Ecopetrol SA (EC) 2022 Q4 法說會逐字稿

Good morning. My name is Laura Avila, and I'll be the operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operational results of the fourth quarter and year-end 2022. There will be a Q&A session at the end of the presentation.

早上好。我叫勞拉·阿維拉 (Laura Avila)，今天我將擔任接線員。歡迎參加 Ecopetrol 的收益電話會議，我們將在電話會議上討論 2022 年第四季度和年底的主要財務和運營結果。演示結束時將有一個問答環節。

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 account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that the 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 高級管理層在這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。

The call will be led by Mr. Felipe Bayón , CEO of Ecopetrol; Yeimy Baez, Vice President of Low-Emission Solutions; Alberto Consuegra, COO; Jaime Caballero, CFO; María Paula Camacho, Vice President of Legal Offices and General Secretary; and Diana Escobar, Vice President of Sustainable Development. Thank you for your attention. We may now proceed with the conference call.

此次電話會議將由 Ecopetrol 首席執行官 Felipe Bayón 先生主持；低排放解決方案副總裁 Yeimy Baez；首席運營官 Alberto Consuegra；首席財務官海梅·卡瓦列羅 (Jaime Caballero)； María Paula Camacho，法律辦公室副總裁兼秘書長；可持續發展副總裁 Diana Escobar。感謝您的關注。我們現在可以繼續電話會議。

Good morning, and welcome to Ecopetrol's Fourth Quarter and Year-End 2022 Results Conference Call. I would like to start by highlighting the efforts and commitment of more than 18,000 direct employees and some 130,000 indirect employees. Thanks to all of them, we can deliver the best results ever in the history of the Ecopetrol Group.

早上好，歡迎來到 Ecopetrol 的第四季度和年終 2022 年業績電話會議。首先，我想強調 18,000 多名直接員工和約 130,000 名間接員工的努力和承諾。多虧了他們所有人，我們才能取得 Ecopetrol 集團歷史上最好的成績。

In the year 2022, we generated revenues of almost COP 160 trillion, an EBITDA of COP 75.2 trillion and a net income of COP 33.4 trillion, doubling the net income obtained in year 2021. These results are underpinned, amongst other things, by some of the following factors: a favorable environment of international prices, the increased production of hydrocarbons, our traditional business, our trading strategy, outstanding results in the electricity transmission, toll roads and telecommunication business line and the growth in domestic demand for our fuels, which meant higher sales of products. Our operational, financial and TESG results were aligned with the goals set for the year, exceeding them in some cases. This reflects our commitment to our competitiveness and sustainability of all of our businesses.

2022 年，我們創造了近 160 萬億哥倫比亞比索的收入，75.2 萬億哥倫比亞比索的 EBITDA 和 33.4 萬億哥倫比亞比索的淨收入，是 2021 年獲得的淨收入的兩倍。除其他外，這些結果得到了一些支持以下因素：有利的國際價格環境、碳氫化合物產量增加、我們的傳統業務、我們的貿易策略、輸電、收費公路和電信業務線的出色業績以及國內對我們燃料的需求增長，這意味著更高的產品銷量。我們的運營、財務和 TESG 結果與當年設定的目標保持一致，在某些情況下甚至超過了目標。這反映了我們對我們所有業務的競爭力和可持續性的承諾。

I would like to take the opportunity to highlight some of the achievements. In 2022, we had no fatalities in our operations and achieved the lowest total recordable injury frequency rate or TRIF, in the company's history, reflecting a reliable and safe operation environment for all of our employees. We had an average production for the year of over 709,000 barrels of oil equivalent per day, exceeding the goal set for 2022. Our renewable energy supply capacity reached 208 megawatts in 2022. We had higher social and environmental investments which reached COP 615 billion, a 31% increase when compared to year 2021.

我想藉此機會強調一些成就。 2022 年，我們在運營中沒有發生死亡事故，並實現了公司歷史上最低的總可記錄傷害頻率或 TRIF，這反映出我們所有員工都擁有可靠和安全的運營環境。我們全年的平均產量超過 709,000 桶油當量/天，超過了 2022 年設定的目標。我們的可再生能源供應能力在 2022 年達到 208 兆瓦。我們有更高的社會和環境投資，達到 6,150 億哥倫比亞比索，與 2021 年相比增長 31%。

And some of the other indicators I'd like to highlight are gross debt-to-EBITDA ratio, closing at 1.5x; our operating cash flow generation of some COP 36 trillion; and the execution of our CapEx of more than $5.4 billion in year 2022. All this reflects the group's capital discipline and financial strength.

我想強調的其他一些指標是總債務與 EBITDA 的比率，收於 1.5 倍；我們產生的運營現金流量約為 36 萬億比索；以及我們在 2022 年執行的資本支出超過 54 億美元。所有這些都反映了集團的資本紀律和財務實力。

Let's move on to the next slide. After overcoming 2 crisis in less than a decade, we managed to deliver historic results, accomplishing transformational milestones such as the drilling of the first offshore well operated by a Colombian company, Molusco-1 in 2017, and; and then the 3 offshore discoveries in the Colombian Caribbean achieved since then. We entered the Permian Basin in a very successful alliance with Occidental in 2019. And during the years of 2020 and 2021, through a program called, Apoyo País, we contributed more than COP 139 billion to Colombians during the pandemic during COVID and provided commercial relief to customers and suppliers. In 2021, we acquired 51.4% of ISA. And we've had, over all these years, deployed several initiatives in terms of strengthening our operations, safety, TESG and our financial discipline. All of these have allowed us to trace a path of responsible transformation to move from being the traditional integrated oil and gas company to now a diversified energy group.

讓我們轉到下一張幻燈片。在不到十年的時間里克服了 2 次危機後，我們成功取得了歷史性成果，實現了轉型里程碑，例如 2017 年由哥倫比亞公司 Molusco-1 運營的第一口海上油井的鑽探，以及；然後是哥倫比亞加勒比海的 3 個海上發現。 2019 年，我們與西方石油公司建立了非常成功的聯盟，進入二疊紀盆地。在 2020 年和 2021 年期間，通過一個名為 Apoyo País 的計劃，我們在 COVID 期間的大流行期間向哥倫比亞人捐助了超過 1390 億哥倫比亞比索，並提供了商業救濟給客戶和供應商。 2021年，我們收購了ISA 51.4%的股份。這些年來，我們在加強運營、安全、TESG 和財務紀律方面採取了多項舉措。所有這些使我們能夠走上一條負責任的轉型之路，從傳統的綜合性石油和天然氣公司轉變為現在的多元化能源集團。

Today, Ecopetrol operates in 3 solid business lines aimed at guaranteeing the generation of value for all of our stakeholders. The first one, hydrocarbons, where I would like to highlight the increase in the volumes of our production, transportation and refining operations. And I'd like to share with you that in the year-end 2022, we reached a production exit rate exceeding prepandemic levels.

今天，Ecopetrol 經營 3 條穩固的業務線，旨在確保為我們所有的利益相關者創造價值。第一個是碳氫化合物，我想強調我們生產、運輸和煉油業務量的增加。我想與大家分享的是，在 2022 年底，我們的生產退出率超過了大流行前的水平。

Our refining segment reached more than 400,000 barrels of consolidated throughput basically due to the expansion of Cartagena refinery and very good operational capabilities in both refineries and the transportation of hydrocarbons and fuels that increased by more than 6% when compared with 2021.

我們的煉油部門達到了超過 400,000 桶的綜合吞吐量，這主要是由於卡塔赫納煉油廠的擴張以及煉油廠和碳氫化合物和燃料運輸的良好運營能力，與 2021 年相比增長了 6% 以上。

For their low-emission businesses, I'd like to highlight the Gorgon-2 and Uchuva-1 discoveries that confirm the presence of gas in deep and ultra-deep waters in the Colombian Caribbean. The production of the first green hydrogen molecule in the country as part was strategic plan of low carbon hydrogen and the operational startup of our third solar park, Brisas in the Department of Huila, with a capacity of 26 megawatts.

對於他們的低排放業務，我想強調 Gorgon-2 和 Uchuva-1 的發現，這些發現證實了哥倫比亞加勒比海深水和超深水域存在天然氣。該國第一個綠色氫分子的生產是低碳氫戰略計劃的一部分，也是我們在威拉省的第三個太陽能園區 Brisas 的運營啟動，容量為 26 兆瓦。

Finally, for our third line of business, in electricity transmission, toll roads and telecommunications, I would like to highlight the 32% growth in ISA's net income year-on-year as well as the progress in the construction of 32 energy projects that represent more than 4,600 additional kilometers of high-voltage power transmission lines.

最後，對於我們的第三條業務，輸電、收費公路和電信，我想強調 ISA 的淨收入同比增長 32%，以及代表 32 個能源項目的建設進展新增高壓輸電線路4600多公里。

Let's now move on to the next slide. Ecopetrol acknowledges its position as a key player in the national economy and its development. That is why our strategic planning always considers responsibility and commitment with the regions in which we operate.

現在讓我們轉到下一張幻燈片。 Ecopetrol 承認其在國民經濟及其發展中的重要角色。這就是為什麼我們的戰略規劃始終考慮對我們運營所在地區的責任和承諾。

Last year, 2022, Ecopetrol transferred to the nation over COP 42 trillion in dividends, royalties and taxes. Likewise, the company's contribution is also reflected in things like. Today, more than 2,100 families in the farming and rural communities, 128,000 students and some 764,000 people with access to drinking water and sanitation, all benefit with our social and environmental investments. The value promise to our more than 255,000 minority shareholders and some 18 million Columbian will contribute to the pension funds.

去年，即 2022 年，Ecopetrol 向國家轉移了超過 42 萬億哥倫比亞比索的股息、特許權使用費和稅收。同樣，公司的貢獻也體現在諸如此類的事情上。今天，農業和農村社區的 2,100 多個家庭、128,000 名學生和約 764,000 名能夠獲得飲用水和衛生設施的人都受益於我們的社會和環境投資。對我們超過 255,000 名少數股東和約 1800 萬哥倫比亞人的價值承諾將為養老基金做出貢獻。

Our contribution to the country's balance of trade, which exports that represent around 30% of total Colombian exports.

我們對國家貿易平衡的貢獻，出口占哥倫比亞出口總額的 30% 左右。

The continuous improvement in the quality of fuels consumed every day by Colombians, the promotion of employment through the increase in the hiring of diverse talent with more than 20,000 inclusive jobs that include, amongst others, more than 560 people with disabilities, 7% of our human talent identified as part of ethnic minorities and 5% identified as victims of the armed conflict. The generation of some 130,000 indirect jobs through our contractors in year 2022. It is through these fronts and efforts that we continue to work to be the energy that transform.

哥倫比亞人每天消耗的燃料質量不斷提高，通過增加對 20,000 多個包容性工作崗位的多元化人才的僱用來促進就業，其中包括 560 多名殘疾人，我們 7% 的人人才被確定為少數民族的一部分，5% 被確定為武裝衝突的受害者。到 2022 年，通過我們的承包商創造約 130,000 個間接工作崗位。正是通過這些方面和努力，我們繼續努力成為變革的能量。

Let's move on to the next slide. When we think about decarbonization, our goals in all of our operations remain intact, remain in place, where we're focusing on achieving a 25% reduction of Scope 1 and 2 emissions by 2030 and a net zero emissions by 2050 whilst also reducing total emissions, that would be Scope 1, 2 and 3, by 50% by year 2050. In 2022, we made decisive progress in our decarbonization strategy. And I want to highlight a few things.

讓我們轉到下一張幻燈片。當我們考慮脫碳時，我們所有業務的目標保持不變，保持不變，我們的重點是到 2030 年將範圍 1 和範圍 2 的排放量減少 25%，到 2050 年實現淨零排放，同時減少總量到 2050 年，範圍 1、2 和 3 的排放量將減少 50%。2022 年，我們的脫碳戰略取得了決定性進展。我想強調幾件事。

Energy efficiency. And through some of his initiatives, we have allowed to avoid the emissions of 138,000 tons of CO2 equivalent. Last year, we closed around 1,700 methane leaks, exceeding the goals that we have set for ourselves. We avoided emissions in the start-up of our Castilla and San Fernando solar farms of more than 32,000 tons of CO2 equivalent. We've offset in crude oil and products that we've given to our clients some 149,000 tons of CO2 equivalent. In the same year, we purchased over [180,000] tons of carbon credit through our trading desk, our first fuel gas flaring report to the global gas flaring reduction partnership according to the commitments made to the World Bank Zero Routine Flaring initiatives.

