6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of January, 2024

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)

COLOMBIA

(Jurisdiction of incorporation or organization)

Carrera 13 No. 36 – 24

BOGOTA D.C. – COLOMBIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes ☐ No ☒

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

Ecopetrol S.A. hereby designates this report on Form 6-K as being incorporated by reference into its registration statement on Form F-3, as filed with the SEC on May 28, 2021 (File No. 333-256623).

Exhibits

Exhibit 99.1 – Recent Developments and Ecopetrol S.A.’s Unaudited Interim Condensed Consolidated Financial Statements for the nine-month periods ended September 30, 2023 and 2022 and as of September 30, 2023.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Ecopetrol S.A.
	By:	/s/ Ana Milena López Rocha
		Name:	Ana Milena López Rocha
		Title:	Chief Financial Officer
Date: January 9, 2024

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RECENT DEVELOPMENTS

The following discussion of Ecopetrol S.A.’s (which we refer to as “Ecopetrol,” the “Company” or “we”) results of operations for the nine-month periods ended September 30, 2023 and 2022 should be read in conjunction with our annual report on Form 20-F for the fiscal year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (which we refer to as the “SEC”) on March 29, 2023 (which we refer to as the “2022 Form 20-F”) and, in particular, “Business Overview” and “Financial Review” in the 2022 Form 20-F, with our unaudited interim condensed consolidated financial statements for the nine-month periods ended September 30, 2023 and 2022 and as of September 30, 2023, included as Exhibit 99.1 to this Form 6-K (which we refer to as the “unaudited interim condensed consolidated financial statements”). We hereby designate this report on Form 6-K (which we refer to as this “Form 6-K”) as being incorporated by reference into our registration statement on Form F-3, as filed with the SEC on May 28, 2021 (File No. 333-256623).

Our consolidated financial statements for the years ended December 31, 2022, 2021 and 2020 included in the 2022 Form 20-F were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Our unaudited interim condensed consolidated financial statements for the nine-month periods ended September 30, 2023 and 2022 and as of September 30, 2023 were prepared in accordance with IAS 34 – “Interim Financial Reporting” as issued by the IASB.

Our consolidated financial statements were consolidated line by line and all transactions and balances among subsidiaries have been eliminated. These financial statements include the financial results of all subsidiary companies controlled, directly or indirectly, by Ecopetrol.

Ecopetrol also files financial information with the Colombian Superintendency of Finance (Superintendencia Financiera de Colombia or the “SFC” by its acronym in Spanish), which information is prepared in accordance with Colombian IFRS. Ecopetrol’s financial information under Colombian IFRS filed with the SFC is not directly comparable to its financial information presented under IFRS-IASB in this report on Form 6-K or its filings with the SEC.

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Overview

Our consolidated financial results for the first nine months of 2023 reflect the overall effect of an unfavorable crude oil price environment, characterized by lower Brent oil prices during this period as compared to the same period of 2022, as a result of global geopolitical challenges and inflationary pressures. As of the first nine months of 2023, crude oil prices averaged 82.06 US$/bl, a decrease of 20.27 US$/bl as compared to the average price for the first nine months of 2022. The impact of lower Brent oil prices was partially offset by various factors, including an increase in production, the second highest level of throughput in the history of the Cartagena Refinery, return to pre-pandemic volume levels of oil and derivates transported daily to 1,126.7 million barrels of oil equivaled per day (“mboed”). See “Ecopetrol’s results of operations for the nine-month period ended September 30, 2023 compared to the nine-month period ended September 30, 2022” below.

On the demand front, several factors, including persistent inflation in various regions of the world, the uncertainty of the conflicts between Russia and Ukraine, the rising interest rates in the developed world, and the delay in the recovery of the Chinese economy following the elimination of zero-covid policies, have all had an impact on the performance of the global economy, preventing it from achieving the recovery that was anticipated following the end of the pandemic. Nonetheless, at the end of the third quarter 2023, the oil demand remained robust and in line with expectations and surpassed the comparable period in 2022 by 1.9 million barrels per day (“mmbd”). The remarkable resilience of the global economy is the reason behind the strength of the global oil demand. According to the International Monetary Fund, the global economy would grow at 3% in 2023, 0.2% higher than it estimated in April (with the advanced economies growing at 1.5% while Emerging Market and Developing Economies are expected a 4% growth). The primary factors behind the upside are the strength of the US economy, the increased activity in the emerging world, particularly in India, and the beginning of the Chinese economy’s response to the policies implemented in the second half of the year to stimulate domestic consumption and mitigate its real estate crisis.

On the supply front, the Organization of Petroleum Exporting Countries (“OPEC”) and ten of the world’s major non-OPEC oil-exporting nations, including Russia (“OPEC+”), have not only been reducing their supply since May, primarily led by Saudi Arabia, but have also maintained a steadfast focus on their cut policies. By the end of the third quarter 2023, the supply of OPEP+ was 2.9 mmbd lower than the corresponding period in 2022. Such supply reduction partially offset the impact on crude prices of the escalating supply from non-OPEC countries (excluding Russia), which grew 1.6 mmbd during the same period, primarily driven by the US production (0.9 mmbd).

Under current Colombian regulations, depending on the price of fuels in the international markets, participants in the Colombian fuel market either contribute to or receive payments from the Fuel Price Stabilization Fund (“FEPC” for its Spanish acronym), a fund managed by the MHCP to attenuate, in the domestic market, the impact of fluctuations of fuel prices in international markets. As a result, the strengthening of the Brent price indicator has resulted in an increase in amounts due by the FEPC to Ecopetrol. See “Regulation Concerning Production and Prices—Fuel Price Stabilization Fund (FEPC)” in our 2022 Form 20-F. On March 30, 2023, the Annual Shareholders’ Meeting announced a dividend per share of COP$593. The dividend amount declared by the Company for the Government of Colombia (the “Government”) as majority shareholder was COP$21.6 trillion. This dividend would be offset against the 2022 FEPC receivables from the Government. As of September 30, 2023, the offsetting of these two accounts has been for COP$16.4 trillion, resulting in a 2022 FEPC account receivables balance for COP$8 trillion, and dividend payables for COP$5.2 trillion. Ecopetrol and the Government have entered into a settlement agreement in relation to the 2022 FEPC accounts receivable and dividend payments. The remaining balance for the 2022 FEPC accounts receivable, after offsetting the complete amount of dividends to be paid to the Government was paid by the Government in cash in December 2023. Such settlement has strengthened our financial and liquidity position as it provides us with more flexibility to pursue our investment plan for 2024 and going forward. As of September 30, 2023, the cumulative balance of the FEPC account receivable was COP$25.7 trillion (including COP$8 trillion for the FEPC accounts receivable), to be paid in cash or by offsetting against additional dividends.

On June 14, 2023, the Government announced an update to the Medium-Term Fiscal Framework (“MFMP”, by its acronym in Spanish), a document that establishes the macroeconomic and fiscal strategy for the country in the medium term, including an exhaustive analysis of the FEPC situation, given its important fiscal implications. In line with the MFMP update, the Government settled approximately COP$26.3 trillion with the FEPC corresponding to the fiscal year ended December 31, 2022 in 2023, and expects to transfer COP$17.8 trillion in 2024 as part of the settlement corresponding to the FEPC corresponding to the fiscal year ended December 31, 2023. Although we can offer no assurance, the MFMP update also anticipated a gradual convergence of domestic and international liquid fuel prices, and a structural reform to the fund that guarantees self-sustainability, which occurrence we believe could help reduce the impact of FEPC-related accounts receivable on our working capital.

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2040 Strategy: “Energy that Transforms.”

In 2022, the Ecopetrol Group began working to re-align its current segments to the business lines defined in the 2040 Strategy and its work in the field of energy transition. In that regard, for operational purposes, we began to realign our corporate operational divisions from: (i) Exploration and Production; (ii) Transportation and Logistics; (iii) Refining, Petrochemicals and Biofuels; (iv) Sales and Marketing, and (v) Electric Power Transmission and Toll Roads Concessions Exploration and Production, to the following: (i) Hydrocarbons, which includes the Exploration and Production, Transportation and Logistics, Refining and Petrochemicals, (ii) Low Emissions Solutions, which includes exploration, production and commercialization of gas, biogas, LPG, power, renewables, hydrogen, and Carbon Capture, Utilization and Storage (CCUS), and (iii) Energy Transmission and Toll Roads, while maintaining Sales and Marketing as a cross-sectional front. During our quarterly reports for 2023, we accompanied financial information under our traditional business lines with financial information adjusted to the new business lines. For purposes of this 6-K, we continue to present our operational information under our traditional business lines. We expect to reflect the new business lines at the operational and financial level in the 2024 annual report.

On September 11, 2023, Ecopetrol announced certain adjustments to its 2040 Strategy initially presented in February 2022. Such adjustments were approved by the Board of Directors of the Company and pertain to the following aspects of the strategy:

1. The new strategic focus of the Caribbean offshore lever is to maximize gas potential in the Colombian Caribbean offshore.

2. Unconventional hydrocarbon exploration activities will not be pursued in Colombia.

3. The previously defined strategic objective of “energy efficiency” has been replaced by optimization of the internal consumption of energy to 25 petajoules (PJ) for the period 2018-2030.

All other elements of the 2040 Strategy which were announced to the market in February 2022 remain unchanged. The long-term strategy reaffirms our commitment to a just and equitable energy transition, emphasizing portfolio diversification while preserving the integrity and value of our traditional business. Additionally, our focus remains on strict capital discipline to ensure profitable and sustainable growth in our business lines and the creation of value for all our stakeholders.

2024 Investment Plan

On November 30, 2023, Ecopetrol’s Board of Directors approved maintaining investment levels between 23 and 27 trillion Colombian pesos in 2024, in line with the commitment to energy security and the country's energy transition under the 2040 Strategy.

Investments in the oil exploration and production (equivalent to approximately 50% of the annual plan) and gas exploration and production (equivalent to approximately 12% of the annual plan) are expected to be allocated to reach organic production levels of 725,000 to 730,000 barrels of oil equivalent per day by 2024 (76% crude, 19% gas, and 5% white products) implementing improved recovery technologies to maximize existing resources and protect the production curve against natural field decline. In 2024, it is estimated that approximately 360 development wells may be drilled, with 74% of these in Colombia and 26% in the Permian Basin. Exploration efforts include an estimate of 15 wells, primarily in Northern Colombia and the Caribbean offshore.

Transportation investments, comprising 5% of the total 2024 investment plan, primarily focus on integrity and reliability projects developed by Cenit, Ocensa, Oleoducto de Colombia, and Oleoducto de los Llanos. The volumes transported are expected to exceed one million daily barrels, in line with the country's production expectations and refined product demand.

Refining investments, comprising 7% of the total estimated for 2024, continue to focus on ensuring the reliability, availability, and sustainability of operations at the Barrancabermeja and Cartagena refineries. The expected joint load of the refineries is between 420,000 and 430,000 barrels per day.

To advance a fair energy transition alongside the decarbonization of operations in the fossil fuel business, approximately 40% of the investment plan resources are expected to be allocated to unconventional renewable energy projects, natural gas, and transmission and infrastructure, among others. Gas investments in 2024 are estimated to be between 3.1 and 3.5 trillion Colombian pesos, with a focus on the Piedemonte Llanero and the Caribbean offshore to produce around 135 thousand barrels of oil equivalent per day (representing approximately 772 million cubic feet of natural gas), of which approximately 90% is produced in Colombia.

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Additionally, Interconexión Eléctrica S.A. (ISA) is expected to invest around 5.9 trillion Colombian pesos (equivalent to 23% of the annual plan), with 4.9 trillion Colombian pesos earmarked for the electric transmission business. The plan includes an expected expansion of the network by approximately 2,500 kilometers by 2026, maintaining the Company's leadership in energy transmission in the region.

In line with the goal of generating value with a focus on technology, environmental, social and governance (“TESG”) factors, it is estimated that around 3.7 trillion Colombian pesos is expected to be executed in this area in 2024. Approximately 36% of this amount focuses on climate change, alternative energy use, and air quality; 24% on comprehensive water management; and 15% on territorial development, with a social investment of around 550 billion Colombian pesos in 2024 dedicated to public and community infrastructure, access to public services, education, sports, health, inclusive rural development, and entrepreneurship.

This plan aims to leverage the reduction of approximately one million tons of CO2 equivalent emissions between 2024 and 2026, achieve energy optimization of 3.3 Peta Joules by 2026, and make progress in green hydrogen projects in refineries.

The financial plan for 2024 aims to secure competitive returns in a scenario of average Brent prices of US$ 75/Bl, generating a return on average capital employed in the 9% range, an EBITDA margin close to 38%. This proposal evidences the resilience of the Company and its subsidiaries (the “Ecopetrol Group”), through its ability to overcome inflationary pressures, impacts of the “El Niño” phenomenon and lower crude oil prices and refining margins. The Plan incorporates efficiency goals in operational management and investment projects. Finally, the financial and investment plan for 2024 includes the collection of accounts receivable from the FEPC accumulated in 2023. Transfers to the Nation, including dividends, payments to Agencia Nacional de Hidrocarburos (the “National Agency of Hydrocarbons” or “ANH”), and taxes, are expected to exceed 38 trillion Colombian pesos.

Other Recent Developments

On July 4, 2023, the National Electoral Council opened a proceeding for alleged irregularities in the financing and presentation of the income and expenditure report of Mr. Gustavo Petro’s 2022 presidential campaign, of which Mr. Ricardo Roa Barragán was the campaign manager.  According to public records, the National Electoral Council is in the process of gathering evidence.  On August 3, 2023, a Colombian citizen filed a petition before Colombia’s General Attorney’s Office (Fiscalía General de la Nación) to investigate alleged irregularities in Mr. Ricardo Roa Barragán’s role as Mr. Gustavo Petro’s 2022 presidential campaign manager.  On October 19, 2023, the General Attorney’s Office referred such petition to the Office of the Disciplinary Prosecutor (Procuraduría Delegada Disciplinaria de Instruccion 2: Segunda para Vigilancia Administrativa) for a disciplinary investigation. The Office of the Disciplinary Prosecutor initiated such disciplinary investigation on December 12, 2023. According to public records, the investigation is in the evidentiary phase and there is no additional information published by the Office of the Disciplinary Prosecutor. It is not expected that additional information will become available until the Office of the Disciplinary Prosecutor either issues a formal accusation and summons to public hearing, or decides the definitive dismissal of the proceeding.   In addition, according to public records, other proceedings have been initiated with judicial and administrative bodies, all of which relate to alleged irregularities in connection with Mr. Gustavo Petro’s 2022 presidential campaign, and are currently in the initial phase. There is no assurance on what the outcome of those proceedings could be or on whether any of them could result in a material adverse impact on us or the value of our securities.

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Ecopetrol’s results of operations for the nine-month period ended September 30, 2023 compared to the nine-month period ended September 30, 2022.

The following table sets forth the components of Ecopetrol’s unaudited interim condensed consolidated income statement for the nine-month periods ended September 30, 2023 and 2022.

	For the nine-month period
	ended September 30,
	2023	2022	% Change
	(unaudited)
	(in millions of Colombian pesos)
Revenues	108,391,346	119,898,794	(9.6)%
Cost of sales	(64,871,173)	(65,458,241)	(0.9)%
Gross profit	43,520,173	54,440,553	(20.1)%
Operation and project, administration and other operating expenses	(7,366,549)	(5,980,821)	23.2
Impairment of non-current assets	(11,125)	(5,516)	101.7%
Operating income	36,142,499	48,454,216	(25.4)%
Financial results	(4,179,526)	(5,366,006)	(22.1)%
Share of profit of associates and joint ventures	606,332	656,680	(7.7)%
Profit before income tax	32,569,305	43,744,890	(25.5)%
Income tax	(11,476,872)	(16,214,065)	(29.2)%
Net profit for the period	21,092,433	27,530,825	(23.4)%
Net profit attributable to:
Owners of parent	17,637,678	24,770,909	(28.8)%
Non-controlling interest	3,454,755	2,759,916	25.2 %
Net profit for the period	21,092,433	27,530,825	(23.4)%

Total Revenues

The following table sets forth our foreign and local sales of crude oil, natural gas, refined and petrochemical products, services associated with the transportation of hydrocarbons and energy transmission and toll roads, for the nine-month periods ended September 30, 2023, and 2022.

	For the nine-month period ended
	September 30,
	2023	2022	% Change
Crude oil:	(Unaudited)
Local sales (mbod)	1.6	2.2	(27.3)%
Foreign sales (mbod)	426.2	409.7	4.0%
Average price per local barrel (USD/bl)	65.7	89.0	(26.2)%
Average price per export barrel (USD/bl)	71.7	95.5	(24.9)%
Natural gas:
Local sales (mboed)	91.1	97.8	(6.9)%
Foreign sales (mboed)	9.1	5.1	78.4%
Average local price (USD/bl)	31.0	27.3	13.6%
Average export price (USD/bl)	6.8	32.5	(79.1)%
Refined products (including petrochemicals and industrial products):
Local sales (mboed)	358.4	363.1	(1.3)%
Foreign sales (mboed)	112.2	85.2	31.7 %
Average local price per barrel (USD/bl)	106.9	129.2	(17.3)%
Average export price per barrel (USD/bl)	65.2	90.0	(27.6)%
Services Revenues with third parties: (in millions of Colombian pesos):
Electric Power Transmission and Toll Roads Concessions	10,609,111	9,578,562	10.8%
Transportation	2,221,686	1,995,275	11.3%

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In the nine-month period ended September 30, 2023, total revenues decreased by 9.6%, or COP$11,507,448 million, as compared to the same period in 2022, as a result of:

● A COP$23,331,633 million decrease in revenues mainly due to a 20.9%, or US$21.03 per barrel, decrease in the average prices of our crude oil basket, natural gas and refining products.

● A COP$6,455,497 million increase in revenues, resulting from the depreciation of the Colombian peso against the U.S. dollar from an average exchange rate of COP$4,069.33/US$1.00 for the nine-month period ended September 30, 2022, to an average exchange rate COP$4,410.95/US$1.00 for the same period in 2023.

● A COP$3,992,973 million increase in revenues attributable to a 3.7% increase in sales volume, or 9.7 mboed, primarily as a result of the combined net effect of:

- Higher volumes sold of crude oil by 4.4 mboed, or COP$1,709,598 million, primarily attributable to: (i) higher sales volume due to increased deliveries to customers, (ii) increased production of crude oil and (iii) higher trading operations.

- Higher volumes sold of refined products and petrochemicals by 4.7 mboed, or COP$2,121,494 million, due to increased sales of diesel and gasoline, primarily due to better operating performance at the Cartagena Refinery by the Interconexión plantas de crudo de la Refinería de Cartagena (“IPCC”) project.

- Lower volumes sold of gas by 0.7 mboed or COP$59,656 million, primarily due to lower demand from the non-regulated sector (industrial) and thermal generation.

- Higher volumes sold of liquefied petroleum gases (“LPG”) by 1.4 mboed or COP$221,538 million, primarily due to higher production in 2023.

● A COP$1,375,715 million increase in revenues from other services, due to increased demand of energy transmission and toll road services.

Costs of Sales and Expenses

The following table sets forth the components of our cost of sales, operating expenses and operating income for the nine-month periods ended September 30, 2023, and 2022.

	For the nine-month period ended
	September 30,
	2023	2022	% Change
	(unaudited)
	(in millions of Colombian pesos)
Fixed cost of sales	17,317,578	15,082,393	14.8%
Variable cost of sales	47,553,595	50,375,848	(5.6)%
Total cost of sales	64,871,173	65,458,241	(0.9)%
Operation and project, administration and other operating expenses	7,366,549	5,980,821	23.2%
Impairment of non-current assets	11,125	5,516	101.7%
Operating income	72,248,847	71,444,578	1.1%

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Cost of sales

Our total cost of sales is comprised of a fixed portion and a variable portion.

Our fixed cost of sales includes, among other items, contracted services, labor costs, maintenance, taxes and depreciation. Our fixed cost of sales increased by 14.8%, or COP$2,235,185 million, in the nine-month period ended September 30, 2023, as compared to the same period in 2022, due to the combined net effect of:

● A COP$1,324,382 million increase in maintenance costs, supplies, contracted services, and others, primarily as a result of (i) the increased execution of operational activities and production, and (ii) price increases for supplies as a consequence of inflationary effects on costs.

● A COP$411,143 million increase in depreciation and amortization mainly due to: (i) increased levels of capital expenditures, (ii) increased crude oil production in the Permian basin and Ecopetrol S.A., and (iii) the  effect of the depreciation of the average exchange rate of the Colombian peso against the U.S. dollar on the appreciation registered by Ecopetrol S.A.’s subsidiaries that use the U.S. dollar as functional currency. This was partially offset by higher reserve levels, which translates into lower depreciation.

● A COP$499,660 million increase in labor costs mainly due to salary increases compared to the previous year.

Our variable cost of sales includes, among other items, purchases of hydrocarbons from ANH, purchases of crude oil from business partners, imported products, hydrocarbon transportation services, depletion of fields and inventories. Our variable cost of sales decreased by 5.6% (COP$2,822,253 million) in the nine-month period ended September 30, 2023, as compared to the same period in 2022, primarily as a result of a COP$6,694,357 million decrease in the purchase costs of crude oil, gas and refined products, mainly due to a COP$10,514,983 million decrease primarily due to lower average purchase prices of crude and derivates in line with the decrease in international benchmark prices during the nine-month period ended September 30, 2023.

The decrease in variable cost of sales was partially offset by:

● A COP$1,701,460 million increase due to the fluctuation in inventories mainly due to a lower valuation given the decrease on the benchmark prices of crude oil and products purchased in 2023 as compared to 2022.

● A COP$1,285,040 million increase in other operative costs manly due to: (i) higher electric energy cost, primarily due to the increased execution of operational activities and higher energy rates consistent with the domestic market conditions, (ii) an increase in costs of materials mainly due to an increase in operating activities in Barranca Refinery and the IPCC project, and (iii)  an increase in other operational costs including higher contract tariffs as a consequence of the inflationary effect on cost.

● A COP$885,604 million increase in depreciation and amortization, mainly due to: (i) increased levels of capital expenditures, (ii) increased crude oil production in the Permian basin and Ecopetrol S.A. This was partially offset by higher reserve levels, which translates into lower depreciation.

Operation and project, administration and other operating expenses

In the nine-month period ended September 30, 2023, as compared to the same period in 2022, our operation and project, administration and other operating expenses increased by 23.3% (COP$1,385,728 million), mainly due to:

● A COP$665,749 million increase in exploration expenses, mainly due to a write-off of exploratory assets, mainly Cusiana Subthrust, Cupiagua XD, Cusiana Deep, and the La Luna unconventional reservoir.

● A COP$335,976 million increase in commissions, fees, freights and services mainly related to the increase in sales made under the “Delivery At Place” (“DAP”) incoterm rules in the first nine months of 2023 as compared to the same period in 2022.

● A COP$221,402 million increase in labor costs mainly due to an increase in salaries due to inflation.

● A COP$162,601 million increase in other minor items.

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Impairment of non-current assets

In the nine-month periods ended September 30, 2023, and 2022 we did not recognize significant impairment expenses or reversals, as there were no trigger events that required the recognition of additional impairments to those recorded at the end of 2022 and 2021.

Financial results

The following table sets forth our financial results for the nine-month periods ended September 30, 2023 and 2022.

	For the nine-month period ended
	September 30,
	2023	2022	% Change
	(unaudited)
	(in millions of Colombian pesos)
Foreign exchange (loss) gain	1,806,158	(377,527)	(578.4%)
Interest expense related to loans and borrowings	(5,151,076)	(3,886,375)	32.5%
Financial cost from other liabilities (1)	(1,657,833)	(1,559,080)	6.3%
Other finance income (2)	823,225	456,976	80.1%
Financial results	(4,179,526)	(5,366,006)	(22.1%)

(1) Includes the financial expenses related to updating abandonment costs liabilities, and the interest cost, net of post-employment benefits and other long-term employee benefits.

(2) Includes financial cost from other liabilities for the nine-month periods ending on September 30, 2022 and 2023.

Our financial results (expense) decreased by COP$1,186,480 million, primarily as a result of a COP$2,183,685 million decrease due to foreign exchange gains as a result of the appreciation of the Colombian peso against the U.S. dollar. The decrease was partially offset by:

● A COP$1,264,701 million increase in interest expense mainly due to an increase in debt and higher interest rates

● A COP$267,496 million increase in other minor items.

Profit before income taxes

Profit before income taxes decreased by 25.5% in the nine-month period ended September 30, 2023, as compared to the same period in 2022, as a result of the above-mentioned factors.

Income tax

The effective income tax rate for the nine-month period ended September 30, 2023 was 35.2%, as compared to 37.1% for the same period in 2022.

The 1.9% decrease in the effective tax rate during the indicated period is mainly due to: (i) better results by subsidiaries of Ecopetrol whose nominal income tax rate is less than 35% and (ii) the effects of the exchange rate movements on Colombian companies such as Refinería de Cartagena and Ocensa, which use the U.S. dollar as their functional currency; among others.

Net profit attributable to equity holders of Ecopetrol

As a result of the foregoing, net profit attributable to the owners of Ecopetrol decreased by 28.8% (COP$7,133,231 million) in the nine-month period ended September 30, 2023, as compared to the same period in 2022.

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Liquidity and Capital Resources

Liquidity

Our principal sources of liquidity in the nine-month period ended September 30, 2023 were: (i) net cash provided by operating activities  in an amount of COP$9,398,851 million, (ii) cash obtained by the entering into new financing arrangements for an amount of COP$28,862,692 million,  (iii) interest  received from investment activities in an amount of COP$1,378,145 million and (iv)  cash received from the sale of other financial assets in an amount of COP$1,003,102 million.

Our principal uses of liquidity in the nine-month period ended September 30, 2023 were: (i) COP$22,924,742 million for interest and principal payments on our debt; (ii) COP$16,866,480 million for investments on natural and environmental resources and reserves, and additions to our property, plant and equipment and intangibles, and (iii) dividend payments in cash amounting to COP$3,859,661 million.

For 2023, on a consolidated basis, we expect our major cash needs to include planned capital expenditures ranging between US$6.1 billion and US$6.3 billion.

Use of Funds

Capital Expenditures

We plan to meet our budgeted organic capital expenditures for 2024 mainly through cash from internal cash generation.

Cash provided by operating activities

Net cash provided by operating activities decreased by 62% or COP$15,476,486 million in the nine-month period ended September 30, 2023, as compared to the same period in 2022, mainly as a result of (i) a less favorable crude oil price environment and negotiation of crude oil and product spreads, and (ii) increase in account receivable due from FEPC.

Cash used in investing activities

For the nine-month period ended September 30, 2023, net cash used in investing activities increased by 22% or COP$2,401,309 million as compared to the same period in 2022. This increase is mainly the result of an increase in our capital expenditures in projects in Colombia, United States and Peru. The main investments in Colombia were carried out by Rubiales, Caño Sur, Castilla, Chichimene and Floreña fields and in the Barrancabermeja Refinery. In the United States, the main investments were carried out by Permian in Delaware/Midland, and, in Peru, the main investments corresponded to the energy transmission business of Interconexión Eléctrica S.A. (“ISA”). This increase was partially offset by a COP$1,375,234 million increase in cash provided by investing activities as a result of (i) COP$610,003 million in proceeds from the sales of financial assets, and (ii) COP$765,231 million received as interest from our investments.

Cash provided by financing activities

For the nine-month period ended September 30, 2023, net cash provided by financial activities was COP$1,673,331 million compared to net cash used in financing activities of COP$16,318,312 million for the same period in 2022, which represents an increase in cash provided of COP$17,991,643 million, mainly due to (i) COP$18,404,132 million increase related to new loans and financing. This increase in cash provided by financing activities was partially offset by (i) COP$7,661,342 million increase in principal and interest payments on our debt and (ii) COP$7,327,290 million increase in the payment of dividends.

Dividends

On March 30, 2023, the Ordinary Shareholders’ Meeting approved the plan for distribution of Ecopetrol S.A.’s profits for the 2022 fiscal year, which included the distribution of dividends for an aggregate amount of COP$24,382,200 million, which comprised an ordinary dividend per share of COP$487 and an extraordinary dividend per share of COP$106, for a total dividend of COP$593 per share. Dividends to minority shareholders were paid in three equal installments; two of which took place on April 27, 2023, and September 28, 2023. The final dividend payment was made on December 21, 2023. Dividends to the controlling shareholder were offset

12

against the balance of the account receivable from the majority shareholder, in relation to the Fuel Price Stabilization Fund (FEPC) for the second, third and a portion of the fourth quarter of 2022.

During the nine-month period ended September 30, 2023, a total amount of COP$1,829,695 million in cash dividends has been paid to our shareholders, a total amount of COP$16,415,907 million due to the Government as dividends have been offset against the FEPC accounts receivable due to Ecopetrol by the Colombian Government and a total amount of COP $2,029,951 million has been paid by subsidiaries to non-controlling shareholders.

Other developments

Arbitration award issued in favor of Reficar S.A.S.

On June 7, 2023, Refinería de Cartagena S.A.S. (Reficar) was notified of the international arbitration tribunal's decision that resolved the claim filed by the Company against Chicago Bridge & Iron Company N.V., CB&I UK Limited and CBI Colombiana S.A. (hereinafter "CB&I") before the International Chamber of Commerce in relation to the engineering, procurement, and construction agreement (EPC agreement) for the expansion and modernization of the Refinería de Cartagena. The arbitration tribunal ordered CB&I to pay approximately USD 1,0 billion plus interest to Refinería de Cartagena. The arbitration tribunal also dismissed CB&I's claims for approximately USD 400 million. On June 8, 2023, Chicago Bridge & Iron Company N.V. and CB&I UK Limited submitted a request for the award to be declared null.

On August 4, 2023, Refinería de Cartagena submitted a response to the request for nullity and, in turn, requested its confirmation. The tribunal's decision is binding for the parties and, as part of the legal process, it must be confirmed by the Southern District Court of New York.

On September 8, 2023, McDermott International, parent and controlling company of CB&I, publicly announced that it would initiate financial restructuring proceedings for its subsidiaries in the United Kingdom and the Netherlands, CB&I UK Limited and Chicago Bridge & Iron Company N.V. respectively, as a result of the ruling issued by an international arbitration tribunal of the International Chamber of Commerce against it and in favor of Refinería de Cartagena. Refinería de Cartagena S.A.S., on the advice of a global team of lawyers and experts in the field, took an active part in the corporate reorganization processes in those countries in order to defend its interest.

Subsequent events

None, other than the subsequent events described above, and in note 32 to our unaudited interim condensed consolidated financial statements included in this Form 6-K.

13

FORWARD-LOOKING STATEMENTS

This current report on Form 6-K contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not based on historical facts and reflect our expectations for future events and results. Most facts are uncertain because of their nature. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “should,” “plan,” “potential,” “predicts,” “prognosticate,” “project,” “target,” “reach,” “seek,” “contemplate”, “achieve” and “intend,” among other similar expressions, are understood as forward-looking statements. These factors may include the following:

● changes in international crude oil and gas prices;

● our exploration and production activities, including drilling;

● import and export activities;

● our liquidity, cash flow and sources of funding;

● the results of our electric power transmission and toll roads activities through ISA;

● our projected and targeted capital expenditures and other cost commitments and revenues;

● dates by which certain areas will be developed or will come onstream; and

● future growth and development of the energy industry.

Our forward-looking statements are not guarantees of future performance and are subject to assumptions that may prove incorrect and to risks and uncertainties that are difficult to predict. Actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of factors. These factors may include, but are not limited to, the following:

● general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates;

● competition;

● our ability to obtain financing;

● our ability to find, acquire or gain access to additional reserves and our ability to develop existing reserves;

● uncertainties inherent in making estimates of our reserves;

● the modification, adjustment or reduction of the tariffs, rates or fees charged by the electricity transmission businesses in the countries where they operate;

● significant political, economic and social developments in Colombia and other countries where we do business;

● natural disasters, pandemics and other public health events;

● the Russian invasion of Ukraine and the Israeli - Palestinian conflict;

● other military operations, terrorist acts, wars or embargoes;

● regulatory developments, including regulations related to climate change;

● receipt of government approvals and licenses;

14

● technical difficulties; and

● other factors described in our press releases and filings with the SEC, including our 2022 Form 20-F.

All forward-looking statements attributed to us are qualified in their entirety by this cautionary statement. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this current report on Form 6-K.

15

EX-99.1

Exhibit 99.1

ECOPETROL S.A.

Unaudited interim condensed consolidated
financial statements

September 30, 2023

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Index

Interim condensed consolidated statement of financial position		4
Interim condensed consolidated statement of profit or loss		5
Interim condensed consolidated statement of comprehensive income		6
Interim condensed consolidated statement of changes in equity		7
Interim condensed consolidated statement of cash flows		8
1.	Reporting entity	9
2.	Basis of presentation	9
3.	Significant accounting judgments and estimates	10
4.	Accounting policies	10
5.	New standards	10
6.	Cash and cash equivalents	12
7.	Trade and other receivables	13
8.	Inventories	14
9.	Other financial assets	14
10.	Taxes	15
11.	Other assets	16
12.	Investments in associates and joint ventures	17
13.	Property, plant, and equipment	18
14.	Natural and environmental resources	19
15.	Right-of-use assets	20
16.	Intangible assets	20
17.	Impairment of non-current assets	21

2

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

18.	Goodwill	21
19.	Loans and borrowings	21
20.	Trade and other payables	23
21.	Provisions for employees’ benefits	24
22.	Accrued liabilities and provisions	24
23.	Equity	27
24.	Revenue from contracts with customers	29
25.	Cost of sales	30
26.	Administrative, operation and project expenses	31
27.	Other operating (expense) income	31
28.	Financial results	32
29.	Risk management	32
30.	Related parties	37
31.	Segments information	39
32.	Relevant events (unaudited)	43
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)		44
Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P.		48

3

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of financial position

		September 30,	December 31,
	Note	2023	2022
		(Unaudited)
Current Assets
Cash and cash equivalents	6	12,070,744	15,401,058
Trade and other receivables	7	37,580,673	39,224,999
Inventories	8	11,356,473	11,880,034
Other financial assets	9	1,752,234	1,162,127
Tax assets		7,974,934	6,784,392
Other assets	11	3,169,764	2,778,480
		73,904,822	77,231,090
Assets held for sale		29,519	45,755
Total current assets		73,934,341	77,276,845
Non–current assets
Trade and other receivables	7	30,056,323	32,155,205
Other financial assets	9	391,281	1,563,744
Investments in associates and joint ventures	12	8,685,038	9,496,600
Property, plant, and equipment	13	95,437,342	100,997,498
Natural and environmental resources	14	43,985,932	42,323,610
Right-of-use-assets	15	589,081	627,813
Intangibles	16	15,560,161	18,146,605
Tax assets		7,552,601	13,401,050
Goodwill	18	4,964,720	5,350,114
Other assets	11	1,620,593	1,453,347
Total non–current assets		208,843,072	225,515,586
Total assets		282,777,413	302,792,431
Liabilities
Current liabilities
Loans and borrowings	19	17,616,493	22,198,583
Trade and other payables	20	23,766,756	19,937,704
Provisions for employee benefits	21	2,822,786	2,753,697
Tax liabilities		2,984,097	7,630,901
Accrued liabilities and provisions	22	1,043,342	1,533,136
Other liabilities		2,163,122	2,728,317
Total current liabilities		50,396,596	56,782,338
Non–current liabilities
Loans and borrowings	19	92,112,183	92,936,256
Trade and other payables	20	47,047	57,056
Provisions for employee benefits	21	9,498,368	10,211,542
Tax liabilities		14,099,000	15,275,644
Accrued liabilities and provisions	22	11,532,712	11,223,358
Other liabilities		3,166,872	2,403,148
Total non–current liabilities		130,456,182	132,107,004
Total liabilities		180,852,778	188,889,342
Equity
Subscribed and paid in capital	23.1	25,040,067	25,040,067
Additional paid-in capital	23.2	6,607,699	6,607,699
Reserves	23.3	17,922,725	8,898,633
Other comprehensive income	23.5	12,612,959	15,796,719
Retained earnings		14,043,195	29,811,809
Equity attributable to the Company’s shareholders		76,226,645	86,154,927
Non–controlling interest		25,697,990	27,748,162
Total equity		101,924,635	113,903,089
Total liabilities and equity		282,777,413	302,792,431

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

4

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos, except for the earnings per share, expressed in Colombian pesos)

Interim condensed consolidated statement of profit or loss

		Nine-month period ended
		September 30,
	Note	2023	2022
		(Unaudited)
Revenue from contracts with customers	24	108,391,346	119,898,794
Cost of sales	25	(64,871,173)	(65,458,241)
Gross profit		43,520,173	54,440,553
Administration expenses	26	(3,360,989)	(2,844,627)
Operation and project expenses	26	(3,915,872)	(2,833,523)
Impairment of non-current assets	17	(11,125)	(5,516)
Other operating expenses	27	(89,688)	(302,671)
Operating income		36,142,499	48,454,216
Financial results	28
Financial income		1,784,771	887,398
Financial expenses		(7,770,455)	(5,875,877)
Foreign exchange gain (loss)		1,806,158	(377,527)
		(4,179,526)	(5,366,006)
Share of profits of associates and joint ventures	12	606,332	656,680
Profit before income tax expense		32,569,305	43,744,890
Income tax expense	10	(11,476,872)	(16,214,065)
Net profit for the period		21,092,433	27,530,825
Net profit attributable to:
Owners of parent		17,637,678	24,770,909
Non–controlling interest		3,454,755	2,759,916
		21,092,433	27,530,825
Basic and diluted earnings per share (Colombian pesos)		429.0	602.5

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

5

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of comprehensive income

		Nine-month period ended
		September 30,
	Note	2023	2022
		(Unaudited)
Net profit for the period		21,092,433	27,530,825
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss (net of tax):
Unrealized gain (loss) on hedges:
Cash flow hedge for future exports		2,278,515	(1,594,964)
Hedge of a net investment in a foreign operation		4,360,142	(3,643,730)
Cash flow hedge with derivative instruments		125,505	41,885
Financial instruments measured at fair value		(1,704)	(1,478)
Foreign currency translation		(13,751,843)	10,991,556
		(6,989,385)	5,793,269
Items that will not be reclassified subsequently to profit or loss (net of tax):
Actuarial (loss) gain		642,747	(1,040,172)
		642,747	(1,040,172)
Other comprehensive income, net of tax		(6,346,638)	4,753,097
Total comprehensive income, net of tax		14,745,795	32,283,922
Comprehensive income attributable to:
Owners of the parent		14,453,919	26,947,470
Non–controlling interest		291,876	5,336,452
		14,745,795	32,283,922

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

6

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of changes in equity

							Equity
		Subscribed	Additional		Other		attributable to	Non–
		and paid–in	paid–in		comprehensive	Retained	Company’s	controlling	Total
	Note	capital	capital	Reserves	income	earnings	shareholders	interest	Equity
Balance as of December 31, 2022		25,040,067	6,607,699	8,898,633	15,796,719	29,811,809	86,154,927	27,748,162	113,903,089
Net profit		—	—	—	—	17,637,678	17,637,678	3,454,755	21,092,433
Release of reserves	23.3	—	—	(2,491,377)	—	2,491,377	—	—	—
Dividends declared	23.4	—	—	—	—	(24,382,200)	(24,382,200)	(2,317,979)	(26,700,179)
Capital restitution		—	—	—	—	—	—	(24,070)	(24,070)
Appropriation of reserves
Legal	23.3	—	—	3,340,629	—	(3,340,629)	—	—	—
Fiscal and statutory	23.3	—	—	509,082	—	(509,082)	—	—	—
Occasional	23.3	—	—	7,665,758	—	(7,665,758)	—	—	—
Gain (loss) on hedging instruments:
Cash flow hedge for future exports		—	—	—	2,279,981	—	2,279,981	(1,466)	2,278,515
Hedge of a net investment in a foreign operation		—	—	—	4,238,853	—	4,238,853	121,289	4,360,142
Cash flow hedge with derivative instruments		—	—	—	96,137	—	96,137	29,368	125,505
Financial instruments measured at fair value		—	—	—	(1,704)	—	(1,704)	—	(1,704)
Foreign currency translation		—	—	—	(10,448,473)	—	(10,448,473)	(3,303,370)	(13,751,843)
Actuarial gains (loss)		—	—	—	651,446	—	651,446	(8,699)	642,747
Balance as of September 30, 2023 (Unaudited)		25,040,067	6,607,699	17,922,725	12,612,959	14,043,195	76,226,645	25,697,990	101,924,635
Balance as of January 1, 2022		25,040,067	6,607,699	10,624,229	11,357,894	14,859,658	68,489,547	22,094,225	90,583,772
Adoption of new standards		—	—	—	—	42,054	42,054	—	42,054
Balance as of January 1, 2022, after adoption (Unaudited)		25,040,067	6,607,699	10,624,229	11,357,894	14,901,712	68,531,601	22,094,225	90,625,826
Net profit		—	—	—	—	24,770,909	24,770,909	2,759,916	27,530,825
Release of reserves	23.3	—	—	(5,886,441)	—	5,886,441	—	—	—
Dividends declared	23.4	—	—	(6,907,605)	—	(11,512,675)	(18,420,280)	(1,476,010)	(19,896,290)
Business combination		—	—	—	—	—	—	(238,839)	(238,839)
Restitution of capital and reserves		—	—	—	—	—	—	(84,822)	(84,822)
Appropriation of reserves
Legal		—	—	1,669,468	—	(1,669,468)	—	—	—
Fiscal and statutory		—	—	509,082	—	(509,082)	—	—	—
Occasional		—	—	8,889,900	—	(8,889,900)	—	—	—
(Loss) gains on hedging instruments:
Cash flow hedge for future exports		—	—	—	(1,594,964)	—	(1,594,964)	—	(1,594,964)
Hedge of a net investment in a foreign operation		—	—	—	(3,555,396)	—	(3,555,396)	(88,334)	(3,643,730)
Cash flow hedge with derivative instruments		—	—	—	40,815	—	40,815	1,070	41,885
Financial instruments measured at fair value		—	—	—	(1,409)	—	(1,409)	(69)	(1,478)
Foreign currency translation		—	—	—	8,325,557	—	8,325,557	2,665,999	10,991,556
Actuarial loss		—	—	—	(1,038,042)	—	(1,038,042)	(2,130)	(1,040,172)
Balance as of September 30, 2022 (Unaudited)		25,040,067	6,607,699	8,898,633	13,534,455	22,977,937	77,058,791	25,631,006	102,689,797

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

7

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of cash flows

		Nine-month period ended
		September 30,
	Note	2023	2022
		(Unaudited)
Cash flows provided by operating activities:
Net profit for the period		21,092,433	27,530,825
Adjustments to reconcile net income to net cash provided by operating activities:
Income taxes	10	11,476,872	16,214,065
Depreciation, depletion, and amortization	13-14-15-16	10,063,244	8,756,826
Foreign exchange (gain) loss	28	(1,806,158)	377,527
Finance cost of loans and borrowings	28	5,151,076	3,886,375
Finance cost of post–employment benefits and abandonment costs	28	1,657,833	1,559,080
Disposal of exploratory assets and dry wells	14	975,965	436,980
(Gain) loss on sale or disposal of non-current assets		(255,104)	299,059
Impairment of non-current assets	17	11,125	5,516
Impairment of current assets	27	59,468	46,434
Gain on fair value of financial assets		(165,399)	(179,547)
Gain on hedging transactions with derivatives		2,248	32,037
Share of profit of associates and joint ventures	12	(606,332)	(656,680)
Loss (gain) on disposal of assets held for sale		13,792	(266,339)
Loss (gain) on hedge ineffectiveness	29.3	18,998	(949)
Realized loss on foreign exchange cash flow hedges	24	480,232	576,875
Provision expenses	22	402,512	346,988
Net change in operational assets and liabilities:
Trade and other receivables		(20,338,325)	(21,799,875)
Inventories		(89,044)	(1,883,511)
Trade and other payables		(1,237,154)	(526,781)
Tax assets and liabilities		(6,713,428)	(1,675,196)
Provisions for employee benefits		(394,202)	(244,825)
Provisions and contingencies		(881,130)	(563,492)
Other assets and liabilities		53,076	(389,978)
		18,972,598	31,881,414
Income tax paid		(9,573,747)	(7,006,077)
Net cash provided by operating activities		9,398,851	24,875,337
Cash flow from investing activities:
Investment in joint ventures		—	(209,658)
Investment in property, plant, and equipment	13	(6,091,965)	(5,259,905)
Investment in natural and environmental resources	14	(10,298,102)	(7,472,555)
Acquisitions of intangibles	16	(476,413)	(701,997)
Proceeds from the sale of other financial assets		1,003,102	393,099
Interests received	28	1,378,145	612,914
Dividends received		276,362	1,179,338
Proceeds from sales of non-current assets		751,171	402,373
Net cash used in investment activities		(13,457,700)	(11,056,391)
Cash flow provided (used) in financing activities:
Proceeds obtained from loans and borrowings	19.1	28,862,692	10,458,560
Payments of loans and borrowings	19.1	(18,196,512)	(11,614,789)
Interest payments		(4,728,230)	(3,648,611)
Lease payments (principal and interests)	15	(380,888)	(311,696)
Capital restitution		(24,070)	(14,825)
Dividends paid	23.4	(3,859,661)	(11,186,951)
Net cash used in financing activities		1,673,331	(16,318,312)
Exchange difference in cash and cash equivalents		(944,796)	867,208
Net decrease in cash and cash equivalents		(3,330,314)	(1,632,158)
Cash and cash equivalent at the beginning of the period		15,401,058	14,549,906
Cash and cash equivalent at the end of the period	6	12,070,744	12,917,748

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

8

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

1.Reporting entity

Ecopetrol S.A. is a mixed economy company, with a commercial nature, formed in 1948 in Bogotá – Colombia, headquarters of the Ecopetrol Business Group (collectively called “Ecopetrol Business Group”); which is dedicated to commercial or industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services.

An 11.51% of Ecopetrol S.A.’s shares are publicly traded on the Stock Exchanges of Colombia and New York, USA. The remaining shares (88.49% of the total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit.

The address of the main office of Ecopetrol S.A. is Bogotá – Colombia, Carrera 13 No. 36 – 24.

2.Basis of presentation

2.1 Statement of compliance and authorization of financial statements

The financial information contained in this report has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements are unaudited and in the management opinion, include all necessary adjustments for a fair presentation of the results of each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and notes for the year ended 31 December 2022 included in Form 20-F 2022.

Ecopetrol Business Group prepares its consolidated financial statements included within Form 20-F based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in Form 20-F 2023 which are the same as those used in the previous year.

These interim condensed consolidated financial statements were approved by the Company’s Ecopetrol Board of Directors on December 15, 2023.

2.2Basis of consolidation

The interim condensed consolidated financial statements were prepared by consolidating all the subsidiary companies described in Exhibits 1 and 2, in which Ecopetrol exercises, directly or indirectly, control, according to IFRS 10.5 and 10.7.

Subsidiaries are consolidated from the date control is obtained until the date control ceases.

All intercompany assets and liabilities, equity, income, expenses, and cash flows related to transactions between Group companies were eliminated in consolidation. Unrealized profits and losses are also eliminated. Non-controlling interest represents the portion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders.

The interim condensed consolidated financial statements were prepared on the basis that it will continue to operate as a going concern.

All business combinations are recognized using the acquisition method.

9

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The following were the changes in the Group:

2023

- On March 17, 2023, the Company concluded with process of establishing a new company called Econova Technology & Innovation, S.L., domiciled in Spain, was concluded. Its main corporate purpose is related to science, technology, and innovation (CT+i) activities. Ecopetrol S.A. is the direct owner of 100% of the capital shares, subscribed according to the regulatory requirements in Spain.

- Concentra Inteligencia en Energía S.A.S is in the liquidation process in accordance with the decision made at the Concentra General Shareholders’ Meeting.

2.3Reclassification

For presentation purposes, the Ecopetrol Business Group reclassified some items in the comparative figures as of September 30, 2022. They had no impact on the items of the statement of financial position, profits and losses, comprehensive income, and changes in equity. The reclassifications are presented in the statement of cash flows, note 28 - Financial results and note 31.2 - Revenue from contract with customers.

3.Material accounting judgments and estimates

The preparation of the consolidated financial statements requires that the Company’s Management make judgments, estimates and assumptions to quantify some of the assets, liabilities, income, expenses, and commitments recognized in the consolidated financial statements and their disclosures. These estimates have been made based on the best information available on the facts analyzed, management experience and other factors at the date of preparation of the financial statements. Uncertainty about assumptions and estimates could result in future material changes affecting the value of assets or liabilities. Changes in these estimates are recognized prospectively in the period in which they are reviewed.

As of the date of this report, there have been no changes in the material accounting estimates and judgments used in the preparation of the financial statements as of December 31, 2022.

4.Accounting policies

The Group’s main accounting policies are described in the consolidated financial statements as of December 31, 2022, and for the year then ended, and they have been applied consistently for the period comprising these interim condensed consolidated financial statements, except for the adoption of new standards effective as of January 1, 2022.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annuals, and therefore should be read in conjunction with the consolidated financial statements as of December 31, 2022.

5.New standards

5.1New standards adopted by the Group, effective as of January 1, 2023

The IASB issued amendments to the following standards, with an effective date on January 1, 2023, or later periods:

● Amendment to IAS 1 - Classifications of liabilities as current or non-current, modifies the requirement to classify a liability as current, by establishing that a liability is classified as current when it does not have the right at the end of the reporting period to defer the liquidation of the liability during, at least, the twelve months following the date of the reporting period. This amendment is effective since January 1, 2023. In addition, on October 31, 2022, IASB issued an amendment on non-current liabilities with agreed conditions and modified the effective date to January 1, 2024.

10

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

● Modifications to IFRS 1: The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1.

● IFRS 3 - Business combinations: in which they update a reference from the standard to the Conceptual Framework. The amendments are intended to replace the reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, by the reference to the Conceptual Framework for Financial Information, issued in March 2018, without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately.

At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets are not affected by the replace of Framework in the presentation of Financial Statements.

