Ecopetrol SA (EC) 2022 Q2 法說會逐字稿

Welcome to Ecopetrol's earnings conference call in which we will discuss the main financial and operational results for the second quarter 2022. (Operator Instructions)

歡迎參加 Ecopetrol 的收益電話會議，我們將在電話會議中討論 2022 年第二季度的主要財務和運營業績。（操作員說明）

Before we begin, it is important to mention that the comments in this call by Ecopetrol's senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.

在我們開始之前，重要的是要提到 Ecopetrol 高級管理層在本次電話會議中的評論包括對公司未來業績的預測。這些預測不構成對未來結果的任何承諾，也不考慮可能實現的風險或不確定性。因此，如果未來結果與本次電話會議上分享的預測不同，Ecopetrol 不承擔任何責任。

This call will be led by Mr. Felipe Bayon, CEO of Ecopetrol; Alberto Consuegra, COO; Jaime Caballero, CFO; and Yeimy Baez, Vice President of Low Emission Solutions.

本次電話會議將由 Ecopetrol 首席執行官 Felipe Bayon 先生主持；阿爾貝托·康蘇埃格拉，首席運營官； Jaime Caballero，首席財務官；和低排放解決方案副總裁 Yeimy Baez。

Thank you for your attention. Mr. Bayon, you may now begin your conference.

感謝您的關注。 Bayon 先生，您現在可以開始您的會議了。

Good morning, everyone, and welcome to this conference call where we will present the financial and operating results of the Ecopetrol Group for the second quarter and the first half of year 2022.

大家早上好，歡迎參加本次電話會議，我們將介紹 Ecopetrol 集團 2022 年第二季度和上半年的財務和經營業績。

I am extremely proud to announce that we continue to excel in our results, achieving the best-ever quarter as well as the best-ever semester in the history of Ecopetrol. During the first half of the year, our net income has already exceeded the net income of the 12 months in year 2021. These results are underpinned by the company's ability to, amongst others, returned to production levels above 700,000 barrels per day, capture the benefits of competitive oil prices and spreads through our solid commercial strategy, reduced inflationary pressures thanks to cost efficiencies and mitigation measures and a proactive management of our working capital.

我非常自豪地宣布，我們繼續取得優異的成績，實現了 Ecopetrol 歷史上最好的季度和有史以來最好的學期。今年上半年，我們的淨收入已經超過了 2021 年 12 個月的淨收入。這些業績得益於公司能夠恢復到每天 700,000 桶以上的生產水平，抓住通過我們穩健的商業戰略獲得具有競爭力的油價和利差，通過成本效率和緩解措施以及對營運資金的積極管理降低了通脹壓力。

Let's move on to the next slide. During the second quarter of the year, we made important progress in the 4 pillars of our 2040 strategy, Energy That Transforms. In the first pillar, growing with the energy transition, I want to highlight the following aspects. The declaration of success for the Uchuva-1 exploration well that proves the potential for offshore gas in Colombia and supports a strategy to increase gas share in our total production. The return of a steady production level, reaching close to 740,000 barrels of oil equivalent per day for the month of July. The historical results of our downstream segment with a combined throughput for the quarter of 365,000 barrels per day, a record gross margin of $29 per barrel and an EBITDA of COP 3.7 trillion underpinned by an excellent operational performance.

讓我們繼續看下一張幻燈片。在今年第二季度，我們在 2040 年戰略的 4 個支柱——變革的能源——方面取得了重要進展。在第一個支柱中，隨著能源轉型而增長，我想強調以下幾個方面。 Uchuva-1 勘探井的成功宣言證明了哥倫比亞海上天然氣的潛力，並支持增加天然氣在我們總產量中的份額的戰略。恢復穩定的生產水平，7 月份達到每天接近 740,000 桶石油當量。我們下游部門的歷史業績，本季度的總吞吐量為每天 365,000 桶，每桶毛利率達到創紀錄的 29 美元，EBITDA 為 3.7 萬億 COP，這得益於出色的運營業績。

We've expanded our agreement with Oxy in the Permian. This will allow us access to some 21,000 additional acres in the Delaware Basin. We've now completed the mechanical connection between the crude oil plants in the Cartagena refinery, allowing us to very soon increase the throughput from 150,000 barrels per day to 200,000 barrels per day.

我們在二疊紀擴大了與 Oxy 的協議。這將使我們能夠在特拉華盆地額外獲得約 21,000 英畝的土地。我們現在已經完成了卡塔赫納煉油廠原油工廠之間的機械連接，使我們能夠很快將產量從每天 150,000 桶提高到每天 200,000 桶。

In the transmission, roads and telecommunication businesses, ISA was awarded with one of the largest transmission projects auctioned in recent years in Brazil throughout ISA CTEEP, which includes 1,139 kilometers to transport renewable energies with an annual income of $60 million and with an operational start-up expected between 2026 and 2027.

在輸電、道路和電信業務方面，ISA 獲得了近年來在巴西整個 ISA CTEEP 拍賣的最大輸電項目之一，其中包括 1,139 公里的可再生能源運輸，年收入為 6,000 萬美元，並開始運營預計在 2026 年至 2027 年之間上升。

In the pillar of generating value through TESG, I want to highlight the following milestones. We continue to make progress in the low-carbon hydrogen strategy, having closed alliances with 6 expert international companies that will contribute towards the fulfillment of the hydrogen road map. Only a few weeks ago, we signed an agreement with Toyota to begin mobility tests in a green hydrogen-powered vehicle that will allow us to conduct a technical assessment and to analyze the potential of this application nationwide. To ensure an adequate organizational alignment and a greater effectiveness of our energy transition strategy, the former Vice Presidency of Gas, [in Ecopetrol], has now been transformed into the Low Emission Solution Vice Presidency. Yeimy Baez will continue to lead this effort.

在通過 TESG 產生價值的支柱中，我想強調以下里程碑。我們繼續在低碳氫戰略方面取得進展，與 6 家專業的國際公司建立了緊密的聯盟，這將有助於實現氫路線圖。就在幾週前，我們與豐田簽署了一項協議，開始在綠色氫動力汽車上進行機動性測試，這將使我們能夠進行技術評估並分析該應用在全國范圍內的潛力。為了確保適當的組織協調和我們的能源轉型戰略的更大效力，[Ecopetrol] 的前天然氣副總裁現已轉變為低排放解決方案副總裁。 Yeimy Baez 將繼續領導這項工作。

In the cutting-edge knowledge pillar, I want to highlight the following. We've now captured $63 million of benefits during the first half of the year with the implementation of science, technology and innovation portfolio with the contribution of projects such as the integrated fields and the petro-technical database where we're using advanced geophysical technologies and artificial intelligence tools, allowing for more efficient well operation. We also use drilling technologies improving the consumption of injection water in the operations.

在前沿知識支柱中，我想強調以下幾點。通過實施科學、技術和創新組合，我們現在已經在今年上半年獲得了 6300 萬美元的收益，其中包括我們使用先進地球物理技術的綜合油田和石油技術數據庫等項目的貢獻和人工智能工具，可實現更高效的油井作業。我們還使用鑽井技術來改善作業中註入水的消耗。

Additionally, Ecopetrol in partnership with Accenture, Claro and Microsoft carried out the first 5G pilot test for industrial applications in the Barrancabermeja refinery in the maintenance operations where we use secure devices to provide real-time remote assistance from experts, ultimately reducing 3 days of the overall maintenance schedule and representing activity optimization of more than $1 million.

此外，Ecopetrol 與埃森哲、Claro 和微軟合作，在 Barrancabermeja 煉油廠的維護操作中對工業應用進行了首次 5G 試點測試，我們使用安全設備提供專家的實時遠程協助，最終縮短了 3 天的整體維護計劃並代表超過 100 萬美元的活動優化。

Finally, in the competitive returns pillar of the strategy, and I know Jaime will develop on this later, I briefly want to highlight the following. CapEx execution for the first half of the year was the highest during the last 6 years, focusing on the generation of value-added barrels and reserves that enable stability to the country in terms of energy security, a record dividend distribution in the history of Ecopetrol of COP 448 per share and the payment agreement with the Ministry of Finance of Colombia to settle FEPC, the Fuel Price Stabilization Fund, and its balance as of the first quarter of 2022, which was COP 14.2 trillion. I believe this is the most expedited settlement and payment process in the history of the fuel subsidy mechanism in the country.

最後，在戰略的競爭回報支柱中，我知道 Jaime 稍後會在此基礎上發展，我想簡要強調以下幾點。今年上半年的資本支出執行是過去 6 年來最高的，重點是產生增值桶和儲備，使國家在能源安全方面保持穩定，這是 Ecopetrol 歷史上創紀錄的股息分配每股 448 COP 以及與哥倫比亞財政部達成的支付協議，以結算 FEPC、燃料價格穩定基金及其截至 2022 年第一季度的餘額，即 14.2 萬億 COP。相信這是全國燃油補貼機制史上最快捷的結算和支付流程。

Let's move on to the next slide. The local and international macroeconomic environment has generated commercial, inflationary and logistical challenges, which we have addressed through proactive strategy actions to ensure that our businesses remain on track. Commercially, the main challenge has been China's low levels of crude imports due to various successive COVID-19 outbreak and its restrictive policy to contain the virus. As a mitigation mechanism, we have diversified ourselves into Europe, the U.S. and other Asian countries like India to maintain our realization at attractive levels even under the current competitive price scenarios.

讓我們繼續看下一張幻燈片。本地和國際宏觀經濟環境帶來了商業、通貨膨脹和物流方面的挑戰，我們通過積極的戰略行動解決了這些挑戰，以確保我們的業務保持在正軌上。在商業上，主要挑戰是中國的原油進口水平較低，原因是連續爆發了多次 COVID-19 疫情及其遏制該病毒的限制性政策。作為一種緩解機制，我們已將自己多元化到歐洲、美國和印度等其他亞洲國家，即使在當前具有競爭力的價格情景下，也能將我們的實現保持在有吸引力的水平。

In terms of procurement, we have worked to reduce our exposure to short-term volatility within goods and services purchases, ensuring the contracting of rigs beyond 2022, the timely supply of inventories that are critical for our projects and operations by maintaining constant communications with our suppliers. In the cash flow management front, we've optimized working capital by accelerating the payments of the FEPC or stabilization fund accounts receivable. Additionally, we are optimizing product inventories while ensuring the levels are the ones required to operate.

在採購方面，我們努力減少商品和服務採購中的短期波動風險，確保 2022 年之後的鑽井平台合同，通過與我們的持續溝通確保及時供應對我們的項目和運營至關重要的庫存供應商。在現金流管理方面，我們通過加快支付 FEPC 或穩定基金應收賬款來優化營運資金。此外，我們正在優化產品庫存，同時確保達到運營所需的水平。

Finally, in terms of competitiveness, we are continually searching for new efficiency initiatives that contribute to contain this inflation impact on the group's expense structure.

最後，在競爭力方面，我們不斷尋找新的效率舉措，以幫助遏制通脹對集團費用結構的影響。

Let's move on to the next slide. As we reached the first year since we integrated ISA into the Ecopetrol group, the results and synergies witnessed the value it has provided to our shareholders. ISA continues its growth path with the current construction of 33 energy transmission projects that are in execution and that represents some 4,900 kilometers of transmission lines. Nine of these projects contribute directly to the energy transition by connecting unconventional renewable energy sources to the transmission network and thus improving the capacities of the network for future connection of other renewable projects. Particularly on the social dimension, ISA ranked third in the 2022 Private Social Investment Index that is run by (inaudible) due to its social and environmental investment strategy in Colombia and planning 2 positions versus the prior year.

讓我們繼續看下一張幻燈片。自我們將 ISA 整合到 Ecopetrol 集團以來的第一年，我們的成果和協同效應見證了它為我們的股東提供的價值。 ISA 繼續其增長之路，目前正在建設 33 個能源傳輸項目，這些項目代表約 4,900 公里的輸電線路。其中九個項目通過將非常規可再生能源連接到輸電網絡，從而提高了網絡未來連接其他可再生能源項目的能力，從而直接促進了能源轉型。尤其是在社會層面，ISA 在 2022 年私人社會投資指數中排名第三，該指數由（聽不清）運營，原因是其在哥倫比亞的社會和環境投資戰略以及與上一年相比規劃了 2 個職位。

Now I want to give the floor to Yeimy Baez, who will present the key results in the business line of low emission solutions.

現在我想請 Yeimy Baez 發言，他將介紹低排放解決方案業務線的主要成果。

Thank you, Felipe. Last July, the Gas Vice Presidency was transformed into the Low Emission Solutions Vice Presidency, which integrates natural gas, biogas, LPG, power, renewables, hydrogen and CCUS. We are incorporating companies into a new DNA moving toward an energy solutions portfolio that responds to our 2040 strategy. Consolidating synergies with ISA in terms of electrical infrastructure, with CENIT to foster efficient logistics growth and with Esenttia, the Cartagena and Barrancabermeja refineries in low hydrogen and new fuels production. This approach to clean energy systems leverages our growth as a diversified energy group to continue leading the way towards the energy transition in Colombia and in the region.