能源效率。通過他的一些舉措，我們已經避免了 138,000 噸二氧化碳當量的排放。去年，我們關閉了大約 1,700 處甲烷洩漏，超出了我們為自己設定的目標。我們在啟動 Castilla 和 San Fernando 太陽能發電場時避免了超過 32,000 噸二氧化碳當量的排放。我們已經用提供給客戶的原油和產品抵消了大約 149,000 噸二氧化碳當量。同年，我們通過交易櫃檯購買了超過 [180,000] 噸的碳信用額度，這是我們根據對世界銀行零例行燃除計劃的承諾向全球天然氣燃除減少夥伴關係提交的第一份燃氣燃除報告。

And we also did something; it was an unprecedented research campaign where we started the Caribbean mangroves, the Middle Magdalena wetlands and the Orinoco forest that was initiated to understand, amongst others, the state of conservation, ecological capacities such as carbon inventories under carbon fixation capacities, analysis of vegetation covered through multitemporal images, global factors of loss and gain of ecosystems functionality and relationships with the communities.

我們也做了一些事情；這是一場史無前例的研究活動，我們在加勒比海紅樹林、馬格達萊納中部濕地和奧里諾科森林開展了這項研究，旨在了解保護狀況、生態能力，例如碳固定能力下的碳庫存、覆蓋的植被分析通過多時相圖像、生態系統功能損失和增益的全球因素以及與社區的關係。

In addition, today, Ecopetrol has different businesses certified as carbon neutral. These are Essentia, our subsidiary in the petchem business, our hydrocarbon transportation businesses that would be CENIT, Ocensa, (inaudible) and Bicentenario as well as ISA and its subsidiaries in transmission, roads and telecommunications. The above reflects the company's commitment and alignment with the country's decarbonization goals and the Paris agreement. I also want to highlight that in year 2022, we had several milestones in terms of defining goals and the management of water resources in our operations.

此外，如今，Ecopetrol 的不同業務已通過碳中和認證。這些是 Essentia，我們在 petchem 業務的子公司，我們的碳氫化合物運輸業務，即 CENIT、Ocensa、（聽不清）和 Bicentenario，以及 ISA 及其在傳輸、道路和電信方面的子公司。以上反映了公司對國家脫碳目標和巴黎協定的承諾和配合。我還想強調的是，在 2022 年，我們在運營中定義目標和管理水資源方面取得了幾個里程碑。

Last year, we achieved a reuse of 78% of the water required to operate, which represents an increase of 6% when compared to year 2021. I also want to take this opportunity to reflect on the fact that Ecopetrol is committed to be water-neutral by 2045. And this means that we will replenish at least 100% of the water consumed in our operations achieving a positive impact in each of the water basins where we operate. To this end, by 2045, we expect to eliminate these charges to surface water bodies, reduce freshwater collection by 66% or 2/3 and offset the remaining 34%.

去年，我們實現了 78% 的運營所需水的再利用，與 2021 年相比增加了 6%。我還想藉此機會反思 Ecopetrol 致力於成為水資源的事實——到 2045 年達到中性。這意味著我們將至少補充 100% 的運營用水，從而對我們運營的每個流域產生積極影響。為此，到 2045 年，我們預計將消除對地表水體的這些收費，將淡水收集減少 66% 或 2/3，並抵消剩餘的 34%。

In line with this commitment, it is that a few days ago, we announced that Ecopetrol is the first mining energy company in Latin America to verify its water footprint. This (inaudible) to the work with [Econtec], the certification of the calculation and reporting of the water footprint in four of our major facilities in the company. The Cartagena and Barrancabermeja refineries; the production fields of La Cira Infantas in Santander; and Castilla in Meta. Integrated water management at Ecopetrol seeks to contribute to the equitable, economically sound and environmentally sustainable provision of water resources in an aligned manner with our strategy 2040 energy that transforms on our TESG and climate change agenda.

根據這一承諾，幾天前，我們宣布 Ecopetrol 是拉丁美洲第一家驗證其水足蹟的礦業能源公司。這（聽不清）與 [Econtec] 的合作，我們公司四個主要設施的水足跡計算和報告認證。卡塔赫納和巴蘭卡韋梅哈煉油廠；桑坦德 La Cira Infantas 的生產領域；和 Meta 中的 Castilla。 Ecopetrol 的綜合水資源管理力求以與我們的 2040 年能源戰略相一致的方式為公平、經濟合理和環境可持續的水資源供應做出貢獻，該戰略轉變了我們的 TESG 和氣候變化議程。

I will now pass the floor to Yeimy Baez, who will share with us the results and milestones of the low emission solution businesses line.

我現在將發言權交給 Yeimy Baez，他將與我們分享低排放解決方案業務線的成果和里程碑。

Thanks, Felipe. In 2022, we reached significant milestones in our portfolio of low emissions energy solutions. Reported EBITDA of the natural gas and LPG businesses for 2022 was $1,027 million, an increase of 27% compared to previous year. We also delivered a robust netback of $16.2 per equivalent barrel, increasing it by over 14% versus 2021. Ecopetrol Group is committed to maintaining a strong investment in low-carbon solutions, expanding it by 140% year-over-year.

謝謝，菲利普。 2022 年，我們的低排放能源解決方案組合達到了重要的里程碑。 2022 年天然氣和液化石油氣業務的報告 EBITDA 為 10.27 億美元，比上年增長 27%。我們還實現了每當量桶 16.2 美元的強勁淨回報，比 2021 年增長了 14% 以上。Ecopetrol Group 致力於保持對低碳解決方案的大力投資，同比增長 140%。

In renewable energy sources, Ecopetrol continued to make significant progress, incorporating more power capacity, reaching 208 megawatts of renewables in the energy supply mix by the end of 2022, benefiting from the competitive levelized cost of energy and the low emissions intensity. The up, mid and downstream segments have reported accumulated cost savings of more than COP 22,000 million and CO2 equivalent emissions reduction of about 32,000 tons.

在可再生能源方面，Ecopetrol 繼續取得重大進展，納入更多電力容量，到 2022 年底，能源供應組合中的可再生能源達到 208 兆瓦，受益於具有競爭力的平準化能源成本和低排放強度。上、中、下游板塊累計節約成本超過220億比索，二氧化碳當量減排約3.2萬噸。

We entered 2022 with high expectations about the hydrogen agenda, and we closed out on a high note. Since we launched our strategic plan in last March, our achievements have positioned Ecopetrol as a leader for low carbon hydrogen development in Colombia and throughout the region by the means of delivering the first proof of concept in the country to successfully produce green hydrogen and use it in an operational refinery.

進入 2022 年，我們對氫能議程寄予厚望，並以高調結束。自去年 3 月我們啟動戰略計劃以來，我們的成就使 Ecopetrol 成為哥倫比亞乃至整個地區低碳氫開發的領導者，通過在該國提供第一個成功生產綠色氫的概念驗證並使用它在運營中的煉油廠。

As expected, in August, this test reached its final stage, allowing to capture the lessons learned and use this incorporated know-how on the development of 2 mega scale projects that will be operational by the end of 2025. Each of these projects is expected to have a 60 megawatts electrolysis capacity powered by green energy sources and be able to produce 9,000 tons of hydrogen per year.

正如預期的那樣，該測試在 8 月進入了最後階段，從而可以吸取經驗教訓並利用這一綜合專業知識開發 2 個將於 2025 年底投入運營的大型項目。預計這些項目中的每一個擁有 60 兆瓦的綠色能源電解能力，每年能夠生產 9,000 噸氫氣。

Please proceed to the next slide. In sustainable mobility, Ecopetrol continues to make strategic progress. Several programs have emerged and broadened, one of which is the fund to promote use of natural gas in heavy-duty trucks known as Kandeo that has evolved in conjunction with fuel companies in Colombia. We moved forward with the pilot in Bogota, where public transportation buses powered by green hydrogen are expected to be on the road in 2023. Ecopetrol raised awareness on the importance of innovation ecosystems and made progress with the infrastructure to produce hydrogen and refuel light vehicles that is under construction in the Caribbean innovation and technology center. This mobility park comes from an agreement between Toyota and Ecopetrol.

請繼續看下一張幻燈片。在可持續交通方面，Ecopetrol 繼續取得戰略進展。已經出現並擴大了幾個項目，其中之一是與哥倫比亞的燃料公司共同發展的名為 Kandeo 的旨在促進重型卡車使用天然氣的基金。我們在波哥大推進了試點工作，預計 2023 年綠色氫動力公共交通巴士將在波哥大上路。Ecopetrol 提高了人們對創新生態系統重要性的認識，並在基礎設施方面取得了進展，以生產氫氣和為輕型車輛加油正在建設中的加勒比創新科技中心。這個移動公園來自豐田和 Ecopetrol 之間的協議。

Also, I would like to highlight the 249 electric hybrid and gas vehicles that are now part of the Ecopetrol's fleet, making up 25% of our automotive park. Throughout 2022, Ecopetrol continues to focus on increasing reliability of natural gas sources. The micro LNG project in Buenaventura completed 6 months of being online and has allowed us to test an efficient system that creates optionality. It achieved 100% service availability and proved a scalable and easily replicable solution. It also provided an autonomy of 7 days to Buenaventura district and worked 24/7 during contingency periods experienced during the last year, thus allowing more than 45,000 families to receive uninterrupted natural gas.

此外，我想重點介紹 249 輛電動混合動力和燃氣汽車，它們現在是 Ecopetrol 車隊的一部分，占我們停車場的 25%。在整個 2022 年，Ecopetrol 將繼續專注於提高天然氣來源的可靠性。布埃納文圖拉的微型液化天然氣項目完成了 6 個月的在線，使我們能夠測試一個創造可選性的高效系統。它實現了 100% 的服務可用性，並證明是一種可擴展且易於復制的解決方案。它還為布埃納文圖拉區提供了 7 天的自主權，並在去年遇到的緊急情況下全天候工作，從而使 45,000 多個家庭能夠不間斷地使用天然氣。

In addition, we were able to consolidate in 2022 an ecosystem that leverages the reduction of greenhouse gases emissions and underpins new businesses for Ecopetrol. This ecosystem was strengthened with strategic alliances and platforms such as the International Gas Union, IGU; the Hydrogen Council; the International Renewable Energy Agency; and the World Energy Council, among others.

此外，我們能夠在 2022 年鞏固一個生態系統，該生態系統利用減少溫室氣體排放和支持 Ecopetrol 的新業務。該生態系統通過國際天然氣聯盟、IGU 等戰略聯盟和平台得到加強；氫理事會；國際可再生能源機構；和世界能源理事會等。

As part of our ongoing effort to improve community well-being, we expanded the social gas program connecting more than 13,000 families in the country's rural communities to the natural gas network. We reached more than 2 million final users and families of vulnerable communities with our utility company, Invercolsa. And while there was a cycle of high prices, the Ecopetrol group reduced the LPG price by 30%, benefiting more than 3 million families in Colombia. I will now give the floor to Alberto Consuegra, who will go through the main operational milestones.

作為我們改善社區福祉的持續努力的一部分，我們擴大了社會燃氣計劃，將該國農村社區的 13,000 多個家庭連接到天然氣網絡。我們與我們的公用事業公司 Invercolsa 接觸了超過 200 萬最終用戶和脆弱社區的家庭。在出現高價週期的同時，Ecopetrol 集團將 LPG 價格降低了 30%，惠及哥倫比亞超過 300 萬個家庭。我現在請 Alberto Consuegra 發言，他將介紹主要的運營里程碑。

Thank you, Yeimy. By year-end 2022, the net proven reserves 1P of the Ecopetrol Group amounted to 2,011 million barrels of oil equivalent with a reserve replacement ratio of 104% and an average reserve life equivalent to 8.4 years. Over the past 5 years, the Ecopetrol Group has maintained an average reserve replacement of 130% even under challenging market conditions by implementing continual infill innovations in its processes. The CapEx executed in 2022 contributed to providing organic reserves totaling 215 million barrels of oil equivalent through the execution of successful drilling and workover campaigns in fields such as Rubiales, Cano Sureste and Castilla. Under [SEC] methodology, the Brent price used to value reserves was $97.90 per barrel. It should be pointed out that by the end of 2021, we were able to capture the volumes lost due to the price decreases of 2019 and 2020. And consequently, by the end of '22, the contribution of this factor was reduced to 19% versus 39% in '21.