● Modifications to IFRS 9, IAS 39, and IFRS 7: Reform of reference interest rates. The amendments provide several exemptions that apply to all hedging relationships that are directly affected by the interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of the cash flows based on benchmarks of the hedged item or hedging instrument.

● IAS 12 Amendment: The IASB issued the amendment in May 2023, which provides to the companies a temporary exemption from accounting of deferred taxes arising from the international tax reform of the Organization for Economic Co-operation and Development (OECD), which published the rules to ensure that large multinational companies would be subject to a minimum tax rate of 15%. This amendment is in process of analyzing its impacts within the Company.

● Amendments to IAS 1 – Presentation of financial statements. Companies must disclose material information about their accounting policies and apply the concept of materiality to accounting policy disclosures. The amendments clarify the following points:

- The word “significant” is changed to “material or relative importance”.

- The accounting policies that must be disclosed in the notes to the financial statements are clarified, “an entity will disclose information about its material or relative importance accounting policies.”

- It is clarified when an accounting policy is considered material or relatively important.

- Adds the following paragraph: “Information on accounting policies that focuses on how an entity has applied the requirements of IFRS to its own circumstances provides specific information about the entity that is more useful to users of financial statements than standardized information or information that only doubles or summarizes the requirements of IFRS standards”.

● Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. They clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendment was published by the IASB in February 2021 and clearly defines an accounting estimate to distinguish it from an accounting policy: “Accounting estimates are monetary amounts, in financial statements, that are subject to measurement uncertainty”.

It mentions “an accounting policy could require that elements of the financial statements be measured in a way that entails measurement uncertainty—that is, the accounting policy could require that these elements be measured by monetary amounts that cannot be directly observed and they must be estimated. In this case, an entity develops an accounting estimate to achieve the objective established by the accounting policy.

● Amendments to IAS 12 Deferred taxes related to assets and liabilities that are recognized in a single transaction. The purpose of the amendments is to reduce diversity in the reporting of deferred taxes on leases and decommissioning obligations.

11

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The amendment allows the recognition of a deferred tax liability or asset that has arisen in a transaction that is not a business combination, in the initial recognition of an asset or liability that, at the time of the transaction, does not give rise to taxable temporary differences and deductibles in the same amount.

● Amendment IAS 7 - Cash Flow Statement and IFRS 7 - Financial instruments: Disclosures. The IASB issued the amendment on disclosure requirements to improve the transparency of suppliers financing arrangements and their effects on a company’s liabilities, cash flows and liquidity risk exposure. The Amendment applies to annual periods beginning on January 1, 2024.

● Amendment IAS 21 - Effects of Variations in Foreign Currency Exchange Rates. The Amendment establishes criteria that allows assessing whether a currency is interchangeable and knowing when it is not. Thus, it will be possible to determine the exchange rate to be used and the disclosures to be provided. The Amendment applies to annual periods beginning on January 1, 2025.

5.2New standards issued but not yet adopted.

IFRS 17 - Insurance Contracts, provides a new general model for accounting for contracts by combining a measurement of the current balance of insurance contracts with the recognition of earnings during the period in which the services are rendered. The standard’s general model requires that insurance contract liabilities be measured using current weighted probability estimates of future cash flows, a risk adjustment, and a contractual service margin that represents the expected gain from fulfilling the contracts. The effects of changes in the estimates of future cash flows and the risk adjustment related to future services are recognized during the period in which the services are rendered and not immediately in profit loss statement.

IFRS 17 replaces IFRS 4 - Insurance Contracts and will be effective for the subsidiaries Black Gold Re and Linear Systems Re Ltd for the financial reporting period beginning January 1, 2023. The assessment of the impact of IFRS 17 is in an implementation phase and a significant effect on the Group’s consolidated financial statements is not expected given that most of the insurance contracts are short-term and would be managed by the PPA methodology - Simplified allocation of premiums.

5.3New standards issued by the ISSB that with effect in future periods.

The International Sustainability Standards Committee, in September 2023 issued the first international sustainability and climate standards: IFRS S1 General Requirements for the Information to be Disclosed on Sustainability related to Financial Information and IFRS S2 Weather-related Disclosures. The purpose of these standards is for entities to disclose information about their risks and opportunities related to sustainability and climate that is useful to the primary users of financial information for decision-making. An entity will apply these standards for reports for annual periods beginning on or after January 1, 2024. The Ecopetrol Business Group is currently assessing the corresponding regulations and the methodology for their implementation.

Ecopetrol Business Group is constantly monitoring changes in local accounting regulations to assess the possible impacts that the new standards issued by the international organization may generate in their adoption in Colombia.

6.Cash and cash equivalents

	September 30,	December 31,
	2023	2022
	(Unaudited)
Banks and corporations	7,151,034	9,491,029
Short–term investments	4,918,167	5,907,785
Cash	1,543	2,244
	12,070,744	15,401,058

As of September 30, 2023, the balance of cash and cash equivalents includes $1,844,980 ($2,067,279 as of December 31, 2022) of restricted cash in: a) Interconexión Eléctrica S.A. E.S.P. for $1,767,893 ($1,987,409 as of December 31, 2022), b) Oleoducto

12

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Bicentenario for $76,205 ($79,870 as of December 31, 2022), and c) other companies for $882, to be used in the next 12 months, exclusively to guarantee debt service (payment of principal and interest).

The fair value of cash and equivalents is close to its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

7.Trade and other receivables

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Fuel Price stabilization fund (1)	25,692,997	26,296,870
Concessions (2)	4,495,993	5,194,909
Customers
Domestic	2,788,212	3,268,944
Foreign	3,528,244	3,065,207
Related parties (Note 30)	152,562	110,408
Accounts receivable from employees	89,639	115,922
Industrial services	55,797	70,762
Other	777,229	1,101,977
	37,580,673	39,224,999
Non–current
Concessions (2)	26,533,437	28,647,390
Customers
Foreign	184,965	185,331
Domestic	72,001	72,985
Accounts receivable from employees	581,185	498,415
Related parties (Note 30)	130,306	335
Other (3)	2,554,429	2,750,749
	30,056,323	32,155,205

(1) Corresponds to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of motor gasoline current and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of September 2023, Ecopetrol S.A. offset this account receivable by $16,415,907 (2022: $6,788,385) with the dividends payable to the Ministry of Finance and Public Credit. This transaction was treated as a non-cash transaction for the purpose of the cash flow statement.

(2) Includes concessions and roads. Corresponds to accounts receivable for concessions acquired for public electric power transportation services and for public road transportation service.

(3) Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of Ecopetrol Business Group for transportation systems. The gross value of these accounts receivable is $2,291,892 (2022: $2,481,530) and the provision for expected losses established, included in the provision line for expected credit losses, is $417,920 (2022: $475,936), for a net book value of $1,873,972 (2022: $2,005,594). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its financial statements.

The book value of trade accounts and other accounts receivable approximates their fair value.

13

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

8.Inventories

	September 30,	December 31,
	2023	2022
	(Unaudited)
Crude oil (1)	5,354,131	5,971,109
Fuels and petrochemicals (2)	3,073,856	3,241,154
Materials for goods production	2,928,486	2,667,771
	11,356,473	11,880,034

(1) The variation mainly corresponds to a higher level of deliveries of inventories in transit.

(2) The variation mainly corresponds to the lower level of imported products due to better operations in refineries, which decrease the weighted valuation.

9.Other financial assets

	September 30,	December 31,
	2023	2022
	(Unaudited)
Assets measured at fair value
Investment portfolio – Foreign currency	1,283,780	1,056,385
Investments in equity securities and trust funds (1)	497,392	875,335
Hedging instruments (2)	155,053	311
Investment portfolio – Local currency	46,173	761,687
Assets measured at fair value through other comprehensive income	3,652	3,583
	1,986,050	2,697,301
Assets measured at amortized cost (3)	157,465	28,570
	2,143,515	2,725,871
Current	1,752,234	1,162,127
Non–current	391,281	1,563,744
	2,143,515	2,725,871

(1) Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia.

(2) Corresponds to swap and forward contracts to hedge commodity price risk in Ecopetrol S.A. and Interconexión Eléctrica S.A. E.S.P.

(3) Includes investments with maturities greater than 90 days, in Chile and Colombia.

The measurement at fair value is recognized in financial results (Note 29).

Restrictions

As of September 30, 2023 and December 31, 2022, there were restricted funds of $199,435 and $328,283 respectively, which have a specific destination, mainly i) in ISA Interchile for acquired obligations in the issuance of the 144th Reg. S Bond that establishes certain restrictions and limitations on the use of resources with the purpose of guaranteeing the payment of interest and capital and ii) in projects in Brazil, Peru and Colombia.

14

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Fair value

The following is the classification of other financial assets recognized at fair value, corresponding to the investment portfolio:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Level 1	1,488,344	1,892,486
Level 2	497,706	804,815
	1,986,050	2,697,301

There were no transfers between hierarchy levels during the periods.

10.Taxes

Income taxes

The Group calculates the income tax expense using the effective tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim consolidated statement of profit or loss are:

	Nine-month period ended
	September 30,
	2023	2022
	(Unaudited)
Current income tax expense	10,378,745	13,586,947
Deferred income tax expense	1,025,705	2,613,356
Adjustments to prior years’ current and deferred tax	72,422	13,762
Income tax expense	11,476,872	16,214,065

The effective tax rate for the nine-month period ended September 30, 2023, stood at 35.2%, while for the corresponding period in 2022, it was 37.1%.  

As of September 30, for both 2023, and 2022, the nominal income tax rate was set at 35%.

The 1.9% decrease in the effective tax rate during the indicated period is mainly due to: (i) the best results obtained by Group companies whose nominal income tax rate is less than 35% and (ii) the effects of the exchange rate movements on Colombian companies such as Refinería de Cartagena and Ocensa, which use the U.S. dollar as their functional currency; among others.

On December 2022, Tax reform Law 2277 established the deductibility of oil royalties paid to the Colombian Government for the exploitation of non-renewable resources is restricted, regardless of the denomination of the payment.

On November 16, 2023, the Constitutional Court of Colombia delivered judgment C-489 of 2023; this ruling deemed the non-deductibility of royalties in income tax (measure featured in the most recent tax reform) as unenforceable. The repercussions of this verdict have been factored into in these financial statements.

In December 2023, both the Ministry of Mines and Energy and the Ministry of Finance and Public Credit, respectively, submitted requests concerning the fiscal impact incidence and nullity related to the Constitutional Court’s ruling C-489 of 2023. As of now, there has been no ruling the Court regarding these requests.

15

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

11.Other assets

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Partners in joint operations	973,170	871,409
Advanced payments to contractors and suppliers	948,594	679,829
Prepaid expenses	769,865	693,341
Trust funds	452,370	507,163
Related parties (Note 30)	108	1,087
Other	25,657	25,651
	3,169,764	2,778,480
Non-current
Wells abandonment and pension funds	619,324	568,066
Trust funds	349,638	184,464
Employee benefits	290,538	342,143
Advanced payments and deposits	75,602	87,684
Judicial deposits and judicial attachments	50,913	54,776
Other	234,578	216,214
	1,620,593	1,453,347

16

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

12.Investments in associates and joint ventures

12.1Composition and movements

	September 30,	December 31,
	2023	2022
	(Unaudited)
Joint ventures
Interligação Elétrica do Madeira S.A.	1,769,645	1,871,142
Transmissora Aliança de Energia Elétrica S.A.	1,570,643	1,830,504
Equion Energía Limited	1,059,231	1,191,154
Interligação Elétrica Paraguaçu S.A.	559,119	614,112
Interligação Elétrica Garanhuns S.A.	518,794	571,328
Interligação Elétrica Ivaí S.A.	471,951	469,176
Interligação Elétrica Aimorés S.A.	355,693	411,495
Conexión Kimal Lo Aguirre S.A. (1)	149,927	169,230
Ecodiesel Colombia S.A.	78,546	54,614
Transnexa S.A. E.M.A.	8,545	8,545
Interconexión Eléctrica Colombia Panamá S.A.	8,026	20,516
Derivex S.A.	188	439
Parques de Rio	75	83
Interconexión Eléctrica Colombia Panamá S.A.S E.S.P.	4	4
	6,550,387	7,212,342
Less impairment:
Equion Energía Limited	(400,196)	(400,196)
Transnexa S.A. E.M.A.	(8,545)	(8,545)
	6,141,646	6,803,601
Associates
Gases del Caribe S.A. E.S.P.	1,489,223	1,495,341
ATP Tower Holdings	766,753	913,218
Gas Natural del Oriente S.A. E.S.P.	150,394	148,254
Gases de la Guajira S.A. E.S.P.	69,232	69,376
E2 Energía Eficiente S.A. E.S.P.	34,180	34,944
Extrucol S.A.	28,680	27,680
Serviport S.A.	9,399	9,399
Sociedad Portuaria Olefinas	4,930	4,186
	2,552,791	2,702,398
Less impairment: Serviport S.A.	(9,399)	(9,399)
	2,543,392	2,692,999
	8,685,038	9,496,600

The movement of investments in associates and joint ventures for the period ended September 30, 2023, is as follows:

	Associates	Join ventures	Total
Balance as of December 31, 2022	2,692,999	6,803,601	9,496,600
Equity method recognized in:
Profit or loss	154,080	452,252	606,332
Equity	(125,139)	(1,021,046)	(1,146,185)
Dividends declared	(178,548)	(93,161)	(271,709)
Balance as of September 30, 2023 (Unaudited)	2,543,392	6,141,646	8,685,038

17

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

13.Property, plant, and equipment

The movement of property, plant and equipment for the period ended September 30, 2023, with its corresponding depreciation and impairment, is as follows:

		Pipelines,
	Plant and	networks, and	Work in
	equipment	lines	progress	Buildings	Lands	Other	Total
Cost
Balance as of December 31, 2022	62,763,108	60,287,507	13,432,616	15,354,065	5,199,069	3,225,279	160,261,644
Additions/capitalizations (1)	1,417,220	1,362,963	2,972,969	205,978	3,034	129,801	6,091,965
Abandonment cost update (Note 22)	—	(23,365)	—	—	—	—	(23,365)
Capitalized financial interests (2)	71,725	57,252	69,081	9,171	97	7,023	214,349
Exchange differences capitalized	94	75	136	12	—	9	326
Disposals	(387,574)	(115,248)	(2,762)	(9,332)	(256)	(38,419)	(553,591)
Foreign currency translation	(6,008,008)	(3,366,305)	(166,407)	(1,362,125)	(358,511)	(203,094)	(11,464,450)
Reclassifications/transfers	(1,577,274)	457,158	(987,669)	2,207,724	(69)	(7,651)	92,219
Balance as of September 30, 2023 (Unaudited)	56,279,291	58,660,037	15,317,964	16,405,493	4,843,364	3,112,948	154,619,097
Accumulated depreciation and impairment losses
Balance as of December 31, 2022	(27,439,631)	(22,870,247)	(1,418,040)	(6,230,154)	(53,515)	(1,252,559)	(59,264,146)
Depreciation expense	(2,202,381)	(1,713,438)	—	(459,449)	—	(117,954)	(4,493,222)
Impairment loss (Note 17)	(6,835)	(635)	—	(1,868)	—	—	(9,338)
Disposals	368,450	105,806	—	7,935	39	21,576	503,806
Foreign currency translation	2,228,054	1,283,629	1,706	515,661	6,058	118,927	4,154,035
Reclassifications/transfers	865,102	(85,436)	47,220	(904,480)	—	4,704	(72,890)
Balance as of September 30, 2023 (Unaudited)	(26,187,241)	(23,280,321)	(1,369,114)	(7,072,355)	(47,418)	(1,225,306)	(59,181,755)
Balance as of December 31, 2022	35,323,477	37,417,260	12,014,576	9,123,911	5,145,554	1,972,720	100,997,498
Balance as of September 30, 2023 (Unaudited)	30,092,050	35,379,716	13,948,850	9,333,138	4,795,946	1,887,642	95,437,342

(1) Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Castilla, Chichimene, and Rubiales fields, and Barrancabermeja Refinery ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, UPME 07–2017 Sabanalarga – Bolívar 500 Kv, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, and asset optimization plan.

(2) Financial interest is capitalized based on the weighted average rate of loan costs.

18

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

14.Natural and environmental resources

The movement of natural and environmental resources for the period ended September 30, 2023, with their corresponding depletions, calculated based on production units, and impairment, is as follows:

	Oil and gas	Assets retirement	Exploration and
	investments	obligations	evaluation	Total
Cost
Balance as of December 31, 2022	88,338,471	7,104,903	10,480,025	105,923,399
Additions/capitalizations (1)	7,310,327	14,473	2,973,302	10,298,102
Abandonment cost update (Note 22)	—	118,376	(422)	117,954
Disposals	(501,700)	—	—	(501,700)
Disposals of exploratory assets and dry wells (2)	—	—	(975,965)	(975,965)
Capitalized financial interests (3)	190,333	—	66,939	257,272
Exchange differences capitalized	250	—	87	337
Foreign currency translation	(4,535,675)	(161,889)	(713,119)	(5,410,683)
Reclassifications/transfers	(1,177)	(16,999)	(112,418)	(130,594)
Balance as of September 30, 2023 (Unaudited)	90,800,829	7,058,864	11,718,429	109,578,122
Accumulated amortization
Balance as of December 31, 2022	(58,382,473)	(5,088,086)	(129,230)	(63,599,789)
Amortization expense	(4,376,364)	(280,361)	—	(4,656,725)
Disposals	78,507	—	—	78,507
Foreign currency translation	2,408,370	87,900	—	2,496,270
Reclassifications/transfers	64,467	—	25,080	89,547
Balance as of September 30, 2023 (Unaudited)	(60,207,493)	(5,280,547)	(104,150)	(65,592,190)
Balance as of December 31, 2022	29,955,998	2,016,817	10,350,795	42,323,610
Balance as of September 30, 2023 (Unaudited)	30,593,336	1,778,317	11,614,279	43,985,932

(1) Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in RODEO, b) Ecopetrol S.A. by Caño Sur, Castilla, Chichimene, Floreña, Rubiales, c) Hocol S.A. mainly in projects for the blocks Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSJN-1, VIM 8, and d) Ecopetrol America Inc. mainly in Gunflint, Dalmatian, and K2.

(2) Includes: Ecopetrol S.A. the dry wells Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú, and b) Hocol S.A mainly unsuccessful wells Lla-87-2 A3 (Koala), Lla-87-3 A3 (Picabuey), LLan- 124 (Cucarachero), Yd-SN1 well Yoda B, and exploratory expenses in: Lla-104, SSJN1, VIM8.

(3) Financial interest is capitalized based on the weighted average rate of loan costs.

19

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

15.Right-of-use assets

The movement of right-of-use assets and lease liabilities for the period ended September 30, 2023, is as follows:

	Right-of-use assets
					Right-of-	Lease
		Lands and	Plant and		use	liabilities
	Pipelines	buildings	equipment	Vehicles	assets	(Note 19.1)
Balance as of December 31, 2022	96,234	244,058	119,534	167,987	627,813	1,212,346
Additions	13,533	59,173	107,737	49,619	230,062	230,062
Amortization of the period	(19,419)	(47,893)	(60,972)	(100,769)	(229,053)	—
Remeasurements (1)	971	33,823	18,680	10,883	64,357	91,237
Disposals	(10,435)	(13,007)	(3,026)	(111)	(26,579)	(47,547)
Finance cost	—	—	—	—	—	84,809
Payment of capital	—	—	—	—	—	(319,781)
Payment of interests	—	—	—	—	—	(61,107)
Transfers	—	80	—	1,951	2,031	18,835
Exchange difference and translation	(7,448)	(48,018)	(9,862)	(14,222)	(79,550)	(60,828)
Balance as of September 30, 2023 (Unaudited)	73,436	228,216	172,091	115,338	589,081	1,148,026

(1) Corresponds mainly to updating rates and conditions in lease contracts.

16.Intangible assets

The movement of intangibles assets for the period ended September 30, 2023, with their corresponding amortizations, is as follows:

	Licenses
	and	Other	Concessions
	software	intangibles	and rights	Easements (1)	Total
Cost
Balance as of December 31, 2022	1,512,614	1,282,751	17,568,081	1,637,445	22,000,891
Additions	143,933	5,370	312,969	14,141	476,413
Disposals	(14,496)	—	—	(500)	(14,996)
Foreign currency translation	(71,146)	(216,913)	(3,254,069)	(86,880)	(3,629,008)
Transfers	23,776	(2,185)	81,746	15,402	118,739
Balance as of September 30, 2023 (Unaudited)	1,594,681	1,069,023	14,708,727	1,579,608	18,952,039
Accumulated amortization
Balance as of December 31, 2022	(884,160)	(446,646)	(2,394,082)	(129,398)	(3,854,286)
Amortization of the period	(135,437)	(19,317)	(523,927)	(5,563)	(684,244)
Disposals	13,730	—	—	(104)	13,626
Foreign currency translation	50,966	141,315	936,848	3,897	1,133,026
Transfers	141	34	—	(175)	—
Balance as of September 30, 2023 (Unaudited)	(954,760)	(324,614)	(1,981,161)	(131,343)	(3,391,878)
Balance as of December 31, 2022	628,454	836,105	15,173,999	1,508,047	18,146,605
Balance as of September 30, 2023 (Unaudited)	639,921	744,409	12,727,566	1,448,265	15,560,161

(1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time.

20

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

17.Impairment of non-current assets

As of September 30, 2023, the Company did not identify impairment indicators that the book value of its assets exceeds its recoverable value, considering the market conditions, the international prices and indicators of crude oil and products and the geopolitical context.

However, there are immaterial impairment charges associated to specific projects for $9,338 in Refinería de Cartagena S.A.S., in other assets for $1,758 in Interconexión Eléctrica S.A. E.S.P., and for $29 in Invercolsa.

18.Goodwill

	September 30,	December 31,
	2023	2022
	(Unaudited)
Interconexión Eléctrica S.A. E.S.P.	3,370,441	3,755,835
Oleoducto Central S.A.	683,496	683,496
Hocol Petroleum Ltd	537,598	537,598
Invercolsa S.A.	434,357	434,357
Andean Chemical Limited	127,812	127,812
Esenttia S.A.	108,137	108,137
	5,261,841	5,647,235
Less Impairment Hocol Petroleum Ltd	(297,121)	(297,121)
Total	4,964,720	5,350,114

19.Loans and borrowings

19.1Composition of loans and borrowings

	Interest rate*				September 30,	December 31,
	2023		2022		2023	2022
					(Unaudited)
Local currency
Bonds	9.4	%	9.8	%	4,833,891	4,965,653
Syndicate and commercial loans (1)	10.8	%	11.5	%	3,377,210	2,171,462
Lease liabilities (2)	8.4	%	8.0	%	905,165	844,734
					9,116,266	7,981,849
Foreign currency
Bonds (3)	6.5	%	6.0	%	77,342,221	82,432,647
Commercial and syndicate loans (4)	7.4	%	4.6	%	22,312,308	23,537,675
Loans from related parties (Nota 30)	6.0	%	5.9	%	715,020	815,056
Lease liabilities (2)	6.0	%	6.0	%	242,861	367,612
					100,612,410	107,152,990
					109,728,676	115,134,839
Current					17,616,493	22,198,583
Non–current					92,112,183	92,936,256
					109,728,676	115,134,839

* Weighted average effective interest rate for the end of each period.

(1) Corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. in Ecopetrol SA. with IBR 6M rate +4.9% and maturity September 2028.

21

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

(2) Corresponds to the present value of the payments to be made during the term of the operating lease contracts for pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 - Leases. See Note 16 (Note 15).

(3) The variation is mainly due to the revaluation of the Colombian peso in $756.44 pesos by dollar and the repurchase of international bonds with maturity date September 2023 and coupon rate of 5.875% for USD$978 million in Ecopetrol S.A. This effect is partially offset by the issuance in January 2023 of USD$2,000 million with maturity date January 2033 and coupon rate of 8.875%.

(4) It includes an acquisition of syndicated loan in September 2023, for $800 MUSD with international banks.

During 2023, loans for $28,862,692 were acquired mainly in Ecopetrol S.A. for $25,864,960 and Interconexión Eléctrica S.A. E.S.P. for $2,841,311.

According to the strategy of Ecopetrol Business Group in the integral management of loans and borrowings and their maturities, during 2023, payments for $18,196,512 were made mainly in Ecopetrol S.A. for $15,698,111, including the repurchase of bonds and commercial credits, Interconexión Eléctrica S.A. E.S.P. for $1,780,143, and Ocensa S.A. for $454,009.

19.2Fair value

The fair value of the financial obligations is $105,362,612 y $106,509,947 as of September 30, 2023 (unaudited) and December 31, 2022, respectively.

19.3Maturity

The following is the maturity profile of loans and borrowings as of September 30, 2023:

	Up to 1 year	1 – 5 years	5-10 years	> 10 years	Total
Local currency
Bonds	781,760	1,324,238	1,148,399	1,579,494	4,833,891
Syndicate and commercial loans	777,934	1,191,542	336,703	1,071,031	3,377,210
Lease liabilities	193,845	544,264	165,517	1,539	905,165
	1,753,539	3,060,044	1,650,619	2,652,064	9,116,266
Foreign currency
Bonds	5,767,419	25,214,129	28,822,440	17,538,233	77,342,221
Syndicate and commercial loans	9,289,437	10,921,672	1,431,243	669,956	22,312,308
Loans from related parties	715,020	—	—	—	715,020
Lease liabilities	91,078	129,272	22,511	—	242,861
	15,862,954	36,265,073	30,276,194	18,208,189	100,612,410
Balance as of September 30, 2023 (Unaudited)	17,616,493	39,325,117	31,926,813	20,860,253	109,728,676

19.4Loans designated as hedging instrument

As of September 30, 2023 (unaudited), Ecopetrol has designated USD$16,563 million of debt in foreign currency as a hedging instrument; of which, USD$10,298 million correspond to the hedge of investments in companies with dollar functional currency and USD$6,265 million to the cash flow hedge for future crude oil exports. See Notes 29.3 and 29.4.

22

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

19.5Guarantees and covenants

As of September 30, 2023 (unaudited), the total value of the current guarantees provided by Interconexión Eléctrica S.A. E.S.P. and its companies, within the framework of the definition of paragraph 14 of IFRS 7, used to support growth in its different business units and ensure strategic commercial and operational viability amount to $20,919,981, mainly in: a) Chile for $15,095,532 in ISA Intervial, Ruta de la Araucaria, Ruta del Maipo, Ruta del Loa, Ruta de los Ríos, and ISA Interchile, b) Brazil in ISA CTEEP for $3,145,449, and c) Colombia in Ruta Costera for $2,679,000.

ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others. From December 31, 2022 to the reporting date, there have only been changes in the covenants of CTEEP and its subsidiaries, which have financing contracts with covenants calculated based on indebtedness ratios.

Ecopetrol USA and its companies have commitments (covenants) related to the delivery of periodic financial information and compliance with the obligations arising from a volumetric prepayment agreement with a third party. In addition, Ecopetrol Permian LLC is guaranteed by Ecopetrol USA Inc., and it is required to maintain an established debt/Ebitda leverage and solvency ratio of 2:1, to transfer funds to the holding company.

20.Trade and other payables

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Suppliers	12,030,080	15,034,677
Dividends payable (1)	6,742,487	392,346
Withholding tax	2,109,316	1,896,128
Partner’s advances	1,544,411	1,164,197
Insurance and reinsurance	463,772	330,363
Deposits received from third parties	186,902	162,338
Related parties (Note 30)	59,547	67,879
Hedging operations	7,293	4,311
Agreements in transport contracts	48,298	115,526
Various creditors	574,650	769,939
	23,766,756	19,937,704
Non-current
Suppliers	31,325	28,425
Deposits received from third parties	391	331
Various creditors	15,331	28,300
	47,047	57,056

(1) Corresponds mainly to dividends payable by Ecopetrol S.A. for $6,098,606 (2022: $3,667), Interconexión Eléctrica S.A. $479,668 (2022: $366,999), Inversiones de Gases de Colombia S.A. $110,997 (2022: $21,680), and Oleoducto Central S.A. $53,216.

The book values of trade accounts and other accounts payable approximate their fair values due to the short-term nature of these accounts.

23

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

21.Provisions for employees’ benefits

	September 30,	December 31,
	2023	2022
	(Unaudited)
Post-employment benefits
Health	8,461,041	8,140,648
Pension	1,226,186	2,073,562
Education	396,650	405,769
Bonds	354,675	399,114
Other plans	80,695	115,136
Termination benefits - Voluntary retirement plan	668,901	772,133
	11,188,148	11,906,362
Social benefits and salaries	1,045,654	970,598
Other long-term benefits	87,352	88,279
	12,321,154	12,965,239
Current	2,822,786	2,753,697
Non-current	9,498,368	10,211,542
	12,321,154	12,965,239

21.1Plans assets

The assets of the plan are represented by the resources delivered to the Autonomous Pension Funds for the payment of the pension liability of the obligations for pension and pension bonds; what concerns health and education oversees Ecopetrol S.A. and XM (Ecopetrol S.A. is in charge of health and education matters). The destination of the resources of the autonomous patrimonies, as well as their yields, cannot be changed or returned to the Group until all the obligations are fulfilled.

Plan asset balance is $11,387,736 and $10,398,810 as of September 30, 2023 (unaudited) and December 31, 2022, respectively. 53,28% (2022 – 53.76%) are fair value level 1 and 46.72% (2022 – 46.24%) are under level 2 category.

22.Accrued liabilities and provisions

	Abandonment		Environmental
	and dismantling		contingencies
	costs	Litigations	and others	Total
Balance as of December 31, 2022	10,006,028	898,251	1,852,215	12,756,494
Abandonment cost update	94,589	—	—	94,589
Additions and (recoveries) (1)	(26,094)	10,598	418,009	402,513
Uses (2)	(437,664)	(772,390)	(228,589)	(1,438,643)
Financial cost	356,336	7,273	17,197	380,806
Financial interest	—	559,609	70,292	629,901
Foreign currency translation	(176,860)	(62,271)	(105,435)	(344,566)
Transfers	—	(22,245)	117,205	94,960
Balance as of September 30, 2023 (Unaudited)	9,816,335	618,825	2,140,894	12,576,054
Current	535,575	97,249	410,518	1,043,342
Non-current	9,280,760	521,576	1,730,376	11,532,712
	9,816,335	618,825	2,140,894	12,576,054

(1) Mainly includes the recognition of provisions related to potential liabilities, various, and mandatory environmental provision in Ecopetrol S.A.

24

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

(2) Mainly includes uses originating from judgments against Ecopetrol S.A. related to public works contributions. The recognition applied Law 2277 of 2022, with which a benefit was obtained by reducing 50% the interest to be paid to the tax authority.

22.1Contingencies

Refinería de Cartagena S.A.S

1. Court of arbitration

On September 7, 2023, Refinería de Cartagena S.A.S. was notified of the decision of the international Arbitral Tribunal that resolved the lawsuit filed by the Company against Chicago Bridge & Iron Company N.V., CB&I UK Limited Ltd. and CBI Colombiana S.A. (CB&I), in face of the International Chamber of Commerce, in relation to the engineering, procurement and construction contract for the expansion and modernization of the Refinería de Cartagena. The Arbitration Court ordered CB&I to pay approximately $1,000 USD million plus interest to Refinería de Cartagena. Similarly, the Arbitral Tribunal dismissed CB&I’s claims for close to $400 million USD. Chicago Bridge & Iron Company N.V. and CB&I UK Limited applied for the annulment of the award on September 8, 2023.

On August 4, 2023, Refinería de Cartagena answered to the annulment request and, in addition, requested its confirmation.

The Arbitral Tribunal decision is binding on the parties and, as part of the legal process, it must be confirmed by the Court for the Southern District of New York.

On September 8, 2023, McDermott International, parent company and controlling company of CB&I, reported that it will initiate financial restructuring procedures for its subsidiaries in the United Kingdom and the Netherlands, CB&I UK Limited and Chicago Bridge & Iron Company N.V. respectively, considering the imposed order by an international arbitration court of the International Chamber of Commerce against them. The Company, advised by a global team of lawyers and experts, became an active part of the business reorganization processes in said countries to defend its own interests.

Refinería de Cartagena S.A.S., advised by a global team of lawyers and experts in the field, became an active part of the business reorganization processes in said countries to defend its interests.

Due there are still certain legal matters still under dispute, as of September 30, 2023, the Company has not recognized any effects arising of the aforementioned notification but will continue monitoring the updates.

2. Investigations of control entities

Office of the Comptroller General:

PRF-80011-2018-33300

In the week of February 20 to 24, 2023, the CGR executed a special visit to Refinería de Cartagena facilities, with the purpose of “(...) establishing whether or not there is fiscal responsibility of the alleged perpetrators involved in it, regarding the harmful events generated by expenses operated between the month of September 2015 to the year 2018, with respect to which there is no record of the concept thereof, in the amount of $9,240,927 USD; and for the amount of $268.71 million USD, an amount that was approved and disbursed for the refinery modernization project, but which is not reflected in the execution of the project”.

On March 1, 2023, a technical report on the results of the visit was ordered; on April 14, 2023, the CGR officials assigned to the Intersectoral Delegate Comptroller number 15 of the Special Investigations Unit against Corruption, the technical report which concluded, among other aspects, the following:

“(...) from the new information provided by Refinería de Cartagena and from the explanations obtained, in the expenses corresponding to the period September 2015 to 2018, registered in group 583, it can be determined that all register not only the third-party beneficiary, but also the concept of the expense associated with each of these third parties.”

25

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

“(...) the accounting information was corroborated with the condensed information in the Minutes of the Board of Directors and minutes of the Shareholders’ Meeting, especially those related to the resource injection processes and the documentation related to the loan process with international banks, concluding that indeed, according to said information, the resources injected through capitalization and loan processes referred to either the aforementioned project, the payment and/or service of the debt and the “operation” concept of the Refinery, which was the focus of the analyzes executed in the course of the special visit procedure.”

“(...) if the verified records add up to a total of $375.99 USD million ($186 USD million for start-up tests and $189.9 USD million for operation of the new refinery) and the difference under examination was $269 USD million, the analyzed difference would be covered.”

On April 19, 2023, it was ordered to incorporate the technical report into the process and make it available to the procedural subjects. It is expected that, based on the conclusions of the report, the Delegate Comptroller will make the decision to impute or file the process.

In this process, Ecopetrol and Refinería de Cartagena are considered as entities affected.

At the date of the unaudited interim financial statements there have no changes in the process.

Prosecutor’s Office:

Process 1 – No. 110016000101201600023 - MOA - PIP and EPC

This process is being carried out against some ex-members of the Board of Directors and ex-workers of the Cartagena Refinery, workers of the Chicago Bridge and Iron Company (CB&I) and the Statutory Auditor of the Cartagena Refinery between 2013 and 2015, for the crimes of improper interest in the execution of contracts, embezzlement by appropriation in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsehood in public documents.

On March 29, 2022, a hearing was held to lift the house arrest measure for Felipe Laverde Concha and on April 5, 2023, the 34th Municipal Criminal Court with a Function of Guarantees granted him freedom due to the expiration of terms.

From July 25 to 29, 2022, the preparatory hearing was held, where the interlocutory order of decree of evidence was issued, against which the defenders filed appeals. The appeals were granted and will be resolved by the Superior Court of Bogotá.

At the date of the unaudited interim financial statements there have no changes in the process.

Process 2 – No. 110016000101201800132 Business line

This process is being carried out against ex-members of the Board of Directors and an ex-employee of the Refinería de Cartagena for the crimes of aggravated unfair administration and obtaining a false public document.

On November 18, 2019, the preparatory trial hearing was installed, which has been resumed on several occasions, but to date it is suspended pending rescheduling.

At the date of the unaudited interim financial statements there have no changes in the process.

Process 3 – No. 110016000101201800134 - Subscription of the PMC Contract - Foster Wheeler

This process is carried out against two ex-workers of Refinería de Cartagena who acted as ex-President in property and ex-President in charge, for the crime of entering a contract without legal requirements.

26

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

On August 18, 2022, a sentence was handed down imposing the minimum sentence for the crime charged, equivalent to 64 months in prison and a fine of 66.66 current monthly legal minimum salaries in Colombia (SMLMV as its acronym in Spanish). On August 25, 2022, the defenders supported the appeal, and the parties were notified for declaration.

The defendants will remain free until the appeals are resolved and, if applicable, the extraordinary appeal before the Supreme Court of Justice.

At the date of the unaudited interim financial statements there have no changes in the process.

Process 4 - No.110016000000201702546 – Principle of opportunity

This process is being carried out against a former employee of Refinería de Cartagena, for charges related to crimes against the public administration and illegal interest in the execution of contracts.

The criminal action is suspended until December 2023, due to the application of the principle of opportunity.

At the date of the unaudited interim financial statements there have no changes in the process.

23.Equity

23.1Subscribed and paid–in capital

Ecopetrol’s authorized capital is $36,540,000, and is divided in 60,000,000,000 ordinary shares, of which 41,116,694,690 have been subscribed, represented by 11.51% (4,731,906,273 shares) of non-government entities and people, and 88.49% (36,384,788,417 shares) held by Government entities. The value of the reserve shares amounts to $11,499,933 comprised by 18,883,305,310 shares. As of September 30, 2023, and December 31, 2022, subscribed and paid-in capital is $25,040,067. There is no potential dilution of shares.

23.2Additional and paid–in capital

As of September 30, 2023, the balance of the additional and paid-in capital is $6,607,699 and it mainly corresponds to: (i) surplus with respect to its nominal value derived from the sale of shares upon capitalization in 2007, for $4,457,997, (ii) surplus over nominal value arising from the sale of shares awarded in the second round, which took place in September 2011, in the amount of $2,118,468, (iii) $31,377 the value generated by the process of placing the shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid-in capital receivable of $(143).

23.3Equity reserves

	September 30,	December 31,
	2023	2022
	(Unaudited)
Legal reserve	9,747,885	6,407,256
Fiscal and statutory reserves	509,082	509,082
Occasional reserves	7,665,758	1,982,295
Total	17,922,725	8,898,633

Ecopetrol’s General Shareholders’ Meeting, held on March 31, 2023, approved the 2022 profit distribution project, and recognized a reserve of $7,665,758 to support financial sustainability of the Company and flexibility in the development of its strategy.

27

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The movement of the equity reserves in the periods ended September 30, is the following:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	8,898,633	10,624,229
Release of reserves	(2,491,377)	(5,886,441)
Appropriation of reserves	11,515,469	11,068,450
Dividends declared	—	(6,907,605)
Closing balance	17,922,725	8,898,633

23.4Retained earnings and payment of dividends

The Group distributes dividends based on Ecopetrol and subsidiaries’s separate financial statements, prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish).

The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 31, 2023, approved the profit distribution project for fiscal year 2022 and defined the distribution of dividends in the amount of $24,382,200. (2022: $11,512,675).

The payment of dividends to minority shareholders will be made in three equal installments: April 27, September 28, and December 21, 2023. For the majority shareholder, the respective offset between the dividend and the accounts receivable from the Fuel Price Stabilization Fund has been made in the amount of $16,415,907 (2022: $6,788,385).

The payment of dividends is as follows:

	September 30,	September 30,
	2023	2022
	(Unaudited)
Ecopetrol S.A.	1,829,710	10,037,445
Interconexión Eléctrica SA ESP	1,058,282	356,773
Oleoducto Central S.A. - Ocensa	599,985	516,284
Oleoducto de los Llanos Orientales S.A.	171,290	104,205
Invercolsa S.A.	145,213	126,161
Oleoducto de Colombia S.A. - ODC	55,181	46,083
Total	3,859,661	11,186,951

23.5Other comprehensive income

The following is the composition of the other comprehensive results attributable to the shareholders of the parent company, net of deferred income tax:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Foreign currency translation	18,368,510	28,816,983
Hedges of a net investment in a foreign operation	(4,980,418)	(9,219,271)
Gains and loss on defined benefit obligation	(679,915)	(1,331,361)
Cash flow hedging - Future crude oil exports	(194,018)	(2,473,999)
Cash flow hedging - Derivative financial instruments	97,427	1,290
Financial instruments measured at fair value	1,373	3,077
	12,612,959	15,796,719

28

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

23.6Earnings per share

	September 30,	September 30,
	2023	2022
	(Unaudited)
Profit attributable to Ecopetrol’s shareholders	17,637,678	24,770,909
Weighted average number of outstanding shares	41,116,694,690	41,116,694,690
Net basic earnings per share (Colombian pesos)	429.0	602.5

24.Revenue from contracts with customers

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
National sales
Mid-distillates (1)	24,553,761	28,031,166
Gasolines (1)	18,368,808	20,610,595
Natural gas (2)	3,322,731	3,016,677
Services	2,618,695	2,643,135
Electric power transmission services (3)	2,010,717	1,934,461
Plastic and rubber	930,979	1,216,431
Fuel gas Service	738,821	621,349
Asphalts	684,959	634,240
L.P.G. and propane	613,543	807,235
Roads and construction services (3)	260,781	255,736
Polyethylene	234,620	220,975
Aromatics	228,180	242,045
Crude oil	132,357	214,587
Other products	502,370	513,753
	55,201,322	60,962,385
Foreign sales
Crude oil (2)	36,879,139	43,946,601
Diesel	3,215,505	1,896,842
Fuel oil	3,047,606	3,628,416
Electric power transmission services (3)	4,373,784	3,750,829
Roads and construction services (3)	3,510,948	3,209,685
Plastic and rubber	1,096,741	1,621,076
L.P.G. and propane	206,540	242,581
Gasolines	193,394	157,685
Natural gas	75,044	189,665
Cash flow hedging (4)	(650,012)	(968,534)
Other products (5)	1,241,335	1,261,563
	53,190,024	58,936,409
	108,391,346	119,898,794

(1) Includes the value corresponding to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add to it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of regular motor gasoline and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of September 30, 2023, the value recognized for price differential corresponds to $17,699,168 (2022: $26,584,199).

29

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

(2) As of September 30, 2023, the value recognized for extensive tests is as follows: natural gas for national sales $27,952 (2022: $34,197) and crude oil for foreign sales $74,792 (2022: $104,493).

(3) Corresponds to the income derived from the energy transmission and road concession contracts of Interconexión Eléctrica S.A. E.S.P.

(4) Includes the result of hedges for future exports (Note 29.3) for $(480,232) (2022: (576,875)) and operations with derivative financial instruments for $(169,780) (2022: (391,659)).

(5) Includes income from telecommunications services and the sale of asphalt, and other products.

25.Cost of sales

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Costs variables
Imported products (1)	19,194,752	23,243,685
Purchases of crude in associations and concessions	10,136,966	11,712,144
Depreciation, depletion, and amortization	5,871,353	4,985,749
Hydrocarbon purchases - ANH (2)	5,849,162	6,929,845
Electric Energy	1,561,217	1,074,527
Gas royalties in cash	1,293,176	1,073,435
Hydrocarbon transportation services	1,154,795	869,983
Processing materials	1,118,863	828,599
Purchases of other products and gas	890,403	879,966
Services contracted in association	225,664	239,872
Extensive tests (3)	61,030	43,289
Others (4)	196,214	(1,505,246)
	47,553,595	50,375,848
Fixed cost
Depreciation and amortization	3,793,954	3,382,811
Maintenance	3,149,139	2,652,864
Labor costs	2,938,292	2,438,632
Contracted services	2,399,503	1,919,342
Construction services	1,931,562	1,888,186
Contracted services in associations	1,048,425	1,175,197
Taxes and contributions	810,719	725,640
Materials and operating supplies	639,449	452,560
Hydrocarbon transportation services	179,759	133,837
General costs	426,776	313,324
	17,317,578	15,082,393
	64,871,173	65,458,241

(1) Imported products correspond mainly to middle distillates and gasoline, the variation is due to a lower requirement due to the greater operation in refineries.

(2) Corresponds mainly to royalty crude purchases made by Ecopetrol S.A. from the National Hydrocarbons Agency (ANH), derived from national production.

(3) Corresponds to the cost related to revenue from the sale of hydrocarbons (Note 24 – Revenue from contracts with customers), obtained in the exploration stage or extensive tests prior to the declaration of commerciality of the oil fields.

(4) It corresponds to i) the process of use and valuation of core inventories, ii) measurement at net realizable value (VNR), and iii) other capitalizable charges to projects.

30

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

26.Administrative, operation and project expenses

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Administration expenses
General expenses	1,542,546	1,269,973
Labor expenses	1,407,865	1,208,844
Depreciation and amortization	348,306	314,566
Taxes	62,272	51,244
	3,360,989	2,844,627
Operation and project expenses
Exploration expenses (1)	1,303,339	637,590
Commissions, fees, freights, and services	1,232,089	896,113
Taxes	632,085	562,837
Labor expenses	292,543	270,162
Fee for regulatory entities	230,357	123,128
Maintenance	69,540	82,440
Depreciation and amortization	49,631	73,700
Other	106,288	187,553
	3,915,872	2,833,523

(1) As of Septembre 2023, it mainly includes the disposals of Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú wells in Ecopetrol SA.

27.Other operating expenses

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Provision expenses	(368,068)	(310,406)
Gain (loss) on sale of assets	227,891	(38,309)
Impairment of current assets	(59,468)	(46,434)
Other income	109,957	92,478
	(89,688)	(302,671)

31

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

28.Financial results

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Finance income
Results from financial assets	321,142	124,493
Yields and interests	1,378,145	612,914
Gain on derivative settlement	2,852	11,834
Dividends	90	70
Other financial income	82,542	138,087
	1,784,771	887,398
Financial expenses
Financial cost of loans and borrowings	(5,151,076)	(3,886,375)
Financial cost of other liabilities (1)	(1,657,833)	(1,559,080)
Results from financial assets	(251,001)	(125,493)
Other financial expenses	(710,545)	(304,929)
	(7,770,455)	(5,875,877)
Foreign exchange
Foreign exchange gain (loss)	1,806,158	(377,527)
	1,806,158	(377,527)
	(4,179,526)	(5,366,006)

(1) It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits.

29.Risk management

29.1Exchange rate risk

The Group operates both in the local (Colombia) and international markets, for this reason, it is exposed to exchange rate risk, to a greater extent due to fluctuations in exchange rates, especially the peso/US dollar rate.

As of September 30, 2023, the Colombian peso appreciated 15.73% from a closing rate of $4,810.20 on December 31, 2022, to $4,053.72 pesos per dollar. When the Colombian peso depreciates, export revenues, when converted to pesos, increase, and imports and foreign debt service become more expensive.

The book values of financial assets and liabilities denominated in foreign currency are presented in the following table:

	September 30,	December 31,
(USD$ Millions)	2023	2022
	(Unaudited)
Cash and cash equivalents	765	615
Other financial assets	1,063	955
Trade receivables and payables	(608)	(392)
Loans and borrowings	(18,388)	(16,113)
Other assets and liabilities	98	202
Net liability position	(17,070)	(14,733)

32

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Of the total net position, USD$(16,215) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(16,563) correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange difference valuation of the remaining net assets for USD$(348) million affects the statement of profit and loss. Likewise, USD$(855) million of the net position correspond to monetary assets and liabilities of Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement.

29.2 Sensitivity analysis for exchange rate risk

The following is the effect that a variation of 1% and 5% would have in the exchange rate of Colombian pesos against the U.S. United States dollar, related to the exposure of financial assets and liabilities in foreign currency as of September 30, 2023:

Scenario / variation in the		Effect on income	Effect on other
exchange rate		before taxes +/–	comprehensive income +/
1	%	24,385	796,716
5	%	121,925	3,983,580

29.3Cash flow hedge for future exports

In 2022 and 2021, were designated USD$4,340 million as a hedging instrument for its future revenues from crude oil exports, for the period 2022 – 2030; in accordance with IFRS 9 – Financial Instruments. During 2023, USD$1,925 million were designated; as of September 30, 2023, the balance of the hedging is USD$6,265 million.

The following is the movement of this non-derivative hedging instrument:

	September 30,	December 31,
(USD$ Millions)	2023	2022
	(Unaudited)
Opening balance	5,572	4,972
Reassignment of hedging instruments	227	1,879
Realized exports	(227)	(1,879)
Designation of new hedges	693	600
Closing balance	6,265	5,572

The following is the movement in the other comprehensive income:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	(2,473,999)	(945,250)
Exchange difference	3,760,813	(4,317,263)
Realized exports (Note 22)	480,231	1,143,287
Ineffectiveness	18,998	6,625
Deferred tax (Note 10)	(1,980,061)	1,638,602
Closing balance	(194,018)	(2,473,999)

33

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss is as follows:

Year	Before taxes	Taxes	After taxes
2023 (Oct-Dec)	24,860	(10,847)	14,013
2024	94,236	(43,853)	50,383
2025	93,139	(43,343)	49,796
2026	90,478	(42,104)	48,374
2027	(7,208)	3,354	(3,854)
2028	(7,420)	3,453	(3,967)
2029	(7,748)	3,606	(4,142)
2030	17,937	(8,347)	9,590
2031	30,771	(14,319)	16,452
2032	30,097	(14,006)	16,091
2033	2,397	(1,115)	1,282
	361,539	(167,521)	194,018

29.4Hedge of a net investment in a foreign operation

The Board of Directors approved the application of hedge accounting of net investment from September 8, 2016. The measure seeks to reduce the volatility of non-operating income due to the exchange difference. The hedge of a net investment applies to a portion of the investments the Company has in foreign currency, in this case in subsidiaries with the US dollars as their functional currency, using as hedging instrument a portion of the Company’s debt denominated in U.S. dollars.

As of September 30, 2023, the total hedged balance is USD$10,298 million, which includes: i) Ecopetrol S.A. USD$10,100 million and ii) ISA Colombia for USD$198 million in hedge of net investment in the companies ISA REP, ISA Perú, Consorcio Transmantaro (CTM) and Proyectos de Infrastructura del Perú (PDI).

The following is the movement in the other comprehensive income:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	9,354,071	4,366,336
Exchange difference	(6,573,497)	7,526,124
Deferred tax	2,213,355	(2,538,389)
Closing balance	4,993,929	9,354,071

29.5Commodity Price risk

The price risk of raw materials is associated with the Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices.

The risk of such exposure is partially hedged in a natural way, as an integrated Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices.

The Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures, and controls for their management.

