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Table of Contents

Exhibit 99.1

ECOPETROL S.A.

Unaudited interim condensed consolidated
financial statements

​

June 30, 2024

​

​

​

​

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

​

Index

​

Interim condensed consolidated statement of financial position | 4
| ​
Interim condensed consolidated statement of profit or loss | 5
| ​
Interim condensed consolidated statement of comprehensive income | 6
| ​
Interim condensed consolidated statement of changes in equity | 7
| ​
Interim condensed consolidated statement of cash flows | 8
​ | ​ | ​
1. | Reporting entity | 9
|  | ​
2. | Basis of presentation | 9
|  | ​
3. | Significant accounting judgments and estimates | 10
|  | ​
4. | Accounting policies | 10
|  | ​
5. | New standards | 10
|  | ​
6. | Cash and cash equivalents | 12
|  | ​
7. | Trade and other receivables | 13
|  | ​
8. | Inventories | 14
|  | ​
9. | Other financial assets | 14
|  | ​
10. | Taxes | 15
|  | ​
11. | Other assets | 16
|  | ​
12. | Investments in associates and joint ventures | 17
|  | ​
13. | Property, plant, and equipment | 18
|  | ​
14. | Natural and environmental resources | 19
|  | ​
15. | Right-of-use assets | 20
|  | ​
16. | Intangible assets | 20
|  | ​
17. | Impairment of non-current assets | 21

​

2

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

​

18. | Goodwill | 21
|  | ​
19. | Loans and borrowings | 21
|  | ​
20. | Trade and other payables | 23
​ |  | ​
21. | Provisions for employees’ benefits | 24
​ |  | ​
22. | Accrued liabilities and provisions | 24
​ |  | ​
23. | Equity | 26
​ |  | ​
24. | Revenue from contracts with customers | 29
​ |  | ​
25. | Cost of sales | 30
​ |  | ​
26. | Administrative, operation and project expenses | 31
​ |  | ​
27. | Other operating (expense) income | 31
​ |  | ​
28. | Financial results | 32
​ |  | ​
29. | Risk management | 32
​ |  | ​
30. | Related parties | 38
​ |  | ​
31. | Segments information | 40
​ | ​ | ​
32. | Relevant events (unaudited) | 44
​ | ​ | ​
Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited) | 45
| ​
Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P. | 49

​

​

​

​

3

Table of Contents

​

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of financial position

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | June 30, | ​ | December 31,
​ |  | Note |  | 2024 |  | 2023
​ |  |  |  | (Unaudited) |  |
Current Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | 6 |  | 13,236,875 | ​ | 12,336,115
Trade and other receivables |  | 7 |  | 24,141,135 | ​ | 33,310,642
Inventories |  | 8 |  | 11,368,526 | ​ | 10,202,448
Other financial assets |  | 9 |  | 2,112,720 | ​ | 1,860,928
Tax assets |  | ​ |  | 7,893,114 | ​ | 8,111,079
Other assets |  | 11 |  | 3,210,123 | ​ | 2,769,029
​ |  | ​ |  | 61,962,493 | ​ | 68,590,241
Assets held for sale |  | ​ |  | 135,735 | ​ | 24,865
Total current assets |  | ​ |  | 62,098,228 | ​ | 68,615,106
Non–current assets |  | ​ |  |  |  |
Trade and other receivables | ​ | 7 | ​ | 30,289,298 | ​ | 29,781,088
Other financial assets |  | 9 |  | 633,948 | ​ | 371,847
Investments in associates and joint ventures |  | 12 |  | 8,583,051 | ​ | 8,418,632
Property, plant, and equipment |  | 13 |  | 99,137,894 | ​ | 95,171,302
Natural and environmental resources |  | 14 |  | 46,744,552 | ​ | 45,216,133
Right-of-use-assets | ​ | 15 | ​ | 760,598 | ​ | 841,636
Intangibles |  | 16 |  | 15,648,114 | ​ | 14,714,809
Tax assets |  | ​ |  | 12,867,186 | ​ | 10,530,057
Goodwill |  | 18 |  | 5,012,754 | ​ | 4,846,667
Other assets |  | 11 |  | 1,709,143 | ​ | 1,633,813
Total non–current assets |  | ​ |  | 221,386,538 | ​ | 211,525,984
Total assets |  | ​ |  | 283,484,766 | ​ | 280,141,090
Liabilities |  | ​ |  | ​ | ​ | ​
Current liabilities |  | ​ |  | ​ | ​ | ​
Loans and borrowings |  | 19 |  | 16,039,201 | ​ | 15,550,008
Trade and other payables |  | 20 |  | 18,726,013 | ​ | 18,891,434
Provisions for employee benefits |  | 21 |  | 2,859,345 | ​ | 3,059,204
Tax liabilities |  | ​ |  | 1,450,519 | ​ | 2,869,225
Accrued liabilities and provisions |  | 22 |  | 1,246,455 | ​ | 1,595,249
Other liabilities |  | ​ |  | 1,538,925 | ​ | 1,599,443
Total current liabilities |  | ​ |  | 41,860,458 | ​ | 43,564,563
Non–current liabilities |  | ​ |  | ​ |  | ​
Loans and borrowings |  | 19 |  | 98,980,365 | ​ | 90,265,519
Trade and other payables |  | 20 |  | 14,654 | ​ | 27,280
Provisions for employee benefits |  | 21 |  | 15,702,058 | ​ | 15,213,509
Tax liabilities | ​ | ​ | ​ | 13,904,051 | ​ | 13,567,513
Accrued liabilities and provisions |  | 22 |  | 15,172,220 | ​ | 14,547,391
Other liabilities |  | ​ |  | 2,614,541 | ​ | 2,702,835
Total non–current liabilities |  | ​ |  | 146,387,889 | ​ | 136,324,047
Total liabilities |  | ​ |  | 188,248,347 | ​ | 179,888,610
Equity |  | ​ |  | ​ |  | ​
Subscribed and paid in capital |  | 23.1 |  | 25,040,067 | ​ | 25,040,067
Additional paid-in capital |  | 23.2 |  | 6,607,699 | ​ | 6,607,699
Reserves |  | 23.3 |  | 24,156,407 | ​ | 17,922,725
Other comprehensive income |  | 23.5 |  | 9,422,910 | ​ | 8,674,648
Retained earnings |  |  |  | 5,041,746 | ​ | 17,461,488
Equity attributable to the Company’s shareholders |  |  |  | 70,268,829 | ​ | 75,706,627
Non–controlling interest |  |  |  | 24,967,590 | ​ | 24,545,853
Total equity |  |  |  | 95,236,419 | ​ | 100,252,480
Total liabilities and equity |  |  |  | 283,484,766 | ​ | 280,141,090

​

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

​

4

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos, except for the earnings per share, expressed in Colombian pesos)

Interim condensed consolidated statement of profit or loss

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Six-month period ended
​ | ​ | ​ | ​ | June 30,
​ |  | Note |  | 2024 |  | 2023
​ | ​ | ​ | ​ | (Unaudited)
Revenue from contracts with customers | ​ | 24 | ​ | 63,929,546 | ​ | 73,222,324
Cost of sales |  | 25 |  | (39,643,519) |  | (44,265,231)
Gross profit |  |  |  | 24,286,027 |  | 28,957,093
​ | ​ | ​ | ​ | ​ | ​ | ​
Administration expenses |  | 26 |  | (2,127,659) |  | (2,236,642)
Operation and project expenses |  | 26 |  | (2,615,763) |  | (2,199,293)
Recovery (impairment) of non-current assets |  | ​ |  | (8,238) |  | (6,558)
Other operating expenses |  | 27 |  | (196,681) |  | (226,718)
Operating income |  |  |  | 19,337,686 |  | 24,287,882
Financial results |  | 28 |  | ​ |  | ​
Financial income |  |  |  | 852,278 |  | 1,349,483
Financial expenses |  |  |  | (4,989,720) |  | (5,446,231)
Foreign exchange (loss) gain |  |  |  | 45,267 |  | 547,244
​ |  |  |  | (4,092,175) |  | (3,549,504)
​ | ​ | ​ | ​ | ​ | ​ | ​
Share of profits of associates and joint ventures |  | 12 |  | 386,291 |  | 497,135
Profit before income tax expense |  |  |  | 15,631,802 |  | 21,235,513
​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense |  | 10 |  | (6,914,028) |  | (6,763,926)
Net profit for the period |  |  |  | 8,717,774 |  | 14,471,587
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit attributable to: |  |  |  | ​ |  | ​
Owners of parent |  |  |  | 6,642,349 |  | 11,931,149
Non–controlling interest |  |  |  | 2,075,425 |  | 2,540,438
​ |  |  |  | 8,717,774 |  | 14,471,587
Basic and diluted earnings per share (Colombian pesos) |  | ​ |  | 161.5 |  | 290.2

​

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

​

​

​

5

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of comprehensive income

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Six-month period ended
​ | ​ | ​ | ​ | June 30,
​ |  | Note |  | 2024 |  | 2023
​ | ​ | ​ | ​ | (Unaudited)
Net profit for the period | ​ | ​ | ​ | 8,717,774 | ​ | 14,471,587
Other comprehensive income: |  |  |  |  |  |
Items that may be reclassified subsequently to profit or loss (net of tax): |  |  |  |  |  |
Unrealized (loss) gain on hedges: |  |  |  |  |  |
Cash flow hedge for future exports |  | ​ |  | (1,147,286) | ​ | 2,225,284
Hedge of a net investment in a foreign operation |  | ​ |  | (2,189,271) | ​ | 3,805,279
Cash flow hedge with derivative instruments |  | ​ |  | (23,078) | ​ | 101,161
Financial instruments measured at fair value | ​ | ​ | ​ | (453) | ​ | (1,761)
Foreign currency translation |  | ​ |  | 4,243,200 | ​ | (10,710,769)
​ |  | ​ |  | 883,112 | ​ | (4,580,806)
Items that will not be reclassified subsequently to profit or loss (net of tax): |  | ​ |  |  |  |
Actuarial (loss) gain |  | ​ |  | (190,091) | ​ | 821,773
​ |  | ​ |  | (190,091) | ​ | 821,773
Other comprehensive income, net of tax |  | ​ |  | 693,021 | ​ | (3,759,033)
Total comprehensive income, net of tax |  | ​ |  | 9,410,795 | ​ | 10,712,554
​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income attributable to: |  | ​ |  | ​ | ​ | ​
Owners of the parent |  | ​ |  | 7,376,861 | ​ | 10,072,229
Non–controlling interest |  | ​ |  | 2,033,934 | ​ | 640,325
​ |  | ​ |  | 9,410,795 | ​ | 10,712,554

​

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

​

​

6

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of changes in equity

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Equity | ​ | ​ | ​ | ​
​ | ​ | ​ |  | Subscribed |  | Additional |  | ​ |  | Other |  | ​ |  | attributable to |  | Non– |  | ​
​ | ​ | ​ |  | and paid–in |  | paid–in | ​ | ​ |  | comprehensive |  | Retained | ​ | Company’s |  | controlling |  | Total
​ |  | Note |  | capital |  | capital |  | Reserves |  | income |  | earnings |  | shareholders |  | interest |  | Equity
Balance as of December 31, 2023 |  | ​ |  | 25,040,067 | ​ | 6,607,699 | ​ | 17,922,725 | ​ | 8,674,648 |  | 17,461,488 | ​ | 75,706,627 | ​ | 24,545,853 | ​ | 100,252,480
Net income |  |  |  | — | ​ | — | ​ | — | ​ | — |  | 6,642,349 | ​ | 6,642,349 | ​ | 2,075,425 | ​ | 8,717,774
Release of reserves | ​ | 23.3 | ​ | — | ​ | — | ​ | (8,174,839) | ​ | — | ​ | 8,174,839 | ​ | — | ​ | — | ​ | —
Dividends declared |  | 23.4 |  | — | ​ | — | ​ | — | ​ | — |  | (12,828,409) | ​ | (12,828,409) | ​ | (1,567,781) | ​ | (14,396,190)
Capital restitution |  | ​ |  | — | ​ | — | ​ | — | ​ | — |  | — | ​ | — | ​ | (30,666) | ​ | (30,666)
Appropriation of reserves |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Legal | ​ | 23.3 | ​ | — | ​ | — | ​ | 1,906,209 | ​ | — | ​ | (1,906,209) | ​ | — | ​ | — | ​ | —
Fiscal and statutory | ​ | 23.3 | ​ | — | ​ | — | ​ | 509,082 | ​ | — | ​ | (509,082) | ​ | — | ​ | — | ​ | —
Occasional | ​ | 23.3 | ​ | — | ​ | — | ​ | 11,993,230 | ​ | — | ​ | (11,993,230) | ​ | — | ​ | — | ​ | —
(Loss) gain on hedging instruments: |  |  |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedge for future exports |  |  |  | — | ​ | — | ​ | — | ​ | (1,151,252) |  | — | ​ | (1,151,252) | ​ | 3,966 | ​ | (1,147,286)
Hedge of a net investment in a foreign operation |  |  |  | — | ​ | — | ​ | — | ​ | (2,135,824) |  | — | ​ | (2,135,824) | ​ | (53,447) | ​ | (2,189,271)
Cash flow hedge with derivative instruments |  |  |  | — | ​ | — | ​ | — | ​ | (43,026) |  | — | ​ | (43,026) | ​ | 19,948 | ​ | (23,078)
Financial instruments measured at fair value | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | (235) | ​ | — | ​ | (235) | ​ | (218) | ​ | (453)
Foreign currency translation |  |  |  | — | ​ | — | ​ | — | ​ | 4,220,633 |  | — | ​ | 4,220,633 | ​ | 22,567 | ​ | 4,243,200
Actuarial loss |  |  |  | — | ​ | — | ​ | — | ​ | (142,034) |  | — | ​ | (142,034) | ​ | (48,057) | ​ | (190,091)
Balance as of June 30, 2024 (Unaudited) |  |  |  | 25,040,067 | ​ | 6,607,699 | ​ | 24,156,407 | ​ | 9,422,910 |  | 5,041,746 | ​ | 70,268,829 | ​ | 24,967,590 | ​ | 95,236,419
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of December 31, 2022 | ​ | ​ | ​ | 25,040,067 | ​ | 6,607,699 | ​ | 8,898,633 | ​ | 15,796,719 |  | 29,811,809 | ​ | 86,154,927 | ​ | 27,748,162 | ​ | 113,903,089
Net income | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | — |  | 11,931,149 | ​ | 11,931,149 | ​ | 2,540,438 | ​ | 14,471,587
Release of reserves |  |  |  | — | ​ | — | ​ | (2,491,377) | ​ | — | ​ | 2,491,377 | ​ | — | ​ | — | ​ | —
Dividends declared | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (24,382,200) | ​ | (24,382,200) | ​ | (1,967,009) | ​ | (26,349,209)
Restitution of capital and reserves | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (24,070) | ​ | (24,070)
Appropriation of reserves | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Legal | ​ | ​ | ​ | — | ​ | — | ​ | 3,340,629 | ​ | — | ​ | (3,340,629) | ​ | — | ​ | — | ​ | —
Fiscal and statutory | ​ | ​ | ​ | — | ​ | — | ​ | 509,082 | ​ | — | ​ | (509,082) | ​ | — | ​ | — | ​ | —
Occasional | ​ | ​ | ​ | — | ​ | — | ​ | 7,665,758 | ​ | — | ​ | (7,665,758) | ​ | — | ​ | — | ​ | —
Gains (loss) on hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedge for future exports | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | 2,232,555 | ​ | — | ​ | 2,232,555 | ​ | (7,271) | ​ | 2,225,284
Hedge of a net investment in a foreign operation | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | 3,706,040 | ​ | — | ​ | 3,706,040 | ​ | 99,239 | ​ | 3,805,279
Cash flow hedge with derivative instruments | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | 71,395 | ​ | — | ​ | 71,395 | ​ | 29,766 | ​ | 101,161
Financial instruments measured at fair value | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | (1,761) | ​ | — | ​ | (1,761) | ​ | — | ​ | (1,761)
Foreign currency translation | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | (8,747,429) | ​ | — | ​ | (8,747,429) | ​ | (1,963,340) | ​ | (10,710,769)
Actuarial gain (loss) | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | 830,119 | ​ | — | ​ | 830,119 | ​ | (8,346) | ​ | 821,773
Balance as of June 30, 2023 (Unaudited) | ​ | ​ | ​ | 25,040,067 | ​ | 6,607,699 | ​ | 17,922,725 | ​ | 13,887,638 | ​ | 8,336,666 | ​ | 71,794,795 | ​ | 26,447,569 | ​ | 98,242,364

​

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

​

​

7

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Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of cash flows

