Q4 2024 Ecopetrol SA Earnings Call
Andres Gmez,
Andres Gzman
Thank you very much for your time, and I'll see you in the next video, bye bye! Thank you very much for your time, and I'll see you in the next video, bye bye!
Andrs Prez
Music Music Music
Andrs Prez,
Natalia: Good morning, my name is Natalia and I will be your operator today. Welcome to Ecopetrol's Earnings Conference School.
Natalia: in which we will discuss the main financial and operating results in 2024.
Natalia: There will be a questions and an answer session at the end of the presentation.
Natalia: Before we begin, it is important to mention that the comments in this call by Ecopetrol seniors management include projections of the company's future performance.
Natalia: These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that you materialize.
Natalia: As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference school.
Ricardo ROA: The call will be led by Mr. Ricardo Roja, CEO of Ecopetrol, Rafael Guzman, Executive, Vice President of Hydrocarbons, Camilo Warco, CFO , and David Rianio, Executive, Vice President of Transition Energy [inaudible]
Ricardo ROA: Thank you for your attention, Mr. Roa, you may begin your conference.
Speaker Change: Welcome to the operational and financial results call of the Copetrol Group.
Speaker Change: We met our operational and financial targets consolidating a growth path we set the foundations for a solid beginning for 2025 and enabled new possibilities to progress in the energy transition.
I want to highlight our research replacement results.
Speaker Change: The reserve replacement ratio was 100% with the addition of 266 million barrels of oil equivalent of food and reserves maintained and averaged reserve life of 7.6 years.
Speaker Change: response to organic management and was complemented by the acquisition of results 45% stake in the CPO 9 block which added 32 million barrels of foil equivalent to our results.
Speaker Change: We renewed the agreement with OBSI, the standard development plan in the premium basin with an estimated investment of $8,185,000,000 in 2025, including the drilling of 91 development wells.
Speaker Change: We achieved an average production of 746,000 barrels of oil equivalent per day, exceeding our annual goal and the highest level of the last nine years.
Speaker Change: In this way, we exceeded our annual goal by transporting an average of 1,119,000 borrowers per day.
Speaker Change: These achievement proves our resilience and operational flexibility ensuring the supply of food to the refineries and products to our customers.
Regarding down strings, we pressed electrical reliability challenges.
to put out 414,000 barrels per day.
Speaker Change: In the commercial front, our trade-in subsidiaries in Singapore and Houston continued their support in markets and customers' diversification, improving the crude margins when compared to 2023.
Speaker Change: We accomplish a year of strong economic performance that generates value for our chairholder, despite its external factors as chain rates and inflation with affected accordingly.
Speaker Change: 133.3 trillion pesos, Anavida of 54.13 pesos, with Anavida, Virgin of 41%, and a net income of 14.9 trillion pesos
Speaker Change: Excluding external factors, net income would be 21 trillion pesos, an increase of nearly 10% compared to 2023.
We invested over 6 billion dollars of copies. Andres Gmez, Ecopetrol
Speaker Change: including the acquisition of CPO-9 in line with our annual plan. Traditionally, we collected the entire account receivable from the fuel stabilization price fund of 2023 and celebrate the 63% reduction of the 2024's balance.
Speaker Change: Episansis, which had been important to mediate cause increased, reached 5.3 trillion pesos, surviving in 43% the year's admission.
Speaker Change: Meanwhile, consolidate payments to all our shareholders, Richard, 40 to 3,000,000 pesos.
Speaker Change: In line, with the above, we just announced the proposal for a dividend distribution of 214 pesos per chair, which will be subject for approval in the Common General Chairholder's meeting on March 28th
Speaker Change: Let's move to the next slide. In thousands of PESG, Ecopetrol appliance, the second best global writing on the oil and gas industry in the Dow Jones Sustainability Index.
Speaker Change: On the environmental front, I would like to highlight three achievements.
Speaker Change: Since 2020, we represent the CO2 emitted by over 840,000 cars.
Speaker Change: Second, and 81% of what are the use in our operations, increasing 7% in verdance of volume when compared to 2023.
Speaker Change: and Third, Environmental Diversity, Distort and Aboled Emission through Natural Climate Solutions Projects.
Speaker Change: On the social site, we invested over 600 6 billion pesos in the sustainable transformation of the territories our leadership in the national location of wars.
Speaker Change: In lieu of taxes with a 45% share and the various projects we've removed to the benefit hundreds of Colombians.
Speaker Change: In innovation and technology, we became the first Latin American country to join the International Energy Agency's greenhouse gas.
Speaker Change: Research and Development Program, which we aim boost through the Colombian Petroleum and Energy Transition Institute.
Speaker Change: In Governance, we were recognized as the best company in Colombia for attracting and retain talent by Merrick
Speaker Change: We also transport our organizational structure to become more agile and efficient, according to the needs of each business line.
Speaker Change: Finally, I would like to highlight Ecopetrol's contribution to the regional GDP within Colombia of over 1.3 million pesos proving that sustainability investment generate financial benefits and promote economic development.
Speaker Change: I now hand over to Rafael Guzman, who will talk about the results in the hydrocarbons business thing. Thank you Ricardo.
Rafael Guzman: In the hydrocarbon business, we are focused on profitability and sustainable cash generation.
Rafael Guzman: This is demonstrated by the Ecopetrol Group's successful incorporation of proven reserves in 2024.
Rafael Guzman: Achieving a reserve replacement ratio of 104% and maintaining an average reserve life of 7.6 years.
Rafael Guzman: We added 260 million barrels of oil equivalent in proven reserves.
Rafael Guzman: Doubling the 2023 edition. In this record, I would like to highlight the following.
Rafael Guzman: Improved reserves, revisions, the contributions of rubiales and canisal fields, stands out thanks to the outstanding results of the drilling campaign and the maturation of new projects. Management efforts were focused on economic factors.
Mitigating the impact of a lower price of rent.
which decreased by three dollars per barrel compared to 2023. Andres Gzman, Andres Gzman,
This was possible thanks to the implementation of initiatives.
such as cost optimization measures.
Rafael Guzman: The strengthening of the crude oil basket and agreements reached with the A&H regarding their economic rights. These actions not only mitigated the impact, but also resulted in the incorporation of over six million barrels of oil equivalent in reserves.
Rafael Guzman: Now, the primary contribution derives from the expansion of improved recovery projects in Colombia, a mounting 297 million barrels of oil equivalent.
Rafael Guzman: representing 37% of the total incorporation. Extensions and discoveries include the commercialization of a Recife, Santador, and Toritos.
Rafael Guzman: On inorganic incorporation, the main contribution relates to the acquisition of crab souls, 45% stake in the CP-09 block, located in the Department of Meta Inorganic incorporation,
Rafael Guzman: This purchase added 32 million barrels of oil equivalent to 1P reserves and enable nearly 8 million barrels of oil equivalent of organic incorporation through synergies with the Chi-Chimene field.
Rafael Guzman: Additionally, we executed divasments, resulting in a net addition of 29 million barrels of gold equipment.
Rafael Guzman: It is not worth it that 89% of the total proven reserves are from fields in Colombia, where we achieved a 109% reserve replacement ratio.
Rafael Guzman: Lastly, on the gas front, in 2024, we incorporated 15 million barrels of oil equivalent, following two years without adding proven reserves of this hydrocarbon.
Rafael Guzman: Innovation as part of our effort to strengthen the cast portfolio, we increase contingent resources by 1.3 trillion cubic feet, mainly from the serious discovery.
Let's move to the next slide, please.
Rafael Guzman: As part of our active and efficient portfolio management we successfully completed important deals in 2024 to ensure the profitable sustainability of the hydrocarbon business.
Regarding the acquisition, Ana previously mentioned, the purchase of prep souls.
Stake in the situ 9 block. Okay.
Rafael Guzman: This transaction strengthens Ecopetrol's position in the general's orientation, providing benefits in reserves, production and potential values to be developed, of over 250 million barrels of oil.
Rafael Guzman: This also enhances the decision-making agility and creates synergies in the development and operational cost. As Ecopetrol now holds 100% interest in the cluster that includes the Chicimeni, Castilla and Cp9 assets.
