# EDGAR Filing Document

**Accession Number:** 0001444406
**File Stem:** 0001292814-25-003039
**Filing Date:** 2025-8
**Character Count:** 151499
**Document Hash:** fe94046c208b87ab77a28d6302007fdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-003039.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001292814-25-003039

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ECOPETROL S.A.
- **CENTRAL INDEX KEY:** 0001444406
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34175
- **FILM NUMBER:** 251208529

**BUSINESS ADDRESS:**
- **STREET 1:** CARRERA 7 NO 37-69
- **CITY:** BOGOTA
- **STATE:** F8
- **ZIP:** 00000
- **BUSINESS PHONE:** 5712345000

**MAIL ADDRESS:**
- **STREET 1:** CARRERA 7 NO 37-69
- **CITY:** BOGOTA
- **STATE:** F8
- **ZIP:** 00000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**<br>**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**<br>**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**<br>**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of August, 2025

Commission File Number 001-34175

---

| |
|:---|
| ECOPETROL S.A. |
| (Exact name of registrant as specified in its charter)<br>|
| N.A. |
| (Translation of registrant's name into English)<br>|
| COLOMBIA |
| (Jurisdiction of incorporation or organization)<br>|
| 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- <u>N/A</u>

**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. | Ecopetrol S.A. | Ecopetrol S.A. |
| By:  | /s/ Alfonso Camilo Barco | /s/ Alfonso Camilo Barco |
|  | Name: | Alfonso Camilo Barco  |
|  | Title: | Chief Financial Officer |

---

Date: August 12, 2025

## Exhibit 99.1

![](image_003.jpg)

![](image_005.jpg)

---

| | |
|:---|:---|
| ![](image_004.jpg)<br> During the first half of 2025, we maintained a solid operating performance, demonstrating our ability to generate sustainable value and respond in advance and effectively to challenging market conditions such as the decline in Brent benchmark crude prices, external environment events, and geopolitical tensions.<br>Our financial results were underpinned by market and portfolio diversification, integration across the hydrocarbons value chain, cost cutting maximization, and operational optimization, enabling us to achieve competitive profitability levels within the industry.<br>In 2Q25, revenues totaled COP 29.7 trillion, EBITDA reached COP 11.1 trillion with an EBITDA margin of 37.5%, and a net income of COP 1.8 trillion. For the first half of the year, we reported revenues of COP 61.0 trillion, EBITDA of COP 24.4 trillion with a 40% EBITDA margin, and net income of COP 4.9 trillion.<br>Our cash management strategy in response to falling prices has progressed through the identification of cost, expense, and CAPEX optimization initiatives; early collection of the 2024 FEPC receivable balance; implementation of foreign exchange hedging; and tax credit offsets, among others, allowing us to uphold the value promise of 2025's financial plan. We have also completed the payment of dividends to shareholders totaling COP 8.8 trillion, delivering a dividend yield of approximately 10%.<br>In the **Hydrocarbons business**, we continued our growth trend, reaching a production of 751 mboed during the first half of the year, driven by strong performance in Colombian fields such as Caño Sur and CPO-09, as well as in the Permian Basin in the U.S., which enabled us to overcome challenges stemming from local external events. Transported volumes reached 1,088 mbd, supported by repair and alternative evacuation strategies that partially mitigated third-party disruptions. Refining throughput reached 405 mbd, following the completion of major maintenance at the Barrancabermeja refinery, restoring operational availability and full processing capacity for the second half of the year.<br>A key milestone for the country's energy security was the declaration of commercial feasibility for the Lorito discovery in Meta Department, the largest in the last decade, realizing the benefits of acquiring a 45% stake in CPO-09.<br>| <br> In the **commercial segment**, we highlight the strong contribution of our subsidiaries in Houston and Singapore, which have successfully captured market opportunities and maximized financial results for Ecopetrol S.A. and its subsidiaries (the "Group"). During 2Q25, we achieved the best crude trading differential for the past four years at - USD 3.7/Bl.<br>In the **Energy Transition business line**, we closed the acquisition agreement for the Windpeshi wind project, with 205 MW of self-generation capacity in La Guajira, recognized worldwide as one of the world's most promising regions for solar and wind energy development. This marks the first project of its kind to be executed and built by Ecopetrol. We also highlight the commercialization of natural gas for an average of 58 GBTUD for the next four years, and the long-term commercialization of imported gas at 60 GBTUD (starting 2Q26 for five years), a first in the Company's history, marking a significant step in addressing the country's gas supply deficit while advancing on our gas supply portfolio.<br>In the **Transmission and Toll Roads line**, we maintained stable operational results, including the award and commissioning of seven transmission network reinforcements in Brazil. Financial results reflect a one-time recognition of the revised methodology for calculating financial compensation for Brazil's Existing System Basic Network, as determined by the Brazilian Electricity Regulatory Agency (ANEEL), amounting to approximately COP 0.6 trillion.<br>Finally, I would like to emphasize that the Group continues to invest strategically to maximize long-term results, maintaining operational growth across all business lines, with total investments reaching USD 2,582 million as of the end of 2Q25.<br>We will continue to strengthen our operational and strategic flexibility, while monitoring market prices and global developments to effectively navigate external challenges and protect and maximize value for all our shareholders, whilst seeking to accomplish our year's financial targets.<br>**Ricardo Roa Barragán**<br> President of Ecopetrol S.A.<br>|

---

![](image_005.jpg)

**In the first half of 2025, the Ecopetrol Group generated net income of COP 4.9 trillion, EBITDA of COP 24.4 trillion, with an EBITDA margin of 40%.** 

**The results highlight: i) the increase in crude oil production leveraged by the contribution of Permian, Caño Sur, and the acquisition of 45% of CPO-09, ii) the recovery in the throughput levels of the Refineries, thanks to scheduled maintenance, which underlines the reliability of their operations, plus the supply of quality fuels to the country, and iii) efficiencies for COP 2.2 trillion that enable control of OPEX and a focus in high value investments. The resilient performance of the operation occurs in an environment of lower hydrocarbon prices and local events that affect the results**

**Table 1: Financial Summary Income Statement - Ecopetrol Group**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;**Total Sales** | &nbsp;&nbsp;**29669** | &nbsp;&nbsp;**32627** | &nbsp;&nbsp;**(2958)** | &nbsp;&nbsp;**(9.1%)** | &nbsp;&nbsp;**61035** | &nbsp;&nbsp;**63929** | &nbsp;&nbsp;**(2894)** | &nbsp;&nbsp;**(4.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;4349 | &nbsp;&nbsp;3594 | &nbsp;&nbsp;755 | &nbsp;&nbsp;21.0% | &nbsp;&nbsp;8087 | &nbsp;&nbsp;7046 | &nbsp;&nbsp;1041 | &nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable costs | &nbsp;&nbsp;11382 | &nbsp;&nbsp;12020 | &nbsp;&nbsp;(638) | &nbsp;&nbsp;(5.3%) | &nbsp;&nbsp;23302 | &nbsp;&nbsp;22841 | &nbsp;&nbsp;461 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Costs | &nbsp;&nbsp;5430 | &nbsp;&nbsp;4966 | &nbsp;&nbsp;464 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;10478 | &nbsp;&nbsp;9757 | &nbsp;&nbsp;721 | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;**Sale costs** | &nbsp;&nbsp;**21161** | &nbsp;&nbsp;**20580** | &nbsp;&nbsp;**581** | &nbsp;&nbsp;**2.8%** | &nbsp;&nbsp;**41867** | &nbsp;&nbsp;**39644** | &nbsp;&nbsp;**2223** | &nbsp;&nbsp;**5.6%** |
| &nbsp;&nbsp;**Gross profit** | &nbsp;&nbsp;**8508** | &nbsp;&nbsp;**12047** | &nbsp;&nbsp;**(3539)** | &nbsp;&nbsp;**(29.4%)** | &nbsp;&nbsp;**19168** | &nbsp;&nbsp;**24285** | &nbsp;&nbsp;**(5117)** | &nbsp;&nbsp;**(21.1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and exploration expenses | &nbsp;&nbsp;2871 | &nbsp;&nbsp;2512 | &nbsp;&nbsp;359 | &nbsp;&nbsp;14.3% | &nbsp;&nbsp;5151 | &nbsp;&nbsp;4948 | &nbsp;&nbsp;203 | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;**Operating profit** | &nbsp;&nbsp;**5637** | &nbsp;&nbsp;**9535** | &nbsp;&nbsp;**(3898)** | &nbsp;&nbsp;**(40.9%)** | &nbsp;&nbsp;**14017** | &nbsp;&nbsp;**19337** | &nbsp;&nbsp;**(5320)** | &nbsp;&nbsp;**(27.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial revenues (expenses), net | &nbsp;&nbsp;(2085) | &nbsp;&nbsp;(2090) | &nbsp;&nbsp;5 | &nbsp;&nbsp;(0.2%) | &nbsp;&nbsp;(4503) | &nbsp;&nbsp;(4092) | &nbsp;&nbsp;(411) | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share in profit of companies | &nbsp;&nbsp;189 | &nbsp;&nbsp;189 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;398 | &nbsp;&nbsp;386 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;**Profit before tax on gains** | &nbsp;&nbsp;**3741** | &nbsp;&nbsp;**7634** | &nbsp;&nbsp;**(3893)** | &nbsp;&nbsp;**(51.0%)** | &nbsp;&nbsp;**9912** | &nbsp;&nbsp;**15631** | &nbsp;&nbsp;**(5719)** | &nbsp;&nbsp;**(36.6%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on gains provision | &nbsp;&nbsp;(1285) | &nbsp;&nbsp;(3234) | &nbsp;&nbsp;1949 | &nbsp;&nbsp;(60.3%) | &nbsp;&nbsp;(3224) | &nbsp;&nbsp;(6154) | &nbsp;&nbsp;2930 | &nbsp;&nbsp;(47.6%) |
| &nbsp;&nbsp;**Net consolidated profit** | &nbsp;&nbsp;**2456** | &nbsp;&nbsp;**4400** | &nbsp;&nbsp;**(1944)** | &nbsp;&nbsp;**(44.2%)** | &nbsp;&nbsp;**6688** | &nbsp;&nbsp;**9477** | &nbsp;&nbsp;**(2789)** | &nbsp;&nbsp;**(29.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;(645) | &nbsp;&nbsp;(1024) | &nbsp;&nbsp;379 | &nbsp;&nbsp;(37.0%) | &nbsp;&nbsp;(1750) | &nbsp;&nbsp;(2090) | &nbsp;&nbsp;340 | &nbsp;&nbsp;(16.3%) |
| &nbsp;&nbsp;**Net profit attributable to Ecopetrol shareholders** | &nbsp;&nbsp;**1811** | &nbsp;&nbsp;**3376** | &nbsp;&nbsp;**(1565)** | &nbsp;&nbsp;**(46.4%)** | &nbsp;&nbsp;**4938** | &nbsp;&nbsp;**7387** | &nbsp;&nbsp;**(2449)** | &nbsp;&nbsp;**(33.2%)** |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**11136** | &nbsp;&nbsp;**14052** | &nbsp;&nbsp;**(2916)** | &nbsp;&nbsp;**(20.8%)** | &nbsp;&nbsp;**24394** | &nbsp;&nbsp;**28291** | &nbsp;&nbsp;**(3897)** | &nbsp;&nbsp;**(13.8%)** |
| &nbsp;&nbsp;**EBITDA Margin** | &nbsp;&nbsp;**37.5%** | &nbsp;&nbsp;**43.1%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(5.6%)** | &nbsp;&nbsp;**40.0%** | &nbsp;&nbsp;**44.3%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(4.3%)** |

---

The figures included in this report are audited and are expressed in trillion of Colombian pesos (COP), or United States dollars (USD), or thousands of barrels of oil equivalent per day (mboed) or tons and are indicated as such when applicable. For purposes of presentation, certain figures in this report were rounded to the nearest decimal place.

Forward-looking Statements: This release may contain forward-looking statements related to business prospects, estimates for operating and financial results, and growth of Ecopetrol. These are projections and, as such, are based solely on management's expectations regarding the future of the Company and its permanent access to capital to fund its business plan. Such forward-looking statements depend, basically, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, without limitation thereto; therefore, they are subject to change without prior notice.

![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Financial and Operating Results** 

**Sales Revenues**

Accumulated sales revenue in 2Q25 totaled COP 29.7 trillion a 9.1% or COP -3.0 trillion decrease as compared to 2Q24, as a net result of:

&nbsp;&nbsp;&nbsp;&nbsp;· Lower weighted average
sales price of crude oil and products of -12.0 USD/Bl (COP -4.4 trillion), in line with the decrease in Brent, partially offset by strengthening
crude trading and product differentials.

&nbsp;&nbsp;&nbsp;&nbsp;· Lower income from
energy and road transmission services (COP -0.1 trillion), due to the combined effect of: i) timely recognition in June of the adjustment
to the financial component of the Basic Network of the Existing System in ISA Brazil for COP -0.6 trillion, and ii) higher income from
rate indexation to inflation indicators.

&nbsp;&nbsp;&nbsp;&nbsp;· Positive exchange
effect on income (COP +1.4 trillion), due to a higher average exchange rate.

&nbsp;&nbsp;&nbsp;&nbsp;· Positive effect
on sales volume of COP +0.1 trillion, due to the offsetting effects of: i) higher crude oil exports (+12.4 mboed), given commercial management
that allowed closing with lower shipments in transit in 2Q25 versus 2Q24 and ii) lower gas sales volume (-14.1 mboed), mainly associated
to lower domestic production due to natural decline of fields and other effects on the local environment.

**Table 2: Volumetric Sales - Ecopetrol Group**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Local Sales Volume - mboed** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Middle Distillates | &nbsp;&nbsp;186.9 | &nbsp;&nbsp;189.4 | &nbsp;&nbsp;(1.3%) | &nbsp;&nbsp;185.8 | &nbsp;&nbsp;183.3 | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Gasoline | &nbsp;&nbsp;126.9 | &nbsp;&nbsp;126.2 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;129.6 | &nbsp;&nbsp;130.8 | &nbsp;&nbsp;(0.9%) |
| &nbsp;&nbsp;Natural Gas | &nbsp;&nbsp;68.0 | &nbsp;&nbsp;86.7 | &nbsp;&nbsp;(21.6%) | &nbsp;&nbsp;69.0 | &nbsp;&nbsp;86.4 | &nbsp;&nbsp;(20.1%) |
| &nbsp;&nbsp;Petrochemicals and Industrial | &nbsp;&nbsp;19.1 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;18.8 | &nbsp;&nbsp;18.5 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;LPG and Propane | &nbsp;&nbsp;13.2 | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;(14.3%) | &nbsp;&nbsp;13.2 | &nbsp;&nbsp;15.9 | &nbsp;&nbsp;(17.0%) |
| &nbsp;&nbsp;Crude oil | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Fuel oil | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total Local Volumes** | &nbsp;&nbsp;**414.4** | &nbsp;&nbsp;**435.9** | &nbsp;&nbsp;**(4.9%)** | &nbsp;&nbsp;**416.6** | &nbsp;&nbsp;**435.0** | &nbsp;&nbsp;**(4.2%)** |
| &nbsp;&nbsp;**Exports Volumes - mboed** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Crude oil | &nbsp;&nbsp;440.8 | &nbsp;&nbsp;428.5 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;431.4 | &nbsp;&nbsp;421.0 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Products | &nbsp;&nbsp;112.7 | &nbsp;&nbsp;109.1 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;106.3 | &nbsp;&nbsp;104.2 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Natural Gas\* | &nbsp;&nbsp;18.7 | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;32.6% | &nbsp;&nbsp;17.2 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;28.4% |
| &nbsp;&nbsp;**Total Export Volumes** | &nbsp;&nbsp;**572.2** | &nbsp;&nbsp;**551.7** | &nbsp;&nbsp;**3.7%** | &nbsp;&nbsp;**554.8** | &nbsp;&nbsp;**538.5** | &nbsp;&nbsp;**3.0%** |
| &nbsp;&nbsp;**Total Sold Volumes** | &nbsp;&nbsp;**986.6** | &nbsp;&nbsp;**987.6** | &nbsp;&nbsp;**(0.1%)** | &nbsp;&nbsp;**971.4** | &nbsp;&nbsp;**973.5** | &nbsp;&nbsp;**(0.2%)** |

---

\* Natural gas exports correspond to local sales by Ecopetrol America LLC and Ecopetrol Permian LLC.

The total volume sold during 2Q25 amounted to 987 mboed, 0.1% lower as compared to 2Q24, mainly as a result of a lower local sales volume, partially offset by export volumes.

**Sales in Colombia, which represented 42% of the total, showed a decrease of 4.9% (-21.5 mboed) versus 2Q24, mainly due to:** 

&nbsp;&nbsp;&nbsp;&nbsp;· Decrease of 21.6% (-18.7 mboed) in gas sales explained
by lower quantities contracted in Cusiana - Cupiagua due to the decline in production fields.

&nbsp;&nbsp;&nbsp;&nbsp;· Decrease of 14.3% (-2.2 mboed) in sales of LPG and
Propane as a consequence of the financial prioritization of the use of energy for own consumption, which reduces the cost of dilution
of crude oil and gas purchases.

&nbsp;&nbsp;&nbsp;&nbsp;· Decrease of 1.3% (-2.5 mboed) in middle distillate
sales, explained by lower domestic diesel demand in thermal power generation, large consumers, and industrial burners.

![](image_006.jpg)

**International sales, which represented 58% of the total, showed an increase of 3.7% (+20.5 mboed) in 2Q25 versus 2Q24, due to:**

&nbsp;&nbsp;&nbsp;&nbsp;· Increase of 2.9% (+12.3 mboed) in crude oil exports
due to lower shipments in transit in 2Q25 versus 2Q24.

&nbsp;&nbsp;&nbsp;&nbsp;· Increase of 32.6% (+4.6 mboed) in natural gas sales
due to a solid performance of the Permian development campaign.

