||||||||||
Disclosure of detailed information about cost of sales of non current assets [line Items] | ||||||||||||
Depreciation and amortization | 2,366,849 | 2,050,739 | 1,433,263 | |||||||||
Maintenance | 2,038,970 | 1,998,128 | 2,334,130 | |||||||||
Labor cost | 1,815,213 | 1,571,511 | 1,542,701 | |||||||||
Hydrocarbon transport services | 333,671 | 157,463 | 147,733 | |||||||||
Taxes and contributions | 343,505 | 391,032 | 461,624 | |||||||||
Services contracted | 1,414,056 | 1,083,176 | 1,301,094 | |||||||||
Services contracted in associations | 1,008,336 | 1,260,470 | 1,415,422 | |||||||||
General costs | 510,128 | 383,842 | 461,994 | |||||||||
Materials and operating supplies | 468,205 | 333,258 | 435,238 | |||||||||
Non-capitalized costs of projects | $ 41,459 | $ 61,689 | $ 92,252 | |||||||||
|
Administrative, operations and project expenses (Details) - COP ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Disclosure of detailed information about general and administration expense [Line Items] | |||||
Administrative expenses | $ 1,764,524 | $ 1,923,268 | $ 1,700,985 | ||
Operating expense | 2,926,065 | 2,751,687 | 4,034,268 | ||
Administrative expenses [Member] | |||||
Disclosure of detailed information about general and administration expense [Line Items] | |||||
General expenses | 723,341 | 556,563 | 393,971 | ||
Labor expenses | 624,424 | 657,051 | 491,748 | ||
Taxes | [1] | 362,963 | 663,889 | 730,841 | |
Depreciation and amortization | 53,796 | 45,765 | 84,425 | ||
Operations and project expenses [Member] | |||||
Disclosure of detailed information about general and administration expense [Line Items] | |||||
Exploration costs | 1,341,940 | 728,590 | 1,584,249 | ||
Commissions, fees, freights and services | 471,657 | 568,513 | 878,259 | ||
Labor expenses | 310,947 | 278,383 | 309,021 | ||
Taxes | 324,223 | 286,331 | 348,871 | ||
Maintenance | 122,273 | 147,197 | 181,630 | ||
Depreciation and amortization | 95,516 | 177,252 | 86,215 | ||
Fee for regulatory entities | 63,470 | 87,325 | 77,909 | ||
Corporate projects | 29,702 | 301,854 | 456,159 | ||
Others | $ 166,337 | $ 176,242 | $ 111,955 | ||
|
Other operating income net (Details) - COP ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Disclosure of Other operating income and expenses, net [Abstract] | ||||||||
(Expense) recovery of provisions for litigations | $ (72,408) | $ 112,999 | $ 205,879 | |||||
Expense for gas pipeline availability BOMT contracts | [1] | (72,318) | (125,077) | (124,957) | ||||
Impairment expense of short-term assets | (68,800) | (98,739) | (2,858) | |||||
Profit (loss) on sale of assets | 40,227 | (82,200) | 6,744 | |||||
Gain on acquisition of interests in joint operation (Note 32.3) | 451,095 | 0 | 0 | |||||
Compensation received | 0 | 17,790 | 29,848 | |||||
Deferred income BOMT contract’s | [2] | 0 | 211,768 | 193,197 | ||||
Other income | 227,607 | 237,571 | 70,685 | |||||
Other operating income (expense) | $ 505,403 | $ 274,112 | $ 378,538 | |||||
|
Financial result, net (Details) - COP ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||
Finance income | ||||||||||
Results from financial assets and others | $ 739,148 | $ 136,715 | $ 164,615 | |||||||
Yield and interest | 405,562 | 386,001 | 293,506 | |||||||
Gain on sale of equity instruments | 13,236 | 47,129 | 72,339 | |||||||
Resources from Santiago de las Atalayas (1) | [1] | 0 | 688,664 | 0 | ||||||
Other finance income | 1,410 | 53,234 | 91,464 | |||||||
Finance income | 1,159,356 | 1,311,743 | 621,924 | |||||||
Finance expenses | ||||||||||
Interest (2) | [2] | (2,385,994) | (2,765,024) | (1,768,618) | ||||||
Financial cost of other liabilities (3) | [3] | (753,047) | (580,491) | (627,827) | ||||||
Results from financial assets | (481,308) | (48,997) | (167,869) | |||||||
Other financial expenses | (40,252) | (69,028) | (154,100) | |||||||
Finance costs | (3,660,601) | (3,463,540) | (2,718,414) | |||||||
Foreign exchange gain (loss), net (4) | 5,514 | 976,430 | (5,566,614) | |||||||
Financial result, net | $ (2,495,731) | $ (1,175,367) | $ (7,663,104) | |||||||
|
Financial result, net (Details Textual) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of financial result, net [Abstract] | |||
Interest costs capitalised | $ 191,651 | $ 341,209 | $ 744,426 |
Risk management (Details) $ in Millions, $ in Millions |
Dec. 31, 2017
COP ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
COP ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
COP ($)
|
Dec. 31, 2014
COP ($)
|
---|---|---|---|---|---|---|
Disclosure of detailed information about financial risk management [Line Items] | ||||||
Cash and cash equivalents | $ (7,945,885) | $ (8,410,467) | $ (6,550,450) | $ (7,618,178) | ||
Other financial assets | (6,533,725) | (6,686,895) | ||||
Loans and borrowings | $ 43,547,835 | $ 52,222,027 | ||||
US Dollar [Member] | ||||||
Disclosure of detailed information about financial risk management [Line Items] | ||||||
Cash and cash equivalents | $ 1,203 | $ 1,916 | ||||
Other financial assets | 1,072 | 1,367 | ||||
Trade receivables and payables, net | (7) | (282) | ||||
Loans and borrowings | (12,590) | (15,172) | ||||
Net liability position | $ (10,322) | $ (12,171) |
Risk management (Details 1) - Currency risk [member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
COP ($)
| |
One Percent variations in exchange rate, Effect on income before income taxes | $ 2,715 |
One Percent variations in exchange rate, other comprehensive income | 305,293 |
Five Percent variations in exchange rate, Effect on income before income taxes | 13,577 |
Five Percent variations in exchange rate, other omprehensive income | $ 1,526,465 |
Risk management (Details 2) - Non-Derivative Hedging Instrument [Member] - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Hedging instrument at the beginning of the period | $ 5,312 | $ 5,376 | ||
Reassignment of hedging instruments | 1,803 | 870 | ||
Realized exports | (1,803) | (870) | ||
Capital payments | [1] | (1,980) | (64) | |
Hedging instrument at the end of the period | $ 3,332 | $ 5,312 | ||
|
Risk management (Details 3) - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of financial risk management [Abstract] | ||
Opening balance | $ (244,131) | $ 217,291 |
Exchange difference on hedging instruments | 15,934 | (724,395) |
Reclassification to profit or loss | 160,772 | (33,074) |
Ineffectiveness | (9,247) | 0 |
Deferred income tax | (82,622) | 296,047 |
Closing balance | $ (159,294) | $ (244,131) |
Risk management (Details 4) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
COP ($)
| |
Disclosure of detailed information about financial risk management [Line Items] | |
Before taxes | $ 245,173 |
Taxes | (85,879) |
After taxes | 159,294 |
2018 | |
Disclosure of detailed information about financial risk management [Line Items] | |
Before taxes | 95,462 |
Taxes | (33,439) |
After taxes | 62,023 |
2019 | |
Disclosure of detailed information about financial risk management [Line Items] | |
Before taxes | 66,039 |
Taxes | (23,132) |
After taxes | 42,907 |
2020 | |
Disclosure of detailed information about financial risk management [Line Items] | |
Before taxes | 23,804 |
Taxes | (8,338) |
After taxes | 15,466 |
2021 | |
Disclosure of detailed information about financial risk management [Line Items] | |
Before taxes | 21,541 |
Taxes | (7,545) |
After taxes | 13,996 |
2022 | |
Disclosure of detailed information about financial risk management [Line Items] | |
Before taxes | 21,541 |
Taxes | (7,545) |
After taxes | 13,996 |
2023 | |
Disclosure of detailed information about financial risk management [Line Items] | |
Before taxes | 16,786 |
Taxes | (5,880) |
After taxes | $ 10,906 |
Risk management (Details 5) - Hedges of net investment in foreign operations [member] - COP ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Hedging instrument at the beginning of the period | $ 155,359 | $ 0 |
Exchange difference | (86,892) | 231,879 |
Ineffectiveness | 329 | 0 |
Deferred income tax | 28,566 | (76,520) |
Hedging instrument at the end of the period | $ 97,362 | $ 155,359 |
Risk management (Details 6) - Financial assets past due but not impaired [member] - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | $ 146,173 | $ 296,857 |
Later than three months [member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | 65,354 | 179,008 |
Later than three months and not later than six months [member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | 1,131 | 14,275 |
Later Than Six Month [Member] | ||
Disclosure of detailed information about financial risk management [Line Items] | ||
Financial assets | $ 79,688 | $ 103,574 |
Risk management (Details 7) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
COP ($)
| |
Increase in floating interest (+100 basis points) | |
Disclosure of detailed information about financial risk management [Line Items] | |
Financial assets (Financial expenses) | $ (66,120) |
Financial liabilities (Financial income) | 112,383 |
Plan assets (Other comprehensive income) | (171,031) |
Decrease in floating interest (-100 basis points) | |
Disclosure of detailed information about financial risk management [Line Items] | |
Financial assets (Financial income) | 66,120 |
Financial liabilities (Financial expenses) | (112,282) |
Plan assets (Other comprehensive income) | $ 183,988 |
Risk management (Details 8) $ in Millions |
Dec. 31, 2017
COP ($)
|
---|---|
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (principal and interests) | $ 67,549,952 |
Trade and other accounts payable | 7,103,022 |
Total | 74,652,974 |
Up to 1 year | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (principal and interests) | 5,040,130 |
Trade and other accounts payable | 6,968,207 |
Total | 12,008,337 |
1-5 years | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (principal and interests) | 28,151,892 |
Trade and other accounts payable | 134,815 |
Total | 28,286,707 |
5-10 years | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (principal and interests) | 18,873,280 |
Trade and other accounts payable | 0 |
Total | 18,873,280 |
> 10 years | |
Disclosure of detailed information about financial risk management [Line Items] | |
Loans (principal and interests) | 15,484,650 |
Trade and other accounts payable | 0 |
Total | $ 15,484,650 |
