Ecopetrol S A : 2024 Third Quarter Quarterly Report

For the nine months of 2024 (9M24), the Ecopetrol Group has proved once again its ability to overcome challenges and turn them into opportunities through determination and resilience. Despite a defiant global

environment, marked by fluctuations in international oil prices and adjustments in global supply and demand,

the company has delivered an outstanding operational performance, achieving the third-highest results in its history in terms of EBITDA and revenue.

During 9M24, Ecopetrol reported revenues of COP

98.5 trillion, an EBITDA of COP 42.3 trillion, net income of COP 11 trillion, and an EBITDA margin of 43%. By the end of 9M24, the Ecopetrol Group has accomplished 86% the execution of its annual investment plan. We also successfully issued bonds in the international capital markets for USD 1,750 million, to refinance the bonds maturing in 2026 and the prepayment of loans, with an oversubscription of ~2.6 times. This ratifies the international market's confidence in our financial strength and proactive debt refinancing.

In the Hydrocarbons business line, during 9M24 we highlight our operational resilience in the traditional business, closing with a production of 752 kboed (+22.2), transported volumes of 1,126 kbd (+21.1), refinery throughput of 418 kbd (+1.5) and a strengthening of the crude oil differential compared to the same period in 2023.

I want to confirm the success of the discovery of the Sirius-2 appraisal well as its continuity without affecting the schedule initially planned thanks to the favorable ruling of the Santa Marta court. I would like to highlight the entry of the Orotoy station that will leverage the future reserves of the CPO-09 block, as well as the successful test to produce 32 thousand barrels of co-processed jet SAF (Sustainable Aviation Fuel).

I would like to congratulate our different teams across the company for their quick response to the electrical blackout presented at the Cartagena Refinery, achieving the normalization of the electrical system 2 days later and guaranteeing the supply of fuels for the country at all the time.

These results are supported by an effective commercial management that has allowed us to diversify markets, reaching new destinations and implementing new logistic strategies. In this sense, we carried out i) the first sale of Oriente crude to Peru, ii) the first gasoline import from Europe

In the Energies for the Transition business line, by 9M24, we had reached a cumulative energy optimization of 14.24 petajoules. The La Cira Infantas solar farm, which has an installed capacity of 56 MW for self-consumption,this plant will provide up to 76.3 gigawatt hours annually, which is equivalent to the average consumption of 40,500 Colombian homes. By the end of 2024, our renewable energy portfolio is expected to have more than 500 MW of total capacity distributed across multiple projects under execution, construction, and operation, contributing to our emissions reduction goal.

Finally, in the Transmission and Toll Roads business line, ISA CTEEP in Brazil has been awarded 44 transmission network reinforcements, of which 8 were awarded during the third quarter of this year.

On the Governance front, we highlight the capacity of our consolidated and appointed management team with extensive experience, where 65% of the directors come from the company's internal talent.

I would like to thank all our employees for their contribution and daily effort, which allow us to maintain the solid results presented at the end of the 9M24 in this report.

I would like to close by highlighting Ecopetrol's outstanding participation in the COP16, organizing and participating in 33 events in the Green and Blue zones. Three stands were set up that highlighted the Ecopetrol Group commitment to biodiversity, attracting more than 3,000 visits. This event highlights Ecopetrol's commitment to environmental conservation and sustainability.

Ricardo Roa Barragán

President, Ecopetrol S.A.

ECP-DIVULGACION INTERNA

In 3Q24, Ecopetrol S.A. and its subsidiaries on a consolidated basis (the "Ecopetrol Group", the "Group"

or "Eopetrol") reported a net income of COP 3.6 trillion and an EBITDA of COP 14.0 trillion, with an EBITDA margin of 40%. These results were driven by strong operational and commercial performance, achieving record sales volumes in a single quarter, robust results in Interconexión Eléctrica S.A. ("ISA"), an improved crude spread, and a reduced tax rate. This was accomplished despite lower price levels, inflationary pressures and major maintenance at the Cartagena Refinery, which ensured the production of quality fuels along with safe and efficient operations.

