Ecopetrol Group Releases Its Financial Results for Third Quarter 2025

BOGOTA, Colombia, Nov. 13, 2025 /PRNewswire/ — https://information.ecopetrol.com.co/internet/esp/inversionista/reporte-3q25-eng.pdf

In the course of the first-nine-months of the yr, we centered our efforts on strengthening the operation of our conventional enterprise, sustaining rigorous capital self-discipline, driving sustainable worth via the consolidation of strategic initiatives that allow the nation’s power transition and reinforcing power safety.

The robustness of those pillars and the financial savings plan have enabled us to efficiently navigate crude costs and alternate charge volatility, mitigate environmental impacts, and stay dedicated to assembly our 2025’s targets.

The monetary outcomes reported mirror the power of our market and portfolio diversification technique, along with the environment friendly integration of the hydrocarbon enterprise. In the course of the third quarter, our monetary consequence was: revenues of COP 29.8 trillion, EBITDA of COP 12.3 trillion with a 41% EBITDA margin, and a Web Earnings of COP 2.6 trillion.

In the course of the 9 months of the yr, revenues totaled COP 90.9 trillion, EBITDA stood at COP 36.7 trillion to an EBITDA margin of 40.4%, and Web Earnings stood at COP 7.5 trillion.

As a part of our contribution to nationwide power safety, we superior in direction of growing pure gasoline output from our self-operated fields, the event of offshore reserves within the Caribbean, and optimized midstream infrastructure to allow gasoline transportation from coastal amenities to inland demand facilities. We’ve secured environmental clearance from the ANLA (Nationwide Environmental Licensing Authority) to execute LNG import and regasification actions via the retrofit of present belongings on the Coveñas Marine Terminal. This consists of the deliberate deployment of a Floating Storage and Regasification Unit (FSRU), which positions Coveñas as a strategic pure gasoline hub within the Colombian Caribbean. This vital infrastructure will improve supply-demand balancing and guarantee dependable gasoline availability throughout the nation.

The business section, capitalized market alternatives, maximizing the Group’s monetary outcomes. Within the third quarter, a sound buying and selling differential was upheld to -3.9 USD/bbl, ensuing from environment friendly, strategic administration.

Within the hydrocarbons enterprise, we reached a quarterly manufacturing of 751 mboed, pushed by key fields in Colombia comparable to Caño Sur, CPO-09, and the Permian in america. Transported volumes reached 1,118 mbd, leveraged by maximizing infrastructure utilization, larger third-party volumes, and the reversal of the Coveñas–Ayacucho system. Refining throughputs reached 429 mbd pushed by the completion of main upkeep work in Barrancabermeja and operational enhancements in the course of the first half of the yr.

Within the Vitality Transition enterprise line, we began operations of La Iguana Photo voltaic Farm, a brand new undertaking with a capability of 26 MW, which is anticipated to strengthen energy provide of the Barrancabermeja refinery and to contribute in direction of the decarbonization of its operations. With this facility, our put in renewable power capability in operation reached 234 MW by the tip of 3Q 2025, representing a 77% improve in comparison with the 132 MW out there in 3Q 2024. Moreover, we efficiently accomplished the primary section of gasoline commercialization from the Floreña area, executing 39 gross sales agreements with 22 off-takers.

We’re happy to share our progress in measuring organizational tradition and office setting via the Nice Place to Work Institute, which ranked us on the ‘Extremely Passable’ stage, bettering from 60 factors in 2024 to 68 factors in 2025 on the Office Setting Index. This achievement displays our dedication to worker well-being, sustainable improvement, and worth creation.

In keeping with our dedication to transparency, sustainable worth creation, and a good and equitable power transition for the nation, we grew to become the primary Colombian firm to voluntarily publish our first 2024 Monetary Sustainability Report, incorporating reference components from the Worldwide Sustainability Requirements Board (ISSB).

The outcomes achieved throughout this era place us strongly to ship on our operational and monetary targets for 2025. We are going to proceed to boost our operational flexibility and uphold the basics of every enterprise line, with the clear goal of navigating market challenges and safeguarding worth creation for all our shareholders.