謝謝你，費利佩。去年 7 月，天然氣副總裁轉變為低排放解決方案副總裁，整合了天然氣、沼氣、液化石油氣、電力、可再生能源、氫氣和 CCUS。我們正在將公司整合到一個新的 DNA 中，朝著響應我們 2040 戰略的能源解決方案組合邁進。鞏固與 ISA 在電力基礎設施方面的協同效應，與 CENIT 促進高效的物流增長，並與 Esenttia、Cartagena 和 Barrancabermeja 煉油廠在低氫和新燃料生產方面加強協同效應。這種清潔能源系統方法利用我們作為多元化能源集團的發展，繼續引領哥倫比亞和該地區的能源轉型。

Our portfolio includes, first, mature natural gas and LPG businesses in Colombia that are essential in ensuring the country's energy security and will open new commercial horizons. As part of the 2022 commercialization process, we submitted to the market enough available gas declarations not only to renew contracts expiring in 2022 and '23 but also to support new demand. Starting in Q3 of 2022, Ecopetrol will deliver an additional 10% of LPG to the market, equivalent to 4,800 tons per month as a result of operational optimizations which will benefit more than 3.5 million Colombian families.

首先，我們的投資組合包括哥倫比亞成熟的天然氣和液化石油氣業務，這些業務對於確保該國的能源安全至關重要，並將開闢新的商業視野。作為 2022 年商業化進程的一部分，我們向市場提交了足夠的可用天然氣申報單，不僅可以續簽 2022 年和 23 年到期的合同，還可以支持新的需求。從 2022 年第三季度開始，Ecopetrol 將向市場額外提供 10% 的液化石油氣，相當於每月 4,800 噸，這是運營優化的結果，這將使超過 350 萬哥倫比亞家庭受益。

Second, growing businesses of sales generated and conventional renewable energies that allow us to further decarbonize our operations. I would like to highlight the progress in the development and construction of 2 solar farms that would add around 49 megawatts of additional renewable capacity as well as the beginning of construction of the solar farm in Providencia with a projected capacity of 1.8 megawatts to support the island reconstruction in the wake of Hurricane Iota. The Castilla and San Fernando solar farms have saved more than [COP 15,000 million] in energy costs and have eliminated over 22,000 tons of CO2 emissions since their incorporation into the energy mix in October of 2019 and 2021, respectively.

其次，不斷增長的銷售產生的業務和傳統的可再生能源使我們能夠進一步脫碳我們的業務。我想強調兩個太陽能發電場的開發和建設進展，這將增加約 49 兆瓦的額外可再生能源發電能力，以及普羅維登西亞太陽能發電場的開工建設，預計發電能力為 1.8 兆瓦，以支持該島颶風艾奧塔之後的重建。自 2019 年 10 月和 2021 年 10 月分別納入能源結構以來，卡斯蒂利亞和聖費爾南多太陽能發電場已節省超過 [150 億比索] 的能源成本，並減少了超過 22,000 噸的二氧化碳排放。

Third, emerging opportunities in hydrogen, CCUS and biogas. We made progress in 2 fronts: the maturing of 2 industrial scale hydrogen projects at our refineries based on the information gathered from the 50 kilowatts pilot that has been operating in Cartagena since March; and in the proof of concept to public transportation and like mobility that will be in place before the end of 2022. We also began 5 feasibility studies for underground CO2 storage in 4 basins in Colombia with an investment of $3.5 million. Their results will be available in Q4 this year.

第三，氫氣、CCUS 和沼氣的新興機會。我們在兩個方面取得了進展：根據自 3 月以來在卡塔赫納運行的 50 千瓦試點收集的信息，我們煉油廠的 2 個工業規模的氫項目成熟；以及將在 2022 年底之前實施的公共交通和類似移動性的概念驗證。我們還開始了 5 項在哥倫比亞 4 個盆地的地下二氧化碳儲存的可行性研究，投資 350 萬美元。他們的結果將於今年第四季度公佈。

I now give the floor to Alberto Consuegra, who will share our operating results for this quarter.

我現在請 Alberto Consuegra 發言，他將分享我們本季度的經營業績。

Thank you. During the first half of the year, we drilled 9 exploratory wells in Colombia, 4 of them under our direct operation and 5 with our partners. As mentioned by Felipe, we highlighted discovery of Uchuva-1 exploratory well located in deep waters in the Colombian Caribbean. The well was drilled in the Tayrona block in partnership with Petrobras, confirming the discovery of a natural gas accumulation located 32 kilometers of the Southern coast of La Guajira and 76 kilometers from the city of Santa Marta. The partnership will continue the activity in the Tayrona block to validate the size of the new gas accumulation.

謝謝你。上半年，我們在哥倫比亞鑽探了 9 口探井，其中 4 口由我們直接運營，5 口與合作夥伴合作。正如 Felipe 所提到的，我們強調了位於哥倫比亞加勒比海深水區的 Uchuva-1 探井的發現。該井是與巴西國家石油公司合作在 Tayrona 區塊鑽探的，證實了在拉瓜希拉南部海岸 32 公里處、距聖瑪爾塔市 76 公里處發現的天然氣聚集地。該合作夥伴關係將繼續在 Tayrona 區塊開展活動，以驗證新天然氣聚集的規模。

Furthermore, in May, Ecopetrol and Oxy signed a joint exploration agreement for blocks Col-1, Col-2, Col-6 and Col-7 located in deep waters of the Northeastern Colombian Caribbean in search for hydrocarbons within a high potential area. Ecopetrol will hold 40% of the exploration and production rights, and Oxy will hold the remaining 60% as operator. The Ecopetrol Group currently has a robust and competitive portfolio that will enable the continuity of its exploration activities and will support incorporation of reserves and production to guarantee the country's energy security. We currently have 265 exploration opportunities, including 17 discoveries under evaluation and order limitation and 116 prospects concentrated in approximately 6 million hectares and distributed in highly strategic basins in Colombia, Brazil and the Gulf of Mexico and the United States.

此外，5 月，Ecopetrol 和 Oxy 簽署了一項聯合勘探協議，對位於哥倫比亞加勒比東北部深水區的 Col-1、Col-2、Col-6 和 Col-7 區塊進行勘探，以在高潛力區域內尋找碳氫化合物。 Ecopetrol 將持有 40% 的勘探和生產權，Oxy 將持有剩餘的 60% 作為運營商。 Ecopetrol 集團目前擁有強大且具有競爭力的產品組合，這將使其勘探活動的連續性成為可能，並將支持儲量和生產的整合，以保證該國的能源安全。我們目前擁有 265 個勘探機會，包括 17 個正在評估和訂單限制的發現和 116 個勘探區，集中在約 600 萬公頃的土地上，分佈在哥倫比亞、巴西和墨西哥灣和美國的高度戰略盆地。

90% of the aforementioned area is located in Colombia, while the remaining 10% provides diversification through strategic partners in other countries. It is worth to highlight that 60% of the hydrocarbon volumes identified in the exploratory portfolio correspond to gas a transition fuel. By the end of the year, we expect to drill 24 exploratory wells in line with the plan.

上述地區的 90% 位於哥倫比亞，其餘 10% 通過其他國家的戰略合作夥伴提供多樣化。值得強調的是，勘探組合中確定的 60% 的碳氫化合物體積對應於天然氣作為過渡燃料。到年底，我們預計將按計劃鑽探 24 口探井。

Let's continue with the next slide, please. Quarterly production was 705,000 barrels of oil equivalent per day, 12,400 barrels above the volume achieved in the first quarter in accordance with the goals disclosed to the market. We achieved a higher performance within Rubiales, Chichimene, Akacias, Quifa and Nare fields, and we were able to resume gas sales after maintenance activities conducted in the Cupiagua field at the beginning of the year. The production from exploratory wells is also worth noting.

請讓我們繼續看下一張幻燈片。季度產量為每天705,000桶油當量，比一季度向市場披露的目標產量高出12,400桶。我們在 Rubiales、Chichimene、Akacias、Quifa 和 Nare 油田取得了更高的業績，並且在年初對 Cupiagua 油田進行維護活動後，我們能夠恢復天然氣銷售。探井的產量也值得注意。

Cumulative production from exploratory assets by the end of the second quarter reached 490,000 barrels of oil equivalent, approximately 2,700 barrels per day derived from extensive testing of the Liria YW12, Ibamaca-1, Arrecife-1 side track, Arrecife-3, Flamencos-2 and Lorito-1, wells drilled in previous years; and El Nino-2, drilled in 2022. It is worth mentioning the increase in execution capacity with respect to the first half of 2021. So far this year, we have drilled and completed 268 development wells and 249 workovers with an average use of 33 rigs. We also resumed activity in the Piedemonte basin with 5 drilling rigs, 3 of them assigned to development wells and 2 to exploration activities.

截至第二季度末，勘探資產的累計產量達到 490,000 桶油當量，約 2,700 桶/天，來自對 Liria YW12、Ibamaca-1、Arrecife-1 側軌、Arrecife-3、Flamencos-2 的廣泛測試和 Lorito-1，前幾年鑽探的井；和厄爾尼諾二號，2022年開鑽。值得一提的是，相對於2021年上半年執行能力有所提升。今年到目前為止，我們已鑽完開發井268口，修井249口，平均使用33口鑽機。我們還恢復了皮埃蒙特盆地的活動，配備了 5 台鑽井平台，其中 3 台用於開發井，2 台用於勘探活動。

Let us continue with the next slide, please. We are pleased to report positive operational and financial results from our Permian Basin with a historically high cumulative production of 26,800 equivalent barrels per day during June, almost double that on the first half of 2021 with an EBITDA margin of 88% for the first half of 2022. In line with our TESG strategy, we highlight the low emissions intensity of our Permian operations, which ranges between 8 and 9 kilograms of CO2 per barrel. This was achieved by implementing 0 routine flaring and fugitive emissions monitoring and control programs in our facilities.

請讓我們繼續看下一張幻燈片。我們很高興地報告我們二疊紀盆地的積極運營和財務業績，6 月份累計產量為 26,800 當量桶/日，創歷史新高，幾乎是 2021 年上半年的兩倍，上半年 EBITDA 利潤率為 88% 2022. 根據我們的 TESG 戰略，我們強調二疊紀作業的低排放強度，每桶二氧化碳排放量在 8 到 9 公斤之間。這是通過在我們的設施中實施 0 例行燃燒和無組織排放監測和控制計劃來實現的。

Furthermore, we have replaced 36% of diesel volume with compressed natural gas, and we have recycled close to 5 million barrels of water, 43% more than what we recycled during the same period in 2021. Due to the favorable results obtained, we have agreed to expand our activities in the Midland area and extend the partnership to Delaware area with Oxy, allowing Ecopetrol to increase its presence in the Permian. The Joint Development Agreement, JDA, was executed, providing Ecopetrol access to a 75% working interest and an adjustment in the capital carry structure, deferring it up to 2025.

此外，我們用壓縮天然氣替代了 36% 的柴油，回收了近 500 萬桶水，比 2021 年同期的回收量增加了 43%。同意擴大我們在米德蘭地區的活動，並將與 Oxy 的合作夥伴關係擴展到特拉華地區，從而使 Ecopetrol 能夠增加其在二疊紀的存在。 JDA 聯合開發協議已執行，為 Ecopetrol 提供 75% 的工作權益，並調整資本利差結構，將其推遲至 2025 年。

Activity in Delaware will start in the fourth quarter of 2022, and production and reserves will be reflected in 2023. The forecast for year-end 2022 includes the drilling of 97 wells, the completion of around 95 wells and an increase in production within a range of 4,000 to 6,000 equivalent barrels per day for an expected total average production in 2022 of 38,000 to 40,000 equivalent barrels per day, net Ecopetrol before royalties.

特拉華州的活動將於 2022 年第四季度開始，產量和儲量將在 2023 年反映出來。2022 年底的預測包括鑽探 97 口井、完成約 95 口井以及在一定範圍內增加產量預計 2022 年的平均總產量為每天 38,000 至 40,000 當量桶，每天 4,000 至 6,000 當量桶，扣除特許權使用費前的淨 Ecopetrol。

Let's continue with the next slide, please. Transported volumes increased by 117,000 barrels per day as compared to the second quarter of last year as a result of the recovery in the demand for crude oil and refined products, the reception of crude oil from the Nare association and additional barrels from third parties. Additionally, June set a historical record with the largest shipment of South Blend crude oil exported through the Tumaco Maritime Terminal. The total shipment was 601,000 barrels bound for the West Coast of the United States. On June 15, we celebrated a decade of Cenit's operations. During this period, it has transported 4 billion barrels of hydrocarbons through its 9,000 kilometers of pipelines, reported COP 100 trillion in operating revenues with a team of more than 1,000 people. Furthermore, TESG now plays a prominent role in the company's future.