Risk management (Details 9) - COP ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Disclosure of detailed information about financial risk management [Line Items] | ||||
Loans and borrowings (Note 20) | $ 43,547,835 | $ 52,222,027 | ||
Cash and cash equivalents | (7,945,885) | (8,410,467) | $ (6,550,450) | $ (7,618,178) |
Other financial assets | (6,533,725) | (6,686,895) | ||
Net financial debt | 29,068,225 | 37,124,665 | ||
Equity (Note 24) | $ 48,215,699 | $ 43,560,501 | $ 43,100,963 | $ 48,534,228 |
Leverage | 37.61% | 46.01% |
Risk management (Details Textual) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017
COP ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
COP ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
COP ($)
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Closing foreign exchange rate | $ 2,984.00 | $ 3,000.71 | $ 3,149.47 | ||||
Financial instruments designated as hedging instruments, at fair value | $ 8,532 | $ 10,512 | |||||
Gain (loss) on hedge ineffectiveness recognised in profit or loss | $ 99,971,000,000 | 42,865,000,000 | |||||
Maximum percentage of cash investment held in portfolio, non current | 1.00% | 1.00% | |||||
Liquidity Surplus Used for Prepayment of borrowings | $ 2,400 | ||||||
Notional amount | $ 1,925 | ||||||
Net short position contracts | 325 | $ 323 | |||||
Other comprehensive gains losses on hedges of derivative instruments net of tax | $ 35,769,000,000 | $ 33,869,000,000 | |||||
Hedges of net investment in foreign operations [member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Financial instruments designated as hedging instruments, at fair value | 5,200 | $ 5,200 | |||||
Foreign Currency Commercial Loans Six [Member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Notional amount | $ 1,925 | ||||||
Colombian Peso [Member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Gross financial assets set off against financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 8,532 | ||||||
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 91 | ||||||
US Dollar [Member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | $ 1,699 | ||||||
Floating interest rate [member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Borrowings, interest rate | 19.00% | 31.00% | 31.00% | ||||
Peso portfolio [Member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Maximum percentage of cash investment held in portfolio | 10.00% | 10.00% | |||||
U.S. dollor portfolio [Member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Maximum percentage of cash investment held in portfolio, current | 5.00% | 5.00% | |||||
Commodity price risk [member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | $ 3,181,000,000 | $ 4,141,000,000 | |||||
Currency risk [member] | |||||||
Disclosure of detailed information about financial risk management [Line Items] | |||||||
The Increase Decrease In Foreign exchange Rate | 3.30% | 3.30% | 11.20% | 11.20% | 37.30% |
Related parties (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Investments in joint ventures and associates [abstract] | |||||||
Accounts receivable | $ 23,013 | $ 97,730 | |||||
Accounts receivable-Loans | 154,810 | 170,121 | |||||
Other assets | 7,716 | 7,135 | |||||
Accounts payable | 129,520 | 114,420 | |||||
Loans | 259,760 | 30,644 | |||||
Other liabilities | 7 | ||||||
Accounts receivable, Current | 23,013 | 97,730 | |||||
Accounts receivable, Non-current | 0 | 0 | |||||
Accounts receivable - Loans, Current | 0 | 0 | |||||
Accounts receivable - Loans, Non-current | 154,810 | 170,121 | |||||
Other assets, Current | 7,716 | 7,135 | |||||
Other assets, Non-current | 0 | 0 | |||||
Accounts payable, Current | 129,520 | 114,420 | |||||
Accounts payable, Non-current | 0 | 0 | |||||
Loans, Current | 259,760 | 30,644 | |||||
Loans, Non-current | 0 | 0 | |||||
Other liabilities, Current | 7 | ||||||
Other liabilities, Non-current | 0 | ||||||
Serviport S.A. [member] | |||||||
Investments in joint ventures and associates [abstract] | |||||||
Accounts receivable | 0 | 0 | |||||
Accounts receivable-Loans | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Accounts payable | 5,820 | 3,989 | |||||
Loans | 0 | 0 | |||||
Other liabilities | 0 | ||||||
Invercolsa S.A [Member] | |||||||
Investments in joint ventures and associates [abstract] | |||||||
Accounts receivable | 18,641 | ||||||
Accounts receivable-Loans | 0 | ||||||
Other assets | 0 | ||||||
Accounts payable | 0 | ||||||
Loans | 0 | ||||||
Other liabilities | 0 | ||||||
Offshore international group [Member] | |||||||
Investments in joint ventures and associates [abstract] | |||||||
Accounts receivable | [1] | 0 | 0 | ||||
Accounts receivable-Loans | [1] | 154,810 | 170,121 | ||||
Other assets | [1] | 0 | 0 | ||||
Accounts payable | [1] | 0 | 0 | ||||
Loans | [1] | 0 | 0 | ||||
Other liabilities | [1] | 0 | |||||
Equion Energia Limited [Member] | |||||||
Investments in joint ventures and associates [abstract] | |||||||
Accounts receivable | [2] | 4,010 | 97,601 | ||||
Accounts receivable-Loans | [2] | 0 | 0 | ||||
Other assets | [2] | 7,716 | 7,135 | ||||
Accounts payable | [2] | 101,472 | 89,666 | ||||
Loans | [2] | 259,760 | 30,644 | ||||
Other liabilities | [2] | 7 | |||||
Ecodiesel Colombia SA [Member] | |||||||
Investments in joint ventures and associates [abstract] | |||||||
Accounts receivable | 362 | 129 | |||||
Accounts receivable-Loans | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Accounts payable | 22,228 | 20,765 | |||||
Loans | 0 | $ 0 | |||||
Other liabilities | $ 0 | ||||||
|
Related parties (Details 1) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of transactions between related parties [line items] | |||
Sales And Services, Related Party Transactions | $ 447,652 | $ 503,727 | $ 523,213 |
Purchases And Other Assets, Related Party Transactions | 857,905 | 708,774 | 457,805 |
Serviport S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales And Services, Related Party Transactions | 0 | 0 | 0 |
Purchases And Other Assets, Related Party Transactions | 0 | 24,572 | 0 |
Equion Energia Limited [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales And Services, Related Party Transactions | 425,881 | 491,698 | 515,968 |
Purchases And Other Assets, Related Party Transactions | 598,636 | 418,618 | 190,158 |
Ecodiesel Colombia S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales And Services, Related Party Transactions | 6,583 | 5,744 | 7,245 |
Purchases And Other Assets, Related Party Transactions | 259,269 | 265,584 | 267,647 |
Offshore International Group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales And Services, Related Party Transactions | 15,188 | 6,285 | 0 |
Purchases And Other Assets, Related Party Transactions | $ 0 | $ 0 | $ 0 |
Related parties (Details 2) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Mauricio Cardenas Santamaria [Member] | |
Disclosure of transactions between related parties [line items] | |
Key Management Personnel Shareholding Description | <1% outstanding shares |
Hector Manosalva Rojas [Member] | |
Disclosure of transactions between related parties [line items] | |
Key Management Personnel Shareholding Description | <1% outstanding shares |
Rafael Espinosa Rozo [Member] | |
Disclosure of transactions between related parties [line items] | |
Key Management Personnel Shareholding Description | <1% outstanding shares |
Felipe Bayon [Member] | |
Disclosure of transactions between related parties [line items] | |
Key Management Personnel Shareholding Description | <1% outstanding shares |
Related parties (Details Textual) $ in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017
COP ($)
|
Dec. 31, 2016
COP ($)
|
Dec. 31, 2015
COP ($)
|
Jan. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Disclosure of transactions between related parties [line items] | ||||||
Loans and receivables | $ 49 | |||||
Key management personnel compensation | $ 4,426,000 | $ 4,140,000 | $ 3,870,000 | |||
Virtual Meetings Attendance Fee Percentage | 50.00% | |||||
Cancellation of fees | $ 1,877 | 1,253 | ||||
Payment Of Key Management Personnel Compensation | 20,669 | 13,901 | ||||
Provisions for employee benefits | $ 8,332,294 | 5,875,578 | ||||
Ownership Interest Held By Government | 88.49% | |||||
Description of any retirement benefit plan termination terms | five-year term (2016 - 2021) | |||||
Executive officers [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Provisions for employee benefits | $ 5,401 | $ 4,674 | ||||
Offshore International Group [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loans and receivables | $ 57 | |||||
Loans And Receivable Interest Rate | 4.99% | 4.99% | ||||
Equion Energy Limited [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loans and receivables | $ 77 | |||||
Loans And Receivable Interest Rate | 1.44% |
Joint operations (Details) - Contract where entity not operator [Member] |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Equion Energy Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Niscota |
Type | Production |
% Participation | 20.00% |
Geographic area of operations | Brazil |
Murphy Oil [Member] | |
Disclosure of joint operations [line items] | |
Contract | Dalmatian |
Type | Production |
% Participation | 30.00% |
Geographic area of operations | Gulf of Mexico |
Chipiron Contract [Member] | Occidental Andina LLC [Member] | |
Disclosure of joint operations [line items] | |
Contract | Chipirón |
Type | Production |
Geographic area of operations | Colombia |
Chipiron Contract [Member] | Occidental Andina LLC [Member] | Bottom of range [member] | |
Disclosure of joint operations [line items] | |
% Participation | 30.00% |
Chipiron Contract [Member] | Occidental Andina LLC [Member] | Top of range [member] | |
Disclosure of joint operations [line items] | |
% Participation | 40.00% |
Harvest Contract [Member] | Occidental Andina LLC [Member] | |
Disclosure of joint operations [line items] | |
Contract | Harvest |
Type | Production |
% Participation | 30.00% |
Geographic area of operations | Colombia |
Cravo norte Contract [Member] | Occidental Andina LLC [Member] | |
Disclosure of joint operations [line items] | |
Contract | Cravo Norte |
Type | Production |
% Participation | 50.00% |
Geographic area of operations | Colombia |