**Table 3: Basket Realization Prices – Ecopetrol Group**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**USD/Bl** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Brent | &nbsp;&nbsp;66.7 | &nbsp;&nbsp;85.0 | &nbsp;&nbsp;(21.5%) | &nbsp;&nbsp;70.8 | &nbsp;&nbsp;83.5 | &nbsp;&nbsp;(15.2%) |
| &nbsp;&nbsp;Gas Sales Basket | &nbsp;&nbsp;26.9 | &nbsp;&nbsp;27.1 | &nbsp;&nbsp;(0.7%) | &nbsp;&nbsp;27.9 | &nbsp;&nbsp;27.7 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Crude Sales Basket | &nbsp;&nbsp;63.0 | &nbsp;&nbsp;78.7 | &nbsp;&nbsp;(19.9%) | &nbsp;&nbsp;65.8 | &nbsp;&nbsp;76.2 | &nbsp;&nbsp;(13.6%) |
| &nbsp;&nbsp;Product Sales Basket | &nbsp;&nbsp;79.2 | &nbsp;&nbsp;91.4 | &nbsp;&nbsp;(13.3%) | &nbsp;&nbsp;82.7 | &nbsp;&nbsp;92.0 | &nbsp;&nbsp;(10.1%) |

---

**Crudes:** In 2Q25 versus 2Q24, a weakening of 15.7 USD/Bl was observed in the prices of the crude oil basket, going from 78.7 USD/Bl to 63.0 USD/Bl, explained by the weakening of the Brent price at 18.3 USD/BL, which was partially offset by a better differential. The commercial management stands out for helping maintain the differential at single-digit levels, further strengthening it from -6.28 USD/Bl versus Brent in 2Q24 to -3.71 USD/Bl versus Brent in 2Q25.

**Refined Products:** In 2Q25 versus 2Q24, the product sales basket weakened by 12.2 USD/Bl, going from 91.4 USD/Bl to 79.2 USD/Bl, explained by the weakening of Brent at 18.3 USD/Bl**,** partially offset by stronger international indicators versus Brent for diesel, gasoline, and fuel oil, driven by declining global inventories associated with solid demand and supply constraints, primarily in the Middle East.

**Natural Gas:** The price of gas sales decreased by 0.2 USD/Bl, from 27.1 USD/Bl to 26.9 USD/Bl due mainly to the weakening of sales prices in the Permian in line with international indicators.

**Hedging program:** During 2Q25, tactical hedging operations continued due to exposure to different price indices and pricing periods between the purchase and sale of physical barrels. Ecopetrol S.A. covered volumes of 1.5 million barrels during 2Q25, based on crude export indicators and pricing periods. From Ecopetrol Trading Asia, tactical hedges were executed for 7.2 million barrels based on indicators and pricing periods, and from Ecopetrol US Trading, tactical hedges were executed for 0.7 million barrels under similar conditions.

![](image_006.jpg)

**Sale Costs**

The cost of sales showed an increase of 2.8%, equivalent to COP +0.6 trillion in 2Q25 versus 2Q24.

**Variable Costs** 

Variable costs showed a decrease of 5.3% equivalent to COP -0.6 trillion in 2Q25 as compared to 2Q24, explained by the combined effect of:

&nbsp;&nbsp;&nbsp;&nbsp;· Lower value of purchases of crude
oil, gas and products (COP -1.6 trillion), due to the net effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Decrease in the weighted average
price of national purchases and imports of -14.2 USD/Bl (COP -2.0 trillion), in line with international indicators.

ii) Decrease in volume of crude oil purchased (COP -0.5 trillion, -23.2 mbod), mainly at domestic level given lower throughput from the refineries and external events.

iii) Increase in the volume of refined products purchased (COP +0.3 trillion, +10.3 mboed), due to greater fuel imports to meet national demand, because of major maintenance cycle at the Barrancabermeja Refinery.

iv) Negative effect on purchases due to the higher average exchange rate (COP +0.6 trillion).

&nbsp;&nbsp;&nbsp;&nbsp;· Increase in other variable costs
(COP +1.0 trillion), mainly due to: i) greater consumption of crude oil inventories in transit, in line with commercial management, ii)
impact of higher average exchange rate on transactions executed in U.S. dollars, and iii) inflationary effect on contract rates.

**Fixed Costs:** Increase of 9.3% equivalent to COP +0.5 trillion in 2Q25 as compared to 2Q24, associated to: i) greater construction activity at ISA, and ii) increase in maintenance costs and other general costs, mainly due to inflationary effect on contract rates and the effect of higher average exchange rate in costs.

**Depreciation and Amortization:** Increase of 21.0% equivalent to COP +0.7 trillion in 2Q25 compared to 2Q24, due to: i) increase in production, ii) higher level of capital investment and iii) exchange rate effect in the depreciation of subsidiaries with the U.S. dollar as functional currency, given the devaluation of the Colombian peso against the U.S. dollar.

**Operational and Exploratory Expenses, net of Other Income**

Operating expenses, net of other income, increased by 14.3%, equivalent to COP +0.4 trillion as compared to 2Q24, mainly explained by:

&nbsp;&nbsp;&nbsp;&nbsp;· Higher tax
rate given the internal commotion decree (062 issued in January 2025) amounting to COP +0.1 trillion.

&nbsp;&nbsp;&nbsp;&nbsp;· Higher provisions
(COP +0.2 trillion), mainly due to: i) impairment of the Air-E portfolio in ISA, and ii) updating of environmental and labor provisions.

&nbsp;&nbsp;&nbsp;&nbsp;· Higher labor
expenses, mainly associated to salary increases, affected by the inflationary effect COP +0.1 trillion.

**Financial Results (Non-Operational)**

Financial expenses remained at similar levels compared to 2Q24, mainly due to the net effect of: i) higher income from exchange rate difference vs. 2Q24, given the Group's net liability position in the face of a lower closing exchange rate, and ii) an increase in financial expenses from interest on debt denominated in U.S. dollars, given the higher average exchange rate and higher inflation, which in turn affected inflation-linked debts.

![](image_006.jpg)

**Income Taxes**

The Effective Tax Rate for 2Q25 was 34.3% compared to 42.3% for 2Q24. The decrease is mainly due to a lower income tax surcharge in 2Q25 (0%) vs 2Q24 (10%) given the projection of the Brent price at the closing date.

**Progress in the customs correction process started by DIAN related to VAT on fuel imports**

The National Taxes and Customs Directorate ("DIAN") issued Opinion No. 100202208-2305 on December 19, 2024, which, according to its interpretation, stated that the imports and nationalization of gasoline and Diesel are subject to Sales Tax (VAT) at the general rate of 19%. According to DIAN's interpretation, the base for calculating tax is the cost of the products at customs.

Ecopetrol S.A. ("the Company") and Refinería de Cartagena S.A.S. ("the Refinery") differ from the DIAN's interpretation for the reasons that were opportunely presented to the tax authority. The tax authority, in line with its interpretation and current application, has notified the Refinery of two official assessments and four special customs requirements totaling COP 0.9 trillion and COP 0.4 trillion, respectively. Additionally, the Company was notified of two special customs requirements totaling COP 6.5 trillion for the periods between 2022 and 2024. Interest accrued on these amounts to date is estimated at approximately COP 3.3 trillion. These figures may rise substantially depending on the issuance of further requirements by the Colombian tax authority (DIAN).

The Refinery and the Company, in the framework of due diligence and the protection of their legitimate interests, have responded to DIAN's actions within the legally established timeframes, challenging the issued rulings and questioning the regulatory interpretation. Under DIAN's interpretation, the collection process may continue in accordance with the procedural rules of the customs regime and the Tax Statute, which include coercive collection procedures. However, the Refinery and the Company may exercise the corresponding administrative or judicial remedies, as provided by the same regulations. Although the Refinery and the Company plan to pursue these remedies, a potential coercive collection could have a materially adverse effect on their operations, liquidity, and financial position, depending on the amount and duration of such collection. Furthermore, based on opinions issued by external advisors, who consider the probability of success to be greater than 50%, the Company believes there are sufficient grounds not to record any accounting provision.

Considering that DIAN has decided to apply its regulatory interpretation, starting January 2025, the Company and the Refinery have been making VAT payments on the importation of gasoline and diesel (ACPM), in compliance with DIAN's interpretation of the 19% rate. These VAT payments do not affect the rights that the Company and the Refinery reserve to legally challenge the interpretation at the appropriate time before the relevant authorities, as previously mentioned.

The projected value of VAT payments related to gasoline and Diesel imports for 2025 is estimated at COP 3.6 trillion, of which approximately COP 3.3 trillion will be recovered through the sales tax (VAT) discount and refund procedure and devolution of balances in favor on the sales tax (VAT).

Ecopetrol and the Refinery reiterate their commitment to fully comply with their customs and tax obligations and will be respectful of the decisions that resolve this controversy before the corresponding authority.

**Financial Position Statements**

Group's **assets** decreased by COP 5.7 trillion, equivalent to -1.9%, between March and June 2025, mainly due to: (i) a lower accounts receivable balance from the Fuel Price Stabilization Fund, driven by payments received versus accrued amounts in 2Q25 (COP -4.5 trillion); (ii) cash consumption (COP -3.9 trillion); (iii) the revaluation effect on assets of subsidiaries with the U.S. dollar as their functional currency, translated into Colombian pesos at the closing exchange rate (COP -2.6 trillion); and (iv) asset depreciation during the period (COP -4.5 trillion). These effects were offset by a higher level of CAPEX (COP 5.1 trillion) and increased tax credits and other receivables (COP 4.8 trillion).

![](image_006.jpg)

**Liabilities** decreased by COP -8.0 trillion, equivalent to -4.1%, during 2Q25, mainly due to the net effect of: (i) the payment of 100% of the dividends declared to Ecopetrol shareholders and non-controlling shareholders of subsidiaries; and (ii) the increase in financial obligations resulting from the acquisition of short-term debt, offset by the revaluation effect of U.S. dollar-denominated debt translated at the closing exchange rate.

As of the end of 2Q25, Group's **equity** totaled COP 105.6 trillion, reflecting an increase of COP 2.3 trillion compared to 1Q25, mainly driven by the profits generated during the period. Of the total equity, 75% corresponds to Ecopetrol shareholders, while the remaining 25% pertains to non-controlling interests.

**Cash Flow, Debt and FEPC**

**Table 4: Cash Position- Ecopetrol Group**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** |
| &nbsp;&nbsp;**Initial cash and cash equivalents** | &nbsp;&nbsp;**14101** | &nbsp;&nbsp;**15167** | &nbsp;&nbsp;**14054** | &nbsp;&nbsp;**12336** |
| &nbsp;&nbsp;&nbsp;&nbsp;(+) Cash flow from operations | &nbsp;&nbsp;10046 | &nbsp;&nbsp;17071 | &nbsp;&nbsp;16168 | &nbsp;&nbsp;23084 |
| &nbsp;&nbsp;&nbsp;&nbsp;(-) CAPEX | &nbsp;&nbsp;(5031) | &nbsp;&nbsp;(4628) | &nbsp;&nbsp;(8990) | &nbsp;&nbsp;(8901) |
| &nbsp;&nbsp;&nbsp;&nbsp;(-) Consideration paid for acquisition of assets | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(1109) | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;(+/-) Investment portfolio movement | &nbsp;&nbsp;(1456) | &nbsp;&nbsp;(522) | &nbsp;&nbsp;(2258) | &nbsp;&nbsp;(685) |
| &nbsp;&nbsp;&nbsp;&nbsp;(+) Other investment activities | &nbsp;&nbsp;403 | &nbsp;&nbsp;625 | &nbsp;&nbsp;805 | &nbsp;&nbsp;1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;(+/-) Adquisition, borrowings and interest payments of debt | &nbsp;&nbsp;1980 | &nbsp;&nbsp;(2790) | &nbsp;&nbsp;2431 | &nbsp;&nbsp;(1915) |
| &nbsp;&nbsp;&nbsp;&nbsp;(-) Dividend payments | &nbsp;&nbsp;(9672) | &nbsp;&nbsp;(11922) | &nbsp;&nbsp;(10695) | &nbsp;&nbsp;(12192) |
| &nbsp;&nbsp;&nbsp;&nbsp;(+/-) Exchange difference (cash impact) | &nbsp;&nbsp;(253) | &nbsp;&nbsp;251 | &nbsp;&nbsp;(288) | &nbsp;&nbsp;473 |
| &nbsp;&nbsp;&nbsp;&nbsp;(-) Return of capital | &nbsp;&nbsp;0 | &nbsp;&nbsp;(15) | &nbsp;&nbsp;0 | &nbsp;&nbsp;(15) |
| &nbsp;&nbsp;**Final cash and cash equivalents** | &nbsp;&nbsp;**10118** | &nbsp;&nbsp;**13237** | &nbsp;&nbsp;**10118** | &nbsp;&nbsp;**13237** |
| &nbsp;&nbsp;Investment portfolio | &nbsp;&nbsp;3024 | &nbsp;&nbsp;2702 | &nbsp;&nbsp;3024 | &nbsp;&nbsp;2702 |
| &nbsp;&nbsp;**Total cash** | &nbsp;&nbsp;**13142** | &nbsp;&nbsp;**15939** | &nbsp;&nbsp;**13142** | &nbsp;&nbsp;**15939** |

---

**Cash Flow**

As of the end of 2Q25, Group held a cash balance of COP 13.1 trillion (23% in COP and 77% in USD). The operating cash flow for the quarter, the full collection of the 2024 Fuel Price Stabilization Fund receivable, and the contracting of short-term debt enabled the coverage of: (i) the payment of declared dividends to Ecopetrol shareholders and non-controlling shareholders of subsidiaries, and (ii) the CAPEX disbursements for the quarter.

**Debt**

At the end of 2Q25, the balance of debt in the balance sheet amounts to COP 120.3 trillion, equivalent to USD 29,550 million (the consolidated debt of Grupo ISA contributed USD 8,432 million), an increase of COP 1.6 trillion compared to 1Q25. The increase is explained by the net effect of: i) the execution of short-term loans in Ecopetrol S.A., Cenit and Ecopetrol Trading Asia, and long-term loans in ISA for investment projects, and ii) the restatement of financial obligations in denominated in U.S. dollars at the closing exchange rate, recognized mainly in equity through hedge accounting.

The Gross Debt/EBITDA indicator of the Group at the end of March 2025 was 2.4 times lower than the upper limit established for 2025 (2.5 times) while the net Debt/EBITDA ratio of the Group closed at 2.2 times. The Debt/Equity ratio at the end of June remained at 1.1 times.

**Fuel Price Stabilization Fund (FEPC for its initials in Spanish)**

At the end of June 2025, the account receivable from FEPC amounted to COP 2.5 trillion. In 2Q25, there was a decrease of COP -4.5 trillion compared to 1Q25, mainly explained by the payments received by the Ministry of Finance and Public Credit for COP -5.4 trillion corresponding to the 2024 accrual, partially offset by the quarter accrual for COP +0.9 trillion.

![](image_006.jpg)

**Efficiencies**

In 2025, the Group continues materializing its comprehensive strategy of efficiencies and competitiveness with a contribution of COP 2.2 trillion at the close of 2Q25. The main actions are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;i) 66% of the efficiencies have
an effect on EBITDA of COP 1.4 trillion (COP 0.8 trillion in OPEX and COP 0.7 trillion in revenue generation), as follows:

**<u>OPEX</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cost efficiencies in the Corporate
and Support Areas (COP 147 billion), including initiatives in digital solutions and infrastructure at the corporate level and in control
of service demand in operations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New service contracting achieving
better rates than planned (COP 133 billion),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cost efficiency in self-generation
and energy purchase management (COP 104 billion),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Energy efficiency in operations
(COP 51 billion), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lower crude oil evacuation costs,
mainly due to the entry of the Caño Sur Este - ODL pipeline (COP 77 billion), among others.

**<u>Income</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capture of synergies in the crude
transportation systems associated to the segregation and routing of crudes (Caño Limón and Araguaney Blend) (COP 82 billion),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Higher margins achieved in product
purchases and imports (COP 73 billion) and crude exports (COP 68 billion),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gain from volumetric compensation
for quality, obtaining more volumes for sale (COP 48 billion), and higher asphalt production at the Barrancabermeja refinery (COP 12 billion),
among others.

From the unit costs standpoint, the efficiencies obtained are reflected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 47% of the aforementioned efficiencies
with an effect on EBITDA reduced the lifting cost by 0.81 USD/Bl.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Efficiencies affecting the refining
cash cost and the cost per barrel transported reduced such costs by 0.07 USD/bl and 0.015 USD/bl, respectively.

ii) Efficiencies of COP 0.7 billion were achieved in Capex (29%) related to the optimization of the cost of investment in projects, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In drilling and completion, design
and engineering initiatives stand out, together with optimization of cementing and directional services, negotiation of steel rates and
implementation of lessons learned from reduction of process times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Permian notable progress was
made through the implementation of best practices aimed at reducing time and costs in drilling and completion operations. Design and engineering
initiatives introduced new well designs with lower fracture pressures and shorter pumping times, resulting in reduced cost per foot drilled
and cost per barrel pumped, thereby enabling an increase in planned activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In surface facility projects,
efficiencies are highlighted by redefining scopes (design and engineering) without affecting the value promise of the projects, using
existing facilities and materials available in the warehouse, thus reducing purchases.

iii) Actions focused on improving working capital, positive effect on the company's cash flow by COP 0.1 billion (5%), mainly due to actions in inventory management such as exchange of materials and spare parts between warehouses from different business areas, thus optimizing their purchase, added to savings in financial costs.

![](image_006.jpg)

**Investments**

**Table 5: Investments by Segment - Ecopetrol Group**

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| | | | |
|:---|:---|:---|:---|
|  **Ecopetrol Group Investments** <br> **Business** | &nbsp;&nbsp;**Total 6M 2025** | &nbsp;&nbsp;**Total 6M 2025** | &nbsp;&nbsp;**Total 6M 2025** |
|  **Ecopetrol Group Investments** <br> **Business** | &nbsp;&nbsp;**Millions USD** | &nbsp;&nbsp;**Trillions COP** | &nbsp;&nbsp;**% Share** |
| &nbsp;&nbsp;**Hydrocarbons\*** | &nbsp;&nbsp;1583 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;61% |
| &nbsp;&nbsp;**Energies for the Transition\*\*** | &nbsp;&nbsp;348 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;14% |
| &nbsp;&nbsp;**Transmission and Toll Roads** | &nbsp;&nbsp;651 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;25% |
| &nbsp;&nbsp;**Total\*\*\*** | &nbsp;&nbsp;**2582** | &nbsp;&nbsp;**10.8** | &nbsp;&nbsp;**100%** |

---

\* Includes the total amount of investments in hydrocarbon transportation of each of the Ecopetrol Group Companies (Ecopetrol S.A. Participation and non-controlling interest).

Average exchange rate: 4,196.15

\*\* Includes investment in Gas and Energy Transition

\*\*\*Includes only organic investments

At the end of 2Q25, the Ecopetrol Group invested USD 2,582 million (COP 10.8 trillion). The Ecopetrol Group investments were made mainly in Colombia, with a 62% share, and the remaining 38% at international level, mainly in Brazil (17%), United States (15%) and other geographies (6%).