Table 1: Financial Summary Income Statement - Ecopetrol Group

	Billion (COP)				3Q 2024		3Q 2023		∆ ($)		∆ (%)				9M 2024			9M 2023			∆ ($)		∆ (%)
	Total sales		34,607	35,130	(523)	(1.5%)			98,536		108,284		(9,748)	(9.0%)
	Depreciation and amortization	3,811	3,417	394	11.5%		10,856		9,665		1,191	12.3%
	Variable cost	13,611	12,617	994	7.9%		36,452		41,682		(5,230)	(12.5%)
	Fixed cost	5,222	4,571	651	14.2%		14,980		13,524		1,456	10.8%
	Cost of sales	22,644	20,605	2,039	9.9%		62,288		64,871		(2,583)	(4.0%)
	Gross income				11,963		14,525		(2,562)		(17.6%)				36,248			43,413			(7,165)		(16.5%)
	Operating and exploratory expenses	2,657	2,709	(52)	(1.9%)		7,605		7,378		227	3.1%
	Operating income				9,306		11,816		(2,510)		(21.2%)				28,643			36,035			(7,392)		(20.5%)
	Financial income (loss), net	(2,051)	(630)	(1,421)	225.6%		(6,143)		(4,180)		(1,963)	47.0%
	Share of profit of companies	116	109	7	6.4%		502		607		(105)	(17.3%)
	Income before income tax	7,371	11,295	(3,924)	(34.7%)		23,002		32,462		(9,460)	(29.1%)
	Income tax	(2,264)	(5,307)	3,043	(57.3%)		(8,418)		(14,236)		5,818	(40.9%)
	Net income consolidated				5,107		5,988		(881)		(14.7%)				14,584			18,226			(3,642)		(20.0%)
	Non-controlling interest	(1,458)	(902)	(556)	61.6%		(3,547)		(3,392)		(155)	4.6%
	Net income attributable to owners of Ecopetrol				3,649		5,086		(1,437)		(28.3%)				11,037			14,834			(3,797)		(25.6%)
	EBITDA				13,976		16,038		(2,062)		(12.9%)				42,266			48,466			(6,200)		(12.8%)
	EBITDA Margin				40.4%		45.7%		-		(5.3%)				42.9%			44.8%			-		(1.9%)

The financial information included in this report has not yet been audited. It is expressed in trillions of Colombian pesos (COP), U.S. dollars (USD), thousands of barrels of oil equivalent per day (kboed), or tons, as noted. Certain figures in this report have been 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, operating 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 its business plan. Such forward-looking statements depend primarily on market conditions, government regulations, competitive pressures, and the performance of the Colombian economy and 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 decreased -1.5% in 3Q24, or COP -0.5 trillion, totaling revenues of COP 34.6 trillion, as compared to 3Q23, as a net result of:

• A decrease of -10.5 USD/Bl (COP -3.2 trillion) in the average weighted price of the sales basket due to lower Brent benchmark prices and the loss of the refined products spread, which was partially offset by the narrowing of the negotiated crude spread.
• An increase in service revenues (COP +1.3 trillion) primarily from the energy transmission and toll roads business line, as a result of the recognition of the non-recurring revenue associated with the effect of the tariff review for ISA's subsidiaries in Brazil.
• An increase in sales volume (COP +1.1 trillion, +63.4 kboed), mainly from crude oil due to i) higher realization of inventories in transit, from effective sales management; and ii) higher availability of crude oil for export, driven by heightened production in the Permian Basin and lower requirements for refinery throughputs.
• An increase in the average COP/USD exchange rate, positively impacting revenues (COP +0.3 trillion).

