EC Ecopetrol SA

For the nine months of 2024 (9M24), the Ecopetrol Group has proved once again its ability to overcome challenges and turn them into opportunities through determination and resilience. Despite a defiant global environment, marked by fluctuations in international oil prices and adjustments in global supply and demand, the company has delivered an outstanding operational performance, achieving the third-highest results in its history in terms of EBITDA and revenue.

During 9M24, Ecopetrol reported revenues of COP 98.5 trillion, an EBITDA of COP 42.3 trillion, net income of COP 11 trillion, and an EBITDA margin of 43%. By the end of 9M24, the Ecopetrol Group has accomplished 86% the execution of its annual investment plan. We also successfully issued bonds in the international capital markets for USD 1,750 million, to refinance the bonds maturing in 2026 and the prepayment of loans, with an oversubscription of ~2.6 times. This ratifies the international market's confidence in our financial strength and proactive debt refinancing.

In the Hydrocarbons business line, during 9M24 we highlight our operational resilience in the traditional business, closing with a production of 752 kboed (+22.2), transported volumes of 1,126 kbd (+21.1), refinery throughput of 418 kbd (+1.5) and a strengthening of the crude oil differential compared to the same period in 2023.

I want to confirm the success of the discovery of the Sirius-2 appraisal well as its continuity without affecting the schedule initially planned thanks to the favorable ruling of the Santa Marta court. I would like to highlight the entry of the Orotoy station that will leverage the future reserves of the CPO-09 block, as well as the successful test to produce 32 thousand barrels of co-processed jet SAF (Sustainable Aviation Fuel).

I would like to congratulate our different teams across the company for their quick response to the electrical blackout presented at the Cartagena Refinery, achieving the normalization of the electrical system 2 days later and guaranteeing the supply of fuels for the country at all the time.

These results are supported by an effective commercial management that has allowed us to diversify markets, reaching new destinations and implementing new logistic strategies. In this sense, we carried out i) the first sale of Oriente crude to Peru, ii) the first gasoline import from Europe

In the Energies for the Transition business line, by 9M24, we had reached a cumulative energy optimization of 14.24 petajoules. The La Cira Infantas solar farm, which has an installed capacity of 56 MW for self-consumption, this plant will provide up to 76.3 gigawatt hours annually, which is equivalent to the average consumption of 40,500 Colombian homes. By the end of 2024, our renewable energy portfolio is expected to have more than 500 MW of total capacity distributed across multiple projects under execution, construction, and operation, contributing to our emissions reduction goal.

Finally, in the Transmission and Toll Roads business line, ISA CTEEP in Brazil has been awarded 44 transmission network reinforcements, of which 8 were awarded during the third quarter of this year.

On the Governance front, we highlight the capacity of our consolidated and appointed management team with extensive experience, where 65% of the directors come from the company's internal talent.

I would like to thank all our employees for their contribution and daily effort, which allow us to maintain the solid results presented at the end of the 9M24 in this report.

I would like to close by highlighting Ecopetrol’s outstanding participation in the COP16, organizing and participating in 33 events in the Green and Blue zones. Three stands were set up that highlighted the Ecopetrol Group commitment to biodiversity, attracting more than 3,000 visits. This event highlights Ecopetrol’s commitment to environmental conservation and sustainability.

Ricardo Roa Barragán

President, Ecopetrol S.A.