**Hydrocarbons**

The investments registered in the hydrocarbons line represented 61% of the Groups's total amounting to USD 1,583 million (~COP 6.6 trillion<sup>[1]</sup>). In Colombia, USD 1,290 million (~COP 5.4 trillion) were allocated to Exploration and Production activities, primarily concentrated in the department of Meta, in assets such as Caño Sur, Rubiales, Castilla, CPO09, and Chichimene. Internationally, investments were focused on Brazil, with the development plan for the Orca discovery (formerly Gato do Mato), and in Midland, within the Permian Basin in the United States.

In the Refining segment, USD 171 million (COP 0.7 trillion) have been invested, focused on operational continuity through a cycle of major maintenance to guarantee the availability of the refineries, even reaching operational availability of 95.8% in 2Q25. Similarly, investments were made in projects such as SOX Emissions Control and Base Line of Fuels Quality at the Barrancabermeja Refinery.

In turn, in the transport segment, investments at the end of 2Q25 amounted to USD 100 million (COP 0.4 trillion), mainly focused on the operational continuity of the different oil and polyduct systems in crossing activities, mechanical repairs and geotechnics.

**Energy for Transition**:

So far in 2025, USD 348 million (COP 1.5 trillion) have been invested in the Energy for Transition line with a 14% share of the Ecopetrol Group's total investment, mainly concentrated in investments for the growth of the gas chain and supply with USD 279 million (COP 1.2 trillion) mainly in the Piedemonte assets such as the Floreña and Cupiagua – Recetor fields in the department of Casanare and in the Tayrona Block in the Caribbean offshore in Colombia.

Within the business line, investments were made in energy efficiency and renewable energies amounting to USD 69 million (COP 0.3 trillion) primarily in solar energy projects such as the Quifa Solar Farm and the La Iguana Ecopark Solar Project, located in the departments of Meta, Bolívar, and Antioquia, respectively, as well as the Coral hydrogen project

**Transmission and Toll Roads**

In 2Q25, in the Transmission and Toll Roads business line, investments were executed for USD 651 million (COP 2.8 trillion) with a 25% share of the Group's total investments, concentrated in the energy transmission business (87%) in Brazil, Peru, and Colombia, followed by Toll Roads with an 11% share, and the remaining 2% in the Telecommunications business.

------

<sup>[1]</sup> Excluding investments in gas and energy efficiency projects

![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Business Lines Results** 

For purposes of this report, the financial information included in this annual report is organized by the following segments: (i) exploration and production, (ii) transportation and logistics, (iii) refining and petrochemicals, and (iv) power transmission and highways, which is consistent with the Company's previous reports. Management is currently reviewing different options to update the Company's operating and financial reporting model to be better aligned with Strategy 2040.

1. HYDROCARBONS

&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Exploration, Development and Production** 

**Exploration**

At the end of 2Q25, 6 exploratory wells were drilled compared to the 10 planned for the year. Of these wells, 2 were successful (Sirius-2 ST2 and Currucutu-1), 2 are under evaluation (Toritos Oeste-1 and Toritos Sur-3), and 2 had no commercial hydrocarbon shows (Andina Este-1 and Buena Suerte-1).

In the onshore exploration activity, the following stands out:

· The declaration of commerciality
of the Lorito discovery, in the Llanos Sur basin (municipality of Guamal, Meta), materializes the benefits derived from the acquisition
of 45% of the CPO-09 block. This asset is incorporated into the production portfolio with two wells that have a joint potential of 1,450
barrels per day. Its proximity to existing production and transportation infrastructure facilitates its commercial production and allows
to leverage on operational synergies with Ecopetrol's producing fields.

· The success of the Currucutú-1
well, operated by GeoPark in partnership with our subsidiary Hocol, located in the Department of Meta, municipality of Cabuyaro, in block
LLA-123, was confirmed, which found heavy crude oil accumulation of 14.2 °API. This well is located in the same Eastern Llanos basin
as the Toritos discovery, which reduces the technical uncertainty of the block and expands its production potential to the North.

· Of the wells drilled in previous
years that were under evaluation, Bisbita Oeste-1,drilled in 2024, and Zorzal Este-2, drilled in 2023, confirmed the presence of hydrocarbons
in the departments of Meta and Casanare, both wells are operated by GeoPark in partnership with our subsidiary Hocol.

· Drilling continues on the Floreña
N18Y well operated by Ecopetrol (100%), located in the Piedemonte, which is expected to reach final depth in 4Q25.

· Approval was obtained to extend
the term of the exploration phase for contracts LLA-4-1 and LLA-141 for two- year and one and a half year periods, respectively.

In the offshore exploration activity, the following stands out:

· The exploration campaign in the
GUAOFF-0 block continued with the completion of the Buena Suerte-1 well, with no commercial hydrocarbon shows. This well targeted a different
play<sup>[2]</sup> than Sirius. Additionally, the evaluation of the block continues with the objective of identifying additional volumes,
maximizing value capture from the asset, and reducing technical uncertainty, through the drilling of the Papayuela-1 well, which is expected
to be completed in 4Q25.

------

<sup>[2]</sup> Conceptual geological model that describes an area believed to contain hydrocarbon accumulations (oil or gas).

![](image_006.jpg)

· The Sirius project is progressing
with the contracting model for the design, construction and operation of the facilities that will allow gas to be treated to meet regulatory
conditions for commercialization in the domestic market. At the same time, ethnic, social and environmental feasibility activities are
being performed to continue with the environmental licensing process.

· Regarding the Fuerte Sur, Purple
Angel and COL-5 blocks, where the Kronos, Gorgon and Glaucus (KGG) gas discoveries are located, work continues with Shell and the ANH
to formalize the transfer of Shell's 50% ownership and operation to Ecopetrol, in accordance with current regulations. On June 9, 2025,
a request was filed with the ANH for the assignment of Shell's participation interest (50%) in the contracts in favor of Ecopetrol, which
continues making progress in maturing the development alternatives for the discoveries.<sup>[3]</sup>

**Gato do Mato (Change of name to "Orca and Sul de Orca Field" approved by the Brazilian National Petroleum and Biofuels Agency (ANP) as of May 20, 2025)**

The following progress was made during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;· Recognition of the
effectiveness of the Declaration of Commerciality of the Orca (ORC) and South Orca (SOR) development areas was obtained on May 20, 2025,
from the Brazilian National Petroleum and Biofuels Agency (ANP), which is one of the milestones that are expected to enable the start
of the gradual incorporation of proven reserves as of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· During the quarter,
detailed engineering of the vessel (FPSO<sup>[4]</sup>) and processing facilities started along with process safety analyses and consolidation
of work teams by the contractors and the operator.

**Production** 

**Table 6: Gross Production - Ecopetrol Group**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Production - mboed** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude oil | &nbsp;&nbsp;491.5 | &nbsp;&nbsp;497.0 | &nbsp;&nbsp;(1.1%) | &nbsp;&nbsp;495.6 | &nbsp;&nbsp;493.9 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | &nbsp;&nbsp;103.9 | &nbsp;&nbsp;121.3 | &nbsp;&nbsp;(14.3%) | &nbsp;&nbsp;104.6 | &nbsp;&nbsp;120.8 | &nbsp;&nbsp;(13.4%) |
| &nbsp;&nbsp;**Total Ecopetrol S.A.** | &nbsp;&nbsp;**595.4** | &nbsp;&nbsp;**618.4** | &nbsp;&nbsp;**(3.7%)** | &nbsp;&nbsp;**600.1** | &nbsp;&nbsp;**614.7** | &nbsp;&nbsp;**(2.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude oil | &nbsp;&nbsp;21.6 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;20.7% | &nbsp;&nbsp;21.4 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;19.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;17.6 | &nbsp;&nbsp;(21.6%) | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;17.8 | &nbsp;&nbsp;(19.1%) |
| &nbsp;&nbsp;**Total Hocol** | &nbsp;&nbsp;**35.4** | &nbsp;&nbsp;**35.5** | &nbsp;&nbsp;**(0.3%)** | &nbsp;&nbsp;**35.8** | &nbsp;&nbsp;**35.7** | &nbsp;&nbsp;**0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude oil | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;29.2% | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**Total Ecopetrol America** | &nbsp;&nbsp;**9.2** | &nbsp;&nbsp;**7.4** | &nbsp;&nbsp;**24.3%** | &nbsp;&nbsp;**8.8** | &nbsp;&nbsp;**8.5** | &nbsp;&nbsp;**3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude oil | &nbsp;&nbsp;63.6 | &nbsp;&nbsp;59.5 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;58.5 | &nbsp;&nbsp;54.4 | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | &nbsp;&nbsp;51.9 | &nbsp;&nbsp;38.8 | &nbsp;&nbsp;33.8% | &nbsp;&nbsp;47.3 | &nbsp;&nbsp;37.0 | &nbsp;&nbsp;27.8% |
| &nbsp;&nbsp;**Total Ecopetrol Permian** | &nbsp;&nbsp;**115.5** | &nbsp;&nbsp;**98.2** | &nbsp;&nbsp;**17.6%** | &nbsp;&nbsp;**105.8** | &nbsp;&nbsp;**91.4** | &nbsp;&nbsp;**15.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude oil | &nbsp;&nbsp;585.1 | &nbsp;&nbsp;581.0 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;583.4 | &nbsp;&nbsp;573.9 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | &nbsp;&nbsp;170.4 | &nbsp;&nbsp;178.6 | &nbsp;&nbsp;(4.6%) | &nbsp;&nbsp;167.1 | &nbsp;&nbsp;176.5 | &nbsp;&nbsp;(5.3%) |
| &nbsp;&nbsp;**Total Ecopetrol Group** | &nbsp;&nbsp;**755.5** | &nbsp;&nbsp;**759.6** | &nbsp;&nbsp;**(0.5%)** | &nbsp;&nbsp;**750.5** | &nbsp;&nbsp;**750.3** | &nbsp;&nbsp;**0.0%** |

---

Note 1: Gross production includes royalties and is prorated by Ecopetrol's holding in each Company. The Natural Gas data includes Gas and Blanks (LPG, propane and butane).

Note 2: Consolidated data presented in rounded up figures.

Note 3: The table of this report includes 100% production of Arauca-8. The owner of the Arauca Agreement is Ecopetrol, therefore, 100% of the ownership of the production of the Arauca Agreement Area is in the hands of Ecopetrol, however, by virtue of the private agreement (*Bussiness Collaboration Agreement (BCA), signed between Ecopetrol and Parex, Ecopetrol, once the hydrocarbons of the Arauca Agreement are produced, immediately transfers to Parex 50% of all the production obtained in the contracted area.* 

Note 4: Quarterly production figures subject to minor updates due to ministerial forms to the ANH of associated fields and closures in international subsidiaries.

The production of the Ecopetrol Group in 2Q25 was 755.5 thousand barrels of oil equivalent per day (mboed), of which Ecopetrol S.A. contributed 595.4 mboed and the subsidiaries 160.1 mboed, incorporating the production of the Guando and Guando SW fields (4.3 mboed) into the subsidiary, Hocol, given the transfer from Ecopetrol S.A. at the end of 2024, in line with the Ecopetrol Group's presence strategy in the department of Tolima through this subsidiary.

------

<sup>[3]</sup> The name change is in response to a requirement from the ANP for offshore projects, which must adopt marine fauna names once commerciality is declared.

<sup>[4]</sup> Floating Production Storage and Offloading

![](image_006.jpg)

Compared to the same period of the previous year, the production of gas -4.1 mboed due mainly to: i) lower gas production related to the decline of the Cusiana and Recetor fields (Piedemonte Llanero), and Ballena and Chuchupa in Guajira, ii) lower crude oil production due to blockades in the Orinoquia, associated to events beyond Ecopetrol's control, and iii) the impact of the Llanos Norte asset due to the unavailability of the Bicentennial Pipeline because of damage to the infrastructure caused by third parties. These effects were partially mitigated by: i) improved performance of Permian's incremental campaign due to the optimization of the development plan, ii) acquisition of Repsol's 45% interest in the CPO-09 block and iii) production growth in Caño Sur, supported by the increased fluid treatment capacity of the Centauros Station.

Compared to the first half of 2024, production levels are maintained in the order of (+0.21 mboed) with an increase in domestic crudes of +5.2 mboed, driven by the growth in Caño Sur and Chichimene, and the acquisition of 45% of the CPO-09 block. These factors, together with the increase in Permian production, offset both environmental impacts and the natural decline of domestic gas.

With respect to production impact derived from external events, during 2Q25 there was a deferred production of 1.5 million barrels for a cumulative total of 1.8 million barrels for the first half of the year.

These impacts were mainly concentrated in April (64% of deferred production), due to: i) blockades in the Rubiales and Caño Sur fields by members of the indigenous guards, and ii) unavailability of the Bicentennial Pipeline, as a result of the attacks that affected the fields in northern Arauca fields. The Ecopetrol Group maintains the production target established between 740 and 750 mboed.

In terms of drilling, as of June 2025, in the Ecopetrol Group, 220 development wells were completed with an average monthly occupancy of 21 active drilling rigs.

**Lifting and Dilution Cost** 

**Table 7: Lifting Cost - Ecopetrol Group**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**USD/Bl** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**% USD** |
| &nbsp;&nbsp;Lifting Cost\* | &nbsp;&nbsp;11.97 | &nbsp;&nbsp;12.08 | &nbsp;&nbsp;(0.9%) | &nbsp;&nbsp;11.59 | &nbsp;&nbsp;12.04 | &nbsp;&nbsp;(3.7%) | &nbsp;&nbsp;26.4% |
| &nbsp;&nbsp;Dilution Cost\*\* | &nbsp;&nbsp;4.36 | &nbsp;&nbsp;5.38 | &nbsp;&nbsp;(19.0%) | &nbsp;&nbsp;4.89 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;(9.4%) | &nbsp;&nbsp;100.0% |

---

\* Calculated based on barrels produced without royalties. Figures subject to minor updates between periods.

\*\*Calculated based on Ecopetrol S.A barrels sold.

**Lifting Cost**

The 1H25 lifting cost decreased by -0.45 USD/Bl versus the same period of the previous year, mainly leveraged by the exchange rate effect and the efficiencies captured as follows:

**Exchange Rate Effect (-0.81 USD/Bl):** positive effect due to higher average exchange rate going from 3,920 to 4,196 pesos/dollar for the conversion of the indicator from pesos to dollars.

**Cost effect (+0.36 USD/Bl)<sup>[5]</sup>:** The increase, mainly in costs and inflationary factors (+USD 0.73/Bl) was partially mitigated by efficiencies achieved of +USD 0.37/Bl (USD 0.81/Bl in 1H25 vs USD 0.44/Bl in 1H24), with the following key contributing factors:

&nbsp;&nbsp;&nbsp;&nbsp;· Energy optimization: optimization
of self-generation and energy purchase tariffs, as well as a reduction in energy consumption thanks to the optimal operation of production
processes and the widespread adoption of more efficient technologies.

&nbsp;&nbsp;&nbsp;&nbsp;· Optimization of the operations
and maintenance model for non-industrial areas.

&nbsp;&nbsp;&nbsp;&nbsp;· Reuse of materials in subsurface
operations.

&nbsp;&nbsp;&nbsp;&nbsp;· New maintenance and production
facilities contracts, achieving better rates than originally planned.

These efficiencies partially offset the following cost increases:

------

<sup>[5]</sup> Includes a volume effect of +0.01

![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Cumulative inflation impact on
operating service and labor costs (+0.28 USD/Bl).

&nbsp;&nbsp;&nbsp;&nbsp;· Maintenance at international
assets: increased maintenance activities at Big Spring and Lomax, located in the Permian Basin.

&nbsp;&nbsp;&nbsp;&nbsp;· Fluid treatment: Increase in
volumes treated (+736 KBWPD<sup>[6]</sup>), mainly in Caño Sur, Rubiales and Castilla and in Akacias due to the acquisition of
a stake in the CPO-09 block, which require additional energy, chemical treatment, and maintenance associated with the expansion of facilities
for their processing.

&nbsp;&nbsp;&nbsp;&nbsp;· Increased subsurface activities:
Early scheduling of interventions as a strategy to leverage available equipment and manage external conditions.

**Dilution Cost**

The 1H25 dilution cost decreased 0.51 USD/Bl versus 1H24, mainly explained by:

**Cost effect (-0.64 USD/Bl):** Cost reduction due to i) lower naphtha purchase price associated with the correction in the Brent benchmark by -9 USD/Bl and ii) reduction in the dilution factor from 11.43% in 1H24 to 11.22% in 1H25.

