6-K - EC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2024

Commission File Number 001-34175

ECOPETROL S.A.

(Exact name of registrant as specified in its charter)

N.A.

(Translation of registrant’s name into English)

COLOMBIA

(Jurisdiction of incorporation or organization)

Carrera 13 No. 36 – 24

BOGOTA D.C. – COLOMBIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes ☐ No ☒

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

Ecopetrol S.A. hereby designates this report on Form 6-K as being incorporated by reference into its registration statement on Form F-3, as filed with the SEC on April 19, 2024 (File No. 333-278823).

Exhibits

Exhibit 99.1 – Recent Developments and Ecopetrol S.A.’s Unaudited Interim Condensed Consolidated Financial Statements for the six-month periods ended June 30, 2024 and 2023 and as of June 30, 2024.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ecopetrol S.A.

By:	/s/ Ricardo Roa Barragán
	Name:	Ricardo Roa Barragán
	Title:	Chief Executive Officer, Legal Representative and Attorney in Fact

Date: October 8, 2024

RECENT DEVELOPMENTS

The following discussion of Ecopetrol S.A.’s (which we refer to as “Ecopetrol,” the “Company” or “we”) results of operations for the six-month periods ended June 30, 2024 and 2023 should be read in conjunction with our annual report on Form 20-F for the fiscal year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission (which we refer to as the “SEC”) on April 18, 2024 (which we refer to as the “2023 Form 20-F”) and, in particular, “Business Overview” and “Financial Review” in the 2023 Form 20-F, with our unaudited interim condensed consolidated financial statements for the six-month periods ended June 30, 2024 and 2023 and as of June 30, 2024, included as Exhibit 99.1 to this Form 6-K (which we refer to as the “unaudited interim condensed consolidated financial statements”). We hereby designate this report on Form 6-K (which we refer to as this “Form 6-K”) as being incorporated by reference into our registration statement on Form F-3, as filed with the SEC on April 19, 2024 (File No. 333-278823).

Our consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 included in the 2023 Form 20-F were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The unaudited interim condensed consolidated financial statements for the six-month periods ended June 30, 2024 and 2023 were prepared in accordance with IAS 34 – “Interim Financial Reporting” as issued by the IASB.

Our consolidated financial statements were consolidated line by line and all transactions and balances among subsidiaries have been eliminated. These financial statements include the financial results of all subsidiary companies controlled, directly or indirectly, by Ecopetrol S.A.

Ecopetrol also files financial information with the Superintendencia Financiera de Colombia (the “SFC”), which is prepared in accordance with current reporting standards as in effect in Colombia (“Colombian IFRS”) and are not included in this report on Form 6-K. Ecopetrol’s financial information under Colombian IFRS filed with the SFC is not directly comparable to its financial information presented under IFRS-IASB in this report on Form 6-K or its filings with the SEC.

Overview

Our consolidated financial results for the first six months of 2024 reflect the overall positive effect of favorable crude oil price environment, characterized by higher Brent oil prices during this period as compared to the same period of 2023, despite global geopolitical challenges and inflationary pressures. During the first six months of 2024, crude oil prices averaged US$83.4/bl, an increase of US$3.5/bl as compared to the average price for the first six months of 2023. In addition, our positive results were also driven by various other factors, including increased production in domestic and international operations, higher sales volume and the strong performance of our subsidiaries. See “Ecopetrol’s results of operations for the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023.”

On the demand front, global activity accelerated during the first half of the year, due to a favorable performance in the services sector and, to a lesser extent, in manufacturing. Growth forecasts for the global economy were upgraded, on the back of a favorable performance of the U.S. and Indian economies. Overall, on an annual basis, crude oil demand grew by 1.0 mmbd in the first half of 2024 (according to S&P Global), providing significant support to crude prices.

On the supply front, the Organization of Petroleum Exporting Countries’ (“OPEC”) decisions remain key to maintaining a balanced market. Non-OPEC production growth of 1.0 mmbd, on an annual basis, was fully offset by a 1.0 mmbd reduction in OPEC supply in the first half of 2024, and OPEC announced a new supply cut of 2.2 mmbd in the second half of 2024. Overall, the crude oil market was broadly balanced, despite volatility due to the armed conflict between Israel and Hamas.

Under current Colombian regulations, depending on the price of fuels in the international markets, participants in the Colombian fuel market either contribute to or receive payments from the Fuel Price Stabilization Fund (“FEPC” for its Spanish acronym), a fund assigned and administered by the MHCP to attenuate, in the domestic market, the impact of fluctuations of fuel prices in international markets. As a result, the increase in the Brent price indicator has resulted in an increase in amounts due by the FEPC to Ecopetrol. See “Regulation Concerning Production and Prices—Fuel Price Stabilization Fund (FEPC)” in our 2023 Form 20-F. The remaining balance for the 2023 FEPC accounts receivable was COP 20.5 trillion. In April 2024, Ecopetrol received a COP 7.8 trillion payment in cash, and in June 2024, it received a COP 5.1 trillion equivalent in Colombian Government Bonds (“TES”). Such payments have strengthened our financial and liquidity position as it provides us with more flexibility to pursue our 2024 investment plan. See “Strategy and Market Overview—Our Corporate Strategy—2024 Investment Plan” in our 2023 Form 20-F. As of July 30, 2024, the cumulative balance of the FEPC account receivable was COP 12.8 trillion (including COP 7.5 trillion for the FEPC accounts receivable), of which COP 4.7 trillion was paid in September 2024 and COP 2.8 trillion is scheduled to be paid in December 2024 in TES.

On June 14, 2024, the Government announced an update to the Medium-Term Fiscal Framework (“MFMP”, for its acronym in Spanish), a document that establishes the macroeconomic and fiscal strategy for the country in the medium term, including an exhaustive analysis of the FEPC situation, given its important fiscal implications. In line with the MFMP update, in 2024, the Government settled approximately COP 13.0 trillion with the FEPC corresponding to the fiscal year ended December 31, 2023. Although we can offer no assurance, the MFMP update also anticipated a gradual convergence of domestic and international liquid fuel prices, and a structural reform to the fund that guarantees self-sustainability, which occurrence we believe could help reduce the impact of FEPC-related accounts receivable on our working capital.

Public Investigations

On July 4, 2023, the National Electoral Council opened a proceeding for alleged irregularities in the financing and presentation of the income and expenditure report of Mr. Gustavo Petro’s 2022 presidential campaign, of which Mr. Ricardo Roa Barragán was the campaign manager. According to public records, the National Electoral Council is expected to hold an audience on October 8, 2024 to discuss a draft decision prepared by Judges Alvaro Hernán Prada and Benjamin Ortiz ordering the initiation of a formal investigation against Mr. Gustavo Petro and Mr. Ricardo Roa Barragán. See “Risk Review – Risk Factors – Risks Related to Our Business – We are exposed to public investigations of control entities that may impact our reputation” in our 2023 Annual Report.

Board Resignations

On August 30, 2024, Ecopetrol announced that Juan José Echavarría and Luis Alberto Zuleta had presented their resignations from Ecopetrol’s Board of Directors and committees, due to their dissent with respect to certain business decisions adopted by Ecopetrol’s Board of Directors. Their resignation will become effective on the date that the minutes of the meetings of the Board of Directors and Support Committees in which they participated prior to the presentation of their resignation are approved.

2040 Strategy

Following the 2040 Strategy, as of December 31, 2023, Ecopetrol is organized into three corporate business lines: (A) Hydrocarbons, which includes four operational divisions: (i) Exploration and Production, (ii) Transportation and Logistics, (iii) Refining Petrochemicals and Biofuels, (iv) and Sales and Marketing; (B) Low Emissions Solutions, which includes natural gas, biogas, LPG, power, renewables, hydrogen and CCUS; and (C) Transmission and Toll Roads. Also, as a response of the 2040 Strategy, in 2022 we started a process to align our current segments more closely to the vision of the 2040 Strategy and such process has continued to date. However, for purposes of this report, the financial information is organized by the following segments: (i) exploration and production, (ii) transportation and logistics, (iii) refining and petrochemicals, and (iv) energy transmission and roads, which is consistent with previous Company reports, including its 2023 Form 20-F. The Company’s management is currently reviewing different options to update the operating and financial reporting model of the Company to be better aligned with the 2040 Strategy’s lines of business.

Ecopetrol’s results of operations for the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023

The following table sets forth the components of Ecopetrol’s unaudited interim condensed consolidated income statement for the six-month periods ended June 30, 2024 and 2023.


		For the six-month period ended June 30,
	****	2024	2023	% Change
		(unaudited)
		(in millions of Colombian pesos)
Revenues		63,929,546	73,222,324	(12.7)
Cost of sales		(39,643,519)	(44,265,231)	(10.4)
Gross income		24,286,027	28,957,093	(16.1)
Operation and project, administration and other operating expenses		(4,948,341)	(4,669,211)	6.0
Operating income		19,337,686	24,287,882	(20.4)
Financial income		(4,092,175)	(3,549,504)	15.3
Share of profit of companies		386,291	497,135	(22.3)
Income before income tax		15,631,802	21,235,513	(26.4)
Income tax		(6,914,028)	(6,763,926)	2.2
Net income for the period		8,717,774	14,471,587	(39.8)

Net income attributable to:
Owners of parent		6,642,349	11,931,149	(44.3)
Non-controlling interest		2,075,425	2,540,438	(18.3)
Net income for the period		8,717,774	14,471,587	(39.8)

Total Revenues

The following table sets forth our foreign and local sales of crude oil, natural gas, refined and petrochemical products, services associated with the transportation of hydrocarbons and energy transmission and toll roads, for the six-month periods ended June 30, 2024 and 2023.


		For the six-month period ended June 30,
	****	2024	2023	% Change
		(Unaudited)
Crude oil:
Local sales (mbod)		—	2.3	(100)
Foreign sales (mbod)		421.0	436.3	(3.5)
Average price per local barrel (US$/bl)		68.3	65.1	4.9
Average price per export barrel (US$/bl)		76.2	68.9	10.6

Natural gas:
Local sales (mboed)		86.4	89.7	(3.7)
Foreign sales (mboed)		13.4	8.8	52.3
Average local price (US$/bl)		31.6	31.2	1.3
Average export price (US$/bl)		2.3	6.1	(62.3)

Refined products (including petrochemicals and industrial products):
Local sales (mboed)		348.6	358.5	(2.8)
Foreign sales (mboed)		104.1	110.7	(6.0)
Average local price per barrel (US$/bl)		100.8	104.7	(3.7)
Average export price per barrel (US$/bl)		61.6	60.5	1.8

Services Revenues with third parties: (in millions of Colombian pesos):
Electric Power Transmission and Toll Roads Concessions		7,094,262	7,456,833	(4.9)
Transportation		1,384,099	1,519,252	(8.9)

In the six-month period ended June 30, 2024, total revenues decreased by 12.7% or COP 9,292,778 million as compared to the same period in 2023, as a result of:

●	A COP 8,340,181 million decrease in revenues, resulting from the depreciation of the Colombian peso against the U.S. dollar from an average exchange rate of COP 4,595.11/US$1.00 for the six-month period ended June 30, 2023 to an average exchange rate COP 3,920.48/US$1.00 for the same period in 2024.
●	A COP 1,917,793 million decrease in revenues attributable to a 3.3% decrease in sales volume, or 32.8 mboed, primarily as a result of the combined net effect of:
---	---
-	Lower volumes sold of crude oil by 17.6 mboed, or COP 869,107 million, primarily attributable to: (i) lower sales volume due to decreased deliveries to customers, and (ii) increased volume of crude cargoes in Transit as a result of commercial strategic in that were negotiated under the Delivery At Place (DAP) modality. This decrease was partially offset by increased in crude oil production mainly from the Permian basin.
---	---
-	Lower volumes sold of refined products and petrochemicals by 16.4 mboed, or COP 1,000,900 million, due to decreased sales of diesel and gasoline, primarily due to the weakening of domestic fuel demand, which in turn was mainly due to lower economic activity as a result of with price increases of gasoline. This decrease was partially offset by an increase in sales of middle distillates, due to higher domestic demand associated with thermal generation and industrial burner requirements.
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-	Lower volumes sold of gas by 1.3 mboed, or COP 47,786 million, principally due to the decrease in demand mainly due to the termination of third-party contracts and a decrease in gas available, primarily from the Cusiana and Cupiagua fields, due to the natural decline of the fields.
---	---
-	A COP 467,860 million decrease in revenues primarily due to the revaluation of the Colombian peso against other currencies in regions where ISA operates.
---	---

Such factors were partially offset by a COP 1,433,056 million increase in revenues primarily due to a 2.2%, or US$1.7 per barrel, increase to the average prices of our crude oil basket, natural gas and refining products driven by higher Brent benchmark prices and stronger negotiated crude oil spreads versus Brent.

Costs of Sales and Expenses

The following table sets forth the components of our cost of sales, and operation and project, administration and other operating expenses for the six-month period ended June 30, 2024 and 2023.


		For the six-month period ended June 30,
	****	2024	2023	% Change
		(unaudited)
		(in millions of Colombian pesos)
Fixed cost of sales		12,159,452	11,507,880	5.7
Variable cost of sales		27,484,067	32,757,351	(16.1)
Total cost of sales		39,643,519	44,265,231	(10.4)
Operation and project, administration and other operating expenses		4,948,341	4,669,211	(6.0)
Total Costs of Sales and Expenses		44,591,860	48,934,442	(8.9)

Cost of sales

Our total cost of sales is comprised of a fixed portion and a variable portion:

Our fixed cost of sales includes, among other items, contracted services, labor costs, maintenance, taxes and depreciation. Our fixed cost of sales increased by 5.7% or COP 651,572 million in the six-month period ended June 30, 2024 as compared to the same period in 2023, in part due to the combined net effect of:

●	A COP 381,763 million increase in the costs of professional services, maintenance and other operational activity costs, primarily as a result of (i) the increased execution of operational activities and production, (ii) price increases for supplies as a consequence of periodic adjustments pursuant to contractual provisions with inflationary effects on costs.
●	A COP 152,596 million decrease in depreciation and amortization mainly due to: (i) increased levels of capital expenditures, and (ii) increased crude oil production in the Permian basin and Ecopetrol S.A. The foregoing was partially offset by the effect of the depreciation of the average exchange rate of the Colombian peso against the U.S. dollar on the appreciation registered by Ecopetrol S.A.’s subsidiaries that use the U.S. dollar as functional currency.
---	---
●	A COP 170,306 million increase in labor costs mainly due to salary increases compared to the previous year and a greater workforce; and
---	---
●	A COP 252,099 million increase in other minor items, such as higher payments of hydrocarbon transportation services, taxes and contributions and construction services.
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Our variable cost of sales includes, among other items, purchases of hydrocarbons from the Agencia Nacional de Hidrocarburos (the “National Agency of Hydrocarbons” or “ANH”), purchases of crude oil from business partners, imported products, hydrocarbon transportation services, depletion of fields and inventories. Our variable cost of sales decreased by 16% or COP 5,273,284 million in the six-month period ended June 30, 2024 as compared to the same period in 2023, primarily as a result of:

●	A COP 4,208,613 million decrease in the purchase costs of crude oil, gas and refined products, mainly due to the net effect of:
-	A COP 3,494,649 million decrease as a result of the depreciation of the Colombian peso against the U.S. dollar from an average exchange rate of COP 4,595.11/US$1.00 for the six-month period ended June 30, 2023 to an average exchange rate COP 3,920.48/US$1.00 for the same period in 2024;
---	---
-	A COP 1,739,893 million decrease in volumes purchased from third parties, mainly due to (i) lower imported refined products, which in turn was a result of lower fuel import requirements to meet the economic reactivation in the domestic market and (ii) the scheduled maintenance at our refineries; and
---	---
-	A COP 1,025,931 million increase in costs related to the purchase of crude oil, gas and refined products, primarily due to higher average purchase prices in line with the increase in international benchmark prices during the six-month period ended June 30, 2024.
---	---
●	A COP 1,978,112 million decrease due to decreased realization of inventories as a result of (i) a decrease in refined products volumes, which in turn was primarily due to decrease in domestic gasoline demand, and (ii) an increase in the inventory of crude oil as a result of larger volumes of crude oil in cargoes in transit (which were negotiated under the delivery-at-place (DAP) modality).
---	---
●	A COP 172,937 million decrease in electric energy costs, primarily due to lower energy rates and decreased purchases in the National Electric System (SEN) mainly as a result of the unavailability of certain of our electricity generation plants during the first three months of 2023 mainly due to scheduled maintenance.
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●	A COP 141,426 million decrease in other minor items.
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The above items were partially offset by:

●	A COP 187,381 million increase in the payment of gas royalties in cash, a result of increased production and a higher settlement price compared to same period in 2023.
●	A COP 89,821 million increase in transportation costs, mainly due to: (i) higher volumes transported through our systems, (ii) the negative effect on our Colombian peso costs in U.S. dollar terms of the depreciation of the average exchange rate of the Colombian peso against the U.S. dollar; and (iii) the annual increase of pipeline fees in accordance with applicable Colombian regulation.
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Operation and project, administration and other operating expenses

In the six-month period ended June 30, 2024 as compared to the same period in 2023, our operation and project, administration and other operating expenses increased by 6.0% or COP 279,130 million, mainly due to:

●	A COP 326,142 million increase in exploration expenses, mainly due to the recognition of higher exploration asset write-offs and other unsuccessful exploratory activities;
●	A COP 79,706 million increase in other minor items.
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The factors discussed above were partially offset by:

●	A COP 102,204 million decrease in general expenditures, mainly due to capitalizable projects in the first six months of 2024 as compared to the same period in 2023;
●	A COP 67,587 million decrease in commissions, fees, freights, services and general expenses of customs operation.
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(Impairment) recovery of non-current assets

In the six-month periods ended June 30, 2024 and 2023 we did not recognize significant impairment expenses or reversals, as there were no trigger events that required the recognition of additional impairments to those recorded at the end of 2023 and 2022.