Rondon Contract [Member] | Occidental Andina LLC [Member] | |
Disclosure of joint operations [line items] | |
Contract | Rondón |
Type | Production |
% Participation | 50.00% |
Geographic area of operations | Colombia |
Guajira Contract [Member] | Chevron Petroleum Group [Member] | |
Disclosure of joint operations [line items] | |
Contract | Guajira |
Type | Production |
% Participation | 57.00% |
Geographic area of operations | Colombia |
Nare Contract [Member] | Mansarovar Energy Colombia Ltd [Member] | |
Disclosure of joint operations [line items] | |
Contract | Nare |
Type | Production |
% Participation | 50.00% |
Geographic area of operations | Colombia |
Quifa Contract [Member] | Meta Petroleum Corp [Member] | |
Disclosure of joint operations [line items] | |
Contract | Quifa |
Type | Production |
% Participation | 40.00% |
Geographic area of operations | Colombia |
Piedemonte Contract [Member] | Equion Energy Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Piedemonte |
Type | Production |
% Participation | 50.00% |
Geographic area of operations | Colombia |
Casanare Contract One [Member] | Perenco Colombia Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Casanare |
Type | Production |
% Participation | 64.00% |
Geographic area of operations | Colombia |
Corocora Contract One [Member] | Perenco Colombia Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Corocora |
Type | Production |
% Participation | 56.00% |
Geographic area of operations | Colombia |
Estero Contract One [Member] | Perenco Colombia Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Estero |
Type | Production |
% Participation | 89.00% |
Geographic area of operations | Colombia |
Garcero Contract One [Member] | Perenco Colombia Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Garcero |
Type | Production |
% Participation | 76.00% |
Geographic area of operations | Colombia |
Orocue Contract One [Member] | Perenco Colombia Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Orocúe |
Type | Production |
% Participation | 63.00% |
Geographic area of operations | Colombia |
Gunflint Contract [Member] | Noble Energy [Member] | |
Disclosure of joint operations [line items] | |
Contract | Gunflint |
Type | Production |
% Participation | 32.00% |
Geographic area of operations | Gulf of Mexico |
K2 Contract [Member] | Anadarko [Member] | |
Disclosure of joint operations [line items] | |
Contract | K2 |
Type | Production |
% Participation | 21.00% |
Geographic area of operations | Gulf of Mexico |
Ronda Caribe RC-10 Contract [Member] | ONGC Videsh Limited Sucursal Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | RC-10 Caribbean Round |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | North Caribbean Offshore |
Tayrona Contract [Member] | Petrobras, Repsol Statoil [Member] | |
Disclosure of joint operations [line items] | |
Contract | Tayrona |
Type | Exploration |
% Participation | 30.00% |
Geographic area of operations | North Caribbean Offshore |
TEA GUA OFF-1 Contract [Member] | Repsol & Statoil [Member] | |
Disclosure of joint operations [line items] | |
Contract | TEA GUA OFF-1 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | North Caribbean Offshore |
Fuerte Norte Contract [Member] | Anadarko [Member] | |
Disclosure of joint operations [line items] | |
Contract | Fuerte Norte |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | North Caribbean Offshore |
Deep Rydberg/Aleatico Contract [Member] | Shell [Member] | |
Disclosure of joint operations [line items] | |
Contract | Deep Rydberg/Aleatico |
Type | Exploration |
% Participation | 29.00% |
Geographic area of operations | Gulf of Mexico |
Leon Contract [Member] | Repsol [Member] | |
Disclosure of joint operations [line items] | |
Contract | Lion |
Type | Exploration |
% Participation | 40.00% |
Geographic area of operations | Gulf of Mexico |
CE-M-715_R11 [Member] | Chevron [Member] | |
Disclosure of joint operations [line items] | |
Contract | CE-M-715_R11 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Brazil |
Joint operations (Details 1) - Contract where Entity is operator [Member] |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Cepsa Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | San Jacinto Rio Paez |
Type | Production |
% Participation | 18.00% |
Geographic area of operations | Colombia |
VMM29 Contract [Member] | ExxonMobil Exploration Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | VMM29 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
CR2 Contract [Member] | ExxonMobil Exploration Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | CR2 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
C62 Contract [Member] | ExxonMobil Exploration Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | C62 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
CPO9 Contract [Member] | Talisman Colombia Oil [Member] | |
Disclosure of joint operations [line items] | |
Contract | CPO9 |
Type | Exploration |
% Participation | 55.00% |
Geographic area of operations | Colombia |
VMM32 Contract [Member] | CPVEN Sucursal Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | VMM32 |
Type | Exploration |
% Participation | 51.00% |
Geographic area of operations | Colombia |
CR4 Contract [Member] | Shell Exploracion and Produccion [Member] | |
Disclosure of joint operations [line items] | |
Contract | CR4 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
San Jacinto Contract [Member] | SK Innovation Co Ltd. [Member] | |
Disclosure of joint operations [line items] | |
Contract | San Jacinto |
Type | Exploration |
% Participation | 70.00% |
Geographic area of operations | Colombia |
Catleya Contract [Member] | Repsol Exploracion Colombia S.A. [Member] | |
Disclosure of joint operations [line items] | |
Contract | Catleya |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
Cardon Contract [Member] | Emerald Energy PLC Suc. Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | Cardon |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
CPO 17 Contract [Member] | Maurel Prom Suramerica [Member] | |
Disclosure of joint operations [line items] | |
Contract | CPO17 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
Clarinero Contract [Member] | Lewis [Member] | |
Disclosure of joint operations [line items] | |
Contract | Clarinero |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
CPO9 - Akacias Contract [Member] | Gas Ltd. [Member] | |
Disclosure of joint operations [line items] | |
Contract | CPO9 - Akacias |
Type | Production |
% Participation | 55.00% |
Geographic area of operations | Colombia |
La Cira Infantas Contract [Member] | Occidental Andina LLC [Member] | |
Disclosure of joint operations [line items] | |
Contract | La Cira Infantas |
Type | Production |
% Participation | 58.00% |
Geographic area of operations | Colombia |
Teca Contract [Member] | Occidental Andina LLC [Member] | |
Disclosure of joint operations [line items] | |
Contract | Teca |
% Participation | 86.00% |
Geographic area of operations | Colombia |
Guariquies I Contract [Member] | Ramshorn International Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Guariquies I |
Type | Production |
% Participation | 50.00% |
Geographic area of operations | Colombia |
AMA4 Contract [Member] | Hocol S.A [Member] | |
Disclosure of joint operations [line items] | |
Contract | AMA4 |
Type | Exploration |
% Participation | 100.00% |
Geographic area of operations | Colombia |
RC9 Contract [Member] | ONGC Videsh Limited Sucursal Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | RC9 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Colombia |
Cusiana Contract [Member] | Equion Energy Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Cusiana |
Type | Production |
% Participation | 98.00% |
Geographic area of operations | Colombia |
San Jacinto Rio Paez Contract [Member] | Perenco Oil And Gas [Member] | |
Disclosure of joint operations [line items] | |
Contract | San Jacinto Rio Paez |
Type | Production |
% Participation | 18.00% |
Geographic area of operations | Colombia |
Mundo Nuevo Contract [Member] | Total Colombia [Member] | |
Disclosure of joint operations [line items] | |
Contract | Mundo Nuevo |
Type | Exploration |
% Participation | 15.00% |
Geographic area of operations | Colombia |
Mundo Nuevo Contract [Member] | Talisman Oil & Gas [Member] | |
Disclosure of joint operations [line items] | |
Contract | Mundo Nuevo |
Type | Exploration |
% Participation | 15.00% |
Geographic area of operations | Colombia |
Alto Magdalena Pipeline Contract [Member] | Equion Energy Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Alto Magdalena Pipeline |
Type | OAM |
Geographic area of operations | Colombia |
Alto Magdalena Pipeline Contract [Member] | Emerald Energy [Member] | |
Disclosure of joint operations [line items] | |
Contract | Alto Magdalena Pipeline |
Type | OAM |
% Participation | 45.00% |
Geographic area of operations | Colombia |
Alto Magdalena Pipeline Contract [Member] | Equion Energia Limited [Member] | |
Disclosure of joint operations [line items] | |
% Participation | 45.00% |
Alto Magdalena Pipeline Contract [Member] | Frontera Energy [Member] | |
Disclosure of joint operations [line items] | |
Contract | Alto Magdalena Pipeline |
Type | OAM |
% Participation | 45.00% |
Geographic area of operations | Colombia |
Block RC-9 Contract- Caribbean Round No. 37-2007 Contract [Member] | ONGC Videsh Limited [Member] | |
Disclosure of joint operations [line items] | |
Contract | Block RC-9 Contract- Caribbean Round No. 37-2007 |
Type | Exploration |
% Participation | 50.00% |
Geographic area of operations | Gulf of Mexico |
FAZMR11 Contract [Member] | JX Nippon [Member] | |
Disclosure of joint operations [line items] | |
Contract | FAZ-M-320_R11 |
Type | Exploration |
% Participation | 70.00% |
Geographic area of operations | Brazil |
POTMR11 Contract [Member] | JX Nippon [Member] | |
Disclosure of joint operations [line items] | |
Contract | POT-M-567_R11 |
Type | Exploration |
% Participation | 100.00% |
Geographic area of operations | Brazil |
Joint operations (Details Textual) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 11, 2017
USD ($)
|
Jul. 03, 2016 |
Dec. 31, 2016
COP ($)
|
Dec. 31, 2017
COP ($)
|
Dec. 11, 2017
COP ($)
|
Dec. 11, 2017
USD ($)
|
Jul. 01, 2016
USD ($)
|
|