**Volume Effect (0.13 USD/Bl):** Fewer barrels of crude oil marketed, mainly due to public order disturbances.

**Financial Results**

**Table 8: Income Statement - Exploration and Production**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**18089** | &nbsp;&nbsp;**21499** | &nbsp;&nbsp;**(3410)** | &nbsp;&nbsp;**(15.9%)** | &nbsp;&nbsp;**36506** | &nbsp;&nbsp;**40215** | &nbsp;&nbsp;**(3709)** | &nbsp;&nbsp;**(9.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and depletion | &nbsp;&nbsp;3208 | &nbsp;&nbsp;2517 | &nbsp;&nbsp;691 | &nbsp;&nbsp;27.5% | &nbsp;&nbsp;5866 | &nbsp;&nbsp;4894 | &nbsp;&nbsp;972 | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable costs | &nbsp;&nbsp;7604 | &nbsp;&nbsp;8091 | &nbsp;&nbsp;(487) | &nbsp;&nbsp;(6.0%) | &nbsp;&nbsp;14782 | &nbsp;&nbsp;14698 | &nbsp;&nbsp;84 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed costs | &nbsp;&nbsp;3412 | &nbsp;&nbsp;3404 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;6585 | &nbsp;&nbsp;6642 | &nbsp;&nbsp;(57) | &nbsp;&nbsp;(0.9%) |
| &nbsp;&nbsp;**Total cost of sales** | &nbsp;&nbsp;**14224** | &nbsp;&nbsp;**14012** | &nbsp;&nbsp;**212** | &nbsp;&nbsp;**1.5%** | &nbsp;&nbsp;**27233** | &nbsp;&nbsp;**26234** | &nbsp;&nbsp;**999** | &nbsp;&nbsp;**3.8%** |
| &nbsp;&nbsp;**Gross income** | &nbsp;&nbsp;**3865** | &nbsp;&nbsp;**7487** | &nbsp;&nbsp;**(3622)** | &nbsp;&nbsp;**(48.4%)** | &nbsp;&nbsp;**9273** | &nbsp;&nbsp;**13981** | &nbsp;&nbsp;**(4708)** | &nbsp;&nbsp;**(33.7%)** |
| &nbsp;&nbsp;Operating and exploratory expenses | &nbsp;&nbsp;1633 | &nbsp;&nbsp;1644 | &nbsp;&nbsp;(11) | &nbsp;&nbsp;(0.7%) | &nbsp;&nbsp;2876 | &nbsp;&nbsp;3105 | &nbsp;&nbsp;(229) | &nbsp;&nbsp;(7.4%) |
| &nbsp;&nbsp;**Operating income** | &nbsp;&nbsp;**2232** | &nbsp;&nbsp;**5843** | &nbsp;&nbsp;**(3611)** | &nbsp;&nbsp;**(61.8%)** | &nbsp;&nbsp;**6397** | &nbsp;&nbsp;**10876** | &nbsp;&nbsp;**(4479)** | &nbsp;&nbsp;**(41.2%)** |
| &nbsp;&nbsp;Financial result, net | &nbsp;&nbsp;(922) | &nbsp;&nbsp;(1074) | &nbsp;&nbsp;152 | &nbsp;&nbsp;(14.2%) | &nbsp;&nbsp;(2043) | &nbsp;&nbsp;(1960) | &nbsp;&nbsp;(83) | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Share of profit of companies | &nbsp;&nbsp;8 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2 | &nbsp;&nbsp;33.3% | &nbsp;&nbsp;14 | &nbsp;&nbsp;17 | &nbsp;&nbsp;(3) | &nbsp;&nbsp;(17.6%) |
| &nbsp;&nbsp;**Income before income tax** | &nbsp;&nbsp;**1318** | &nbsp;&nbsp;**4775** | &nbsp;&nbsp;**(3457)** | &nbsp;&nbsp;**(72.4%)** | &nbsp;&nbsp;**4368** | &nbsp;&nbsp;**8933** | &nbsp;&nbsp;**(4565)** | &nbsp;&nbsp;**(51.1%)** |
| &nbsp;&nbsp;Provision for income tax | &nbsp;&nbsp;(498) | &nbsp;&nbsp;(2455) | &nbsp;&nbsp;1957 | &nbsp;&nbsp;(79.7%) | &nbsp;&nbsp;(1490) | &nbsp;&nbsp;(4334) | &nbsp;&nbsp;2844 | &nbsp;&nbsp;(65.6%) |
| &nbsp;&nbsp;**Consolidated net income** | &nbsp;&nbsp;**820** | &nbsp;&nbsp;**2320** | &nbsp;&nbsp;**(1500)** | &nbsp;&nbsp;**(64.7%)** | &nbsp;&nbsp;**2878** | &nbsp;&nbsp;**4599** | &nbsp;&nbsp;**(1721)** | &nbsp;&nbsp;**(37.4%)** |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;22 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;46 | &nbsp;&nbsp;40 | &nbsp;&nbsp;6 | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;**Net income attributable to owners of Ecopetrol** | &nbsp;&nbsp;**842** | &nbsp;&nbsp;**2341** | &nbsp;&nbsp;**(1499)** | &nbsp;&nbsp;**(64.0%)** | &nbsp;&nbsp;**2924** | &nbsp;&nbsp;**4639** | &nbsp;&nbsp;**(1715)** | &nbsp;&nbsp;**(37.0%)** |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**5915** | &nbsp;&nbsp;**8661** | &nbsp;&nbsp;**(2746)** | &nbsp;&nbsp;**(31.7%)** | &nbsp;&nbsp;**13121** | &nbsp;&nbsp;**16376** | &nbsp;&nbsp;**(3255)** | &nbsp;&nbsp;**(19.9%)** |
| &nbsp;&nbsp;**EBITDA Margin** | &nbsp;&nbsp;**32.7%** | &nbsp;&nbsp;**40.3%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(7.6%)** | &nbsp;&nbsp;**35.9%** | &nbsp;&nbsp;**40.7%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(4.8%)** |

---

Revenues decreased during 2Q25 compared to 2Q24 mainly due to a lower Brent reference price; this was partially offset by: i) higher average exchange rate ii) higher foreign sales, and iii) strengthening of the crude oil differential.

The **cost of sales** increased in 2Q25 compared to 2Q24 due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Increase in depreciation, amortization
and depletion, mainly associated with the higher level of capitalization in CPO-09 and Caño Sur, in addition to the higher production
levels in these assets and Permian. This increase was also affected by the exchange rate for companies with a functional currency other
than the Colombian peso.

------

<sup>[6]</sup> Increase in water production in 1H-2025 compared to 1H-2024 in fields directly operated by Ecopetrol S.A.

![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Increase in transportation costs
due to: i) higher average exchange rate, ii) increase in rates and iii) greater Banadía-Araguaney contingent operation as a result
of the external events, partially offset by the entry of the Caño Sur Este - ODL pipeline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Offset by a decrease in purchases
from third parties mainly due to: i) lower reference price, and ii) lower volumes purchased.

**Operating and exploration costs** in 2Q25 compared to 2Q24 decreased mainly due to a lower write-off of exploratory assets.

The **financial (non-operational) result** of 2Q25 compared to 2Q24 presented a lower expense mainly due to the effect of the exchange difference on the segment's net passive position in dollars, the above partially offset by the higher interest expense.

The decrease in **income tax expense** for 2Q25 compared to 2Q24 was generated in line with the segment results and a lower rental surcharge given the current Brent price projection.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Transport and Logistics** 

**Table 9: Transported Volumes - Ecopetrol Group**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**mbd** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Crude oil | &nbsp;&nbsp;786.7 | &nbsp;&nbsp;848.9 | &nbsp;&nbsp;(7.3%) | &nbsp;&nbsp;794.8 | &nbsp;&nbsp;831.2 | &nbsp;&nbsp;(4.4%) |
| &nbsp;&nbsp;Products | &nbsp;&nbsp;297.4 | &nbsp;&nbsp;303.5 | &nbsp;&nbsp;(2.0%) | &nbsp;&nbsp;293.0 | &nbsp;&nbsp;304.2 | &nbsp;&nbsp;(3.7%) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1084.0** | &nbsp;&nbsp;**1152.4** | &nbsp;&nbsp;**(5.9%)** | &nbsp;&nbsp;**1087.8** | &nbsp;&nbsp;**1135.4** | &nbsp;&nbsp;**(4.2%)** |

---

Note: The reported volumes are subject to adjustments due to changes in the quality volumetric compensation (CVC for its initials in Spanish), associated to the officialization of volumetric balances.

The total volume transported at the end of 2Q25 was 1,084 mboed, decreasing by 68.4 mboed compared to 2Q24. Likewise, in 1H25, the total volume transported decreased by 47.6 mboed as compared to 1H24.

**Crudes**: The transported volumes decreased by 7.3% in 2Q25 compared to 2Q24 and 4.4% in 1H25 compared to 1H24, mainly due to: i) lower production by third parties in the country, mainly in the departments of Arauca and Casanare, ii) deferred production due to blockages, iii) impacts on the transportation infrastructure due to actions of third parties, which prevented the normal development of operations; and iv) lower deliveries of Castilla Norte crude oil from the Barrancabermeja refinery as a result of the blockades.

During 1H25, and with greater intensity in 2Q25, we faced operational challenges derived from the external events and damages to the infrastructure by third parties, particularly in the Caño Limón-Coveñas pipelines suspended in the Banadía - Ayacucho section since 3Q24, as well as damages in the Caño Limón-Banadía section and in the Bicentennial Pipeline. These events forced the suspension of operations through this alternate route for 43 days during 2Q25 and 68 days in 1H25, limiting production and transportation of approximately 14 mboed in 2Q25 and 8 mboed in 1H25.

Faced with operating challenges derived from the above-mentioned affectations, various strategies were implemented seeking to guarantee operational continuity and minimizing impact on the logistics chain, ensuring evacuation of the fields, supply to the refineries, and meeting export commitments. Among the measures adopted, it should be highlighted the implementation of effective mitigation strategies, strengthening of operational control and coordination with governmental entities, which enabled the evacuation of crude from Arauca through the alternate route of the Bicentennial Pipeline in the Banadía-Araguaney direction, through which nearly 7.2 million barrels were transported in 1H25, vs. almost 1.5 million barrels mobilized in the same period of the previous year, thus allowing to evacuate the filelds and reduce the impact of production deferrals. Additionally, through the implementation of logistic schemes, the transportation of segregated Caño Limón crude from Araguaney to the Barrancabermeja refinery was ensured, without compromising its quality or properties, which allowed it to be used in the refining units.

We were also able to increase the operating capacity of strategic systems such as Araguaney - Cusiana, where the capacity to evacuate Caño Limón crude oil in reversion was increased from 50 to 80 mbod, which allowed us to reduce the field's inventories 60% faster. Likewise,the capacity of the Vasconia-Barrancabermeja refinery system increased by 7%, from 196 mbod to 209 mbod, ensuring the supply of domestic crude oil to the Barrancabermeja refinery. Finally, dual pumping was successfully tested in the 24" Ayacucho-Coveñas system, increasing its capacity by 182%, from 81.6 mbod to 148 mbod average, which optimizes energy use and reduces the operation of the 16" parallel pipeline.

![](image_006.jpg)

Year to date in 2025, approximately 91.2% of the crude volumes transported were owned by the Ecopetrol Group.

**Refined products:** Transported volumes decreased 2% in 2Q25 compared to 2Q24 and 3.7% in 1H25 compared to 1H24, mainly due to: i) fewer deliveries from refineries due to scheduled maintenance, partially offset by: ii) strategic product interment to guarantee supply in the interior of the country.

In 2025, Ecopetrol S.A. products represented approximately 33% of the total volume transported through polyducts.

Despite the measures and strategies implemented, which include the use of advanced technologies and the strengthening of inter-institutional coordination to mitigate the risk of hydrocarbon seizure, during 1H25, the installing of illicit valves affected the operation in different systems, particularly in the Pozos-Galán system, which restricted product transportation by approximately 16 mboed (~5% of the total transported through polyducts). This figure represents an increase of nearly 4.8 mboed vis-a-vis 1H24.

**Third party affectation on transportation infrastructure:** During 2Q25 and 1H25, there was an increase in the number of incidents involving third parties affecting the transport infrastructure, reaching a total of 20 events in 1H25 (8 in 2Q25), compared to 2 events reported in 1H24 (0 in 2Q24). In turn, in 2Q25, the number of illicit valves removed in the transportation infrastructure was reduced by 11% compared to 2Q24, and for 1H25, this reduction in illicit valves removed reached 7% compared to the same period of the previous year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 10: Cost per Transported Barrel - Ecopetrol Group** | **Table 10: Cost per Transported Barrel - Ecopetrol Group** | **Table 10: Cost per Transported Barrel - Ecopetrol Group** | **Table 10: Cost per Transported Barrel - Ecopetrol Group** | **Table 10: Cost per Transported Barrel - Ecopetrol Group** | **Table 10: Cost per Transported Barrel - Ecopetrol Group** | **Table 10: Cost per Transported Barrel - Ecopetrol Group** | **Table 10: Cost per Transported Barrel - Ecopetrol Group** |
| &nbsp;&nbsp;**USD/Bl** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**% USD** |
| &nbsp;&nbsp;Cost per Transported Barrel | &nbsp;&nbsp;3.24 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;3.14 | &nbsp;&nbsp;3.07 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;17.0% |

---

**Cost per Transported Barrel:** The cost per transported barrel in 2Q25 had a similar behavior to that of 2Q24, at 3.24 USD/Bl. The cost per barrel transported in 1H25 was 3.14 USD/BI, increasing 0.07 USD/BI compared to 1H24, which is explained by:

**Volume Effect (+0.15 USD/Bl):** Lower volume transported by -4.2%, equivalent to -47.6 mboed, as a result of the aforementioned conditions.

**Cost Effect (+0.12 USD/Bl):** Mainly associated to exogenous factors such as i) higher costs and expenses due to inflationary effect on maintenance contract rates, costs of operation support and labor, added to ii) higher costs and expenses in Ocensa whose functional currency is the dollar, due to a higher average exchange rate, further to iii) higher emergency care expenses due to the increase in the aforementioned external events.

**Exchange Rate Effect (-0.20 USD/Bl):** Positive effect due to highest average exchange rate +276 going from 3,920 to 4,196 pesos/dollar for the conversion of the indicator from pesos to dollars.

![](image_006.jpg)

**Financial Results**

**Table 11: Profit or Loss Statement - Transport** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**3868** | &nbsp;&nbsp;**3625** | &nbsp;&nbsp;**243** | &nbsp;&nbsp;**6.7%** | &nbsp;&nbsp;**7849** | &nbsp;&nbsp;**7194** | &nbsp;&nbsp;**655** | &nbsp;&nbsp;**9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and depletion | &nbsp;&nbsp;338 | &nbsp;&nbsp;311 | &nbsp;&nbsp;27 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;665 | &nbsp;&nbsp;627 | &nbsp;&nbsp;38 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable costs | &nbsp;&nbsp;193 | &nbsp;&nbsp;219 | &nbsp;&nbsp;(26) | &nbsp;&nbsp;(11.9%) | &nbsp;&nbsp;411 | &nbsp;&nbsp;415 | &nbsp;&nbsp;(4) | &nbsp;&nbsp;(1.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed costs | &nbsp;&nbsp;504 | &nbsp;&nbsp;533 | &nbsp;&nbsp;(29) | &nbsp;&nbsp;(5.4%) | &nbsp;&nbsp;969 | &nbsp;&nbsp;948 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;**Total cost of sales** | &nbsp;&nbsp;**1035** | &nbsp;&nbsp;**1063** | &nbsp;&nbsp;**(28)** | &nbsp;&nbsp;**(2.6%)** | &nbsp;&nbsp;**2045** | &nbsp;&nbsp;**1990** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**2.8%** |
| &nbsp;&nbsp;**Gross income** | &nbsp;&nbsp;**2833** | &nbsp;&nbsp;**2562** | &nbsp;&nbsp;**271** | &nbsp;&nbsp;**10.6%** | &nbsp;&nbsp;**5804** | &nbsp;&nbsp;**5204** | &nbsp;&nbsp;**600** | &nbsp;&nbsp;**11.5%** |
| &nbsp;&nbsp;Operating expenses | &nbsp;&nbsp;313 | &nbsp;&nbsp;203 | &nbsp;&nbsp;110 | &nbsp;&nbsp;54.2% | &nbsp;&nbsp;536 | &nbsp;&nbsp;399 | &nbsp;&nbsp;137 | &nbsp;&nbsp;34.3% |
| &nbsp;&nbsp;**Operating income** | &nbsp;&nbsp;**2520** | &nbsp;&nbsp;**2359** | &nbsp;&nbsp;**161** | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;**5268** | &nbsp;&nbsp;**4805** | &nbsp;&nbsp;**463** | &nbsp;&nbsp;**9.6%** |
| &nbsp;&nbsp;Financial result, net | &nbsp;&nbsp;(4) | &nbsp;&nbsp;136 | &nbsp;&nbsp;(140) | &nbsp;&nbsp;(102.9%) | &nbsp;&nbsp;(194) | &nbsp;&nbsp;182 | &nbsp;&nbsp;(376) | &nbsp;&nbsp;(206.6%) |
| &nbsp;&nbsp;**Income before income tax** | &nbsp;&nbsp;**2516** | &nbsp;&nbsp;**2495** | &nbsp;&nbsp;**21** | &nbsp;&nbsp;**0.8%** | &nbsp;&nbsp;**5074** | &nbsp;&nbsp;**4987** | &nbsp;&nbsp;**87** | &nbsp;&nbsp;**1.7%** |
| &nbsp;&nbsp;Provision for income tax | &nbsp;&nbsp;(899) | &nbsp;&nbsp;(871) | &nbsp;&nbsp;(28) | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;(1830) | &nbsp;&nbsp;(1734) | &nbsp;&nbsp;(96) | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;**Consolidated net income** | &nbsp;&nbsp;**1617** | &nbsp;&nbsp;**1624** | &nbsp;&nbsp;**(7)** | &nbsp;&nbsp;**(0.4%)** | &nbsp;&nbsp;**3244** | &nbsp;&nbsp;**3253** | &nbsp;&nbsp;**(9)** | &nbsp;&nbsp;**(0.3%)** |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;(318) | &nbsp;&nbsp;(307) | &nbsp;&nbsp;(11) | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;(650) | &nbsp;&nbsp;(604) | &nbsp;&nbsp;(46) | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;**Net income attributable to owners of Ecopetrol** | &nbsp;&nbsp;**1299** | &nbsp;&nbsp;**1317** | &nbsp;&nbsp;**(18)** | &nbsp;&nbsp;**(1.4%)** | &nbsp;&nbsp;**2594** | &nbsp;&nbsp;**2649** | &nbsp;&nbsp;**(55)** | &nbsp;&nbsp;**(2.1%)** |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**2906** | &nbsp;&nbsp;**2728** | &nbsp;&nbsp;**178** | &nbsp;&nbsp;**6.5%** | &nbsp;&nbsp;**6028** | &nbsp;&nbsp;**5546** | &nbsp;&nbsp;**482** | &nbsp;&nbsp;**8.7%** |
| &nbsp;&nbsp;**EBITDA Margin** | &nbsp;&nbsp;**75.1%** | &nbsp;&nbsp;**75.3%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(0.2%)** | &nbsp;&nbsp;**76.8%** | &nbsp;&nbsp;**77.1%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(0.3%)** |

---

**Revenues** in 2Q25 increased compared to 2Q24, due to: i) a higher average exchange rate, ii) a higher Banadía-Araguaney contingent operation, and iii) rate updates. These effects offset: i) lower revenues associated to the release of contracted capacity under the "Ship or Pay" modality in the Bicentenario and Caño Limón-Coveñas pipelines, as well as ii) lower volumes transported compared to the previous period due to the impact of the local environment, lower production of third parties in the country and higher maintenance at the Barrancabermeja Refinery.

The **cost of sales** for 2Q25 decreased compared to 2Q24, mainly due to: i) lower variable costs associated to lower consumption of crude oil, fuel and energy, in line with the reduction in volumes transported, ii) lower purchases for product replacement, and iii) reduction in contracted services, especially in information technology. These factors are partially offset by: i) higher restatement costs due to a higher average exchange rate and, ii) the increase associated to the inflationary effect.

Operating expenses, net for 2Q25 increased compared to 2Q24, mainly due to higher emergency care expenses given the local external events; additionally, in 2Q24 lower expenses were recognized due to the non-recurring favorable effect of the sale of the excess volume of the full line in Ocensa to Ecopetrol S.A.