Financial results

The following table sets forth our financial results for the six-month periods ended June 30, 2024 and 2023.


		For the six-month period ended June 30,
	****	2024	2023	% Change
		(unaudited)
		(in millions of Colombian pesos)
Foreign exchange (loss) gain		45,267	547,244	(91.7)
Interest expense related to loans and borrowings		(3,496,572)	(3,428,301)	2.0
Financial cost from other liabilities ^(1)^		(1,264,839)	(1,226,402)	3.1
Other finance income ^(2)^		623,969	557,955	11.8
Financial results		(4,092,175)	(3,549,504)	15.3

(1)Includes the financial expenses related to updating abandonment costs liabilities, and the interest cost, net of post-employment benefits and other long-term employee benefits.

(2)Includes financial cost from other liabilities for the six-month periods ending on June 30, 2024 and 2023.

Our financial results (expense) increased by COP 542,671 million, primarily as a result of the net effect of:

●	A COP 106,708 million increase in interest expenses and other financial cost due to higher levels of debt and rising interest rates, offset by a lower exchange rate; and
●	A COP 66,014 million increase in other minor items.
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These increases were partially offset by a COP 501,977 million decrease due to foreign exchange gains as a result of the depreciation of the Colombian peso against the U.S. dollar;

Profit before income taxes

Profit before income taxes decreased by 26.2% in the six-month period ended June 30, 2024, as compared to the same period in 2023, as a result of the above-mentioned factors.

Income tax

The effective income tax rate for the six-month period ended June 30, 2024 and 2023, was 44.2% and 31.9%, respectively. The 12.4% increase in the effective tax rate during 2024 is mainly due to (i) the deductibility of the cost of royalties (ii) no obligation to pay the special contribution for construction agreements during 2024 (as opposed to 2023), which corresponds to a non-deductible expense, and (iii) better results obtained by Ecopetrol’s subsidiaries and affiliates, whose nominal income tax rate is less than 35%.

Net profit attributable to equity holders of Ecopetrol

As a result of the foregoing, net profit attributable to the owners of Ecopetrol decreased by 22.6% or COP 2,761,519 million in the six-month period ended June 30, 2024, as compared to the same period in 2023.

Liquidity and Capital Resources

Liquidity

Our principal sources of liquidity in the six-month period ended June 30, 2024 were: (i) net cash provided by operating activities in an amount of COP 23,083,805 million, (ii) cash obtained by the entering into new financing arrangements for an amount of COP 1,939,267 million, (iii) dividends received from Ecopetrol’s subsidiaries in an amount of COP 213,046 million, and (iv) other investment activities in an amount of COP 153,965 million.

Our principal uses of liquidity in the six-month period ended June 30, 2024 were: (i) COP 1,632,287 million for payments of principal and payments of interest of our debt, (ii) COP 8,901,274 million for investments in natural and environmental resources and reserves, and additions to our property, plant and equipment and intangibles, and (iii) dividend payments amounting to COP 12,192,292 million.

For 2024, on a consolidated basis, we expect our major cash needs to include planned capital expenditures ranging between US$5.5 billion (COP 22,814,220 million) and US$6.6 billion (COP 27,377,064 million).

Use of Funds

Capital Expenditures

We plan to meet our budgeted organic capital expenditures for 2024 mainly through cash from internal cash generation.

Cash provided by operating activities

Net cash provided by operating activities increased by 343% or COP 17,874,889 million in the six-month period ended June 30, 2024, as compared to the same period in 2023, mainly as a result of (i) positive performance in most of our segments as described above, and (ii) a decrease in accounts receivable due from the FEPC and the corresponding payments made by the Ministry of Finance and Public Credit.

Cash used in investing activities

For the six-month period ended June 30, 2024, net cash used in investing activities increased by 3.5% or COP 291,916 million as compared to the same period in 2023. This increase is mainly the result of purchase of financial instruments and lower interest received. This increase was partially offset by lower investments in Natural Resources and Intangibles.

Cash used in (provided by) financing activities

For the six-month period ended June 30, 2024, net cash used in financing activities was COP 14,121,927 million compared to net cash used in financing activities of COP 351,645 million for the same period in 2023, which represents an increase in cash used of COP 13,770,282 million, mainly due to: i) a COP 9,631,724 increase as a result of the payment of dividends, (ii) a COP 375,811 million increase in interest payments, and (iii) a COP 23,925 million increase due to other items. These factors were partially offset by a COP 3,738,822 million decrease related to the proceeds from borrowings net of payments.

Dividends

On March 22, 2024, the Ordinary Shareholders’ Meeting approved the plan for distribution of Ecopetrol S.A.’s profits for the 2023 fiscal year, which included the distribution of dividends for an aggregate amount of COP 12,828,409 million, which comprised an ordinary dividend per share of COP 278 and an extraordinary dividend per share of COP 34, for a total dividend of COP 312 per share. Dividends to minority shareholders were paid in two equal installments, as follows: April 3 and June 26, 2024. In the case of dividends to be paid to the majority shareholder, the plan is to offset the dividends to be paid against the balance of the account receivable from the majority shareholder, in relation to the Fuel Price Stabilization Fund (FEPC) no later than December 31, 2024.

During the six-month period ended June 30, 2024, a total amount of COP 12,192,292 million in cash dividends have been paid to our shareholders.

The COP 12,192,292 million cash dividends mentioned above have been distributed as follows:

●	COP 9,093,330 million paid to the controlling shareholder;
●	COP 1,622,610 million paid by subsidiaries to non-controlling shareholders; and
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●	COP 1,476,352 million paid to minority shareholders.
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Subsequent events

None, other than the subsequent events described above, and in note 32 to our unaudited interim condensed consolidated financial statements included in this Form 6-K.

FORWARD-LOOKING STATEMENTS

This current report on Form 6-K contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not based on historical facts and reflect our expectations for future events and results. Most facts are uncertain because of their nature. Words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”, “plan”, “potential”, “predict”, “prognosticate”, “project”, “target”, “achieve” and “intend”, among other similar expressions, are understood as forward-looking statements. These factors may include the following:

●	changes in international crude oil and gas prices;
●	our exploration and production activities, including drilling; and import and export activities;
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●	import and export activities;
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●	our liquidity, cash flow and sources of funding;
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●	the results of our electric power transmission and toll roads activities through our subsidiary, Interconexión Eléctrica S.A. (“ISA”);
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●	our projected and targeted capital expenditures and other cost commitments and revenues; and
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●	dates by which certain areas will be developed or will come on-stream.
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Our forward-looking statements are not guarantees of future performance and are subject to assumptions that may prove incorrect and to risks and uncertainties that are difficult to predict. Actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of factors. These factors may include, but are not limited to, the following:

●	future growth and development of the energy industry and its transition into lower carbon sources of energy;
●	general economic and business conditions, including increased and prolonged inflation in Colombia and worldwide, volatility in crude oil and other commodity prices, refining margins and prevailing exchange rates;
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●	competition;
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●	our ability to obtain financing;
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●	our ability to find, acquire or gain access to additional reserves and our ability to develop existing reserves;
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●	uncertainties inherent in making estimates of our reserves;
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●	the modification, adjustment or reduction of the tariffs, rates or fees charged by the electricity transmission and transport businesses in the countries where we operate;
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●	significant political, economic and social developments in Colombia and other countries where we do business;
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●	natural disasters, pandemics and other public health events;
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●	the continuing Russian invasion of Ukraine and the Israeli-Palestinian armed conflict;
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●	other military operations, terrorist acts, wars or embargoes;
●	regulatory developments, including regulations related to climate change and cybersecurity;
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●	receipt and maintenance of government approvals and licenses;
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●	technical difficulties; and
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●	other factors described in our press releases and filings with the SEC, including our 2023 Form 20-F.
---	---

All forward-looking statements attributed to us are qualified in their entirety by this cautionary statement. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this current report on Form 6-K. 14

Table of Contents Exhibit 99.1

ECOPETROL S.A.

Unaudited interim condensed consolidated financial statements

June 30, 2024

Table of Contents Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Index

Interim condensed consolidated statement of financial position		4

Interim condensed consolidated statement of profit or loss		5

Interim condensed consolidated statement of comprehensive income		6

Interim condensed consolidated statement of changes in equity		7

Interim condensed consolidated statement of cash flows		8

1.	Reporting entity	9

2.	Basis of presentation	9

3.	Significant accounting judgments and estimates	10

4.	Accounting policies	10

5.	New standards	10

6.	Cash and cash equivalents	12

7.	Trade and other receivables	13

8.	Inventories	14

9.	Other financial assets	14

10.	Taxes	15

11.	Other assets	16

12.	Investments in associates and joint ventures	17

13.	Property, plant, and equipment	18

14.	Natural and environmental resources	19

15.	Right-of-use assets	20

16.	Intangible assets	20

17.	Impairment of non-current assets	21

Table of Contents Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

18.	Goodwill	21

19.	Loans and borrowings	21

20.	Trade and other payables	23

21.	Provisions for employees’ benefits	24

22.	Accrued liabilities and provisions	24

23.	Equity	26

24.	Revenue from contracts with customers	29

25.	Cost of sales	30

26.	Administrative, operation and project expenses	31

27.	Other operating (expense) income	31

28.	Financial results	32

29.	Risk management	32

30.	Related parties	38

31.	Segments information	40

32.	Relevant events (unaudited)	44

Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)		45

Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P.		49

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of financial position


				June 30,		December 31,
	****	Note	****	2024	****	2023
				(Unaudited)
Current Assets
Cash and cash equivalents		6		13,236,875		12,336,115
Trade and other receivables		7		24,141,135		33,310,642
Inventories		8		11,368,526		10,202,448
Other financial assets		9		2,112,720		1,860,928
Tax assets				7,893,114		8,111,079
Other assets		11		3,210,123		2,769,029
				61,962,493		68,590,241
Assets held for sale				135,735		24,865
Total current assets			****	62,098,228		68,615,106
Non–current assets
Trade and other receivables		7		30,289,298		29,781,088
Other financial assets		9		633,948		371,847
Investments in associates and joint ventures		12		8,583,051		8,418,632
Property, plant, and equipment		13		99,137,894		95,171,302
Natural and environmental resources		14		46,744,552		45,216,133
Right-of-use-assets		15		760,598		841,636
Intangibles		16		15,648,114		14,714,809
Tax assets				12,867,186		10,530,057
Goodwill		18		5,012,754		4,846,667
Other assets		11		1,709,143		1,633,813
Total non–current assets			****	221,386,538		211,525,984
Total assets			****	283,484,766		280,141,090
Liabilities
Current liabilities
Loans and borrowings		19		16,039,201		15,550,008
Trade and other payables		20		18,726,013		18,891,434
Provisions for employee benefits		21		2,859,345		3,059,204
Tax liabilities				1,450,519		2,869,225
Accrued liabilities and provisions		22		1,246,455		1,595,249
Other liabilities				1,538,925		1,599,443
Total current liabilities			****	41,860,458		43,564,563
Non–current liabilities
Loans and borrowings		19		98,980,365		90,265,519
Trade and other payables		20		14,654		27,280
Provisions for employee benefits		21		15,702,058		15,213,509
Tax liabilities				13,904,051		13,567,513
Accrued liabilities and provisions		22		15,172,220		14,547,391
Other liabilities				2,614,541		2,702,835
Total non–current liabilities			****	146,387,889		136,324,047
Total liabilities			****	188,248,347		179,888,610
Equity
Subscribed and paid in capital		23.1		25,040,067		25,040,067
Additional paid-in capital		23.2		6,607,699		6,607,699
Reserves		23.3		24,156,407		17,922,725
Other comprehensive income		23.5		9,422,910		8,674,648
Retained earnings				5,041,746		17,461,488
Equity attributable to the Company’s shareholders				70,268,829		75,706,627
Non–controlling interest				24,967,590		24,545,853
Total equity			****	95,236,419		100,252,480
Total liabilities and equity			****	283,484,766		280,141,090

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Table of Contents Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos, except for the earnings per share, expressed in Colombian pesos)

Interim condensed consolidated statement of profit or loss


				Six-month period ended
				June 30,
	****	Note	****	2024	****	2023
				(Unaudited)
Revenue from contracts with customers		24		63,929,546		73,222,324
Cost of sales		25		(39,643,519)		(44,265,231)
Gross profit			****	24,286,027	****	28,957,093

Administration expenses		26		(2,127,659)		(2,236,642)
Operation and project expenses		26		(2,615,763)		(2,199,293)
Recovery (impairment) of non-current assets				(8,238)		(6,558)
Other operating expenses		27		(196,681)		(226,718)
Operating income			****	19,337,686	****	24,287,882
Financial results		28
Financial income				852,278		1,349,483
Financial expenses				(4,989,720)		(5,446,231)
Foreign exchange (loss) gain				45,267		547,244
			****	(4,092,175)	****	(3,549,504)

Share of profits of associates and joint ventures		12		386,291		497,135
Profit before income tax expense			****	15,631,802	****	21,235,513

Income tax expense		10		(6,914,028)		(6,763,926)
Net profit for the period			****	8,717,774	****	14,471,587

Net profit attributable to:
Owners of parent				6,642,349		11,931,149
Non–controlling interest				2,075,425		2,540,438
			****	8,717,774	****	14,471,587
Basic and diluted earnings per share (Colombian pesos)			****	161.5	****	290.2

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Table of Contents Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of comprehensive income


				Six-month period ended
				June 30,
	****	Note	****	2024	****	2023
				(Unaudited)
Net profit for the period				8,717,774		14,471,587
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss (net of tax):
Unrealized (loss) gain on hedges:
Cash flow hedge for future exports				(1,147,286)		2,225,284
Hedge of a net investment in a foreign operation				(2,189,271)		3,805,279
Cash flow hedge with derivative instruments				(23,078)		101,161
Financial instruments measured at fair value				(453)		(1,761)
Foreign currency translation				4,243,200		(10,710,769)
	****		****	883,112		(4,580,806)
Items that will not be reclassified subsequently to profit or loss (net of tax):
Actuarial (loss) gain				(190,091)		821,773
	****		****	(190,091)		821,773
Other comprehensive income, net of tax	****		****	693,021		(3,759,033)
Total comprehensive income, net of tax	****		****	9,410,795		10,712,554

Comprehensive income attributable to:
Owners of the parent				7,376,861		10,072,229
Non–controlling interest				2,033,934		640,325
	****		****	9,410,795		10,712,554

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Table of Contents Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of changes in equity


									Equity
			Subscribed	Additional		Other			attributable to	Non–
			and paid–in	paid–in		comprehensive		Retained	Company’s	controlling	Total
	Note		capital	capital	Reserves	income		earnings	shareholders	interest	Equity
Balance as of December 31, 2023			25,040,067	6,607,699	17,922,725	8,674,648		17,461,488	75,706,627	24,545,853	100,252,480
Net income			—	—	—	—		6,642,349	6,642,349	2,075,425	8,717,774
Release of reserves	23.3		—	—	(8,174,839)	—		8,174,839	—	—	—
Dividends declared	23.4		—	—	—	—		(12,828,409)	(12,828,409)	(1,567,781)	(14,396,190)
Capital restitution			—	—	—	—		—	—	(30,666)	(30,666)
Appropriation of reserves
Legal	23.3		—	—	1,906,209	—		(1,906,209)	—	—	—
Fiscal and statutory	23.3		—	—	509,082	—		(509,082)	—	—	—
Occasional	23.3		—	—	11,993,230	—		(11,993,230)	—	—	—
(Loss) gain on hedging instruments:
Cash flow hedge for future exports			—	—	—	(1,151,252)		—	(1,151,252)	3,966	(1,147,286)
Hedge of a net investment in a foreign operation			—	—	—	(2,135,824)		—	(2,135,824)	(53,447)	(2,189,271)
Cash flow hedge with derivative instruments			—	—	—	(43,026)		—	(43,026)	19,948	(23,078)
Financial instruments measured at fair value			—	—	—	(235)		—	(235)	(218)	(453)
Foreign currency translation			—	—	—	4,220,633		—	4,220,633	22,567	4,243,200
Actuarial loss			—	—	—	(142,034)		—	(142,034)	(48,057)	(190,091)
Balance as of June 30, 2024 (Unaudited)		****	25,040,067	6,607,699	24,156,407	9,422,910	****	5,041,746	70,268,829	24,967,590	95,236,419

