Ecopetrol S.A
(NYSE:EC)

Ecopetrol S.A. operates as an integrated oil and gas company. The company operates through Exploration and Production; Transport and Logistics; and Refining, Petrochemical and Biofuels segments. It engages in the exploration, production, and sale of oil and gas. It also transports and distributes hy...

Website: http://www.ecopetrol.com.co

Founded: 1951

Full Time Employees: 15,157

Sector: Energy

Industry: Oil & Gas Integrated

Energy

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2024-12-31	2024-06-30	2023-12-31	2023-09-30	2023-06-28	2022-12-31	2022-09-30	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2017-12-31	2015-03-03	2013-12-31	2013-10-31	2013-07-31	2013-05-06	2013-02-19	2012-10-31	2012-07-25	2012-05-01	2012-02-15	2011-12-31	2011-10-25	2011-07-21	2011-05-05	2011-02-28	2010-12-31	2010-10-27	2010-07-29	2010-02-12	2009-12-31	2009-10-21	2009-07-31	2009-05-13	2009-02-16	2008-12-31

total revenue	17,378	36,506									15,729		13,216	10,453	9,684	6,022	10,483																				20,936,550
yoy											62.42%		26.07%
qoq	-52.40%												26.43%	7.94%	60.81%	-42.55%
depreciation, amortization and depletion	2,846	5,866									1,869		1,616	1,648	1,565	1,541	1,503
variable costs	6,889	14,782									5,855		5,226	4,784	4,102	3,427	5,050		28,630.2		6,823.8	6,476.9	6,623.3	5,912.5	6,654	6,517.2	6,091	6,034		5,500.3	6,018.3	4,811.7	3,247		3,851.6	4,499.6			3,191.1	2,674.4	2,585.55	2,950.5
fixed costs	3,259	6,585									2,495		2,076	2,526	2,193	2,171	2,383		11,035.5		1,941.4	1,831	1,888.9	2,865.4	2,111.3	1,790.7	1,576.1	2,327.6		1,650.7	1,630.9	1,283.7	1,807.4		1,415	1,367.1			1,439.5	1,326.2	1,090.62	2,172.8
total cost of sales	12,994	27,233									10,219		8,918	8,958	7,860	7,139	8,936
gross income	4,384	9,273									5,510		4,298	1,495	1,824	-1,117	1,547
operating and exploratory expenses	1,391	2,876									1,049		703	1,639	848	-526	629
operating income	2,993	6,397		19,337,686		36,142,499	13,720,779		48,454,216		4,461	12,138,341,000,000	3,595	-144	976	-591	918																				4,452,694
yoy		-99.98%					307471.82%		1347722.42%		357.07%	-2053864805514.55%	291.61%
qoq	-53.21%					163.41%					-100.00%	337645090303.34%	-2596.53%	-114.75%	-265.14%	-164.38%
operating margin %	17.22%	17.52%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	NaN%	28.36%	Infinity%	27.20%	-1.38%	10.08%	-9.81%	8.76%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	21.27%	NaN%	NaN%	NaN%	NaN%	NaN%
financial result	-949	-2,043									-507		-493	-271	-565	-371	-151
share of profit of companies	3	14											7		-24	38	-51
income before income tax	2,047	4,368									3,953		3,109	-418	387	-924	716
benefit from income tax	-674	-1,490									-1,197		-977	137	-168	302	-199
consolidated net income	1,373	2,878									2,756		2,132		219	-622	517
non-controlling interest	20	46					1,303,555				22		21	18	19	20	21
net income attributable to owners of ecopetrol	1,393	2,924									2,778		2,153	-59	238	-602	171
ebitda	6,242	13,121									6,477		5,342	1,836	2,642		2,485		22,434.9		6,523.4	7,426.8	6,949.3	6,165	6,231.7	7,056.6	8,061.8	7,463.9		7,092.3	6,834.2	6,489.3	4,664.2		3,952.1	3,635.7			3,037.6	2,807.64	1,629.23	2,963.6
ebitda margin	35.9	35.9									41.2		40.4	17.6	27.3	-4.6	23.7		39		46	50	47	41	44	48	52	47		50	49	52	46		46	40			41	42	32	35
				-4,092,175		-4,179,526			-5,366,006			-1,483,666,000,000
revenue from contracts with customers				63,929,546		108,391,346	38,853,579		119,898,794			36,718,764,000,000
cost of sales				-39,643,519		-64,871,173	-22,778,147		-65,458,241			-21,943,441,000,000							39,665.7		8,765.2	8,307.9	8,512.2	8,777.9	8,765.3	8,307.9	7,667.1	8,361.6		7,151	7,649.3	6,095.4	5,054.4		5,266.6	5,866.7	-13,418,352		4,630.6	4,000.6	3,676.17	5,123.3
gross profit				24,286,027		43,520,173	16,075,432		54,440,553			14,775,323,000,000							18,426.9		5,463.5	6,488.1	6,259.6	6,276.5	5,463.4	6,488.1	7,720.7	7,626.7		6,916.7	6,172.6	6,303.8	5,145.3		3,320.1	3,266.4			2,739.4	2,685	1,436.58	3,382.4
yoy																			194.38%		0.00%	0.00%	-18.92%	-17.70%		-6.20%	25.08%	20.99%			85.92%	92.99%			21.20%	21.65%
qoq						170.72%															-15.79%	3.65%	-0.27%	14.88%	-15.79%	-15.96%	1.23%			12.05%	-2.08%	22.52%			1.64%				2.03%	86.90%	-57.53%
gross margin %	0%	0%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	NaN%	0%	Infinity%	0%	0%	0%	0%	0%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	0%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%
administration expenses				-2,127,659		-3,360,989	-1,081,114		-2,844,627
operation and project expenses				-2,615,763		-3,915,872	-1,114,920		-2,833,523
recovery (impairment) of non-current assets				-8,238
other operating expenses				-196,681		-89,688	-158,527		-302,671
financial results
financial income				852,278		1,784,771	674,092		887,398
financial expenses				-4,989,720		-7,770,455	-2,427,906		-5,875,877
foreign exchange gain				45,267		1,806,158	248,217		-377,527			103,627,000,000
share of profits of associates and joint ventures				386,291		606,332	341,699		656,680			115,236,000,000
profit before income tax expense				15,631,802		32,569,305	12,556,881		43,744,890			10,769,911,000,000
income tax expense				-6,914,028		-11,476,872	-5,592,901		-16,214,065			-3,641,359,000,000
net profit for the period				8,717,774		21,092,433	6,963,980		27,530,825			7,128,552,000,000
net profit attributable to:
owners of parent				6,642,349		17,637,678	5,660,425		24,770,909			6,546,938,000,000
non–controlling interest				2,075,425		3,454,755			2,759,916			581,614,000,000
basic and diluted earnings per share				161.5		429	137.7		602.5			159.2
impairment of non-current assets						-11,125	-92
impairment (loss) reversal of non-current assets									-5,516
net income attributable to owners of ecopetrol before impairment											2,778		2,153	-263	238	-602	538
income from impairment of long-term assets														338			-518
deferred tax on impairment														-134			151
administrative expenses												-1,178,900,000,000
operations and project expenses												-1,161,213,000,000
impairment (reversal of impairment) of long–lived assets												3,446,000,000
other operating (expenses) income												-300,315,000,000
finance income												140,609,000,000
finance expenses												-1,727,902,000,000
consolidated net income before impairment														-281
ebitda*																-278
local sales																			21,605.5		4,395.5	4,630.1	4,728.4	4,718.8	4,395.5	4,630.1	4,539.3	4,787.6		4,414.9	4,412.9	4,089.5	3,557.6		3,115.4	3,372.8	10,646,721		3,736.4	3,438.6	3,153.8	4,113
export sales																			33,333.7		8,094.8	8,463.5	8,248.2	8,550.3	8,094.8	8,463.5	9,132.2	9,266.9		7,933.9	7,617.6	7,959.8	6,244.2			5,437.5			3,385.9	3,015.3	1,723.06	4,124.1
sales to free trade zone																			1,035.9		1,297.3	1,295.3	1,409.5	1,352.4	1,297.3	1,295.3	1,347.6	1,530.3		1,339.8	1,440.5
sales of services																			2,117.5		441.1	407.1	385.7	432.9	441.1	407.1	368.7	403.5		379.1	350.9	349.9	397.9		333.8	322.8			247.6	231.7	235.89	268.6
total sales																			58,092.6		14,228.7	14,796	14,771.8	15,054.4	14,228.7	14,796	15,387.8	15,988.3		14,067.7	13,821.9	12,399.2	10,199.7		8,586.7	9,133.1			7,370	6,685.5	5,112.75	8,505.7