The **net financial result (not operational)** for 2Q25 decreased compared to 2Q24, mainly due to: i) the exchange rate effect given a lower closing exchange rate on the segment's net active dollar position, and ii) lower financial returns associated to the behavior of interest rates on deposits and investments.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Refining and Petrochemicals** 

In 2Q25, major maintenance was carried out at the Barrancabermeja and Cartagena refineries, ensuring operational continuity and availability for the supply of fuels, as well as the protection of personnel and the environment. In Barrancabermeja, scheduled shutdowns were executed in the Cracking UOPII, Polyethylene I and Prime G units. Thanks to the high reliability of the main process plants, an average operational availability of 95.8%, higher than the 91.2% recorded in the first quarter of this year, positioning itself in the most competent half of refineries in Latin America according to Solomon's latest benchmarking study, leveraging continuous improvement in performance and operational stability.

In 2Q25, the refining segment achieved an integrated gross margin of 12.5 USD/Bl, higher than that recorded in the same period of 2024 (9.1 USD/Bl), driven by a favorable market environment, especially due to the improvement in international gasoline and diesel differentials versus crude oil; this, despite a lower consolidated throughput of 413.3 mboed compared to 424.4 mboed in 2Q24, affected by maintenance and lower receipt of light crude oil. This performance highlights the refineries' ability to adapt to challenging operating conditions and to capitalize on market opportunities.

![](image_006.jpg)

In this context, tactical, operational and commercial strategies were implemented that made it possible to: i) mitigate the effects of the lower availability of light crude oil in the diet of the refineries, as a result of the attacks that affected the Caño Limón - Coveñas pipeline, ii) comply with maintenance plans guaranteeing operational reliability, which was reflected in an operational availability of 95.8% during 2Q25, iii) in line with the strategy of minimizing fuel oil in refineries, as it is considered a product of lower value, the first export of IFO 380 marine fuel was initiated, recently incorporated into the product portfolio, likewise, the production of liquid asphalt was maximized, reaching a record in its export volume; and iv) capture efficiencies in revenues, costs and investments, associated with logistical savings in crude oil imports, lower natural gas consumption, improvements in fuel oil quality, and reduction of operating and administrative costs in all units.

Downstream made material progress in its internationalization and sustainability, with significant milestones occurring since May 2025:

&nbsp;&nbsp;&nbsp;&nbsp;· Ecopetrol made its
first export on June 9, 2025 of 185 thousand barrels of IFO 380 marine fuel from the Cartagena Refinery to Cape Canaveral, marking its
entry into a competitive global market. This operation represents the incorporation of this product into the company's export portfolio,
strengthening its offer with a more efficient alternative with a lower environmental footprint, due to the reduction of emissions by
removing streams with high sulfur content, reused in alternative industrial processes.

&nbsp;&nbsp;&nbsp;&nbsp;· Ecopetrol sets a
record in liquid asphalt exports. Reached a historic volume of 56,700 tons exported on May, consolidating its position as the main exporter
of asphalt in Latin America after four years of operations from the Barrancabermeja Refinery.

&nbsp;&nbsp;&nbsp;&nbsp;· Ecopetrol and Aerocivil
signed the "SAF Vuela" program to promote the development of sustainable aviation fuels (SAF), strengthening infrastructure
and positioning the country as a regional benchmark in aerial decarbonization.

&nbsp;&nbsp;&nbsp;&nbsp;· The company completed
its first direct export operation of 200 tons of light liquid paraffin from the Barrancabermeja Refinery to Brazil, where it is expected
to be used in the manufacture of wood panels. This milestone marks the beginning of a new stage in the opening of markets, with higher
profit margins and projection towards new destinations in Latin America, including Chile, Peru and Mexico.

**Cartagena Refinery** 

In 2Q25, the Cartagena Refinery recorded a throughput of 193.4 mboed, which represents a slight decrease of 0.9% compared to the same quarter of the previous year. Cumulatively for the first half of 2025, the average throughput was 191.1 mboed, 4.1% lower than the same period in 2024. The reduction in 2Q25 was influenced by a decrease in the availability of domestic crude oil, such as Caño Limón, due to external events attributed to third parties.

The gross refining margin in 2Q25 was 11.0 USD/Bl, 20.9% higher than 2Q24, driven by higher differentials in products such as diesel (+3.3 USD/Bl) and gasoline (+2.4 USD/Bl). Nevertheless, in the first half of the year, the margin was 10.7 USD/Bl, which represents a 13.7% drop compared to 1H24, explained by the weakening of international fuel prices (81%) and the lower availability of light crude oil (19%).

**Table 12: Throughput, Utilization Factor, Production and Refining Margin**

**- Cartagena Refinery** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cartagena Refinery** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Throughput\* (mbd) | &nbsp;&nbsp;193.4 | &nbsp;&nbsp;195.1 | &nbsp;&nbsp;(0.9%) | &nbsp;&nbsp;191.1 | &nbsp;&nbsp;199.3 | &nbsp;&nbsp;(4.1%) |
| &nbsp;&nbsp;Utilization Factor (%) | &nbsp;&nbsp;82.3% | &nbsp;&nbsp;88.6% | &nbsp;&nbsp;(7.1%) | &nbsp;&nbsp;81.8% | &nbsp;&nbsp;89.3% | &nbsp;&nbsp;(8.4%) |
| &nbsp;&nbsp;Refined Production (mbd) | &nbsp;&nbsp;186.0 | &nbsp;&nbsp;187.7 | &nbsp;&nbsp;(0.9%) | &nbsp;&nbsp;183.2 | &nbsp;&nbsp;192.4 | &nbsp;&nbsp;(4.8%) |
| &nbsp;&nbsp;Gross Margin (USD/Bl) | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;(13.7%) |

---

\*Corresponds to actual throughput volumes processed, not received

![](image_006.jpg)

**Barrancabermeja Refinery**

In 2Q25, the Barrancabermeja Refinery processed a load of 219.9 mboed, a decrease of 4.1% compared to the same quarter of the previous year. Cumulatively for the first half of 2025, the average cargo was 213.5 mboed, 6.0% lower than the same period in 2024. The reduction in 2Q25 was mainly due to: i) (80%) loading restrictions due to lower availability of crude oil, affected by attacks on transport systems and blockades; ii) (10%) lower product recalls and presence of illicit activities in Pozos Colorados; and iii) (10%) execution of the shutdown plan of the UOP II Cracking and Naphtha Hydrotreatment units of Prime G.

Refining gross margin in 2Q25 reached 13.9 USD/Bl, 51.1% higher than 2Q24, driven by a significant improvement in product spreads, especially in diesel (+3.3 USD/Bl) and gasoline (+2.4 USD/Bl).). For the first half of the year, the margin was 12.6 USD/Bl, 8.6% higher than 1H24, explained by more favorable market conditions (81%), a more economical crude oil diet (19%) and an operational availability of 94%, which allowed us to capture good margins, despite scheduled maintenance.

**Table 13: Throughput, Utilization Factor, Production and Refining Margin**

**- Barrancabermeja Refinery**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Barrancabermeja Refinery** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Throughput\* (mbd) | &nbsp;&nbsp;219.9 | &nbsp;&nbsp;229.2 | &nbsp;&nbsp;(4.1%) | &nbsp;&nbsp;213.5 | &nbsp;&nbsp;227.1 | &nbsp;&nbsp;(6.0%) |
| &nbsp;&nbsp;Utilization Factor (%) | &nbsp;&nbsp;69.5% | &nbsp;&nbsp;79.1% | &nbsp;&nbsp;(12.1%) | &nbsp;&nbsp;70.4% | &nbsp;&nbsp;80.0% | &nbsp;&nbsp;(12.0%) |
| &nbsp;&nbsp;Refined Production (mbd) | &nbsp;&nbsp;221.3 | &nbsp;&nbsp;232.4 | &nbsp;&nbsp;(4.8%) | &nbsp;&nbsp;215.6 | &nbsp;&nbsp;230.7 | &nbsp;&nbsp;(6.5%) |
| &nbsp;&nbsp;Gross Margin (USD/Bl) | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;51.1% | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;8.6% |

---

\*Corresponds to actual throughput volumes processed, not received

**Esenttia**

In 2Q25, Esenttia continued to face a challenging environment, marked by moderate demand for propylene and high international competition, especially from Asia, in a context of prices that are among the lowest in the last decade. Despite this scenario, the company has maintained a dynamic commercial strategy, tactically adjusting prices to sustain its presence in key markets and consolidate opportunities in strategic destinations such as Brazil. In this quarter, total sales reached 95.8 Kton, representing a growth of 1.8% compared to 2Q24, reflecting a gradual recovery in volumes amid demanding market conditions.

In 1H25, cumulative sales were 207.1 Kton, 11.7% higher than in the same period of 2024. In this context, Esenttia has focused its efforts on protecting the profitability of the business through efficient cost management. Operating efficiencies of US$3.1 million were captured in OPEX, thanks to initiatives in social investment, energy efficiency, technological infrastructure and rationalization of general expenses. These actions, together with a strategy of market diversification, supply optimization and strengthening commercial relationships, enable the company to improve its results by year-end, even in an environment of tight margins and volatility in propylene prices.

**Table 14: Sales – Esenttia**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Esenttia** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Total Sales (MTon) | &nbsp;&nbsp;95.8 | &nbsp;&nbsp;94.1 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;207.1 | &nbsp;&nbsp;185.4 | &nbsp;&nbsp;11.7% |

---

**Refining Cash Cost** 

**Table 15: Refining Cash Cost \***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**USD/Bl** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**% USD** |
| &nbsp;&nbsp;Refining Cash Cost | &nbsp;&nbsp;5.74 | &nbsp;&nbsp;5.56 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;5.66 | &nbsp;&nbsp;5.49 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;16.8% |

---

\* Includes refineries in Barrancabermeja, Cartagena and Esenttia

The refining cash cost increased by 0.18 USD/Bl in 2Q25 compared to 2Q24, explained by:

&nbsp;&nbsp;&nbsp;&nbsp;· **Volume effect (+0.12 USD/Bl):** Mainly due to lower crude oil loading in refineries of -11.1 mboed.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cost effect (+0.46 USD/Bl):** Higher costs associated with inflationary effect (+0.25 USD/Bl), higher gas cost due to price effect (+0.12 USD/Bl) and higher operational
activity in Esenttia (+0.09 USD/Bl), driven by highter throughputs and production level

![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· **Exchange rate effect (-0.40 USD/Bl):** Impact of average devaluation against the dollar at +273 pesos per dollar, going from 3,926 to 4,199 pesos per dollar.

**Financial Results**

**Table 16: Income Statement - Refining**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**15682** | &nbsp;&nbsp;**16733** | &nbsp;&nbsp;**(1051)** | &nbsp;&nbsp;**(6.3%)** | &nbsp;&nbsp;**32958** | &nbsp;&nbsp;**34378** | &nbsp;&nbsp;**(1420)** | &nbsp;&nbsp;**(4.1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and depletion | &nbsp;&nbsp;518 | &nbsp;&nbsp;497 | &nbsp;&nbsp;21 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;989 | &nbsp;&nbsp;986 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable costs | &nbsp;&nbsp;13912 | &nbsp;&nbsp;15339 | &nbsp;&nbsp;(1427) | &nbsp;&nbsp;(9.3%) | &nbsp;&nbsp;29765 | &nbsp;&nbsp;30606 | &nbsp;&nbsp;(841) | &nbsp;&nbsp;(2.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed costs | &nbsp;&nbsp;848 | &nbsp;&nbsp;702 | &nbsp;&nbsp;146 | &nbsp;&nbsp;20.8% | &nbsp;&nbsp;1599 | &nbsp;&nbsp;1394 | &nbsp;&nbsp;205 | &nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;**Total cost of sales** | &nbsp;&nbsp;**15278** | &nbsp;&nbsp;**16538** | &nbsp;&nbsp;**(1260)** | &nbsp;&nbsp;**(7.6%)** | &nbsp;&nbsp;**32353** | &nbsp;&nbsp;**32986** | &nbsp;&nbsp;**(633)** | &nbsp;&nbsp;**(1.9%)** |
| &nbsp;&nbsp;**Gross income** | &nbsp;&nbsp;**404** | &nbsp;&nbsp;**195** | &nbsp;&nbsp;**209** | &nbsp;&nbsp;**107.2%** | &nbsp;&nbsp;**605** | &nbsp;&nbsp;**1392** | &nbsp;&nbsp;**(787)** | &nbsp;&nbsp;**(56.5%)** |
| &nbsp;&nbsp;Operating expenses | &nbsp;&nbsp;610 | &nbsp;&nbsp;551 | &nbsp;&nbsp;59 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;1199 | &nbsp;&nbsp;1114 | &nbsp;&nbsp;85 | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp; **Operating income (loss)** | &nbsp;&nbsp;**(206)** | &nbsp;&nbsp;**(356)** | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**(42.1%)** | &nbsp;&nbsp;**(594)** | &nbsp;&nbsp;**278** | &nbsp;&nbsp;**(872)** | &nbsp;&nbsp;**(313.7%)** |
| &nbsp;&nbsp;Financial result, net | &nbsp;&nbsp;(319) | &nbsp;&nbsp;(392) | &nbsp;&nbsp;73 | &nbsp;&nbsp;(18.6%) | &nbsp;&nbsp;(564) | &nbsp;&nbsp;(787) | &nbsp;&nbsp;223 | &nbsp;&nbsp;(28.3%) |
| &nbsp;&nbsp;Share of profit of companies | &nbsp;&nbsp;51 | &nbsp;&nbsp;48 | &nbsp;&nbsp;3 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;97 | &nbsp;&nbsp;98 | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1.0%) |
| &nbsp;&nbsp;**Loss before income tax** | &nbsp;&nbsp;**(474)** | &nbsp;&nbsp;**(700)** | &nbsp;&nbsp;**226** | &nbsp;&nbsp;**(32.3%)** | &nbsp;&nbsp;**(1061)** | &nbsp;&nbsp;**(411)** | &nbsp;&nbsp;**(650)** | &nbsp;&nbsp;**158.2%** |
| &nbsp;&nbsp;Provision for income tax | &nbsp;&nbsp;141 | &nbsp;&nbsp;230 | &nbsp;&nbsp;(89) | &nbsp;&nbsp;(38.7%) | &nbsp;&nbsp;365 | &nbsp;&nbsp;191 | &nbsp;&nbsp;174 | &nbsp;&nbsp;91.1% |
| &nbsp;&nbsp;**Consolidated net income** | &nbsp;&nbsp;**(333)** | &nbsp;&nbsp;**(470)** | &nbsp;&nbsp;**137** | &nbsp;&nbsp;**(29.1%)** | &nbsp;&nbsp;**(696)** | &nbsp;&nbsp;**(220)** | &nbsp;&nbsp;**(476)** | &nbsp;&nbsp;**216.4%** |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;(46) | &nbsp;&nbsp;(47) | &nbsp;&nbsp;1 | &nbsp;&nbsp;(2.1%) | &nbsp;&nbsp;(96) | &nbsp;&nbsp;(98) | &nbsp;&nbsp;2 | &nbsp;&nbsp;(2.0%) |
| &nbsp;&nbsp;**Net income attributable to owners of Ecopetrol** | &nbsp;&nbsp;**(379)** | &nbsp;&nbsp;**(517)** | &nbsp;&nbsp;**138** | &nbsp;&nbsp;**(26.7%)** | &nbsp;&nbsp;**(792)** | &nbsp;&nbsp;**(318)** | &nbsp;&nbsp;**(474)** | &nbsp;&nbsp;**149.1%** |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**665** | &nbsp;&nbsp;**435** | &nbsp;&nbsp;**230** | &nbsp;&nbsp;**52.9%** | &nbsp;&nbsp;**1147** | &nbsp;&nbsp;**1881** | &nbsp;&nbsp;**(734)** | &nbsp;&nbsp;**(39.0%)** |
| &nbsp;&nbsp;**EBITDA Margin** | &nbsp;&nbsp;**4.2%** | &nbsp;&nbsp;**2.6%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1.6%** | &nbsp;&nbsp;**3.5%** | &nbsp;&nbsp;**5.5%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(2.0%)** |

---

Revenues decreased in 2Q25 compared to 2Q24 due to lower sales volumes associated with the scheduled plant shutdowns of the major maintenance cycle at the Barrancabermeja Refinery, which was partially offset by: i) the positive effect of a higher average exchange rate and ii) the strengthening of the product differential.

The **cost of sales** decreased in 2Q25 compared to 2Q24, mainly due to: i) a reduction in the cost of diet due to a drop in the price of Brent, and ii) lower crude oil purchases due to lower cargoes due to the plant shutdown plan at the Barrancabermeja Refinery and lower receipt of light crude oil. The decrease is partially offset by the effect of the higher average exchange rate on purchases.

Operating expenses for 2Q25 remained at similar levels to those recorded in 2Q24. This performance reflects the effectiveness of the efficiency plan implemented, which allowed us to contain OPEX growth, limiting it only to the impact of the inflationary adjustment.

The **financial (non-operational) result** of 2Q25 versus 2Q24 presented a lower expense mainly due to the effect of the exchange difference in the valuation of the segment's net position.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Commercial Management** 

The good performance of the commercial offices in Houston and Singapore, Ecopetrol US Trading (EUST) and Ecopetrol Trading Asia (ECPTA) is to be highlighted, which during 2Q25 traded 45 million barrels of crude oil and products, obtaining an EBITDA of USD 44 million and a net income of USD 40 million, thus accumulating for 1H25 a total of USD 110 million in EBITDA and USD 94 million in net income. These results are leveraged on the execution of forward contracts for the sale of Castilla crude oil and other products such as fuel oil and naphtha, which are translated into logistical and market efficiencies.

Continuing with the incorporation of new products into the portfolio, in the products and petrochemicals segment, the first export of RMG380-grade fuel oil (marine residual fuel) was carried out, totaling 320 thousand barrels. Additionally, the first delivery of IFO380 (marine diesel for vessels) from Refinería de Cartagena S.A. was completed, amounting to 186 thousand barrels, and the first direct sale of paraffin to Brazil was made, totaling 200 tons.

![](image_006.jpg)

In line with the Ecopetrol Group's decarbonization strategy, during second quarter of 2025 the Carbon Trading Desk traded through Ecopetrol S.A. approximately 280 thousand carbon credits (tCO2e) from carbon capture and reduction projects in Colombia. 87% of the volume traded was intended for different internal requirements of the Ecopetrol Group, directly supporting initiatives that accelerate climate action and add value to the Ecopetrol Group's Greenhouse Gas (GHG) emissions offsetting goals. The remaining 13% corresponded to 37 thousand tCO2e marketed with third parties for various purposes.