Ricardo Roa Barragán
President of Ecopetrol S.A. 

Secure operations within the refining section, management of working expenditures (“opex”), and improved ends in Interconexión Eléctrica S.A. (“ISA” and along with its subsidiaries) translated into 42% restoration in web revenue in comparison with 2Q 2025, amid an setting of low costs and a decrease alternate charge.

In the course of the first 9 months of 2025, the Ecopetrol Group generated a web revenue of COP 7.5 trillion, EBITDA of COP 36.7 trillion, and an EBITDA margin of 40%. The outcomes had been leveraged by elevated crude oil manufacturing, the effectivity program, and improved differentials between the basket and Brent, regardless of decrease market costs, challenges within the hydrocarbon sector, and scheduled upkeep on the Barrancabermeja Refinery.

The figures included on this report are unaudited and are expressed in billions Colombian pesos (COP), or US {dollars} (USD), thousand barrels of oil equal per day (mboed), or tons, as indicated the place relevant. For functions of presentation, some figures on this report had been rounded to the closest decimal place. The comparability intervals correspond to these of the earlier yr, until a unique interval is referred to.

Ahead-looking assertion: This launch could include forward-looking statements associated to enterprise prospects, estimates for working and monetary outcomes and development of Ecopetrol inside the that means of the secure harbor provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These are projections and, as such, are based mostly solely on administration’s expectations relating to the way forward for the Firm and its everlasting entry to capital to fund its marketing strategy. Precise outcomes might differ materially from these expressed or forecasted in any forward-looking statements because of a wide range of components. Such forward-looking statements rely, mainly, on adjustments in market circumstances, authorities rules, aggressive pressures, the efficiency of the Colombian economic system and the business, amongst different components; subsequently, we undertake no obligation to publicly replace or revise any forward-looking statements, whether or not because of new info or for another purpose. Accordingly, readers shouldn’t place undue reliance on forward-looking statements.

I. Monetary and Working Outcomes

Gross sales revenues

Gross sales income totaled COP 29.8 trillion in 3Q 2025, a lower of 13.8% or COP -4.8 trillion in comparison with 3Q 2024, as a result of:

• Decrease gross sales quantity (COP -2.2 trillion, -91.6 mboed), primarily as a result of: i) elevated crude oil stock volumes, ii) decrease availability of crude oil related to larger necessities from refineries, and iii) decreased home gasoline gross sales quantity.
• Decrease weighted common gross sales value of crude oil and merchandise of -4.3 USD/bbl (COP -1.9 trillion), in step with the lower in Brent value, partially offset by higher crude oil and product differentials.
• Adverse alternate charge impact (COP -0.5 trillion), related to a decrease common alternate charge.
• Decrease revenue from power and highway transmission companies (COP -0.2 trillion).

Cumulative gross sales income in 9M 2025 of COP 90.9 trillion confirmed a lower of seven.8% comparable to COP -7.7 trillion versus 9M 2024, as a web results of: i) decrease weighted common promoting value of crude oil and merchandise of -6.9 USD/bbl (COP -7.8 trillion), because of the components defined above, ii) a lower in gross sales quantity (COP -2.3 trillion, -32.2 mboed) as a result of elevated crude oil stock volumes and decrease home gasoline gross sales, iii) a rise within the common alternate charge, which had a optimistic influence on revenues (COP +2.3 trillion), and iv) larger revenues from power and highway transmission companies (COP +0.1 trillion).

*Pure gasoline exports correspond to native gross sales by Ecopetrol America LLC and Ecopetrol Permian LLC.

The whole quantity offered throughout 3Q 2025 amounted to 955 mboed, 8.8% much less vs. 3Q 2024 (91.6 mboed), primarily due to a decrease export gross sales quantity. 