Balance as of December 31, 2022			25,040,067	6,607,699	8,898,633	15,796,719	****	29,811,809	86,154,927	27,748,162	113,903,089
Net income			—	—	—	—		11,931,149	11,931,149	2,540,438	14,471,587
Release of reserves			—	—	(2,491,377)	—		2,491,377	—	—	—
Dividends declared			—	—	—	—		(24,382,200)	(24,382,200)	(1,967,009)	(26,349,209)
Restitution of capital and reserves			—	—	—	—		—	—	(24,070)	(24,070)
Appropriation of reserves
Legal			—	—	3,340,629	—		(3,340,629)	—	—	—
Fiscal and statutory			—	—	509,082	—		(509,082)	—	—	—
Occasional			—	—	7,665,758	—		(7,665,758)	—	—	—
Gains (loss) on hedging instruments:
Cash flow hedge for future exports			—	—	—	2,232,555		—	2,232,555	(7,271)	2,225,284
Hedge of a net investment in a foreign operation			—	—	—	3,706,040		—	3,706,040	99,239	3,805,279
Cash flow hedge with derivative instruments			—	—	—	71,395		—	71,395	29,766	101,161
Financial instruments measured at fair value			—	—	—	(1,761)		—	(1,761)	—	(1,761)
Foreign currency translation			—	—	—	(8,747,429)		—	(8,747,429)	(1,963,340)	(10,710,769)
Actuarial gain (loss)			—	—	—	830,119		—	830,119	(8,346)	821,773
Balance as of June 30, 2023 (Unaudited)			25,040,067	6,607,699	17,922,725	13,887,638		8,336,666	71,794,795	26,447,569	98,242,364

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Table of Contents Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of cash flows


				Six-month period ended
				June 30,
	****	Note	****	2024	****	2023
				(Unaudited)
Cash flows in operating activities:
Net profit for the period	****	****	****	8,717,774		14,471,587
Adjustments to reconcile net profit to net cash provided by operating activities:	****	****	****
Income taxes		10		6,914,028		6,763,926
Depreciation, depletion, and amortization		13-14-15-16		7,286,500		6,524,299
Foreign exchange gain		28		(45,267)		(547,244)
Finance cost of loans and borrowings		28		3,496,572		3,428,301
Finance cost of post–employment benefits and abandonment costs		28		1,264,839		1,226,402
Disposal of exploratory assets and dry wells		14		604,922		265,192
Loss on sale or disposal of non-current assets				15,516		21,915
Impairment of non-current assets				8,238		6,558
Impairment of current assets		27		40,507		53,051
Gain on fair value of financial assets				(47,186)		(115,362)
(Gain) loss on hedging transactions with derivatives				(758)		9
Share of profit of associates and joint ventures		12		(386,291)		(497,135)
Loss on disposal of assets held for sale				15,830		13,028
(Gain) loss on hedge ineffectiveness		29.3		(2,330)		4,748
Realized (gain) loss on foreign exchange cash flow hedges		24		(40,114)		656,746
Provision expenses		22		240,627		240,912

Net change in operational assets and liabilities:
Trade and other receivables				7,246,588		(15,873,508)
Inventories				(732,407)		1,089,937
Trade and other payables				(2,512,203)		(990,863)
Current tax assets and liabilities				(282,981)		(1,977,440)
Provisions for employee benefits				(489,536)		(479,989)
Provisions and contingencies				(387,013)		(722,128)
Other assets and liabilities				(652,230)		(1,705,128)
				30,273,625		11,857,814
Income tax paid				(7,189,820)		(6,648,898)
Net cash provided by operating activities			****	23,083,805		5,208,916

Cash flow in investing activities:
Investment in joint ventures		12		(11,601)		—
Investment in property, plant, and equipment		13		(3,739,461)		(3,550,126)
Investment in natural and environmental resources		14		(4,772,588)		(6,737,974)
Acquisitions of intangibles		16		(389,225)		(420,215)
Proceeds from the sale of other financial assets				(685,011)		1,236,650
Interests received		28		782,821		1,012,873
Dividends received				213,046		185,737
Proceeds from sales of non-current assets				67,756		30,708
Net cash used in investment activities			****	(8,534,263)		(8,242,347)

Cash flow in financing activities:
Proceeds obtained from loans and borrowings		19.1		10,425,923		15,654,833
Payments of loans and borrowings		19.1		(8,486,656)		(9,976,744)
Interest payments		19.1		(3,571,554)		(3,195,743)
Lease payments (principal and interests)		15		(282,015)		(261,388)
Capital restitution				(15,333)		(12,035)
Dividends paid		23.4		(12,192,292)		(2,560,568)
Net cash used in financing activities				(14,121,927)		(351,645)
Exchange difference in cash and cash equivalents				473,145		(691,147)
Net increase (decrease) in cash and cash equivalents			****	900,760		(4,076,223)
Cash and cash equivalent at the beginning of the period				12,336,115		15,401,058
Cash and cash equivalent at the end of the period		6	****	13,236,875		11,324,835

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

1.	Reporting entity

Ecopetrol S.A. is a mixed economy company, with a commercial nature, formed in 1948 in Bogotá – Colombia, headquarters of the Ecopetrol Business Group (collectively called “Ecopetrol Business Group”); which is dedicated to commercial or industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services.

An 11.51% of Ecopetrol S.A.’s shares are publicly traded on the Stock Exchanges of Colombia and New York, USA. The remaining shares (88.49% of the total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit.

The address of the main office of Ecopetrol S.A. is Bogotá – Colombia, Carrera 13 No. 36 – 24.

2.	Basis of presentation
2.1.	Statement of compliance and authorization of financial statements
---	---

The financial information contained in this report has been prepared in accordance with IAS 34 Interim Financial Reporting accepted in Colombia.

The interim condensed consolidated financial statements are unaudited and in the management opinion, include all necessary adjustments for a fair presentation of the results of each period.

Ecopetrol Business Group prepares its financial statements based on the principles and accounting standards and financial information accepted in Colombia (NCIF, as its acronym in Spanish), regulated in Decree 2420 of 2015 and its amendments. These standards are based on the International Financial Reporting Standards - IFRS and its Interpretations issued by the International Accounting Standards Board (IASB) and other applicable legal provisions for supervised entities and/or controlled by the General Accounting Office of the Nation. Some accounting standards and financial information accepted in Colombia (Colombian IFRS) may differ in certain aspects from IFRS as issued by the IASB.

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with policies expected to follow in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2024, which do not differ significantly from those used the immediately previous year.

These interim condensed consolidated financial statements were approved by the Company’s Ecopetrol Board of Directors on September 27, 2024.

2.2.	Basis of consolidation

The interim condensed consolidated financial statements were prepared by consolidating all the subsidiary companies described in Exhibits 1 and 2, in which Ecopetrol exercises, directly or indirectly, control, according to IFRS 10.5 and 10.7.

Subsidiaries are consolidated from the date control is obtained until the date control ceases.

All intercompany assets and liabilities, equity, income, expenses, and cash flows related to transactions between Group companies were eliminated in consolidation. Unrealized profits and losses are also eliminated. Non-controlling interest represents the portion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders.

The interim condensed consolidated financial statements were prepared on the basis that it will continue to operate as a going concern.

All business combinations are recognized using the acquisition method. 9

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

3.	Material accounting judgments and estimates

The preparation of the consolidated financial statements requires that the Company’s Management make judgments, estimates and assumptions to quantify some of the assets, liabilities, income, expenses, and commitments recognized in the consolidated financial statements and their disclosures. These estimates have been made based on the best information available on the facts analyzed, management experience and other factors at the date of preparation of the financial statements. Uncertainty about assumptions and estimates could result in future material changes affecting the value of assets or liabilities. Changes in these estimates are recognized prospectively in the period in which they are reviewed.

As of the date of this report, there have been no changes in the material accounting estimates and judgments used in the preparation of the financial statements as of December 31, 2023.

4.	Accounting policies

The Group’s main accounting policies are described in the consolidated financial statements as of December 31, 2023, and for the year then ended, and they have been applied consistently for the period comprising these interim condensed consolidated financial statements, except for the adoption of new standards effective as of January 1, 2024.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annuals, and therefore should be read in conjunction with the annual consolidated financial statements as of December 31, 2023.

5.	New standards
5.1.	New standards adopted by the Group, effective as of January 1, 2024
---	---

The IASB issued amendments to the following standards with application as of January 1, 2023:

Amendment to IAS 1 - Classifications of liabilities as current or non-current, modifies the requirement to classify a liability as current, by establishing that a liability is classified as current when it does not have the right at the end of the reporting period to defer the liquidation of the liability during, at least, the twelve months following the date of the reporting period. This amendment is effective since January 1, 2023. In addition, on October 31, 2022, IASB issued an amendment on non-current liabilities with agreed conditions and modified the effective date to January 1, 2024.

IAS 12 Amendment: The IASB issued the amendment in May 2023, which provides to the companies a temporary exemption from accounting of deferred taxes arising from the international tax reform of the Organization for Economic Co-operation and Development (OECD), which published the rules to ensure that large multinational companies would be subject to a minimum tax rate of 15%.

IFRS 17 - Insurance Contracts, provides a new general model for accounting for contracts by combining a measurement of the current balance of insurance contracts with the recognition of earnings during the period in which the services are rendered. The standard’s general model requires that insurance contract liabilities be measured using current weighted probability estimates of future cash flows, a risk adjustment, and a contractual service margin that represents the expected gain from fulfilling the contracts. The effects of changes in the estimates of future cash flows and the risk adjustment related to future services are recognized during the period in which the services are rendered and not immediately in profit loss statement.

IFRS 17 replaces IFRS 4 - Insurance Contracts and will be effective for the subsidiaries Black Gold Re and Linear Systems Re Ltd for the financial reporting period beginning January 1, 2023. The assessment of the impact of IFRS 17 do not have a significant effect on the Group’s consolidated financial statements, considering that most of the insurance contracts are short-term and would be managed by the PPA methodology - Simplified allocation of premiums. 10

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The following limited-scope amendments, with comprehensive and anticipated voluntary application:

◾	Amendments to IAS 1 – Presentation of financial statements. Companies must disclose material information about their accounting policies and apply the concept of materiality to accounting policy disclosures. The amendments clarify the following points:
-	The word “significant” is changed to “material or relative importance”.
---	---
-	The accounting policies that must be disclosed in the notes to the financial statements are clarified, “an entity will disclose information about its material or relative importance accounting policies.”
---	---
-	It is clarified when an accounting policy is considered material or relatively important.
---	---
-	Adds the following paragraph: “Information on accounting policies that focuses on how an entity has applied the requirements of IFRS to its own circumstances provides specific information about the entity that is more useful to users of financial statements than standardized information or information that only doubles or summarizes the requirements of IFRS standards”.
---	---
◾	Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. They clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendment was published by the IASB in February 2021 and clearly defines an accounting estimate to distinguish it from an accounting policy: “Accounting estimates are monetary amounts, in financial statements, that are subject to measurement uncertainty”.
---	---

It mentions “an accounting policy could require that elements of the financial statements be measured in a way that entails measurement uncertainty—that is, the accounting policy could require that these elements be measured by monetary amounts that cannot be directly observed and they must be estimated. In this case, an entity develops an accounting estimate to achieve the objective established by the accounting policy.

◾	Amendments to IAS 12 Deferred taxes related to assets and liabilities that are recognized in a single transaction. The purpose of the amendments is to reduce the diversity in the reporting of deferred taxes on leases and decommissioning obligations. The amendment allows the recognition of a deferred tax liability or asset that has arisen in a transaction that is not a business combination, in the initial recognition of an asset or liability that, at the time of the transaction, does not give rise to taxable temporary differences and deductibles in the same amount.
◾	Amendment IAS 7 - Cash Flow Statement and IFRS 7 - Financial instruments: Disclosures. The IASB issued the amendment on disclosure requirements to improve the transparency of suppliers financing arrangements and their effects on a company’s liabilities, cash flows and liquidity risk exposure. The Amendment applies to annual periods beginning on January 1, 2024.
---	---
◾	IFRS16 Amendment: In September 2022, the IASB issued an amendment related to the leasing standard regarding the recognition of the lease liability in a sale and leaseback. The amendment determines the requirements that a seller-lessee must use to quantify the lease liability arising in the sale and leaseback with the objective that the seller-lessee does not recognize any profit or loss related to the right of use that it retains.
---	---
5.2.	New standards issued but not yet adopted.
---	---
◾	Amendment to IAS 21 - Effects of Changes in Foreign Currency Exchange Rates. The Amendment establishes the criteria to assess whether a currency is interchangeable and to know when it is not, so that the exchange rate to be used and the disclosures to be provided can be determined. The validity applies to annual periods beginning on or after January 1, 2025.
---	---
◾	Issuance of IFRS 18 - Presentation and disclosures in financial statements. This new IFRS standard has the purpose to improve the usefulness of the information presented and disclosed in financial statements and will provide investors with more transparent and comparable information on the financial performance of companies, allowing them to make better investment decisions. This new standard is effective internationally for annual reporting periods beginning on or after January 1, 2027, but companies can apply it early. It should be noted that IFRS 18 replaces IAS 1 – Presentation of financial statements.
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Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

◾	Issuance of IFRS 19 – Subsidiaries not in the public interest: disclosures. This new standard allows subsidiaries to disclose reduced information, instead of disclosing information in accordance with other IFRS. Thus, the application of this standard will reduce the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of the information for users of their financial statements.
◾	Narrow scope amendments to IFRS 9: These amendments will improve the consistency and understanding of accounting requirements by clarifying terms and procedures, introducing detailed disclosure requirements and allowing flexible early application, which will reduce diversity in accounting practice and increase the transparency and consistency of financial information. Amendments effective from January 1, 2026, and early application is allowed.
---	---
5.3.	New standards issued by the ISSB that with effect in future periods.
---	---

The International Sustainability Standards Committee, in June 2023 issued the first international sustainability and climate standards: IFRS S1 General Requirements for the Information to be Disclosed on Sustainability related to Financial Information and IFRS S2 Weather-related Disclosures. The purpose of these standards is for entities to disclose information about their risks and opportunities related to sustainability and climate that is useful to the primary users of financial information for decision-making. An entity will apply these standards for reports for annual periods beginning on or after January 1, 2024. The Ecopetrol Business Group is currently assessing the corresponding regulations and the methodology for their implementation. Likewise, the Ecopetrol Business Group will consider the guidelines and regulations that the Technical Council of Public Accounting may issue in Colombia.

6.	Cash and cash equivalents


		June 30,		December 31,
	****	2024	****	2023
		(Unaudited)
Banks and corporations		8,397,486		7,525,552
Short–term investments		4,836,729		4,808,610
Cash		2,660		1,953
	****	13,236,875		12,336,115

As of June 30, 2024, the balance of cash and cash equivalents includes $2,173,593 ($1,724,488 as of December 31, 2023) of restricted cash in: a) Interconexión Eléctrica S.A. E.S.P. for $2,060,845 ($1,580,106 as of December 31, 2023), b) Cenit for $111,986 ($143,464 as of December 31, 2023, corresponding to Oleoducto Bicentenario), and c) other companies for $762 (2023: $918), to be used in the next 12 months, exclusively to guarantee debt service (payment of principal and interest).

The fair value of cash and equivalents is close to its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

7.	Trade and other receivables


		June 30,		December 31,
	****	2024	****	2023
		(Unaudited)
Current
Fuel Price stabilization fund (1)		12,057,921		20,505,603
Customers
Foreign		4,210,481		4,220,537
Domestic		2,870,405		3,087,463
Concessions (2)		3,931,662		4,054,429
Accounts receivable from employees		108,067		106,022
Related parties (Note 30)		81,843		123,058
Industrial services		45,175		40,729
Other		980,689		1,329,565
		24,286,243		33,467,406
Impairment		(145,108)		(156,764)
	****	24,141,135		33,310,642
Non–current
Concessions (2)		26,623,302		26,323,424
Accounts receivable from employees		624,892		565,914
Customers
Foreign		186,798		150,033
Domestic		76,165		75,419
Related parties (Note 30)		230,980		143,238
Other (3)		3,192,273		3,180,581
		30,934,410		30,438,609
Impairment		(645,112)		(657,521)
	****	30,289,298		29,781,088
(1)	Corresponds to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of motor gasoline current and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative).
---	---

During 2024, the Ministry of Finance and Public Credit made payments to the Ecopetrol Business Group for $12,957,299, as follows:

-	Ecopetrol S.A. received cash payments for $10,414,093. These payments correspond to the settlement of the first and second quarters of 2023.
-	Refinería de Cartagena received cash payments for $2,543,206 corresponding to the settlement of the first quarter of 2023.
---	---

During 2023, the Ministry of Finance and Public Credit paid $26,346,530 to the Ecopetrol Business Group as follows;

Payments to Ecopetrol for $2,876,149 in cash and $21,576,179 through offsetting with dividends payable to the Ministry of Finance and Public Credit, this operation did not generate cash flows and its effect implies an increase in the variation in working capital in the cash flow statement of the Ecopetrol Business Group. These payments correspond to the settlements of the second, third and fourth quarters of 2022.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

-	Payments to Refinería de Cartagena for $1,894,202 in cash in August 2023, corresponding to settlement of the fourth quarter of 2022.
(2)	Includes electric power transmission and toll roads concessions. Corresponds to accounts receivable for concessions acquired for public electric power transportation services and for public road transportation service.
---	---
(3)	Corresponds mainly to accounts receivable from the Government of Brazil for employee benefits governed by Law 4819 of 1958 to ISA CTEEP, and crude loan agreements of the Business Group for transportation systems. The gross value of these accounts receivable is $2,221,991 (2023: $2,279,637) and the provision for expected losses established, included in the provision line for expected credit losses, is $385,229 (2023: $407,567), for a net book value of $1,836,762 (2023: $1,872,070). The administration monitors the progress and developments related to the legal aspect of the matter and continuously evaluates the possible impacts on its financial statements.
---	---

The book value of trade accounts and other accounts receivable approximates their fair value.

