ECOPETROL S.A. Ecopetrol Group
I. Operational Tables
Table 1: Gross Production per Region - Ecopetrol Group Net Interest
Production - mboed
Castilla
Chichimene
CPO-09
Other
Total Orinoquia Region
Cupiagua
Piedemonte
Cusiana
Recetor
Total Piedemonte Region
Rubiales
Caño Sur
Total East Region
La Cira-Infantas
Yarigui
Casabe
Other
Total Central Region
Tello
Huila
San Francisco
Other
Total South Region
Caño Limón
Quifa
Nare
Guajira
Other
Total Assets with Partners
Total Ecopetrol S.A.
Direct Operation
Associated Operation
1Q 2024 | 1Q 2023 | ∆ (%) |
99.8 | 101.9 | (2.1%) |
56.7 | 61.5 | (7.7%) |
13.7 | 10.9 | 25.8% |
11.9 | 12.8 | (7.2%) |
182.0 | 187.0 | (2.7%) |
33.5 | 41.1 | (18.5%) |
51.3 | 56.0 | (8.5%) |
20.9 | 24.3 | (14.1%) |
14.7 | 10.1 | 46.2% |
120.3 | 131.4 | (8.5%) |
96.0 | 102.5 | (6.3%) |
37.5 | 21.2 | 77.1% |
133.5 | 123.7 | 8.0% |
15.5 | 17.7 | (12.1%) |
15.0 | 16.8 | (10.4%) |
12.3 | 12.7 | (3.6%) |
25.4 | 26.0 | (2.3%) |
68.3 | 73.2 | (6.7%) |
4.1 | 4.4 | (7.7%) |
4.2 | 4.6 | (8.7%) |
6.4 | 6.0 | 8.1% |
5.9 | 6.3 | (5.8%) |
20.6 | 21.2 | (2.9%) |
23.9 | 25.6 | (6.9%) |
12.3 | 13.1 | (6.2%) |
15.0 | 15.1 | (0.9%) |
9.2 | 10.6 | (13.7%) |
26.0 | 24.6 | 5.9% |
86.3 | 89.0 | (3.1%) |
611.0 | 625.6 | (2.3%) |
539.7 | 551.7 | (2.2%) |
71.3 | 73.9 | (3.5%) |
Ocelote | 8.3 | 9.2 | (9.2%) | |
Otros | 27.5 | 27.0 | 1.9% | |
Total Hocol | 35.9 | 36.2 | (0.9%) | |
Dalmatian | 2.6 | 1.2 | 121.0% | |
K2 | 4.5 | 2.1 | 113.4% | |
Gunflint | 2.0 | 2.1 | (6.7%) | |
Esox | 0.5 | 0.8 | (34.5%) | |
Total Ecopetrol America LLC | 9.7 | 6.3 | 54.6% | |
Ecopetrol Permian | 84.6 | 51.4 | 64.6% | |
Ecopetrol Permian | 84.6 | 51.4 | 64.6% | |
Total Subsidiaries | 130.1 | 93.8 | 38.7% | |
Total Ecopetrol Group | 741.1 | 719.4 | 3.0% | |
Table 2: Gross Production by Type of Crude - Ecopetrol Group
Production by Crude Type - mboed | 1Q 2024 | 1Q 2023 | ∆ (%) | |
Light | 72.4 | 55.1 | 31.3% | |
Medium | 144.9 | 148.1 | (2.2%) | |
Heavy | 349.6 | 344.5 | 1.5% | |
Total | 566.9 | 547.7 | 3.5% | |
Table 3: Net Production* - Ecopetrol Group
Net Production - mboed
Crude Oil
Natural Gas**
Total
1Q 2024 | 1Q 2023 | ∆ (%) |
493.6 481.6 2.5%
146.0 138.6 5.3%
639.6 620.1 3.1%
- Net Production does not include royalties and is prorated for Ecopetrol's stake in each Company.
- Gross Production includes white products.
II. Financial Tables
Table 4: Long Term Debt - Ecopetrol Group*
Debt (USD Millions) | Foreign Currency | Local Currency | Total | |||||||
(USD***) | (COP) | |||||||||
Ecopetrol | 18,327 | 493 | 18,820 | |||||||
Bicentenario | - | 0 | 0 | |||||||
ODL | - | 42 | 42 | |||||||
Ocensa | 400 | 0 | 400 | |||||||
Invercolsa** | - | 110 | 110 | |||||||
ISA | 6,308 | 1,761 | 8,069 | |||||||
Total | 25,035 | 2,406 | 27,442 | |||||||
- Nominal value of debt as of March 2024 without including accrual interest.
- Includes the following subsidiaries: Metrogas, Gases de Oriente, Combustibles Líquidos de Colombia y Alcanos.
- The amount in foreign currency corresponds to debt in dollars and other currencies.
Note: Figures expressed in millions of dollars equivalent with the TRM as of March 31, 2024.