Disclosure of joint operations [line items] | |||||||
Investments in joint ventures | $ 1,303,157,000,000 | $ 1,105,282,000,000 | |||||
MCX Exploration USA LLC [Member] | K2 oil field [Member] | |||||||
Disclosure of joint operations [line items] | |||||||
Percentage of voting equity interests acquired | 11.60% | 11.60% | |||||
Proportion of voting rights held in joint operation | 20.80% | 9.20% | |||||
Identifiable assets acquired liabilities assumed net of deferred taxes | $ 146.0 | ||||||
Consideration transferred, acquisition-date fair value net of deferred taxes | 98.0 | ||||||
Cash transferred | 141,950,000,000 | 47.6 | |||||
Identifiable assets acquired (liabilities assumed) | 198.4 | ||||||
Consideration transferred, acquisition-date fair value | $ 451,095 | $ 150.8 | |||||
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 0.2 | ||||||
Equion Energia Limited [Member] | |||||||
Disclosure of joint operations [line items] | |||||||
Investments in joint ventures | $ 902,747,000,000 | $ 761,039,000,000 | |||||
Cusiana Planta de gas Contract [Member] | Equion Energia Limited [Member] | |||||||
Disclosure of joint operations [line items] | |||||||
Proportion of ownership interest in joint operation | 98.00% | ||||||
Cusiana Planta de gas Contract [Member] | Contract where Entity is operator [Member] | Equion and Emerald [Member] | |||||||
Disclosure of joint operations [line items] | |||||||
Proportion of ownership interest in joint operation | 2.00% | ||||||
BOMT contracts [member] | |||||||
Disclosure of joint operations [line items] | |||||||
Investments in joint ventures | $ 46.0 |
Information by segments (Details) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of operating segments [line items] | |||
Revenue | $ 55,954,228 | $ 48,485,561 | $ 52,347,271 |
Cost of sales | 36,908,325 | 34,251,423 | 36,994,516 |
Gross profit | 19,045,903 | 14,234,138 | 15,352,755 |
Administrative expenses | 1,764,524 | 1,923,268 | 1,700,985 |
Operation and projects expenses | 2,926,065 | 2,751,687 | 4,034,268 |
Impairment of non-current assets | (1,311,138) | 928,747 | 7,864,875 |
Other operating income and expenses, net | (505,403) | (274,112) | (378,541) |
Operating income | 16,171,855 | 8,904,548 | 2,131,165 |
Financial result, net | |||
Finance income | 1,159,356 | 1,311,743 | 621,924 |
Financial expenses | (3,660,601) | (3,463,540) | (2,718,414) |
Foreign exchange gain (loss), net | 5,514 | 976,430 | (5,566,614) |
Financial result, net | (2,495,731) | (1,175,367) | (7,663,104) |
Share of profit of associates | 93,538 | 61,345 | (46,687) |
Income before tax | 13,769,662 | 7,790,526 | (5,578,626) |
Income tax expense | (5,800,268) | (4,543,046) | (710,353) |
Net profit (loss) for the period | 7,969,394 | 3,247,480 | (6,288,979) |
Net profit (loss) for the period | |||
Group owners of parent | 7,178,539 | 2,447,881 | (7,193,859) |
Non-controlling interest | 790,855 | 799,599 | 904,880 |
Net income | 7,969,394 | 3,247,480 | (6,288,979) |
Supplementary information | |||
Depreciation, depletion and amortization | 8,281,347 | 7,607,001 | 6,770,358 |
Third Party Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 55,954,228 | 48,485,561 | 52,347,271 |
Inter-Segment Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Fixed Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 10,340,394 | 9,291,308 | 9,625,451 |
Variable Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 26,567,931 | 24,960,115 | 27,369,065 |
Exploration and Production [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 36,494,934 | 28,221,210 | 31,732,611 |
Cost of sales | 26,310,084 | 22,972,648 | 25,708,872 |
Gross profit | 10,184,850 | 5,248,562 | 6,023,739 |
Administrative expenses | 781,386 | 832,266 | 731,626 |
Operation and projects expenses | 2,070,916 | 1,656,960 | 2,969,723 |
Impairment of non-current assets | (183,718) | 196,448 | 4,504,497 |
Other operating income and expenses, net | (545,218) | (349,419) | (399,954) |
Operating income | 8,061,484 | 2,912,307 | (1,782,153) |
Financial result, net | |||
Finance income | 1,062,393 | 983,472 | 536,121 |
Financial expenses | (2,288,576) | (2,017,641) | (1,774,090) |
Foreign exchange gain (loss), net | (101,030) | 923,573 | (4,798,741) |
Financial result, net | (1,327,213) | (110,596) | (6,036,710) |
Share of profit of associates | 120,786 | 39,397 | (70,407) |
Income before tax | 6,855,057 | 2,841,108 | (7,889,270) |
Income tax expense | (3,034,556) | (1,518,738) | 2,037,650 |
Net profit (loss) for the period | 3,820,501 | 1,322,370 | (5,851,620) |
Net profit (loss) for the period | |||
Group owners of parent | 3,820,501 | 1,322,370 | (5,851,620) |
Non-controlling interest | 0 | 0 | 0 |
Net income | 3,820,501 | 1,322,370 | (5,851,620) |
Supplementary information | |||
Depreciation, depletion and amortization | 5,981,294 | 5,482,827 | 5,318,587 |
Exploration and Production [member] | Third Party Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 25,004,320 | 20,527,332 | 25,669,213 |
Exploration and Production [member] | Inter-Segment Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 11,490,614 | 7,693,878 | 6,063,398 |
Exploration and Production [member] | Fixed Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 8,055,925 | 6,940,074 | 7,208,632 |
Exploration and Production [member] | Variable Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 18,254,159 | 16,032,574 | 18,500,240 |
Refining and Petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 28,644,016 | 24,823,714 | 23,245,676 |
Cost of sales | 26,855,395 | 22,843,987 | 20,758,808 |
Gross profit | 1,788,621 | 1,979,727 | 2,486,868 |
Administrative expenses | 516,501 | 574,413 | 451,250 |
Operation and projects expenses | 965,457 | 1,206,718 | 1,155,301 |
Impairment of non-current assets | (1,067,965) | 773,361 | 3,278,993 |
Other operating income and expenses, net | 11,694 | 20,947 | 122,595 |
Operating income | 1,362,934 | (595,712) | (2,521,271) |
Financial result, net | |||
Finance income | 164,006 | 46,469 | 135,622 |
Financial expenses | (1,110,874) | (952,006) | (451,906) |
Foreign exchange gain (loss), net | 163,992 | 94,715 | (949,176) |
Financial result, net | (782,876) | (810,822) | (1,265,460) |
Share of profit of associates | 15,245 | 22,785 | 23,187 |
Income before tax | 595,303 | (1,383,749) | (3,763,544) |
Income tax expense | (238,625) | (446,595) | (257,256) |
Net profit (loss) for the period | 356,678 | (1,830,344) | (4,020,800) |
Net profit (loss) for the period | |||
Group owners of parent | 358,859 | (1,823,020) | (4,016,050) |
Non-controlling interest | (2,181) | (7,324) | (4,750) |
Net income | 356,678 | (1,830,344) | (4,020,800) |
Supplementary information | |||
Depreciation, depletion and amortization | 1,188,871 | 1,145,780 | 570,033 |
Refining and Petrochemicals [member] | Third Party Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,343,359 | 24,194,024 | 22,456,866 |
Refining and Petrochemicals [member] | Inter-Segment Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,300,657 | 629,690 | 788,810 |
Refining and Petrochemicals [member] | Fixed Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 2,886,745 | 2,458,745 | 1,902,797 |
Refining and Petrochemicals [member] | Variable Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 23,968,650 | 20,385,242 | 18,856,011 |
Transport and Logistics [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 10,598,064 | 10,648,776 | 10,844,550 |
Cost of sales | 3,271,835 | 3,349,791 | 3,744,422 |
Gross profit | 7,326,229 | 7,298,985 | 7,100,128 |
Administrative expenses | 466,669 | 516,884 | 518,109 |
Operation and projects expenses | 142,847 | 180,353 | 157,596 |
Impairment of non-current assets | (59,455) | (41,062) | 81,388 |
Other operating income and expenses, net | 28,121 | 53,559 | (101,182) |
Operating income | 6,748,047 | 6,589,251 | 6,444,217 |
Financial result, net | |||
Finance income | 106,659 | 61,373 | 86,568 |
Financial expenses | (434,664) | (262,844) | (492,485) |
Foreign exchange gain (loss), net | (57,448) | (41,858) | 181,303 |
Financial result, net | (385,453) | (243,329) | (224,614) |
Share of profit of associates | (42,493) | (837) | 533 |
Income before tax | 6,320,101 | 6,345,085 | 6,220,136 |
Income tax expense | (2,527,087) | (2,577,713) | (2,490,747) |
Net profit (loss) for the period | 3,793,014 | 3,767,372 | 3,729,389 |
Net profit (loss) for the period | |||
Group owners of parent | 2,999,978 | 2,960,449 | 2,819,759 |
Non-controlling interest | 793,036 | 806,923 | 909,630 |
Net income | 3,793,014 | 3,767,372 | 3,729,389 |
Supplementary information | |||
Depreciation, depletion and amortization | 1,111,182 | 978,394 | 881,738 |
Transport and Logistics [member] | Third Party Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,606,549 | 3,764,205 | 4,221,192 |
Transport and Logistics [member] | Inter-Segment Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 6,991,515 | 6,884,571 | 6,623,358 |
Transport and Logistics [member] | Fixed Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 2,637,604 | 2,861,269 | 3,304,815 |
Transport and Logistics [member] | Variable Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 634,231 | 488,522 | 439,607 |
Elimination of intersegment amounts [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | (19,782,786) | (15,208,139) | (13,475,566) |
Cost of sales | (19,528,989) | (14,915,003) | (13,217,586) |
Gross profit | (253,797) | (293,136) | (257,980) |
Administrative expenses | (32) | (295) | 0 |
Operation and projects expenses | (253,155) | (292,344) | (248,352) |
Impairment of non-current assets | 0 | 0 | 0 |
Other operating income and expenses, net | 0 | 801 | 0 |
Operating income | (610) | (1,298) | (9,628) |
Financial result, net | |||
Finance income | (173,702) | 220,429 | (136,387) |
Financial expenses | 173,513 | (231,049) | 67 |
Foreign exchange gain (loss), net | 0 | 0 | 0 |
Financial result, net | (189) | (10,620) | (136,320) |
Share of profit of associates | 0 | 0 | 0 |
Income before tax | (799) | (11,918) | (145,948) |
Income tax expense | 0 | 0 | 0 |
Net profit (loss) for the period | (799) | (11,918) | (145,948) |
Net profit (loss) for the period | |||
Group owners of parent | (799) | (11,918) | (145,948) |
Non-controlling interest | 0 | 0 | 0 |
Net income | (799) | (11,918) | (145,948) |