8 .	Inventories


		June 30,		December 31,
	****	2024	****	2023
		(Unaudited)
Crude oil		4,758,029		4,715,047
Materials for goods production		3,751,880		3,130,816
Fuels and petrochemicals (2)		2,858,617		2,356,585
	****	11,368,526		10,202,448
(1)	The variation is mainly due to better operations in refineries and lower output of products due to low demand for gasoline, considering i) the increase in prices, ii) navigation restrictions to evacuate products, offset by the higher fuel exports.
---	---

9 .	Other financial assets


		June 30,		December 31,
	****	2024	****	2023
		(Unaudited)
Assets measured at fair value
Investments in equity securities and trust funds (1)		1,907,590		1,210,138
Investment portfolio – Foreign currency		645,233		364,962
Hedging instruments (2)		44,124		231,463
Investment portfolio – Local currency	****	37,133		54,887
Assets measured at fair value through other comprehensive income		1,161		2,007
		2,635,241		1,863,457
Assets measured at amortized cost (3)		111,427		369,318
		2,746,668		2,232,775
Current		2,112,720		1,860,928
Non–current		633,948		371,847
	****	2,746,668		2,232,775
(1)	Includes deposits in trust companies and restricted funds in Brazil, Peru, Chile, and Colombia. See Note 9.1.
---	---
(2)	Corresponds to swap and forward contracts to hedge exchange rate and commodity price risk mainly in Ecopetrol S.A. and Interconexión Eléctrica S.A. E.S.P.
---	---
(3)	Includes investments with maturities greater than 90 days, in Chile and Colombia.
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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The measurement at fair value is recognized in financial results (Note 28).

9.1	Restrictions

As of June 30, 2024, and December 31, 2023, there were restricted funds of $76,801 and $68,069 respectively, which have a specific destination, mainly in ISA Interchile of $34,421 (2023: $26,666) for acquired obligations in the issuance of the 144thA Reg. S Bond that establishes certain restrictions and limitations on the use of resources with the purpose of guaranteeing the payment of interest and capital.

9.2	Fair value

The following is the classification of other financial assets recognized at fair value, corresponding to the investment portfolio:


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Level 1		1,985,224		1,526,458
Level 2		650,017		336,999
	****	2,635,241		1,863,457

10.	Taxes

Income tax expense

The Group calculates the income tax expense using the effective tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim consolidated statement of profit or loss are:


		Six-month period ended
		June 30,
	****	2024	****	2023
		(Unaudited)
Current income tax expense		6,359,506		7,081,401
Deferred income tax expense		574,006		(308,832)
Adjustments to prior years’ current and deferred tax		(19,484)		(8,643)
Income tax expense	****	6,914,028		6,763,926

The effective tax rate for six-month period ended June 30, 2024, and 2023 was 44.2% and 31.9%, respectively.

As of June 30, 2024, and 2023, the nominal income tax rate was 35%, which includes an estimated surcharge of 15% for 2024 and 10% for 2023. These rates were estimated at each of the indicated dates, based on the projection of international BRENT prices.

Pillar II

Ecopetrol Business Group has a presence in the jurisdictions of Argentina, Bahamas, Brazil, Bolivia, Cayman, Chile, Colombia, Spain, United States, Mexico, Peru, Singapore, Panama, and Switzerland.

The ongoing assessment is executed based on the latest available tax returns and the most recent country-by-country report for 2022, as well as the most updated financial information for 2024.

Based on the current assessment, the Business Group has identified a potential exposure to Pillar II income taxes on profits obtained in Brazil, Singapore, Switzerland, and Bermuda, where the expected effective Pillar II tax rate is likely to be less than 15%. 15

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

From the analysis on the implementation of Pillar II in the countries in which the Ecopetrol Business Group has a presence, it was identified that in some of them the regulations were issued to establish the Qualified Domestic Minimum Top-up Tax (QDMTT) as of January 1, 2024. However, the internal regulations for the Income Inclusion Rule (IIR) or the Undertaxed Profits Rule (UTPR) have not been established in any of these countries. For this reason, it is not possible to identify and allocate a possible additional tax in those jurisdictions whose Effective Tax Rate is less than 15%. The Business Group will continue to monitor the implementation of BEPS 2.0 in jurisdictions that already have progress. In addition, The Business Group is working on calculating the effective tax rate by jurisdiction.

Therefore, the Ecopetrol Business Group will not recognize any impact in its condensed consolidated financial statements as of June 30, 2024. As well as applying the exception contemplated in the Amendment to IAS 12, the Company will not recognize deferred tax assets or liabilities associated with Pillar II income tax in its consolidated financial statement.

11.	Other assets


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Current
Partners in joint operations		1,248,465		845,590
Prepaid expenses		706,201		789,029
Advanced payments to contractors and suppliers		639,232		553,356
Trust funds		584,910		547,439
Related parties (Note 30)		—		84
Other		31,315		33,531
	****	3,210,123		2,769,029
Non-current
Wells abandonment and pension funds		644,341		648,980
Trust funds		294,374		245,790
Employee benefits		346,414		332,710
Advanced payments and deposits		55,522		55,178
Judicial deposits and judicial attachments		45,534		47,264
Other		322,958		303,891
	****	1,709,143		1,633,813

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

12.	Investments in associates and joint ventures

12.1.Composition and movements


		June 30,		December 31,
	****	2024	****	2023
		(Unaudited)
Joint ventures
Interligação Elétrica do Madeira S.A.		1,721,591		1,705,188
Transmissora Aliança de Energia Elétrica S.A.		1,524,354		1,513,497
Equion Energía Limited		1,104,443		1,037,418
Interligação Elétrica Paraguaçu S.A.		536,726		526,294
Interligação Elétrica Garanhuns S.A.		495,359		500,889
Interligação Elétrica Ivaí S.A.		477,789		456,076
Interligação Elétrica Aimorés S.A.		339,763		335,995
Conexión Kimal Lo Aguirre S.A.		140,755		119,069
Ecodiesel Colombia S.A.		77,978		85,030
Interconexión Eléctrica Colombia Panamá S.A.		10,529		2,544
Transnexa S.A. E.M.A.		8,545		8,545
Derivex S.A.		1,305		1,123
Parques de Río		65		71
Interconexión Eléctrica Colombia Panamá S.A.S E.S.P.		4		4
Consorcio Eléctrico Yapay S.A.		(2,003)		—
	****	6,437,203		6,291,743
Less impairment:
Equion Energía Limited		(408,183)		(408,183)
Transnexa S.A. E.M.A.		(8,545)		(8,545)
	****	6,020,475		5,875,015
Associates
Gases del Caribe S.A. E.S.P.		1,528,086		1,527,699
ATP Tower Holdings		752,334		720,332
Gas Natural del Oriente S.A. E.S.P.		145,960		156,353
Gases de la Guajira S.A. E.S.P.		70,237		69,996
E2 Energía Eficiente S.A. E.S.P.		31,500		34,432
Extrucol S.A.		30,154		30,147
Serviport S.A.		9,399		9,399
Sociedad Portuaria Olefinas		4,305		4,658
	****	2,571,975		2,553,016
Less impairment: Serviport S.A.		(9,399)		(9,399)
	****	2,562,576		2,543,617
	****	8,583,051		8,418,632

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The movement of investments in associates and joint ventures for the period ended June 30, 2024, is as follows:


	****	Associates	****	Join ** ventures**	****	Total
Balance as of December 31, 2023	****	2,543,617		5,875,015		8,418,632
Capitalizations		—		11,601		11,601
Equity method recognized in:
Profit or loss		70,376		315,915		386,291
Equity		48,702		(86,471)		(37,769)
Dividends declared		(100,119)		(95,585)		(195,704)
Balance as of June 30, 2024 (Unaudited)	****	2,562,576		6,020,475		8,583,051

13.	Property, plant, and equipment

The movement of property, plant and equipment for the period ended June 30, 2024, with its corresponding depreciation and impairment, is as follows:


	****		****	Pipelines,	****		****		****		****		****
		Plant and		networks, and		Work in
		equipment		lines		progress		Buildings		Lands		Other		Total
Cost
Balance as of December 31, 2023	****	54,852,955		58,584,592		15,490,281		16,668,026		4,832,650		3,338,000		153,766,504
Additions/capitalizations (1)		926,198		710,801		1,671,812		335,347		9		95,294		3,739,461
Abandonment cost update (Note 22)		—		(28,679)		—		—		—		—		(28,679)
Capitalized financial interests (2)		82,269		40,918		55,133		24,359		—		5,563		208,242
Exchange differences capitalized		682		339		598		202		—		46		1,867
Disposals		(525,351)		(249,046)		(21,665)		(8,810)		—		(68,920)		(873,792)
Foreign currency translation		2,532,965		1,470,361		88,757		612,551		161,929		81,330		4,947,893
Reclassifications/transfers	****	530,350		(629,507)		(188,743)		259,575		(199)		(154,600)		(183,124)
Balance as of June 30, 2024 (Unaudited)		58,400,068		59,899,779		17,096,173		17,891,250		4,994,389		3,296,713		161,578,372

Accumulated depreciation and impairment losses	****
Balance as of December 31, 2023	****	(24,907,224)		(23,488,422)		(1,687,758)		(7,146,337)		(168,100)		(1,197,361)		(58,595,202)
Depreciation expense		(1,350,945)		(1,082,835)		—		(348,907)		—		(81,186)		(2,863,873)
Loss of impairment		(5,282)		—		—		—		—		—		(5,282)
Disposals		501,218		228,212		—		6,289		—		58,916		794,635
Foreign currency translation		(938,701)		(582,135)		(81)		(223,651)		(8,347)		(47,136)		(1,800,051)
Reclassifications/transfers	****	(300,275)		425,256		48,455		(143,454)		(4,757)		4,070		29,295
Balance as of June 30, 2024 (Unaudited)		(27,001,209)		(24,499,924)		(1,639,384)		(7,856,060)		(181,204)		(1,262,697)		(62,440,478)
Balance as of December 31, 2023		29,945,731		35,096,170		13,802,523		9,521,689		4,664,550		2,140,639		95,171,302
Balance as of June 30, 2024 (Unaudited)	****	31,398,859		35,399,855		15,456,789		10,035,190		4,813,185		2,034,016		99,137,894

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

(1)

Mainly includes: i) Ecopetrol S.A. projects in courses associated with the Castilla, Chichimene, Piedemonte, Caño Sur, Rubiales and Refinería de Barrancabermeja ii) Interconexión Eléctrica S.A. E.S.P projects in progress: UPME 09-2016 Copey–Cuestecitas, 500 kV, Copey–Fundación, 220 kV, UPME 04-2019 transmission line La Loma - Sogamoso 500 kV, connection of the Alpha and Beta wind farms to the Nueva Cuestecitas substation, Copey Second Circuit Project - Cuestecitas 500kV, connection of the Windpeshi wind project to the Cuestecitas 200kV substation and asset optimization plan.

(2)

Financial interest is capitalized based on the weighted average rate of loan costs.

---

14.	Natural and environmental resources

The movement of natural and environmental resources for the period ended June 30, 2024, with their corresponding depletions, calculated based on production units, and impairment, is as follows:


		Oil and gas		Assets retirement		Exploration and
	****	investments	****	obligations	****	evaluation	****	Total
Cost
Balance as of December 31, 2023	****	94,175,842		10,146,543		9,718,731		114,041,116
Additions/capitalizations (1)		3,672,222		576		1,099,790		4,772,588
Abandonment cost update (Note 22)		—		(48,746)		—		(48,746)
Disposals		(28,120)		—		—		(28,120)
Disposals of exploratory assets and dry wells (2)		—		—		(604,922)		(604,922)
Capitalized financial interests (3)		142,741		—		37,396		180,137
Exchange differences capitalized		1,184		—		310		1,494
Foreign currency translation		2,440,712		89,440		1,703		2,531,855
Reclassifications/transfers		128,518		(1,289)		(311,068)		(183,839)
Balance as of June 30, 2024 (Unaudited)	****	100,533,099		10,186,524		9,941,940		120,661,563

Accumulated depletion and impairment losses
Balance as of December 31, 2023	****	(63,009,839)		(5,478,111)		(337,033)		(68,824,983)
Depletion expense		(3,393,971)		(428,289)		—		(3,822,260)
Disposals		6,683		—		—		6,683
Foreign currency translation		(1,281,774)		(43,301)		—		(1,325,075)
Reclassifications/transfers		(109,018)		(1,843)		159,485		48,624
Balance as of June 30, 2024 (Unaudited)	****	(67,787,919)		(5,951,544)		(177,548)		(73,917,011)
Balance as of December 31, 2023		31,166,003		4,668,432		9,381,698		45,216,133
Balance as of June 30, 2024 (Unaudited)	****	32,745,180		4,234,980		9,764,392		46,744,552
(1)	Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in Midland/Delaware, b) Ecopetrol S.A. by Castilla, Chichimene, Piedemonte, Caño Sur, Rubiales, and c) Hocol S.A. mainly in projects for the blocks Llanos, Perdices, Cor 9, VIM8, SN-18, Malacate, Guajira, Ocelote and SSJN1.
---	---
(2)	Includes: Ecopetrol S.A. the dry wells Orca 1, Morito, Machin 1, Arauca, Anturio and Cupiagua and b) Hocol S.A mainly unsuccessful wells Milonga and Sabanales and exploratory expenses mainly in Llanos, VIM8, Perdices, Cor-9, SN-18, Upar, Vim-42 and Guajira-gas.
---	---
(3)	Financial interest is capitalized based on the weighted average rate of loan costs.
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Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

15.	Right-of-use assets

The movement of right-of-use assets and lease liabilities for the period ended June 30, 2024, is as follows:


		Right-of-use assets
	****		****		****		****		****	Right-of-	****	Lease
	****		****	Lands and		Plant and	****			use	****	liabilities
		Pipelines		buildings		equipment		Vehicles		assets		(Note 19.1)
Balance as of December 31, 2023	****	11,925		244,789		435,984		148,938		841,636		1,382,636
Additions		16,043		26,248		8,041		17,177		67,509		67,509
Amortization of the period		(9,939)		(24,619)		(64,861)		(53,386)		(152,805)		—
Remeasurements (1)		421		11,620		8,521		(1,144)		19,418		19,418
Disposals		(8,245)		(1,169)		(2,673)		—		(12,087)		(12,210)
Finance cost		—		—		—		—		—		66,042
Repayment of capital		—		—		—		—		—		(230,049)
Payment of interests		—		—		—		—		—		(51,966)
Transfers		—		(2,423)		527		253		(1,643)		12,003
Exchange difference and foreign currency translation		1,242		(8,445)		1,311		4,462		(1,430)		33,228
Balance as of June 30, 2024 (Unaudited)	****	11,447		246,001		386,850		116,300		760,598		1,286,611
(1)	Corresponds mainly to updating rates and conditions in lease contracts.
---	---

16.	Intangible assets

The movement of intangibles assets for the period ended June 30, 2024, with their corresponding amortizations, is as follows:


	****	Licenses	****		****		****		****
		and		Other		Concessions
		software		intangibles		and rights		Easements (1)		Total
Cost
Balance as of December 31, 2023	****	1,659,452		969,855		13,659,149		1,556,961		17,845,417
Additions		227,035		1,308		153,958		6,924		389,225
Disposals		(5,418)		—		—		(768)		(6,186)
Foreign currency translation		20,346		(27,345)		1,312,475		37,944		1,343,420
Transfers		37,455		(11,293)		2,050		487		28,699
Balance as of June 30, 2024 (Unaudited)	****	1,938,870		932,525		15,127,632		1,601,548		19,600,575
Accumulated amortization and impairment losses
Balance as of December 31, 2023	****	(961,414)		(255,903)		(1,781,014)		(132,277)		(3,130,608)
Amortization expenses		(112,125)		(8,636)		(323,053)		(3,748)		(447,562)
Disposals		5,239		—		—		—		5,239
Foreign currency translation		(13,298)		50,606		(416,376)		(1,813)		(380,881)
Transfers		(426)		2,118		—		(341)		1,351
Balance as of June 30, 2024 (Unaudited)	****	(1,082,024)		(211,815)		(2,520,443)		(138,179)		(3,952,461)
Balance as of December 31, 2023	****	698,038		713,952		11,878,135		1,424,684		14,714,809
Balance as of June 30, 2024 (Unaudited)	****	856,846		720,710		12,607,189		1,463,369		15,648,114
(1)	Easements are acquired rights for the passage of its operating assets, mainly electric power transmission lines. These assets are acquired in perpetuity, so they do not have a specific term or contractual limit established and the right is maintained over time.
---	---

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

17.	Impairment of non-current assets

According to the behavior of the key market assumptions, as of June 30, 2024 (unaudited), no factors or circumstances were identified that indicate that the book value of its assets exceed its recoverable value, considering the market conditions, the international prices and indicators of crude oil and products and the geopolitical context.

