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Risk management (Tables) | 12 Months Ended
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Dec. 31, 2023
Risk management |
Schedule of book values of financial assets and liabilities denominated in foreign currency | ​
​ | ​ | ​ | ​ | ​
(in USD$Million) |  | 2023 |  | 2022
Cash and cash equivalents |  | 554 |  | 615
Other financial assets |  | 1,188 |  | 955
Trade receivables and payables, net |  | (973) |  | (392)
Loans and borrowings |  | (18,470) |  | (16,113)
Other assets and liabilities, net |  | 268 |  | 202
Net liability position |  | (17,433) |  | (14,733)
Schedule of sensitivity analysis for exchange rate risk | The following is the effect of a change of 1% and 5% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​
Scenario / Variation in |  | Effect on income |  | Effect in other
the exchange rates | ​ | before taxes +/– | ​ | comprehensive income +/–
1% | ​ | 34,326 | ​ | 631,972
5% | ​ | 171,630 | ​ | 3,159,860
Schedule of non-derivative hedging instrument | ​
​ | ​ | ​ | ​ | ​
(US$Million) |  | 2023 |  | 2022
Hedging instrument at the beginning of the period |  | 5,572 |  | 4,972
Reassignment of hedging instruments |  | 970 |  | 1,879
Realization of exports |  | (970) |  | (1,879)
Designation of new coverage |  | 693 |  | 600
Hedging instrument at the end of the period |  | 6,265 |  | 5,572
Schedule of movement in the other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Opening balance |  | (2,473,999) |  | (945,250) |  | (136,473)
Exchange difference |  | 5,194,529 |  | (4,317,263) |  | (1,533,743)
Reclassification to profit or loss (Note 24) |  | 479,779 |  | 1,143,287 |  | 249,978
Ineffectiveness |  | 25,454 |  | 6,625 |  | 24,496
Deferred income tax (Note 10) |  | (2,624,019) |  | 1,638,602 |  | 450,492
Closing balance |  | 601,744 |  | (2,473,999) |  | (945,250)
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Opening balance |  | 9,354,071 |  | 4,366,336 |  | 1,494,926
Exchange difference |  | (8,973,471) |  | 7,526,124 |  | 4,579,758
Deferred income tax (Note 10) |  | 2,760,084 |  | (2,538,389) |  | (1,708,348)
Closing balance |  | 3,140,684 |  | 9,354,071 |  | 4,366,336
Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Year |  | Before taxes |  | Taxes |  | After taxes
2024 | ​ | (259,133) | ​ | 115,993 | ​ | (143,140)
2025 | ​ | (260,645) | ​ | 114,704 | ​ | (145,941)
2026 |  | (253,536) |  | 111,575 | ​ | (141,961)
2027 | ​ | (79,228) | ​ | 34,866 | ​ | (44,362)
2028 | ​ | (78,661) | ​ | 34,617 | ​ | (44,044)
2029 | ​ | (77,785) | ​ | 34,231 | ​ | (43,554)
2030 |  | (36,975) |  | 16,272 | ​ | (20,703)
2031 | ​ | (16,545) | ​ | 7,281 | ​ | (9,264)
2032 | ​ | (14,746) | ​ | 6,489 | ​ | (8,257)
2033 | ​ | (926) | ​ | 408 | ​ | (518)
​ |  | (1,078,180) | ​ | 476,436 | ​ | (601,744)
Schedule of analysis of age of financial assets that are past due but not impaired | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Less than 3 months overdue |  | 119,608 |  | 171,896
Between 3 and 6 months overdue |  | 56,615 |  | 67,985
More than 6 months overdue |  | 181,012 |  | 456,046
​ |  | 357,235 |  | 695,927
Schedule of leverage index over the periods reported | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
Loans and borrowings (Note 19) |  | 105,815,527 |  | 115,134,839 | ​
Cash and cash equivalents (Note 6) |  | (12,336,115) |  | (15,401,058) | ​
Other financial assets (Note 9) |  | (2,232,775) |  | (2,725,871) | ​
Net financial debt |  | 91,246,637 |  | 97,007,910 | ​
Equity (Note 23) |  | 100,252,480 |  | 113,903,089 | ​
Leverage (1) |  | 47.65 | % | 45.99 | %
(1)Net financial debt / (Net financial debt + Equity)
Schedule of financial instruments by type of interest rate | The following table provides information about the sensitivity of the Ecopetrol Business Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | Effect on Other
​ | ​ | Effect on profit or loss (+/–) | ​ | Comprehensive Income (+/–)
​ | ​ | Financial | ​ | Financial | ​ | ​
​ |  | Assets * |  | Liabilities |  | Plan Assets
+100 basis points |  | (57,834) | ​ | 1,250,938 | ​ | (479,513)
–100 basis points |  | 57,834 | ​ | (1,559,533) | ​ | 491,397
Schedule of how entity manages liquidity risk | The following is a summary of the maturity of financial liabilities as of December 31, 2023. The amounts disclosed in the table are the contractual undiscounted cash flows. The payments in foreign currency were restated taking a constant exchange rate of COP$3,822.05 per U.S. dollar:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 year |  | 1–5 years |  | 5–10 years |  | > 10 years |  | Total
Loans (payment of principal and interest) |  | 16,114,446 | ​ | 53,349,820 | ​ | 52,849,835 | ​ | 42,033,907 | ​ | 164,348,008
Trade and other payables |  | 18,891,434 | ​ | 30,663 | ​ | — | ​ | — | ​ | 18,922,097
​ |  | 35,005,880 | ​ | 53,380,483 | ​ | 52,849,835 | ​ | 42,033,907 | ​ | 183,270,105
Cash flow hedging |
Risk management |
Schedule of non-derivative hedging instrument | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Company |  | Derivative instrument |  | 2023 |  | 2022
Intervial Chile (1) |  | Cross currency swap |  | 44,134 |  | 77,229
Red de Energía del Perú |  | Cross currency swap |  | — |  | 48,195
Oleoducto Central S.A. |  | Non-delivery forward |  | 223,091 | ​ | (137,242)

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