Gross sales in Colombia decreased by 2.9% (-12.4 mboed) in comparison with 3Q 2024, primarily as a result of: 

• Lower of 20% (-17.2 mboed) in gasoline gross sales defined by decrease portions contracted in Cusiana – Cupiagua because of the pure decline of the fields.  
• Lower of 21.3% (-3.2 mboed) in LPG and Propane gross sales defined by much less portions provided, primarily in Cusiana and Cupiagua.
• Improve in gas gross sales of 5.4 mboed as a result of larger product availability.
• Improve in petrochemical product gross sales by 2.6 mboed as a result of larger demand for asphalt, polypropylene, and lubricant bases. 

Worldwide gross sales decreased by12.8% (-79.2 mboed) versus 3Q 2024, primarily as a result of:

• Lower of 15.6% (-74.6 mboed) in crude exports as a result of larger throughput on the refineries (+28 mboed), and variation in inventories within the logistics chain (45 mboed).

Crudes: In the course of the 3Q 2025, there was a decline of 9.7 USD/bbl in crude oil basket costs, primarily associated to the weakening of Brent by 10.5 USD/bbl.  This impact was partially offset by the corporate’s potential to seize a greater differential (0.8 USD/bbl) pushed by the uncertainty generated internationally by the imposition of tariffs, in addition to from the higher positioning in additional worthwhile markets via the business places of work in Houston and Singapore.

Refined merchandise: Regardless of the weakening of Brent by USD 10.5 USD/bbl throughout 3Q 2025 , the product gross sales basket weakened by solely USD 2.3 USD/bbl. This variation was mitigated because of the strengthening of indicators versus Brent, particularly in gasoline, diesel, and gas oil, generated by low inventories, larger demand, and logistical disruptions within the Center East, all along with the sale of extra useful merchandise inside the group’s product basket.

Pure Gasoline: The value of gasoline gross sales strengthened by 2.0 USD/bbl, rising from USD 26.8 USD/bbl to 28.8 USD/bbl, primarily because of the strengthening of home costs in step with contract indexation.

Sale Prices

Prices of gross sales decreased by 12.3%, equal to COP -2.8 trillion in 3Q25 and by 0.9%, equal to COP -0.6 trillion in 9M 2025 in comparison with the identical intervals of the earlier yr:

Variable Prices

Variable prices decreased by 22.8%, equal to COP -3.1 trillion in 3Q25 in comparison with 3Q 2024, defined by:

• Lower in purchases of crude oil, gasoline, and merchandise (COP -2.4 trillion), as a result of: i) decrease buy quantity (COP -1.1 trillion, -40.4 mboed), primarily of fuels, given operational stability on the refineries, which allowed home demand to be met with extra of our personal product, ii) decrease weighted common buy value of –USD 7.7 USD/bbl, related to the decrease Brent reference value (COP -1.1 trillion); and iii) optimistic impact on purchases as a result of decrease common alternate charge (COP -0.2 trillion).
• Larger stock ranges and different objects (COP -0.7 trillion), with gross sales anticipated to be realized in subsequent months.

Variable prices decreased by 7.2%, equal to COP -2.6 trillion in 9M 2025 in comparison with 9M 2024, defined by the online impact between: i) decrease weighted common buy value of -7.7 USD/bbl, related to the decrease Brent reference value (COP -3.6 trillion), ii) a lower in buy quantity (COP -0.1 trillion, -5.8 mboed), and iii) a detrimental impact on purchases as a result of a better common alternate charge (COP +1.1 trillion).

Mounted Prices

Mounted prices elevated by 3.5% (COP +0.2 trillion) in 3Q 2025 in comparison with 3Q 2024, related to: i) larger development exercise in ISA; ii) improve in contracted companies and different basic prices, primarily as a result of inflationary impact on contract charges; partially offset by iii) management and seize of value efficiencies; and iv) decrease common alternate charge.

Mounted prices in 9M 2025 elevated by 6.0%, (+0.9 trillion) as a result of: i) elevated development exercise by ISA, and ii) elevated upkeep, basic, and different prices related to elevated actions to help operations, the inflationary impact on contract charges, and better common alternate charge prices. The foregoing was partially offset with iii) management and seize of value efficiencies.