18.	Goodwill


		June 30,		December 31,
	****	2024	****	2023
		(Unaudited)
Interconexión Eléctrica S.A. E.S.P.		3,418,475		3,252,388
Oleoducto Central S.A.		683,496		683,496
Hocol Petroleum Ltd		537,598		537,598
Invercolsa S.A.		434,357		434,357
Andean Chemical Limited		127,812		127,812
Esenttia S.A.		108,137		108,137
	****	5,309,875		5,143,788
Less Impairment Hocol Petroleum Ltd		(297,121)		(297,121)
Total	****	5,012,754		4,846,667

19.	Loans and borrowings

19.1.Composition of loans and borrowings


		Interest rate*				June 30,		December 31,
	****	2024	****	2023	****	2024	****	2023
						(Unaudited)
Local currency
Bonds		11.0	%	12.4	%	5,199,527		5,172,256
Syndicate and commercial loans		12.8	%	12.9	%	4,155,058		4,323,198
Lease liabilities		9.5	%	8.9	%	832,385		922,536
	****					10,186,970		10,417,990
Foreign currency
Bonds (1)		6.8	%	6.4	%	81,915,520		72,774,985
Commercial and syndicate loans		7.3	%	7.2	%	21,698,959		21,478,503
Loans from related parties (Nota 30)		6.0	%	6.0	%	763,891		683,949
Lease liabilities		6.4	%	6.0	%	454,226		460,100
	****					104,832,596		95,397,537
	****					115,019,566		105,815,527
Current						16,039,201		15,550,008
Non–current						98,980,365		90,265,519
	****					115,019,566		105,815,527

* Weighted average effective interest rate for the end of each period.

(1)	As part of the refinancing and financing strategy, Ecopetrol S.A. successfully issued External Public Debt Bonds in the international capital market on January 9, 2024, for USD$1,850 million, with a maturity of 12 years, with a coupon rate of 8.375%.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Likewise, Ecopetrol S.A. made a public offering of its international bonds maturing in January 2025 (issued in 2014). The nominal amount in circulation of the bond is USD $1,200 million and with a coupon rate of 4.125%. As a result, offers were received for USD$737,350,000 of the total amount of the bonds, reaching a repurchase rate of 61.45%.

During 2024, loans for $10,425,923 were acquired mainly in Ecopetrol S.A. for $7,324,029 and Interconexión Eléctrica S.A. E.S.P. for $2,897,195.

According to the strategy of Ecopetrol Business Group in the integral management of loans and borrowings and their maturities, during 2024, payments for $8,486,656 were made mainly in Ecopetrol S.A. for $6,229,487, Interconexión Eléctrica S.A. E.S.P. for $1,958,584. Likewise, interest payments of $3,571,554 were made mainly in Ecopetrol S.A. for $2,523,567 and in Interconnection Eléctrica S.A. E.S.P. for $977,473.

19.2.Fair value

The fair value of the financial obligations is $111,778,638 and $104,223,267 as of June 30, 2024 (unaudited) and December 31, 2023, respectively.

19.3.Maturity

The following is the maturity profile of loans and borrowings as of June 30, 2024 (unaudited):


	****	Up to 1 year	****	1 - 5 years	****	5-10 years	****	> 10 years	****	Total
Local currency
Bonds		256,361		1,260,604		1,541,559		2,141,003		5,199,527
Syndicate and commercial loans		543,839		2,332,016		1,081,286		197,917		4,155,058
Lease liabilities		218,081		407,498		205,644		1,162		832,385
	****	1,018,281	****	4,000,118	****	2,828,489	****	2,340,082	****	10,186,970
Foreign currency
Bonds		5,199,872		26,637,463		29,716,531		20,361,654		81,915,520
Syndicate and commercial loans		8,974,990		10,896,344		1,332,783		494,842		21,698,959
Lease liabilities		82,167		154,877		161,802		55,380		454,226
Loans from related parties		763,891		—		—		—		763,891
	****	15,020,920	****	37,688,684	****	31,211,116	****	20,911,876	****	104,832,596
Balance as of June 30, 2024 (Unaudited)	****	16,039,201	****	41,688,802	****	34,039,605	****	23,251,958	****	115,019,566

19.4.Loans designated as hedging instrument

As of June 30, 2024 (unaudited), Ecopetrol has designated USD$16,956 million of debt in foreign currency as a hedging instrument; of which, USD$10,695 million correspond to the hedge of investments in companies with dollar functional currency and USD$6,261 million to the cash flow hedge for future crude oil exports. See Notes 29.3 and 29.4.

19.5.Guarantees and covenants

As of June 30, 2024 (unaudited), the total value of the current guarantees provided by Interconexión Eléctrica S.A. E.S.P. and its companies, within the framework of the definition of paragraph 14 of IFRS 7, used to support growth in its different business units and ensure strategic commercial and operational viability amount to $20,884,877, mainly in: a) Chile for $15,279,882 in Intervial Chile, Ruta del Loa, Ruta de los Ríos, Ruta de la Araucanía and Ruta del Maipo, b) Brazil in ISA CTEEP for $2,925,995, and c) Colombia in Ruta Costera for $2,679,000. 22

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others.

Ecopetrol USA and its companies have commitments (covenants) related to the delivery of periodic financial information and compliance with the obligations arising from a volumetric prepayment agreement with a third party.

In the reporting period, the Ecopetrol Business Group has complied with the payment obligations, guarantees and commitments acquired with its bondholders and local and/or international financing entities.

20.	Trade and other payables


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Current
Suppliers		11,738,227		13,704,819
Dividends payable (1)		2,846,429		668,383
Withholding tax		1,977,798		2,099,847
Partner’s advances		1,048,531		1,270,721
Insurance and reinsurance		230,532		274,739
Deposits received from third parties		170,777		180,065
Related parties (Note 30)		59,020		64,766
Agreements in transport contracts		57,940		38,920
Hedging operations		556		—
Various creditors		596,203		589,174
	****	18,726,013		18,891,434

Non-current
Suppliers		1,438		8
Deposits received from third parties		—		3,673
Various creditors		13,216		23,599
	****	14,654		27,280
(1)	Corresponds mainly to dividends payable by Ecopetrol S.A. for $2,237,720 (2023: $3,947), Interconexión Eléctrica S.A. $460,964 (2023: $636,081), Oleoducto de los Llanos Orientales S.A. $106,729, Oleoducto de Colombia S.A. $39,080 (2023: $26,608) and Inversiones de Gases de Colombia S.A. $1,936 (2023: $1,747).
---	---

The book values of trade accounts and other accounts payable approximate their fair values due to the short-term nature of these accounts.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

21.	Provisions for employee benefits


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Post-employment benefits
Health		11,517,262		11,234,939
Pension		4,272,486		4,013,542
Education		484,188		490,877
Bonds		450,244		424,199
Other plans		162,428		171,786
Termination benefits - Voluntary retirement plan		761,023		828,007
	****	17,647,631		17,163,350
Social benefits and salaries		913,772		1,109,363
	****	18,561,403		18,272,713
Current		2,859,345		3,059,204
Non-current		15,702,058		15,213,509
	****	18,561,403		18,272,713

21.1.Plans assets

The assets of the plan are represented by the resources delivered to the Autonomous Pension Funds for the payment of the pension liability of the obligations for pension and pension bonds; what concerns health and education oversees Ecopetrol S.A. and XM (Ecopetrol S.A. oversees health and education matters). The destination of the resources of the autonomous patrimonies, as well as their yields, cannot be changed or returned to the Group until all the obligations are fulfilled.

Plan asset balance is $11,712,499 and $12,011,267 as of June 30, 2024 (unaudited) and December 31, 2023, respectively. 57.90% (2023 – 55.70%) are fair value level 1 and 42.10% (2023 – 44.30%) are under level 2 category.

22.	Accrued liabilities and provisions


	****	Abandonment	****		****	Environmental	****
		and dismantling				contingencies
		costs		Litigations		and others		Total
Balance as of December 31, 2023	****	13,102,128		722,788		2,317,724		16,142,640
Abandonment cost update		(77,425)		—		—		(77,425)
Additions and (recoveries) (1)		20,555		(17,432)		237,504		240,627
Uses		(305,037)		(19,637)		(163,172)		(487,846)
Financial cost (2)		313,673		104,888		25,575		444,136
Foreign currency translation		87,942		15,459		40,993		144,394
Transfers	****	74		(333)		12,408		12,149
Balance as of June 30, 2024 (Unaudited)		13,141,910		805,733		2,471,032		16,418,675
Current	****	823,756		55,355		367,344		1,246,455
Non-current		12,318,154		750,378		2,103,688		15,172,220
		13,141,910		805,733		2,471,032		16,418,675
(1)	Mainly includes the recognition of provisions related to potential liabilities, various, and mandatory environmental provision in Ecopetrol S.A.
---	---
(2)	Corresponds mainly to the financial expense for the update of the liability in Ecopetrol S.A.
---	---

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

22.1.Contingencies

Refinería de Cartagena S.A.S

1.	Court of arbitration

On March 21, 2024, Refinería de Cartagena S.A.S. was notified of the decision of the Court of the Netherlands approving the alternative financial restructuring plan. Chicago Bridge & Iron Company N.V.

Given the sanction of the plan, Refinería de Cartagena was the beneficiary of (i) US$70 million and US$95 million arranged under two different letters of credit and (ii) US$9 million corresponding to reimbursement of legal fees. Likewise, by court order of the Amsterdam District Court dated March 21, 2024, derived from a judicial restructuring process before said jurisdiction, 75,000 redeemable Series B preferred shares without voting rights (the “Series B Preferred Shares”) of McDermott International Ltd. (hereinafter, “McDermott” or the “Company”) were issued in favor of Refinería de Cartagena.

The Series B Preferred Shares have priority over the common shares and are on equal footing with respect to dividends and payments in the event of liquidation with the Series A Preferred Shares. They are entitled to cumulative quarterly dividends.

The holder of the Series B Preferred Shares may also require that all the Series B Preferred Shares be converted at any time on or after June 30, 2028, into common shares representing up to 19.9% of the McDermott’s ownership interest, subject to adjustments pursuant to certain anti-dilution provisions.

The Series B Preferred Shares are subject to mandatory redemption requirements in the event of liquidation or change of control of the Company and other similar events.

As of June 30, 2024, Refinería de Cartagena is in the process of determining the fair value of the shares. The main effect of the recognition of these preferred shares will be the decrease in the value of the property, plant, and equipment.

2.	Investigations of control entities

Office of the Comptroller General:

PRF-80011-2018-33300

Through Communication 1328 of August 24, 2021, the CGR closed the preliminary investigation UCC-IP-005-2019 and opened a fiscal responsibility process in relation to the amounts executed in the refinery expansion and modernization project of Cartagena (the “Project”), and its financing sources, in which Refinería de Cartagena and Ecopetrol S.A. are affected entities.

In this process, 8 ex-officials of Refinería de Cartagena are being investigated (3 ex-presidents and 5 ex-financial vice presidents).

No changes occurred in the status of this litigation since June 30, 2024.

Prosecutor’s Office:

Process 1 – No. 110016000101201600023 - MOA - PIP and EPC

This process is being carried out against a former member of the Board of Directors and three former employees of Refinería de Cartagena, two employees of Chicago Bridge and Iron Company (“CB&I”) and the Statutory Auditor of Refinería de Cartagena between 2013 and 2015, for the crimes of undue interest in the execution of contracts, embezzlement in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsification of a public document. 25

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

On February 2, 2024, the hearing was held to read the decision of the Criminal Chamber of the Superior Court of the Judicial District of Bogotá, which resolved the appeals filed against the decision issued on July 26, 2021 by the Circuit Criminal Court 31, in which it ruled admitting and rejecting the evidentiary requests submitted by the parties in the preparatory hearing.

With the above, the preparatory hearing is concluded. The 61st Circuit Criminal Court set the dates to advance the oral trial sessions.

Process 2 – No. 110016000101201800132 Business line

This process is being carried out against a former employee and three former members of the Board of Directors of Refinería de Cartagena, for the crimes of aggravated disloyal administration, and obtaining a false public document.

On April 19, 2024, the 34th Criminal Court of the Circuit declared the annulment of the order that ordered the evidence for trial and issued a new ruling, which was appealed by the defenders and once the transfers were removed, the appeal to the Court was granted.

No changes occurred in the status of this litigation since June 30, 2024.

Process 3 – No. 110016000101201800134 - Subscription of the PMC Contract - Foster Wheeler

This process is being carried out against two former employees of the Refinería de Cartagena, who acted as former president in office and former president in charge, for the crime of entering a contract without legal requirements.

On February 23, 2024, the Superior Court of the Judicial District of Bogota granted the appeal and referred the process to the Criminal Chamber of the Supreme Court of Justice.

On February 26,2024, the Court acknowledged receipt of the file, in April the distribution was made and the decision to admit or not admit the claims is awaited.

No changes occurred in the status of this litigation since June 30, 2024.

Process 4 - No.110016000000201702546 – Principle of opportunity

This process is being carried out against a former employee of Refinería de Cartagena, for charges related to crimes against the public administration and illegal interest in the execution of contracts.

The criminal prosecution is suspended until December 2024, due to the application of the principle of opportunity.

No changes occurred in the status of this litigation since June 30, 2024.

23.	Equity

23.1.Subscribed and paid–in capital

Ecopetrol’s authorized capital is $36,540,000, and is divided in 60,000,000,000 ordinary shares, of which 41,116,694,690 have been subscribed, represented by 11.51% (4,731,906,273 shares) of non-government entities and people, and 88.49% (36,384,788,417 shares) held by Government entities. The value of the reserve shares amounts to $11,499,933 comprised by 18,883,305,310 shares. As of June 30, 2024, and December 31, 2023, subscribed and paid-in capital is $25,040,067. There is no potential dilution of shares.

23.2.Additional and paid–in capital

As of June 30, 2024, the balance of the additional and paid-in capital is $6,607,699 and it mainly corresponds to: (i) surplus with respect to its nominal value derived from the sale of shares upon capitalization in 2007, for $4,457,997, (ii) surplus over nominal value arising from the sale of shares awarded in the second round, which took place in September 2011, in the amount of $2,118,468, (iii) $31,377 26

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

the value generated by the process of placing the shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid-in capital receivable of $(143).

23.3.Equity reserves


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Legal reserve		11,654,095		9,747,885
Fiscal and statutory reserves		509,082		509,082
Occasional reserves		11,993,230		7,665,758
Total	****	24,156,407		17,922,725

Ecopetrol’s General Shareholders’ Meeting, held on March 22, 2024, approved the 2023 profit distribution project, and recognized a reserve of $11,993,230 to support financial sustainability of the Company and flexibility in the development of its strategy.

The movement of the equity reserves in the periods ended June, 2024 and December, 2023, is the following:


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Opening balance		17,922,725		8,898,633
Release of reserves		(8,174,839)		(2,491,377)
Appropriation of reserves		14,408,521		11,515,469
Closing balance	****	24,156,407		17,922,725

23.4.Retained earnings and payment of dividends

Ecopetrol Business Group distributes dividends based on Ecopetrol and subsidiaries’s separate annual financial statements, prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish).

The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 22, 2024, approved the profit distribution project for fiscal year 2023 and defined the distribution of ordinary and extraordinary dividends in the amount of $12,828,409 (2023: $24,382,200).

The payment of dividends to minority shareholders will be made in two equal installments: April 3 and June 26, 2024. Payment to the majority shareholder will be made during 2024 and in any case before December 31, 2024, considering the payment schedule of the balance of the account receivable of the Fuel Price Stabilization Fund (FEPC) corresponding to 2023.

