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Supplemental information on oil and gas producing activities (unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2024
Supplemental information on oil and gas producing activities (unaudited) |
Schedule of capitalized costs relating to oil and gas exploration and production activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Natural and environmental properties |  | 109,005,280 |  | 96,856,236 |  | 90,284,366
Wells, equipment, and facilities – property, plant, and equipment |  | 42,387,351 |  | 35,897,318 |  | 33,568,835
Exploration and production projects |  | 19,488,784 |  | 17,372,792 |  | 16,451,284
Accumulated depreciation, depletion, and amortization |  | (96,990,855) |  | (84,413,729) |  | (79,744,788)
Net capitalized cost |  | 73,890,560 |  | 65,712,617 |  | 60,559,697
Schedule of costs incurred in oil and gas exploration and developed activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Acquisition of proved properties (1) |  | 1,972,255 |  | 37,419 |  | 141,928
Acquisition of unproved properties (2) |  | 577,804 |  | — |  | 339,394
Exploration costs |  | 3,378,446 |  | 2,911,974 |  | 3,322,055
Development costs |  | 15,964,905 |  | 19,976,218 |  | 16,266,222
​ |  | 21,893,410 |  | 22,925,611 |  | 20,069,599
(1) | For 2024, it corresponds to the acquisition of 45% interest in Block CPO-09. For 2023 and 2022, it corresponds to 49% of participation contract in Barnett, acquired by Ecopetrol Permian.
(2) | For 2024, it corresponds to the acquisition of 45% interest in Block CPO-09. During 2022, Ecopetrol Óleo e Gás do Brasil Ltda have acquired and capitalized seven offshore blocks in the Santos Basin. The blocks are operated by Shell, which holds a 70% of participation in the assets, with a 30% of participation held by Ecopetrol Brasil.
Schedule of results of operations for oil and gas exploration and production activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Net revenues |  |  |  |  |  |
Sales |  | 67,410,322 |  | 66,258,193 |  | 71,223,307
Transfers |  | 13,677,202 |  | 15,256,723 |  | 19,797,158
​ |  | 81,087,524 |  | 81,514,916 |  | 91,020,465
Production costs (1) |  | 21,568,517 |  | 20,544,682 |  | 22,152,495
Depreciation, depletion, and amortization (2) |  | 10,356,534 |  | 8,531,483 |  | 7,138,902
Other production costs (3) |  | 22,937,996 |  | 22,751,720 |  | 20,741,550
Exploration expenses (4) |  | 1,769,785 |  | 2,088,922 |  | 1,512,385
Other expenses (5) |  | 3,635,945 |  | 7,508,085 |  | 5,399,726
​ |  | 60,268,777 |  | 61,424,892 |  | 56,945,058
Income before income tax expense |  | 20,818,747 |  | 20,090,024 |  | 34,075,407
Income tax expense |  | (9,627,028) |  | (9,250,450) |  | (13,026,271)
Results of operations for exploration and production activities |  | 11,191,719 |  | 10,839,574 |  | 21,049,136
(1) | Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities including costs such as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition, they include expenses related to the asset retirement obligations that were recognized during 2024, 2023 and 2022 of $636,308, $477,511 and $333,683, respectively.
(2) | In accordance with IAS 37, the expense related to asset retirement obligations that were recognized during 2024, 2023 and 2022 in depreciation, depletion, and amortization, were 704,084, $438,675, and $768,466, respectively.
(3) | Includes transportation costs and naphtha that are not part of the Ecopetrol Business Group’s lifting cost.
(4) | Exploration expenses include the costs of geological and geophysical activities, as well as the non–productive exploratory wells.
(5) | Corresponds to administration, marketing expenses, and impairment.