Table 2: Sales Volumes -Ecopetrol Group

	Local Sales Volume - mboed				3Q 2024		3Q 2023		∆ (%)				9M 2024		9M 2023		∆ (%)
	Medium Distillates		184.6	172.9	6.8%			183.7	171.3	7.2%
	Gasoline	126.2	145.9	(13.5%)		129.2	147.1	(12.2%)
	Natural Gas	86.4	93.8	(7.9%)		86.4	91.1	(5.2%)
	Industrials and Petrochemicals	17.6	21.7	(18.9%)		18.2	21.3	(14.6%)
	LPG and Propane	15.0	17.4	(13.8%)		15.6	18.3	(14.8%)
	Crude Oil	0.1	0.2	(50%)		0.0	1.6	(100.0%)
	Fuel Oil	0.2	0.3	(33.3%)		0.2	0.3	(33.3%)
	Total Local Volumes				430.1		452.2		(4.9%)				433.3		451.1		(3.9%)
	Export Sales Volume - mboed				3Q 2024		3Q 2023		∆ (%)				9M 2024		9M 2023		∆ (%)
	Crude Oil		477.7	406.5	17.5%			440.0	426.2	3.2%
	Products	123.8	114.9	7.7%		110.7	112.1	(1.2%)
	Natural Gas*	15.2	9.8	55.1%		14.0	9.1	53.8%
	Total Export Volumes				616.7		531.2		16.1%				564.7		547.5		3.2%
	Total Sales Volumes				1,046.8		983.4		6.4%				998.0		998.6		(0.1%)

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

The total volume sold during 3Q24 amounted to 1,046.8 kboed, 6.4% higher than the volume sold in 3Q23, mainly due to the higher exported volume, a record sales volume for a quarter.

International sales, which accounted for 59% of the total, increased by 16.1% (+85.5 kboed) in 3Q24 versus 3Q23, due to

• An increase of 17.5% (+71.2 kboed) in crude exports due to i) higher realization of crude volumes in transit due to commercial strategies and logistical optimizations in the chartering operation.; ii) higher volume of third-party trading operations; and iii) higher availability of crude for export due to lower refinery throughputs.
• An increase of 55.1% (+5.4 kboed) in natural gas sales from a successful Permian development campaign.

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• An increase of 7.7% (+8.8 kboed) in exports primarly from vacuum gas oils1 primarily, due to the increase in their availability resulting from scheduled refinery shutdowns. Regarding diesel, exports were lower, resulting from the priority allocation to the domestic market.

Sales in Colombia, which accounted for 41% of total sales, decreased by 4.9% (-22 kboed) compared to 3Q23, mainly as a result of:

• Gasoline sales decreasing by 13.5% (-19.7 kboed), primarily due to i) a higher percentage of ethanol present in fuel blend ratio (increasing from 5% to 10%), resulting in decreased sales of the fossil fuel component, and ii) decreased domestic demand.
• Gas sales decreased by 7.9% (-7.4 kboed), mainly due to higher natural decline in the Cusiana, Cupiagua and Guajira fields and the shutdown of the Gibraltar plant in September due to public order and environment events.
• Petrochemicals and Industrials sales decreased by 18.9% (-4.1 kboed), primarily due to i) reduction in polypropylene sales caused by a slowdown in market demand and high inventories, and ii) decreased asphalt sales in the domestic market, impacted by reduced project execution by INVIAS, ANI, and 4G projects.
• LPG and Propane sales decreased by 13.8% (-2.4 kboed), mainly due to lesser quantities available from the Cusiana and the Cupiagua fields, associated with reduced white products (LPG, propane and butane) production.
• Middle distillate sales which increased by 6.8% (+11.7 kboed), reflecting increased domestic demand related to thermal power generation and industrial burner requirements.

Table 3: Average Realization Prices -Ecopetrol Group

	USD/Bl				3Q 2024		3Q 2023		∆ (%)				9M 2024		9M 2023		∆ (%)
	Brent	78.7	85.9	(8.4%)		81.8	81.9	(0.1%)
	Natural Gas Basket	26.8	28.4	(5.6%)		27.4	28.8	(4.9%)
	Crude Oil Basket	74.0	77.8	(4.9%)		75.4	71.7	5.2%
	Products Basket	84.1	102.5	(18.0%)		89.2	97.1	(8.1%)

Crude Oil: Quarter-on-quarter crude oil basket prices in 3Q24 decreased by 3.8 USD/Bl, from 77.8 USD/Bl in 2Q24 to 74 USD/Bl in 3Q24. This decrease was primarily due to market conditions, including i) a slowdown in global crude oil demand, mainly resulting from lower consumption in China, the world's largest crude oil importer; and ii) the Middle East conflict. Notably, the decrease in the crude oil basket price was 4.9%, less pronounced than that of Brent crude 8.9%, thanks to synergies between the three trade offices (Colombia, USA, and Singapore). These offices facilitated geographic diversification, capturing market uncertainties and leveraging opportunities to maximize group profits.

