Ecopetrol SA (EC) 2023 Q1 法說會逐字稿

Good morning. My name is Camilla Wella, and I will be your operator today. Welcome to Ecopetrol's earning conference call in which we will discuss the main financial and operational results for the first quarter of 2023. There will be a question-and-answer session at the end of the presentation.

早上好。我叫 Camilla Wella，今天我將是您的接線員。歡迎參加 Ecopetrol 的盈利電話會議，我們將在會上討論 2023 年第一季度的主要財務和運營結果。演示結束時將進行問答環節。

Before we begin, it's 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 assume 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共享的預測不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Diana Escobar, Vice President of Sustainability Development; María Paula Camacho, Vice President of Legal Affairs and General Secretary; Yeimy Báez, Vice President of Low-emission Solutions; Alberto Consuegra, COO; and Jaime Caballero, [CVO]. Thank you for your attention. Mr. Roa, you may begin your conference.

該電話會議將由 Ecopetrol 首席執行官 Ricardo Roa 先生主持；可持續發展副總裁 Diana Escobar； María Paula Camacho，法律事務副總裁兼秘書長；低排放解決方案副總裁 Yeimy Báez；首席運營官 Alberto Consuegra；和 Jaime Caballero，[CVO]。感謝您的關注。 Roa 先生，您可以開始您的會議了。

Good morning, everyone, and welcome to the earnings conference call. It's my privilege to address you today to present the Ecopetrol Group's results for the first quarter of 2023.

大家早上好，歡迎來到收益電話會議。我很榮幸今天能向您介紹 Ecopetrol Group 2023 年第一季度的業績。

Before I begin with the material that we have prepared for you, I would like to express my sincere gratitude to all the members of this organization for their commitment and dedication to their daily work. Clearly, Ecopetrol employees are fully engaged and passionate about their work. It is an honor to lead such a talented and committed team. Together, we will work to secure that Ecopetrol continues to be a reference within the energy sector with operational excellence and financial performance and a global leader for the energy transition.

在我開始介紹我們為您準備的材料之前，我想對本組織的所有成員表示衷心感謝，感謝他們對日常工作的承諾和奉獻。顯然，Ecopetrol 的員工對工作充滿熱情。領導這樣一支才華橫溢、敬業奉獻的團隊是我的榮幸。我們將共同努力，確保 Ecopetrol 憑藉卓越的運營和財務業績繼續成為能源行業的標杆，並成為能源轉型的全球領導者。

I want to express my deep commitment to strength and continue Ecopetrol Group's 2014 strategy, which was announced at the beginning of last year, fostering the group's consolidation as a leading energy group in the region. The strategy, Energy that Transforms, answer the current challenges associated with the energy transition in which society must be balanced simultaneously. Three energy priorities, availability and accesibility in terms of cost and efficiency and all of this in an environmentally responsible manner.

我想表達我對加強和繼續 Ecopetrol Group 去年年初宣布的 2014 年戰略的堅定承諾，以促進該集團鞏固為該地區領先的能源集團。 Energy that Transforms 戰略應對當前與能源轉型相關的挑戰，在能源轉型中社會必須同時保持平衡。三個能源優先事項，在成本和效率方面的可用性和可及性，以及所有這些都以對環境負責的方式進行。

For the Ecopetrol Group, this is possible through our four strategic pillars growing with the energy transition generation value though TESG, cutting-edge knowledge, and capital returns. Our 2023 plans is a key milestone for this strategy and we are committed to effectively and efficiently implement it and to achieve our goals.

對於 Ecopetrol 集團而言，這可以通過我們的四大戰略支柱實現，這些支柱隨著 TESG 帶來的能源轉型發電價值、尖端知識和資本回報而增長。我們的 2023 年計劃是該戰略的一個重要里程碑，我們致力於有效且高效地實施該戰略並實現我們的目標。

CapEx between COP25.3 trillion to COP29.8 trillion to accelerate the path of transition and energy security. Production between 720,000 and 725,000 barrels of oil equivalent per day that are key for the trade balance stability and energy supply. Transfer to the nation of over COP40 trillion in 2023. All these in addition to increase the impact of social investment and always keeping a close on open communication with society and communities with whom we work on a daily basis in our operation.

資本支出在 25.3 萬億 COP 到 29.8 萬億 COP 之間，以加速轉型和能源安全。每天生產 720,000 至 725,000 桶石油當量，這是貿易平衡穩定和能源供應的關鍵。到 2023 年將超過 40 萬億哥倫比亞比索轉移到國家。所有這些都增加了社會投資的影響，並始終與我們在日常運營中與之打交道的社會和社區保持開放的溝通。

Let's move on the next slide to present the main results and milestones for the first quarter of 2023. I would like to start highlighting our resilience as we move within a high changing market environment on the price side as well as challenging local environment and security situations at the beginning of the year. First quarter production averaged 719,000 barrels of oil equivalent per day, an increase of 27,000 barrels versus the first quarter of 2022. Growth was supported by the company's operational strength and higher production from key fields such as Caño Sur, Rubiales, and Permian in Texas, United States.

讓我們轉到下一張幻燈片，介紹 2023 年第一季度的主要成果和里程碑。我想開始強調我們在價格方面瞬息萬變的市場環境以及充滿挑戰的當地環境和安全形勢下的韌性在年初。第一季度日均產量為 719,000 桶石油當量，比 2022 年第一季度增加 27,000 桶。增長得益於公司的運營實力和德克薩斯州 CañoSur、Rubiales 和 Permian 等關鍵油田產量的增加，美國。

In the first quarter of the year, we registered revenues of COP38.9 trillion. EBITDA of COP17.8 trillion and net income of COP5.7 trillion. These results were a consequence of strengthening of the Brent prices translated into the Colombian pesos, given the devaluation of the currency.

今年第一季度，我們的收入為 38.9 萬億比索。 EBITDA 為 17.8 萬億哥倫比亞比索，淨利潤為 5.7 萬億哥倫比亞比索。鑑於貨幣貶值，這些結果是換算成哥倫比亞比索的布倫特原油價格走強的結果。

Operational strength in the hydrocarbon business with higher production and refinery [flow] output as well as [growth] transported crude and refined products. Also, it's worth noting that the gas and LPG business record an EBITDA margin of 59% in the quarter -- last. We also highlight the performance of the energy transmission and toll roads segment due to the new projects and the adjustment in tariffs because of indexation factors.

碳氫化合物業務的運營實力具有更高的產量和煉油廠[流量]輸出以及[增長]運輸原油和精煉產品。此外，值得注意的是，天然氣和液化石油氣業務在本季度錄得 59% 的 EBITDA 利潤率——最後。我們還強調了能源傳輸和收費公路部門的表現，這是由於新項目以及由於指數化因素導致的關稅調整。

On the other hand, I would like to point out that the dividend payment approved by the Shareholders General Meeting of COP24.4 trillion, equivalent to COP593 per share, the highest in the company's history. This value will represent a dividend yield of 25% and implies the dividend payout of 73% of the 2022's net income.