Rafael Guzman: Furthermore, we extended the joint venture between Ecopetrol and Oxy in the Midland area of the Permian Basin until June 2026.
Rafael Guzman: with the possibility of signing a new extension of the development plan in the future.
Rafael Guzman: The contract for the development of the Delaware Subvation will remain in force until 2027.
Rafael Guzman: Likewise, we implemented a dilution strategy, resulting in the signing of 10 agreements with Patex, aimed at reactivating areas with high exploration and development potential.
Rafael Guzman: Under these agreements, Patek plans to carry out investment exploration activities in Piedemonte and Patejones. Likewise, in Pucamayo, Patek will invest $350 million as carried in exploration and development. Thank you very much for your time.
Rafael Guzman: With the expectation that both companies will incorporate resources in 2025 as projects mature.
Rafael Guzman: Simultaneously, we continue to advance our agenda with National Hydrocarbons Agency, A&H, and the Ministry of Minds and Energy to maximize activities within the areas of existing contracts and agreements.
Rafael Guzman: This effort has resulted in the extension of 15 exploration contracts across various regions of Colombia as illustrated on the map.
Rafael Guzman: All these milestones will serve as future sources for research in cooperation. Let's move to the next slide, please.
Rafael Guzman: In exploration, we progress with the drilling of 16 wells, compared to the 15 initially planned, with an investment of $454 million.
As a result,
Rafael Guzman: Seven Wells were successful, including Caripeto One, which confirmed the presence of hydrocarbons during the initial test in January 2025. Two Wells are currently under evaluation, and seven Wells had no commercial hydrocarbon volumes. [inaudible]
Rafael Guzman: In addition, we highlight the progression of resources to proven reserves with the commerciality of Arrecife, which contributed to a total of 6.8 million barrels of oil equivalent.
Rafael Guzman: Lastly, in 2024, Ecopetrol acquired interest in four additional blocks in the Santo Sur Project in Brazil with a 30% stake for a total of 11 blocks.
Let's move to the next slide, please.
Rafael Guzman: In 2024, the Ecopetrol Group achieved a production of 746,000 barrels of oil equivalent per day, exceeding the target for this year.
Rafael Guzman: These results were primarily supported by the performance of the Permian and Canusur fields.
Rafael Guzman: Additionally, the continuous contribution of assets in Colombia, such as Castilla, Rubiales, Tinchiman, Ampli de Monte, which generated 42% of the Copetrol Group's production.
Rafael Guzman: Fills with improved recovery technology contributed with nearly 41% of the control groups total production.
Recording the production levels in the fourth quarter of 2024.
Rafael Guzman: It is important to note that the lower levels were anticipated within the projections and are mainly attributed to the anticipation of permanent activity in the first nine months of the year. [inaudible]
Rafael Guzman: Environmental events due to the rainy season causing electrical disruptions mainly in the population of the city of Chichimena.
Rafael Guzman: Hurricanes affecting Ecopetrol America, regular logo gas sales during the end of the year.
Rafael Guzman: In 2025, we estimate a production between 740 and 750,000 barrels of oil equivalent per day, which incorporates production from the acquisition of 45% of CP-9, but also consider social unrest risks . . . . . . . .
Let's move to the next slide, please.
Rafael Guzman: In 2024, transported volumes increased by more than 5,800 barrels per day compared to the previous year.
Rafael Guzman: Primarily driven by graded deliveries of Castilla Norte Crudo, from the Varrancaler Mejavi Finery and the implementation of commercial strategies that facilitated the addition of barrels outside the transportation network.
Rafael Guzman: Thanks to our mitigation strategies, enhanced operational control, and coordination with government entities, more than 7 million barrels were evacuated from the Canyon One Field through the Vicentenario Pipeline.
Rafael Guzman: Following the suspension of the Banaria Ayacucho section of the Calde de Montcórenia Pipeline. In 2024, this segment achieved the highest net income, amounting to 5.2 trillion pesos.
Rafael Guzman: And recorded the second highest evidence reaching 11 trillion pesos and contributing to 20% of the total evidence of the Ecopetrol Group. The Ecopetrol Group
Let's move to the next slide.
Rafael Guzman: In 2024, the refineries achieved a throughput of 414,000 barrels per day, with an average annual operational availability of 94.5%, despite a challenging market and operational environment. Andres Gzman, Ecopetrol SA Sponsored ADR
The gross refining margin decreased by $7.7 per barrel.
Rafael Guzman: compared to 2023. In 2024, it stands at $9.9 per bar.
Rafael Guzman: 78% of this impact is due to the decline in international fuel prices, mainly affecting diesel, gasoline and jet fuel.
Rafael Guzman: Primarily, due to the effect of the lower availability of segregated, light crude oil, Adela Rancoa, Mary Finneri.
As a result of the attacks on the Kanjali Monco and your pipeline.
And the remaining 11%
was the result of operational events. [inaudible]
Rafael Guzman: such as the limitation of the coke compressor and the power shut down at the Cartagena Refinery.
Rafael Guzman: Regarding the latter, we continue advancing in the comprehensive plan to restore refinery's electrical reliability, having completed four of the 16 plant milestones. By 2025, we aim to advance 10 milestones.
Andrs Prez,
Rafael Guzman: As a result of the after-mentioned factors, the segments David stood at 2.2 trillion pesos in 2024.
Rafael Guzman: 69% less than previous year. When normalizing for exogenous factors, the Evida would have been 6.9 trillion pesos.
Rafael Guzman: In 2025, the segments' efforts are concentrated on levers to enhance business profitability and mitigate exogenous effects such as cost and expenses, optimization, focus on operational and logistical efficiency. Andres Gzman, Ecopetrol SA Sponsored ADR,
Rafael Guzman: Initiatives to maximize business profitability to the production of higher-value products, interim retrochemical, asphalt, and chemical recycling, and the execution of energy transition projects.
Rafael Guzman: aim at sustainability and diversification of refining products into new markets.
Rafael Guzman: such as renewable jet and diesel production, aromatic petrol chemistry, low emissions, hydrogen production, and improvements in air quality. Let's go to the next slide.
Rafael Guzman: In 2024, the Ecopetrol Group continued marginalizing its efficiency strategy, with a contribution of 5.3 trillion passes.
In total, Unicoss, 5.997 dollars per hour.
Rafael Guzman: resulting in a total unit cost of 47.71 dollars per barrel in 2024, lifting transportation and refining costs were impacted by exogenous factors such as exchange rate inflation and gas prices.
Rafael Guzman: This year we will continue to execute our efficiencies program with new initiatives aimed at increasing the profitability of our operations and investments.
Rafael Guzman: Maximaxin, acid value, enhancing synergies within the integrated hydrocarbon chain, and identifying optimizations in our supply chain.
The program aims to achieve efficiencies by 4.6 trillion paths. [inaudible]
Rafael Guzman: Now, I'll turn you over to David who will discuss the main milestones of the energies for the transition business line. Thank you, Rafael. In Ecopetrol, we acknowledge the importance of natural gas as a transition mechanism to cleaner energies. Now, I'll turn you over to David. I'll turn you over to David.
Speaker Change: For the reason, we remain committed to the incorporation of our portfolio of options that allow us to contribute to the reliable supply of national demand in the coming years.
to achieve this.
We are implementing all actions and investments.
Necessiting to support the country's NFD security [inaudible]
Speaker Change: In 2024, we successfully delivered the gas committed under contrast with third parties, with an average of 566 GBP per day of natural gas and 15,000 barrels of oil equivalent per day of LPG. This led to a production of 170.2,000 barrels of oil equivalent per day of natural gas and LPG with an elite generation of nearly 2.9 trillion pesos.
Speaker Change: This editor is 70% lower than in 2023, mainly due to a lower availability of domestic natural gas and FPG and exchange rate variations.
Speaker Change: However, we continue our efforts to ensure that this business line makes a significant contribution to the achievement of our long-term goals.
Speaker Change: Throughout most of 2024, we assessed various alternatives for important natural gas through market information requests and internal analysis.
These evaluations
Speaker Change: Both technical and financial, exploded options that could spoil the demand until offshore projects come life. In this context, we highlight progress in two important areas.
