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Loans and borrowings | 12 Months Ended
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Dec. 31, 2024
Loans and borrowings |
Loans and borrowings | 20.Loans and borrowings
20.1 | Composition of loans and borrowings
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted average effective | ​ | ​ | ​ | ​
​ | ​ | interest rate as of December 31 | ​ | 2024 | ​ | 2023
​ |  | 2024 |  | 2023 |  | ​ |  | ​
Local currency (1) | ​ |  | ​ |  | ​ |  | ​ |
Bonds |  | 9.8 | % | 12.4 | % | 5,193,284 |  | 5,172,256
Commercial and syndicated loan |  | 11.7 | % | 12.9 | % | 5,301,424 |  | 4,323,198
Lease liabilities | ​ | 9.2 | % | 8.9 | % | 876,234 | ​ | 922,536
​ |  | ​ | ​ | ​ | ​ | 11,370,942 |  | 10,417,990
Foreign currency (1) |  |  |  |  |  |  |  |
Bonds |  | 7.0 | % | 6.4 | % | 88,881,027 |  | 72,774,985
Commercial and syndicated loans |  | 6.5 | % | 7.2 | % | 18,253,490 |  | 21,478,503
Loans from related parties (Note 31) |  | 6.0 | % | 6.0 | % | 829,334 |  | 683,949
Lease liabilities |  | 6.5 | % | 6.0 | % | 630,238 |  | 460,100
​ |  | ​ | ​ | ​ | ​ | 108,594,089 |  | 95,397,537
​ |  | ​ | ​ | ​ | ​ | 119,965,031 |  | 105,815,527
Current |  | ​ | ​ | ​ |  | 11,287,944 |  | 15,550,008
Non–current |  | ​ | ​ | ​ |  | 108,677,087 |  | 90,265,519
​ |  | ​ | ​ | ​ | ​ | 119,965,031 |  | 105,815,527
(1) | During 2024, Ecopetrol S.A. implemented a set of strategic financing operations to optimize its debt structure, reduce costs, and strengthen the Company’s liquidity. The main transactions include:
| a) | Contracting of a local loan with banks of Grupo Aval for COP $1 trillion for a term of 7 years, resources destined to finance the bonds maturing in 2026 through the execution of the early redemption mechanism called make-whole.
| b) | Renegotiation of the local loan contracted with Bancolombia for COP $1 trillion, achieving a reduction in the interest rate and generating financial savings.
| c) | Issuance of External Public Debt Bonds in the international capital market on January 9, 2024, for USD$1,850 million for a term of 12 years with a rate of 8.375%, resources intended to finance the repurchase of bonds maturing in 2025 and cover nearby debt maturities, mitigating the refinancing risk and improving the Company’s maturity profile.
| d) | Issuance of External Public Debt Bonds in the international capital market on October 21, 2024, for USD$1,750 million for a term of 7.3 years with a rate of 7.75%, resources intended to finance the total repurchase of bonds maturing in 2026 and the total and early payment of the credit contracted in September 2023 with international banks.
| e) | Refinancing of the Committed Line by contracting an external credit for USD$1,200 million for a term of 5 years, improving the maturity profile of the debt.
| f) | Contracting of an external loan with the Sumitomo Mitsui Banking Corporation for USD$250 million for a term of 5 years, resources intended to partially replace the international loan contracted in September 2023, allowing to improve the debt profile and reduce the financial cost.
The increase in foreign currency debt is mainly due to the rise in the exchange rate, from $3,822.05 to $4,409.15 between December 31, 2023, and 2024, respectively. During 2024, loans and borrowings for $27,155,189 were acquired mainly: in Ecopetrol S.A. for $22,352,453 and Interconexión Eléctrica S.A. E.S.P. for $4,410,500. As a result of the Business Group’s strategy, related to the comprehensive management of maturities, during 2024 capital payments were made for $26,157,908; mainly in Ecopetrol S.A. for $22,887,005, and Interconexión Eléctrica S.A. E.S.P. for $2,476,782. Likewise, interest payments were made for $7,526,172 mainly in Ecopetrol S.A. for $5,361,447, and in Interconexión Eléctrica S.A. E.S.P. for $2,023,663. 20.2 Fair value of loans The fair value of loans and borrowings is $117,136,938 and $104,223,267 as of December 31, 2024, and 2023, respectively. ​ 20.3 Maturity of loans and borrowings The following are the maturities of loans and borrowing as of December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | year | ​ | 1 – 5 years |  | 5-10 years |  | > 10 years |  | Total