另一方面，我想指出，股東大會批准的股息支付為24.4萬億比索，相當於每股593比索，為公司歷史最高。該值將代表 25% 的股息收益率，並意味著 2022 年淨收入的 73% 的股息支付。

We also highlight our target to reduce methane emissions by 45% by 2025 and 55% by 2030, compared to the 2019 baseline in the direct operations of the production segment through the detection, deferment and elimination of fugitive emissions and the reduction of venting in tanks and wells.

我們還強調了我們的目標，即與 2019 年基線相比，通過檢測、延遲和消除無組織排放以及減少罐內通風，到 2025 年和 2030 年將甲烷排放量減少 45% 和 55%。和水井。

Let's please move to the next slide. Global economic environment for 2023 is challenging with low growth expectations and inflationary pressures that limit the possibility of a change in contractionary monetary policies. In this context, the group has taken strategic actions to ensure the completion of the business plans by closely monitoring the different market risks, which include not only those related to the price of crude oil and refinery products, but also macroeconomic variables such as inflation, the exchange rate and the cost of debt among others.

請轉到下一張幻燈片。 2023 年的全球經濟環境充滿挑戰，低增長預期和通脹壓力限制了緊縮性貨幣政策變化的可能性。在此背景下，集團已採取戰略行動，通過密切監控不同的市場風險來確保業務計劃的完成，這些市場風險不僅包括與原油和煉油產品價格相關的風險，還包括通貨膨脹等宏觀經濟變量，匯率和債務成本等。

Regarding the price of crude oil during the first quarter of the year, Brent crude oil fell from $84 per barrel to $79 per barrel between January and March. The movement was explained by the resilience of Russian production, the building of crude inventories in the United States, Europe and Japan and the financial state observed in the second week of March with the banking crisis that began in the United States.

關於今年第一季度的原油價格，布倫特原油在 1 月至 3 月期間從每桶 84 美元跌至每桶 79 美元。俄羅斯生產的彈性、美國、歐洲和日本原油庫存的增加，以及 3 月第二週在美國開始的銀行業危機中觀察到的金融狀況，都解釋了這一走勢。

During the quarter, we saw opportunities that we were able to take advantage of such as the recent OPEC+ announcements to cut production starting in May, supporting the spread of our crude oil basket. Likewise, the reactivation on demand in China represents an opportunity for our subsidiary in Singapore. To materialize these market opportunities, Ecopetrol will continue to use different contractual schemes that include the delivery of crude oil and products marketed by the company at the customer's facilities.

在本季度，我們看到了我們能夠利用的機會，例如最近 OPEC+ 宣布從 5 月開始減產，這支持了我們原油籃子的價差。同樣，中國的按需重啟為我們在新加坡的子公司提供了機會。為了抓住這些市場機會，Ecopetrol 將繼續使用不同的合同方案，包括在客戶設施交付原油和公司銷售的產品。

In the Ecopetrol Group, each business line is constantly looking for new efficiencies, which allow us to manage the impact of inflation and also alternatives that allow us to use technology and innovation to fulfill our business plan for an increasingly efficient use of resources.

在 Ecopetrol 集團，每個業務線都在不斷尋求新的效率，這使我們能夠管理通貨膨脹的影響，以及使我們能夠利用技術和創新來實現我們的業務計劃以提高資源利用效率的替代方案。

I'll now give the floor to Diana Escobar, Vice President of Sustainable Development. So with that, we can begin to review progress on the milestone of the TESG strategy.

現在請可持續發展副總裁 Diana Escobar 發言。因此，我們可以開始審查 TESG 戰略里程碑的進展情況。

Thank you, Ricardo. In 2023, we continue to generate significant social value. It is worth emphasizing that for this year, the investment plan within Ecopetrol Group's sustainable development portfolio amounts to a record-breaking COP773 billion, representing a 25% increase compared to 2022. Here are some relevant milestones.

謝謝你，里卡多。 2023 年，我們將繼續創造巨大的社會價值。值得強調的是，今年，Ecopetrol 集團可持續發展投資組合的投資計劃達到創紀錄的 7730 億比索，比 2022 年增長 25%。以下是一些相關的里程碑。

During the first quarter, we made remarkable progress in our contribution to the goals of national public education benefiting 31,000 students. In March, we selected 94 new students to grant them with scholarships through Bachilleres Ecopetrol program to pursue higher education studies.

第一季度，我們在實現惠及 31,000 名學生的國家公共教育目標方面取得了顯著進展。 3 月，我們通過 Bachilleres Ecopetrol 計劃選拔了 94 名新生，為他們提供獎學金，以繼續深造。

Furthermore, 35 talented young women earned a place to participate in the program called She is an Astronaut, an initiative aim at enhancing skills, culminated in a transformative visit to NASA's Space Center in August. Within the scope of Ecopetrol Emprende program through technical business companionship, we successfully completed our support for 100 entrepreneurs, micro and small sized enterprises from Villavicencio in the Meta department. As a result, they achieved an increase of 36% in sales and expanded their customer base by 52%.

此外，35 名才華橫溢的年輕女性贏得了參與名為“她是一名宇航員”的計劃的名額，該計劃旨在提高技能，最終於 8 月對 NASA 航天中心進行了變革性訪問。在 Ecopetrol Emprende 計劃範圍內，通過技術業務合作，我們成功地完成了對 Meta 部門 Villavicencio 的 100 家企業家、微型和小型企業的支持。結果，他們的銷售額增長了 36%，客戶群擴大了 52%。

With the goal of narrowing the national gap in access to public services, we achieved a significant milestone this quarter by connecting over 11,500 families to natural gas in the city of Barranquilla and in the municipalities of Arauquita, Arauca, Puerto Rondón and Cravo Norte in the department of Arauca.

為了縮小全國在獲得公共服務方面的差距，我們在本季度實現了一個重要的里程碑，將巴蘭基亞市和阿勞基塔、阿勞卡、龍東港和北克拉沃市的 11,500 多個家庭連接到天然氣阿勞卡省。

Moreover, I would like to emphasize our commitment to sustainability and the energy transition. In a collaboration between Ecopetrol and Esenttia, we proudly inaugurated the first sustainable wagon of Bogota's mass transportation system, Transmilenio, which operates under environmental sustainability criteria.

此外，我想強調我們對可持續性和能源轉型的承諾。在 Ecopetrol 和 Esentia 的合作中，我們自豪地啟用了波哥大公共交通系統的第一輛可持續貨車 Transmilenio，它在環境可持續性標準下運營。

To honor our commitment to be in close proximity to the country's communities, during this quarter, we conducted nine social dialogues, engaging community action boards, academy, entrepreneurs, and local institutions. On top of that, we actively participated in the 2023 national popular communal assembly, where we had the opportunity to engage with 5,000 members, gaining valuable insights from social leaders across the country on topics such as energy transition, dynamics of the hydrocarbon sector, popular economy, and environmental protection.

為了兌現我們與國家社區保持緊密聯繫的承諾，在本季度，我們進行了九次社會對話，讓社區行動委員會、學術界、企業家和當地機構參與進來。此外，我們還積極參加了 2023 年全國群眾大會，與 5,000 名成員進行了交流，從全國社會領袖那裡獲得了關於能源轉型、油氣行業動態、流行等話題的寶貴見解。經濟、環保。

In collaboration with Hocol, we coordinated the roadmap for prior consultations with the Alto Unuma Meta indigenous reserve of Puerto Gatan and the indigenous communities of Ortega and the Department of Tolima. These consultations are crucial to modify Rubiales field's environmental license and the drill and injector wells project respectively.