Speaker Change: The startup of the Vagena Energy Project, which allow you to identify its benefits from the technical and commercial point of view, for meeting millions of natural gas demand. And the approval was to continue the studies during 2025.
Speaker Change: The winding process for regasification services, the fields of its kind, that seeks private companies to offer regasification service to Ecopetrol.
Speaker Change: In regulatory matters, we highlight the company's efforts to promote the updating of gas marketing rules.
In key areas such as...
Speaker Change: commercialization mechanism for the volumes coming for new gas projects endorsement to deliver the transportation infrastructure required to connect new projects with users. Thank you very much.
Speaker Change: And the need for regulatory certainty related to the development of new gas projects and the possibility of developing natural gas imports.
In this line, relevant advances have materialized for the market.
Speaker Change: such as the curriculum solutions that structurally modify and make more flexible periods for natural gas commercialization and promote the use of all their volumes available in the market.
The Supply Plan that includes strategic transportation infrastructures. The Supply Plan
for the development of new supply.
Let's move on to the next slide.
Speaker Change: which accumulative energy optimization of 19.9 petriots, equivalent to the annual gas and forward consumption of more than 1 million tons, contributing to the carbon ice close to 1.2 million tons of CO2 equivalent and generating failures of 3,89 billion bists.
Speaker Change: These results have a major impact on the goals of Colombia's Trational and Efficient Energy Program, which promote an efficient use of energy in different sectors and activities of the economy, representing 72% of the national role for the oil and gas sector. Andres Gzman, Ecopetrol SA Sponsored ADR
Speaker Change: Regarding the integration of renewable energies into our energy matrix by the end of 2024, the Ecopetrol Group accumulated 611 megawatt of capacity from non-conventional renewable energy sources in operation, execution and construction. [inaudible]
Speaker Change: with a potential contribution of 1.6 terawatt hour per year, which corresponds to a 19% share in the group's energy matrix.
and 52% lower tide when compared to non-regulated energy purchases.
The combined effect of these efforts in transition energies Andres Gzman,
Speaker Change: including the final investment decision and the start of construction of the Coral Project at the Cartagena Finery, a plan for green hydrogen production using pen technology with an electrolysis capacity of fine megawatt, average our position to achieve our goals.
In summary, 2024 ends with 68% progress.
Speaker Change: Towers are all of the incorporating 900 megawatts of non-commissioned renewable energy sources by 2025. 80% progress towards the target of 25 petatules.
Speaker Change: in Energy Efficiency by 2030, and a clear path in 2025 to escalate up Greek hydrogen production at an industrial level.
Speaker Change: As part of our commitment to promote a fair energy transition and contribute to sustainable territorial transformation by the end of 2024, the Ecopetrol group impacted more than 13,000 people with renewable energy solution.
Speaker Change: Supporting the consolidation of the largest energy community in the country, located in Manorec, La Guajira, and connected communities with renewable energy solutions for biodiversity and peace.
Speaker Change: Additionally, we're connecting more than 25,000 families to Natural Gas Service for a total amount of 69,000 since 2019. In 2025, we aim to secure 16 additional projects.
Speaker Change: Connecting 30,000 new families in more than 10 departments around the country. I will now pass the floor to Camilla, who will present our transmission a road business line and the main financial milestones. Thank you very much, and thank you very much for your time.
Camilo: Thank you, David. In 2024, Lisa achieved the highest net profit of its history, driven by the entry into operation of new projects and by the recognition of the periodic target review for transmission companies in Brazil during the third quarter of the year.
Camilo: The 12% increase in revenues, 8% rise in evidence, and 42% growth in net income compared to 2023, highlight our strong performance.
Camilo: Net income results were partially due to apparent figures of the year compared to the 2023.
In line with our strategic diversification goals,
Camilo: By the year end, eases individual results enhanced its contribution to the Copacol group.
Camilo: Accounting for 12% of consolidated revenues, 18% of EBITDA and 6% of net income.
Camilo: Consequently, the average to return an equity measured by the dry indicator.
reached 16.9% in 2024, up from 14.4% in 2023.
Camilo: Isa accelerated its investment execution in 2024, reaching 4.8 trillion pesos with a robust investment plan committed to achieve 2030's target of 26.13 trillion pesos . . . . .
Camilo: The year's execution included the launch of 15 projects across various regions.
Such as the Minoano Project in Brazil. Thank you very much.
Camilo: Connection service to the substation and copain in Colombia and route the law project in Chile.
Camilo: By 2030, 5,600 kilometers of throughput to the grid and 296 kilometers of toll roads will be added to the development of 38 projects that are currently under construction.
Camilo: with investments of 3.8 trillion pesos. He says the cure, 10 tenders in power transmission.
including notable projects
Camilo: such as the Ruta orbital sur in Chile and the East Pan-American road in Panama. Finally, we will launch our EZ-2014 investment strategy on March 12, which will continue to strengthen our regional growth.
Camilo: Let's go to the next slide to detail the financial performance of the group. The strong financial results for 2024 were driven by our sustained efforts to achieve a structure of the efficiencies.
Camilo: Maintain profitability, uphold a strong cash position, exercise continued capital discipline, and mitigate external impacts.
Camilo: He financed the achievements for 2024 in clear. Proci of 10.2% and even the margin of 41% of all annual targets with a significant contribution coming from the transmission and total road segment.
Camilo: Optimization of our debt structure through strategic financing operations for around 22 trillion pesos, pursuing an early refinancing plan and lowering interest expenses.
Camilo: In addition, the company kept its gross debt to EBI Duration under control in 2.2 times and extended the average life of debt from 8.5 years in 2023 to 9.3 years in 2024.
Camilo: The highest free cash flow of our history, and they're pinned by a strong operational performance and the collection of the account receivable from the fuel crisis stabilization fund.
Camilo: The pay accrue in 2023. Given these positive results, we propose an attractive dividend payout of 58.9% with a dividend per share of 214 passes.
Camilo: This proposal is a line to our citizen policies and will be coordinated with our majority shareholder to achieve a parallel payment of the expect balance accumulated in 2024.
Camilo: Let's now look at our cash position and results. In 2024, the significant decline that's a peg receivable favor our cash position, which was adversely affected in 2023 in terms of working capital.
Camilo: The FAPEC balance flows at 7.6 trillion pesos, the lowest level since 2021. Thanks to the collection of 20.5 trillion pesos during 2024, in addition to the increase of gasoline prices and a slight rise in diesel prices.
Camilo: For 2025, when TTC paid the back balance to range between 4 and 6 trillion pesos, assuming current price scenario remains unchanged.
Camilo: The robust 18.2 trillion pesos cash position for the year end on a consolidated basis will be primarily allocated to the 2025 investment plan, as well as to operational and financial applications.
Camilo: Are EBITDA reached 54.1 trillion pesos in 2024 with an EBITDA margin of 41%.
Camilo: Setting out one of the highest profitability levels of our history.
Camilo: consolidating the bread-reference price and product and crude oil differences, a 37% impact from the lower average FX rate of the year.
Camilo: And an 18% of effect from inflation, excluding these externalities, the adjusted EBDA would have been approximately 62 trillion percenting for 3% if the market. Please go to the next slide.
Camilo: In 2024, we executed an ambitious and challenging investment, achieving $6.1 billion in both organic and inorganic investment.
Camilo: Investments were primarily allocated in Colombia, 65% and internationally, 35% mainly in the U.S. Permian Basin and Brazil.
Camilo: Organic investments in the hydrocarbons segments accounted for 68% of the group's total investments, with significant projects in Canisu, Chichi Mani, Acacia, and the Permian Drilling Campaign.
Camilo: 20% of the investments were allocated to ESA, which enhanced progress made in 38 projects under construction by itself and each of the years. Additionally, commercial operations commands in 15 power transmission projects.
Camilo: Improvements were made to the ISA energy grid in Brazil, and the Ruta Loa Project in Chile was initiated.
Camilo: The Energy Transition Business segment executed 13% of the group's total investment [inaudible]
Camilo: focusing on the gas supply chain in basins such as Pyramid, offshore tight-on-a-block, and PA month, as well as removable energy projects like the Iwana Solar Ecopart and the Keef Assolar Farm.