Depreciation and Amortization

D&A elevated by 3.8% (COP +0.1 trillion) in 3Q 2025, as a result of larger stage of capital funding and native crude manufacturing and by 10.9%, equal to COP +1.2 trillion in 9M 2025 in comparison with the identical intervals of final yr. Along with the components defined above, the cumulative determine as of September 30, 2025, was impacted by a detrimental alternate charge impact on the depreciation of Ecopetrol S.A.’s (“Ecopetrol”) – subsidiaries which use the US greenback as their purposeful foreign money, given the upper common alternate charge. 

Operational and Exploratory Bills, web of Different Earnings

Working and exploration bills, web of different revenue, decreased by 0.8%, equal to COP 22 billion in 3Q 2025 in comparison with 3Q 2024, primarily as a result of: i) a lower in exploration bills as a result of decrease recognition within the outcomes of exploration belongings, and ii) larger taxes because of the decree declaring a state of inner commotion, inflationary impact, and provision updates in ISA.

Working and exploration bills, web of different revenue, elevated by 2.4%, equal to COP 0.2 trillion in 9M 2025 vs. 9M 2024. Along with the objects defined above, it’s value noting the availability for the power transmission and roads enterprise line.

Monetary Outcomes (Non-Operational)

The monetary end result throughout 3Q25 remained in step with 3Q24, as a web results of improved monetary efficiency as a result of portfolio valuation, offset by elevated debt curiosity, principally derived from larger short-term debt.

Web monetary end result (expense) elevated by 6.6% (COP 0.4 trillion) in 9M 2025 from  larger monetary prices as a result of elevated short-term debt and the impact of the common depreciation of the peso in opposition to the greenback, partially offset by international alternate beneficial properties from decrease foreign money publicity and the monetary replace of long-term liabilities.

Earnings Taxes

The efficient tax charge in 9M 2025 decreased to 32.1% from 36.6% in 9M 2024, primarily as a result of a decrease revenue tax surcharge in 2025 (0%) vs. 2024 (10%) given the Brent value projection on the deadline. In the meantime, the quarterly charge stood at 31.2%, at related ranges in comparison with 3Q 2024.

Progress within the customs correction course of began by the DIAN associated to VAT on gas imports

1. Throughout 3Q25, the DIAN ratified Opinion No. 100202208-2305 of 19 December 2024, which, in line with its interpretation, acknowledged that the imports and nationalization of gasoline and Diesel are topic to Gross sales Tax (VAT) on the basic charge of 19%, with the price of the merchandise at customs being the bottom for calculating the tax.
2. Concerning VAT on gas imports for the taxable intervals 2022 (partial) to 2024, and pursuant to the aforementioned doctrine, so far, the DIAN has notified the Cartagena Refinery of six Particular Customs Necessities (REAs) value COP 1.89 trillion in VAT, penalties, and curiosity. 4 of those assessments are at the moment within the reconsideration enchantment stage. In two instances, the DIAN dominated on the enchantment, confirming and sustaining its preliminary place. In the meantime, Ecopetrol has been notified of two official assessments totaling COP 9.39 trillion, together with VAT, penalties, and curiosity. Ecopetrol has filed reconsideration appeals in opposition to these assessments. These complete quantities could improve as extra necessities are obtained from the DIAN
3. Ecopetrol and Refinería de Cartagena (collectively, the “Firms”) disagree with the DIAN’s interpretation that favors retroactive VAT assortment, for causes which have been duly defined to the DIAN in response to the REAs and, subsequently, within the appeals for reconsideration in opposition to the Official Correction Settlement LOCs (LOC for its initials in Spanish). As well as, the Cartagena Refinery and Ecopetrol have concerned regulatory our bodies such because the Lawyer Normal’s Workplace and the Comptroller Normal’s Workplace to accompany DIAN’s audit course of and the overview of DIAN’s opinions and doctrine, as requested by the Firms.
4. In its interpretation, the DIAN could proceed with the gathering course of in accordance with the procedural guidelines of the customs regime and Tax Code, which incorporates coercive assortment procedures. In accordance with the customs regime and the Tax Code, the Firms have exercised the corresponding administrative or judicial assets, in accordance with the identical rules. Though each corporations plan to proceed exercising these assets, any eventual enforcement motion might have a cloth opposed impact on their operations, liquidity, and monetary place, relying on the quantity and length of such actions. The submitting of a preventive safety motion (tutela) to safeguard the businesses’ rights can be enabled, as lately occurred within the case of the Cartagena Refinery, the place such motion is at the moment underway.
5. Normally phrases, contemplating the DIAN questioning and based mostly on the opinions issued by our exterior advisors, who contemplate that the chance of success is bigger than 50%, the Firms consider that there usually are not grounds for establishing any accounting provision.