**2.** **ENERGIES FOR THE TRANSITION** 

**Natural Gas** 

During 2Q25 the process of marketing natural gas from major fields and imported gas through the Colombian Pacific coast was carried out. This process involved the participation of over 40 companies and secured quantities for an average of 58 GBTUD for the next four years. Furthermore, for the first time in Ecopetrol's history, a block of 60 GBTUD of imported natural gas was commercialized for five years.

On the other hand, Ecopetrol continues to optimize its natural gas consumption. During the first half of the year, there was an 8% reduction in consumption with respect to the estimates for the period (around 234 GBTUD) and an increase in the use of substitute energy sources, which represent nearly 12% of current consumption.

**Natural Gas Options** 

Regarding the regasification on the Pacific coast, the contract signed with PIO SAS is still in the execution phase and the operation start-up date is planned for the second half of 2026.

Regarding regasification options in the Caribbean, the use of the existing infrastructure of the Group in the region is being evaluated, which would allow the development of facilities for the receipt, storage, and regasification of Liquefied Natural Gas (LNG). This project is expected to start operations between the end of 2026 and the end of 2027, subject to the installation of a floating storage and regasification unit (FSRU) and its mooring system.

**Renewable Energy** 

As of the end of Q2 2025, the Group had incorporated a total of 630 MW of renewable energy, of which 208 MW are in operation, 228 MW correspond to purchases in the Wholesale Energy Market (MEM for its initials in Spanish), 95 MW are under construction, and 99 MW are in execution.

With respect to the operation of the Brisas, Castilla, San Fernando, Cartagena Refinery, La Cira, the Cantayús Small Hydroelectric Plant and the solar farms in the transportation segment, so far in 2025, a reduction of around 23,900 tCO2e has been accumulated and savings in the cost of energy close to COP 29.3 billion.

Similarly, during the quarter, Ecopetrol made progress in strengthening its renewable energy portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 conditions precedent for the acquisition of 100% of Wind Autogeneración S.A.S. owner
 of the Windpeshi wind project (205 MW) in La Guajira were fulfilled on July 7, 2025. Once
 operational, the project is expected to contribute to optimizing energy costs and advancing
 Colombia's energy transition, with an expected decarbonization impact of approximately
 4.8 million tons of CO<sub>2</sub> and an estimated investment of USD 350 million between
 2025 and 2027.

&nbsp;&nbsp;&nbsp;&nbsp;· A Master Investment Agreement
(MIA) was signed with AES for the potential acquisition of a 49% stake in the Jemeiwaa Ka'l wind cluster (1,087 MW).

&nbsp;&nbsp;&nbsp;&nbsp;· A contract was signed with Statkraft
to acquire a solar and wind portfolio of up to 1,300 MW, subject to legal and contractual requirements.

![](image_006.jpg)

**Wholesale Energy Market (MEM for its initials in Spanish)**

During the first half of 2025, the Ecopetrol Group's total electricity demand averaged approximately 23.3 GWh per day. Of this demand, 58.4% was met through self-generation and 41.6% through purchases in the Wholesale Energy Market (MEM). Notably, 70.5% of MEM purchases were made under contracts. As a result, 87.7% of the Group's energy demand was covered through self-generation and contracts, minimizing exposure to spot market prices to just 12.3%. In the same period of 2024, the share of energy supplied through self-generation and contracts was 80.6%. The increase in coverage through self-generation and contracts between 2024 and 2025 translates into greater stability in energy supply costs.

Similarly, year to date in 2025, management performed has allowed to uphold the average rates settled in contracts to meet the energy demand of the Ecopetrol Group in 6.2% lower than the rates of energy contracts in the regulated market published by XM.

**Energy efficiency** 

By the end of the first half of 2025, an accumulated energy optimization of 2.42 PJ was achieved, with an impact on 171,226 tons of CO2e and savings of around COP 53 billion in the Ecopetrol Group's operations. This progress means total cumulative savings of 22.33 PJ since 2018 (89% of the goal at 2030) To put this figure in perspective, the accumulated energy savings are equivalent to the electricity and natural gas consumption of more than 1.1 million Colombian households.

**Social gas**

Through the social gas initiative, Ecopetrol made 19,242 new home connections in social strata 1 and 2 during the first half of the year. Since 2019, a total of 94,507 physical connections have been installed across 19 departments.

**Invercolsa**

At the close of 2Q25, Invercolsa and its affiliates, both controlled and non-controlled, registered mor than 4.1 million users connected to the gas service, which represents an increase of 3.9% as compared to 2Q24. This growth is mainly attributed to the execution of network projects in the subsidiaries and social gas, executed in partnership with Ecopetrol.

**3.** **ENERGY TRANSMISSION AND TOLL ROADS** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Energy Transmission** 

**Projects awarded**

In Brazil, ISA Energía has been awarded seven reinforcements to the transmission network in 2Q25; these reinforcements and improvements add up to a CAPEX of BRL 250 million (~ COP$187 billion).

**Entry into operation of projects**

In 2Q25, the following projects came into operation:

&nbsp;&nbsp;&nbsp;&nbsp;· In Colombia, ISA completed the renovation of the Bolivar
Sabanalarga and Bolivar Termocartagena transmission line, which had an estimated investment of COP 16 billion.

&nbsp;&nbsp;&nbsp;&nbsp;· In Brazil, seven reinforcements and improvements to
the ISA Energia Brasil network, with a baseline investment of USD 57 million (~COP 232 billion). In addition, the Água Vermelha
project, a project with a baseline investment of BRL 94 million (~ COP 70 billion). The project is intended to facilitate the integration
of new solar energy projects in the northwest of São Paulo and in the Triângulo Mineiro, helping to accelerate Brazil's energy
transition.

![](image_006.jpg)

**ISA Energía Brasil: RBSE financial component - Decision June 2025**

In 2012, the early termination of Concession 059 in ISA CTEEP led to the recognition of the outstanding payment value, separating two groups of assets: i) RBNI (New Investment Basic Network) – non-depreciated assets built after the year 2000, which were paid between 2013 and 2015; and ii) RBSE (Existing System Basic Network) – non-depreciated assets built before the year 2000, for which effective payment only began in 2017, following regulatory efforts by ISA CTEEP with ANEEL (Brazil's National Electric Energy Agency).

In 2017, ANEEL issued a ruling on the payment of the RBSE, establishing that it should be divided into two components: an economic component, which reviewed the outstanding balance, and a financial component (hereinafter referred to as "Ke"), corresponding to the monetary update from 2013 to 2017.

Although the effective payment of the RBSE began in 2017, the financial component was disputed and subsequently suspended until 2021, when ANEEL recognized the payment of "Ke" for the period from 2013 to 2020.

In 2024, ANEEL decided to review certain methodological criteria for calculating the financial component, following a request submitted in 2021 by industry associations and market agents in Brazil to reconsider the calculations presented for the payment of the RBSE's "Ke" component. The review focused on the frequency of WACC updates, the timing of cash flows (whether prepaid or due), and the basis of the flows used to calculate "Ke."

In June 2025, ANEEL's board issued a decision adjusting the flow base used to calculate "Ke," considering only the unpaid financial component that had been under dispute since 2017.

This decision led to a reduction of COP 594 billion in ISA's EBITDA and COP 140 billion in net income. In terms of cash flow, it implies lower RBSE-related collections during the tariff periods from July 2025 to July 2028.

The adjustment in RBSE financial component payments between 2025 and 2028 does not compromise the company's financial strength, investment execution, or the development of the ISA2040 Strategy.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Toll Roads** 

On June 16, 2025, the Caracolí vehicular bridge was inaugurated on the Circunvalar de la Prosperidad, improving mobility and reducing risks for the users. The project's investment amounted to COP 11 billion.

On June 26, 2025, the construction phase began for the rehabilitation, improvement, and maintenance of the Eastern Pan-American Highway in Panama, with 100% of the contractual milestones achieved.

In Chile, the Orbital Sur route is progressing according to schedule and is expected to begin construction in 2028. On the other hand, Ruta del Maipo is expected to complete the implementation of the Free Flow system in the southern access to Santiago in the fourth quarter of 2025 and to finish the regulatory and serviceability works in the second quarter of 2027.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Telecommunications** 

Internexa has focused its efforts on expanding its coverage and reach in Colombia and Peru. In terms of coverage, new fiber optic nodes were opened in eight cities in Colombia and five in Peru, boosting connectivity in these cities.

![](image_006.jpg)

**Financial Results**

**Table 17: Income Statement - Energy Transmission and Toll Roads**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ ($)** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**3343** | &nbsp;&nbsp;**3427** | &nbsp;&nbsp;**(84)** | &nbsp;&nbsp;**(2.5%)** | &nbsp;&nbsp;**7354** | &nbsp;&nbsp;**7095** | &nbsp;&nbsp;**259** | &nbsp;&nbsp;**3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and depletion | &nbsp;&nbsp;285 | &nbsp;&nbsp;269 | &nbsp;&nbsp;16 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;567 | &nbsp;&nbsp;539 | &nbsp;&nbsp;28 | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed costs | &nbsp;&nbsp;1525 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;270 | &nbsp;&nbsp;21.5% | &nbsp;&nbsp;3039 | &nbsp;&nbsp;2639 | &nbsp;&nbsp;400 | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;**Total cost of sales** | &nbsp;&nbsp;**1810** | &nbsp;&nbsp;**1524** | &nbsp;&nbsp;**286** | &nbsp;&nbsp;**18.8%** | &nbsp;&nbsp;**3606** | &nbsp;&nbsp;**3178** | &nbsp;&nbsp;**428** | &nbsp;&nbsp;**13.5%** |
| &nbsp;&nbsp;**Gross income** | &nbsp;&nbsp;**1533** | &nbsp;&nbsp;**1903** | &nbsp;&nbsp;**(370)** | &nbsp;&nbsp;**(19.4%)** | &nbsp;&nbsp;**3748** | &nbsp;&nbsp;**3917** | &nbsp;&nbsp;**(169)** | &nbsp;&nbsp;**(4.3%)** |
| &nbsp;&nbsp;Operating expenses | &nbsp;&nbsp;448 | &nbsp;&nbsp;215 | &nbsp;&nbsp;233 | &nbsp;&nbsp;108.4% | &nbsp;&nbsp;818 | &nbsp;&nbsp;540 | &nbsp;&nbsp;278 | &nbsp;&nbsp;51.5% |
| &nbsp;&nbsp; **Operating income (loss)** | &nbsp;&nbsp;**1085** | &nbsp;&nbsp;**1688** | &nbsp;&nbsp;**(603)** | &nbsp;&nbsp;**(35.7%)** | &nbsp;&nbsp;**2930** | &nbsp;&nbsp;**3377** | &nbsp;&nbsp;**(447)** | &nbsp;&nbsp;**(13.2%)** |
| &nbsp;&nbsp;Financial result, net | &nbsp;&nbsp;(834) | &nbsp;&nbsp;(760) | &nbsp;&nbsp;(74) | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;(1685) | &nbsp;&nbsp;(1527) | &nbsp;&nbsp;(158) | &nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;Share of profit of companies | &nbsp;&nbsp;130 | &nbsp;&nbsp;136 | &nbsp;&nbsp;(6) | &nbsp;&nbsp;(4.4%) | &nbsp;&nbsp;286 | &nbsp;&nbsp;272 | &nbsp;&nbsp;14 | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;**Loss before income tax** | &nbsp;&nbsp;**381** | &nbsp;&nbsp;**1064** | &nbsp;&nbsp;**(683)** | &nbsp;&nbsp;**(64.2%)** | &nbsp;&nbsp;**1531** | &nbsp;&nbsp;**2122** | &nbsp;&nbsp;**(591)** | &nbsp;&nbsp;**(27.9%)** |
| &nbsp;&nbsp;Provision for income tax | &nbsp;&nbsp;(30) | &nbsp;&nbsp;(138) | &nbsp;&nbsp;108 | &nbsp;&nbsp;(78.3%) | &nbsp;&nbsp;(270) | &nbsp;&nbsp;(277) | &nbsp;&nbsp;7 | &nbsp;&nbsp;(2.5%) |
| &nbsp;&nbsp;**Consolidated net income** | &nbsp;&nbsp;**351** | &nbsp;&nbsp;**926** | &nbsp;&nbsp;**(575)** | &nbsp;&nbsp;**(62.1%)** | &nbsp;&nbsp;**1261** | &nbsp;&nbsp;**1845** | &nbsp;&nbsp;**(584)** | &nbsp;&nbsp;**(31.7%)** |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;(301) | &nbsp;&nbsp;(691) | &nbsp;&nbsp;390 | &nbsp;&nbsp;(56.4%) | &nbsp;&nbsp;(1049) | &nbsp;&nbsp;(1426) | &nbsp;&nbsp;377 | &nbsp;&nbsp;(26.4%) |
| &nbsp;&nbsp;**Net income attributable to owners of Ecopetrol** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**235** | &nbsp;&nbsp;**(185)** | &nbsp;&nbsp;**(78.7%)** | &nbsp;&nbsp;**212** | &nbsp;&nbsp;**419** | &nbsp;&nbsp;**(207)** | &nbsp;&nbsp;**(49.4%)** |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**1644** | &nbsp;&nbsp;**2227** | &nbsp;&nbsp;**(583)** | &nbsp;&nbsp;**(26.2%)** | &nbsp;&nbsp;**4081** | &nbsp;&nbsp;**4487** | &nbsp;&nbsp;**(406)** | &nbsp;&nbsp;**(9.0%)** |
| &nbsp;&nbsp;**EBITDA Margin** | &nbsp;&nbsp;**49.1%** | &nbsp;&nbsp;**65.0%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(15.9%)** | &nbsp;&nbsp;**55.5%** | &nbsp;&nbsp;**63.2%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**(7.7%)** |

---

**Sales revenue** in 2Q25 increased by 15% compared to 2Q24, driven by the commissioning of new projects, the positive impact of contractual escalators, progress in construction, and higher returns from energy and road concessionaires. However, revenues were partially affected mainly in the power transmission business in Brazil due to the update in the methodology for calculating the financial component ("Ke") of the RBSE (Rede Básica do Sistema Existente), as established by ANEEL (Agência Nacional de Energia Elétrica) through a resolution issued on June 10, 2025.

**Cost of sales and operating expenses** mainly reflected the impact of inflation, increased construction activity, the commissioning of new projects, and the recognition of portfolio impairment, primarily related to Air-E in 2Q25.

The **net financial result** for 2Q25 reflected higher indebtedness to support operations, mainly in Brazil and Peru, as well as increased monetary adjustments on debt indexed to UF (Unidad de Fomento) in Chile and IPCA (Extended Consumer Price Index) in Brazil, compared to the same period of the previous year.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Corporate Governance and Social Bodies** 

**Board of Directors**

The Board of Directors of Ecopetrol S.A. adopted, among others, the following decisions:

&nbsp;&nbsp;&nbsp;&nbsp;· Approved the appointment of Dr. Guillermo García Realpe
and Dr. Mónica de Greiff Lindo, as President and Vice President of the Board of Directors, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;· Approved the formation of the support committees of the Board
of Directors and appointed the presidents of said committees. See: https://www.ecopetrol.com.co/wps/portal/Home/en/Ourcompany/about-us/Board%20of%20Directors%20Committees

&nbsp;&nbsp;&nbsp;&nbsp;· Approved the financial statements of the Group under Full
IFRS regulations with a cut-off date of December 31, 2024, to be incorporated into the 20F 2024 report.

&nbsp;&nbsp;&nbsp;&nbsp;· Approved the 20F Report and its filing at the Securities
and Exchange Commission (SEC) in the United States. See: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001444406/000141057825000839/ec-20241231x20f.htm

![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Approved separate Financial Statements
of Ecopetrol and consolidated statements of the Group corresponding to the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Approved the following appointments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Julián Fernando Lemos,
officially appointed to the role of Corporate Vice President of Strategy and Business Development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Diana Marcela Jiménez,
officially appointed to the role of Director of Institutional Relations and Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Julio César Herrera, officially
appointed to the role of Commercial and Marketing Vice President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rodolfo Mario García,
temporarily appointed to the role of Compliance Corporate Director and money laundering compliance officer.

**IV. Presentation of Results**

On Wednesday, 13 August 2025, management will offer a single virtual conference with transmission in Spanish and English, to comment on the results obtained by Ecopetrol S.A. Listed below are the times and information to participate in the conference:

---

| |
|:---|
| &nbsp;&nbsp;**Conference** |
| &nbsp;&nbsp;9:00 a.m. Colombian time |
| &nbsp;&nbsp;10:00 a.m. New York Time |

---

**To access the webcast, the following connection link is available:**

https://xegmenta.co/ecopetrol/registro-conferencia-de-resultados-2t-2025/

**Once you receive the invitation, you will find the link for the broadcast in Spanish and the link for the broadcast in English. To ask questions, you can access through the platform once the call transmission begins.**

The announcement of the results, the presentation, the webcast, and the recording of the conference will be available on the Ecopetrol website: www.ecopetrol.com.co.

