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Loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Loans and borrowings

Schedule of 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.

Schedule of 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

Schedule of Breakdown by type of interest rate and currency

​

​	​	​	​	​
​		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

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