The Firms reiterate their dedication to completely adjust to their customs and tax obligations and might be respectful of the selections that resolve this controversy earlier than the corresponding authority.

Monetary Place Assertion

The belongings of the Ecopetrol Group decreased by COP -2.7 trillion, equal to -0.9% between June and September 2025, primarily as a result of: i) he remeasurement impact of subsidiaries’ belongings with US greenback purposeful foreign money at a decrease closing alternate charge versus the earlier quarter, ii) the depreciation of belongings for the interval (COP -3.8 trillion), iii) the replace of deferred tax and different objects. This was offset by a better stage of CAPEX, recognition of the FEPC for the quarter, and a rise in money and equivalents, pushed by the optimistic impact on working money stream.

Liabilities decreased by COP -4.2 trillion, equal to -2.2% throughout 3Q 2025, primarily because of the web impact between: i) the lower within the stability of monetary obligations for short-term debt funds added to the impact of restating the debt in US {dollars} on the closing alternate charge (COP -6.0 trillion), ii) larger present taxes for the interval (COP +0.9 trillion), and iii) larger accounts payable and different liabilities (COP +0.9 trillion).

The Ecopetrol Group’s fairness on the finish of 3Q 2025 was COP 107.0 trillion, a rise of COP 1.4 trillion in comparison with 2Q25, primarily due to earnings generated in the course of the interval, offset by the adjustment for the conversion of subsidiaries with USD as their purposeful foreign money on the closing charge. 75% of the fairness corresponds to Ecopetrol shareholders and the remaining 25% to non-controlling pursuits.

Money Movement, Debt and FEPC

 Money Movement

On the finish of 3Q 2025, the Ecopetrol Group closed with a money stream of COP 14.1 trillion (23% COP and 77% USD). Working money stream for the quarter and the gross sales of short-term treasury securities (TCOs) lined: i) capex expenditures for the quarter, and ii) principal and curiosity funds on debt for the quarter.

Debt

On the finish of 3Q 2025, the stability of debt on the stability sheet was COP 114.3 trillion, equal to USD 29,124 million (ISA’s Group´s consolidated debt contributed USD 8,736 million), representing a lower of COP 6.0 trillion in comparison with 2Q 2025. The lower is defined by the mixed impact of: i) prepayment of short-term financing operations, and ii) the restatement of monetary obligations in US {dollars} on the closing charge, acknowledged primarily in fairness via hedge accounting.

The Ecopetrol Group’s Gross Debt/EBITDA ratio on the finish of September 2025 was 2.4 instances, under the higher restrict set for 2025 (2.5 instances), whereas the Ecopetrol Group’s Web Debt/EBITDA ratio closed at 2.1 instances and the Debt/Fairness ratio on the finish of September remained at 1.1 instances.

Gas Value Stabilization Fund – FEPC

On the finish of September 2025, the account receivable of the FEPC stood at COP 3.3 trillion. In 3Q 2025, there is a rise in comparison with 2Q 2025, because of the accrual of COP +0.8 trillion for the quarter.  