請讓我們繼續看下一張幻燈片。受原油和成品油需求回暖、Nare 協會原油接收及第三方增倉等因素影響，運輸量較去年第二季度增加 117,000 桶/日。此外，6 月份通過 Tumaco 海事碼頭出口的 South Blend 原油創下了歷史記錄。運往美國西海岸的總裝運量為 601,000 桶。 6 月 15 日，我們慶祝了 Cenit 運營的十年。在此期間，它通過其 9,000 公里的管道運輸了 40 億桶碳氫化合物，擁有超過 1,000 人的團隊，營業收入達 100 萬億比索。此外，TESG 現在在公司的未來中扮演著重要角色。

Let's continue with the next slide, please. The downstream segment reached new historical records as our refineries reported an integrated gross margin of $29 per barrel, EBITDA of COP 3.7 trillion and an EBITDA margin of 15.1% for this quarter. As of the first semester, the downstream segment has executed 75% of its 2022 maintenance plan, reaching 97% operational availability in April and May along with an outstanding HSE performance.

請讓我們繼續看下一張幻燈片。由於我們的煉油廠報告本季度的綜合毛利率為每桶 29 美元，EBITDA 為 3.7 萬億 COP，EBITDA 利潤率為 15.1%，因此下游部門創下了新的歷史記錄。截至第一學期，下游板塊2022年維護計劃已完成75%，4、5月份運營可用性達到97%，HSE表現突出。

The Cartagena refinery registered a historical quarterly and half year EBITDA record of COP 1.6 trillion and COP 2.3 trillion and a quarterly gross refining margin of $31.60 per barrel. The mechanical completion of the Cartagena crude oil plant interconnection project, IPCC by its acronym in Spanish, was completed and is currently advancing with assurance and start-up activities. During the second half of 2022, a gradual increase in throughput is expected to be performed. Esenttia continues to register its positive results trend due to the opportunities materialized from refinery grade polypropylene and propylene margins, an increase in raw materials deliveries from the refineries and increased distribution of final product in higher-value regions.

卡塔赫納煉油廠的季度和半年 EBITDA 分別創下 1.6 萬億和 2.3 萬億 COP 的歷史記錄，季度煉油毛利為每桶 31.60 美元。卡塔赫納原油工廠互連項目（西班牙語縮寫為 IPCC）的機械竣工已經完成，目前正在推進保障和啟動活動。在 2022 年下半年，預計吞吐量將逐步增加。由於煉油廠級聚丙烯和丙烯利潤帶來的機會、煉油廠原材料交付量的增加以及最終產品在高價值地區的分銷增加，Esenttia 繼續保持其積極的業績趨勢。

We expect our results for the rest of the year will be leveraged by the gradual increase of the Cartagena refinery throughput during the second half of 2022 onto reaching 200,000 barrels per day once the IPCC start operations. Also, the expansion of plant #2 in Esenttia and the refinery's ability to ensure a stable (inaudible) of RGP and upholding stability and operational availability in all our business units.

我們預計，一旦 IPCC 開始運營，卡塔赫納煉油廠的吞吐量將在 2022 年下半年逐步增加到每天 200,000 桶，這將影響我們今年剩餘時間的業績。此外，Esenttia #2 工廠的擴建以及煉油廠確保 RGP 穩定（聽不清）以及維護我們所有業務部門的穩定性和運營可用性的能力。

Let's move to the next slide, please. During the first half of the year, efficiencies of COP 1 trillion were achieved. These results come in the midst of significant inflationary and supply chain challenges, which have resulted in cost increases for the company. The Ecopetrol Group adopted a comprehensive strategy focused on cost control, improved operations and commercial strategies, capturing savings with a positive effect on EBITDA in the amount of COP 916 billion, allowing us to mitigate the impact of inflation on OpEx by more than 40% and to offset the challenges arising in the international market.

請轉到下一張幻燈片。今年上半年，實現了 COP 1 萬億的效率。這些結果是在顯著的通貨膨脹和供應鏈挑戰中出現的，這些挑戰導致公司成本增加。 Ecopetrol Group 採取了一項綜合戰略，專注於成本控制、改進運營和商業戰略，節省了 9160 億 COP，對 EBITDA 產生了積極影響，使我們能夠將通貨膨脹對 OpEx 的影響降低 40% 以上，並且以抵消國際市場上出現的挑戰。

Lifting costs reported an increase of 19% compared to the first half of 2021 driven mainly by an increase in our operations and recovery of activities after the COVID-19 pandemic as well as an increase in electricity rates. With relation to the cost per barrel transported, price increases were offset by an increase in transported volumes, which subsequently decreased the unit cost by 5% as well as the higher exchange rate effect in converting costs from pesos to dollars. The total unit cost increased during the second quarter primarily due to higher blend crude oil prices on imported crude and products, such as diluents, diesel and gasoline, in addition to the increase in operating costs and expenses due to inflationary pressures resulting in a 13% weighted increase in the cost base.

據報導，與 2021 年上半年相比，起重成本增加了 19%，這主要是由於我們在 COVID-19 大流行後業務的增加和活動的恢復以及電費的增加。關於每桶運輸的成本，價格上漲被運輸量的增加所抵消，這隨後將單位成本降低了 5%，以及將成本從比索轉換為美元的更高匯率效應。第二季度總單位成本增加的主要原因是進口原油和稀釋劑、柴油和汽油等產品的混合原油價格上漲，此外由於通脹壓力導致運營成本和費用增加 13%成本基礎的加權增長。

I will now give the floor to Jaime Caballero, who will present Ecopetrol Group's key financial results.

我現在請 Jaime Caballero 發言，他將介紹 Ecopetrol Group 的主要財務業績。

The EBITDA per barrel in the oil and gas business excluding ISA's contribution increased by $28.4 per barrel as compared to the first half of 2021, closing at $68.6 as a result of higher realization prices in the crude basket and an increase in the volumes of products sold locally. Net income breakeven for the first half was $25.3 per barrel, an improvement of $8.1 per barrel compared to the first half of 2021 mainly due to the factors mentioned before.

與 2021 年上半年相比，石油和天然氣業務的每桶 EBITDA（不包括 ISA 的貢獻）增加了 28.4 美元，收於 68.6 美元，原因是原油籃子的變現價格較高以及產品銷售量的增加本地。上半年淨收入盈虧平衡點為每桶 25.3 美元，與 2021 年上半年相比，每桶增加 8.1 美元，主要受上述因素影響。

Within the energy transmission and toll roads business, ISA's EBITDA margin closed at 69.6%, leveraged on higher operating income from the entry into operation of power transmission projects and increasing construction activity from concessions in Brazil and the positive effect of higher inflation levels in both Brazil and Colombia. ISA's return on equity for the first half of 2022 was 11.1%, in line with the plan. This figure is lower when compared to the first half of 2021 due to the nonrecurring benefit from the tariff review and adjustments to the basic network of the transmission system in the Brazilian subsidiary, CTEEP.

在能源傳輸和收費公路業務中，ISA 的 EBITDA 利潤率收於 69.6%，這得益於電力傳輸項目投入運營帶來的更高營業收入、巴西特許經營權帶來的建築活動增加以及巴西通脹水平上升的積極影響和哥倫比亞。 ISA 2022年上半年的股本回報率為11.1%，符合計劃。與 2021 年上半年相比，這一數字較低，因為關稅審查和巴西子公司 CTEEP 輸電系統基本網絡的調整帶來了非經常性收益。

Among the consolidated results I would like to highlight, firstly, the EBITDA margin reaching new historical levels driven by a successful commercial strategy, the outstanding operational performance across business segments, which translated into higher production, refinery throughputs and transported volumes, increased sales volumes especially of middle distillates at a national level, and finally, the contribution provided by ISA. The increase of the EBITDA in the first half of 2022 versus the first half of 2021 was 116%. The company's EBITDA margin ratio for the first half of 2022 closed at 49.9%. ROACE continues within double-digit levels, reaching 17.1% in the first half of the year, increasing 8 percentage points compared to the result obtained in the first half of last year. A higher operating income leveraged this result, offsetting an increase in capital employed during the period. Ecopetrol's ROACE outperformed by 4 percentage points, the peer group sample to date.

在綜合結果中，我想強調，首先，在成功的商業戰略的推動下，EBITDA 利潤率達到了新的歷史水平，各業務部門的出色運營表現轉化為更高的產量、煉油廠吞吐量和運輸量，尤其是銷量增加國家一級的中間餾分，最後是 ISA 提供的貢獻。與 2021 年上半年相比，2022 年上半年的 EBITDA 增長了 116%。公司2022年上半年EBITDA利潤率收於49.9%。 ROACE繼續保持在兩位數的水平，上半年達到17.1%，比去年上半年取得的成績提高了8個百分點。較高的營業收入利用了這一結果，抵消了該期間所用資本的增加。迄今為止，Ecopetrol 的 ROACE 表現優於同行組樣本 4 個百分點。

The downstream segment continues to stand out for its growing contribution to the group's EBITDA. It reached new historical levels leveraged on the operational stability of the refineries and higher price realizations. Likewise, the midstream segment and the energy transmission and toll roads business continue to contribute stability to the group's revenues and the operating cash flow.

下游部門繼續因其對集團 EBITDA 的貢獻不斷增長而脫穎而出。由於煉油廠的運營穩定性和更高的價格實現，它達到了新的歷史水平。同樣，中游業務以及能源傳輸和收費公路業務繼續為集團的收入和經營現金流做出穩定貢獻。

Lastly, the gross debt-to-EBITDA ratio for the group improved closing at 1.6x. During the period, the rating agency Standard & Poor's confirmed Ecopetrol's long-term rating at BB+ with a stable outlook and the individual credit rating on investment grade. According to S&P, the rating reflects the stability of the company's financial results in line with the favorable oil price environment as well as the importance of the incorporation of ISA into the Ecopetrol Group.

最後，該集團的總債務與 EBITDA 比率提高至 1.6 倍。期內，評級機構標準普爾確認Ecopetrol的長期評級為BB+，展望穩定，個人信用評級為投資級。根據標準普爾，該評級反映了公司財務業績的穩定性與有利的油價環境以及將 ISA 納入 Ecopetrol 集團的重要性。

Please let's go to the next slide. The Ecopetrol Group has maintained a strict capital discipline criteria that has strengthened and diversified in line with the group's new businesses and the 2040 strategy. we are seeking to accelerate the decarbonization and value capture of the hydrocarbons core business while consolidating growth in energy transmission and road concessions as well as leveraging the energy transition through prudent diversification. Regarding the Competitive Returns pillar, Ecopetrol continues to deliver historical financial results, leverage on current realization prices and additional measures taken by the group such as the capture of efficiencies that are intended to improve group's operations, investments and commercial strategies.

請讓我們轉到下一張幻燈片。 Ecopetrol 集團一直保持嚴格的資本紀律標準，並根據集團的新業務和 2040 戰略加強和多元化。我們正在尋求加速碳氫化合物核心業務的脫碳和價值獲取，同時鞏固能源傳輸和道路特許權的增長，並通過審慎的多元化推動能源轉型。關於競爭回報支柱，Ecopetrol 繼續提供歷史財務業績、利用當前實現價格和集團採取的其他措施，例如旨在改善集團運營、投資和商業戰略的效率。

These efficiencies have mitigated inflationary pressures on our operating expenses and investments, which we expect to continue over the next few months. Year-to-date, Ecopetrol distributed the highest dividend in its history, totaling COP 448 per share, composed by a COP 280 per share dividend declared in the ordinary general shareholders' meeting and COP 168 per share declared as a partial distribution of the occasional reserve. This dividend benefited more than 254,000 minority shareholders, who received a dividend yield of 19.9% based on the closing share price of June 2022.

這些效率減輕了我們運營費用和投資的通脹壓力，我們預計未來幾個月將繼續這種壓力。年初至今，Ecopetrol 分配了其歷史上最高的股息，總計每股 448 COP，其中包括在普通股東大會上宣布的每股 280 COP 的股息和宣佈為不定期的部分分配的每股 168 COP預訂。該股息使超過 254,000 名小股東受益，根據 2022 年 6 月的收盤價計算，他們獲得了 19.9% 的股息收益率。

At the end of the second quarter of 2022, the Ecopetrol Group registered a cash position of COP 12 trillion. The most relevant movements of the quarter include, firstly, the strong generation of operating cash flow for COP 6.2 trillion associated to business performance and collection of the account receivable from FEPC; secondly, a dividend payment of COP 5.7 trillion, composed of COP 3.2 trillion paid to the majority shareholder and COP 2.1 trillion paid to minority shareholders as dividend payment on 2021 results and distribution of occasional reserve and, on the other hand, payments made by our subsidiaries to noncontrolling shareholders for COP 0.4 trillion; thirdly, the use of COP 4.6 trillion mainly related to higher organic investments in the oil and gas business allocated to drilling and completion of 268 development wells, 249 workovers and 9 exploratory wells drilled in Colombia.