Camilo: Finally, 239 million dollars were allocated to inorganic investments to acquire 45% of their episodes of stake in the CBO-09 block and for the acquisition of all your local Colombians known controlic interests by your sons.
Camilo: Now, let's comment our 2025 investment plan. For 2025, the investment plan aims at sustained growth, control costs, and ensure profitability for our shareholders while strengthening our traditional business.
Camilo: We plan to invest between 24 and 28 trillion pesos with 60% allocated to energy security.
Camilo: This includes enhancing our crude oil production, securing refining cripples and meeting domestic fuel demand with our own products.
Camilo: The reminder, 40% of our investments will be allocated toward the energy transition, including sustainability, innovation, and electricity transmission and toll roads.
Camilo: The investment plan is based on an average rent price in area of $73 per barrel. It aims to preserve competitive returns with 39% EBITDA margin, and achieve efficiencies exceeding 4 trillion pests. [inaudible]
Camilo: SETS plan does not account for the export taxes and the stamp tax introduced by Colombia's internal commotion degree in February 2025. Nevertheless, we do not anticipate significant impacts on its execution. Andres Gzman, Ecopetrol,
Camilo: Finally, I would like to discuss the main challenges we identify for this year and outline our financing plans to address them. Like our peers, we will remain focused on reversing the trend at costs.
Camilo: For this, we set a lift and cost target, running from 12 to 13 dollars per barrel for the whole year, aiming to reach the lower end of the range.
Camilo: Additionally, our debt management strategy will focus on addressing cash needs that may arise from inorganic opportunities and continuing to reduce financial cost.
Camilo: To optimize our return on capital employee and profitability will focus on managing our assets and the turnover of our portfolio. Finally, we continue taking action to support the dynamism of our stock and create value for our shareholders. Thank you very much.
Camilo: Recently, we announced two key initiatives, a temporary decrease in ADR conversion costs and the appointment of a market maker for a local stock.
Camilo: I now turn the floor over the president for his closing remarks.
Speaker Change: Thank you, Camilo. The satisfactory results of 2024 are low as to continue generating value and profitability in 2025, based on strict capital discipline and cash
Speaker Change: For the year, the operational and financial goals we had said respond to the need to keep enhancing the organic pollution of hydrocarbons.
Speaker Change: Reserved Integrity, Availability, and Reliability occurs our infrastructure. Increase our efforts related to efficiencies and decarbonization while consolidating the energy transition business line.
Speaker Change: Maintain our leadership in energy transmission in the region. We recognize the challenges ahead so our efforts will focus mainly on enhancing flexible operations to other contingencies and preserve continuity.
Enabling cost efficiency alternatives that allow us to maintain our competitiveness.
Speaker Change: I thank all the employees of the Ecopetrol Group for the hard work in 2024 and encourage them to keep moving forward in 2025. Thank you all for participating in this conference call.
Speaker Change: I now open the floor to the question and answer session.
Andres Gmez, Daniel Guzman
We will now start the question and answer session.
Speaker Change: We are asking to please have a maximum of three questions to give time for all the participants.
Speaker Change: Please select the interpretation icon, the language of your question. Otherwise we will not be able to listen to you. Thank you.
Speaker Change: from YouTube, from Cordova, and has a question. Mr. Tis, you can ask.
Good morning everybody, can you hear me? [inaudible]
Andrs Prez
Speaker Change: Good morning. Thank you for the opportunity. And very quick is we questions. The first is I'd like to understand a little bit of the the environment terms of the. Thank you very much.
The difference between that process of margins are...
Speaker Change: or adjusted to the upper side. So I'd like to understand those assumptions.
Speaker Change: that you're using so that you could have that value of these operations. The first question is that the second is has to do with the profitability. [inaudible]
Speaker Change: And we talked to them, they did that margin because this year we are at 2020, it's been increasing. So I'd like to understand a little bit why.
Speaker Change: Do you see that very reduction in the profits? And that should be in margin that we should...
Speaker Change: Hope to be stable in the middle of the medium term. And I'm surprised because this year we have lower prices in terms of the final oil and rate of exchange. So I'd like to understand why they are still expanding A and it pretty much in this margin. And lastly, that the question has to do with... [inaudible]
Speaker Change: Well, recently at the end of last year, you're an empathy subject at the end of the year.
the self-report generation through a regulation.
Speaker Change: I like to know whether that is real and how likely is it that the payment of the balance would be made using the assets from Urra and in addition, whether it is true that they made an offer.
Speaker Change: or the project where the Catholics have that you are mentioning are also including these now.
Yeah, I don't think I am.
Speaker Change: The purchase is in the case of Unibase. Those are my three questions.
and many more. Thank you. Thank you. Thank you.
Andrs Prez,
Good morning, Kevin, this is Camilo Vargo. Thank you very much.
Speaker Change: Thank you for your questions. My microphone was also, you couldn't hear it, so I'd like to start by...
Speaker Change: by the question about the impairment which is shown in the last week, quarter of 2024. And...
Speaker Change: This is something that we do according to generally accepted methodology, which is fair microchallion, which is based on the evaluation through the discounted cash laws for the short, medium and long terms. In that respect,
There's really...
Speaker Change: Perhaps three or four factors that affect this adjustment that we can...
Or is recovery that we can...
See in the...
Statement of Resource for the previous year.
Speaker Change: First of all, I'd like to mention the courage that we used to project the prices. They are companies.
Speaker Change: International companies, long-standing companies that produce this type of information, and we use that information to do our...
Speaker Change: Experiment exercise, basically, with the kissing plants and the dishes. And these are curse scenarios and projections, the ones that we use in our evaluation. In those curves, we see that there will be a recovery of the... We see that there will be a recovery of the kissing plants and the dishes.
Speaker Change: Differential Process for the products which are used for the medium and the long term, that would be one of the factors. The second one has to do with the local crude availability. [inaudible]
Speaker Change: for our refineries, which allows us to optimize the cost of the input and the crews that are present therein. Thirdly, there's a...
Speaker Change: Component, it has to do with it discount rate. And the discount rate that we're used to have some small adjustments in terms of including some risk factors. And when we add the prize projections. We're going to set.
Speaker Change: The local group component, the adjustments for the rates, we have positive advantages, reflects a recovery of approximately 0.9 billion ADLs, according for 2024.
We wish the last time we had for 2024. Thank you very much.
The show where we're going.
Speaker Change: or with the rent price of $73 per pound. It's lower than what he used for the previous year.
and David Alarcn. Thank you. Thank you.
which was around $80 per barrel.
This is an important fact, however, it's a bit, uh...
Time to repeat our first commitment.
Speaker Change: to the efficiencies for this year. We have an efficiency plan, which is greater than 4 trillion, well, close to 4.5 trillion pesos, which are also a good measure of the behavior of external variables. This is the image. Thank you.
Speaker Change: Marsha Project that based on prices and the behavior of what we expect for the price of Brent and the outrifying products for this year, 2025.
I'll give the floor now to that president to... [inaudible]
Andrs Prez, Andrs Prez,
Speaker Change: Answer the issue about remote self-generation and the possible acquisition of renewable generation assets, gathering good morning.
Speaker Change: He says we got on the run. The third question has to do with whether we could, or we're speaking about the possibility of buying assets such as ORA.
Speaker Change: to compensate the cross from the Ecopetrol to the...
Speaker Change: Government of the end of 2024. Those alternatives have been assessed in compensation for the Ministry of the Treasury. We have nothing but the appropriate regulations to allow. Thank you very much.
Hello.
Speaker Change: Ecopetrol to acquire these type of assets after any variation of the assets is not so irrelevant about the balance of the 7.6
the balance at the end of 2025.
However,
Speaker Change: Looking at the regulations, if there were the appropriate reasons to apply that remote generation to a system like that, we will continue to assess them right now, in touch with the technical groups in the initial findings. We have an agenda for...
are the
Revealment of Mississippi, and we get the...
who repayment of the dividends to the nation. Thank you very much.
Speaker Change: about the Invertee Project, the parties, Ecopetrol, and you know, we have been working to...
Perfect. An agreement for this transaction.
Portuguese, Richard, or the project thing, Guajida?
if we
to make the agreement under a confidential basis. Thank you very much.