我們與 Hocol 合作，協調了與 Puerto Gatan 的 Alto Unuma Meta 土著保護區以及奧爾特加和托利馬省的土著社區進行事先磋商的路線圖。這些磋商對於分別修改 Rubiales 油田的環境許可以及鑽井和注水井項目至關重要。

Last but not least, we volunteered in revitalizing public spaces, conducting pedagogical activities for the responsible use of plastic and installing a children's playground with seven tons of recycled plastic.

最後但並非最不重要的一點是，我們自願振興公共空間，開展負責任地使用塑料的教學活動，並使用 7 噸回收塑料建造了一個兒童遊樂場。

Now, I pass the floor to María Paula Camacho, who will enlighten us on the accomplishments in corporate governance and responsibility.

現在，我將發言權交給 María Paula Camacho，她將向我們介紹公司治理和責任方面的成就。

Thank you, Diana. As part of our commitment to the energy transition and in line with the Ecopetrol Group's strategy and TESG plan, the meeting of the Ecopetrol's General Shareholders' Meeting which was attended by more than 3,500 people, was the first carbon-neutral General Shareholders' Meeting of Ecopetrol.

謝謝你，戴安娜。作為我們對能源轉型的承諾的一部分，並根據 Ecopetrol 集團的戰略和 TESG 計劃，Ecopetrol 股東大會的會議有 3,500 多人參加，是第一屆碳中和股東大會環保汽油。

In addition, we highlight the following points. There was a three-ton decrease in CO2 emissions in the 2023 Shareholders' Meeting compared to the 2022 meeting. Those emissions were offset through the purchase of bonds from REDD+ project, which prevented degradation and deforestration of native forest in Bajo Calima and Bahía Málaga in Buenaventura.

此外，我們強調以下幾點。與2022年會議相比，2023年股東大會的二氧化碳排放量減少了三噸。這些排放量通過購買 REDD+ 項目的債券來抵消，該項目防止了布埃納文圖拉的巴霍卡利馬和巴伊亞馬拉加的原生森林退化和砍伐。

The proper disposal of the waste generated during the event was warrantied to provide a second life to the different objects used in the meeting, the printing of itinerary items and handouts decreased. And finally, creating employment for mothers who are heads of households through (inaudible) company, which oversaw the production of the [one as given] as a gift to the shareholders.

確保妥善處理活動期間產生的廢物，為會議中使用的不同物品提供第二次生命，減少行程項目和講義的印刷。最後，通過（聽不清）公司為身為戶主的母親創造就業機會，該公司監督 [one as given] 的生產，作為送給股東的禮物。

During the meeting, the following points, among others, were reviewed and approved. First, the Annual Corporate Governance Report and the Integrated Management Report for 2022. Through these reports, the structure adopted to respond to the challenges of the 2040 strategy was revealed to the stakeholders through the definition of three business lines: hydrocarbons, low-emission solutions, and transmission and toll roads. Likewise, the results of the 2022 financial year and the advances in the TESG pillar were revealed.

會議審議通過了以下幾點。首先，年度公司治理報告和 2022 年綜合管理報告。通過這些報告，通過定義碳氫化合物、低排放解決方案三個業務線，向利益相關者揭示了為應對 2040 年戰略挑戰而採用的結構，以及傳輸和收費公路。同樣，公佈了 2022 財年的結果和 TESG 支柱的進展。

Second, the Board of Directors member election for the remainder of the 2021-2025 period. This Board has seven independent members, six directors who continue in office. And for the first time, we have three women in the executive body. And finally, tax auditor's election and fees allocation for the remainder of the period 2021-2025.

其次，選舉 2021-2025 年剩餘時間的董事會成員。本屆董事會現有獨立董事七人，連任董事六人。我們的執行機構中首次有三名女性。最後，稅務審計員的選舉和 2021-2025 年剩餘時間的費用分配。

It is also worth noting the appointment of Ricardo Roa Barragán as the new CEO of the company. The selection and appointment process was carried out in accordance with the Succession Policy of the CEO of the Ecopetrol and with the support of an international headhunter firm.

還值得注意的是，Ricardo Roa Barragán 被任命為公司新任首席執行官。選拔和任命過程是根據 Ecopetrol 首席執行官的繼任政策並在一家國際獵頭公司的支持下進行的。

Finally, we highlight, after the approval of the 2023 Annual Human Rights Plan, that Ecopetrol continued the survey of human rights risks associated with the business activity in the operational areas. This exercise is carried out with a two-way perspective, and it involved employees, suppliers, and community leaders in the first place.

最後，我們強調，在 2023 年年度人權計劃獲得批准後，Ecopetrol 繼續調查與運營領域的商業活動相關的人權風險。這項工作是從兩個方面進行的，首先涉及員工、供應商和社區領袖。

I will now pass the floor to Yeimy Báez to elaborate on the milestones low-emission solutions.

我現在請 Yeimy Báez 詳細闡述里程碑式的低排放解決方案。

Thanks, María Paula. In the first quarter of 2023, we achieved significant milestones in our portfolio of low-emissions energy solutions. The natural gas and LPG business reported an EBITDA of $267 million, represented a year-over-year increase of 7% with an EBITDA margin of 59%. During the first quarter of 2023, we reached more than 160,000 equivalent barrels per day of gas and LPG production combined, attribute mainly to the growth in our US operations, maintaining a 22% share of gas and LPG in the group's production mix.

謝謝，瑪麗亞寶拉。 2023 年第一季度，我們的低排放能源解決方案組合實現了重大里程碑。天然氣和液化石油氣業務的 EBITDA 為 2.67 億美元，同比增長 7%，EBITDA 利潤率為 59%。 2023 年第一季度，我們的天然氣和液化石油氣總產量達到 160,000 多桶當量桶/日，這主要歸功於我們美國業務的增長，天然氣和液化石油氣在集團生產組合中的份額保持在 22%。

Alongside with the transportation companies, we achieved a historic milestone for Colombia by beginning bi-directionality of the gas pipeline in the Barrancabermeja - Ballena section, thanks to the contractual management and the Cusiana field volumes. Thus, allowing us to connect our field with northern part of the country, which, in turn increases the reliability, optionality, and security of the natural gas supply in these area.

與運輸公司一起，由於合同管理和 Cusiana 油田量，我們開始在 Barrancabermeja - Ballena 部分的天然氣管道雙向通行，為哥倫比亞實現了一個歷史性的里程碑。因此，使我們能夠將我們的氣田與該國北部地區連接起來，這反過來又增加了這些地區天然氣供應的可靠性、選擇性和安全性。

As part of our ongoing effort to improve community well-being, we continue growing our social gas program, benefiting during this quarter, 2,400 families from rural communities in Arauca. Likewise, in the energy communities project portfolio program, more than 20 initiatives were highlighted and four of them were put forward to be developed in Putumayo, Meta, Nariño and Guajira.

