Ecopetrol S A : 2024 First Quarter Quarterly Report

We began 2024 with outcomes that highlight our operational prowess and our initiatives to achieve a fair energy transition.

During the 1Q24, we navigated an environment impacted by exogenous variables, with

increased energy costs, inflationary pressures, the revaluation of the Colombian peso, and lower prices

for refined products. Despite these challenges, the Ecopetrol Group was able to maintain operational resilience thanks to market diversification, efficiency maximization, and the application of planning, optimization, and cost-saving measures in our operations, thus achieving favorable results and generating a competitive level of profitability in the industry.

For the first quarter of the year, we recorded COP

31.3 trillion in revenue, an EBITDA of COP 14.2 trillion, a net profit of COP 4.0 trillion, an EBITDA margin of 45% in line with the average of the last 8 years, and a ROACE of 11%.

Regarding the Fuel Price Stabilization Fund, it is worth noting the sustained decrease in the pace of accumulation of the accounts receivable, which has been consistently decreasing each year until reaching a decrease of 72% in the first quarter of 2024, compared to the same period in 2023.

In the Hydrocarbons business line, we highlight the strength of our traditional business with the increase in volumes compared to 1Q23, closing the quarter's production at 741 kboed (+22 kboed as compared to 1Q23), transported volumes of 1,118 kbd (+28 kbd as compared to 1Q23) and refining throughputs at 428 kbd (+16 kbd as compared to 1Q23), with the operational availability of our refineries at 96% on par with the best refineries in Latin America. Notable strategic achievements for the period include the commercial viability of the Arrecife gas field in the Cordoba department and the signing of the Piedemonte Norte gas exploration agreement with Parex, which enhances the nation's gas supply. This allows us to announce an increase in our production target for 2024, to a range between 730 and 735 Kboed from a target of 725 to 730 Kboed announced in our 2024 financial plan.

In addition to these results, strong commercial management allowed us to capitalize on the market's margins and opportunities, achieving an improvement of USD 4.4 per barrel in the crude basket differential.

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We highlight the successful sale of 16.7 million barrels of crude oil and products by Ecopetrol US Trading, our commercial subsidiary in Houston, which generated an EBITDA of USD 37.1 million and a net profit of USD 28.5 million in the 1Q24. In addition, we emphasize the notable decarbonization strategy through the carbon trading desk and in the refined products segment, the execution of the strategy to ensure diesel supply to the thermal sector for energy generation during the El Niño phenomenon.

In the Low-Emission Solutions business line, natural gas and liquified petroleum gas ("LPG") accounted for 23.2% of the overall production during 1Q24. Regarding renewable energy, we point out the launch of the first solar farm in a refinery in Latin America, located in Cartagena, with a capacity of

22.1 MW, making it the first solar farm in a refinery in Latin America.

Also, during this quarter, in the Transmission and Toll Roads business line, Interconexión Eléctrica S.A. ("ISA") was awarded six expansions of the transmission networks and two connection contracts in Brazil. Additionally, ISA was awarded the design, construction, operation and maintenance of two projects in Colombia.

We would like to draw attention to the following technology, environment, social and governance ("TESG") results:

In the environmental component, we lowered greenhouse gas emissions by 50.3 thousand tons of CO2e during the quarter, accumulating 1.54 million metric tons of CO2e since 2020. In 1Q24, we utilized

39.6 million cubic meters of recycled water for our activities, representing a 7% increase compared to 1Q23 and equivalent to 80% of the total water required for our operations. Additionally, we emphasize the launch of Ecopetrol Group's new Circular Economy model, which enables our goals in energy transition, net-zero carbon emissions, reduction of water footprint, and the closing of material and waste cycles.

In the social dimension, we invested COP 65.8 billion in the Sustainable Territorial Development Portfolio during the quarter. We highlight the completion of 50 projects under the works-in-lieu-of- taxes mechanism since 2018.

In corporate governance, during the 1Q24 we highlight the holding of the General Shareholder's Meeting where new members of the Board of Directors were elected. These members, with

diversity in age, gender, and experience, aim to safeguard the company's traditional business while reaffirming their commitment to advancing towards a fair and responsible energy transition. In April, we filed the corresponding Form 20-F for the year 2023 with the Security Exchange Commission, wherein our Board of Directors reaffirmed its commitment to the 2040 strategy.