operating expenses																			4,770		913	727.8	591.7	1,238.6	550.4	487	792.4	607.2		702.7	722.1	927.1	693.8		454.2	573.3			515.2	552.7	415.67	676.3
operating profit																			13,656.9		4,550.5	5,760.3	5,667.9	5,037.9	4,913	6,001.1	6,928.3	7,019.5		6,214	5,450.5	5,376.7	4,451.5		2,865.9	2,693.1			2,224.2	2,132.3	1,020.91	2,706.1
non operating profit/loss																			-546.9		158.2	-229.3
income tax																			5,297.3		1,461.1	1,855.8	1,800.8	1,164.7	1,461.1	1,855.8	2,071.1	2,050.6		2,062.6	-1,565.8	-1,687.6	-1,094		607.1	-602.4			441.8	340	605.22	559.2
net income																			7,812.7		3,247.6	3,675.2	3,495.6	3,706.8	3,247.5	3,675.3	4,343.1	4,432.7		4,196.6	3,414.3	3,404.6	2,742.1		1,702.4	1,805	4,726,733		1,193.5	762	1,609.26	1,691.4
yoy																			123.50%		0.00%	-0.00%	-19.51%	-16.38%		-12.42%	27.20%	30.20%			100.56%	88.62%	-99.94%		42.64%	136.88%	293620.90%
qoq																					-11.63%	5.14%	-5.70%	14.14%	-11.64%	-15.38%	-2.02%			22.91%	0.28%	24.16%			-5.68%	-99.96%			56.63%	-52.65%	-4.86%
net income margin %	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	0%	0%	0%	0%	0%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	22.58%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%
earnings per share																			190.01		78.99	89.39	85	90.2	78.99	89.4	105.6	107.8		103.68	84.36	84.12	67.75		42.06	44.6	118.97		29.49	18.83	39.76	41.79
non operating loss																							-371.5		-204.4	-470	-514.1	-536.2		45.2	-470.4
* not audited, for illustration purposes only
non operating profit																																-284.5	-615.4		-556.4	-285.7				-1,030.3	1,193.57	-455.5
us gulf coast																																			46.2
far east																																			23.4
central america																																			9.4
south america
caribbean																																			3.2
us atlantic coast
europe																																			17.8
average price export basket																																			3
wti																																			76.2
export crude oil basket																																			69.9
export products basket																																			68.1
natural gas basket																																			4
income statement																																			3
export sales*																																			5,137.5
operating margin																																			33
net margin																																			20
revenue:
foreign sales																																					10,289,829
operating expenses:
administration																																					-2,122,626
selling																																					-942,878
non-operating income																																					1,848,034
income before income tax and minority interest																																					6,300,728
income tax:
current income tax																																					-1,284,945
deferred income tax																																					-289,050
income tax: - sum																																					-1,573,995
less: net loss attributable to non-controlling interest																																					88,336
net income attributable to ecopetrol s.a.																																					4,815,069

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2024-06-30	2023-12-31	2023-09-30	2023-06-28	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-06-30	2021-03-31	2018-08-15	2018-05-03	2017-12-31	2017-08-08	2017-03-07	2016-06-08	2015-03-03	2014-09-09	2014-04-30	2013-12-31	2013-10-31	2013-07-31	2013-05-06	2013-02-19	2012-12-31	2012-10-31	2012-07-25	2012-05-01	2012-02-15	2011-12-31	2011-10-25	2011-07-21	2011-05-05	2011-02-28	2010-12-31	2010-04-27	2010-02-12	2009-12-31	2009-10-21	2009-07-31	2009-02-16	2008-12-31

current assets
cash and cash equivalents	10,364	10,118	13,236,875	12,336,115,000,000	12,070,744	15,497,345	15,497	15,401,058,000,000	12,917,748	10,104	13,999	14,550	5,021,544,000,000	6,687,543,000,000	6,337	7,866	7,945,885,000,000	6,246	8,410	7,636,349,000,000	2,197,450	3,952,429,000,000	4,722,884	8,841,438	6,751,193	2,773,625	3,977,392	5,260,111	7,972,335	4,722,551	4,063,131	8,211,902	4,303,043	6,585,628,000,000	2,472,654	2,995,118	3,637,777	1,592,083	3,726,778,000,000	2,696,818	6,386,247,000,000	3,562,119,000,000	5.599	3,896,740	2,286,996	2,113,803,000,000
trade and other receivables	14,286	13,797	24,141,135	33,310,642,000,000	37,580,673	47,654,365	47,654	39,224,999,000,000	33,551,394	29,114	25,227	18,449	9,539,636,000,000		7,886	6,596	6,098,918,000,000	4,638	4,212	3,099,578,000,000
inventories	10,539	10,398	11,368,526	10,202,448,000,000	11,356,473	11,123,101	11,123	11,880,034,000,000	10,783,508	12,177	10,972	8,398	7,177,346,000,000	6,407,625,000,000	5,472	4,929	4,601,396,000,000	4,269	3,842	2,860,878,000,000	2,526,511	2,532,926,000,000	2,602,048	3,259,399	2,501,544	2,326,607	2,678,177	2,393,400	2,670,226	2,586,242	2,723,353	2,628,883	2,395,929	2,761,605,000,000	2,039,714	2,136,330	2,272,006		2,192,088,000,000		1,953,039,000,000	2,042,697,000,000				1,611,296,000,000
current tax assets	17,185	16,927		8,111,079,000,000			7,076	6,784,392,000,000		6,056	4,840	6,274	5,564,971,000,000		475	556	625,374,000,000	777	1,129
other financial assets	3,370	4,222	2,112,720	1,860,928,000,000	1,752,234	1,683,968	1,684	1,162,127,000,000	2,234,862	1,146	1,649	1,627	206,284,000,000	506,110,000,000	6,263	4,417	2,967,878,000,000	1,885	5,316	177,057,000,000
other assets	4,019	3,694	3,210,123	2,769,029,000,000	3,169,764	3,262,443	3,263	2,778,480,000,000	2,763,568	2,365	2,387	2,333	1,707,283,000,000	1,095,871,000,000	768	750	880,425,000,000	1,043	1,036	1,038,159,000,000		2,452,989,000,000		3,500,595										3,929,248,000,000					3,151,606,000,000		3,103,585,000,000	3,034,698,000,000				1,207,099,000,000
non-current assets held for sale	7	14					42			48	75	65			48	100		95	132	272,040,000,000
total current assets	59,770	59,170	62,098,228	68,615,106,000,000	73,934,341	86,338,757	86,339	77,276,845,000,000	68,012,252	61,010	59,149	51,696	29,269,677,000,000	27,075,973,000,000	27,249	25,214	23,224,016,000,000	19,009	24,129		16,976,372	22,646,128,000,000	22,967,437	28,727,162	25,828,926	17,993,550	17,479,762	17,910,102	20,162,825	17,886,237	15,534,208	20,765,383	15,824,086	19,037,313,000,000	15,609,836	14,365,401	13,856,128	9,497,193	12,629,638,000,000	10,987,951	16,661,940,000,000	12,117,788,000,000	14.242	14,053,504	9,596,493	15,704,900,000,000
non-current assets
investments in associates and joint ventures	8,424	8,913	8,583,051		8,685,038	9,486,544	9,487		8,932,511	9,103	8,669	8,357		3,172,876,000,000	1,438	1,327		1,326	1,553	1,864,622,000,000
property, plant and equipment	104,148	104,913					99,582			92,035	87,774	90,115	69,380,093,000,000	68,430,919,000,000	60,257	59,140	61,404,374,000,000	61,274	62,269	63,290,309,000,000	19,671,084	18,427,939,000,000	20,250,706	44,998,680	19,338,053	18,129,412	23,313,035	22,935,477	32,997,535	20,848,404	20,422,903	19,902,700	19,119,854	30,033,380,000,000	18,051,370	16,579,532	15,482,710	14,816,573	22,266,258,000,000	12,071,817	15,775,447,000,000	16,782,503,000,000	9.929	9,102,311	11,696,921	8,077,488,000,000