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Six-month period ended
​ | ​ | ​ | ​ | June 30,
​ |  | Note |  | 2024 |  | 2023
​ | ​ | ​ | ​ | (Unaudited)
Cash flows in operating activities: |  |  |  |  |  |
Net profit for the period |  |  |  | 8,717,774 | ​ | 14,471,587
Adjustments to reconcile net profit to net cash provided by operating activities: |  |  |  | ​ | ​ | ​
Income taxes |  | 10 |  | 6,914,028 | ​ | 6,763,926
Depreciation, depletion, and amortization |  | 13-14-15-16 |  | 7,286,500 | ​ | 6,524,299
Foreign exchange gain |  | 28 |  | (45,267) | ​ | (547,244)
Finance cost of loans and borrowings |  | 28 |  | 3,496,572 | ​ | 3,428,301
Finance cost of post–employment benefits and abandonment costs |  | 28 |  | 1,264,839 | ​ | 1,226,402
Disposal of exploratory assets and dry wells |  | 14 |  | 604,922 | ​ | 265,192
Loss on sale or disposal of non-current assets |  | ​ |  | 15,516 | ​ | 21,915
Impairment of non-current assets |  | ​ |  | 8,238 | ​ | 6,558
Impairment of current assets | ​ | 27 | ​ | 40,507 | ​ | 53,051
Gain on fair value of financial assets |  | ​ |  | (47,186) | ​ | (115,362)
(Gain) loss on hedging transactions with derivatives |  | ​ |  | (758) | ​ | 9
Share of profit of associates and joint ventures |  | 12 |  | (386,291) | ​ | (497,135)
Loss on disposal of assets held for sale | ​ | ​ | ​ | 15,830 | ​ | 13,028
(Gain) loss on hedge ineffectiveness |  | 29.3 |  | (2,330) | ​ | 4,748
Realized (gain) loss on foreign exchange cash flow hedges |  | 24 |  | (40,114) | ​ | 656,746
Provision expenses | ​ | 22 | ​ | 240,627 | ​ | 240,912
​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in operational assets and liabilities: |  | ​ |  | ​ | ​ | ​
Trade and other receivables |  | ​ |  | 7,246,588 | ​ | (15,873,508)
Inventories |  | ​ |  | (732,407) | ​ | 1,089,937
Trade and other payables |  | ​ |  | (2,512,203) | ​ | (990,863)
Current tax assets and liabilities |  | ​ |  | (282,981) | ​ | (1,977,440)
Provisions for employee benefits |  | ​ |  | (489,536) | ​ | (479,989)
Provisions and contingencies |  | ​ |  | (387,013) | ​ | (722,128)
Other assets and liabilities |  | ​ |  | (652,230) | ​ | (1,705,128)
​ | ​ | ​ | ​ | 30,273,625 | ​ | 11,857,814
Income tax paid | ​ | ​ | ​ | (7,189,820) | ​ | (6,648,898)
Net cash provided by operating activities |  | ​ |  | 23,083,805 | ​ | 5,208,916
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow in investing activities: |  | ​ |  | ​ | ​ | ​
Investment in joint ventures |  | 12 |  | (11,601) | ​ | —
Investment in property, plant, and equipment | ​ | 13 | ​ | (3,739,461) | ​ | (3,550,126)
Investment in natural and environmental resources |  | 14 |  | (4,772,588) | ​ | (6,737,974)
Acquisitions of intangibles |  | 16 |  | (389,225) | ​ | (420,215)
Proceeds from the sale of other financial assets |  | ​ |  | (685,011) | ​ | 1,236,650
Interests received |  | 28 |  | 782,821 | ​ | 1,012,873
Dividends received |  | ​ |  | 213,046 | ​ | 185,737
Proceeds from sales of non-current assets |  | ​ |  | 67,756 | ​ | 30,708
Net cash used in investment activities |  | ​ |  | (8,534,263) | ​ | (8,242,347)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow in financing activities: | ​ | ​ | ​ | ​ | ​ | ​
Proceeds obtained from loans and borrowings | ​ | 19.1 | ​ | 10,425,923 | ​ | 15,654,833
Payments of loans and borrowings | ​ | 19.1 | ​ | (8,486,656) | ​ | (9,976,744)
Interest payments | ​ | 19.1 | ​ | (3,571,554) | ​ | (3,195,743)
Lease payments (principal and interests) | ​ | 15 | ​ | (282,015) | ​ | (261,388)
Capital restitution | ​ | ​ | ​ | (15,333) | ​ | (12,035)
Dividends paid | ​ | 23.4 | ​ | (12,192,292) | ​ | (2,560,568)
Net cash used in financing activities | ​ | ​ | ​ | (14,121,927) | ​ | (351,645)
Exchange difference in cash and cash equivalents |  | ​ |  | 473,145 | ​ | (691,147)
Net increase (decrease) in cash and cash equivalents |  | ​ |  | 900,760 | ​ | (4,076,223)
Cash and cash equivalent at the beginning of the period | ​ | ​ | ​ | 12,336,115 | ​ | 15,401,058
Cash and cash equivalent at the end of the period |  | 6 |  | 13,236,875 | ​ | 11,324,835

​

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

​

​

​

8

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 1. | Reporting entity

Ecopetrol S.A. is a mixed economy company, with a commercial nature, formed in 1948 in Bogotá – Colombia, headquarters of the Ecopetrol Business Group (collectively called “Ecopetrol Business Group”); which is dedicated to commercial or industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services.

An 11.51% of Ecopetrol S.A.’s shares are publicly traded on the Stock Exchanges of Colombia and New York, USA. The remaining shares (88.49% of the total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit.

The address of the main office of Ecopetrol S.A. is Bogotá – Colombia, Carrera 13 No. 36 – 24.

​

| 2. | Basis of presentation

| 2.1. | Statement of compliance and authorization of financial statements

The financial information contained in this report has been prepared in accordance with IAS 34 Interim Financial Reporting accepted in Colombia.

The interim condensed consolidated financial statements are unaudited and in the management opinion, include all necessary adjustments for a fair presentation of the results of each period.

Ecopetrol Business Group prepares its financial statements based on the principles and accounting standards and financial information accepted in Colombia (NCIF, as its acronym in Spanish), regulated in Decree 2420 of 2015 and its amendments. These standards are based on the International Financial Reporting Standards - IFRS and its Interpretations issued by the International Accounting Standards Board (IASB) and other applicable legal provisions for supervised entities and/or controlled by the General Accounting Office of the Nation. Some accounting standards and financial information accepted in Colombia (Colombian IFRS) may differ in certain aspects from IFRS as issued by the IASB.

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with policies expected to follow in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2024, which do not differ significantly from those used the immediately previous year.

These interim condensed consolidated financial statements were approved by the Company’s Ecopetrol Board of Directors on September 27, 2024.

| 2.2. | Basis of consolidation

The interim condensed consolidated financial statements were prepared by consolidating all the subsidiary companies described in Exhibits 1 and 2, in which Ecopetrol exercises, directly or indirectly, control, according to IFRS 10.5 and 10.7.

Subsidiaries are consolidated from the date control is obtained until the date control ceases.

All intercompany assets and liabilities, equity, income, expenses, and cash flows related to transactions between Group companies were eliminated in consolidation. Unrealized profits and losses are also eliminated. Non-controlling interest represents the portion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders.

The interim condensed consolidated financial statements were prepared on the basis that it will continue to operate as a going concern.

All business combinations are recognized using the acquisition method.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 3. | Material accounting judgments and estimates

The preparation of the consolidated financial statements requires that the Company’s Management make judgments, estimates and assumptions to quantify some of the assets, liabilities, income, expenses, and commitments recognized in the consolidated financial statements and their disclosures. These estimates have been made based on the best information available on the facts analyzed, management experience and other factors at the date of preparation of the financial statements. Uncertainty about assumptions and estimates could result in future material changes affecting the value of assets or liabilities. Changes in these estimates are recognized prospectively in the period in which they are reviewed.

As of the date of this report, there have been no changes in the material accounting estimates and judgments used in the preparation of the financial statements as of December 31, 2023.

​

| 4. | Accounting policies

The Group’s main accounting policies are described in the consolidated financial statements as of December 31, 2023, and for the year then ended, and they have been applied consistently for the period comprising these interim condensed consolidated financial statements, except for the adoption of new standards effective as of January 1, 2024.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annuals, and therefore should be read in conjunction with the annual consolidated financial statements as of December 31, 2023.

​

| 5. | New standards

| 5.1. | New standards adopted by the Group, effective as of January 1, 2024

The IASB issued amendments to the following standards with application as of January 1, 2023:

Amendment to IAS 1 - Classifications of liabilities as current or non-current, modifies the requirement to classify a liability as current, by establishing that a liability is classified as current when it does not have the right at the end of the reporting period to defer the liquidation of the liability during, at least, the twelve months following the date of the reporting period. This amendment is effective since January 1, 2023. In addition, on October 31, 2022, IASB issued an amendment on non-current liabilities with agreed conditions and modified the effective date to January 1, 2024.

IAS 12 Amendment: The IASB issued the amendment in May 2023, which provides to the companies a temporary exemption from accounting of deferred taxes arising from the international tax reform of the Organization for Economic Co-operation and Development (OECD), which published the rules to ensure that large multinational companies would be subject to a minimum tax rate of 15%.

IFRS 17 - Insurance Contracts, provides a new general model for accounting for contracts by combining a measurement of the current balance of insurance contracts with the recognition of earnings during the period in which the services are rendered. The standard’s general model requires that insurance contract liabilities be measured using current weighted probability estimates of future cash flows, a risk adjustment, and a contractual service margin that represents the expected gain from fulfilling the contracts. The effects of changes in the estimates of future cash flows and the risk adjustment related to future services are recognized during the period in which the services are rendered and not immediately in profit loss statement.

IFRS 17 replaces IFRS 4 - Insurance Contracts and will be effective for the subsidiaries Black Gold Re and Linear Systems Re Ltd for the financial reporting period beginning January 1, 2023. The assessment of the impact of IFRS 17 do not have a significant effect on the Group’s consolidated financial statements, considering that most of the insurance contracts are short-term and would be managed by the PPA methodology - Simplified allocation of premiums.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

The following limited-scope amendments, with comprehensive and anticipated voluntary application:

◾ | Amendments to IAS 1 – Presentation of financial statements. Companies must disclose material information about their accounting policies and apply the concept of materiality to accounting policy disclosures. The amendments clarify the following points:

| - | The word “significant” is changed to “material or relative importance”.

| - | The accounting policies that must be disclosed in the notes to the financial statements are clarified, “an entity will disclose information about its material or relative importance accounting policies.”

| - | It is clarified when an accounting policy is considered material or relatively important.

| - | Adds the following paragraph: “Information on accounting policies that focuses on how an entity has applied the requirements of IFRS to its own circumstances provides specific information about the entity that is more useful to users of financial statements than standardized information or information that only doubles or summarizes the requirements of IFRS standards”.

◾ | Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. They clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendment was published by the IASB in February 2021 and clearly defines an accounting estimate to distinguish it from an accounting policy: “Accounting estimates are monetary amounts, in financial statements, that are subject to measurement uncertainty”.

It mentions “an accounting policy could require that elements of the financial statements be measured in a way that entails measurement uncertainty—that is, the accounting policy could require that these elements be measured by monetary amounts that cannot be directly observed and they must be estimated. In this case, an entity develops an accounting estimate to achieve the objective established by the accounting policy.

◾ | Amendments to IAS 12 Deferred taxes related to assets and liabilities that are recognized in a single transaction. The purpose of the amendments is to reduce the diversity in the reporting of deferred taxes on leases and decommissioning obligations. The amendment allows the recognition of a deferred tax liability or asset that has arisen in a transaction that is not a business combination, in the initial recognition of an asset or liability that, at the time of the transaction, does not give rise to taxable temporary differences and deductibles in the same amount.

◾ | Amendment IAS 7 - Cash Flow Statement and IFRS 7 - Financial instruments: Disclosures. The IASB issued the amendment on disclosure requirements to improve the transparency of suppliers financing arrangements and their effects on a company’s liabilities, cash flows and liquidity risk exposure. The Amendment applies to annual periods beginning on January 1, 2024.

◾ | IFRS16 Amendment: In September 2022, the IASB issued an amendment related to the leasing standard regarding the recognition of the lease liability in a sale and leaseback. The amendment determines the requirements that a seller-lessee must use to quantify the lease liability arising in the sale and leaseback with the objective that the seller-lessee does not recognize any profit or loss related to the right of use that it retains.

| 5.2. | New standards issued but not yet adopted.

◾ | Amendment to IAS 21 - Effects of Changes in Foreign Currency Exchange Rates. The Amendment establishes the criteria to assess whether a currency is interchangeable and to know when it is not, so that the exchange rate to be used and the disclosures to be provided can be determined. The validity applies to annual periods beginning on or after January 1, 2025.

◾ | Issuance of IFRS 18 - Presentation and disclosures in financial statements. This new IFRS standard has the purpose to improve the usefulness of the information presented and disclosed in financial statements and will provide investors with more transparent and comparable information on the financial performance of companies, allowing them to make better investment decisions. This new standard is effective internationally for annual reporting periods beginning on or after January 1, 2027, but companies can apply it early. It should be noted that IFRS 18 replaces IAS 1 – Presentation of financial statements.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

◾ | Issuance of IFRS 19 – Subsidiaries not in the public interest: disclosures. This new standard allows subsidiaries to disclose reduced information, instead of disclosing information in accordance with other IFRS. Thus, the application of this standard will reduce the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of the information for users of their financial statements.

◾ | Narrow scope amendments to IFRS 9: These amendments will improve the consistency and understanding of accounting requirements by clarifying terms and procedures, introducing detailed disclosure requirements and allowing flexible early application, which will reduce diversity in accounting practice and increase the transparency and consistency of financial information. Amendments effective from January 1, 2026, and early application is allowed.

| 5.3. | New standards issued by the ISSB that with effect in future periods.

The International Sustainability Standards Committee, in June 2023 issued the first international sustainability and climate standards: IFRS S1 General Requirements for the Information to be Disclosed on Sustainability related to Financial Information and IFRS S2 Weather-related Disclosures. The purpose of these standards is for entities to disclose information about their risks and opportunities related to sustainability and climate that is useful to the primary users of financial information for decision-making. An entity will apply these standards for reports for annual periods beginning on or after January 1, 2024. The Ecopetrol Business Group is currently assessing the corresponding regulations and the methodology for their implementation. Likewise, the Ecopetrol Business Group will consider the guidelines and regulations that the Technical Council of Public Accounting may issue in Colombia.

​

​

| 6. | Cash and cash equivalents

​

​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited) | ​ | ​
Banks and corporations |  | 8,397,486 | ​ | 7,525,552
Short–term investments |  | 4,836,729 | ​ | 4,808,610
Cash |  | 2,660 | ​ | 1,953
​ |  | 13,236,875 | ​ | 12,336,115

​

As of June 30, 2024, the balance of cash and cash equivalents includes $2,173,593 ($1,724,488 as of December 31, 2023) of restricted cash in: a) Interconexión Eléctrica S.A. E.S.P. for $2,060,845 ($1,580,106 as of December 31, 2023), b) Cenit for $111,986 ($143,464 as of December 31, 2023, corresponding to Oleoducto Bicentenario), and c) other companies for $762 (2023: $918), to be used in the next 12 months, exclusively to guarantee debt service (payment of principal and interest).

The fair value of cash and equivalents is close to its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

​

12

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 7. | Trade and other receivables

​

​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited) | ​ | ​
Current |  | ​ |  |
Fuel Price stabilization fund (1) |  | 12,057,921 | ​ | 20,505,603
Customers | ​ | ​ | ​ | ​
Foreign |  | 4,210,481 | ​ | 4,220,537
Domestic |  | 2,870,405 | ​ | 3,087,463
Concessions (2) |  | 3,931,662 | ​ | 4,054,429
Accounts receivable from employees | ​ | 108,067 | ​ | 106,022
Related parties (Note 30) |  | 81,843 | ​ | 123,058
Industrial services |  | 45,175 | ​ | 40,729
Other |  | 980,689 | ​ | 1,329,565
​ | ​ | 24,286,243 | ​ | 33,467,406
Impairment | ​ | (145,108) | ​ | (156,764)
​ |  | 24,141,135 | ​ | 33,310,642
Non–current |  |  |  |
Concessions (2) | ​ | 26,623,302 | ​ | 26,323,424
Accounts receivable from employees | ​ | 624,892 | ​ | 565,914
Customers | ​ | ​ | ​ | ​
Foreign | ​ | 186,798 | ​ | 150,033
Domestic |  | 76,165 | ​ | 75,419
Related parties (Note 30) |  | 230,980 | ​ | 143,238
Other (3) | ​ | 3,192,273 | ​ | 3,180,581
​ | ​ | 30,934,410 | ​ | 30,438,609
Impairment |  | (645,112) | ​ | (657,521)
​ |  | 30,289,298 | ​ | 29,781,088

| (1) | Corresponds to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of motor gasoline current and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative).

During 2024, the Ministry of Finance and Public Credit made payments to the Ecopetrol Business Group for $12,957,299, as follows:

| - | Ecopetrol S.A. received cash payments for $10,414,093. These payments correspond to the settlement of the first and second quarters of 2023.

| - | Refinería de Cartagena received cash payments for $2,543,206 corresponding to the settlement of the first quarter of 2023.

During 2023, the Ministry of Finance and Public Credit paid $26,346,530 to the Ecopetrol Business Group as follows;

| - | Payments to Ecopetrol for $2,876,149 in cash and $21,576,179 through offsetting with dividends payable to the Ministry of Finance and Public Credit, this operation did not generate cash flows and its effect implies an increase in the variation in working capital in the cash flow statement of the Ecopetrol Business Group. These payments correspond to the settlements of the second, third and fourth quarters of 2022.

13

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| - | Payments to Refinería de Cartagena for $1,894,202 in cash in August 2023, corresponding to settlement of the fourth quarter of 2022.

| (2) | Includes electric power transmission and toll roads concessions. Corresponds to accounts receivable for concessions acquired for public electric power transportation services and for public road transportation service.

| (3) | Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of the Business Group for transportation systems. The gross value of these accounts receivable is $2,221,991 (2023: $2,279,637) and the provision for expected losses established, included in the provision line for expected credit losses, is $385,229 (2023: $407,567), for a net book value of $1,836,762 (2023: $1,872,070). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its financial statements.

The book value of trade accounts and other accounts receivable approximates their fair value.

​

| 8. | Inventories

​

​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited) | ​ | ​
Crude oil |  | 4,758,029 | ​ | 4,715,047
Materials for goods production |  | 3,751,880 | ​ | 3,130,816
Fuels and petrochemicals (2) |  | 2,858,617 | ​ | 2,356,585
​ |  | 11,368,526 | ​ | 10,202,448

| (1) | The variation is mainly due to better operations in refineries and lower output of products due to low demand for gasoline, considering i) the increase in prices, ii) navigation restrictions to evacuate products, offset by the higher fuel exports.

​

​

| 9. | Other financial assets

​

​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited) | ​ | ​
Assets measured at fair value |  |  |  |
Investments in equity securities and trust funds (1) |  | 1,907,590 | ​ | 1,210,138
Investment portfolio – Foreign currency |  | 645,233 | ​ | 364,962
Hedging instruments (2) |  | 44,124 | ​ | 231,463
Investment portfolio – Local currency |  | 37,133 | ​ | 54,887
Assets measured at fair value through other comprehensive income | ​ | 1,161 | ​ | 2,007
​ | ​ | 2,635,241 | ​ | 1,863,457
Assets measured at amortized cost (3) | ​ | 111,427 | ​ | 369,318
​ | ​ | 2,746,668 | ​ | 2,232,775
Current |  | 2,112,720 | ​ | 1,860,928
Non–current |  | 633,948 | ​ | 371,847
​ |  | 2,746,668 | ​ | 2,232,775

| (1) | Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia. See Note 9.1.

| (2) | Corresponds to swap and forward contracts to hedge exchange rate and commodity price risk mainly in Ecopetrol S.A. and Interconexión Eléctrica S.A. E.S.P.

| (3) | Includes investments with maturities greater than 90 days, in Chile and Colombia.