Efficiencies

In 2025, the Ecopetrol Group continues materializing its complete technique of efficiencies and competitiveness with a contribution of COP 4.1 trillion on the shut of 3Q 2025, of which 60% has had a direct influence on the EBITDA of COP 2.45 trillion (COP 1.27 trillion for efficiencies in Opex and COP 1.18 trillion for added revenue technology), as detailed under:

OPEX

• Financial savings of COP 270 billion via enhancements in power effectivity, self-generation, and power buying had been achieved, added to COP 265 billion in upkeep because of the reutilization of supplies, optimization of synthetic carry methods, and reliability methods.
• Efficiencies of COP 244 billion via initiatives in digital options, service demand management, and insurance coverage administration, complemented by a extra environment friendly procurement technique that generated financial savings of COP 194 billion.
• Financial savings of COP 165 billion in crude evacuation and dilution, primarily for the early entry of the Caño Sur Este – ODL undertaking.

Income

• Manufacturing improve methods contributed COP 347 billion via deferred reductions, operational enhancements in effectively service, and course of optimization in Piedemonte.
• Seize of synergies generated revenue for COP 155 billion within the crude transportation methods related to the segregation and routing of crudes in addition to for volumetric compensations for high quality.
• Larger margins for crude exports (COP 105 billion), product imports (COP 99 billion) and the payment of the ANH purchases (COP 73 billion).
• Worth creation in refining operations as a result of high quality migration from HSFO to IFO-380 (COP 69 billion) and elevated asphalt manufacturing within the Barranca refinery (COP 23 billion).

From the perspective of unit prices, the efficiencies obtained throughout 9M 2025 had been as follows:

• 52% of the efficiencies talked about with an impact on Opex mitigated impacts on the price of manufacturing by 0.91 USD/bbl.
• Efficiencies affecting refining money prices and prices per barrel transported enabled reductions of 0.10 USD/bbl and 0.013 USD/bbl, respectively.

Efficiencies of COP 1.05 trillion achieved in capex associated to the optimization of undertaking funding prices, seen at:

• In direct operation drilling and completion, efficiencies had been achieved via enhancements in design and engineering, optimization of companies, charge negotiation, and discount of processing instances.
• Reductions in working instances and prices in Permian, because of new effectively designs, decrease fracture pressures, and pumping instances, which resulted in decrease prices per foot drilled and per barrel pumped in comparison with the plan.
• As for floor amenities, efficiencies had been achieved via the optimization of scopes in undertaking design and engineering.

Actions centered on bettering working capital had been carried out, with a optimistic money influence of COP 0.6 trillion. This was achieved via superior fee administration with entities, avoiding debt, stock optimization, and financial savings within the fee of inspection charges.

Investments

*Consists of the whole quantity of investments in hydrocarbon transportation of every of the Ecopetrol Group Firms (Ecopetrol S.A. participation and non-controlling).
Common alternate charge: 4,131.52
**Consists of funding in Gasoline and Vitality Transition
Consists of solely natural investments

On the finish of 3Q 2025, the Ecopetrol Group made investments totaling USD 4,179 million (COP 17.3 trillion); 62% % in Colombia, whereas the remaining 38% went to worldwide operations, primarily in Brazil (21%), america (12%), and different places (5%).

Hydrocarbons

At 3Q 2025, investments in hydrocarbons accounted for 62% of the Ecopetrol Group’s complete, reaching USD 2,582 million (COP 10.7 trillion).¹ Thus, USD 2,139 million (COP 8.8 trillion) was allotted to exploration and manufacturing actions, primarily within the division of Meta, in belongings comparable to Caño Sur Rubiales, Castilla, and Chichimene. Internationally, investments had been centered on the Permian basin (Midland, USA) and in Brazil, within the Orca Brazil undertaking (previously Gato do Mato).

Within the refining section, USD 240 million (COP 1.0 trillion) have been invested, centered on operational continuity of the refineries (94%), in addition to on strategic initiatives comparable to Sox Emission Management and Base Line of Gas High quality of Fuels within the Barrancabermeja Refinery, along with main upkeep and plant shutdowns in each refineries.

In flip, within the transport section, investments amounted to USD 162 million (COP 0.7 trillion), primarily centered on guaranteeing the operational continuity of the totally different oil and polyduct methods in crossing actions, mechanical repairs and geotechnics.