natural and environmental resources	47,028	46,889	46,744,552	45,216,133,000,000	43,985,932	43,636,251	43,636	42,323,610,000,000	40,965,298	38,022	36,049	35,910	33,235,969,000,000	32,768,283,000,000	21,862	20,997	21,308,265,000,000	21,562	22,341	23,969,116,000,000		21,073,298,000,000		21,456,659					17,730,899					15,440,787,000,000					11,774,539,000,000		7,596,886,000,000	11,155,381,000,000				8,054,049,000,000
assets by right of use	979	984					594			561	496	497
intangibles	14,494	15,130	15,648,114		15,560,161		17,543			15,975	14,831	14,961		564,010,000,000	359	361		253	272	389,399,000,000
deferred tax assets	12,305	13,826					15,274			13,307	10,876	11,731			4,711	4,825	4,016,161,000,000	7,458	6,896	8,282,200,000,000				27,732										10,019,000,000					4,134,000,000
goodwill and other assets	6,376	6,519					6,555			5,755	5,552	5,515
total non-current assets	232,102	235,440					226,023			201,867	191,681	192,554			94,334	93,356	94,623,396,000,000	96,685	97,178
total assets	291,872	294,610	283,484,766	280,141,090,000,000	282,777,413	312,361,695	312,362	302,792,431,000,000	279,376,442	262,877	250,830	244,250	149,369,734,000,000	146,932,580,000,000	121,583	118,570	117,847,412,000,000	115,694	121,307	121,748,529,000,000	120,584,049	117,543,947,000,000	115,656,970	132,427,994	109,595,640	98,424,600	100,367,039	100,647,980	81,519,332	90,511,790	86,706,835	93,197,579	85,251,174	92,277,386,000,000	78,546,373	74,031,918	73,227,187	65,125,997	68,769,356,000,000	56,027,019	53,702,534,000,000	55,559,517,000,000	51.626	50,109,561	53,092,421	48,702,412,000,000
current liabilities
loans and borrowings	12,455	15,640	16,039,201	15,550,008,000,000	17,616,493	16,257,368	16,257	22,198,583,000,000	22,614,434	9,763	8,739	9,206	5,323,448,000,000	5,206,883,000,000	5,677	4,933	5,144,504,000,000	3,920	4,126	5,100,592,000,000
trade and other payables	18,256	17,624	18,726,013	18,891,434,000,000	23,766,756	43,037,112	43,037	19,937,704,000,000	17,089,949	22,129	26,480	13,568	9,760,093,000,000	9,737,724,000,000	8,579	9,954	6,968,207,000,000	6,184	6,855	5,089,800,000,000
provision for employees benefits	3,163	2,988					2,872			2,032	2,219	2,296			1,714	1,869		1,867	1,974
current tax liabilities	2,783	1,938		2,869,225,000,000			9,973	7,630,901,000,000		4,692	2,559	2,152	700,785,000,000		1,969	2,823	2,005,688,000,000	1,497	2,131
accrued liabilities and provisions	1,289	1,408	1,246,455	1,595,249,000,000	1,043,342	1,413,408	1,413	1,533,136,000,000	1,118,310	1,147	1,464	1,590	1,019,076,000,000	1,124,539,000,000	538	562	558,828,000,000	706	822	654,936,000,000
other liabilities	1,164	1,091	1,538,925	1,599,443,000,000	2,163,122	1,963,816	1,965	2,728,317,000,000	1,802,381	1,962	1,288	1,410	567,021,000,000	491,605,000,000	380	384	339,565,000,000	339	439	351,802,000,000
total current liabilities	39,110	40,689	41,860,458	43,564,563,000,000	50,396,596	75,516,616	75,517	56,782,338,000,000	51,388,763	41,752	42,774	30,249	19,329,668,000,000		18,857	20,525	16,846,611,000,000	14,513	16,347		15,423,849	22,660,855,000,000	27,236,233	22,302,627	21,376,310	20,948,665	27,176,051	19,496,680	17,791,869	20,347,703	20,028,700	29,543,876	13,818,323	15,752,437,000,000	15,589,052	16,287,339	20,017,935	9,288,626	10,042,578,000,000	11,665,305	10,522,596,000,000	7,470,213,000,000	9.918	12,728,543	6,771,971	6,699,772,000,000
non-current liabilities
non-current taxes	14,284	14,246					13,740			11,958	11,744	10,780
total non-current liabilities	145,752	148,340				137,168,842	137,169			126,448	118,912	120,249		68,817,483,000,000	50,488	50,214	52,785,102,000,000	54,203	59,601
total liabilities	184,862	189,029	188,248,347	179,888,610,000,000	180,852,778	212,685,458	212,686	188,889,342,000,000	176,686,645	168,200	161,686	150,498	89,378,689,000,000	88,780,660,000,000	69,345	70,739	69,631,713,000,000	68,716	75,988	76,741,539,000,000	51,043,813	50,163,431,000,000	51,188,335	34,432,416	44,344,022	37,948,032	43,222,885	35,389,468	41,436,532	36,751,027	36,236,434	46,131,288	30,240,136	35,335,900,000,000	31,775,257	31,888,262	34,213,189	23,598,121	26,955,224,000,000	24,999,546	23,514,545,000,000	22,048,249,000,000	22.181	21,932,601	20,389,188	13,839,744,000,000
equity																					69,540,236		64,468,635		65,251,618	60,476,568	57,144,154	65,258,512		53,760,763	50,470,401	47,066,291	55,011,038		46,771,116	42,143,656	39,013,998	41,527,876		31,027,473			29.445	28,176,960	32,703,233
equity attributable to owners of the company	80,714	79,225					72,608			70,608	66,455	71,733			50,330	46,193		45,133	43,673	43,281,918,000,000
non-controlling interests	26,296	26,356					27,068			24,069	22,689	22,019			1,908	1,638		1,845	1,646	1,725,072,000,000				4,573,748
total equity	107,010	105,581	95,236,419	100,252,480,000,000	101,924,635	99,676,237	99,676	113,903,089,000,000	102,689,797	94,677	89,144	93,752	59,991,045,000,000	58,151,920,000,000	52,238	47,831	48,215,699,000,000	46,978	45,319	45,006,990,000,000									40,082,800
total liabilities and equity	291,872	294,610	283,484,766	280,141,090,000,000	282,777,413	312,361,695	312,362	302,792,431,000,000	279,376,442	262,877	250,830	244,250	149,369,734,000,000	146,932,580,000,000	121,583	118,570	117,847,412,000,000	115,694	121,307	121,748,529,000,000
			61,962,493		73,904,822				67,936,147				29,217,064,000,000
tax assets			7,893,114		7,974,934	7,075,522			5,685,067					4,591,246,000,000						4,334,033,000,000
assets held for sale			135,735	24,865,000,000	29,519	42,013		45,755,000,000	76,105				52,613,000,000	51,175,000,000			104,140,000,000
non–current assets
property, plant, and equipment			99,137,894	95,171,302,000,000	95,437,342	99,581,911		100,997,498,000,000	96,760,471
right-of-use-assets			760,598		589,081	594,076			605,332					347,569,000,000
goodwill			5,012,754	4,846,667,000,000	4,964,720	5,026,021		5,350,114,000,000	5,238,201				1,594,279,000,000	1,353,802,000,000			1,159,922,000,000			919,445,000,000									1,264,470
total non–current assets			221,386,538	211,525,984,000,000	208,843,072			225,515,586,000,000	211,364,190				120,100,057,000,000
liabilities
provisions for employee benefits			2,859,345	3,059,204,000,000	2,822,786	2,871,794		2,753,697,000,000	2,217,195				1,926,005,000,000	2,122,685,000,000			1,829,819,000,000
tax liabilities			1,450,519		2,984,097	9,973,118			6,516,616					1,241,463,000,000						3,775,615,000,000
non–current liabilities
total non–current liabilities			146,387,889	136,324,047,000,000	130,456,182			132,107,004,000,000	125,297,882				70,049,021,000,000
subscribed and paid in capital			25,040,067	25,040,067,000,000	25,040,067	25,040,067		25,040,067,000,000	25,040,067				25,040,067,000,000	25,040,067,000,000			25,040,067,000,000
additional paid-in capital			6,607,699		6,607,699	6,607,699			6,607,699					6,607,699,000,000
reserves			24,156,407	17,922,725,000,000	17,922,725	17,922,725		8,898,633,000,000	8,898,633				10,624,229,000,000	10,624,229,000,000			2,177,869,000,000
other comprehensive income			9,422,910	8,674,648,000,000	12,612,959	15,842,541		15,796,719,000,000	13,534,455				8,583,328,000,000	7,901,375,000,000
retained earnings			5,041,746	17,461,488,000,000	14,043,195	7,195,449		29,811,809,000,000	22,977,937				5,531,516,000,000	4,351,144,000,000			5,210,302,000,000