謝謝你，耶米。截至2022年底，Ecopetrol集團淨探明儲量1P達20.11億桶油當量，儲量替代率為104%，平均儲量壽命為8.4年。在過去 5 年中，即使在充滿挑戰的市場條件下，Ecopetrol 集團通過在其流程中實施持續的填充創新，仍保持了 130% 的平均儲量替代率。通過在 Rubiales、Cano Sureste 和 Castilla 等油田成功實施鑽井和修井活動，2022 年執行的資本支出有助於提供總計 2.15 億桶石油當量的有機儲量。根據 [SEC] 方法，用於評估儲量的布倫特原油價格為每桶 97.90 美元。應該指出的是，到 2021 年底，我們能夠捕捉到因 2019 年和 2020 年價格下跌而損失的數量。因此，到 22 年底，該因素的貢獻減少到 19%與 21 年的 39% 相比。

However, it is important to highlight the growth and progression of volumes, which have allowed for a positive trend of recovery and growth, improvement in reserves over the last 6 years. Ecopetrol continues progressing towards becoming a more gas-focused company by 2030, in line with our energy transition strategy. Approximately 60% of the exploration portfolio is gas targeted, and we continue to focus our efforts to materialize reserve additions from the development of the offshore and onshore Colombian Caribbean as well as in the Piedemonte basin discoveries.

然而，重要的是要強調數量的增長和進步，這使得複蘇和增長的積極趨勢得以實現，過去 6 年的儲量有所改善。根據我們的能源轉型戰略，Ecopetrol 繼續朝著到 2030 年成為一家更加專注於天然氣的公司的方向前進。大約 60% 的勘探組合以天然氣為目標，我們將繼續集中精力通過開發哥倫比亞加勒比海上和陸上以及皮德蒙特盆地的發現來增加儲量。

Ecopetrol delivered, in 2022, the highest historical gas volume since 2010. 92% of the nation's gas is produced in the Tren Piedemonte and nevertheless, will replace the 67% of the production volume. Moreover, the balance of resources and improving reserves of the Ecopetrol Group reflect the potential headway to develop these volumes into proven reserves. And therefore, it is imperative to continue allocating capital to mature new projects and include their production in order to strengthen organic growth and the country's energy sovereignty.

Ecopetrol 在 2022 年交付了自 2010 年以來的最高歷史天然氣量。該國 92% 的天然氣產自特倫皮埃德蒙特，儘管如此，這將取代 67% 的產量。此外，Ecopetrol 集團的資源平衡和儲量增加反映了將這些量開發為探明儲量的潛在進展。因此，必須繼續將資金分配給成熟的新項目並將其生產納入其中，以加強有機增長和國家的能源主權。

Let's move on to the next slide, please. During 2022, we drilled a total of 24 exploratory wells in line with the plan. By year-end, we totaled 7 exploratory successes in basins that hold interesting prospects for Ecopetrol, which allowed progressing more than 50% of the drill prospective volumes to discover resources. Furthermore, 6 wells are currently under evaluation.

請轉到下一張幻燈片。 2022年，我們按計劃共鑽探探井24口。到年底，我們在 Ecopetrol 擁有有趣前景的盆地中總共取得了 7 次勘探成功，這使得超過 50% 的鑽探遠景量得以推進以發現資源。此外，目前正在評估 6 口井。

I want to highlight the success of the Ibamaca-2 sidetrack appraisal well, wholly operated by our subsidiary, Hocol, which confirmed the discovery of crude from the Ibamaca-1 well drilled in 2021 and located in the Tolima department. By year-end, we incorporated 12 new blocks in our exploratory portfolio with strategic partners. In Brazil, 6 offshore blocks in the southern region of the Santos basin in Colombia, 4 deep water blocks in the Caribbean, and our subsidiary, Hocol, was able to acquire a 50% stake in 2 blocks in the Lower Magdalena Valley and Sinú-San Jacinto basin in partnership with Lewis Energy as operator. For 2023, we expect to drill 25 exploratory wells out of which 12 will be focused on gas, mainly in Piedemonte, the Caribbean offshore and the Northern onshore Colombia.

我想強調由我們的子公司 Hocol 全權運營的 Ibamaca-2 側鑽評價井的成功，這證實了 2021 年在托利馬省鑽探的 Ibamaca-1 井發現了原油。到年底，我們與戰略合作夥伴將 12 個新區塊納入了我們的勘探組合。在巴西，哥倫比亞桑托斯盆地南部地區6個海上區塊，加勒比海4個深水區塊，我司子公司Hocol獲得下馬格達萊納河谷和Sinú- 2個區塊50%股權。聖哈辛托盆地與 Lewis Energy 合作運營。到 2023 年，我們預計將鑽探 25 口探井，其中 12 口將專注於天然氣，主要位於皮德蒙特、加勒比海上和哥倫比亞北部陸上。

Let's move on to the next slide, please. As Felipe mentioned, in 2022, production continued its growth path, reaching 709,500 barrels of oil equivalent per day, exceeding the target set for the year. The December result, which reached 734,900 barrels of oil equivalent per day, was the highest recorded since February 2020.

請轉到下一張幻燈片。正如費利佩所說，2022 年產量繼續增長，達到每天 709,500 桶石油當量，超過了當年設定的目標。 12 月的結果達到每天 734,900 桶石油當量，是自 2020 年 2 月以來的最高記錄。

I would like to highlight the performance of Cano Sur Este, with an increase of 15,000 barrels of oil per day thanks to the entry into operation of the first fluid treatment train as well as additional production from the Permian subsidiary. It is worth mentioning the increase in execution capacity during 2022 with 36% increase in development wells drilled as compared to 2021 with an average use of 28 rigs and a 25% increase in workover activities.

我想強調一下 Cano Sur Este 的表現，由於第一條流體處理裝置的投入運行以及二疊紀子公司的額外產量，每天增加 15,000 桶石油。值得一提的是，與 2021 年相比，2022 年的執行能力將增加 36%，平均使用 28 台鑽機，修井活動將增加 25%。

In 2023, production will maintain its growth trend with target volumes of 720,000 to 725,000 barrels of oil equivalent per day, mainly leveraged by incremental production campaigns in the Permian subsidiary Cano Sur Este Rubiales, Piedemonte, Quifa and Akacias.

到 2023 年，產量將保持增長趨勢，目標產量為每天 720,000 至 725,000 桶石油當量，這主要得益於二疊紀子公司 Cano Sur Este Rubiales、Piedemonte、Quifa 和 Akacias 的增產活動。

Let's continue to the next slide, please. We are pleased to report positive operational and financial results from our Permian Basin with average production in 2022 reaching 37,800 barrels of oil equivalent per day net for Ecopetrol before royalties, a 96% increase over 2021 with an EBITDA margin of 87%.

請繼續看下一張幻燈片。我們很高興地報告二疊紀盆地積極的運營和財務業績，2022 年 Ecopetrol 的平均產量達到 37,800 桶油當量/日淨額（不包括特許權使用費），比 2021 年增長 96%，EBITDA 利潤率為 87%。

The acquisition of the new areas in the Delaware sub-basin added 48 million barrels of oil equivalent to the 2022 reserve balance. Drilling operations in the region began in December. In line with our TESG strategy, we highlight the progress in the decarbonization of our Permian operations with 0 routing flaring and the use of monitoring systems for the early detection of methane fugitive emissions. For 2023, we foresee average production of between 60,000 to 65,000 barrels of oil equivalent per day with about 120 to 130 new wells to be drilled.

收購特拉華次盆地的新區域增加了 4800 萬桶石油，相當於 2022 年的儲量餘額。該地區的鑽井作業於 12 月開始。根據我們的 TESG 戰略，我們重點介紹了我們二疊紀作業的脫碳進展，實現了 0 路由燃燒和使用監測系統來及早檢測甲烷逃逸排放。到 2023 年，我們預計每天的平均產量將達到 60,000 至 65,000 桶油當量，將鑽探約 120 至 130 口新井。

Let's continue with the next slide, please. Transported volumes increased by more than 63,000 barrels per day in 2022 mainly due to increased crude production, higher local demand for refined products and additional barrels from third parties. We emphasize that, for the second consecutive quarter, we achieved record evacuation indicators in our multipurpose pipelines due to the intensified use of the Pozos-Galan system which allowed us to have a greater availability of products in the Barrancabermeja refinery.

請讓我們繼續下一張幻燈片。到 2022 年，運輸量每天增加超過 63,000 桶，這主要是由於原油產量增加、當地對精煉產品的需求增加以及來自第三方的額外桶。我們強調，由於加強使用 Pozos-Galan 系統，我們連續第二個季度在多用途管道中實現了創紀錄的疏散指標，這使我們能夠在 Barrancabermeja 煉油廠獲得更多產品。

The midstream segment of the Ecopetrol Group received the carbon-neutral certification from the Colombian Institute of Technical Standards and Certification. [Econtec]. We are very proud to be the only midstream segment in the world to be carbon neutral.

Ecopetrol 集團的中游業務獲得了哥倫比亞技術標準與認證協會的碳中和認證。 [經濟]。我們很自豪能夠成為世界上唯一實現碳中和的中游部門。

Likewise, at year-end, Cenit acquired the Cantayus small hydro power plant, SHP, which has an annual generation capacity of 25.4 gigawatt an hour and is the Ecopetrol Group's first hydropower generation asset. This will avoid approximately 63,000 tons of CO2 emissions over the next 15 years, thus contributing towards reducing the company's carbon footprint.

同樣，在年底，Cenit 收購了 Cantayus 小型水力發電廠 SHP，該發電廠的年發電量為每小時 25.4 吉瓦，是 Ecopetrol Group 的首個水力發電資產。這將在未來 15 年內避免排放約 63,000 噸二氧化碳，從而有助於減少公司的碳足跡。

Let's go to the next slide, please. In our downstream segment, we achieved exceptional financial and operational results with increased operational availability, a yearly record reach in terms of gross refining margin of $21 per barrel and a segment EBITDA of COP 9.5 trillion. We highlight the historical financial results of the Cartagena refinery with an EBITDA of COP 4 trillion and a net profit of COP 2.2 trillion.

請轉到下一張幻燈片。在我們的下游領域，我們取得了卓越的財務和運營成果，運營可用性提高，煉油毛利潤達到每桶 21 美元，部門 EBITDA 達到 9.5 萬億哥倫比亞比索，創下年度記錄。我們重點介紹卡塔赫納煉油廠的歷史財務業績，其 EBITDA 為 4 萬億哥倫比亞比索，淨利潤為 2.2 萬億哥倫比亞比索。

In 4Q 2022, the combined refining throughput reached 344,900 barrels per day, exceeding 4Q 2021 results by 4,800 barrels per day due to the greater availability of domestic crudes and the execution of a scheduled major maintenance activities.

2022 年第四季度，綜合煉油吞吐量達到 344,900 桶/日，比 2021 年第四季度的結果高出 4,800 桶/日，原因是國內原油供應量增加以及計劃中的主要維護活動的執行。

In 2022, we accomplished multiple milestones, of which we highlight, the successful start-up of the crude unit interconnection product in the Cartagena refinery, IPCC, increasing its throughput capacity by 50,000 barrels per day for a total new capacity of 200,000 barrels per day. The refinery's operational availability was about 94% with the successful execution of 12 preventive major maintenance activities contributing towards safeguarding the operational reliability of our assets.

2022年，我們實現了多個里程碑，其中重點是IPCC卡塔赫納煉油廠原油裝置互聯產品成功投產，產能提升5萬桶/日，新增總產能20萬桶/日.煉油廠的運營可用性約為 94%，成功執行了 12 項預防性主要維護活動，有助於保障我們資產的運營可靠性。

In Q4, the first scheduled major maintenance of the U-100 crude oil unit was performed after 7 years of continuous operation. The Barrancabermeja refinery was recognized as the best refinery in Latin America by the World Refining Association, stronger refinery operations due to technological investments that ensure energy sovereignty and fuel quality under the highest world standards. Since July 2022, the Ecopetrol Group has delivered gasoline with a sulfur content below 50 parts per million; and as of January 1, 2023, diesel with a sulfur content of 50 parts per million; the successful execution of the green hydrogen production pilot test at the Cartagena refinery.