作為我們改善社區福祉的持續努力的一部分，我們繼續發展我們的社會天然氣計劃，在本季度使來自 Arauca 農村社區的 2,400 個家庭受益。同樣，在能源社區項目組合計劃中，強調了 20 多項舉措，其中 4 項被提議在 Putumayo、Meta、Nariño 和 Guajira 進行開發。

In renewable energy sources, the operation of our solar farms Brisas, Castilla, San Fernando and the Small Hydroelectric Plant Cantayús allows us to reduce 6,400 tons of CO2 equivalent emissions, making significant progress to our decarbonization goals as well as reported savings of more than COP6,600 million, increasing 127% versus first quarter 2022.

在可再生能源方面，我們的 Brisas、Castilla、San Fernando 和小型水力發電廠 Cantayús 的太陽能發電場的運營使我們減少了 6,400 噸二氧化碳當量排放，在實現我們的脫碳目標方面取得了重大進展，據報導節省的費用超過 COP6 ,6 億美元，比 2022 年第一季度增長 127%。

On the same topic, as part of the group's decarbonization strategy and commitment to the energy transition, we signed an agreement with Total Eren in January of this year for the construction of a 100-megawatt solar farm in the Rubiales field, which will reduce more than 24,000 tonnes of CO2 emissions per year.

在同一主題上，作為集團脫碳戰略和能源轉型承諾的一部分，我們於今年 1 月與 Total Eren 簽署了一項協議，在 Rubiales 油田建設一個 100 兆瓦的太陽能發電場，這將減少更多每年排放超過 24,000 噸二氧化碳。

As per our continued commitment to incorporate new nonconventional renewable energy sources to the group's portfolio, we formed an alliance with EDF, Colombia and Refocosta. We'll build a forest biomass plant with a 25 megawatts capacity in the municipality of Villanueva, Casanare. This energy will be supplied to the group through an agreement with our trader, Gecelca. A reduction of 70,000 tons of CO2 emissions per year is expected, additional to the benefit of reforesting an area of 13,600 acres.

根據我們將新的非常規可再生能源納入集團產品組合的持續承諾，我們與 EDF、哥倫比亞和 Refocosta 結成了聯盟。我們將在卡薩納雷的維拉紐瓦市建造一座容量為 25 兆瓦的森林生物質發電廠。這些能源將通過與我們的貿易商 Gecelca 達成的協議提供給集團。預計每年可減少 70,000 噸二氧化碳排放量，此外還可以在 13,600 英畝的土地上重新造林。

Additionally, a memorandum of understanding was signed with Baker Hughes and the Central Hidroeléctrica de Caldas to study the feasibility of developing a geothermal well in the Nereidas Valley. This will enable short and medium-term possibilities for geothermal energy generation.

此外，還與 Baker Hughes 和 Central Hidroeléctrica de Caldas 簽署了一份諒解備忘錄，以研究在 Nereidas 山谷開發地熱井的可行性。這將使地熱能發電在短期和中期成為可能。

In terms of hydrogen, two projects have advanced to their final phase of maturity, in which it is expected to conclude the development studies alongside with world-class strategic allies. Once concluded, the projects will add a capacity of 60 megawatts each of electrolysis with PEM, proton exchange membrane technology, powered by renewable energy sources.

在氫能方面，兩個項目已進入最後成熟階段，預計將與世界級戰略盟友一起完成開發研究。一旦結束，這些項目將增加 60 兆瓦的電解容量，每個電解採用 PEM、質子交換膜技術，由可再生能源提供動力。

The Ecopetrol Group continues to advance in sustainable mobility hydrogen projects. In March, through the partnership with Fenoge, Fanalca, and Green Móvil, the first comprehensive test with green hydrogen in Colombian public transportation was launched. These includes hydrogen production compression and storage systems, a charging station, and a 50-passenger bus that will be incorporated in the Bogotá Integrated Public Transportation System during the second quarter of 2023.

Ecopetrol 集團繼續推進可持續移動氫項目。 3 月，通過與 Fenoge、Fanalca 和 Green Móvil 的合作，在哥倫比亞公共交通中啟動了首次綠色氫綜合測試。其中包括氫氣生產壓縮和儲存系統、充電站和一輛 50 座公共汽車，該公共汽車將於 2023 年第二季度納入波哥大綜合公共交通系統。

In addition, at the Caribbean Innovation and Technology Center, the first vehicle powered by hydrogen with a Colombian license plate number in the country was introduced. The Toyota Mirai is operational, and the green hydrogen production storage and recharging system will be available for the innovation and entrepreneurship ecosystem in the fourth quarter of this year.

此外，在加勒比創新與技術中心，引進了該國第一輛具有哥倫比亞車牌號的氫動力汽車。豐田Mirai投入運營，綠色制氫儲充系統將於今年四季度上線創新創業生態。

I now turn the floor over to Alberto, who will speak about the main operational milestones.

我現在請 Alberto 發言，他將介紹主要的運營里程碑。

Thank you, Yeimy. 2023 started with two exploration successes in wells, which were drilled at the end of 2022 and tested during this quarter. Arrecife Norte-1 is 100% operated by Hocol and located southeast of Montería. Gas was evidenced in the Ciénaga de Oro formation. Extensive testing is expected to begin in fourth quarter of 2023.

謝謝你，耶米。 2023 年以兩次成功的油井勘探開始，這些油井於 2022 年底鑽探並在本季度進行了測試。 Arrecife Norte-1 100% 由 Hocol 運營，位於蒙特里亞東南部。在 Ciénaga de Oro 地層中發現了天然氣。廣泛的測試預計將於 2023 年第四季度開始。

Tororoi-1 well operated by Geopark in partnership with our subsidiary, Hocol, located in Villanueva, Casanare, confirmed the presence of 35° API light crude oil in the Mirado formation. At the end of the quarter, the initial tests were completed, and the well is currently undergoing extensive testing in order to evaluate its potential. In the first quarter, we advanced 32% on the 2023 drilling campaign. We finished drilling eight exploratory wells out of a plan of 25, 6 located in the eastern plains, Llanos Orientales; and two wells located in the Piedemonte foothill.

Tororoi-1 油井由地質公園與我們位於卡薩納雷維拉紐瓦的子公司 Hocol 合作運營，確認 Mirado 地層中存在 35° API 輕質原油。本季度末，初步測試已完成，該井目前正在進行廣泛測試，以評估其潛力。第一季度，我們在 2023 年的鑽探活動中取得了 32% 的進展。我們完成了 25 口計劃中的 8 口探井，其中 6 口位於東部平原 Llanos Orientales；和位於皮德蒙特山麓的兩口井。

Regarding offshore exploration activity in Colombia, we continue to advance with the evaluation and the appraisal plan of the Uchuva and Gorgón discoveries in the Colombian Caribbean. In addition, contracting is underway to start drilling the Orca Norte -1 appraisal well estimated for the end of this year.

在哥倫比亞近海勘探活動方面，我們繼續推進哥倫比亞加勒比地區Uchuva和Gorgón發現的評價和鑑定計劃。此外，正在簽訂合同，開始鑽探 Orca Norte -1 評估井，估計將於今年年底完成。

In order to identify prospects and mature new opportunities, Ecopetrol acquired 312 square kilometers of seismic data with the Flamencos 3D program located in the municipalities of Puerto Wilches and Sabana de Torres in Santander and the Middle Magdalena Valley basin. This program generated more than 1,100 direct and indirect jobs.

