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Equity | 12 Months Ended
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Dec. 31, 2023
Equity |
Equity | 23.Equity
23.1 | Subscribed and paid–in capital
Ecopetrol’s authorized capital amounts to $36,540,000, and is comprised of 60,000,000,000 ordinary shares, of which 41,116,694,690 are outstanding, and 11.51% (4,731,906,273 shares) are held privately and 88.49% (36,384,788,417 shares) are held by the Colombian Government. The value of the reserve shares amounts to $11,499,933 comprised of 18,883,305,310 shares. As of December 31, 2023, and 2022, subscribed and paid–in capital amounts to COP$25,040,067. There are no potentially dilutive shares. 23.2 Additional paid–in capital Additional paid–in capital mainly corresponds to: (i) share premium from the Ecopetrol Business Group’s capitalization in 2007, for $4,457,997, (ii) share premium from the sale of shares awarded in the second capitalization, which took place in September 2011, of $2,118,468, iii) a $31,377 share premium from the placement of shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid–in capital receivables for ($143). 23.3 Equity reserves The following is the composition of the Ecopetrol Business Group’s reserves as of December 31, 2023, and 2022: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Legal reserve |  | 9,747,885 | ​ | 6,407,256
Fiscal and statutory reserves |  | 509,082 | ​ | 509,082
Occasional reserves |  | 7,665,758 | ​ | 1,982,295
​ |  | 17,922,725 | ​ | 8,898,633
​ The General Shareholders’ Meeting of Ecopetrol S.A., held on March 31, 2023, approved the 2022 profit distribution project and the establishment of a reserve for $7,665,758, to support the financial sustainability of the Company and flexibility in the development of your strategy. The movement of equity reserves is the following for the years ended December 31, 2023, and 2022: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Opening balance |  | 8,898,633 |  | 10,624,229
Release of reserves |  | (2,491,377) |  | (5,886,441)
Allocation to reserves |  | 11,515,469 |  | 11,068,450
Dividends declared | ​ | — | ​ | (6,907,605)
Closing balance |  | 17,922,725 |  | 8,898,633
​ 23.4 Retained earnings and dividends Ecopetrol Business Group distributes dividends based on its 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 $24,382,199 (distribution during 2022: $11,512,675). The payment of dividends to minority shareholders was made in three equal installments in April, September, and December 2023. On the other hand, for the majority shareholder, the respective compensation of the dividend has been made against the balance of the account receivable of the Stabilization Fund of Fuel Prices (FEPC) for $21,576,179 (2022: $6,788,385). As of December 31, 2023, the Company has paid cash dividends amounting to $5,570,876 (2022: 13,356,947). Dividends were paid as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Ecopetrol S.A. |  | 2,747,231 |  | 11,622,778 |  | 696,387
Interconexión Eléctrica S.A. ESP |  | 1,506,799 |  | 572,260 |  | 790,532
Oleoducto Central S.A. - Ocensa |  | 809,302 |  | 752,530 |  | 682,615
Invercolsa S.A. |  | 254,464 |  | 179,202 |  | 150,333
Oleoducto de los Llanos Orientales S.A. - ODL |  | 171,290 |  | 138,939 |  | 147,056
Oleoducto de Colombia S.A. - ODC |  | 81,790 |  | 91,238 |  | 86,594
Oleoducto Bicentenario de Colombia S.A.S. - OBC |  | — |  | — |  | 217,770
Total |  | 5,570,876 |  | 13,356,947 |  | 2,771,287
​ 23.5 Other comprehensive income attributable to owners of parent The following is the composition of the other comprehensive income attributable to the shareholders of the parent, Ecopetrol, net of tax: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Foreign currency translation |  | 15,055,305 | ​ | 28,816,983 | ​ | 17,244,255
Hedge of a net investment in a foreign operation |  | (3,165,320) | ​ | (9,219,271) | ​ | (4,364,466)
Actuarial gain on defined benefit plans |  | (3,942,417) | ​ | (1,331,361) | ​ | (517,278)
Cash flow hedges for future exports | ​ | 601,744 | ​ | (2,473,999) | ​ | (945,250)
Cash flow hedge with derivative instruments |  | 124,384 | ​ | 1,290 | ​ | (61,502)
Others |  | 952 | ​ | 3,077 | ​ | 2,135
​ |  | 8,674,648 | ​ | 15,796,719 | ​ | 11,357,894
​ ​ 23.6 Earnings per share ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Profit attributable to Ecopetrol’s shareholders | ​ |  | 21,060,798 | ​ |  | 31,604,781 | ​ |  | 15,649,143
Weighted average number of outstanding shares | ​ |  | 41,116,694,690 | ​ |  | 41,116,694,690 | ​ |  | 41,116,694,690
Net basic earnings per share (Colombian pesos) | ​ | COP$ | 512.2 | ​ | COP$ | 768.7 | ​ | COP$ | 380.6
​

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