Supplementary information | |||
Depreciation, depletion and amortization | 0 | 0 | 0 |
Elimination of intersegment amounts [member] | Third Party Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Elimination of intersegment amounts [member] | Inter-Segment Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | (19,782,786) | (15,208,139) | (13,475,566) |
Elimination of intersegment amounts [member] | Fixed Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (3,239,880) | (2,968,780) | (2,790,793) |
Elimination of intersegment amounts [member] | Variable Cost [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | $ (16,289,109) | $ (11,946,223) | $ (10,426,793) |
Information by segments (Details 1) - COP ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Disclosure of operating segments [line items] | |||||
Total sales revenue | $ 55,954,228 | $ 48,485,561 | $ 52,347,271 | ||
Domestic sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment | 26,006,139 | 23,697,150 | 25,624,750 | ||
Recognition of price differential | [1] | 2,229,953 | 1,048,022 | 441,871 | |
Total sales revenue | 28,236,092 | 24,745,172 | 26,066,621 | ||
Domestic sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,207,245 | 660,169 | 988,346 | ||
Domestic sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 509,619 | 405,869 | 335,494 | ||
Domestic sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,815,754 | 1,988,336 | 1,845,345 | ||
Domestic sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 6,990,187 | 6,092,739 | 6,128,208 | ||
Domestic sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 833,982 | 724,708 | 724,392 | ||
Domestic sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 9,590,326 | 8,553,503 | 10,215,224 | ||
Domestic sales [Member] | Aromatics [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 186,228 | ||||
Domestic sales [Member] | Crude Oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 909,871 | 553,666 | 491,279 | ||
Domestic sales [Member] | Services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Services | 3,873,352 | 4,043,284 | 4,435,274 | ||
Domestic sales [Member] | Diesel and asphalts [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 275,803 | 340,400 | 461,188 | ||
Domestic sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 148,248 | ||||
Foreign sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 27,718,136 | 23,740,389 | 26,280,650 | ||
Foreign sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 441,124 | 389,775 | |||
Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 160,772 | 33,074 | 7,646 | ||
Foreign sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 15,631 | 8,568 | 0 | ||
Foreign sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 32,303 | 58,809 | 182,950 | ||
Foreign sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,223,994 | 1,046,758 | 93,125 | ||
Foreign sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,169,101 | 1,171,342 | 1,096,730 | ||
Foreign sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,594,945 | ||||
Foreign sales [Member] | Oil fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,982,408 | 2,158,539 | |||
Foreign sales [Member] | Crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 21,479,063 | 17,278,579 | 21,181,265 | ||
Foreign sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,982,408 | 2,158,539 | 2,166,469 | ||
Foreign sales [Member] | Trading of crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 1,309,196 | ||
Foreign sales [Member] | Diesel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,213,740 | 1,604,498 | 81,982 | ||
Foreign sales [Member] | Other products and services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 161,287 | ||||
Exploration and Production [member] | |||||
Disclosure of operating segments [line items] | |||||
Total sales revenue | 36,494,933 | 28,221,211 | 31,732,611 | ||
Exploration and Production [member] | Domestic sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment | 14,840,169 | 8,289,518 | 8,656,936 | ||
Recognition of price differential | 0 | 0 | 0 | ||
Total sales revenue | 14,840,169 | 8,289,518 | 8,656,936 | ||
Exploration and Production [member] | Domestic sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 214,059 | 424,952 | 262,906 | ||
Exploration and Production [member] | Domestic sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 199,796 | 90,783 | 154,201 | ||
Exploration and Production [member] | Domestic sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 2,540,233 | 2,383,323 | 2,198,284 | ||
Exploration and Production [member] | Domestic sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Exploration and Production [member] | Domestic sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Exploration and Production [member] | Domestic sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,334 | 0 | 25,782 | ||
Exploration and Production [member] | Domestic sales [Member] | Aromatics [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Exploration and Production [member] | Domestic sales [Member] | Crude Oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 11,668,529 | 5,284,554 | 5,847,368 | ||
Exploration and Production [member] | Domestic sales [Member] | Services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Services | 181,384 | 73,247 | 118,812 | ||
Exploration and Production [member] | Domestic sales [Member] | Diesel and asphalts [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 34,834 | 31,277 | 49,583 | ||
Exploration and Production [member] | Domestic sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,382 | ||||
Exploration and Production [member] | Foreign sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 21,654,764 | 19,931,693 | 23,075,675 | ||
Exploration and Production [member] | Foreign sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 19,393 | 25,395 | |||
Exploration and Production [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 160,772 | 33,074 | 7,646 | ||
Exploration and Production [member] | Foreign sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 15,631 | 6,342 | |||
Exploration and Production [member] | Foreign sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 32,303 | 350,685 | 233,500 | ||
Exploration and Production [member] | Foreign sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 27,756 | ||
Exploration and Production [member] | Foreign sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Exploration and Production [member] | Foreign sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Exploration and Production [member] | Foreign sales [Member] | Oil fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Exploration and Production [member] | Foreign sales [Member] | Crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 21,426,665 | 19,516,197 | 21,495,762 | ||
Exploration and Production [member] | Foreign sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Exploration and Production [member] | Foreign sales [Member] | Trading of crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,309,196 | ||||
Exploration and Production [member] | Foreign sales [Member] | Diesel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Exploration and Production [member] | Foreign sales [Member] | Other products and services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,815 | ||||
Refining and Petrochemicals [member] | |||||
Disclosure of operating segments [line items] | |||||
Total sales revenue | 28,644,016 | 24,814,159 | 23,245,676 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment | 20,351,058 | 17,429,078 | 19,266,697 | ||
Recognition of price differential | 2,229,953 | 1,048,022 | 441,871 | ||
Total sales revenue | 22,581,011 | 18,477,100 | 19,708,568 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,103,089 | 669,568 | 1,070,725 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 309,823 | 319,644 | 190,346 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 4 | 11,763 | 0 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 8,052,289 | 6,465,939 | 6,464,661 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 833,982 | 724,708 | 724,392 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 9,588,992 | 8,553,503 | 10,206,599 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Aromatics [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 186,228 | ||||
Refining and Petrochemicals [member] | Domestic sales [Member] | Crude Oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Services | 221,910 | 41,736 | 198,369 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Diesel and asphalts [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 240,969 | 309,123 | 411,605 | ||
Refining and Petrochemicals [member] | Domestic sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 146,866 | ||||
Refining and Petrochemicals [member] | Foreign sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 6,063,005 | 6,337,059 | 3,537,108 | ||
Refining and Petrochemicals [member] | Foreign sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 421,364 | 363,250 | |||
Refining and Petrochemicals [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Refining and Petrochemicals [member] | Foreign sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 2,225 | |||
Refining and Petrochemicals [member] | Foreign sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Refining and Petrochemicals [member] | Foreign sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,223,994 | 1,046,758 | 65,369 | ||
Refining and Petrochemicals [member] | Foreign sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,169,101 | 1,171,342 | 1,096,730 | ||
Refining and Petrochemicals [member] | Foreign sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,594,945 | ||||
Refining and Petrochemicals [member] | Foreign sales [Member] | Oil fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,982,408 | 2,158,539 | |||
Refining and Petrochemicals [member] | Foreign sales [Member] | Crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 52,398 | 0 | 0 | ||
Refining and Petrochemicals [member] | Foreign sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 2,166,469 | ||||