Refined Products: In 3Q24 versus 3Q23, the refined product sales basket decreased by 18.4 USD/Bl, from 102.5 USD/Bl in 3Q23 to 84.1 USD/Bl in 3Q24. This decrease was attributed to a 7.2 USD/Bl decline in Brent prices and a drop in international price indicators, especially for gasoline, driven by increased supply in the Atlantic basin. This supply boost was largely due to the start of operations at Nigeria's Dangote refinery, which has reduced gasoline imports from Europe.

Natural Gas: The price of gas sales decreased by 1.6 USD/Bl, from 28.4 USD/Bl to 26.8 USD/Bl, primarily because of the indexation of prices to the U.S. Producer Price Index (PPI).

Hedging Program: As part of the commercial strategy of maximizing the value of the products through the optimal use of our assets and the active management of price risk, during 3Q24, we continued with the execution of tactical

1 Vacuum gas oils: Are mainly used as an intermediate raw material to increase the production of gasoline and diesel in refineries.

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hedges with volumes that amounted to 3.00 million barrels over indicator, related to crude oil exports. Additionally, the trading office in Singapore-Ecopetrol Trading Asia (ECPTA)-executed tactical hedges for 11.91 million barrels over indicator.

Cost of Sales

Cost of sales increased by +9.9% in 3Q24 vs. 3Q23, or COP +2.0 trillion. Below are the most relevant events that occurred in each cost component:

Variable Costs

Variable costs increased by +7.9% in 3Q24 vs. 3Q23, equivalent to COP +1.0 trillion, explained by the combined effect of:

• Inventory fluctuations (COP +1.6 trillion), mainly associated with the consumption of inventories due to the realization of sales in transit and the effect of a lower valuation of crude oil and refined products stock in line with the fall in Brent benchmark prices in 3Q24.
• The decrease in other variable costs (COP -0.6 trillion), primarily resulting from i) a lower weighted average purchase price of -8.0 USD/Bl, associated with the lower Brent reference price; and ii) lower incidence of the El Niño phenomenon on energy costs. This was partially offset b: i) higher imports of middle distillates to meet domestic demand; and ii) the inflationary effect of the year on variable costs.

Fixed Costs: Fixed costs increased by 14.2%, or COP 0.7 trillion, in 3Q24 compared to 3Q23, driven by i) higher maintenance and field operation support costs from increased activity and inflationary effects on contract tariffs;

1. greater construction activity by ISA in Brazil; and iii) higher labor costs resulting from salary increases over the previous year.

Depreciation and Amortization: Depreciation and amortization increased by 11.5%, or COP 0.4 trillion, in 3Q24 compared to 3Q23, primarily due to higher capital expenditures and increased production, especially from operations in the Permian Basin.

Operating and Exploration Expenses, Net of Other Income

Operating and exploration expenses, net of other income decreased by 1.9%, or COP 52 billion, in 3Q24 compared to 3Q23, due to the offsetting effect of i) a decrease in exploration expenses resulting from decreased recognition of exploration assets in 3Q24 versus 3Q23; and ii) lower operating income due to a one-off gain recognized in 3Q23 associated with asset sales.

Financial Results (Non-operating)

Financial expense (net of income, non-operating) increased by 225.6%, or COP 1.4 trillion, in 3Q24 compared to 3Q23, mainly as a result of:

• Exchange difference income recognized in 3Q23, driven by the Ecopetrol Group's higher USD liability position and a revaluation of the COP against the USD in that quarter (COP 1.3 trillion). The Ecopetrol Group controls the exchange rate effect of its liability position through natural hedge accounting.
• Higher expenses due to the restatement of long-term financial liabilities (COP 0.1 trillion).

Income Tax

The effective tax rate for 3Q24 was 30.7%, down from 47.0% in 3Q23. This decrease was primarily due to i) an update in the 2024 income tax surcharge, from 15% to 10%, following a decrease in the projected Brent price as

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of the closing date of 3Q24. The recalculation for the first 9 months of the year was included in 3Q24 and ii) the deductibility of royalties according to the constitutional court ruling.