**Contact information:**

**Head of Capital Markets** 

Carolina Tovar Aragón

Tel: +57 3103158600- Email: investors@ecopetrol.com.co

**Media Relations (Colombia)** 

Marcela Ulloa Beltrán

Tel: +57 3103158600- Email: <u>marcela.ulloa@ecopetrol.com.co</u>

![](image_006.jpg)

**Ecopetrol Group Appendices**

**Table 1: Income Statement - Ecopetrol Group** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Billion (COP)** | **2Q25** | **2Q24** | **∆ (%)** | **6M 2025** | **6M 2024** | **∆ (%)** |
| **Revenue** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local | 14355 | 15667 | (8.4%) | 29568 | 31175 | (5.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export | 15314 | 16960 | (9.7%) | 31467 | 32754 | (3.9%) |
| **Total revenue** | **29669** | **32627** | **(9.1%)** | **61035** | **63929** | **(4.5%)** |
| **Cost of sales** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Depreciation, amortization and depletion** | **4349** | **3594** | **21.0%** | **8087** | **7046** | **14.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable depreciation, amortization and depletion | 3057 | 2383 | 28.3% | 5572 | 4643 | 20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed cost depreciation | 1292 | 1211 | 6.7% | 2515 | 2403 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Variable costs** | **11382** | **12020** | **(5.3%)** | **23302** | **22841** | **2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imported products | 4676 | 4632 | 0.9% | 10848 | 9301 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local purchases | 4209 | 5875 | (28.4%) | 9136 | 10917 | (16.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrocarbon transportation services | 433 | 438 | (1.1%) | 917 | 835 | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories and others | 2064 | 1075 | 92.0% | 2401 | 1788 | 34.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed costs** | **5430** | **4966** | **9.3%** | **10478** | **9757** | **7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracted services | 1227 | 1304 | (5.9%) | 2304 | 2384 | (3.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction services | 907 | 705 | 28.7% | 1792 | 1588 | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance | 1316 | 1165 | 13.0% | 2482 | 2232 | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labor costs | 1122 | 1085 | 3.4% | 2187 | 2139 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 858 | 707 | 21.4% | 1713 | 1414 | 21.1% |
| **Total cost of sales** | **21161** | **20580** | **2.8%** | **41867** | **39644** | **5.6%** |
| **Gross income** | **8508** | **12047** | **(29.4%)** | **19168** | **24285** | **(21.1%)** |
| **Operating expenses** | **2871** | **2512** | 14.3% | **5151** | **4948** | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration expenses | 2584 | 2044 | 26.4% | 4767 | 4123 | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and projects expenses | 287 | 468 | (38.7%) | 384 | 825 | (53.5%) |
| **Operating income** | **5637** | **9535** | **(40.9%)** | **14017** | **19337** | **(27.5%)** |
| **Finance result, net** | **(2085)** | **(2090)** | (0.2%) | **(4503)** | **(4092)** | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange, net | 213 | (9) | (2,466.7%) | 164 | 45 | 264.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest, net | (1575) | (1378) | 14.3% | (3124) | (2714) | 15.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial income/loss | (723) | (703) | 2.8% | (1543) | (1423) | 8.4% |
| **Share of profit of companies** | **189** | **189** | 0.0% | **398** | **386** | 3.1% |
| **Income before income tax** | **3741** | **7634** | (51.0%) | **9912** | **15631** | (36.6%) |
| Income tax | (1285) | (3234) | (60.3%) | (3224) | (6154) | (47.6%) |
| **Net income consolidated** | **2456** | **4400** | **(44.2%)** | **6688** | **9477** | **(29.4%)** |
| Non-controlling interest | (645) | (1024) | (37.0%) | (1750) | (2090) | (16.3%) |
| **Net income attributable to owners of Ecopetrol** | **1811** | **3376** | **(46.4%)** | **4938** | **7387** | **(33.2%)** |
| **EBITDA** | **11136** | **14052** | **(20.8%)** | **24394** | **28291** | **(13.8%)** |
| **EBITDA margin** | **37.5%** | **43.1%** | **(5.6%)** | **40.0%** | **44.3%** | **(4.3%)** |

---

![](image_006.jpg)

**Table 2: Statement of Financial Position / Balance Sheet - Ecopetrol Group** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;10118 | &nbsp;&nbsp;14102 | &nbsp;&nbsp;(28.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | &nbsp;&nbsp;13797 | &nbsp;&nbsp;19252 | &nbsp;&nbsp;(28.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;10398 | &nbsp;&nbsp;11032 | &nbsp;&nbsp;(5.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax assets | &nbsp;&nbsp;16927 | &nbsp;&nbsp;13340 | &nbsp;&nbsp;26.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | &nbsp;&nbsp;4222 | &nbsp;&nbsp;2528 | &nbsp;&nbsp;67.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;3694 | &nbsp;&nbsp;3718 | &nbsp;&nbsp;(0.6%) |
|  | &nbsp;&nbsp;**59156** | &nbsp;&nbsp;**63972** | &nbsp;&nbsp;**(7.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets held for sale | &nbsp;&nbsp;14 | &nbsp;&nbsp;23 | &nbsp;&nbsp;(39.1%) |
| &nbsp;&nbsp;**Total current assets** | &nbsp;&nbsp;**59170** | &nbsp;&nbsp;**63995** | &nbsp;&nbsp;**(7.5%)** |
| &nbsp;&nbsp;**Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associates and joint ventures | &nbsp;&nbsp;8913 | &nbsp;&nbsp;8696 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | &nbsp;&nbsp;34566 | &nbsp;&nbsp;33510 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | &nbsp;&nbsp;104913 | &nbsp;&nbsp;105457 | &nbsp;&nbsp;(0.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural and environmental resources | &nbsp;&nbsp;46889 | &nbsp;&nbsp;47184 | &nbsp;&nbsp;(0.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets by right of use | &nbsp;&nbsp;984 | &nbsp;&nbsp;1028 | &nbsp;&nbsp;(4.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangibles | &nbsp;&nbsp;15130 | &nbsp;&nbsp;15559 | &nbsp;&nbsp;(2.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | &nbsp;&nbsp;13826 | &nbsp;&nbsp;14680 | &nbsp;&nbsp;(5.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | &nbsp;&nbsp;3700 | &nbsp;&nbsp;3583 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill and Other assets | &nbsp;&nbsp;6519 | &nbsp;&nbsp;6629 | &nbsp;&nbsp;(1.7%) |
| &nbsp;&nbsp;**Total non-current assets** | &nbsp;&nbsp;**235440** | &nbsp;&nbsp;**236326** | &nbsp;&nbsp;**(0.4%)** |
| &nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**294610** | &nbsp;&nbsp;**300321** | &nbsp;&nbsp;**(1.9%)** |
| &nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | &nbsp;&nbsp;15640 | &nbsp;&nbsp;13041 | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | &nbsp;&nbsp;17624 | &nbsp;&nbsp;26609 | &nbsp;&nbsp;(33.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for employees benefits | &nbsp;&nbsp;2988 | &nbsp;&nbsp;3041 | &nbsp;&nbsp;(1.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities | &nbsp;&nbsp;1938 | &nbsp;&nbsp;2479 | &nbsp;&nbsp;(21.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and provisions | &nbsp;&nbsp;1408 | &nbsp;&nbsp;1472 | &nbsp;&nbsp;(4.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | &nbsp;&nbsp;1091 | &nbsp;&nbsp;1496 | &nbsp;&nbsp;(27.1%) |
| &nbsp;&nbsp;**Total current liabilities** | &nbsp;&nbsp;**40689** | &nbsp;&nbsp;**48138** | &nbsp;&nbsp;**(15.5%)** |
| &nbsp;&nbsp;**Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | &nbsp;&nbsp;104619 | &nbsp;&nbsp;105620 | &nbsp;&nbsp;(0.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | &nbsp;&nbsp;22 | &nbsp;&nbsp;18 | &nbsp;&nbsp;22.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for employees benefits | &nbsp;&nbsp;14361 | &nbsp;&nbsp;13992 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current taxes | &nbsp;&nbsp;14246 | &nbsp;&nbsp;14173 | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and provisions | &nbsp;&nbsp;13140 | &nbsp;&nbsp;12967 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | &nbsp;&nbsp;1952 | &nbsp;&nbsp;2115 | &nbsp;&nbsp;(7.7%) |
| &nbsp;&nbsp;**Total non-current liabilities** | &nbsp;&nbsp;**148340** | &nbsp;&nbsp;**148885** | &nbsp;&nbsp;**(0.4%)** |
| &nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;**189029** | &nbsp;&nbsp;**197023** | &nbsp;&nbsp;**(4.1%)** |
| &nbsp;&nbsp;**Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity attributable to owners of the company | &nbsp;&nbsp;79225 | &nbsp;&nbsp;77485 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | &nbsp;&nbsp;26356 | &nbsp;&nbsp;25813 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;**Total equity** | &nbsp;&nbsp;**105581** | &nbsp;&nbsp;**103298** | &nbsp;&nbsp;**2.2%** |
| &nbsp;&nbsp;**Total liabilities and equity** | &nbsp;&nbsp;**294610** | &nbsp;&nbsp;**300321** | &nbsp;&nbsp;**(1.9%)** |

---

![](image_006.jpg)

**Table 3: Cash Flow Statement - Ecopetrol Group**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** |
| &nbsp;&nbsp;**Cash flow provided by operating activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income attributable to owners of Ecopetrol S.A.** | &nbsp;&nbsp;**1811** | &nbsp;&nbsp;**3376** | &nbsp;&nbsp;**4938** | &nbsp;&nbsp;**7387** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | &nbsp;&nbsp;645 | &nbsp;&nbsp;1024 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax | &nbsp;&nbsp;1285 | &nbsp;&nbsp;3234 | &nbsp;&nbsp;3224 | &nbsp;&nbsp;6154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | &nbsp;&nbsp;4494 | &nbsp;&nbsp;3714 | &nbsp;&nbsp;8384 | &nbsp;&nbsp;7287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss | &nbsp;&nbsp;(213) | &nbsp;&nbsp;9 | &nbsp;&nbsp;(164) | &nbsp;&nbsp;(45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance costs recognized in profit or loss | &nbsp;&nbsp;2647 | &nbsp;&nbsp;2394 | &nbsp;&nbsp;5227 | &nbsp;&nbsp;4761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dry wells | &nbsp;&nbsp;252 | &nbsp;&nbsp;338 | &nbsp;&nbsp;268 | &nbsp;&nbsp;605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of non-current assets | &nbsp;&nbsp;(6) | &nbsp;&nbsp;9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of current and non-current assets | &nbsp;&nbsp;89 | &nbsp;&nbsp;21 | &nbsp;&nbsp;194 | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value (gain) on financial assets valuation | &nbsp;&nbsp;(454) | &nbsp;&nbsp;(7) | &nbsp;&nbsp;(787) | &nbsp;&nbsp;(47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on financial derivatives | &nbsp;&nbsp;28 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on assets for sale | &nbsp;&nbsp;5 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on share of profit of associates and joint ventures | &nbsp;&nbsp;(189) | &nbsp;&nbsp;(189) | &nbsp;&nbsp;(398) | &nbsp;&nbsp;(386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange difference on export hedges and ineffectiveness | &nbsp;&nbsp;53 | &nbsp;&nbsp;(4) | &nbsp;&nbsp;125 | &nbsp;&nbsp;(40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions and contingencies | &nbsp;&nbsp;202 | &nbsp;&nbsp;78 | &nbsp;&nbsp;244 | &nbsp;&nbsp;239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others minor items | &nbsp;&nbsp;(2) | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;(2) |
| &nbsp;&nbsp;Net changes in operating assets and liabilities | &nbsp;&nbsp;(4288) | &nbsp;&nbsp;7489 | &nbsp;&nbsp;(6103) | &nbsp;&nbsp;2191 |
| &nbsp;&nbsp;Income tax paid | &nbsp;&nbsp;3687 | &nbsp;&nbsp;(4435) | &nbsp;&nbsp;(747) | &nbsp;&nbsp;(7190) |
| &nbsp;&nbsp;**Cash provided by operating activities** | &nbsp;&nbsp;**10046** | &nbsp;&nbsp;**17071** | &nbsp;&nbsp;**16168** | &nbsp;&nbsp;**23084** |
| &nbsp;&nbsp;**Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in joint ventures | &nbsp;&nbsp;0 | &nbsp;&nbsp;(11) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in property, plant and equipment | &nbsp;&nbsp;(2191) | &nbsp;&nbsp;(2124) | &nbsp;&nbsp;(3808) | &nbsp;&nbsp;(3739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in natural and environmental resources | &nbsp;&nbsp;(2692) | &nbsp;&nbsp;(2328) | &nbsp;&nbsp;(4963) | &nbsp;&nbsp;(4773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for intangibles | &nbsp;&nbsp;(148) | &nbsp;&nbsp;(176) | &nbsp;&nbsp;(219) | &nbsp;&nbsp;(389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration paid for acquisition of assets | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(1109) | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Purchases) sales of other financial assets | &nbsp;&nbsp;(1456) | &nbsp;&nbsp;(522) | &nbsp;&nbsp;(2258) | &nbsp;&nbsp;(685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest received | &nbsp;&nbsp;347 | &nbsp;&nbsp;400 | &nbsp;&nbsp;652 | &nbsp;&nbsp;784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends received | &nbsp;&nbsp;98 | &nbsp;&nbsp;187 | &nbsp;&nbsp;121 | &nbsp;&nbsp;213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of assets | &nbsp;&nbsp;(42) | &nbsp;&nbsp;49 | &nbsp;&nbsp;33 | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;**Net cash used in investing activities** | &nbsp;&nbsp;**(6084)** | &nbsp;&nbsp;**(4525)** | &nbsp;&nbsp;**(11552)** | &nbsp;&nbsp;**(8534)** |
| &nbsp;&nbsp;**Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds (repayment of) from borrowings | &nbsp;&nbsp;3826 | &nbsp;&nbsp;(901) | &nbsp;&nbsp;6654 | &nbsp;&nbsp;1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | &nbsp;&nbsp;(1702) | &nbsp;&nbsp;(1749) | &nbsp;&nbsp;(3932) | &nbsp;&nbsp;(3572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Payments | &nbsp;&nbsp;(144) | &nbsp;&nbsp;(140) | &nbsp;&nbsp;(291) | &nbsp;&nbsp;(282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;0 | &nbsp;&nbsp;(15) | &nbsp;&nbsp;0 | &nbsp;&nbsp;(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | &nbsp;&nbsp;(9672) | &nbsp;&nbsp;(11922) | &nbsp;&nbsp;(10695) | &nbsp;&nbsp;(12192) |
| &nbsp;&nbsp;**Net cash used in financing activities** | &nbsp;&nbsp;**(7692)** | &nbsp;&nbsp;**(14727)** | &nbsp;&nbsp;**(8264)** | &nbsp;&nbsp;**(14122)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange difference in cash and cash equivalents | &nbsp;&nbsp;(253) | &nbsp;&nbsp;252 | &nbsp;&nbsp;(288) | &nbsp;&nbsp;473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in cash and cash equivalents** | &nbsp;&nbsp;**(3983)** | &nbsp;&nbsp;**(1930)** | &nbsp;&nbsp;**(3936)** | &nbsp;&nbsp;**901** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at the beginning of the period | &nbsp;&nbsp;14101 | &nbsp;&nbsp;15167 | &nbsp;&nbsp;14054 | &nbsp;&nbsp;12336 |
| &nbsp;&nbsp;**Cash and cash equivalents at the end of the period** | &nbsp;&nbsp;**10118** | &nbsp;&nbsp;**13237** | &nbsp;&nbsp;**10118** | &nbsp;&nbsp;**13237** |

---

![](image_006.jpg)

**Table 4: EBITDA Reconciliation - Ecopetrol Group** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** |
| &nbsp;&nbsp;Net income attributable to the owners of Ecopetrol | &nbsp;&nbsp;1811 | &nbsp;&nbsp;3376 | &nbsp;&nbsp;4938 | &nbsp;&nbsp;7387 |
| &nbsp;&nbsp;(+) Depreciation, amortization and depletion | &nbsp;&nbsp;4494 | &nbsp;&nbsp;3714 | &nbsp;&nbsp;8384 | &nbsp;&nbsp;7287 |
| &nbsp;&nbsp;(+/-) Impairment of long-term assets | &nbsp;&nbsp;3 | &nbsp;&nbsp;(1) | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;(+/-) Financial result, net | &nbsp;&nbsp;2085 | &nbsp;&nbsp;2090 | &nbsp;&nbsp;4503 | &nbsp;&nbsp;4092 |
| &nbsp;&nbsp;(+) Income tax | &nbsp;&nbsp;1285 | &nbsp;&nbsp;3234 | &nbsp;&nbsp;3224 | &nbsp;&nbsp;6154 |
| &nbsp;&nbsp;(+) Taxes and others | &nbsp;&nbsp;813 | &nbsp;&nbsp;615 | &nbsp;&nbsp;1592 | &nbsp;&nbsp;1273 |
| &nbsp;&nbsp;(+/-) Non-controlling interest | &nbsp;&nbsp;645 | &nbsp;&nbsp;1024 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;2090 |
| &nbsp;&nbsp;**Consolidated EBITDA** | &nbsp;&nbsp;**11136** | &nbsp;&nbsp;**14052** | &nbsp;&nbsp;**24394** | &nbsp;&nbsp;**28291** |

---

**Table 5: EBITDA Consolidation by Segment (2Q25)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**Upstream** | &nbsp;&nbsp;**Downstream** | &nbsp;&nbsp;**Midstream** | &nbsp;&nbsp;**Energy** | &nbsp;&nbsp;**Eliminations** | &nbsp;&nbsp;**Consolidated** |
| &nbsp;&nbsp;Net income attributable to the owners of Ecopetrol | &nbsp;&nbsp;842 | &nbsp;&nbsp;(379) | &nbsp;&nbsp;1299 | &nbsp;&nbsp;50 | &nbsp;&nbsp;(1) | &nbsp;&nbsp;1811 |
| &nbsp;&nbsp;(+) Depreciation, amortization and depletion | &nbsp;&nbsp;3224 | &nbsp;&nbsp;562 | &nbsp;&nbsp;342 | &nbsp;&nbsp;366 | &nbsp;&nbsp;0 | &nbsp;&nbsp;4494 |
| &nbsp;&nbsp;(+/-) Impairment of long-term assets | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;(+/-) Financial result, net | &nbsp;&nbsp;922 | &nbsp;&nbsp;319 | &nbsp;&nbsp;4 | &nbsp;&nbsp;834 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2085 |
| &nbsp;&nbsp;(+) Income tax | &nbsp;&nbsp;498 | &nbsp;&nbsp;(141) | &nbsp;&nbsp;899 | &nbsp;&nbsp;30 | &nbsp;&nbsp;(1) | &nbsp;&nbsp;1285 |
| &nbsp;&nbsp;(+) Other taxes | &nbsp;&nbsp;451 | &nbsp;&nbsp;258 | &nbsp;&nbsp;44 | &nbsp;&nbsp;60 | &nbsp;&nbsp;0 | &nbsp;&nbsp;813 |
| &nbsp;&nbsp;(+/-) Non-controlling interest | &nbsp;&nbsp;(22) | &nbsp;&nbsp;46 | &nbsp;&nbsp;318 | &nbsp;&nbsp;301 | &nbsp;&nbsp;2 | &nbsp;&nbsp;645 |
| &nbsp;&nbsp;**Consolidated EBITDA** | &nbsp;&nbsp;**5915** | &nbsp;&nbsp;**665** | &nbsp;&nbsp;**2906** | &nbsp;&nbsp;**1644** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**11136** |

---

**Table 6: Investment by Segment - Ecopetrol Group**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Million (USD)** | &nbsp;&nbsp;**Ecopetrol S.A.** | &nbsp;&nbsp;**Affiliates and Subsidiaries** | &nbsp;&nbsp;**Total 6M 2025** | &nbsp;&nbsp;**% Share** |
| &nbsp;&nbsp;**Hydrocarbons** | &nbsp;&nbsp;**1202** | &nbsp;&nbsp;**689** | &nbsp;&nbsp;**1891** | &nbsp;&nbsp;**73%** |
| &nbsp;&nbsp;Production | &nbsp;&nbsp;928 | &nbsp;&nbsp;511 | &nbsp;&nbsp;1439 | &nbsp;&nbsp;55.7% |
| &nbsp;&nbsp;Downstream | &nbsp;&nbsp;127 | &nbsp;&nbsp;45 | &nbsp;&nbsp;172 | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Exploration | &nbsp;&nbsp;125 | &nbsp;&nbsp;31 | &nbsp;&nbsp;156 | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Midstream\* | &nbsp;&nbsp;0 | &nbsp;&nbsp;102 | &nbsp;&nbsp;102 | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Corporate\*\* | &nbsp;&nbsp;22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;**Energies for the Transition\*\*** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**1.6%** |
| &nbsp;&nbsp;**Energy Transmission and Toll Roads** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**651** | &nbsp;&nbsp;**651** | &nbsp;&nbsp;**25.2%** |
| &nbsp;&nbsp;Energy Transmission | &nbsp;&nbsp;0 | &nbsp;&nbsp;568 | &nbsp;&nbsp;568 | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Toll Roads | &nbsp;&nbsp;0 | &nbsp;&nbsp;72 | &nbsp;&nbsp;72 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;0 | &nbsp;&nbsp;11 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1238** | &nbsp;&nbsp;**1344** | &nbsp;&nbsp;**2582** | &nbsp;&nbsp;**100.0%** |

---

\* Includes the total amount of investments of each of the Ecopetrol Group Companies (Ecopetrol S.A. Participation and non-controlling interest).

