Ecopetrol: Ecopetrol Group obtains the best quarterly result of the last decade

The results for the third quarter of 2021 confirm Ecopetrol’s technical, operational and financial capacity to capture the favorable price environment. They also demonstrate the benefits of the structural adjustments that we have implemented in response to recent environmental challenges. With the completion of the purchase of the 51.4% controlling stake in Interconectado Eléctrica (“ISA”), the figures for the quarter incorporate the consolidated results of one month of the operation of this subsidiary, which represents a transformational milestone that allows us to present by the results of the new Ecopetrol Group for the first time.

During this quarter we continued delivering record results, with a consolidated income of COP 23.3 billion, a net profit of COP 3.8 billion and an EBITDA of COP 10.4 billion (EBITDA margin of 44%). In the first nine months of the year, our consolidated income amounted to COP 60.0 trillion, net income to COP 10.6 trillion (6.3 times the net income generated in all of 2020) and EBITDA to COP 28.0 trillion (EBITDA margin of 47%) .

The average production of the Ecopetrol Group continues its recovery path, after the significant impact that occurred during the first half of the year, associated with operating restrictions in the Castilla field and the public order situation in Colombia. In the third quarter, production reached 683.6 kboed, showing a growth of 3.5% compared to the second quarter. Among the relevant milestones of the quarter, the following stand out: i) the complete stabilization of production in the Castilla field, ii) the normalization of production previously impacted by blockages associated with the public order situation generated in the second quarter of the year, and iii) the contribution of the new commercial discoveries Flamencos-1 and Boranda. Given the average production level for the quarter and the projection for the fourth quarter of 2021.