In May 2024, the Constitutional Court upheld the ruling that declared Article 19 of the Tax Reform Law unconstitutional, allowing royalties to be treated as deductible. The Constitutional Court chose not to consider the fiscal impact incident presented by the Ministry of Finance. Although the National Government filed an appeal as allowed by regulations, the Court dismissed it, confirming that royalties remain deductible; the National Government has no additional legal recourse to pursue.

Net Income

Net income attributable to Ecopetrol shareholders for 3Q24 was COP 3.6 trillion, a decrease of COP 1.4 trillion compared to 3Q23. This decrease was primarily due to i) improved operating and commercial management, which contributed COP 1 trillion in additional profit versus 3Q23; and ii) external factors, including hydrocarbon prices, exchange rates, and inflation, which negatively impacted results by COP 2.4 trillion versus 3Q23. Excluding these uncontrollable external factors, the Ecopetrol Group's net income would have been COP 6.1 trillion, reflecting a 19% increase compared to 3Q23.

Statement of Financial Position

The assets of the Ecopetrol Group increased by COP 6.4 trillion in 3Q24 compared to 2Q24, primarily from:

• An increase in financial assets resulting from payment from the Fuel Price Stabilization Fund ("FEPC"), totaling COP 2.5 trillion.
• Increase in property, plant, equipment, natural resources, and intangibles (COP 1.8 trillion), driven by i) higher capital expenditures during the quarter, primarily in Ecopetrol and Permian; and ii) positive translation effects for companies with functional currencies other than the Colombian peso, partially offset by depreciation in the period.
• Higher tax credit balances (COP 1.1 trillion), mainly from sales taxes.
• Increase in cash and cash equivalents (COP 0.9 trillion), reflecting positive operating cash flow, offset by cash outflows for investment, financing, dividends, and debt interest payments.
• The above factors were offset by a net decrease in accounts receivable (COP 0.4 trillion), resulting from i) payment received from the FEPC; and ii) increase in accounts receivables for the quarter due to new FEPC-related claims and higher accounts receivable from foreign customers.

Liabilities increased by COP 0.4 trillion from 2Q24 to 3Q24, mainly due to the net effect of i) an increase in foreign currency financial obligations from restatement at the closing rate, recognized mainly in equity for hedge accounting (COP 1.4 trillion); ii) higher income tax associated with quarterly results (COP 1.1 trillion); and iii) an increase in other liabilities (COP 0.6 trillion). These increases were partially offset by the payment of the final dividend installment to the Nation (COP 2.2 trillion) and dividends to non-controlling interests (COP 0.5 trillion).

At the end of 3Q24, the Ecopetrol Group's total equity amounted to COP 104.9 trillion, an increase of COP 6.0 trillion compared to 2Q24. This increase was primarily due to the quarter's results and movements in other comprehensive income, influenced by currency translation effects on assets and liabilities of subsidiaries with functional currencies different from the Colombian peso. Of the total equity, 75% is attributable to Ecopetrol controlling shareholders, with the remaining 25% held by non-controlling interests.

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

On March 21, 2024, Refinería de Cartagena S.A.S. was notified of the Netherlands Court's approval of an alternative financial restructuring plan for Chicago Bridge & Iron Company N.V.

Under this restructuring plan, Refinería de Cartagena received i) USD 70 million and USD 95 million drawn under two different letters of credit, and ii) USD 9 million as reimbursement of legal fees. Additionally, by order of the

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District Court of Amsterdam dated March 21, 2024, and as part of a restructuring proceeding, Refinería de Cartagena acquired 75,000 redeemable Series B non-voting preferred shares (the "Series B Preferred Shares") in McDermott International Ltd. The Series B Preferred Shares have priority over ordinary shares and rank pari passu in terms of dividend distributions and liquidation payments with the Series A Preferred Shares, entitled to cumulative quarterly dividends.

As holder of Series B Preferred Shares, Refinería de Cartagena may require conversion of all such shares into ordinary shares on or after June 30, 2028, representing up to 19.9% of the company's shareholding, with adjustments as per anti-dilution provisions. The Series B Preferred Shares are subject to mandatory redemption in the event of the company's liquidation, a change of control, or similar events.

