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Consolidated statement of cash flows - COP ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flow in operating activities:      
Net profit for the year $ 25,383,071 $ 35,199,480 $ 17,630,554
Adjustments to reconcile the net profit to net cash provided by operating activities:      
Income tax expense 11,515,875 18,963,938 8,795,263
Depreciation, depletion, and amortization 13,812,387 12,128,991 10,159,922
(Gain) loss foreign exchange (2,397,712) 124,650 31,726
Realization of other comprehensive income from the sale of a joint venture 0 0 (361,728)
Finance cost of loans and borrowings 6,923,831 5,517,417 3,095,224
Finance cost of post-employment benefits and abandonment costs 2,196,936 2,003,687 1,043,728
Write off of exploratory assets and dry wells 1,472,397 1,032,164 486,408
Loss on disposal of non-current assets (143,424) 379,985 61,846
Impairment loss of non-current assets 2,098,333 287,999 33,351
Impairment loss of current assets 95,902 101,871 83,773
Gain on fair value adjustment of financial assets (245,081) (77,082) (7,431)
Loss (gain) on hedging transactions with derivatives 2,180 (553) 19,485
Share of profit of associates and joint ventures (805,349) (768,422) (426,164)
Net gain on the sale of assets held for sale 19,799 (279,635) (3,840)
Hedge ineffectiveness 25,454 6,625 24,496
Realized loss on foreign exchange cash flow hedges 479,779 1,143,287 249,978
Movements in provisions 853,365 715,831 714,839
Net change in operational assets and liabilities:      
Trade and other receivables (22,166,387) (28,471,881) (9,457,451)
Inventories 808,127 (2,831,729) (2,980,134)
Trade and other payables 507,579 3,690,068 3,117,982
Tax assets and liabilities (5,854,882) (3,100,744) (2,448,882)
Provisions for employee benefits (177,960) (355,645) (222,356)
Provisions and contingencies (1,169,603) (1,004,167) (878,576)
Other assets and liabilities (601,662) 589,729 (523,090)
Cash flows from operations 32,632,955 44,995,864 28,238,923
Income tax paid (12,832,403) (8,761,294) (5,702,902)
Net cash provided by operating activities 19,800,552 36,234,570 22,536,021
Cash flow in investing activities:      
Investment in joint ventures (853) (329,377) (44,735)
Acquisition of subsidiaries, net of acquired cash 0 0 (8,951,587)
Investment in property, plant, and equipment (9,349,885) (8,767,716) (6,117,588)
Investment in natural and environmental resources (13,964,435) (11,962,544) (6,733,028)
Acquisitions of intangibles (776,596) (1,147,510) (444,346)
Proceeds from sales of other financial assets 976,467 1,301,394 1,282,903
Interests received 1,884,445 965,952 266,116
Dividends received 482,124 1,471,134 206,048
Proceeds from sales of non-current assets 728,995 373,634 17,986
Net cash used in investment activities (20,019,738) (18,095,033) (20,518,231)
Cash flow in financing activities:      
Proceeds from borrowings 34,035,090 16,844,029 24,666,792
Repayment of borrowings (21,659,669) (16,409,494) (11,267,540)
Interest payments (6,580,746) (5,492,251) (3,333,555)
Lease payments (533,640) (434,555) (336,030)
Payment of restitution of equity to minority shareholders (44,768) (84,824) 0
Dividends paid (5,570,876) (13,356,947) (2,771,287)
Net cash (used) provided in financing activities (354,609) (18,934,042) 6,958,380
Exchange difference in cash and cash equivalents (2,491,148) 1,645,657 491,428
Net (decrease) increase in cash and cash equivalents (3,064,943) 851,152 9,467,598
Cash and cash equivalents at the beginning of the year 15,401,058 14,549,906 5,082,308
Cash and cash equivalent at the end of the year $ 12,336,115 $ 15,401,058 $ 14,549,906