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Loans and borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Loans and borrowings |
Schedule of composition of loans and borrowings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted average effective | ​ | ​ | ​ | ​
​ | ​ | interest rate as of December 31 | ​ | 2023 | ​ | 2022
​ |  | 2023 |  | 2022 |  | ​ |  | ​
Local currency | ​ |  | ​ |  | ​ |  | ​ |
Bonds |  | 12.4 | % | 9.8 | % | 5,172,256 |  | 4,965,653
Commercial and syndicated loan (1) |  | 12.9 | % | 11.5 | % | 4,323,198 |  | 2,171,462
Lease liabilities (2) | ​ | 8.9 | % | 8.0 | % | 922,536 | ​ | 844,734
​ |  | ​ | ​ | ​ | ​ | 10,417,990 |  | 7,981,849
Foreign currency |  |  |  |  |  |  |  |
Bonds (3) |  | 6.4 | % | 6.0 | % | 72,774,985 |  | 82,432,647
Commercial and syndicated loans |  | 7.2 | % | 4.6 | % | 21,478,503 |  | 23,537,675
Loans from related parties (Note 30) |  | 6.0 | % | 5.9 | % | 683,949 |  | 815,056
Lease liabilities (2) |  | 6.0 | % | 6.0 | % | 460,100 |  | 367,612
​ |  | ​ | ​ | ​ | ​ | 95,397,537 |  | 107,152,990
​ |  | ​ | ​ | ​ | ​ | 105,815,527 |  | 115,134,839
Current |  | ​ | ​ | ​ |  | 15,550,008 |  | 22,198,583
Non–current |  | ​ | ​ | ​ |  | 90,265,519 |  | 92,936,256
​ |  | ​ | ​ | ​ | ​ | 105,815,527 |  | 115,134,839
(1) | The variation corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. at Ecopetrol S.A. with an interest rate of IBR 6M+4.9% and maturity June 2028 for $400 USD million. Likewise, in September 2023, a long-term syndicated loan was disbursed with international banks for $800 USD million.
(2) | Corresponds to the present value of the payments to be made during the term of the operating lease contracts for oil pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 – Leases. See Note 15.
(3) | The reduction in the value of bonds in foreign currency is mainly due to the decrease in the exchange rate in $988.15 Colombian pesos per US dollar. The acquisitions made during the year mainly include international bond issues under the following conditions: i) January 2023 issue at 10 years for $2,000 USD million with a coupon rate of 8.88%, and ii) July 2023 issue at 5.5 years for $1,200 USD million with a coupon rate of 8.63% and reopening issue in January 2023 for $300 USD million.
Schedule of maturity of loans and borrowings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | year (1) | ​ | 1 – 5 years |  | 5-10 years |  | > 10 years |  | Total
Local currency |  |  |  |  |  |  |  |  |  |
Bonds |  | 580,737 | ​ | 1,330,184 | ​ | 1,411,988 | ​ | 1,849,347 | ​ | 5,172,256
Commercial and syndicated loan |  | 772,216 | ​ | 1,929,871 | ​ | 1,262,816 | ​ | 358,295 | ​ | 4,323,198
Lease liabilities | ​ | 245,673 | ​ | 452,320 | ​ | 223,372 | ​ | 1,171 | ​ | 922,536
​ |  | 1,598,626 | ​ | 3,712,375 | ​ | 2,898,176 | ​ | 2,208,813 | ​ | 10,417,990
Foreign currency |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Bonds |  | 4,147,341 | ​ | 28,047,668 | ​ | 24,479,647 | ​ | 16,100,329 | ​ | 72,774,985
Commercial and syndicated loans |  | 9,023,629 | ​ | 10,639,912 | ​ | 1,524,418 | ​ | 290,544 | ​ | 21,478,503
Loans from related parties |  | 683,949 | ​ | — | ​ | — | ​ | — | ​ | 683,949
Lease liabilities | ​ | 96,463 | ​ | 146,826 | ​ | 145,956 | ​ | 70,855 | ​ | 460,100
​ |  | 13,951,382 | ​ | 38,834,406 | ​ | 26,150,021 | ​ | 16,461,728 | ​ | 95,397,537
​ |  | 15,550,008 | ​ | 42,546,781 | ​ | 29,048,197 | ​ | 18,670,541 | ​ | 105,815,527
​ The following are the maturities of loans and borrowing as of December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | year (1) | ​ | 1 – 5 years |  | 5–10 years |  | > 10 years |  | Total
Local currency |  |  |  |  |  |  |  |  |  |
Bonds |  | 579,032 | ​ | 1,262,971 | ​ | 1,559,593 | ​ | 1,564,057 | ​ | 4,965,653
Commercial and syndicated loan |  | 565,886 | ​ | 824,188 | ​ | 631,100 | ​ | 150,288 | ​ | 2,171,462
Lease liabilities | ​ | 150,872 | ​ | 384,661 | ​ | 308,493 | ​ | 708 | ​ | 844,734
​ |  | 1,295,790 | ​ | 2,471,820 | ​ | 2,499,186 | ​ | 1,715,053 | ​ | 7,981,849
Foreign currency |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Bonds |  | 12,235,174 | ​ | 25,336,179 | ​ | 23,223,393 | ​ | 21,637,901 | ​ | 82,432,647
Commercial loans |  | 7,726,416 | ​ | 15,054,954 | ​ | 547,092 | ​ | 209,213 | ​ | 23,537,675
Loans from related parties | ​ | 815,056 | ​ | — | ​ | — | ​ | — | ​ | 815,056
Lease liabilities |  | 126,147 | ​ | 206,474 | ​ | 34,991 | ​ | — | ​ | 367,612
​ |  | 20,902,793 | ​ | 40,597,607 | ​ | 23,805,476 | ​ | 21,847,114 | ​ | 107,152,990
​ |  | 22,198,583 | ​ | 43,069,427 | ​ | 26,304,662 | ​ | 23,562,167 | ​ | 115,134,839
Schedule of Breakdown by type of interest rate and currency | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Local currency |  |  |  |
Fixed rate |  | 2,030,378 | ​ | 1,844,086
Floating rate |  | 8,387,612 | ​ | 6,137,763
​ |  | 10,417,990 | ​ | 7,981,849
Foreign currency |  | ​ | ​ | ​
Fixed rate |  | 70,956,700 | ​ | 82,850,932
Floating rate |  | 24,440,837 | ​ | 24,302,058
​ |  | 95,397,537 | ​ | 107,152,990
​ |  | 105,815,527 | ​ | 115,134,839

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