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Risk management (Tables)

12 Months Ended

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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