equity attributable to the company’s shareholders			70,268,829		76,226,645	72,608,481
non–controlling interest			24,967,590	24,545,853,000,000	25,697,990			27,748,162,000,000	25,631,006				3,604,206,000,000
assets
current assets - sum				68,590,241,000,000				77,231,090,000,000												20,184,388,000,000
investment in associates and joint ventures				8,418,632,000,000				9,496,600,000,000					3,311,616,000,000				1,330,460,000,000
right-of-use assets				841,636,000,000				627,813,000,000					352,639,000,000
intangible assets				14,714,809,000,000		17,542,926		18,146,605,000,000	17,009,782				588,393,000,000				380,226,000,000
non-current tax assets				10,530,057,000,000				13,401,050,000,000					8,573,600,000,000	10,462,206,000,000
non-current tax liabilities				13,567,513,000,000				15,275,644,000,000
additional paid in capital				6,607,699,000,000				6,607,699,000,000					6,607,699,000,000
equity attributable to owners of parent				75,706,627,000,000				86,154,927,000,000					56,386,839,000,000				46,434,953,000,000
total non- current assets						226,022,938								119,856,607,000,000
non-controlling interest						27,067,756								3,627,406,000,000			1,780,746,000,000												2,434,448					2,252,631,000,000					485,951,000,000			941,311,000,000
current liabilities - sum								56,782,338,000,000												16,255,312,000,000
liabilities related to non-current assets held for sale													33,240,000,000						40
liabilities related to assets held for sale									29,878											17,629,000,000
equity attributable to the company's shareholders									77,058,791
liabilites related to non-current assets held for sell										27	25	27
non current tax liabilities													2,037,091,000,000
trader and other receivables														7,004,609,000,000
oher assets														1,827,665,000,000
liabilities currents
derivative financial instruments														5,564,000,000
liabilities related to non-current assets														32,714,000,000
total liabilities currents														19,963,177,000,000
equity attributable to company’s shareholders														54,524,514,000,000
deferred tax liabilities															761	826	1,333,280,000,000	2,616	2,229	3,821,709,000,000				24,318
other non-current assets																1,602		1,701	1,371
other long-term liabilities																518		440	255			2,373,638,000,000		2,974,776					100,426					2,784,313,000,000					2,362,261,000,000		2,339,752,000,000	2,731,220,000,000				2,426,921,000,000
equity instruments measured at fair value																				1,038,334,000,000
other equity items																	14,006,715,000,000
financial assets held for sale																		56	52
non-current assets - sum																				101,292,101,000,000
labor and pension plan obligations																				1,275,801,000,000	4,574,158		4,354,346		4,090,549	4,257,292	4,160,086	4,063,881	256,930	3,477,345	3,384,102	3,274,523	3,180,270	233,322,000,000	2,991,761	2,927,645	2,866,654	2,806,043	160,247,000,000	2,817,967	146,724,000,000	165,463,000,000	2.427	2,316,441	2,660,943	129,658,000,000
other financial liabilities																				6,766,000,000
non-current liabilities - sum																				60,468,598,000,000
investments																					932,433	3,910,192,000,000	615,537	1,659,308	3,505,309	767,307	809,095	1,367,014		1,783,845	600,592	2,748,141	1,263,937	1,531,911,000,000	2,380,798	2,173,309	1,574,285	264,765	327,782,000,000	370,196	1,126,012,000,000	462,258,000,000	685.105	1,140,016	384,329	3,749,919,000,000
accounts and notes receivable																					4,017,464	6,181,314,000,000	6,813,050	6,176,891	6,659,034	6,444,633	5,275,217	4,512,756	6,076,043	4,356,640	3,964,621	4,096,347	5,256,982	4,635,834,000,000	5,783,446	4,374,300	3,986,025	2,607,294	2,736,592,000,000	2,975,763	4,295,174,000,000	2,969,120,000,000	3.717	5,443,632	2,550,251	5,877,282,000,000
other																					7,302,514		8,213,918		6,411,846	5,681,378	4,739,881	4,376,821		4,436,959	4,182,511	3,080,110	2,604,195		2,933,224	2,686,344	2,386,035	5,033,051		4,945,174			4.24	3,573,116	4,374,917
non current assets
natural and environmental properties																					26,428,823		17,063,685		15,507,509	15,488,365	15,384,606	15,694,807		13,993,004	13,935,851	13,580,349	13,753,201		11,546,977	11,029,354	10,709,079	11,003,159		9,013,416			6.846	7,019,129	9,325,116
resources delivered to administration																							315,737		307,015	312,984	331,109	323,665		310,509	292,287	286,316	283,504
total non current assets																					103,607,677		92,689,533		83,766,714	80,431,050	82,887,277	82,737,878		72,625,554	71,172,627	72,432,196	69,427,088		62,936,537	59,666,517	59,371,059	55,628,804		45,039,068			37.383	36,056,057	43,495,928
liabilities and equity
financial obligations																					1,066,255	315,704,000,000	207,877	774,559	197,450	118,064	452,262	454,363	970,479	446,902	448,892	450,190	452,692	831,594,000,000	787,056	832,591	774,538	695,505	1,079,169,000,000	101,098	287,055,000,000	437,081,000,000	112.623	21,328	134,908	281,026,000,000
accounts payable and related parties																					6,776,319	16,518,774,000,000	16,832,439	9,539,934	14,068,292	15,586,753	17,977,187	10,522,981	7,233,313	12,641,532	13,752,469	18,926,625	4,171,148	4,374,890,000,000	8,271,168	10,569,004	11,412,369	4,159,469		8,255,289	7,266,657,000,000	3,280,232,000,000	7.354	10,199,989	3,421,264	1,708,647,000,000
estimated liabilities and provisions																					1,723,640	1,740,111,000,000	1,691,007	2,515,005	1,181,919	1,273,755	1,124,508	1,134,859	1,564,562	1,698,572	1,467,326	1,305,326	1,199,646	1,695,193,000,000	954,068	941,701	925,128	932,883	1,151,297,000,000	913,132	1,011,155,000,000	1,154,415,000,000	720.364	643,986	957,432	673,973,000,000
long term liabilities
total long term liabilities																					35,619,964		23,952,102		22,967,712	16,999,367	16,046,834	15,892,788	23,644,663	16,403,324	16,207,734	16,587,412	16,421,813		16,186,205	15,600,923	14,195,254	14,309,495		13,334,241			12.262	9,204,058	13,617,217
minority interest																																									887,686,000,000					242,951,000,000
total liabilities and shareholders' equity																					120,584,049	117,543,947,000,000	115,656,970	132,427,994	109,595,640	98,424,600	100,367,039	100,647,980		90,511,790	86,706,835	93,197,579	85,251,174		78,546,373	74,031,918	73,227,187	65,125,997		56,027,019				50,109,561	53,092,421
memorandum debtor accounts *																					155,408,040		137,518,284		142,411,648	141,851,796	133,287,165	131,388,436		127,453,882	127,360,652	121,666,784	122,266,344		126,838,960	120,817,260	116,879,683	116,788,822
memorandum creditor accounts *																					139,178,676		98,985,288		129,520,719	128,626,927	110,850,885	109,085,670		119,556,865	111,986,030	101,153,803	103,461,130		103,963,753	99,269,488	91,333,034	92,600,806
current assets:
advances and deposits																						5,973,623,000,000		8,614,050										3,459,942,000,000					3,620,317,000,000		2,854,918,000,000	3,018,779,000,000				2,248,122,000,000