截至 2022 年第二季度末，Ecopetrol 集團的現金頭寸為 12 萬億比索。本季度最相關的變動包括，首先，與業務績效和從 FEPC 收取應收賬款相關的 6.2 萬億 COP 的強勁運營現金流產生；其次，支付 5.7 萬億 COP 的股息，其中包括支付給大股東的 3.2 萬億 COP 和支付給少數股東的 2.1 萬億 COP，作為 2021 年業績和分配臨時準備金的股息，另一方面，我們支付的款項非控股股東的子公司，價值 0.4 萬億 COP；第三，COP 4.6 萬億的使用主要與石油和天然氣業務的有機投資增加有關，用於在哥倫比亞鑽探和完成 268 口開發井、249 口修井和 9 口探井。

Lastly, there were debt payments mainly related to interest and amortization for COP 1.7 trillion. During the quarter, a transaction was carried out on the maturities of the period for $160 million in order to limit exposure to high market rates and to extend their maturities. Regarding the evolution of the Fuel Price Stabilization Fund, FEPC, after the payment made by the government in December 2021, corresponding to the settlement of the outstanding accounts for the first and second quarters of 2021, the accumulated balance of the fund at the end of 1Q '22 amounted to COP 14.2 trillion. To address the payment and compensation of this balance, the following was agreed with the Ministry of Finance: first, contributions from the nation for close to COP 8 trillion, COP 7.3 trillion from cash resources and COP 675.4 billion from the dividends declared on Ecopetrol's 2021 results that corresponded to the government.

最後，有 1.7 萬億 COP 的主要與利息和攤銷有關的債務支付。在本季度，以 1.6 億美元的價格對當期到期的債券進行了交易，以限制高市場利率的風險並延長其到期日。關於燃料價格穩定基金的演變，FEPC在2021年12月政府支付後，對應2021年第一季度和第二季度的未清賬款結清，該基金截至2021年末的累計餘額22 年第一季度達到 COP 14.2 萬億。為了解決這筆餘額的支付和補償，財政部同意了以下內容：首先，國家出資近 8 萬億 COP，現金資源 7.3 萬億 COP，Ecopetrol 2021 年宣布的紅利 6754 億 COP結果與政府相符。

And second, the release of part of the occasional reserve that was distributed as an extraordinary dividend to the shareholders in the last extraordinary shareholders' meeting carried out in June. The total amount of the occasional reserve distributed was COP 6.9 trillion, of which COP 6.1 billion corresponded to the nation. As of today, of the 1Q '22 balance, there is only one pending installment from the Ministry of Finance for COP 3.2 trillion, which we expect to receive this month. The accumulated FEPC balance during the second quarter of 2022 amounted to COP 10.6 trillion, which would be covered with surpluses in the national budget during this year or with the resources allocated for such purpose in the 2023 national budget.

其次，在6月份召開的上一次臨時股東大會上，作為臨時股息分配給股東的部分臨時準備金的釋放。臨時準備金發放總量為6.9萬億COP，其中61億COP對應全國。截至今天，在 22 年第一季度的餘額中，財政部只有一筆 3.2 萬億 COP 的待決款項，我們預計本月將收到這筆款項。 2022 年第二季度累計 FEPC 餘額為 10.6 萬億 COP，將由今年國家預算的盈餘或 2023 年國家預算為此目的分配的資源支付。

Let's move on to the next slide, please. the execution of the investment plan during the first half of 2022 amounted to $2,229 million, the highest level of investment in the first half of the year over the last 7 years. Of this amount, $1,813 million corresponded to organic investments made in the oil and gas business and $460 million to investments made by ISA. 67% of the organic investments made during the first half of the year were made in Colombia, while the remaining 33% corresponded to international investments, mainly in the Permian Basin of the United States. During the period, notable investments were made on the TESG front, particularly around water management, treatment and usage, mainly within the Llanos Orientales, Piedemonte and Valle Superior del Magdalena basins. Likewise, we continue to mature the execution of decarbonization and energy efficiency projects, including incorporation of renewable energies, flaring and routine bending reduction and studies for hydrogen production in the Barrancabermeja and Cartagena refineries.

請繼續看下一張幻燈片。 2022年上半年執行投資計劃達22.29億美元，為近7年來上半年最高投資水平。其中，18.13 億美元對應於對石油和天然氣業務的有機投資，4.6 億美元對應於 ISA 的投資。今年上半年進行的有機投資中有 67% 來自哥倫比亞，其餘 33% 來自國際投資，主要是在美國二疊紀盆地。在此期間，在 TESG 方面進行了顯著投資，特別是在水資源管理、處理和使用方面，主要是在 Llanos Orientales、Piedemonte 和 Valle Superior del Magdalena 盆地。同樣，我們繼續完善脫碳和能源效率項目的執行，包括納入可再生能源、燃燒和常規彎曲減少以及巴蘭卡貝梅哈和卡塔赫納煉油廠的氫氣生產研究。

I now pass the floor to Felipe for his closing remarks.

我現在請費利佩作最後發言。

Thank you, Jaime. We ended the first half of the year with great progress across the TESG fronts, technology, environment, social and governance. In the environmental dimension, decarbonization continues to be one of our top priorities. The goals that Ecopetrol has set around decarbonization contribute directly to the commitment announced by Colombia to reduce 51% of its emissions by 2030. We need to remind ourselves that Ecopetrol, with the direct and indirect emissions Scope 1 and 2, is broadly or roughly 4.5% of the total emissions of the country.

謝謝你，詹姆。今年上半年，我們在 TESG 領域、技術、環境、社會和治理方面取得了長足進步。在環境方面，脫碳仍然是我們的首要任務之一。 Ecopetrol 圍繞脫碳設定的目標直接有助於哥倫比亞宣佈到 2030 年將其排放量減少 51% 的承諾。我們需要提醒自己，Ecopetrol 的直接和間接排放範圍 1 和 2 大致為 4.5佔全國總排放量的百分比。

In the water management front, key to protect Colombia's biodiversity, we reported positive progress with a 77% reuse of water required to operate, advancing towards our goal of becoming water neutral by 2045. And with respect to circular economy, on the first half of 2022, we have identified over 400 initiatives, 140 of those already in execution, 74 have been implemented. And this include, amongst others, the use of industrial materials, composting and biomass, biofuel, containers and packaging. It is also worth mentioning that along with ISA, we have identified new synergies such as the development of modified asphalt, strengthening new circular businesses.

在保護哥倫比亞生物多樣性的關鍵水管理方面，我們報告了積極的進展，運營所需的水重複使用率為 77%，朝著我們到 2045 年實現水中和的目標邁進。在循環經濟方面，上半年到 2022 年，我們已經確定了 400 多項舉措，其中 140 項已經在執行，74 項已經實施。其中包括工業材料的使用、堆肥和生物質、生物燃料、容器和包裝。值得一提的是，與ISA一起，我們發現了新的協同效應，例如開發改性瀝青，加強新的循環業務。

Let's move on to the next slide. In the social dimension, the Ecopetrol Group achieved the lowest TRIF in its history, evidencing our best practices in the industrial safety and our commitment to life. We were ranked by Merco Talento 2022 as the #1 company in terms of attracting and retaining talent in Colombia. Through our social investments, we continue to promote local development, always seeking to improve the quality of life of the communities, consolidating trustful relationships, boosting local economies as well as education and the access to public services.

讓我們繼續看下一張幻燈片。在社會方面，Ecopetrol 集團取得了其歷史上最低的 TRIF，證明了我們在工業安全方面的最佳實踐和我們對生活的承諾。在哥倫比亞吸引和留住人才方面，我們被 Merco Talento 2022 評為排名第一的公司。通過我們的社會投資，我們繼續促進當地發展，始終尋求改善社區的生活質量，鞏固信任關係，促進當地經濟以及教育和公共服務的獲取。

In terms of governance as an international benchmark in the implementation of best practices, we continue to be ranked by the likes of S&P, Dow Jones, Merco and ALAS20. Additionally, in July, we held several meetings with the incoming government and its teams. In those meetings that were very positive, constructive, respectful, we're able to present the company's long-term vision, our strategy, our achievements, our objectives. And in particular, we had very deep conversations around the energy transition and the role that both Ecopetrol and Colombia are playing and can continue to play in this space.

在將治理作為實施最佳實踐的國際基準方面，我們繼續在標準普爾、道瓊斯、Merco 和 ALAS20 等公司中排名。此外，在 7 月，我們與即將上任的政府及其團隊舉行了幾次會議。在那些非常積極、建設性和尊重的會議中，我們能夠展示公司的長期願景、戰略、成就和目標。特別是，我們圍繞能源轉型以及 Ecopetrol 和哥倫比亞正在發揮和可以繼續在這一領域發揮的作用進行了非常深入的對話。

Finally, in the technology front, we continue to make progress to finalize the construction of the Caribbean Center for Innovation and Technology in Cartagena, where the first hydrogen mobility park in the country will be headquartered. And we will also have the first office of the regional center for training in renewable energies. This is an effort between the Colombian and German governments in the field of renewable energies.

最後，在技術方面，我們繼續取得進展，最終完成在卡塔赫納建造加勒比創新和技術中心，該國第一個氫動力園區的總部將設在這裡。我們還將設立第一個可再生能源培訓區域中心辦公室。這是哥倫比亞和德國政府在可再生能源領域的一項努力。

Let's move on to the next slide. As we presented today, Ecopetrol continues to demonstrate its technical, commercial, financial and operational strength. We are delivering on our operational goals and are committed to capture the value offered by the current environment while proactively managing diverse initiatives, confront the challenges of this very volatile juncture.

讓我們繼續看下一張幻燈片。正如我們今天介紹的那樣，Ecopetrol 繼續展示其技術、商業、財務和運營實力。我們正在實現我們的運營目標，並致力於捕捉當前環境提供的價值，同時積極管理各種舉措，應對這個非常動蕩的時刻的挑戰。

Thanks again, everyone, for joining us today, and let's move on to the Q&A session.

再次感謝大家今天加入我們，讓我們繼續進行問答環節。

(Operator Instructions) The first question is by Bruno Montanari from Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Bruno Montanari。

I have 3 questions, if I might. First one, if you could comment on the expected pace of production into the second half of the year and if there is any particular area that can bring more upside or be subject to more challenges, that would be great.

如果可以的話，我有 3 個問題。第一個，如果您可以評論下半年的預期生產速度，並且如果有任何特定領域可以帶來更多上行空間或面臨更多挑戰，那就太好了。

Second, super interesting to see the company advancing in the shale JV in the U.S. So the question is, do you expect to see more similar moves increasing its acreage or even trying to find new partners in the U.S. in the future?

其次，看到該公司在美國的頁岩合資企業中取得進展非常有趣。所以問題是，您是否預計未來會看到更多類似的舉措增加其種植面積，甚至試圖在美國尋找新的合作夥伴？

And third, how confident is Ecopetrol with the continued rebalancing of the FEPC under the new administration? With the pace of increase we saw now in the second quarter, COP 10.6 trillion, there could be a bit of pressure on your working capital requirement going forward, so just looking to see how you balance the working capital funding versus the receivables being met by the government. Any comments would be appreciated.

第三，Ecopetrol 對新政府下 FEPC 的持續再平衡有多大信心？隨著我們現在在第二季度看到的 10.6 萬億 COP 的增長速度，您的營運資金需求可能會面臨一些壓力，因此只需看看您如何平衡營運資金資金與應收賬款政府。任何意見將不勝感激。

The U.S. shale first, and then I'll pass on to Alberto, so he can talk a little bit more on the broader vision on production going forward. And then Jaime will take on FEPC.

首先是美國頁岩，然後我將轉給 Alberto，這樣他就可以更多地談論關於未來生產的更廣泛願景。然後 Jaime 將接管 FEPC。

So in terms of the shale and as we look at these 2.5 years that we've been operating in the U.S. in the Permian, first of all, we are very, very pleased with the outcome. And this is even with the fact that we had a very, very strong and very deep prices during COVID. The May, June months in 2020 were very complicated. And production continues to go in the right direction. As an overall business, it's producing north of 50,000 barrels. There's opportunity right now to increase that production at the end of the year.