Under the innovation and technology agenda, participation in the Tenth Antarctic Expedition came to an end under the terms of the Ecopetrol-NationalNavy agreement. During the expedition, gas measurements and particulate matter sampling were conducted, and the collected data will be utilized in

studies on the production of offshore energy from renewable sources.

Ecopetrol's priority for the upcoming quarters of 2024 will continue to be caring for our workers, upholding TESG, and demonstrating our commitment to ethics and transparency. We will continue to make decisive progress in our goal of advancing the transition to

low-emission energies while guaranteeing Colombia's energy security and generating sustainable value for all our stakeholders.

Ricardo Roa Barragan

President, Ecopetrol S.A.

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Bogotá D.C., May 7, 2024, Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol", the "Company", the "Ecopetrol Group", or the "Group") announced today the financial results of the Ecopetrol Group for the first quarter of 2024, prepared in accordance with International Financial Reporting Standards applicable in Colombia.

In 1Q24, the Ecopetrol Group generated a net income of COP 4.0 trillion, EBITDA of COP 14.2 trillion with an EBITDA margin of 45%. These results were leveraged on outstanding operating performance and the positive effect of improved crude oil spreads. However, quarterly results were affected by i) exogenous factors such as a lower average exchange rate, inflationary effects, and the "El Niño" phenomenon, which affected revenue, costs, and expenses, as well as ii) narrower product spreads.

Table 1: Financial Summary Income Statement - Ecopetrol Group

Billion (COP)

Total sales

1Q 2024	1Q 2023	∆ ($)	∆ (%)
31,302	38,854	(7,552)	(19.4%)

Depreciation and amortization	3,452	3,009	443	14.7%
Variable cost	10,821	15,348	(4,527)	(29.5%)
Fixed cost	4,790	4,422	368	8.3%
Cost of sales	19,063	22,779	(3,716)	(16.3%)
Gross income		12,239	16,075	(3,836)	(23.9%)
Operating and exploratory expenses	2,437	2,354	83	3.5%
Operating income		9,802	13,721	(3,919)	(28.6%)
Financial income (loss), net	(2,002)	(1,506)	(496)	32.9%
Share of profit of companies		197	342	(145)	(42.4%)
Income before income tax	7,997	12,557	(4,560)	(36.3%)
Income tax	(2,921)	(5,593)	2,672	(47.8%)
Net income consolidated		5,076	6,964	(1,888)	(27.1%)
Non-controlling interest	(1,064)	(1,304)	240	(18.4%)
Net income attributable to owners of Ecopetrol		4,012	5,660	(1,648)	(29.1%)
EBITDA		14,238	17,842	(3,604)	(20.2%)
EBITDA Margin		45.5%	45.9%	-	(0.4%)

The financial information included in this report has not yet to be audited. It is expressed in billions or trillions of Colombian pesos (COP) or US dollars (USD), or thousands of barrels of oil equivalent per day (kboed) or tons, as noted. Certain figures in this report were rounded to the nearest decimal place for presentation purposes.

Forward-looking statements: This release contains statements that may be considered forward-looking statements concerning Ecopetrol's business, operational and financial results, and prospects for growth. These are forward-looking statements and, as such, are based solely on management's expectations regarding Ecopetrol's future and its ongoing access to capital to fund Ecopetrol's business plan. Such forward- looking statements depend primarily on changes in market conditions, government regulations, competitive pressures, and the performance of the Colombian economy and the industry, to mention a few. Therefore, they are subject to change without notice.

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1. Financial and Operating Results

Sales Revenues

Sales revenues in 1Q24 decreased by 19.4% compared to 1Q23, or by COP 7.6 trillion, totaling COP 31.3 trillion, as a result of:

1. A decrease in the average exchange rate, negatively impacting revenues (COP -4.9 trillion) due to a lower average exchange rate.,
2. A decrease in sales volume (COP -1.6 trillion, -55.2 kboed) due to: i) a decrease in crude oil available for export, resulting from a decrease in purchase levels and higher throughputs allocated to the refineries; ii) lower realization of crude oil cargoes in transit at the end of the year, negotiated under the DAP (Delivery at Place) modality; and iii) decrease in domestic gasoline demand. This was partially offset by higher crude production levels.
3. Crude oil and refined products' weighted average sales price decreased by -1.9 USD/Bl (COP -0.7 trillion) due to a lower Brent benchmark price and narrower spreads against Brent, partially offset by the negotiation of wider crude oil spreads in 4.4 USD/Bl for this period.
4. Service revenues decreased (COP -0.4 trillion), mainly due to the revaluation of the Colombian peso against other currencies in regions where ISA operates.