四季度，U-100原油裝置在連續運行7年後進行了首次計劃大修。 Barrancabermeja 煉油廠被世界煉油協會公認為拉丁美洲最好的煉油廠，由於技術投資確保了能源主權和燃料質量符合世界最高標準，煉油廠的運營更加強大。自2022年7月起，Ecopetrol集團交付硫含量低於百萬分之五十的汽油；自 2023 年 1 月 1 日起，硫含量為百萬分之 50 的柴油；在卡塔赫納煉油廠成功進行了綠色制氫試點測試。

Finally, I would like to highlight Esenttia's new recycled plastic resins plant that will be online by 4Q 2023 with an annual capacity of 12,000 tons and a carbon footprint that is 50% lower than that of comparable mechanical recycling plants. It will positively impact more than 3,000 recyclers and generate over 8,000 jobs.

最後，我想強調一下 Esenttia 的新再生塑料樹脂工廠，該工廠將於 2023 年第四季度投產，年產能為 12,000 噸，碳足跡比同類機械回收工廠低 50%。它將對 3,000 多家回收商產生積極影響，並創造 8,000 多個就業崗位。

Let's move on to the next slide, please. In 2022, the Ecopetrol Group designed a comprehensive strategy focused on mitigating the effects that international markets have had on the cost structure of our operations and investments. We achieved efficiencies of approximately COP 3.5 trillion, of which COP 1 trillion impacted OpEx and, as such, was one of the main drivers to contain inflationary forces.

請轉到下一張幻燈片。 2022 年，Ecopetrol 集團制定了一項綜合戰略，重點是減輕國際市場對我們運營和投資成本結構的影響。我們實現了約 3.5 萬億 COP 的效率，其中 1 萬億 COP 影響了運營支出，因此是遏制通脹力量的主要驅動力之一。

These initiatives included strategies focusing on optimizing lifting costs as well as the crude dilution factor and also that improved the operational and technical performance of investment projects, among others. In fact, we saw a 13% inflationary impact on total costs.

這些舉措包括側重於優化提升成本和原油稀釋係數的戰略，以及改善投資項目的運營和技術績效等的戰略。事實上，我們看到通貨膨脹對總成本產生了 13% 的影響。

Total unit cost for the fourth quarter has a year-on-year increase of $7 per barrel, largely due to the effect of higher prices on purchases and imports of crude end-products. The lifting cost exhibited a year-on-year increase of 11%, mainly explained by an increase in operations and by the effect of inflationary pressure on the cost structure. On the other hand, the downstream cash cost remained constant versus 2021 levels due to a greater throughput volume to the refineries, which offset the inflationary effect.

第四季度的總單位成本每桶同比增長 7 美元，這主要是由於價格上漲對原油終端產品的採購和進口的影響。起重成本同比增長11%，主要是由於作業量增加以及通脹壓力對成本結構的影響。另一方面，由於煉油廠的吞吐量增加，下游現金成本與 2021 年的水平相比保持不變，這抵消了通貨膨脹的影響。

Finally, the increases in cost per barrel transported were offset by a lower unit cost due to the greater volume transported as well as the effect of a higher exchange rate when converting costs from pesos to dollars. I would now like to turn the floor to Jaime Caballero, who will update you on the transmission and toll road segment and recount the main financial results of the Ecopetrol Group.

最後，每桶運輸成本的增加被較低的單位成本所抵消，這是由於運輸量增加以及將成本從比索轉換為美元時匯率較高的影響。現在請 Jaime Caballero 發言，他將為您介紹傳輸和收費公路部分的最新情況，並重述 Ecopetrol Group 的主要財務業績。

Thank, Alberto. ISA announced its results on February 23. At Ecopetrol, we want to highlight excellent performance of the company during 2022, which resulted in a historically high dividend for the benefit of all its shareholders. We see great potential for joint value creation going forward. And to capture it, 8 working groups were set up to identify and structure synergies between ISA and Ecopetrol as a result of the electrical infrastructure synergy statement. Initiatives with estimated potential benefits for the Ecopetrol Group of up to $360 million have been identified. During the collaboration process between companies, other lines of work on low emission solutions have been identified, such as green hydrogen, gas to power, energy communities, amongst others. The specific plans associated with the synergies program will be incorporated in its strategic update to the '24 horizon.

謝謝，阿爾貝托。 ISA 於 2 月 23 日公佈了其業績。在 Ecopetrol，我們希望強調公司在 2022 年的出色表現，這為所有股東的利益帶來了歷史最高的股息。我們看到了未來共同創造價值的巨大潛力。為了抓住它，根據電氣基礎設施協同聲明，成立了 8 個工作組來確定和構建 ISA 和 Ecopetrol 之間的協同作用。已經確定了估計可為 Ecopetrol Group 帶來高達 3.6 億美元潛在收益的舉措。在公司之間的合作過程中，已經確定了低排放解決方案的其他工作線，例如綠色氫、天然氣發電、能源社區等。與協同增效計劃相關的具體計劃將納入其對 24 年地平線的戰略更新。

Let's go to the next slide, please. In 2022, the Ecopetrol Group presents exceptional performance in financial indicators, supported by solid operating performance of all its business lines that, together with the marketing strategy, allowed us to take advantage of positive market condition. And the results at the consolidated level and EBITDA margin of 47.2%, a return on capital employed of 18.8%, a gross debt-to-EBITDA indicator of 1.5x and a net debt-to-EBITDA of 1.3x all stand out.

請轉到下一張幻燈片。 2022 年，Ecopetrol 集團在其所有業務線的穩健經營業績以及營銷策略的支持下，在財務指標方面表現出色，使我們能夠利用積極的市場條件。合併層面的結果和 47.2 倍的 EBITDA 利潤率、18.8 倍的已動用資本回報率、1.5 倍的總債務與 EBITDA 指標以及 1.3 倍的淨債務與 EBITDA 比率都非常突出。

These indicators improved compared to the previous year due to, firstly, contribution of all the group companies, especially in Permian and the Cartagena refinery, which also broke records in several results; second, rebound in production at Ecopetrol domestic, which returned to levels pre-pandemic; thirdly, the added value of the incorporation of ISA for the full year; and fourth, a favorable market price level. These factors allowed the group to generate a record EBITDA level of COP 75.2 trillion with a growth 79% compared to the previous year.

這些指標較上年有所改善，首先得益於所有集團公司的貢獻，特別是在二疊紀和卡塔赫納煉油廠，也有多項成績打破記錄；其次，Ecopetrol 國內產量反彈，恢復到大流行前的水平；第三，全年納入ISA的附加值；四是有利的市場價格水平。這些因素使該集團的 EBITDA 達到創紀錄的 75.2 萬億哥倫比亞比索，比上一年增長 79%。

At the level of the contribution of all business lines, crude oil sales stand out, which by 2022 continued at 83% of the group's EBITDA generation. The performance of the refining segment is highlighted which tripled its contribution compared to the previous year, supported by its operational stability and record results in refining events. The transmission and roads segment had a share of 12% of the group's EBITDA continued to provide stability to the group's revenues and operating cash flows. The lower emission solutions business grew its EBITDA by 34% in 2022 versus '21. with a significant contribution in past, (inaudible) which we see as fuel energy transition.

在所有業務線的貢獻水平上，原油銷售額脫穎而出，到 2022 年繼續佔集團 EBITDA 產生的 83%。煉油部門的業績得到強調，與上一年相比，其貢獻增加了兩倍，這得益於其運營穩定性和煉油事件創紀錄的結果。輸電和道路業務佔集團 EBITDA 的 12%，繼續為集團的收入和經營現金流提供穩定性。與 21 年相比，低排放解決方案業務在 2022 年的 EBITDA 增長了 34%。過去做出了重大貢獻，（聽不清）我們將其視為燃料能源轉型。

In line with what was discussed in previous calls, the Ecopetrol Group continues to manage debt maturities for the third quarter of 2023, seeking to ensure the most competitive conditions in this volatile market environment. As part of the refining strategy so far in 2023, its successful bond issuance was carried out in the international market for $2 billion, and a partial repurchase of the international bond issued in 2017. Ecopetrol has successfully refinanced close to 7% of the debt maturities in 2022, close to $5 billion, and there are $1.6 billion in the refinancing process (inaudible).

根據之前電話會議中討論的內容，Ecopetrol Group 繼續管理 2023 年第三季度的債務到期日，力求確保在這個動蕩的市場環境中保持最具競爭力的條件。作為 2023 年迄今煉油戰略的一部分，其在國際市場成功發行了 20 億美元債券，並部分回購了 2017 年發行的國際債券。Ecopetrol 已成功為近 7% 的到期債務進行再融資2022 年接近 50 億美元，還有 16 億美元在再融資過程中（聽不清）。

Finally, it is important to highlight how compared to peer companies, Ecopetrol Group presents world-class results and indicators such as ROACE, EBITDA margin and EBITDA per barrel, amongst others. Regarding solvency and liquidity, we can see how these indicators are in the market average despite the effect on working capital associated with the fuel price stabilization fund, FEPC, for its Spanish acronym.

最後，重要的是要強調與同行公司相比，Ecopetrol Group 如何呈現世界級的結果和指標，例如 ROACE、EBITDA 利潤率和每桶 EBITDA 等。關於償付能力和流動性，我們可以看到這些指標如何處於市場平均水平，儘管與燃料價格穩定基金 FEPC（其西班牙語縮寫）相關的營運資本受到影響。

Let's go to the next slide, please. At the end of 2022, the Ecopetrol Group recorded a robust cash position of COP 18.1 trillion, where the following items stand out. Operating cash flow generation reached COP 36.2 trillion, mainly associated to the good performance of the business segments, favorable price environment and the payments received during the year COP 18.3 trillion from the fuel price stabilization fund, broke down as follows: Nation contributions in cash for COP 11.5 trillion, dividend surpluses in favor of the nation were used to compensate without transfer of resources, the liquidated obligations [of this event] for COP 6.83. They have receivables from the fund at the end of 2022 amount to COP 26.3 trillion.

請轉到下一張幻燈片。截至 2022 年底，Ecopetrol 集團的現金狀況強勁，達到 18.1 萬億哥倫比亞比索，其中以下項目尤為突出。經營現金流量產生 36.2 萬億比索，主要與業務部門的良好業績、有利的價格環境以及年內從燃料價格穩定基金收到的 18.3 萬億比索的付款有關，具體如下： COP 11.5 萬億，有利於國家的股息盈餘被用於在沒有轉移資源的情況下補償 COP 6.83 的[此事件]清算義務。到 2022 年底，他們從該基金應收的款項達到 26.3 萬億哥倫比亞比索。

On this front, it is important to inform that according to the update of the financial plan, the national central government, December 2022. For 2023, explicit item COP 26.4 trillion was included to settle the accumulated balances as of December 2022. According with the publication of the general budget of the nation, ministries in power to offset set payments and the substantial dividends we can save and/or use uncommitted budget services for additional (inaudible)

在這方面，重要的是要通知，根據國家中央政府財政計劃的更新，2022 年 12 月。對於 2023 年，明確的項目 COP 26.4 萬億被包括在內，以結清截至 2022 年 12 月的累計餘額。根據國家總預算的公佈，有權抵消固定付款的部委和我們可以節省的大量紅利和/或使用未承諾的預算服務來獲得額外的（聽不清）

On the other hand, the new government initiated a gasoline price adjustment, which is critical to slow down the speed of such accumulation and close the gap for local versus international prices. The resources generated by the operation were used for organic capital investment for COP 21.9 trillion, as well as to cover the outflow of COP 18.5 trillion in cash flow of which COP 5.1 trillion correspond to debt service and COP 13.4 trillion to dividends paid to the company's shareholders. Finally, in terms of capital structure, it's important to highlight that the balance sheet of the group remains quite solid, growing in equity while maintaining a constant level of debt in dollars.

另一方面，新政府啟動了汽油價格調整，這對於減緩這種積累的速度並縮小本地與國際價格的差距至關重要。運營產生的資源用於 21.9 萬億哥倫比亞比索的有機資本投資，並用於支付 18.5 萬億哥倫比亞比索的現金流出，其中 5.1 萬億哥倫比亞比索用於償還債務，13.4 萬億哥倫比亞比索用於支付給公司的股息股東。最後，在資本結構方面，需要強調的是，該集團的資產負債表仍然相當穩健，股本增長，同時保持美元債務水平不變。

Let's go to the next slide, please. The Ecopetrol Group investment plan in 2023 is in a range between COP 25.3 million and COP 29.8 trillion. This amounts to about $5.6 billion to $6.6 billion, in line with our commitment to the energy transition, 40% of the investments will be allocated to renewable self-generation, hydrogen transmission and roads, energy efficiency and gas self-sufficiency. The other 60% of the investments will be focused on energy security and cash generation. The [client] considers CapEx and other resources for a value close to COP 3 trillion aimed at generating complete actions for 2023 against our growth ambitions, shared with the state.