prepaid expenses																						95,644,000,000		148,344										52,374,000,000					21,947,000,000		46,550,000,000	62,815,000,000				24,215,000,000
long term assets:
deposits held in trust																						322,061,000,000		478,745
deferred charges																						1,943,218,000,000		4,004,790										3,950,060,000,000					2,040,140,000,000		1,654,717,000,000	1,886,529,000,000				1,595,683,000,000
valuations																						10,772,882,000,000		26,961,096
liabilities and shareholders' equity
current liabilities:
taxes, contributions and duties payable																						3,838,962,000,000		9,159,183
labor and pension liabilities																						247,304,000,000		289,628
long term liabilities:
shareholders' equity
memorandum accounts (note 21) :
debtors																						149,866,076,000,000		152,210,701
creditors																						-100,909,559,000,000		-111,774,620
shareholders' equity:
memorandum accounts																																							216,020,618,000,000		135,663,943,000,000	138,884,829,000,000				118,874,631,000,000
cop million
available for sale																													1,331,665
held to maturity																													5,054
prepaid expenses and other assets																													359,200
deferred income taxes																													1,748,302
long term assets
equity method																													1,014,251
restricted assets																													546,246
deferred charges and other assets																													1,032,330
capital lease																													470,233
liabilities and shareholders’ equity
capital lease liability																													109,000
taxes payable																													3,738,483					8,617,438,000,000					3,589,263,000,000		1,811,005,000,000	2,433,022,000,000				3,906,468,000,000
dividends payable																													3,919,102
deferred income tax liability
other short-term liabilities
financial obligations, long-term																													12,784,167
accounts payable, long-term																													6,173
pension plan obligation and other labor obligations, long-term																													7,304,395
shareholders’ equity of ecopetrol																													37,648,352
total liabilities and shareholders’ equity																													81,519,332					92,277,386,000,000					68,769,356,000,000		53,702,534,000,000	55,559,517,000,000	51.626			48,702,412,000,000
minoritary interest
non-current assets:
deposits under trust funds																																		283,504,000,000
revaluations																																		13,575,878,000,000					11,068,676,000,000		5,574,979,000,000	6,391,417,000,000				5,179,961,000,000
long-term liabilities:
shareholders’ equity:
memorandum debtor accounts																																		130,221,872,000,000
memorandum obligations accounts																																		-111,784,600,000,000
accounts payable																																							4,062,602,000,000			51,154,000,000
long-term liabilities
shareholders’ equity																																							41,328,181,000,000		29,300,303,000,000	32,569,957,000,000				34,619,717,000,000
memorandum debtor accounts **																																								85,599,685
memorandum creditor accounts **																																								57,736,540
pension plan assets																																														80,263,000,000
labor and pension plan liabilities																																									2,464,667,000,000	2,669,331,000,000				2,164,787,000,000
memorandum accounts **																																											134.943		138,150,625
memorandum accounts ***																																												135,399,679
long-term accounts payable																																														5,473,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2024-06-30	2023-09-30	2023-06-28	2021-06-30	2017-03-07	2016-06-08	2014-09-09	2013-08-29	2013-07-26	2011-05-05	2011-02-28	2010-10-27	2010-04-27	2010-02-12	2009-07-31	2009-02-16

cash flow in operating activities:
net profit for the period	8,717,774	21,092,433	6,963,980	7,128,552,000,000
adjustments to reconcile the net profit to net cash from operating activities:
income tax expense				3,641,359,000,000
depreciation, depletion, and amortization	7,286,500	10,063,244	3,162,768
(gain) loss foreign exchange
finance cost of loans and borrowings	3,496,572	5,151,076	1,738,514
finance cost of post–employment benefits and abandonment costs	1,264,839	1,657,833		463,996,000,000
write off exploratory assets and dry wells
gain on disposal of non–current assets
profit on business combinations
profit on reversal of fields
impairment (recovery) loss of non–current assets
impairment loss of current assets
gain on fair value adjustment of financial assets and interest
gain on hedging transactions with derivatives		2,248
share of profit of associates and joint ventures	-386,291	-606,332	-341,699	-115,236,000,000
gain on the sale of assets held for sale
hedge ineffectiveness				14,190,000,000
realized loss on foreign exchange cash flow hedges	-40,114	480,232	519,606	81,096,000,000
movements in provisions
net change in operational assets and liabilities:
trade and other receivables	7,246,588	-20,338,325	-9,859,055	-4,625,360,000,000
inventories	-732,407	-89,044	598,707	-1,969,700,000,000		129,816,000,000	-31,128	3,381,000,000	4,253,000	-393,688,000,000	-160,200,000,000	72,862	-281,161	-117,874	48,408,000,000	-97,304
trade and other payables	-2,512,203	-1,237,154	-2,591,505	691,693,000,000
tax assets and liabilities		-6,713,428	-1,053,813	-1,386,835,000,000
provisions for employee benefits	-489,536	-394,202	-32,338	-323,663,000,000
provisions and contingencies	-387,013	-881,130	-220,841	76,363,000,000
other assets and liabilities	-652,230	53,076	-1,131,216	49,025,000,000		124,110,000,000
	30,273,625	18,972,598		9,717,587,000,000
income tax paid	-7,189,820	-9,573,747	-1,963,309		-4,347	-353,944,000,000
net cash from operating activities	23,083,805	9,398,851		6,246,953,000,000		3,724,849,000,000	5,942,341							8,286,027	3,068,170,000,000
capital expenditures	0	0		0		0	-239,749							-4,012,485	0
free cash flows	23,083,805	9,398,851		6,246,953,000,000		3,724,849,000,000	5,702,592							4,273,542	3,068,170,000,000
cash flow in investing activities:
investment in joint ventures	-11,601
acquisition of subsidiaries, net of cash acquired
consideration paid for the acquisition of assets
investment in property, plant, and equipment	-3,739,461	-6,091,965	-1,631,079
investment in natural and environmental resources	-4,772,588	-10,298,102	-3,316,724	-2,866,790,000,000	-2,121	-568,625,000,000	-2,880,410	-1,863,039,000,000	-468,115,000	-413,297,000,000	-1,329,834,000,000		-462,080	-1,098,533
acquisitions of intangibles	-389,225	-476,413	-206,152	-63,345,000,000
proceeds from sales of other financial assets
interests received	782,821	1,378,145	553,488	67,855,000,000
dividends received	213,046	276,362	104,054	82,038,000,000	233		670,381
proceeds from sales of assets				10,758,000,000	110	84,228,000,000
net cash from investment activities	-8,534,263	-13,457,700	-3,737,572	-3,320,627,000,000
cash flow in financing activities:
proceeds from borrowings				70,125,000,000