Schedule of information relates to the net proven reserves owned by the Ecopetrol Business Group | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ | ​ | Oil | ​ | Gas | ​ | Total | ​ | Oil | ​ | Gas | ​ | Total | ​ | Oil | ​ | Gas | ​ | Total
​ |  | (Mbls) |  | (Gpc) |  | (Mbe) |  | (Mbls) |  | (Gpc) |  | (Mbe) |  | (Mbls) |  | (Gpc) |  | (Mbe)
Proved reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance |  | 1,471 |  | 2,346 |  | 1,883 |  | 1,515 |  | 2,828 |  | 2,011 |  | 1,449 |  | 3,151 |  | 2,002
Revisions of previous estimates (1) |  | 94 |  | (55) |  | 84 |  | 38 |  | (165) |  | 9 |  | 81 |  | (104) |  | 63
Improved recovery |  | 79 |  | 102 |  | 97 |  | 91 |  | 9 |  | 93 |  | 77 |  | 21 |  | 81
Purchases |  | 35 |  | 5 |  | 35 |  | — |  | — |  | — |  | 39 |  | 50 |  | 48
Extensions and discoveries |  | 42 |  | 40 |  | 49 |  | 17 |  | — |  | 17 |  | 52 |  | 33 |  | 57
Sales | ​ | (5) | ​ | (5) | ​ | (6) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Production |  | (194) |  | (317) |  | (250) |  | (190) |  | (326) |  | (247) |  | (183) |  | (323) |  | (240)
Closing balance |  | 1,522 |  | 2,116 |  | 1,892 |  | 1,471 |  | 2,346 |  | 1,883 |  | 1,515 |  | 2,828 |  | 2,011
Proved developed reserves: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Opening balance |  | 1,083 |  | 2,007 |  | 1,435 |  | 995 |  | 2,174 |  | 1,376 |  | 921 |  | 2,561 |  | 1,370
Closing balance |  | 1,087 |  | 1,750 |  | 1,394 |  | 1,083 |  | 2,007 |  | 1,435 |  | 995 |  | 2,174 |  | 1,376
Proved undeveloped reserves: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Opening balance |  | 388 |  | 339 |  | 448 |  | 520 |  | 654 |  | 635 |  | 528 |  | 590 |  | 632
Closing balance |  | 435 |  | 366 |  | 498 |  | 388 |  | 339 |  | 448 |  | 520 |  | 654 |  | 635
Some values were rounded for presentation purposes. Mbls = Million barrels Gpc: Giga cubic feet Mbe = Million barrels of oil equivalent
(1) | Represents changes in previous proved reserves, upward or downward, resulting from new information (except for an increase in a proved area), usually obtained from development drilling and production history or result from changes in economic factors.
Schedule of standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Future cash inflows |  | 493,144,459 |  | 425,761,732 |  | 685,716,359
Future costs |  | ​ |  | ​ |  | ​
Production (1) |  | (193,522,901) |  | (158,870,388) |  | (182,522,131)
Development |  | (49,298,761) |  | (40,675,517) |  | (58,332,264)
Income taxes |  | (84,245,300) |  | (80,373,445) |  | (201,912,509)
Future net cash flow |  | 166,077,497 |  | 145,842,382 |  | 242,949,455
10% discount factor |  | (48,561,554) |  | (49,557,596) |  | (86,340,334)
Standardized measure of discounted net cash flows |  | 117,515,943 |  | 96,284,786 |  | 156,609,121
(1) | Production future costs include the estimated costs related to assets retirement obligations in the amount of $25,448,529, $22,615,261, and $23,234,408, as of December 31, 2024, 2023, and 2022, respectively.
Schedule of principal sources of change in the standardized measure of discounted net cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Net change in sales and transfer prices and in production cost (lifting) related to future production |  | 41,742,427 |  | (123,240,049) |  | 158,798,134
Changes in estimated future development costs |  | (15,349,339) |  | (10,624,343) |  | (52,166,780)
Sales and transfer of oil and gas produced net of production costs |  | (59,519,007) |  | (60,970,234) |  | (68,867,970)
Net change due to extensions, discoveries, and improved recovery |  | 3,723,233 |  | 6,173,144 |  | 9,993,781
Net change due to purchase and sales of minerals in place |  | 1,501,219 |  | — |  | 1,767,856
Net change due to revisions in quantity estimates |  | 8,877,125 |  | 967,150 |  | 10,807,453
Previously estimated development costs incurred during the period |  | 27,041,713 |  | 34,815,000 |  | 69,458,458
Accretion of discount |  | 14,934,714 |  | 28,676,517 |  | 15,360,418
Timing and other |  | 4,828,442 |  | (13,215,214) |  | (11,990,359)
Net change in income taxes |  | (6,549,370) |  | 77,093,694 |  | (84,908,732)
Aggregate change in the standardized measure of discounted future net cash flows for the year |  | 21,231,157 |  | (60,324,335) |  | 48,252,259
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