As of September 30, 2024, Refinería de Cartagena S.A.S. completed a valuation of McDermott International Ltd.'s shares using an income approach. This valuation projected discounted cash flows at present value, incorporating risk premiums, information available from McDermott International Ltd., Refinería de Cartagena's significant but non-control influence, and restructuring scenarios over time. Based on this fair value assessment, USD 235 million was recorded as an active financial instrument, reflecting an increase in Refinería de Cartagena's financial assets account with an offsetting decrease in property, plant, and equipment, resulting in a neutral effect on Refinería de Cartagena's balance sheet.

On October 7, 2024, McDermott International Ltd. announced an agreement to sell its CB&I storage business line to a consortium of investors led by Mason Capital Management. The transaction is expected to close in the fourth quarter of 2024.

Ecopetrol constantly monitors McDermott International Ltd.'s operations to assess and measure any potential changes in the investment's fair value and/or risk premiums associated with the valuation model.

Cash Flow, Debt, and FEPC

Table 4: Cash Position - Ecopetrol Group

	Billion (COP)				3Q 2024		3Q 2023
	Initial cash and cash equivalents	13,237	11,325
	(+) Cash flow from operations	12,465	4,190
	(-) CAPEX	(5,157)	(6,156)
	(+/-) Investment portfolio movement	(2,552)	(234)
	(+) Other investment activities	437	1,175
	(+/-) Adquisition, borrowings and interest payments of debt	(2,150)	3,337
	(-) Dividend payments	(2,741)	(1,299)
	(+/-) Exchange difference (cash impact)	566	(255)
	(-) Return of capital	(6)	(12)
	Final cash and cash equivalents	14,099	12,071
	Investment portfolio	4,721	1,989
	Total cash				18,820		14,060

9M 2024	9M 2023
12,336	15,401

35,549 9,399

(14,059) (16,866)

(3,237) 1,003

1,488 2,405

(4,064) 5,557

(14,933) (3,860)

1,040 (944)

1. (24)
   14,099 12,071
   4,721 1,989
   18,820 14,060

Cash Flow

As of the end of 3Q24, the Ecopetrol Group had cash totaling COP 18.8 trillion, of which 32% is in COP and 68% is in USD. The primary source of liquidity for the Group during 3Q24 derived from operational cash flow, adding to COP 12.5 trillion, largely due to collection from the FEPC, which improved working capital. The main cash outflows in the period were i) payment of the final dividend installment to the Nation, amounting to COP 2.2 trillion; ii) CAPEX disbursements; and iii) payment of debt interest.

Debt

As of September 2024, the debt balance on the statement of financial position was COP 116 trillion, equivalent to USD 27,855 million (of which ISA's consolidated debt contributed USD 8,068 million). This represents an increase

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of COP 1.4 trillion from 2Q24, primarily due to the devaluation of the COP against the USD in 3Q24. The Gross Debt/EBITDA ratio at the end of September 2024 was 2.1x, remaining within the range set by the Ecopetrol Group's 2040 strategy (2.5x). The Debt/Equity ratio was 1.1x as of the end of September 2024.

As part of its refinancing and debt optimization strategy, in October, Ecopetrol S.A. successfully completed a bond issuance of USD 1.75 billion. The transaction will be used to finance the total repurchase of bonds maturing in 2026 and to prepay obligations.

Additionally, during Q3 2024, Fitch Ratings maintained the Company's credit rating at BB+ with a stable outlook. It also reaffirmed Ecopetrol S.A.'s long-term national rating at 'AAA (col)' with a stable outlook and the short-term national rating at 'F1+(col)'. The complete report issued by the agency on November 6, 2024, can be consulted at the following link: Ecopetrol's Rating.

FEPC

As of the end of September 2024, the accounts receivable from the FEPC amounted to COP 9.0 trillion, the lowest level since the end of 2021. There was a decrease of COP 3.1 trillion in 3Q24 compared to 2Q24, primarily due to payments of COP 4.7 trillion received from the Ministry of Finance and Public Credit for the third quarter of 2023, partially offset by the accrual of COP 1.6 trillion in 3Q24.