34

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The main purpose of the strategic hedging program is to protect the Group’s consolidated financial statements from the volatility of market variables in each period, to protect income and thus cash flow. During 2022, a hedging plan was executed to protect the cash against low price scenarios below the budget base price, in this sense, put options were purchased. There is not balance of these financial instruments as of September 30, 2023, and December 31, 2022.

On the other hand, tactical hedges allow to capture value in trading operations and Asset Backed Trading (ABT), thereby mitigating the market risk of specific operations. In the trading activity, commitments in physical spot and forward contracts could represent an exposure to commodity price risk, in particular the risk associated with the volatility of the price of crude oil and refined products. Although this exposure is part of the natural risk of the production, refining, and marketing activity made by Ecopetrol, sometimes marketing, to maximize value capture, can concentrate the exposure to risk in terms of time and/or or indicator that differs from the Company’s natural price risk profile.

As of the date of this report, Ecopetrol Business Group recognizes a total net asset position in swaps for $12,619 (December 2022: asset $41,316). These transactions with financial derivatives are recognized under cash flow hedge accounting.

29.6Risk and opportunities related to climate

The Ecopetrol Business Group made progress in the process of identifying and assessing physical and transition climate risks, considering short, medium, and long-term climate scenarios. Physical and transition risks are often seen as opposites. The greatest transition risks are associated with the most aggressive reduction policies, with the goal of reaching net zero emissions, while the physical risks are greater in the lax policy scenarios, in which the increase in emissions is expected to cause more extreme weather events. For this reason, the IEA (International Energy Agency), the IPCC (Intergovernmental Panel on Climate Change), and the SSP (Shared Socioeconomic Pathways) have developed multiple future climate scenarios that reflect a series of political decisions and climate outcomes.

● Physical risks: related to the Company’s exposure and vulnerability to the impacts of climate change and climate variability in Colombia, which could affect the availability of water and increase the exposure of assets and operations to possible damage.

o For the case of Ecopetrol S.A., the Company executed the analysis and the identification of seven (7) physical risks related to chronic threats (drought and thermal stress) and acute threats (precipitation, coastal flooding, fluvial flooding, fires, and winds) at 95 points associated with the company’s main assets. The modeling was carried out through Cervest’s EarthScan platform, using the following IPCC scenarios: (i) scenario aligned with the objective of the Paris Agreement (SSP1-RCP2.6), (ii) scenario peak emissions in 2040 (SSP2- RCP4.5), and (iii) business as usual scenario (SSP5- RCP8.5). EarthScan uses regional climate models with diverse data sets to analyze the physical vulnerability of assets, relative to the potential impact of climate hazards. The probability and severity of climatic events are estimated up to 2100.

In addition, there is a vulnerability analysis for climate variability scenarios associated with the “El Niño” phenomena and its opposite phase “La Niña”. The frequency and intensity of these phenomena have been increasing in Colombian territory.

● Transition risk: related to the challenges that the company has identified to move towards a low-carbon, sustainable and competitive operation. The following are the identified risks:

o Regulatory risk, associated with regulatory changes that may directly affect the Company in the short and medium term. Among the regulatory changes, the following can be highlighted: (i) new information requirements for the application or modification of current and future licenses (GHG emissions, vulnerability and climate risks analysis, adaptation measures, among others), of which Ecopetrol Business Group could not have the information available, (ii) new regulations for the detection and repair of leaks, flaring, and venting of gas, (iii) disclosure requirements on environmental and social matters by the Financial Superintendence of Colombia, (iv) new requirements for project verification, (v) greater limitations on the use of offsetting to meet decarbonization goals, among others.

35

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

o Legal risk, associated with the negative reactions and lawsuits against the climate action of Ecopetrol Business Group

o Risk of assets trapped in the traditional business of hydrocarbon production, transportation, and refining, considering factors such as fuel demand prospects and asset profit horizons.

o Market risk, related to the change in preferences in the use of low-carbon products in the long term, which implies a risk for the Company of not being able to meet market demand and of not advancing effectively in the development of these products and cost impact due to carbon price change.

o Reputational risk, associated with the impossibility of responding in a timely way to the expectations and demand of investors and other interest groups to establish ambitious objectives regarding climate change, which would affect the image of the Company.

o Technological risk, associated with the negative effects on the profitability of the business if there is no preparation and capacity to adapt to new technologies because of the transition process.

Ecopetrol S.A. defined a modeling exercise that prioritized market and regulatory risk, for the upstream segment, using the following analysis routes: (i) quantification of the impact on revenues derived from a changing demand for hydrocarbons, (ii) quantification of the impact in costs due to changes in carbon prices, and (iii) quantification of the financial repercussions derived from higher abatement costs associated with limitations on the use of offsets. The model used the International Energy Agency WEO 2022 scenarios: (i) Net Zero Emissions (NZE), (ii) Announced Pledges Scenario (APS), and (iii) Stated Policies Scenario (STEPS). The portfolio’s resilience was evaluated by comparing the net present value of future cash flows from the IEA scenarios with the net present value of Ecopetrol’s base case. In both cases, the hypotheses associated with the analysis routes were applied. The foregoing will be subject to review and assessment to establish the potential impact on the financial and strategic planning of the Company.

The opportunities derive from the analysis of risks associated with the climate, the review of the energy transition scenarios, the implementation of the decarbonization plan and the alignment with the 2040 strategy. Opportunities have been identified related to the diversification of the traditional business, the incorporation into the portfolio of sustainable and low-emission businesses, the diversification in energy power and infrastructure markets, and the strengthening of energy efficiency and renewable energies.

To mitigate the materialization of physical and transition risks, there is a business risk associated with the management of Climate Change and Water, which included Biodiversity in the recent updates of the risk map process. The risk that incorporates mitigation measures related to the management of GHG emissions, adaptation to climate variability and change, projects, initiatives, and decarbonization technologies, and financing instruments (internal carbon price, allocation of resources), among others, in addition to key risk indicators associated with the occurrence of extreme weather events, reduction of greenhouse gas emissions and efficiency in the water management. This business risk is updated annually, to include new actions that make it possible to adequately manage the risks associated with the climate.

36

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

29.7Capital management

The main objective of Ecopetrol Business Group’s Capital Management is to ensure a financial structure that will optimize the Company’s cost of capital, maximize the returns to its shareholders and allow access to financial markets at a competitive cost to cover its financing needs.

The following is the leverage index over the periods reported:

	September 30,		December 31,
	2023		2022
	(Unaudited)
Loans and borrowings (Note 19)	109,728,676		115,134,839
Cash and cash equivalents (Note 6)	(12,070,744)		(15,401,058)
Other financial assets (Note 9)	(2,143,515)		(2,725,871)
Net financial debt	95,514,417		97,007,910
Equity	101,924,635		113,903,089
Leverage (1)	48.38	%	45.99	%

(1)Net financial debt / (Net financial debt + Equity)

30.Related parties

The balances with associated companies and joint ventures as of September 30, 2023 (unaudited), and December 31, 2022 are as follows:

	Accounts	Loans	Other	Accounts	Loans	Other
	receivable	receivable	assets	payable	payable	liabilities
Joint ventures
Equion Energía Limited	—	—	108	2,029	715,020	1,828
Ecodiesel Colombia S.A.	3,682	—	—	50,360	—	101
Interligação Elétrica do Madeira S.A.	42,226	—	—	—	—	—
Interligação Elétrica Garanhuns S.A.	11,034	38	—	—	—	—
Interligação Elétrica Paraguaçu S.A.	—	25	—	—	—	—
Interligação Elétrica Aimorés S.A.	—	25	—	—	—	—
Interligação Elétrica Ivaí S.A.	—	544	—	—	—	—
Derivex S.A.	—	335	—	—	—	—
Conexión Kimal Lo Aguirre S.A.	—	129,978	—	—	—	—
Associates
Gases del Caribe S.A. E.S.P.	78,617	—	—	—	—	—
Gas Natural del Oriente S.A. E.S.P.	4,735	—	—	6,343	—	—
Gases de la Guajira S.A. E.S.P.	879	—	—	—	—	—
Extrucol S.A.	721	—	—	753	—	—
E2 Energía Eficiente S.A. E.S.P.	10,029	—	—	62	—	—
Balance as of September 30, 2023 (unaudited)	151,923	130,945	108	59,547	715,020	1,929
Current	151,923	639	108	59,547	715,020	1,929
Non-current	—	130,306	—	—	—	—
	151,923	130,945	108	59,547	715,020	1,929
	(Note 7)	(Note 7)	(Note 11)	(Note 20)	(Note 19)

37

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

	Accounts	Loans	Other	Accounts	Loans	Other
	receivable	receivable	assets	payable	payable	liabilities
Joint ventures
Equion Energía Limited (1)	127	—	1,087	2,004	815,056	2,698
Ecodiesel Colombia S.A.	13,155	—	—	53,821	—	3
Interligação Elétrica do Madeira S.A.	89,505	—	—	—	—	—
Interligação Elétrica Garanhuns S.A.	—	40	—	—	—	—
Interligação Elétrica Ivaí S.A.	—	182	—	—	—	—
Derivex S.A.	—	335	—	—	—	—
Associates
Gas Natural del Oriente S.A. E.S.P.	—	—	—	7,048	—	—
Extrucol S.A.	2	—	—	854	—	—
E2 Energía Eficiente S.A. E.S.P.	7,397	—	—	4,152	—	—
Balance as of December 31, 2022	110,186	557	1,087	67,879	815,056	2,701
Current	110,186	222	1,087	67,879	815,056	2,701
Non-current	—	335	—	—	—	—
	110,186	557	1,087	67,879	815,056	2,701
	(Note 7)	(Note 7)	(Note 11)	(Note 20)	(Note 19)

Loans payable:

(1) Deposits held by Equion in Ecopetrol Capital AG.

The main transactions with related parties for the periods ended September 30, are detailed as follows:

	2023		2022
		Purchases of		Purchases of
	Sales and	product and	Sales and	product and
	services	other	services	other
	(Unaudited)		(Unaudited)
Joint ventures
Equion Energía Limited	698	30,447	430	15,423
Ecodiesel Colombia S.A.	17,957	414,075	13,993	468,589
	18,655	444,522	14,423	484,012
Associates
Gas Natural del Oriente S.A. E.S.P.	—	28,906	—	26,783
Extrucol S.A.	—	—	10	2,222
E2 Energía Eficiente S.A. E.S.P.	12	2,932	65,137	2,202
Serviport S.A.	68,471	2,615	—	—
	68,483	34,453	65,147	31,207
	87,138	478,975	79,570	515,219

38

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

31.Segments information

The description of the business segments can be seen in note 4.20 of the consolidated financial statements December 31, 2022.

The following information by segments is reported based on the information used by the Board of Directors, as the highest body for making strategic and operational decisions of the business segments. The performance of the segments is based mainly on analyzes of income, costs, expenses, and results for the period generated by each segment, which are monitored periodically.

The information disclosed in each segment is presented net of the transactions carried out between the Group companies.

31.1Statement of profit or loss by segment

Below is the profit and loss statement by segment as of and for the periods ended September 30:

	Nine-month period ended September 30, 2023 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
Third party sales	38,868,330	57,737,777	2,221,686	10,609,111	(1,045,558)	108,391,346
Inter-segment sales	21,834,134	5,324,407	9,601,985	2,415	(36,762,941)	—
Revenue from contracts with customers	60,702,464	63,062,184	11,823,671	10,611,526	(37,808,499)	108,391,346
Costs of sales	(38,072,085)	(56,855,440)	(3,114,497)	(4,313,681)	37,484,530	(64,871,173)
Gross profit	22,630,379	6,206,744	8,709,174	6,297,845	(323,969)	43,520,173
Administration expenses	(1,738,102)	(566,870)	(434,408)	(869,242)	247,633	(3,360,989)
Operation and projects expenses	(2,751,048)	(1,050,847)	(276,718)	—	162,741	(3,915,872)
Impairment of non-current assets	—	(9,367)	—	(1,758)	—	(11,125)
Other operating income (expense)	9,806	(43,112)	7,438	(59,248)	(4,572)	(89,688)
Operating income	18,151,035	4,536,548	8,005,486	5,367,597	81,833	36,142,499
Financial results
Financial income	1,215,406	163,723	326,581	587,830	(508,769)	1,784,771
Financial expenses	(3,567,808)	(1,343,057)	(265,008)	(3,020,557)	425,975	(7,770,455)
Foreign exchange gain (loss)	1,411,085	509,358	(116,246)	1,961	—	1,806,158
	(941,317)	(669,976)	(54,673)	(2,430,766)	(82,794)	(4,179,526)
Share of profit of associates and joint ventures	22,277	198,549	—	385,506	—	606,332
Profit before income tax expense	17,231,995	4,065,121	7,950,813	3,322,337	(961)	32,569,305
Income tax expense	(8,394,481)	(10,686)	(2,692,004)	(379,701)	—	(11,476,872)
Net profit for the period	8,837,514	4,054,435	5,258,809	2,942,636	(961)	21,092,433
Net profit (loss) attributable to:
Owners of the parent	8,912,142	3,889,560	4,217,516	619,421	(961)	17,637,678
Non-controlling interest	(74,628)	164,875	1,041,293	2,323,215	—	3,454,755
	8,837,514	4,054,435	5,258,809	2,942,636	(961)	21,092,433

39

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

	Nine-month period ended September 30, 2022 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
Third party sales	47,423,709	60,987,163	1,995,275	9,578,562	(85,915)	119,898,794
Inter-segment sales	22,583,663	5,127,399	7,873,394	1,995	(35,586,451)	—
Revenue from contracts with customers	70,007,372	66,114,562	9,868,669	9,580,557	(35,672,366)	119,898,794
Costs of sales	(34,896,814)	(59,242,324)	(2,681,117)	(3,954,326)	35,316,340	(65,458,241)
Gross profit	35,110,558	6,872,238	7,187,552	5,626,231	(356,026)	54,440,553
Administration expenses	(1,537,478)	(487,623)	(339,903)	(754,149)	274,526	(2,844,627)
Operation and projects expenses	(1,871,806)	(866,722)	(225,224)	—	130,229	(2,833,523)
Impairment of non–current assets	—	(5,516)	—	—	—	(5,516)
Other operating expenses	(193,586)	(31,033)	(24,523)	(51,033)	(2,496)	(302,671)
Operating income	31,507,688	5,481,344	6,597,902	4,821,049	46,233	48,454,216
Financial results
Financial income	656,434	59,308	80,522	404,771	(313,637)	887,398
Financial expenses	(2,117,736)	(974,944)	(207,257)	(2,843,762)	267,822	(5,875,877)
Foreign exchange (loss) gain	(102,929)	(244,300)	(60,892)	30,594	—	(377,527)
	(1,564,231)	(1,159,936)	(187,627)	(2,408,397)	(45,815)	(5,366,006)
Share of profit of associates and joint ventures	8,741	171,348	(1,001)	477,592	—	656,680
Profit before income tax expense	29,952,198	4,492,756	6,409,274	2,890,244	418	43,744,890
Income tax expense	(10,809,210)	(2,664,643)	(2,276,607)	(463,605)	—	(16,214,065)
Net profit for the period	19,142,988	1,828,113	4,132,667	2,426,639	418	27,530,825
Net profit (loss) attributable to:
Owners of the parent	19,209,590	1,684,580	3,339,949	536,372	418	24,770,909
Non–controlling interest	(66,602)	143,533	792,718	1,890,267	—	2,759,916
	19,142,988	1,828,113	4,132,667	2,426,639	418	27,530,825

40

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

31.2Revenue from contracts with customers

	Revenue from contracts with customers - Segments
	Nine-month period ended September 30, 2023 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
National sales
Mid-distillates	—	24,580,708	—	—	(26,947)	24,553,761
Gasolines	—	21,298,912	—	—	(2,930,104)	18,368,808
Natural gas	4,246,019	—	—	—	(923,288)	3,322,731
Services	178,448	1,313,177	11,823,671	234,597	(10,931,198)	2,618,695
Electric power transmission services	—	—	—	2,010,717	—	2,010,717
Plastic and rubber	—	930,979	—	—	—	930,979
Fuel gas service	—	745,885	—	—	(7,064)	738,821
Asphalts	46,250	638,709	—	—	—	684,959
L.P.G. and propane	408,442	218,692	—	—	(13,591)	613,543
Roads and construction services	—	—	—	260,781	—	260,781
Polyethylene	—	234,107	—	—	513	234,620
Aromatics	—	228,180	—	—	—	228,180
Crude oil	20,772,440	—	—	—	(20,640,083)	132,357
Other products	32,716	2,805,840	—	—	(2,336,186)	502,370
	25,684,315	52,995,189	11,823,671	2,506,095	(37,807,948)	55,201,322
Foreign sales
Crude oil	35,357,848	1,521,291	—	—	—	36,879,139
Electric power transmission services	—	—	—	4,373,784	—	4,373,784
Construction services	—	—	—	3,510,948	—	3,510,948
Diesel	—	3,215,505	—	—	—	3,215,505
Fuel oil	—	3,047,606	—	—	—	3,047,606
Plastic and rubber	—	1,096,741	—	—	—	1,096,741
L.P.G. and propane	206,540	—	—	—	—	206,540
Gasolines	—	193,394	—	—	—	193,394
Natural gas	75,044	—	—	—	—	75,044
Cash flow hedging	(642,050)	(7,962)	—	—	—	(650,012)
Other products	20,767	1,000,420	—	220,699	(551)	1,241,335
	35,018,149	10,066,995	—	8,105,431	(551)	53,190,024
	60,702,464	63,062,184	11,823,671	10,611,526	(37,808,499)	108,391,346

41

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

	Sales by product - Segments
	Nine-month period ended September 30, 2022 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
National sales
Mid-distillates	—	28,049,021	—	—	(17,855)	28,031,166
Gasolines	—	23,859,630	—	—	(3,249,035)	20,610,595
Gas natural	3,783,528	—	—	—	(766,851)	3,016,677
Services	386,472	315,302	9,868,669	208,024	(8,135,332)	2,643,135
Electric power transmission services	—	—	—	1,934,461	—	1,934,461
Roads and construction services	—	—	—	255,736	—	255,736
Fuel gas service	—	627,753	—	—	(6,404)	621,349
Plastic and rubber	—	1,216,431	—	—	—	1,216,431
Asphalts	32,966	601,274	—	—	—	634,240
L.P.G. and propane	550,211	280,473	—	—	(23,449)	807,235
Crude oil	21,711,604	491,440	—	—	(21,988,457)	214,587
Polyethylene	—	220,975	—	—	—	220,975
Aromatics	—	242,045	—	—	—	242,045
Other products	19,395	1,837,450	—	—	(1,343,092)	513,753
	26,484,176	57,741,794	9,868,669	2,398,221	(35,530,475)	60,962,385
Foreign sales
Crude oil	43,996,345	92,147	—	—	(141,891)	43,946,601
Diesel	—	1,896,842	—	—	—	1,896,842
Electric power transmission services	—	—	—	3,750,829	—	3,750,829
Roads and construction services	—	—	—	3,209,685	—	3,209,685
Plastic and rubber	—	1,621,076	—	—	—	1,621,076
Gasolines	—	157,685	—	—	—	157,685
Fuel oil	—	3,628,416	—	—	—	3,628,416
Natural gas	189,665	—	—	—	—	189,665
L.P.G. and propane	242,581	—	—	—	—	242,581
Cash flow hedging	(932,542)	(35,992)	—	—	—	(968,534)
Other products	27,147	1,012,594	—	221,822	—	1,261,563
	43,523,196	8,372,768	—	7,182,336	(141,891)	58,936,409
	70,007,372	66,114,562	9,868,669	9,580,557	(35,672,366)	119,898,794

42

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

32.Relevant and/or subsequent events (unaudited)

The Ecopetrol Business Group opened a marketing company in the United States of America

The Ecopetrol Business Group has in operation a new marketing company abroad, this time in the United States of America. The main objective of the company is finding new customers and strengthening its commercial strategy in the North American market.

The trading company, created in 2022, is called Ecopetrol US Trading and is in Houston, Texas, a recognized city as one of the energy capitals of the World. From there, the Company will execute its commercial operations in the United States of America.

Ecopetrol US Trading’s marketing and operation strategy seeks to get closer and strengthen the relationship with customers, through a local support team that will facilitate fluid communication with customers and suppliers.

ISA bonds issuance

In November 2023, ISA issued bonds in the local market for COP$500,000 million of the fifteenth tranche of the Company’s internal public debt securities issuance and placement program. The placement was carried out through the Colombian Stock Exchange (BVC, acronym in Spanish), under the Dutch auction mechanism.

43

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

33.Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Subsidiaries
Refinería de Cartagena S.A.S.	U.S. Dollar	100	%	Hydrocarbons refining, marketing and distribution	Colombia	Colombia	22,111,929	3,166,632	35,666,794	13,554,865
Cenit transporte y logística de hidrocarburos S.A.S.	Colombian peso	100	%	Storage and transportation through hydrocarbon pipelines	Colombia	Colombia	15,668,591	4,272,019	17,685,907	2,017,316
Ecopetrol Global Energy S.L.U.	U.S. Dollar	100	%	Investment vehicle	Spain	Spain	14,521,345	627,109	14,521,402	57
Oleoducto Central S.A. - Ocensa	U.S. Dollar	72.65	%	Transportation through hydrocarbon pipelines	Colombia	Colombia	3,543,754	2,535,316	6,942,434	3,398,680
Hocol Petroleum Limited.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	4,235,448	468,018	4,235,622	174
Ecopetrol América LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	1,786,726	(11,115)	3,485,196	1,698,470
Hocol S.A.	U.S. Dollar	100	%	Exploration, exploitation, and production of hydrocarbons	Cayman Islands	Colombia	3,708,388	452,663	5,733,699	2,025,311
Esenttia S.A.	U.S. Dollar	100	%	Production and commercialization of polypropylene resin	Colombia	Colombia	2,540,932	189,181	3,259,229	718,297
Ecopetrol Capital AG	U.S. Dollar	100	%	Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group	Switzerland	Switzerland	2,800,207	117,164	10,141,763	7,341,556
Oleoducto Bicentenario de Colombia S.A.S.	Colombian peso	100	%	Pipeline transportation of crude oil	Colombia	Colombia	1,241,660	286,583	2,102,165	860,505
Oleoducto de Colombia S. A. – ODC	Colombian peso	73	%	Pipeline transportation of crude oil	Colombia	Colombia	341,913	330,828	825,712	483,799
Black Gold Re Ltd.	U.S. Dollar	100	%	Reinsurer of Ecopetrol and its subsidiaries	Bermuda	Bermuda	1,106,135	64,340	1,567,127	460,992
Andean Chemicals Ltd.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	1,866,627	128,129	1,869,764	3,137
Oleoducto de los Llanos Orientales S. A. - ODL	Colombian peso	65	%	Pipeline transportation of crude oil	Panama	Colombia	791,478	525,398	1,357,814	566,336
Interconexión Eléctrica S.A. E.S.P.	Colombian peso	51.41	%	-Provision of the public electricity transmission service - Development of infrastructure projects and their commercial exploitation and - Software development, Information technology and telecommunications activities and services	Colombia	Latin America	27,462,253	2,034,446	72,758,663	45,296,410

44

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

		Ownership				Geographic		Profit
	Functional	Interest			Country/	area of		(loss) for	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	the period	assets	liabilities
Inversiones de Gases de Colombia S.A. Invercolsa S.A.	Colombian peso	51.88	%	Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia	Colombia	Colombia	580,247	266,589	746,271	166,024
Alcanos de Colombia S.A. E.S.P. (1)	Colombian peso	29.61	%	Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations.	Colombia	Colombia	297,244	107,430	837,451	540,207
Metrogas de Colombia S.A E.S.P. (1)	Colombian peso	33.49	%	Provision of the public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives.	Colombia	Colombia	52,944	16,411	142,043	89,099
Gases del Oriente S.A. E.S.P. (1)	Colombian peso	48.50	%	Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service.	Colombia	Colombia	77,161	47,069	215,458	138,297
Promotora de Gases del Sur S.A. E.S.P. (1)	Colombian peso	31.44	%	Promote the linking of national or foreign capital, public or private, to achieve the gas massification project.	Colombia	Colombia	44,835	30,035	91,343	46,508
Combustibles Líquidos de Colombia S.A E.S.P. (1)	Colombian peso	41.61	%	Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service.	Colombia	Colombia	61,606	1,198	82,341	20,735

45

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Ecopetrol USA Inc.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	12,379,433	744,326	12,388,513	9,080
Ecopetrol Permian LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	8,649,795	752,321	11,197,337	2,547,542
Ecopetrol Oleo e Gas do Brasil Ltda.	Real	100	%	Hydrocarbons exploration and exploitation	Brazil	Brazil	2,033,536	(116,742)	2,085,202	51,666
Esenttia Masterbatch Ltda.	Colombian peso	100	%	Manufacture of polypropylene compounds and masterbatches	Colombia	Colombia	319,567	165,172	432,525	112,958
Ecopetrol del Perú S. A.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	Peru	Peru	62,325	2,084	65,277	2,952
ECP Hidrocarburos de México S.A. de C.V.	U.S. Dollar	100	%	Offshore exploration	Mexico	Mexico	46,090	(1,649)	47,910	1,820
Ecopetrol Costa Afuera S.A.S.	Colombian peso	100	%	Offshore exploration	Colombia	Colombia	13,146	182	13,330	184
Esenttia Resinas del Perú SAC	U.S. Dollar	100	%	Commercialization polypropylene resins and masterbatches	Peru	Peru	15,846	1,204	37,948	22,102
Topili Servicios Administrativos S de RL De CV.	Mexican pesos	100	%	Specialized management services	Mexico	Mexico	(162)	(182)	284	446
Kalixpan Servicios Técnicos S de RL De CV.	Mexican pesos	100	%	Specialized services related to oil and gas industry	Mexico	Mexico	131	(48)	135	4
Ecopetrol US Trading LLC	U.S. Dollar	100	%	International marketing of crude oil and refined products	United States of America	United States of America	—	—	—	—
Econova Technology & Innovation S.L.	U.S. Dollar	100	%	Execution of activities related to science, technology, and innovation (ST&I) activities.	Spain	Spain	11	(3)	14	3
Ecopetrol Singapore PTE. LTD	Singapore dollar	100	%	Holding company with investment in an international trading company for crude oil and refined products	Singapore	Asia	572,630	534,357	572,867	237
Ecopetrol Trading Asia PTE. LTD	Singapore dollar	100	%	International marketing of crude oil and refined products	Singapore	Asia	572,434	534,411	4,223,623	3,651,189

46

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Associates
Serviport S.A. (2)	Colombian peso	49	%	Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements	Colombia	Colombia	12,790	(3,176)	42,028	29,238
Sociedad Portuaria Olefinas y Derivados S.A. (3)	Colombian peso	50	%	Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public	Colombia	Colombia	8,447	2,875	12,145	3,698
Joint ventures
Equion Energía Limited	U.S. Dollar	51	%	Hydrocarbons exploration and exploitation	United Kingdom	Colombia	1,374,271	37,360	1,442,473	68,202
Ecodiesel Colombia S.A. (3)	Colombian peso	50	%	Production, commercialization and distribution of biofuels and oleochemicals	Colombia	Colombia	157,092	42,131	253,058	95,966

(1) Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A.

(2) Information available as of June 30, 2023, the investment is totally impaired.

(3) Information available as of August 31, 2023.

47

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

34.Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P. (Unaudited)

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Subsidiaries
Consorcio Transmantaro	Electric power	Peru	60.00	%	8,182,331	6,310,996	1,871,335	213,401
Interligação Eléctrica Evrecy	Electric power	Brazil	35.82	%	304,403	26,263	278,140	(11,169)
Fundo de Investimento Assis	Trust - Special Purpose Entity	Brazil	35.82	%	46,655	—	46,655	588
Fundo de Investimento Barra Bonita Renda Fixa Referenciado	Trust - Special Purpose Entity	Brazil	35.00	%	4,082	—	4,082	401
Fundo de Investimento Referenciado di Bandeirantes	Trust - Special Purpose Entity	Brazil	13.64	%	142,791	—	142,791	8,985
Fundo de Investimento Xavantes Referenciado di	Trust - Special Purpose Entity	Brazil	14.20	%	453,128	—	453,128	11,569
Interconexiones Viales	Roads	Chile	65.00	%	132	803	(671)	(4,416)
Interligação Elétrica Aguapeí	Electric power	Brazil	35.82	%	639,101	45,680	593,421	46,521
Interligação Elétrica Biguaçu	Electric power	Brazil	35.82	%	463,846	57,239	406,607	36,744
Interligação Elétrica De Minas Gerais	Electric power	Brazil	35.82	%	460,365	41,256	419,109	3,236
Interligação Elétrica Itapura	Electric power	Brazil	35.82	%	173,388	12,376	161,012	11,289
Interligação Elétrica Itaquerê	Electric power	Brazil	35.82	%	579,199	59,094	520,105	40,230
Interligação Elétrica Itaúnes	Electric power	Brazil	35.82	%	491,096	36,683	454,413	11,644
Interligação Elétrica Norte E Nordeste	Electric power	Brazil	35.82	%	468,165	132,894	335,271	23,813
Interligação Elétrica Pinheiros	Electric power	Brazil	35.82	%	62,896	6,618	56,278	6,110
Interligação Elétrica Riacho Grande	Electric power	Brazil	35.82	%	105,765	29,098	76,667	1,270
Interligação Elétrica Serra Do Japi	Electric power	Brazil	35.82	%	418,725	28,635	390,090	27,634
Interligação Elétrica Sul	Electric power	Brazil	35.82	%	231,935	26,480	205,455	13,273
Interligação Elétrica Tibagi	Electric power	Brazil	35.82	%	251,998	25,105	226,893	17,549
Internexa	Information and communications technologies	Colombia	99.50	%	518,004	425,656	92,348	(22,236)
Transamerican Telecomunication S.A.	Information and communications technologies	Argentina	99.50	%	38,333	20,912	17,421	(1,108)
Internexa Brasil Operadora de Telecomunicações	Information and communications technologies	Brazil	99.50	%	203,365	191,632	11,733	(15,501)
Internexa Chile	Information and communications technologies	Chile	98.50	%	72,496	53,656	18,840	(14,290)
Interligação Elétrica JAGUAR 6 S.A.	Electric power	Brazil	35.82	%	225,550	12,330	213,220	10,348
Interligação Elétrica JAGUAR 8 S.A.	Electric power	Brazil	35.82	%	121,085	8,857	112,228	4,899
Interligação Elétrica JAGUAR 9 S.A.	Electric power	Brazil	35.82	%	423,079	31,613	391,466	28,979

48

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Internexa Participações	Investment vehicle	Brazil	99.50	%	10,166	1,324	8,842	(13,624)
Internexa Peru	Information and communications technologies	Peru	99.50	%	303,563	256,660	46,903	4,816
ISA Bolivia	Electric power	Bolivia	100.00	%	125,783	8,105	117,678	5,059
ISA Capital Do Brasil	Investment vehicle	Brazil	100.00	%	5,564,972	559	5,564,413	522,802
ISA CTEEP	Electric power	Brazil	35.82	%	28,788,164	13,338,881	15,449,283	1,457,418
ISA Interchile	Electric power	Chile	100.00	%	6,517,095	5,203,405	1,313,690	13,841
ISA Intercolombia	Electric power	Colombia	100.00	%	417,663	304,644	113,019	25,126
ISA Intervial Chile	Roads	Chile	100.00	%	4,708,532	717,645	3,990,887	323,463
ISA Intervial Colombia	Roads	Colombia	100.00	%	620	—	620	33
ISA Inversiones Chile SpA	Investment vehicle	Chile	100.00	%	1,980,090	215,605	1,764,485	68,356
ISA Inversiones Chile Vias SpA	Investment vehicle	Chile	100.00	%	4,078,002	165	4,077,837	324,149
ISA Inversiones Costera Chile	Investment vehicle	Chile	100.00	%	609,354	815,968	(206,614)	(45,778)
ISA Inversiones Tolten	Investment vehicle	Chile	100.00	%	34	—	34	(2)
ISA Investimentos E Participações	Investment vehicle	Brazil	100.00	%	1,081,679	105	1,081,574	59,341
ISA Perú	Electric power	Peru	99.98	%	1,005,540	821,725	183,815	24,533
ISA REP	Electric power	Peru	60.00	%	1,960,767	1,507,293	453,474	149,484
ISA Transelca	Electric power	Colombia	100.00	%	1,809,039	919,491	889,548	107,111
Linear Systems RE	Other businesses	Bermudas	100.00	%	119,758	84,330	35,428	3,689
Proyectos de Infraestructura del Perú	Electric power	Peru	100.00	%	34,700	12,533	22,167	9,706
Ruta Costera	Roads	Colombia	100.00	%	2,601,976	2,431,341	170,635	(7,247)
Ruta de La Araucanía	Roads	Chile	100.00	%	899,448	458,278	441,170	42,486
Ruta de Los Ríos	Roads	Chile	75.00	%	332,927	240,274	92,653	25,029
Ruta del Bosque	Roads	Chile	100.00	%	29,924	4,082	25,842	(18,387)
Ruta del Loa	Roads	Chile	100.00	%	1,232,237	897,639	334,598	35,711
Ruta del Maipo	Roads	Chile	100.00	%	8,148,692	5,428,644	2,720,048	257,527
Ruta del Maule	Roads	Chile	100.00	%	8,674	2,803	5,871	267
Sistemas Inteligentes en Red	Other businesses	Colombia	99.77	%	20,803	9,753	11,050	1,850
XM	Electric power	Colombia	99.73	%	367,977	311,517	56,460	10,706

49

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2023

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Joint ventures
Interligação Elétrica do Madeira	Energy transport	Brazil	51.00	%	6,286,123	2,821,217	3,464,906	230,072
Interligação Elétrica Garanhuns	Energy transport	Brazil	51.00	%	1,334,544	382,140	952,404	63,862
Interligação Elétrica Paraguaçu	Energy transport	Brazil	50.00	%	1,508,843	498,283	1,010,560	74,685
Interligação Elétrica Aimorés	Energy transport	Brazil	50.00	%	954,447	334,667	619,780	48,236
Interligação Elétrica Ivaí	Energy transport	Brazil	50.00	%	3,999,502	3,084,164	915,338	171,733
Transmissora Aliança de Energia Elétrica	Energy transport	Brazil	14.88	%	14,578,138	8,769,989	5,808,149	472,045
Interconexión Eléctrica Colombia Panamá-Panamá	Energy transport	Panama	50.00	%	21,860	3,084	18,776	(15,856)
Interconexión Eléctrica Colombia Panamá Colombia	Energy transport	Colombia	1.17	%	266	1	265	(2)
Transnexa	Telecommunications transport	Ecuador	50.00	%	—	—	—	—
Derivex	Manage the negotiation system of operations on derivative financial instruments of electrical energy	Colombia	40.46	%	447	—	447	(402)
Parques del Río	Roads	Colombia	33.00	%	89	3	86	(30)
Conexión Kimal Lo Aguirre S.A.	Energy transport	Chile	33.33	%	721,017	263,565	457,452	4,158
Associates
ATP Tower Holdings	Telecommunications transport	United States of America	24.70	%	4,265,203	2,576,809	1,688,394	(19,164)

50

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2023
Document and Entity Information
Document Type	6-K
Document Period End Date	Sep. 30, 2023
Entity Registrant Name	ECOPETROL S.A.
Entity Central Index Key	0001444406
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false

XML

Interim condensed consolidated statement of financial position - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 12,070,744	$ 15,401,058
Trade and other receivables	37,580,673	39,224,999
Inventories	11,356,473	11,880,034
Other financial assets	1,752,234	1,162,127
Tax assets	7,974,934	6,784,392
Other assets	3,169,764	2,778,480
Current assets subtotal	73,904,822	77,231,090
Assets held for sale	29,519	45,755
Total current assets	73,934,341	77,276,845
Non-current assets
Trade and other receivables	30,056,323	32,155,205
Other financial assets	391,281	1,563,744
Investments in associates and joint ventures	8,685,038	9,496,600
Property, plant, and equipment	95,437,342	100,997,498
Natural and environmental resources	43,985,932	42,323,610
Right-of-use-assets	589,081	627,813
Intangibles	15,560,161	18,146,605
Tax assets	7,552,601	13,401,050
Goodwill	4,964,720	5,350,114
Other assets	1,620,593	1,453,347
Total non-current assets	208,843,072	225,515,586
Total assets	282,777,413	302,792,431
Current liabilities
Loans and borrowings	17,616,493	22,198,583
Trade and other payables	23,766,756	19,937,704
Provisions for employee benefits	2,822,786	2,753,697
Tax liabilities	2,984,097	7,630,901
Accrued liabilities and provisions	1,043,342	1,533,136
Other liabilities	2,163,122	2,728,317
Total current liabilities	50,396,596	56,782,338
Non-current liabilities
Loans and borrowings	92,112,183	92,936,256
Trade and other payables	47,047	57,056
Provisions for employee benefits	9,498,368	10,211,542
Tax liabilities	14,099,000	15,275,644
Accrued liabilities and provisions	11,532,712	11,223,358
Other liabilities	3,166,872	2,403,148
Total non-current liabilities	130,456,182	132,107,004
Total liabilities	180,852,778	188,889,342
Equity
Subscribed and paid in capital	25,040,067	25,040,067
Additional paid-in capital	6,607,699	6,607,699
Reserves	17,922,725	8,898,633
Other comprehensive income	12,612,959	15,796,719
Retained earnings	14,043,195	29,811,809
Equity attributable to the Company's shareholders	76,226,645	86,154,927
Non-controlling interest	25,697,990	27,748,162
Total equity	101,924,635	113,903,089
Total liabilities and equity	$ 282,777,413	$ 302,792,431

XML

Interim condensed consolidated statement of profit or loss - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Interim condensed consolidated statement of profit or loss
Revenue from contracts with customers	$ 108,391,346	$ 119,898,794
Cost of sales	(64,871,173)	(65,458,241)
Gross profit	43,520,173	54,440,553
Administration expenses	(3,360,989)	(2,844,627)
Operation and project expenses	(3,915,872)	(2,833,523)
Impairment of non-current assets	(11,125)	(5,516)
Other operating expenses	(89,688)	(302,671)
Operating income	36,142,499	48,454,216
Financial results
Financial income	1,784,771	887,398
Financial expenses	(7,770,455)	(5,875,877)
Foreign exchange gain (loss)	1,806,158	(377,527)
Financial result	(4,179,526)	(5,366,006)
Share of profits of associates and joint ventures	606,332	656,680
Profit before income tax expense	32,569,305	43,744,890
Income tax expense	(11,476,872)	(16,214,065)
Net profit for the period	21,092,433	27,530,825
Net profit attributable to:
Owners of parent	17,637,678	24,770,909
Non-controlling interest	3,454,755	2,759,916
Net profit	$ 21,092,433	$ 27,530,825
Basic earnings per share (Colombian pesos)	$ 429.0	$ 602.5
Diluted earnings per share (Colombian pesos)	$ 429.0	$ 602.5

XML

Interim condensed consolidated statement of comprehensive income - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Interim condensed consolidated statement of comprehensive income
Net profit for the period	$ 21,092,433	$ 27,530,825
Unrealized gain (loss) on hedges:
Cash flow hedge for future exports	2,278,515	(1,594,964)
Hedge of a net investment in a foreign operation	4,360,142	(3,643,730)
Cash flow hedge with derivative instruments	125,505	41,885
Financial instruments measured at fair value	(1,704)	(1,478)
Foreign currency translation	(13,751,843)	10,991,556
Items that will not be reclassified subsequently to profit or loss (net of tax):	(6,989,385)	5,793,269
Items that will not be reclassified to profit or loss in subsequent periods (net of taxes):
Actuarial (loss) gain	642,747	(1,040,172)
Other comprehensive income that will not to be reclassified to profit or loss in subsequent periods -net of taxes	642,747	(1,040,172)
Other comprehensive income, net of tax	(6,346,638)	4,753,097
Total comprehensive income, net of tax	14,745,795	32,283,922
Comprehensive income attributable to:
Owners of the parent	14,453,919	26,947,470
Non-controlling interest	291,876	5,336,452
Total comprehensive income, net of tax	$ 14,745,795	$ 32,283,922

XML

Interim condensed consolidated statement of changes in equity - COP ($) $ in Millions	Subscribed and paid-in capital After adoption of new standards IFRS	Subscribed and paid-in capital	Additional paid-in capital After adoption of new standards IFRS	Additional paid-in capital	Reserves After adoption of new standards IFRS	Reserves	Other comprehensive income After adoption of new standards IFRS	Other comprehensive income	Retained earnings Adoption of new standards	Retained earnings After adoption of new standards IFRS	Retained earnings	Total Adoption of new standards	Total After adoption of new standards IFRS	Total	Non-controlling interest After adoption of new standards IFRS	Non-controlling interest	Adoption of new standards	After adoption of new standards IFRS	Total
Opening balance at Dec. 31, 2021	$ 25,040,067	$ 25,040,067	$ 6,607,699	$ 6,607,699	$ 10,624,229	$ 10,624,229	$ 11,357,894	$ 11,357,894	$ 42,054	$ 14,901,712	$ 14,859,658	$ 42,054	$ 68,531,601	$ 68,489,547	$ 22,094,225	$ 22,094,225	$ 42,054	$ 90,625,826	$ 90,583,772
Net profit											24,770,909			24,770,909		2,759,916			27,530,825
Release of reserves						(5,886,441)					5,886,441
Dividends declared						(6,907,605)					(11,512,675)			(18,420,280)		(1,476,010)			(19,896,290)
Business combination																(238,839)			(238,839)
Restitution of capital and reserves																(84,822)			(84,822)
Appropriation of reserves, Legal						1,669,468					(1,669,468)
Appropriation of reserves ,Fiscal and statutory						509,082					(509,082)
Appropriation of reserves , Occasional						8,889,900					(8,889,900)
Gain (loss) on hedging instruments:
Cash flow hedge for future exports								(1,594,964)						(1,594,964)					(1,594,964)
Hedge of a net investment in a foreign operation								(3,555,396)						(3,555,396)		(88,334)			(3,643,730)
Cash flow hedge with derivative instruments								40,815						40,815		1,070			41,885
Financial instruments measured at fair value								(1,409)						(1,409)		(69)			(1,478)
Foreign currency translation								8,325,557						8,325,557		2,665,999			10,991,556
Actuarial gains (loss)								(1,038,042)						(1,038,042)		(2,130)			(1,040,172)
Closing balance at Sep. 30, 2022		25,040,067		6,607,699		8,898,633		13,534,455			22,977,937			77,058,791		25,631,006			102,689,797
Opening balance (Before adoption of new standards IFRS) at Dec. 31, 2022		25,040,067		6,607,699		8,898,633		15,796,719			29,811,809			86,154,927		27,748,162			113,903,089
Opening balance at Dec. 31, 2022																			113,903,089
Net profit											17,637,678			17,637,678		3,454,755			21,092,433
Release of reserves						(2,491,377)					2,491,377
Dividends declared											(24,382,200)			(24,382,200)		(2,317,979)			(26,700,179)
Restitution of capital and reserves																(24,070)			(24,070)
Appropriation of reserves, Legal						3,340,629					(3,340,629)
Appropriation of reserves ,Fiscal and statutory						509,082					(509,082)
Appropriation of reserves , Occasional						7,665,758					(7,665,758)
Gain (loss) on hedging instruments:
Cash flow hedge for future exports								2,279,981						2,279,981		(1,466)			2,278,515
Hedge of a net investment in a foreign operation								4,238,853						4,238,853		121,289			4,360,142
Cash flow hedge with derivative instruments								96,137						96,137		29,368			125,505
Financial instruments measured at fair value								(1,704)						(1,704)					(1,704)
Foreign currency translation								(10,448,473)						(10,448,473)		(3,303,370)			(13,751,843)
Actuarial gains (loss)								651,446						651,446		(8,699)			642,747
Closing balance at Sep. 30, 2023		$ 25,040,067		$ 6,607,699		$ 17,922,725		$ 12,612,959			$ 14,043,195			$ 76,226,645		$ 25,697,990			$ 101,924,635

XML

Interim condensed consolidated statement of cash flows - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows provided by operating activities:
Net profit for the period	$ 21,092,433	$ 27,530,825
Adjustments to reconcile net income to net cash provided by operating activities:
Income taxes	11,476,872	16,214,065
Depreciation, depletion, and amortization	10,063,244	8,756,826
Foreign exchange (gain) loss	(1,806,158)	377,527
Finance cost of loans and borrowings	5,151,076	3,886,375
Finance cost of post-employment benefits and abandonment costs	1,657,833	1,559,080
Disposal of exploratory assets and dry wells	975,965	436,980
(Gain) loss on sale or disposal of non-current assets	(255,104)	299,059
Impairment of non-current assets	11,125	5,516
Impairment of current assets	59,468	46,434
Gain on fair value of financial assets	(165,399)	(179,547)
Gain on hedging transactions with derivatives	2,248	32,037
Share of profit of associates and joint ventures	(606,332)	(656,680)
Loss (gain) on disposal of assets held for sale	13,792	(266,339)
Loss (gain) on hedge ineffectiveness	18,998	(949)
Realized loss on foreign exchange cash flow hedges	480,232	576,875
Provision expenses	402,512	346,988
Net change in operational assets and liabilities:
Trade and other receivables	(20,338,325)	(21,799,875)
Inventories	(89,044)	(1,883,511)
Trade and other payables	(1,237,154)	(526,781)
Tax assets and liabilities	(6,713,428)	(1,675,196)
Provisions for employee benefits	(394,202)	(244,825)
Provisions and contingencies	(881,130)	(563,492)
Other assets and liabilities	53,076	(389,978)
Cash flows from (used in) operations	18,972,598	31,881,414
Income tax paid	(9,573,747)	(7,006,077)
Net cash provided by operating activities	9,398,851	24,875,337
Cash flow from investing activities:
Investment in joint ventures	0	(209,658)
Investment in property, plant, and equipment	(6,091,965)	(5,259,905)
Investment in natural and environmental resources	(10,298,102)	(7,472,555)
Acquisitions of intangibles	(476,413)	(701,997)
Proceeds from the sale of other financial assets	1,003,102	393,099
Interests received	1,378,145	612,914
Dividends received	276,362	1,179,338
Proceeds from sales of non-current assets	751,171	402,373
Net cash used in investment activities	(13,457,700)	(11,056,391)
Cash flow provided (used) in financing activities:
Proceeds obtained from loans and borrowings	28,862,692	10,458,560
Payments of loans and borrowings	(18,196,512)	(11,614,789)
Interest payments	(4,728,230)	(3,648,611)
Lease payments (principal and interests)	(380,888)	(311,696)
Capital restitution	(24,070)	(14,825)
Dividends paid	(3,859,661)	(11,186,951)
Net cash used in financing activities	1,673,331	(16,318,312)
Exchange difference in cash and cash equivalents	(944,796)	867,208
Net decrease in cash and cash equivalents	(3,330,314)	(1,632,158)
Cash and cash equivalent at the beginning of the period	15,401,058	14,549,906
Cash and cash equivalent at the end of the period	$ 12,070,744	$ 12,917,748

XML

Reporting entity

9 Months Ended

Sep. 30, 2023

Reporting entity

Reporting entity

1.Reporting entity

Ecopetrol S.A. is a mixed economy company, with a commercial nature, formed in 1948 in Bogotá – Colombia, headquarters of the Ecopetrol Business Group (collectively called “Ecopetrol Business Group”); which is dedicated to commercial or industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services.

An 11.51% of Ecopetrol S.A.’s shares are publicly traded on the Stock Exchanges of Colombia and New York, USA. The remaining shares (88.49% of the total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit.

The address of the main office of Ecopetrol S.A. is Bogotá – Colombia, Carrera 13 No. 36 – 24.

XML

Basis of presentation

9 Months Ended

Sep. 30, 2023

Basis of presentation

Basis of presentation

2.Basis of presentation

2.1 Statement of compliance and authorization of financial statements

The financial information contained in this report has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements are unaudited and in the management opinion, include all necessary adjustments for a fair presentation of the results of each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and notes for the year ended 31 December 2022 included in Form 20-F 2022.

Ecopetrol Business Group prepares its consolidated financial statements included within Form 20-F based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in Form 20-F 2023 which are the same as those used in the previous year.

These interim condensed consolidated financial statements were approved by the Company’s Ecopetrol Board of Directors on December 15, 2023.

2.2Basis of consolidation

The interim condensed consolidated financial statements were prepared by consolidating all the subsidiary companies described in Exhibits 1 and 2, in which Ecopetrol exercises, directly or indirectly, control, according to IFRS 10.5 and 10.7.

Subsidiaries are consolidated from the date control is obtained until the date control ceases.

All intercompany assets and liabilities, equity, income, expenses, and cash flows related to transactions between Group companies were eliminated in consolidation. Unrealized profits and losses are also eliminated. Non-controlling interest represents the portion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders.

The interim condensed consolidated financial statements were prepared on the basis that it will continue to operate as a going concern.

All business combinations are recognized using the acquisition method.

The following were the changes in the Group:

2023

- On March 17, 2023, the Company concluded with process of establishing a new company called Econova Technology & Innovation, S.L., domiciled in Spain, was concluded. Its main corporate purpose is related to science, technology, and innovation (CT+i) activities. Ecopetrol S.A. is the direct owner of 100% of the capital shares, subscribed according to the regulatory requirements in Spain.

- Concentra Inteligencia en Energía S.A.S is in the liquidation process in accordance with the decision made at the Concentra General Shareholders’ Meeting.

2.3Reclassification

For presentation purposes, the Ecopetrol Business Group reclassified some items in the comparative figures as of September 30, 2022. They had no impact on the items of the statement of financial position, profits and losses, comprehensive income, and changes in equity. The reclassifications are presented in the statement of cash flows, note 28 - Financial results and note 31.2 - Revenue from contract with customers.

XML

Material accounting judgments and estimates

9 Months Ended

Sep. 30, 2023

Material accounting judgments and estimates

Material accounting judgments and estimates

3.Material accounting judgments and estimates

The preparation of the consolidated financial statements requires that the Company’s Management make judgments, estimates and assumptions to quantify some of the assets, liabilities, income, expenses, and commitments recognized in the consolidated financial statements and their disclosures. These estimates have been made based on the best information available on the facts analyzed, management experience and other factors at the date of preparation of the financial statements. Uncertainty about assumptions and estimates could result in future material changes affecting the value of assets or liabilities. Changes in these estimates are recognized prospectively in the period in which they are reviewed.