因此，就頁岩而言，當我們回顧我們在美國二疊紀開展業務的這 2.5 年時，首先，我們對結果非常非常滿意。即使在 COVID 期間我們的價格非常、非常強勁和非常低的情況下也是如此。 2020 年的 5 月、6 月非常複雜。生產繼續朝著正確的方向發展。作為一個整體業務，它的產量超過 50,000 桶。現在有機會在年底增加產量。

Lifting costs remain very, very competitive. We have an additional 95 wells to be drilled during 2022. This is on top of the 135 that we already have in production. It's worked well in terms of not only the production, the reserves. It's worked well in terms of the environmental side of the business with reduced footprint in terms of CO2 intensity per barrel between 8 and 9 kilograms of CO2 per barrel. The operator, Oxy, a very experienced and continues to permanently break records around the operation.

起重成本仍然非常非常具有競爭力。到 2022 年，我們還有 95 口井要鑽探。這是我們已經在生產中的 135 口井的基礎上。它不僅在產量和儲量方面都運作良好。它在企業的環境方面運作良好，每桶二氧化碳濃度減少了每桶 8 至 9 公斤二氧化碳。操作員 Oxy 非常有經驗，並且繼續在操作周圍永久打破記錄。

And the other thing is that in these first 6 months, it's produced a little bit over $250 million of EBITDA, which is great. And then if you look at since inception in November 2019, it's north of $520 million of EBITDA.

另一件事是，在前 6 個月中，它產生了超過 2.5 億美元的 EBITDA，這很棒。如果你看看自 2019 年 11 月成立以來，它的 EBITDA 超過了 5.2 億美元。

In terms of what's coming up, and you see in the remarks and Alberto was talking about, could we go to the north of 35, 40 mboed production before royalties, that's part of the plan going forward. We're expanding into the Delaware. So it's 21,000 acres -- additional acres in the Delaware. So not only Midland, where we have 4 rigs running continuously, there's 3 rigs going to be running in Delaware, eventually going up. So I think there's a lot of opportunity. There's a lot of upside.

就即將發生的事情而言，你在評論中看到阿爾貝托正在談論，我們能否在版稅前達到 35、40 mboed 的產量，這是未來計劃的一部分。我們正在向特拉華州擴張。所以它是 21,000 英畝——特拉華州的額外英畝。因此，不僅米德蘭，我們有 4 台鑽機連續運行，特拉華州也將有 3 台鑽機運行，最終會上升。所以我認為有很多機會。有很多好處。

At this current moment, and -- we've done with this expansion, I think, what was required in terms of going to a very prolific area in the Permian. We're not considering additional partnerships for the moment, but we continue -- open to look at opportunities. So very, very pleased with the outcome of the Permian. And as we've described, more value and more production to be obtained from not only Midland but also Delaware.

目前，我們已經完成了這次擴張，我認為，去二疊紀一個非常多產的地區所需要的。我們目前不考慮建立其他合作夥伴關係，但我們會繼續——對機會持開放態度。對二疊紀的結果非常非常滿意。正如我們所描述的，不僅從米德蘭而且從特拉華州可以獲得更多的價值和更多的產量。

So Alberto, do you want to expand a bit on production path or anything else or even the shale in the Permian? Go ahead.

那麼阿爾貝托，你想擴大生產路徑或其他任何東西，甚至是二疊紀的頁岩嗎？前進。

Thanks, Felipe. Bruno, thanks for your question. With regards to production, we maintain our guidance terms of ending the year with an average production of 700,000 to 705,000 barrels per day. Just to remind that so far, the average production is 698,000 barrels. In order to get to the upper side of the guidance, we will have to get about 715,000 barrels in average from July on. So there is a challenge in there.

謝謝，費利佩。布魯諾，謝謝你的提問。在產量方面，我們維持年底的指導條款，平均產量為每天 700,000 至 705,000 桶。提醒一下，到目前為止，平均產量為 698,000 桶。為了達到指導值的上限，從 7 月開始，我們平均必須獲得約 715,000 桶。所以那裡有一個挑戰。

Opportunities, we are adding additional production from the Cano Sur asset. Right now, we are in the planning of early start, and we'll see a production ramp-up through the year-end. Also, we are increasing our participation, as Felipe mentioned, in the Permian. So we will see additional barriers anything between 4,000 to 6,000 barrels. But we also have risks. One is the planned maintenance of the Cusiana gas plant, which will occur in October. In addition to that, it's climate, weather. Also has -- remember that October and November are 2 months that are complex in terms of weather. And the third risk is about social unrest. So far, we've been having a quiet year but still remains as a risk.

機會，我們正在增加 Cano Sur 資產的額外產量。目前，我們正處於早期啟動計劃中，我們將在年底看到產量增加。此外，正如菲利普所說，我們正在增加對二疊紀的參與。因此，我們將看到 4,000 到 6,000 桶之間的任何額外障礙。但我們也有風險。一是計劃在 10 月對 Cusiana 天然氣廠進行維護。除此之外，它的氣候，天氣。還有——請記住，10 月和 11 月是天氣複雜的兩個月。第三個風險是社會動盪。到目前為止，我們度過了平靜的一年，但仍然存在風險。

Also, we have the downside of the divestment in the assets of what we call (inaudible), which is an asset that we recently sold to Perenco. So far, we are in line with -- as I mentioned, with the production guidance that we shared with you guys.

此外，我們對我們稱之為（聽不清）的資產進行了撤資，這是我們最近出售給 Perenco 的一項資產。到目前為止，我們符合 - 正如我所提到的，我們與你們分享的生產指導。

Thank you, Alberto. And Jaime, FEPC?

謝謝你，阿爾貝托。 Jaime，FEPC？

Thanks, Felipe. With regards to FEPC, what's the overall situation? And as you're well aware, we had this agreement with the Ministry of Finance where the balances until the end of the first quarter of this year were agreed upon, and that's going well on track in terms of this execution. Basically, of the COP 14 trillion balance that needed to be sorted out, COP 11 trillion of them has already been crossed over in accounts, if you will. And there's a COP 3 billion cash payment to be received this month. So that's well on track, and there are no changes to the terms of that. In the second quarter of this year, a balance of about COP 10 trillion was accrued in the fund in favor of Ecopetrol, and that's very much in line with the projections that were included in the medium-term fiscal frame which was published by the government last month.

謝謝，費利佩。關於FEPC，整體情況如何？正如你所知道的，我們與財政部達成了這項協議，其中就截至今年第一季度末的餘額達成了一致，並且在執行方面進展順利。基本上，在需要整理的 14 萬億 COP 餘額中，如果您願意的話，其中 11 萬億 COP 已經在賬戶中交叉。本月將收到 30 億 COP 的現金付款。所以這一切正常，條款沒有變化。今年第二季度，該基金為 Ecopetrol 積累了約 10 萬億 COP 的餘額，這與政府公佈的中期財政框架中的預測非常吻合上個月。

And the good news is that in line with that frame in the draft national budget that has been circulated for Congress approval in September, COP 19 trillion have been included specifically for FEPC, right? And this is a COP 19 trillion cash payment that would be received by Ecopetrol. So I think that gives us a lot of confidence around the 2022 balance being funded next year. We are in discussions with the incoming administration with regards to optionality going into next year, right? And that optionality is particularly taking into account that the medium-term fiscal frame assumes some important adjustments to the recognition formula that would ultimately impact prices at the pump. And the incoming government wants to understand to what degree those adjustments are required and how much flexibility is needed around that. So we are working with the incoming administration to produce more options.

好消息是，根據 9 月份已分發給國會批准的國家預算草案中的框架，19 萬億 COP 已專門用於 FEPC，對嗎？這是 Ecopetrol 將收到的 19 萬億 COP 現金付款。所以我認為這讓我們對明年資助的 2022 年餘額充滿信心。我們正在與即將上任的政府討論明年的選擇性，對吧？並且這種可選性特別考慮到中期財政框架假設對確認公式進行一些重要調整，這些調整最終會影響油價。即將上任的政府希望了解需要在何種程度上進行這些調整，以及圍繞這些調整需要多大的靈活性。因此，我們正在與即將上任的政府合作，以產生更多選擇。

There are some general principles that have been agreed upon. Clearly, all obligations that have been accrued to the fund are going to be covered. I think that's one basic principle. Another basic principle is, of course, that options need to be sustainable from a cash perspective both for the fiscal -- the national fiscal position as well as to Ecopetrol. So we're working on those options, but I would say that the general line is that there's a very good understanding of how this balance is accrued in time, and we're working on options to sort it out and make it sustainable.

有一些已達成一致的一般原則。顯然，該基金應計的所有義務都將被涵蓋。我認為這是一個基本原則。當然，另一個基本原則是，從現金的角度來看，對於財政——國家財政狀況以及 Ecopetrol 來說，選擇都需要是可持續的。所以我們正在研究這些選項，但我想說的是，總的思路是，人們非常了解這種平衡是如何及時產生的，我們正在研究解決方案並使其可持續發展。

Thank you, Bruno.

謝謝你，布魯諾。

Our second question is by Luiz Carvalho by UBS.

我們的第二個問題是由 UBS 的 Luiz Carvalho 提出的。

Congrats on the results. If I may come back to the FEPC topic, Jaime, last time we discussed it you mentioned about the Committee that was formed for the transition between the government and that the discussion was going pretty well. So can you provide any updates on the discussions, what are the main topics and if you can include on your answer any updates on the fracking, the new exploration areas and, of course, the stabilization fund maybe you already commented on the first question?

祝賀結果。如果我可以回到 FEPC 話題，Jaime，上次我們討論它時，您提到了為政府之間的過渡而成立的委員會，並且討論進展順利。那麼，您能否提供有關討論的任何更新，主要主題是什麼？如果您可以在您的回答中包括有關水力壓裂、新勘探領域，當然還有穩定基金的任何更新，也許您已經對第一個問題發表了評論？

And to that point on the stabilization, in the release you mentioned that we addressed the receivables of the FEPC aiming to receive part this year and the other part based in 2023 budget, right? And if you can comment on this 2023 budget resources, if this was already discussed with the upcoming government. And if so, how the discussions are going. These are my 2 questions.

關於穩定的那一點，在您提到的版本中，我們處理了 FEPC 的應收賬款，目標是在今年收到一部分，而另一部分則基於 2023 年的預算，對嗎？如果你可以評論這個 2023 年的預算資源，如果這已經與即將到來的政府討論過。如果是這樣，討論的進展如何。這是我的2個問題。

Luiz, this is Felipe. I'm going to give you a bit of context around the conversations with the incoming government. So the team in Ecopetrol and the incoming government, we've met and I'd say, I personally had sessions that amount to 27 hours altogether. And after that, we had some specific sessions on some topics that they wanted to discuss in more detail. So it was a very detailed conversation that basically went all the way from strategy and long-term view of the company, current performance, we talked about exploration in a lot of detail. We showed them things like time to market, how much time it takes to work from a concept all the way to a lead, drill and then basically develop something commercially. And there was a lot of conversation around the quality of the portfolio that Ecopetrol currently has.

路易斯，這是費利佩。我將為您介紹與即將上任的政府對話的一些背景信息。因此，Ecopetrol 的團隊和即將上任的政府，我們已經見過面，我會說，我個人總共有 27 小時的會議。在那之後，我們就一些他們想更詳細討論的主題舉行了一些具體的會議。所以這是一個非常詳細的談話，基本上從戰略和公司的長期觀點，目前的表現，我們談到了很多細節的探索。我們向他們展示了諸如上市時間、從概念一直到領先、鑽探然後基本上進行商業開發需要多少時間。圍繞 Ecopetrol 目前擁有的產品組合的質量進行了很多討論。

And some of the things that came out in those conversations, for example, were around the need for Colombia to continue to provide gas to industry, to citizens, to transportation use. And if you look at our portfolio going forward, 60% of our exploration objectives are around gas. So in terms of the north of 260 opportunities that we've identified, 60% of those are around gas. So I think that resonated very well with the government. They acknowledge that being able to supply gas and basically fuel and diesel, gasoline and oil for our refineries is fundamental going forward. So very good discussions around exploration. We talked about production. We talked about refining, transportation. We talked about gas and LPG and transition. We talked about hydrogen in a lot of detail, renewables. We talked about CCUS and the likes.

例如，在這些對話中出現的一些問題是，哥倫比亞需要繼續為工業、公民和交通使用提供天然氣。如果你看看我們未來的投資組合，我們 60% 的勘探目標都是圍繞天然氣。因此，就我們已經確定的 260 個機會中的北部而言，其中 60% 與天然氣有關。所以我認為這與政府產生了很好的共鳴。他們承認，能夠為我們的煉油廠供應天然氣，基本上是燃料和柴油、汽油和石油是前進的基礎。圍繞探索進行了非常好的討論。我們談到了生產。我們談到了煉油、運輸。我們談到了天然氣和液化石油氣以及過渡。我們詳細討論了氫，可再生能源。我們談到了CCUS等。

There was an in-depth conversation around unconventionals for fracking. So we were able to share with them what these 2.5 years have meant for us as part of the company that we have jointly with Oxy in the Permian. As I mentioned, I think, in one of the prior questions, not only around the performance from the wells, production reserves but also in terms of emissions, seismicity, water management, costs. The Permian is an operation that has an 88% EBITDA margin, probably the highest in the group. So a lot of good conversations around fracking.