repayment of borrowings				-751,216,000,000
interest payments	-3,571,554	-4,728,230	-1,322,103	-1,213,422,000,000
lease payments	-282,015	-380,888	-124,926	-150,191,000,000
payment of restitution of equity to minority shareholders
dividends paid	-12,192,292	-3,859,661	-226,924	-1,150,541,000,000	-1,712	-1,058,048,000,000	-2,540,190							-6,207,181		-2,939,612
net cash from financing activities	-14,121,927	1,673,331	1,886,654	-3,195,245,000,000			1,475,463	-6,598,982,000,000	-3,911,000	1,572,000,000	380,402,000,000	-1,425,124	-202,605	705,607	9,921,000,000	-2,728,001
exchange difference in cash and cash equivalents	473,145	-944,796	-123,818	208,155,000,000	-226	-458,399,000,000
net increase in cash and cash equivalents	900,760		96,287	-60,764,000,000	1,860	1,085,899,000,000	91,241	-2,486,486,000,000	-1,282,000	2,045,694,000,000	-666,351,000,000			1,759,049
cash and cash equivalents at the beginning of the year							3,901,277
cash and cash equivalent at the end of the year
cash flows in operating activities:
adjustments to reconcile net profit to net cash from operating activities:
income taxes	6,914,028	11,476,872	5,592,901
foreign exchange gain	-45,267
disposal of exploratory assets and dry wells	604,922	975,965	147,437
loss on sale or disposal of non-current assets	15,516	-255,104	7,727			24,397,000,000
impairment of non-current assets	8,238	11,125	92
impairment of current assets	40,507	59,468	23,051
gain on fair value of financial assets	-47,186	-165,399
loss on hedging transactions with derivatives	-758		741	9,931,000,000
loss on disposal of assets held for sale	15,830	13,792	1,014
loss on hedge ineffectiveness	-2,330	18,998
provision expenses	240,627	402,512	201,252
current tax assets and liabilities	-282,981
proceeds from the sale of other financial assets	-685,011	1,003,102	750,353
proceeds from sales of non-current assets	67,756	751,171	8,488
proceeds obtained from loans and borrowings	10,425,923	28,862,692	10,895,757
payments of loans and borrowings	-8,486,656	-18,196,512
capital restitution	-15,333	-24,070
cash and cash equivalent at the beginning of the period	12,336,115	15,401,058	15,401,058
cash and cash equivalent at the end of the period	13,236,875	12,070,744	15,497,345	5,021,544,000,000
realization of other comprehensive income from the sale of a joint venture				-361,728,000,000
write off of exploratory assets and dry wells				170,204,000,000
(gain) loss on disposal of non–current assets
impairment loss of non–current assets
gain on fair value adjustment of financial assets			-57,614
net gain on the sale of assets held for sale
acquisition of subsidiaries, net of acquired cash
net cash (used) provided in financing activities
cash flows from operating activities:
adjustments to reconcile net income to net cash from operating activities:
foreign exchange loss		-1,806,158	-248,217	258,101,000,000	-968	-624,612,000,000
cash flow from investing activities:
cash flow provided (used) in financing activities:
net decrease in cash and cash equivalents		-3,330,314
finance cost of post-employment benefits and abandonment costs			618,853
gain on hedge ineffectiveness			-6,013
net cash generated by operating activities			2,071,023
cash flow used in financing activities:
repayment of loans and borrowings			-7,335,150
gain on disposal of assets held for sale
gain foreign exchange
loss on disposal of non–current assets				17,441,000,000
gain on revaluation of assets in guajira association
gain on acquisition of participations and interests
gain on loss of control
impairment loss of non-current assets
impairment loss of short-term assets
(gain) loss on fair value adjustment of financial assets
proceeds from the sale of the other financial asset
net cash provided (used) in financing activities					-2,762
cash flow from operating activities:
depreciation, depletion and amortization				4,697,645,000,000	7,592	1,712,986,000,000				1,165,421,000,000	250,834,000,000	1,086,289	908,240	2,120,572		1,237,729
finance expenses of loans and borrowings				1,166,137,000,000
gain derived from business combinations
impairment loss of short–term assets				18,844,000,000
(reversal) of impairment loss / impairment loss of non–current assets				-3,446,000,000
loss on fair value adjustment of financial assets				18,978,000,000
income taxes paid				-3,470,634,000,000
cash flow used in investing activities:
investment in property, plant and equipment				-2,257,841,000,000	-3,647	-843,136,000,000
sales (purchases) of other financial asset				1,706,698,000,000
cash and cash equivalents at the beginning of the period				5,082,308,000,000	6,550	6,550,450,000,000		5,260,111,000,000	5,260,000
income tax					4,656	824,947,000,000
realized gain on other comprehensive income in joint ventures sale
loss on sale or disposal of assets
(recovery) loss for impairment of long-term assets
los for impairment of short-term assets
loss on valuation of financial assets
(gain) loss on equity method
sales of other financial assets						-46,566,000,000
acquisition of loans and borrowings
loan payments
cash flow provided by operating activities
net income attributable to owners of ecopetrol s.a.					1,565
adjustments to reconcile net income to cash from operating activities
non-controlling interests					839	248,306,000,000
foreign exchange (gain) loss
finance costs recognized in profit or loss						812,948,000,000
dry wells					343
gain on disposal of non-current assets
impairment of current and non-current assets
fair value (gain) on financial assets valuation					-60
(gain) loss on share of profit of associates and joint ventures
exchange difference on export hedges and ineffectiveness
others minor items
net changes in operating assets and liabilities					-206
cash from operating activities					14,437					5,734,098,000,000	2,630,560,000,000
cash flows from investing activities
payments for intangibles					-69
(purchases) sales of other financial assets					-5,448
interest received					386	68,987,000,000
net cash from investing activities					-9,589	-1,314,621,000,000	-7,326,563	-167,540,000,000	-722,217,000,000	-3,689,976,000,000	-3,677,313,000,000	-1,104,108	-2,875,165	-7,723,287	-43,138,000,000	-3,336,270
cash flows from financing activities
proceeds (repayment of) from borrowings					1,445
interest paid					-2,495	-596,024,000,000
cash and cash equivalents at the end of the period					8,410	7,636,349,000,000	3,952,429	2,773,625,000,000	3,977,000
non-cash transactions
recognition of assets for right of use and liabilities for lease
operations with financed drafts
loss on disposal of non-current assets
gain in acquisition of interests in joint operations
loss on (recovery of) impairment of short term assets
(recovery of) loss on impairment of long term assets
gain on sale of equity instruments measured at fair value
realized foreign exchange cash flow hedges					720
acquisition of interests in joint operations
proceeds from sales of assets held for sale
proceeds from sales of equity instruments measured at fair value					967
proceeds from sales of property, plant and equipment
capitalizations							43	10,000,000
capitalization of reserves
payment of income tax through the offset of balances in favor