Local currency |  |  |  |  |  |  |  |  |  |
Bonds |  | 374,791 | ​ | 1,255,832 | ​ | 1,385,204 | ​ | 2,177,457 | ​ | 5,193,284
Commercial and syndicated loan |  | 553,574 | ​ | 3,298,708 | ​ | 1,324,142 | ​ | 125,000 | ​ | 5,301,424
Lease liabilities | ​ | 225,327 | ​ | 441,420 | ​ | 208,619 | ​ | 868 | ​ | 876,234
​ |  | 1,153,692 | ​ | 4,995,960 | ​ | 2,917,965 | ​ | 2,303,325 | ​ | 11,370,942
Foreign currency |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Bonds |  | 5,548,061 | ​ | 24,885,853 | ​ | 37,936,556 | ​ | 20,510,557 | ​ | 88,881,027
Commercial and syndicated loans |  | 3,631,745 | ​ | 13,827,493 | ​ | 461,881 | ​ | 332,371 | ​ | 18,253,490
Lease liabilities |  | 125,112 | ​ | 250,546 | ​ | 205,240 | ​ | 49,340 | ​ | 630,238
Loans from related parties | ​ | 829,334 | ​ | — | ​ | — | ​ | — | ​ | 829,334
​ |  | 10,134,252 | ​ | 38,963,892 | ​ | 38,603,677 | ​ | 20,892,268 | ​ | 108,594,089
​ |  | 11,287,944 | ​ | 43,959,852 | ​ | 41,521,642 | ​ | 23,195,593 | ​ | 119,965,031
​ The following are the maturities of loans and borrowing as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | year | ​ | 1 – 5 years |  | 5–10 years |  | > 10 years |  | Total
Local currency |  |  |  |  |  |  |  |  |  |
Bonds |  | 580,737 | ​ | 1,330,184 | ​ | 1,411,988 | ​ | 1,849,347 | ​ | 5,172,256
Commercial and syndicated loan |  | 772,216 | ​ | 1,929,871 | ​ | 1,262,816 | ​ | 358,295 | ​ | 4,323,198
Lease liabilities | ​ | 245,673 | ​ | 452,320 | ​ | 223,372 | ​ | 1,171 | ​ | 922,536
​ |  | 1,598,626 | ​ | 3,712,375 | ​ | 2,898,176 | ​ | 2,208,813 | ​ | 10,417,990
Foreign currency |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Bonds |  | 4,147,341 | ​ | 28,047,668 | ​ | 24,479,647 | ​ | 16,100,329 | ​ | 72,774,985
Commercial and syndicated loans |  | 9,023,629 | ​ | 10,639,912 | ​ | 1,524,418 | ​ | 290,544 | ​ | 21,478,503
Loans from related parties | ​ | 683,949 | ​ | — | ​ | — | ​ | — | ​ | 683,949
Lease liabilities |  | 96,463 | ​ | 146,826 | ​ | 145,956 | ​ | 70,855 | ​ | 460,100
​ |  | 13,951,382 | ​ | 38,834,406 | ​ | 26,150,021 | ​ | 16,461,728 | ​ | 95,397,537
​ |  | 15,550,008 | ​ | 42,546,781 | ​ | 29,048,197 | ​ | 18,670,541 | ​ | 105,815,527
​ 20.4 Breakdown by type of interest rate and currency The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2024, and 2023: ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Local currency |  |  |  |
Fixed rate |  | 1,799,807 | ​ | 2,030,378
Floating rate |  | 9,571,135 | ​ | 8,387,612
​ |  | 11,370,942 | ​ | 10,417,990
Foreign currency |  | ​ | ​ | ​
Fixed rate |  | 83,480,636 | ​ | 70,956,700
Floating rate |  | 25,113,453 | ​ | 24,440,837
​ |  | 108,594,089 | ​ | 95,397,537
​ |  | 119,965,031 | ​ | 105,815,527
​ 20.5 Loans designated as hedging instrument As of December 31, 2024, Ecopetrol Business Group designated USD$17,612 million (2023 – USD$16,535 million) of foreign currency debt as a hedging instrument, of which USD$10,269 million (2023 - $10,270 million) is used to hedge the net investment in foreign operations with the US dollar as their functional currency, and USD$7,343 million (2023 – USD$6,265 million) is used to hedge the cash flows of future crude oil exports. See Notes 30.4. 20.6 Guarantees and covenants As of December 31, 2024, the estimated value of the current guarantees granted by ISA and its companies, within the framework of the definition in paragraph 14 of IFRS 7, used to support growth in its different business units and to ensure commercial, operational, and strategic viability amounts to $22,664,577 (2023 - $20,607,822), mainly in i) Chile for $15,799,052 (2023 - $14,899,609) in ISA Intervial, Ruta del Loa, Ruta de los Ríos, Ruta de la Araucaría and Ruta del Maipo, b) Brazil in ISA CTEEP for $4,186,525 (2023 - $3,029,213), and c) Colombia on the Ruta Costera for $2,679,000 (2023 - $2,679,000). 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. During the reporting period, Ecopetrol Business Group has complied with its payment obligations, guarantees and commitments acquired with its bondholders and local and/or international financing entities.

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