圍繞非常規水力壓裂技術進行了深入對話。因此，作為我們與 Oxy 在二疊紀共同擁有的公司的一部分，我們能夠與他們分享這 2.5 年對我們的意義。正如我所提到的，我認為，在之前的一個問題中，不僅圍繞油井的性能、生產儲量，而且在排放、地震活動、水資源管理、成本方面。 Permian 的 EBITDA 利潤率為 88%，可能是該組中最高的。所以很多關於水力壓裂的好對話。

And we talked about the Project (inaudible) in Colombia, the pilot projects on fracking. And I'd say fracking is a very sensitive subject for the incoming government. We fully acknowledge that. And we also -- I want to reinforce that Ecopetrol, throughout its history, today and in the future, will continue to be not only respectful by but also abide by the current legislation and regulatory frameworks depending on the time we're in. So conversations are continuing to happen. They've asked us for more detail. We'll continue to have those conversations. So I'd say, overall, Luiz, they've been very respectful. The discussions are very constructive. We've been able to, I mean, exchange ideas, as Jaime was talking about FEPC, for example, and I'll hand over to him in a minute, but a lot of, I mean, very, very constructive attitude from both sides in terms of understanding the views of the other and trying to jointly build from that.

我們談到了哥倫比亞的項目（聽不清），水力壓裂試點項目。我想說水力壓裂對於即將上任的政府來說是一個非常敏感的話題。我們完全承認這一點。我們還 - 我想強調，Ecopetrol 在其歷史上、今天和將來，將繼續不僅尊重而且遵守當前的立法和監管框架，具體取決於我們所處的時間。所以對話仍在繼續。他們要求我們提供更多細節。我們將繼續進行這些對話。所以我想說，總的來說，路易斯，他們非常尊重。討論非常有建設性。我們已經能夠，我的意思是，交流想法，例如 Jaime 談論 FEPC，我會在一分鐘內交給他，但是很多，我的意思是，雙方都非常非常有建設性的態度雙方在理解對方的觀點並試圖以此為基礎共同建設方面。

So Jaime, if you want to take on the FEPC question?

那麼 Jaime，如果你想回答 FEPC 的問題？

Thank you, Felipe. So to give a little bit more color around the nature of the conversations, the stabilization fund has been identified as one of the highest priority items in the commission, in the committee that was heading the handover. It's actually a few days ago that a document was produced which basically summarizes the key conclusions of the Handover Committee. And if you take a look at the elements associated to the energy sector and general public finances kind of chapter, FEPC is one of those items that's highlighted. So this has full attention of the incoming administration. And that is a good thing because it is creating the right conversations.

謝謝你，費利佩。因此，為了給對話的性質多一點色彩，穩定基金已被確定為委員會中最高優先級的項目之一，在領導移交的委員會中。其實前幾天就出了一個文件，基本上總結了交接委員會的主要結論。如果您查看與能源部門和一般公共財政類章節相關的元素，FEPC 就是其中突出顯示的項目之一。因此，這引起了新任政府的充分關注。這是一件好事，因為它正在創造正確的對話。

If we look at what are the expectations going forward, we are looking at a projection that basically has an ending balance this year. That's going to be somewhere between COP 24 trillion answer COP 27 trillion perhaps. That's what we're estimating in total, right, as the accrual that's going to be linked to the fund by the end of this year. Of that, as I said before, COP 19 trillion are already included in the draft national budget, and the incoming administration supports that because that's already funded. So really, the conversation is around how can the delta, if you will, between that COP 19 trillion and the COP 25 trillion, for rounding purposes, how can that be funded.

如果我們看一下未來的預期，我們會看到今年基本上有一個期末餘額的預測。這可能介於 24 萬億 COP 和 27 萬億 COP 之間。這就是我們在總體上估計的，正確的，作為到今年年底將與基金掛鉤的應計項目。其中，正如我之前所說，國家預算草案中已經包含 19 萬億 COP，而即將上任的政府支持這一點，因為這已經得到了資助。所以真的，談話是關於如何在 COP 19 萬億和 COP 25 萬億之間的增量，如果你願意的話，為了四捨五入的目的，如何為它提供資金。

And there are alternatives to that. One alternative that we have already discussed is that it is likely or it's at least a possibility that there are budget surpluses associated to this year. That was a figure of [speed] or a mechanism that was actually used last year. Last year, there was a surplus of about COP 3 trillion, which was used to cover the fund balance. And that's an option that we're looking into with the incoming administration.

還有其他選擇。我們已經討論過的另一種選擇是，今年很可能或至少有可能出現預算盈餘。那是[速度]的數字或去年實際使用的機制。去年，有大約 3 萬億 COP 的盈餘，用於支付基金餘額。這是我們正在與即將上任的政府一起研究的一個選項。

There are other options, of course. And I'd say that one of the biggest ones that's on the table is in the expected tax reform, which the government has already announced -- the incoming government has announced that it intends to do a tax reform. And there's a project that's going to be submitted in the coming weeks around that matter. And they are looking at options to increase the fiscal earnings associated to that.

當然，還有其他選擇。我想說的是，擺在桌面上的最大的一個是預期的稅收改革，政府已經宣布了——即將上任的政府已經宣布它打算進行稅收改革。有一個項目將在接下來的幾週內圍繞這個問題提交。他們正在尋找增加與此相關的財政收入的選擇。

So I think the conversation is going in a good direction. It has a lot of depth. There's a lot of joint understanding about the problem, and there's a commitment around making it sustainable. So Luiz, I hope that gives you sufficient color.

所以我認為對話正朝著好的方向發展。它有很多深度。關於這個問題有很多共同的理解，並且有一個致力於使其可持續的承諾。所以路易斯，我希望這能給你足夠的色彩。

No, no. Thank you very much, Felipe. And I mean very clear and good luck on this transition. Very clear.

不，不。非常感謝你，費利佩。我的意思是非常清楚，祝你在這次過渡中好運。非常清楚。

The third question is by Andrew McCarthy from Credicorp Capital.

第三個問題來自 Credicorp Capital 的 Andrew McCarthy。

Congratulations on the strong results. I have 3 questions. The first one is just a follow-up on what Bruno and Luiz were mentioning in terms of FEPC. I just wanted to understand, in terms of the COP 19 trillion that you already have sort of committed from the draft budget, what is the timing when you would receive those COP 19 trillion? Would that be sort of the first quarter, second quarter next year, just to sort of be able to better gauge that?

祝賀你取得了不錯的成績。我有 3 個問題。第一個只是 Bruno 和 Luiz 在 FEPC 方面提到的後續內容。我只是想了解，就您已經從預算草案中承諾的 19 萬億 COP 而言，您何時會收到這 19 萬億 COP？那會是明年第一季度，第二季度，只是為了更好地衡量這一點嗎？

And then my second question, just in terms of the sort of the outlook over the next few months, what you're seeing with recent conversations with your international clients, are you starting to see any kind of sort of headwinds there from maybe recession peers? And maybe that's sort of taking its toll in terms of your engagement with those clients?

然後我的第二個問題，就未來幾個月的前景而言，您在最近與國際客戶的對話中看到了什麼，您是否開始看到可能來自衰退同行的任何不利因素?也許這會影響您與這些客戶的互動？

And then my third question is to do with the potential entry and the commercialization of renewables, power generation business. There, what would be your sort of preliminary maybe sort of observations with respect to how Ecopetrol could be a competitive enough player in that space in order to sort of justify that capital allocation decision to that industry? Just would be interesting to hear your initial preliminary, obviously, thoughts on how that could work. That will be it for me.

然後我的第三個問題是關於可再生能源、發電業務的潛在進入和商業化。在那裡，關於 Ecopetrol 如何在該領域成為具有足夠競爭力的參與者，以證明對該行業的資本分配決定是合理的，您的初步觀察可能是什麼？很明顯，聽到你最初的初步初步想法，關於如何工作的想法會很有趣。對我來說就是這樣。

Thanks, Andrew, and thanks for being here today with us. So I'll ask Jaime to follow up on FEPC and specifically the COP 19 trillion and timing and how it's been included in the draft budget that will be approved by Congress over the next couple of months or so.

謝謝，安德魯，謝謝你今天和我們在一起。因此，我將要求 Jaime 跟進 FEPC，特別是 COP 19 萬億和時間安排，以及如何將其包含在國會將在未來幾個月左右批准的預算草案中。

And in terms of the next few months, so I think there's a combination of inflationary pressures that we've discussed that are hitting some parts of the operation in terms of consumables and goods and spare parts and the likes. And we've done a lot in terms of looking at these longer-term strategically and conversations with suppliers and providers and partners. And I think we've managed to basically deal with most of the impact.

就接下來的幾個月而言，我認為我們已經討論過的通脹壓力的組合正在影響消耗品、商品和備件等方面的某些運營部分。我們在戰略性地看待這些長期戰略以及與供應商、供應商和合作夥伴的對話方面做了很多工作。我認為我們已經設法基本上處理了大部分影響。

But also in terms of recession, I'd like Pedro, if you can chime in, in a bit after Jaime talks about FEPC, what are you seeing, Pedro, with our newest sort of office, an organization we have in Singapore, currently in the U.S. talking to clients? So I'm sure he'll have a fresh look on what are the clients sort of expressing on how they see things.

但在經濟衰退方面，我希望佩德羅，如果你能插話，在 Jaime 談到 FEPC 之後，你看到了什麼，佩德羅，我們最新的辦公室，我們在新加坡的一個組織，目前在美國與客戶交談？所以我相信他會對客戶對他們如何看待事物的表達方式有全新的看法。

And then on renewables, Jaime, if you can get ready for that in terms of how do we commercialize. And again, it will depend on regulation being changed particularly in Colombia. And even though we have a plan to grow all the way to 1,000 megawatts in terms of renewables, it's aimed at our own consumption. So Jaime can talk to that. So Yeimy, Pedro and then Jaime. Jaime, go ahead.

然後是可再生能源，Jaime，如果你能在我們如何商業化方面做好準備。再一次，這將取決於監管的變化，特別是在哥倫比亞。儘管我們計劃在可再生能源方面一直增長到 1,000 兆瓦，但它的目標是我們自己的消費。所以詹姆可以談談。所以 Yeimy、Pedro 和 Jaime。詹姆，繼續。

Thank you, Felipe. Andrew, with regards to timing of the payments, at this stage, we don't have that level of granularity. That's something that we're still discussing with the incoming administration and actually with the existing administration because we have been working on -- jointly on a decree that would actually regulate this going forward. I think conceptually, the general principle is that the schedule of FEPC payments needs to be aligned in a very good way with any dividend distribution. That's a general principle because, obviously, that's what gives confidence around the ability from -- of both parties to honor those commitments. So we are working on that.

謝謝你，費利佩。安德魯，關於付款時間，在這個階段，我們沒有那個級別的粒度。這是我們仍在與即將上任的政府以及實際上與現有政府討論的事情，因為我們一直在努力 - 共同製定一項法令，該法令實際上將規範這一進程。我認為從概念上講，一般原則是 FEPC 支付的時間表需要以非常好的方式與任何股息分配保持一致。這是一個普遍的原則，因為很明顯，這就是讓雙方對履行這些承諾的能力充滿信心的原因。所以我們正在努力。

I think something that gives us a lot of headroom, I guess, in the conversation is that our operational cash generation is very robust at this stage. We are -- as you probably saw in our reported figures, we produced about COP 6 trillion to COP 7 trillion of operating cash flow. When you look at free cash flow, probably there's a surplus of around COP 2 trillion to COP 3 trillion per quarter. So as we look into the next 6, 7 months, we are in a place where we have a lot of room to maneuver. And what we are working with the incoming administration is to produce a schedule that can be met and that meets the needs of both parties. I hope that helps. Thank you.

我認為在談話中給我們很大空間的東西是我們的運營現金產生在這個階段非常強勁。我們 - 正如您可能在我們報告的數據中看到的那樣，我們產生了大約 6 萬億到 7 萬億 COP 的運營現金流。當您查看自由現金流時，每季度可能有大約 2 萬億到 3 萬億 COP 的盈餘。因此，當我們展望未來 6、7 個月時，我們處於一個有很大迴旋餘地的地方。我們與即將上任的政府合作的是製定一個可以滿足並滿足雙方需求的時間表。我希望這會有所幫助。謝謝你。

Thanks, Jaime. And Pedro?

