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Risk management (Tables)

12 Months Ended

Dec. 31, 2024

Risk management

Schedule of book values of financial assets and liabilities denominated in foreign currency

​

​	​	​	​	​
(in USD$Million)		2024		2023
Cash and cash equivalents		650		554
Other financial assets		735		1,188
Trade receivables and payables, net		(495)		(973)
Loans and borrowings		(18,320)		(18,470)
Other assets and liabilities, net		117		268
Net liability position		(17,313)		(17,433)

Schedule of sensitivity analysis for exchange rate risk

The following is the effect of a change of 1% and 5% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2024:

​

​	​	​	​	​
Scenario / Variation in		Effect on income		Effect in other
the exchange rates	​	before taxes +/–	​	comprehensive income +/–
1%	​	13,188	​	776,544
5%	​	65,940	​	3,882,721

Schedule of non-derivative hedging instrument

​

​	​	​	​	​
(US$Million)		2024		2023
Hedging instrument at the beginning of the period		6,265		5,572
Reassignment of hedging instruments		1,200		970
Realization of exports		(1,207)		(970)
Designation of new coverage		1,085		693
Hedging instrument at the end of the period		7,343		6,265

Schedule of movement in the other comprehensive income

​

​	​	​	​	​	​	​
​		2024		2023		2022
Opening balance		601,744		(2,473,999)		(945,250)
Exchange difference		(3,897,441)		5,194,529		(4,317,263)
Reclassification to profit or loss (Note 25)		238,943		479,779		1,143,287
Ineffectiveness		6,658		25,454		6,625
Deferred income tax (Note 10)		1,472,447		(2,624,019)		1,638,602
Closing balance		(1,577,649)		601,744		(2,473,999)

​

​	​	​	​	​	​	​
​		2024		2023		2022
Opening balance		3,140,684		9,354,071		4,366,336
Exchange difference		6,305,555		(8,973,471)		7,526,124
Deferred income tax (Note 10)		(2,979,130)		2,760,084		(2,538,389)
Closing balance		6,467,109		3,140,684		9,354,071

Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss

​

​	​	​	​	​	​	​
Year		Before taxes		Taxes		After taxes
2025	​	(853,665)	​	328,723	​	(524,942)
2026		(841,876)		326,614	​	(515,262)
2027	​	(147,788)	​	57,336	​	(90,452)
2028	​	(146,929)	​	57,003	​	(89,926)
2029	​	(145,666)	​	56,513	​	(89,153)
2030		(144,694)		56,135	​	(88,559)
2031	​	(143,798)	​	55,788	​	(88,010)
2032	​	(140,312)	​	54,435	​	(85,877)
2033	​	(8,932)	​	3,464	​	(5,468)
​		(2,573,660)	​	996,011	​	(1,577,649)

Schedule of Analysis of age of financial assets that are past due but not impaired

​

​	​	​	​	​
​		2024		2023
Less than 3 months overdue		178,476		119,608
Between 3 and 6 months overdue		14,717		56,615
More than 6 months overdue		65,296		181,012
​		258,489		357,235

Schedule of financial instruments by type of interest rate

The following table provides information about the sensitivity of the Ecopetrol Business Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points:

​

​	​	​	​	​	​	​
​		​	​	​	​	Effect on Other
​	​	Effect on profit or loss (+/–)			​	Comprehensive Income (+/–)
​	​	Financial	​	Financial	​	​
​		Assets *		Liabilities		Plan Assets
+100 basis points		(168,032)	​	(1,800,691)	​	476,735
–100 basis points		162,600	​	(2,216,778)	​	(489,096)

Schedule of how entity manages liquidity risk

The following is a summary of the maturity of financial liabilities as of December 31, 2024. The amounts disclosed in the table are the contractual undiscounted cash flows. The payments in foreign currency were restated taking a constant exchange rate of COP$4,409.15 per U.S. dollar:

​	​	​	​	​	​	​	​	​	​	​
​		Up to 1 year		1–5 years		5–10 years		> 10 years		Total
Loans (payment of principal and interest)		10,439,654	​	57,688,188	​	57,688,188	​	48,280,088	​	174,096,118
Trade and other payables		19,302,124	​	14,811	​	—	​	—	​	19,316,935
​		29,741,778	​	57,702,999	​	57,688,188	​	48,280,088	​	193,413,053

Schedule of leverage index over the periods reported

​

​	​	​	​	​	​
​		2024		2023
Loans and borrowings (Note 20)		119,965,031		105,815,527	​
Cash and cash equivalents (Note 6)		(14,054,475)		(12,336,115)	​
Other financial assets (Note 9)		(5,240,450)		(2,232,775)	​
Net financial debt		100,670,106		91,246,637	​
Equity (Note 24)		105,913,439		100,252,480	​
Leverage (1)		48.73	%	47.65	%

(1) Net financial debt / (Net financial debt + Equity)

Cash flow hedging

Risk management

Schedule of non-derivative hedging instrument

​

​	​	​	​	​	​	​
Company		Derivative instrument		2024		2023
Intervial Chile (1)		Cross currency swap		35,520		44,134
Oleoducto Central S.A.		Non-delivery forward		—	​	223,091

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