Speaker Change: Carry out the appropriate procedure, you'll proceed use Ana Rojas, the process, we would in...
and many more. Thank you. Thank you.
Speaker Change: Mr. Guarillo and Esquip, thank you all and good morning, everybody.
Speaker Change: of the Operations of Agro Petroleum in Permian in the U.S.
Speaker Change: And I don't know whether it can give us more details about the extension agreement signed with OC in the middle of the basin, especially because they have heard that.
Speaker Change: They, after that president, Mr. Cancel, that contract, are you thinking about canceling that contract that has already been signed? First of all, the second thing is
Speaker Change: What does extension include, how many acres, and what is the potential that you see for these acres that are in the middle in terms of...
Bye.
Total locations for drilling to understand what is the additional potential that you might look at in the middle especially.
That would be about my second and last. Thank you very much.
Speaker Change: is to have your opinion about the potential of non-conventional oil and gas in Colombia. Is that an opportunity? Or is that something that you're not considering right now? And if you're not, I'd like to know what are the reasons why not? What are the reasons why not?
Speaker Change: I'll go after these opportunities in Colombia. These are my two questions.
Thank you, Daniel Ricardo Roan.
First of all, I'd like to tell you that... ... um...
About the Eperimia project, I'll give the floor to Lucia.
The Vice President of Cubists, for new business, to...
Speaker Change: Javier about the details of this extension of the...
Agreement with Oshifor, Alfonso Munoz,
Speaker Change: and extending the exploitation of the assets in the middle of the nation. Now, let me, I'll let talk about the second part.
Speaker Change: which is after the day of the second, the day after the signature was signed, the official reporting of the Port of Directors, I ask the Board of Directors to...
Speaker Change: and make the technical and economic analysis required to get out of that. That's what we do constantly. Let's take a look at what we do.
Speaker Change: Azas, not only in the US, but also in our...
geographies around the world where we have agreements, so we...
Speaker Change: are very respectful of the times, the terms, the times on the agreements that we signed with our allies, and in that respect we continue to make our decisions with the capital discipline kit criteria that you know.
according to which we decided to extend that agreement. Thank you very much, David.
with the extra, especially in the...
Speaker Change: current government policy is rigorous with respect to demanding that we sought for the time, the activity of these [inaudible]
Speaker Change: Explorations and econtrics data, we had as far as have been suspended or closed.
Speaker Change: Properly without leaving any environmental economic liabilities spending with the contractors that we're doing our relations as long as we still have them.
Speaker Change: regulations or regulations and areas that prohibit the activity in the country. Very good, very good, very good, focusing attention to exploring, looking forward, looking forward for controlling gas with the countries that we have, and in the areas where we'll also explain is to be able to place molecules in the groups in the... [inaudible]
And the system, that's what we are doing in the...
Speaker Change: Within that framework, we are carrying out these projects, and we're making significant investments. I give the floor to William, to tell you about the details of the station, therefore, joint venture from Oxy. Thank you very much.
Speaker Change: Thank you, President. Good morning, Daniel. Good morning, Ms. Vice-Person of Strategy and New Business. We would ask the D.S. Abedgination, we had an agreement to extend the activity plan.
Speaker Change: And I want to emphasize that, at that point because the ownership of the acreage doesn't change. The ownership of protection doesn't change.
Speaker Change: by Oxley as an operator within the contract of the joint venture. You must remember that with our entry in 2019, we purchased 49% of an area of close to 95,000 acres in Midland, and then an area of close to 20.
20,000 acres of Delaware, and that area is...
which is on to development.
Right now, so...
Speaker Change: This has included a different area, all includes an extension of the plan in which our degrees to develop around 90 wells during 20s, 25, and several figures what we had for 2024.
Speaker Change: This is somewhat I can tell you about the agreement. There are some might which are confidential in between the parties, but
Speaker Change: This made it a beneficial scenario for Archen and Frequetrol, in which both parties were able to extend the panic [inaudible]
Speaker Change: Future Extensions, either of the parties, the Minimums of Appropriate, and we will discuss it as Appropriate.
Speaker Change: Thank you very much, Guzman. I'd like to present a minor car, but I'd like to also add that, as we have said,
Speaker Change: We included our research last year, 22 million pounds, that what I'm able to...
Speaker Change: We know about Hybrid, especially the future investments, which is the agreement to
Thank you.
Speaker Change: And it is possible that we might have constant extensions to this agreement.
Speaker Change: Executive Executive, Alberto Granger, David Alarcn, Rafael Guzman, Maria Hoyos, Ricardo Barragan, David Alarcn, Rafael Guzman, Maria Hoyos,
Mr. McConnell.
Andrs Prez, Luiz Carvalho
Speaker Change: I have to say that the executives performed very well, and the expectations for the next year are very good, but my question is...
¿Qué podría ser la próxima administración?
Speaker Change: The industry in Colombia is the first question, and the second question is about the pressures and I could clarify it.
Speaker Change: How are the prices of local imported goods and what are the plans of the company for the short term?
Good morning. Let me talk to the first question.
Fortunately, I do not agree with the fact that the end.
The reason why are shares is that
Performance and Equipatrol in the stock market are reacting
Speaker Change: Due to the expectation of a new administration, the reality is that the figures, the numbers of the result are seen and been mentioning the clothes, the expansion of the contract with oxy, impermeant acquisition of 45 percent.
Speaker Change: We have the largest and highest technology plant in Latin America for green hydrogen and we accept charity.
and included in the cooperation of new energies for Rino Hoyos.
Speaker Change: This is being read properly by the market in the stockholders, and that is the explanation for the performance of the shares in the stock market.
Speaker Change: About the expectations for the new administrations, for the second world, we'll have to wait until the next administration, I have an opportunity to discuss this condition.
Speaker Change: Understanding and the issue of standards of regulation that allow us to make our role more flexible in supplying the energy for fuels from the country. In gas there's
Speaker Change: Flexibilization allows us to, you know, to commercialize values at any time.
Speaker Change: We can import, I think we don't gas and sell at the market.
We don't have the restriction. We're working on the app. [inaudible]
Speaker Change: Rates for adventure conversion to assets for transportation of crude.
Speaker Change: Organs, these have been the advances we have in the Craig and with the administration and with the institution. Thank you very much.
Andrs Prez, David Alarcn
Speaker Change: The prices of gas and diesel can tell you, with your statements, first of all, let me tell you that the prices are regulated and defined in Colombia.
of implementing them.
about the
Speaker Change: Pricings with their guarantee, it's an advice that can tell you that we are indexed to the international indicators. We maintain this strategy of diversifying origins and destinations.
Specifically, I can tell you that right now the...
Regulatory Advisory for Gasoline.
Thank you
Andrs Prez,
Muchas gracias por su información y interés.
Andrs Prez,
Speaker Change: Please select in the invitation icon the language in which you're going to make your translation or what we can't be able to listen to. The next question comes from Victor Morales.
You can ask your question.
Speaker Change: Good morning, Victor Montanari, from UBS. I have two questions on my side. Do you think all of the previous lifting costs of 2020-04 remain above level seen in the previous years? Despite the cost of emissions achieved? No, I don't think so.
Once what's your acquisition or company's lethal cost going forward?
Speaker Change: Beyond the $13 per barrel target for 2025, could long-term costs decrease back to the levels seen previously? And second, on the topic of agricultural natural gas and coal capacity, could you provide more details on potential volume and value of future projects for the discussion that will be next?
All right, we'll do it.
and many more. Thank you. Thank you.
for 2025.
We are looking at the intersection point. Thank you. Thank you.
In terms of...
Speaker Change: You see an increase in the cost for 2025, we expect to be close to...
Speaker Change: What we saw in 2024 were working on the efficiencies to be able to [inaudible]
And a future to be able to hold.
Speaker Change: No, the cost, but for 2020 last specifically, we do not expect any increases compared to 2024 about...
for re-education.
Speaker Change: While I read answers, so I can about the regurgification against the project, I'd like to add to the draw lines question about that.
Thank you. Thank you. Thank you.