Table 2: Sales Volumes - Ecopetrol Group

Local Sales Volume - kboed		1Q 2024	1Q 2023	∆ (%)
Medium Distillates		177.2	171.0	3.6%
Gasoline	135.3	151.8	(10.9%)
Natural Gas	86.1	90.6	(5.0%)
Industrials and Petrochemicals	19.0	22.4	(15.2%)
LPG and Propane	16.4	19.0	(13.7%)
Crude Oil	0.0	2.1	(100%)
Fuel Oil	0.2	0.3	(33.3%)

Total Local Volumes

Export Sales Volume - kboed

434.2	457.2	(5.0%)
1Q 2024	1Q 2023	∆ (%)

Crude Oil	413.4	441.5	(6.4%)
Products	99.2	108.1	(8.2%)
Natural Gas*	12.7	7.9	60.8%
Total Export Volumes		525.3	557.5	(5.8%)
Total Sales Volumes		959.5	1,014.7	(5.4%)

* Natural gas exports correspond to local sales of Ecopetrol América LLC and Ecopetrol Permian LLC

Total volume sold during 1Q24 amounted to 959.5 kboed, 5.4% lower compared to 1Q23, resulting from lower domestic and export sales volume.

Sales in Colombia, which account for 45% of total sales, decreased by 5% (-23 kboed) versus 1Q23, mainly due to:

• A decrease of 10.9% (-16.5 kboed) in gasoline sales, explained by lower domestic demand associated with reduced sales in border areas, decreased sales of vehicles and motorcycles, and price increases, leading to a rationalization of consumption by users.
• A decrease of 5% (-4.5 kboed) in gas sales due to lower availability due to scheduled maintenance at the Cupiaga field and lower market demand.
• A decrease of 13.7% (-2.6 kboed) in LPG and propane sales due to lower quantities offered, primarily in the Cupiagua field and lower market demand.

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International sales, which accounted for 55% of the total sales, decreased by 5.8% (-32 kboed) in 1Q24 versus 1Q23, primarily because of:

• A decrease in crude oil exports of 6.4% (-28.1 kboed), mainly because of lower volumes available for export resulting from higher refinery throughputs (-17 kbde), lower volumes of cargoes in transit in 1Q24 (-5 kbde), and lower volumes of third-party trading operations (-9 kbde).
• An 8.2% (-8.9 kboed) reduction in sales of products due to: (i) lower diesel exports due to priority allocation to the domestic market for thermal generation primarily; and (ii) lower fuel oil exports due to product evacuation problems caused by the effects of the El Niño phenomenon (low levels in the Magdalena River hindered navigability).
• These decreases were partially offset by an increase of 60.8% (+4.8 kboed) in natural gas sales resulting from a successful exploratory campaign in the Permian Basin.

Table 3: Average Realization Prices -Ecopetrol Group

USD/Bl		1Q 2024	1Q 2023	∆ (%)
Brent		81.8	82.1	(0.4%)
Natural Gas Basket	28.3	29.6	(4.4%)
Crude Oil Basket	73.5	69.3	6.1%
Products Basket	92.6	99.7	(7.1%)

Crude: In 1Q24, the crude oil basket prices increased by 4.2 USD/Bl versus 1Q23, from 69.3 USD/Bl in 1Q23 to

73.5 USD/Bl in 1Q24. The price increase is primarily explained by better market conditions, such as i) the reopening of China and the end of mobility restrictions, and ii) OPEC+ cuts beginning in May 2023.

Refined Products: In 1Q24, the refined product sales basket decreased by 7.1 USD/Bl versus 1Q23, from 99.7 USD/Bl in 1Q23 to 92.6 USD/Bl in 1Q24, driven by the weakening of international price indicators, especially for diesel, due to the entry of Russian products to some South American countries, thus increasing supply.

Natural Gas: Gas sales prices decreased by 1.3 USD/Bl in 1Q24, as compared to the same period in 2023, from

29.6 USD/Bl in 1Q23 to 28.3 USD/Bl 1Q24, mainly due to the indexation of prices to the US Producer Price Index (PPI).

Hedging Program: During 1Q24, Ecopetrol continued its tactical hedging strategy to actively manage price risks. Ecopetrol executed tactical price hedges on 5.30 million barrels of crude oil exports, while Ecopetrol Trading Asia executed tactical hedges of 7.72 million barrels on different indicators.