14

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

The measurement at fair value is recognized in financial results (Note 28).

| 9.1 | Restrictions

As of June 30, 2024, and December 31, 2023, there were restricted funds of $76,801 and $68,069 respectively, which have a specific destination, mainly in ISA Interchile of $34,421 (2023: $26,666) for acquired obligations in the issuance of the 144thA Reg. S Bond that establishes certain restrictions and limitations on the use of resources with the purpose of guaranteeing the payment of interest and capital.

| 9.2 | Fair value

The following is the classification of other financial assets recognized at fair value, corresponding to the investment portfolio:

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Level 1 |  | 1,985,224 | ​ | 1,526,458
Level 2 |  | 650,017 | ​ | 336,999
​ |  | 2,635,241 | ​ | 1,863,457

​

​

​

| 10. | Taxes

Income tax expense

The Group calculates the income tax expense using the effective tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim consolidated statement of profit or loss are:

​

​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended
​ | ​ | June 30,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited)
Current income tax expense |  | 6,359,506 | ​ | 7,081,401
Deferred income tax expense |  | 574,006 | ​ | (308,832)
Adjustments to prior years’ current and deferred tax |  | (19,484) | ​ | (8,643)
Income tax expense |  | 6,914,028 | ​ | 6,763,926

​

The effective tax rate for six-month period ended June 30, 2024, and 2023 was 44.2% and 31.9%, respectively.

As of June 30, 2024, and 2023, the nominal income tax rate was 35%, which includes an estimated surcharge of 15% for 2024 and 10% for 2023. These rates were estimated at each of the indicated dates, based on the projection of international BRENT prices.

Pillar II

Ecopetrol Business Group has a presence in the jurisdictions of Argentina, Bahamas, Brazil, Bolivia, Cayman, Chile, Colombia, Spain, United States, Mexico, Peru, Singapore, Panama, and Switzerland.

The ongoing assessment is executed based on the latest available tax returns and the most recent country-by-country report for 2022, as well as the most updated financial information for 2024.

Based on the current assessment, the Business Group has identified a potential exposure to Pillar II income taxes on profits obtained in Brazil, Singapore, Switzerland, and Bermuda, where the expected effective Pillar II tax rate is likely to be less than 15%.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

From the analysis on the implementation of Pillar II in the countries in which the Ecopetrol Business Group has a presence, it was identified that in some of them the regulations were issued to establish the Qualified Domestic Minimum Top-up Tax (QDMTT) as of January 1, 2024. However, the internal regulations for the Income Inclusion Rule (IIR) or the Undertaxed Profits Rule (UTPR) have not been established in any of these countries. For this reason, it is not possible to identify and allocate a possible additional tax in those jurisdictions whose Effective Tax Rate is less than 15%. The Business Group will continue to monitor the implementation of BEPS 2.0 in jurisdictions that already have progress. In addition, The Business Group is working on calculating the effective tax rate by jurisdiction.

Therefore, the Ecopetrol Business Group will not recognize any impact in its condensed consolidated financial statements as of June 30, 2024. As well as applying the exception contemplated in the Amendment to IAS 12, the Company will not recognize deferred tax assets or liabilities associated with Pillar II income tax in its consolidated financial statement.

​

| 11. | Other assets

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Current |  |  |  |
Partners in joint operations |  | 1,248,465 | ​ | 845,590
Prepaid expenses |  | 706,201 | ​ | 789,029
Advanced payments to contractors and suppliers | ​ | 639,232 | ​ | 553,356
Trust funds |  | 584,910 | ​ | 547,439
Related parties (Note 30) |  | — | ​ | 84
Other |  | 31,315 | ​ | 33,531
​ |  | 3,210,123 | ​ | 2,769,029
Non-current |  | ​ | ​ | ​
Wells abandonment and pension funds |  | 644,341 | ​ | 648,980
Trust funds |  | 294,374 | ​ | 245,790
Employee benefits |  | 346,414 | ​ | 332,710
Advanced payments and deposits |  | 55,522 | ​ | 55,178
Judicial deposits and judicial attachments |  | 45,534 | ​ | 47,264
Other |  | 322,958 | ​ | 303,891
​ |  | 1,709,143 | ​ | 1,633,813

​

​

​

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 12. | Investments in associates and joint ventures

12.1.Composition and movements

​

​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ |  | (Unaudited) |  |
Joint ventures | ​ | ​ | ​ | ​
Interligação Elétrica do Madeira S.A. | ​ | 1,721,591 | ​ | 1,705,188
Transmissora Aliança de Energia Elétrica S.A. | ​ | 1,524,354 | ​ | 1,513,497
Equion Energía Limited | ​ | 1,104,443 | ​ | 1,037,418
Interligação Elétrica Paraguaçu S.A. | ​ | 536,726 | ​ | 526,294
Interligação Elétrica Garanhuns S.A. | ​ | 495,359 | ​ | 500,889
Interligação Elétrica Ivaí S.A. | ​ | 477,789 | ​ | 456,076
Interligação Elétrica Aimorés S.A. | ​ | 339,763 | ​ | 335,995
Conexión Kimal Lo Aguirre S.A. | ​ | 140,755 | ​ | 119,069
Ecodiesel Colombia S.A. | ​ | 77,978 | ​ | 85,030
Interconexión Eléctrica Colombia Panamá S.A. | ​ | 10,529 | ​ | 2,544
Transnexa S.A. E.M.A. | ​ | 8,545 | ​ | 8,545
Derivex S.A. | ​ | 1,305 | ​ | 1,123
Parques de Río | ​ | 65 | ​ | 71
Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. | ​ | 4 | ​ | 4
Consorcio Eléctrico Yapay S.A. | ​ | (2,003) | ​ | —
​ |  | 6,437,203 | ​ | 6,291,743
Less impairment: |  | ​ | ​ | ​
Equion Energía Limited |  | (408,183) | ​ | (408,183)
Transnexa S.A. E.M.A. |  | (8,545) | ​ | (8,545)
​ |  | 6,020,475 | ​ | 5,875,015
Associates |  | ​ | ​ | ​
Gases del Caribe S.A. E.S.P. |  | 1,528,086 | ​ | 1,527,699
ATP Tower Holdings |  | 752,334 | ​ | 720,332
Gas Natural del Oriente S.A. E.S.P. |  | 145,960 | ​ | 156,353
Gases de la Guajira S.A. E.S.P. | ​ | 70,237 | ​ | 69,996
E2 Energía Eficiente S.A. E.S.P. | ​ | 31,500 | ​ | 34,432
Extrucol S.A. | ​ | 30,154 | ​ | 30,147
Serviport S.A. | ​ | 9,399 | ​ | 9,399
Sociedad Portuaria Olefinas | ​ | 4,305 | ​ | 4,658
​ |  | 2,571,975 | ​ | 2,553,016
Less impairment: Serviport S.A. |  | (9,399) | ​ | (9,399)
​ |  | 2,562,576 | ​ | 2,543,617
​ |  | 8,583,051 | ​ | 8,418,632

​

17

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

The movement of investments in associates and joint ventures for the period ended June 30, 2024, is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Associates |  | Join ventures |  | Total
Balance as of December 31, 2023 |  | 2,543,617 | ​ | 5,875,015 | ​ | 8,418,632
Capitalizations | ​ | — | ​ | 11,601 | ​ | 11,601
Equity method recognized in: | ​ | ​ | ​ | ​ | ​ | ​
Profit or loss |  | 70,376 | ​ | 315,915 | ​ | 386,291
Equity | ​ | 48,702 | ​ | (86,471) | ​ | (37,769)
Dividends declared |  | (100,119) | ​ | (95,585) | ​ | (195,704)
Balance as of June 30, 2024 (Unaudited) |  | 2,562,576 | ​ | 6,020,475 | ​ | 8,583,051

​

​

| 13. | Property, plant, and equipment

The movement of property, plant and equipment for the period ended June 30, 2024, with its corresponding depreciation and impairment, is as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Pipelines, |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | Plant and | ​ | networks, and | ​ | Work in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | equipment | ​ | lines | ​ | progress | ​ | Buildings | ​ | Lands | ​ | Other | ​ | Total
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2023 |  | 54,852,955 | ​ | 58,584,592 | ​ | 15,490,281 | ​ | 16,668,026 | ​ | 4,832,650 | ​ | 3,338,000 | ​ | 153,766,504
Additions/capitalizations (1) |  | 926,198 | ​ | 710,801 | ​ | 1,671,812 | ​ | 335,347 | ​ | 9 | ​ | 95,294 | ​ | 3,739,461
Abandonment cost update (Note 22) | ​ | — | ​ | (28,679) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (28,679)
Capitalized financial interests (2) | ​ | 82,269 | ​ | 40,918 | ​ | 55,133 | ​ | 24,359 | ​ | — | ​ | 5,563 | ​ | 208,242
Exchange differences capitalized |  | 682 | ​ | 339 | ​ | 598 | ​ | 202 | ​ | — | ​ | 46 | ​ | 1,867
Disposals | ​ | (525,351) | ​ | (249,046) | ​ | (21,665) | ​ | (8,810) | ​ | — | ​ | (68,920) | ​ | (873,792)
Foreign currency translation |  | 2,532,965 | ​ | 1,470,361 | ​ | 88,757 | ​ | 612,551 | ​ | 161,929 | ​ | 81,330 | ​ | 4,947,893
Reclassifications/transfers |  | 530,350 | ​ | (629,507) | ​ | (188,743) | ​ | 259,575 | ​ | (199) | ​ | (154,600) | ​ | (183,124)
Balance as of June 30, 2024 (Unaudited) | ​ | 58,400,068 | ​ | 59,899,779 | ​ | 17,096,173 | ​ | 17,891,250 | ​ | 4,994,389 | ​ | 3,296,713 | ​ | 161,578,372
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depreciation and impairment losses |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of December 31, 2023 |  | (24,907,224) | ​ | (23,488,422) | ​ | (1,687,758) | ​ | (7,146,337) | ​ | (168,100) | ​ | (1,197,361) | ​ | (58,595,202)
Depreciation expense |  | (1,350,945) | ​ | (1,082,835) | ​ | — | ​ | (348,907) | ​ | — | ​ | (81,186) | ​ | (2,863,873)
Loss of impairment | ​ | (5,282) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (5,282)
Disposals | ​ | 501,218 | ​ | 228,212 | ​ | — | ​ | 6,289 | ​ | — | ​ | 58,916 | ​ | 794,635
Foreign currency translation |  | (938,701) | ​ | (582,135) | ​ | (81) | ​ | (223,651) | ​ | (8,347) | ​ | (47,136) | ​ | (1,800,051)
Reclassifications/transfers |  | (300,275) | ​ | 425,256 | ​ | 48,455 | ​ | (143,454) | ​ | (4,757) | ​ | 4,070 | ​ | 29,295
Balance as of June 30, 2024 (Unaudited) | ​ | (27,001,209) | ​ | (24,499,924) | ​ | (1,639,384) | ​ | (7,856,060) | ​ | (181,204) | ​ | (1,262,697) | ​ | (62,440,478)
Balance as of December 31, 2023 |  | 29,945,731 | ​ | 35,096,170 | ​ | 13,802,523 | ​ | 9,521,689 | ​ | 4,664,550 | ​ | 2,140,639 | ​ | 95,171,302
Balance as of June 30, 2024 (Unaudited) |  | 31,398,859 | ​ | 35,399,855 | ​ | 15,456,789 | ​ | 10,035,190 | ​ | 4,813,185 | ​ | 2,034,016 | ​ | 99,137,894

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

(1) | Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Castilla, Chichimene, Piedemonte, Caño Sur, Rubiales and Refinería de Barrancabermeja ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, Copey Second Circuit Project - Cuestecitas 500kV, connection of the Windpeshi wind project to the Cuestecitas 200kV substation and asset optimization plan.

(2) | Financial interest is capitalized based on the weighted average rate of loan costs.

​

​

​

| 14. | Natural and environmental resources

The movement of natural and environmental resources for the period ended June 30, 2024, with their corresponding depletions, calculated based on production units, and impairment, is as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Oil and gas | ​ | Assets retirement | ​ | Exploration and | ​ | ​
​ |  | investments |  | obligations |  | evaluation |  | Total
Cost |  |  |  |  |  |  |  |
Balance as of December 31, 2023 |  | 94,175,842 | ​ | 10,146,543 | ​ | 9,718,731 | ​ | 114,041,116
Additions/capitalizations (1) |  | 3,672,222 | ​ | 576 | ​ | 1,099,790 | ​ | 4,772,588
Abandonment cost update (Note 22) | ​ | — | ​ | (48,746) | ​ | — | ​ | (48,746)
Disposals |  | (28,120) | ​ | — | ​ | — | ​ | (28,120)
Disposals of exploratory assets and dry wells (2) | ​ | — | ​ | — | ​ | (604,922) | ​ | (604,922)
Capitalized financial interests (3) |  | 142,741 | ​ | — | ​ | 37,396 | ​ | 180,137
Exchange differences capitalized |  | 1,184 | ​ | — | ​ | 310 | ​ | 1,494
Foreign currency translation |  | 2,440,712 | ​ | 89,440 | ​ | 1,703 | ​ | 2,531,855
Reclassifications/transfers |  | 128,518 | ​ | (1,289) | ​ | (311,068) | ​ | (183,839)
Balance as of June 30, 2024 (Unaudited) |  | 100,533,099 | ​ | 10,186,524 | ​ | 9,941,940 | ​ | 120,661,563
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depletion and impairment losses |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of December 31, 2023 |  | (63,009,839) | ​ | (5,478,111) | ​ | (337,033) | ​ | (68,824,983)
Depletion expense | ​ | (3,393,971) | ​ | (428,289) | ​ | — | ​ | (3,822,260)
Disposals |  | 6,683 | ​ | — | ​ | — | ​ | 6,683
Foreign currency translation |  | (1,281,774) | ​ | (43,301) | ​ | — | ​ | (1,325,075)
Reclassifications/transfers |  | (109,018) | ​ | (1,843) | ​ | 159,485 | ​ | 48,624
Balance as of June 30, 2024 (Unaudited) |  | (67,787,919) | ​ | (5,951,544) | ​ | (177,548) | ​ | (73,917,011)
Balance as of December 31, 2023 |  | 31,166,003 | ​ | 4,668,432 | ​ | 9,381,698 | ​ | 45,216,133
Balance as of June 30, 2024 (Unaudited) |  | 32,745,180 | ​ | 4,234,980 | ​ | 9,764,392 | ​ | 46,744,552

(1) | Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in Midland/Delaware, b) Ecopetrol S.A. by Castilla, Chichimene, Piedemonte, Caño Sur, Rubiales, and c) Hocol S.A. mainly in projects for the blocks Llanos, Perdices, Cor 9, VIM8, SN-18, Malacate, Guajira, Ocelote and SSJN1.

(2) | Includes: Ecopetrol S.A. the dry wells Orca 1, Morito, Machin 1, Arauca, Anturio and Cupiagua and b) Hocol S.A mainly unsuccessful wells Milonga and Sabanales and exploratory expenses mainly in Llanos, VIM8, Perdices, Cor-9, SN-18, Upar, Vim-42 and Guajira-gas.

(3) | Financial interest is capitalized based on the weighted average rate of loan costs.

​

​

​

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 15. | Right-of-use assets

The movement of right-of-use assets and lease liabilities for the period ended June 30, 2024, is as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Right-of-use assets
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Right-of- |  | Lease
​ |  | ​ |  | Lands and | ​ | Plant and |  | ​ | ​ | use |  | liabilities
​ | ​ | Pipelines | ​ | buildings | ​ | equipment | ​ | Vehicles | ​ | assets | ​ | (Note 19.1)
Balance as of December 31, 2023 |  | 11,925 | ​ | 244,789 | ​ | 435,984 | ​ | 148,938 | ​ | 841,636 | ​ | 1,382,636
Additions |  | 16,043 | ​ | 26,248 | ​ | 8,041 | ​ | 17,177 | ​ | 67,509 | ​ | 67,509
Amortization of the period |  | (9,939) | ​ | (24,619) | ​ | (64,861) | ​ | (53,386) | ​ | (152,805) | ​ | —
Remeasurements (1) |  | 421 | ​ | 11,620 | ​ | 8,521 | ​ | (1,144) | ​ | 19,418 | ​ | 19,418
Disposals |  | (8,245) | ​ | (1,169) | ​ | (2,673) | ​ | — | ​ | (12,087) | ​ | (12,210)
Finance cost |  | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 66,042
Repayment of capital |  | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (230,049)
Payment of interests | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (51,966)
Transfers | ​ | — | ​ | (2,423) | ​ | 527 | ​ | 253 | ​ | (1,643) | ​ | 12,003
Exchange difference and foreign currency translation |  | 1,242 | ​ | (8,445) | ​ | 1,311 | ​ | 4,462 | ​ | (1,430) | ​ | 33,228
Balance as of June 30, 2024 (Unaudited) |  | 11,447 | ​ | 246,001 | ​ | 386,850 | ​ | 116,300 | ​ | 760,598 | ​ | 1,286,611

| (1) | Corresponds mainly to updating rates and conditions in lease contracts.

​

| 16. | Intangible assets

The movement of intangibles assets for the period ended June 30, 2024, with their corresponding amortizations, is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Licenses |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | and | ​ | Other | ​ | Concessions | ​ | ​ | ​ | ​
​ | ​ | software | ​ | intangibles | ​ | and rights | ​ | Easements (1) | ​ | Total
Cost |  |  |  | ​ |  |  | ​ |  |  |
Balance as of December 31, 2023 |  | 1,659,452 | ​ | 969,855 | ​ | 13,659,149 | ​ | 1,556,961 | ​ | 17,845,417
Additions | ​ | 227,035 | ​ | 1,308 | ​ | 153,958 | ​ | 6,924 | ​ | 389,225
Disposals | ​ | (5,418) | ​ | — | ​ | — | ​ | (768) | ​ | (6,186)
Foreign currency translation |  | 20,346 | ​ | (27,345) | ​ | 1,312,475 | ​ | 37,944 | ​ | 1,343,420
Transfers |  | 37,455 | ​ | (11,293) | ​ | 2,050 | ​ | 487 | ​ | 28,699
Balance as of June 30, 2024 (Unaudited) |  | 1,938,870 | ​ | 932,525 | ​ | 15,127,632 | ​ | 1,601,548 | ​ | 19,600,575
Accumulated amortization and impairment losses |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of December 31, 2023 |  | (961,414) | ​ | (255,903) | ​ | (1,781,014) | ​ | (132,277) | ​ | (3,130,608)
Amortization expenses |  | (112,125) | ​ | (8,636) | ​ | (323,053) | ​ | (3,748) | ​ | (447,562)
Disposals |  | 5,239 | ​ | — | ​ | — | ​ | — | ​ | 5,239
Foreign currency translation |  | (13,298) | ​ | 50,606 | ​ | (416,376) | ​ | (1,813) | ​ | (380,881)
Transfers |  | (426) | ​ | 2,118 | ​ | — | ​ | (341) | ​ | 1,351
Balance as of June 30, 2024 (Unaudited) |  | (1,082,024) | ​ | (211,815) | ​ | (2,520,443) | ​ | (138,179) | ​ | (3,952,461)
Balance as of December 31, 2023 |  | 698,038 | ​ | 713,952 | ​ | 11,878,135 | ​ | 1,424,684 | ​ | 14,714,809
Balance as of June 30, 2024 (Unaudited) |  | 856,846 | ​ | 720,710 | ​ | 12,607,189 | ​ | 1,463,369 | ​ | 15,648,114

| (1) | Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time.