As of the date of this report, there have been no changes in the material accounting estimates and judgments used in the preparation of the financial statements as of December 31, 2022.

XML

Accounting policies

9 Months Ended

Sep. 30, 2023

Accounting policies

Accounting policies

4.Accounting policies

The Group’s main accounting policies are described in the consolidated financial statements as of December 31, 2022, and for the year then ended, and they have been applied consistently for the period comprising these interim condensed consolidated financial statements, except for the adoption of new standards effective as of January 1, 2022.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annuals, and therefore should be read in conjunction with the consolidated financial statements as of December 31, 2022.

XML

New standards

9 Months Ended

Sep. 30, 2023

New standards

New standards

5.New standards

5.1New standards adopted by the Group, effective as of January 1, 2023

The IASB issued amendments to the following standards, with an effective date on January 1, 2023, or later periods:

● Amendment to IAS 1 - Classifications of liabilities as current or non-current, modifies the requirement to classify a liability as current, by establishing that a liability is classified as current when it does not have the right at the end of the reporting period to defer the liquidation of the liability during, at least, the twelve months following the date of the reporting period. This amendment is effective since January 1, 2023. In addition, on October 31, 2022, IASB issued an amendment on non-current liabilities with agreed conditions and modified the effective date to January 1, 2024.

● Modifications to IFRS 1: The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1.

● IFRS 3 - Business combinations: in which they update a reference from the standard to the Conceptual Framework. The amendments are intended to replace the reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, by the reference to the Conceptual Framework for Financial Information, issued in March 2018, without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately.

At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets are not affected by the replace of Framework in the presentation of Financial Statements.

● Modifications to IFRS 9, IAS 39, and IFRS 7: Reform of reference interest rates. The amendments provide several exemptions that apply to all hedging relationships that are directly affected by the interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of the cash flows based on benchmarks of the hedged item or hedging instrument.

● IAS 12 Amendment: The IASB issued the amendment in May 2023, which provides to the companies a temporary exemption from accounting of deferred taxes arising from the international tax reform of the Organization for Economic Co-operation and Development (OECD), which published the rules to ensure that large multinational companies would be subject to a minimum tax rate of 15%. This amendment is in process of analyzing its impacts within the Company.

● Amendments to IAS 1 – Presentation of financial statements. Companies must disclose material information about their accounting policies and apply the concept of materiality to accounting policy disclosures. The amendments clarify the following points:

- The word “significant” is changed to “material or relative importance”.

- The accounting policies that must be disclosed in the notes to the financial statements are clarified, “an entity will disclose information about its material or relative importance accounting policies.”

- It is clarified when an accounting policy is considered material or relatively important.

- Adds the following paragraph: “Information on accounting policies that focuses on how an entity has applied the requirements of IFRS to its own circumstances provides specific information about the entity that is more useful to users of financial statements than standardized information or information that only doubles or summarizes the requirements of IFRS standards”.

● Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. They clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendment was published by the IASB in February 2021 and clearly defines an accounting estimate to distinguish it from an accounting policy: “Accounting estimates are monetary amounts, in financial statements, that are subject to measurement uncertainty”.

It mentions “an accounting policy could require that elements of the financial statements be measured in a way that entails measurement uncertainty—that is, the accounting policy could require that these elements be measured by monetary amounts that cannot be directly observed and they must be estimated. In this case, an entity develops an accounting estimate to achieve the objective established by the accounting policy.

● Amendments to IAS 12 Deferred taxes related to assets and liabilities that are recognized in a single transaction. The purpose of the amendments is to reduce diversity in the reporting of deferred taxes on leases and decommissioning obligations.

The amendment allows the recognition of a deferred tax liability or asset that has arisen in a transaction that is not a business combination, in the initial recognition of an asset or liability that, at the time of the transaction, does not give rise to taxable temporary differences and deductibles in the same amount.

● Amendment IAS 7 - Cash Flow Statement and IFRS 7 - Financial instruments: Disclosures. The IASB issued the amendment on disclosure requirements to improve the transparency of suppliers financing arrangements and their effects on a company’s liabilities, cash flows and liquidity risk exposure. The Amendment applies to annual periods beginning on January 1, 2024.

● Amendment IAS 21 - Effects of Variations in Foreign Currency Exchange Rates. The Amendment establishes criteria that allows assessing whether a currency is interchangeable and knowing when it is not. Thus, it will be possible to determine the exchange rate to be used and the disclosures to be provided. The Amendment applies to annual periods beginning on January 1, 2025.

5.2New standards issued but not yet adopted.

IFRS 17 - Insurance Contracts, provides a new general model for accounting for contracts by combining a measurement of the current balance of insurance contracts with the recognition of earnings during the period in which the services are rendered. The standard’s general model requires that insurance contract liabilities be measured using current weighted probability estimates of future cash flows, a risk adjustment, and a contractual service margin that represents the expected gain from fulfilling the contracts. The effects of changes in the estimates of future cash flows and the risk adjustment related to future services are recognized during the period in which the services are rendered and not immediately in profit loss statement.

IFRS 17 replaces IFRS 4 - Insurance Contracts and will be effective for the subsidiaries Black Gold Re and Linear Systems Re Ltd for the financial reporting period beginning January 1, 2023. The assessment of the impact of IFRS 17 is in an implementation phase and a significant effect on the Group’s consolidated financial statements is not expected given that most of the insurance contracts are short-term and would be managed by the PPA methodology - Simplified allocation of premiums.

5.3New standards issued by the ISSB that with effect in future periods.

The International Sustainability Standards Committee, in September 2023 issued the first international sustainability and climate standards: IFRS S1 General Requirements for the Information to be Disclosed on Sustainability related to Financial Information and IFRS S2 Weather-related Disclosures. The purpose of these standards is for entities to disclose information about their risks and opportunities related to sustainability and climate that is useful to the primary users of financial information for decision-making. An entity will apply these standards for reports for annual periods beginning on or after January 1, 2024. The Ecopetrol Business Group is currently assessing the corresponding regulations and the methodology for their implementation.

Ecopetrol Business Group is constantly monitoring changes in local accounting regulations to assess the possible impacts that the new standards issued by the international organization may generate in their adoption in Colombia.

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Cash and cash equivalents

9 Months Ended

Sep. 30, 2023

Cash and cash equivalents.

Cash and cash equivalents

6.Cash and cash equivalents

	September 30,	December 31,
	2023	2022
	(Unaudited)
Banks and corporations	7,151,034	9,491,029
Short–term investments	4,918,167	5,907,785
Cash	1,543	2,244
	12,070,744	15,401,058

As of September 30, 2023, the balance of cash and cash equivalents includes $1,844,980 ($2,067,279 as of December 31, 2022) of restricted cash in: a) Interconexión Eléctrica S.A. E.S.P. for $1,767,893 ($1,987,409 as of December 31, 2022), b) Oleoducto

Bicentenario for $76,205 ($79,870 as of December 31, 2022), and c) other companies for $882, to be used in the next 12 months, exclusively to guarantee debt service (payment of principal and interest).

The fair value of cash and equivalents is close to its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

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Trade and other receivables

9 Months Ended

Sep. 30, 2023

Trade and other receivables

Trade and other receivables

7.Trade and other receivables

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Fuel Price stabilization fund (1)	25,692,997	26,296,870
Concessions (2)	4,495,993	5,194,909
Customers
Domestic	2,788,212	3,268,944
Foreign	3,528,244	3,065,207
Related parties (Note 30)	152,562	110,408
Accounts receivable from employees	89,639	115,922
Industrial services	55,797	70,762
Other	777,229	1,101,977
	37,580,673	39,224,999
Non–current
Concessions (2)	26,533,437	28,647,390
Customers
Foreign	184,965	185,331
Domestic	72,001	72,985
Accounts receivable from employees	581,185	498,415
Related parties (Note 30)	130,306	335
Other (3)	2,554,429	2,750,749
	30,056,323	32,155,205

(1) Corresponds to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of motor gasoline current and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of September 2023, Ecopetrol S.A. offset this account receivable by $16,415,907 (2022: $6,788,385) with the dividends payable to the Ministry of Finance and Public Credit. This transaction was treated as a non-cash transaction for the purpose of the cash flow statement.

(2) Includes concessions and roads. Corresponds to accounts receivable for concessions acquired for public electric power transportation services and for public road transportation service.

(3) Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of Ecopetrol Business Group for transportation systems. The gross value of these accounts receivable is $2,291,892 (2022: $2,481,530) and the provision for expected losses established, included in the provision line for expected credit losses, is $417,920 (2022: $475,936), for a net book value of $1,873,972 (2022: $2,005,594). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its financial statements.

The book value of trade accounts and other accounts receivable approximates their fair value.

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Inventories

9 Months Ended

Sep. 30, 2023

Inventories

Inventories

8.Inventories

	September 30,	December 31,
	2023	2022
	(Unaudited)
Crude oil (1)	5,354,131	5,971,109
Fuels and petrochemicals (2)	3,073,856	3,241,154
Materials for goods production	2,928,486	2,667,771
	11,356,473	11,880,034

(1) The variation mainly corresponds to a higher level of deliveries of inventories in transit.

(2) The variation mainly corresponds to the lower level of imported products due to better operations in refineries, which decrease the weighted valuation.

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Other financial assets

9 Months Ended

Sep. 30, 2023

Other financial assets

Other financial assets

9.Other financial assets

	September 30,	December 31,
	2023	2022
	(Unaudited)
Assets measured at fair value
Investment portfolio – Foreign currency	1,283,780	1,056,385
Investments in equity securities and trust funds (1)	497,392	875,335
Hedging instruments (2)	155,053	311
Investment portfolio – Local currency	46,173	761,687
Assets measured at fair value through other comprehensive income	3,652	3,583
	1,986,050	2,697,301
Assets measured at amortized cost (3)	157,465	28,570
	2,143,515	2,725,871
Current	1,752,234	1,162,127
Non–current	391,281	1,563,744
	2,143,515	2,725,871

(1) Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia.

(2) Corresponds to swap and forward contracts to hedge commodity price risk in Ecopetrol S.A. and Interconexión Eléctrica S.A. E.S.P.

(3) Includes investments with maturities greater than 90 days, in Chile and Colombia.

The measurement at fair value is recognized in financial results (Note 29).

Restrictions

As of September 30, 2023 and December 31, 2022, there were restricted funds of $199,435 and $328,283 respectively, which have a specific destination, mainly i) in ISA Interchile for acquired obligations in the issuance of the 144th Reg. S Bond that establishes certain restrictions and limitations on the use of resources with the purpose of guaranteeing the payment of interest and capital and ii) in projects in Brazil, Peru and Colombia.

Fair value

The following is the classification of other financial assets recognized at fair value, corresponding to the investment portfolio:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Level 1	1,488,344	1,892,486
Level 2	497,706	804,815
	1,986,050	2,697,301

There were no transfers between hierarchy levels during the periods.

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Taxes

9 Months Ended

Sep. 30, 2023

Taxes

Taxes

10.Taxes

Income taxes

The Group calculates the income tax expense using the effective tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim consolidated statement of profit or loss are:

	Nine-month period ended
	September 30,
	2023	2022
	(Unaudited)
Current income tax expense	10,378,745	13,586,947
Deferred income tax expense	1,025,705	2,613,356
Adjustments to prior years’ current and deferred tax	72,422	13,762
Income tax expense	11,476,872	16,214,065

The effective tax rate for the nine-month period ended September 30, 2023, stood at 35.2%, while for the corresponding period in 2022, it was 37.1%.  

As of September 30, for both 2023, and 2022, the nominal income tax rate was set at 35%.

The 1.9% decrease in the effective tax rate during the indicated period is mainly due to: (i) the best results obtained by Group companies whose nominal income tax rate is less than 35% and (ii) the effects of the exchange rate movements on Colombian companies such as Refinería de Cartagena and Ocensa, which use the U.S. dollar as their functional currency; among others.

On December 2022, Tax reform Law 2277 established the deductibility of oil royalties paid to the Colombian Government for the exploitation of non-renewable resources is restricted, regardless of the denomination of the payment.

On November 16, 2023, the Constitutional Court of Colombia delivered judgment C-489 of 2023; this ruling deemed the non-deductibility of royalties in income tax (measure featured in the most recent tax reform) as unenforceable. The repercussions of this verdict have been factored into in these financial statements.

In December 2023, both the Ministry of Mines and Energy and the Ministry of Finance and Public Credit, respectively, submitted requests concerning the fiscal impact incidence and nullity related to the Constitutional Court’s ruling C-489 of 2023. As of now, there has been no ruling the Court regarding these requests.

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Other assets

9 Months Ended

Sep. 30, 2023

Other assets

Other assets

11.Other assets

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Partners in joint operations	973,170	871,409
Advanced payments to contractors and suppliers	948,594	679,829
Prepaid expenses	769,865	693,341
Trust funds	452,370	507,163
Related parties (Note 30)	108	1,087
Other	25,657	25,651
	3,169,764	2,778,480
Non-current
Wells abandonment and pension funds	619,324	568,066
Trust funds	349,638	184,464
Employee benefits	290,538	342,143
Advanced payments and deposits	75,602	87,684
Judicial deposits and judicial attachments	50,913	54,776
Other	234,578	216,214
	1,620,593	1,453,347

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Investments in associates and joint ventures

9 Months Ended

Sep. 30, 2023

Investments in associates and joint ventures

Investments in associates and joint ventures

12.Investments in associates and joint ventures

12.1Composition and movements

	September 30,	December 31,
	2023	2022
	(Unaudited)
Joint ventures
Interligação Elétrica do Madeira S.A.	1,769,645	1,871,142
Transmissora Aliança de Energia Elétrica S.A.	1,570,643	1,830,504
Equion Energía Limited	1,059,231	1,191,154
Interligação Elétrica Paraguaçu S.A.	559,119	614,112
Interligação Elétrica Garanhuns S.A.	518,794	571,328
Interligação Elétrica Ivaí S.A.	471,951	469,176
Interligação Elétrica Aimorés S.A.	355,693	411,495
Conexión Kimal Lo Aguirre S.A. (1)	149,927	169,230
Ecodiesel Colombia S.A.	78,546	54,614
Transnexa S.A. E.M.A.	8,545	8,545
Interconexión Eléctrica Colombia Panamá S.A.	8,026	20,516
Derivex S.A.	188	439
Parques de Rio	75	83
Interconexión Eléctrica Colombia Panamá S.A.S E.S.P.	4	4
	6,550,387	7,212,342
Less impairment:
Equion Energía Limited	(400,196)	(400,196)
Transnexa S.A. E.M.A.	(8,545)	(8,545)
	6,141,646	6,803,601
Associates
Gases del Caribe S.A. E.S.P.	1,489,223	1,495,341
ATP Tower Holdings	766,753	913,218
Gas Natural del Oriente S.A. E.S.P.	150,394	148,254
Gases de la Guajira S.A. E.S.P.	69,232	69,376
E2 Energía Eficiente S.A. E.S.P.	34,180	34,944
Extrucol S.A.	28,680	27,680
Serviport S.A.	9,399	9,399
Sociedad Portuaria Olefinas	4,930	4,186
	2,552,791	2,702,398
Less impairment: Serviport S.A.	(9,399)	(9,399)
	2,543,392	2,692,999
	8,685,038	9,496,600

The movement of investments in associates and joint ventures for the period ended September 30, 2023, is as follows:

	Associates	Join ventures	Total
Balance as of December 31, 2022	2,692,999	6,803,601	9,496,600
Equity method recognized in:
Profit or loss	154,080	452,252	606,332
Equity	(125,139)	(1,021,046)	(1,146,185)
Dividends declared	(178,548)	(93,161)	(271,709)
Balance as of September 30, 2023 (Unaudited)	2,543,392	6,141,646	8,685,038

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Property, plant, and equipment

9 Months Ended

Sep. 30, 2023

Property, plant, and equipment

Property, plant, and equipment

13.Property, plant, and equipment

The movement of property, plant and equipment for the period ended September 30, 2023, with its corresponding depreciation and impairment, is as follows:

		Pipelines,
	Plant and	networks, and	Work in
	equipment	lines	progress	Buildings	Lands	Other	Total
Cost
Balance as of December 31, 2022	62,763,108	60,287,507	13,432,616	15,354,065	5,199,069	3,225,279	160,261,644
Additions/capitalizations (1)	1,417,220	1,362,963	2,972,969	205,978	3,034	129,801	6,091,965
Abandonment cost update (Note 22)	—	(23,365)	—	—	—	—	(23,365)
Capitalized financial interests (2)	71,725	57,252	69,081	9,171	97	7,023	214,349
Exchange differences capitalized	94	75	136	12	—	9	326
Disposals	(387,574)	(115,248)	(2,762)	(9,332)	(256)	(38,419)	(553,591)
Foreign currency translation	(6,008,008)	(3,366,305)	(166,407)	(1,362,125)	(358,511)	(203,094)	(11,464,450)
Reclassifications/transfers	(1,577,274)	457,158	(987,669)	2,207,724	(69)	(7,651)	92,219
Balance as of September 30, 2023 (Unaudited)	56,279,291	58,660,037	15,317,964	16,405,493	4,843,364	3,112,948	154,619,097
Accumulated depreciation and impairment losses
Balance as of December 31, 2022	(27,439,631)	(22,870,247)	(1,418,040)	(6,230,154)	(53,515)	(1,252,559)	(59,264,146)
Depreciation expense	(2,202,381)	(1,713,438)	—	(459,449)	—	(117,954)	(4,493,222)
Impairment loss (Note 17)	(6,835)	(635)	—	(1,868)	—	—	(9,338)
Disposals	368,450	105,806	—	7,935	39	21,576	503,806
Foreign currency translation	2,228,054	1,283,629	1,706	515,661	6,058	118,927	4,154,035
Reclassifications/transfers	865,102	(85,436)	47,220	(904,480)	—	4,704	(72,890)
Balance as of September 30, 2023 (Unaudited)	(26,187,241)	(23,280,321)	(1,369,114)	(7,072,355)	(47,418)	(1,225,306)	(59,181,755)
Balance as of December 31, 2022	35,323,477	37,417,260	12,014,576	9,123,911	5,145,554	1,972,720	100,997,498
Balance as of September 30, 2023 (Unaudited)	30,092,050	35,379,716	13,948,850	9,333,138	4,795,946	1,887,642	95,437,342

(1) Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Castilla, Chichimene, and Rubiales fields, and Barrancabermeja Refinery ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, UPME 07–2017 Sabanalarga – Bolívar 500 Kv, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, and asset optimization plan.

(2) Financial interest is capitalized based on the weighted average rate of loan costs.

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Natural and environmental resources

9 Months Ended

Sep. 30, 2023

Natural and environmental resources.

Natural and environmental resources

14.Natural and environmental resources

The movement of natural and environmental resources for the period ended September 30, 2023, with their corresponding depletions, calculated based on production units, and impairment, is as follows:

	Oil and gas	Assets retirement	Exploration and
	investments	obligations	evaluation	Total
Cost
Balance as of December 31, 2022	88,338,471	7,104,903	10,480,025	105,923,399
Additions/capitalizations (1)	7,310,327	14,473	2,973,302	10,298,102
Abandonment cost update (Note 22)	—	118,376	(422)	117,954
Disposals	(501,700)	—	—	(501,700)
Disposals of exploratory assets and dry wells (2)	—	—	(975,965)	(975,965)
Capitalized financial interests (3)	190,333	—	66,939	257,272
Exchange differences capitalized	250	—	87	337
Foreign currency translation	(4,535,675)	(161,889)	(713,119)	(5,410,683)
Reclassifications/transfers	(1,177)	(16,999)	(112,418)	(130,594)
Balance as of September 30, 2023 (Unaudited)	90,800,829	7,058,864	11,718,429	109,578,122
Accumulated amortization
Balance as of December 31, 2022	(58,382,473)	(5,088,086)	(129,230)	(63,599,789)
Amortization expense	(4,376,364)	(280,361)	—	(4,656,725)
Disposals	78,507	—	—	78,507
Foreign currency translation	2,408,370	87,900	—	2,496,270
Reclassifications/transfers	64,467	—	25,080	89,547
Balance as of September 30, 2023 (Unaudited)	(60,207,493)	(5,280,547)	(104,150)	(65,592,190)
Balance as of December 31, 2022	29,955,998	2,016,817	10,350,795	42,323,610
Balance as of September 30, 2023 (Unaudited)	30,593,336	1,778,317	11,614,279	43,985,932

(1) Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in RODEO, b) Ecopetrol S.A. by Caño Sur, Castilla, Chichimene, Floreña, Rubiales, c) Hocol S.A. mainly in projects for the blocks Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSJN-1, VIM 8, and d) Ecopetrol America Inc. mainly in Gunflint, Dalmatian, and K2.

(2) Includes: Ecopetrol S.A. the dry wells Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú, and b) Hocol S.A mainly unsuccessful wells Lla-87-2 A3 (Koala), Lla-87-3 A3 (Picabuey), LLan- 124 (Cucarachero), Yd-SN1 well Yoda B, and exploratory expenses in: Lla-104, SSJN1, VIM8.

(3) Financial interest is capitalized based on the weighted average rate of loan costs.

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Right-of-use assets

9 Months Ended

Sep. 30, 2023

Right-of-use assets.

Right-of-use assets

15.Right-of-use assets

The movement of right-of-use assets and lease liabilities for the period ended September 30, 2023, is as follows:

	Right-of-use assets
					Right-of-	Lease
		Lands and	Plant and		use	liabilities
	Pipelines	buildings	equipment	Vehicles	assets	(Note 19.1)
Balance as of December 31, 2022	96,234	244,058	119,534	167,987	627,813	1,212,346
Additions	13,533	59,173	107,737	49,619	230,062	230,062
Amortization of the period	(19,419)	(47,893)	(60,972)	(100,769)	(229,053)	—
Remeasurements (1)	971	33,823	18,680	10,883	64,357	91,237
Disposals	(10,435)	(13,007)	(3,026)	(111)	(26,579)	(47,547)
Finance cost	—	—	—	—	—	84,809
Payment of capital	—	—	—	—	—	(319,781)
Payment of interests	—	—	—	—	—	(61,107)
Transfers	—	80	—	1,951	2,031	18,835
Exchange difference and translation	(7,448)	(48,018)	(9,862)	(14,222)	(79,550)	(60,828)
Balance as of September 30, 2023 (Unaudited)	73,436	228,216	172,091	115,338	589,081	1,148,026

(1) Corresponds mainly to updating rates and conditions in lease contracts.

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Intangible assets

9 Months Ended

Sep. 30, 2023

Intangible assets

Intangible assets

16.Intangible assets

The movement of intangibles assets for the period ended September 30, 2023, with their corresponding amortizations, is as follows:

	Licenses
	and	Other	Concessions
	software	intangibles	and rights	Easements (1)	Total
Cost
Balance as of December 31, 2022	1,512,614	1,282,751	17,568,081	1,637,445	22,000,891
Additions	143,933	5,370	312,969	14,141	476,413
Disposals	(14,496)	—	—	(500)	(14,996)
Foreign currency translation	(71,146)	(216,913)	(3,254,069)	(86,880)	(3,629,008)
Transfers	23,776	(2,185)	81,746	15,402	118,739
Balance as of September 30, 2023 (Unaudited)	1,594,681	1,069,023	14,708,727	1,579,608	18,952,039
Accumulated amortization
Balance as of December 31, 2022	(884,160)	(446,646)	(2,394,082)	(129,398)	(3,854,286)
Amortization of the period	(135,437)	(19,317)	(523,927)	(5,563)	(684,244)
Disposals	13,730	—	—	(104)	13,626
Foreign currency translation	50,966	141,315	936,848	3,897	1,133,026
Transfers	141	34	—	(175)	—
Balance as of September 30, 2023 (Unaudited)	(954,760)	(324,614)	(1,981,161)	(131,343)	(3,391,878)
Balance as of December 31, 2022	628,454	836,105	15,173,999	1,508,047	18,146,605
Balance as of September 30, 2023 (Unaudited)	639,921	744,409	12,727,566	1,448,265	15,560,161

(1) Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time.

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Impairment of non-current assets

9 Months Ended

Sep. 30, 2023

Impairment of non-current assets

Impairment of non-current assets

17.Impairment of non-current assets

As of September 30, 2023, the Company did not identify impairment indicators that the book value of its assets exceeds its recoverable value, considering the market conditions, the international prices and indicators of crude oil and products and the geopolitical context.

However, there are immaterial impairment charges associated to specific projects for $9,338 in Refinería de Cartagena S.A.S., in other assets for $1,758 in Interconexión Eléctrica S.A. E.S.P., and for $29 in Invercolsa.

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Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill

Goodwill

18.Goodwill

	September 30,	December 31,
	2023	2022
	(Unaudited)
Interconexión Eléctrica S.A. E.S.P.	3,370,441	3,755,835
Oleoducto Central S.A.	683,496	683,496
Hocol Petroleum Ltd	537,598	537,598
Invercolsa S.A.	434,357	434,357
Andean Chemical Limited	127,812	127,812
Esenttia S.A.	108,137	108,137
	5,261,841	5,647,235
Less Impairment Hocol Petroleum Ltd	(297,121)	(297,121)
Total	4,964,720	5,350,114

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Loans and borrowings

9 Months Ended

Sep. 30, 2023

Loans and borrowings

Loans and borrowings

19.Loans and borrowings

19.1Composition of loans and borrowings

	Interest rate*				September 30,	December 31,
	2023		2022		2023	2022
					(Unaudited)
Local currency
Bonds	9.4	%	9.8	%	4,833,891	4,965,653
Syndicate and commercial loans (1)	10.8	%	11.5	%	3,377,210	2,171,462
Lease liabilities (2)	8.4	%	8.0	%	905,165	844,734
					9,116,266	7,981,849
Foreign currency
Bonds (3)	6.5	%	6.0	%	77,342,221	82,432,647
Commercial and syndicate loans (4)	7.4	%	4.6	%	22,312,308	23,537,675
Loans from related parties (Nota 30)	6.0	%	5.9	%	715,020	815,056
Lease liabilities (2)	6.0	%	6.0	%	242,861	367,612
					100,612,410	107,152,990
					109,728,676	115,134,839
Current					17,616,493	22,198,583
Non–current					92,112,183	92,936,256
					109,728,676	115,134,839

* Weighted average effective interest rate for the end of each period.

(1) Corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. in Ecopetrol SA. with IBR 6M rate +4.9% and maturity September 2028.

(2) Corresponds to the present value of the payments to be made during the term of the operating lease contracts for pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 - Leases. See Note 16 (Note 15).

(3) The variation is mainly due to the revaluation of the Colombian peso in $756.44 pesos by dollar and the repurchase of international bonds with maturity date September 2023 and coupon rate of 5.875% for USD$978 million in Ecopetrol S.A. This effect is partially offset by the issuance in January 2023 of USD$2,000 million with maturity date January 2033 and coupon rate of 8.875%.

(4) It includes an acquisition of syndicated loan in September 2023, for $800 MUSD with international banks.

During 2023, loans for $28,862,692 were acquired mainly in Ecopetrol S.A. for $25,864,960 and Interconexión Eléctrica S.A. E.S.P. for $2,841,311.

According to the strategy of Ecopetrol Business Group in the integral management of loans and borrowings and their maturities, during 2023, payments for $18,196,512 were made mainly in Ecopetrol S.A. for $15,698,111, including the repurchase of bonds and commercial credits, Interconexión Eléctrica S.A. E.S.P. for $1,780,143, and Ocensa S.A. for $454,009.

19.2Fair value

The fair value of the financial obligations is $105,362,612 y $106,509,947 as of September 30, 2023 (unaudited) and December 31, 2022, respectively.

19.3Maturity

The following is the maturity profile of loans and borrowings as of September 30, 2023:

	Up to 1 year	1 – 5 years	5-10 years	> 10 years	Total
Local currency
Bonds	781,760	1,324,238	1,148,399	1,579,494	4,833,891
Syndicate and commercial loans	777,934	1,191,542	336,703	1,071,031	3,377,210
Lease liabilities	193,845	544,264	165,517	1,539	905,165
	1,753,539	3,060,044	1,650,619	2,652,064	9,116,266
Foreign currency
Bonds	5,767,419	25,214,129	28,822,440	17,538,233	77,342,221
Syndicate and commercial loans	9,289,437	10,921,672	1,431,243	669,956	22,312,308
Loans from related parties	715,020	—	—	—	715,020
Lease liabilities	91,078	129,272	22,511	—	242,861
	15,862,954	36,265,073	30,276,194	18,208,189	100,612,410
Balance as of September 30, 2023 (Unaudited)	17,616,493	39,325,117	31,926,813	20,860,253	109,728,676

19.4Loans designated as hedging instrument

As of September 30, 2023 (unaudited), Ecopetrol has designated USD$16,563 million of debt in foreign currency as a hedging instrument; of which, USD$10,298 million correspond to the hedge of investments in companies with dollar functional currency and USD$6,265 million to the cash flow hedge for future crude oil exports. See Notes 29.3 and 29.4.

19.5Guarantees and covenants

As of September 30, 2023 (unaudited), the total value of the current guarantees provided by Interconexión Eléctrica S.A. E.S.P. and its companies, within the framework of the definition of paragraph 14 of IFRS 7, used to support growth in its different business units and ensure strategic commercial and operational viability amount to $20,919,981, mainly in: a) Chile for $15,095,532 in ISA Intervial, Ruta de la Araucaria, Ruta del Maipo, Ruta del Loa, Ruta de los Ríos, and ISA Interchile, b) Brazil in ISA CTEEP for $3,145,449, and c) Colombia in Ruta Costera for $2,679,000.

ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others. From December 31, 2022 to the reporting date, there have only been changes in the covenants of CTEEP and its subsidiaries, which have financing contracts with covenants calculated based on indebtedness ratios.

Ecopetrol USA and its companies have commitments (covenants) related to the delivery of periodic financial information and compliance with the obligations arising from a volumetric prepayment agreement with a third party. In addition, Ecopetrol Permian LLC is guaranteed by Ecopetrol USA Inc., and it is required to maintain an established debt/Ebitda leverage and solvency ratio of 2:1, to transfer funds to the holding company.

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Trade and other payables

9 Months Ended

Sep. 30, 2023

Trade and other payables

Trade and other payables

20.Trade and other payables

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Suppliers	12,030,080	15,034,677
Dividends payable (1)	6,742,487	392,346
Withholding tax	2,109,316	1,896,128
Partner’s advances	1,544,411	1,164,197
Insurance and reinsurance	463,772	330,363
Deposits received from third parties	186,902	162,338
Related parties (Note 30)	59,547	67,879
Hedging operations	7,293	4,311
Agreements in transport contracts	48,298	115,526
Various creditors	574,650	769,939
	23,766,756	19,937,704
Non-current
Suppliers	31,325	28,425
Deposits received from third parties	391	331
Various creditors	15,331	28,300
	47,047	57,056

(1) Corresponds mainly to dividends payable by Ecopetrol S.A. for $6,098,606 (2022: $3,667), Interconexión Eléctrica S.A. $479,668 (2022: $366,999), Inversiones de Gases de Colombia S.A. $110,997 (2022: $21,680), and Oleoducto Central S.A. $53,216.

The book values of trade accounts and other accounts payable approximate their fair values due to the short-term nature of these accounts.

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Provisions for employees' benefits

9 Months Ended

Sep. 30, 2023

Provisions for employees' benefits

Provisions for employees' benefits

21.Provisions for employees’ benefits

	September 30,	December 31,
	2023	2022
	(Unaudited)
Post-employment benefits
Health	8,461,041	8,140,648
Pension	1,226,186	2,073,562
Education	396,650	405,769
Bonds	354,675	399,114
Other plans	80,695	115,136
Termination benefits - Voluntary retirement plan	668,901	772,133
	11,188,148	11,906,362
Social benefits and salaries	1,045,654	970,598
Other long-term benefits	87,352	88,279
	12,321,154	12,965,239
Current	2,822,786	2,753,697
Non-current	9,498,368	10,211,542
	12,321,154	12,965,239

21.1Plans assets

The assets of the plan are represented by the resources delivered to the Autonomous Pension Funds for the payment of the pension liability of the obligations for pension and pension bonds; what concerns health and education oversees Ecopetrol S.A. and XM (Ecopetrol S.A. is in charge of health and education matters). The destination of the resources of the autonomous patrimonies, as well as their yields, cannot be changed or returned to the Group until all the obligations are fulfilled.

Plan asset balance is $11,387,736 and $10,398,810 as of September 30, 2023 (unaudited) and December 31, 2022, respectively. 53,28% (2022 – 53.76%) are fair value level 1 and 46.72% (2022 – 46.24%) are under level 2 category.

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Accrued liabilities and provisions

9 Months Ended

Sep. 30, 2023

Accrued liabilities and provisions

Accrued liabilities and provisions

22.Accrued liabilities and provisions

	Abandonment		Environmental
	and dismantling		contingencies
	costs	Litigations	and others	Total
Balance as of December 31, 2022	10,006,028	898,251	1,852,215	12,756,494
Abandonment cost update	94,589	—	—	94,589
Additions and (recoveries) (1)	(26,094)	10,598	418,009	402,513
Uses (2)	(437,664)	(772,390)	(228,589)	(1,438,643)
Financial cost	356,336	7,273	17,197	380,806
Financial interest	—	559,609	70,292	629,901
Foreign currency translation	(176,860)	(62,271)	(105,435)	(344,566)
Transfers	—	(22,245)	117,205	94,960
Balance as of September 30, 2023 (Unaudited)	9,816,335	618,825	2,140,894	12,576,054
Current	535,575	97,249	410,518	1,043,342
Non-current	9,280,760	521,576	1,730,376	11,532,712
	9,816,335	618,825	2,140,894	12,576,054

(1) Mainly includes the recognition of provisions related to potential liabilities, various, and mandatory environmental provision in Ecopetrol S.A.

(2) Mainly includes uses originating from judgments against Ecopetrol S.A. related to public works contributions. The recognition applied Law 2277 of 2022, with which a benefit was obtained by reducing 50% the interest to be paid to the tax authority.

22.1Contingencies

Refinería de Cartagena S.A.S

1. Court of arbitration

On September 7, 2023, Refinería de Cartagena S.A.S. was notified of the decision of the international Arbitral Tribunal that resolved the lawsuit filed by the Company against Chicago Bridge & Iron Company N.V., CB&I UK Limited Ltd. and CBI Colombiana S.A. (CB&I), in face of the International Chamber of Commerce, in relation to the engineering, procurement and construction contract for the expansion and modernization of the Refinería de Cartagena. The Arbitration Court ordered CB&I to pay approximately $1,000 USD million plus interest to Refinería de Cartagena. Similarly, the Arbitral Tribunal dismissed CB&I’s claims for close to $400 million USD. Chicago Bridge & Iron Company N.V. and CB&I UK Limited applied for the annulment of the award on September 8, 2023.

On August 4, 2023, Refinería de Cartagena answered to the annulment request and, in addition, requested its confirmation.

The Arbitral Tribunal decision is binding on the parties and, as part of the legal process, it must be confirmed by the Court for the Southern District of New York.

On September 8, 2023, McDermott International, parent company and controlling company of CB&I, reported that it will initiate financial restructuring procedures for its subsidiaries in the United Kingdom and the Netherlands, CB&I UK Limited and Chicago Bridge & Iron Company N.V. respectively, considering the imposed order by an international arbitration court of the International Chamber of Commerce against them. The Company, advised by a global team of lawyers and experts, became an active part of the business reorganization processes in said countries to defend its own interests.

Refinería de Cartagena S.A.S., advised by a global team of lawyers and experts in the field, became an active part of the business reorganization processes in said countries to defend its interests.

Due there are still certain legal matters still under dispute, as of September 30, 2023, the Company has not recognized any effects arising of the aforementioned notification but will continue monitoring the updates.

2. Investigations of control entities

Office of the Comptroller General:

PRF-80011-2018-33300

In the week of February 20 to 24, 2023, the CGR executed a special visit to Refinería de Cartagena facilities, with the purpose of “(...) establishing whether or not there is fiscal responsibility of the alleged perpetrators involved in it, regarding the harmful events generated by expenses operated between the month of September 2015 to the year 2018, with respect to which there is no record of the concept thereof, in the amount of $9,240,927 USD; and for the amount of $268.71 million USD, an amount that was approved and disbursed for the refinery modernization project, but which is not reflected in the execution of the project”.

On March 1, 2023, a technical report on the results of the visit was ordered; on April 14, 2023, the CGR officials assigned to the Intersectoral Delegate Comptroller number 15 of the Special Investigations Unit against Corruption, the technical report which concluded, among other aspects, the following:

“(...) from the new information provided by Refinería de Cartagena and from the explanations obtained, in the expenses corresponding to the period September 2015 to 2018, registered in group 583, it can be determined that all register not only the third-party beneficiary, but also the concept of the expense associated with each of these third parties.”

“(...) the accounting information was corroborated with the condensed information in the Minutes of the Board of Directors and minutes of the Shareholders’ Meeting, especially those related to the resource injection processes and the documentation related to the loan process with international banks, concluding that indeed, according to said information, the resources injected through capitalization and loan processes referred to either the aforementioned project, the payment and/or service of the debt and the “operation” concept of the Refinery, which was the focus of the analyzes executed in the course of the special visit procedure.”

“(...) if the verified records add up to a total of $375.99 USD million ($186 USD million for start-up tests and $189.9 USD million for operation of the new refinery) and the difference under examination was $269 USD million, the analyzed difference would be covered.”

On April 19, 2023, it was ordered to incorporate the technical report into the process and make it available to the procedural subjects. It is expected that, based on the conclusions of the report, the Delegate Comptroller will make the decision to impute or file the process.

In this process, Ecopetrol and Refinería de Cartagena are considered as entities affected.

At the date of the unaudited interim financial statements there have no changes in the process.

Prosecutor’s Office:

Process 1 – No. 110016000101201600023 - MOA - PIP and EPC

This process is being carried out against some ex-members of the Board of Directors and ex-workers of the Cartagena Refinery, workers of the Chicago Bridge and Iron Company (CB&I) and the Statutory Auditor of the Cartagena Refinery between 2013 and 2015, for the crimes of improper interest in the execution of contracts, embezzlement by appropriation in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsehood in public documents.

On March 29, 2022, a hearing was held to lift the house arrest measure for Felipe Laverde Concha and on April 5, 2023, the 34th Municipal Criminal Court with a Function of Guarantees granted him freedom due to the expiration of terms.

From July 25 to 29, 2022, the preparatory hearing was held, where the interlocutory order of decree of evidence was issued, against which the defenders filed appeals. The appeals were granted and will be resolved by the Superior Court of Bogotá.

At the date of the unaudited interim financial statements there have no changes in the process.

Process 2 – No. 110016000101201800132 Business line

This process is being carried out against ex-members of the Board of Directors and an ex-employee of the Refinería de Cartagena for the crimes of aggravated unfair administration and obtaining a false public document.

On November 18, 2019, the preparatory trial hearing was installed, which has been resumed on several occasions, but to date it is suspended pending rescheduling.

At the date of the unaudited interim financial statements there have no changes in the process.

Process 3 – No. 110016000101201800134 - Subscription of the PMC Contract - Foster Wheeler

This process is carried out against two ex-workers of Refinería de Cartagena who acted as ex-President in property and ex-President in charge, for the crime of entering a contract without legal requirements.

On August 18, 2022, a sentence was handed down imposing the minimum sentence for the crime charged, equivalent to 64 months in prison and a fine of 66.66 current monthly legal minimum salaries in Colombia (SMLMV as its acronym in Spanish). On August 25, 2022, the defenders supported the appeal, and the parties were notified for declaration.

The defendants will remain free until the appeals are resolved and, if applicable, the extraordinary appeal before the Supreme Court of Justice.

At the date of the unaudited interim financial statements there have no changes in the process.

Process 4 - No.110016000000201702546 – Principle of opportunity

This process is being carried out against a former employee of Refinería de Cartagena, for charges related to crimes against the public administration and illegal interest in the execution of contracts.

The criminal action is suspended until December 2023, due to the application of the principle of opportunity.

At the date of the unaudited interim financial statements there have no changes in the process.

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Equity

9 Months Ended

Sep. 30, 2023

Equity

Equity

23.Equity

23.1Subscribed and paid–in capital

Ecopetrol’s authorized capital is $36,540,000, and is divided in 60,000,000,000 ordinary shares, of which 41,116,694,690 have been subscribed, represented by 11.51% (4,731,906,273 shares) of non-government entities and people, and 88.49% (36,384,788,417 shares) held by Government entities. The value of the reserve shares amounts to $11,499,933 comprised by 18,883,305,310 shares. As of September 30, 2023, and December 31, 2022, subscribed and paid-in capital is $25,040,067. There is no potential dilution of shares.

23.2Additional and paid–in capital

As of September 30, 2023, the balance of the additional and paid-in capital is $6,607,699 and it mainly corresponds to: (i) surplus with respect to its nominal value derived from the sale of shares upon capitalization in 2007, for $4,457,997, (ii) surplus over nominal value arising from the sale of shares awarded in the second round, which took place in September 2011, in the amount of $2,118,468, (iii) $31,377 the value generated by the process of placing the shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid-in capital receivable of $(143).

23.3Equity reserves

	September 30,	December 31,
	2023	2022
	(Unaudited)
Legal reserve	9,747,885	6,407,256
Fiscal and statutory reserves	509,082	509,082
Occasional reserves	7,665,758	1,982,295
Total	17,922,725	8,898,633

Ecopetrol’s General Shareholders’ Meeting, held on March 31, 2023, approved the 2022 profit distribution project, and recognized a reserve of $7,665,758 to support financial sustainability of the Company and flexibility in the development of its strategy.

The movement of the equity reserves in the periods ended September 30, is the following:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	8,898,633	10,624,229
Release of reserves	(2,491,377)	(5,886,441)
Appropriation of reserves	11,515,469	11,068,450
Dividends declared	—	(6,907,605)
Closing balance	17,922,725	8,898,633

23.4Retained earnings and payment of dividends

The Group distributes dividends based on Ecopetrol and subsidiaries’s separate financial statements, prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish).

The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 31, 2023, approved the profit distribution project for fiscal year 2022 and defined the distribution of dividends in the amount of $24,382,200. (2022: $11,512,675).

The payment of dividends to minority shareholders will be made in three equal installments: April 27, September 28, and December 21, 2023. For the majority shareholder, the respective offset between the dividend and the accounts receivable from the Fuel Price Stabilization Fund has been made in the amount of $16,415,907 (2022: $6,788,385).

The payment of dividends is as follows:

	September 30,	September 30,
	2023	2022
	(Unaudited)
Ecopetrol S.A.	1,829,710	10,037,445
Interconexión Eléctrica SA ESP	1,058,282	356,773
Oleoducto Central S.A. - Ocensa	599,985	516,284
Oleoducto de los Llanos Orientales S.A.	171,290	104,205
Invercolsa S.A.	145,213	126,161
Oleoducto de Colombia S.A. - ODC	55,181	46,083
Total	3,859,661	11,186,951

23.5Other comprehensive income

The following is the composition of the other comprehensive results attributable to the shareholders of the parent company, net of deferred income tax:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Foreign currency translation	18,368,510	28,816,983
Hedges of a net investment in a foreign operation	(4,980,418)	(9,219,271)
Gains and loss on defined benefit obligation	(679,915)	(1,331,361)
Cash flow hedging - Future crude oil exports	(194,018)	(2,473,999)
Cash flow hedging - Derivative financial instruments	97,427	1,290
Financial instruments measured at fair value	1,373	3,077
	12,612,959	15,796,719

23.6Earnings per share

	September 30,	September 30,
	2023	2022
	(Unaudited)
Profit attributable to Ecopetrol’s shareholders	17,637,678	24,770,909
Weighted average number of outstanding shares	41,116,694,690	41,116,694,690
Net basic earnings per share (Colombian pesos)	429.0	602.5

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Revenue from contracts with customers

9 Months Ended

Sep. 30, 2023

Revenue from contracts with customers

Revenue from contracts with customers

24.Revenue from contracts with customers

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
National sales
Mid-distillates (1)	24,553,761	28,031,166
Gasolines (1)	18,368,808	20,610,595
Natural gas (2)	3,322,731	3,016,677
Services	2,618,695	2,643,135
Electric power transmission services (3)	2,010,717	1,934,461
Plastic and rubber	930,979	1,216,431
Fuel gas Service	738,821	621,349
Asphalts	684,959	634,240
L.P.G. and propane	613,543	807,235
Roads and construction services (3)	260,781	255,736
Polyethylene	234,620	220,975
Aromatics	228,180	242,045
Crude oil	132,357	214,587
Other products	502,370	513,753
	55,201,322	60,962,385
Foreign sales
Crude oil (2)	36,879,139	43,946,601
Diesel	3,215,505	1,896,842
Fuel oil	3,047,606	3,628,416
Electric power transmission services (3)	4,373,784	3,750,829
Roads and construction services (3)	3,510,948	3,209,685
Plastic and rubber	1,096,741	1,621,076
L.P.G. and propane	206,540	242,581
Gasolines	193,394	157,685
Natural gas	75,044	189,665
Cash flow hedging (4)	(650,012)	(968,534)
Other products (5)	1,241,335	1,261,563
	53,190,024	58,936,409
	108,391,346	119,898,794

(1) Includes the value corresponding to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add to it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of regular motor gasoline and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of September 30, 2023, the value recognized for price differential corresponds to $17,699,168 (2022: $26,584,199).

(2) As of September 30, 2023, the value recognized for extensive tests is as follows: natural gas for national sales $27,952 (2022: $34,197) and crude oil for foreign sales $74,792 (2022: $104,493).

(3) Corresponds to the income derived from the energy transmission and road concession contracts of Interconexión Eléctrica S.A. E.S.P.

(4) Includes the result of hedges for future exports (Note 29.3) for $(480,232) (2022: (576,875)) and operations with derivative financial instruments for $(169,780) (2022: (391,659)).

(5) Includes income from telecommunications services and the sale of asphalt, and other products.

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Cost of sales

9 Months Ended

Sep. 30, 2023

Cost of sales

Cost of sales

25.Cost of sales

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Costs variables
Imported products (1)	19,194,752	23,243,685
Purchases of crude in associations and concessions	10,136,966	11,712,144
Depreciation, depletion, and amortization	5,871,353	4,985,749
Hydrocarbon purchases - ANH (2)	5,849,162	6,929,845
Electric Energy	1,561,217	1,074,527
Gas royalties in cash	1,293,176	1,073,435
Hydrocarbon transportation services	1,154,795	869,983
Processing materials	1,118,863	828,599
Purchases of other products and gas	890,403	879,966
Services contracted in association	225,664	239,872
Extensive tests (3)	61,030	43,289
Others (4)	196,214	(1,505,246)
	47,553,595	50,375,848
Fixed cost
Depreciation and amortization	3,793,954	3,382,811
Maintenance	3,149,139	2,652,864
Labor costs	2,938,292	2,438,632
Contracted services	2,399,503	1,919,342
Construction services	1,931,562	1,888,186
Contracted services in associations	1,048,425	1,175,197
Taxes and contributions	810,719	725,640
Materials and operating supplies	639,449	452,560
Hydrocarbon transportation services	179,759	133,837
General costs	426,776	313,324
	17,317,578	15,082,393
	64,871,173	65,458,241

(1) Imported products correspond mainly to middle distillates and gasoline, the variation is due to a lower requirement due to the greater operation in refineries.

(2) Corresponds mainly to royalty crude purchases made by Ecopetrol S.A. from the National Hydrocarbons Agency (ANH), derived from national production.

(3) Corresponds to the cost related to revenue from the sale of hydrocarbons (Note 24 – Revenue from contracts with customers), obtained in the exploration stage or extensive tests prior to the declaration of commerciality of the oil fields.

(4) It corresponds to i) the process of use and valuation of core inventories, ii) measurement at net realizable value (VNR), and iii) other capitalizable charges to projects.

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Administrative, operation and project expenses

9 Months Ended

Sep. 30, 2023

Administrative, operation and project expenses

Administrative, operation and project expenses

26.Administrative, operation and project expenses

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Administration expenses
General expenses	1,542,546	1,269,973
Labor expenses	1,407,865	1,208,844
Depreciation and amortization	348,306	314,566
Taxes	62,272	51,244
	3,360,989	2,844,627
Operation and project expenses
Exploration expenses (1)	1,303,339	637,590
Commissions, fees, freights, and services	1,232,089	896,113
Taxes	632,085	562,837
Labor expenses	292,543	270,162
Fee for regulatory entities	230,357	123,128
Maintenance	69,540	82,440
Depreciation and amortization	49,631	73,700
Other	106,288	187,553
	3,915,872	2,833,523

(1) As of Septembre 2023, it mainly includes the disposals of Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú wells in Ecopetrol SA.

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Other operating expenses

9 Months Ended

Sep. 30, 2023

Other operating expenses

Other operating expenses

27.Other operating expenses

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Provision expenses	(368,068)	(310,406)
Gain (loss) on sale of assets	227,891	(38,309)
Impairment of current assets	(59,468)	(46,434)
Other income	109,957	92,478
	(89,688)	(302,671)

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Financial results

9 Months Ended

Sep. 30, 2023

Financial results

Financial results

28.Financial results

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Finance income
Results from financial assets	321,142	124,493
Yields and interests	1,378,145	612,914
Gain on derivative settlement	2,852	11,834
Dividends	90	70
Other financial income	82,542	138,087
	1,784,771	887,398
Financial expenses
Financial cost of loans and borrowings	(5,151,076)	(3,886,375)
Financial cost of other liabilities (1)	(1,657,833)	(1,559,080)
Results from financial assets	(251,001)	(125,493)
Other financial expenses	(710,545)	(304,929)
	(7,770,455)	(5,875,877)
Foreign exchange
Foreign exchange gain (loss)	1,806,158	(377,527)
	1,806,158	(377,527)
	(4,179,526)	(5,366,006)

(1) It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits.