Speaker Change: As you mentioned in the presentation, one of our objectives was
Speaker Change: to contain the increase in the cost of revenue. In that respect, for this year, we could have between $12 and $13.00 per barrel, but the other one, with the implementation of the official goal. [inaudible]
Speaker Change: with more than 4.3 trillion pages in efficiencies. We hope that they look at it.
Speaker Change: And of course, to the person in the lower cost of 12 dollars, not only by controlling the cost, but also improving somewhat when we saw compared to 2024.
David Riao: Good morning. This is David Riao, new Vice President to Alphabet.
of
David Riao: Transition Energy. During the past year, we assessed several alternatives to import gas into the country, both in the Atlantic and the Pacific Coast. And as a result of that process, we identified the best alternatives. Thank you.
David Riao: for the Ecopetrol Group, which meets the capital discipline criteria, which was...
David Riao: Allow us to put some cash into the market to meet the demand that we expect for the next few years. Specifically, these are two projects that we've identified, one in the Pacific coast. [inaudible]
David Riao: with a capacity of recastification of 16 million cubic feet per day. This is a project in which project requires a gratification service. And therefore the third party does all the investment. Next.
All the logistics were...
activities for the receiving of the storage with electrification.
David Riao: with our process in the regas of the creation plan. And this is going to be a thorough op-ex and Ecopetrol doesn't need any cap-ex investments. The other project is our own project
David Riao: They're not part of the country in the Caribbean, in the Beto Shope platform, which is an asset owned by the group, using existing infrastructure that allows to take in cash to the
David Riao: Transportation System, Rafael Pigeria, the one that leads to the, from the gas of the curvy, you know, we can bring approximately 200 million cubic feet per day, we as a fine gas, in this case, Ecopetrol, it makes some...
And something is a teacher by by
platform, and the reclassification. Thank you.
David Riao: Service would be through a floating reclassification service would be carried out by a third party. This is under analysis, especially in terms of the environmental issues. As soon as we have more information, we'll be publishing it.
Okay, that's very helpful, thanks.
Andrs Prez
Andres Gzman,
Good morning, everybody. Thank you for my ad.
Speaker Change: Two questions. Why can't we expect that after the opposition of CTO 9 in terms of development? Now that you have 100% of the working interest code respect and acceleration in the development plan? [inaudible]
Speaker Change: Well, the field and the signal one is whether the band that you define for 2025 is somewhat limited by the...
Speaker Change: M&A expectations from the company. You mentioned that, or you mentioned the assets there. So, Geselka, I think it is rolled out. But you've been sitting any other, any other...
Speaker Change: Potential acquisitions and could all be in the generation sector. Thank you.
and many more. Thank you. Thank you.
Rafael Guzman again.
Rafael Guzman: Equestation of the Participation we had, thecipio09, it's one of the major landmarks for it was well last year because in addition to the results we have they want to include. Thank you very much.
32 minutes with the acquisition. [inaudible]
We're very big in to shoot, Walter Canova. [inaudible]
with this.
Additional block where the teaching and I can see it.
So...
Rafael Guzman: We're going to be able to have another 8 million barrels a day.
with these fields. And I want to expand on this.
Speaker Change: D'accuses, which is said...
Speaker Change: had a main block field in the 2009, the continuation of the teaching and field, where Ecopetrol has met major investments and developments.
Speaker Change: and we're getting high recoveries, thanks to air and water injection, that all those lessons that we learned will be used for the severe diet in addition and...
We have
and many more. Thank you. Thank you.
to protection, what's in protection? Thank you.
Which are in addition to boxes that should go to your home. Bye.
Andrs Prez,
Speaker Change: This is an extension of the Garcia field and all the investment made by the recognition of Ecopetrol in Garcia as we move, we're going to do this now. Thank you very much.
Speaker Change: We have major cities in development and operational costs by having 100% interest in this entire field. Next example is the development of the MOOC which is...
Speaker Change: We see that as a connection of these two worlds, they're actually connected to the atmosphere, to a fly. This would be...
Speaker Change: Another increasing development cost. This acquisition in the future, we have the potential to buy.
Speaker Change: and additional 50 million barrels in this block which represents a large number of the barrels for Ecopetrol. Thank you.
Andrs Prez, David Alarcn
Go Wraps.
The next question is, so they bailed, the retreat failed?
Speaker Change: Man made for the distribution of dividends just approved by yesterday so forth, to check about the payout, I had to talk to him.
And three different factors in which the...
and many more. Thank you.
Speaker Change: Proposive was the distribution that is put to the assembly. [inaudible]
The first is...
Speaker Change: David and Paulis, there has been a tattoo by the board of directors.
Who should be cleared at the end of the year?
Speaker Change: and 30% the group of medicine are a couple of dollars less than what they could buy, etc., etc., etc., etc. So meanwhile I saw sending tiramisu to the different markets just for the last little while. So I just had a glance and looked up at the numbers you sent in and somewhat curiously, we're a couple of dollars over
Speaker Change: The policy is part of the distribution between 40-60% of available promise for the year for the stock. Visit the first framework for conversation. The second one has the tool, obviously it would be available if you have cash. And the group's liquidity, as we saw last year, we had...
Speaker Change: He solved a position called a rate of 18 to the basis, and a third has to do with the...
The Investment Task Force for 2025.
Speaker Change: As part of the figure plan for investments is a vicious plan which is over 6.7 trillion dollars, billion dollars by combining these factors we find that the
Bye.
given an bailout.
is
Speaker Change: with three elements, and for the investment set, 70% of the total.
would be used for hydrocarbons.
Speaker Change: including gas as a transition fuel, the 30% remaining for transitional energies.
Transmission and Roads, Eddie Ingeneral, David Alarcn, David Alarcn,
about the
Adquisitions or inorganic. [inaudible]
Bye. See you soon.
Speaker Change: And addition to the opportunity that we mentioned and the market is aware of in terms of renewable energy, we'll also explore in significant number of opportunities in different segments and online services. Thank you very much.
Speaker Change: One last question, could we expect that the payment of the civilisation fund to be made? We'll continue with the same dynamics that we saw in the 2024, which is a modernisation.
Oh, we're 12 months on the...
of the balance.
Speaker Change: Remain events, which is decreasing, but is that in that reasonable assumption for our months?
Andres Gzman,
Speaker Change: Yes, Andres, I'd like to quote out the effort that National Government has made. He even-
Speaker Change: In the midst of this, that this situation that we have, the National Government has been complying with the dates and the amounts that were established for paying the obligations. Thank you very much.
We had some...
Speaker Change: Famous for Robert Felipe Prez, Andres Salad de Balance for 24 is 7.6 billion and to be included in your respective models this year with forecast also. Thank you.
A regular payment for over a year. These are being reviewed the way a payment may change according to some
Request from the Ministry of Art.
Speaker Change: based on regular quarterly payments of similar amounts, maybe higher than the first quarter. We're talking about two-point liquidity efficiency. And in the second one, would be a similar amount. And for the second semester. Sure.
Speaker Change: One or two additional payments for the remaining balance of 3.5 billion.
Approximately.
Speaker Change: So, as a yes, we can foresee that the famous will continue, we continue, they've...
Speaker Change: The government is committed to making their payments on time and we are reviewing and agreeing the way manner of payment to which best fits the Ministry of the Year. [inaudible]
Prenzy, according to the...
and a cashflow in our own requirements in Ecopetrol. Thank you.
Mr. Duarte, may I ask you a question?
Thank you. Good morning. I have three questions.
Andrs Prez,
Speaker Change: The first one is about the gas facility breakers in the gasifying in Pacific. How are you going to transport that gas from the port to...
and many more. Thank you. Thank you.
Speaker Change: Cashline, LPG, or some of those companies that are in the in the West, also, and is that through overlanders that you have, you or somebody else, intended to the connection between the port and the guidelines in the interior?
The second question is, [inaudible]
Speaker Change: Can you tell us how much with the contributions of the payments of Ecopetrol to the nation in 2024? What is expected for 2025, please?
Speaker Change: Can you itemize the taxes? How much is for income tax and what is the others? And the last question is what was the president mentioned earlier about the
Speaker Change: Green Hydrogen Plant, I'd like to know whether you have identified the sources of generation and water that you would start, but we use to produce that hydrogen.
And with it, there's 800 tons and total per year, whether that done.
