Ecopetrol S.A. Q2 FY2025 earnings call

• Upstream: Significant production milestones, commercial declaration of Lorito discovery, exploration activities in various blocks.
• Midstream: Resilient volumes despite external events, expansion of Pozos Colorados terminal.
• Downstream: Operational recovery after maintenance, EBITDA growth due to improved availability and margins.
• Energy Transition: Progress in renewable energy projects, gas commercialization, and energy efficiency initiatives.

Upstream: Achieved a semester production of 751,000 barrels of oil equivalent per day, the highest in a decade, driven by fields in Colombia like Caño Sur and CPO-09, and the Permian Basin in the US. Declared commercial viability of the Lorito discovery and began drilling the Papayuela well. Midstream: Volumes exceed 1 million barrels per day, with expansion of the Pozos Colorados terminal. EBITDA in H1 2025 increased by 9%. Downstream: Throughput reached 405,000 barrels per day after operational recovery, with EBITDA up 53% in Q2 2025. Energy Transition: Renewable energy portfolio at 630 MW, aiming for 900 MW by year-end, and secured long-term gas commercialization contracts.

• Maintained production target for 2025 at 740,000-750,000 barrels of oil equivalent per day.
• Aim to achieve over COP 5 trillion in efficiencies this year.
• Target to reach 900 MW in renewable energy generation by year-end.

• High crude price volatility due to geopolitical tensions and transportation disruptions.
• Tax and customs disputes, including potential value-added tax claims.
• Geopolitical uncertainties impacting crude prices and operational continuity.

Q: How did the production peak in the semester and what are expectations for the rest of the year?

A: Production reached 751,000 boe/d (highest in a decade) driven by Colombian and US fields. Expectations for the rest of the year include maintaining production levels with ongoing exploration and development.

Q: Could you expand on the disinvestment of assets and related strategies?

A: Ecopetrol periodically evaluates its asset portfolio, looking at processes to optimize, with private companies in Colombia, and will share details when approval processes are complete.

Q: What are the plans for new investments in clean energies this year?

A: Estimated $300 million to $400 million invested in clean energy projects, including wind farms like Windpeshi.