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Risk management

9 Months Ended

Sep. 30, 2023

Risk management

Risk management

29.Risk management

29.1Exchange rate risk

The Group operates both in the local (Colombia) and international markets, for this reason, it is exposed to exchange rate risk, to a greater extent due to fluctuations in exchange rates, especially the peso/US dollar rate.

As of September 30, 2023, the Colombian peso appreciated 15.73% from a closing rate of $4,810.20 on December 31, 2022, to $4,053.72 pesos per dollar. When the Colombian peso depreciates, export revenues, when converted to pesos, increase, and imports and foreign debt service become more expensive.

The book values of financial assets and liabilities denominated in foreign currency are presented in the following table:

	September 30,	December 31,
(USD$ Millions)	2023	2022
	(Unaudited)
Cash and cash equivalents	765	615
Other financial assets	1,063	955
Trade receivables and payables	(608)	(392)
Loans and borrowings	(18,388)	(16,113)
Other assets and liabilities	98	202
Net liability position	(17,070)	(14,733)

Of the total net position, USD$(16,215) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(16,563) correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange difference valuation of the remaining net assets for USD$(348) million affects the statement of profit and loss. Likewise, USD$(855) million of the net position correspond to monetary assets and liabilities of Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement.

29.2 Sensitivity analysis for exchange rate risk

The following is the effect that a variation of 1% and 5% would have in the exchange rate of Colombian pesos against the U.S. United States dollar, related to the exposure of financial assets and liabilities in foreign currency as of September 30, 2023:

Scenario / variation in the		Effect on income	Effect on other
exchange rate		before taxes +/–	comprehensive income +/
1	%	24,385	796,716
5	%	121,925	3,983,580

29.3Cash flow hedge for future exports

In 2022 and 2021, were designated USD$4,340 million as a hedging instrument for its future revenues from crude oil exports, for the period 2022 – 2030; in accordance with IFRS 9 – Financial Instruments. During 2023, USD$1,925 million were designated; as of September 30, 2023, the balance of the hedging is USD$6,265 million.

The following is the movement of this non-derivative hedging instrument:

	September 30,	December 31,
(USD$ Millions)	2023	2022
	(Unaudited)
Opening balance	5,572	4,972
Reassignment of hedging instruments	227	1,879
Realized exports	(227)	(1,879)
Designation of new hedges	693	600
Closing balance	6,265	5,572

The following is the movement in the other comprehensive income:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	(2,473,999)	(945,250)
Exchange difference	3,760,813	(4,317,263)
Realized exports (Note 22)	480,231	1,143,287
Ineffectiveness	18,998	6,625
Deferred tax (Note 10)	(1,980,061)	1,638,602
Closing balance	(194,018)	(2,473,999)

The expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss is as follows:

Year	Before taxes	Taxes	After taxes
2023 (Oct-Dec)	24,860	(10,847)	14,013
2024	94,236	(43,853)	50,383
2025	93,139	(43,343)	49,796
2026	90,478	(42,104)	48,374
2027	(7,208)	3,354	(3,854)
2028	(7,420)	3,453	(3,967)
2029	(7,748)	3,606	(4,142)
2030	17,937	(8,347)	9,590
2031	30,771	(14,319)	16,452
2032	30,097	(14,006)	16,091
2033	2,397	(1,115)	1,282
	361,539	(167,521)	194,018

29.4Hedge of a net investment in a foreign operation

The Board of Directors approved the application of hedge accounting of net investment from September 8, 2016. The measure seeks to reduce the volatility of non-operating income due to the exchange difference. The hedge of a net investment applies to a portion of the investments the Company has in foreign currency, in this case in subsidiaries with the US dollars as their functional currency, using as hedging instrument a portion of the Company’s debt denominated in U.S. dollars.

As of September 30, 2023, the total hedged balance is USD$10,298 million, which includes: i) Ecopetrol S.A. USD$10,100 million and ii) ISA Colombia for USD$198 million in hedge of net investment in the companies ISA REP, ISA Perú, Consorcio Transmantaro (CTM) and Proyectos de Infrastructura del Perú (PDI).

The following is the movement in the other comprehensive income:

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	9,354,071	4,366,336
Exchange difference	(6,573,497)	7,526,124
Deferred tax	2,213,355	(2,538,389)
Closing balance	4,993,929	9,354,071

29.5Commodity Price risk

The price risk of raw materials is associated with the Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices.

The risk of such exposure is partially hedged in a natural way, as an integrated Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices.

The Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures, and controls for their management.

The main purpose of the strategic hedging program is to protect the Group’s consolidated financial statements from the volatility of market variables in each period, to protect income and thus cash flow. During 2022, a hedging plan was executed to protect the cash against low price scenarios below the budget base price, in this sense, put options were purchased. There is not balance of these financial instruments as of September 30, 2023, and December 31, 2022.

On the other hand, tactical hedges allow to capture value in trading operations and Asset Backed Trading (ABT), thereby mitigating the market risk of specific operations. In the trading activity, commitments in physical spot and forward contracts could represent an exposure to commodity price risk, in particular the risk associated with the volatility of the price of crude oil and refined products. Although this exposure is part of the natural risk of the production, refining, and marketing activity made by Ecopetrol, sometimes marketing, to maximize value capture, can concentrate the exposure to risk in terms of time and/or or indicator that differs from the Company’s natural price risk profile.

As of the date of this report, Ecopetrol Business Group recognizes a total net asset position in swaps for $12,619 (December 2022: asset $41,316). These transactions with financial derivatives are recognized under cash flow hedge accounting.

29.6Risk and opportunities related to climate

The Ecopetrol Business Group made progress in the process of identifying and assessing physical and transition climate risks, considering short, medium, and long-term climate scenarios. Physical and transition risks are often seen as opposites. The greatest transition risks are associated with the most aggressive reduction policies, with the goal of reaching net zero emissions, while the physical risks are greater in the lax policy scenarios, in which the increase in emissions is expected to cause more extreme weather events. For this reason, the IEA (International Energy Agency), the IPCC (Intergovernmental Panel on Climate Change), and the SSP (Shared Socioeconomic Pathways) have developed multiple future climate scenarios that reflect a series of political decisions and climate outcomes.

● Physical risks: related to the Company’s exposure and vulnerability to the impacts of climate change and climate variability in Colombia, which could affect the availability of water and increase the exposure of assets and operations to possible damage.

o For the case of Ecopetrol S.A., the Company executed the analysis and the identification of seven (7) physical risks related to chronic threats (drought and thermal stress) and acute threats (precipitation, coastal flooding, fluvial flooding, fires, and winds) at 95 points associated with the company’s main assets. The modeling was carried out through Cervest’s EarthScan platform, using the following IPCC scenarios: (i) scenario aligned with the objective of the Paris Agreement (SSP1-RCP2.6), (ii) scenario peak emissions in 2040 (SSP2- RCP4.5), and (iii) business as usual scenario (SSP5- RCP8.5). EarthScan uses regional climate models with diverse data sets to analyze the physical vulnerability of assets, relative to the potential impact of climate hazards. The probability and severity of climatic events are estimated up to 2100.

In addition, there is a vulnerability analysis for climate variability scenarios associated with the “El Niño” phenomena and its opposite phase “La Niña”. The frequency and intensity of these phenomena have been increasing in Colombian territory.

● Transition risk: related to the challenges that the company has identified to move towards a low-carbon, sustainable and competitive operation. The following are the identified risks:

o Regulatory risk, associated with regulatory changes that may directly affect the Company in the short and medium term. Among the regulatory changes, the following can be highlighted: (i) new information requirements for the application or modification of current and future licenses (GHG emissions, vulnerability and climate risks analysis, adaptation measures, among others), of which Ecopetrol Business Group could not have the information available, (ii) new regulations for the detection and repair of leaks, flaring, and venting of gas, (iii) disclosure requirements on environmental and social matters by the Financial Superintendence of Colombia, (iv) new requirements for project verification, (v) greater limitations on the use of offsetting to meet decarbonization goals, among others.

o Legal risk, associated with the negative reactions and lawsuits against the climate action of Ecopetrol Business Group

o Risk of assets trapped in the traditional business of hydrocarbon production, transportation, and refining, considering factors such as fuel demand prospects and asset profit horizons.

o Market risk, related to the change in preferences in the use of low-carbon products in the long term, which implies a risk for the Company of not being able to meet market demand and of not advancing effectively in the development of these products and cost impact due to carbon price change.

o Reputational risk, associated with the impossibility of responding in a timely way to the expectations and demand of investors and other interest groups to establish ambitious objectives regarding climate change, which would affect the image of the Company.

o Technological risk, associated with the negative effects on the profitability of the business if there is no preparation and capacity to adapt to new technologies because of the transition process.

Ecopetrol S.A. defined a modeling exercise that prioritized market and regulatory risk, for the upstream segment, using the following analysis routes: (i) quantification of the impact on revenues derived from a changing demand for hydrocarbons, (ii) quantification of the impact in costs due to changes in carbon prices, and (iii) quantification of the financial repercussions derived from higher abatement costs associated with limitations on the use of offsets. The model used the International Energy Agency WEO 2022 scenarios: (i) Net Zero Emissions (NZE), (ii) Announced Pledges Scenario (APS), and (iii) Stated Policies Scenario (STEPS). The portfolio’s resilience was evaluated by comparing the net present value of future cash flows from the IEA scenarios with the net present value of Ecopetrol’s base case. In both cases, the hypotheses associated with the analysis routes were applied. The foregoing will be subject to review and assessment to establish the potential impact on the financial and strategic planning of the Company.

The opportunities derive from the analysis of risks associated with the climate, the review of the energy transition scenarios, the implementation of the decarbonization plan and the alignment with the 2040 strategy. Opportunities have been identified related to the diversification of the traditional business, the incorporation into the portfolio of sustainable and low-emission businesses, the diversification in energy power and infrastructure markets, and the strengthening of energy efficiency and renewable energies.

To mitigate the materialization of physical and transition risks, there is a business risk associated with the management of Climate Change and Water, which included Biodiversity in the recent updates of the risk map process. The risk that incorporates mitigation measures related to the management of GHG emissions, adaptation to climate variability and change, projects, initiatives, and decarbonization technologies, and financing instruments (internal carbon price, allocation of resources), among others, in addition to key risk indicators associated with the occurrence of extreme weather events, reduction of greenhouse gas emissions and efficiency in the water management. This business risk is updated annually, to include new actions that make it possible to adequately manage the risks associated with the climate.

29.7Capital management

The main objective of Ecopetrol Business Group’s Capital Management is to ensure a financial structure that will optimize the Company’s cost of capital, maximize the returns to its shareholders and allow access to financial markets at a competitive cost to cover its financing needs.

The following is the leverage index over the periods reported:

	September 30,		December 31,
	2023		2022
	(Unaudited)
Loans and borrowings (Note 19)	109,728,676		115,134,839
Cash and cash equivalents (Note 6)	(12,070,744)		(15,401,058)
Other financial assets (Note 9)	(2,143,515)		(2,725,871)
Net financial debt	95,514,417		97,007,910
Equity	101,924,635		113,903,089
Leverage (1)	48.38	%	45.99	%

(1)Net financial debt / (Net financial debt + Equity)

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Related parties

9 Months Ended

Sep. 30, 2023

Related parties

Related parties

30.Related parties

The balances with associated companies and joint ventures as of September 30, 2023 (unaudited), and December 31, 2022 are as follows:

	Accounts	Loans	Other	Accounts	Loans	Other
	receivable	receivable	assets	payable	payable	liabilities
Joint ventures
Equion Energía Limited	—	—	108	2,029	715,020	1,828
Ecodiesel Colombia S.A.	3,682	—	—	50,360	—	101
Interligação Elétrica do Madeira S.A.	42,226	—	—	—	—	—
Interligação Elétrica Garanhuns S.A.	11,034	38	—	—	—	—
Interligação Elétrica Paraguaçu S.A.	—	25	—	—	—	—
Interligação Elétrica Aimorés S.A.	—	25	—	—	—	—
Interligação Elétrica Ivaí S.A.	—	544	—	—	—	—
Derivex S.A.	—	335	—	—	—	—
Conexión Kimal Lo Aguirre S.A.	—	129,978	—	—	—	—
Associates
Gases del Caribe S.A. E.S.P.	78,617	—	—	—	—	—
Gas Natural del Oriente S.A. E.S.P.	4,735	—	—	6,343	—	—
Gases de la Guajira S.A. E.S.P.	879	—	—	—	—	—
Extrucol S.A.	721	—	—	753	—	—
E2 Energía Eficiente S.A. E.S.P.	10,029	—	—	62	—	—
Balance as of September 30, 2023 (unaudited)	151,923	130,945	108	59,547	715,020	1,929
Current	151,923	639	108	59,547	715,020	1,929
Non-current	—	130,306	—	—	—	—
	151,923	130,945	108	59,547	715,020	1,929
	(Note 7)	(Note 7)	(Note 11)	(Note 20)	(Note 19)

	Accounts	Loans	Other	Accounts	Loans	Other
	receivable	receivable	assets	payable	payable	liabilities
Joint ventures
Equion Energía Limited (1)	127	—	1,087	2,004	815,056	2,698
Ecodiesel Colombia S.A.	13,155	—	—	53,821	—	3
Interligação Elétrica do Madeira S.A.	89,505	—	—	—	—	—
Interligação Elétrica Garanhuns S.A.	—	40	—	—	—	—
Interligação Elétrica Ivaí S.A.	—	182	—	—	—	—
Derivex S.A.	—	335	—	—	—	—
Associates
Gas Natural del Oriente S.A. E.S.P.	—	—	—	7,048	—	—
Extrucol S.A.	2	—	—	854	—	—
E2 Energía Eficiente S.A. E.S.P.	7,397	—	—	4,152	—	—
Balance as of December 31, 2022	110,186	557	1,087	67,879	815,056	2,701
Current	110,186	222	1,087	67,879	815,056	2,701
Non-current	—	335	—	—	—	—
	110,186	557	1,087	67,879	815,056	2,701
	(Note 7)	(Note 7)	(Note 11)	(Note 20)	(Note 19)

Loans payable:

(1) Deposits held by Equion in Ecopetrol Capital AG.

The main transactions with related parties for the periods ended September 30, are detailed as follows:

	2023		2022
		Purchases of		Purchases of
	Sales and	product and	Sales and	product and
	services	other	services	other
	(Unaudited)		(Unaudited)
Joint ventures
Equion Energía Limited	698	30,447	430	15,423
Ecodiesel Colombia S.A.	17,957	414,075	13,993	468,589
	18,655	444,522	14,423	484,012
Associates
Gas Natural del Oriente S.A. E.S.P.	—	28,906	—	26,783
Extrucol S.A.	—	—	10	2,222
E2 Energía Eficiente S.A. E.S.P.	12	2,932	65,137	2,202
Serviport S.A.	68,471	2,615	—	—
	68,483	34,453	65,147	31,207
	87,138	478,975	79,570	515,219

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Segments information

9 Months Ended

Sep. 30, 2023

Segments information

Segments information

31.Segments information

The description of the business segments can be seen in note 4.20 of the consolidated financial statements December 31, 2022.

The following information by segments is reported based on the information used by the Board of Directors, as the highest body for making strategic and operational decisions of the business segments. The performance of the segments is based mainly on analyzes of income, costs, expenses, and results for the period generated by each segment, which are monitored periodically.

The information disclosed in each segment is presented net of the transactions carried out between the Group companies.

31.1Statement of profit or loss by segment

Below is the profit and loss statement by segment as of and for the periods ended September 30:

	Nine-month period ended September 30, 2023 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
Third party sales	38,868,330	57,737,777	2,221,686	10,609,111	(1,045,558)	108,391,346
Inter-segment sales	21,834,134	5,324,407	9,601,985	2,415	(36,762,941)	—
Revenue from contracts with customers	60,702,464	63,062,184	11,823,671	10,611,526	(37,808,499)	108,391,346
Costs of sales	(38,072,085)	(56,855,440)	(3,114,497)	(4,313,681)	37,484,530	(64,871,173)
Gross profit	22,630,379	6,206,744	8,709,174	6,297,845	(323,969)	43,520,173
Administration expenses	(1,738,102)	(566,870)	(434,408)	(869,242)	247,633	(3,360,989)
Operation and projects expenses	(2,751,048)	(1,050,847)	(276,718)	—	162,741	(3,915,872)
Impairment of non-current assets	—	(9,367)	—	(1,758)	—	(11,125)
Other operating income (expense)	9,806	(43,112)	7,438	(59,248)	(4,572)	(89,688)
Operating income	18,151,035	4,536,548	8,005,486	5,367,597	81,833	36,142,499
Financial results
Financial income	1,215,406	163,723	326,581	587,830	(508,769)	1,784,771
Financial expenses	(3,567,808)	(1,343,057)	(265,008)	(3,020,557)	425,975	(7,770,455)
Foreign exchange gain (loss)	1,411,085	509,358	(116,246)	1,961	—	1,806,158
	(941,317)	(669,976)	(54,673)	(2,430,766)	(82,794)	(4,179,526)
Share of profit of associates and joint ventures	22,277	198,549	—	385,506	—	606,332
Profit before income tax expense	17,231,995	4,065,121	7,950,813	3,322,337	(961)	32,569,305
Income tax expense	(8,394,481)	(10,686)	(2,692,004)	(379,701)	—	(11,476,872)
Net profit for the period	8,837,514	4,054,435	5,258,809	2,942,636	(961)	21,092,433
Net profit (loss) attributable to:
Owners of the parent	8,912,142	3,889,560	4,217,516	619,421	(961)	17,637,678
Non-controlling interest	(74,628)	164,875	1,041,293	2,323,215	—	3,454,755
	8,837,514	4,054,435	5,258,809	2,942,636	(961)	21,092,433

	Nine-month period ended September 30, 2022 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
Third party sales	47,423,709	60,987,163	1,995,275	9,578,562	(85,915)	119,898,794
Inter-segment sales	22,583,663	5,127,399	7,873,394	1,995	(35,586,451)	—
Revenue from contracts with customers	70,007,372	66,114,562	9,868,669	9,580,557	(35,672,366)	119,898,794
Costs of sales	(34,896,814)	(59,242,324)	(2,681,117)	(3,954,326)	35,316,340	(65,458,241)
Gross profit	35,110,558	6,872,238	7,187,552	5,626,231	(356,026)	54,440,553
Administration expenses	(1,537,478)	(487,623)	(339,903)	(754,149)	274,526	(2,844,627)
Operation and projects expenses	(1,871,806)	(866,722)	(225,224)	—	130,229	(2,833,523)
Impairment of non–current assets	—	(5,516)	—	—	—	(5,516)
Other operating expenses	(193,586)	(31,033)	(24,523)	(51,033)	(2,496)	(302,671)
Operating income	31,507,688	5,481,344	6,597,902	4,821,049	46,233	48,454,216
Financial results
Financial income	656,434	59,308	80,522	404,771	(313,637)	887,398
Financial expenses	(2,117,736)	(974,944)	(207,257)	(2,843,762)	267,822	(5,875,877)
Foreign exchange (loss) gain	(102,929)	(244,300)	(60,892)	30,594	—	(377,527)
	(1,564,231)	(1,159,936)	(187,627)	(2,408,397)	(45,815)	(5,366,006)
Share of profit of associates and joint ventures	8,741	171,348	(1,001)	477,592	—	656,680
Profit before income tax expense	29,952,198	4,492,756	6,409,274	2,890,244	418	43,744,890
Income tax expense	(10,809,210)	(2,664,643)	(2,276,607)	(463,605)	—	(16,214,065)
Net profit for the period	19,142,988	1,828,113	4,132,667	2,426,639	418	27,530,825
Net profit (loss) attributable to:
Owners of the parent	19,209,590	1,684,580	3,339,949	536,372	418	24,770,909
Non–controlling interest	(66,602)	143,533	792,718	1,890,267	—	2,759,916
	19,142,988	1,828,113	4,132,667	2,426,639	418	27,530,825

31.2Revenue from contracts with customers

	Revenue from contracts with customers - Segments
	Nine-month period ended September 30, 2023 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
National sales
Mid-distillates	—	24,580,708	—	—	(26,947)	24,553,761
Gasolines	—	21,298,912	—	—	(2,930,104)	18,368,808
Natural gas	4,246,019	—	—	—	(923,288)	3,322,731
Services	178,448	1,313,177	11,823,671	234,597	(10,931,198)	2,618,695
Electric power transmission services	—	—	—	2,010,717	—	2,010,717
Plastic and rubber	—	930,979	—	—	—	930,979
Fuel gas service	—	745,885	—	—	(7,064)	738,821
Asphalts	46,250	638,709	—	—	—	684,959
L.P.G. and propane	408,442	218,692	—	—	(13,591)	613,543
Roads and construction services	—	—	—	260,781	—	260,781
Polyethylene	—	234,107	—	—	513	234,620
Aromatics	—	228,180	—	—	—	228,180
Crude oil	20,772,440	—	—	—	(20,640,083)	132,357
Other products	32,716	2,805,840	—	—	(2,336,186)	502,370
	25,684,315	52,995,189	11,823,671	2,506,095	(37,807,948)	55,201,322
Foreign sales
Crude oil	35,357,848	1,521,291	—	—	—	36,879,139
Electric power transmission services	—	—	—	4,373,784	—	4,373,784
Construction services	—	—	—	3,510,948	—	3,510,948
Diesel	—	3,215,505	—	—	—	3,215,505
Fuel oil	—	3,047,606	—	—	—	3,047,606
Plastic and rubber	—	1,096,741	—	—	—	1,096,741
L.P.G. and propane	206,540	—	—	—	—	206,540
Gasolines	—	193,394	—	—	—	193,394
Natural gas	75,044	—	—	—	—	75,044
Cash flow hedging	(642,050)	(7,962)	—	—	—	(650,012)
Other products	20,767	1,000,420	—	220,699	(551)	1,241,335
	35,018,149	10,066,995	—	8,105,431	(551)	53,190,024
	60,702,464	63,062,184	11,823,671	10,611,526	(37,808,499)	108,391,346

	Sales by product - Segments
	Nine-month period ended September 30, 2022 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
National sales
Mid-distillates	—	28,049,021	—	—	(17,855)	28,031,166
Gasolines	—	23,859,630	—	—	(3,249,035)	20,610,595
Gas natural	3,783,528	—	—	—	(766,851)	3,016,677
Services	386,472	315,302	9,868,669	208,024	(8,135,332)	2,643,135
Electric power transmission services	—	—	—	1,934,461	—	1,934,461
Roads and construction services	—	—	—	255,736	—	255,736
Fuel gas service	—	627,753	—	—	(6,404)	621,349
Plastic and rubber	—	1,216,431	—	—	—	1,216,431
Asphalts	32,966	601,274	—	—	—	634,240
L.P.G. and propane	550,211	280,473	—	—	(23,449)	807,235
Crude oil	21,711,604	491,440	—	—	(21,988,457)	214,587
Polyethylene	—	220,975	—	—	—	220,975
Aromatics	—	242,045	—	—	—	242,045
Other products	19,395	1,837,450	—	—	(1,343,092)	513,753
	26,484,176	57,741,794	9,868,669	2,398,221	(35,530,475)	60,962,385
Foreign sales
Crude oil	43,996,345	92,147	—	—	(141,891)	43,946,601
Diesel	—	1,896,842	—	—	—	1,896,842
Electric power transmission services	—	—	—	3,750,829	—	3,750,829
Roads and construction services	—	—	—	3,209,685	—	3,209,685
Plastic and rubber	—	1,621,076	—	—	—	1,621,076
Gasolines	—	157,685	—	—	—	157,685
Fuel oil	—	3,628,416	—	—	—	3,628,416
Natural gas	189,665	—	—	—	—	189,665
L.P.G. and propane	242,581	—	—	—	—	242,581
Cash flow hedging	(932,542)	(35,992)	—	—	—	(968,534)
Other products	27,147	1,012,594	—	221,822	—	1,261,563
	43,523,196	8,372,768	—	7,182,336	(141,891)	58,936,409
	70,007,372	66,114,562	9,868,669	9,580,557	(35,672,366)	119,898,794

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Relevant and/or subsequent events (unaudited)

9 Months Ended

Sep. 30, 2023

Relevant and/or subsequent events (unaudited)

Relevant and/or subsequent events (unaudited)

32.Relevant and/or subsequent events (unaudited)

The Ecopetrol Business Group opened a marketing company in the United States of America

The Ecopetrol Business Group has in operation a new marketing company abroad, this time in the United States of America. The main objective of the company is finding new customers and strengthening its commercial strategy in the North American market.

The trading company, created in 2022, is called Ecopetrol US Trading and is in Houston, Texas, a recognized city as one of the energy capitals of the World. From there, the Company will execute its commercial operations in the United States of America.

Ecopetrol US Trading’s marketing and operation strategy seeks to get closer and strengthen the relationship with customers, through a local support team that will facilitate fluid communication with customers and suppliers.

ISA bonds issuance

In November 2023, ISA issued bonds in the local market for COP$500,000 million of the fifteenth tranche of the Company’s internal public debt securities issuance and placement program. The placement was carried out through the Colombian Stock Exchange (BVC, acronym in Spanish), under the Dutch auction mechanism.

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Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)

9 Months Ended

Sep. 30, 2023

Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)

Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)

33.Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Subsidiaries
Refinería de Cartagena S.A.S.	U.S. Dollar	100	%	Hydrocarbons refining, marketing and distribution	Colombia	Colombia	22,111,929	3,166,632	35,666,794	13,554,865
Cenit transporte y logística de hidrocarburos S.A.S.	Colombian peso	100	%	Storage and transportation through hydrocarbon pipelines	Colombia	Colombia	15,668,591	4,272,019	17,685,907	2,017,316
Ecopetrol Global Energy S.L.U.	U.S. Dollar	100	%	Investment vehicle	Spain	Spain	14,521,345	627,109	14,521,402	57
Oleoducto Central S.A. - Ocensa	U.S. Dollar	72.65	%	Transportation through hydrocarbon pipelines	Colombia	Colombia	3,543,754	2,535,316	6,942,434	3,398,680
Hocol Petroleum Limited.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	4,235,448	468,018	4,235,622	174
Ecopetrol América LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	1,786,726	(11,115)	3,485,196	1,698,470
Hocol S.A.	U.S. Dollar	100	%	Exploration, exploitation, and production of hydrocarbons	Cayman Islands	Colombia	3,708,388	452,663	5,733,699	2,025,311
Esenttia S.A.	U.S. Dollar	100	%	Production and commercialization of polypropylene resin	Colombia	Colombia	2,540,932	189,181	3,259,229	718,297
Ecopetrol Capital AG	U.S. Dollar	100	%	Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group	Switzerland	Switzerland	2,800,207	117,164	10,141,763	7,341,556
Oleoducto Bicentenario de Colombia S.A.S.	Colombian peso	100	%	Pipeline transportation of crude oil	Colombia	Colombia	1,241,660	286,583	2,102,165	860,505
Oleoducto de Colombia S. A. – ODC	Colombian peso	73	%	Pipeline transportation of crude oil	Colombia	Colombia	341,913	330,828	825,712	483,799
Black Gold Re Ltd.	U.S. Dollar	100	%	Reinsurer of Ecopetrol and its subsidiaries	Bermuda	Bermuda	1,106,135	64,340	1,567,127	460,992
Andean Chemicals Ltd.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	1,866,627	128,129	1,869,764	3,137
Oleoducto de los Llanos Orientales S. A. - ODL	Colombian peso	65	%	Pipeline transportation of crude oil	Panama	Colombia	791,478	525,398	1,357,814	566,336
Interconexión Eléctrica S.A. E.S.P.	Colombian peso	51.41	%	-Provision of the public electricity transmission service - Development of infrastructure projects and their commercial exploitation and - Software development, Information technology and telecommunications activities and services	Colombia	Latin America	27,462,253	2,034,446	72,758,663	45,296,410

		Ownership				Geographic		Profit
	Functional	Interest			Country/	area of		(loss) for	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	the period	assets	liabilities
Inversiones de Gases de Colombia S.A. Invercolsa S.A.	Colombian peso	51.88	%	Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia	Colombia	Colombia	580,247	266,589	746,271	166,024
Alcanos de Colombia S.A. E.S.P. (1)	Colombian peso	29.61	%	Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations.	Colombia	Colombia	297,244	107,430	837,451	540,207
Metrogas de Colombia S.A E.S.P. (1)	Colombian peso	33.49	%	Provision of the public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives.	Colombia	Colombia	52,944	16,411	142,043	89,099
Gases del Oriente S.A. E.S.P. (1)	Colombian peso	48.50	%	Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service.	Colombia	Colombia	77,161	47,069	215,458	138,297
Promotora de Gases del Sur S.A. E.S.P. (1)	Colombian peso	31.44	%	Promote the linking of national or foreign capital, public or private, to achieve the gas massification project.	Colombia	Colombia	44,835	30,035	91,343	46,508
Combustibles Líquidos de Colombia S.A E.S.P. (1)	Colombian peso	41.61	%	Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service.	Colombia	Colombia	61,606	1,198	82,341	20,735

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Ecopetrol USA Inc.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	12,379,433	744,326	12,388,513	9,080
Ecopetrol Permian LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	8,649,795	752,321	11,197,337	2,547,542
Ecopetrol Oleo e Gas do Brasil Ltda.	Real	100	%	Hydrocarbons exploration and exploitation	Brazil	Brazil	2,033,536	(116,742)	2,085,202	51,666
Esenttia Masterbatch Ltda.	Colombian peso	100	%	Manufacture of polypropylene compounds and masterbatches	Colombia	Colombia	319,567	165,172	432,525	112,958
Ecopetrol del Perú S. A.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	Peru	Peru	62,325	2,084	65,277	2,952
ECP Hidrocarburos de México S.A. de C.V.	U.S. Dollar	100	%	Offshore exploration	Mexico	Mexico	46,090	(1,649)	47,910	1,820
Ecopetrol Costa Afuera S.A.S.	Colombian peso	100	%	Offshore exploration	Colombia	Colombia	13,146	182	13,330	184
Esenttia Resinas del Perú SAC	U.S. Dollar	100	%	Commercialization polypropylene resins and masterbatches	Peru	Peru	15,846	1,204	37,948	22,102
Topili Servicios Administrativos S de RL De CV.	Mexican pesos	100	%	Specialized management services	Mexico	Mexico	(162)	(182)	284	446
Kalixpan Servicios Técnicos S de RL De CV.	Mexican pesos	100	%	Specialized services related to oil and gas industry	Mexico	Mexico	131	(48)	135	4
Ecopetrol US Trading LLC	U.S. Dollar	100	%	International marketing of crude oil and refined products	United States of America	United States of America	—	—	—	—
Econova Technology & Innovation S.L.	U.S. Dollar	100	%	Execution of activities related to science, technology, and innovation (ST&I) activities.	Spain	Spain	11	(3)	14	3
Ecopetrol Singapore PTE. LTD	Singapore dollar	100	%	Holding company with investment in an international trading company for crude oil and refined products	Singapore	Asia	572,630	534,357	572,867	237
Ecopetrol Trading Asia PTE. LTD	Singapore dollar	100	%	International marketing of crude oil and refined products	Singapore	Asia	572,434	534,411	4,223,623	3,651,189

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Associates
Serviport S.A. (2)	Colombian peso	49	%	Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements	Colombia	Colombia	12,790	(3,176)	42,028	29,238
Sociedad Portuaria Olefinas y Derivados S.A. (3)	Colombian peso	50	%	Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public	Colombia	Colombia	8,447	2,875	12,145	3,698
Joint ventures
Equion Energía Limited	U.S. Dollar	51	%	Hydrocarbons exploration and exploitation	United Kingdom	Colombia	1,374,271	37,360	1,442,473	68,202
Ecodiesel Colombia S.A. (3)	Colombian peso	50	%	Production, commercialization and distribution of biofuels and oleochemicals	Colombia	Colombia	157,092	42,131	253,058	95,966

(1) Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A.

(2) Information available as of June 30, 2023, the investment is totally impaired.

(3) Information available as of August 31, 2023.

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Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited)

9 Months Ended

Sep. 30, 2023

Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited)

Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited)

34.Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P. (Unaudited)

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Subsidiaries
Consorcio Transmantaro	Electric power	Peru	60.00	%	8,182,331	6,310,996	1,871,335	213,401
Interligação Eléctrica Evrecy	Electric power	Brazil	35.82	%	304,403	26,263	278,140	(11,169)
Fundo de Investimento Assis	Trust - Special Purpose Entity	Brazil	35.82	%	46,655	—	46,655	588
Fundo de Investimento Barra Bonita Renda Fixa Referenciado	Trust - Special Purpose Entity	Brazil	35.00	%	4,082	—	4,082	401
Fundo de Investimento Referenciado di Bandeirantes	Trust - Special Purpose Entity	Brazil	13.64	%	142,791	—	142,791	8,985
Fundo de Investimento Xavantes Referenciado di	Trust - Special Purpose Entity	Brazil	14.20	%	453,128	—	453,128	11,569
Interconexiones Viales	Roads	Chile	65.00	%	132	803	(671)	(4,416)
Interligação Elétrica Aguapeí	Electric power	Brazil	35.82	%	639,101	45,680	593,421	46,521
Interligação Elétrica Biguaçu	Electric power	Brazil	35.82	%	463,846	57,239	406,607	36,744
Interligação Elétrica De Minas Gerais	Electric power	Brazil	35.82	%	460,365	41,256	419,109	3,236
Interligação Elétrica Itapura	Electric power	Brazil	35.82	%	173,388	12,376	161,012	11,289
Interligação Elétrica Itaquerê	Electric power	Brazil	35.82	%	579,199	59,094	520,105	40,230
Interligação Elétrica Itaúnes	Electric power	Brazil	35.82	%	491,096	36,683	454,413	11,644
Interligação Elétrica Norte E Nordeste	Electric power	Brazil	35.82	%	468,165	132,894	335,271	23,813
Interligação Elétrica Pinheiros	Electric power	Brazil	35.82	%	62,896	6,618	56,278	6,110
Interligação Elétrica Riacho Grande	Electric power	Brazil	35.82	%	105,765	29,098	76,667	1,270
Interligação Elétrica Serra Do Japi	Electric power	Brazil	35.82	%	418,725	28,635	390,090	27,634
Interligação Elétrica Sul	Electric power	Brazil	35.82	%	231,935	26,480	205,455	13,273
Interligação Elétrica Tibagi	Electric power	Brazil	35.82	%	251,998	25,105	226,893	17,549
Internexa	Information and communications technologies	Colombia	99.50	%	518,004	425,656	92,348	(22,236)
Transamerican Telecomunication S.A.	Information and communications technologies	Argentina	99.50	%	38,333	20,912	17,421	(1,108)
Internexa Brasil Operadora de Telecomunicações	Information and communications technologies	Brazil	99.50	%	203,365	191,632	11,733	(15,501)
Internexa Chile	Information and communications technologies	Chile	98.50	%	72,496	53,656	18,840	(14,290)
Interligação Elétrica JAGUAR 6 S.A.	Electric power	Brazil	35.82	%	225,550	12,330	213,220	10,348
Interligação Elétrica JAGUAR 8 S.A.	Electric power	Brazil	35.82	%	121,085	8,857	112,228	4,899
Interligação Elétrica JAGUAR 9 S.A.	Electric power	Brazil	35.82	%	423,079	31,613	391,466	28,979

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Internexa Participações	Investment vehicle	Brazil	99.50	%	10,166	1,324	8,842	(13,624)
Internexa Peru	Information and communications technologies	Peru	99.50	%	303,563	256,660	46,903	4,816
ISA Bolivia	Electric power	Bolivia	100.00	%	125,783	8,105	117,678	5,059
ISA Capital Do Brasil	Investment vehicle	Brazil	100.00	%	5,564,972	559	5,564,413	522,802
ISA CTEEP	Electric power	Brazil	35.82	%	28,788,164	13,338,881	15,449,283	1,457,418
ISA Interchile	Electric power	Chile	100.00	%	6,517,095	5,203,405	1,313,690	13,841
ISA Intercolombia	Electric power	Colombia	100.00	%	417,663	304,644	113,019	25,126
ISA Intervial Chile	Roads	Chile	100.00	%	4,708,532	717,645	3,990,887	323,463
ISA Intervial Colombia	Roads	Colombia	100.00	%	620	—	620	33
ISA Inversiones Chile SpA	Investment vehicle	Chile	100.00	%	1,980,090	215,605	1,764,485	68,356
ISA Inversiones Chile Vias SpA	Investment vehicle	Chile	100.00	%	4,078,002	165	4,077,837	324,149
ISA Inversiones Costera Chile	Investment vehicle	Chile	100.00	%	609,354	815,968	(206,614)	(45,778)
ISA Inversiones Tolten	Investment vehicle	Chile	100.00	%	34	—	34	(2)
ISA Investimentos E Participações	Investment vehicle	Brazil	100.00	%	1,081,679	105	1,081,574	59,341
ISA Perú	Electric power	Peru	99.98	%	1,005,540	821,725	183,815	24,533
ISA REP	Electric power	Peru	60.00	%	1,960,767	1,507,293	453,474	149,484
ISA Transelca	Electric power	Colombia	100.00	%	1,809,039	919,491	889,548	107,111
Linear Systems RE	Other businesses	Bermudas	100.00	%	119,758	84,330	35,428	3,689
Proyectos de Infraestructura del Perú	Electric power	Peru	100.00	%	34,700	12,533	22,167	9,706
Ruta Costera	Roads	Colombia	100.00	%	2,601,976	2,431,341	170,635	(7,247)
Ruta de La Araucanía	Roads	Chile	100.00	%	899,448	458,278	441,170	42,486
Ruta de Los Ríos	Roads	Chile	75.00	%	332,927	240,274	92,653	25,029
Ruta del Bosque	Roads	Chile	100.00	%	29,924	4,082	25,842	(18,387)
Ruta del Loa	Roads	Chile	100.00	%	1,232,237	897,639	334,598	35,711
Ruta del Maipo	Roads	Chile	100.00	%	8,148,692	5,428,644	2,720,048	257,527
Ruta del Maule	Roads	Chile	100.00	%	8,674	2,803	5,871	267
Sistemas Inteligentes en Red	Other businesses	Colombia	99.77	%	20,803	9,753	11,050	1,850
XM	Electric power	Colombia	99.73	%	367,977	311,517	56,460	10,706

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Joint ventures
Interligação Elétrica do Madeira	Energy transport	Brazil	51.00	%	6,286,123	2,821,217	3,464,906	230,072
Interligação Elétrica Garanhuns	Energy transport	Brazil	51.00	%	1,334,544	382,140	952,404	63,862
Interligação Elétrica Paraguaçu	Energy transport	Brazil	50.00	%	1,508,843	498,283	1,010,560	74,685
Interligação Elétrica Aimorés	Energy transport	Brazil	50.00	%	954,447	334,667	619,780	48,236
Interligação Elétrica Ivaí	Energy transport	Brazil	50.00	%	3,999,502	3,084,164	915,338	171,733
Transmissora Aliança de Energia Elétrica	Energy transport	Brazil	14.88	%	14,578,138	8,769,989	5,808,149	472,045
Interconexión Eléctrica Colombia Panamá-Panamá	Energy transport	Panama	50.00	%	21,860	3,084	18,776	(15,856)
Interconexión Eléctrica Colombia Panamá Colombia	Energy transport	Colombia	1.17	%	266	1	265	(2)
Transnexa	Telecommunications transport	Ecuador	50.00	%	—	—	—	—
Derivex	Manage the negotiation system of operations on derivative financial instruments of electrical energy	Colombia	40.46	%	447	—	447	(402)
Parques del Río	Roads	Colombia	33.00	%	89	3	86	(30)
Conexión Kimal Lo Aguirre S.A.	Energy transport	Chile	33.33	%	721,017	263,565	457,452	4,158
Associates
ATP Tower Holdings	Telecommunications transport	United States of America	24.70	%	4,265,203	2,576,809	1,688,394	(19,164)

XML

Cash and cash equivalents (Tables)

9 Months Ended

Sep. 30, 2023

Cash and cash equivalents.

Schedule of Cash and cash equivalents

	September 30,	December 31,
	2023	2022
	(Unaudited)
Banks and corporations	7,151,034	9,491,029
Short–term investments	4,918,167	5,907,785
Cash	1,543	2,244
	12,070,744	15,401,058

XML

Trade and other receivables (Tables)

9 Months Ended

Sep. 30, 2023

Trade and other receivables

Schedule of trade and other receivables, net

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Fuel Price stabilization fund (1)	25,692,997	26,296,870
Concessions (2)	4,495,993	5,194,909
Customers
Domestic	2,788,212	3,268,944
Foreign	3,528,244	3,065,207
Related parties (Note 30)	152,562	110,408
Accounts receivable from employees	89,639	115,922
Industrial services	55,797	70,762
Other	777,229	1,101,977
	37,580,673	39,224,999
Non–current
Concessions (2)	26,533,437	28,647,390
Customers
Foreign	184,965	185,331
Domestic	72,001	72,985
Accounts receivable from employees	581,185	498,415
Related parties (Note 30)	130,306	335
Other (3)	2,554,429	2,750,749
	30,056,323	32,155,205

(1) Corresponds to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of motor gasoline current and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of September 2023, Ecopetrol S.A. offset this account receivable by $16,415,907 (2022: $6,788,385) with the dividends payable to the Ministry of Finance and Public Credit. This transaction was treated as a non-cash transaction for the purpose of the cash flow statement.

(2) Includes concessions and roads. Corresponds to accounts receivable for concessions acquired for public electric power transportation services and for public road transportation service.

(3) Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of Ecopetrol Business Group for transportation systems. The gross value of these accounts receivable is $2,291,892 (2022: $2,481,530) and the provision for expected losses established, included in the provision line for expected credit losses, is $417,920 (2022: $475,936), for a net book value of $1,873,972 (2022: $2,005,594). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its financial statements.

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Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventories

Schedule of inventories

	September 30,	December 31,
	2023	2022
	(Unaudited)
Crude oil (1)	5,354,131	5,971,109
Fuels and petrochemicals (2)	3,073,856	3,241,154
Materials for goods production	2,928,486	2,667,771
	11,356,473	11,880,034

(1) The variation mainly corresponds to a higher level of deliveries of inventories in transit.

(2) The variation mainly corresponds to the lower level of imported products due to better operations in refineries, which decrease the weighted valuation.

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Other financial assets (Tables)

9 Months Ended

Sep. 30, 2023

Other financial assets

Schedule of other financial assets

	September 30,	December 31,
	2023	2022
	(Unaudited)
Assets measured at fair value
Investment portfolio – Foreign currency	1,283,780	1,056,385
Investments in equity securities and trust funds (1)	497,392	875,335
Hedging instruments (2)	155,053	311
Investment portfolio – Local currency	46,173	761,687
Assets measured at fair value through other comprehensive income	3,652	3,583
	1,986,050	2,697,301
Assets measured at amortized cost (3)	157,465	28,570
	2,143,515	2,725,871
Current	1,752,234	1,162,127
Non–current	391,281	1,563,744
	2,143,515	2,725,871

(1) Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia.

(2) Corresponds to swap and forward contracts to hedge commodity price risk in Ecopetrol S.A. and Interconexión Eléctrica S.A. E.S.P.

(3) Includes investments with maturities greater than 90 days, in Chile and Colombia.

Schedule of other financial assets recognized at fair value

	September 30,	December 31,
	2023	2022
	(Unaudited)
Level 1	1,488,344	1,892,486
Level 2	497,706	804,815
	1,986,050	2,697,301

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Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Taxes

Schedule of income tax expense

	Nine-month period ended
	September 30,
	2023	2022
	(Unaudited)
Current income tax expense	10,378,745	13,586,947
Deferred income tax expense	1,025,705	2,613,356
Adjustments to prior years’ current and deferred tax	72,422	13,762
Income tax expense	11,476,872	16,214,065

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Other assets (Tables)

9 Months Ended

Sep. 30, 2023

Other assets

Schedule of other assets

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Partners in joint operations	973,170	871,409
Advanced payments to contractors and suppliers	948,594	679,829
Prepaid expenses	769,865	693,341
Trust funds	452,370	507,163
Related parties (Note 30)	108	1,087
Other	25,657	25,651
	3,169,764	2,778,480
Non-current
Wells abandonment and pension funds	619,324	568,066
Trust funds	349,638	184,464
Employee benefits	290,538	342,143
Advanced payments and deposits	75,602	87,684
Judicial deposits and judicial attachments	50,913	54,776
Other	234,578	216,214
	1,620,593	1,453,347

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Investments in associates and joint ventures (Tables)

9 Months Ended

Sep. 30, 2023

Investments in associates and joint ventures

Schedule of investment entities

	September 30,	December 31,
	2023	2022
	(Unaudited)
Joint ventures
Interligação Elétrica do Madeira S.A.	1,769,645	1,871,142
Transmissora Aliança de Energia Elétrica S.A.	1,570,643	1,830,504
Equion Energía Limited	1,059,231	1,191,154
Interligação Elétrica Paraguaçu S.A.	559,119	614,112
Interligação Elétrica Garanhuns S.A.	518,794	571,328
Interligação Elétrica Ivaí S.A.	471,951	469,176
Interligação Elétrica Aimorés S.A.	355,693	411,495
Conexión Kimal Lo Aguirre S.A. (1)	149,927	169,230
Ecodiesel Colombia S.A.	78,546	54,614
Transnexa S.A. E.M.A.	8,545	8,545
Interconexión Eléctrica Colombia Panamá S.A.	8,026	20,516
Derivex S.A.	188	439
Parques de Rio	75	83
Interconexión Eléctrica Colombia Panamá S.A.S E.S.P.	4	4
	6,550,387	7,212,342
Less impairment:
Equion Energía Limited	(400,196)	(400,196)
Transnexa S.A. E.M.A.	(8,545)	(8,545)
	6,141,646	6,803,601
Associates
Gases del Caribe S.A. E.S.P.	1,489,223	1,495,341
ATP Tower Holdings	766,753	913,218
Gas Natural del Oriente S.A. E.S.P.	150,394	148,254
Gases de la Guajira S.A. E.S.P.	69,232	69,376
E2 Energía Eficiente S.A. E.S.P.	34,180	34,944
Extrucol S.A.	28,680	27,680
Serviport S.A.	9,399	9,399
Sociedad Portuaria Olefinas	4,930	4,186
	2,552,791	2,702,398
Less impairment: Serviport S.A.	(9,399)	(9,399)
	2,543,392	2,692,999
	8,685,038	9,496,600

Schedule of movement of investments in associates and joint ventures

	Associates	Join ventures	Total
Balance as of December 31, 2022	2,692,999	6,803,601	9,496,600
Equity method recognized in:
Profit or loss	154,080	452,252	606,332
Equity	(125,139)	(1,021,046)	(1,146,185)
Dividends declared	(178,548)	(93,161)	(271,709)
Balance as of September 30, 2023 (Unaudited)	2,543,392	6,141,646	8,685,038

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Property, plant, and equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, plant, and equipment

Schedule of plant and equipment and depreciation and impairment

		Pipelines,
	Plant and	networks, and	Work in
	equipment	lines	progress	Buildings	Lands	Other	Total
Cost
Balance as of December 31, 2022	62,763,108	60,287,507	13,432,616	15,354,065	5,199,069	3,225,279	160,261,644
Additions/capitalizations (1)	1,417,220	1,362,963	2,972,969	205,978	3,034	129,801	6,091,965
Abandonment cost update (Note 22)	—	(23,365)	—	—	—	—	(23,365)
Capitalized financial interests (2)	71,725	57,252	69,081	9,171	97	7,023	214,349
Exchange differences capitalized	94	75	136	12	—	9	326
Disposals	(387,574)	(115,248)	(2,762)	(9,332)	(256)	(38,419)	(553,591)
Foreign currency translation	(6,008,008)	(3,366,305)	(166,407)	(1,362,125)	(358,511)	(203,094)	(11,464,450)
Reclassifications/transfers	(1,577,274)	457,158	(987,669)	2,207,724	(69)	(7,651)	92,219
Balance as of September 30, 2023 (Unaudited)	56,279,291	58,660,037	15,317,964	16,405,493	4,843,364	3,112,948	154,619,097
Accumulated depreciation and impairment losses
Balance as of December 31, 2022	(27,439,631)	(22,870,247)	(1,418,040)	(6,230,154)	(53,515)	(1,252,559)	(59,264,146)
Depreciation expense	(2,202,381)	(1,713,438)	—	(459,449)	—	(117,954)	(4,493,222)
Impairment loss (Note 17)	(6,835)	(635)	—	(1,868)	—	—	(9,338)
Disposals	368,450	105,806	—	7,935	39	21,576	503,806
Foreign currency translation	2,228,054	1,283,629	1,706	515,661	6,058	118,927	4,154,035
Reclassifications/transfers	865,102	(85,436)	47,220	(904,480)	—	4,704	(72,890)
Balance as of September 30, 2023 (Unaudited)	(26,187,241)	(23,280,321)	(1,369,114)	(7,072,355)	(47,418)	(1,225,306)	(59,181,755)
Balance as of December 31, 2022	35,323,477	37,417,260	12,014,576	9,123,911	5,145,554	1,972,720	100,997,498
Balance as of September 30, 2023 (Unaudited)	30,092,050	35,379,716	13,948,850	9,333,138	4,795,946	1,887,642	95,437,342

(1) Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Castilla, Chichimene, and Rubiales fields, and Barrancabermeja Refinery ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, UPME 07–2017 Sabanalarga – Bolívar 500 Kv, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, and asset optimization plan.

(2) Financial interest is capitalized based on the weighted average rate of loan costs.

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Natural and environmental resources (Tables)

9 Months Ended

Sep. 30, 2023

Natural and environmental resources.