20

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 17. | Impairment of non-current assets

According to the behavior of the key market assumptions, as of June 30, 2024 (unaudited), no factors or circumstances were identified that indicate that the book value of its assets exceed its recoverable value, considering the market conditions, the international prices and indicators of crude oil and products and the geopolitical context.

​

| 18. | Goodwill

​

​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited) | ​ | ​
Interconexión Eléctrica S.A. E.S.P. | ​ | 3,418,475 | ​ | 3,252,388
Oleoducto Central S.A. |  | 683,496 | ​ | 683,496
Hocol Petroleum Ltd |  | 537,598 | ​ | 537,598
Invercolsa S.A. | ​ | 434,357 | ​ | 434,357
Andean Chemical Limited |  | 127,812 | ​ | 127,812
Esenttia S.A. |  | 108,137 | ​ | 108,137
​ |  | 5,309,875 | ​ | 5,143,788
Less Impairment Hocol Petroleum Ltd |  | (297,121) | ​ | (297,121)
Total |  | 5,012,754 | ​ | 4,846,667

​

​

| 19. | Loans and borrowings

19.1.Composition of loans and borrowings

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest rate* | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | (Unaudited) | ​ | ​
Local currency | ​ |  | ​ |  | ​ |  | ​ |
Bonds |  | 11.0 | % | 12.4 | % | 5,199,527 | ​ | 5,172,256
Syndicate and commercial loans |  | 12.8 | % | 12.9 | % | 4,155,058 | ​ | 4,323,198
Lease liabilities | ​ | 9.5 | % | 8.9 | % | 832,385 | ​ | 922,536
​ |  | ​ | ​ | ​ | ​ | 10,186,970 | ​ | 10,417,990
Foreign currency |  |  |  |  |  | ​ | ​ | ​
Bonds (1) |  | 6.8 | % | 6.4 | % | 81,915,520 | ​ | 72,774,985
Commercial and syndicate loans |  | 7.3 | % | 7.2 | % | 21,698,959 | ​ | 21,478,503
Loans from related parties (Nota 30) |  | 6.0 | % | 6.0 | % | 763,891 | ​ | 683,949
Lease liabilities |  | 6.4 | % | 6.0 | % | 454,226 | ​ | 460,100
​ |  | ​ | ​ | ​ | ​ | 104,832,596 | ​ | 95,397,537
​ |  | ​ | ​ | ​ | ​ | 115,019,566 | ​ | 105,815,527
Current |  | ​ | ​ | ​ |  | 16,039,201 | ​ | 15,550,008
Non–current |  | ​ | ​ | ​ |  | 98,980,365 | ​ | 90,265,519
​ |  | ​ | ​ | ​ | ​ | 115,019,566 | ​ | 105,815,527

* Weighted average effective interest rate for the end of each period.

(1) | As part of the refinancing and financing strategy, Ecopetrol S.A. successfully issued External Public Debt Bonds in the international capital market on January 9, 2024, for USD$1,850 million, with a maturity of 12 years, with a coupon rate of 8.375%.

​

21

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

Likewise, Ecopetrol S.A. made a public offering of its international bonds maturing in January 2025 (issued in 2014). The nominal amount in circulation of the bond is USD $1,200 million and with a coupon rate of 4.125%. As a result, offers were received for USD$737,350,000 of the total amount of the bonds, reaching a repurchase rate of 61.45%.

​

During 2024, loans for $10,425,923 were acquired mainly in Ecopetrol S.A. for $7,324,029 and Interconexión Eléctrica S.A. E.S.P. for $2,897,195.

According to the strategy of Ecopetrol Business Group in the integral management of loans and borrowings and their maturities, during 2024, payments for $8,486,656 were made mainly in Ecopetrol S.A. for $6,229,487, Interconexión Eléctrica S.A. E.S.P. for $1,958,584. Likewise, interest payments of $3,571,554 were made mainly in Ecopetrol S.A. for $2,523,567 and in Interconnection Eléctrica S.A. E.S.P. for $977,473.

19.2.Fair value

The fair value of the financial obligations is $111,778,638 and $104,223,267 as of June 30, 2024 (unaudited) and December 31, 2023, respectively.

19.3.Maturity

The following is the maturity profile of loans and borrowings as of June 30, 2024 (unaudited):

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 year |  | 1 - 5 years |  | 5-10 years |  | > 10 years |  | Total
Local currency |  |  |  |  |  |  |  |  |  |
Bonds |  | 256,361 |  | 1,260,604 |  | 1,541,559 |  | 2,141,003 |  | 5,199,527
Syndicate and commercial loans |  | 543,839 |  | 2,332,016 |  | 1,081,286 |  | 197,917 |  | 4,155,058
Lease liabilities | ​ | 218,081 | ​ | 407,498 | ​ | 205,644 | ​ | 1,162 | ​ | 832,385
​ |  | 1,018,281 |  | 4,000,118 |  | 2,828,489 |  | 2,340,082 |  | 10,186,970
Foreign currency |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Bonds |  | 5,199,872 |  | 26,637,463 |  | 29,716,531 |  | 20,361,654 |  | 81,915,520
Syndicate and commercial loans | ​ | 8,974,990 | ​ | 10,896,344 | ​ | 1,332,783 | ​ | 494,842 | ​ | 21,698,959
Lease liabilities | ​ | 82,167 | ​ | 154,877 | ​ | 161,802 | ​ | 55,380 | ​ | 454,226
Loans from related parties |  | 763,891 |  | — |  | — |  | — |  | 763,891
​ |  | 15,020,920 |  | 37,688,684 |  | 31,211,116 |  | 20,911,876 |  | 104,832,596
Balance as of June 30, 2024 (Unaudited) |  | 16,039,201 |  | 41,688,802 |  | 34,039,605 |  | 23,251,958 |  | 115,019,566

​

19.4.Loans designated as hedging instrument

As of June 30, 2024 (unaudited), Ecopetrol has designated USD$16,956 million of debt in foreign currency as a hedging instrument; of which, USD$10,695 million correspond to the hedge of investments in companies with dollar functional currency and USD$6,261 million to the cash flow hedge for future crude oil exports. See Notes 29.3 and 29.4.

19.5.Guarantees and covenants

As of June 30, 2024 (unaudited), the total value of the current guarantees provided by Interconexión Eléctrica S.A. E.S.P. and its companies, within the framework of the definition of paragraph 14 of IFRS 7, used to support growth in its different business units and ensure strategic commercial and operational viability amount to $20,884,877, mainly in: a) Chile for $15,279,882 in Intervial Chile, Ruta del Loa, Ruta de los Ríos, Ruta de la Araucanía and Ruta del Maipo, b) Brazil in ISA CTEEP for $2,925,995, and c) Colombia in Ruta Costera for $2,679,000.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others.

Ecopetrol USA and its companies have commitments (covenants) related to the delivery of periodic financial information and compliance with the obligations arising from a volumetric prepayment agreement with a third party.

In the reporting period, the Ecopetrol Business Group has complied with the payment obligations, guarantees and commitments acquired with its bondholders and local and/or international financing entities.

​

| 20. | Trade and other payables

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Current | ​ | ​ | ​ | ​
Suppliers |  | 11,738,227 | ​ | 13,704,819
Dividends payable (1) |  | 2,846,429 | ​ | 668,383
Withholding tax |  | 1,977,798 | ​ | 2,099,847
Partner’s advances |  | 1,048,531 | ​ | 1,270,721
Insurance and reinsurance |  | 230,532 | ​ | 274,739
Deposits received from third parties |  | 170,777 | ​ | 180,065
Related parties (Note 30) | ​ | 59,020 | ​ | 64,766
Agreements in transport contracts |  | 57,940 | ​ | 38,920
Hedging operations | ​ | 556 | ​ | —
Various creditors |  | 596,203 | ​ | 589,174
​ |  | 18,726,013 | ​ | 18,891,434
​ | ​ | ​ | ​ | ​
Non-current | ​ | ​ | ​ | ​
Suppliers | ​ | 1,438 | ​ | 8
Deposits received from third parties |  | — | ​ | 3,673
Various creditors |  | 13,216 | ​ | 23,599
​ |  | 14,654 | ​ | 27,280

| (1) | Corresponds mainly to dividends payable by Ecopetrol S.A. for $2,237,720 (2023: $3,947), Interconexión Eléctrica S.A. $460,964 (2023: $636,081), Oleoducto de los Llanos Orientales S.A. $106,729, Oleoducto de Colombia S.A. $39,080 (2023: $26,608) and Inversiones de Gases de Colombia S.A. $1,936 (2023: $1,747).

The book values of trade accounts and other accounts payable approximate their fair values due to the short-term nature of these accounts.

​

23

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 21. | Provisions for employee benefits

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Post-employment benefits |  |  |  |
Health |  | 11,517,262 | ​ | 11,234,939
Pension |  | 4,272,486 | ​ | 4,013,542
Education |  | 484,188 | ​ | 490,877
Bonds |  | 450,244 | ​ | 424,199
Other plans |  | 162,428 | ​ | 171,786
Termination benefits - Voluntary retirement plan |  | 761,023 | ​ | 828,007
​ |  | 17,647,631 | ​ | 17,163,350
Social benefits and salaries |  | 913,772 | ​ | 1,109,363
​ |  | 18,561,403 | ​ | 18,272,713
Current |  | 2,859,345 | ​ | 3,059,204
Non-current |  | 15,702,058 | ​ | 15,213,509
​ |  | 18,561,403 | ​ | 18,272,713

​

21.1.Plans assets

The assets of the plan are represented by the resources delivered to the Autonomous Pension Funds for the payment of the pension liability of the obligations for pension and pension bonds; what concerns health and education oversees Ecopetrol S.A. and XM (Ecopetrol S.A. oversees health and education matters). The destination of the resources of the autonomous patrimonies, as well as their yields, cannot be changed or returned to the Group until all the obligations are fulfilled.

Plan asset balance is $11,712,499 and $12,011,267 as of June 30, 2024 (unaudited) and December 31, 2023, respectively. 57.90% (2023 – 55.70%) are fair value level 1 and 42.10% (2023 – 44.30%) are under level 2 category.

​

| 22. | Accrued liabilities and provisions

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Abandonment |  | ​ |  | Environmental |  | ​
​ | ​ | and dismantling | ​ | ​ | ​ | contingencies | ​ | ​
​ | ​ | costs | ​ | Litigations | ​ | and others | ​ | Total
Balance as of December 31, 2023 |  | 13,102,128 | ​ | 722,788 | ​ | 2,317,724 | ​ | 16,142,640
Abandonment cost update |  | (77,425) | ​ | — | ​ | — | ​ | (77,425)
Additions and (recoveries) (1) |  | 20,555 | ​ | (17,432) | ​ | 237,504 | ​ | 240,627
Uses |  | (305,037) | ​ | (19,637) | ​ | (163,172) | ​ | (487,846)
Financial cost (2) |  | 313,673 | ​ | 104,888 | ​ | 25,575 | ​ | 444,136
Foreign currency translation |  | 87,942 | ​ | 15,459 | ​ | 40,993 | ​ | 144,394
Transfers |  | 74 | ​ | (333) | ​ | 12,408 | ​ | 12,149
Balance as of June 30, 2024 (Unaudited) |  | 13,141,910 | ​ | 805,733 | ​ | 2,471,032 | ​ | 16,418,675
Current |  | 823,756 | ​ | 55,355 | ​ | 367,344 | ​ | 1,246,455
Non-current | ​ | 12,318,154 | ​ | 750,378 | ​ | 2,103,688 | ​ | 15,172,220
​ | ​ | 13,141,910 | ​ | 805,733 | ​ | 2,471,032 | ​ | 16,418,675

| (1) | Mainly includes the recognition of provisions related to potential liabilities, various, and mandatory environmental provision in Ecopetrol S.A.

| (2) | Corresponds mainly to the financial expense for the update of the liability in Ecopetrol S.A.

24

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

22.1.Contingencies

Refinería de Cartagena S.A.S

| 1. | Court of arbitration

On March 21, 2024, Refinería de Cartagena S.A.S. was notified of the decision of the Court of the Netherlands approving the alternative financial restructuring plan. Chicago Bridge & Iron Company N.V.

Given the sanction of the plan, Refinería de Cartagena was the beneficiary of (i) US$70 million and US$95 million arranged under two different letters of credit and (ii) US$9 million corresponding to reimbursement of legal fees. Likewise, by court order of the Amsterdam District Court dated March 21, 2024, derived from a judicial restructuring process before said jurisdiction, 75,000 redeemable Series B preferred shares without voting rights (the “Series B Preferred Shares”) of McDermott International Ltd. (hereinafter, “McDermott” or the “Company”) were issued in favor of Refinería de Cartagena.

The Series B Preferred Shares have priority over the common shares and are on equal footing with respect to dividends and payments in the event of liquidation with the Series A Preferred Shares. They are entitled to cumulative quarterly dividends.

The holder of the Series B Preferred Shares may also require that all the Series B Preferred Shares be converted at any time on or after June 30, 2028, into common shares representing up to 19.9% of the McDermott’s ownership interest, subject to adjustments pursuant to certain anti-dilution provisions.

The Series B Preferred Shares are subject to mandatory redemption requirements in the event of liquidation or change of control of the Company and other similar events.

As of June 30, 2024, Refinería de Cartagena is in the process of determining the fair value of the shares. The main effect of the recognition of these preferred shares will be the decrease in the value of the property, plant, and equipment.

| 2. | Investigations of control entities

Office of the Comptroller General:

PRF-80011-2018-33300

Through Communication 1328 of August 24, 2021, the CGR closed the preliminary investigation UCC-IP-005-2019 and opened a fiscal responsibility process in relation to the amounts executed in the refinery expansion and modernization project of Cartagena (the “Project”), and its financing sources, in which Refinería de Cartagena and Ecopetrol S.A. are affected entities.

In this process, 8 ex-officials of Refinería de Cartagena are being investigated (3 ex-presidents and 5 ex-financial vice presidents).

No changes occurred in the status of this litigation since June 30, 2024.

Prosecutor’s Office:

Process 1 – No. 110016000101201600023 - MOA - PIP and EPC

This process is being carried out against a former member of the Board of Directors and three former employees of Refinería de Cartagena, two employees of Chicago Bridge and Iron Company (“CB&I”) and the Statutory Auditor of Refinería de Cartagena between 2013 and 2015, for the crimes of undue interest in the execution of contracts, embezzlement in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsification of a public document.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

On February 2, 2024, the hearing was held to read the decision of the Criminal Chamber of the Superior Court of the Judicial District of Bogotá, which resolved the appeals filed against the decision issued on July 26, 2021 by the Circuit Criminal Court 31, in which it ruled admitting and rejecting the evidentiary requests submitted by the parties in the preparatory hearing.

With the above, the preparatory hearing is concluded. The 61st Circuit Criminal Court set the dates to advance the oral trial sessions.

Process 2 – No. 110016000101201800132 Business line

This process is being carried out against a former employee and three former members of the Board of Directors of Refinería de Cartagena, for the crimes of aggravated disloyal administration, and obtaining a false public document.

On April 19, 2024, the 34th Criminal Court of the Circuit declared the annulment of the order that ordered the evidence for trial and issued a new ruling, which was appealed by the defenders and once the transfers were removed, the appeal to the Court was granted.

No changes occurred in the status of this litigation since June 30, 2024.

Process 3 – No. 110016000101201800134 - Subscription of the PMC Contract - Foster Wheeler

This process is being carried out against two former employees of the Refinería de Cartagena, who acted as former president in office and former president in charge, for the crime of entering a contract without legal requirements.

On February 23, 2024, the Superior Court of the Judicial District of Bogota granted the appeal and referred the process to the Criminal Chamber of the Supreme Court of Justice.

On February 26,2024, the Court acknowledged receipt of the file, in April the distribution was made and the decision to admit or not admit the claims is awaited.

No changes occurred in the status of this litigation since June 30, 2024.

Process 4 - No.110016000000201702546 – Principle of opportunity

This process is being carried out against a former employee of Refinería de Cartagena, for charges related to crimes against the public administration and illegal interest in the execution of contracts.

The criminal prosecution is suspended until December 2024, due to the application of the principle of opportunity.

No changes occurred in the status of this litigation since June 30, 2024.

​

| 23. | Equity

23.1.Subscribed and paid–in capital

Ecopetrol’s authorized capital is $36,540,000, and is divided in 60,000,000,000 ordinary shares, of which 41,116,694,690 have been subscribed, represented by 11.51% (4,731,906,273 shares) of non-government entities and people, and 88.49% (36,384,788,417 shares) held by Government entities. The value of the reserve shares amounts to $11,499,933 comprised by 18,883,305,310 shares. As of June 30, 2024, and December 31, 2023, subscribed and paid-in capital is $25,040,067. There is no potential dilution of shares.

23.2.Additional and paid–in capital

As of June 30, 2024, the balance of the additional and paid-in capital is $6,607,699 and it mainly corresponds to: (i) surplus with respect to its nominal value derived from the sale of shares upon capitalization in 2007, for $4,457,997, (ii) surplus over nominal value arising from the sale of shares awarded in the second round, which took place in September 2011, in the amount of $2,118,468, (iii) $31,377

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

the value generated by the process of placing the shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid-in capital receivable of $(143).

23.3.Equity reserves

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Legal reserve |  | 11,654,095 | ​ | 9,747,885
Fiscal and statutory reserves |  | 509,082 | ​ | 509,082
Occasional reserves |  | 11,993,230 | ​ | 7,665,758
Total |  | 24,156,407 | ​ | 17,922,725

​

Ecopetrol’s General Shareholders’ Meeting, held on March 22, 2024, approved the 2023 profit distribution project, and recognized a reserve of $11,993,230 to support financial sustainability of the Company and flexibility in the development of its strategy.

The movement of the equity reserves in the periods ended June, 2024 and December, 2023, is the following:

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Opening balance |  | 17,922,725 | ​ | 8,898,633
Release of reserves |  | (8,174,839) | ​ | (2,491,377)
Appropriation of reserves |  | 14,408,521 | ​ | 11,515,469
Closing balance |  | 24,156,407 | ​ | 17,922,725

​

23.4.Retained earnings and payment of dividends

Ecopetrol Business Group distributes dividends based on Ecopetrol and subsidiaries’s separate annual financial statements, prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish).