Table 5: Results by Business Segment - Ecopetrol Group
Upstream | Downstream | Midstream | Energy Transmission and Toll | Eliminations | Consolidated | |||||||||||||||||||||||||
Roads | ||||||||||||||||||||||||||||||
Billion (COP) | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | ||||||||||||||||||
Total revenue | 18,716 | 20,627 | 17,646 | 22,585 | 3,569 | 3,984 | 3,668 | 3,911 | (12,297) | (12,253) | 31,302 | 38,854 | ||||||||||||||||||
Depreciation and | 2,378 | 1,835 | 489 | 530 | 316 | 354 | 269 | 289 | 0 | 1 | 3,452 | 3,009 | ||||||||||||||||||
amortization | ||||||||||||||||||||||||||||||
Variable costs | 6,606 | 7,636 | 15,267 | 18,558 | 197 | 192 | 0 | 0 | (11,249) | (11,038) | 10,821 | 15,348 | ||||||||||||||||||
Fixed costs | 3,237 | 3,223 | 693 | 607 | 414 | 436 | 1,385 | 1,282 | (939) | (1,126) | 4,790 | 4,422 | ||||||||||||||||||
Cost of sales | 12,221 | 12,694 | 16,449 | 19,695 | 927 | 982 | 1,654 | 1,571 | (12,188) | (12,163) | 19,063 | 22,779 | ||||||||||||||||||
Gross income | 6,495 | 7,933 | 1,197 | 2,890 | 2,642 | 3,002 | 2,014 | 2,340 | (109) | (90) | 12,239 | 16,075 | ||||||||||||||||||
Operating expenses | 1,461 | 1,373 | 563 | 558 | 196 | 220 | 325 | 334 | (108) | (131) | 2,437 | 2,354 | ||||||||||||||||||
Operating income (loss) | 5,034 | 6,560 | 634 | 2,332 | 2,446 | 2,782 | 1,689 | 2,006 | (1) | 41 | 9,802 | 13,721 | ||||||||||||||||||
Financial income (loss) | (886) | (90) | (395) | (275) | 46 | (10) | (768) | (1,090) | 1 | (41) | (2,002) | (1,506) | ||||||||||||||||||
Share of profit of companies | 10 | 5 | 50 | 90 | 0 | 0 | 137 | 247 | 0 | 0 | 197 | 342 | ||||||||||||||||||
Income (loss) before income | 4,158 | 6,475 | 289 | 2,147 | 2,492 | 2,772 | 1,058 | 1,163 | 0 | 0 | 7,997 | 12,557 | ||||||||||||||||||
tax | ||||||||||||||||||||||||||||||
Provision for income tax | (1,879) | (3,812) | (38) | (786) | (863) | (985) | (140) | (10) | (1) | 0 | (2,921) | (5,593) | ||||||||||||||||||
Net income (loss) consolidated | 2,279 | 2,663 | 251 | 1,361 | 1,629 | 1,787 | 918 | 1,153 | (1) | 0 | 5,076 | 6,964 | ||||||||||||||||||
Non-controlling interest | 18 | 27 | (52) | (63) | (297) | (340) | (735) | (928) | 2 | 0 | (1,064) | (1,304) | ||||||||||||||||||
Net income (loss) attributable | 2,297 | 2,690 | 199 | 1,298 | 1,332 | 1,447 | 183 | 225 | 1 | 0 | 4,012 | 5,660 | ||||||||||||||||||
to owners of Ecopetrol | ||||||||||||||||||||||||||||||
EBITDA | 7,715 | 8,666 | 1,447 | 3,237 | 2,817 | 3,186 | 2,260 | 2,712 | (1) | 41 | 14,238 | 17,842 | ||||||||||||||||||
EBITDA Margin | 41.2% | 42.0% | 8.2% | 14.3% | 78.9% | 80.0% | 61.6% | 69.3% | 0.0% | -0.3% | 45.5% | 45.9% | ||||||||||||||||||
The following are the Income Statement and Statement of Financial Position of the most representative subsidiaries of each segment, which consolidate the Ecopetrol Group
Billion (COP)
Table 6: Income Statement
HOCOL | AMERICA LLC | ESENTTIA | REFICAR | CENIT | ISA | PERMIAN | ||||||||||||||||||||||||||||||||||
1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q | 1Q | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | |||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||||||||||||||||
Local sales
Export sales
Total revenue
Variable costs
Fixed costs
Total cost of sales
Gross income
Operating expenses
Operating income
Financial result, net
Share of profit of companies
Income before income tax
Provision for income tax
Net income consolidated
Non-controlling interest
Net income attributable to owners
EBITDA
EBITDA Margin
611 | 753 | 0 | 0 | 260 | 403 | 5,381 | 6,453 | |||
