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Supplemental information on oil and gas producing activities (unaudited) (Tables)

12 Months Ended

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