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Supplemental information on oil and gas producing activities (unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2023
Supplemental information on oil and gas producing activities (unaudited) |
Schedule of capitalized costs relating to oil and gas exploration and production activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Natural and environmental properties |  | 96,856,236 |  | 90,284,366 |  | 79,385,151
Wells, equipment, and facilities – property, plant, and equipment |  | 35,897,318 |  | 33,568,835 |  | 31,730,001
Exploration and production projects |  | 17,372,792 |  | 16,451,284 |  | 11,474,682
Accumulated depreciation, depletion, and amortization |  | (84,413,729) |  | (79,744,788) |  | (70,739,885)
Net capitalized cost |  | 65,712,617 |  | 60,559,697 |  | 51,849,949
Schedule of costs incurred in oil and gas exploration and developed activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Acquisition of proved properties (1) |  | 37,419 |  | 141,928 |  | —
Acquisition of unproved properties (2) |  | — |  | 339,394 |  | —
Exploration costs |  | 2,911,974 |  | 3,322,055 |  | 1,793,549
Development costs |  | 19,976,218 |  | 16,266,222 |  | 11,264,075
​ |  | 22,925,611 |  | 20,069,599 |  | 13,057,624
(1) | For 2023 and 2022, it corresponds to 49% of participation contract in Barnett, acquired by Ecopetrol Permian.
(2) | During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70% of participation in the assets, with a 30% of participation held by Ecopetrol Brasil.
Schedule of results of operations for oil and gas exploration and production activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Net revenues |  |  |  |  |  |
Sales |  | 66,258,193 |  | 71,223,307 |  | 50,631,272
Transfers |  | 15,256,723 |  | 19,797,158 |  | 12,617,680
​ |  | 81,514,916 |  | 91,020,465 |  | 63,248,952
Production costs (1) |  | 20,544,682 |  | 22,152,495 |  | 12,554,338
Depreciation, depletion, and amortization (2) |  | 8,531,483 |  | 7,138,902 |  | 6,623,891
Other production costs (3) |  | 22,751,720 |  | 20,741,550 |  | 21,156,904
Exploration expenses (4) |  | 2,088,922 |  | 1,512,385 |  | 960,247
Other expenses (5) |  | 7,508,085 |  | 5,399,726 |  | 3,090,128
​ |  | 61,424,892 |  | 56,945,058 |  | 44,385,508
Income before income tax expense |  | 20,090,024 |  | 34,075,407 |  | 18,863,444
Income tax expense |  | (9,250,450) |  | (13,026,271) |  | (5,652,743)
Results of operations for exploration and production activities |  | 10,839,574 |  | 21,049,136 |  | 13,210,701
(1) | Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2023, 2022 and 2021 of $477,511, $333,683, and $292,329, respectively.
(2) | In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2023, 2022 and 2021 in depreciation, depletion, and amortization, were $438,675, $768,466, and $887,725, respectively.
(3) | Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost.
(4) | Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells.
(5) | Corresponds to administration, marketing expenses, and impairment.