0 | 0 | 204 | 150 | 265 | 452 | 1,227 | 1,772 | |||
611 | 753 | 204 | 150 | 525 | 855 | 6,608 | 8,225 | |||
225 | 308 | 70 | 49 | 431 | 759 | 5,638 | 6,261 | |||
150 | 146 | 60 | 82 | 29 | 58 | 492 | 457 | |||
375 | 454 | 130 | 131 | 460 | 817 | 6,130 | 6,718 | |||
236 | 299 | 74 | 19 | 65 | 38 | 478 | 1,507 | |||
198 | 77 | 18 | 28 | 108 | 107 | 172 | 197 | |||
38 | 222 | 56 | (9) | (43) | (69) | 306 | 1,310 | |||
10 | (4) | (3) | (2) | 4 | 36 | (141) | (116) | |||
19 | 28 | 0 | 0 | 85 | 59 | 0 | 0 | |||
67 | 246 | 53 | (11) | 46 | 26 | 165 | 1,194 | |||
(22) | (126) | 0 | 0 | 15 | 11 | (55) | (299) | |||
45 | 120 | 53 | (11) | 61 | 37 | 110 | 895 | |||
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
45 | 120 | 53 | (11) | 61 | 37 | 110 | 895 | |||
166 | 386 | 127 | 42 | (21) | (42) | 724 | 1,759 | |||
27.2% | 51.3% | 62.3% | 28.0% | -4.0% | -4.9% | 11.0% | 21.4% | |||
1,681 1,595
00
1,681 1,595
- 98
- 447
565 545
1,116 1,050
145 123
971 927
64 45
679 839
1,714 1,811
- (342)
1,347 1,469
00
1,347 1,469
1,167 | 1,095 |
69.4% | 68.7% |
918 845
2,750 3,066
3,668 3,911
00
1,608 1,524
1,608 1,524
2,060 2,387
267 269
1,793 2,118
-
(637)
137 247
1,379 1,728
- (328)
1,100 1,400
- (572)
634 828
2,265 2,712
61.8% 69.3%
00
1,114 829
1,114 829
- 363
- 105
811 468
303 361
92 90
211 271
- 5
00
173 276
- (61)
139 215
00
139 215
897 674
80.5% 81.3%
Table 7: Statement of Financial Situation - Balance Sheet
HOCOL | AMERICA LLC | ESENTTIA | REFICAR | CENIT | ISA | PERMIAN | ||||||||||||||||||||||||||||||||||||||||||
Billion (COP) | March 31, | December | March 31, | December | March 31, | December | March 31, | December | March 31, | December | March 31, | December | March 31, | December | ||||||||||||||||||||||||||||||||||
2024 | 31, 2023 | 2024 | 31, 2023 | 2024 | 31, 2023 | 2024 | 31, 2023 | 2024 | 31, 2023 | 2024 | 31, 2023 | 2024 | 31, 2023 | |||||||||||||||||||||||||||||||||||
Current assets | 1,496 | 1,483 | 192 | 93 | 1,708 | 1,477 | 9,131 | 7,693 | 4,178 | 4,038 | 12,846 | 12,407 | 113 | 293 | ||||||||||||||||||||||||||||||||||
Non-current assets | 3,659 | 3,839 | 3,069 | 3,124 | 1,469 | 1,566 | 29,045 | 29,574 | 15,266 | 15,555 | 58,542 | 58,810 | 11,733 | 11,130 | ||||||||||||||||||||||||||||||||||
Total assets | 5,155 | 5,322 | 3,261 | 3,217 | 3,177 | 3,043 | 38,176 | 37,267 | 19,444 | 19,593 | 71,388 | 71,217 | 11,846 | 11,423 | ||||||||||||||||||||||||||||||||||
Current liabilities | 1,090 | 924 | 465 | 400 | 559 | 464 | 3,409 | 2,875 | 5,167 | 2,010 | 6,165 | 5,307 | 1,235 | 1,207 | ||||||||||||||||||||||||||||||||||
Non-current liabilities | 933 | 926 | 1,170 | 1,251 | 3 | 2 | 9,768 | 9,651 | 1,007 | 971 | 39,918 | 39,544 | 1,842 | 1,801 | ||||||||||||||||||||||||||||||||||
Total liabilities | 2,023 | 1,850 | 1,635 | 1,651 | 562 | 466 | 13,177 | 12,526 | 6,174 | 2,981 | 46,083 | 44,851 | 3,077 | 3,008 | ||||||||||||||||||||||||||||||||||
Equity | 3,132 | 3,472 | 1,626 | 1,566 | 2,615 | 2,577 | 24,999 | 24,741 | 13,270 | 16,612 | 25,305 | 26,366 | 8,769 | 8,415 | ||||||||||||||||||||||||||||||||||
Note: The financial figures of Hocol, América LLC, Esenttia, Permian and Reficar, whose functional currency is the dollar, are re-expressed in pesos at the average TRM for the Income Statement and closing TRM formed on the last day of the period
for the Statement of Financial Situation.
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Disclaimer
Ecopetrol SA - Empresa Colombiana de Petroleos published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 01:43:04 UTC.