The payment of dividends is as follows:


		June 30,	June 30,
		2024	2023
		(Unaudited)
Ecopetrol S.A.		10,569,682	930,772
Interconexión Eléctrica SA ESP		1,012,895	992,102
Oleoducto Central S.A. - Ocensa		375,949	406,647
Oleoducto de los Llanos Orientales S.A.		106,729	102,774
Invercolsa S.A.		100,429	100,682
Oleoducto de Colombia S.A. - ODC		26,608	27,591
Total	****	12,192,292	2,560,568

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

23.5.Other comprehensive income

The following is the composition of the other comprehensive results attributable to the shareholders of the parent company, net of deferred income tax:


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Foreign currency translation		19,275,938		15,055,305
Hedges of a net investment in a foreign operation		(5,301,144)		(3,165,320)
Gains and loss on defined benefit obligation		(4,084,451)		(3,942,417)
Cash flow hedging - Future crude oil exports		(549,508)		601,744
Cash flow hedging - Derivative financial instruments		81,358		124,384
Financial instruments measured at fair value		717		952
	****	9,422,910		8,674,648

23.6.Earnings per share


	June 30,	June 30,
	2024	2023
	(Unaudited)
Profit attributable to Ecopetrol’s shareholders	6,642,349	11,931,149
Weighted average number of outstanding shares	41,116,694,690	41,116,694,690
Net basic earnings per share (Colombian pesos)	161.5	290.2

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

24 .	Revenue from contracts with customers


		Six-month period ended June 30,
	****	2024	****	2023
		(Unaudited)
National sales
Mid-distillates (1)		14,344,857		16,480,792
Gasolines (1)		9,043,982		12,512,904
Natural gas		1,971,259		2,271,821
Services		1,865,643		1,809,889
Electric power transmission services (2)		1,522,356		1,350,548
Plastic and rubber		445,287		654,029
Fuel gas Service		514,013		491,706
Asphalts		386,922		464,815
L.P.G. and propane		321,473		479,782
Roads and construction services (2)		160,635		176,879
Polyethylene		150,642		158,669
Aromatics		131,702		157,009
Crude oil		178		125,486
Other products		316,000		341,489
	****	31,174,949		37,475,818
Foreign sales
Crude oil		22,989,399		25,001,389
Diesel		969,035		1,946,402
Fuel oil		1,720,541		1,826,690
Electric power transmission services (2)		2,621,770		3,061,980
Roads and construction services (2)		2,495,770		2,546,680
Plastic and rubber		561,082		749,103
L.P.G. and propane		170,872		149,225
Gasolines		149,590		193,394
Cash flow hedging (3)		(90,623)		(673,551)
Other products		1,167,161		945,194
	****	32,754,597		35,746,506
	****	63,929,546		73,222,324
(1)	Includes the value corresponding to the application of Resolution 180522 of March 29, 2010, and other regulations that modify and add to it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure to recognize the subsidy for refiners and importers of regular motor gasoline and ACPM, and the methodology for calculating the net position (value generated between the parity price and the regulated price, which can be positive or negative). As of June 30, 2024, the value recognized for price differential corresponds to $4,458,676 (2023: $13,012,975).
---	---
(2)	Corresponds to the revenue derived from the electric power transmission contracts and toll roads concessions contracts of Interconexión Eléctrica S.A. E.S.P.
---	---
(3)	Includes the result of hedges for future exports for $40,114 (2023: ($656,746)) and operations with derivative financial instruments for $(130,737) (2023: (16,805)).
---	---

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

25.	Cost of sales


	****	Six-month period ended June 30,
	****	2024	****	2023
		(Unaudited)
Costs variables
Imported products (1)		9,301,496		12,941,008
Purchases of crude in associations and concessions		6,095,118		7,122,442
Depreciation, depletion, and amortization		4,642,829		3,692,227
Hydrocarbon purchases - ANH (2)		4,120,442		3,736,297
Electric Energy		1,088,360		900,979
Gas royalties in cash		509,940		682,877
Taxes and contributions		33,828		164,934
Hydrocarbon transportation services		834,586		744,765
Processing materials		727,609		717,049
Purchases of other products and gas		701,844		627,766
Services contracted in association		150,289		158,116
Extensive tests		29,095		42,148
Others (3)		(751,369)		1,226,743
	****	27,484,067		32,757,351
Fixed cost
Depreciation and amortization		2,403,088		2,555,684
Maintenance		2,232,203		1,993,000
Labor costs		2,139,056		1,968,750
Contracted services		1,716,484		1,550,482
Construction services		1,587,718		1,343,037
Contracted services in associations		667,485		723,716
Taxes and contributions		597,098		555,889
Materials and operating supplies		378,514		424,404
Hydrocarbon transportation services		164,386		121,737
General costs		273,420		271,181
	****	12,159,452		11,507,880
	****	39,643,519		44,265,231
(1)	Imported products correspond mainly to middle distillates and gasoline, the variation is due to a lower requirement due to the greater operation in refineries.
---	---
(2)	Corresponds mainly to royalty crude purchases made by Ecopetrol S.A. from the National Hydrocarbons Agency (ANH), derived from national production.
---	---
(3)	It corresponds to i) the process of use and valuation of core inventories, ii) measurement at net realizable value (NRV), and iii) other capitalizable charges to projects.
---	---

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

26.	Administrative, operation and project expenses


	****	Six-month period ended June 30,
	****	2024	****	2023
		(Unaudited)
Administration expenses
General expenses		909,471		1,011,675
Labor expenses		950,928		937,627
Depreciation and amortization		217,611		238,832
Taxes		49,649		48,508
	****	2,127,659		2,236,642
Operation and project expenses
Exploration expenses (1)		824,819		498,677
Commissions, fees, freights, and services		768,696		836,283
Taxes		438,275		411,330
Labor expenses		211,473		195,771
Fee for regulatory entities		176,324		154,092
Maintenance		34,806		43,861
Depreciation and amortization		22,972		37,556
Other		138,398		21,723
	****	2,615,763		2,199,293
(1)	As of June 30, 2024, it mainly includes i) the disposals of Orca1, Morito, Machin1, Arauca-15 and Anturio wells and seismic work and studies in Ecopetrol SA., ii) the disposals of Milonga and Sabanales wells and exploratory and seismic expenses in Llanos, VIM8, Perdices, Cor-9, SN-18, Upar, Vim-42, Guajira-gas in Hocol S.A. and iii) exploratory and seismic expenses in Ecopetrol Brasil.
---	---

27.	Other operating expenses


	****	Six-month period ended June 30,
	****	2024	****	2023
		(Unaudited)
Legal provisions expense		(205,631)		(222,327)
Loss on sale of assets		(54,673)		(53,673)
Impairment of current assets		(40,507)		(53,051)
Other income		104,130		102,333
	****	(196,681)		(226,718)

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

28.	Financial result s


		Six-month period ended June 30,
	****	2024	****	2023
		(Unaudited)
Finance income
Results from financial assets		40,798		304,633
Yields and interests		782,821		1,012,873
(Loss) gain on derivative settlement		504		1,458
Dividends		—		90
Other financial incomes (expenses)		28,155		30,429
	****	852,278		1,349,483
Financial expenses
Financial cost of loans and borrowings		(3,496,572)		(3,428,301)
Financial cost of other liabilities (1)		(1,264,839)		(1,226,402)
Results from financial assets		(21,976)		(246,401)
Other financial expenses		(206,333)		(545,127)
	****	(4,989,720)		(5,446,231)
Foreign exchange	****
Foreign exchange gain		45,267		547,244
		45,267		547,244
	****	(4,092,175)		(3,549,504)
(1)	It includes the financial expense for the updating of the liability for abandonment costs, and the interest, net of post-employment benefits and other long-term employee benefits.
---	---

29.	Risk management

29.1.Exchange rate risk

Ecopetrol Business Group operates both in the local (Colombia) and international markets, for this reason, it is exposed to exchange rate risk, to a greater extent due to fluctuations in exchange rates, especially the peso/US dollar rate.

As of June 30, 2024, the Colombian peso depreciated 7.86% from a closing rate of $3,822.04 on December 31, 2023, to $4,148.04 pesos per dollar. When the Colombian peso depreciates, export revenues, when converted to pesos, increase, and imports and foreign debt service become more expensive.

The book values of financial assets and liabilities denominated in foreign currency are presented in the following table:


	****	June 30,	****	December 31,
(USD$ Millions)		2024		2023
		(Unaudited)
Cash and cash equivalents		806		554
Other financial assets		765		1,188
Trade receivables and payables		(178)		(973)
Loans and borrowings		(18,838)		(18,470)
Other assets and liabilities		25		268
Net liability position	****	(17,420)		(17,433)

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Of the total net position, USD$(16,590) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(16,956) correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange difference valuation of the remaining net assets for USD$366 million affects the statement of profit and loss. Likewise, USD$(830) million of the net position correspond to monetary assets and liabilities of Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement.

29.2.Sensitivity analysis for exchange rate risk

The following is the effect that a variation of 1% and 5% would have in the exchange rate of Colombian pesos against the U.S. United States dollar, related to the exposure of financial assets and liabilities in foreign currency as of June 30, 2024:


Scenario / variation in the	****	Effect on income	****	Effect on other
exchange rate		before taxes +/–		comprehensive income +/
1	%	19,255		703,334
5	%	96,273		3,516,669

29.3.Cash flow hedge for future exports

To express the effect of the natural hedge existing between exports and debt in the financial statements, the exchange rate risk materializes when exports are made. On September 30, 2015, the Board of Directors made the first designation of Ecopetrol’s debt as a hedging instrument for its future income from crude oil exports.

The following is the movement of this non-derivative hedging instrument:


	****	June 30,	****	December 31,
(USD$ Millions)		2024		2023
		(Unaudited)
Opening balance	****	6,265		5,572
Reassignment of hedging instruments		290		970
Realized exports		(290)		(970)
Designation of new hedges		—		693
Closing balance	****	6,265		6,265

The following is the movement in the other comprehensive income:


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Opening balance	****	(601,744)		2,473,999
Exchange difference		2,016,943		(5,194,529)
Realized exports (Note 24)		40,114		(479,779)
Ineffectiveness		2,330		(25,454)
Deferred tax		(908,135)		2,624,019
Closing balance	****	549,508		(601,744)

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss is as follows:


Year	****	Before taxes	****	Taxes	****	After taxes
2024		(140,853)		61,879		(78,974)
2025		(288,815)		127,101		(161,714)
2026		(305,153)		134,291		(170,862)
2027		(23,853)		10,497		(13,356)
2028		(25,155)		11,070		(14,085)
2029		(27,168)		11,956		(15,212)
2030		(46,841)		20,614		(26,227)
2031		(56,734)		24,967		(31,767)
2032		(60,868)		26,787		(34,081)
2033		(5,766)		2,536		(3,230)
		(981,206)		431,698		(549,508)

29.4.Hedge of a net investment in a foreign operation

The Board of Directors approved the application of hedge accounting of net investment from June 8, 2016. The measure seeks to reduce the volatility of non-operating income due to the exchange difference. The hedge of a net investment applies to a portion of the investments the Company has in foreign currency, in this case in subsidiaries with the US dollars as their functional currency, using as hedging instrument a portion of the Company’s debt denominated in U.S. dollars.

As of June 30, 2024, the total hedged balance is USD$10,695 million, which includes: i) Ecopetrol S.A. USD$10,365 million and ii) ISA Colombia for USD$330 million in hedge of net investment in the companies ISA REP, ISA Perú, Consorcio Transmantaro (CTM) and Proyectos de Infrastructura del Perú (PDI).

The following is the movement in the other comprehensive income:


	****	June 30,	****	December 31,
		2024		2023
		(Unaudited)
Opening balance	****	3,140,684		9,354,071
Exchange difference		3,571,287		(8,973,470)
Deferred tax		(1,382,016)		2,760,083
Closing balance	****	5,329,955		3,140,684

29.5.Commodity Price risk

The price risk of raw materials is associated with the Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices.

The risk of such exposure is partially hedged in a natural way, as an integrated Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices.

The Group has a policy for the execution of (strategic and tactical) hedges and implemented processes, procedures, and controls for their management. 34

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The main purpose of the strategic hedging program is to protect the Group’s consolidated financial statements from the volatility of market variables in each period, to protect income and thus cash flow. During 2022, a hedging plan was executed to protect the cash against low price scenarios below the budget base price, in this sense, put options were purchased. There is not balance of these financial instruments as of June 30, 2024, and December 31, 2023.

On the other hand, tactical hedges allow to capture value in trading operations and Asset Backed Trading (ABT), thereby mitigating the market risk of specific operations. In the trading activity, commitments in physical spot and forward contracts could represent an exposure to commodity price risk, in particular the risk associated with the volatility of the price of crude oil and refined products. Although this exposure is part of the natural risk of the production, refining, and marketing activity made by Ecopetrol, sometimes marketing, to maximize value capture, can concentrate the exposure to risk in terms of time and/or or indicator that differs from the Company’s natural price risk profile.

As of the date of this report, Ecopetrol Business Group recognizes a total net liability position in swaps for $222 (December 2023: liability $6,350). These transactions with financial derivatives are recognized under cash flow hedge accounting.

29.6.Risk and opportunities related to climate

Ecopetrol Business Group has an identification of physical and transition risks considering short, medium, and long-term climate scenarios, and opportunities, based on energy transition scenarios that guide the company’s long-term strategic analysis.

●

Physical risks: are related to the Company’s exposure and vulnerability to the impacts of climate change and climate variability, which could affect operational continuity and increase the exposure of assets to possible damages. Physical risks are classified as acute and chronic.

Acute risks are those caused by extreme weather events, whose frequency and intensity have been increasing due to the gradual increase in global temperature. In Colombian territory they are mainly reflected in the occurrence of the climate variability phenomenon “El Niño” and its opposite phase “La Niña”. These conditions could result in, among others, water shortages, heat waves, floods, and fires.

---

At the end of 2023, the “El Niño” phenomenon was consolidated with strong intensity. By the second quarter, the conditions of the phenomenon weakened and the transition to the neutrality phase began. It is reported that, for the second quarter, there were no substantial impacts on the infrastructure or operations of the Ecopetrol Business Group. In relation to the “La Niña” phenomenon, it is in a state of surveillance, Ecopetrol is advancing in the preparation and monitoring phase for the potential impacts that may occur in the face of climatic threats of natural origin (floods, strong winds and mass movements, among others).

o	Chronic risks derive from a sustained change in the medium and long term in climate conditions, which for the Business Group can be reflected in the rise in sea level, thermal overload and droughts, beyond 2050.
●	Transition risk: related to the challenges that the Business Group has identified to move towards a low-carbon, sustainable and competitive operation. The Business Group carried out a prioritization of transition risks to establish their financial impact, identifying the following:
---	---
o	Regulatory risk, associated with regulatory changes that may directly affect the Company in the short and medium term. Among the regulatory changes, the following can be highlighted: (i) new information requirements associated with mitigation and adaptation for the application or modification of current and future licenses, (ii) greater requirements associated with the regulations for the detection and repair of leaks. , gas flaring and venting, (iii) disclosure requirements on environmental and social issues by regulatory entities, (iv) new requirements for the assessment and verification of reduction projects and their registration in the National Registry of Gas Emissions Reductions Greenhouse Gases (RENARE), (v) possible restrictions on the voluntary compensation of GHG emissions,
---	---

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

(vi) implementation of the National Program for Tradable Emissions Quotas (PNCTE), in which emission rights would be assigned, among others.

During 2023, the National Environmental License Authority (ANLA) in Colombia, incorporated into applications for environmental licenses, modification of licenses or minor changes in production and exploration, requirements associated with the quantification of GHG emissions, mitigation actions, vulnerability analysis and climate risk, and adaptation actions, within the framework of the Comprehensive Business Climate Change Management Plan. The report of compliance with these requirements must be presented in the Environmental Compliance Reports (ICAs). For the second quarter of 2024, the requirement was applied for (2) files with a request for modification. The document associated with the PIGCCe is public for consult.

o	Legal risk, associated with the negative reactions and lawsuits against the climate action of Ecopetrol Business Group
o	Risk of assets trapped in the traditional business of hydrocarbon production, transportation, and refining, considering factors such as fuel demand prospects and asset profit horizons.
---	---
o	Market risk, related to the change in preferences in the use of low-carbon products in the long term, which implies a risk for the Company of not being able to meet market demand and of not advancing effectively in the development of these products and cost impact due to carbon price change.
---	---
o	Reputational risk, associated with the impossibility of responding in a timely way to the expectations and demand of investors and other interest groups to establish ambitious objectives regarding climate change, which would affect the image of the Company.
---	---
o	Technological risk, associated with the negative effects on the profitability of the business if there is no preparation and capacity to adapt to new technologies because of the transition process.
---	---

The transition risk analysis considered the market and regulatory risks with the highest probability of materialization and were evaluated under the three scenarios of the World Energy Outlook 2022 of the International Energy Agency (IEA): (i) Net Zero Emissions (NZE), (ii) Announced Pledges Scenario (APS), and (iii) Stated Policies Scenario (STEPS). In market risk, as a first approximation, the impact on the value of the Upstream segment assets and their resilience to different hydrocarbon demand expectations was analyzed. In the APS and STEPS scenarios, the oil business shows resilience to volatility. However, this exercise cannot be considered absolute, since the IEA scenarios do not consider the dynamics of local energy demand, especially the natural gas market. With respect to regulation risk, the regulatory evolution related to the energy transition and climate change involves regulatory changes that may directly affect the Business Group in the short and medium term. The Business Group is committed to contributing significantly to national and sectoral goals, which in the future may be reflected in potential mandatory requirements. Faced with this risk, the Business Group evaluated two routes: i) quantification of the impact on the costs associated with a potential change in carbon prices and ii) quantification of the financial repercussions derived from higher abatement costs, due to limitations due to use of offsets, to analyze the effects on cash flow and possible capital allocation needs to enable the entry of new abatement opportunities to achieve decarbonization goals.

To manage the indicated risks, the Business Group defined as strategic risk the “Inadequate response to challenges associated with climate change, water and biodiversity”, which incorporates treatment actions, Key Risk Indicators (KRI) and controls to effectively manage the causes and mitigate the materialization of the risk. This definition as corporate risk allows the Business Group to define actions to move towards decarbonization and the fulfillment of medium and long-term goals and adaptation to climate variability and normal weather conditions in the country, to mitigate the effects associated with availability and water security in the regions, energy security, among others.

●

Opportunities associated with climate, these arise from the analysis of risks associated with climate, the review of energy transition scenarios, the implementation of the decarbonization plan and the alignment with the 2040 “Energy that Transforms” strategy. In the process of identifying and evaluating opportunities, the Company monitors and evaluates the energy market and the business environment, by defining energy transition scenarios that guide the long-term strategic analysis of the Business

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Group (2040). Opportunities have been identified related to the diversification of the traditional business, the incorporation of sustainable and low-emission businesses in the portfolio, diversification in the electricity and infrastructure market and the strengthening of energy efficiency and renewable energies.

29.7.Capital management

The main objective of Ecopetrol Business Group’s Capital Management is to ensure a financial structure that will optimize the Company’s cost of capital, maximize the returns to its shareholders and allow access to financial markets at a competitive cost to cover its financing needs.

