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Supplemental information on oil and gas producing activities (unaudited) (Tables)

12 Months Ended

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

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	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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