Refining and Petrochemicals [member] | Foreign sales [Member] | Trading of crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Refining and Petrochemicals [member] | Foreign sales [Member] | Diesel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 1,213,740 | 81,982 | |||
Refining and Petrochemicals [member] | Foreign sales [Member] | Other products and services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 126,558 | ||||
Transportation and Logistics [member] | |||||
Disclosure of operating segments [line items] | |||||
Total sales revenue | 10,598,065 | 10,648,777 | 10,844,550 | ||
Transportation and Logistics [member] | Domestic sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment | 10,597,698 | 10,647,963 | 10,844,550 | ||
Recognition of price differential | 0 | 0 | 0 | ||
Total sales revenue | 10,597,698 | 10,647,963 | 10,844,550 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 75,793 | 22,472 | ||
Transportation and Logistics [member] | Domestic sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Aromatics [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Transportation and Logistics [member] | Domestic sales [Member] | Crude Oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Services | 10,597,698 | 10,572,170 | 10,822,078 | ||
Transportation and Logistics [member] | Domestic sales [Member] | Diesel and asphalts [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Foreign sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 367 | 814 | 0 | ||
Transportation and Logistics [member] | Foreign sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 367 | 814 | |||
Transportation and Logistics [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Foreign sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Transportation and Logistics [member] | Foreign sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Foreign sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Foreign sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Foreign sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Transportation and Logistics [member] | Foreign sales [Member] | Oil fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Transportation and Logistics [member] | Foreign sales [Member] | Crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Transportation and Logistics [member] | Foreign sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Transportation and Logistics [member] | Foreign sales [Member] | Trading of crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Transportation and Logistics [member] | Foreign sales [Member] | Diesel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Transportation and Logistics [member] | Foreign sales [Member] | Other products and services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Elimination of intersegment amounts [member] | |||||
Disclosure of operating segments [line items] | |||||
Total sales revenue | (19,782,786) | (15,198,586) | (13,475,566) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue From Sale Of Goods And Rendering Of Services Before Price Differential Adjustment | (19,782,786) | (12,669,409) | (13,143,433) | ||
Recognition of price differential | 0 | 0 | 0 | ||
Total sales revenue | (19,782,786) | (12,669,409) | (13,143,433) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | (109,903) | (510,144) | (367,757) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | (4,558) | (9,053) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | (724,483) | (406,750) | (352,939) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | (1,062,102) | (373,200) | (336,453) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | (17,157) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Aromatics [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Crude Oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | (10,758,658) | (4,730,888) | (5,356,089) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Services | (7,127,640) | (6,643,869) | (6,703,985) | ||
Elimination of intersegment amounts [member] | Domestic sales [Member] | Diesel and asphalts [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Elimination of intersegment amounts [member] | Foreign sales [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | (2,529,177) | (332,133) | ||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Other products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 316 | |||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Cash flow hedging - Reclassification to profit or loss [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Elimination of intersegment amounts [member] | Foreign sales [Member] | L.P.G. and propane [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Natural Gas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | (291,875) | (50,550) | ||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Gasoline and turbo fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Plastic and rubber [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | 0 | ||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Med-distillates [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Oil fuel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | 0 | |||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | (2,237,618) | (314,497) | ||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Fuel oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | $ 0 | 0 | |||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Trading of crude [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | 0 | ||||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Diesel [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | $ 0 | 0 | |||
Elimination of intersegment amounts [member] | Foreign sales [Member] | Other products and services [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from sale of goods | $ 32,914 | ||||
|
Information by segments (Details 2) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure of operating segments [line items] | |||
Investment property | $ 6,107,506 | $ 5,837,477 | $ 15,517,949 |
Property, plant and equipment [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 2,363,283 | 3,646,929 | 8,548,933 |
Natural and environmental resources [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 3,568,355 | 2,121,295 | 6,856,761 |
Intangibles [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 175,868 | 69,253 | 112,255 |
Exploration and Production [member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 4,649,792 | 3,383,533 | 9,386,862 |
Exploration and Production [member] | Property, plant and equipment [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 927,282 | 1,208,464 | 2,460,975 |
Exploration and Production [member] | Natural and environmental resources [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 3,568,355 | 2,121,295 | 6,856,761 |
Exploration and Production [member] | Intangibles [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 154,155 | 53,774 | 69,126 |
Refining and Petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 611,690 | 1,110,124 | 3,608,773 |
Refining and Petrochemicals [member] | Property, plant and equipment [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 606,749 | 1,099,850 | 3,590,279 |
Refining and Petrochemicals [member] | Natural and environmental resources [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 0 | 0 | 0 |
Refining and Petrochemicals [member] | Intangibles [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 4,941 | 10,274 | 18,494 |
Transportation and Logistics [member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 846,024 | 1,343,820 | 2,522,314 |
Transportation and Logistics [member] | Property, plant and equipment [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 829,252 | 1,338,615 | 2,497,679 |
Transportation and Logistics [member] | Natural and environmental resources [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | 0 | 0 | 0 |
Transportation and Logistics [member] | Intangibles [Member] | |||
Disclosure of operating segments [line items] | |||
Investment property | $ 16,772 | $ 5,205 | $ 24,635 |
Subsequent events (Details Textual) $ in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 13, 2018
USD ($)
|
Mar. 14, 2018 |
Aug. 14, 2017
COP ($)
|
Dec. 31, 2017
COP ($)
|
Dec. 31, 2016
COP ($)
|
Dec. 31, 2015
COP ($)
|
|
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Prepayment of borrowings, classified as financing activities | $ 990,000 | $ 9,007,340 | $ 3,149,917 | $ 4,903,592 | ||
Prepayment of Borrowings [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Prepayment of borrowings, classified as financing activities | $ 350 | |||||
Notes due outstanding, percentage | 4.25% | |||||
Notes due outstanding, maturity date | Sep. 18, 2018 | |||||
Investments in Associates [Member] | Ecopetrol Energia SAS E.S.P. [Member] | Direct Ownership [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Proportion of ownership interest in subsidiary | 99.00% | |||||
Investments in Associates [Member] | Ecopetrol Energia SAS E.S.P. [Member] | Indirect Ownership [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Proportion of ownership interest in subsidiary | 1.00% |
Supplemental information on oil and gas producing activities (Details) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Exploration for and evaluation of mineral resources [Abstract] | |||
Natural and environmental properties | $ 48,129,595 | $ 47,097,475 | $ 45,789,713 |
Wells, equipment and facilities - property, plant and equipment | 30,405,565 | 29,931,039 | 21,822,897 |
Exploration and production projects | 6,632,812 | 6,855,832 | 9,145,198 |
Accumulated depreciation, depletion and amortization | (51,791,897) | (49,714,944) | (39,743,147) |
Net capitalized costs | $ 33,376,075 | $ 34,169,402 | $ 37,014,661 |
Supplemental information on oil and gas producing activities (Details 1) - COP ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Exploration for and evaluation of mineral resources [Abstract] | ||||||||
Acquisition of Proved properties | [1] | $ 591,875 | $ 0 | $ 0 | ||||
Acquisition of unproved properties | [2] | 164,180 | 0 | 357,772 | ||||
Exploration costs | 1,095,588 | 852,097 | 1,012,264 | |||||
Development costs | 3,599,385 | 2,190,426 | 8,018,131 | |||||
Total costs incurred | $ 5,451,028 | $ 3,042,523 | $ 9,388,167 | |||||
|