Efficiencies

In 2024, the Ecopetrol Group continues its comprehensive strategy to enhance efficiency and competitiveness. Ecopetrol realized cumulative efficiencies totaling to COP 3.2 trillion in 3Q24, against a target of COP 3.7 trillion for the year 2024. The key actions are summarized below:

Actions contributing towards the Group's EBITDA, totaling COP 2.26 trillion:

• COP 996 billion for improved margins and revenues achieved through effective commercial management of refining and production.
• COP 414 billion for optimized revenues and costs in the use of transportation infrastructure.
• COP 298 billion in energy, highlighting:

1. The optimization of fuel costs through outsourcing for self-generation in Rubiales.

1. The optimization of contracted self-generation in the Rubiales and Caño Sur fields, primarily due to reduced fuel consumption and increased energy generation.

• 1. The increase in energy efficiency in production, refining, and transportation operations, with improvements in operational control and the incorporation of more efficient technologies, such as the application of nanotechnology in producing and injecting wells in the Orinoquía fields, and the widespread use of permanent magnet motors in producing wells.
• COP 207 billion for efficiencies in surface maintenance, subsurface, and fluid treatment, highlighting (i) sourcing strategies, (ii) material reuse, and operational efficiency in well interventions, which, together with energy efficiency initiatives, have mitigated the increase in lifting costs to USD 0.56/Bl by 3Q24.
• COP 240 billion for cost optimizations in corporate and support areas.

Actions for optimizing the cost of project investments (CAPEX efficiencies) amounted to COP 940 billion:

• Investment efficiency strategies have primarily stemmed from technology implementation in drilling and completion campaigns, notably in Castilla, Acacias, Caño Sur, Rubiales, and the Permian basin. In facility construction, efficiencies have been achieved through design and engineering initiatives, material usage aligned with the circular economy strategy and lean construction practices, which optimize materials and labor during the construction and major maintenance stages of projects.

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Investments

Table 5: Investments by Business Line -Ecopetrol Group

	Ecopetrol Group Investments					Total 9M 2024
	Millions (USD)				MUSD		BCOP	% Share
	Business
					Equivalent
	Hydrocarbons	2,716		10.8	67%
	Energies for the Transition**	555		2.2	14%
	Energy Transmission and Toll Roads	791		3.2	19%
	Total				4,062			16.2	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: 3,978.76
  • Includes investments in gas and Energy Transition.

At the end of 3Q24, the Ecopetrol Group invested USD 4,062 million (COP 16.2 trillion), achieving 86% execution compliance in line with the annual investment plan approved by the Board of Directors. 65% of total investments was executed in Colombia, and the remaining 35% was executed internationally, including to the United States (19%), Brazil (11%), and other regions (5%).

Hydrocarbons

The hydrocarbons segment accounted for 67% of the Group's total investments, totaling USD 2,716 million (COP

10.8 trillion). Excluding investments in gas and energy efficiency projects, USD 2,128 million (COP 8.5 trillion) were directed to Exploration and Production activities, primarily in Meta, covering the Caño Sur, Castilla, Rubiales, and Chichimene fields, as well as the Permian Basin in the United States.

In the Downstream segment, USD 326 million (COP 1.3 trillion) was allocated to ensure the operational continuity of the refineries, with a focus on maintenance and regulatory compliance projects such as SOX Emissions Control and the Fuel Quality Baseline at the Barrancabermeja Refinery.

Investments in the Midstream segment reached USD 210 million (COP 0.8 trillion), mainly aimed at maintaining the integrity of various pipeline systems. Additionally, investments supported the replacement of pumping units in the center of the country and the construction of a tank in Santa Marta to enhance the reliability of refined product supply nationwide.

Energies for the Transition

The Ecopetrol Group invested USD 555 million (COP 2.2 trillion) in the Energy Transition line of business, representing 14% of the Group's total investments. Of this amount, 78%-equivalent to USD 432 million (COP 1.7 trillion)-was directed toward gas expansion investments, primarily the offshore block GUA-OFF-0 of the Colombian Caribbean, and the department of Casanare. Additionally, USD 123 million (COP 0.5 trillion) was allocated to energy efficiency and renewable energy projects.

Energy Transmission and Toll Roads

During 3Q24, investments totaling USD 791 million (COP 3.2 trillion) were made in the Transmission and Toll Roads business line and executed by ISA, accounting for 19% of the Group's total investments. The majority (84%) was concentrated in the energy transmission sector across Brazil, Colombia, Peru, and Chile, followed by Toll Roads at 14%, with the remaining 2% allocated to the Telecommunications business.

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