The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 22, 2024, approved the profit distribution project for fiscal year 2023 and defined the distribution of ordinary and extraordinary dividends in the amount of $12,828,409 (2023: $24,382,200).

The payment of dividends to minority shareholders will be made in two equal installments: April 3 and June 26, 2024. Payment to the majority shareholder will be made during 2024 and in any case before December 31, 2024, considering the payment schedule of the balance of the account receivable of the Fuel Price Stabilization Fund (FEPC) corresponding to 2023.

The payment of dividends is as follows:

​

​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 | ​ | 2023
​ | ​ | (Unaudited)
Ecopetrol S.A. |  | 10,569,682 | ​ | 930,772
Interconexión Eléctrica SA ESP |  | 1,012,895 | ​ | 992,102
Oleoducto Central S.A. - Ocensa |  | 375,949 | ​ | 406,647
Oleoducto de los Llanos Orientales S.A. |  | 106,729 | ​ | 102,774
Invercolsa S.A. |  | 100,429 | ​ | 100,682
Oleoducto de Colombia S.A. - ODC |  | 26,608 | ​ | 27,591
Total |  | 12,192,292 | ​ | 2,560,568

​

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

23.5.Other comprehensive income

The following is the composition of the other comprehensive results attributable to the shareholders of the parent company, net of deferred income tax:

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Foreign currency translation |  | 19,275,938 | ​ | 15,055,305
Hedges of a net investment in a foreign operation |  | (5,301,144) | ​ | (3,165,320)
Gains and loss on defined benefit obligation |  | (4,084,451) | ​ | (3,942,417)
Cash flow hedging - Future crude oil exports | ​ | (549,508) | ​ | 601,744
Cash flow hedging - Derivative financial instruments |  | 81,358 | ​ | 124,384
Financial instruments measured at fair value | ​ | 717 | ​ | 952
​ |  | 9,422,910 | ​ | 8,674,648

​

23.6.Earnings per share

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited)
Profit attributable to Ecopetrol’s shareholders | ​ | 6,642,349 | ​ | 11,931,149
Weighted average number of outstanding shares | ​ | 41,116,694,690 | ​ | 41,116,694,690
Net basic earnings per share (Colombian pesos) | ​ | 161.5 | ​ | 290.2

​

​

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 24. | Revenue from contracts with customers

​

​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited)
National sales |  |  |  |
Mid-distillates (1) |  | 14,344,857 | ​ | 16,480,792
Gasolines (1) |  | 9,043,982 | ​ | 12,512,904
Natural gas |  | 1,971,259 | ​ | 2,271,821
Services |  | 1,865,643 | ​ | 1,809,889
Electric power transmission services (2) |  | 1,522,356 | ​ | 1,350,548
Plastic and rubber |  | 445,287 | ​ | 654,029
Fuel gas Service |  | 514,013 | ​ | 491,706
Asphalts |  | 386,922 | ​ | 464,815
L.P.G. and propane |  | 321,473 | ​ | 479,782
Roads and construction services (2) | ​ | 160,635 | ​ | 176,879
Polyethylene | ​ | 150,642 | ​ | 158,669
Aromatics | ​ | 131,702 | ​ | 157,009
Crude oil | ​ | 178 | ​ | 125,486
Other products |  | 316,000 | ​ | 341,489
​ |  | 31,174,949 | ​ | 37,475,818
Foreign sales |  |  |  |
Crude oil |  | 22,989,399 | ​ | 25,001,389
Diesel | ​ | 969,035 | ​ | 1,946,402
Fuel oil | ​ | 1,720,541 | ​ | 1,826,690
Electric power transmission services (2) | ​ | 2,621,770 | ​ | 3,061,980
Roads and construction services (2) |  | 2,495,770 | ​ | 2,546,680
Plastic and rubber |  | 561,082 | ​ | 749,103
L.P.G. and propane |  | 170,872 | ​ | 149,225
Gasolines | ​ | 149,590 | ​ | 193,394
Cash flow hedging (3) | ​ | (90,623) | ​ | (673,551)
Other products |  | 1,167,161 | ​ | 945,194
​ |  | 32,754,597 | ​ | 35,746,506
​ |  | 63,929,546 | ​ | 73,222,324

(1) | Includes the value corresponding to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add to it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of regular motor gasoline and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of June 30, 2024, the value recognized for price differential corresponds to $4,458,676 (2023: $13,012,975).

(2) | Corresponds to the revenue derived from the electric power transmission contracts and toll roads concessions contracts of Interconexión Eléctrica S.A. E.S.P.

(3) | Includes the result of hedges for future exports for $40,114 (2023: ($656,746)) and operations with derivative financial instruments for $(130,737) (2023: (16,805)).

​

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 25. | Cost of sales

​

​ | ​ | ​ | ​ | ​
​ |  | Six-month period ended June 30,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited)
Costs variables |  |  |  |
Imported products (1) |  | 9,301,496 | ​ | 12,941,008
Purchases of crude in associations and concessions |  | 6,095,118 | ​ | 7,122,442
Depreciation, depletion, and amortization |  | 4,642,829 | ​ | 3,692,227
Hydrocarbon purchases - ANH (2) |  | 4,120,442 | ​ | 3,736,297
Electric Energy |  | 1,088,360 | ​ | 900,979
Gas royalties in cash |  | 509,940 | ​ | 682,877
Taxes and contributions | ​ | 33,828 | ​ | 164,934
Hydrocarbon transportation services |  | 834,586 | ​ | 744,765
Processing materials |  | 727,609 | ​ | 717,049
Purchases of other products and gas |  | 701,844 | ​ | 627,766
Services contracted in association |  | 150,289 | ​ | 158,116
Extensive tests | ​ | 29,095 | ​ | 42,148
Others (3) |  | (751,369) | ​ | 1,226,743
​ |  | 27,484,067 | ​ | 32,757,351
Fixed cost |  | ​ | ​ | ​
Depreciation and amortization |  | 2,403,088 | ​ | 2,555,684
Maintenance |  | 2,232,203 | ​ | 1,993,000
Labor costs |  | 2,139,056 | ​ | 1,968,750
Contracted services |  | 1,716,484 | ​ | 1,550,482
Construction services | ​ | 1,587,718 | ​ | 1,343,037
Contracted services in associations |  | 667,485 | ​ | 723,716
Taxes and contributions |  | 597,098 | ​ | 555,889
Materials and operating supplies |  | 378,514 | ​ | 424,404
Hydrocarbon transportation services | ​ | 164,386 | ​ | 121,737
General costs |  | 273,420 | ​ | 271,181
​ |  | 12,159,452 | ​ | 11,507,880
​ |  | 39,643,519 | ​ | 44,265,231

(1) | Imported products correspond mainly to middle distillates and gasoline, the variation is due to a lower requirement due to the greater operation in refineries.

(2) | Corresponds mainly to royalty crude purchases made by Ecopetrol S.A. from the National Hydrocarbons Agency (ANH), derived from national production.

(3) | It corresponds to i) the process of use and valuation of core inventories, ii) measurement at net realizable value (NRV), and iii) other capitalizable charges to projects.

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 26. | Administrative, operation and project expenses

​

​ | ​ | ​ | ​ | ​
​ |  | Six-month period ended June 30,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited)
Administration expenses |  |  |  |
General expenses |  | 909,471 | ​ | 1,011,675
Labor expenses |  | 950,928 | ​ | 937,627
Depreciation and amortization |  | 217,611 | ​ | 238,832
Taxes |  | 49,649 | ​ | 48,508
​ |  | 2,127,659 | ​ | 2,236,642
Operation and project expenses |  | ​ | ​ | ​
Exploration expenses (1) | ​ | 824,819 | ​ | 498,677
Commissions, fees, freights, and services |  | 768,696 | ​ | 836,283
Taxes |  | 438,275 | ​ | 411,330
Labor expenses |  | 211,473 | ​ | 195,771
Fee for regulatory entities |  | 176,324 | ​ | 154,092
Maintenance |  | 34,806 | ​ | 43,861
Depreciation and amortization |  | 22,972 | ​ | 37,556
Other | ​ | 138,398 | ​ | 21,723
​ |  | 2,615,763 | ​ | 2,199,293

(1) | As of June 30, 2024, it mainly includes i) the disposals of Orca1, Morito, Machin1, Arauca-15 and Anturio wells and seismic work and studies in Ecopetrol SA., ii) the disposals of Milonga and Sabanales wells and exploratory and seismic expenses in Llanos, VIM8, Perdices, Cor-9, SN-18, Upar, Vim-42, Guajira-gas in Hocol S.A. and iii) exploratory and seismic expenses in Ecopetrol Brasil.

​

| 27. | Other operating expenses

​

​ | ​ | ​ | ​ | ​
​ |  | Six-month period ended June 30,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited)
Legal provisions expense | ​ | (205,631) | ​ | (222,327)
Loss on sale of assets |  | (54,673) | ​ | (53,673)
Impairment of current assets |  | (40,507) | ​ | (53,051)
Other income |  | 104,130 | ​ | 102,333
​ |  | (196,681) | ​ | (226,718)

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 28. | Financial result s

​

​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30,
​ |  | 2024 |  | 2023
​ | ​ | (Unaudited)
Finance income |  |  |  |
Results from financial assets |  | 40,798 | ​ | 304,633
Yields and interests |  | 782,821 | ​ | 1,012,873
(Loss) gain on derivative settlement |  | 504 | ​ | 1,458
Dividends |  | — | ​ | 90
Other financial incomes (expenses) |  | 28,155 | ​ | 30,429
​ |  | 852,278 | ​ | 1,349,483
Financial expenses |  | ​ | ​ | ​
Financial cost of loans and borrowings |  | (3,496,572) | ​ | (3,428,301)
Financial cost of other liabilities (1) |  | (1,264,839) | ​ | (1,226,402)
Results from financial assets |  | (21,976) | ​ | (246,401)
Other financial expenses |  | (206,333) | ​ | (545,127)
​ |  | (4,989,720) | ​ | (5,446,231)
Foreign exchange |  | ​ | ​ | ​
Foreign exchange gain | ​ | 45,267 | ​ | 547,244
​ | ​ | 45,267 | ​ | 547,244
​ |  | (4,092,175) | ​ | (3,549,504)

(1) | It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits.

​

​

| 29. | Risk management

29.1.Exchange rate risk

Ecopetrol Business Group operates both in the local (Colombia) and international markets, for this reason, it is exposed to exchange rate risk, to a greater extent due to fluctuations in exchange rates, especially the peso/US dollar rate.

As of June 30, 2024, the Colombian peso depreciated 7.86% from a closing rate of $3,822.04 on December 31, 2023, to $4,148.04 pesos per dollar. When the Colombian peso depreciates, export revenues, when converted to pesos, increase, and imports and foreign debt service become more expensive.

The book values of financial assets and liabilities denominated in foreign currency are presented in the following table:

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
(USD$ Millions) | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Cash and cash equivalents |  | 806 | ​ | 554
Other financial assets |  | 765 | ​ | 1,188
Trade receivables and payables |  | (178) | ​ | (973)
Loans and borrowings |  | (18,838) | ​ | (18,470)
Other assets and liabilities |  | 25 | ​ | 268
Net liability position |  | (17,420) | ​ | (17,433)

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

Of the total net position, USD$(16,590) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(16,956) correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange difference valuation of the remaining net assets for USD$366 million affects the statement of profit and loss. Likewise, USD$(830) million of the net position correspond to monetary assets and liabilities of Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement.

29.2.Sensitivity analysis for exchange rate risk

The following is the effect that a variation of 1% and 5% would have in the exchange rate of Colombian pesos against the U.S. United States dollar, related to the exposure of financial assets and liabilities in foreign currency as of June 30, 2024:

​

​ | ​ | ​ | ​ | ​
Scenario / variation in the |  | Effect on income |  | Effect on other
exchange rate | ​ | before taxes +/– | ​ | comprehensive income +/
1 | % | 19,255 | ​ | 703,334
5 | % | 96,273 | ​ | 3,516,669

​

29.3.Cash flow hedge for future exports

To express the effect of the natural hedge existing between exports and debt in the financial statements, the exchange rate risk materializes when exports are made. On September 30, 2015, the Board of Directors made the first designation of Ecopetrol’s debt as a hedging instrument for its future income from crude oil exports.

The following is the movement of this non-derivative hedging instrument:

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
(USD$ Millions) | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Opening balance |  | 6,265 | ​ | 5,572
Reassignment of hedging instruments |  | 290 | ​ | 970
Realized exports |  | (290) | ​ | (970)
Designation of new hedges |  | — | ​ | 693
Closing balance |  | 6,265 | ​ | 6,265

​

The following is the movement in the other comprehensive income:

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Opening balance |  | (601,744) | ​ | 2,473,999
Exchange difference |  | 2,016,943 | ​ | (5,194,529)
Realized exports (Note 24) |  | 40,114 | ​ | (479,779)
Ineffectiveness |  | 2,330 | ​ | (25,454)
Deferred tax |  | (908,135) | ​ | 2,624,019
Closing balance |  | 549,508 | ​ | (601,744)

​

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

The expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Year |  | Before taxes |  | Taxes |  | After taxes
2024 | ​ | (140,853) | ​ | 61,879 | ​ | (78,974)
2025 | ​ | (288,815) | ​ | 127,101 | ​ | (161,714)
2026 |  | (305,153) | ​ | 134,291 | ​ | (170,862)
2027 |  | (23,853) | ​ | 10,497 | ​ | (13,356)
2028 |  | (25,155) | ​ | 11,070 | ​ | (14,085)
2029 | ​ | (27,168) | ​ | 11,956 | ​ | (15,212)
2030 | ​ | (46,841) | ​ | 20,614 | ​ | (26,227)
2031 | ​ | (56,734) | ​ | 24,967 | ​ | (31,767)
2032 | ​ | (60,868) | ​ | 26,787 | ​ | (34,081)
2033 | ​ | (5,766) | ​ | 2,536 | ​ | (3,230)
​ | ​ | (981,206) | ​ | 431,698 | ​ | (549,508)

​

29.4.Hedge of a net investment in a foreign operation

The Board of Directors approved the application of hedge accounting of net investment from June 8, 2016. The measure seeks to reduce the volatility of non-operating income due to the exchange difference. The hedge of a net investment applies to a portion of the investments the Company has in foreign currency, in this case in subsidiaries with the US dollars as their functional currency, using as hedging instrument a portion of the Company’s debt denominated in U.S. dollars.

As of June 30, 2024, the total hedged balance is USD$10,695 million, which includes: i) Ecopetrol S.A. USD$10,365 million and ii) ISA Colombia for USD$330 million in hedge of net investment in the companies ISA REP, ISA Perú, Consorcio Transmantaro (CTM) and Proyectos de Infrastructura del Perú (PDI).

The following is the movement in the other comprehensive income:

​

​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (Unaudited) | ​ | ​
Opening balance |  | 3,140,684 | ​ | 9,354,071
Exchange difference |  | 3,571,287 | ​ | (8,973,470)
Deferred tax |  | (1,382,016) | ​ | 2,760,083
Closing balance |  | 5,329,955 | ​ | 3,140,684

​

29.5.Commodity Price risk

The price risk of raw materials is associated with the Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices.

The risk of such exposure is partially hedged in a natural way, as an integrated Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices.

The Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures, and controls for their management.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

The main purpose of the strategic hedging program is to protect the Group’s consolidated financial statements from the volatility of market variables in each period, to protect income and thus cash flow. During 2022, a hedging plan was executed to protect the cash against low price scenarios below the budget base price, in this sense, put options were purchased. There is not balance of these financial instruments as of June 30, 2024, and December 31, 2023.

On the other hand, tactical hedges allow to capture value in trading operations and Asset Backed Trading (ABT), thereby mitigating the market risk of specific operations. In the trading activity, commitments in physical spot and forward contracts could represent an exposure to commodity price risk, in particular the risk associated with the volatility of the price of crude oil and refined products. Although this exposure is part of the natural risk of the production, refining, and marketing activity made by Ecopetrol, sometimes marketing, to maximize value capture, can concentrate the exposure to risk in terms of time and/or or indicator that differs from the Company’s natural price risk profile.

As of the date of this report, Ecopetrol Business Group recognizes a total net liability position in swaps for $222 (December 2023: liability $6,350). These transactions with financial derivatives are recognized under cash flow hedge accounting.

29.6.Risk and opportunities related to climate

Ecopetrol Business Group has an identification of physical and transition risks considering short, medium, and long-term climate scenarios, and opportunities, based on energy transition scenarios that guide the company’s long-term strategic analysis.

| ● | Physical risks: are related to the Company’s exposure and vulnerability to the impacts of climate change and climate variability, which could affect operational continuity and increase the exposure of assets to possible damages. Physical risks are classified as acute and chronic.

| o | Acute risks are those caused by extreme weather events, whose frequency and intensity have been increasing due to the gradual increase in global temperature. In Colombian territory they are mainly reflected in the occurrence of the climate variability phenomenon “El Niño” and its opposite phase “La Niña”. These conditions could result in, among others, water shortages, heat waves, floods, and fires.

At the end of 2023, the “El Niño” phenomenon was consolidated with strong intensity. By the second quarter, the conditions of the phenomenon weakened and the transition to the neutrality phase began. It is reported that, for the second quarter, there were no substantial impacts on the infrastructure or operations of the Ecopetrol Business Group. In relation to the “La Niña” phenomenon, it is in a state of surveillance, Ecopetrol is advancing in the preparation and monitoring phase for the potential impacts that may occur in the face of climatic threats of natural origin (floods, strong winds and mass movements, among others).

| o | Chronic risks derive from a sustained change in the medium and long term in climate conditions, which for the Business Group can be reflected in the rise in sea level, thermal overload and droughts, beyond 2050.

| ● | Transition risk: related to the challenges that the Business Group has identified to move towards a low-carbon, sustainable and competitive operation. The Business Group carried out a prioritization of transition risks to establish their financial impact, identifying the following:

| o | Regulatory risk, associated with regulatory changes that may directly affect the Company in the short and medium term. Among the regulatory changes, the following can be highlighted: (i) new information requirements associated with mitigation and adaptation for the application or modification of current and future licenses, (ii) greater requirements associated with the regulations for the detection and repair of leaks. , gas flaring and venting, (iii) disclosure requirements on environmental and social issues by regulatory entities, (iv) new requirements for the assessment and verification of reduction projects and their registration in the National Registry of Gas Emissions Reductions Greenhouse Gases (RENARE), (v) possible restrictions on the voluntary compensation of GHG emissions,

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

|  | (vi) implementation of the National Program for Tradable Emissions Quotas (PNCTE), in which emission rights would be assigned, among others.