Schedule of detailed information about natural and environmental

	Oil and gas	Assets retirement	Exploration and
	investments	obligations	evaluation	Total
Cost
Balance as of December 31, 2022	88,338,471	7,104,903	10,480,025	105,923,399
Additions/capitalizations (1)	7,310,327	14,473	2,973,302	10,298,102
Abandonment cost update (Note 22)	—	118,376	(422)	117,954
Disposals	(501,700)	—	—	(501,700)
Disposals of exploratory assets and dry wells (2)	—	—	(975,965)	(975,965)
Capitalized financial interests (3)	190,333	—	66,939	257,272
Exchange differences capitalized	250	—	87	337
Foreign currency translation	(4,535,675)	(161,889)	(713,119)	(5,410,683)
Reclassifications/transfers	(1,177)	(16,999)	(112,418)	(130,594)
Balance as of September 30, 2023 (Unaudited)	90,800,829	7,058,864	11,718,429	109,578,122
Accumulated amortization
Balance as of December 31, 2022	(58,382,473)	(5,088,086)	(129,230)	(63,599,789)
Amortization expense	(4,376,364)	(280,361)	—	(4,656,725)
Disposals	78,507	—	—	78,507
Foreign currency translation	2,408,370	87,900	—	2,496,270
Reclassifications/transfers	64,467	—	25,080	89,547
Balance as of September 30, 2023 (Unaudited)	(60,207,493)	(5,280,547)	(104,150)	(65,592,190)
Balance as of December 31, 2022	29,955,998	2,016,817	10,350,795	42,323,610
Balance as of September 30, 2023 (Unaudited)	30,593,336	1,778,317	11,614,279	43,985,932

(1) Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in RODEO, b) Ecopetrol S.A. by Caño Sur, Castilla, Chichimene, Floreña, Rubiales, c) Hocol S.A. mainly in projects for the blocks Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSJN-1, VIM 8, and d) Ecopetrol America Inc. mainly in Gunflint, Dalmatian, and K2.

(2) Includes: Ecopetrol S.A. the dry wells Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, and Kinacú, and b) Hocol S.A mainly unsuccessful wells Lla-87-2 A3 (Koala), Lla-87-3 A3 (Picabuey), LLan- 124 (Cucarachero), Yd-SN1 well Yoda B, and exploratory expenses in: Lla-104, SSJN1, VIM8.

(3) Financial interest is capitalized based on the weighted average rate of loan costs.

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Right-of-use assets (Tables)

9 Months Ended

Sep. 30, 2023

Right-of-use assets.

Schedule of right-of-use assets

	Right-of-use assets
					Right-of-	Lease
		Lands and	Plant and		use	liabilities
	Pipelines	buildings	equipment	Vehicles	assets	(Note 19.1)
Balance as of December 31, 2022	96,234	244,058	119,534	167,987	627,813	1,212,346
Additions	13,533	59,173	107,737	49,619	230,062	230,062
Amortization of the period	(19,419)	(47,893)	(60,972)	(100,769)	(229,053)	—
Remeasurements (1)	971	33,823	18,680	10,883	64,357	91,237
Disposals	(10,435)	(13,007)	(3,026)	(111)	(26,579)	(47,547)
Finance cost	—	—	—	—	—	84,809
Payment of capital	—	—	—	—	—	(319,781)
Payment of interests	—	—	—	—	—	(61,107)
Transfers	—	80	—	1,951	2,031	18,835
Exchange difference and translation	(7,448)	(48,018)	(9,862)	(14,222)	(79,550)	(60,828)
Balance as of September 30, 2023 (Unaudited)	73,436	228,216	172,091	115,338	589,081	1,148,026

(1) Corresponds mainly to updating rates and conditions in lease contracts.

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Intangible assets (Tables)

9 Months Ended

Sep. 30, 2023

Intangible assets

Schedule of intangibles and their amortizations

	Licenses
	and	Other	Concessions
	software	intangibles	and rights	Easements (1)	Total
Cost
Balance as of December 31, 2022	1,512,614	1,282,751	17,568,081	1,637,445	22,000,891
Additions	143,933	5,370	312,969	14,141	476,413
Disposals	(14,496)	—	—	(500)	(14,996)
Foreign currency translation	(71,146)	(216,913)	(3,254,069)	(86,880)	(3,629,008)
Transfers	23,776	(2,185)	81,746	15,402	118,739
Balance as of September 30, 2023 (Unaudited)	1,594,681	1,069,023	14,708,727	1,579,608	18,952,039
Accumulated amortization
Balance as of December 31, 2022	(884,160)	(446,646)	(2,394,082)	(129,398)	(3,854,286)
Amortization of the period	(135,437)	(19,317)	(523,927)	(5,563)	(684,244)
Disposals	13,730	—	—	(104)	13,626
Foreign currency translation	50,966	141,315	936,848	3,897	1,133,026
Transfers	141	34	—	(175)	—
Balance as of September 30, 2023 (Unaudited)	(954,760)	(324,614)	(1,981,161)	(131,343)	(3,391,878)
Balance as of December 31, 2022	628,454	836,105	15,173,999	1,508,047	18,146,605
Balance as of September 30, 2023 (Unaudited)	639,921	744,409	12,727,566	1,448,265	15,560,161

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Goodwill (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill

Schedule of goodwill in acquisitions of subsidiaries

	September 30,	December 31,
	2023	2022
	(Unaudited)
Interconexión Eléctrica S.A. E.S.P.	3,370,441	3,755,835
Oleoducto Central S.A.	683,496	683,496
Hocol Petroleum Ltd	537,598	537,598
Invercolsa S.A.	434,357	434,357
Andean Chemical Limited	127,812	127,812
Esenttia S.A.	108,137	108,137
	5,261,841	5,647,235
Less Impairment Hocol Petroleum Ltd	(297,121)	(297,121)
Total	4,964,720	5,350,114

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Loans and borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Loans and borrowings

Schedule of composition of loans and borrowings

	Interest rate*				September 30,	December 31,
	2023		2022		2023	2022
					(Unaudited)
Local currency
Bonds	9.4	%	9.8	%	4,833,891	4,965,653
Syndicate and commercial loans (1)	10.8	%	11.5	%	3,377,210	2,171,462
Lease liabilities (2)	8.4	%	8.0	%	905,165	844,734
					9,116,266	7,981,849
Foreign currency
Bonds (3)	6.5	%	6.0	%	77,342,221	82,432,647
Commercial and syndicate loans (4)	7.4	%	4.6	%	22,312,308	23,537,675
Loans from related parties (Nota 30)	6.0	%	5.9	%	715,020	815,056
Lease liabilities (2)	6.0	%	6.0	%	242,861	367,612
					100,612,410	107,152,990
					109,728,676	115,134,839
Current					17,616,493	22,198,583
Non–current					92,112,183	92,936,256
					109,728,676	115,134,839

* Weighted average effective interest rate for the end of each period.

(1) Corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. in Ecopetrol SA. with IBR 6M rate +4.9% and maturity September 2028.

(2) Corresponds to the present value of the payments to be made during the term of the operating lease contracts for pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 - Leases. See Note 16 (Note 15).

(3) The variation is mainly due to the revaluation of the Colombian peso in $756.44 pesos by dollar and the repurchase of international bonds with maturity date September 2023 and coupon rate of 5.875% for USD$978 million in Ecopetrol S.A. This effect is partially offset by the issuance in January 2023 of USD$2,000 million with maturity date January 2033 and coupon rate of 8.875%.

(4) It includes an acquisition of syndicated loan in September 2023, for $800 MUSD with international banks.

Schedule of maturity of loans and borrowings

The following is the maturity profile of loans and borrowings as of September 30, 2023:

	Up to 1 year	1 – 5 years	5-10 years	> 10 years	Total
Local currency
Bonds	781,760	1,324,238	1,148,399	1,579,494	4,833,891
Syndicate and commercial loans	777,934	1,191,542	336,703	1,071,031	3,377,210
Lease liabilities	193,845	544,264	165,517	1,539	905,165
	1,753,539	3,060,044	1,650,619	2,652,064	9,116,266
Foreign currency
Bonds	5,767,419	25,214,129	28,822,440	17,538,233	77,342,221
Syndicate and commercial loans	9,289,437	10,921,672	1,431,243	669,956	22,312,308
Loans from related parties	715,020	—	—	—	715,020
Lease liabilities	91,078	129,272	22,511	—	242,861
	15,862,954	36,265,073	30,276,194	18,208,189	100,612,410
Balance as of September 30, 2023 (Unaudited)	17,616,493	39,325,117	31,926,813	20,860,253	109,728,676

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Trade and other payables (Tables)

9 Months Ended

Sep. 30, 2023

Trade and other payables

Schedule of trade and other payables

	September 30,	December 31,
	2023	2022
	(Unaudited)
Current
Suppliers	12,030,080	15,034,677
Dividends payable (1)	6,742,487	392,346
Withholding tax	2,109,316	1,896,128
Partner’s advances	1,544,411	1,164,197
Insurance and reinsurance	463,772	330,363
Deposits received from third parties	186,902	162,338
Related parties (Note 30)	59,547	67,879
Hedging operations	7,293	4,311
Agreements in transport contracts	48,298	115,526
Various creditors	574,650	769,939
	23,766,756	19,937,704
Non-current
Suppliers	31,325	28,425
Deposits received from third parties	391	331
Various creditors	15,331	28,300
	47,047	57,056

(1) Corresponds mainly to dividends payable by Ecopetrol S.A. for $6,098,606 (2022: $3,667), Interconexión Eléctrica S.A. $479,668 (2022: $366,999), Inversiones de Gases de Colombia S.A. $110,997 (2022: $21,680), and Oleoducto Central S.A. $53,216.

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Provisions for employees' benefits (Tables)

9 Months Ended

Sep. 30, 2023

Provisions for employees' benefits

Schedule of provision balances for employee benefits

	September 30,	December 31,
	2023	2022
	(Unaudited)
Post-employment benefits
Health	8,461,041	8,140,648
Pension	1,226,186	2,073,562
Education	396,650	405,769
Bonds	354,675	399,114
Other plans	80,695	115,136
Termination benefits - Voluntary retirement plan	668,901	772,133
	11,188,148	11,906,362
Social benefits and salaries	1,045,654	970,598
Other long-term benefits	87,352	88,279
	12,321,154	12,965,239
Current	2,822,786	2,753,697
Non-current	9,498,368	10,211,542
	12,321,154	12,965,239

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Accrued liabilities and provisions (Tables)

9 Months Ended

Sep. 30, 2023

Accrued liabilities and provisions

Schedule of accrued liabilities and provisions

	Abandonment		Environmental
	and dismantling		contingencies
	costs	Litigations	and others	Total
Balance as of December 31, 2022	10,006,028	898,251	1,852,215	12,756,494
Abandonment cost update	94,589	—	—	94,589
Additions and (recoveries) (1)	(26,094)	10,598	418,009	402,513
Uses (2)	(437,664)	(772,390)	(228,589)	(1,438,643)
Financial cost	356,336	7,273	17,197	380,806
Financial interest	—	559,609	70,292	629,901
Foreign currency translation	(176,860)	(62,271)	(105,435)	(344,566)
Transfers	—	(22,245)	117,205	94,960
Balance as of September 30, 2023 (Unaudited)	9,816,335	618,825	2,140,894	12,576,054
Current	535,575	97,249	410,518	1,043,342
Non-current	9,280,760	521,576	1,730,376	11,532,712
	9,816,335	618,825	2,140,894	12,576,054

(1) Mainly includes the recognition of provisions related to potential liabilities, various, and mandatory environmental provision in Ecopetrol S.A.

(2) Mainly includes uses originating from judgments against Ecopetrol S.A. related to public works contributions. The recognition applied Law 2277 of 2022, with which a benefit was obtained by reducing 50% the interest to be paid to the tax authority.

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Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity

Schedule of composition of the ecopetrol business group's reserves

	September 30,	December 31,
	2023	2022
	(Unaudited)
Legal reserve	9,747,885	6,407,256
Fiscal and statutory reserves	509,082	509,082
Occasional reserves	7,665,758	1,982,295
Total	17,922,725	8,898,633

Schedule of balance of movement of the equity reserves

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	8,898,633	10,624,229
Release of reserves	(2,491,377)	(5,886,441)
Appropriation of reserves	11,515,469	11,068,450
Dividends declared	—	(6,907,605)
Closing balance	17,922,725	8,898,633

Schedule of dividends paid

	September 30,	September 30,
	2023	2022
	(Unaudited)
Ecopetrol S.A.	1,829,710	10,037,445
Interconexión Eléctrica SA ESP	1,058,282	356,773
Oleoducto Central S.A. - Ocensa	599,985	516,284
Oleoducto de los Llanos Orientales S.A.	171,290	104,205
Invercolsa S.A.	145,213	126,161
Oleoducto de Colombia S.A. - ODC	55,181	46,083
Total	3,859,661	11,186,951

Schedule of composition of the other comprehensive results attributable to the shareholders

	September 30,	December 31,
	2023	2022
	(Unaudited)
Foreign currency translation	18,368,510	28,816,983
Hedges of a net investment in a foreign operation	(4,980,418)	(9,219,271)
Gains and loss on defined benefit obligation	(679,915)	(1,331,361)
Cash flow hedging - Future crude oil exports	(194,018)	(2,473,999)
Cash flow hedging - Derivative financial instruments	97,427	1,290
Financial instruments measured at fair value	1,373	3,077
	12,612,959	15,796,719

Schedule of earnings per share

	September 30,	September 30,
	2023	2022
	(Unaudited)
Profit attributable to Ecopetrol’s shareholders	17,637,678	24,770,909
Weighted average number of outstanding shares	41,116,694,690	41,116,694,690
Net basic earnings per share (Colombian pesos)	429.0	602.5

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Revenue from contracts with customers (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from contracts with customers

Schedule of detailed information of revenue from contracts with customers

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
National sales
Mid-distillates (1)	24,553,761	28,031,166
Gasolines (1)	18,368,808	20,610,595
Natural gas (2)	3,322,731	3,016,677
Services	2,618,695	2,643,135
Electric power transmission services (3)	2,010,717	1,934,461
Plastic and rubber	930,979	1,216,431
Fuel gas Service	738,821	621,349
Asphalts	684,959	634,240
L.P.G. and propane	613,543	807,235
Roads and construction services (3)	260,781	255,736
Polyethylene	234,620	220,975
Aromatics	228,180	242,045
Crude oil	132,357	214,587
Other products	502,370	513,753
	55,201,322	60,962,385
Foreign sales
Crude oil (2)	36,879,139	43,946,601
Diesel	3,215,505	1,896,842
Fuel oil	3,047,606	3,628,416
Electric power transmission services (3)	4,373,784	3,750,829
Roads and construction services (3)	3,510,948	3,209,685
Plastic and rubber	1,096,741	1,621,076
L.P.G. and propane	206,540	242,581
Gasolines	193,394	157,685
Natural gas	75,044	189,665
Cash flow hedging (4)	(650,012)	(968,534)
Other products (5)	1,241,335	1,261,563
	53,190,024	58,936,409
	108,391,346	119,898,794

(1) Includes the value corresponding to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add to it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of regular motor gasoline and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of September 30, 2023, the value recognized for price differential corresponds to $17,699,168 (2022: $26,584,199).

(2) As of September 30, 2023, the value recognized for extensive tests is as follows: natural gas for national sales $27,952 (2022: $34,197) and crude oil for foreign sales $74,792 (2022: $104,493).

(3) Corresponds to the income derived from the energy transmission and road concession contracts of Interconexión Eléctrica S.A. E.S.P.

(4) Includes the result of hedges for future exports (Note 29.3) for $(480,232) (2022: (576,875)) and operations with derivative financial instruments for $(169,780) (2022: (391,659)).

(5) Includes income from telecommunications services and the sale of asphalt, and other products.

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Cost of sales (Tables)

9 Months Ended

Sep. 30, 2023

Cost of sales

Schedule of cost of sales of non current assets

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Costs variables
Imported products (1)	19,194,752	23,243,685
Purchases of crude in associations and concessions	10,136,966	11,712,144
Depreciation, depletion, and amortization	5,871,353	4,985,749
Hydrocarbon purchases - ANH (2)	5,849,162	6,929,845
Electric Energy	1,561,217	1,074,527
Gas royalties in cash	1,293,176	1,073,435
Hydrocarbon transportation services	1,154,795	869,983
Processing materials	1,118,863	828,599
Purchases of other products and gas	890,403	879,966
Services contracted in association	225,664	239,872
Extensive tests (3)	61,030	43,289
Others (4)	196,214	(1,505,246)
	47,553,595	50,375,848
Fixed cost
Depreciation and amortization	3,793,954	3,382,811
Maintenance	3,149,139	2,652,864
Labor costs	2,938,292	2,438,632
Contracted services	2,399,503	1,919,342
Construction services	1,931,562	1,888,186
Contracted services in associations	1,048,425	1,175,197
Taxes and contributions	810,719	725,640
Materials and operating supplies	639,449	452,560
Hydrocarbon transportation services	179,759	133,837
General costs	426,776	313,324
	17,317,578	15,082,393
	64,871,173	65,458,241

(1) Imported products correspond mainly to middle distillates and gasoline, the variation is due to a lower requirement due to the greater operation in refineries.

(2) Corresponds mainly to royalty crude purchases made by Ecopetrol S.A. from the National Hydrocarbons Agency (ANH), derived from national production.

(3) Corresponds to the cost related to revenue from the sale of hydrocarbons (Note 24 – Revenue from contracts with customers), obtained in the exploration stage or extensive tests prior to the declaration of commerciality of the oil fields.

(4) It corresponds to i) the process of use and valuation of core inventories, ii) measurement at net realizable value (VNR), and iii) other capitalizable charges to projects.

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Administrative, operation and project expenses (Tables)

9 Months Ended

Sep. 30, 2023

Administrative, operation and project expenses

Schedule of administrative, operation and project expenses

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Administration expenses
General expenses	1,542,546	1,269,973
Labor expenses	1,407,865	1,208,844
Depreciation and amortization	348,306	314,566
Taxes	62,272	51,244
	3,360,989	2,844,627
Operation and project expenses
Exploration expenses (1)	1,303,339	637,590
Commissions, fees, freights, and services	1,232,089	896,113
Taxes	632,085	562,837
Labor expenses	292,543	270,162
Fee for regulatory entities	230,357	123,128
Maintenance	69,540	82,440
Depreciation and amortization	49,631	73,700
Other	106,288	187,553
	3,915,872	2,833,523

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Other operating expenses (Tables)

9 Months Ended

Sep. 30, 2023

Other operating expenses

Schedule of other operating expenses

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Provision expenses	(368,068)	(310,406)
Gain (loss) on sale of assets	227,891	(38,309)
Impairment of current assets	(59,468)	(46,434)
Other income	109,957	92,478
	(89,688)	(302,671)

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Financial results (Tables)

9 Months Ended

Sep. 30, 2023

Financial results

Schedule of financial results

	Nine-month period ended September 30,
	2023	2022
	(Unaudited)
Finance income
Results from financial assets	321,142	124,493
Yields and interests	1,378,145	612,914
Gain on derivative settlement	2,852	11,834
Dividends	90	70
Other financial income	82,542	138,087
	1,784,771	887,398
Financial expenses
Financial cost of loans and borrowings	(5,151,076)	(3,886,375)
Financial cost of other liabilities (1)	(1,657,833)	(1,559,080)
Results from financial assets	(251,001)	(125,493)
Other financial expenses	(710,545)	(304,929)
	(7,770,455)	(5,875,877)
Foreign exchange
Foreign exchange gain (loss)	1,806,158	(377,527)
	1,806,158	(377,527)
	(4,179,526)	(5,366,006)

(1) It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits.

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Risk management (Tables)

9 Months Ended

Sep. 30, 2023

Risk management

Schedule of book values of financial assets and liabilities denominated in foreign currency

	September 30,	December 31,
(USD$ Millions)	2023	2022
	(Unaudited)
Cash and cash equivalents	765	615
Other financial assets	1,063	955
Trade receivables and payables	(608)	(392)
Loans and borrowings	(18,388)	(16,113)
Other assets and liabilities	98	202
Net liability position	(17,070)	(14,733)

Schedule of sensitivity analysis for exchange rate risk

The following is the effect that a variation of 1% and 5% would have in the exchange rate of Colombian pesos against the U.S. United States dollar, related to the exposure of financial assets and liabilities in foreign currency as of September 30, 2023:

Scenario / variation in the		Effect on income	Effect on other
exchange rate		before taxes +/–	comprehensive income +/
1	%	24,385	796,716
5	%	121,925	3,983,580

Schedule of non-derivative hedging instrument

	September 30,	December 31,
(USD$ Millions)	2023	2022
	(Unaudited)
Opening balance	5,572	4,972
Reassignment of hedging instruments	227	1,879
Realized exports	(227)	(1,879)
Designation of new hedges	693	600
Closing balance	6,265	5,572

Schedule of movement in the other comprehensive income

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	(2,473,999)	(945,250)
Exchange difference	3,760,813	(4,317,263)
Realized exports (Note 22)	480,231	1,143,287
Ineffectiveness	18,998	6,625
Deferred tax (Note 10)	(1,980,061)	1,638,602
Closing balance	(194,018)	(2,473,999)

	September 30,	December 31,
	2023	2022
	(Unaudited)
Opening balance	9,354,071	4,366,336
Exchange difference	(6,573,497)	7,526,124
Deferred tax	2,213,355	(2,538,389)
Closing balance	4,993,929	9,354,071

Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss

Year	Before taxes	Taxes	After taxes
2023 (Oct-Dec)	24,860	(10,847)	14,013
2024	94,236	(43,853)	50,383
2025	93,139	(43,343)	49,796
2026	90,478	(42,104)	48,374
2027	(7,208)	3,354	(3,854)
2028	(7,420)	3,453	(3,967)
2029	(7,748)	3,606	(4,142)
2030	17,937	(8,347)	9,590
2031	30,771	(14,319)	16,452
2032	30,097	(14,006)	16,091
2033	2,397	(1,115)	1,282
	361,539	(167,521)	194,018

Schedule of leverage index over the periods reported

	September 30,		December 31,
	2023		2022
	(Unaudited)
Loans and borrowings (Note 19)	109,728,676		115,134,839
Cash and cash equivalents (Note 6)	(12,070,744)		(15,401,058)
Other financial assets (Note 9)	(2,143,515)		(2,725,871)
Net financial debt	95,514,417		97,007,910
Equity	101,924,635		113,903,089
Leverage (1)	48.38	%	45.99	%

(1)Net financial debt / (Net financial debt + Equity)

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Related parties (Tables)

9 Months Ended

Sep. 30, 2023

Related parties

Schedule of associates and joint ventures

	Accounts	Loans	Other	Accounts	Loans	Other
	receivable	receivable	assets	payable	payable	liabilities
Joint ventures
Equion Energía Limited	—	—	108	2,029	715,020	1,828
Ecodiesel Colombia S.A.	3,682	—	—	50,360	—	101
Interligação Elétrica do Madeira S.A.	42,226	—	—	—	—	—
Interligação Elétrica Garanhuns S.A.	11,034	38	—	—	—	—
Interligação Elétrica Paraguaçu S.A.	—	25	—	—	—	—
Interligação Elétrica Aimorés S.A.	—	25	—	—	—	—
Interligação Elétrica Ivaí S.A.	—	544	—	—	—	—
Derivex S.A.	—	335	—	—	—	—
Conexión Kimal Lo Aguirre S.A.	—	129,978	—	—	—	—
Associates
Gases del Caribe S.A. E.S.P.	78,617	—	—	—	—	—
Gas Natural del Oriente S.A. E.S.P.	4,735	—	—	6,343	—	—
Gases de la Guajira S.A. E.S.P.	879	—	—	—	—	—
Extrucol S.A.	721	—	—	753	—	—
E2 Energía Eficiente S.A. E.S.P.	10,029	—	—	62	—	—
Balance as of September 30, 2023 (unaudited)	151,923	130,945	108	59,547	715,020	1,929
Current	151,923	639	108	59,547	715,020	1,929
Non-current	—	130,306	—	—	—	—
	151,923	130,945	108	59,547	715,020	1,929
	(Note 7)	(Note 7)	(Note 11)	(Note 20)	(Note 19)

	Accounts	Loans	Other	Accounts	Loans	Other
	receivable	receivable	assets	payable	payable	liabilities
Joint ventures
Equion Energía Limited (1)	127	—	1,087	2,004	815,056	2,698
Ecodiesel Colombia S.A.	13,155	—	—	53,821	—	3
Interligação Elétrica do Madeira S.A.	89,505	—	—	—	—	—
Interligação Elétrica Garanhuns S.A.	—	40	—	—	—	—
Interligação Elétrica Ivaí S.A.	—	182	—	—	—	—
Derivex S.A.	—	335	—	—	—	—
Associates
Gas Natural del Oriente S.A. E.S.P.	—	—	—	7,048	—	—
Extrucol S.A.	2	—	—	854	—	—
E2 Energía Eficiente S.A. E.S.P.	7,397	—	—	4,152	—	—
Balance as of December 31, 2022	110,186	557	1,087	67,879	815,056	2,701
Current	110,186	222	1,087	67,879	815,056	2,701
Non-current	—	335	—	—	—	—
	110,186	557	1,087	67,879	815,056	2,701
	(Note 7)	(Note 7)	(Note 11)	(Note 20)	(Note 19)

Loans payable:

(1) Deposits held by Equion in Ecopetrol Capital AG.

Schedule of transactions between related parties

	2023		2022
		Purchases of		Purchases of
	Sales and	product and	Sales and	product and
	services	other	services	other
	(Unaudited)		(Unaudited)
Joint ventures
Equion Energía Limited	698	30,447	430	15,423
Ecodiesel Colombia S.A.	17,957	414,075	13,993	468,589
	18,655	444,522	14,423	484,012
Associates
Gas Natural del Oriente S.A. E.S.P.	—	28,906	—	26,783
Extrucol S.A.	—	—	10	2,222
E2 Energía Eficiente S.A. E.S.P.	12	2,932	65,137	2,202
Serviport S.A.	68,471	2,615	—	—
	68,483	34,453	65,147	31,207
	87,138	478,975	79,570	515,219

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Segments information (Tables)

9 Months Ended

Sep. 30, 2023

Segments information

Schedule of operating segments

	Nine-month period ended September 30, 2023 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
Third party sales	38,868,330	57,737,777	2,221,686	10,609,111	(1,045,558)	108,391,346
Inter-segment sales	21,834,134	5,324,407	9,601,985	2,415	(36,762,941)	—
Revenue from contracts with customers	60,702,464	63,062,184	11,823,671	10,611,526	(37,808,499)	108,391,346
Costs of sales	(38,072,085)	(56,855,440)	(3,114,497)	(4,313,681)	37,484,530	(64,871,173)
Gross profit	22,630,379	6,206,744	8,709,174	6,297,845	(323,969)	43,520,173
Administration expenses	(1,738,102)	(566,870)	(434,408)	(869,242)	247,633	(3,360,989)
Operation and projects expenses	(2,751,048)	(1,050,847)	(276,718)	—	162,741	(3,915,872)
Impairment of non-current assets	—	(9,367)	—	(1,758)	—	(11,125)
Other operating income (expense)	9,806	(43,112)	7,438	(59,248)	(4,572)	(89,688)
Operating income	18,151,035	4,536,548	8,005,486	5,367,597	81,833	36,142,499
Financial results
Financial income	1,215,406	163,723	326,581	587,830	(508,769)	1,784,771
Financial expenses	(3,567,808)	(1,343,057)	(265,008)	(3,020,557)	425,975	(7,770,455)
Foreign exchange gain (loss)	1,411,085	509,358	(116,246)	1,961	—	1,806,158
	(941,317)	(669,976)	(54,673)	(2,430,766)	(82,794)	(4,179,526)
Share of profit of associates and joint ventures	22,277	198,549	—	385,506	—	606,332
Profit before income tax expense	17,231,995	4,065,121	7,950,813	3,322,337	(961)	32,569,305
Income tax expense	(8,394,481)	(10,686)	(2,692,004)	(379,701)	—	(11,476,872)
Net profit for the period	8,837,514	4,054,435	5,258,809	2,942,636	(961)	21,092,433
Net profit (loss) attributable to:
Owners of the parent	8,912,142	3,889,560	4,217,516	619,421	(961)	17,637,678
Non-controlling interest	(74,628)	164,875	1,041,293	2,323,215	—	3,454,755
	8,837,514	4,054,435	5,258,809	2,942,636	(961)	21,092,433

	Nine-month period ended September 30, 2022 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
Third party sales	47,423,709	60,987,163	1,995,275	9,578,562	(85,915)	119,898,794
Inter-segment sales	22,583,663	5,127,399	7,873,394	1,995	(35,586,451)	—
Revenue from contracts with customers	70,007,372	66,114,562	9,868,669	9,580,557	(35,672,366)	119,898,794
Costs of sales	(34,896,814)	(59,242,324)	(2,681,117)	(3,954,326)	35,316,340	(65,458,241)
Gross profit	35,110,558	6,872,238	7,187,552	5,626,231	(356,026)	54,440,553
Administration expenses	(1,537,478)	(487,623)	(339,903)	(754,149)	274,526	(2,844,627)
Operation and projects expenses	(1,871,806)	(866,722)	(225,224)	—	130,229	(2,833,523)
Impairment of non–current assets	—	(5,516)	—	—	—	(5,516)
Other operating expenses	(193,586)	(31,033)	(24,523)	(51,033)	(2,496)	(302,671)
Operating income	31,507,688	5,481,344	6,597,902	4,821,049	46,233	48,454,216
Financial results
Financial income	656,434	59,308	80,522	404,771	(313,637)	887,398
Financial expenses	(2,117,736)	(974,944)	(207,257)	(2,843,762)	267,822	(5,875,877)
Foreign exchange (loss) gain	(102,929)	(244,300)	(60,892)	30,594	—	(377,527)
	(1,564,231)	(1,159,936)	(187,627)	(2,408,397)	(45,815)	(5,366,006)
Share of profit of associates and joint ventures	8,741	171,348	(1,001)	477,592	—	656,680
Profit before income tax expense	29,952,198	4,492,756	6,409,274	2,890,244	418	43,744,890
Income tax expense	(10,809,210)	(2,664,643)	(2,276,607)	(463,605)	—	(16,214,065)
Net profit for the period	19,142,988	1,828,113	4,132,667	2,426,639	418	27,530,825
Net profit (loss) attributable to:
Owners of the parent	19,209,590	1,684,580	3,339,949	536,372	418	24,770,909
Non–controlling interest	(66,602)	143,533	792,718	1,890,267	—	2,759,916
	19,142,988	1,828,113	4,132,667	2,426,639	418	27,530,825

Schedule of products and services

	Revenue from contracts with customers - Segments
	Nine-month period ended September 30, 2023 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
National sales
Mid-distillates	—	24,580,708	—	—	(26,947)	24,553,761
Gasolines	—	21,298,912	—	—	(2,930,104)	18,368,808
Natural gas	4,246,019	—	—	—	(923,288)	3,322,731
Services	178,448	1,313,177	11,823,671	234,597	(10,931,198)	2,618,695
Electric power transmission services	—	—	—	2,010,717	—	2,010,717
Plastic and rubber	—	930,979	—	—	—	930,979
Fuel gas service	—	745,885	—	—	(7,064)	738,821
Asphalts	46,250	638,709	—	—	—	684,959
L.P.G. and propane	408,442	218,692	—	—	(13,591)	613,543
Roads and construction services	—	—	—	260,781	—	260,781
Polyethylene	—	234,107	—	—	513	234,620
Aromatics	—	228,180	—	—	—	228,180
Crude oil	20,772,440	—	—	—	(20,640,083)	132,357
Other products	32,716	2,805,840	—	—	(2,336,186)	502,370
	25,684,315	52,995,189	11,823,671	2,506,095	(37,807,948)	55,201,322
Foreign sales
Crude oil	35,357,848	1,521,291	—	—	—	36,879,139
Electric power transmission services	—	—	—	4,373,784	—	4,373,784
Construction services	—	—	—	3,510,948	—	3,510,948
Diesel	—	3,215,505	—	—	—	3,215,505
Fuel oil	—	3,047,606	—	—	—	3,047,606
Plastic and rubber	—	1,096,741	—	—	—	1,096,741
L.P.G. and propane	206,540	—	—	—	—	206,540
Gasolines	—	193,394	—	—	—	193,394
Natural gas	75,044	—	—	—	—	75,044
Cash flow hedging	(642,050)	(7,962)	—	—	—	(650,012)
Other products	20,767	1,000,420	—	220,699	(551)	1,241,335
	35,018,149	10,066,995	—	8,105,431	(551)	53,190,024
	60,702,464	63,062,184	11,823,671	10,611,526	(37,808,499)	108,391,346

	Sales by product - Segments
	Nine-month period ended September 30, 2022 (Unaudited)
				Concessions,
	Exploration			electricity
	and	Refining and	Transportation	transport
	Production	Petrochemicals	and Logistics	and roads	Eliminations	Total
National sales
Mid-distillates	—	28,049,021	—	—	(17,855)	28,031,166
Gasolines	—	23,859,630	—	—	(3,249,035)	20,610,595
Gas natural	3,783,528	—	—	—	(766,851)	3,016,677
Services	386,472	315,302	9,868,669	208,024	(8,135,332)	2,643,135
Electric power transmission services	—	—	—	1,934,461	—	1,934,461
Roads and construction services	—	—	—	255,736	—	255,736
Fuel gas service	—	627,753	—	—	(6,404)	621,349
Plastic and rubber	—	1,216,431	—	—	—	1,216,431
Asphalts	32,966	601,274	—	—	—	634,240
L.P.G. and propane	550,211	280,473	—	—	(23,449)	807,235
Crude oil	21,711,604	491,440	—	—	(21,988,457)	214,587
Polyethylene	—	220,975	—	—	—	220,975
Aromatics	—	242,045	—	—	—	242,045
Other products	19,395	1,837,450	—	—	(1,343,092)	513,753
	26,484,176	57,741,794	9,868,669	2,398,221	(35,530,475)	60,962,385
Foreign sales
Crude oil	43,996,345	92,147	—	—	(141,891)	43,946,601
Diesel	—	1,896,842	—	—	—	1,896,842
Electric power transmission services	—	—	—	3,750,829	—	3,750,829
Roads and construction services	—	—	—	3,209,685	—	3,209,685
Plastic and rubber	—	1,621,076	—	—	—	1,621,076
Gasolines	—	157,685	—	—	—	157,685
Fuel oil	—	3,628,416	—	—	—	3,628,416
Natural gas	189,665	—	—	—	—	189,665
L.P.G. and propane	242,581	—	—	—	—	242,581
Cash flow hedging	(932,542)	(35,992)	—	—	—	(968,534)
Other products	27,147	1,012,594	—	221,822	—	1,261,563
	43,523,196	8,372,768	—	7,182,336	(141,891)	58,936,409
	70,007,372	66,114,562	9,868,669	9,580,557	(35,672,366)	119,898,794

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Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2023

Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)

Disclosure of interests in subsidiaries

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Subsidiaries
Refinería de Cartagena S.A.S.	U.S. Dollar	100	%	Hydrocarbons refining, marketing and distribution	Colombia	Colombia	22,111,929	3,166,632	35,666,794	13,554,865
Cenit transporte y logística de hidrocarburos S.A.S.	Colombian peso	100	%	Storage and transportation through hydrocarbon pipelines	Colombia	Colombia	15,668,591	4,272,019	17,685,907	2,017,316
Ecopetrol Global Energy S.L.U.	U.S. Dollar	100	%	Investment vehicle	Spain	Spain	14,521,345	627,109	14,521,402	57
Oleoducto Central S.A. - Ocensa	U.S. Dollar	72.65	%	Transportation through hydrocarbon pipelines	Colombia	Colombia	3,543,754	2,535,316	6,942,434	3,398,680
Hocol Petroleum Limited.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	4,235,448	468,018	4,235,622	174
Ecopetrol América LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	1,786,726	(11,115)	3,485,196	1,698,470
Hocol S.A.	U.S. Dollar	100	%	Exploration, exploitation, and production of hydrocarbons	Cayman Islands	Colombia	3,708,388	452,663	5,733,699	2,025,311
Esenttia S.A.	U.S. Dollar	100	%	Production and commercialization of polypropylene resin	Colombia	Colombia	2,540,932	189,181	3,259,229	718,297
Ecopetrol Capital AG	U.S. Dollar	100	%	Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group	Switzerland	Switzerland	2,800,207	117,164	10,141,763	7,341,556
Oleoducto Bicentenario de Colombia S.A.S.	Colombian peso	100	%	Pipeline transportation of crude oil	Colombia	Colombia	1,241,660	286,583	2,102,165	860,505
Oleoducto de Colombia S. A. – ODC	Colombian peso	73	%	Pipeline transportation of crude oil	Colombia	Colombia	341,913	330,828	825,712	483,799
Black Gold Re Ltd.	U.S. Dollar	100	%	Reinsurer of Ecopetrol and its subsidiaries	Bermuda	Bermuda	1,106,135	64,340	1,567,127	460,992
Andean Chemicals Ltd.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	1,866,627	128,129	1,869,764	3,137
Oleoducto de los Llanos Orientales S. A. - ODL	Colombian peso	65	%	Pipeline transportation of crude oil	Panama	Colombia	791,478	525,398	1,357,814	566,336
Interconexión Eléctrica S.A. E.S.P.	Colombian peso	51.41	%	-Provision of the public electricity transmission service - Development of infrastructure projects and their commercial exploitation and - Software development, Information technology and telecommunications activities and services	Colombia	Latin America	27,462,253	2,034,446	72,758,663	45,296,410

		Ownership				Geographic		Profit
	Functional	Interest			Country/	area of		(loss) for	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	the period	assets	liabilities
Inversiones de Gases de Colombia S.A. Invercolsa S.A.	Colombian peso	51.88	%	Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia	Colombia	Colombia	580,247	266,589	746,271	166,024
Alcanos de Colombia S.A. E.S.P. (1)	Colombian peso	29.61	%	Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations.	Colombia	Colombia	297,244	107,430	837,451	540,207
Metrogas de Colombia S.A E.S.P. (1)	Colombian peso	33.49	%	Provision of the public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives.	Colombia	Colombia	52,944	16,411	142,043	89,099
Gases del Oriente S.A. E.S.P. (1)	Colombian peso	48.50	%	Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service.	Colombia	Colombia	77,161	47,069	215,458	138,297
Promotora de Gases del Sur S.A. E.S.P. (1)	Colombian peso	31.44	%	Promote the linking of national or foreign capital, public or private, to achieve the gas massification project.	Colombia	Colombia	44,835	30,035	91,343	46,508
Combustibles Líquidos de Colombia S.A E.S.P. (1)	Colombian peso	41.61	%	Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service.	Colombia	Colombia	61,606	1,198	82,341	20,735

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Ecopetrol USA Inc.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	12,379,433	744,326	12,388,513	9,080
Ecopetrol Permian LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	8,649,795	752,321	11,197,337	2,547,542
Ecopetrol Oleo e Gas do Brasil Ltda.	Real	100	%	Hydrocarbons exploration and exploitation	Brazil	Brazil	2,033,536	(116,742)	2,085,202	51,666
Esenttia Masterbatch Ltda.	Colombian peso	100	%	Manufacture of polypropylene compounds and masterbatches	Colombia	Colombia	319,567	165,172	432,525	112,958
Ecopetrol del Perú S. A.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	Peru	Peru	62,325	2,084	65,277	2,952
ECP Hidrocarburos de México S.A. de C.V.	U.S. Dollar	100	%	Offshore exploration	Mexico	Mexico	46,090	(1,649)	47,910	1,820
Ecopetrol Costa Afuera S.A.S.	Colombian peso	100	%	Offshore exploration	Colombia	Colombia	13,146	182	13,330	184
Esenttia Resinas del Perú SAC	U.S. Dollar	100	%	Commercialization polypropylene resins and masterbatches	Peru	Peru	15,846	1,204	37,948	22,102
Topili Servicios Administrativos S de RL De CV.	Mexican pesos	100	%	Specialized management services	Mexico	Mexico	(162)	(182)	284	446
Kalixpan Servicios Técnicos S de RL De CV.	Mexican pesos	100	%	Specialized services related to oil and gas industry	Mexico	Mexico	131	(48)	135	4
Ecopetrol US Trading LLC	U.S. Dollar	100	%	International marketing of crude oil and refined products	United States of America	United States of America	—	—	—	—
Econova Technology & Innovation S.L.	U.S. Dollar	100	%	Execution of activities related to science, technology, and innovation (ST&I) activities.	Spain	Spain	11	(3)	14	3
Ecopetrol Singapore PTE. LTD	Singapore dollar	100	%	Holding company with investment in an international trading company for crude oil and refined products	Singapore	Asia	572,630	534,357	572,867	237
Ecopetrol Trading Asia PTE. LTD	Singapore dollar	100	%	International marketing of crude oil and refined products	Singapore	Asia	572,434	534,411	4,223,623	3,651,189

Disclosure of interests in associates and joint ventures

		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Associates
Serviport S.A. (2)	Colombian peso	49	%	Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements	Colombia	Colombia	12,790	(3,176)	42,028	29,238
Sociedad Portuaria Olefinas y Derivados S.A. (3)	Colombian peso	50	%	Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public	Colombia	Colombia	8,447	2,875	12,145	3,698
Joint ventures
Equion Energía Limited	U.S. Dollar	51	%	Hydrocarbons exploration and exploitation	United Kingdom	Colombia	1,374,271	37,360	1,442,473	68,202
Ecodiesel Colombia S.A. (3)	Colombian peso	50	%	Production, commercialization and distribution of biofuels and oleochemicals	Colombia	Colombia	157,092	42,131	253,058	95,966

(1) Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A.

(2) Information available as of June 30, 2023, the investment is totally impaired.

(3) Information available as of August 31, 2023.

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Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2023

Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. E.S.P. (Unaudited)

Schedule of subsidiaries, associates, and joint ventures Interconexion Electrica S.A. ESP (Unaudited)

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Subsidiaries
Consorcio Transmantaro	Electric power	Peru	60.00	%	8,182,331	6,310,996	1,871,335	213,401
Interligação Eléctrica Evrecy	Electric power	Brazil	35.82	%	304,403	26,263	278,140	(11,169)
Fundo de Investimento Assis	Trust - Special Purpose Entity	Brazil	35.82	%	46,655	—	46,655	588
Fundo de Investimento Barra Bonita Renda Fixa Referenciado	Trust - Special Purpose Entity	Brazil	35.00	%	4,082	—	4,082	401
Fundo de Investimento Referenciado di Bandeirantes	Trust - Special Purpose Entity	Brazil	13.64	%	142,791	—	142,791	8,985
Fundo de Investimento Xavantes Referenciado di	Trust - Special Purpose Entity	Brazil	14.20	%	453,128	—	453,128	11,569
Interconexiones Viales	Roads	Chile	65.00	%	132	803	(671)	(4,416)
Interligação Elétrica Aguapeí	Electric power	Brazil	35.82	%	639,101	45,680	593,421	46,521
Interligação Elétrica Biguaçu	Electric power	Brazil	35.82	%	463,846	57,239	406,607	36,744
Interligação Elétrica De Minas Gerais	Electric power	Brazil	35.82	%	460,365	41,256	419,109	3,236
Interligação Elétrica Itapura	Electric power	Brazil	35.82	%	173,388	12,376	161,012	11,289
Interligação Elétrica Itaquerê	Electric power	Brazil	35.82	%	579,199	59,094	520,105	40,230
Interligação Elétrica Itaúnes	Electric power	Brazil	35.82	%	491,096	36,683	454,413	11,644
Interligação Elétrica Norte E Nordeste	Electric power	Brazil	35.82	%	468,165	132,894	335,271	23,813
Interligação Elétrica Pinheiros	Electric power	Brazil	35.82	%	62,896	6,618	56,278	6,110
Interligação Elétrica Riacho Grande	Electric power	Brazil	35.82	%	105,765	29,098	76,667	1,270
Interligação Elétrica Serra Do Japi	Electric power	Brazil	35.82	%	418,725	28,635	390,090	27,634
Interligação Elétrica Sul	Electric power	Brazil	35.82	%	231,935	26,480	205,455	13,273
Interligação Elétrica Tibagi	Electric power	Brazil	35.82	%	251,998	25,105	226,893	17,549
Internexa	Information and communications technologies	Colombia	99.50	%	518,004	425,656	92,348	(22,236)
Transamerican Telecomunication S.A.	Information and communications technologies	Argentina	99.50	%	38,333	20,912	17,421	(1,108)
Internexa Brasil Operadora de Telecomunicações	Information and communications technologies	Brazil	99.50	%	203,365	191,632	11,733	(15,501)
Internexa Chile	Information and communications technologies	Chile	98.50	%	72,496	53,656	18,840	(14,290)
Interligação Elétrica JAGUAR 6 S.A.	Electric power	Brazil	35.82	%	225,550	12,330	213,220	10,348
Interligação Elétrica JAGUAR 8 S.A.	Electric power	Brazil	35.82	%	121,085	8,857	112,228	4,899
Interligação Elétrica JAGUAR 9 S.A.	Electric power	Brazil	35.82	%	423,079	31,613	391,466	28,979

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Internexa Participações	Investment vehicle	Brazil	99.50	%	10,166	1,324	8,842	(13,624)
Internexa Peru	Information and communications technologies	Peru	99.50	%	303,563	256,660	46,903	4,816
ISA Bolivia	Electric power	Bolivia	100.00	%	125,783	8,105	117,678	5,059
ISA Capital Do Brasil	Investment vehicle	Brazil	100.00	%	5,564,972	559	5,564,413	522,802
ISA CTEEP	Electric power	Brazil	35.82	%	28,788,164	13,338,881	15,449,283	1,457,418
ISA Interchile	Electric power	Chile	100.00	%	6,517,095	5,203,405	1,313,690	13,841
ISA Intercolombia	Electric power	Colombia	100.00	%	417,663	304,644	113,019	25,126
ISA Intervial Chile	Roads	Chile	100.00	%	4,708,532	717,645	3,990,887	323,463
ISA Intervial Colombia	Roads	Colombia	100.00	%	620	—	620	33
ISA Inversiones Chile SpA	Investment vehicle	Chile	100.00	%	1,980,090	215,605	1,764,485	68,356
ISA Inversiones Chile Vias SpA	Investment vehicle	Chile	100.00	%	4,078,002	165	4,077,837	324,149
ISA Inversiones Costera Chile	Investment vehicle	Chile	100.00	%	609,354	815,968	(206,614)	(45,778)
ISA Inversiones Tolten	Investment vehicle	Chile	100.00	%	34	—	34	(2)
ISA Investimentos E Participações	Investment vehicle	Brazil	100.00	%	1,081,679	105	1,081,574	59,341
ISA Perú	Electric power	Peru	99.98	%	1,005,540	821,725	183,815	24,533
ISA REP	Electric power	Peru	60.00	%	1,960,767	1,507,293	453,474	149,484
ISA Transelca	Electric power	Colombia	100.00	%	1,809,039	919,491	889,548	107,111
Linear Systems RE	Other businesses	Bermudas	100.00	%	119,758	84,330	35,428	3,689
Proyectos de Infraestructura del Perú	Electric power	Peru	100.00	%	34,700	12,533	22,167	9,706
Ruta Costera	Roads	Colombia	100.00	%	2,601,976	2,431,341	170,635	(7,247)
Ruta de La Araucanía	Roads	Chile	100.00	%	899,448	458,278	441,170	42,486
Ruta de Los Ríos	Roads	Chile	75.00	%	332,927	240,274	92,653	25,029
Ruta del Bosque	Roads	Chile	100.00	%	29,924	4,082	25,842	(18,387)
Ruta del Loa	Roads	Chile	100.00	%	1,232,237	897,639	334,598	35,711
Ruta del Maipo	Roads	Chile	100.00	%	8,148,692	5,428,644	2,720,048	257,527
Ruta del Maule	Roads	Chile	100.00	%	8,674	2,803	5,871	267
Sistemas Inteligentes en Red	Other businesses	Colombia	99.77	%	20,803	9,753	11,050	1,850
XM	Electric power	Colombia	99.73	%	367,977	311,517	56,460	10,706

			Ownership
		Country/	Interest
Company	Activity	Domicile	ISA		Assets	Liabilities	Equity	Profit (loss)
Joint ventures
Interligação Elétrica do Madeira	Energy transport	Brazil	51.00	%	6,286,123	2,821,217	3,464,906	230,072
Interligação Elétrica Garanhuns	Energy transport	Brazil	51.00	%	1,334,544	382,140	952,404	63,862
Interligação Elétrica Paraguaçu	Energy transport	Brazil	50.00	%	1,508,843	498,283	1,010,560	74,685
Interligação Elétrica Aimorés	Energy transport	Brazil	50.00	%	954,447	334,667	619,780	48,236
Interligação Elétrica Ivaí	Energy transport	Brazil	50.00	%	3,999,502	3,084,164	915,338	171,733
Transmissora Aliança de Energia Elétrica	Energy transport	Brazil	14.88	%	14,578,138	8,769,989	5,808,149	472,045
Interconexión Eléctrica Colombia Panamá-Panamá	Energy transport	Panama	50.00	%	21,860	3,084	18,776	(15,856)
Interconexión Eléctrica Colombia Panamá Colombia	Energy transport	Colombia	1.17	%	266	1	265	(2)
Transnexa	Telecommunications transport	Ecuador	50.00	%	—	—	—	—
Derivex	Manage the negotiation system of operations on derivative financial instruments of electrical energy	Colombia	40.46	%	447	—	447	(402)
Parques del Río	Roads	Colombia	33.00	%	89	3	86	(30)
Conexión Kimal Lo Aguirre S.A.	Energy transport	Chile	33.33	%	721,017	263,565	457,452	4,158
Associates
ATP Tower Holdings	Telecommunications transport	United States of America	24.70	%	4,265,203	2,576,809	1,688,394	(19,164)

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Reporting entity (Details)	Sep. 30, 2023
Reporting entity
Proportion of shares available for public trade	11.51%
Proportion of shares held by majority share holders	88.49%

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Basis of presentation (Details)	Mar. 17, 2023
Econova Technology & Innovation, S.L.
Basis of presentation
Percentage of direct ownership of capital shares	100.00%

XML

New standards (Details)	9 Months Ended
	Sep. 30, 2023
New standards
Minimum tax rate of large multinational companies	15.00%

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Cash and cash equivalents (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and cash equivalents.
Banks and corporations	$ 7,151,034	$ 9,491,029
Short-term investments	4,918,167	5,907,785
Cash	1,543	2,244
Total cash and cash equivalents	$ 12,070,744	$ 15,401,058	$ 12,917,748	$ 14,549,906