Cost of Sales

Cost of sales presented a decrease of -16.3% in 1Q24 versus 1Q23, equal to COP -3.7 trillion. Below are the most relevant events that occurred in each cost component:

Variable Costs

Variable costs decreased by -29.5% in 1Q24 compared to 1Q23, equal to COP -4.5 trillion, explained by:

• Decrease in the purchases of crude oil, gas, and refined products (COP -3.3 trillion), attributable to: i) a positive effect on purchases resulting from a lower average exchange rate (COP -2.1 trillion); ii) a decrease in volumes of refined products purchased (COP -0.6 trillion, -14.3 kboed), given the higher operational availability in the Cartagena and Barrancabermeja refineries; iii) lower volumes of crude oil and gas purchased (COP -0.5 trillion, -14.3 kboed), given the increased production of crude oil; and iv) a lower weighted average purchase price of -2.6 USD/Bl (COP -0.1 trillion).

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• Fluctuations in inventories (COP -1.2 trillion) due to: i) higher valuation of crude oil and refined products inventories resulting from higher benchmark prices during 1Q24; and ii) higher inventory levels, mainly of refined products, due to a decrease in the demand for gasoline and limitations in fuel oil evacuation.

Fixed Costs

Fixed costs increased by +8.3%, equal to COP +0.4 trillion in 1Q24 as compared to 1Q23 due to: i) increases in maintenance and field operation support costs resulting from increased production and the inflationary effect on contract fees; ii) an increase in construction activity in ISA Brazil; and iii) higher labor costs, primarily associated with higher salaries relative to the previous year. The above was partially offset by the positive impact of the exchange rate on contracts indexed to other currencies resulting from the revaluation of the Colombian peso.

Depreciation and Amortization

Depreciation and amortization increased by +14.7%, equal to COP +0.4 trillion in 1Q24 compared to 1Q23, mainly due to increased production and higher capital investments. This was primarily offset by a positive exchange effect on the depreciation of the Group's subsidiaries that employ the US dollar as their functional currency, given the revaluation of the Colombian peso against the US dollar.

Operating Expenses, Net of Other Income

Operating expenses for 1Q24, net of other income, increased by 3.5%, equal to COP +0.1 trillion year-on-year vs. 1Q23, primarily due to additional exploration asset write-offs, including the write-off of the Milonga-1 asset located in Magdalena by Hocol, S.A. ("Hocol"), as no hydrocarbons were found in that site.

Financial Result (Non-Operating)

Financial expense (non-operating) for 1Q24 increased by +32.9%, equal to COP +0.5 trillion compared to 1Q23, as a result of:

• A COP 0.2 trillion decrease in income from the yields and valuation of the investment portfolio derived from lower rates of return.
• An additional COP 0.2 trillion decrease in income resulting from an increase in the closing exchange rate for 1Q24 of COP 20 as compared to the previous quarter (2023 yearend exchange rate was COP 3,822/USD 1.00 vs. March 2024 closing exchange rate of COP 3,842/USD 1.00). In comparison, there was a significant decrease in the exchange rate of COP -164 in 1Q23 as compared to the previous quarter, 4Q22 (2022 yearend exchange rate was COP4,810/USD 1.00 vs. March 2023 closing exchange rate of COP 4,646/USD 1.00).
• Increase in the financial cost of long-term liabilities (COP +0.1 trillion) due to updated discount rates.

Income Tax

The Effective Tax Rate for 1Q24 was 36.5% versus 44.5% in 1Q23. The decrease is mainly attributable to: i) the deduction of royalty payments in 1Q24 following the ruling issued by the Constitutional Court in November 2023 that declared the unconstitutionality of paragraph 1, Article 19 of Law 2277 of 2022 (Tax Reform Law), which prohibited deducting royalty payments from taxable income; and ii) lower surtax on income, which decreased from 15% to 10%, based on the average Brent price for 2024 at March 31, 20241.

On April 25, 2024, the Constitutional Court suspended the ruling issued in November 2023, which declared the unconstitutionality of paragraph 1, Article 19 of Law 2277 of 2022 (Tax Reform Law), prohibiting the deduction of royalty payments from taxable income. The suspension admits the study of the tax incidence presented by the

1 The Group reviews the projections periodically to validate the applicable percentage for the surcharge.

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National Government. The final ruling on the prohibition of deducing royalties will be issued by the Constitutional Court, and its effects on the Ecopetrol Group will be analyzed once the decision is received.

