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OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Tables) | 12 Months Ended
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Dec. 31, 2023
Other Items Of Statement Of Comprehensive Income |
Schedule of selling expenses |
Schedule of selling expenses |  |  |  |  |  |  |  |
|  |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
Salaries and social security charges |  |  | 5 |  | 5 |  | 3
Employees benefits |  |  | 1 |  | 1 |  | -
Fees and compensation for services |  |  | 3 |  | 4 |  | 3
Taxes, rates and contributions |  |  | 13 |  | 14 |  | 11
Transportation and freights |  |  | 43 |  | 40 |  | 18
Other |  |  | 1 |  | 1 |  | 2
Total selling expenses |  |  | 66 |  | 65 |  | 37
Schedule of administrative expenses |
Schedule of administrative expenses |  |  |  |  |  |  |  |
|  |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
Salaries and social security charges |  |  | 58 |  | 50 |  | 34
Employees benefits |  |  | 10 |  | 8 |  | 5
Defined benefit plans |  |  | 18 |  | 9 |  | 7
Fees and compensation for services |  |  | 29 |  | 30 |  | 32
Compensation agreements |  |  | 37 |  | 19 |  | 2
Directors' and Sindycs' fees |  |  | 7 |  | 7 |  | 6
Property, plant and equipment depreciation |  |  | 7 |  | 6 |  | 5
Maintenance |  |  | 2 |  | 2 |  | 2
Transport and per diem |  |  | 2 |  | 2 |  | 1
Rental and insurance |  |  | 1 |  | 1 |  | 1
Surveillance and security |  |  | 1 |  | 1 |  | -
Taxes, rates and contributions |  |  | 8 |  | 6 |  | 5
Communications |  |  | 1 |  | 1 |  | 1
Other |  |  | 4 |  | - |  | 1
Total administrative expenses |  |  | 185 |  | 142 |  | 102
Schedule of exploration expenses |
Schedule of exploration expenses |  |  |  |  |  |  |  |
|  |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
Derecognition of unproductive wells |  |  | (7) |  | - |  | -
Total exploration expenses |  |  | (7) |  | - |  | -
Schedule of other operating income and expenses |
Schedule of other operating income and expenses |  |  |  |  |  |  |  |
| Note |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
Other operating income |  |  |  |  |  |  |
Insurance recovery |  |  | 1 |  | - |  | 3
Services provided to third parties |  |  | 1 |  | 1 |  | 2
Results from property, plant and equipment sale and derecognition |  |  | 1 |  | 2 |  | 1
Result from intangible assets sale |  |  | - |  | 2 |  | 2
Expenses recovery |  |  | 8 |  | - |  | -
Contingencies recovery |  |  | - |  | - |  | 13
Tax charges recovery |  |  | - |  | - |  | 2
Contractual indemnity |  |  | 7 |  | - |  | -
Commercial interests |  |  | 70 |  | 27 |  | 27
GasAr Plan |  |  | 55 |  | 56 |  | 51
Compensation for arbitration award (1) |  |  | - |  | 37 |  | -
Fair value of consortiums' previous interest | 5.2.6 |  | 7 |  | - |  | -
Export Increase Program |  |  | 24 |  | - |  | -
Other |  |  | 3 |  | 6 |  | 4
Total other operating income |  |  | 177 |  | 131 |  | 105
Other operating expenses |  |  |  |  |  |  |
Provision for contingencies |  |  | (8) |  | (4) |  | (16)
Provision for environmental remediation |  |  | (4) |  | - |  | (15)
Results for property, plant and equipment sale and derecognition |  |  | (2) |  | - |  | -
Tax on bank transactions |  |  | (18) |  | (14) |  | (13)
PAIS import tax |  |  | (5) |  | - |  | -
Donations and contributions |  |  | (3) |  | (2) |  | (2)
Institutional promotion |  |  | (4) |  | (3) |  | (3)
Costs of concessions agreements completion |  |  | (5) |  | - |  | -
Contractual penalty |  |  | (7) |  | - |  | -
Readjustment of investment plan (2) |  |  | - |  | (9) |  | -
Royalties GasAr Plan |  |  | (8) |  | (8) |  | (5)
Ecuador's transactional agreement |  |  | (5) |  | - |  | -
Impairment of other receivables |  |  | (5) |  | - |  | -
Other contractual expenses |  |  | (6) |  | - |  | -
Other |  |  | (8) |  | (6) |  | (4)
Total other operating expenses |  |  | (88) |  | (46) |  | (58)
(1) |  | Corresponding to the final award rendered on August 3, 2022 by the Arbitration Court partially upholding EcuadorTLC’s (currently PB18) claim against Petroecuador for certain breaches of the transportation agreement executed on December 31, 2008.