The following is the leverage index over the periods reported:


	****	June 30,	****	December 31,	****
		2024		2023
		(Unaudited)
Loans and borrowings (Note 19)		115,019,566		105,815,527
Cash and cash equivalents (Note 6)		(13,236,875)		(12,336,115)
Other financial assets (Note 9)		(2,746,668)		(2,232,775)
Net financial debt	****	99,036,023	****	91,246,637
Equity	****	95,236,419		100,252,480
Leverage (1)	****	50.98	%	47.65	%

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

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

30.	Related parties

The balances with associated companies and joint ventures as of June 30, 2024 (unaudited), and December 31, 2023 are as follows:



		Accounts		Loans		Accounts		Loans		Other
	****	receivable	****	receivable	****	payable	****	payable	****	liabilities
Joint ventures
Equion Energía Limited		—		—		2,410		763,891		1,614
Ecodiesel Colombia S.A.		6,222		—		49,968		—		—
Interligação Elétrica do Madeira S.A.		33,177		—		—		—		—
Interligação Elétrica Garanhuns S.A.		—		40		—		—		—
Interligação Elétrica Paraguaçu S.A.		—		23		—		—		—
Interligação Elétrica Aimorés S.A.		—		23		—		—		—
Interligação Elétrica Ivaí S.A.		17,313		1,633		—		—		—
Conexión Kimal Lo Aguirre S.A.		—		230,980		—		—		—
Associates
Gases del Caribe S.A. E.S.P.		—		—		5,984		—		—
Gas Natural del Oriente S.A. E.S.P.		12,017		—		—		—		—
Gases de la Guajira S.A. E.S.P.		—		—		—		—		—
Extrucol S.A.		3,130		—		484		—		—
E2 Energía Eficiente S.A. E.S.P.		8,265		—		174		—		—
Balance as of June 30, 2024 (unaudited)	****	80,124		232,699		59,020		763,891		1,614
Current		80,124		1,719		59,020		763,891		1,614
Non-current		—		230,980		—		—		—
	****	80,124		232,699		59,020		763,891		1,614
		(Note 7)		(Note 7)		(Note 20)		(Note 19)

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)



		Accounts		Loans		Other		Accounts		Loans		Other
	****	receivable	****	receivable	****	assets	****	payable	****	payable	****	liabilities
Joint ventures
Equion Energía Limited (1)		—		—		84		6,327		683,949		423
Ecodiesel Colombia S.A.		4,953		—		—		49,429		—		—
Interligação Elétrica do Madeira S.A.		35,100		—		—		—		—		—
Interligação Elétrica Garanhuns S.A.		10,292		41		—		—		—		—
Interligação Elétrica Paraguaçu S.A.		11,366		25		—		—		—		—
Interligação Elétrica Aimorés S.A.		7,612		25		—		—		—		—
Interligação Elétrica Ivaí S.A.		18,316		1,097		—		—		—		—
Transmissora Aliança de Energia Elétrica S.A.		26,783		—		—		—		—		—
Conexión Kimal Lo Aguirre S.A.		—		143,236		—		—		—		—
Associates
Gas Natural del Oriente S.A. E.S.P.		—		—		—		7,560		—		—
Extrucol S.A.		—		—		—		1,028		—		—
E2 Energía Eficiente S.A. E.S.P.		7,215		—		—		422		—		—
Internexa Brasil Operadora de Telecomunicaciones		—		235		—		—		—		—
Balance as of December 31, 2023	****	121,637		144,659		84		64,766		683,949		423
Current		121,637		1,421		84		64,766		683,949		423
Non-current		—		143,238		—		—		—		—
	****	121,637		144,659		84		64,766		683,949		423
		(Note 7)		(Note 7)		(Note 11)		(Note 20)		(Note 19)

Loans payable:

(1)	Deposits held by Equion in Ecopetrol Capital AG.

The main transactions with related parties for the periods ended June 30, are detailed as follows:


		2024				2023
				Purchases of				Purchases of
		Sales and		product and		Sales and		product and
	****	services	****	other	****	services	****	other
		(Unaudited)				(Unaudited)
Joint ventures
Equion Energía Limited		—		—		487		—
Ecodiesel Colombia S.A.		16,454		248,457		11,658		289,250
		16,454		248,457		12,145		289,250
Associates
Gases del Caribe S.A. E.S.P.		—		14,673		—		—
Gas Natural del Oriente S.A. E.S.P.		—		5,394		—		19,319
Extrucol S.A.		—		1,459		—		—
E2 Energía Eficiente S.A. E.S.P.		41,418		1,457		8		2,157
Serviport S.A.		—		—		50,377		2,714
	****	41,418		22,983		50,385		24,190
		57,872		271,440		62,530		313,440

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

31.	Segments information

The description of the business segments can be seen in note 4.20 of the annual consolidated financial statements December 31, 2023.

The following information by segments is reported based on the information used by the Board of Directors, as the highest body for making strategic and operational decisions of the business segments. The performance of the segments is based mainly on analyzes of income, costs, expenses, and results for the period generated by each segment, which are monitored periodically.

The information disclosed in each segment is presented net of the transactions carried out between the Group companies.

31.1.Statement of profit or loss by segment

Below is the profit and loss statement by segment as of and for the periods ended June 30:


		Six-month period ended June 30, 2024 (Unaudited) (1)
								Electric power
		Exploration						transmission
		and	****	Refining and	****	Transportation	****	and toll roads	****
	****	Production		Petrochemicals		and Logistics		concessions		Eliminations	****	Total
Third party sales		24,959,490		30,611,348		1,384,099		7,094,262		(119,653)		63,929,546
Inter-segment sales		15,255,699		3,767,104		5,809,753		1,225		(24,833,781)		—
Revenue from contracts with customers	****	40,215,189		34,378,452		7,193,852		7,095,487		(24,953,434)		63,929,546
Costs of sales	****	(26,233,439)		(32,986,373)		(1,990,319)		(3,178,533)		24,745,145		(39,643,519)
Gross profit	****	13,981,750		1,392,079		5,203,533		3,916,954		(208,289)		24,286,027
Administration expenses		(1,011,355)		(435,424)		(301,573)		(568,797)		189,490		(2,127,659)
Operation and projects expenses		(1,888,828)		(630,546)		(197,753)		—		101,364		(2,615,763)
Impairment of non-current assets		—		(5,282)		—		(2,956)		—		(8,238)
Other operating (expense) income	****	(204,528)		(42,734)		100,895		31,972		(82,286)		(196,681)
Operating income		10,877,039		278,093		4,805,102		3,377,173		279		19,337,686
Financial results
Financial income		570,047		82,915		148,490		321,328		(270,502)		852,278
Financial expenses		(2,413,247)		(850,850)		(166,755)		(1,828,656)		269,788		(4,989,720)
Foreign exchange (loss) gain	****	(116,617)		(18,749)		200,168		(19,535)		—		45,267
		(1,959,817)		(786,684)		181,903		(1,526,863)		(714)		(4,092,175)

Share of profit of associates and joint ventures	****	16,505		97,720		—		272,066		—		386,291
Profit before income tax expense		8,933,727		(410,871)		4,987,005		2,122,376		(435)		15,631,802

Income tax expense	****	(4,375,740)		(476,477)		(1,784,424)		(277,387)		—		(6,914,028)
Net profit for the period		4,557,987		(887,348)		3,202,581		1,844,989		(435)		8,717,774

Net profit (loss) attributable to:
Owners of the parent		4,597,514		(985,633)		2,612,283		418,620		(435)		6,642,349
Non-controlling interest	****	(39,527)		98,285		590,298		1,426,369		—		2,075,425
		4,557,987		(887,348)		3,202,581		1,844,989		(435)		8,717,774

(1)Statement of profit and loss by segment for the first half of 2024 (period from January 1 to June 30, 2024). 40

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)


		Six-month period ended June 30, 2023 (Unaudited) (1)
								Electric power
		Exploration						transmission
	****	and	****	Refining and	****	Transportation	****	and toll roads	****
		Production		Petrochemicals		and Logistics		concessions		Eliminations	****	Total
Third party sales		25,958,987		39,074,037		1,519,252		7,456,833		(786,785)		73,222,324
Inter-segment sales		14,244,811		3,534,417		6,532,846		1,623		(24,313,697)		—
Revenue from contracts with customers	****	40,203,798		42,608,454		8,052,098		7,458,456		(25,100,482)		73,222,324
Costs of sales	****	(25,517,091)		(38,636,523)		(2,048,042)		(2,958,924)		24,895,349		(44,265,231)
Gross profit	****	14,686,707		3,971,931		6,004,056		4,499,532		(205,133)		28,957,093
Administration expenses		(1,165,724)		(364,671)		(291,523)		(583,002)		168,278		(2,236,642)
Operation and projects expenses		(1,433,894)		(708,324)		(170,147)		—		113,072		(2,199,293)
Impairment of non–current assets		—		(5,795)		—		(763)		—		(6,558)
Other operating (expense) income		(175,097)		(34,647)		12,106		(27,052)		(2,028)		(226,718)
Operating income	****	11,911,992		2,858,494		5,554,492		3,888,715		74,189		24,287,882
Financial results
Financial income		924,689		122,835		266,247		405,811		(370,099)		1,349,483
Financial expenses		(2,450,349)		(946,212)		(183,818)		(2,161,343)		295,491		(5,446,231)
Foreign exchange gain (loss)		622,037		251,134		(105,317)		(220,610)		—		547,244
		(903,623)		(572,243)		(22,888)		(1,976,142)		(74,608)		(3,549,504)

Share of profit of associates and joint ventures	****	12,111		140,349		—		344,675		—		497,135
Profit before income tax expense		11,020,480		2,426,600		5,531,604		2,257,248		(419)		21,235,513

Income tax expense	****	(4,861,356)		97,121		(1,801,932)		(197,759)		—		(6,763,926)
Net profit (loss) for the period		6,159,124		2,523,721		3,729,672		2,059,489		(419)		14,471,587

Net profit (loss) attributable to:
Owners of the parent		6,211,347		2,411,227		2,996,518		312,476		(419)		11,931,149
Non–controlling interest		(52,223)		112,494		733,154		1,747,013		—		2,540,438
	****	6,159,124		2,523,721		3,729,672		2,059,489		(419)		14,471,587

(1)Statement of profit and loss by segment for the first half of 2023 (period from January 1 to June 30, 2023). 41

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

31.2.Revenue from contracts with customers


		Revenue from contracts with customers - Segments
		Six-month period ended June 30, 2024 (Unaudited)
							****	Electric power	****
		Exploration						transmission
		and		Refining and		Transportation		and toll roads
	****	Production	****	Petrochemicals	****	and Logistics		concessions		Eliminations	****	Total
National sales
Mid-distillates		—		14,355,484		—		—		(10,627)		14,344,857
Gasolines		—		11,206,554		—		—		(2,162,572)		9,043,982
Natural gas		2,532,933		—		—		—		(561,674)		1,971,259
Services		141,993		343,477		7,193,854		194,675		(6,008,356)		1,865,643
Electric power transmission services		—		—		—		1,522,356		—		1,522,356
Roads and construction services		—		—		—		160,635		—		160,635
Fuel gas service		—		519,086		—		—		(5,073)		514,013
Plastic and rubber		—		445,287		—		—		—		445,287
Asphalts		37,055		349,867		—		—		—		386,922
L.P.G. and propane		203,423		124,695		—		—		(6,645)		321,473
Crude oil		14,645,726		—		—		—		(14,645,548)		178
Polyethylene		—		150,313		—		—		329		150,642
Aromatics		—		131,702		—		—		—		131,702
Other products		17,832		1,851,687		—		—		(1,553,519)		316,000
	****	17,578,962		29,478,152		7,193,854		1,877,666		(24,953,685)		31,174,949
Foreign sales
Crude oil		22,508,667		480,732		—		—		—		22,989,399
Diesel		—		969,035		—		—		—		969,035
Electric power transmission services		—		—		—		2,621,770		—		2,621,770
Construction services		—		—		—		2,495,770		—		2,495,770
Plastic and rubber		—		561,082		—		—		—		561,082
Gasolines		—		149,590		—		—		—		149,590
Fuel oil		—		1,720,371		—		—		170		1,720,541
L.P.G. and propane		170,872		—		—		—		—		170,872
Cash flow hedging		(90,623)		—		—		—		—		(90,623)
Other products		47,309		1,019,490		—		100,281		81		1,167,161
	****	22,636,225		4,900,300		—		5,217,821		251		32,754,597
		40,215,187		34,378,452		7,193,854		7,095,487		(24,953,434)		63,929,546

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)


		Revenue from contracts with customers - Segments
		Six-month period ended June 30, 2023 (Unaudited)
	****						****	Electric power	****
		Exploration						transmission
		and		Refining and		Transportation		and toll roads
		Production	****	Petrochemicals	****	and Logistics		concessions		Eliminations	****	Total
National sales
Mid-distillates		—		16,500,309		—		—		(19,517)		16,480,792
Gasolines		—		14,415,225		—		—		(1,902,321)		12,512,904
Natural gas		2,897,671		—		—		—		(625,850)		2,271,821
Services		176,945		926,733		8,052,098		156,470		(7,502,357)		1,809,889
Electric power transmission services		—		—		—		1,350,548		—		1,350,548
Roads and construction services		—		—		—		176,879		—		176,879
Fuel gas service		—		496,590		—		—		(4,884)		491,706
Plastic and rubber		—		654,029		—		—		—		654,029
Asphalts		31,230		433,585		—		—		—		464,815
L.P.G. and propane		321,950		168,656		—		—		(10,824)		479,782
Crude oil		13,568,668		—		—		—		(13,443,182)		125,486
Polyethylene		—		158,669		—		—		—		158,669
Aromatics		—		157,009		—		—		—		157,009
Other products		17,043		1,915,993		—		—		(1,591,547)		341,489
	****	17,013,507		35,826,798		8,052,098		1,683,897		(25,100,482)		37,475,818
Foreign sales
Crude oil		23,654,132		1,347,257		—		—		—		25,001,389
Diesel		—		1,946,402		—		—		—		1,946,402
Electric power transmission services		—		—		—		3,061,980		—		3,061,980
Construction services		—		—		—		2,546,680		—		2,546,680
Plastic and rubber		—		749,103		—		—		—		749,103
Gasolines		—		193,394		—		—		—		193,394
Fuel oil		—		1,826,690		—		—		—		1,826,690
L.P.G. and propane		149,225		—		—		—		—		149,225
Cash flow hedging		(673,551)		—		—		—		—		(673,551)
Other products		60,485		718,810		—		165,899		—		945,194
	****	23,190,291		6,781,656		—		5,774,559		—		35,746,506
	****	40,203,798		42,608,454		8,052,098		7,458,456		(25,100,482)		73,222,324

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

32.	Relevant and/or subsequent events (unaudited)
●	Appeal filed by the Ministry of Finance and Public Credit facing the Court on the deductibility of royalties.
---	---

The appeal filed by the Ministry of Finance and Public Credit suspends the effects of the court’s decision not to modulate the effects of ruling C489 of 2023 regarding the deductibility of royalties.

●	Ocensa announces the acquisition of 100% of the shares of C.I. Repsol Ductos Colombia.

On July 22, 2024, Oleoducto Central S.A., belonging to the Ecopetrol Business Group, announced the acquisition of 100% of the shares of the company CI Repsol Ductos Colombia S.A.S. (“RDC”).

RDC’s main asset is the shares in the Oleoducto de Colombia S.A. – ODC, which represent a 7.14% stake. The ODC is a private oil pipeline with an indefinite validity, which has been operating for 35 years transporting crude oil between the Vasconia Station, located in the municipality of Puerto Boyacá (Boyacá) and the Coveñas Maritime Terminal, in the municipalities of Coveñas (Sucre) and San Antero (Córdoba).

●	Ecopetrol S.A. begins a partial refinancing of USD $250 million of debt maturities in 2026

On August 6, 2024, Ecopetrol S.A. reported that, as part of its comprehensive debt management strategy, it will prepay USD $250 million of its international bond maturing in June 2026, which was issued in 2015. The outstanding nominal balance of the bond is USD $1,500 million, with a coupon rate of 5.375%.

The redemption date of the bonds will take place on September 5, 2024, at an approximate redemption price of USD $1,014.95 for each USD $1,000 of principal plus the accrued interest. The final amount of the transaction will be confirmed on the redemption date.

The early payment is in line with the objectives of the financial plan and confirms Ecopetrol S.A.’s commitment to proactively manage the refinancing of maturities in 2026.

●	Ecopetrol obtained authorization to execute a loan agreement with an international bank for two-hundred fifty million dollars

Ecopetrol announced that the Ministry of Finance and Public Credit (“MHCP”) has authorized Ecopetrol to execute a loan agreement for up to two-hundred fifty million dollars through Resolution 2476 dated August 20, 2024.

The loan is expected to be executed by and between the Company, as borrower, and Sumitomo Mitsui Banking Corporation, as lender. The term of the loan is expected to be five years, with the principal payable at maturity and a variable interest rate. The proceeds from this transaction are expected to be allocated to non-investment expenses, including the repayment of financial commitments maturing 2026.