謝謝，詹姆。佩德羅呢？

Yes. Thank you, Felipe. Andrew, thank you for your question. Let me just give you a brief summary of what we're seeing in the market and the main markets where we basically -- the most important ones for our products and crudes. And on the crude side, we're seeing basically in Asia, we're seeing some issues in China, but they're more related to the lockdowns because of the COVID that they're going through. But certainly, we believe that we have passed through this. And right now that we're in the trading cycle for September, we're seeing that the Chinese market is picking up a little bit. Obviously, there is -- they're being cautious again.

是的。謝謝你，費利佩。安德魯，謝謝你的提問。讓我簡要總結一下我們在市場上看到的情況以及我們基本上所在的主要市場——對我們的產品和原油來說最重要的市場。在粗略的方面，我們基本上在亞洲看到，我們在中國看到了一些問題，但它們更多地與封鎖有關，因為他們正在經歷新冠病毒。但可以肯定的是，我們相信我們已經通過了這一點。現在我們正處於 9 月份的交易週期，我們看到中國市場正在回升一點點。顯然，他們再次變得謹慎。

But one of the things that we are doing is basically focusing in another market that is growing, which is the Indian market. I was able to visit with our main customers in India, about a month ago, and they're -- the demand for fuels, they're setting high records. And so they're needing a lot more imports of crude. And certainly, they want to diversify. So we are the second largest provider from Latin American crudes into India, so we see that that's a very strong market. But basically, the setup of our office in Singapore is helping us monitor what's going on in the dynamics of the Asian market. Obviously, everybody is being very cautious. But again, the fuels market is quite strong given the margins are correcting a little bit down. We believe that towards the end of the year, that still is going to be a strong market.

但是我們正在做的一件事基本上是專注於另一個正在增長的市場，那就是印度市場。大約一個月前，我拜訪了我們在印度的主要客戶，他們是——對燃料的需求，他們正在創造高記錄。所以他們需要更多的原油進口。當然，他們想要多樣化。因此，我們是從拉丁美洲向印度供應原油的第二大供應商，因此我們看到這是一個非常強勁的市場。但基本上，我們在新加坡設立辦事處有助於我們監控亞洲市場的動態。顯然，每個人都非常謹慎。但同樣，鑑於利潤率略有下降，燃料市場相當強勁。我們相信，到今年年底，這仍將是一個強勁的市場。

Now in the U.S., what we're seeing is that because of the fuels are correcting a little bit, the market still needs a lot of crude oil, especially the type of crude that we bring into this part of the world, which is basically heavy sours. We compete very well with the local sours and the Canadians, so we're seeing that very strong. But obviously, recession, it's something that, again, everybody is looking at very cautiously.

現在在美國，我們看到的是，由於燃料略有調整，市場仍然需要大量原油，尤其是我們帶入世界這個地區的原油類型，基本上是重酸。我們與當地的酸和加拿大人競爭得非常好，所以我們看到了非常強大的。但顯然，經濟衰退，再次，每個人都非常謹慎地看待它。

Now when it comes down to the local demand in Colombia for fuels, this year has been very strong. So -- and we're seeing that is going to continue strong. Basically, we reach a plateau, but we're also setting record highs in the country. So we believe that depending on how the economy is going to be handled by -- with the new government, the fuels market is going to continue strong. So that's basically what I would like to share with you from our clients and the different markets that are the most important for, again, our crudes and our products.

現在談到哥倫比亞當地對燃料的需求，今年非常強勁。所以 - 我們看到這將繼續強勁。基本上，我們達到了一個高原，但我們也在該國創下歷史新高。因此，我們認為，取決於新政府如何處理經濟，燃料市場將繼續強勁。因此，這基本上就是我想從我們的客戶和對我們的原油和產品最重要的不同市場與您分享的內容。

Pedro, thanks a lot. And Yeimy, if you can talk about renewables and power generation.

佩德羅，非常感謝。 Yeimy，如果你能談談可再生能源和發電。

Sure, Felipe. Thank you. And thank you, Andrew, for your question. Well, we are already competitive with our renewable energy assets. Our clients in the upstream, midstream and downstream segments required efficient target from us.

當然，費利佩。謝謝你。謝謝你，安德魯，你的問題。好吧，我們已經在可再生能源資產方面具有競爭力。我們在上游、中游和下游領域的客戶需要我們提供有效的目標。

So just to mention an example, the Castilla and San Fernando solar farms have saved more than COP 15,000 million in the energy cost and have eliminated over 22,000 tons of CO2 equivalent emissions since the incorporation in 2019 and 2021. Anyway, Colombia has resources to develop competitive renewables with the wing spin in La Guajira and, of course, our geographical position.

舉個例子，自 2019 年和 2021 年成立以來，卡斯蒂利亞和聖費爾南多太陽能農場已節省超過 150 億 COP 的能源成本，並減少了超過 22,000 噸的二氧化碳當量排放。無論如何，哥倫比亞有資源可以開發具有競爭力的可再生能源與拉瓜希拉的機翼旋轉，當然還有我們的地理位置。

From the Ecopetrol Group standpoint of view, we are consolidating synergies with ISA in terms of electrical infrastructure and withstand it to foster efficient logistics growth. To further grow the synergies with hydrogen business will be essential as well, and I hope it helps you to give more color on the renewable growth.

從 Ecopetrol 集團的角度來看，我們正在鞏固與 ISA 在電氣基礎設施方面的協同效應，並承受它以促進高效的物流增長。進一步擴大與氫業務的協同效應也至關重要，我希望它可以幫助您為可再生能源的增長增添更多色彩。

Thanks, Yeimy. And thanks, Andrew, for your question.

謝謝，耶米。謝謝安德魯，你的問題。

Now let's go to the fourth question by Anne Milne from Bank of America.

現在讓我們來看美國銀行的 Anne Milne 的第四個問題。

Thank you for the comments that you made with the incoming government. Those have been very helpful. I have a couple of questions. First is just to finalize on the conversations with the incoming administration. Have there been any discussions as we've seen in the local press that you might have had or Ecopetrol might have had with regard to the composition of the Board of Directors for management? That would be my first question.

感謝您對即將上任的政府提出的意見。這些都非常有幫助。我有一些問題。首先是敲定與即將上任的政府的對話。是否有任何討論，正如我們在當地媒體上看到的，您可能已經或 Ecopetrol 可能已經就董事會的組成進行了管理？那將是我的第一個問題。

Second is you've mentioned in a number of areas the growth on the natural gas side, some recent discoveries. There's also a news item about a small pilot project on importing LNG. I was just wondering if you could walk us through where you see natural gas production growing over the next 5 to 10 years. Also, I think there was some news about a project that was being analyzed to reconnect the pipeline between Venezuela and Colombia and maybe if you could provide a little bit of information on that.

其次，您在一些領域提到了天然氣方面的增長，以及最近的一些發現。還有一個關於進口液化天然氣的小型試點項目的新聞。我只是想知道你是否能告訴我們你看到未來 5 到 10 年天然氣產量增長的地方。此外，我認為有一些關於正在分析重新連接委內瑞拉和哥倫比亞之間的管道的項目的消息，也許你能提供一些關於這方面的信息。

Thanks, Anne. And in terms of the conversations with the incoming government and as I've mentioned before, we had several sessions. We talked about them. And over the last few weeks or so, I've personally gone out to the news and the press and explained that, first, the incoming government has, I mean, the freedom to basically propose the changes that they deem convenient and timely in terms of bylaws and also the nominees for the Board of Directors. So it's within the realm, if you will. They have that absolute freedom to do that, and they may decide to do that through an extraordinary AGM or through the normal or ordinary AGM in March. So I think that's very clear.

謝謝，安妮。至於與即將上任的政府的對話，正如我之前提到的，我們舉行了幾次會議。我們談到了他們。在過去幾週左右的時間裡，我親自向新聞和媒體解釋說，首先，即將上任的政府有，我的意思是，基本上可以自由地提出他們認為方便和及時的改變章程以及董事會提名人選。因此，如果您願意，它在領域內。他們有這樣做的絕對自由，他們可能會決定通過特別的年度股東大會或三月份的正常或普通年度股東大會來做到這一點。所以我認為這很清楚。

And I think you also asked about management. And what I'd like to say is that the Board of Directors for the company has the accountability to appoint or remove the CEO for the company as well as the direct reports to the CEO. Those need to be consulted between the CEO and the Board, and that's what we've done throughout all of these years. So I think and I hope that, that helps a bit in terms of governance and specifically around Board of Directors and senior management.

而且我認為您還詢問了管理。我想說的是，公司董事會有責任為公司任命或罷免CEO，以及直接向CEO匯報。這些需要在首席執行官和董事會之間進行協商，這就是我們這些年來一直在做的事情。因此，我認為並希望這在治理方面有所幫助，特別是在董事會和高級管理層方面。

In terms of natural gas, I'm going to ask Yeimy, if you can provide a bit more color around that. And also if you -- let me give you my views on Venezuela and Colombia. And the first thing is that there's infrastructure that has been in place for probably a little bit over 15 years. It's been 7 or 8 years, sorry, since gas has slowed to the infrastructure. I personally don't know on what's the condition from an integrity point of view of the system. But I would highlight that with the recent announcements, for example, around Uchuva, the discovery that we've made offshore, Colombia has the possibility and the opportunity to continue to use Colombian gas, which is fundamental.

在天然氣方面，我要問 Yeimy，如果你能提供更多的顏色。還有，如果你——讓我談談我對委內瑞拉和哥倫比亞的看法。首先是基礎設施可能已經存在了 15 年多一點。抱歉，天然氣對基礎設施的使用速度已經放緩了 7 或 8 年。從系統完整性的角度來看，我個人不知道情況如何。但我要強調的是，隨著最近的公告，例如，在 Uchuva 附近，我們在海上發現的發現，哥倫比亞有可能和機會繼續使用哥倫比亞天然氣，這是根本性的。

It provides jobs. It will provide additional royalties and taxes and a positive impact to the economies, the regional economies in those areas. So that's what we want to do, and that's why I want to link it to the answer that Yeimy is going to provide in terms of our vision of natural gas going forward. Yeimy?

它提供工作。它將提供額外的特許權使用費和稅收，並對這些地區的經濟和區域經濟產生積極影響。所以這就是我們想要做的，這就是為什麼我想將它與 Yeimy 將根據我們對天然氣未來的願景提供的答案聯繫起來。耶米？

Thank you, Felipe. And thank you, Anne, for your question. Indeed, we have a very robust investment plan for gas. Right now, we are investing around [$50 million, $100 million] per year, and that investment is being deployed mainly in the (inaudible), Onshore [Caribbean and Caribbean] Offshore as well. We are very positive on the potential of those basins as it was approved by the Uchuva discovery but also the Olivia discovery that we recently announced.

謝謝你，費利佩。謝謝你，安妮，你的問題。事實上，我們有一個非常穩健的天然氣投資計劃。目前，我們每年的投資約為 [5000 萬美元、1 億美元]，而且這項投資主要部署在（聽不清）、陸上 [加勒比和加勒比海] 海上。我們對這些盆地的潛力非常樂觀，因為它得到了 Uchuva 發現以及我們最近宣布的 Olivia 發現的批准。

So we understand our responsibility to develop domestic resources to Colombia and we are doing so. On the other hand, we also understand that we need to create optionality for the Colombian people. And that's the reason because we recently started the proof of concept in Buenaventura to import gas. This is essential. As you mentioned, having the efficient gas for everyone in Colombia is our first priority. And so we are working on both sides, pursuing domestic growth but also to deploy new technologies as micro LNG in those regions that haven't had necessarily the most efficient solutions for their residential consumption.

因此，我們了解我們為哥倫比亞開發國內資源的責任，我們正在這樣做。另一方面，我們也明白我們需要為哥倫比亞人民創造選擇權。這就是原因，因為我們最近在布埃納文圖拉開始了進口天然氣的概念驗證。這是必不可少的。正如您所提到的，為哥倫比亞的每個人提供高效的天然氣是我們的首要任務。因此，我們正在雙方合作，追求國內增長，同時在那些不一定有最有效的住宅消費解決方案的地區部署新技術，如微型液化天然氣。

In the next 5, 10 years, we envision a demand growth in Colombia that will be leveraged not only for the industrial growth but also for the renewable power generation that will be installed in the next decade that will require this backup power generation that will be very likely provided by the gas.

在接下來的 5 到 10 年，我們預計哥倫比亞的需求增長將不僅用於工業增長，還用於未來十年安裝的可再生能源發電，這將需要這種備用發電很可能由氣體提供。

And thank you for your question again.

再次感謝您的提問。

Thanks, Yeimy.

謝謝，耶米。

The fifth question is by Badr El Moutawakil from Barclays.