Supplemental information on oil and gas producing activities (Details 2) - COP ($) $ in Millions |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||||||
Net revenues | ||||||||||||||
Sales | $ 29,823,565 | $ 21,322,662 | $ 26,039,708 | |||||||||||
Transfers | 7,518,216 | 7,734,195 | 5,692,902 | |||||||||||
Total | 37,341,781 | 29,056,857 | 31,732,610 | |||||||||||
Production cost | [1] | 6,535,794 | 5,785,950 | 6,006,563 | ||||||||||
Depreciation, depletion and amortization | [2] | 6,349,382 | 5,927,466 | 6,234,190 | ||||||||||
Other production costs | [3] | 14,066,593 | 12,370,540 | 14,457,836 | ||||||||||
Exploration expenses | [4] | 1,342,952 | 730,393 | 1,586,940 | ||||||||||
Other expenses | [5] | 882,743 | 1,684,590 | 6,364,414 | ||||||||||
Total | 29,177,464 | 26,498,939 | 34,649,943 | |||||||||||
Income before income tax | 8,164,317 | 2,557,918 | (2,917,333) | |||||||||||
Income tax expenses | (3,678,955) | (1,367,357) | (371,376) | |||||||||||
Results of operations for producing activities | $ 4,485,362 | $ 1,190,561 | $ (3,288,709) | |||||||||||
|
Supplemental information on oil and gas producing activities (Details 3) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017
gal
|
Dec. 31, 2016
gal
bbl
|
Dec. 31, 2015
gal
|
||||
Reserve Quantities Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Line Items] | ||||||
Opening balance | 1,598 | 1,849 | 2,084 | |||
Proved Reserves, Revisions of Previous Estimates | [1] | 175 | 54 | 25 | ||
Proved Reserves, Improved Recovery | 73 | 11 | 17 | |||
Proved Reserves, Purchases | 4 | 0 | 0 | |||
Proved Reserves, Extensions, Discoveries, and Additions | 43 | 27 | 24 | |||
Proved Reserves, Production | (234) | (235) | (251) | |||
Closing balance | 1,659 | 1,598 | 1,849 | |||
Proved developed reserves: Opening balance | 1,329 | 1,470 | 1,618 | |||
Proved developed reserves: Closing balance | 1,372 | 1,329 | 1,470 | |||
Proved undeveloped reserves: Opening balance | 269 | 379 | 466 | |||
Proved undeveloped reserves: Closing balance | 287 | 269 | 379 | |||
Gas [Member] | ||||||
Reserve Quantities Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Line Items] | ||||||
Opening balance | 3,218 | 3,479 | 3,529 | |||
Proved Reserves, Revisions of Previous Estimates | [1] | 294 | 23 | 225 | ||
Proved Reserves, Improved Recovery | 4 | 1 | 3 | |||
Proved Reserves, Purchases | 2 | 0 | 0 | |||
Proved Reserves, Extensions, Discoveries, and Additions | 0 | 25 | 0 | |||
Proved Reserves, Production | (264) | (264) | (278) | |||
Closing balance | 3,254 | 3,218 | 3,479 | |||
Proved developed reserves: Opening balance | 3,131 | 3,176 | 3,284 | |||
Proved developed reserves: Closing balance | 3,158 | 3,131 | 3,176 | |||
Proved undeveloped reserves: Opening balance | 87 | 303 | 245 | |||
Proved undeveloped reserves: Closing balance | 96 | 87 | 303 | |||
Oil [Member] | ||||||
Reserve Quantities Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Line Items] | ||||||
Opening balance | 1,033 | 1,239 | 1,465 | |||
Proved Reserves, Revisions of Previous Estimates | [1] | 124 | 50 | 64 | ||
Proved Reserves, Improved Recovery | 72 | 11 | 16 | |||
Proved Reserves, Purchases | 3 | 0 | 0 | |||
Proved Reserves, Extensions, Discoveries, and Additions | 44 | 22 | 24 | |||
Proved Reserves, Production | (188) | (189) | (202) | |||
Closing balance | 1,088 | 1,033 | 1,239 | |||
Proved developed reserves: Opening balance | 779 | 913 | 1,042 | |||
Proved developed reserves: Closing balance | 818 | 779 | 913 | |||
Proved undeveloped reserves: Opening balance | 254 | 326 | 423 | |||
Proved undeveloped reserves: Closing balance | 270 | 254 | 326 | |||
|
Supplemental information on oil and gas producing activities (Details 4) - COP ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Exploration for and evaluation of mineral resources [Abstract] | |||
Future cash inflows | $ 182,114,282 | $ 140,458,230 | $ 176,865,586 |
Future costs | |||
Production | (70,159,534) | (60,705,779) | (76,363,169) |
Development | (14,860,992) | (12,005,835) | (16,498,118) |
Income taxes | (23,660,328) | (15,400,000) | (30,052,830) |
Future net cash flow | 73,433,428 | 52,346,616 | 53,951,469 |
10% discount factor | (22,216,583) | (18,221,004) | (19,117,422) |
Standardized measure of discounted net cash flows | $ 51,216,845 | $ 34,125,612 | $ 34,834,047 |
Supplemental information on oil and gas producing activities (Details 5) - COP ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Exploration for and evaluation of mineral resources [Abstract] | |||
Net change in sales and transfer prices and in production cost (lifting) related to future production | $ 26,918,170 | $ 3,603,876 | $ (50,472,025) |
Changes in estimated future development costs | (1,978,913) | (4,767,340) | 592,529 |
Sales and transfer of oil and gas produced, net of production costs | (30,805,987) | (23,270,907) | (25,726,047) |
Net change due to extension discoveries | 284,374 | 154,352 | (93,190) |
Net change due to purchase and sales of minerals in place | 211,777 | (83,450) | 0 |
Net change due to revisions in quantity estimates | 9,090,882 | (2,570,103) | (985,217) |
Previously estimated development costs incurred during the period | 3,482,570 | 5,042,697 | 10,769,369 |
Accretion of discount | 4,416,512 | 5,423,781 | 11,321,221 |
Timing and other | 11,934,458 | 6,394,404 | (4,381,037) |
Net change in income taxes | (6,462,611) | 9,364,255 | 18,775,304 |
Aggregate change in the standardized measure of discounted future net cash flows for the year | $ 17,091,232 | $ (708,435) | $ (40,199,093) |
Supplemental information on oil and gas producing activities (Details Textual) - COP ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 11, 2017 |
Dec. 12, 2017 |
Dec. 10, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Exploration For And Evaluation Of Mineral Resources [Line Items] | ||||||
Natural and Environmental Properties, Including Asset Retirement Obligations | $ 598,125 | $ 766,909 | $ 580,575 | |||
Accretion expense related to the asset retirement obligations | 380,810 | 305,653 | 206,570 | |||
Depreciation, depletion and amortization related to asset retirement obligations | $ 179,601 | $ 188,370 | $ 294,849 | |||
Percentage of crude oil and gas production based on value | 20.10% | 17.70% | 17.90% | |||
Percentage of crude oil and gas production based on volume | 48.40% | 46.10% | 37.40% | |||
K2 oil field [Member] | MCX Exploration USA LLC [Member] | ||||||
Exploration For And Evaluation Of Mineral Resources [Line Items] | ||||||
Percentage of interest in product acquired | 11.60% | |||||
Proportion of ownership interest in associate | 20.80% | 9.20% |
Exhibit 1. Consolidated subsidiaries, associates and joint ventures (Details) - COP ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Equity | $ 48,215,699 | $ 43,560,501 | $ 43,100,963 | $ 48,534,228 | |||
Profit (loss) of the year | 7,969,394 | 3,247,480 | $ (6,288,979) | ||||
Total assets | 117,847,412 | 118,958,977 | |||||
Total liabilities | $ 69,631,713 | $ 75,398,476 | |||||
Ecopetrol Global Energy SLU [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Investment vehicle | ||||||
Country/Domicile | Spain | ||||||
Geographic area of operations | Spain | ||||||
Equity | $ 3,056,580 | ||||||
Profit (loss) of the year | 102,120 | ||||||
Total assets | 3,056,719 | ||||||
Total liabilities | $ 139 | ||||||
Ecopetrol Oleo e Gas do Brasil Ltda [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Real | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Exploration and exploitation of hydrocarbons | ||||||
Country/Domicile | Brazil | ||||||
Geographic area of operations | Brazil | ||||||
Equity | $ 36,385 | ||||||
Profit (loss) of the year | (54,591) | ||||||
Total assets | 50,933 | ||||||
Total liabilities | $ 14,548 | ||||||
Ecopetrol del Peru S.A. [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Exploration and exploitation of hydrocarbons | ||||||
Country/Domicile | Peru | ||||||
Geographic area of operations | Peru | ||||||
Equity | $ 48,969 | ||||||
Profit (loss) of the year | (2,271) | ||||||
Total assets | 51,792 | ||||||
Total liabilities | $ 2,823 | ||||||
Ecopetrol America Inc [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Exploration and exploitation of hydrocarbons | ||||||
Country/Domicile | United States | ||||||
Geographic area of operations | United States | ||||||
Equity | $ 2,964,718 | ||||||
Profit (loss) of the year | 163,529 | ||||||
Total assets | 3,368,997 | ||||||
Total liabilities | $ 404,279 | ||||||
Black Gold Re Ltd. [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Reinsurer of Ecopetrol and its subordinates | ||||||
Country/Domicile | Bermuda | ||||||
Geographic area of operations | Bermuda | ||||||
Equity | $ 607,199 | ||||||
Profit (loss) of the year | 28,135 | ||||||
Total assets | 729,125 | ||||||
Total liabilities | $ 121,926 | ||||||
Ecopetrol Germany Gmbh [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Exploration and exploitation of hydrocarbons | ||||||
Country/Domicile | Germany | ||||||
Geographic area of operations | Angola | ||||||
Equity | $ 2,345 | ||||||
Profit (loss) of the year | (118) | ||||||
Total assets | 2,773 | ||||||
Total liabilities | $ 428 | ||||||
Hocol petroleum limited [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Investment vehicle | ||||||
Country/Domicile | Bermuda | ||||||
Geographic area of operations | Bermuda | ||||||
Equity | $ 2,223,406 | ||||||
Profit (loss) of the year | (135,261) | ||||||
Total assets | 2,223,464 | ||||||
Total liabilities | $ 58 | ||||||
Hocol S.A [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Exploration, exploitation and production of hydrocarbons | ||||||
Country/Domicile | Cayman Islands | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 1,529,052 | ||||||
Profit (loss) of the year | (60,103) | ||||||
Total assets | 2,747,950 | ||||||
Total liabilities | $ 1,218,898 | ||||||
Refineria de Cartagena S.A [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | [1] | U.S. Dollar | |||||
Ownership interest Ecopetrol | [1] | 100.00% | |||||
Activity | [1] | Refining, commercialization and distribution of hydrocarbons | |||||
Country/Domicile | [1] | Colombia | |||||
Geographic area of operations | [1] | Colombia | |||||
Equity | [1] | $ 17,008,913 | |||||
Profit (loss) of the year | [1] | 39,195 | |||||