為了確定前景和成熟的新機會，Ecopetrol 使用 Flamencos 3D 程序獲取了 312 平方公里的地震數據，這些地震數據位於桑坦德的威爾切斯港和薩瓦納德托雷斯市以及馬格達萊納河谷盆地中部。該計劃創造了 1,100 多個直接和間接的工作崗位。

Please let's move on to the next slide. On the production front, we reached 719,000 barrels of oil equivalent per day during the first quarter of the year, maintaining robust results despite security situations in some regions.

請讓我們轉到下一張幻燈片。在生產方面，我們在今年第一季度達到了每天 719,000 桶石油當量，儘管某些地區存在安全局勢，但仍保持強勁的業績。

We highlight the incremental production of Caño Sur and our Permian subsidiary and also the improved performance of Rubiales, supported mainly by the pressure support project with reuse of production water, which allowed us to grow sustainably and contribute to the water neutrality goal.

我們強調 Caño Sur 和我們的二疊紀子公司的增量生產以及 Rubiales 的性能改進，這主要得益於壓力支持項目和生產用水的再利用，這使我們能夠可持續發展並為實現水中和目標做出貢獻。

Additionally, during the period, production was mainly affected by security issues with an impact of 6,800 barrels of oil equivalent per day due to the closure of the Capachos field from January 21 to April 15 and the shutdown of the Gibraltar gas plant during March. Also, because of blockades by third-parties in the Quifa, Caño Sur and Rubiales fields, with an impact of 2,600 barrels of oil equivalent per day and also because of lower gas demand from external customers compared to estimates.

此外，在此期間，由於 Capachos 油田於 1 月 21 日至 4 月 15 日關閉以及直布羅陀天然氣廠於 3 月關閉，生產主要受到安全問題的影響，每天影響 6,800 桶油當量。此外，由於第三方在 Quifa、Caño Sur 和 Rubiales 油田的封鎖，每天影響 2,600 桶石油當量，而且外部客戶的天然氣需求低於預期。

It should be noted that exploration and production segment contributed with 48.6% of the group's EBITDA with an EBITDA margin of 42% being a profitable and sustainable segment that leverages the energy transition. By the end of the year, production is expected to be leveraged mainly in the Permian, Caño Sur, Rubiales, Piedemonte, Quifa, and Arauca assets. There are also external factors that could affect production such as the El Niño phenomenon and environmental and public order situations that are constantly being monitored.

值得注意的是，勘探和生產部門佔集團 EBITDA 的 48.6%，EBITDA 利潤率為 42%，是利用能源轉型的盈利和可持續部門。到今年年底，預計產量將主要集中在二疊紀、南卡諾、Rubiales、Piedemonte、Quifa 和 Arauca 資產。還有一些外部因素可能會影響生產，例如厄爾尼諾現像以及不斷受到監控的環境和公共秩序情況。

Let's go to the next slide, please. In the transportation segment for the first quarter of the year, we obtained exceptional financial and operating results. Volumes transported during the first quarter of the year increased by more than 49,000 barrels per day compared to the same period of the previous year, mainly due to higher crude oil production in the [Janos] area and the increase of transported volume of refined products. In addition, for the third consecutive quarter, we achieved record multipurpose pipeline transported volume of approximately 306,300 barrels per day.

請轉到下一張幻燈片。在今年第一季度的交通運輸領域，我們取得了出色的財務和運營業績。今年第一季度的運輸量與去年同期相比增加了 49,000 多桶/天，這主要是由於 [Janos] 地區的原油產量增加以及成品油運輸量的增加。此外，我們連續第三個季度實現了創紀錄的多用途管道運輸量，達到每天約 306,300 桶。

On the financial front, we highlight the historical quarterly result of the segment with an EBITDA of COP3.2 trillion. In order to ensure the evacuation of production from the Caño Limón field after the Caño Limón-Coveñas pipeline was affected, three regression cycles of the Bicentenario pipeline were carried out with an evacuated volume of approximately 662,000 barrels.

在財務方面，我們強調該部門的歷史季度業績，其 EBITDA 為 3.2 萬億比索。 CañoLimón-Coveñas管道受影響後，為確保CañoLimón油田的生產疏散，Bicentenario管道進行了三個回歸周期，疏散量約為66.2萬桶。

On the other hand, due to the contingency registered in the southwest of the country after the natural disaster that blocked a part of the Pan-American Highway, which amount its effects generated fuel shortages, the Ecopetrol Group acted immediately in order to enable new routes to meet the demand for products in this area of the country, developing, among others, a plan for Cabotage from the Buenaventura Maritime Terminal to the Tumaco terminal.

另一方面，由於自然災害後該國西南部出現突發事件，部分泛美公路被封鎖，其影響造成燃料短缺，Ecopetrol 集團立即採取行動以開通新路線為了滿足該地區對產品的需求，制定了從布埃納文圖拉海運碼頭到圖馬科碼頭的沿海航行計劃等。

This included the construction of facilities in the Buenaventura station and terminal. Thanks to the implementation of these adjustments, the flow increased to 2,000 barrels per hour, reducing time per loading times to 22 effective hours. Under this strategy, during this quarter, 11 vessels have been loaded, which have allowed the supply of approximately 279,000 barrels of gasoline and diesel by the Ecopetrol Group.

這包括在布埃納文圖拉車站和終點站建設設施。由於實施了這些調整，流量增加到每小時 2,000 桶，將每次裝載時間減少到 22 個有效小時。根據這一戰略，本季度共有 11 艘船裝船，使 Ecopetrol 集團能夠供應約 279,000 桶汽油和柴油。

During the first quarter, Cenit completed the construction and start-up of the Yumbo TK-8000 storage tank with a nominal capacity of 60,000 barrels, which is expected to reduce stoppages due to high and low inventories, eliminate the payment of tank truck freight and allow the capture of growing demand for fuels.

一季度，Cenit完成了標稱容量為6萬桶的Yumbo TK-8000儲罐的建設和啟動，預計將減少因庫存高低而導致的停工，消除油罐車運費的支付以及允許捕獲對燃料不斷增長的需求。

Let's go to the next slide, please. In the downstream segment, we obtained a historical quarterly record in consolidated throughput of 412,000 barrels per day as well as in the production of diesel, gasoline and jet for domestic supply, complying with Resolution 40103, that establishes the quality limits for fuels in Colombia.

請轉到下一張幻燈片。在下游領域，我們獲得了 412,000 桶/天的綜合吞吐量以及國內供應的柴油、汽油和噴氣發動機生產的歷史季度記錄，符合第 40103 號決議，該決議規定了哥倫比亞燃料的質量限制。

Likewise, the second highest quarter was achieved both in integrated refining gross margin of $24.6 per barrel and the segment's EBITDA of COP3.2 trillion toward the contribution of the Cartagena refinery of COP1.76 trillion stands out, leveraged mainly by the entry of the Cartagena Crude Oil Plant's Interconnection Project from the third quarter of 2022.