Energies for Transition

In 3Q 2025, the Ecopetrol Group reaffirmed its dedication to the power transition and allotted USD 529 million (COP 2.2 trillion) to investments within the Vitality for Transition line, which represented 13% of complete funding. To strengthen the worth chain and gasoline provide, USD 425 million (COP 1.8 trillion) was invested, primarily within the GUAOFF-0 block, positioned within the Colombian offshore Caribbean, and in fields within the Piedemonte Llanero area, comparable to Floreña and Cupiagua, concentrated within the division of Casanare. Moreover, USD 104 million had been allotted (COP 0.4 trillion) to power effectivity and renewable power initiatives.

Transmission and Toll Roads

In 3Q 2025, the Ecopetrol Group invested a complete of USD 1,068 million (COP 4.4 trillion) within the Transmission and Roads enterprise line, representing 25% of complete investments.  Most of those investments (91%) had been concentrated within the energy transmission enterprise, with a presence in Brazil, Peru, and Colombia. The highway section accounted for 8%, with excellent initiatives comparable to Ruta del Este in Panama and, in Chile, the Ruta del Maipo and Ruta de los Ríos initiatives. The remaining 1% was destined to the telecommunications enterprise in Colombia-.

II. Enterprise Traces Outcomes

For functions of this report, the monetary info included is organized by the next segments: (i) exploration and manufacturing, (ii) transportation and logistics, (iii) refining and petrochemicals, and (iv) power transmission and toll roads, which is per the Firm’s earlier stories. Nonetheless, administration is reviewing different choices to replace the Firm’s working, administration, and monetary reporting mannequin in step with Technique 2040.

1.  HYDROCARBONS

1.1 Exploration, Growth and Manufacturing

Exploration:

On the finish of 3Q 2025, 10 exploratory wells had been drilled, 8 with funding from the Ecopetrol Group, and a pair of drilled below affiliation contracts, with 100% funding by the companion (see annexes – Desk 11: Particulars of Exploratory Wells – Ecopetrol Group).

Within the onshore exploration exercise, the next stands out:

• The declaration of commerciality on September 30, 2025, of the Toritos discoveries (consists of the Curucutu-1 effectively) and Saltador wells (consists of the Bisbita Este-1, Bisbita Centro-1 and Bisbita Oeste-1 wells) positioned within the LLA 123 block within the division of Meta.  Operated by Geopark in affiliation with Hocol, these fields contribute a web manufacturing of 1.9 mboed crude ranging between 14° and 23° API. This approval is anticipated to permit us to certify proved reserves (1P) and contingent assets for the 2025 stability.
• Drilling continued on the Floreña N18Y effectively operated by Ecopetrol (100%), positioned within the Piedemonte, and Toritos Este-1 operated by Geopark (50%) in affiliation with our subsidiary Hocol (50%), positioned in Los Llanos. Each wells are anticipated to succeed in closing depth in 4Q 2025.

To spotlight, the offshore exploration exercise with the progress of the Sirius undertaking, relating to the contracting mannequin and the ethnic, social and environmental feasibility actions; the environmental licensing course of is anticipated to proceed in a subsequent stage.

Internationally, actions associated to the event of the Orca area in Brazil superior within the execution of detailed engineering for the hull and topside amenities of the floating manufacturing, storage, and offloading vessel (FPSO).  As well as, the approval of the event plan, by the ANP is at the moment being processed, in addition to the set up of the SURF subsea system and the drilling marketing campaign of improvement wells deliberate for 2027.