adjustments to reconcile net income to cash from operating activities:
finance costs recognised in profit or loss					3,345
loss on disponsal of non-current assets					79
impairment of assets					916	91,792,000,000
share or profit os associates and joint ventures					10
loss on sale of equity instruments measured at fair value					-47
cash flows from investing activities:
cash flows from financing activities:
net income attributable to owners of ecopetrol						362,594,000,000
fair value loss on financial assets valuation						26,132,000,000
loss or profit of investments in associates and joint ventures						27,418,000,000
realized foreign exchange on export hedges						133,744,000,000
net changes in operating assets and liabilities:
accounts and notes receivable						274,079,000,000	1,744,024			-1,301,946,000,000	381,386,000,000	-1,015,830	-620,570	767,373	5,945,625,000,000	798,272
accounts payable						-606,007,000,000			-502,656,000
taxes payable						647,878,000,000	-4,175,783			3,416,769,000,000	1,016,996,000,000	-175,601	153,210	-4,043,022		513,565
labor obligations						-172,134,000,000	23,327			-14,526,000,000	-22,709,000,000	20,021	-14,763	1,373,020		-518,231
accrued liabilities and provisions						40,399,000,000
acquisition of intangibles						-9,509,000,000
increase of loans and borrowings						788,142,000,000
net cash (used) provided in/by financing activities						-865,930,000,000
non-cash transactions:
payment of income tax through offset of balances in favor						60,736,000,000
remittances financed for payment of imports						923,462,000,000
net income for the period							6,073,674	6,749,489,000,000	3,495,000
deferred income tax and cree
property, plant and equipment depreciation							649,869		361,080,000
exchange loss							-195,502							-987,469
amortizations							1,983,079
allowances							300,272
recovery of allowances							-107,313
property, plant and equipment write-off
natural and environmental resource write-off
(profit) loss in investments valuation							-1,164
(profit) loss in equity method							-757,638
net changes in asset and liabilities:
deferred charges and other assets							524,545
accounts payable and related parties							186,602	-223,196,000,000		1,381,823,000,000	-1,439,881,000,000	112,212	1,147,524	5,773,802	3,118,050,000,000	-1,237,270
estimated liabilities and provisions							-134,970			-93,448,000,000	-428,199,000,000	-24,473	-75,557	48,783	824,027,000,000	218,374
other long-term liabilities							-139,553	-67,001,000,000	7,155,000
payment and advance for companies capitalization							-14,769
increase in investments							-6,456,443	-5,355,770,000,000	-3,451,000
redemption and sale of investments							1,594,427	7,924,253,000,000	3,947,000
additions to property, plant and equipment							-239,749	-975,774,000,000	-750,147,000	-1,152,401,000,000	-1,642,784,000,000	-916,915	-750,876	-4,012,485		-1,288,033
proceeds from sale of natural resources
proceeds from sale of property, plant and equipment
financial obligations							4,015,610	224,534,000,000	-63,016,000	-60,282,000,000	1,601,477,000,000	-179,524	-173,460		187,184,000,000	284,814
exchange rate difference in cash and cash equivalents							-40,089
additional cash flow information
interest paid in the period							381,660
income tax paid in the period							2,671,585
net income for the year
non-controlling interest														-88,336
exchange rate difference
amortizations:
natural resources								1,550,506,000,000	694,734,000
facility abandonment								182,232,000,000	88,961,000
intangibles								148,392,000,000	73,385,000
deferred charges								38,925,000,000	42,115,000
allowances:
accounts receivable								26,656,000,000	26,583,000
inventory
property, plant and equipment								1,182,000,000							13,742,146,000,000
legal disputes and proceedings								24,981,000,000	2,832,000
pension liabilities for health and education								195,055,000,000	97,414,000
pension transfer								157,687,000,000
investments															1,585,977,000,000
recovery of allowances:
other								13,000,000	20,000,000						302,555,000,000
property, plant and equipment write-off loss
recovery of property, plant and equipment
goodwill impairment
natural and environmental resource write-off loss
other asset write-off loss
loss in investments valuation
(profit) equity method
net changes in operating asset and liabilities:
accounts and notes receivables
tax contributions and duties payable
labor and pension liabilities
payment and advances for the acquisition of companies, net of acquired cash
proceeds from sales of natural resources
increase financial obligations
cash and cash equivalents at the end of the year										3,637,777,000,000	1,592,083,000,000
deferred income tax								151,775,000,000						289,050
depreciation of property, plant and equipment								650,829,000,000
deferred monetary correction
provisions:
recovery of provisions:
abandonment costs								-3,669,000,000
properties, plant and equipment write-off								11,450,000,000	10,748,000
reduction in natural resources and environment								19,438,000,000
equity method income								-433,189,000,000
net changes in asset and liability transactions:
account receivables								-1,835,583,000,000	-1,251,000
deferred and other assets								-96,475,000,000	490,078,000	-1,542,484,000,000	-218,145,000,000	-152,998	36,447	-2,014,561		-72,166
tax payable								-3,011,907,000,000	263,469,000
labor and pension obligations								3,902,000,000
estimated liabilities and allowances								81,177,000,000	20,685,000
net cash generated by operation activities								4,280,036,000,000	3,351,000
proceeds of sale of property, plant and equipment								102,790,000,000
cash flow from financing activities:
dividends								-6,823,526,000,000	-3,848,000	61,897,000,000
movement of non-cash items:
pension liabilities									-20,829,000
equity method loss									-153,678,000
labour and pension obligations									-27,062,000
adjustments to reconcile net income to net cash provided by operating activities:
property, plant and equipment retirement loss
equity method
estimated liabilities and provision
payment and advances for the acquisition of companies,
net of acquired cash
proceeds from sales of property and equipment
cash flows financing activities:
net income										3,404,677,000,000	2,742,078,000,000	1,702,355	2,096,666	4,815,069	2,300,710,000,000	1,691,442
non controlling interest
equity method in non-marketable securities														-56,203
impairment														371,526
provisions												752,500	14,711	34,296		137,928
exchange gain
loss on retirement of property, plant and equipment
losses in retirement of investment in natural and environmental resources
other asset write-offs
bargain purchase gain
fair value of pre-existing participation of business combination
payment for purchase of companies, net of cash acquired										-813,145,000,000				-1,154,618
purchase of investment securities										-4,512,633,000,000	-4,369,467,000,000	-1,821,683	-3,592,441	-4,607,977		-3,331,893
redemption of investment securities										3,200,789,000,000	3,660,021,000,000	2,556,856	1,930,232	3,150,326		2,776,424