同樣，第二高的季度綜合煉油毛利率為每桶 24.6 美元，該部門的 EBITDA 為 COP3.2 萬億，卡塔赫納煉油廠的貢獻為 COP1.76 萬億，主要受卡塔赫納煉油廠進入的影響從 2022 年第三季度開始的原油廠互聯項目。

In the first quarter of 2023, we continued to make progress in TESG, highlighting the progress in the development and moderation of such projects as green hydrogen in both refineries, fuel quality baseline in Barrancabermeja and improvements in the Naphtha hydrotreater unit in Cartagena, the Barrancabermeja and Cartagena refinery to the contribution of Ecopetrol certification of the first mining-energy company in Latin America to verify its water footprint with Icontec. In the ESG story, Merco Responsables 2022 sector rankings, Esenttia ranked 12th in the industrial sector in Colombia. Based on the growth and diversification study developed by Ecodiesel, it was approved to start the maturation of the expansion project to double biodiesel capacity.

2023 年第一季度，我們在 TESG 方面繼續取得進展，突出了兩個煉油廠的綠色氫、巴蘭卡韋梅哈的燃料質量基線以及卡塔赫納石腦油加氫處理裝置的改進等項目的開發和調整取得的進展，巴蘭卡韋梅哈和卡塔赫納煉油廠為拉丁美洲第一家礦業能源公司的 Ecopetrol 認證做出貢獻，以通過 Icontec 驗證其水足跡。在 ESG 故事、Merco Responsables 2022 行業排名中，Esenttia 在哥倫比亞工業領域排名第 12 位。基於 Ecodiesel 開發的增長和多樣化研究，它被批准啟動擴建項目的成熟，使生物柴油產能翻番。

Let's move on to the next slide, please. During the first quarter of the year, efficiencies of COP905.4 billion were achieved within the framework of an integral strategy focused on mitigating the inflationary effects that the global economy continues to experience.

請轉到下一張幻燈片。今年第一季度，在專注於減輕全球經濟持續經歷的通貨膨脹影響的整體戰略框架內實現了 9054 億哥倫比亞比索的效率。

Lifting cost was $8.78 per barrel, increasing by $0.12 per barrel versus the first quarter of 2022, mainly due to inflationary effects on energy tariffs and operation support services with a lower impact due to efficiencies achieved of $0.2 per barrel.

提升成本為每桶 8.78 美元，比 2022 年第一季度每桶增加 0.12 美元，這主要是由於通貨膨脹對能源關稅和運營支持服務的影響，但由於效率達到每桶 0.2 美元，影響較小。

The cumulative average cost per transported barrel as of March 2023 was $2.58 per barrel, decreasing by $0.19 per barrel versus the one recorded at the end of the first quarter of 2022, mainly explained by higher average devaluation of the peso against the dollar and the effect of the additional volume transported.

截至 2023 年 3 月，每桶運輸的累計平均成本為每桶 2.58 美元，與 2022 年第一季度末的記錄相比每桶下降 0.19 美元，這主要是由於比索對美元的平均貶值幅度較大以及影響運輸的額外體積。

The refining cash cost indicator was $3.69 per barrel, showing a decrease of 18% compared to the one evidence in 1Q 2022, mainly due to the exchange rate effect. Additionally, in the first quarter of the year, the total unit cost decreased by 7.4% versus the same period of the previous year.

煉油現金成本指標為每桶 3.69 美元，與 2022 年第一季度的數據相比下降了 18%，主要是受匯率影響。此外，今年第一季度，總單位成本較上年同期下降7.4%。

This is mainly explained by a higher exchange rate and an increase in traded volumes. This demonstrates the effectiveness of the company's policies to face the inflationary pressures in the sector.

這主要是由於較高的匯率和交易量的增加。這證明了公司政策在應對該行業通脹壓力方面的有效性。

I will pass the floor to Jaime Caballero, who will talk about the main milestones of the transmission and roads business line and the financial results of the Ecopetrol Group.

我將把發言權交給 Jaime Caballero，他將談談輸電和道路業務線的主要里程碑以及 Ecopetrol Group 的財務業績。

Thanks, Alberto. In the transmission and toll roads business line, ISA delivered positive operating and financial results, mainly leveraged on the sustained growth of the energy business in Brazil. This was reflected in a 10% contribution of this business line to the group's revenues, 15% to EBITDA, and 4% to net income at the end of the first quarter.

謝謝，阿爾貝托。在輸電和收費公路業務方面，ISA 取得了積極的經營和財務業績，這主要得益於巴西能源業務的持續增長。這反映在第一季度末該業務線對集團收入的貢獻為 10%，對 EBITDA 的貢獻為 15%，對淨收入的貢獻為 4%。

The following milestones standout in the quarter. Firstly, the award of 13 extensions in Brazil and eight connections, five in Brazil, two in Colombia, and one in Peru, which together will add 334 kilometers of circuit to the network.

以下里程碑在本季度脫穎而出。首先，在巴西授予 13 條延線和 8 條連接線，巴西 5 條，哥倫比亞 2 條，秘魯 1 條，它們將共同為網絡增加 334 公里的線路。

Secondly, the entry into operation, 1 reinforcement and 15 improvements in ISA CTEEP, certainly the entry into partial commercial operation of IE Itaúnas with the right to 66% of its annual regulated revenue equivalent to $8 million.

其次，ISA CTEEP 投入運營、1 次加強和 15 次改進，當然是 IE Itaúnas 進入部分商業運營，有權獲得其年監管收入的 66%，相當於 800 萬美元。

ISA will advance in the construction of 31 energy transmission products, which represent more than 4,840 kilometers of additional circuits to the network, and which will generate revenues exceeding $260 million when they come into operation.

ISA 將推進 31 種能源傳輸產品的建設，這些產品代表網絡的額外電路超過 4,840 公里，投入運營後將產生超過 2.6 億美元的收入。

The construction stage of Rutas del Loa continues with an extension of 136 kilometers, which is expected to come into operation in 2024.

Rutas del Loa 的建設階段繼續延伸 136 公里，預計將於 2024 年投入運營。

Let's please move to the next slide to see the main financial indicators. During the first quarter of 2023, the Ecopetrol Group continued to deliver outstanding indicators amidst a more challenging price scenario compared to that observed in 2022. ROACE was 17.8%, underpinned by the last 12 months of operating income which have benefited from a favorable Brent-peso environment, strong operating performance, and solid results in our business lines. That result partially offset higher taxes and the increase in capital employed.

讓我們轉到下一張幻燈片以查看主要財務指標。在 2023 年第一季度，與 2022 年相比，Ecopetrol 集團在更具挑戰性的價格情景中繼續提供出色的指標。ROACE 為 17.8%，這得益於過去 12 個月的營業收入，這得益於有利的布倫特-比索環境、強勁的經營業績以及我們業務線的穩固成果。這一結果部分抵消了更高的稅收和使用資本的增加。

EBITDA margin was 45.9%, mainly explained by the good operating performance across our business lines and solid product realization prices, which offset the increase in operating costs and expenses associated mainly with a higher exchange rate and higher inflation.