Speaker Change: What is that? A production is all on to to refinement or is simply a surplus that are going to be sold somewhere else.
Thank you very much, thank you very much.
David Viennual, Macchrayed in Vice-President of Translation Elexies.
As far as the reclassification in the Pacific,
As we mentioned earlier. Thank you very much.
This is at least...
Speaker Change: Ecopetrol acquies the right to the service of rings of occasion, which is going to be provided by the third party. And that third party is going to receive them.
to the immaterial stores.
transported over land.
Speaker Change: So, as their energy state, and regasified and delivered to the national competition
Speaker Change: This would be the guideline for Mariquita County, which is the LPG, in fact, the reconservation plan in Bogot.
is next to the line for the transportation line.
Speaker Change: About the second question, about the contribution to the country, to the nation for it.
84, we had more than 40 billion pesos. [inaudible]
of which from dividends we paid 11. [inaudible]
This is about 10 editing
Ricardo Barragan: Ricardo Barragan, David Alarcn, Ricardo Barragan, David Alarcn, Ricardo Barragan, Ricardo Barragan,
For 2025, we expect to pay...
I'm presumably 35 trillion pesos.
We propose 7.8 regional pledges for the nation.
And thank you, sir.
More than regular measures.
Thank you. Thank you.
I'm sorry, the-
Michael von Hansen-Ego, and it's coming and going.
David Riano, and Ricardo Barragan.
Ricardo Barragan: Lashbident of Energy Transition, about your third question, about the green hydrogen plant that we are building because the annual refinery.
Ricardo Barragan: We must say the debt promotion than to expect any heavy cuts per year all green hybrids in.
would be totally used by the refinery. [inaudible]
Ricardo Barragan: So to heal it, that amount of hydrogen is 1% of the total amount of hydrogen needed by the environment.
Ricardo Barragan: The process right now, this is based on the national, this is great hydrogen, so this green hydrogen will, uh...
We'll be part of the...
Ricardo Barragan: and meeting those requirements for the current refinery, before we don't have any service.
and many more. Thank you. Thank you.
Thanks everyone.
Thank you.
Ricardo Barragan: One more question in Spanish and then I need to sit.
Ricardo Sandoval from Angola, Colombia.
Speaker Change: Mr. Sandoval, I'm going to ask you to ask your question.
Speaker Change: Thank you for the call. I have some questions for you. Thank you very much. Thank you very much.
Speaker Change: If it's a motion to adjourn, you're going to vote 29% or 20-25.
You've explained it very before. [inaudible]
I want to have a back animation. I let you know. Thank you.
Speaker Change: The main reason why we see the decretion of those margins because they move out to our margin, and that we usually been working with, and Ecopetrol was a...
As we have at least a 40% go.
The second question is... [inaudible]
Tens to know with them.
What is the problem of the...
Distribution from the additional reserves. Thank you very much.
Speaker Change: Thank you very much. Yeah, a lot, a lot of the occasional reserves and be distributed.
Without the initial requirement, new debt. [inaudible]
Speaker Change: And the last question is about the agent in the chief event, originally. Felipe, Felipe, Felipe, Felipe,
There was a lack out of tune in the word, he said it's part of that.
We should talk about this.
Speaker Change: And I'd like to know whether you can tell us a little bit about...
Speaker Change: Okay, possible lines or regarding a question that they're like out in Guadalupe.
Speaker Change: And you'll see that as a key to making this additional investment in Chile and even as an opportunity to improve...
and as mentioned in the summary.
before and after the meeting.
Thank you very much.
This is your bomb.
I'll start by making some origins.
Speaker Change: We mentioned that in Andrs there will be a discussion. It has to do what we're looking for, they should be. You have. Thank you, Rafael.
Speaker Change: The answer to the words about him, which we worked on, and from 18 to 5, we're going to 25 now.
The major difference here is to...
a $73 per hour rent.
Speaker Change: which I can do this year. And in addition to that, we see that there has been a significant increase in the price of her time in violence. And for 2023, we're talking about...
Speaker Change: 19,000 margin for 2024, where we had the margin, goes up to 9,000 for now.
Speaker Change: So, this difference and there's a decrease both in the group plan in the last decade to refine the broader adherentials, there's the project.
Some of our projects for this 2015-2015.
Speaker Change: Who's having a relative feedback in terms of generating the ebita, which is a larger remote, 79, or margin, maybe the margin of 39% was going to be 25.
Speaker Change: How about the distribution of the original research? As we saw in previous questions, these are my various factors that we evaluated to submit the subject to the board of directors. Thank you very much.
The Equality, Liquidity and Availability of Cash.
Speaker Change: and the investment plans that we've seen for the 2025. It's challenging, but I'm old because of the organic investments and due to the organic investments. And a lot of people have completed this one of the year, all we hear, see that would be completed.
Speaker Change: and then your future. I'd like to say that this original reserve is an accounting reserve. It doesn't have a...
Uh uh uh uh uh uh uh uh uh uh
Speaker Change: He's a real fascist reward to make any sort of distribution of the cymbal and have to use...
Thank you.
and Hugo Brown.
Speaker Change: and we have also seen for 2025 that is already ambitious and which it will require some sort of financing.
Speaker Change: associated to the inorganic component. The financial battle of 2025 is inorganic component. And then without additional debt for the purchases.
Speaker Change: We will be in any show our additional or refinancing in that literature, the possibility of
Andrs Prez,
Speaker Change: About the question about this, I met a little sumipista, and I think he gave us a details about that.
Andrs Prez,
Thank you for your attention.
Speaker Change: We give you some context, the ESA business in Chile, our platform, or our transmission through ESA in Chile.
Teresa Maldon.
Speaker Change: 1,900 kilometers in Chile, this is 4% of the EBITDA, that's only the EBITDA of the company, 2% of our province.
Speaker Change: Ricardo Barragan, David Alarcn, Rafael Guzman, Maria Hoyos, Ricardo Barragan, David Alarcn,
Speaker Change: Let us have one secret class permission when I came in.
Speaker Change: From Apache to Pangea-Sucre, these are the ones that we have.
Speaker Change: This is our line, which is over 22,000 volts. In that, we were transporting, for example, 200 megawatts in total, when that light came out out of the circuit.
It was unavailable of the circuit now from the time.
Speaker Change: Immediately, we mobilized all the capabilities for coordination, all the teams to include the availability of that line, which was done at 4 p.m. That was about 44 minutes after the lack out, and it was also available to reinstated the service. We're still investigating the reasons for that. [inaudible]
I was the oddian.
Speaker Change: Protections went off on schedule, and that kind of several circuits we've been investigating, we've been looking at the investigations, the authorities providing all the information that required to...
Speaker Change: The complete investigation successfully only when we complete the investigation we can define the level of responsibility in the consequences.
For the way ahead.
Speaker Change: With respect to the fines, right now it doesn't risk the financial liability of the company.
Speaker Change: There was another comment about the well opportunities. We have two projects under development, the one with the Connection Project Adicollita, which was very energy transmission in that country. Thank you very much.
And that situation is going to lead us to…
Speaker Change: We require more support and our governments so that those lines can start operating, actually, on light Colombia and Peru, which are very highly connected to their countries.
Speaker Change: Chile is very long and very radial, and it's more and more rise to, it's still more rise.
Speaker Change: Good morning. So I just have one question here for myself. I have one question here. Thank you very much.
Speaker Change: I just wanted to ask about the developments regarding the Guazzumato Exploration Project with Shell to expect any sort of final investment decision in the coming months. And if so, what can we expect in terms of sizing for the project in time here as well, thank you.
We've been working with our partner, Shell. [inaudible]
Andrs Prez
Speaker Change: We'll give you some updates on the expectations in the future.
This is something that we see with a very oval. [inaudible]
and many more. Thank you. Thank you.
Andres Gzman, Andres Gzman,
About each economy, what are your growth expectations in organic for the company?
And I use the...
Happy to be with the participation. [inaudible]
David Riao, Ricardo Barragan, David Alarcn, Rafael Guzman, Maria Hoyos
Hello.
Speaker Change: Thank you for the question. We have at least an organic growth plan which is significant for the
2025-2030.
Half of the pressure between 7 billion dollars.