return on capital through spin-off
repayment of financial obligations
proceeds from financial obligations														5,774,052		-79,184
proceeds from issuance of shares														35,063		5,981
cash paid to acquire a non-controlling interest
effect of exchange rate changes on cash														-490,702
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
net provisions										47,740,000,000	-95,310,000,000
disposal of property, plant and equipment										399,000,000	-168,913,000,000
loss for disposal of property, plant and equipment											3,371,000,000
loss for disposal of natural and environmental resources											9,110,000,000
loss for disposal of other assets										59,000,000	287,918,000,000
income from equity method on affiliated companies										-336,698,000,000	472,224,000,000
sale of property, plant and equipment										711,000,000	4,751,000,000
received from associates - capitalization										-43,000,000	-31,000,000	219	1,163
cash and cash equivalents at the beginnig of the year										1,592,083,000,000	2,258,434,000,000
payment of dividends											-1,221,044,000,000	-1,217,769	3,502
cash flows from operating activities
abandonment of installations
health and education pension liabilities
legal proceedings
write-off of property, plant and equipment
retirement loss of property, plant and equipment
write-off of natural and environmental resources
write-off of other assets
gain in equity method
decrease debtors
decrease inventories
decrease deferred and other assets
increase accounts payable
increase taxes payable
increase labor obligations
increase estimated liabilities and provisions
increase other long term liabilities
payments and advances in acquisition of companies
payments in acquisition of companies, net of cash acquired
purchase of investments
investments redemption and sale
investments in natural and environmental resources
additions to properties, plant and equipment
received from associates - capitalizations
cash flow provided by operating activities:
cash provided by operating activities												2,523,456	3,487,592			2,672,339
investment in natural and environmental resources - reserves												-922,366
debts from credit and financing operations												-28,050	-33,810
net increase in cash and cash equivalent												-5,776	409,822			-3,312,129
cash and cash equivalent at beginnig of year												3,427,341	2,286,996			5,599,125
cash and cash equivalent at end of year												3,421,565	2,696,818			2,286,996
adjustments to reconcile net income to cash provided by operating activities:
payment of financial obligations														-303,513
cash and cash equivalents at beginning of period														4,812,595
cash and cash equivalents at end of period														6,571,644
actuarial calculation
recovery of provisions
decrease (increase) debtors
decrease (increase) inventories
decrease (increase) deferred and other assets
(decrease) increase accounts payable
(decrease) increase taxes payable
(decrease) increase labor obligations
(decrease) increase estimated liabilities and provisions
payment in acquisition of companies, net of cash acquired
received from associates – capitalization
net cash provided (used) by financing activities
revenues
local sales															6,687,482,000,000
export sales															5,361,572,000,000
sale of services															467,554,000,000
total revenues															12,516,608,000,000
cost of sales
variable costs
purchase of hydrocarbons															3,116,229,000,000
amortization and depletion															893,796,000,000
imported products															968,853,000,000
fixed costs
depreciation															562,223,000,000
contracted services															675,282,000,000
maintenance															300,178,000,000
labor costs															366,659,000,000
transportation cost for refineries															360,788,000,000
total cost of sales															8,442,702,000,000
gross profits															4,073,906,000,000
operating expenses
administration															286,512,000,000
selling expenses															281,827,000,000
exploration and projects															342,073,000,000
operating income															3,163,494,000,000
non operating income
financial income															10,182,748,000,000
financial expenses															-9,632,256,000,000
non financial income															352,627,000,000
non financial expenses															-797,783,000,000
income before income tax															3,268,830,000,000
provision for income tax															975,311,000,000
minority interest															-7,191,000,000
ebitda															4,889,666,000,000
ebitda margin															39,000,000
cop million															2,009,000,000
assets
current assets
cash and cash equivalents															5,301,604,000,000
total current assets															17,101,650,000,000
non current assets
natural and environmental properties															8,924,336,000,000
resources delivered to administration
total non current assets															35,209,893,000,000
total assets															52,311,543,000,000
liabilities and equity
current liabilities
total current liabilities															12,071,564,000,000
long term liabilities
labor and pension plan obligations															2,352,369,000,000
total long term liabilities															11,176,086,000,000
total liabilities															23,247,650,000,000
minoritary interest															957,495,000,000
equity															28,106,398,000,000
total liabilities and shareholders' equity															52,311,543,000,000
memorandum accounts ***															136,651,843,000,000
cash at the beginning of period															1,870,246,000,000
operatiing activities
cash received from clients															4,931,556,000,000
cash from financial interest															208,144,000,000
cash received from restricted faep fund and others
other payments
cash from subsidiaries acquired
payment of financial interest
cash paid to suppliers and contractors															-473,100,000,000
payment of royalties and other contributions															-798,838,000,000
payment of income and other taxes															-571,795,000,000
payment of salaries, fringe benefits and social security															-227,797,000,000
payment of retirement pensions and transfer to funds
investing activities
net increase in investment															1,238,306,000,000
investment in natural and environmental properties															-1,281,444,000,000
financing activities
capitalization in cash and additional paid-in capital															9,921,000,000
cash variation															3,034,953,000,000
cash at the end of period															4,905,199,000,000
investment in natural and environmental resources - r																-1,492,768
cash flows provided by operating activities:
loss on sale of investments in unconsolidated subsidiaries
net changes in operating assets and liabilities net of effect of propilco and bioenergy acquisitions:
proceeds from the sale of investments in unconsolidated subsidiaries
minority interest obligations
disbursements of contributions to anh

Ecopetrol S.A(NYSE:EC)

Ecopetrol S.A
(NYSE:EC)