EBITDA 利潤率為 45.9%，這主要歸因於我們各業務線的良好經營業績和穩定的產品實現價格，抵消了主要與較高匯率和較高通貨膨脹相關的經營成本和費用的增加。

Regarding EBITDA by business line, the higher contribution of transmission and low-emission solutions stands out in line with the Ecopetrol Group's strategy for 2040, which aims at an EBITDA participation of these businesses of between 30% and 50% of the group's total.

關於按業務線劃分的 EBITDA，輸電和低排放解決方案的較高貢獻與 Ecopetrol Group 的 2040 年戰略相一致，該戰略的目標是這些業務的 EBITDA 佔集團總數的 30% 至 50%。

The gross debt to EBITDA indicator stood at 1.5 times below the 2023 target of 2.1 times. The debt to equity ratio increased to 1.2 times, mainly due to the 16% decrease in equity associated with the recognition of the dividends declared at the General Shareholders' Meeting, while debt increased by only 1.1%. The net income breakeven closed at $32 per barrel, mainly explained by higher sales volumes and better product spreads.

總債務與 EBITDA 指標比 2023 年 2.1 倍的目標低 1.5 倍。債務權益比率增至1.2倍，主要是由於確認股東大會宣告的股息導致權益減少16%，而債務僅增加1.1%。收於每桶 32 美元的淨收入收支平衡，主要原因是銷量增加和產品價差擴大。

Please, let's move on to the next slide. At the end of the first quarter of 2023, the Ecopetrol Group recorded a consolidated cash position of COP17.7 trillion explained by, first, an operating cash flow generation of COP2.1 trillion, including an increase in working capital due to the account receivable associated to the fuel price stabilization fund, FEPC for its Spanish acronym, and payments of accounts payables and current taxes during the period. The above was partially offset by the decrease in inventories in transit, given their deliveries during the quarter.

請讓我們轉到下一張幻燈片。 2023 年第一季度末，Ecopetrol 集團的綜合現金頭寸為 17.7 萬億哥倫比亞比索，原因是首先產生了 2.1 萬億哥倫比亞比索的經營現金流，包括應收賬款導致的營運資金增加與燃料價格穩定基金（西班牙首字母縮寫為 FEPC）相關聯，以及在此期間支付應付賬款和當期稅金。考慮到他們在本季度的交付，上述數字被在途庫存的減少部分抵消。

Secondly, the outflow of investment resources for organic activities for a total of COP5.2 trillion, mainly associated to Ecopetrol S.A., Permian and ISA. And thirdly, the inflow of financing resources as well as principal and interest payments that generated a debt service of COP2.2 trillion. The final cash balance is composed of cash and cash equivalents for COP15.5 trillion and a portfolio of short and long-term investments for COP2.2 trillion.

其次，有機活動的投資資源流出總額為 5.2 萬億比索，主要與 Ecopetrol S.A.、Permian 和 ISA 有關。第三，融資資源的流入以及本息支付產生了 2.2 萬億比索的償債。最終現金餘額由 15.5 萬億哥倫比亞比索的現金和現金等價物以及 2.2 萬億哥倫比亞比索的短期和長期投資組合組成。

Regarding the management of debt maturities for 2023, the Ecopetrol Group continues to advance in its strategy to refinance the outstanding balance of $1.6 billion through tools such as credit operations with local and international banks and bond issuances in the capital markets.

關於 2023 年債務到期管理，Ecopetrol 集團繼續推進其戰略，通過與本地和國際銀行的信貸業務以及在資本市場發行債券等工具，為 16 億美元的未償餘額進行再融資。

Regarding the FEPC balance, the account receivable at the end of the first quarter closed at COP34.2 trillion, reflecting an accumulation of COP7.9 trillion during the quarter. The Ecopetrol Group's collection expectations assume the offsetting of the dividend approved for the majority shareholder of around COP21.6 trillion at the General Shareholders' Meeting against the balance of the FEPC debt for the second, third, and part of the fourth quarter of 2022 with Ecopetrol S.A once firm progress is made with the Ministry of Finance and the respective resolutions are issued.

關於FEPC餘額，一季度末應收賬款收於34.2萬億比索，反映本季度累計為7.9萬億比索。 Ecopetrol Group 的收款預期假設股東大會批准的約 21.6 萬億哥倫比亞比索的股息抵消了 FEPC 2022 年第二、第三和第四季度部分時間的債務餘額Ecopetrol S.A 一旦與財政部取得了堅實的進展並發布了相應的決議。

The Ecopetrol Group continues working with the Ministry of Finance and Public Credit to define further mechanisms that allow settling the outstanding amount for 2022 of approximately COP4.8 trillion once the dividend compensation is made.

Ecopetrol Group 繼續與財政部和公共信貸部合作，以確定進一步的機制，以便在進行股息補償後結清 2022 年約 4.8 萬億比索的未償金額。

Finally, in the first quarter of the year, the Ecopetrol Group's organic investments amounted to COP6 trillion. The hydrocarbon business line accounted for 65% of that amount throughout the integrated chain, both in Colombia and in the United States and Brazil.

最後，在今年第一季度，Ecopetrol 集團的有機投資達到 6 萬億比索。在哥倫比亞、美國和巴西的整個綜合鏈中，油氣業務線佔該金額的 65%。

In the low emissions solutions business line, investments totaled COP0.7 trillion, including investments in renewable energy to underpin self-generation, hydrogen and energy efficiency projects, as well as investments associated with the exploration and development of gas.

在低排放解決方案業務線，投資總額為 7 萬億哥倫比亞比索，包括用於支持自發電、氫能和能效項目的可再生能源投資，以及與天然氣勘探和開發相關的投資。

Investments in the transmission and toll roads business line amounted to COP1.4 trillion and correspond to the projects executed by ISA in energy transmission, toll roads, and telecommunications. These investments allowed progress in the construction of electric circuits and improvements in increasing the reliability of the existing [network] as well as in Rutas del loa, Ruta de la Araucanía, and Ruta del Maipo road projects in Chile.

輸電和收費公路業務線的投資達 1.4 萬億比索，與 ISA 在能源輸電、收費公路和電信方面執行的項目相對應。這些投資使電路建設取得進展，並在提高現有 [網絡] 以及智利的 Rutas del loa、Ruta de la Araucanía 和 Ruta del Maipo 道路項目的可靠性方面取得了進展。

Let's move on to the next slide, please. Today, we can start to see how progress in the Ecopetrol Group's TESG agenda leverages value generation in the long term. In the first quarter, through science, technology and innovation as an accelerator of TESG, we achieved a value of [177] million through highly relevant technological initiatives such as the launch in space in partnership with the Colombian Air Force over the FACSAT-2 Chibiriquete satellite, which helps monitor greenhouse gas emissions over in the Colombian geography and allows for better interpretation of data and images to define the country's carbon sink capacity.

請轉到下一張幻燈片。今天，我們可以開始看到 Ecopetrol Group 的 TESG 議程的進展如何利用長期價值創造。在第一季度，通過科學、技術和創新作為 TESG 的加速器，我們通過高度相關的技術舉措實現了 [1.77] 億美元的價值，例如與哥倫比亞空軍合作在 FACSAT-2 Chibiriquete 上進行太空發射衛星，這有助於監測哥倫比亞地理區域的溫室氣體排放，並允許更好地解釋數據和圖像以確定該國的碳彙能力。

In line with the net zero aspiration, the group announced a new target of reducing methane emissions by 45% by 2025 and 55% by 2030. Also, during the first quarter, we achieved emissions reductions due to operation efficiencies that bring us close to 1 million tons reduced. For the water neutrality target by 2045, we have identified a 66% reduction in freshwater withdrawal for industrial use, zero discharges to freshwater bodies, and to compensate the remainder by 2045.