第五個問題來自巴克萊銀行的 Badr El Moutawakil。

Congratulations on these earnings. Three questions on my side. I think some of them have probably already been answered before but pretty quick. The first one is regarding the gross debt especially in light of the limited free cash flow, let's say, post dividend that was posted by Ecopetrol. If you can walk us through how are you thinking about your gross debt trajectory, we've seen, obviously, net leverage has decreased thanks to higher EBITDA. But just curious how you're thinking about your gross debt levels and especially if you're thinking about any type of market transactions to think about 2023 redemptions, where you have 1.8 billion plus the ISA loan. So any updates there would be great.

祝賀這些收入。我身邊的三個問題。我認為其中一些可能已經被回答過，但很快。第一個是關於總債務，特別是考慮到有限的自由現金流，比方說，Ecopetrol 發布的股息後。如果您能告訴我們您如何看待您的總債務軌跡，我們顯然已經看到，由於 EBITDA 較高，淨槓桿率有所下降。但只是好奇你是如何考慮你的總債務水平的，特別是如果你考慮任何類型的市場交易來考慮 2023 年的贖回，你有 18 億加上 ISA 貸款。所以那裡的任何更新都會很棒。

My second question is regarding what Anne asked before in terms of the Board changes. Is there a timing for that potentially that we should be looking at that was communicated or that you think is relevant to -- for us to keep in mind?

我的第二個問題是關於 Anne 之前就董事會變動提出的問題。是否有一個潛在的時機，我們應該關注已傳達的或您認為與之相關的 - 讓我們牢記？

And my third question is regarding the FEPC and more so -- so 2 specific questions on that. The first one is, is there any push for -- in Colombia to increase local prices in line with international markets? And then my follow-up question is there -- what's the breakeven price where, let's say, of Brent prices where the FEPC is not going to be accumulating anymore? If you can give us like some details on that, that would be very appreciated.

我的第三個問題是關於 FEPC 等等——所以有兩個具體問題。第一個是，是否有任何推動——在哥倫比亞提高當地價格以適應國際市場？然後我的後續問題是——比方說，在 FEPC 不再積累的布倫特價格中，盈虧平衡價格是多少？如果您能給我們提供一些詳細信息，我們將不勝感激。

Thanks, Badr. And I'll take the number 2, and I'll ask Jaime to complement on the other ones on 1 and 3. So in terms of the Board changes, there's no specific timing for that. As I was mentioning, there's one avenue that would need to wait for the ordinary AGM that takes place in March. So that would give you a sense of that timing, should that be the route that the incoming government decides to pursue. And there's another avenue where they actually request that we call for an extraordinary AGM. So that could happen any time between the 7th of August when they come into office on March. And that would be the second avenue. But clearly, it's fully in the hands of the incoming government and what they decide to do.

謝謝，巴德爾。我會選擇 2 號，我會要求 Jaime 在 1 號和 3 號上補充其他的。因此，就董事會變更而言，沒有具體的時間安排。正如我所提到的，有一條途徑需要等待 3 月份舉行的普通年度股東大會。所以這會讓你對那個時機有一種感覺，如果那是新政府決定採取的路線的話。還有另一種途徑，他們實際上要求我們召開一次特別的年度股東大會。因此，這可能會在 8 月 7 日他們 3 月上任之間的任何時間發生。這將是第二條途徑。但顯然，這完全掌握在即將上任的政府以及他們決定做什麼的手中。

And as Ecopetrol, we're ready should we be asked to do the extraordinary AGM. It's going to take a few weeks. There's some administrative processes that need to take place. But should that be their decision, we're ready to move on and forward with that intent.

作為 Ecopetrol，如果我們被要求舉行非凡的年度股東大會，我們已經準備好。這需要幾個星期。需要進行一些管理流程。但如果這是他們的決定，我們已經準備好帶著這個意圖繼續前進。

Jaime, if you can talk about gross debt and free cash flow on FEPC.

Jaime，如果你能談談 FEPC 的總債務和自由現金流。

Thank you, Felipe. So with regards to gross debt, let me give some general comments. Our gross debt closed at about 24 billion in total in this last quarter. We -- when you look at the health of our metrics, we closed with a 1.6 gross debt-to-EBITDA ratio and, I believe, a 1.4 net debt-to-EBITDA ratio. And these are ratios that are quite healthy. So I'd say that from that standpoint, we are comfortable with the position.

謝謝你，費利佩。因此，關於總債務，讓我發表一些一般性評論。在上個季度，我們的總債務總額約為 240 億美元。我們 - 當您查看我們指標的健康狀況時，我們以 1.6 的總債務與 EBITDA 比率結束，我相信，淨債務與 EBITDA 比率為 1.4。這些是非常健康的比率。所以我想說，從這個角度來看，我們對這個職位感到滿意。

I think the biggest consideration going forward, I'd say it's around 2 areas. Firstly, it's the refinancing of the 2023 expiries, which amount to about [4.7 billion]. That's back-end loaded next year, so it's something that not needs to occur sometime in the second half of next year. That gives us some time, but of course, given the market conditions and the noise, I'd say in the overall kind of financial system, we are acting early on that, and we have a host of options running in parallel to address that. Though that optionality includes tapping domestic markets in Colombia, where we haven't been for a long period of time, for many years, and there's appetite, a lot of appetite for our instruments, if you will. And also, we continue to look at international markets. So I think that's the general outlook that we expect.

我認為未來最大的考慮因素是兩個方面。首先是2023年到期的再融資，金額約為[47億]。那是明年的後端加載，所以它不需要在明年下半年的某個時候發生。這給了我們一些時間，但當然，考慮到市場條件和噪音，我想說的是，在整個金融體系中，我們正在儘早採取行動，我們有許多並行運行的選項來解決這個問題.儘管這種選擇包括開拓哥倫比亞的國內市場，我們已經有很長一段時間沒有進入這些市場了，如果你願意的話，我們的工具有胃口，有很大的胃口。此外，我們繼續關注國際市場。所以我認為這是我們預期的總體前景。

When are we going to do that, it's going to depend on market conditions, but the toolkit is good to go, if you will. We are in conversations with the incoming administration as well with regards to synchronizing the timing of those transactions so that they make sense both from a domestic and international perspective. And we don't end up, if you will, creating kind of some cannibalization, if you will. So that's where we are on this.

我們什麼時候會這樣做，這將取決於市場條件，但如果你願意的話，工具包很不錯。我們正在與即將上任的政府就同步這些交易的時間進行對話，以便從國內和國際的角度來看它們都有意義。如果你願意，我們不會最終造成某種自相殘殺，如果你願意的話。這就是我們在這方面的位置。

I'd say that the overall context for this conversation, of course, is that operating cash flow and free cash flow of Ecopetrol is very robust despite the FEPC impact. That doesn't mean that FEPC is not important. Of course, it's important from a working capital standpoint, but it does give us some leeway and some headroom to what this problem over the next 6 months. That's what I would say.

當然，我想說這次談話的整體背景是，儘管受到 FEPC 的影響，Ecopetrol 的運營現金流和自由現金流仍然非常強勁。這並不意味著 FEPC 不重要。當然，從營運資金的角度來看，這很重要，但它確實為我們在未來 6 個月內解決這個問題提供了一些餘地和空間。這就是我要說的。

Finally, with regards to this -- your question around breakeven prices and whether there is a push to increase local prices in Colombia, what I'd say is that the medium-term fiscal frame in its design, it assumes some systematic increases over the next 18 months, which I think there's a genuine question whether the prices at the pump and whether customers -- end customers can actually absorb that. And it's a genuine question. What we've seen across Latin America is that adjustments to prices at the pump are extremely sensitive. And to that extent, we can sympathize with the concern around an aggressive adjustment line over the coming months.

最後，關於這個 - 你關於盈虧平衡價格的問題以及是否有推動提高哥倫比亞當地價格的問題，我想說的是，中期財政框架的設計，它假設在接下來的18個月，我認為這是一個真正的問題，價格是否上漲以及客戶 - 最終客戶是否能夠真正吸收它。這是一個真正的問題。我們在整個拉丁美洲看到的是，對加油站價格的調整非常敏感。在這種情況下，我們可以同情對未來幾個月激進調整線的擔憂。

That's why we're looking at other options. We're looking at other options that can address that. And those options include, as I said before, things like looking at the budget surplus. If you've been looking at the news recently, the Director of the DIAN, which is the tax entity here in Colombia, has actually come out in public stating that surplus in tax earnings so far for the government amounts to COP 18 trillion versus its budget.

這就是為什麼我們正在尋找其他選擇。我們正在尋找可以解決這個問題的其他選項。正如我之前所說，這些選項包括諸如查看預算盈餘之類的事情。如果您最近一直在看新聞，哥倫比亞稅務實體 DIAN 的主管實際上已經公開表示，到目前為止，政府的稅收盈餘達到 18 萬億比索預算。

So these options are realistic, and they give us confidence that this is going to become more sustainable over the coming months. With regards to breakeven prices, I would say that you need to be careful about thinking it that way. I think that the way that the FEPC formula behaves, it's not completely proportionate to Brent prices, and it does -- it considers weightings of product prices in the Gulf of Mexico particularly. And I think that FX has a massive impact as well. So I wouldn't venture out to give you a breakeven price where things change. I think that's something that we need to monitor over time.

所以這些選擇是現實的，它們讓我們相信這將在未來幾個月變得更加可持續。關於盈虧平衡價格，我會說你需要小心地這樣想。我認為 FEPC 公式的表現方式並不完全與布倫特原油價格成比例，而且確實如此——它特別考慮了墨西哥灣產品價格的權重。我認為外匯也有巨大的影響。所以我不會冒險在事情發生變化時給你一個盈虧平衡的價格。我認為這是我們需要隨著時間的推移進行監控的事情。

I hope this helps. Thank you.

我希望這有幫助。謝謝你。

Thanks, Jaime.

謝謝，詹姆。

The sixth question is Declan Hanlon from Santander.

第六個問題是來自桑坦德的 Declan Hanlon。

This is Declan Hanlon. Most of my queries have been addressed already. I just have one follow-up, and this relates to the ISA bridge next year. Do you have an extension option there? And if so, can you provide some detail around that?

這是德克蘭·漢隆。我的大部分問題已經得到解決。我只有一個跟進，這與明年的 ISA 橋有關。你那裡有擴展選項嗎？如果是這樣，你能提供一些細節嗎？

With regards to the loan that was taken to acquire ISA, as you know, that was about $3.7 billion, $2 2 billion of which were refinanced at the back end of the third quarter of last year. So we have a remaining balance of $1.7 billion. There are several options around that. Those options do exist, including some form of extension. So the optionality is there. Having said that, we are looking at it in a broader sense, and what I mentioned is that it's likely going to be a combination of different instruments going from domestic to international stuff. That loan has an expiry in August of next year, so it would be premature to give you a final answer on this. Thank you.

如您所知，關於收購 ISA 的貸款約為 37 億美元，其中 220 億美元在去年第三季度末進行了再融資。所以我們有17億美元的餘額。有幾種選擇。這些選項確實存在，包括某種形式的擴展。所以可選性就在那裡。話雖如此，我們正在從更廣泛的意義上看待它，我提到的是它可能是從國內到國際的不同工具的組合。這筆貸款將於明年 8 月到期，所以現在給你一個最終答案還為時過早。謝謝你。

Thanks, Jaime.

謝謝，詹姆。

Thank you very much. There are no further questions at this time. We'll go back to Mr. Bayon for his concluding remarks. Mr. Bayon, the floor is yours.

非常感謝。目前沒有其他問題。我們將回到 Bayon 先生的總結髮言。 Bayon 先生，發言權是你的。

Thank you so much. And again, thanks, everyone, for being here today with us and the interest you have on Ecopetrol and not only the results, the historical results that were presented to the market but also our view on some of the things that are transpiring right now as we're going through a change in government. And we continue to implement strategy throughout the Americas. Appreciate your questions, and they're very useful to us. They help us further understand your apprehensions, concerns, areas of interest, and we'll continue to work in that space.

太感謝了。再次感謝大家，今天與我們在一起，感謝您對 Ecopetrol 的興趣，不僅是結果，向市場展示的歷史結果，還有我們對目前正在發生的一些事情的看法我們正在經歷政府的更迭。我們繼續在整個美洲實施戰略。感謝您的問題，它們對我們非常有用。它們幫助我們進一步了解您的擔憂、擔憂和感興趣的領域，我們將繼續在該領域開展工作。

Please stay safe. Have a great day, and thanks again for being here today with us.

請注意安全。祝您有美好的一天，再次感謝您今天與我們在一起。

Thank you very much. Ladies and gentlemen, thank you for your participation. This concludes today's conference. You may now disconnect.

非常感謝。女士們，先生們，感謝你們的參與。今天的會議到此結束。您現在可以斷開連接。