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Natural and environmental resources | 12 Months Ended
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Dec. 31, 2024
Natural and environmental resources. |
Natural and environmental resources | 15. Natural and environmental resources ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Asset |  | Exploration |  | ​
​ | ​ | Oil | ​ | retirement | ​ | and | ​ | ​
​ | ​ | investments | ​ | cost | ​ | evaluation | ​ | Total
Cost |  |  |  |  |  |  |  |
Balance as of December 31, 2023 |  | 94,175,842 | ​ | 10,146,543 | ​ | 9,718,731 | ​ | 114,041,116
Additions/capitalizations (1) |  | 9,101,220 | ​ | 23,475 | ​ | 1,416,141 | ​ | 10,540,836
CPO-09 asset acquisition |  | 424,451 | ​ | — | ​ | 325,772 | ​ | 750,223
Abandonment cost update (Note 23) |  | — | ​ | (2,084,907) | ​ | (3,313) | ​ | (2,088,220)
Disposals | ​ | (117,146) | ​ | — | ​ | — | ​ | (117,146)
Write off exploratory assets and dry wells (2) |  | — | ​ | — | ​ | (1,108,134) | ​ | (1,108,134)
Capitalized financial interests (3) |  | 344,925 | ​ | — | ​ | 36,186 | ​ | 381,111
Exchange differences capitalized |  | 1,653 | ​ | — | ​ | 173 | ​ | 1,826
Fair value adjustment in business combination |  | 207,570 | ​ | — | ​ | 88,205 | ​ | 295,775
Field reversal | ​ | 15,764 | ​ | 2,295 | ​ | — | ​ | 18,059
Foreign currency translation | ​ | 4,507,413 | ​ | 156,821 | ​ | 54,759 | ​ | 4,718,993
Transfers/reclassifications | ​ | 193,836 | ​ | 4,469 | ​ | (476,634) | ​ | (278,329)
Balance as of December 31, 2024 |  | 108,855,528 | ​ | 8,248,696 | ​ | 10,051,886 | ​ | 127,156,110
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depletion and impairment losses |  |  |  |  |  |  |  |
Balance as of December 31, 2023 |  | (63,009,839) | ​ | (5,478,111) | ​ | (337,033) | ​ | (68,824,983)
Depletion expense |  | (7,083,306) | ​ | (874,349) | ​ | — | ​ | (7,957,655)
Loss of impairment (Note 18) |  | (254,073) | ​ | — | ​ | (78,895) | ​ | (332,968)
Disposals |  | 91,270 | ​ | — | ​ | — | ​ | 91,270
Foreign currency translation |  | (2,431,237) | ​ | (79,882) | ​ | — | ​ | (2,511,119)
Transfers/reclassifications |  | (242,912) | ​ | (11,879) | ​ | 299,930 | ​ | 45,139
Balance as of December 31, 2024 |  | (72,930,097) | ​ | (6,444,221) | ​ | (115,998) | ​ | (79,490,316)
Net balance as of December 31, 2023 |  | 31,166,003 | ​ | 4,668,432 | ​ | 9,381,698 | ​ | 45,216,133
Net balance as of December 31, 2024 |  | 35,925,431 | ​ | 1,804,475 | ​ | 9,935,888 | ​ | 47,665,794
(1) | Includes mainly: a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in Midland/Delaware, b) Ecopetrol S.A. mainly Caño Sur, Rubiales, Floreña and Castilla fields and c) Hocol S.A. mainly for the execution of the Llanos, Guarrojo, Perdices, Cor 9, VIM8, SN-18, Upar, Malacate, Guajira, Ocelote, Rancho Hermoso, and SSJN1 projects.
(2) | Includes: a) Ecopetrol S.A. mainly the Orca1, Arantes1, Machin1, and Morito1 wells b) Hocol S.A mainly the Milonga, Yoda A, Arbolito Norte, Sabanales, Toritos, and Saltador wells and exploration and seismic expenses mainly in Llanos, VIM8, Perdices, Cor-9, SN-18, SSJN1, Upar, YD SN-1, SN-15, RC-7, c) Ecopetrol Brasil Pau Brasil well.
(3) | Financial interest is capitalized based on the weighted average rate of borrowing costs.