請轉到下一張幻燈片。 Ecopetrol Group 2023 年的投資計劃在 2530 萬至 29.8 萬億哥倫比亞比索之間。這相當於約 56 億至 66 億美元，根據我們對能源轉型的承諾，40% 的投資將分配給可再生能源自發電、氫傳輸和道路、能源效率和天然氣自給自足。其他 60% 的投資將專注於能源安全和現金生成。 [客戶] 認為資本支出和其他資源的價值接近 3 萬億哥倫比亞比索，旨在為 2023 年採取全面行動，實現我們與國家共享的增長雄心。

Initiatives mainly stand out in the following fronts: climate change to achieve a reduction in emissions of 407 kilotons of CO2; comprehensive water management focused on reducing 40% of the water that is collected; and territorial management to leverage 157 kilometers of intervening tertiary roads; education to 70,000 students; and access to drinking water for 16,000 families.

舉措主要體現在以下幾個方面：氣候變化實現二氧化碳減排407噸；綜合水資源管理，重點是減少 40% 的收集水量；和領土管理，以利用 157 公里的中間三級公路；為 70,000 名學生提供教育；並為 16,000 個家庭提供飲用水。

Finally, it's important to highlight that the financial plan is robust, generates an EBITDA margin greater than 40%, ROACE greater than 11% and a gross debt to EBITDA lower than 2.1. I'll give the floor now to María Paula Camacho, who will give you additional color about the positive evolution of Ecopetrol's TESG.

最後，需要強調的是，財務計劃穩健，EBITDA 利潤率超過 40%，ROACE 超過 11%，總債務與 EBITDA 之比低於 2.1。現在請 María Paula Camacho 發言，她將為您介紹 Ecopetrol 的 TESG 的積極發展。

Thanks, Jaime. Ecopetrol has been recognized for its good performance in corporate responsibility and TESG by various analysts issuers and users of the nonfinancial information reporting ecosystem. This recognition has been the result of the company's rigorous processes and challenges of its performance in environmental, social and governance matters as well as proper communication to all stakeholders.

謝謝，傑米。 Ecopetrol 因其在企業責任和 TESG 方面的良好表現而受到各種分析師發行人和非財務信息報告生態系統用戶的認可。這一認可是公司在環境、社會和治理事務方面的嚴格流程和績效挑戰以及與所有利益相關者的適當溝通的結果。

In recent years, Ecopetrol has been adopting several sustainability and reporting standards, and it has been participating in assessments in which the company's TESG performance is evaluated. The latter has allowed the company to improve its performance and communicate more clearly and effectively its results. In the last 4 years, Ecopetrol has substantially improved its rating in all the dimensions rated by the Dow Jones Sustainability Index.

近年來，Ecopetrol 一直在採用多項可持續性和報告標準，並一直參與評估公司 TESG 績效的評估。後者使公司能夠提高績效並更清晰有效地傳達其結果。在過去的 4 年中，Ecopetrol 在道瓊斯可持續發展指數所評定的所有方面都大幅提高了其評級。

In 2019, Ecopetrol had an overall score of 29 points. And in 2022, we received an overall score of 76. As a result of such improvement, Ecopetrol is now part of the Latin American Integrated Market, MILA, and emerging markets indexes within the Dow Jones Sustainability Index and has been recognized as member of the Sustainability Yearbook for 2 consecutive years.

2019 年，Ecopetrol 的總得分為 29 分。到 2022 年，我們獲得了 76 分的總分。由於這種改進，Ecopetrol 現在是道瓊斯可持續發展指數中拉丁美洲綜合市場、MILA 和新興市場指數的一部分，並被公認為成員可持續發展年鑑連續 2 年。

Ecopetrol's TESG path has been upward and outstanding among its peers. Our improvements and progress are also being reflected on the CDP climate and CDP water ratings. Our current CDP ratings are above the average of companies in the oil and gas sector.

Ecopetrol 的 TESG 路徑一直向上，在同行中脫穎而出。我們的改進和進步也反映在 CDP 氣候和 CDP 水評級中。我們目前的 CDP 評級高於石油和天然氣行業公司的平均水平。

I now turn the floor over to Diana Escobar for remarks on Ecopetrol's impact in the regions.

現在請戴安娜·埃斯科瓦爾 (Diana Escobar) 就 Ecopetrol 在該地區的影響發表評論。

Thank you, María Paula. We are proud to be a driving force of development for the country and the source of employment for thousands of Colombians whose work contributes to make the energy transition a reality. This creation of social value was evidenced through the achievement of manyfold milestones in 2022, among which I would like to highlight the following.

謝謝你，瑪麗亞保拉。我們很自豪能夠成為國家發展的推動力，並為成千上萬的哥倫比亞人提供就業機會，他們的工作有助於實現能源轉型。 2022 年實現了許多里程碑，證明了這種社會價值的創造，其中我想強調以下幾點。

The Ecopetrol Group's sustainable development investment portfolio amounted to more than COP 615 billion, 31% more than in 2021, prioritizing education, road construction, community infrastructure, entrepreneurship, inclusive rural development and access to public services, such as water, sewage, gas and electricity. These investments focused on closing in equity gaps and diversifying local economies resulted in positive impact in national production, generating a GDP growth of 0.1% per year.

Ecopetrol 集團的可持續發展投資組合總計超過 6,150 億哥倫比亞比索，比 2021 年增長 31%，重點放在教育、道路建設、社區基礎設施、創業、包容性農村發展以及獲得公共服務，如水、污水、天然氣和電。這些投資側重於縮小股權差距和實現地方經濟多元化，對國民生產產生了積極影響，使 GDP 每年增長 0.1%。

Over 120,000 students benefited from our educational programs, equivalent to 1.5% of the total students enrolled in public institutions across the country. By the end of the year, Ecopetrol reached the workforce of 129,000 employees. 22% of them are people with low rate of participation in labor market. Furthermore, we facilitated direct and in direct connections for over 31,000 local companies through our supply chain network.

超過12萬名學生受益於我們的教育項目，相當於全國事業單位在校學生總數的1.5%。到年底，Ecopetrol 擁有 129,000 名員工。其中22%是勞動力市場參與率低的人。此外，我們通過我們的供應鍊網絡為 31,000 多家本地公司提供了直接和直接聯繫。

We made it possible for more than 763,000 people to have access to safe drinking water, thus, reducing the national gap to access this essential service by 1.5%. Ecopetrol Group continues to lead the implementation of social investment projects through taxes mechanism. We participate with 31% of the total national quota allocated by the government, contributing to closing inequity gaps in 72 municipalities and 15 departments severely affected by armed conflict and poverty.

我們使超過 763,000 人獲得安全飲用水成為可能，從而將獲得這一基本服務的全國差距縮小了 1.5%。 Ecopetrol集團繼續通過稅收機制牽頭實施社會投資項目。我們參與了政府分配的全國總配額的 31%，為縮小受武裝衝突和貧困嚴重影響的 72 個城市和 15 個省份的不平等差距做出了貢獻。

During the 6 years of the mechanism, a total of 59 projects adding up to [COP 58,000 billion] have been allocated to the group, generating social prosperity in the regions. We promote a fair and equitable energy transition. Therefore, in 2022, the government assigned Ecopetrol to implement solar portable type solutions for 766 homes in the department of Putumayo to increase the coverage of electricity service in rural areas.

在該機制的 6 年中，共計 59 個項目共計 [580,000 億比索] 已分配給該集團，為該地區帶來了社會繁榮。我們提倡公平公正的能源轉型。因此，政府於 2022 年指定 Ecopetrol 為 Putumayo 省的 766 戶家庭實施太陽能便攜式解決方案，以增加農村地區的電力服務覆蓋率。

Finally, between 2019 to 2024, we estimate an accumulated social environmental investment of COP 3.6 trillion. This is part of the Ecopetrol Group's commitment to the transformation of Colombia and the generation of sustainable value for all Colombians.

最後，在 2019 年至 2024 年期間，我們估計累計社會環境投資為 3.6 萬億 COP。這是 Ecopetrol 集團致力於哥倫比亞轉型和為所有哥倫比亞人創造可持續價值的承諾的一部分。

I now turn the floor over to Felipe for closing remarks.

我現在請 Felipe 發言結束髮言。

Thank you very much, Diana. Year 2022 was a year with outstanding financial and operating results, meeting the established goals and with significant records achieved in our 3 business lines. In March of 2023, we will have our AGM, our General Shareholders' Meeting, where we will be able to present to our shareholders the balance of the year in terms of energy sovereignty, TESG, safety, finance and operations.

非常感謝你，戴安娜。 2022 年是財務和經營業績出色的一年，實現了既定目標，並在我們的 3 條業務線中取得了顯著成績。 2023 年 3 月，我們將召開年度股東大會，屆時我們將能夠向股東介紹能源主權、TESG、安全、財務和運營方面的年度結餘。

In 2023, Ecopetrol will continue to make decisive progress, thanks to a solid and highly qualified team, which will work on a business plan aligned with a responsible and just energy transition and with the value promise to all of our shareholders. I want to take the opportunity to thank 18,000 employees, men and women that, every day, in Ecopetrol make the impossible possible.

到 2023 年，Ecopetrol 將繼續取得決定性進展，這要歸功於一支堅實且高素質的團隊，該團隊將製定符合負責任和公正的能源轉型以及對我們所有股東的價值承諾的商業計劃。我想藉此機會感謝 18,000 名男女員工，他們每天都在 Ecopetrol 將不可能變為可能。

With this -- and I open the floor to question and answers.

有了這個 - 然後我開始提問和回答。

(Operator Instructions) The first question is from [Taso Consuelos] from UBC -- UBS.

（操作員說明）第一個問題來自 UBC -- UBS 的 [Taso Consuelos]。

Felipe, first of all, I would like to congratulate you for the time leading Ecopetrol and the great performance achieved in this period. We, here from UBS and Luis as well, wish you success in the new challenge ahead.

Felipe，首先，我要祝賀你領導 Ecopetrol 的時間以及在此期間取得的出色表現。我們，來自瑞銀和路易斯，祝你們在未來的新挑戰中取得成功。

Our first question, we saw a solid performance in 2022 with a solid cash flow, allowing the payment of relevant dividends, right, as you guys just announced. But looking at 2023, we expect a lower average Brent and a slightly change in production and increase in CapEx and, of course, tax rate increase to 55%. So in summary, it's expected a decrease in cash flow, right? What could we expect in terms of capital allocation for the company, especially dividends based on 2023 figures and so on? Can I expect something closer to the 40% range following the Ecopetrol's policy? And are there any discussions with the government about a possible change on this policy?

我們的第一個問題，我們看到 2022 年的業績穩健，現金流穩健，允許支付相關股息，對，正如你們剛剛宣布的那樣。但展望 2023 年，我們預計布倫特原油平均價格將下降，產量將略有變化，資本支出將增加，當然，稅率將增加至 55%。所以總而言之，預計現金流量會減少，對嗎？我們對公司的資本配置有何期待，尤其是基於 2023 年數據的股息等等？根據 Ecopetrol 的政策，我能否期望接近 40% 的範圍？是否與政府就此政策的可能變化進行過任何討論？

And my second question is, could you guys provide an update on the nomination of the new CEO for the company? Any comments from you on how the process is going is really helpful.

我的第二個問題是，你們能否提供有關公司新任首席執行官提名的最新信息？您對流程進展情況的任何評論都非常有幫助。

Thanks, [Taso]. Thanks for being here, and thanks for your kind words. So the first question, I'll provide a bit of context. But given where we are, our CapEx for 2023 has been decided. I mean, obviously, we, as always have been, will be watchful of what's coming, if there are things from a macro perspective that change. And I think the good news is that historically, we've demonstrated that we're very quick, nimble we can adapt, and we've learned from that. Having said that, the COP 25 trillion to COP 30 trillion in terms of CapEx allocation stands. And I'll ask Jaime to provide a bit more context. I know there are several variables and things that you've put on the question, and I think it's worth that we spend some time.