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Cash and cash equivalents - Additional Information (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Cash and cash equivalents
Restricted cash	$ 1,844,980	$ 2,067,279
Interconexion Electrica S.A. E.S.P.
Cash and cash equivalents
Restricted cash	1,767,893	1,987,409
Oleoducto Central S.A. - Ocensa
Cash and cash equivalents
Restricted cash	76,205	$ 79,870
Other Companies
Cash and cash equivalents
Restricted cash	$ 882

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Trade and other receivables (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current
Fuel Price stabilization fund	$ 25,692,997	$ 26,296,870
Concessions	4,495,993	5,194,909
Customers
Domestic	2,788,212	3,268,944
Foreign	3,528,244	3,065,207
Related parties	152,562	110,408
Accounts receivable from employees	89,639	115,922
Industrial services	55,797	70,762
Other	777,229	1,101,977
Total current	37,580,673	39,224,999
Non-current
Concessions	26,533,437	28,647,390
Foreign	184,965	185,331
Domestic	72,001	72,985
Accounts receivable from employees	581,185	498,415
Related parties	130,306	335
Other	2,554,429	2,750,749
Total non-current	$ 30,056,323	$ 32,155,205

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Trade and other receivables - Additional Information (Details) - COP ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
ISA
Trade and other receivables
Gross accounts receivable	$ 2,291,892	$ 2,481,530
Provision for expected losses, included in provision line for expected credit losses	417,920	475,936
Net book value of accounts receivable included in others	1,873,972	2,005,594
Ecopetrol
Trade and other receivables
Contribution from Ministry of Finance and Public Credit	$ 16,415,907	$ 6,788,385

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Inventories (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventories
Crude oil	$ 5,354,131	$ 5,971,109
Fuels and petrochemicals	3,073,856	3,241,154
Materials for goods production	2,928,486	2,667,771
Inventories, net	$ 11,356,473	$ 11,880,034

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Other financial assets (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets measured at fair value
Other financial assets	$ 2,143,515	$ 2,725,871
Current	1,752,234	1,162,127
Non-current	391,281	1,563,744
Financial assets at fair value, class
Assets measured at fair value
Assets measured at fair value	1,986,050	2,697,301
Investment in equity securities and trust funds
Assets measured at fair value
Assets measured at fair value	497,392	875,335
Hedging instruments
Assets measured at fair value
Other financial assets	155,053	311
Assets measured at fair value through other comprehensive income
Assets measured at fair value
Other financial assets	3,652	3,583
Assets measured at amortized cost
Assets measured at fair value
Assets measured at fair value	157,465	28,570
Investment portfolio - Foreign currency
Assets measured at fair value
Assets measured at fair value	1,283,780	1,056,385
Investment portfolio - Local currency
Assets measured at fair value
Assets measured at fair value	$ 46,173	$ 761,687

XML

Other financial assets - Restrictions (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other financial assets
Restricted funds	$ 199,435	$ 328,283

XML

Other financial assets - Other financial assets recognized at fair value (Details) - COP ($) $ in Millions		9 Months Ended
	Dec. 31, 2022	Sep. 30, 2023
Other financial assets
Financial assets at fair value	$ 2,697,301	$ 1,986,050
Level 1
Other financial assets
Financial assets at fair value	1,892,486	1,488,344
Transfers into (out of) Level 1,2 and 3 of fair value hierarchy, assets net	0	0
Level 2
Other financial assets
Financial assets at fair value	804,815	497,706
Transfers into (out of) Level 1,2 and 3 of fair value hierarchy, assets net	$ 0	$ 0

XML

Taxes - Income tax expense (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Taxes
Current income tax expense	$ 10,378,745	$ 13,586,947
Deferred income tax expense	1,025,705	2,613,356
Adjustments to prior years' current and deferred tax	72,422	13,762
Income tax expense	$ 11,476,872	$ 16,214,065
Effective tax rate	35.20%	37.10%
Nominal income rate	35.00%	35.00%
decrease in effective tax rate	1.90%

XML

Other assets (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current
Partners in joint operations	$ 973,170	$ 871,409
Advanced payments to contractors and suppliers	948,594	679,829
Prepaid expenses	769,865	693,341
Trust funds	452,370	507,163
Related parties (Note 30)	108	1,087
Other	25,657	25,651
Total current	3,169,764	2,778,480
Non-current
Wells abandonment and pension funds	619,324	568,066
Trust funds	349,638	184,464
Employee benefits	290,538	342,143
Advanced payments and deposits	75,602	87,684
Judicial deposits and judicial attachments	50,913	54,776
Other	234,578	216,214
Total non-current	$ 1,620,593	$ 1,453,347

XML

Investments in associates and joint ventures - Composition and movements (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments in joint ventures
Equity of the joint venture	$ 6,141,646	$ 6,803,601
Investments in associates
Investments in associates	2,543,392	2,692,999
Investments in joint ventures and associates	8,685,038	9,496,600
Cost
Investments in joint ventures
Equity of the joint venture	6,550,387	7,212,342
Investments in associates
Investments in associates	2,552,791	2,702,398
Gases del Caribe S.A. E.S.P. | Cost
Investments in associates
Investments in associates	1,489,223	1,495,341
ATP Tower Holdings | Cost
Investments in associates
Investments in associates	766,753	913,218
Gas Natural del Oriente S.A. E.S.P. | Cost
Investments in associates
Investments in associates	150,394	148,254
Gases de la Guajira S.A. E.S.P. | Cost
Investments in associates
Investments in associates	69,232	69,376
Extrucol S.A. | Cost
Investments in associates
Investments in associates	28,680	27,680
E2 Energia Eficiente S.A. E.S.P. | Cost
Investments in associates
Investments in associates	34,180	34,944
Serviport S.A. | Cost
Investments in associates
Investments in associates	9,399	9,399
Serviport S.A. | Accumulated impairment
Investments in associates
Investments in associates	(9,399)	(9,399)
Sociedad Portuaria Olefinas | Cost
Investments in associates
Investments in associates	4,930	4,186
Interligacao Electrica do Madeira S.A. | Cost
Investments in joint ventures
Equity of the joint venture	1,769,645	1,871,142
Transmissora Alianca de Energia Electrica S.A. | Cost
Investments in joint ventures
Equity of the joint venture	1,570,643	1,830,504
Equion Energa Limited | Cost
Investments in joint ventures
Equity of the joint venture	1,059,231	1,191,154
Equion Energa Limited | Accumulated impairment
Investments in joint ventures
Equity of the joint venture	(400,196)	(400,196)
Interligacao Electrica Paraguacu S.A. | Cost
Investments in joint ventures
Equity of the joint venture	559,119	614,112
Interligacao Electrica Garanhuns S.A. | Cost
Investments in joint ventures
Equity of the joint venture	518,794	571,328
Interligacao Electrica Ivai S.A. | Cost
Investments in joint ventures
Equity of the joint venture	471,951	469,176
Interligacao Electrica Aimores S.A. | Cost
Investments in joint ventures
Equity of the joint venture	355,693	411,495
Conexion Kimal Lo Aguirre S.A. | Cost
Investments in joint ventures
Equity of the joint venture	149,927	169,230
Ecodiesel Colombia S.A. | Cost
Investments in joint ventures
Equity of the joint venture	78,546	54,614
Transnexa S.A. E.M.A. | Cost
Investments in joint ventures
Equity of the joint venture	8,545	8,545
Transnexa S.A. E.M.A. | Accumulated impairment
Investments in joint ventures
Equity of the joint venture	(8,545)	(8,545)
Interconexion Electrica Colombia Panama S.A. | Cost
Investments in joint ventures
Equity of the joint venture	8,026	20,516
Derivex S.A. | Cost
Investments in joint ventures
Equity of the joint venture	188	439
Parques de Rio | Cost
Investments in joint ventures
Equity of the joint venture	75	83
Interconexion Electrica Colombia Panama S.A.S. E.S.P | Cost
Investments in joint ventures
Equity of the joint venture	$ 4	$ 4

XML

Investments in associates and joint ventures - Movement of investments in associates and joint ventures (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investments in associates and joint ventures
Opening balance	$ 9,496,600
Equity method recognized in:
Profit or loss	606,332	$ 656,680
Equity	(1,146,185)
Dividends declared	(271,709)
Closing balance	8,685,038
Joint ventures
Investments in associates and joint ventures
Opening balance	6,803,601
Equity method recognized in:
Profit or loss	452,252
Equity	(1,021,046)
Dividends declared	(93,161)
Closing balance	6,141,646
Associates
Investments in associates and joint ventures
Opening balance	2,692,999
Equity method recognized in:
Profit or loss	154,080
Equity	(125,139)
Dividends declared	(178,548)
Closing balance	$ 2,543,392

XML

Property, plant, and equipment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Property, plant, and equipment
Beginning Balance	$ 100,997,498
Ending Balance	95,437,342
Cost
Property, plant, and equipment
Beginning Balance	160,261,644
Additions/capitalizations	6,091,965	[1]
Abandonment cost update	(23,365)
Capitalized financial interests	214,349	[2]
Exchange differences capitalized	326
Disposals	(553,591)
Foreign currency translation	(11,464,450)
Reclassifications/transfers	92,219
Ending Balance	154,619,097
Accumulated depreciation and impairment losses
Property, plant, and equipment
Beginning Balance	(59,264,146)
Depreciation expense	(4,493,222)
Impairment loss	(9,338)
Disposals	503,806
Foreign currency translation	4,154,035
Reclassifications/transfers	(72,890)
Ending Balance	(59,181,755)
Plant and equipment
Property, plant, and equipment
Beginning Balance	35,323,477
Ending Balance	30,092,050
Plant and equipment | Cost
Property, plant, and equipment
Beginning Balance	62,763,108
Additions/capitalizations	1,417,220	[1]
Abandonment cost update	0
Capitalized financial interests	71,725	[2]
Exchange differences capitalized	94
Disposals	(387,574)
Foreign currency translation	(6,008,008)
Reclassifications/transfers	(1,577,274)
Ending Balance	56,279,291
Plant and equipment | Accumulated depreciation and impairment losses
Property, plant, and equipment
Beginning Balance	(27,439,631)
Depreciation expense	(2,202,381)
Impairment loss	(6,835)
Disposals	368,450
Foreign currency translation	2,228,054
Reclassifications/transfers	865,102
Ending Balance	(26,187,241)
Pipelines, networks and lines
Property, plant, and equipment
Beginning Balance	37,417,260
Ending Balance	35,379,716
Pipelines, networks and lines | Cost
Property, plant, and equipment
Beginning Balance	60,287,507
Additions/capitalizations	1,362,963	[1]
Abandonment cost update	(23,365)
Capitalized financial interests	57,252	[2]
Exchange differences capitalized	75
Disposals	(115,248)
Foreign currency translation	(3,366,305)
Reclassifications/transfers	457,158
Ending Balance	58,660,037
Pipelines, networks and lines | Accumulated depreciation and impairment losses
Property, plant, and equipment
Beginning Balance	(22,870,247)
Depreciation expense	(1,713,438)
Impairment loss	(635)
Disposals	105,806
Foreign currency translation	1,283,629
Reclassifications/transfers	(85,436)
Ending Balance	(23,280,321)
Work in progress
Property, plant, and equipment
Beginning Balance	12,014,576
Ending Balance	13,948,850
Work in progress | Cost
Property, plant, and equipment
Beginning Balance	13,432,616
Additions/capitalizations	2,972,969	[1]
Abandonment cost update	0
Capitalized financial interests	69,081	[2]
Exchange differences capitalized	136
Disposals	(2,762)
Foreign currency translation	(166,407)
Reclassifications/transfers	(987,669)
Ending Balance	15,317,964
Work in progress | Accumulated depreciation and impairment losses
Property, plant, and equipment
Beginning Balance	(1,418,040)
Depreciation expense	0
Impairment loss	0
Disposals	0
Foreign currency translation	1,706
Reclassifications/transfers	47,220
Ending Balance	(1,369,114)
Buildings
Property, plant, and equipment
Beginning Balance	9,123,911
Ending Balance	9,333,138
Buildings | Cost
Property, plant, and equipment
Beginning Balance	15,354,065
Additions/capitalizations	205,978	[1]
Abandonment cost update	0
Capitalized financial interests	9,171	[2]
Exchange differences capitalized	12
Disposals	(9,332)
Foreign currency translation	(1,362,125)
Reclassifications/transfers	2,207,724
Ending Balance	16,405,493
Buildings | Accumulated depreciation and impairment losses
Property, plant, and equipment
Beginning Balance	(6,230,154)
Depreciation expense	(459,449)
Impairment loss	(1,868)
Disposals	7,935
Foreign currency translation	515,661
Reclassifications/transfers	(904,480)
Ending Balance	(7,072,355)
Lands
Property, plant, and equipment
Beginning Balance	5,145,554
Ending Balance	4,795,946
Lands | Cost
Property, plant, and equipment
Beginning Balance	5,199,069
Additions/capitalizations	3,034	[1]
Abandonment cost update	0
Capitalized financial interests	97	[2]
Exchange differences capitalized	0
Disposals	(256)
Foreign currency translation	(358,511)
Reclassifications/transfers	(69)
Ending Balance	4,843,364
Lands | Accumulated depreciation and impairment losses
Property, plant, and equipment
Beginning Balance	(53,515)
Depreciation expense	0
Impairment loss	0
Disposals	39
Foreign currency translation	6,058
Reclassifications/transfers	0
Ending Balance	(47,418)
Other
Property, plant, and equipment
Beginning Balance	1,972,720
Ending Balance	1,887,642
Other | Cost
Property, plant, and equipment
Beginning Balance	3,225,279
Additions/capitalizations	129,801	[1]
Abandonment cost update	0
Capitalized financial interests	7,023	[2]
Exchange differences capitalized	9
Disposals	(38,419)
Foreign currency translation	(203,094)
Reclassifications/transfers	(7,651)
Ending Balance	3,112,948
Other | Accumulated depreciation and impairment losses
Property, plant, and equipment
Beginning Balance	(1,252,559)
Depreciation expense	(117,954)
Impairment loss	0
Disposals	21,576
Foreign currency translation	118,927
Reclassifications/transfers	4,704
Ending Balance	$ (1,225,306)

[1] Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Caño Sur, Castilla, Chichimene, and Rubiales fields, and Barrancabermeja Refinery ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, UPME 07–2017 Sabanalarga – Bolívar 500 Kv, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, and asset optimization plan.

[2] Financial interest is capitalized based on the weighted average rate of loan costs.

XML

Natural and environmental resources (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Natural and environmental resources
Beginning Balance	$ 42,323,610
Ending Balance	43,985,932
Cost | Oil and gas investments
Natural and environmental resources
Beginning Balance	88,338,471
Additions/capitalizations	7,310,327
Abandonment cost update (Note 23)	0
Disposals	(501,700)
Disposals of exploratory assets and dry wells	0
Capitalized financial interests	190,333
Exchange differences capitalized	250
Foreign currency translation	(4,535,675)
Reclassifications/transfers	(1,177)
Ending Balance	90,800,829
Cost | Assets retirement obligations
Natural and environmental resources
Beginning Balance	7,104,903
Additions/capitalizations	14,473
Abandonment cost update (Note 23)	118,376
Disposals	0
Disposals of exploratory assets and dry wells	0
Capitalized financial interests	0
Exchange differences capitalized	0
Foreign currency translation	(161,889)
Reclassifications/transfers	(16,999)
Ending Balance	7,058,864
Cost | Exploration and evaluation
Natural and environmental resources
Beginning Balance	10,480,025
Additions/capitalizations	2,973,302
Abandonment cost update (Note 23)	(422)
Disposals	0
Disposals of exploratory assets and dry wells	(975,965)
Capitalized financial interests	66,939
Exchange differences capitalized	87
Foreign currency translation	(713,119)
Reclassifications/transfers	(112,418)
Ending Balance	11,718,429
Accumulated depreciation and impairment losses | Oil and gas investments
Natural and environmental resources
Beginning Balance	(58,382,473)
Amortization expense	(4,376,364)
Disposals	78,507
Foreign currency translation	2,408,370
Reclassifications/transfers	64,467
Ending Balance	(60,207,493)
Accumulated depreciation and impairment losses | Assets retirement obligations
Natural and environmental resources
Beginning Balance	(5,088,086)
Amortization expense	(280,361)
Disposals	0
Foreign currency translation	87,900
Reclassifications/transfers	0
Ending Balance	(5,280,547)
Accumulated depreciation and impairment losses | Exploration and evaluation
Natural and environmental resources
Beginning Balance	(129,230)
Amortization expense	0
Disposals	0
Foreign currency translation	0
Reclassifications/transfers	25,080
Ending Balance	(104,150)
Natural and environmental resources
Natural and environmental resources
Beginning Balance	42,323,610
Ending Balance	43,985,932
Natural and environmental resources | Oil and gas investments
Natural and environmental resources
Beginning Balance	29,955,998
Ending Balance	30,593,336
Natural and environmental resources | Assets retirement obligations
Natural and environmental resources
Beginning Balance	2,016,817
Ending Balance	1,778,317
Natural and environmental resources | Exploration and evaluation
Natural and environmental resources
Beginning Balance	10,350,795
Ending Balance	11,614,279
Natural and environmental resources | Cost
Natural and environmental resources
Beginning Balance	105,923,399
Additions/capitalizations	10,298,102
Abandonment cost update (Note 23)	117,954
Disposals	(501,700)
Disposals of exploratory assets and dry wells	(975,965)
Capitalized financial interests	257,272
Exchange differences capitalized	337
Foreign currency translation	(5,410,683)
Reclassifications/transfers	(130,594)
Ending Balance	109,578,122
Natural and environmental resources | Accumulated depreciation and impairment losses
Natural and environmental resources
Beginning Balance	(63,599,789)
Amortization expense	(4,656,725)
Disposals	78,507
Foreign currency translation	2,496,270
Reclassifications/transfers	89,547
Ending Balance	$ (65,592,190)

XML

Right-of-use assets (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Right of Use Assets Rollforward
Balance at the beginning	$ 627,813
Balance at the end	589,081
Lease liabilities
Right of Use Assets, Subleased Rollforward [Abstract]
Payment of interests	(61,107)
Lease Liabilities Rollforward [Abstract]
Balance at the beginning	1,212,346
Additions	230,062
Remeasurements	91,237	[1]
Disposals	(47,547)
Finance cost	84,809
Payment of capital	(319,781)
Reclassifications/transfers	18,835
Exchange difference	(60,828)
Balance at the end	1,148,026
Pipelines
Right of Use Assets Rollforward
Balance at the beginning	96,234
Additions	13,533
Amortization of the period	(19,419)
Remeasurements	$ 971	[1]
Disposals	10,435
Exchange difference	$ (7,448)
Balance at the end	73,436
Lands and buildings
Right of Use Assets Rollforward
Balance at the beginning	244,058
Additions	59,173
Amortization of the period	(47,893)
Remeasurements	$ 33,823	[1]
Disposals	13,007
Reclassifications/transfers	$ 80
Exchange difference	(48,018)
Balance at the end	228,216
Plant and equipments
Right of Use Assets Rollforward
Balance at the beginning	119,534
Additions	107,737
Amortization of the period	(60,972)
Remeasurements	$ 18,680	[1]
Disposals	3,026
Exchange difference	$ (9,862)
Balance at the end	172,091
Vehicles
Right of Use Assets Rollforward
Balance at the beginning	167,987
Additions	49,619
Amortization of the period	(100,769)
Remeasurements	$ 10,883	[1]
Disposals	111
Reclassifications/transfers	$ 1,951
Exchange difference	(14,222)
Balance at the end	115,338
Right-of-use assets
Right of Use Assets Rollforward
Balance at the beginning	627,813
Additions	230,062
Amortization of the period	(229,053)
Remeasurements	$ 64,357	[1]
Disposals	26,579
Reclassifications/transfers	$ 2,031
Exchange difference	(79,550)
Balance at the end	$ 589,081

[1] Corresponds mainly to updating rates and conditions in lease contracts

XML

Intangible assets (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Intangible assets
Beginning balance	$ 18,146,605
Ending balance	15,560,161
Licences and software
Intangible assets
Beginning balance	628,454
Ending balance	639,921
Other intangibles
Intangible assets
Beginning balance	836,105
Ending balance	744,409
Concessions and rights
Intangible assets
Beginning balance	15,173,999
Ending balance	12,727,566
Easements
Intangible assets
Beginning balance	1,508,047
Ending balance	1,448,265
Intangible assets
Intangible assets
Beginning balance	18,146,605
Ending balance	15,560,161
Cost | Licences and software
Intangible assets
Beginning balance	1,512,614
Additions	143,933
Disposals	(14,496)
Foreign currency translation	(71,146)
Transfers	23,776
Ending balance	1,594,681
Cost | Other intangibles
Intangible assets
Beginning balance	1,282,751
Additions	5,370
Foreign currency translation	(216,913)
Transfers	(2,185)
Ending balance	1,069,023
Cost | Concessions and rights
Intangible assets
Beginning balance	17,568,081
Additions	312,969
Foreign currency translation	(3,254,069)
Transfers	81,746
Ending balance	14,708,727
Cost | Easements
Intangible assets
Beginning balance	1,637,445
Additions	14,141
Disposals	(500)
Foreign currency translation	(86,880)
Transfers	15,402
Ending balance	1,579,608
Cost | Intangible assets
Intangible assets
Beginning balance	22,000,891
Additions	476,413
Disposals	(14,996)
Foreign currency translation	(3,629,008)
Transfers	118,739
Ending balance	18,952,039
Accumulated amortization | Licences and software
Intangible assets
Beginning balance	(884,160)
Amortization of the period	(135,437)
Disposals	13,730
Foreign currency translation	50,966
Transfers	141
Ending balance	(954,760)
Accumulated amortization | Other intangibles
Intangible assets
Beginning balance	(446,646)
Amortization of the period	(19,317)
Foreign currency translation	141,315
Transfers	34
Ending balance	(324,614)
Accumulated amortization | Concessions and rights
Intangible assets
Beginning balance	(2,394,082)
Amortization of the period	(523,927)
Foreign currency translation	936,848
Ending balance	(1,981,161)
Accumulated amortization | Easements
Intangible assets
Beginning balance	(129,398)
Amortization of the period	(5,563)
Disposals	(104)
Foreign currency translation	3,897
Transfers	(175)
Ending balance	(131,343)
Accumulated amortization | Intangible assets
Intangible assets
Beginning balance	(3,854,286)
Amortization of the period	(684,244)
Disposals	13,626
Foreign currency translation	1,133,026
Transfers	0
Ending balance	$ (3,391,878)

XML

Impairment of non-current assets (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Refineria de Cartagena S.A.S.
Impairment of non-current assets
Impairment	$ 9,338
Interconexion Electrica S.A. E.S.P.
Impairment of non-current assets
Impairment	1,758
Invercolsa S.A.
Impairment of non-current assets
Impairment	$ 29

XML

Goodwill (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Goodwill
Goodwill	$ 4,964,720	$ 5,350,114
Cost
Goodwill
Goodwill	5,261,841	5,647,235
Interconexion Electrica S.A. E.S.P. | Cost
Goodwill
Goodwill	3,370,441	3,755,835
Oleoducto Central S.A. | Cost
Goodwill
Goodwill	683,496	683,496
Hocol Petroleum Ltd | Cost
Goodwill
Goodwill	537,598	537,598
Hocol Petroleum Ltd | Accumulated impairment
Goodwill
Goodwill	(297,121)	(297,121)
Invercolsa S.A. | Cost
Goodwill
Goodwill	434,357	434,357
Andean Chemical Limited | Cost
Goodwill
Goodwill	127,812	127,812
Esenttia S.A. | Cost
Goodwill
Goodwill	$ 108,137	$ 108,137

XML

Loans and borrowings (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Loans and borrowings
Borrowings	$ 109,728,676	$ 115,134,839
Current	17,616,493	22,198,583
Non-current	92,112,183	92,936,256
Local currency
Loans and borrowings
Borrowings	9,116,266	7,981,849
Foreign currency
Loans and borrowings
Borrowings	$ 100,612,410	$ 107,152,990
Bonds | Local currency
Loans and borrowings
Borrowings, interest rate	9.40%	9.80%
Borrowings	$ 4,833,891	$ 4,965,653
Bonds | Foreign currency
Loans and borrowings
Borrowings, interest rate	6.50%	6.00%
Borrowings	$ 77,342,221	$ 82,432,647
Syndicate and commercial loans | Local currency
Loans and borrowings
Borrowings, interest rate	10.80%	11.50%
Borrowings	$ 3,377,210	$ 2,171,462
Commercial and syndicate loans | Foreign currency
Loans and borrowings
Borrowings, interest rate	7.40%	4.60%
Borrowings	$ 22,312,308	$ 23,537,675
Loans from related parties | Foreign currency
Loans and borrowings
Borrowings, interest rate	6.00%	5.90%
Borrowings	$ 715,020	$ 815,056
Lease liabilities | Local currency
Loans and borrowings
Borrowings, interest rate	8.40%	8.00%
Borrowings	$ 905,165	$ 844,734
Lease liabilities | Foreign currency
Loans and borrowings
Borrowings, interest rate	6.00%	6.00%
Borrowings	$ 242,861	$ 367,612

XML

Loans and borrowings - Maturity of loans and borrowings (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Loans and borrowings
Borrowings	$ 109,728,676	$ 115,134,839
Local currency
Loans and borrowings
Borrowings	9,116,266
Foreign currency
Loans and borrowings
Borrowings	100,612,410
Up to 1 year
Loans and borrowings
Borrowings	17,616,493
Up to 1 year | Local currency
Loans and borrowings
Borrowings	1,753,539
Up to 1 year | Foreign currency
Loans and borrowings
Borrowings	15,862,954
From 1 to 5 years
Loans and borrowings
Borrowings	39,325,117
From 1 to 5 years | Local currency
Loans and borrowings
Borrowings	3,060,044
From 1 to 5 years | Foreign currency
Loans and borrowings
Borrowings	36,265,073
From 5 to 10 years
Loans and borrowings
Borrowings	31,926,813
From 5 to 10 years | Local currency
Loans and borrowings
Borrowings	1,650,619
From 5 to 10 years | Foreign currency
Loans and borrowings
Borrowings	30,276,194
More than 10 years
Loans and borrowings
Borrowings	20,860,253
More than 10 years | Local currency
Loans and borrowings
Borrowings	2,652,064
More than 10 years | Foreign currency
Loans and borrowings
Borrowings	18,208,189
Bonds | Local currency
Loans and borrowings
Borrowings	4,833,891
Bonds | Foreign currency
Loans and borrowings
Borrowings	77,342,221
Bonds | Up to 1 year | Local currency
Loans and borrowings
Borrowings	781,760
Bonds | Up to 1 year | Foreign currency
Loans and borrowings
Borrowings	5,767,419
Bonds | From 1 to 5 years | Local currency
Loans and borrowings
Borrowings	1,324,238
Bonds | From 1 to 5 years | Foreign currency
Loans and borrowings
Borrowings	25,214,129
Bonds | From 5 to 10 years | Local currency
Loans and borrowings
Borrowings	1,148,399
Bonds | From 5 to 10 years | Foreign currency
Loans and borrowings
Borrowings	28,822,440
Bonds | More than 10 years | Local currency
Loans and borrowings
Borrowings	1,579,494
Bonds | More than 10 years | Foreign currency
Loans and borrowings
Borrowings	17,538,233
Syndicate and commercial loans | Local currency
Loans and borrowings
Borrowings	3,377,210
Syndicate and commercial loans | Foreign currency
Loans and borrowings
Borrowings	22,312,308
Syndicate and commercial loans | Up to 1 year | Local currency
Loans and borrowings
Borrowings	777,934
Syndicate and commercial loans | Up to 1 year | Foreign currency
Loans and borrowings
Borrowings	9,289,437
Syndicate and commercial loans | From 1 to 5 years | Local currency
Loans and borrowings
Borrowings	1,191,542
Syndicate and commercial loans | From 1 to 5 years | Foreign currency
Loans and borrowings
Borrowings	10,921,672
Syndicate and commercial loans | From 5 to 10 years | Local currency
Loans and borrowings
Borrowings	336,703
Syndicate and commercial loans | From 5 to 10 years | Foreign currency
Loans and borrowings
Borrowings	1,431,243
Syndicate and commercial loans | More than 10 years | Local currency
Loans and borrowings
Borrowings	1,071,031
Syndicate and commercial loans | More than 10 years | Foreign currency
Loans and borrowings
Borrowings	669,956
Loans from related parties | Foreign currency
Loans and borrowings
Borrowings	242,861
Loans from related parties | Up to 1 year | Foreign currency
Loans and borrowings
Borrowings	91,078
Loans from related parties | From 1 to 5 years | Foreign currency
Loans and borrowings
Borrowings	129,272
Loans from related parties | From 5 to 10 years | Foreign currency
Loans and borrowings
Borrowings	22,511
Loans from related parties | More than 10 years | Foreign currency
Loans and borrowings
Borrowings	0
Lease liabilities | Local currency
Loans and borrowings
Borrowings	905,165
Lease liabilities | Foreign currency
Loans and borrowings
Borrowings	715,020
Lease liabilities | Up to 1 year | Local currency
Loans and borrowings
Borrowings	193,845
Lease liabilities | Up to 1 year | Foreign currency
Loans and borrowings
Borrowings	715,020
Lease liabilities | From 1 to 5 years | Local currency
Loans and borrowings
Borrowings	544,264
Lease liabilities | From 1 to 5 years | Foreign currency
Loans and borrowings
Borrowings	0
Lease liabilities | From 5 to 10 years | Local currency
Loans and borrowings
Borrowings	165,517
Lease liabilities | From 5 to 10 years | Foreign currency
Loans and borrowings
Borrowings	0
Lease liabilities | More than 10 years | Local currency
Loans and borrowings
Borrowings	1,539
Lease liabilities | More than 10 years | Foreign currency
Loans and borrowings
Borrowings	$ 0

XML

Loans and borrowings - Additional Information (Details) $ / shares in Units, $ in Millions, $ in Millions	1 Months Ended	9 Months Ended			12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 COP ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 COP ($)	Dec. 31, 2022 COP ($) $ / shares	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 COP ($)	Dec. 31, 2021 USD ($)
Loans and borrowings
Increase in exchange rate of Colombian pesos per dollar | $ / shares		$ 756.44			$ 756.44
Repayment of loans and borrowings		$ 18,196,512		$ 11,614,789
Proceeds obtained from loans and borrowings		28,862,692		$ 10,458,560
Fair value of loans and borrowings		105,362,612			$ 106,509,947
ISA and tts Companies
Loans and borrowings
Estimated value of the current guarantees		20,919,981
ISA and tts Companies | Chile
Loans and borrowings
Estimated value of the current guarantees		15,095,532
ISA and tts Companies | Brazil
Loans and borrowings
Estimated value of the current guarantees		3,145,449
ISA and tts Companies | Colombia
Loans and borrowings
Estimated value of the current guarantees		2,679,000
Hedge of a net investment in a foreign operation
Loans and borrowings
Hedging instrument assets		$ 4,993,929			$ 9,354,071		$ 10,298		$ 4,366,336
Cash flow hedging
Loans and borrowings
Hedging instrument assets							6,265	$ 5,572		$ 4,972
Local Borrowings | Hedge of a net investment in a foreign operation
Loans and borrowings
Hedging instrument liabilities							$ 16,563
Syndicate and commercial loans
Loans and borrowings
Proceeds obtained from loans and borrowings	$ 800
Syndicate and commercial loans | IBR 6M rate
Loans and borrowings
Spread on variable rate		4.90%			4.90%		4.90%	4.90%
Bonds with coupon rate 5.875%
Loans and borrowings
Borrowings, interest rate		5.875%			5.875%		5.875%	5.875%
Repayment of loans and borrowings			$ 978			$ 978
Bonds with coupon rate 8.875%
Loans and borrowings
Borrowings, interest rate		8.875%			8.875%		8.875%	8.875%
Proceeds obtained from loans and borrowings			$ 2,000			$ 2,000
Ecopetrol S.A
Loans and borrowings
Repayment of loans and borrowings		$ 15,698,111
Proceeds obtained from loans and borrowings		25,864,960
Interconexion Electrica S.A. E.S.P
Loans and borrowings
Repayment of loans and borrowings		1,780,143
Proceeds obtained from loans and borrowings		2,841,311
Ocensa S.A | Consorcio Transmantaro
Loans and borrowings
Repayment of loans and borrowings		454,009
Ecopetrol S.A.
Loans and borrowings
Short-term financing		2,841,311
Financing line		$ 2,841,311

XML

Trade and other payables (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current
Suppliers	$ 12,030,080	$ 15,034,677
Dividends payable (1)	6,742,487	392,346
Withholding tax	2,109,316	1,896,128
Partner's advances	1,544,411	1,164,197
Insurance and reinsurance	463,772	330,363
Deposits received from third parties	186,902	162,338
Related parties (Note 30)	59,547	67,879
Related parties (Note 30)	59,547	67,879
Hedging operations	7,293	4,311
Agreements in transport contracts	48,298	115,526
Various creditors	574,650	769,939
Total trade and other current payables	23,766,756	19,937,704
Non-current
Suppliers	31,325	28,425
Deposits received from third parties	391	331
Various creditors	15,331	28,300
Total trade and other non-current payables	$ 47,047	$ 57,056

XML

Trade and other payables - Additional information (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Disclosure Of Trade And Other Payables (Line Items)
Dividends payable	$ 6,742,487	$ 392,346
Ecopetrol S.A.
Disclosure Of Trade And Other Payables (Line Items)
Dividends payable	6,098,606	3,667
Interconexion Electrica S.A
Disclosure Of Trade And Other Payables (Line Items)
Dividends payable	479,668	366,999
Inversiones de Gases de Colombia S.A.
Disclosure Of Trade And Other Payables (Line Items)
Dividends payable	110,997	$ 21,680
Oleoducto de Colombia S.A.
Disclosure Of Trade And Other Payables (Line Items)
Dividends payable	$ 53,216

XML

Provisions for employees' benefits (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Post-employment benefits
Post-employment benefits	$ 12,321,154	$ 12,965,239
Current	2,822,786	2,753,697
Non-current	9,498,368	10,211,542
Health
Post-employment benefits
Post-employment benefits	8,461,041	8,140,648
Pension
Post-employment benefits
Post-employment benefits	1,226,186	2,073,562
Education
Post-employment benefits
Post-employment benefits	396,650	405,769
Bonds
Post-employment benefits
Post-employment benefits	354,675	399,114
Other plans
Post-employment benefits
Post-employment benefits	80,695	115,136
Termination benefits - Voluntary retirement plan
Post-employment benefits
Post-employment benefits	668,901	772,133
Post employment and termination benefits
Post-employment benefits
Post-employment benefits	11,188,148	11,906,362
Social benefits and salaries
Post-employment benefits
Post-employment benefits	1,045,654	970,598
Other long-term benefits
Post-employment benefits
Post-employment benefits	$ 87,352	$ 88,279

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Provisions for employees' benefits - Additional Information (Details) - COP ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Provisions for employees' benefits
Assets of benefit plan	$ 11,387,736	$ 10,398,810
Fair value level 1
Provisions for employees' benefits
Percentage of plan assets	53.28%	53.76%
Fair value level 2
Provisions for employees' benefits
Percentage of plan assets	46.72%	46.24%

XML

Accrued liabilities and provisions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	$ 12,756,494
Abandonment cost update	94,589
Additions and (recoveries)	402,513
Uses	(1,438,643)
Financial cost	380,806
Financial interest	629,901
Foreign currency translation	(344,566)
Transfers	94,960
Balance End Period	12,576,054
Current	1,043,342
Non-current	$ 11,532,712
Interest to be paid to the tax authority (as a percent)	50.00%
Abandonment and dismantling costs
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	$ 10,006,028
Abandonment cost update	94,589
Additions and (recoveries)	(26,094)
Uses	(437,664)
Financial cost	356,336
Foreign currency translation	(176,860)
Balance End Period	9,816,335
Current	535,575
Non-current	9,280,760
Litigations
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	898,251
Abandonment cost update	0
Additions and (recoveries)	10,598
Uses	(772,390)
Financial cost	7,273
Financial interest	559,609
Foreign currency translation	(62,271)
Transfers	(22,245)
Balance End Period	618,825
Current	97,249
Non-current	521,576
Environmental contingencies and others
Disclosure of accrued liabilities and provisions [Line Items]
Balance Beginning period	1,852,215
Abandonment cost update	0
Additions and (recoveries)	418,009
Uses	(228,589)
Financial cost	17,197
Financial interest	70,292
Foreign currency translation	(105,435)
Transfers	117,205
Balance End Period	2,140,894
Current	410,518
Non-current	$ 1,730,376

XML

Accrued liabilities and provisions - Additional information (Details)		9 Months Ended
	Aug. 18, 2022 item	Sep. 30, 2023 item	Sep. 07, 2023 USD ($)	Apr. 14, 2023 USD ($)	Feb. 24, 2023 USD ($)
Disclosure of accrued liabilities and provisions [Line Items]
Minimum period of sentence in prison	64 months
Fine of current monthly legal minimum salaries in Colombia. | item	66.66
Refineria de Cartagena
Disclosure of accrued liabilities and provisions [Line Items]
Number of ex-workers of who acted as ex-president in property and ex-president in charge | item		2
Refineria de Cartagena
Disclosure of accrued liabilities and provisions [Line Items]
Amount plus interest to be received in court of arbitration			$ 1,000,000,000
Amount of cliam dismissed by court of arbitration			$ 400,000,000
Amount of harmful events generated by expense with respect to which there is no record					$ 9,240,927
Amount of harmful events that was approved and disbursed for refinery modernization project					$ 268,710,000
Amount of verified records as per technical report				$ 375,990,000
Amount of verified records as per technical report for start-up tests				186,000,000
Amount of verified records as per technical report for operation of the new refinery				189,900,000
Difference under examination as per technical report for the analyzed difference to be covered				$ 269,000,000

XML

Equity - Ecopetrol Business Groups reserves (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Equity
Equity reserves	$ 17,922,725	$ 8,898,633
Legal reserve
Equity
Equity reserves	9,747,885	6,407,256
Fiscal and statutory reserves
Equity
Equity reserves	509,082	509,082
Occasional reserves
Equity
Equity reserves	$ 7,665,758	$ 1,982,295

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Equity - Movement of equity reserves (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity
Opening balance	$ 113,903,089	$ 90,583,772
Dividends declared	(271,709)
Closing balance	101,924,635	102,689,797
Equity reserves
Equity
Opening balance	8,898,633	10,624,229
Release of reserves	(2,491,377)	(5,886,441)
Appropriation of reserves	11,515,469	11,068,450
Dividends declared		(6,907,605)
Closing balance	$ 17,922,725	$ 8,898,633

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Equity - Dividends paid (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity
Dividends paid	$ 3,859,661	$ 11,186,951
Ecopetrol S.A.
Equity
Dividends paid	1,829,710	10,037,445
Interconexin Elctrica SA ESP
Equity
Dividends paid	1,058,282	356,773
Oleoducto Central S.A. - Ocensa
Equity
Dividends paid	599,985	516,284
Oleoducto de los Llanos Orientales S.A..
Equity
Dividends paid	171,290	104,205
Invercolsa S.A.
Equity
Dividends paid	145,213	126,161
Oleoducto de Colombia S.A. - ODC
Equity
Dividends paid	$ 55,181	$ 46,083

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Equity - Other comprehensive income (Details) - COP ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Equity
Financial instruments measured at fair value	$ (6,989,385)	$ 5,793,269
Other comprehensive income
Equity
Foreign currency translation	18,368,510		$ 28,816,983
Hedges of a net investment in a foreign operation	(4,980,418)		(9,219,271)
Gains and loss on defined benefit obligation	(679,915)		(1,331,361)
Cash flow hedging - Future crude oil exports	(194,018)		(2,473,999)
Cash flow hedging - Derivative financial instruments	97,427		1,290
Financial instruments measured at fair value	1,373		3,077
Other comprehensive income attributable to owners of parent	$ 12,612,959		$ 15,796,719

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Equity - Earnings per share (Details) - COP ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity
Profit attributable to Ecopetrol's shareholders	$ 17,637,678	$ 24,770,909
Weighted average number of outstanding shares	41,116,694,690	41,116,694,690
Net basic earnings per share (Colombian pesos)	$ 429.0	$ 602.5

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Equity - Additional information (Details) - COP ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 30, 2011
Equity
Capital commitments	$ 36,540,000
Number of shares authorised	60,000,000,000
Number of shares subscribed	41,116,694,690
Proportion of shares available for public trade	11.51%
Number of shares available for public trade	4,731,906,273
Proportion of shares held by majority share holders	88.49%
Number of shares held by majority share holders	36,384,788,417
Capital reserve	$ 11,499,933
Number of shares reserved for issue under options and contracts for sale of shares	18,883,305,310
Subscribed and paid-in capital	$ 25,040,067		$ 25,040,067
Additional paid-in capital	6,607,699		6,607,699
Additional paid-in capital receivable	(143)
Dividends paid	3,859,661	$ 11,186,951
Profit distribution project reserve	7,665,758
Dividends approved for distribution	24,382,200		11,512,675
Ecopetrol S.A.
Equity
Dividends paid	16,415,907		$ 6,788,385
Share-based payment arrangements
Equity
Additional paid-in capital				$ 2,118,468
Share-based payment arrangements | Colombian Peso
Equity
Additional paid-in capital	4,457,997
Financial guarantee contracts
Equity
Additional paid-in capital	$ 31,377

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Revenue from contracts with customers - National and foreign sales (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue from contracts with customers
Revenue	$ 108,391,346	$ 119,898,794
National sales
Revenue from contracts with customers
Revenue from sale of goods	55,201,322	60,962,385
Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	53,190,024	58,936,409
Mid-distillates | National sales
Revenue from contracts with customers
Revenue from sale of goods	24,553,761	28,031,166
Gasolines | National sales
Revenue from contracts with customers
Revenue from sale of goods	18,368,808	20,610,595
Gasolines | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	193,394	157,685
Natural gas | National sales
Revenue from contracts with customers
Revenue from sale of goods	3,322,731	3,016,677
Natural gas | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	75,044	189,665
Services | National sales
Revenue from contracts with customers
Revenue from sale of goods	2,618,695	2,643,135
Electric Power Transmission Services | National sales
Revenue from contracts with customers
Revenue from sale of goods	2,010,717	1,934,461
Electric Power Transmission Services | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	4,373,784	3,750,829
Plastic and rubber | National sales
Revenue from contracts with customers
Revenue from sale of goods	930,979	1,216,431
Plastic and rubber | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	1,096,741	1,621,076
Fuel gas Service | National sales
Revenue from contracts with customers
Revenue from sale of goods	738,821	621,349
Asphalts | National sales
Revenue from contracts with customers
Revenue from sale of goods	684,959	634,240
L.P.G. and propane | National sales
Revenue from contracts with customers
Revenue from sale of goods	613,543	807,235
L.P.G. and propane | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	206,540	242,581
Roads and construction service | National sales
Revenue from contracts with customers
Revenue from sale of goods	260,781	255,736
Roads and construction service | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	3,510,948	3,209,685
Polyethylene | National sales
Revenue from contracts with customers
Revenue from sale of goods	234,620	220,975
Aromatics | National sales
Revenue from contracts with customers
Revenue from sale of goods	228,180	242,045
Crude oil | National sales
Revenue from contracts with customers
Revenue from sale of goods	132,357	214,587
Crude oil | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	36,879,139	43,946,601
Fuel oil | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	3,047,606	3,628,416
Other products | National sales
Revenue from contracts with customers
Revenue from sale of goods	502,370	513,753
Other products | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	1,241,335	1,261,563
Cash flow hedging | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	(650,012)	(968,534)
Diesel | Foreign sales
Revenue from contracts with customers
Revenue from sale of goods	$ 3,215,505	$ 1,896,842

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Revenue from contracts with customers - Additional information (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue from contracts with customers
Recognition of price differential	$ 17,699,168	$ 26,584,199
Cash flow hedging
Revenue from contracts with customers
Result of hedges for future exports	480,232	576,875
Result from operations with derivative financial instruments	169,780	391,659
Natural gas | National sales
Revenue from contracts with customers
Extensive tests	27,952	34,197
Crude oil | Foreign sales
Revenue from contracts with customers
Extensive tests	$ 74,792	$ 104,493

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Cost of sales (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cost of variables and fixed
Total Costs Variables	$ 47,553,595	$ 50,375,848
Total Fixed cost	17,317,578	15,082,393
Cost of sales	64,871,173	65,458,241
Variable Costs
Cost of variables and fixed
Imported products	19,194,752	23,243,685
Purchases of crude in associations and concessions	10,136,966	11,712,144
Depreciation, depletion, and amortization	5,871,353	4,985,749
Hydrocarbons purchases - ANH	5,849,162	6,929,845
Electric Energy	1,561,217	1,074,527
Gas royalties in cash	1,293,176	1,073,435
Hydrocarbon transportation services	1,154,795	869,983
Processing materials	1,118,863	828,599
Purchases of other products and gas	890,403	879,966
Contracted services in associations	225,664	239,872
Extensive tests	61,030	43,289
Others	196,214	(1,505,246)
Fixed cost
Cost of variables and fixed
Hydrocarbon transportation services	179,759	133,837
Contracted services in associations	1,048,425	1,175,197
Depreciation and amortization	3,793,954	3,382,811
Maintenance	3,149,139	2,652,864
Labor costs	2,938,292	2,438,632
Contracted services	2,399,503	1,919,342
Construction services	1,931,562	1,888,186
Taxes and contributions	810,719	725,640
Materials and operating supplies	639,449	452,560
General costs	$ 426,776	$ 313,324

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Administrative, operation and project expenses (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Administrative, operation and project expenses:
Administrative expenses	$ 3,360,989	$ 2,844,627
Operations and project expenses	3,915,872	2,833,523
Administration expenses.
Administrative, operation and project expenses:
General expenses	1,542,546	1,269,973
Labor expenses	1,407,865	1,208,844
Depreciation and amortization	348,306	314,566
Taxes	62,272	51,244
Operations and project expenses
Administrative, operation and project expenses:
Labor expenses	292,543	270,162
Depreciation and amortization	49,631	73,700
Taxes	632,085	562,837
Commissions, fees, freights and services	1,232,089	896,113
Exploration expenses	1,303,339	637,590
Fee for regulatory entities	230,357	123,128
Maintenance	69,540	82,440
Others	$ 106,288	$ 187,553

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Other operating expenses (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other operating expenses
Provision expenses	$ (368,068)	$ (310,406)
Gain (loss) on sale of assets	227,891	(38,309)
Impairment of current assets	(59,468)	(46,434)
Other income	109,957	92,478
Other operating income (expense)	$ (89,688)	$ (302,671)

XML

Financial results (Details) - COP ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Finance income
Results from financial assets		$ 321,142	$ 124,493
Yields and interests		1,378,145	612,914
Gain on derivative settlement		2,852	11,834
Dividends		90	70
Other financial income		82,542	138,087
Finance income		1,784,771	887,398
Financial expenses
Financial cost of loans and borrowings		(5,151,076)	(3,886,375)
Financial cost of other liabilities	[1]	(1,657,833)	(1,559,080)
Results from financial assets		(251,001)	(125,493)
Other financial expenses		(710,545)	(304,929)
Financial expenses		(7,770,455)	(5,875,877)
Foreign exchange gain (loss)		1,806,158	(377,527)
Foreign exchange gain (loss)		1,806,158	(377,527)
Financial result		$ (4,179,526)	$ (5,366,006)

[1] It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits.