Speaker Change: In various countries where we are, health presence, energy and roads, especially in energy, this is the most significant with 80%
84% of these investments which are...
The rest is in...
Calamita Ru and Chile [inaudible]
This enables us to keep our...
Well, strategy wrong, this is...
In terms of
for the Operations Growth Brazil.
We have not defined any operation in terms of...
of merging these two businesses we have that work.
Speaker Change: Welcome to share your control with Paisa, of which they are excellent French wooded.
Speaker Change: and appropriate private levels, and keep the both of their growth paths with growth projects in both.
Speaker Change: Thank you for the time being. There are no more questions.
Speaker Change: What metrics should you use to measure the downstream advances in 2025? [inaudible]
Andres Gzman, David Alarcn, Felipe Lopez
to make any high operating availability.
We use maintenance plans.
Speaker Change: We intend to put the flip of the refinery with Colombian crude.
And that was we...
Speaker Change: Continue with our investments in the downstream. Another one of our purposes is to have...
and others. Thank you. Thank you. Thank you. Thank you.
We have modifications in the sources in Baranta.
for the future.
Speaker Change: We also have to improve the equality and improve the margin. Thank you very much.
in areas such as fuels and aromatics and petrochemicals.
and other factory monitoring.
Cost reduction, and this is part of our efficiency problem.
Andrs Prez, Luiz Carvalho
Speaker Change: About the second question about the regasification project in the Pacific, as we said earlier, in a...
Speaker Change: Ecopetrol purchases the electrification rights and the third party makes the investments, the operation and maintenance of the infrastructure to provide the free gasification service. That is why we don't have an investment or a capex to be implemented by Ecopetrol. Thank you very much.
Speaker Change: As far as the recursive education project in Guajida, in the Chishua platform, in that case, Ecopetrol leads the project because it's going to be in its facilities, the investments that we would have to make would be in the pumping system of the CBRU. [inaudible]
Speaker Change: which is another high with the information we have available. [inaudible]
should be between
Speaker Change: $1,500,000,000 because the service provided by the CRU and the floating unit for storage and classification.
Speaker Change: It would be enough to pay back to the third party, which would fly via
Speaker Change: Third party, as usual in this type of activity.
Speaker Change: Depends on some clarifications that were insulting with the environmental authorities.
Optimistically, we'll start operation in 2027. [inaudible]
What are the financing needs? [inaudible]
Andres Gzman,
Speaker Change: There are several points. First of all, we mentioned in a previous question that affected our…
Speaker Change: The Financing Plan for Organic Financing would not require any additional financing.
We should also say that, that, that, that, that,
We're certain that for the rest of the year. Thank you.
Get some financing operations.
for this year.
Speaker Change: We have some neat and some authorizations that we've been regarding from the Board of Directors for financing during 2025, which
Allows to have...
$1 billion.
Instructory, and a temporary debt for another Guilherme Donas.
Speaker Change: In addition to the financing operations to support our inorganic investment plant, you should keep in mind that we are constantly monitoring the market and as we see the volatility. Thank you.
and others.
A very interesting financial journey for the group.
Speaker Change: We might have a long-work term, maturities and at certain times it doesn't get some advantages that are convening for our financing costs.
Speaker Change: So both in the market, a couple of markets and the banks are alternative to our constantly evaluating and analyzing.
Speaker Change: How big is the impact on the tax on poor exports? Thank you very much.
Speaker Change: And how much is the impact of the deterioration and the differential to the shell of crew?
$50 million per month.
which would be.
Don't lose it.
Six, no, he's making music. Fifty thousand, Felipe's is here. One.
Our total impact for the EPA is approximately of...
Fix Billion Paces
Speaker Change: And we're also in hand with the, and as of the tax. And, and.
About that tax, we have an estimate of a book.
500 thousand million pesos, which is 1.2 billion pesos total impact. Thank you very much.
Speaker Change: Well, this is, well, that by persons of commercial and marketing. In 2024, we had a reference for the work I see a proof of 4848.
Speaker Change: I've got to find a knife for me in that issue.
Speaker Change: I was aged 24, we were at the 2025, we started very strong, we distributed and looked at the figures yesterday.
And the commisations were April Varkowitz, also...
Speaker Change: I can report that we have a strengthening and improvement of 35% in the differential for Castilla, 36% in Appial, and Maria's 19% are includes for the timing.
Speaker Change: Ecopetrol, Ecopetrol, and things in Venezuela and the U.S. We are saying are...
Speaker Change: I know that you might require, might refer to the process of food.
The fourth quarter of 2023, compared to 2024. [inaudible]
Speaker Change: You see that there is the partial weakness, but part of what we see is that 20-25, 20-24, where we moved by $2 on the average the differential. This is what I can tell you about it. And the trend is totally the opposite. Thank you. Thank you.
Andres Gorthi is live with a question. Thank you very much.
Marti: Hello, thank you for taking my question. This is a follow-up on the explanation, UK please respect to
Speaker Change: So what is the range of price differentials from the EBITDA margin? You're expecting for this segment. Thank you.
Speaker Change: Thank you very much. Copyright © 2021, New Thinking Allowed Foundation
Thank you very much.
The press envelope with the scene. [inaudible]
Andres Gmez,
Speaker Change: We have some definitions for 25, 286 are very similar to what we've seen in 20, 24, however, in the medium-long term.
We have some changes, for example. [inaudible]
with a stable demand or slightly lower. [inaudible]
Speaker Change: Nathan Combination, which is less than availability and consistent demand.
for the medium and long term.
Yeah.
if Ecopetrol is not going to...
Speaker Change: It's hiring a third party for into the development that third party must guarantee an appropriate return of its investment. So I'd like to understand what sort of contract are you are writing with the Ecopetrol especially because the album in terms of gas reserves.
for the country.
Speaker Change: It's not very positive with the short term, but we are supposed to have the development of all the fields. It's very positive, so understand a bit of what. [inaudible]
Speaker Change: How can you make a conflict if it's going to be for a long term with the expectation that we're going to have a...
Speaker Change: A significant increase in the gas reserves after those fields are able to produce and make a contribution of the local reserves. Can you tell me about that? Thank you very much.
Speaker Change: What is their rationale in the type of contract that we will be carrying out with the third party?
Thank you for the question.
Alternatives Options, which is make these...
Speaker Change: sources of gas available to the comments while we get the offshore.
Speaker Change: and the commercial level, all these initiatives, Pacific and the Caribbean, those others that are recognizing are part of providing that gas while the onshore comes in based on that, all the contracts in this case with the Pacific, for example, for the drugification service. Thank you very much.
Speaker Change: Set up so that it meets the time for the off-shore gas entry.
Just a minute.
and Reglassification of the gas services is the Ecopetrol. [inaudible]
Speaker Change: Should buy the molecule and it is coming from the international market.
Speaker Change: Use the term contracts, which ensure the quantity of the gas that you need to re-gasify.
Speaker Change: Everybody has a fire, all the private service and we as a group have to put the molecule at the regasification plant and then after that is regasified and placed in the transportation system we commercialize it through the natural customers.
Speaker Change: Wouldn't that take, which will be paying for availability only the regional or are you going to pay some extra amount for the availability of the regasification plant?
Andrs Prez,
They can't live.
Quality of the Guard Recordification Service for the Year, which is...
I'll depart with the
Speaker Change: What is the vision for this time? Then you have to bring the gas for recasification, those are the term constructs that the group has to make to buy the market, which is a different type of a section. This is the vision.
Speaker Change: which you'd mentioned that the highest cost of the imported gas is not the regasification service, it's the molecule that had the regasification plant that is a material component in that transaction of this type. The regasification services don't have so much weight in the...
Speaker Change: as a total cost of the market when it is placed into the national market.
Andrs Prez, David Riao,
Speaker Change: No further questions, and now the President took for a final message.
Speaker Change: Thank you all for your attendance. We hope that we have answered all your questions and concerns.
about the
Speaker Change: Economic Financial and Technical Performance. For this year, we're committed to the country, our stakeholders and shareholders to continue to be the major company of all Colombians in the guarantee of fuel and security for the country. Thank you very much. Thank you.
Thank you everyone. This ends our...