During 2023, the National Environmental License Authority (ANLA) in Colombia, incorporated into applications for environmental licenses, modification of licenses or minor changes in production and exploration, requirements associated with the quantification of GHG emissions, mitigation actions, vulnerability analysis and climate risk, and adaptation actions, within the framework of the Comprehensive Business Climate Change Management Plan. The report of compliance with these requirements must be presented in the Environmental Compliance Reports (ICAs). For the second quarter of 2024, the requirement was applied for (2) files with a request for modification. The document associated with the PIGCCe is public for consult.

| o | Legal risk, associated with the negative reactions and lawsuits against the climate action of Ecopetrol Business Group

| o | Risk of assets trapped in the traditional business of hydrocarbon production, transportation, and refining, considering factors such as fuel demand prospects and asset profit horizons.

| o | Market risk, related to the change in preferences in the use of low-carbon products in the long term, which implies a risk for the Company of not being able to meet market demand and of not advancing effectively in the development of these products and cost impact due to carbon price change.

| o | Reputational risk, associated with the impossibility of responding in a timely way to the expectations and demand of investors and other interest groups to establish ambitious objectives regarding climate change, which would affect the image of the Company.

| o | Technological risk, associated with the negative effects on the profitability of the business if there is no preparation and capacity to adapt to new technologies because of the transition process.

The transition risk analysis considered the market and regulatory risks with the highest probability of materialization and were evaluated under the three scenarios of the World Energy Outlook 2022 of the International Energy Agency (IEA): (i) Net Zero Emissions (NZE), (ii) Announced Pledges Scenario (APS), and (iii) Stated Policies Scenario (STEPS). In market risk, as a first approximation, the impact on the value of the Upstream segment assets and their resilience to different hydrocarbon demand expectations was analyzed. In the APS and STEPS scenarios, the oil business shows resilience to volatility. However, this exercise cannot be considered absolute, since the IEA scenarios do not consider the dynamics of local energy demand, especially the natural gas market. With respect to regulation risk, the regulatory evolution related to the energy transition and climate change involves regulatory changes that may directly affect the Business Group in the short and medium term. The Business Group is committed to contributing significantly to national and sectoral goals, which in the future may be reflected in potential mandatory requirements. Faced with this risk, the Business Group evaluated two routes: i) quantification of the impact on the costs associated with a potential change in carbon prices and ii) quantification of the financial repercussions derived from higher abatement costs, due to limitations due to use of offsets, to analyze the effects on cash flow and possible capital allocation needs to enable the entry of new abatement opportunities to achieve decarbonization goals.

To manage the indicated risks, the Business Group defined as strategic risk the “Inadequate response to challenges associated with climate change, water and biodiversity”, which incorporates treatment actions, Key Risk Indicators (KRI) and controls to effectively manage the causes and mitigate the materialization of the risk. This definition as corporate risk allows the Business Group to define actions to move towards decarbonization and the fulfillment of medium and long-term goals and adaptation to climate variability and normal weather conditions in the country, to mitigate the effects associated with availability and water security in the regions, energy security, among others.

| ● | Opportunities associated with climate, these arise from the analysis of risks associated with climate, the review of energy transition scenarios, the implementation of the decarbonization plan and the alignment with the 2040 “Energy that Transforms” strategy. In the process of identifying and evaluating opportunities, the Company monitors and evaluates the energy market and the business environment, by defining energy transition scenarios that guide the long-term strategic analysis of the Business

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

|  | Group (2040). Opportunities have been identified related to the diversification of the traditional business, the incorporation of sustainable and low-emission businesses in the portfolio, diversification in the electricity and infrastructure market and the strengthening of energy efficiency and renewable energies.

29.7.Capital management

The main objective of Ecopetrol Business Group’s Capital Management is to ensure a financial structure that will optimize the Company’s cost of capital, maximize the returns to its shareholders and allow access to financial markets at a competitive cost to cover its financing needs.

The following is the leverage index over the periods reported:

​

​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31, |
​ | ​ | 2024 | ​ | 2023 | ​
​ | ​ | (Unaudited) | ​ | ​ | ​
Loans and borrowings (Note 19) |  | 115,019,566 | ​ | 105,815,527 | ​
Cash and cash equivalents (Note 6) |  | (13,236,875) | ​ | (12,336,115) | ​
Other financial assets (Note 9) |  | (2,746,668) | ​ | (2,232,775) | ​
Net financial debt |  | 99,036,023 | ​ | 91,246,637 | ​
Equity |  | 95,236,419 | ​ | 100,252,480 | ​
Leverage (1) |  | 50.98 | % | 47.65 | %

(1)Net financial debt / (Net financial debt + Equity)

​

​

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 30. | Related parties

The balances with associated companies and joint ventures as of June 30, 2024 (unaudited), and December 31, 2023 are as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accounts | ​ | Loans | ​ | Accounts | ​ | Loans | ​ | Other
​ |  | receivable |  | receivable |  | payable |  | payable |  | liabilities
Joint ventures |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equion Energía Limited |  | — | ​ | — | ​ | 2,410 | ​ | 763,891 | ​ | 1,614
Ecodiesel Colombia S.A. |  | 6,222 | ​ | — | ​ | 49,968 | ​ | — | ​ | —
Interligação Elétrica do Madeira S.A. |  | 33,177 | ​ | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Garanhuns S.A. | ​ | — | ​ | 40 | ​ | — | ​ | — | ​ | —
Interligação Elétrica Paraguaçu S.A. | ​ | — | ​ | 23 | ​ | — | ​ | — | ​ | —
Interligação Elétrica Aimorés S.A. | ​ | — | ​ | 23 | ​ | — | ​ | — | ​ | —
Interligação Elétrica Ivaí S.A. | ​ | 17,313 | ​ | 1,633 | ​ | — | ​ | — | ​ | —
Conexión Kimal Lo Aguirre S.A. | ​ | — | ​ | 230,980 | ​ | — | ​ | — | ​ | —
Associates |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gases del Caribe S.A. E.S.P. | ​ | — | ​ | — | ​ | 5,984 | ​ | — | ​ | —
Gas Natural del Oriente S.A. E.S.P. | ​ | 12,017 | ​ | — | ​ | — | ​ | — | ​ | —
Gases de la Guajira S.A. E.S.P. | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Extrucol S.A. | ​ | 3,130 | ​ | — | ​ | 484 | ​ | — | ​ | —
E2 Energía Eficiente S.A. E.S.P. |  | 8,265 | ​ | — | ​ | 174 | ​ | — | ​ | —
Balance as of June 30, 2024 (unaudited) |  | 80,124 | ​ | 232,699 | ​ | 59,020 | ​ | 763,891 | ​ | 1,614
Current |  | 80,124 | ​ | 1,719 | ​ | 59,020 | ​ | 763,891 | ​ | 1,614
Non-current |  | — | ​ | 230,980 | ​ | — | ​ | — | ​ | —
​ |  | 80,124 | ​ | 232,699 | ​ | 59,020 | ​ | 763,891 | ​ | 1,614
​ |  | (Note 7) | ​ | (Note 7) | ​ | (Note 20) | ​ | (Note 19) | ​ | ​

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accounts | ​ | Loans | ​ | Other | ​ | Accounts | ​ | Loans | ​ | Other
​ |  | receivable |  | receivable |  | assets |  | payable |  | payable |  | liabilities
Joint ventures |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equion Energía Limited (1) |  | — | ​ | — | ​ | 84 | ​ | 6,327 | ​ | 683,949 | ​ | 423
Ecodiesel Colombia S.A. |  | 4,953 | ​ | — | ​ | — | ​ | 49,429 | ​ | — | ​ | —
Interligação Elétrica do Madeira S.A. | ​ | 35,100 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Garanhuns S.A. |  | 10,292 | ​ | 41 | ​ | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Paraguaçu S.A. | ​ | 11,366 | ​ | 25 |  | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Aimorés S.A. | ​ | 7,612 | ​ | 25 |  | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Ivaí S.A. | ​ | 18,316 | ​ | 1,097 | ​ | — | ​ | — | ​ | — | ​ | —
Transmissora Aliança de Energia Elétrica S.A. | ​ | 26,783 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Conexión Kimal Lo Aguirre S.A. | ​ | — | ​ | 143,236 | ​ | — | ​ | — | ​ | — | ​ | —
Associates |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Gas Natural del Oriente S.A. E.S.P. | ​ | — | ​ | — | ​ | — | ​ | 7,560 | ​ | — | ​ | —
Extrucol S.A. | ​ | — | ​ | — | ​ | — | ​ | 1,028 | ​ | — | ​ | —
E2 Energía Eficiente S.A. E.S.P. |  | 7,215 | ​ | — | ​ | — | ​ | 422 | ​ | — | ​ | —
Internexa Brasil Operadora de Telecomunicaciones | ​ | — | ​ | 235 | ​ | — | ​ | — | ​ | — | ​ | —
Balance as of December 31, 2023 |  | 121,637 | ​ | 144,659 | ​ | 84 | ​ | 64,766 | ​ | 683,949 | ​ | 423
Current |  | 121,637 | ​ | 1,421 | ​ | 84 | ​ | 64,766 | ​ | 683,949 | ​ | 423
Non-current |  | — | ​ | 143,238 | ​ | — | ​ | — | ​ | — | ​ | —
​ |  | 121,637 | ​ | 144,659 | ​ | 84 | ​ | 64,766 | ​ | 683,949 | ​ | 423
​ |  | (Note 7) | ​ | (Note 7) | ​ | (Note 11) | ​ | (Note 20) | ​ | (Note 19) | ​ | ​

​

Loans payable:

​

(1) | Deposits held by Equion in Ecopetrol Capital AG.

The main transactions with related parties for the periods ended June 30, are detailed as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | Purchases of | ​ | ​ | ​ | Purchases of
​ | ​ | Sales and | ​ | product and | ​ | Sales and | ​ | product and
​ |  | services |  | other |  | services |  | other
​ | ​ | (Unaudited) | ​ | (Unaudited)
Joint ventures |  |  |  |  |  |  |  |
Equion Energía Limited |  | — | ​ | — | ​ | 487 | ​ | —
Ecodiesel Colombia S.A. |  | 16,454 | ​ | 248,457 | ​ | 11,658 | ​ | 289,250
​ | ​ | 16,454 | ​ | 248,457 | ​ | 12,145 | ​ | 289,250
Associates |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gases del Caribe S.A. E.S.P. | ​ | — | ​ | 14,673 | ​ | — | ​ | —
Gas Natural del Oriente S.A. E.S.P. |  | — | ​ | 5,394 | ​ | — | ​ | 19,319
Extrucol S.A. | ​ | — | ​ | 1,459 | ​ | — | ​ | —
E2 Energía Eficiente S.A. E.S.P. | ​ | 41,418 | ​ | 1,457 | ​ | 8 | ​ | 2,157
Serviport S.A. | ​ | — | ​ | — | ​ | 50,377 | ​ | 2,714
​ |  | 41,418 | ​ | 22,983 | ​ | 50,385 | ​ | 24,190
​ | ​ | 57,872 | ​ | 271,440 | ​ | 62,530 | ​ | 313,440

​

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

| 31. | Segments information

The description of the business segments can be seen in note 4.20 of the annual consolidated financial statements December 31, 2023.

The following information by segments is reported based on the information used by the Board of Directors, as the highest body for making strategic and operational decisions of the business segments. The performance of the segments is based mainly on analyzes of income, costs, expenses, and results for the period generated by each segment, which are monitored periodically.

The information disclosed in each segment is presented net of the transactions carried out between the Group companies.

31.1.Statement of profit or loss by segment

Below is the profit and loss statement by segment as of and for the periods ended June 30:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30, 2024 (Unaudited) (1)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Electric power | ​ | ​ | ​ | ​
​ | ​ | Exploration | ​ | ​ | ​ | ​ | ​ | transmission | ​ | ​ | ​ | ​
​ | ​ | and |  | Refining and |  | Transportation |  | and toll roads |  | ​ | ​ | ​
​ |  | Production | ​ | Petrochemicals | ​ | and Logistics | ​ | concessions | ​ | Eliminations |  | Total
Third party sales |  | 24,959,490 | ​ | 30,611,348 | ​ | 1,384,099 | ​ | 7,094,262 | ​ | (119,653) | ​ | 63,929,546
Inter-segment sales |  | 15,255,699 | ​ | 3,767,104 | ​ | 5,809,753 | ​ | 1,225 | ​ | (24,833,781) | ​ | —
Revenue from contracts with customers |  | 40,215,189 | ​ | 34,378,452 | ​ | 7,193,852 | ​ | 7,095,487 | ​ | (24,953,434) | ​ | 63,929,546
Costs of sales |  | (26,233,439) | ​ | (32,986,373) | ​ | (1,990,319) | ​ | (3,178,533) | ​ | 24,745,145 | ​ | (39,643,519)
Gross profit |  | 13,981,750 | ​ | 1,392,079 | ​ | 5,203,533 | ​ | 3,916,954 | ​ | (208,289) | ​ | 24,286,027
Administration expenses |  | (1,011,355) | ​ | (435,424) | ​ | (301,573) | ​ | (568,797) | ​ | 189,490 | ​ | (2,127,659)
Operation and projects expenses |  | (1,888,828) | ​ | (630,546) | ​ | (197,753) | ​ | — | ​ | 101,364 | ​ | (2,615,763)
Impairment of non-current assets |  | — | ​ | (5,282) | ​ | — | ​ | (2,956) | ​ | — | ​ | (8,238)
Other operating (expense) income |  | (204,528) | ​ | (42,734) | ​ | 100,895 | ​ | 31,972 | ​ | (82,286) | ​ | (196,681)
Operating income |  | 10,877,039 | ​ | 278,093 | ​ | 4,805,102 | ​ | 3,377,173 | ​ | 279 | ​ | 19,337,686
Financial results |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial income |  | 570,047 | ​ | 82,915 | ​ | 148,490 | ​ | 321,328 | ​ | (270,502) | ​ | 852,278
Financial expenses |  | (2,413,247) | ​ | (850,850) | ​ | (166,755) | ​ | (1,828,656) | ​ | 269,788 | ​ | (4,989,720)
Foreign exchange (loss) gain |  | (116,617) | ​ | (18,749) | ​ | 200,168 | ​ | (19,535) | ​ | — | ​ | 45,267
​ |  | (1,959,817) | ​ | (786,684) | ​ | 181,903 | ​ | (1,526,863) | ​ | (714) | ​ | (4,092,175)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share of profit of associates and joint ventures |  | 16,505 | ​ | 97,720 | ​ | — | ​ | 272,066 | ​ | — | ​ | 386,291
Profit before income tax expense |  | 8,933,727 | ​ | (410,871) | ​ | 4,987,005 | ​ | 2,122,376 | ​ | (435) | ​ | 15,631,802
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense |  | (4,375,740) | ​ | (476,477) | ​ | (1,784,424) | ​ | (277,387) | ​ | — | ​ | (6,914,028)
Net profit for the period |  | 4,557,987 | ​ | (887,348) | ​ | 3,202,581 | ​ | 1,844,989 | ​ | (435) | ​ | 8,717,774
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit (loss) attributable to: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Owners of the parent |  | 4,597,514 | ​ | (985,633) | ​ | 2,612,283 | ​ | 418,620 | ​ | (435) | ​ | 6,642,349
Non-controlling interest |  | (39,527) | ​ | 98,285 | ​ | 590,298 | ​ | 1,426,369 | ​ | — | ​ | 2,075,425
​ |  | 4,557,987 | ​ | (887,348) | ​ | 3,202,581 | ​ | 1,844,989 | ​ | (435) | ​ | 8,717,774

(1)Statement of profit and loss by segment for the first half of 2024 (period from January 1 to June 30, 2024).

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30, 2023 (Unaudited) (1)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Electric power | ​ | ​ | ​ | ​
​ | ​ | Exploration | ​ | ​ | ​ | ​ | ​ | transmission | ​ | ​ | ​ | ​
​ |  | and |  | Refining and |  | Transportation |  | and toll roads |  | ​ | ​ | ​
​ | ​ | Production | ​ | Petrochemicals | ​ | and Logistics | ​ | concessions | ​ | Eliminations |  | Total
Third party sales |  | 25,958,987 | ​ | 39,074,037 | ​ | 1,519,252 | ​ | 7,456,833 | ​ | (786,785) | ​ | 73,222,324
Inter-segment sales |  | 14,244,811 | ​ | 3,534,417 | ​ | 6,532,846 | ​ | 1,623 | ​ | (24,313,697) | ​ | —
Revenue from contracts with customers |  | 40,203,798 | ​ | 42,608,454 | ​ | 8,052,098 | ​ | 7,458,456 | ​ | (25,100,482) | ​ | 73,222,324
Costs of sales |  | (25,517,091) | ​ | (38,636,523) | ​ | (2,048,042) | ​ | (2,958,924) | ​ | 24,895,349 | ​ | (44,265,231)
Gross profit |  | 14,686,707 | ​ | 3,971,931 | ​ | 6,004,056 | ​ | 4,499,532 | ​ | (205,133) | ​ | 28,957,093
Administration expenses |  | (1,165,724) | ​ | (364,671) | ​ | (291,523) | ​ | (583,002) | ​ | 168,278 | ​ | (2,236,642)
Operation and projects expenses |  | (1,433,894) | ​ | (708,324) | ​ | (170,147) | ​ | — | ​ | 113,072 | ​ | (2,199,293)
Impairment of non–current assets |  | — | ​ | (5,795) | ​ | — | ​ | (763) | ​ | — | ​ | (6,558)
Other operating (expense) income |  | (175,097) | ​ | (34,647) | ​ | 12,106 | ​ | (27,052) | ​ | (2,028) | ​ | (226,718)
Operating income |  | 11,911,992 | ​ | 2,858,494 | ​ | 5,554,492 | ​ | 3,888,715 | ​ | 74,189 | ​ | 24,287,882
Financial results |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial income |  | 924,689 | ​ | 122,835 | ​ | 266,247 | ​ | 405,811 | ​ | (370,099) | ​ | 1,349,483
Financial expenses |  | (2,450,349) | ​ | (946,212) | ​ | (183,818) | ​ | (2,161,343) | ​ | 295,491 | ​ | (5,446,231)
Foreign exchange gain (loss) |  | 622,037 | ​ | 251,134 | ​ | (105,317) | ​ | (220,610) | ​ | — | ​ | 547,244
​ |  | (903,623) | ​ | (572,243) | ​ | (22,888) | ​ | (1,976,142) | ​ | (74,608) | ​ | (3,549,504)
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share of profit of associates and joint ventures |  | 12,111 | ​ | 140,349 | ​ | — | ​ | 344,675 | ​ | — | ​ | 497,135
Profit before income tax expense | ​ | 11,020,480 | ​ | 2,426,600 | ​ | 5,531,604 | ​ | 2,257,248 | ​ | (419) | ​ | 21,235,513
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense |  | (4,861,356) | ​ | 97,121 | ​ | (1,801,932) | ​ | (197,759) | ​ | — | ​ | (6,763,926)
Net profit (loss) for the period | ​ | 6,159,124 | ​ | 2,523,721 | ​ | 3,729,672 | ​ | 2,059,489 | ​ | (419) | ​ | 14,471,587
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit (loss) attributable to: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Owners of the parent |  | 6,211,347 | ​ | 2,411,227 | ​ | 2,996,518 | ​ | 312,476 | ​ | (419) | ​ | 11,931,149
Non–controlling interest | ​ | (52,223) | ​ | 112,494 | ​ | 733,154 | ​ | 1,747,013 | ​ | — | ​ | 2,540,438
​ |  | 6,159,124 | ​ | 2,523,721 | ​ | 3,729,672 | ​ | 2,059,489 | ​ | (419) | ​ | 14,471,587

(1)Statement of profit and loss by segment for the first half of 2023 (period from January 1 to June 30, 2023).