\*Includes only total organic investments

![](image_006.jpg)

**Ecopetrol S.A. Appendices**

Following are the Income Statement and Statement of Financial Position of Ecopetrol S.A.

**Table 7: Income Statement**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Local | &nbsp;&nbsp;13717 | &nbsp;&nbsp;16007 | &nbsp;&nbsp;(14.3%) | &nbsp;&nbsp;28514 | &nbsp;&nbsp;31705 | &nbsp;&nbsp;(10.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exports | &nbsp;&nbsp;9542 | &nbsp;&nbsp;11388 | &nbsp;&nbsp;(16.2%) | &nbsp;&nbsp;19751 | &nbsp;&nbsp;21022 | &nbsp;&nbsp;(6.0%) |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**23259** | &nbsp;&nbsp;**27395** | &nbsp;&nbsp;**(15.1%)** | &nbsp;&nbsp;**48265** | &nbsp;&nbsp;**52727** | &nbsp;&nbsp;**(8.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable costs | &nbsp;&nbsp;15741 | &nbsp;&nbsp;16910 | &nbsp;&nbsp;(6.9%) | &nbsp;&nbsp;32534 | &nbsp;&nbsp;32596 | &nbsp;&nbsp;(0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed costs | &nbsp;&nbsp;3991 | &nbsp;&nbsp;3957 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;7715 | &nbsp;&nbsp;7776 | &nbsp;&nbsp;(0.8%) |
| &nbsp;&nbsp;**Total cost of sales** | &nbsp;&nbsp;**19732** | &nbsp;&nbsp;**20867** | &nbsp;&nbsp;**(5.4%)** | &nbsp;&nbsp;**40249** | &nbsp;&nbsp;**40372** | &nbsp;&nbsp;**(0.3%)** |
| &nbsp;&nbsp;**Gross income** | &nbsp;&nbsp;**3527** | &nbsp;&nbsp;**6528** | &nbsp;&nbsp;**(46.0%)** | &nbsp;&nbsp;**8016** | &nbsp;&nbsp;**12355** | &nbsp;&nbsp;**(35.1%)** |
| &nbsp;&nbsp;Operating expenses | &nbsp;&nbsp;1512 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;2569 | &nbsp;&nbsp;2327 | &nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;**Operating income** | &nbsp;&nbsp;**2015** | &nbsp;&nbsp;**5178** | &nbsp;&nbsp;**(61.1%)** | &nbsp;&nbsp;**5447** | &nbsp;&nbsp;**10028** | &nbsp;&nbsp;**(45.7%)** |
| &nbsp;&nbsp;Financial income/loss | &nbsp;&nbsp;(1505) | &nbsp;&nbsp;(1544) | &nbsp;&nbsp;(2.5%) | &nbsp;&nbsp;(3141) | &nbsp;&nbsp;(2997) | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Share of profit of companies | &nbsp;&nbsp;1516 | &nbsp;&nbsp;1786 | &nbsp;&nbsp;(15.1%) | &nbsp;&nbsp;3475 | &nbsp;&nbsp;4028 | &nbsp;&nbsp;(13.7%) |
| &nbsp;&nbsp;**Income before income tax** | &nbsp;&nbsp;**2026** | &nbsp;&nbsp;**5420** | &nbsp;&nbsp;**(62.6%)** | &nbsp;&nbsp;**5781** | &nbsp;&nbsp;**11059** | &nbsp;&nbsp;**(47.7%)** |
| &nbsp;&nbsp;Income tax | &nbsp;&nbsp;(215) | &nbsp;&nbsp;(2044) | &nbsp;&nbsp;(89.5%) | &nbsp;&nbsp;(843) | &nbsp;&nbsp;(3672) | &nbsp;&nbsp;(77.0%) |
| &nbsp;&nbsp;**Net income attributable to owners of Ecopetrol** | &nbsp;&nbsp;**1811** | &nbsp;&nbsp;**3376** | &nbsp;&nbsp;**(46.4%)** | &nbsp;&nbsp;**4938** | &nbsp;&nbsp;**7387** | &nbsp;&nbsp;**(33.2%)** |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**4656** | &nbsp;&nbsp;**7260** | &nbsp;&nbsp;**(35.9%)** | &nbsp;&nbsp;**10345** | &nbsp;&nbsp;**14201** | &nbsp;&nbsp;**(27.2%)** |
| &nbsp;&nbsp;**EBITDA margin** | &nbsp;&nbsp;**20.0%** | &nbsp;&nbsp;**26.50%** | &nbsp;&nbsp;**(6.5%)** | &nbsp;&nbsp;**21.40%** | &nbsp;&nbsp;**26.90%** | &nbsp;&nbsp;**(5.5%)** |

---

![](image_006.jpg)

**Table 8: Statement of Financial Position / Balance Sheet** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Billion (COP)** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;3866 | &nbsp;&nbsp;4521 | &nbsp;&nbsp;(14.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | &nbsp;&nbsp;11162 | &nbsp;&nbsp;19456 | &nbsp;&nbsp;(42.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;6978 | &nbsp;&nbsp;7373 | &nbsp;&nbsp;(5.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax assets | &nbsp;&nbsp;13419 | &nbsp;&nbsp;11095 | &nbsp;&nbsp;20.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | &nbsp;&nbsp;4666 | &nbsp;&nbsp;41 | &nbsp;&nbsp;>100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;1762 | &nbsp;&nbsp;1971 | &nbsp;&nbsp;(10.6%) |
|  | &nbsp;&nbsp;**41853** | &nbsp;&nbsp;**44457** | &nbsp;&nbsp;**(5.9%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets held for sale | &nbsp;&nbsp;11 | &nbsp;&nbsp;20 | &nbsp;&nbsp;(45.0%) |
| &nbsp;&nbsp;**Total current assets** | &nbsp;&nbsp;**41864** | &nbsp;&nbsp;**44477** | &nbsp;&nbsp;**(5.9%)** |
| &nbsp;&nbsp;**Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associates and joint ventures | &nbsp;&nbsp;86169 | &nbsp;&nbsp;87528 | &nbsp;&nbsp;(1.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | &nbsp;&nbsp;623 | &nbsp;&nbsp;595 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | &nbsp;&nbsp;38260 | &nbsp;&nbsp;37357 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural and environmental resources | &nbsp;&nbsp;28315 | &nbsp;&nbsp;28226 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets by right of use | &nbsp;&nbsp;2523 | &nbsp;&nbsp;2590 | &nbsp;&nbsp;(2.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangibles | &nbsp;&nbsp;547 | &nbsp;&nbsp;544 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | &nbsp;&nbsp;7082 | &nbsp;&nbsp;7958 | &nbsp;&nbsp;(11.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | &nbsp;&nbsp;2263 | &nbsp;&nbsp;2166 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other assets | &nbsp;&nbsp;1207 | &nbsp;&nbsp;1304 | &nbsp;&nbsp;(7.4%) |
| &nbsp;&nbsp;**Total non-current assets** | &nbsp;&nbsp;**166989** | &nbsp;&nbsp;**168268** | &nbsp;&nbsp;**(0.8%)** |
| &nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**208853** | &nbsp;&nbsp;**212745** | &nbsp;&nbsp;**(1.8%)** |
| &nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | &nbsp;&nbsp;12543 | &nbsp;&nbsp;9483 | &nbsp;&nbsp;32.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | &nbsp;&nbsp;15086 | &nbsp;&nbsp;23538 | &nbsp;&nbsp;(35.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for employees benefits | &nbsp;&nbsp;2677 | &nbsp;&nbsp;2678 | &nbsp;&nbsp;(0.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities | &nbsp;&nbsp;874 | &nbsp;&nbsp;495 | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and provisions | &nbsp;&nbsp;950 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;(5.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | &nbsp;&nbsp;458 | &nbsp;&nbsp;492 | &nbsp;&nbsp;(6.9%) |
| &nbsp;&nbsp;**Total current liabilities** | &nbsp;&nbsp;**32588** | &nbsp;&nbsp;**37695** | &nbsp;&nbsp;**(13.5%)** |
| &nbsp;&nbsp;**Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | &nbsp;&nbsp;71762 | &nbsp;&nbsp;72918 | &nbsp;&nbsp;(1.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for employees benefits | &nbsp;&nbsp;13892 | &nbsp;&nbsp;13526 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current tax liabilities | &nbsp;&nbsp;560 | &nbsp;&nbsp;546 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and provisions | &nbsp;&nbsp;10547 | &nbsp;&nbsp;10291 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | &nbsp;&nbsp;279 | &nbsp;&nbsp;284 | &nbsp;&nbsp;(1.8%) |
| &nbsp;&nbsp;**Total non-current liabilities** | &nbsp;&nbsp;**97040** | &nbsp;&nbsp;**97565** | &nbsp;&nbsp;**(0.5%)** |
| &nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;**129628** | &nbsp;&nbsp;**135260** | &nbsp;&nbsp;**(4.2%)** |
| &nbsp;&nbsp;**Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity attributable to owners of the company | &nbsp;&nbsp;79225 | &nbsp;&nbsp;77485 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;**Total equity** | &nbsp;&nbsp;**79225** | &nbsp;&nbsp;**77485** | &nbsp;&nbsp;**2.2%** |
| &nbsp;&nbsp;**Total liabilities and equity** | &nbsp;&nbsp;**208853** | &nbsp;&nbsp;**212745** | &nbsp;&nbsp;**(1.8%)** |

---

![](image_006.jpg)

**Table 9: Export Destinations - Ecopetrol Group**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Crudes - mboed** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**% Share** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**% Share** |
| &nbsp;&nbsp;U.S. Gulf Coast | &nbsp;&nbsp;181.2 | &nbsp;&nbsp;164.8 | &nbsp;&nbsp;41.1% | &nbsp;&nbsp;181.5 | &nbsp;&nbsp;176.4 | &nbsp;&nbsp;42.1% |
| &nbsp;&nbsp;Asia | &nbsp;&nbsp;190.4 | &nbsp;&nbsp;236.8 | &nbsp;&nbsp;43.2% | &nbsp;&nbsp;190.4 | &nbsp;&nbsp;226.9 | &nbsp;&nbsp;44.1% |
| &nbsp;&nbsp;Central America / Caribbean | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;31.7 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;26.9 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;U.S. West Coast | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;19.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;South America | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;U.S. East Coast | &nbsp;&nbsp;21.3 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**441.0** | &nbsp;&nbsp;**428.5** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**431.5** | &nbsp;&nbsp;**421.0** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Products - mboed** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**% Share** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**% Share** |
| &nbsp;&nbsp;Central America / Caribbean | &nbsp;&nbsp;35.0 | &nbsp;&nbsp;45.1 | &nbsp;&nbsp;31.1% | &nbsp;&nbsp;27.3 | &nbsp;&nbsp;40.8 | &nbsp;&nbsp;25.7% |
| &nbsp;&nbsp;U.S. Gulf Coast | &nbsp;&nbsp;42.2 | &nbsp;&nbsp;42.8 | &nbsp;&nbsp;37.5% | &nbsp;&nbsp;40.4 | &nbsp;&nbsp;39.1 | &nbsp;&nbsp;38.0% |
| &nbsp;&nbsp;Asia | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;15.6 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;15.9 | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;South America | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;U.S. East Coast | &nbsp;&nbsp;17.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;15.3% | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;11.5% |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;U.S. West Coast | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**112.6** | &nbsp;&nbsp;**109.1** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**106.2** | &nbsp;&nbsp;**104.2** | &nbsp;&nbsp;**100.0%** |

---

Note: The information is subject to change after the end of the quarter, due to the fact that some destinations are reclassified according to the results of exports.

**Table 10: Local Purchases and Imports - Ecopetrol Group**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Local Purchases - mboed** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Crude Oil | &nbsp;&nbsp;178.5 | &nbsp;&nbsp;217.9 | &nbsp;&nbsp;(18.1%) | &nbsp;&nbsp;185.4 | &nbsp;&nbsp;211.0 | &nbsp;&nbsp;(12.1%) |
| &nbsp;&nbsp;Gas | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;(23.4%) | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;(42.4%) |
| &nbsp;&nbsp;Products | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;(17.6%) | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;(6.1%) |
| &nbsp;&nbsp;Diluent | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**186.4** | &nbsp;&nbsp;**227.8** | &nbsp;&nbsp;**(18.2%)** | &nbsp;&nbsp;**192.3** | &nbsp;&nbsp;**220.9** | &nbsp;&nbsp;**(12.9%)** |
| &nbsp;&nbsp;**Imports - mboed** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**2Q24** | &nbsp;&nbsp;**∆ (%)** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** | &nbsp;&nbsp;**∆ (%)** |
| &nbsp;&nbsp;Crude Oil | &nbsp;&nbsp;63.1 | &nbsp;&nbsp;46.9 | &nbsp;&nbsp;34.5% | &nbsp;&nbsp;65.6 | &nbsp;&nbsp;50.6 | &nbsp;&nbsp;29.6% |
| &nbsp;&nbsp;Products | &nbsp;&nbsp;78.0 | &nbsp;&nbsp;67.0 | &nbsp;&nbsp;16.4% | &nbsp;&nbsp;87.0 | &nbsp;&nbsp;65.4 | &nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;Diluent | &nbsp;&nbsp;27.4 | &nbsp;&nbsp;27.6 | &nbsp;&nbsp;(0.7%) | &nbsp;&nbsp;32.9 | &nbsp;&nbsp;29.3 | &nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**168.5** | &nbsp;&nbsp;**141.5** | &nbsp;&nbsp;**19.1%** | &nbsp;&nbsp;**185.5** | &nbsp;&nbsp;**145.2** | &nbsp;&nbsp;**27.8%** |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**354.9** | &nbsp;&nbsp;**369.3** | &nbsp;&nbsp;**(3.9%)** | &nbsp;&nbsp;**377.8** | &nbsp;&nbsp;**366.1** | &nbsp;&nbsp;**3.2%** |

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![](image_006.jpg)

**Table 11: Exploratory Well Details - Ecopetrol Group** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**#** | &nbsp;&nbsp;**Quartes** | &nbsp;&nbsp;**Name** | **Initial Well**<br> **Classification (Lahee)** | &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Basin** | &nbsp;&nbsp;**Operator / Partner** | &nbsp;&nbsp;**Status** | &nbsp;&nbsp;**TD Date** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;First | &nbsp;&nbsp;Toritos Oeste-1 | &nbsp;&nbsp;A1 | &nbsp;&nbsp;LLA123 | &nbsp;&nbsp;LLanos Central | &nbsp;&nbsp;Geopark 50%(operador) - Hocol 50% | &nbsp;&nbsp;Under Evaluation | &nbsp;&nbsp;Feb 10/2025 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;First | &nbsp;&nbsp;Currucutu-1 | &nbsp;&nbsp;A3 | &nbsp;&nbsp;LLA123 | &nbsp;&nbsp;LLanos Central | &nbsp;&nbsp;Geopark 50%(operador) - Hocol 50% | &nbsp;&nbsp;Successful | &nbsp;&nbsp;Apr 4/2025 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;First | &nbsp;&nbsp;Sirius-2 ST2 | &nbsp;&nbsp;A1 | &nbsp;&nbsp;Gua Off 0 | &nbsp;&nbsp;Caribe Offshore | &nbsp;&nbsp;Petrobras 44% (operador) - Ecopetrol 56% | &nbsp;&nbsp;Successful | &nbsp;&nbsp;Jan 7/2025 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;First | &nbsp;&nbsp;Andina Este-1 | &nbsp;&nbsp;A3 | &nbsp;&nbsp;Capachos | &nbsp;&nbsp;Piedemonte | &nbsp;&nbsp;Parex 50% (operador) - Ecopetrol 50% | &nbsp;&nbsp;Dry | &nbsp;&nbsp;Feb 4/2025 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Second | &nbsp;&nbsp;Buena Suerte-1 | &nbsp;&nbsp;A3 | &nbsp;&nbsp;Gua Off 0 | &nbsp;&nbsp;Caribe Offshore | &nbsp;&nbsp;Parex 50% (operador) - Ecopetrol 50% | &nbsp;&nbsp;Dry | &nbsp;&nbsp;Jun 3/2025 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Second | &nbsp;&nbsp;Toritos Sur-3 | &nbsp;&nbsp;A1 | &nbsp;&nbsp;LLA123 | &nbsp;&nbsp;Llanos Central | &nbsp;&nbsp;Geopark 50% (Operador) - HOCOL 50% | &nbsp;&nbsp;Under Evaluation | &nbsp;&nbsp;Apr 19/2025 |

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**Table 12: HSE Performance (Health, Safety and Environment)**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**HSE Indicators\*** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;**2Q 2024** | &nbsp;&nbsp;**6M 2025** | &nbsp;&nbsp;**6M 2024** |
| &nbsp;&nbsp;Frequency of total registrable injuries (No. Recordable cases / Million man hours) | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;Environmental incidents\*\* | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0 |

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\* The results of the indicators are subject to change after the end of the quarter due to the fact that some of the accidents and incidents are reclassified according to the results of the investigations. \*\*Environmental incidents are those hydrocarbon spills greater than 1 barrel, with environmental impact.