Total assets | [1] | 25,805,231 | |||||
Total liabilities | [1] | $ 8,796,318 | |||||
Propileno del Caribe Propilco S.A. [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Production and commercialization of polypropylene resin | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 1,414,530 | ||||||
Profit (loss) of the year | 225,175 | ||||||
Total assets | 1,927,883 | ||||||
Total liabilities | $ 513,353 | ||||||
COMAI - Compounding and Masterbatching Industry [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Manufacture of polypropylene compounds and masterbatches | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 141,580 | ||||||
Profit (loss) of the year | 114,241 | ||||||
Total assets | 202,879 | ||||||
Total liabilities | $ 61,299 | ||||||
Bioenergy S.A. [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 99.04% | ||||||
Activity | Production of biofuels | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 335,858 | ||||||
Profit (loss) of the year | (237,846) | ||||||
Total assets | 433,582 | ||||||
Total liabilities | $ 97,724 | ||||||
Bioenergy Zona Franca SAS [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 99.04% | ||||||
Activity | Production of biofuels | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 246,866 | ||||||
Profit (loss) of the year | (197,949) | ||||||
Total assets | 702,627 | ||||||
Total liabilities | $ 455,761 | ||||||
Amandine Holdings Corp. [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 99.04% | ||||||
Activity | On sale | ||||||
Country/Domicile | Panama | ||||||
Geographic area of operations | Panama | ||||||
Equity | $ 6,657 | ||||||
Profit (loss) of the year | 0 | ||||||
Total assets | 6,657 | ||||||
Total liabilities | $ 0 | ||||||
The Arces Group Corp. [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 99.04% | ||||||
Activity | On sale | ||||||
Country/Domicile | Panama | ||||||
Geographic area of operations | Panama | ||||||
Equity | $ 5,100 | ||||||
Profit (loss) of the year | 0 | ||||||
Total assets | 5,100 | ||||||
Total liabilities | $ 0 | ||||||
Cenit SAS [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Storage and transportation by hydrocarbon pipelines | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 13,801,943 | ||||||
Profit (loss) of the year | 3,014,820 | ||||||
Total assets | 15,243,690 | ||||||
Total liabilities | $ 1,441,747 | ||||||
Oleoducto Central SA - Ocensa [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 72.65% | ||||||
Activity | Transportation by crude oil pipelines | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 3,014,831 | ||||||
Profit (loss) of the year | 1,667,219 | ||||||
Total assets | 6,205,436 | ||||||
Total liabilities | $ 3,190,605 | ||||||
Oleoducto de los Llanos [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 65.00% | ||||||
Activity | Transportation by crude oil pipelines | ||||||
Country/Domicile | Panama | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 1,106,571 | ||||||
Profit (loss) of the year | 321,792 | ||||||
Total assets | 1,919,509 | ||||||
Total liabilities | $ 812,938 | ||||||
Oleoducto de Colombia SA - ODC [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 73.00% | ||||||
Activity | Transportation by crude oil pipelines | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 351,308 | ||||||
Profit (loss) of the year | 202,432 | ||||||
Total assets | 555,250 | ||||||
Total liabilities | $ 203,942 | ||||||
Bicentenario de Colombia SAS [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 55.97% | ||||||
Activity | Transportation activity by crude oil pipelines | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 1,069,490 | ||||||
Profit (loss) of the year | 385,500 | ||||||
Total assets | 3,205,369 | ||||||
Total liabilities | $ 2,135,879 | ||||||
Ecopetrol Capital AG [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Financing, liquidation of financing of group companies or any type of company | ||||||
Country/Domicile | Switzerland | ||||||
Geographic area of operations | Switzerland | ||||||
Equity | $ 1,240,473 | ||||||
Profit (loss) of the year | 145,970 | ||||||
Total assets | 5,806,746 | ||||||
Total liabilities | $ 4,566,273 | ||||||
Ecopetrol Global Capital SLU [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Euro | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Investment vehicle | ||||||
Country/Domicile | Spain | ||||||
Geographic area of operations | Spain | ||||||
Equity | $ 20 | ||||||
Profit (loss) of the year | (51) | ||||||
Total assets | 39 | ||||||
Total liabilities | $ 19 | ||||||
Esenttia Resinas del Peru [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Marketing polypropylene resins and masterbatches | ||||||
Country/Domicile | Peru | ||||||
Geographic area of operations | Peru | ||||||
Equity | $ 3,866 | ||||||
Profit (loss) of the year | (84) | ||||||
Total assets | 15,981 | ||||||
Total liabilities | $ 12,115 | ||||||
Ecopetrol Costa Afuera SAS [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | Colombian Peso | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Offshore Caribbean exploration | ||||||
Country/Domicile | Colombia | ||||||
Geographic area of operations | Colombia | ||||||
Equity | $ 15,671 | ||||||
Profit (loss) of the year | (69,242) | ||||||
Total assets | 139,192 | ||||||
Total liabilities | $ 123,521 | ||||||
ECP Hidrocarburos de Mexico SA de CV [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Offshore Caribbean exploration | ||||||
Country/Domicile | Mexico | ||||||
Geographic area of operations | Mexico | ||||||
Equity | $ 4,100 | ||||||
Profit (loss) of the year | (3,653) | ||||||
Total assets | 5,851 | ||||||
Total liabilities | $ 1,751 | ||||||
Andean Chemicals Ltd. [Member] | |||||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | |||||||
Functional currency | U.S. Dollar | ||||||
Ownership interest Ecopetrol | 100.00% | ||||||
Activity | Investment vehicle | ||||||
Country/Domicile | Bermuda | ||||||
Geographic area of operations | Bermuda | ||||||
Equity | $ 5,168,133 | ||||||
Profit (loss) of the year | (526,869) | ||||||
Total assets | 5,169,911 | ||||||
Total liabilities | $ 1,778 | ||||||
|
Exhibit 1. Consolidated subsidiaries, associates and joint ventures (Details 1) - COP ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Equity | $ 48,215,699 | $ 43,560,501 | $ 43,100,963 | $ 48,534,228 |
Profit (loss) of the year | 7,969,394 | 3,247,480 | (6,288,979) | |
Total assets | 117,847,412 | 118,958,977 | ||
Total liabilities | $ 69,631,713 | $ 75,398,476 | ||
Equion Energy Limited [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Ownership interest Ecopetrol, joint venture | 51.00% | 51.00% | ||
Equity | $ 1,336,811 | $ 1,530,858 | ||
Profit (loss) of the year | 253,708 | 279,515 | 14,820 | |
Total assets | 1,865,776 | 2,118,588 | ||
Total liabilities | $ 528,965 | $ 587,730 | ||
Equion Energy Limited [Member] | Joint ventures [member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Functional currency | U.S. Dollar | |||
Ownership interest Ecopetrol, joint venture | 51.00% | |||
Activity, joint venture | Exploration, exploitation and production of hydrocarbons | |||
Country/Domicile, joint venture | United Kingdom | |||
Geographic area of operations, joint venture | Colombia | |||
Equity | $ 1,336,811 | |||
Profit (loss) of the year | 253,709 | |||
Total assets | 1,865,776 | |||
Total liabilities | $ 528,965 | |||
Ecodiesel colombia S.A [Member] | Joint ventures [member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol, joint venture | 50.00% | |||
Activity, joint venture | Production, marketing and distribution of biofuels and oleo chemicals | |||
Country/Domicile, joint venture | Colombia | |||
Geographic area of operations, joint venture | Colombia | |||
Equity | $ 76,766 | |||
Profit (loss) of the year | 13,236 | |||
Total assets | 128,420 | |||
Total liabilities | $ 51,654 | |||
Offshore international group [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Ownership interest Ecopetrol, joint venture | 50.00% | 50.00% | ||
Equity | $ 1,007,754 | $ 1,192,980 | ||
Profit (loss) of the year | (178,280) | (248,037) | $ (237,564) | |
Total assets | 1,858,013 | 2,011,647 | ||
Total liabilities | $ 850,259 | $ 818,667 | ||
Offshore international group [Member] | Joint ventures [member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Functional currency | U.S. Dollar | |||
Ownership interest Ecopetrol, joint venture | 50.00% | |||
Activity, joint venture | Exploration, development, production and processing of hydrocarbons | |||
Country/Domicile, joint venture | United States | |||
Geographic area of operations, joint venture | Peru | |||
Equity | $ 1,007,754 | |||
Profit (loss) of the year | (178,280) | |||
Total assets | 1,858,013 | |||
Total liabilities | $ 850,259 | |||
Invercolsa S.A [Member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Ownership interest Ecopetrol, associate | 43.35% | |||
Invercolsa S.A [Member] | Associates [member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol, associate | 43.00% | |||
Activity, associate | Holding with investments in transport and distribution of natural gas and LPG | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Equity | $ 516,640 | |||
Profit (loss) of the year | 84,628 | |||
Total assets | 560,368 | |||
Total liabilities | $ 43,728 | |||
Serviport S.A [Member] | Associates [member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol, associate | 49.00% | |||
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 | |||
Equity | $ 20,212 | |||
Profit (loss) of the year | 2,031 | |||
Total assets | 70,966 | |||
Total liabilities | $ 50,754 | |||
Sociedad Portuaria Olefinas y Derivados S.A. [Member] | Associates [member] | ||||
Disclosure of consolidated subsidiaries, associates and joint ventures [Line Items] | ||||
Functional currency | Colombian Peso | |||
Ownership interest Ecopetrol, associate | 50.00% | |||
Activity, associate | Construction, use, maintenance and administration of port facilities, ports, private docks. | |||
Country/Domicile, associate | Colombia | |||
Geographic area of operations, associate | Colombia | |||
Equity | $ 2,847 | |||
Profit (loss) of the year | 178 | |||
Total assets | 3,189 | |||
Total liabilities | $ 342 |
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