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

31.2.Revenue from contracts with customers

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue from contracts with customers - Segments
​ | ​ | Six-month period ended June 30, 2024 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Electric power |  | ​ | ​ | ​
​ | ​ | Exploration | ​ | ​ | ​ | ​ | ​ | transmission | ​ | ​ | ​ | ​
​ | ​ | and | ​ | Refining and | ​ | Transportation | ​ | and toll roads | ​ | ​ | ​ | ​
​ |  | Production |  | Petrochemicals |  | and Logistics | ​ | concessions | ​ | Eliminations |  | Total
National sales |  |  |  |  |  |  | ​ |  |  |  |  |
Mid-distillates |  | — | ​ | 14,355,484 | ​ | — | ​ | — | ​ | (10,627) | ​ | 14,344,857
Gasolines |  | — | ​ | 11,206,554 | ​ | — | ​ | — | ​ | (2,162,572) | ​ | 9,043,982
Natural gas |  | 2,532,933 | ​ | — | ​ | — | ​ | — | ​ | (561,674) | ​ | 1,971,259
Services |  | 141,993 | ​ | 343,477 | ​ | 7,193,854 | ​ | 194,675 | ​ | (6,008,356) | ​ | 1,865,643
Electric power transmission services | ​ | — | ​ | — | ​ | — | ​ | 1,522,356 | ​ | — | ​ | 1,522,356
Roads and construction services |  | — | ​ | — | ​ | — | ​ | 160,635 | ​ | — | ​ | 160,635
Fuel gas service | ​ | — | ​ | 519,086 | ​ | — | ​ | — | ​ | (5,073) | ​ | 514,013
Plastic and rubber |  | — | ​ | 445,287 | ​ | — | ​ | — | ​ | — | ​ | 445,287
Asphalts |  | 37,055 | ​ | 349,867 | ​ | — | ​ | — | ​ | — | ​ | 386,922
L.P.G. and propane | ​ | 203,423 | ​ | 124,695 | ​ | — | ​ | — | ​ | (6,645) | ​ | 321,473
Crude oil | ​ | 14,645,726 | ​ | — | ​ | — | ​ | — | ​ | (14,645,548) | ​ | 178
Polyethylene |  | — | ​ | 150,313 | ​ | — | ​ | — | ​ | 329 | ​ | 150,642
Aromatics |  | — | ​ | 131,702 | ​ | — | ​ | — | ​ | — | ​ | 131,702
Other products | ​ | 17,832 | ​ | 1,851,687 | ​ | — | ​ | — | ​ | (1,553,519) | ​ | 316,000
​ |  | 17,578,962 | ​ | 29,478,152 | ​ | 7,193,854 | ​ | 1,877,666 | ​ | (24,953,685) | ​ | 31,174,949
Foreign sales |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​
Crude oil |  | 22,508,667 | ​ | 480,732 | ​ | — | ​ | — | ​ | — | ​ | 22,989,399
Diesel |  | — | ​ | 969,035 | ​ | — | ​ | — | ​ | — | ​ | 969,035
Electric power transmission services | ​ | — | ​ | — | ​ | — | ​ | 2,621,770 | ​ | — | ​ | 2,621,770
Construction services | ​ | — | ​ | — | ​ | — | ​ | 2,495,770 | ​ | — | ​ | 2,495,770
Plastic and rubber |  | — | ​ | 561,082 | ​ | — | ​ | — | ​ | — | ​ | 561,082
Gasolines |  | — | ​ | 149,590 | ​ | — | ​ | — | ​ | — | ​ | 149,590
Fuel oil |  | — | ​ | 1,720,371 | ​ | — | ​ | — | ​ | 170 | ​ | 1,720,541
L.P.G. and propane |  | 170,872 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 170,872
Cash flow hedging |  | (90,623) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (90,623)
Other products |  | 47,309 | ​ | 1,019,490 | ​ | — | ​ | 100,281 | ​ | 81 | ​ | 1,167,161
​ |  | 22,636,225 | ​ | 4,900,300 | ​ | — | ​ | 5,217,821 | ​ | 251 | ​ | 32,754,597
​ | ​ | 40,215,187 | ​ | 34,378,452 | ​ | 7,193,854 | ​ | 7,095,487 | ​ | (24,953,434) | ​ | 63,929,546

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue from contracts with customers - Segments
​ | ​ | Six-month period ended June 30, 2023 (Unaudited)
​ |  | ​ | ​ | ​ | ​ | ​ |  | Electric power |  | ​ | ​ | ​
​ | ​ | Exploration | ​ | ​ | ​ | ​ | ​ | transmission | ​ | ​ | ​ | ​
​ | ​ | and | ​ | Refining and | ​ | Transportation | ​ | and toll roads | ​ | ​ | ​ | ​
​ | ​ | Production |  | Petrochemicals |  | and Logistics | ​ | concessions | ​ | Eliminations |  | Total
National sales |  |  |  |  |  |  | ​ |  |  |  |  |
Mid-distillates |  | — | ​ | 16,500,309 | ​ | — | ​ | — | ​ | (19,517) | ​ | 16,480,792
Gasolines |  | — | ​ | 14,415,225 | ​ | — | ​ | — | ​ | (1,902,321) | ​ | 12,512,904
Natural gas |  | 2,897,671 | ​ | — | ​ | — | ​ | — | ​ | (625,850) | ​ | 2,271,821
Services |  | 176,945 | ​ | 926,733 | ​ | 8,052,098 | ​ | 156,470 | ​ | (7,502,357) | ​ | 1,809,889
Electric power transmission services |  | — | ​ | — | ​ | — | ​ | 1,350,548 | ​ | — | ​ | 1,350,548
Roads and construction services |  | — | ​ | — | ​ | — | ​ | 176,879 | ​ | — | ​ | 176,879
Fuel gas service |  | — | ​ | 496,590 | ​ | — | ​ | — | ​ | (4,884) | ​ | 491,706
Plastic and rubber |  | — | ​ | 654,029 | ​ | — | ​ | — | ​ | — | ​ | 654,029
Asphalts |  | 31,230 | ​ | 433,585 | ​ | — | ​ | — | ​ | — | ​ | 464,815
L.P.G. and propane |  | 321,950 | ​ | 168,656 | ​ | — | ​ | — | ​ | (10,824) | ​ | 479,782
Crude oil |  | 13,568,668 | ​ | — | ​ | — | ​ | — | ​ | (13,443,182) | ​ | 125,486
Polyethylene |  | — | ​ | 158,669 | ​ | — | ​ | — | ​ | — | ​ | 158,669
Aromatics | ​ | — | ​ | 157,009 | ​ | — | ​ | — | ​ | — | ​ | 157,009
Other products | ​ | 17,043 | ​ | 1,915,993 | ​ | — | ​ | — | ​ | (1,591,547) | ​ | 341,489
​ |  | 17,013,507 | ​ | 35,826,798 | ​ | 8,052,098 | ​ | 1,683,897 | ​ | (25,100,482) | ​ | 37,475,818
Foreign sales |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​
Crude oil |  | 23,654,132 | ​ | 1,347,257 | ​ | — | ​ | — | ​ | — | ​ | 25,001,389
Diesel |  | — | ​ | 1,946,402 | ​ | — | ​ | — | ​ | — | ​ | 1,946,402
Electric power transmission services |  | — | ​ | — | ​ | — | ​ | 3,061,980 | ​ | — | ​ | 3,061,980
Construction services |  | — | ​ | — | ​ | — | ​ | 2,546,680 | ​ | — | ​ | 2,546,680
Plastic and rubber |  | — | ​ | 749,103 | ​ | — | ​ | — | ​ | — | ​ | 749,103
Gasolines |  | — | ​ | 193,394 | ​ | — | ​ | — | ​ | — | ​ | 193,394
Fuel oil |  | — | ​ | 1,826,690 | ​ | — | ​ | — | ​ | — | ​ | 1,826,690
L.P.G. and propane |  | 149,225 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 149,225
Cash flow hedging | ​ | (673,551) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (673,551)
Other products |  | 60,485 | ​ | 718,810 | ​ | — | ​ | 165,899 | ​ | — | ​ | 945,194
​ |  | 23,190,291 | ​ | 6,781,656 | ​ | — | ​ | 5,774,559 | ​ | — | ​ | 35,746,506
​ |  | 40,203,798 | ​ | 42,608,454 | ​ | 8,052,098 | ​ | 7,458,456 | ​ | (25,100,482) | ​ | 73,222,324

​

​

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

| 32. | Relevant and/or subsequent events (unaudited)

| ● | Appeal filed by the Ministry of Finance and Public Credit facing the Court on the deductibility of royalties.

The appeal filed by the Ministry of Finance and Public Credit suspends the effects of the court’s decision not to modulate the effects of ruling C489 of 2023 regarding the deductibility of royalties.

| ● | Ocensa announces the acquisition of 100% of the shares of C.I. Repsol Ductos Colombia.

On July 22, 2024, Oleoducto Central S.A., belonging to the Ecopetrol Business Group, announced the acquisition of 100% of the shares of the company CI Repsol Ductos Colombia S.A.S. (“RDC”).

RDC’s main asset is the shares in the Oleoducto de Colombia S.A. – ODC, which represent a 7.14% stake. The ODC is a private oil pipeline with an indefinite validity, which has been operating for 35 years transporting crude oil between the Vasconia Station, located in the municipality of Puerto Boyacá (Boyacá) and the Coveñas Maritime Terminal, in the municipalities of Coveñas (Sucre) and San Antero (Córdoba).

| ● | Ecopetrol S.A. begins a partial refinancing of USD $250 million of debt maturities in 2026

On August 6, 2024, Ecopetrol S.A. reported that, as part of its comprehensive debt management strategy, it will prepay USD $250 million of its international bond maturing in June 2026, which was issued in 2015. The outstanding nominal balance of the bond is USD $1,500 million, with a coupon rate of 5.375%.

The redemption date of the bonds will take place on September 5, 2024, at an approximate redemption price of USD $1,014.95 for each USD $1,000 of principal plus the accrued interest. The final amount of the transaction will be confirmed on the redemption date.

The early payment is in line with the objectives of the financial plan and confirms Ecopetrol S.A.’s commitment to proactively manage the refinancing of maturities in 2026.

| ● | Ecopetrol obtained authorization to execute a loan agreement with an international bank for two-hundred fifty million dollars

Ecopetrol announced that the Ministry of Finance and Public Credit (“MHCP”) has authorized Ecopetrol to execute a loan agreement for up to two-hundred fifty million dollars through Resolution 2476 dated August 20, 2024.

The loan is expected to be executed by and between the Company, as borrower, and Sumitomo Mitsui Banking Corporation, as lender. The term of the loan is expected to be five years, with the principal payable at maturity and a variable interest rate. The proceeds from this transaction are expected to be allocated to non-investment expenses, including the repayment of financial commitments maturing 2026.

According to the procedure outlined in the contract, the MHCP reviewed and authorized the terms, which anticipate borrower default events such as non-payment or failure to fulfill obligations. If these events materialize, the lenders may demand early repayment. Additionally, Ecopetrol may seek recourse if the agreed disbursements are not made. All of the above is in compliance and will be governed by the laws of the State of New York.

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Ownership | ​ | ​ | ​ | ​ | ​ | Geographic | ​ | ​ | ​ | Profit (loss) | ​ | ​ | ​ | ​ |
​ | ​ | Functional | ​ | Interest | ​ | ​ | ​ | Country/ | ​ | area of | ​ | ​ | ​ | for the | ​ | Total | ​ | Total |
Company |  | Currency | ​ | Ecopetrol | ​ | Activity | ​ | Domicile | ​ | operations | ​ | Net equity | ​ | period | ​ | assets | ​ | liabilities |
Subsidiaries |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Refinería de Cartagena S.A.S. |  | U.S. Dollar |  | 100 | % | Hydrocarbons refining, marketing and distribution |  | Colombia |  | Colombia |  | 23,509,708 |  | (910,551) |  | 35,121,833 |  | 11,612,125 |
Cenit transporte y logística de hidrocarburos S.A.S. | ​ | Colombian peso | ​ | 100 | % | Storage and transportation through hydrocarbon pipelines | ​ | Colombia | ​ | Colombia | ​ | 14,274,042 | ​ | 2,661,860 | ​ | 17,842,988 | ​ | 3,568,946 | ​
Ecopetrol Global Energy S.L.U. | ​ | U.S. Dollar | ​ | 100 | % | Investment vehicle | ​ | Spain | ​ | Spain | ​ | 16,510,216 | ​ | 528,155 | ​ | 16,510,297 | ​ | 81 | ​
Oleoducto Central S.A. - Ocensa | ​ | U.S. Dollar | ​ | 72.65 | % | Transportation through hydrocarbon pipelines | ​ | Colombia | ​ | Colombia | ​ | 3,633,946 | ​ | 1,451,722 | ​ | 6,759,523 | ​ | 3,125,577 | ​
Hocol Petroleum Limited. |  | U.S. Dollar |  | 100 | % | Investment vehicle |  | Bermuda |  | Bermuda |  | 3,866,756 |  | 96,711 |  | 4,112,856 |  | 246,100 |
Ecopetrol América LLC. |  | U.S. Dollar |  | 100 | % | Hydrocarbons exploration and exploitation |  | United States of America |  | United States of America |  | 1,750,271 |  | 47,976 |  | 3,392,774 |  | 1,642,503 |
Hocol S.A. |  | U.S. Dollar |  | 100 | % | Exploration, exploitation, and production of hydrocarbons |  | Cayman Islands |  | Colombia |  | 3,351,032 |  | 125,601 |  | 5,259,866 |  | 1,908,834 |
Esenttia S.A. |  | U.S. Dollar |  | 100 | % | Production and commercialization of polypropylene resin |  | Colombia |  | Colombia |  | 2,558,163 |  | (81,043) |  | 3,116,775 |  | 558,612 |
Ecopetrol Capital AG |  | U.S. Dollar |  | 100 | % | Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group |  | Switzerland |  | Switzerland |  | 2,936,964 |  | 44,593 |  | 8,655,529 |  | 5,718,565 |
Oleoducto de Colombia S. A. – ODC |  | Colombian peso |  | 73 | % | Pipeline transportation of crude oil |  | Colombia |  | Colombia |  | 417,523 |  | 172,927 |  | 799,041 |  | 381,518 |
Black Gold Re Ltd. |  | U.S. Dollar |  | 100 | % | Reaseguradora para compañías del Grupo Empresarial Ecopetrol |  | Bermuda |  | Bermuda |  | 1,217,714 |  | 48,479 |  | 1,389,000 |  | 171,286 |
Andean Chemicals Ltd. |  | U.S. Dollar |  | 100 | % | Investment vehicle |  | Bermuda |  | Bermuda |  | 1,915,191 |  | (50,927) |  | 1,931,415 |  | 16,224 |
Oleoducto de los Llanos Orientales S. A. - ODL |  | Colombian peso |  | 65 | % | Pipeline transportation of crude oil |  | Panama |  | Colombia |  | 512,682 |  | 305,740 |  | 1,236,078 |  | 723,396 |
Interconexión Eléctrica S.A. E.S.P. |  | Colombian peso |  | 51.41 | % | -Provision of the public electricity transmission service - Development of infrastructure projects and their commercial exploitation and - Software development, Information technology and telecommunications activities and services |  | Colombia |  | Latin America |  | 26,584,977 |  | 1,341,999 |  | 73,480,911 |  | 46,895,934 |

​

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Ownership | ​ | ​ | ​ | ​ | ​ | Geographic | ​ | ​ | ​ | Profit | ​ | ​ | ​ | ​
​ | ​ | Functional | ​ | Interest | ​ | ​ | ​ | Country/ | ​ | area of | ​ | ​ | ​ | (loss) for | ​ | Total | ​ | Total
Company |  | Currency |  | Ecopetrol |  | Activity |  | Domicile |  | operations |  | Net equity |  | the period |  | assets |  | liabilities
Inversiones de Gases de Colombia S.A. Invercolsa S.A. | ​ | Colombian peso | ​ | 51.88 | % | Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia | ​ | Colombia | ​ | Colombia | ​ | 580,247 | ​ | 266,589 | ​ | 746,271 | ​ | 166,024
Alcanos de Colombia S.A. E.S.P. (1) |  | Colombian peso |  | 29.61 | % | Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations. |  | Colombia |  | Colombia |  | 297,244 |  | 107,430 |  | 837,451 |  | 540,207
Metrogas de Colombia S.A E.S.P. (1) |  | Colombian peso |  | 33.49 | % | Provision of the public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives. |  | Colombia |  | Colombia |  | 52,944 |  | 16,411 |  | 142,043 |  | 89,099
Gases del Oriente S.A. E.S.P. (1) |  | Colombian peso |  | 48.50 | % | Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service. |  | Colombia |  | Colombia |  | 77,161 |  | 47,069 |  | 215,458 |  | 138,297
Promotora de Gases del Sur S.A. E.S.P. (1) | ​ | Colombian peso | ​ | 31.44 | % | Promote the linking of national or foreign capital, public or private, to achieve the gas massification project. | ​ | Colombia | ​ | Colombia | ​ | 44,835 | ​ | 30,035 | ​ | 91,343 | ​ | 46,508
Combustibles Líquidos de Colombia S.A E.S.P. (1) | ​ | Colombian peso | ​ | 41.61 | % | Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service. | ​ | Colombia | ​ | Colombia | ​ | 61,606 | ​ | 1,198 | ​ | 82,341 | ​ | 20,735

