During 2022, the Ecopetrol Group continued to deliver historical operating and financial results that are higher than the goals set at the beginning of the year. Revenues of 159.5 billion pesos were recorded, a net profit of 33.4 billion pesosan Ebitda of 75.2 billion pesos and an Ebitda margin of 47.2 percent.

Compared to the results of 2021, the oil company doubled its profits, since that year the profits were 16.7 billion pesos. Meanwhile, revenues, which in 2021 totaled 91.7 trillion pesos, increased 73.9 percent last year.

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In just the fourth quarter of 2022, Ecopetrol’s profits were 6.8 trillion pesos13 percent more than in 2021. While income rose 24.9 percent and reached 39.6 billion pesos.

Ecopetrol also highlighted that in 2022 it delivered 42.4 billion to the Nation through dividends, royalties and taxes, compared to 16.8 trillion pesos in 2021. Likewise, it delivered 2.1 trillion pesos to its minority shareholders.

In terms of production, in 2022 it increased 30,500 barrels of oil equivalent per day (boed) compared to 2021 and closed at 709,500 boedexceeding expectations for the year (between 700,000-705,000 boed) and increasing 4.5 percent.

In 2022 the production of the Ecopetrol Group increased 30,500 barrels of oil equivalent per day (boed) compared to 2021 and closed at 709,500 boed

The company highlighted that output production for December reached 734,000 boed, the highest recorded since February 2020one month before the start of the covid-19 pandemic in Colombia.

Among the main factors that contribute to the increase in production, are the growth in Permian and Caño Surin addition to the increase in volumes of gas and white products due to commercial strategy and recovery after the public order situation registered in 2021.

Fracking operations in the United States contributed 37,800 boed to the total balance, an increase of 95.9 percent compared to the barrels produced a year earlier.

In terms of drilling, at the end of 2022, drilling and completed 536 development wellsan increase of 36 percent when compared to the data for 2021. The average occupancy was 28 active teams.

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7 oil and gas discoveries

On the exploration front, Ecopetrol and its partners drilled 24 exploratory wells, of which, seven oil and natural gas discoveries were acquired (four more wells than in 2021), which allowed more than 50 percent of the prospective volumes drilled to progress to discovered resources.

These findings were obtained in basins of great interest to Ecopetrol, such as the Colombian Caribbean offshore (Uchuva-1, Gorgon-2), Valle Superior del Magdalena (El Niño-2 and Ibamaca-2ST), Valle Medio del Magdalena (Morito- 1), Llanos Orientales (Tejón-1) and in the Lower Magdalena Valley (Coralino-1), which will contribute to the country’s energy sovereignty.

According to the company, these successful results in areas close to existing production fields were reflected in the addition of 9.2 million barrels of oil equivalent in proven reserves in approximately two years, from the El Niño-2 and Ibamaca discoveries, and the Recetor West field (Liria YW12 well).

Regarding refining, the company reached a consolidated load of 357,500 barrels per day1.1 percent higher than the 2021 load and in the high range of the 2022 target of between 340,000-360,000 barrels per day, the highest in the last three years, and a record annual gross margin of 21 dollars per barrel.

Advances in energy transition

At the end of 2022, the Ecopetrol Group incorporated a total of 208 operating megawatts, coming from non-conventional sources of renewable energy.

Of this total, 26 MW are from the Brisas Solar Ecopark that came into operation last December, and 65 MW from the long-term purchase contract for the Guayepo project from Enel Green Power.

Furthermore, the company acquired the 4.3 MW Cantayús Small Hydroelectric Plant for the Cisneros de Cenit Station in the department of Antioquia, which are added to the facilities already operational at the end of 2021.