謝謝，[塔索]。感謝您來到這裡，感謝您的美言。所以第一個問題，我將提供一些背景信息。但鑑於我們所處的位置，我們 2023 年的資本支出已經確定。我的意思是，很明顯，我們一如既往地關注即將發生的事情，如果從宏觀角度來看發生了變化。我認為好消息是，從歷史上看，我們已經證明我們非常快速、靈活，我們可以適應，我們從中吸取了教訓。話雖如此，就資本支出分配而言，COP 為 25 萬億至 30 萬億。我會請 Jaime 提供更多背景信息。我知道您在這個問題上提出了幾個變數和內容，我認為我們花一些時間是值得的。

In terms of the update of how the process to nominate and basically select the new CEO, I'll ask María Paula to help us with that.

關於提名和基本選擇新 CEO 的流程的更新，我會請 María Paula 幫助我們解決這個問題。

So Jaime, if you can start with the first part of [Taso's] questions, that would be great.

所以 Jaime，如果你能從 [Taso] 問題的第一部分開始，那就太好了。

I think there's a lot in your question. And the way that I would propose to approach it is what are we seeing as positive trends versus what are we seeing as potential pressures when we think about that outlook. And I think there's a lot on the positive end.

我認為你的問題有很多。當我們考慮這種前景時，我建議處理它的方式是我們所看到的積極趨勢與我們所看到的潛在壓力。我認為有很多積極的方面。

Firstly, the trajectory that we are foreseeing is one of production growth, and it's competitive production growth. It's not production growth at any cost. You have heard about the outlook for the Permian. You have heard about the outlook for gas in Colombia. And these are all very, very profitable and competitive projects. So production growth will be a factor, and we are going to see it, importantly, in operating cash flow, which we see increasing over the next months and years to come, actually.

首先，我們預見的軌跡是生產增長之一，而且是競爭性生產增長。這不是不惜任何代價的生產增長。你聽說過二疊紀的前景。您聽說過哥倫比亞的天然氣前景。而且這些都是非常非常賺錢和有競爭力的項目。因此，產量增長將是一個因素，重要的是，我們將在經營現金流中看到這一點，實際上，我們認為未來幾個月和幾年的經營現金流會增加。

The second thing that I would put on the positive category is prices and differentials, particularly -- differentials, in particular. Some of you might have heard Pedro in the previous call in Spanish that we are probably in a juncture right now where there are some challenges, but the medium- and long-term outlook is a positive one as well. So that's something to bear in mind.

我要放在積極類別上的第二件事是價格和差異，尤其是差異。你們中的一些人可能在之前的西班牙語電話會議中聽過佩德羅說，我們現在可能正處於一個面臨一些挑戰的關鍵時刻，但中長期前景也是積極的。所以要記住這一點。

And thirdly, I think we cannot underestimate the collections for FPEC because what we are seeing and what we've actually seen over the last 9 months is actually a very credible and a very proactive approach from the government in terms of dealing with that balance, which actually translates to cash for Ecopetrol in some shape or form. So I think those 3 elements are positive in the outlook going forward.

第三，我認為我們不能低估 FPEC 的收款，因為我們在過去 9 個月中看到的和我們實際看到的實際上是政府在處理這種平衡方面採取的非常可靠和非常積極的方法，這實際上以某種形式轉化為 Ecopetrol 的現金。所以我認為這三個要素對未來的前景是積極的。

What are the pressures? I think there's 2. Predominantly, one you've identified, which is, of course, tax reform, but we always need to bear in mind that it's very relative. The tax reform is linked to price bands. So it's not a set amount. The way to think about it is the more we earn, the more we pay tax, but the proportion is always one that's in favor of the company. So I think that we need to see it in those terms.

有什麼壓力？我認為有 2 個。主要是你已經確定的一個，當然是稅制改革，但我們始終需要記住它是非常相對的。稅收改革與價格區間掛鉤。所以這不是一個固定的數量。考慮的方式是我們賺得越多，我們交的稅就越多，但這個比例總是有利於公司的。所以我認為我們需要用這些術語來看待它。

And the second pressure that we have is around debt service because, clearly, the refinancing effort that we've done over the last 12 months has come at a time where rates are a bit higher because of -- worldwide because of inflation, and that's going to be translated into some nominal increased debt service over the next months.

我們面臨的第二個壓力是關於償債，因為很明顯，我們在過去 12 個月中所做的再融資努力是在利率略高的時候出現的——全球範圍內由於通貨膨脹，這就是在接下來的幾個月中將轉化為一些名義上增加的債務償還。

I think that all of that is positive. I think that, in the end, the balance of that will largely depend on what is the price outlook that you use. The price outlook that we are using, which I mentioned a couple of times, which is about $80 Brent, is one where we see a capital allocation remaining in the $5 billion to $6 billion per annum over the next few years. We've actually targeted 20 billion for the 3-year period between '23 and '25. That number stands.

我認為所有這些都是積極的。我認為，最終，平衡將在很大程度上取決於你使用的價格前景。我們使用的價格前景，我曾多次提到，布倫特原油價格約為 80 美元，我們認為未來幾年的資本配置將保持在每年 50 億至 60 億美元。實際上，我們的目標是在 23 年到 25 年之間的 3 年期間達到 200 億美元。這個數字成立。

And from a dividend standpoint, what I would say is that the dividend policy of the company remains unchanged. It's 40% to 60% of ordinary net income. And what I would expect is that at these price bands, we will always try to remain in the very high end of that price band. This, of course, will depend on how performance goes, but our outlook remains very positive.

從股息的角度來看，我要說的是公司的股息政策保持不變。這是普通淨收入的40%到60%。我期望的是，在這些價格範圍內，我們將始終努力保持在該價格範圍的高端。當然，這將取決於業績如何，但我們的前景仍然非常樂觀。

Thanks, Jaime, and María Paula, if we can go to the second question.

謝謝 Jaime 和 María Paula，我們可以轉到第二個問題嗎？

Thanks, Felipe. [Taso], on your second question, I would say that the process to appoint the new CEO for the company is undertaken by the Board of Directors with the support of first-tier headhunters and compliant with the CEO succession policy that we have enforced in the company. The process is advancing. It is being carried out on a very serious and professional manner. And I would say also that the Board and its advisers are working to have results as soon as possible, nevertheless, without jeopardizing the seriousness of the process and, obviously, its result.

謝謝，菲利普。 [Taso]，關於你的第二個問題，我想說的是，任命公司新 CEO 的過程是由董事會在一線獵頭的支持下進行的，並且符合我們在公司。該過程正在推進。它正在以非常認真和專業的方式進行。我還要說的是，董事會及其顧問正在努力盡快取得結果，但不會危及流程的嚴肅性，顯然也不會危及其結果。

The last question is from [Tiago Caisquero] of Morgan Stanley.

最後一個問題來自摩根士丹利的 [Tiago Caisquero]。

First of all, I would like to congratulate Felipe for all the work done and wish you all the success.

首先，我要祝賀 Felipe 所做的所有工作，並祝愿你一切順利。

I have 2 questions here. The first one is taking into consideration our exit production rate, which was quite robust. Is there any upside risk to the 2023 production target?

我在這裡有兩個問題。第一個是考慮到我們的出口生產率，它非常強勁。 2023年的生產目標是否存在上行風險？

And the second one is if you have any news on the path of the stabilization funds receivable from the government. Can we expect new collections in the coming quarters?

第二個是關於政府應收穩定資金的路徑是否有任何消息。我們可以期待未來幾個季度的新系列嗎？

Thanks, [Tiago], and thanks for your kind words. So I'm going to ask Alberto. Why don't you take the first one and share your views on how we were seeing production? And Jaime, in terms of FEPC and everything else, if you can provide some insights. Albert?

謝謝，[蒂亞戈]，謝謝你的客氣話。所以我要問阿爾貝托。你為什麼不拿第一個並分享你對我們如何看待生產的看法？ Jaime，就 FEPC 和其他一切而言，如果你能提供一些見解。艾伯特？

Thanks, Felipe. [Tiago], with regards to production, we maintained our guidance in terms of having a production of about 720,000 to 725,000 barrels of crude oil. We take a look -- a conservative view in terms of production because we have to manage, throughout the year, different risks. The first one is associated with the seasonal behavior of the gas sales. Particularly, when you look at December, the second half of December and also the month of January, we see always a reduction in terms of gas sales.

謝謝，菲利普。 [Tiago]，關於生產，我們維持我們的指導方針，即原油產量約為 720,000 至 725,000 桶。我們看一下 - 在生產方面的保守觀點，因為我們必須全年管理不同的風險。第一個與天然氣銷售的季節性行為有關。特別是，當您查看 12 月、12 月下半月以及 1 月時，我們總是看到天然氣銷售量減少。

Also, think about social unrest. When you look at January production, so far, we have had already impacts in our Rubiales and Caño Sur Este production rates because of social stoppages. But also, we have production shutdown coming from the Arauca field from one of our partners. So we will have to continue to manage this throughout the year.

另外，想想社會動盪。看看 1 月份的產量，到目前為止，由於社會停工，我們的 Rubiales 和 Caño Sur Este 的產量已經受到影響。而且，我們的合作夥伴之一的 Arauca 油田停產。因此，我們將不得不全年繼續管理這一點。

Thirdly, we have a maintenance profile in our different operations. We have routing maintenance in both Cusiana and Cupiagua. We will have to have a major turnaround in Floreña for a change of the flare tip, which probably will take between 5 and 10 days. Also, we have maintenance in our triangle, where we have most of the mature oil fields in Apiay, Castilla, Chichimene. We will have to do some maintenance in tanks and also in pipelines that will need some repair.

第三，我們在不同的操作中有一個維護配置文件。我們在 Cusiana 和 Cupiagua 都有路由維護。我們將不得不在 Floreña 進行重大周轉以更換火炬頭，這可能需要 5 到 10 天。此外，我們在我們的三角區進行維護，我們在 Apiay、Castilla 和 Chichimene 擁有大部分成熟油田。我們將不得不對儲罐和需要維修的管道進行一些維護。

Finally, the other thing that you have to consider is the client management. We have to replace every year between 100,000 and 105,000 barrels a day. So the client management will be fundamental. And the CapEx that we have targeted for this year will cover that replacement of production. So all in all, we maintain our range of 720,000 to 725,000 barrels oil equivalent per day.

最後，您必須考慮的另一件事是客戶管理。我們每年必須每天更換 100,000 至 105,000 桶。因此，客戶管理將是基礎。我們今年設定的資本支出目標將涵蓋生產的更換。因此，總而言之，我們維持每天 720,000 至 725,000 桶石油當量的範圍。

Thanks, Alberto. And Jaime?

謝謝，阿爾貝托。還有詹姆？

Thank you, Felipe. [Tiago], with regards to your question around FEPC and its outlook, so I'd start with saying that the balance by the -- at the end of 2022 was of -- about COP 26 trillion, right? And that's an important number to have in mind because it's actually the rationale for the allocation that the government made in its budget for 2023. What the government intended to do was actually synchronize to make sure that the balance in the FEPC by the end of the year match the budget allocation for the next year, which it's actually great news in the past. Actually, I'll give you some history. Over the last 15 years of FPEC, that had very rarely occurred, that match between the budget and the projection for FPEC. So that's positive news.

謝謝你，費利佩。 [Tiago]，關於你關於 FEPC 及其前景的問題，所以我首先要說到 2022 年底的餘額是 - 大約 26 萬億 COP，對嗎？這是一個需要牢記的重要數字，因為它實際上是政府在其 2023 年預算中進行分配的基本原理。政府打算做的實際上是同步，以確保 FEPC 中的餘額在年與明年的預算分配相匹配，這在過去實際上是個好消息。其實，我會給你一些歷史。在 FPEC 的過去 15 年中，很少發生預算與 FPEC 預測相匹配的情況。所以這是個好消息。

The second point that I'll make is that with the dividend project that we announced yesterday, basically, through dividend exchange, we are going to meet, if you will, about COP 21.5 trillion, nearly COP 22 trillion of that balance, which leaves a balance of about COP 4 trillion to COP 5 trillion yet to be defined going forward over the next few months until the end of the year.

我要說的第二點是，對於我們昨天宣布的股息項目，基本上，通過股息交換，我們將達到約 21.5 萬億哥倫比亞比索，其中將近 22 萬億哥倫比亞比索，這剩下大約 4 萬億至 5 萬億哥倫比亞比索的餘額有待確定，在接下來的幾個月中一直持續到今年年底。

The government has different mechanisms to deal with that. Dividends is a mechanism, but it's not the only mechanism. Actually, the largest consideration that they have from a cash standpoint is budget surpluses. So the government can actually reach out to budget surpluses in other areas and assign those to FEPC. How will that occur? And what will the government decide on that? We don't know. To our understanding, they haven't decided that yet.