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Risk management - Financial assets and liabilities (Details) $ in Millions, $ in Millions	Sep. 30, 2023 COP ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 COP ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 COP ($)	Dec. 31, 2021 COP ($)
Risk management
Cash and cash equivalents	$ 12,070,744		$ 15,401,058		$ 12,917,748	$ 14,549,906
Other financial assets	$ 2,143,515		$ 2,725,871
USD$ Million
Risk management
Cash and cash equivalents		$ 765		$ 615
Other financial assets		1,063		955
Trade receivables and payables		(608)		(392)
Loans and borrowings		(18,388)		(16,113)
Other assets and liabilities		98		202
Net liability position		$ (17,070)		$ (14,733)

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Risk management - Financial assets and liabilities denominated in foreign currency (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Risk management
Scenario / variation in the exchange rate	1.00%
variation in the exchange rate	5.00%
Credit risk in U.S. dollar portfolio
Risk management
Scenario / variation in the exchange rate	1.00%
USD$ Million
Risk management
variation in the exchange rate	5.00%
Currency risk
Risk management
One Percent variations in exchange rate, Effect on income before income taxes	$ 24,385
One percent variations in exchange rate, effect on other comprehensive income	796,716
Five Percent variations in exchange rate, Effect on income before income taxes	121,925
Five Percent variations in exchange rate, effect on other comprehensive income	$ 3,983,580

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Risk management - Non derivative hedging instrument (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Risk management
Designation of new hedges	$ 1,925
Cash flow hedging
Risk management
Opening balance	5,572	$ 4,972
Reassignment of hedging instruments	227	1,879
Realized exports	(227)	(1,879)
Designation of new hedges	693	600
Closing balance	$ 6,265	$ 5,572

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Risk management - Cash flow hedge for future exports - Movement in other comprehensive income (Details) - COP ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Risk management
Opening balance	$ (2,473,999)	$ (945,250)
Exchange difference	3,760,813	(4,317,263)
Realized exports (Note 22)	480,231	1,143,287
Ineffectiveness	18,998	6,625
Deferred tax (Note 10)	(1,980,061)	1,638,602
Closing balance	$ (194,018)	$ (2,473,999)

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Risk management - Expected reclassification of the cumulative exchange difference from other comprehensive income to profit or loss (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 COP ($)
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	$ 361,539
Taxes	(167,521)
After taxes	194,018
2023 (Oct-Dec)
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	24,860
Taxes	(10,847)
After taxes	14,013
2024
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	94,236
Taxes	(43,853)
After taxes	50,383
2025
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	93,139
Taxes	(43,343)
After taxes	49,796
2026
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	90,478
Taxes	(42,104)
After taxes	48,374
2027
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	(7,208)
Taxes	3,354
After taxes	(3,854)
2028
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	(7,420)
Taxes	3,453
After taxes	(3,967)
2029
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	(7,748)
Taxes	3,606
After taxes	(4,142)
2030
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	17,937
Taxes	(8,347)
After taxes	9,590
2031
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	30,771
Taxes	(14,319)
After taxes	16,452
2032
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	30,097
Taxes	(14,006)
After taxes	16,091
2033
Expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss
Before taxes	2,397
Taxes	(1,115)
After taxes	$ 1,282

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Risk management - Hedge of a net investment in a foreign operation (Details) - Hedge of a net investment in a foreign operation $ in Millions, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 COP ($)	Dec. 31, 2022 COP ($)
Risk management
Opening balance		$ 9,354,071	$ 4,366,336
Exchange difference		(6,573,497)	7,526,124
Deferred tax		2,213,355	(2,538,389)
Closing balance	$ 10,298	$ 4,993,929	$ 9,354,071

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Risk management - Leverage ratio (Details) - COP ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Risk management
Loans and borrowings (Note 19)	$ 109,728,676	$ 115,134,839
Cash and cash equivalents (Note 6)	(12,070,744)	(15,401,058)	$ (12,917,748)	$ (14,549,906)
Other financial assets (Note 9)	(2,143,515)	(2,725,871)
Net financial debt	95,514,417	97,007,910
Equity	$ 101,924,635	$ 113,903,089	$ 102,689,797	$ 90,583,772
Leverage	48.38%	45.99%

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Risk management - Additional Information (Details) $ in Millions, $ in Millions	9 Months Ended			12 Months Ended
	Sep. 30, 2023 COP ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 COP ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 COP ($)	Dec. 31, 2021 COP ($)
Risk management
Closing foreign exchange rate	4,053.72	4,053.72		4,810.20
Net position of assets and liabilities different functional currency		$ 855
Maximum percentage of cash investment held in portfolio, current	5.00%	5.00%
Designation of new hedges		$ 1,925
Debt principal payments	$ 18,196,512		$ 11,614,789
Colombian Peso
Risk management
Net liabilities of companies in the group with a different functional currency						$ 16,215
Exchange difference valuation of remaining net liabilities						348
US Dollar
Risk management
Exchange difference valuation of remaining net liabilities						16,563
Maximum percentage of cash investment held in portfolio, current	5.00%	5.00%
Hedge of a net investment in a foreign operation
Risk management
Net asset position	$ 4,993,929					10,298	$ 9,354,071	$ 4,366,336
Hedge of a net investment in a foreign operation | Ecopetrol Business Group
Risk management
Debt principal payments		$ 198
Net asset position						10,100
Hedge of a net investment in a foreign operation | Isa Colombia [Member]
Risk management
Net asset position						$ 198
Cash flow hedging for future revenues from crude oil exports, for the period 2015 - 2023
Risk management
Designation of new hedges		$ 6,265
Cash flow hedging for future revenues from crude oil exports, for the period 2022 - 2026
Risk management
Designation of new hedges				$ 4,340	$ 4,340
Commodity price risk [member]
Risk management
Total net asset (liability) position in swaps	$ 12,619						$ 41,316
Currency risk
Risk management
Increase decrease in foreign exchange rate	15.73%	15.73%

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Related parties (Details) - COP ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Joint ventures and Associates
Accounts receivable	$ 151,923	$ 110,186
Accounts receivable, Current	151,923	110,186
Loans receivable	130,945	557
Loans receivable, Current	639	222
Loans receivable, Non-current	130,306	335
Other assets	108	1,087
Other assets, Current	108	1,087
Accounts payable	59,547	67,879
Accounts payable, Current	59,547	67,879
Loans payable	715,020	815,056
Loans payable, Current	715,020	815,056
Other liabilities	1,929	2,701
Other liabilities, Current	1,929	2,701
Gases del Caribe S.A. E.S.P. | Associates
Joint ventures and Associates
Accounts receivable	78,617
Gas Natural del Oriente S.A. E.S.P. | Associates
Joint ventures and Associates
Accounts receivable	4,735
Accounts payable	6,343	7,048
Gases de la Guajira S.A. E.S.P. | Associates
Joint ventures and Associates
Accounts receivable	879
Extrucol S.A. | Associates
Joint ventures and Associates
Accounts receivable	721	2
Accounts payable	753	854
E2 Energia Eficiente S.A. E.S.P. | Associates
Joint ventures and Associates
Accounts receivable	10,029	7,397
Accounts payable	62	4,152
Equion Energa Limited | Joint Ventures
Joint ventures and Associates
Accounts receivable		127
Other assets	108	1,087
Accounts payable	2,029	2,004
Loans payable	715,020	815,056
Other liabilities	1,828	2,698
Ecodiesel Colombia S.A. | Joint Ventures
Joint ventures and Associates
Accounts receivable	3,682	13,155
Accounts payable	50,360	53,821
Other liabilities	101	3
Interligao Eltrica do Madeira S.A. | Joint Ventures
Joint ventures and Associates
Accounts receivable	42,226	89,505
Interligao Eltrica Garanhuns S.A. | Joint Ventures
Joint ventures and Associates
Accounts receivable	11,034
Loans receivable	38	40
Interligao Eltrica Paraguau S.A. | Joint Ventures
Joint ventures and Associates
Loans receivable	25
Interligao Eltrica Aimors S.A. | Joint Ventures
Joint ventures and Associates
Loans receivable	25
Interligao Eltrica Iva S.A. | Joint Ventures
Joint ventures and Associates
Loans receivable	544	182
Derivex S.A. | Joint Ventures
Joint ventures and Associates
Loans receivable	335	$ 335
Conexion Kimal Lo Aguirre S.A. | Joint Ventures
Joint ventures and Associates
Loans receivable	$ 129,978

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Related parties - Transactions with related parties (Details) - COP ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Main transactions with related parties
Sales and services	$ 87,138	$ 79,570
Purchases of product and others	478,975	515,219
Joint ventures
Main transactions with related parties
Sales and services	18,655	14,423
Purchases of product and others	444,522	484,012
Associates
Main transactions with related parties
Sales and services	68,483	65,147
Purchases of product and others	34,453	31,207
Gas Natural del Oriente S.A. E.S.P. | Associates
Main transactions with related parties
Purchases of product and others	28,906	26,783
Extrucol S.A. | Associates
Main transactions with related parties
Sales and services		10
Purchases of product and others		2,222
E2 Energia Eficiente S.A. E.S.P. | Associates
Main transactions with related parties
Sales and services	12	65,137
Purchases of product and others	2,932	2,202
Serviport S.A. | Associates
Main transactions with related parties
Sales and services	68,471
Purchases of product and others	2,615
Equion Energa Limited | Joint ventures
Main transactions with related parties
Sales and services	698	430
Purchases of product and others	30,447	15,423
Ecodiesel Colombia S.A. | Joint ventures
Main transactions with related parties
Sales and services	17,957	13,993
Purchases of product and others	$ 414,075	$ 468,589

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Segments information (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of profit or loss by segment
Revenue from contracts with customers	$ 108,391,346	$ 119,898,794
Costs of sales	(64,871,173)	(65,458,241)
Gross profit	43,520,173	54,440,553
Administration expenses	(3,360,989)	(2,844,627)
Operation and projects expenses	(3,915,872)	(2,833,523)
Impairment of non-current assets	(11,125)	(5,516)
Other operating income (expense)	(89,688)	(302,671)
Operating income	36,142,499	48,454,216
Financial results
Financial income	1,784,771	887,398
Financial expenses	(7,770,455)	(5,875,877)
Foreign exchange gain (loss)	1,806,158	(377,527)
Financial results	(4,179,526)	(5,366,006)
Share of profits of associates and joint ventures	606,332	656,680
Profit before income tax expense	32,569,305	43,744,890
Income tax expense	(11,476,872)	(16,214,065)
Net profit for the period	21,092,433	27,530,825
Net profit (loss) attributable to:
Owners of parent	17,637,678	24,770,909
Non-controlling interest	3,454,755	2,759,916
Net profit for the period	21,092,433	27,530,825
Third party sales
Statement of profit or loss by segment
Revenue from contracts with customers	108,391,346	119,898,794
Operating segments | Exploration and Production
Statement of profit or loss by segment
Revenue from contracts with customers	60,702,464	70,007,372
Costs of sales	(38,072,085)	(34,896,814)
Gross profit	22,630,379	35,110,558
Administration expenses	(1,738,102)	(1,537,478)
Operation and projects expenses	(2,751,048)	(1,871,806)
Other operating income (expense)	9,806	(193,586)
Operating income	18,151,035	31,507,688
Financial results
Financial income	1,215,406	656,434
Financial expenses	(3,567,808)	(2,117,736)
Foreign exchange gain (loss)	1,411,085	(102,929)
Financial results	(941,317)	(1,564,231)
Share of profits of associates and joint ventures	22,277	8,741
Profit before income tax expense	17,231,995	29,952,198
Income tax expense	(8,394,481)	(10,809,210)
Net profit for the period	8,837,514	19,142,988
Net profit (loss) attributable to:
Owners of parent	8,912,142	19,209,590
Non-controlling interest	(74,628)	(66,602)
Net profit for the period	8,837,514	19,142,988
Operating segments | Exploration and Production | Third party sales
Statement of profit or loss by segment
Revenue from contracts with customers	38,868,330	47,423,709
Operating segments | Exploration and Production | Inter-segment sales
Statement of profit or loss by segment
Revenue from contracts with customers	21,834,134	22,583,663
Operating segments | Refining and Petrochemicals
Statement of profit or loss by segment
Revenue from contracts with customers	63,062,184	66,114,562
Costs of sales	(56,855,440)	(59,242,324)
Gross profit	6,206,744	6,872,238
Administration expenses	(566,870)	(487,623)
Operation and projects expenses	(1,050,847)	(866,722)
Impairment of non-current assets	(9,367)	(5,516)
Other operating income (expense)	(43,112)	(31,033)
Operating income	4,536,548	5,481,344
Financial results
Financial income	163,723	59,308
Financial expenses	(1,343,057)	(974,944)
Foreign exchange gain (loss)	509,358	(244,300)
Financial results	(669,976)	(1,159,936)
Share of profits of associates and joint ventures	198,549	171,348
Profit before income tax expense	4,065,121	4,492,756
Income tax expense	(10,686)	(2,664,643)
Net profit for the period	4,054,435	1,828,113
Net profit (loss) attributable to:
Owners of parent	3,889,560	1,684,580
Non-controlling interest	164,875	143,533
Net profit for the period	4,054,435	1,828,113
Operating segments | Refining and Petrochemicals | Third party sales
Statement of profit or loss by segment
Revenue from contracts with customers	57,737,777	60,987,163
Operating segments | Refining and Petrochemicals | Inter-segment sales
Statement of profit or loss by segment
Revenue from contracts with customers	5,324,407	5,127,399
Operating segments | Transportation and Logistics
Statement of profit or loss by segment
Revenue from contracts with customers	11,823,671	9,868,669
Costs of sales	(3,114,497)	(2,681,117)
Gross profit	8,709,174	7,187,552
Administration expenses	(434,408)	(339,903)
Operation and projects expenses	(276,718)	(225,224)
Other operating income (expense)	7,438	(24,523)
Operating income	8,005,486	6,597,902
Financial results
Financial income	326,581	80,522
Financial expenses	(265,008)	(207,257)
Foreign exchange gain (loss)	(116,246)	(60,892)
Financial results	(54,673)	(187,627)
Share of profits of associates and joint ventures		(1,001)
Profit before income tax expense	7,950,813	6,409,274
Income tax expense	(2,692,004)	(2,276,607)
Net profit for the period	5,258,809	4,132,667
Net profit (loss) attributable to:
Owners of parent	4,217,516	3,339,949
Non-controlling interest	1,041,293	792,718
Net profit for the period	5,258,809	4,132,667
Operating segments | Transportation and Logistics | Third party sales
Statement of profit or loss by segment
Revenue from contracts with customers	2,221,686	1,995,275
Operating segments | Transportation and Logistics | Inter-segment sales
Statement of profit or loss by segment
Revenue from contracts with customers	9,601,985	7,873,394
Operating segments | Concessions, electricity transport and roads
Statement of profit or loss by segment
Revenue from contracts with customers	10,611,526	9,580,557
Costs of sales	(4,313,681)	(3,954,326)
Gross profit	6,297,845	5,626,231
Administration expenses	(869,242)	(754,149)
Impairment of non-current assets	(1,758)
Other operating income (expense)	(59,248)	(51,033)
Operating income	5,367,597	4,821,049
Financial results
Financial income	587,830	404,771
Financial expenses	(3,020,557)	(2,843,762)
Foreign exchange gain (loss)	1,961	30,594
Financial results	(2,430,766)	(2,408,397)
Share of profits of associates and joint ventures	385,506	477,592
Profit before income tax expense	3,322,337	2,890,244
Income tax expense	(379,701)	(463,605)
Net profit for the period	2,942,636	2,426,639
Net profit (loss) attributable to:
Owners of parent	619,421	536,372
Non-controlling interest	2,323,215	1,890,267
Net profit for the period	2,942,636	2,426,639
Operating segments | Concessions, electricity transport and roads | Third party sales
Statement of profit or loss by segment
Revenue from contracts with customers	10,609,111	9,578,562
Operating segments | Concessions, electricity transport and roads | Inter-segment sales
Statement of profit or loss by segment
Revenue from contracts with customers	2,415	1,995
Eliminations
Statement of profit or loss by segment
Revenue from contracts with customers	(37,808,499)	(35,672,366)
Costs of sales	37,484,530	35,316,340
Gross profit	(323,969)	(356,026)
Administration expenses	247,633	274,526
Operation and projects expenses	162,741	130,229
Other operating income (expense)	(4,572)	(2,496)
Operating income	81,833	46,233
Financial results
Financial income	(508,769)	(313,637)
Financial expenses	425,975	267,822
Financial results	(82,794)	(45,815)
Profit before income tax expense	(961)	418
Net profit for the period	(961)	418
Net profit (loss) attributable to:
Owners of parent	(961)	418
Net profit for the period	(961)	418
Eliminations | Third party sales
Statement of profit or loss by segment
Revenue from contracts with customers	(1,045,558)	(85,915)
Eliminations | Inter-segment sales
Statement of profit or loss by segment
Revenue from contracts with customers	$ (36,762,941)	$ (35,586,451)

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Segments information - Sales by product (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Sales by product
Total sales revenue	$ 108,391,346	$ 119,898,794
National sales
Sales by product
Sales by product	55,201,322	60,962,385
National sales | Mid-distillates
Sales by product
Sales by product	24,553,761	28,031,166
National sales | Gasolines
Sales by product
Sales by product	18,368,808	20,610,595
National sales | Gas Natural
Sales by product
Sales by product	3,322,731	3,016,677
National sales | Services
Sales by product
Sales by product	2,618,695	2,643,135
National sales | Electric power transmission services
Sales by product
Sales by product	2,010,717	1,934,461
National sales | Roads and construction services
Sales by product
Sales by product	260,781	255,736
National sales | Fuel gas service
Sales by product
Sales by product	738,821	621,349
National sales | Plastic and rubber
Sales by product
Sales by product	930,979	1,216,431
National sales | Asphalts
Sales by product
Sales by product	684,959	634,240
National sales | L.P.G. and propane
Sales by product
Sales by product	613,543	807,235
National sales | Crude oil
Sales by product
Sales by product	132,357	214,587
National sales | Polyethylene
Sales by product
Sales by product	234,620	220,975
National sales | Aromatics
Sales by product
Sales by product	228,180	242,045
National sales | Other products
Sales by product
Sales by product	502,370	513,753
Foreign sales
Sales by product
Sales by product	53,190,024	58,936,409
Foreign sales | Gasolines
Sales by product
Sales by product	193,394	157,685
Foreign sales | Gas Natural
Sales by product
Sales by product	75,044	189,665
Foreign sales | Electric power transmission services
Sales by product
Sales by product	4,373,784	3,750,829
Foreign sales | Roads and construction services
Sales by product
Sales by product	3,510,948	3,209,685
Foreign sales | Plastic and rubber
Sales by product
Sales by product	1,096,741	1,621,076
Foreign sales | L.P.G. and propane
Sales by product
Sales by product	206,540	242,581
Foreign sales | Crude oil
Sales by product
Sales by product	36,879,139	43,946,601
Foreign sales | Fuel oil
Sales by product
Sales by product	3,047,606	3,628,416
Foreign sales | Other products
Sales by product
Sales by product	1,241,335	1,261,563
Foreign sales | Diesel
Sales by product
Sales by product	3,215,505	1,896,842
Foreign sales | Cash flow hedging
Sales by product
Sales by product	(650,012)	(968,534)
Foreign sales | Construction services [Member]
Sales by product
Sales by product	3,510,948
Eliminations
Sales by product
Total sales revenue	(37,808,499)	(35,672,366)
Eliminations | National sales
Sales by product
Sales by product	(37,807,948)	(35,530,475)
Eliminations | National sales | Mid-distillates
Sales by product
Sales by product	(26,947)	(17,855)
Eliminations | National sales | Gasolines
Sales by product
Sales by product	(2,930,104)	(3,249,035)
Eliminations | National sales | Gas Natural
Sales by product
Sales by product	(923,288)	(766,851)
Eliminations | National sales | Services
Sales by product
Sales by product	(10,931,198)	(8,135,332)
Eliminations | National sales | Fuel gas service
Sales by product
Sales by product	(7,064)	(6,404)
Eliminations | National sales | L.P.G. and propane
Sales by product
Sales by product	(13,591)	(23,449)
Eliminations | National sales | Crude oil
Sales by product
Sales by product	(20,640,083)	(21,988,457)
Eliminations | National sales | Polyethylene
Sales by product
Sales by product	513
Eliminations | National sales | Other products
Sales by product
Sales by product	(2,336,186)	(1,343,092)
Eliminations | Foreign sales
Sales by product
Sales by product	(551)	(141,891)
Eliminations | Foreign sales | Crude oil
Sales by product
Sales by product		(141,891)
Eliminations | Foreign sales | Other products
Sales by product
Sales by product	(551)
Exploration and Production | Operating segments
Sales by product
Total sales revenue	60,702,464	70,007,372
Exploration and Production | Operating segments | National sales
Sales by product
Sales by product	25,684,315	26,484,176
Exploration and Production | Operating segments | National sales | Gas Natural
Sales by product
Sales by product	4,246,019	3,783,528
Exploration and Production | Operating segments | National sales | Services
Sales by product
Sales by product	178,448	386,472
Exploration and Production | Operating segments | National sales | Asphalts
Sales by product
Sales by product	46,250	32,966
Exploration and Production | Operating segments | National sales | L.P.G. and propane
Sales by product
Sales by product	408,442	550,211
Exploration and Production | Operating segments | National sales | Crude oil
Sales by product
Sales by product	20,772,440	21,711,604
Exploration and Production | Operating segments | National sales | Other products
Sales by product
Sales by product	32,716	19,395
Exploration and Production | Operating segments | Foreign sales
Sales by product
Sales by product	35,018,149	43,523,196
Exploration and Production | Operating segments | Foreign sales | Gas Natural
Sales by product
Sales by product	75,044	189,665
Exploration and Production | Operating segments | Foreign sales | L.P.G. and propane
Sales by product
Sales by product	206,540	242,581
Exploration and Production | Operating segments | Foreign sales | Crude oil
Sales by product
Sales by product	35,357,848	43,996,345
Exploration and Production | Operating segments | Foreign sales | Other products
Sales by product
Sales by product	20,767	27,147
Exploration and Production | Operating segments | Foreign sales | Cash flow hedging
Sales by product
Sales by product	(642,050)	(932,542)
Refining and Petrochemicals | Operating segments
Sales by product
Total sales revenue	63,062,184	66,114,562
Refining and Petrochemicals | Operating segments | National sales
Sales by product
Sales by product	52,995,189	57,741,794
Refining and Petrochemicals | Operating segments | National sales | Mid-distillates
Sales by product
Sales by product	24,580,708	28,049,021
Refining and Petrochemicals | Operating segments | National sales | Gasolines
Sales by product
Sales by product	21,298,912	23,859,630
Refining and Petrochemicals | Operating segments | National sales | Services
Sales by product
Sales by product	1,313,177	315,302
Refining and Petrochemicals | Operating segments | National sales | Fuel gas service
Sales by product
Sales by product	745,885	627,753
Refining and Petrochemicals | Operating segments | National sales | Plastic and rubber
Sales by product
Sales by product	930,979	1,216,431
Refining and Petrochemicals | Operating segments | National sales | Asphalts
Sales by product
Sales by product	638,709	601,274
Refining and Petrochemicals | Operating segments | National sales | L.P.G. and propane
Sales by product
Sales by product	218,692	280,473
Refining and Petrochemicals | Operating segments | National sales | Crude oil
Sales by product
Sales by product		491,440
Refining and Petrochemicals | Operating segments | National sales | Polyethylene
Sales by product
Sales by product	234,107	220,975
Refining and Petrochemicals | Operating segments | National sales | Aromatics
Sales by product
Sales by product	228,180	242,045
Refining and Petrochemicals | Operating segments | National sales | Other products
Sales by product
Sales by product	2,805,840	1,837,450
Refining and Petrochemicals | Operating segments | Foreign sales
Sales by product
Sales by product	10,066,995	8,372,768
Refining and Petrochemicals | Operating segments | Foreign sales | Gasolines
Sales by product
Sales by product	193,394	157,685
Refining and Petrochemicals | Operating segments | Foreign sales | Plastic and rubber
Sales by product
Sales by product	1,096,741	1,621,076
Refining and Petrochemicals | Operating segments | Foreign sales | Crude oil
Sales by product
Sales by product	1,521,291	92,147
Refining and Petrochemicals | Operating segments | Foreign sales | Fuel oil
Sales by product
Sales by product	3,047,606	3,628,416
Refining and Petrochemicals | Operating segments | Foreign sales | Other products
Sales by product
Sales by product	1,000,420	1,012,594
Refining and Petrochemicals | Operating segments | Foreign sales | Diesel
Sales by product
Sales by product	3,215,505	1,896,842
Refining and Petrochemicals | Operating segments | Foreign sales | Cash flow hedging
Sales by product
Sales by product	(7,962)	(35,992)
Transportation and Logistics | Operating segments
Sales by product
Total sales revenue	11,823,671	9,868,669
Transportation and Logistics | Operating segments | National sales
Sales by product
Sales by product	11,823,671	9,868,669
Transportation and Logistics | Operating segments | National sales | Services
Sales by product
Sales by product	11,823,671	9,868,669
Concessions, electricity transport and roads | Operating segments
Sales by product
Total sales revenue	10,611,526	9,580,557
Concessions, electricity transport and roads | Operating segments | National sales
Sales by product
Sales by product	2,506,095	2,398,221
Concessions, electricity transport and roads | Operating segments | National sales | Services
Sales by product
Sales by product	234,597	208,024
Concessions, electricity transport and roads | Operating segments | National sales | Electric power transmission services
Sales by product
Sales by product	2,010,717	1,934,461
Concessions, electricity transport and roads | Operating segments | National sales | Roads and construction services
Sales by product
Sales by product	260,781	255,736
Concessions, electricity transport and roads | Operating segments | Foreign sales
Sales by product
Sales by product	8,105,431	7,182,336
Concessions, electricity transport and roads | Operating segments | Foreign sales | Electric power transmission services
Sales by product
Sales by product	4,373,784	3,750,829
Concessions, electricity transport and roads | Operating segments | Foreign sales | Roads and construction services
Sales by product
Sales by product		3,209,685
Concessions, electricity transport and roads | Operating segments | Foreign sales | Other products
Sales by product
Sales by product	220,699	$ 221,822
Concessions, electricity transport and roads | Operating segments | Foreign sales | Construction services [Member]
Sales by product
Sales by product	$ 3,510,948

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Relevant and/or subsequent events (unaudited) (Details) $ in Millions	Nov. 30, 2023 COP ($)
ISA Bond Placement
Relevant and/or subsequent events (unaudited)
Bonds	$ 500,000

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Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) - Consolidated subsidiary companies (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of consolidated subsidiaries, associates and joint ventures
Net equity	$ 101,924,635	$ 102,689,797	$ 113,903,089	$ 90,583,772
Profit (loss)	21,092,433	$ 27,530,825
Total assets	282,777,413		302,792,431
Total liabilities	$ 180,852,778		$ 188,889,342
Refineria de Cartagena S.A.S.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Hydrocarbons refining, marketing and distribution
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 22,111,929
Profit (loss)	3,166,632
Total assets	35,666,794
Total liabilities	$ 13,554,865
Cenit Transporte y Logistica S.A.S.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	100.00%
Activity	Storage and transportation through hydrocarbon pipelines
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 15,668,591
Profit (loss)	4,272,019
Total assets	17,685,907
Total liabilities	$ 2,017,316
Ecopetrol Global Energy S.L.U.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Investment vehicle
Country/Domicile	Spain
Geographic area of operations	Spain
Net equity	$ 14,521,345
Profit (loss)	627,109
Total assets	14,521,402
Total liabilities	$ 57
Oleoducto Central S. A. - Ocensa
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	72.65%
Activity	Transportation through hydrocarbon pipelines
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 3,543,754
Profit (loss)	2,535,316
Total assets	6,942,434
Total liabilities	$ 3,398,680
Hocol Petroleum Limited.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Investment vehicle
Country/Domicile	Bermuda
Geographic area of operations	Bermuda
Net equity	$ 4,235,448
Profit (loss)	468,018
Total assets	4,235,622
Total liabilities	$ 174
Ecopetrol America LLC.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Hydrocarbons exploration and exploitation
Country/Domicile	United States of America
Geographic area of operations	United States of America
Net equity	$ 1,786,726
Profit (loss)	(11,115)
Total assets	3,485,196
Total liabilities	$ 1,698,470
Hocol S.A.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Exploration, exploitation, and production of hydrocarbons
Country/Domicile	Cayman Islands
Geographic area of operations	Colombia
Net equity	$ 3,708,388
Profit (loss)	452,663
Total assets	5,733,699
Total liabilities	$ 2,025,311
Esenttia S.A.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Production and commercialization of polypropylene resin
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 2,540,932
Profit (loss)	189,181
Total assets	3,259,229
Total liabilities	$ 718,297
Ecopetrol Capital AG
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group
Country/Domicile	Switzerland
Geographic area of operations	Switzerland
Net equity	$ 2,800,207
Profit (loss)	117,164
Total assets	10,141,763
Total liabilities	$ 7,341,556
Oleoducto Bicentenario de Colombia S.A.S.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	100.00%
Activity	Pipeline transportation of crude oil
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 1,241,660
Profit (loss)	286,583
Total assets	2,102,165
Total liabilities	$ 860,505
Oleoducto de Colombia S.A. - ODC
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	73.00%
Activity	Pipeline transportation of crude oil
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 341,913
Profit (loss)	330,828
Total assets	825,712
Total liabilities	$ 483,799
Black Gold Re Ltd.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Reinsurer of Ecopetrol and its subsidiaries
Country/Domicile	Bermuda
Geographic area of operations	Bermuda
Net equity	$ 1,106,135
Profit (loss)	64,340
Total assets	1,567,127
Total liabilities	$ 460,992
Andean Chemicals Ltd.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Investment vehicle
Country/Domicile	Bermuda
Geographic area of operations	Bermuda
Net equity	$ 1,866,627
Profit (loss)	128,129
Total assets	1,869,764
Total liabilities	$ 3,137
Oleoducto de los Llanos Orientales S.A
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	65.00%
Activity	Pipeline transportation of crude oil
Country/Domicile	Panama
Geographic area of operations	Colombia
Net equity	$ 791,478
Profit (loss)	525,398
Total assets	1,357,814
Total liabilities	$ 566,336
Interconexion Electrica S.A. E.S.P
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	51.41%
Activity	-Provision of the public electricitytransmission service- Development of infrastructureprojects and their commercialexploitation and- Software development, Informationtechnology and telecommunicationsactivities and services
Country/Domicile	Colombia
Geographic area of operations	Latin America
Net equity	$ 27,462,253
Profit (loss)	2,034,446
Total assets	72,758,663
Total liabilities	$ 45,296,410
Inversiones de Gases de Colombia S.A. Invercolsa S.A.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	51.88%
Activity	Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 580,247
Profit (loss)	266,589
Total assets	746,271
Total liabilities	$ 166,024
Alcanos de Colombia S.A. E.S.P.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	29.61%
Activity	Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations.
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 297,244
Profit (loss)	107,430
Total assets	837,451
Total liabilities	$ 540,207
Metrogas de Colombia S.A E.S.P.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	33.49%
Activity	Provision of the public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives.
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 52,944
Profit (loss)	16,411
Total assets	142,043
Total liabilities	$ 89,099
Gases del Oriente S.A. E.S.P.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	48.50%
Activity	Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service.
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 77,161
Profit (loss)	47,069
Total assets	215,458
Total liabilities	$ 138,297
Promotora de Gases del Sur S.A. E.S.P.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	31.44%
Activity	Promote the linking of national or foreign capital, public or private, to achieve the gas massification project.
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 44,835
Profit (loss)	30,035
Total assets	91,343
Total liabilities	$ 46,508
Combustibles Lquidos de Colombia S.A E.S.P.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	41.61%
Activity	Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service.
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 61,606
Profit (loss)	1,198
Total assets	82,341
Total liabilities	$ 20,735
Ecopetrol USA Inc.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Hydrocarbons exploration and exploitation
Country/Domicile	United States of America
Geographic area of operations	United States of America
Net equity	$ 12,379,433
Profit (loss)	744,326
Total assets	12,388,513
Total liabilities	$ 9,080
Ecopetrol Permian LLC.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Hydrocarbons exploration and exploitation
Country/Domicile	United States of America
Geographic area of operations	United States of America
Net equity	$ 8,649,795
Profit (loss)	752,321
Total assets	11,197,337
Total liabilities	$ 2,547,542
Ecopetrol Oleo e Gas do Brasil Ltda.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Real
Ownership Interest	100.00%
Activity	Hydrocarbons exploration and exploitation
Country/Domicile	Brazil
Geographic area of operations	Brazil
Net equity	$ 2,033,536
Profit (loss)	(116,742)
Total assets	2,085,202
Total liabilities	$ 51,666
Esenttia Masterbatch Ltda.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	100.00%
Activity	Manufacture of polypropylene compounds and masterbatches
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 319,567
Profit (loss)	165,172
Total assets	432,525
Total liabilities	$ 112,958
Ecopetrol del Peru S. A.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Hydrocarbons exploration and exploitation
Country/Domicile	Peru
Geographic area of operations	Peru
Net equity	$ 62,325
Profit (loss)	2,084
Total assets	65,277
Total liabilities	$ 2,952
ECP Hidrocarburos de Mexico S.A. de C.V.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Offshore exploration
Country/Domicile	Mexico
Geographic area of operations	Mexico
Net equity	$ 46,090
Profit (loss)	(1,649)
Total assets	47,910
Total liabilities	$ 1,820
Ecopetrol Costa Afuera S.A.S.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership Interest	100.00%
Activity	Offshore exploration
Country/Domicile	Colombia
Geographic area of operations	Colombia
Net equity	$ 13,146
Profit (loss)	182
Total assets	13,330
Total liabilities	$ 184
Esenttia Resinas del Peru SAC
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Commercialization polypropylene resins and masterbatches
Country/Domicile	Peru
Geographic area of operations	Peru
Net equity	$ 15,846
Profit (loss)	1,204
Total assets	37,948
Total liabilities	$ 22,102
Topili Servicios Administrativos S de RL de CV.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Mexican pesos
Ownership Interest	100.00%
Activity	Specialized management services
Country/Domicile	Mexico
Geographic area of operations	Mexico
Net equity	$ (162)
Profit (loss)	(182)
Total assets	284
Total liabilities	$ 446
Kalixpan Servicios Tecnicos S de RL de CV.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Mexican pesos
Ownership Interest	100.00%
Activity	Specialized services related to oil and gas industry
Country/Domicile	Mexico
Geographic area of operations	Mexico
Net equity	$ 131
Profit (loss)	(48)
Total assets	135
Total liabilities	$ 4
Ecopetrol US Trading LLC
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	International marketing of crude oil and refined products
Country/Domicile	United States of America
Geographic area of operations	United States of America
Econova Technology & Innovation S.L.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership Interest	100.00%
Activity	Execution of activities related to science, technology, and innovation (ST&I) activities.
Country/Domicile	Spain
Geographic area of operations	Spain
Net equity	$ 11
Profit (loss)	(3)
Total assets	14
Total liabilities	$ 3
Ecopetrol Singapore PTE. LTD
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Singapore dollar
Ownership Interest	100.00%
Activity	Holding company with investment in an international trading company for crude oil and refined products
Country/Domicile	Singapore
Geographic area of operations	Asia
Net equity	$ 572,630
Profit (loss)	534,357
Total assets	572,867
Total liabilities	$ 237
Ecopetrol Trading Asia PTE. LTD
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Singapore dollar
Ownership Interest	100.00%
Activity	International marketing of crude oil and refined products
Country/Domicile	Singapore
Geographic area of operations	Asia
Net equity	$ 572,434
Profit (loss)	534,411
Total assets	4,223,623
Total liabilities	$ 3,651,189

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Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) - Consolidated subsidiary companies (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of consolidated subsidiaries, associates and joint ventures
Net equity	$ 101,924,635	$ 102,689,797	$ 113,903,089	$ 90,583,772
Profit (loss) for the period	21,092,433	$ 27,530,825
Total assets	282,777,413		302,792,431
Total liabilities	$ 180,852,778		$ 188,889,342
Equion Energia Limited
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	U.S. Dollar
Ownership interest Ecopetrol, joint venture	51.00%
Activity, joint venture	Hydrocarbons exploration and exploitation
Country/Domicile, joint venture	United Kingdom
Geographic area of operations, joint venture	Colombia
Net equity	$ 1,374,271
Profit (loss) for the period	37,360
Total assets	1,442,473
Total liabilities	$ 68,202
Ecodiesel Colombia S.A.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership interest Ecopetrol, joint venture	50.00%
Activity, joint venture	Production, commercialization and distribution of biofuels and oleochemicals
Country/Domicile, joint venture	Colombia
Geographic area of operations, joint venture	Colombia
Net equity	$ 157,092
Profit (loss) for the period	42,131
Total assets	253,058
Total liabilities	$ 95,966
Serviport S.A. [Member]
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership interest Ecopetrol, associate	49.00%
Activity, associate	Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Net equity	$ 12,790
Profit (loss) for the period	(3,176)
Total assets	42,028
Total liabilities	$ 29,238
Sociedad Portuaria Olefinas y Derivados S.A.
Disclosure of consolidated subsidiaries, associates and joint ventures
Functional Currency	Colombian peso
Ownership interest Ecopetrol, associate	50.00%
Activity, associate	Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public
Country/Domicile, associate	Colombia
Geographic area of operations, associate	Colombia
Net equity	$ 8,447
Profit (loss) for the period	2,875
Total assets	12,145
Total liabilities	$ 3,698

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Exhibit 2. Consolidated companies, associates, and joint ventures - Interconexion Electrica S.A. ESP (Unaudited) (Details) - COP ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Consolidated companies, associates, and joint ventures
Assets	$ 282,777,413		$ 302,792,431
Liabilities	180,852,778		188,889,342
Equity	101,924,635	$ 102,689,797	$ 113,903,089	$ 90,583,772
Profit (loss)	$ 21,092,433	$ 27,530,825
Interconexion Electrica S.A. E.S.P. | ATP Tower Holdings
Consolidated companies, associates, and joint ventures
Activity, associate	Telecommunications transport
Country/Domicile, associate	United States of America
Ownership Interest, associate	24.70%
Assets	$ 4,265,203
Liabilities	2,576,809
Equity	1,688,394
Profit (loss)	$ (19,164)
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica do Madeira [Member]
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Brazil
Ownership Interest, joint venture	51.00%
Assets	$ 6,286,123
Liabilities	2,821,217
Equity	3,464,906
Profit (loss)	$ 230,072
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Garanhuns
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Brazil
Ownership Interest, joint venture	51.00%
Assets	$ 1,334,544
Liabilities	382,140
Equity	952,404
Profit (loss)	$ 63,862
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Paraguacu
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Brazil
Ownership Interest, joint venture	50.00%
Assets	$ 1,508,843
Liabilities	498,283
Equity	1,010,560
Profit (loss)	$ 74,685
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Aimores
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Brazil
Ownership Interest, joint venture	50.00%
Assets	$ 954,447
Liabilities	334,667
Equity	619,780
Profit (loss)	$ 48,236
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Ivai
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Brazil
Ownership Interest, joint venture	50.00%
Assets	$ 3,999,502
Liabilities	3,084,164
Equity	915,338
Profit (loss)	$ 171,733
Interconexion Electrica S.A. E.S.P. | Transmissora Alianca de Energia Eletrica
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Brazil
Ownership Interest, joint venture	14.88%
Assets	$ 14,578,138
Liabilities	8,769,989
Equity	5,808,149
Profit (loss)	$ 472,045
Interconexion Electrica S.A. E.S.P. | Interconexion Electrica Colombia Panama-Panama
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Panama
Ownership Interest, joint venture	50.00%
Assets	$ 21,860
Liabilities	3,084
Equity	18,776
Profit (loss)	$ (15,856)
Interconexion Electrica S.A. E.S.P. | Interconexion Electrica Colombia Panama-Colombia
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Colombia
Ownership Interest, joint venture	1.17%
Assets	$ 266
Liabilities	1
Equity	265
Profit (loss)	$ (2)
Interconexion Electrica S.A. E.S.P. | Transnexa
Consolidated companies, associates, and joint ventures
Activity, joint venture	Telecommunications transport
Country/Domicile, joint venture	Ecuador
Ownership Interest, joint venture	50.00%
Interconexion Electrica S.A. E.S.P. | Derivex
Consolidated companies, associates, and joint ventures
Activity, joint venture	Manage the negotiation system of operations on derivative financial instruments of electrical energy
Country/Domicile, joint venture	Colombia
Ownership Interest, joint venture	40.46%
Assets	$ 447
Equity	447
Profit (loss)	$ (402)
Interconexion Electrica S.A. E.S.P. | Parques de Rio [Member]
Consolidated companies, associates, and joint ventures
Activity, joint venture	Roads
Country/Domicile, joint venture	Colombia
Ownership Interest, joint venture	33.00%
Assets	$ 89
Liabilities	3
Equity	86
Profit (loss)	$ (30)
Interconexion Electrica S.A. E.S.P. | Conexin Kimal Lo Aguirre S.A. [Member]
Consolidated companies, associates, and joint ventures
Activity, joint venture	Energy transport
Country/Domicile, joint venture	Chile
Ownership Interest, joint venture	33.33%
Assets	$ 721,017
Liabilities	263,565
Equity	457,452
Profit (loss)	$ 4,158
Interconexion Electrica S.A. E.S.P. | Consorcio Transmantaro
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Peru
Ownership Interest	60.00%
Assets	$ 8,182,331
Liabilities	6,310,996
Equity	1,871,335
Profit (loss)	$ 213,401
Interconexion Electrica S.A. E.S.P. | Interligacao Electrica Evrecy
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 304,403
Liabilities	26,263
Equity	278,140
Profit (loss)	$ (11,169)
Interconexion Electrica S.A. E.S.P. | Fundo De Investimento Assis
Consolidated companies, associates, and joint ventures
Activity	Trust - Special Purpose Entity
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 46,655
Equity	46,655
Profit (loss)	$ 588
Interconexion Electrica S.A. E.S.P. | Fundo de Investimento Barra Bonita Renda Fixa Referenciado
Consolidated companies, associates, and joint ventures
Activity	Trust - Special Purpose Entity
Country/Domicile	Brazil
Ownership Interest	35.00%
Assets	$ 4,082
Equity	4,082
Profit (loss)	$ 401
Interconexion Electrica S.A. E.S.P. | Fundo de Investimento Referenciado di Bandeirantes
Consolidated companies, associates, and joint ventures
Activity	Trust - Special Purpose Entity
Country/Domicile	Brazil
Ownership Interest	13.64%
Assets	$ 142,791
Equity	142,791
Profit (loss)	$ 8,985
Interconexion Electrica S.A. E.S.P. | Fundo de Investimento Xavantes Referenciado di
Consolidated companies, associates, and joint ventures
Activity	Trust - Special Purpose Entity
Country/Domicile	Brazil
Ownership Interest	14.20%
Assets	$ 453,128
Equity	453,128
Profit (loss)	$ 11,569
Interconexion Electrica S.A. E.S.P. | Interconexiones Viales
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	65.00%
Assets	$ 132
Liabilities	803
Equity	(671)
Profit (loss)	$ (4,416)
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Aguapei
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 639,101
Liabilities	45,680
Equity	593,421
Profit (loss)	$ 46,521
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Biguacu
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 463,846
Liabilities	57,239
Equity	406,607
Profit (loss)	$ 36,744
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica De Minas Gerais
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 460,365
Liabilities	41,256
Equity	419,109
Profit (loss)	$ 3,236
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Itapura
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 173,388
Liabilities	12,376
Equity	161,012
Profit (loss)	$ 11,289
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Itaquere
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 579,199
Liabilities	59,094
Equity	520,105
Profit (loss)	$ 40,230
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Itaunes
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 491,096
Liabilities	36,683
Equity	454,413
Profit (loss)	$ 11,644
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Norte E Nordeste
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 468,165
Liabilities	132,894
Equity	335,271
Profit (loss)	$ 23,813
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Pinheiros
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 62,896
Liabilities	6,618
Equity	56,278
Profit (loss)	$ 6,110
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Riacho Grande
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 105,765
Liabilities	29,098
Equity	76,667
Profit (loss)	$ 1,270
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Serra Do Japi
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 418,725
Liabilities	28,635
Equity	390,090
Profit (loss)	$ 27,634
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Sul
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 231,935
Liabilities	26,480
Equity	205,455
Profit (loss)	$ 13,273
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica Tibagi
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 251,998
Liabilities	25,105
Equity	226,893
Profit (loss)	$ 17,549
Interconexion Electrica S.A. E.S.P. | Internexa
Consolidated companies, associates, and joint ventures
Activity	Information and communications technologies
Country/Domicile	Colombia
Ownership Interest	99.50%
Assets	$ 518,004
Liabilities	425,656
Equity	92,348
Profit (loss)	$ (22,236)
Interconexion Electrica S.A. E.S.P. | Transamerican Telecomunication S.A.
Consolidated companies, associates, and joint ventures
Activity	Information and communications technologies
Country/Domicile	Argentina
Ownership Interest	99.50%
Assets	$ 38,333
Liabilities	20,912
Equity	17,421
Profit (loss)	$ (1,108)
Interconexion Electrica S.A. E.S.P. | Internexa Brazil Operadora De Telecomunicacoes
Consolidated companies, associates, and joint ventures
Activity	Information and communications technologies
Country/Domicile	Brazil
Ownership Interest	99.50%
Assets	$ 203,365
Liabilities	191,632
Equity	11,733
Profit (loss)	$ (15,501)
Interconexion Electrica S.A. E.S.P. | Internexa Chile
Consolidated companies, associates, and joint ventures
Activity	Information and communications technologies
Country/Domicile	Chile
Ownership Interest	98.50%
Assets	$ 72,496
Liabilities	53,656
Equity	18,840
Profit (loss)	$ (14,290)
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica JAGUAR 6 S.A.
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 225,550
Liabilities	12,330
Equity	213,220
Profit (loss)	$ 10,348
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica JAGUAR 8 S.A
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 121,085
Liabilities	8,857
Equity	112,228
Profit (loss)	$ 4,899
Interconexion Electrica S.A. E.S.P. | Interligacao Eletrica JAGUAR 9 S.A.
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 423,079
Liabilities	31,613
Equity	391,466
Profit (loss)	$ 28,979
Interconexion Electrica S.A. E.S.P. | Internexa Participacoes
Consolidated companies, associates, and joint ventures
Activity	Investment vehicle
Country/Domicile	Brazil
Ownership Interest	99.50%
Assets	$ 10,166
Liabilities	1,324
Equity	8,842
Profit (loss)	$ (13,624)
Interconexion Electrica S.A. E.S.P. | Internexa Peru
Consolidated companies, associates, and joint ventures
Activity	Information and communications technologies
Country/Domicile	Peru
Ownership Interest	99.50%
Assets	$ 303,563
Liabilities	256,660
Equity	46,903
Profit (loss)	$ 4,816
Interconexion Electrica S.A. E.S.P. | ISA Bolivia
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Bolivia
Ownership Interest	100.00%
Assets	$ 125,783
Liabilities	8,105
Equity	117,678
Profit (loss)	$ 5,059
Interconexion Electrica S.A. E.S.P. | ISA Capital Do Brasil
Consolidated companies, associates, and joint ventures
Activity	Investment vehicle
Country/Domicile	Brazil
Ownership Interest	100.00%
Assets	$ 5,564,972
Liabilities	559
Equity	5,564,413
Profit (loss)	$ 522,802
Interconexion Electrica S.A. E.S.P. | ISA CTEEP
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Brazil
Ownership Interest	35.82%
Assets	$ 28,788,164
Liabilities	13,338,881
Equity	15,449,283
Profit (loss)	$ 1,457,418
Interconexion Electrica S.A. E.S.P. | ISA Interchile
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 6,517,095
Liabilities	5,203,405
Equity	1,313,690
Profit (loss)	$ 13,841
Interconexion Electrica S.A. E.S.P. | ISA Intercolombia
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Colombia
Ownership Interest	100.00%
Assets	$ 417,663
Liabilities	304,644
Equity	113,019
Profit (loss)	$ 25,126
Interconexion Electrica S.A. E.S.P. | ISA Intervial Chile
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 4,708,532
Liabilities	717,645
Equity	3,990,887
Profit (loss)	$ 323,463
Interconexion Electrica S.A. E.S.P. | ISA Intervial Colombia
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Colombia
Ownership Interest	100.00%
Assets	$ 620
Equity	620
Profit (loss)	$ 33
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Chile SpA
Consolidated companies, associates, and joint ventures
Activity	Investment vehicle
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 1,980,090
Liabilities	215,605
Equity	1,764,485
Profit (loss)	$ 68,356
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Chile Vias SpA
Consolidated companies, associates, and joint ventures
Activity	Investment vehicle
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 4,078,002
Liabilities	165
Equity	4,077,837
Profit (loss)	$ 324,149
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Costera Chile
Consolidated companies, associates, and joint ventures
Activity	Investment vehicle
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 609,354
Liabilities	815,968
Equity	(206,614)
Profit (loss)	$ (45,778)
Interconexion Electrica S.A. E.S.P. | ISA Inversiones Tolten
Consolidated companies, associates, and joint ventures
Activity	Investment vehicle
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 34
Equity	34
Profit (loss)	$ (2)
Interconexion Electrica S.A. E.S.P. | ISA Investimentos E Participacoes
Consolidated companies, associates, and joint ventures
Activity	Investment vehicle
Country/Domicile	Brazil
Ownership Interest	100.00%
Assets	$ 1,081,679
Liabilities	105
Equity	1,081,574
Profit (loss)	$ 59,341
Interconexion Electrica S.A. E.S.P. | ISA Peru
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Peru
Ownership Interest	99.98%
Assets	$ 1,005,540
Liabilities	821,725
Equity	183,815
Profit (loss)	$ 24,533
Interconexion Electrica S.A. E.S.P. | ISA REP
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Peru
Ownership Interest	60.00%
Assets	$ 1,960,767
Liabilities	1,507,293
Equity	453,474
Profit (loss)	$ 149,484
Interconexion Electrica S.A. E.S.P. | ISA Transelca
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Colombia
Ownership Interest	100.00%
Assets	$ 1,809,039
Liabilities	919,491
Equity	889,548
Profit (loss)	$ 107,111
Interconexion Electrica S.A. E.S.P. | Linear Systems RE
Consolidated companies, associates, and joint ventures
Activity	Other businesses
Country/Domicile	Bermudas
Ownership Interest	100.00%
Assets	$ 119,758
Liabilities	84,330
Equity	35,428
Profit (loss)	$ 3,689
Interconexion Electrica S.A. E.S.P. | Proyectos De Infraestructura Del Peru
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Peru
Ownership Interest	100.00%
Assets	$ 34,700
Liabilities	12,533
Equity	22,167
Profit (loss)	$ 9,706
Interconexion Electrica S.A. E.S.P. | Ruta Costera
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Colombia
Ownership Interest	100.00%
Assets	$ 2,601,976
Liabilities	2,431,341
Equity	170,635
Profit (loss)	$ (7,247)
Interconexion Electrica S.A. E.S.P. | Ruta De La Araucania
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 899,448
Liabilities	458,278
Equity	441,170
Profit (loss)	$ 42,486
Interconexion Electrica S.A. E.S.P. | Ruta De Los Rios
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	75.00%
Assets	$ 332,927
Liabilities	240,274
Equity	92,653
Profit (loss)	$ 25,029
Interconexion Electrica S.A. E.S.P. | Ruta del Bosque
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 29,924
Liabilities	4,082
Equity	25,842
Profit (loss)	$ (18,387)
Interconexion Electrica S.A. E.S.P. | Ruta del Loa
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 1,232,237
Liabilities	897,639
Equity	334,598
Profit (loss)	$ 35,711
Interconexion Electrica S.A. E.S.P. | Ruta del Maipo
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 8,148,692
Liabilities	5,428,644
Equity	2,720,048
Profit (loss)	$ 257,527
Interconexion Electrica S.A. E.S.P. | Ruta del Maule
Consolidated companies, associates, and joint ventures
Activity	Roads
Country/Domicile	Chile
Ownership Interest	100.00%
Assets	$ 8,674
Liabilities	2,803
Equity	5,871
Profit (loss)	$ 267
Interconexion Electrica S.A. E.S.P. | Sistemas Inteligentes en Red
Consolidated companies, associates, and joint ventures
Activity	Other businesses
Country/Domicile	Colombia
Ownership Interest	99.77%
Assets	$ 20,803
Liabilities	9,753
Equity	11,050
Profit (loss)	$ 1,850
Interconexion Electrica S.A. E.S.P. | XM
Consolidated companies, associates, and joint ventures
Activity	Electric power
Country/Domicile	Colombia
Ownership Interest	99.73%
Assets	$ 367,977
Liabilities	311,517
Equity	56,460
Profit (loss)	$ 10,706