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Ownership | ​ | ​ | ​ | ​ | ​ | Geographic | ​ | ​ | ​ | Profit (loss) | ​ | ​ | ​ | ​
​ | ​ | Functional | ​ | Interest | ​ | ​ | ​ | Country/ | ​ | area of | ​ | ​ | ​ | for the | ​ | Total | ​ | Total
Company | ​ | Currency | ​ | Ecopetrol | ​ | Activity | ​ | Domicile | ​ | operations | ​ | Net equity | ​ | period | ​ | assets | ​ | liabilities
Ecopetrol USA Inc. |  | U.S. Dollar |  | 100 | % | Hydrocarbons exploration and exploitation |  | United States of America |  | United States of America |  | 14,511,454 |  | 608,693 |  | 14,525,985 |  | 14,531
Ecopetrol Permian LLC. |  | U.S. Dollar |  | 100 | % | Hydrocarbons exploration and exploitation |  | United States of America |  | United States of America |  | 10,491,472 |  | 382,472 |  | 13,295,872 |  | 2,804,400
Ecopetrol Oleo e Gas do Brasil Ltda. |  | Real |  | 100 | % | Hydrocarbons exploration and exploitation |  | Brazil |  | Brazil |  | 1,890,521 |  | (77,760) |  | 1,984,852 |  | 94,331
Esenttia Masterbatch Ltda. | ​ | Colombian peso | ​ | 100 | % | Manufacture of polypropylene compounds and masterbatches | ​ | Colombia | ​ | Colombia | ​ | 318,698 | ​ | 164,590 | ​ | 532,034 | ​ | 213,336
Ecopetrol del Perú S. A. | ​ | U.S. Dollar | ​ | 100 | % | Hydrocarbons exploration and exploitation | ​ | Peru | ​ | Peru | ​ | 63,522 | ​ | 972 | ​ | 66,219 | ​ | 2,697
ECP Hidrocarburos de México S.A. de C.V. | ​ | U.S. Dollar | ​ | 100 | % | Offshore exploration | ​ | Mexico | ​ | Mexico | ​ | 44,056 | ​ | (3,081) | ​ | 46,447 | ​ | 2,391
Ecopetrol Costa Afuera S.A.S. | ​ | Colombian peso | ​ | 100 | % | Offshore exploration | ​ | Colombia | ​ | Colombia | ​ | 13,619 | ​ | 224 | ​ | 13,757 | ​ | 138
Esenttia Resinas del Perú SAC |  | U.S. Dollar |  | 100 | % | Commercialization polypropylene resins and masterbatches |  | Peru |  | Peru |  | 14,969 |  | (809) |  | 30,152 |  | 15,183
Topili Servicios Administrativos S de RL De CV. |  | Mexican pesos |  | 100 | % | Specialized management services |  | Mexico |  | Mexico |  | (454) |  | (138) |  | 625 |  | 1,079
Kalixpan Servicios Técnicos S de RL De CV. |  | Mexican pesos |  | 100 | % | Specialized services related to oil and gas industry |  | Mexico |  | Mexico |  | 73 |  | (18) |  | 75 |  | 2
Ecopetrol US Trading LLC |  | U.S. Dollar |  | 100 | % | International marketing of crude oil and refined products |  | United States of America |  | United States of America |  | 262,345 |  | 187,894 |  | 2,409,138 |  | 2,146,793
Econova Technology & Innovation S.L. |  | U.S. Dollar |  | 100 | % | Execution of activities related to science, technology, and innovation (ST&I) activities. |  | Spain |  | Spain |  | 219 |  | (62) |  | 391 |  | 172
Ecopetrol Singapore PTE. LTD | ​ | Singapore dollar | ​ | 100 | % | Holding company with investment in an international trading company for crude oil and refined products | ​ | Singapore | ​ | Asia | ​ | 425,806 | ​ | 194,409 | ​ | 425,901 | ​ | 95
Ecopetrol Trading Asia PTE. LTD | ​ | Singapore dollar | ​ | 100 | % | International marketing of crude oil and refined products | ​ | Singapore | ​ | Asia | ​ | 425,201 | ​ | 194,394 | ​ | 3,909,793 | ​ | 3,484,592

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Ownership |  | ​ |  | ​ |  | Geographic |  | ​ |  | Profit (loss) |  | ​ |  | ​
​ | ​ | Functional | ​ | Interest | ​ | ​ | ​ | Country/ | ​ | area of | ​ | ​ | ​ | for the | ​ | Total | ​ | Total
Company | ​ | Currency | ​ | Ecopetrol | ​ | Activity | ​ | Domicile | ​ | operations | ​ | Net equity | ​ | period | ​ | assets | ​ | liabilities
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Serviport S.A. (2) |  | Colombian peso |  | 49 | % | Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements |  | Colombia |  | Colombia |  | 17,230 |  | (6,773) |  | 38,707 |  | 21,477
Sociedad Portuaria Olefinas y Derivados S.A. (3) |  | Colombian peso |  | 50 | % | Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public |  | Colombia |  | Colombia |  | 7,065 |  | (920) |  | 9,084 |  | 2,019
Joint ventures |  |  |  |  |  |  |  |  |  |  |  | ​ |  | ​ |  |  |  |
Equion Energía Limited |  | U.S. Dollar |  | 51 | % | Hydrocarbons exploration and exploitation |  | United Kingdom |  | Colombia |  | 1,456,602 |  | 28,149 |  | 1,534,068 |  | 77,466
Ecodiesel Colombia S.A. (3) |  | Colombian peso |  | 50 | % | Production, commercialization and distribution of biofuels and oleochemicals |  | Colombia |  | Colombia |  | 155,957 |  | 18,744 |  | 247,720 |  | 91,763

​

(1) | Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A.

(2) | Information available as of December 31, 2023, the investment is totally impaired.

(3) | Information available as of June 30, 2024.

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P. (Unaudited)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ |  | Ownership |  | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | ​ | ​ | Country/ | ​ | Interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Company |  | Activity |  | Domicile |  | ISA |  | Assets |  | Liabilities |  | Equity |  | Profit (loss)
Subsidiaries | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consorcio Transmantaro |  | Electric power | ​ | Peru |  | 60.00 | % | 8,115,427 | ​ | 6,368,687 | ​ | 1,746,740 |  | 195,072
Interligação Eléctrica Evrecy |  | Electric power | ​ | Brazil |  | 35.82 | % | 368,486 | ​ | 38,151 | ​ | 330,335 |  | (10,739)
Fundo de Investimento Assis |  | Trust - Special Purpose Entity | ​ | Brazil |  | 35.82 | % | 447,909 | ​ | — | ​ | 447,909 |  | 11,245
Fundo de Investimento Barra Bonita Renda Fixa Referenciado |  | Trust - Special Purpose Entity | ​ | Brazil |  | 35.82 | % | 36,782 | ​ | — | ​ | 36,782 |  | 1,449
Fundo de Investimento Referenciado di Bandeirantes |  | Trust - Special Purpose Entity | ​ | Brazil |  | 29.81 | % | 617,011 | ​ | — | ​ | 617,011 |  | 15,057
Fundo de Investimento Xavantes Referenciado di |  | Trust - Special Purpose Entity | ​ | Brazil |  | 24.15 | % | 802,638 | ​ | — | ​ | 802,638 |  | 32,583
Interconexiones Viales |  | Roads | ​ | Chile |  | 100.00 | % | 149 | ​ | 35 | ​ | 114 |  | 53
Interligação Elétrica Aguapeí |  | Electric power | ​ | Brazil |  | 35.82 | % | 580,786 | ​ | 85,893 | ​ | 494,893 |  | 16,961
Interligação Elétrica Biguaçu |  | Electric power | ​ | Brazil |  | 35.82 | % | 409,667 | ​ | 58,995 | ​ | 350,672 |  | 30,923
Interligação Elétrica De Minas Gerais |  | Electric power | ​ | Brazil |  | 35.82 | % | 450,953 | ​ | 36,402 | ​ | 414,551 |  | 20,009
Interligação Elétrica Itapura |  | Electric power | ​ | Brazil |  | 35.82 | % | 168,222 | ​ | 18,524 | ​ | 149,698 |  | 6,301
Interligação Elétrica Itaquerê |  | Electric power | ​ | Brazil |  | 35.82 | % | 499,001 | ​ | 56,129 | ​ | 442,872 |  | 27,671
Interligação Elétrica Itaúnes |  | Electric power | ​ | Brazil |  | 35.82 | % | 488,299 | ​ | 62,556 | ​ | 425,743 |  | 31,705
Interligação Elétrica Norte E Nordeste |  | Electric power | ​ | Brazil |  | 35.82 | % | 431,180 | ​ | 112,065 | ​ | 319,115 |  | 19,060
Interligação Elétrica Pinheiros |  | Electric power | ​ | Brazil |  | 35.82 | % | 59,381 | ​ | 13,395 | ​ | 45,986 |  | 2,320
Interligação Elétrica Riacho Grande |  | Electric power | ​ | Brazil |  | 35.82 | % | 233,166 | ​ | 29,962 | ​ | 203,204 |  | 2,520
Interligação Elétrica Serra Do Japi |  | Electric power | ​ | Brazil |  | 35.82 | % | 367,765 | ​ | 42,364 | ​ | 325,401 |  | 23,735
Interligação Elétrica Sul |  | Electric power | ​ | Brazil |  | 35.82 | % | 196,429 | ​ | 23,781 | ​ | 172,648 |  | 7,785
Interligação Elétrica Tibagi |  | Electric power | ​ | Brazil |  | 35.82 | % | 233,500 | ​ | 21,736 | ​ | 211,764 |  | 14,815
Internexa |  | Information and communications technologies | ​ | Colombia |  | 99.60 | % | 580,946 | ​ | 408,637 | ​ | 172,309 |  | 10,759
Internexa Chile |  | Information and communications technologies | ​ | Chile |  | 98.60 | % | 49,797 | ​ | 35,641 | ​ | 14,156 |  | (1,463)
Interligação Elétrica JAGUAR 6 S.A. | ​ | Electric power | ​ | Brazil | ​ | 35.82 | % | 177,972 | ​ | 21,737 | ​ | 156,235 | ​ | 10,198
Interligação Elétrica JAGUAR 8 S.A. | ​ | Electric power | ​ | Brazil | ​ | 35.82 | % | 112,382 | ​ | 11,914 | ​ | 100,468 | ​ | 1,891
Interligação Elétrica JAGUAR 9 S.A. | ​ | Electric power | ​ | Brazil | ​ | 35.82 | % | 412,067 | ​ | 38,984 | ​ | 373,083 | ​ | 26,073

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ |  | Ownership | ​ | ​ | ​ | ​ |  | ​ |  | ​
​ | ​ | ​ | ​ | Country/ | ​ | Interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Company |  | Activity |  | Domicile |  | ISA | ​ | Assets | ​ | Liabilities | ​ | Equity | ​ | Profit (loss)
Internexa Participações |  | Investment vehicle | ​ | Brazil |  | 99.60 | % | 1,755 | ​ | 155 |  | 1,600 |  | 696
Internexa Peru |  | Information and communications technologies | ​ | Peru |  | 99.71 | % | 327,394 | ​ | 272,272 |  | 55,122 |  | 6,504
ISA Bolivia |  | Electric power | ​ | Bolivia |  | 100.00 | % | 86,239 | ​ | 8,561 |  | 77,678 |  | 5,044
ISA Capital Do Brasil |  | Investment vehicle | ​ | Brazil |  | 100.00 | % | 5,062,971 | ​ | 148 |  | 5,062,823 |  | 390,749
ISA CTEEP |  | Electric power | ​ | Brazil |  | 35.82 | % | 27,794,304 | ​ | 13,737,606 |  | 14,056,698 |  | 1,089,255
ISA Interchile |  | Electric power | ​ | Chile |  | 100.00 | % | 5,984,688 | ​ | 4,561,883 |  | 1,422,805 |  | 27,924
ISA Intercolombia |  | Electric power | ​ | Colombia |  | 100.00 | % | 449,835 | ​ | 335,018 |  | 114,817 |  | 28,843
ISA Intervial Chile |  | Roads | ​ | Chile |  | 100.00 | % | 4,510,022 | ​ | 674,176 |  | 3,835,846 |  | 259,266
ISA Intervial Colombia |  | Roads | ​ | Colombia |  | 100.00 | % | 652 | ​ | — |  | 652 |  | 13
ISA Inversiones Chile SpA |  | Investment vehicle | ​ | Chile |  | 100.00 | % | 2,197,015 | ​ | 349,286 |  | 1,847,729 |  | 29,407
ISA Inversiones Chile Vias SpA |  | Investment vehicle | ​ | Chile |  | 100.00 | % | 3,857,162 | ​ | 12,724 |  | 3,844,438 |  | 259,144
ISA Inversiones Costera Chile |  | Investment vehicle | ​ | Chile |  | 100.00 | % | 75,543 | ​ | 193,522 |  | (117,979) |  | (1,220)
ISA Inversiones Tolten |  | Investment vehicle | ​ | Chile |  | 100.00 | % | 21 | ​ | 1 |  | 20 |  | (7)
ISA Investimentos E Participações |  | Investment vehicle | ​ | Brazil |  | 100.00 | % | 946,234 | ​ | 12,921 |  | 933,313 |  | 78,002
ISA Perú |  | Electric power | ​ | Peru |  | 99.98 | % | 979,638 | ​ | 772,307 |  | 207,331 |  | 19,339
ISA REP |  | Electric power | ​ | Peru |  | 60.00 | % | 1,784,303 | ​ | 1,312,250 |  | 472,053 |  | 149,430
ISA Transelca |  | Electric power | ​ | Colombia |  | 100.00 | % | 1,987,327 | ​ | 1,163,142 |  | 824,185 |  | 108,748
Linear Systems RE |  | Other businesses | ​ | Bermudas |  | 100.00 | % | 228,231 | ​ | 185,489 |  | 42,742 |  | 3,848
Proyectos de Infraestructura del Perú |  | Electric power | ​ | Peru |  | 100.00 | % | 20,913 | ​ | 998 |  | 19,915 |  | (686)
Ruta Costera |  | Roads | ​ | Colombia |  | 100.00 | % | 2,565,131 | ​ | 2,385,936 |  | 179,195 |  | 6,183
Ruta de La Araucanía |  | Roads | ​ | Chile |  | 100.00 | % | 597,983 | ​ | 300,907 |  | 297,076 |  | 18,795
Ruta de Los Ríos |  | Roads | ​ | Chile |  | 75.00 | % | 198,450 | ​ | 130,250 |  | 68,200 |  | 8,929
Ruta del Bosque |  | Roads | ​ | Chile |  | 100.00 | % | 11,000 | ​ | 1,363 |  | 9,637 |  | (1,445)
Ruta del Loa |  | Roads | ​ | Chile |  | 100.00 | % | 1,599,722 | ​ | 1,249,225 |  | 350,497 |  | 35,157
Ruta del Maipo |  | Roads | ​ | Chile |  | 100.00 | % | 7,096,772 | ​ | 4,402,331 |  | 2,694,441 |  | 199,754
Ruta del Este Sociedad Concesionaria S.A. |  | Roads | ​ | Panama |  | 100.00 | % | 25,865 | ​ | 2,222 |  | 23,643 |  | (2,222)
Sistemas Inteligentes en Red |  | Other businesses | ​ | Colombia |  | 99.77 | % | 25,092 | ​ | 12,286 |  | 12,806 |  | 1,439
XM | ​ | Electric power | ​ | Colombia | ​ | 99.73 | % | 450,179 | ​ | 399,639 | ​ | 50,540 | ​ | 9,307
INTERCONEXIONES DEL NORTE S.A. | ​ | Electric power | ​ | Colombia | ​ | 100.00 | % | 65,453 | ​ | 65,586 | ​ | (133) | ​ | (281)

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Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ |  | Ownership |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Country/ | ​ | Interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Company |  | Activity |  | Domicile | ​ | ISA | ​ | Assets |  | Liabilities |  | Equity |  | Profit (loss)
Joint ventures | ​ |  |  |  |  |  |  |  |  |  |  |  |  |
Interligação Elétrica do Madeira | ​ | Energy transport |  | Brazil |  | 51.00 | % | 5,469,756 |  | 2,292,356 |  | 3,177,400 |  | 196,142
Interligação Elétrica Garanhuns | ​ | Energy transport |  | Brazil |  | 51.00 | % | 1,157,915 |  | 302,574 |  | 855,341 |  | 46,355
Interligação Elétrica Paraguaçu | ​ | Energy transport |  | Brazil |  | 50.00 | % | 1,306,171 |  | 415,300 |  | 890,871 |  | 61,069
Interligação Elétrica Aimorés | ​ | Energy transport |  | Brazil |  | 50.00 | % | 831,490 |  | 282,872 |  | 548,618 |  | 44,955
Interligação Elétrica Ivaí | ​ | Energy transport |  | Brazil |  | 50.00 | % | 3,508,464 |  | 2,675,895 |  | 832,569 |  | 80,123
Transmissora Aliança de Energia Elétrica | ​ | Energy transport |  | Brazil |  | 14.88 | % | 13,606,292 |  | 8,447,917 |  | 5,158,375 |  | 590,956
Interconexión Eléctrica Colombia Panamá-Panamá | ​ | Energy transport |  | Panama |  | 50.00 | % | 21,693 |  | 3,534 |  | 18,159 |  | (7,430)
Interconexión Eléctrica Colombia Panamá Colombia | ​ | Energy transport |  | Colombia |  | 1.17 | % | 264 |  | 1 |  | 263 |  | (2)
Transnexa (1) | ​ | Telecommunications transport |  | Ecuador |  | 49.85 | % | — |  | — |  | — |  | —
Derivex | ​ | Manage the negotiation system of operations on derivative financial instruments of electrical energy |  | Colombia |  | 39.88 | % | 3,025 |  | — |  | 3,025 |  | (293)
Parques del Río | ​ | Roads |  | Colombia |  | 33.00 | % | 49 |  | — |  | 49 |  | (19)
Conexión Kimal Lo Aguirre S.A. | ​ | Energy transport |  | Chile |  | 33.33 | % | 1,124,648 |  | 702,382 |  | 422,266 |  | (2,283)
Consorcio Eléctrico YAPAY S.A | ​ | Electric power | ​ | Peru | ​ | 50.00 | % | 245,054 | ​ | 249,065 | ​ | (4,011) | ​ | (2,927)
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ATP Tower Holdings | ​ | Telecommunications transport |  | United States of America |  | 24.70 | % | 4,276,363 |  | 2,823,125 |  | 1,453,238 |  | (68,415)

(1)Transnexa is in the process of liquidation and its investment has been completely impaired.

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51