政府有不同的機制來處理這個問題。分紅是一種機制，但不是唯一的機制。實際上，從現金的角度來看，他們最大的考慮是預算盈餘。因此，政府實際上可以將其他領域的預算盈餘分配給 FEPC。那將如何發生？政府將對此做出什麼決定？我們不知道。據我們了解，他們還沒有做出決定。

But what we do know is that the government is pleased with the results of Ecopetrol for 2022, very pleased. And they're actually supportive of the dividend distribution project that we released yesterday. Actually, there was an announcement from the Ministry of Finance today in that regard. So that, I believe, is also a positive news.

但我們所知道的是，政府對 2022 年 Ecopetrol 的結果感到滿意，非常滿意。他們實際上支持我們昨天發布的股息分配項目。實際上，財政部今天已經發布了這方面的公告。所以，我相信，這也是一個積極的消息。

I think the third point that I would mention is what is the accrual rate of FEPC going forward. In the first month of this year, we accrued about COP 3 trillion of FEPC. We expect that to have a downward shift over the next few months the rate of accrual is going to be reduced mainly because the government has announced and they are very committed to this pathway of increases in gasoline prices. And to the extent that those increases occur, the rate of accrual of the balance is going to be reduced over time. So all in all, a positive outlook, I think, on the matter of FPEC. If we go back 12 months ago, we had pretty significant uncertainty about how this was going to be dealt with, and that has actually been narrowed down to something that we see as appropriate and more predictable in time.

我想我要提到的第三點是未來 FEPC 的應計利率是多少。今年第一個月，我們積累了約 3 萬億 COP 的 FEPC。我們預計未來幾個月應計利率將下降，這主要是因為政府已經宣布並且他們非常致力於這條汽油價格上漲的道路。並且在出現這些增加的情況下，餘額的增加率將隨著時間的推移而降低。因此，總而言之，我認為對 FPEC 的看法是積極的。如果我們回到 12 個月前，我們對如何處理這件事有相當大的不確定性，而且實際上已經縮小到我們認為合適且更能及時預測的事情。

The next question is from Andrés Duarte from Corficolombiana.

下一個問題來自 Corficolombiana 的 Andrés Duarte。

First of all, congratulations to all of the company's employees for the outstanding results that you achieved. And to Felipe, the best of luck to you. And again, I really hope that you remain vocal with respect to the sector in our country.

首先祝賀公司全體員工取得的優異成績。對於 Felipe，祝你好運。再一次，我真的希望你對我們國家的這個部門保持直言不諱。

So the questions -- the first question is related to gas. I would like to know what explains the quarterly reduction that was observed in gas production.

所以問題 - 第一個問題與天然氣有關。我想知道是什麼解釋了在天然氣產量中觀察到的季度減少。

And the second question is related to hydrogen. Please explain the company's forecasts regarding hydrogen production and sales, including self-consumption, local sales and exports, if any.

第二個問題與氫有關。請解釋公司對氫氣生產和銷售的預測，包括自用、本地銷售和出口（如果有）。

Thanks, Andrés, and thanks for your kind words. So both questions, I'm going to ask Yeimy to help us with that in terms of understanding what happened with gas on 4Q of last year and then our views on hydrogen. So Yeimy, please go ahead.

謝謝，安德烈斯，謝謝你的客氣話。所以這兩個問題，我將請 Yeimy 幫助我們了解去年第四季度天然氣發生的情況以及我們對氫氣的看法。所以Yeimy，請繼續。

Thank you very much for your questions. First, about gas. So what happened is that we had a planned maintenance in our infrastructure in the Llanos foothills. So we were running this maintenance during the fourth quarter, and that was the main reason because we decreased the production during that quarter. It was planned as it happened. So the routine operations that we do every year to actually be sure that the reliability of all the infrastructure in terms of gas is ready to deliver what is needed for all the Colombian people.

非常感謝您的提問。首先，關於氣體。所以發生的事情是我們對 Llanos 山麓的基礎設施進行了計劃維護。所以我們在第四季度進行了維護，這是主要原因，因為我們在那個季度減少了產量。它是按計劃進行的。因此，我們每年進行的例行操作實際上是為了確保所有基礎設施在天然氣方面的可靠性已準備好為所有哥倫比亞人民提供所需的東西。

Regarding hydrogen, which is your second question. Today, we are producing 130,000 tons of hydrogen per year. 90% of that hydrogen is gray hydrogen and 10% is blue. All the hydrogen that we are producing today is being used in our own refineries to hydrotreat the fuels that we sell -- that we produce and sell in Colombia and abroad.

關於氫，這是你的第二個問題。今天，我們每年生產 130,000 噸氫氣。 90% 的氫是灰色的氫，10% 是藍色的。我們今天生產的所有氫氣都用於我們自己的煉油廠，以加氫處理我們在哥倫比亞和國外生產和銷售的燃料。

In 2022, we successfully delivered our pilot to produce the first molecule of green hydrogen in Cartagena refinery. So what we are doing now is that we are incorporating all the lessons learned and the know-how to actually mature 2 mega projects that will hopefully sanction the FID at the end of 2023. Those 2 projects will produce about 9,000 tons of hydrogen per year, each of them with an electrolysis capacity of 60 megawatts. So because we are targeting the FID of those 2 projects by the end of this year, we are expecting to have the first molecule in 2025 or 2026. That's like the days that we are targeting. Most of these hydrogen will be used in our own refineries to cover a deficit that we have today, but we will have a surplus production that we will use to actually develop new markets in Colombia and abroad.

2022 年，我們成功交付了在卡塔赫納煉油廠生產第一個綠色氫分子的試驗。因此，我們現在正在做的是，我們正在整合所有經驗教訓和專業知識，以實際成熟 2 個大型項目，有望在 2023 年底批准 FID。這 2 個項目每年將生產約 9,000 噸氫氣，它們每個的電解能力為 60 兆瓦。因此，由於我們的目標是在今年年底前完成這兩個項目的 FID，因此我們預計將在 2025 年或 2026 年獲得第一個分子。這就像我們的目標日期一樣。這些氫氣中的大部分將用於我們自己的煉油廠，以彌補我們今天的短缺，但我們將擁有過剩的產量，用於實際開發哥倫比亞和國外的新市場。

In 2023, we will also deliver 2 mobility projects in Colombia: 1 in Bogota and the second 1 in Cartagena. What we are aiming with those 2 pilots is to actually develop domestic demand for hydrogen that, of course, will be a very, very important key issue for the next decade. In the medium and long term, what we are doing is to actually take into consideration all the competitive advantage that we have as a country, wind speed, radiation, biomass to deliver the competitive and conventional energy resources that are required to produce competitive green hydrogen.

2023 年，我們還將在哥倫比亞交付 2 個移動項目：1 個在波哥大，另一個 1 在卡塔赫納。我們這兩個試點的目標是真正發展國內對氫的需求，這當然將是未來十年非常非常重要的關鍵問題。從中長期來看，我們正在做的是實際考慮我們作為一個國家所擁有的所有競爭優勢，風速、輻射、生物質，以提供生產具有競爭力的綠色氫所需的具有競爭力的常規能源資源.

So we are more than sure that for the next decade, we will have, for sure, portfolio to produce hydrogen in a massive scale, not only for local production but also to export. But to actually share more details, we will need to wait and see how this [hopper] of opportunities is progressed in the next or coming years.

因此，我們非常確定，在接下來的十年裡，我們肯定會擁有大規模生產氫氣的組合，不僅用於本地生產，還用於出口。但要真正分享更多細節，我們需要拭目以待，看看這個 [hopper] 機會在未來或未來幾年的進展情況。

Thank you very much. And I hope Andrés that it helps to actually get a very understanding on how we are progressing on our hydrogen agenda.

非常感謝。我希望 Andrés 這有助於真正了解我們在氫能議程上的進展情況。

Thanks, Yeimy. Thanks, Andrés. Do we have any more questions?

謝謝，耶米。謝謝，安德烈斯。我們還有其他問題嗎？

Now we will answer the questions coming from web. The first question is from Badr of Barclays.

現在我們將回答來自網絡的問題。第一個問題來自巴克萊銀行的巴德爾。

Can we have an update on the impact of frozen tariffs that President Petro wants for water electricity on ISA, please?

我們能否更新佩特羅總統希望對 ISA 的水電徵收凍結關稅的影響？

Thanks, Badr. Thanks for being here. Thanks for participating in the call. What I'd say on this is, first, as we think about ISA, obviously, as a controlling shareholder of ISA, first thing I want to say is that we're very, very pleased with the investment in terms of ISA. Over the last few days or so, and I'm going to share a few numbers and a few concepts here, the first thing is that ISA has proposed to its AGM a very robust dividend distribution. That accounts to roughly 88% in terms of distribution. So very, very comfortable with what ISA is doing in terms of its business.

謝謝，巴德爾。感謝您來到這裡。感謝您參與電話會議。我要說的是，首先，當我們考慮 ISA 時，顯然，作為 ISA 的控股股東，我想說的第一件事是我們對 ISA 的投資非常非常滿意。在過去幾天左右的時間裡，我將在這里分享一些數字和一些概念，第一件事是 ISA 向其 AGM 提出了非常穩健的股息分配。就分佈而言，這大約佔 88%。對 ISA 在其業務方面所做的事情非常非常滿意。

And that, the considerations that went into the recommendation for the AGM take into account the future and forward view the company has of its business. So from that point of view, ISA is not considering impact from the potential -- any intervention in terms of tariffs, in terms of transmission. So very pleased, historical dividend, and it's been accounted for in terms of the numbers that we're seeing and, again, underpins and supports the decision for the dividend distribution.

而且，對 AGM 的建議中考慮的因素考慮了公司對其業務的未來和前瞻性看法。因此，從這個角度來看，ISA 沒有考慮潛在的影響——在關稅和傳輸方面的任何干預。非常高興，歷史股息，它已經根據我們所看到的數字進行了計算，並且再次支持和支持股息分配的決定。

And the other thing that I want to highlight and that we've been discussing over the last couple of days is that we've now identified, in addition to the value that we saw in the purchase, some $360 million of synergies in terms of transmission and in terms of new projects in terms of transition that we can jointly do between ISA and Ecopetrol. So I think it's very, very bullish, very, very bullish in terms of what that brings.

我想強調的另一件事是，我們在過去幾天一直在討論的是，除了我們在收購中看到的價值外，我們現在還確定了約 3.6 億美元的協同效應傳輸以及我們可以在 ISA 和 Ecopetrol 之間共同進行的過渡方面的新項目。因此，我認為就其帶來的影響而言，它非常、非常看漲、非常、非常看漲。

Thanks, Badr. Anything else? Do we have more questions?

謝謝，巴德爾。還要別的嗎？我們還有更多問題嗎？

The next questions are from Frank McGann of Bank of America.

接下來的問題來自美國銀行的 Frank McGann。

How are transportation costs for exports affecting netbacks? What are the expectations for crude oil and natural gas production in Colombia and the U.S. this year? And the last question is what are the trends you are seeing in oil services costs? Are you seeing much upward pressure?

出口運輸成本如何影響淨回值？對今年哥倫比亞和美國的原油和天然氣產量有何預期？最後一個問題是您在石油服務成本方面看到的趨勢是什麼？你看到很大的上行壓力嗎？

Thanks, Carolina. So Pedro, can you help us with the first one and then we'll take it there? And then Alberto, if you can help us with the second and third one, that would be great. Pedro?

謝謝，卡羅萊納。那麼佩德羅，你能幫我們處理第一個，然後我們就把它帶到那裡嗎？然後是 Alberto，如果你能幫助我們完成第二個和第三個，那就太好了。佩德羅？

Okay. Thanks, Felipe. Frank, thank you for your question on transportation. When we talk about transportation cost, basically, we're talking about 2 portions: the pipeline transportation, which is regulated, and in 2022, it was actually slightly lower than 2021 because of our volumes.