Statement of Financial Position

The Ecopetrol Group's assets increased by COP +6.4 trillion during 1Q24, mainly because of:

• An increase in cash and cash equivalents (COP +2.9 trillion) due to an increase in operations.
• An increase in taxes (COP +1.0 trillion), primarily associated with the restatement of deferred taxes and current tax advances.
• An increase in accounts receivable (COP +0.8 trillion), primarily due to the 1Q24 accrual of the Fuel Price Stabilization Fund (FEPC) during 1Q24, which was partially offset by a decrease in accounts receivable from customers.
• An increase in property, plant, equipment, natural resources, and intangible assets (COP +0.7 trillion) from the net effect of a higher CAPEX, the foreign exchange conversion effect, and depreciation and amortization for the period.
• An increase in inventories (COP +0.6 trillion), mainly resulting from higher benchmark prices and lower demand for refined products.

The increase of COP +16.3 trillion in liabilities for 1Q24 was mostly attributed to:

• Recognition of dividends payable declared by the General Shareholders' Meeting in March 2024 (COP +13.9 trillion).
• An increase in debt balance (COP +2.9 trillion) from the net effect between the acquisition and payment of debentures.
• This was partly offset by a lower amount of accounts payable to suppliers (COP -0.5 trillion).

The Ecopetrol Group's total equity at the end of the quarter was COP 93.2 trillion. Equity attributable to Ecopetrol's shareholders was COP 69.2 trillion, a decrease of COP -9.2 trillion compared to December 2023. This was mainly due to the distribution of dividends for the period, which was partially offset by the profits generated during the period.

Arbitration award issued in favor of Refinería de Cartagena S.A.S.

On February 27, 2024, Refineria de Cartagena received a notification from the United Kingdom Court charged with the restructuring of CB&I UK Limited, a subsidiary of McDermott International Ltd., in which such court approved the restructuring plan for CB&I UK Limited.

In another process initiated by Chicago Bridge & Iron Company N.V. (now McDermott Holdings N.V.) in the Netherlands on September 8, 2023, on February 16, 2024, an independent restructuring expert appointed by the Court voted on an alternative reorganization plan. This plan entailed Refineria de Cartagena receiving shares of McDermott International Ltd.

Subsequently, on March 21, 2024, Refineria de Cartagena S.A.S. was informed of the Netherlands Court's approval of the alternative financial restructuring plan of Chicago Bridge & Iron Company N.V.

Under this approved plan, Refineria de Cartagena S.A.S. was granted convertible preferred shares amounting to 19.9% ownership of McDermott International Ltd., the parent company of Chicago Bridge & Iron Company N.V. McDermott is a global enterprise with a presence in over 54 countries, specializing in energy industry engineering and low-carbon emission solutions.

Consequently, on March 31, 2024, Refineria de Cartagena became a significant shareholder in McDermott International Ltd., holding preferred shares. Despite this ownership, Refineria de Cartagena does not possess voting rights, board appointment privileges, or control over McDermott International Ltd. Additionally, as part of the restructuring, Refineria de Cartagena received USD 70 million and USD 95 million from two separate letters

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of credit, along with a reimbursement of USD 9 million for legal fees.

Refinería de Cartagena is currently determining the fair value of the shares in order to recognize them in its financial statements.

Cash Flow, Debt, and FEPC

Table 4: Cash Position -Ecopetrol Group

Billion (COP)		1Q 2024	1Q 2023
Initial cash and cash equivalents	12,336	15,401
(+) Cash flow from operations	6,015	2,071
(-) CAPEX	(4,275)	(5,154)
(+/-) Investment portfolio movement	(163)	750
(+) Other investment activities	428	666
(+/-) Adquisition, borrowings and interest payments of debt	875	2,114
(-) Dividend payments	(271)	(227)
(+/-) Exchange difference (cash impact)	222	(124)
(-) Return of capital	0	0
Final cash and cash equivalents	15,167	15,497
Investment portfolio	2,182	2,215
Total cash		17,349	17,712

Cash Flow

As of March 31, 2024, the Ecopetrol Group's cash holdings amounted to COP 17.3 trillion (37% in COP and 63% in USD). The primary source of liquidity during this period was the operating cash flow of COP 6.0 trillion, derived from the operational activities across the business segments. This improvement in liquidity was largely influenced by favorable changes in working capital, notably driven by the price spread recognized in the FEPC account. Additionally, an incremental net debt inflow of COP 1.0 trillion contributed to the cash position. Key cash outflows during the period included significant CAPEX disbursements, primarily allocated to Ecopetrol and its subsidiaries such as Ecopetrol Permian LLC, ISA, and Cenit Transporte y Logística de Hidrocarburos S.A.S. ("CENIT"). Another substantial outflow was attributed to income tax payments, primarily in the form of self-withholdings.