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Exploration |  | ​
​ | ​ | Oil | ​ | Asset retirement | ​ | and | ​ | ​
​ | ​ | investments | ​ | cost | ​ | evaluation | ​ | Total
Cost |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  | 88,338,471 |  | 7,104,903 |  | 10,480,025 |  | 105,923,399
Additions/capitalizations (1) |  | 11,899,832 |  | 3,197 |  | 2,061,406 |  | 13,964,435
Abandonment cost update (Note 23) |  | — |  | 3,262,348 |  | (67,112) |  | 3,195,236
Disposals |  | (503,017) |  | — |  | — |  | (503,017)
Write off exploratory assets and dry wells (2) |  | — |  | — |  | (1,472,397) |  | (1,472,397)
Capitalized financial interests (3) |  | 256,382 |  | — |  | 89,952 |  | 346,334
Exchange differences capitalized |  | 1,158 |  | — |  | 404 |  | 1,562
Foreign currency translation |  | (6,179,993) |  | (220,433) |  | (875,454) |  | (7,275,880)
Transfers/reclassifications |  | 363,009 |  | (3,472) |  | (498,093) |  | (138,556)
Balance as of December 31, 2023 |  | 94,175,842 |  | 10,146,543 |  | 9,718,731 |  | 114,041,116
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depletion and impairment losses |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  | (58,382,473) |  | (5,088,086) |  | (129,230) |  | (63,599,789)
Depletion expense |  | (6,098,607) |  | (507,651) |  | — |  | (6,606,258)
Loss of impairment (Note 18) |  | (1,898,824) |  | — |  | (254,708) |  | (2,153,532)
Disposals |  | 79,824 |  | — |  | — |  | 79,824
Foreign currency translation |  | 3,249,017 |  | 117,626 |  | — |  | 3,366,643
Transfers/reclassifications |  | 41,224 |  | — |  | 46,905 |  | 88,129
Balance as of December 31, 2023 |  | (63,009,839) |  | (5,478,111) |  | (337,033) |  | (68,824,983)
Net balance as of December 31, 2022 |  | 29,955,998 |  | 2,016,817 |  | 10,350,795 |  | 42,323,610
Net balance as of December 31, 2023 |  | 31,166,003 |  | 4,668,432 |  | 9,381,698 |  | 45,216,133
(1) | Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities in RODEO, b) Ecopetrol S.A. mainly Caño Sur, Castilla, Chichimene, Floreña, and Rubiales fields, c) Hocol S.A. mainly to the execution of projects in Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSNN, VIM 8, SN-18, and d) Ecopetrol America mainly on Gunflint, Dalmatian, and K2.
(2) | Mainly includes: a) Ecopetrol S.A. mainly Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, Kale and Kinacú, b) Hocol S.A. mainly in Sabanales wells, the failure of wells LLa-87.2 A3, (Koala), LLan-87-3-a3 (Picabuey), LLan- 124 (Cucarachero), Merecumbé, Bullerengue, Yd-SN1 pozo Yoda B, and exploratory expenses in LLan-104- SSJN1, VIM8.
(3) | Financial interest is capitalized based on the weighted average rate of borrowing costs.
Accounting for suspended exploratory wells The following table shows the classification by age, from the completion date, of the exploratory wells that are suspended as of December 31, 2024, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Between 1 and 3 years (a) |  | 75,708 |  | — |  | 48,206
More than 5 years (b) |  | — |  | — |  | 650,767
Total suspended exploratory Wells |  | 75,708 |  | — |  | 698,973
Number of projects exceeding 1 year |  | 11 |  | — |  | 8
Projects under 1 year of suspended (c) |  | 21,025 |  | 230,376 |  | 990
a) | For 2024, the suspended exploratory wells mainly correspond to Ecopetrol: Gibraltar, Hocol: Pollera Norte 1, which were under evaluation. For 2022, the balance mainly corresponds to Hocol: Bullerengue South West-1 and Merecumbe 1, which were under evaluation.
​
b) | For 2022, it mainly corresponds to i) Ecopetrol S.A.: Orca 1, Purple Angel, and Gordon.
​
c) | For 2024, it mainly corresponds to Ecopetrol: Atalayas, Hocol: Toritos Sur 2. For 2023, it corresponds mainly to 1) Ecopetrol: Kale and Gibraltar, 2) Hocol: SSJN1 BO5, Pollera Norte A3 and YDSN-1 Yoda A. For 2022, the balance corresponds to Ecopetrol: Magallanes. For 2022, the balance corresponds to Hocol: Merecumbe 1 -SSJN1.

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