好的。謝謝，菲利普。弗蘭克，謝謝你關於交通的問題。當我們談論運輸成本時，基本上，我們在談論兩個部分：受監管的管道運輸，在 2022 年，由於我們的數量，它實際上略低於 2021 年。

Now when it comes to the shipping side of the transportation cost, we are at all-time high cost of -- in the shipping, but it's something that is basically for the entire market. So we're competing very well. But also, I would like to take advantage of this question to let you know that we have become very active in the shipping because we set up a shipping desk in 2021, and we are doing more deliver to the customers. And actually, the numbers in 2021 was that 17% of our exports were delivered to our customers internationally. And in 2022, because of the activity picked up really well, and we basically delivered 37% of our export volumes going into the international markets, and that has actually become a new line of business. That is becoming a new source of income for the company.

現在談到運輸成本的運輸方面，我們的運輸成本一直很高，但這基本上是針對整個市場的。所以我們的競爭非常好。而且，我想利用這個問題讓您知道，我們在運輸方面變得非常活躍，因為我們在 2021 年設立了一個運輸台，並且我們正在為客戶提供更多的服務。實際上，2021 年的數字是我們 17% 的出口產品交付給了我們的國際客戶。到 2022 年，由於活動回升得非常好，我們基本上將 37% 的出口量交付到國際市場，這實際上已經成為一個新的業務線。這正在成為公司新的收入來源。

Thanks, Pedro. Alberto?

謝謝，佩德羅。阿爾貝托？

Thanks, Felipe. Frank, with regards to production in Colombia, we are expecting 500,000 barrels of oil and about 150,000 barrels of oil equivalent coming from gas sales, LPGs and condensates. In terms of U.S., think about 60,000 to 65,000 barrels of oil coming from both Gulf of Mexico and Permian and then about 10,000 coming from gas in Permian.

謝謝，菲利普。弗蘭克，關於哥倫比亞的生產，我們預計 500,000 桶石油和約 150,000 桶石油當量來自天然氣銷售、液化石油氣和凝析油。就美國而言，想想來自墨西哥灣和二疊紀的 60,000 至 65,000 桶石油，然後來自二疊紀的天然氣約有 10,000 桶。

With regards to service costs, what we're expecting this year is an inflationary impact in this particular sector of about 17%. But when you look at our lifting cost in total, we expect that to be in the range of $10 to $10.50 per barrel, which means that we are going to see an increase in terms of inflation in energy, which is the main component in terms of the lifting cost impact, inflation coming from the service sector as well. But we expect to cope with our efficiency program that provided us with extraordinary results during 2022. As a matter of fact, in total, the amount of efficiencies that we saw in 2022 amounted COP 3.6 trillion.

關於服務成本，我們預計今年這一特定行業的通脹影響約為 17%。但是當你看一下我們的總提升成本時，我們預計它會在每桶 10 美元到 10.50 美元之間，這意味著我們將看到能源通脹的增加，這是價格的主要組成部分在解除成本的影響中，通脹也來自服務業。但我們希望能夠應對我們的效率計劃，該計劃在 2022 年為我們帶來了非凡的成果。事實上，我們在 2022 年看到的效率總額總計 3.6 萬億 COP。

Thanks, Alberto. Thanks -- and thanks, Frank, for being part of the call. Do we have any more questions?

謝謝，阿爾貝托。謝謝 - 也感謝弗蘭克參與電話會議。我們還有其他問題嗎？

Yes. We have the last 2 questions from Carlos Carazas. The first one is, should we expect new changes in management going forward? And the second one: how would operations be affected by the regulatory changes that are taking place?

是的。我們有來自 Carlos Carazas 的最後兩個問題。第一個是，我們是否應該期待未來管理方面的新變化？第二個：運營將如何受到正在發生的監管變化的影響？

Thanks, Carlos, and thanks for being here. So in terms of management, as we've described before, focus right now for the Board of Directors is in ensuring that the process to change or appoint a new CEO is done orderly, and it's done, as María Paula was saying, in a way that's very disciplined and very thoughtful and very methodical. So I think that's happening.

謝謝，卡洛斯，感謝您來到這裡。因此，就管理而言，正如我們之前所描述的，董事會現在的重點是確保變更或任命新 CEO 的過程有序進行，正如 María Paula 所說，它已經完成這是非常有紀律、非常周到和非常有條理的方式。所以我認為這正在發生。

In terms of management, we'll need to see. And I'd say that, over the years, for those that have been following the company, you've been able to see that we've managed to basically create a very, very strong world-class team in Ecopetrol. A lot of people that we've brought to the ranks, a lot of the experience that has been in Ecopetrol for many, many years and people from different geographies that they wanted to come back to Colombia and have been part of this journey and have been part of these great results. So we'll see what happens. We'll see what happens. But I think the important here, Carlos, is that institutions, companies, organizations prevail and that we protect those going forward.

在管理方面，我們需要拭目以待。我要說的是，多年來，對於那些一直關注公司的人來說，你已經能夠看到我們基本上已經成功地在 Ecopetrol 中創建了一支非常非常強大的世界級團隊。我們帶來了很多人，很多人在 Ecopetrol 工作了很多年，很多人來自不同地區，他們想回到哥倫比亞，成為這次旅程的一部分，並且已經是這些偉大成果的一部分。所以我們將看看會發生什麼。我們將看看會發生什麼。但我認為這裡重要的是，卡洛斯，機構、公司、組織佔上風，我們保護那些向前發展的人。

In terms of operations and if there's any impact on regulatory changes, there's conversations on those, and I think we addressed some of that in a prior question. And we'll need to see what happens. There's conversations around the national development plan. There's some specific conversations around president being in charge of CREG, the regulatory body, for the next 3 months.

在運營方面，如果對監管變化有任何影響，就會有關於這些的對話，我認為我們在之前的問題中解決了其中的一些問題。我們需要看看會發生什麼。圍繞國家發展計劃進行了對話。關於總統在接下來的 3 個月內負責監管機構 CREG，有一些具體的對話。

So we'll need to see how things progress, how things pan out. And if at the end, there's some impact that -- particularly, the things around ISA that I've explained before, we're bullish. We don't see impact in the short term. But again, we'll need to be watchful. We'll need to see what happens and what goes on in the next months or so.

所以我們需要看看事情進展如何，結果如何。如果最後有一些影響——特別是我之前解釋過的關於 ISA 的事情，我們是看漲的。我們看不到短期影響。但同樣，我們需要保持警惕。我們需要看看接下來幾個月左右會發生什麼以及會發生什麼。

I'm not sure if there's any more questions.

我不確定是否還有其他問題。

No more questions. Mr. Bayón, you may now proceed to closing remarks.

別再問問題了。 Bayón 先生，您現在可以開始致閉幕辭了。

So before doing that, and I'm going to take a few minutes of your time if you guys can help me, there is a graph that I want to share with you. And hopefully, hopefully, this provides some more insights in terms of reserves. And there were some very good questions around production profiles and what happened in 4Q, how do we see these going forward. Both Yeimy and Alberto talked about this. But I want to -- if you can just turn your attention to this graph, which is something new that we haven't shared or disclosed before. And I'll try to be very executive on this.

因此，在此之前，如果你們能幫助我，我將佔用你們幾分鐘的時間，我想與你們分享一張圖表。希望這能在儲備方面提供更多見解。關於生產概況和第四季度發生的事情有一些非常好的問題，我們如何看待這些進展。 Yeimy和Alberto都談到了這一點。但我想——如果你能把注意力轉移到這張圖上，這是我們以前沒有分享或披露過的新東西。我會盡量在這方面表現得非常有執行力。

But the first number is the 2.011 billion, so 2,011 million barrels, 2 billion barrels of reserves in yellow. That's 1P reserves, and that's the number that we've historically been reporting. It basically shows the highest 1P reserve number in the last 8 years. And that number is basically 75% crude and 25% gas. That's the number that we've all seen and that you guys have seen.

但是第一個數字是20.11億，所以20.11億桶，黃色的儲量是20億桶。那是 1P 儲備，這是我們歷來報告的數字。它基本上顯示了過去 8 年來最高的 1P 儲備數字。這個數字基本上是 75% 的原油和 25% 的天然氣。這是我們都看到的數字，你們也看到了。

And here, we're showing -- and this basically tries to paint the picture that we shared with the market over the weekend when we talked about reserves. The 3P reserves or total reserves would be 2.8 billion barrels, and roughly, I think it's 21% gas. So this shows, look, we are sort of, I wouldn't say unveiling, but we're sharing with you some of the numbers that we see in terms of the pipeline or in terms of what comes next. So we're expanding the vision from the 1P reserves to 3P reserves. And what would say -- one would say or could say, look, let's stop there.

在這裡，我們正在展示——這基本上是試圖描繪我們在周末談論儲備時與市場分享的畫面。 3P 儲量或總儲量為 28 億桶，粗略地說，我認為是 21% 的天然氣。所以這表明，看，我們有點，我不會說揭幕，但我們正在與您分享我們在管道或接下來發生的事情方面看到的一些數字。因此，我們正在將願景從 1P 儲備擴展到 3P 儲備。會說什麼——人們會說或可以說，看，讓我們就此打住。

But again, if you look further out, in time and in terms of maturity of those resources, we're also sharing a view on contingent resources. And you say that -- you see that we're saying, look, it includes Gorgon, amongst a lot of other things. And those could be 2.3 billion and roughly percent -- or 14% would be gas. So we think about gas, and back to the question that was made -- addressed by Yeimy, we have 2.8 Tcf right now. This would be an additional 1.9 Tcf.

但同樣，如果你在時間上和這些資源的成熟度方面看得更遠，我們也在分享對或有資源的看法。你這麼說——你看我們在說，看，它包括戈耳工，還有很多其他的東西。這些可能是 23 億，大約百分之一或 14% 是天然氣。所以我們考慮天然氣，回到 Yeimy 提出的問題，我們現在有 2.8 Tcf。這將是額外的 1.9 Tcf。

If we go further out, in terms of maturity, we have discovered resources that still need to be appraised. And that includes, amongst other things, Uchuva. And that would be 3 billion barrels. And roughly, it's 30% gas. And then further out, as the technical teams, the geoscientists, the geophysicists, the people in exploration think about what's next, we're foreseeing, in terms of prospective resources, 6 billion barrels, 53% gas.

如果我們再往前走，就成熟度而言，我們發現了仍然需要評估的資源。其中包括 Uchuva。那將是30億桶。粗略地說，它是 30% 的汽油。然後更遠的地方，隨著技術團隊、地球科學家、地球物理學家和勘探人員思考下一步，我們預計，就潛在資源而言，60 億桶，53% 的天然氣。

So we wanted to share this with you. This is something that I think will be used going forward. It provides a more holistic view, and it's our own view of how we're seeing resources, its progression and then where do we stand in reserves. So we hope this is helpful.

所以我們想和你分享這個。這是我認為會在未來使用的東西。它提供了一個更全面的觀點，這是我們自己對我們如何看待資源、它的進展以及我們的儲備情況的看法。所以我們希望這會有所幫助。

So thanks, everyone, for being part of the call today. And thanks for your feedback. Thanks for your comments. Thanks for your questions. All of those help us immensely and deeply in terms of better understanding your needs; what are the areas of concern, of interest; what are the things or areas in which we need to do better in terms of explanations, in terms of providing supporting material, in terms of ensuring that this relationship between the company and yourselves is stronger and stronger. And every time, it's just stronger and gets much better and much more fluid in terms of communications.

因此，感謝大家參加今天的電話會議。感謝您的反饋。感謝您的意見。感謝您的提問。所有這些都極大地幫助了我們更好地理解您的需求；關注的領域是什麼？在解釋方面，在提供支持材料方面，在確保公司與你們之間的這種關係越來越牢固方面，我們需要在哪些事情或領域做得更好。每一次，它都變得更強大，在溝通方面變得更好、更流暢。

So thanks for everything. Thanks for your support. Thanks for your kind words today. And this is, on a personal note, my last conference call of results for Ecopetrol. You have a solid team here in Ecopetrol. Thanks for everything you do. Thanks, guys. Thanks to the team as well. To the ones that are here, there's a lot of people in the backstage. There's 18,000 men and women that do the -- that turn the impossible into possible things every single day. So thanks for everything. Stay safe. Have a great day.

所以感謝一切。感謝您的支持。謝謝你今天的客氣話。就個人而言，這是我最後一次關於 Ecopetrol 結果的電話會議。 Ecopetrol 擁有一支堅實的團隊。感謝你所做的一切。多謝你們。也感謝團隊。對於在場的人來說，後台有很多人。有 18,000 名男男女女每天都在努力將不可能變成可能。所以感謝一切。注意安全。祝你有美好的一天。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

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