Manufacturing 

Observe 1: Gross manufacturing consists of royalties and is prorated by Ecopetrol’s holding in every firm. The Pure Gasoline information consists of Gasoline and Blanks (LPG, propane and butane).
Observe 2: Consolidated information introduced in rounded up figures.
Observe 3: The desk of this report consists of 100% manufacturing of Arauca-8 for each 2024 and 2025 figures. The proprietor of the Arauca Settlement is Ecopetrol; subsequently, 100% of the possession of the manufacturing of the Arauca Settlement Space is within the arms of Ecopetrol; nevertheless, by advantage of the personal settlement (Bussiness Collaboration Settlement (BCA), entered into between Ecopetrol and Parex, as soon as the hydrocarbons of the Arauca Settlement are produced, Ecopetrol, instantly transfers to Parex 50% of all of the manufacturing obtained within the contracted space.
Observe 4: Quarterly manufacturing figures topic to minor updates as a result of ministerial kinds to the ANH of related fields and closures in worldwide subsidiaries.
Observe 5:  2025 figures embody manufacturing from the El Niño, Guando and Guando SW fields (4.3 mboed in 3Q 2025) within the Hocol subsidiary, given the switch made by Ecopetrol S.A. in late 2024, in step with the Ecopetrol Group’s presence technique within the Division of Tolima via this subsidiary.

The Ecopetrol Group’s manufacturing in 3Q 2025 was 751 thousand barrels of oil equal per day (mboed), 3 mboed lower than in the identical interval of the earlier yr, primarily because of the web impact of:

i)  (+30 mboed) Development of Caño Sur supported by the rise in fluid remedy capability on the Centauros Station and the acquisition of 45% of Repsol’s stake in block CPO9, along with the expansion actions related to the progressive entry of the Orotoy Station.
ii)  (+5 mboed) Improved efficiency by Permian and Ecopetrol América.
iii)  (-15 mboed) Decrease gasoline manufacturing and blanks as a result of pure decline of the Cusiana-Cupiagua node, Recetor (Piedemonte Llanero), and higher-than-expected water intrusion within the Guajira and Gibraltar fields.
iv)  (-23 mboed) in home crude oil as a result of electrical occasions in Meta and Magdalena Medio, public order points, pure decline of fields, and delays in initiatives and drilling related to blockades at first of the yr.

In response to the impact on manufacturing brought on by environmental occasions, throughout 3Q25 there was a cumulative influence of 369,000 barrels, with cumulative deferred manufacturing for the 9M 2025 amounting to 2.15 million barrels. The impacts in 3Q 2025 had been primarily concentrated within the departments of Meta and Putumayo as a result of: i) everlasting blockades in CPO-9 that lasted till October, and ii) operational and entry highway occasions in Cupiagua that affected the supply of white merchandise in August and September.

As for drilling, on the finish of September, 331 improvement wells had been accomplished, with a mean of twenty-two energetic drilling rigs over the interval.

Lifting and Dilution Value 

Lifting Value

The lifting value in 3Q 2025 decreased by -0.48 USD/bbl in comparison with the identical interval final yr, primarily leveraged by the efficiencies achieved as follows:

Trade charge impact (+0.27 USD/bbl): detrimental impact because of the conversion of prices from pesos to {dollars}, given the decrease common alternate charge, which went from 4,094 to 4,004 COP/USD. Contemplating that 74% of the prices are expressed in pesos, the peso indicator decreased by 6% from 51,795 COP/bbl to 48,755 COP/bbl.

Value Impact (-0.74 USD/bbl): Working optimizations achieved embody:

• Optimization of the operations and upkeep mannequin for non-industrial areas.
• Vitality optimization: optimization of self-generation primarily in Rubiales and Caño Sur, in addition to a discount in power consumption because of the massification of extra environment friendly applied sciences and operational management of manufacturing and injection amenities.
• Efficiencies in effectively upkeep, reutilization of supplies for subsurface operations, optimization of synthetic carry methods, and optimization of reliability methods, amongst others.

These efficiencies allowed us to partially offset the next value will increase:

• Cumulative inflation influence on working service.
• Fluids remedy: Improve in volumes handled (+813 MBWPD)².
• Elevated subsurface actions related to new remedy and manufacturing amenities.

Dilution Value

The dilution value elevated by USD 0.08/Bl in comparison with 3Q24, primarily defined by:

Value impact (-0.02 USD/bbl): decrease buy value of naphtha related to the Brent benchmark indicator at -11 USD/bbl.

Quantity Impact (0.10 USD/bbl): Fewer barrels of crude oil marketed.

Monetary Outcomes 

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