Schedule of information relates to the net proven reserves owned by the Ecopetrol Business Group | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | Oil | ​ | Gas | ​ | Total | ​ | Oil | ​ | Gas | ​ | Total | ​ | Oil | ​ | Gas | ​ | Total
​ |  | (Mbls) |  | (Gpc) |  | (Mbe) |  | (Mbls) |  | (Gpc) |  | (Mbe) |  | (Mbls) |  | (Gpc) |  | (Mbe)
Proved reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance |  | 1,515 |  | 2,828 |  | 2,011 |  | 1,449 |  | 3,151 |  | 2,002 |  | 1,257 |  | 2,921 |  | 1,770
Revisions of previous estimates (1) |  | 38 |  | (165) |  | 9 |  | 81 |  | (104) |  | 63 |  | 240 |  | 431 |  | 315
Improved recovery |  | 91 |  | 9 |  | 93 |  | 77 |  | 21 |  | 81 |  | 120 |  | 107 |  | 139
Purchases |  | — |  | — |  | — |  | 39 |  | 50 |  | 48 |  | — |  | — |  | —
Extensions and discoveries |  | 17 |  | — |  | 17 |  | 52 |  | 33 |  | 57 |  | 12 |  | — |  | 12
Sales | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (3) | ​ | (4) | ​ | (3)
Production |  | (190) |  | (326) |  | (247) |  | (183) |  | (323) |  | (240) |  | (177) |  | (304) |  | (231)
Closing balance |  | 1,471 |  | 2,346 |  | 1,883 |  | 1,515 |  | 2,828 |  | 2,011 |  | 1,449 |  | 3,151 |  | 2,002
Proved developed reserves: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Opening balance |  | 995 |  | 2,174 |  | 1,376 |  | 921 |  | 2,561 |  | 1,370 |  | 834 |  | 2,636 |  | 1,297
Closing balance |  | 1,083 |  | 2,007 |  | 1,435 |  | 995 |  | 2,174 |  | 1,376 |  | 921 |  | 2,561 |  | 1,370
Proved undeveloped reserves: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Opening balance |  | 520 |  | 654 |  | 635 |  | 528 |  | 590 |  | 632 |  | 423 |  | 285 |  | 473
Closing balance |  | 388 |  | 339 |  | 448 |  | 520 |  | 654 |  | 635 |  | 528 |  | 590 |  | 632
Some values were rounded for presentation purposes. Mbls = Million barrels Gpc: Giga cubic feet Mbe = Million barrels of oil equivalent
(1) | Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors.
Schedule of standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Future cash inflows |  | 425,761,732 |  | 685,716,359 |  | 401,980,640
Future costs |  | ​ |  | ​ |  | ​
Production (1) |  | (158,870,388) |  | (182,522,131) |  | (129,109,036)
Development |  | (40,675,517) |  | (58,332,264) |  | (38,451,863)
Income taxes |  | (80,373,445) |  | (201,912,509) |  | (69,053,224)
Future net cash flow |  | 145,842,382 |  | 242,949,455 |  | 165,366,517
10% discount factor |  | (49,557,596) |  | (86,340,334) |  | (57,009,654)
Standardized measure of discounted net cash flows |  | 96,284,786 |  | 156,609,121 |  | 108,356,863
(1) | Production future costs include the estimated costs related to assets retirement obligations in the amount of $22,615,261; $23,234,408; and $17,364,520, as of December 31, 2023, 2022, and 2021, respectively.
Schedule of principal sources of change in the standardized measure of discounted net cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Net change in sales and transfer prices and in production cost (lifting) related to future production |  | (123,240,049) |  | 158,798,134 |  | 110,224,660
Changes in estimated future development costs |  | (10,624,343) |  | (52,166,780) |  | (22,011,659)
Sales and transfer of oil and gas produced net of production costs |  | (60,970,234) |  | (68,867,970) |  | (50,694,613)
Net change due to extensions, discoveries, and improved recovery |  | 6,173,144 |  | 9,993,781 |  | 6,741,068
Net change due to purchase and sales of minerals in place |  | — |  | 1,767,856 |  | (13,419)
Net change due to revisions in quantity estimates |  | 967,150 |  | 10,807,453 |  | 32,923,680
Previously estimated development costs incurred during the period |  | 34,815,000 |  | 69,458,458 |  | 32,941,335
Accretion of discount |  | 28,676,517 |  | 15,360,418 |  | 10,468,951
Timing and other |  | (13,215,214) |  | (11,990,359) |  | (16,636,925)
Net change in income taxes |  | 77,093,694 |  | (84,908,732) |  | (36,016,420)
Aggregate change in the standardized measure of discounted future net cash flows for the year |  | (60,324,335) |  | 48,252,259 |  | 67,926,658
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