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Equity | 6 Months Ended
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Jun. 30, 2024
Equity |
Equity |
| 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 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
​ 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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