Debt

As of March 31, 2024, the debt balance on the balance sheet totaled COP 108.7 trillion, equivalent to USD 28,294 million. The consolidated debt of Grupo ISA contributed USD 8,144 million to this total. Total debt increased by COP +2.9 trillion compared to 4Q23, reflecting the net effect of new debt contracted and debt repayments. The Gross Debt/EBITDA indicator as of March 31, 2024 stood at 1.9 times, which is lower than the upper limit set for 2024 (2.5 times). Additionally, the Debt/Equity ratio as of December 31, 2024 was 1.17 times.

In accordance with its refinancing and comprehensive debt management strategy, Ecopetrol S.A. conducted a public offering of external debt bonds in the international capital market on January 9, 2024, raising USD 1,850 million. These funds were used to refinance all bonds amounting to USD 1,200 million that were due to mature in 2025.

For the year 2024, principal maturities of ~USD 1,400 million are expected to occur, however, with the approval from the Ministry of Finance and Public Credit, Ecopetrol entered into a USD 1,200 million credit agreement to refinance debts maturing in 2024. The committed funds from banking entities are expected to be disbursed during the second quarter of the year.

FEPC

As of March 31, 2024, the accounts receivable from the Fuel Price Stabilization Fund account (FEPC) amounted

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to COP 22.7 trillion, an increase of COP +2.2 trillion compared to 4Q23, primarily explained by the accrual for the period. On April 1, 2024, the Ministry of Finance and Public Credit repaid COP 7.8 trillion of the outstanding balance of the FEPC account as of first quarter of 2023, which left the post-payment balance of the FEPC at COP ~15 trillion.

Efficiencies

In 2024, the Ecopetrol Group will continue to implement its comprehensive strategy aimed at enhancing efficiency and competitiveness. By the end of 1Q24, Ecopetrol has realized cumulative efficiencies amounting to COP 634.7 billions.

The key actions contributing to these efficiencies are summarized below.

Measures taken to mitigate negative effects on the group's EBITDA margin have resulted in savings totaling COP 512.8 billions. These actions include:

• Energy efficiency contributed COP 69.7 billion, with an increase in self-generation, mainly in Rubiales, Caño Sur and Cantagallo, and the plan to massify more efficient technology in artificial lift systems such as permanent magnets, which added to initiatives in subsurface and surface maintenance reduced the cost of lifting by 0.38 USD/Bl.
• Synergy capture in crude oil transportation has notably impacted revenues, generating COP 88 billions.
• In 1Q24, the margin and revenue improvement strategies executed by the commercial, refining, and production areas totaled COP 247.9 billions.
• Initiatives undertaken by the corporate and support areas have contributed COP 37.1 billions to the overall results.

Efforts aimed at optimizing project investment costs (CAPEX efficiencies) have realized savings amounting to COP 121.9 billions.

Efficiency strategies in investments have taken place mainly in the drilling campaigns in Caño Sur, Rubiales and Permian through the implementation of technologies and the optimal use of materials in the warehouse in line with the Circular Economy strategy.

Investments

Table 5: Investments by Business Line -Ecopetrol Group

	Ecopetrol Group	% Share
Investments		1Q23
	MUSD	TCOP Equivalent
Hydrocarbons*	866	3.3	67%
Low-Emmissions**	170	0.7	13%
Energy Transmission and Toll Roads	253	1.0	20%
Business Lines	1,289	5.0	100%

* Includes the total amount of investments in hydrocarbon transportation in each of the Ecopetrol Group Companies (both controlling and non-controlling

interest).

Average exchange rate for the period: 3,914.97

** Includes gas and LPG investments

As of March 31, 2024, the Ecopetrol Group had realized investments totaling USD 1,289 million (COP 5.0 trillion), marking a growth of 2.1% compared to the same period in the previous year. This investment level represents the highest recorded since 2016 for the same reporting period. The investments by the Ecopetrol Group were predominantly allocated within Colombia, which accounted for 57% of the total investment. The remaining 43%

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