According to the procedure outlined in the contract, the MHCP reviewed and authorized the terms, which anticipate borrower default events such as non-payment or failure to fulfill obligations. If these events materialize, the lenders may demand early repayment. Additionally, Ecopetrol may seek recourse if the agreed disbursements are not made. All of the above is in compliance and will be governed by the laws of the State of New York.

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Exhibit 1. Consolidated companies, associates, and joint ventures (Unaudited)


		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Subsidiaries
Refinería de Cartagena S.A.S.	U.S. Dollar	100	%	Hydrocarbons refining, marketing and distribution	Colombia	Colombia	23,509,708	(910,551)	35,121,833	11,612,125
Cenit transporte y logística de hidrocarburos S.A.S.	Colombian peso	100	%	Storage and transportation through hydrocarbon pipelines	Colombia	Colombia	14,274,042	2,661,860	17,842,988	3,568,946
Ecopetrol Global Energy S.L.U.	U.S. Dollar	100	%	Investment vehicle	Spain	Spain	16,510,216	528,155	16,510,297	81
Oleoducto Central S.A. - Ocensa	U.S. Dollar	72.65	%	Transportation through hydrocarbon pipelines	Colombia	Colombia	3,633,946	1,451,722	6,759,523	3,125,577
Hocol Petroleum Limited.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	3,866,756	96,711	4,112,856	246,100
Ecopetrol América LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	1,750,271	47,976	3,392,774	1,642,503
Hocol S.A.	U.S. Dollar	100	%	Exploration, exploitation, and production of hydrocarbons	Cayman Islands	Colombia	3,351,032	125,601	5,259,866	1,908,834
Esenttia S.A.	U.S. Dollar	100	%	Production and commercialization of polypropylene resin	Colombia	Colombia	2,558,163	(81,043)	3,116,775	558,612
Ecopetrol Capital AG	U.S. Dollar	100	%	Collection of surpluses from, and providing funds to, companies of the Ecopetrol Business Group	Switzerland	Switzerland	2,936,964	44,593	8,655,529	5,718,565
Oleoducto de Colombia S. A. – ODC	Colombian peso	73	%	Pipeline transportation of crude oil	Colombia	Colombia	417,523	172,927	799,041	381,518
Black Gold Re Ltd.	U.S. Dollar	100	%	Reaseguradora para compañías del Grupo Empresarial Ecopetrol	Bermuda	Bermuda	1,217,714	48,479	1,389,000	171,286
Andean Chemicals Ltd.	U.S. Dollar	100	%	Investment vehicle	Bermuda	Bermuda	1,915,191	(50,927)	1,931,415	16,224
Oleoducto de los Llanos Orientales S. A. - ODL	Colombian peso	65	%	Pipeline transportation of crude oil	Panama	Colombia	512,682	305,740	1,236,078	723,396
Interconexión Eléctrica S.A. E.S.P.	Colombian peso	51.41	%	-Provision of the public electricity<br>transmission service<br>- Development of infrastructure<br>projects and their commercial<br>exploitation and<br>- Software development, Information<br>technology and telecommunications<br>activities and services	Colombia	Latin America	26,584,977	1,341,999	73,480,911	46,895,934

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)


		Ownership				Geographic		Profit
	Functional	Interest			Country/	area of		(loss) for	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	the period	assets	liabilities
Inversiones de Gases de Colombia S.A. Invercolsa S.A.	Colombian peso	51.88	%	Holding with investments in transportation and distribution companies of natural gas and LPG in Colombia	Colombia	Colombia	580,247	266,589	746,271	166,024
Alcanos de Colombia S.A. E.S.P. (1)	Colombian peso	29.61	%	Provision of the home public service of fuel gas, the construction and operation of gas pipelines, distribution networks, regulation, measurement, and compression stations.	Colombia	Colombia	297,244	107,430	837,451	540,207
Metrogas de Colombia S.A E.S.P. (1)	Colombian peso	33.49	%	Provision of the public service of commercialization and distribution of fuel gas; the exploration, exploitation, storage, use, transportation, refining, purchase, sale and distribution of hydrocarbons and their derivatives.	Colombia	Colombia	52,944	16,411	142,043	89,099
Gases del Oriente S.A. E.S.P. (1)	Colombian peso	48.50	%	Provision of the home public service of fuel gas distribution and the development of all complementary activities to the provision of said service.	Colombia	Colombia	77,161	47,069	215,458	138,297
Promotora de Gases del Sur S.A. E.S.P. (1)	Colombian peso	31.44	%	Promote the linking of national or foreign capital, public or private, to achieve the gas massification project.	Colombia	Colombia	44,835	30,035	91,343	46,508
Combustibles Líquidos de Colombia S.A E.S.P. (1)	Colombian peso	41.61	%	Wholesale commercialization of fuel gas, the provision of the home public LPG distribution service and the development of complementary activities to the provision of said service.	Colombia	Colombia	61,606	1,198	82,341	20,735

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)


		Ownership				Geographic		Profit (loss)
	Functional	Interest			Country/	area of		for the	Total	Total
Company	Currency	Ecopetrol		Activity	Domicile	operations	Net equity	period	assets	liabilities
Ecopetrol USA Inc.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	14,511,454	608,693	14,525,985	14,531
Ecopetrol Permian LLC.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	United States of America	United States of America	10,491,472	382,472	13,295,872	2,804,400
Ecopetrol Oleo e Gas do Brasil Ltda.	Real	100	%	Hydrocarbons exploration and exploitation	Brazil	Brazil	1,890,521	(77,760)	1,984,852	94,331
Esenttia Masterbatch Ltda.	Colombian peso	100	%	Manufacture of polypropylene compounds and masterbatches	Colombia	Colombia	318,698	164,590	532,034	213,336
Ecopetrol del Perú S. A.	U.S. Dollar	100	%	Hydrocarbons exploration and exploitation	Peru	Peru	63,522	972	66,219	2,697
ECP Hidrocarburos de México S.A. de C.V.	U.S. Dollar	100	%	Offshore exploration	Mexico	Mexico	44,056	(3,081)	46,447	2,391
Ecopetrol Costa Afuera S.A.S.	Colombian peso	100	%	Offshore exploration	Colombia	Colombia	13,619	224	13,757	138
Esenttia Resinas del Perú SAC	U.S. Dollar	100	%	Commercialization polypropylene resins and masterbatches	Peru	Peru	14,969	(809)	30,152	15,183
Topili Servicios Administrativos S de RL De CV.	Mexican pesos	100	%	Specialized management services	Mexico	Mexico	(454)	(138)	625	1,079
Kalixpan Servicios Técnicos S de RL De CV.	Mexican pesos	100	%	Specialized services related to oil and gas industry	Mexico	Mexico	73	(18)	75	2
Ecopetrol US Trading LLC	U.S. Dollar	100	%	International marketing of crude oil and refined products	United States of America	United States of America	262,345	187,894	2,409,138	2,146,793
Econova Technology & Innovation S.L.	U.S. Dollar	100	%	Execution of activities related to science, technology, and innovation (ST&I) activities.	Spain	Spain	219	(62)	391	172
Ecopetrol Singapore PTE. LTD	Singapore dollar	100	%	Holding company with investment in an international trading company for crude oil and refined products	Singapore	Asia	425,806	194,409	425,901	95
Ecopetrol Trading Asia PTE. LTD	Singapore dollar	100	%	International marketing of crude oil and refined products	Singapore	Asia	425,201	194,394	3,909,793	3,484,592

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Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)


	****		****	Ownership	****		****		****	Geographic	****		****	Profit (loss)	****		****
		Functional		Interest				Country/		area of				for the		Total		Total
Company		Currency		Ecopetrol		Activity		Domicile		operations		Net equity		period		assets		liabilities
Associates
Serviport S.A. (2)		Colombian peso		49	%	Services to support the loading and unloading of oil trucks, supply of equipment for the same purpose, technical inspections, and load measurements		Colombia		Colombia		17,230		(6,773)		38,707		21,477
Sociedad Portuaria Olefinas y Derivados S.A. (3)		Colombian peso		50	%	Construction, use, maintenance, adaptation and administration of port facilities, ports, private docks, or service to the general public		Colombia		Colombia		7,065		(920)		9,084		2,019
Joint ventures
Equion Energía Limited		U.S. Dollar		51	%	Hydrocarbons exploration and exploitation		United Kingdom		Colombia		1,456,602		28,149		1,534,068		77,466
Ecodiesel Colombia S.A. (3)		Colombian peso		50	%	Production, commercialization and distribution of biofuels and oleochemicals		Colombia		Colombia		155,957		18,744		247,720		91,763

(1)	Indirect participation through Inversiones de Gases de Colombia S.A. - Invercolsa S.A.
(2)	Information available as of December 31, 2023, the investment is totally impaired.
---	---
(3)	Information available as of June 30, 2024.
---	---

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Exhibit 2. Consolidated companies, associates, and joint ventures – Interconexión Eléctrica S.A. E.S.P. (Unaudited)


			****		****	Ownership	****						****
				Country/		Interest
Company	****	Activity	****	Domicile	****	ISA	****	Assets	****	Liabilities	****	Equity	****	Profit (loss)
Subsidiaries
Consorcio Transmantaro		Electric power		Peru		60.00	%	8,115,427		6,368,687		1,746,740		195,072
Interligação Eléctrica Evrecy		Electric power		Brazil		35.82	%	368,486		38,151		330,335		(10,739)
Fundo de Investimento Assis		Trust - Special Purpose Entity		Brazil		35.82	%	447,909		—		447,909		11,245
Fundo de Investimento Barra Bonita Renda Fixa Referenciado		Trust - Special Purpose Entity		Brazil		35.82	%	36,782		—		36,782		1,449
Fundo de Investimento Referenciado di Bandeirantes		Trust - Special Purpose Entity		Brazil		29.81	%	617,011		—		617,011		15,057
Fundo de Investimento Xavantes Referenciado di		Trust - Special Purpose Entity		Brazil		24.15	%	802,638		—		802,638		32,583
Interconexiones Viales		Roads		Chile		100.00	%	149		35		114		53
Interligação Elétrica Aguapeí		Electric power		Brazil		35.82	%	580,786		85,893		494,893		16,961
Interligação Elétrica Biguaçu		Electric power		Brazil		35.82	%	409,667		58,995		350,672		30,923
Interligação Elétrica De Minas Gerais		Electric power		Brazil		35.82	%	450,953		36,402		414,551		20,009
Interligação Elétrica Itapura		Electric power		Brazil		35.82	%	168,222		18,524		149,698		6,301
Interligação Elétrica Itaquerê		Electric power		Brazil		35.82	%	499,001		56,129		442,872		27,671
Interligação Elétrica Itaúnes		Electric power		Brazil		35.82	%	488,299		62,556		425,743		31,705
Interligação Elétrica Norte E Nordeste		Electric power		Brazil		35.82	%	431,180		112,065		319,115		19,060
Interligação Elétrica Pinheiros		Electric power		Brazil		35.82	%	59,381		13,395		45,986		2,320
Interligação Elétrica Riacho Grande		Electric power		Brazil		35.82	%	233,166		29,962		203,204		2,520
Interligação Elétrica Serra Do Japi		Electric power		Brazil		35.82	%	367,765		42,364		325,401		23,735
Interligação Elétrica Sul		Electric power		Brazil		35.82	%	196,429		23,781		172,648		7,785
Interligação Elétrica Tibagi		Electric power		Brazil		35.82	%	233,500		21,736		211,764		14,815
Internexa		Information and communications technologies		Colombia		99.60	%	580,946		408,637		172,309		10,759
Internexa Chile		Information and communications technologies		Chile		98.60	%	49,797		35,641		14,156		(1,463)
Interligação Elétrica JAGUAR 6 S.A.		Electric power		Brazil		35.82	%	177,972		21,737		156,235		10,198
Interligação Elétrica JAGUAR 8 S.A.		Electric power		Brazil		35.82	%	112,382		11,914		100,468		1,891
Interligação Elétrica JAGUAR 9 S.A.		Electric power		Brazil		35.82	%	412,067		38,984		373,083		26,073

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)


			****		****	Ownership				****		****
				Country/		Interest
Company	****	Activity	****	Domicile	****	ISA		Assets	Liabilities		Equity		Profit (loss)
Internexa Participações		Investment vehicle		Brazil		99.60	%	1,755	155		1,600		696
Internexa Peru		Information and communications technologies		Peru		99.71	%	327,394	272,272		55,122		6,504
ISA Bolivia		Electric power		Bolivia		100.00	%	86,239	8,561		77,678		5,044
ISA Capital Do Brasil		Investment vehicle		Brazil		100.00	%	5,062,971	148		5,062,823		390,749
ISA CTEEP		Electric power		Brazil		35.82	%	27,794,304	13,737,606		14,056,698		1,089,255
ISA Interchile		Electric power		Chile		100.00	%	5,984,688	4,561,883		1,422,805		27,924
ISA Intercolombia		Electric power		Colombia		100.00	%	449,835	335,018		114,817		28,843
ISA Intervial Chile		Roads		Chile		100.00	%	4,510,022	674,176		3,835,846		259,266
ISA Intervial Colombia		Roads		Colombia		100.00	%	652	—		652		13
ISA Inversiones Chile SpA		Investment vehicle		Chile		100.00	%	2,197,015	349,286		1,847,729		29,407
ISA Inversiones Chile Vias SpA		Investment vehicle		Chile		100.00	%	3,857,162	12,724		3,844,438		259,144
ISA Inversiones Costera Chile		Investment vehicle		Chile		100.00	%	75,543	193,522		(117,979)		(1,220)
ISA Inversiones Tolten		Investment vehicle		Chile		100.00	%	21	1		20		(7)
ISA Investimentos E Participações		Investment vehicle		Brazil		100.00	%	946,234	12,921		933,313		78,002
ISA Perú		Electric power		Peru		99.98	%	979,638	772,307		207,331		19,339
ISA REP		Electric power		Peru		60.00	%	1,784,303	1,312,250		472,053		149,430
ISA Transelca		Electric power		Colombia		100.00	%	1,987,327	1,163,142		824,185		108,748
Linear Systems RE		Other businesses		Bermudas		100.00	%	228,231	185,489		42,742		3,848
Proyectos de Infraestructura del Perú		Electric power		Peru		100.00	%	20,913	998		19,915		(686)
Ruta Costera		Roads		Colombia		100.00	%	2,565,131	2,385,936		179,195		6,183
Ruta de La Araucanía		Roads		Chile		100.00	%	597,983	300,907		297,076		18,795
Ruta de Los Ríos		Roads		Chile		75.00	%	198,450	130,250		68,200		8,929
Ruta del Bosque		Roads		Chile		100.00	%	11,000	1,363		9,637		(1,445)
Ruta del Loa		Roads		Chile		100.00	%	1,599,722	1,249,225		350,497		35,157
Ruta del Maipo		Roads		Chile		100.00	%	7,096,772	4,402,331		2,694,441		199,754
Ruta del Este Sociedad Concesionaria S.A.		Roads		Panama		100.00	%	25,865	2,222		23,643		(2,222)
Sistemas Inteligentes en Red		Other businesses		Colombia		99.77	%	25,092	12,286		12,806		1,439
XM		Electric power		Colombia		99.73	%	450,179	399,639		50,540		9,307
INTERCONEXIONES DEL NORTE S.A.		Electric power		Colombia		100.00	%	65,453	65,586		(133)		(281)

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

June 30, 2024

(Figures expressed in millions of Colombian pesos, unless otherwise stated)


					****	Ownership	****
				Country/		Interest
Company	****	Activity	****	Domicile		ISA		Assets	****	Liabilities	****	Equity	****	Profit (loss)
Joint ventures
Interligação Elétrica do Madeira		Energy transport		Brazil		51.00	%	5,469,756		2,292,356		3,177,400		196,142
Interligação Elétrica Garanhuns		Energy transport		Brazil		51.00	%	1,157,915		302,574		855,341		46,355
Interligação Elétrica Paraguaçu		Energy transport		Brazil		50.00	%	1,306,171		415,300		890,871		61,069
Interligação Elétrica Aimorés		Energy transport		Brazil		50.00	%	831,490		282,872		548,618		44,955
Interligação Elétrica Ivaí		Energy transport		Brazil		50.00	%	3,508,464		2,675,895		832,569		80,123
Transmissora Aliança de Energia Elétrica		Energy transport		Brazil		14.88	%	13,606,292		8,447,917		5,158,375		590,956
Interconexión Eléctrica Colombia Panamá-Panamá		Energy transport		Panama		50.00	%	21,693		3,534		18,159		(7,430)
Interconexión Eléctrica Colombia Panamá Colombia		Energy transport		Colombia		1.17	%	264		1		263		(2)
Transnexa (1)		Telecommunications transport		Ecuador		49.85	%	—		—		—		—
Derivex		Manage the negotiation system of operations on derivative financial instruments of electrical energy		Colombia		39.88	%	3,025		—		3,025		(293)
Parques del Río		Roads		Colombia		33.00	%	49		—		49		(19)
Conexión Kimal Lo Aguirre S.A.		Energy transport		Chile		33.33	%	1,124,648		702,382		422,266		(2,283)
Consorcio Eléctrico YAPAY S.A		Electric power		Peru		50.00	%	245,054		249,065		(4,011)		(2,927)
Associates
ATP Tower Holdings		Telecommunications transport		United States of America		24.70	%	4,276,363		2,823,125		1,453,238		(68,415)

(1)Transnexa is in the process of liquidation and its investment has been completely impaired.