(2) |  | Corresponding to the investment plan’s readjustment bond at the Sierra Chata block approved by Provincial Executive Order No. 1,262/22 dated June 29, 2022.
Schedule of financial assets |
Schedule of financial assets |  |  |  |  |  |  |
|  |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
Financial income |  |  |  |  |  |  |
Financial interests |  |  | 2 |  | 1 |  | -
Other interests |  |  | 3 |  | 4 |  | 10
Total financial income |  |  | 5 |  | 5 |  | 10
Financial costs |  |  |  |  |  |  |
Financial interests (1) |  |  | (304) |  | (172) |  | (137)
Commercial interests |  |  | (1) |  | (1) |  | -
Fiscal interests |  |  | (47) |  | (38) |  | (38)
Other interests |  |  | (4) |  | (5) |  | (3)
Bank and other financial expenses |  |  | (8) |  | (5) |  | (7)
Total financial costs |  |  | (364) |  | (221) |  | (185)
Other financial results |  |  |  |  |  |  |
Foreign currency exchange difference, net |  |  | 123 |  | 80 |  | 3
Changes in the fair value of financial instruments |  |  | 444 |  | 110 |  | (15)
Result from present value measurement |  |  | (10) |  | (14) |  | (1)
Result from exchange of CB |  |  | - |  | (14) |  | -
Result from repurchase of CB |  |  | 1 |  | 6 |  | -
Other financial results |  |  | - |  | (2) |  | (1)
Total other financial results |  |  | 558 |  | 166 |  | (14)
Total financial results, net |  |  | 199 |  | (50) |  | (189)
| (1) | Net of US$ 21 million and US$ 11 million borrowing costs capitalized in property, plant and equipment for the years ended December 31, 2023 and 2022, respectively. There are no capitalized borrowing costs in the fiscal year ended December 31, 2021.
Schedule of income tax benefit expense |
Schedule of income tax benefit expense |  |  |  |  |  |  |
|  |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
Current tax |  |  | 19 |  | 99 |  | 67
Deferred tax |  |  | 272 |  | 46 |  | 10
Difference between previous fiscal year income tax provision and the income tax statement |  |  | 27 |  | (21) |  | -
Total income tax - Loss |  |  | 318 |  | 124 |  | 77
Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes:
|  |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
Profit before income tax |  |  | 623 |  | 581 |  | 390
Current income tax rate |  |  | 35% |  | 35% |  | 35%
Income tax at the statutary tax rate |  |  | 218 |  | 203 |  | 138
Share of profit from companies |  |  | 1 |  | (37) |  | (40)
Non-taxable results |  |  | (17) |  | (3) |  | (1)
Effects of exchange differences and other results associated with the valuation of the currency, net |  |  | 752 |  | 275 |  | 79
Effects of valuation of property, plant and equipment, intangible assets and financial assets |  |  | (1,146) |  | (575) |  | (269)
Effect of change in tax rate |  |  | - |  | - |  | (6)
Effect for tax inflation adjustment |  |  | 501 |  | 253 |  | 169
Unrecognized deferred assets |  |  | - |  | - |  | 4
Difference between previous fiscal year income tax and deferred tax provision and the income tax statement |  |  | 3 |  | 2 |  | 1
Non-deductible cost |  |  | 9 |  | 4 |  | 3
Impairment on deferred tax assets |  |  | (3) |  | 2 |  | -
Other |  |  | - |  | - |  | (1)
Total income tax - Loss |  |  | 318 |  | 124 |  | 77

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