Andres Duarte

Andrés Duarte inquired about the detailed impact of exchange rate revaluation on Ecopetrol's operating earnings, specifically referencing a COP 0.7 million sensitivity. He also asked about the national government's assistance for the Sirius project, questioning if it receives priority and the level of facilitation provided to meet the 2026 consultation completion target.

Answer

CFO Camilo Barco confirmed the significant impact of exchange rate fluctuations, noting a COP 700 billion effect on net profit for every COP 100 variation. He explained that the average exchange rate had a positive contribution of COP 600 billion to net profit and COP 1.1 trillion to EBITDA for the nine-month period. Corporate VP of Hydrocarbons Rafael Guzmán stated that Petrobras operates the Sirius project, but Ecopetrol provides close assistance and maintains an ongoing dialogue with the ANCP, expressing gratitude for their collaboration in meeting the established timetable for consultations.

Andrés Duarte asked for more details on the impact of exchange rate revaluation, specifically the sensibility of COP 0.7 million per COP 100 variation on operating earnings. He also inquired about the national government's assistance for the Sirius project, asking if it was prioritized or treated like any other company, and the level of help received to conclude consultations by 2026.

Answer

Camilo Barco, CFO, confirmed that a COP 100 variation in the exchange rate could affect net profit by COP 700 billion, noting a positive contribution of COP 600 billion to net profit and COP 1.1 trillion to EBITDA for the nine-month period compared to last year. He added that the current rate is lower than planned, requiring additional measures, and the coverage program helps neutralize the income statement effect. Rafael Guzmán, Corporate VP of Hydrocarbons, stated that Petrobras operates Sirius, with Ecopetrol assisting and closely following up. He thanked the DANCP for their collaboration, confirming a plan to end flow consultations by July 2026 and then begin connection consultations.

Andres Duarte of Corficolombiana inquired about the drivers behind Ecopetrol's peak production levels and the outlook for the remainder of the year. He also requested a breakdown of the financial transfers (dividends, royalties, taxes) made to the Colombian nation for the previous year and the forecast for the current year.

Answer

Juan Carlos Ortado, Acting VP of Hydrocarbons, attributed the production peak to accelerated activity and enhanced drill performance in the Permian Basin, projecting a year-end average of 90,000-190,000 barrels per day. An executive detailed the 2024 government transfers totaled approximately COP 40.4 trillion, with a 2025 forecast between COP 35-40 trillion, emphasizing the significant contribution from taxes.