為了實現淨零排放目標，該集團宣布了到 2025 年將甲烷排放量減少 45% 和 2030 年減少 55% 的新目標。此外，在第一季度，我們通過運營效率實現了減排，使我們接近 1萬噸減少。對於到 2045 年實現水中和的目標，我們已經確定工業用淡水抽取量減少 66%，淡水體零排放，並在 2045 年之前補償剩餘部分。

During the first quarter of 2023, progress was made in reducing water withdrawal by 651,000 barrels per day and initiatives continued to mature to reduce discharges, mainly in projects like the [Esenttia, API, Sur], which will mature in the 2025 to 2030 period. This not only contributes to the water neutrality target, but also brings us closer to being less dependent on this resource, which is fundamental for the sustainability of the business over time.

2023 年第一季度，取水量減少了 651,000 桶/天，減少排放的舉措不斷成熟，主要是 [Esenttia、API、Sur] 等項目，這些項目將在 2025 年至 2030 年期間成熟.這不僅有助於實現水中和目標，而且使我們更接近於減少對這種資源的依賴，這對於企業長期可持續發展至關重要。

In local development, more than 6,000 new non-oil related jobs were created, which puts us on track towards meeting the targets of 25,000 new non-oil related jobs by 2024. This is in addition to the progress made in local social impact in the regions where we operate, previously covered by Diana Escobar.

在地方發展方面，創造了 6,000 多個新的非石油相關工作崗位，這使我們有望實現到 2024 年實現 25,000 個新的非石油相關工作崗位的目標。這是在地方社會影響方面取得進展的補充我們運營的地區，之前由 Diana Escobar 負責。

In corporate governance, the Ecopetrol Group continues to make progress in transparency and sustainability reporting exercises, substantially improving its rating in the Dow Jones Sustainability Index and the CDP, formerly the Carbon Disclosure Project on climate change, positioning the group as a global leader in these two recognized standards.

在公司治理方面，Ecopetrol 集團在透明度和可持續性報告活動方面繼續取得進展，大幅提高了其在道瓊斯可持續發展指數和 CDP（前身為氣候變化碳披露項目）中的評級，使該集團成為這些領域的全球領導者兩個公認的標準。

Finally, to leverage the group strategy, the Corporate Vice Presidency of Finance has been transformed into the Ecopetrol Vice Presidency of Finance and Sustainable Value, which will allow all the more effective and efficient financial support to the Ecopetrol Group's profitable and sustainable growth in the energy transition, which ensures capital discipline, cost efficiency, and cash protection, underpinning the continuity of competitive value generation throughout the group.

最後，為了利用集團戰略，公司財務副總裁已轉變為 Ecopetrol 財務和可持續價值副總裁，這將為 Ecopetrol 集團在能源領域的盈利和可持續增長提供更有效和高效的財務支持過渡，確保資本紀律、成本效率和現金保護，支持整個集團持續創造競爭價值。

I'll now turn the floor over to Ricardo for his closing remarks.

現在請 Ricardo 發表閉幕詞。

Thanks, Jaime. To close, I would like to highlight that we have achieved a strong start of the year with 2023 plan that is still on track. Good progress in the energy transition front and in line with the pillars of the 2040 strategy. We have continued to expand into new geographic regions and strengthen our relationships with our investor and business partners. We are excited about the future with many opportunities ahead, leveraged by the strong corporate governance. We will continue to work hard to create value for our shareholders, employees, and communities.

謝謝，傑米。最後，我想強調的是，我們在今年取得了良好的開端，2023 年計劃仍在進行中。能源轉型方面取得良好進展，符合 2040 年戰略的支柱。我們繼續擴展到新的地理區域，並加強我們與投資者和業務合作夥伴的關係。在強有力的公司治理的推動下，我們對未來充滿機遇感到興奮。我們將繼續努力，為股東、員工和社區創造價值。

Thanks to everyone who is participating in this earnings call today for your time. And with this, I open the question-and-answer session.

感謝今天參與本次財報電話會議的所有人。有了這個，我開始了問答環節。

Thank you. We will now begin the question-and-answer session. (Operator Instuctions) Before we begin, I will give the floor to Ecopetrol's CEO, Ricardo Roa.

謝謝。我們現在開始問答環節。 （操作員說明）在我們開始之前，我將請 Ecopetrol 的首席執行官 Ricardo Roa 發言。

Good morning, everybody, and thank you again. Before we start the question-and-answer section, I would like to thank you again for being here. As all of you know, I joined Ecopetrol two weeks ago, and this is my first conference call.

大家早上好，再次感謝大家。在我們開始問答部分之前，我想再次感謝你們來到這裡。眾所周知，我兩週前加入了 Ecopetrol，這是我的第一次電話會議。

This is a complex industry. During the past weeks, I have been working hard with the team on getting acquainted with the details of each business line. I must mention that I have found a deeply technical experienced and enthusiastic team. I will happily answer your questions regarding my general vision for the company's strategy, our priorities, and how we will work with the national government, always within the institutional framework to continue generating value for all our shareholders.

這是一個複雜的行業。在過去的幾周里，我一直在努力與團隊一起熟悉每個業務線的細節。我必須提一下，我找到了一支技術經驗豐富且熱情的團隊。我很樂意回答您關於我對公司戰略的總體願景、我們的優先事項以及我們將如何與國家政府合作的問題，始終在製度框架內繼續為所有股東創造價值。

I will, of course, rely on the team to provide detailed information about other topics and recent performance. I also would like to share with you a little bit more about myself. I am technical and electromechanical -- and Mechanical Engineering from the Universidad Nacional de Colombia and hold a specialization in management engineering systems.

當然，我會依靠團隊提供有關其他主題和近期表現的詳細信息。我還想與您分享更多關於我自己的信息。我是哥倫比亞國立大學的技術和機電 - 和機械工程專業，擁有管理工程系統專業。

I have to privilege of the -- of over 30 years of professional experience, mainly in the energy sector. During the last 20 years, I have held high level positions in energy and gas companies in Colombia, Peru, Guatemala and Honduras.

我有幸擁有超過 30 年的專業經驗，主要是在能源領域。在過去的 20 年裡，我曾在哥倫比亞、秘魯、危地馬拉和洪都拉斯的能源和天然氣公司擔任過高級職位。

Throughout my career, I have lead studies and initiatives on projects about energy generation and energy efficiency and lead strategic transformations in the company's I worked with. My experience include the CEO role in the Grupo Energía de Bogotá, President of Transportadora de Gas Internacional, TGI; and General Manager of Empresa de Energía Honduras. I also was the Manager of the Electrificadora de Santander, an electricity distribution company and the manager of the energy and ethanol business in a sugar mill and refinery company in the Valley of Cauca.

在我的整個職業生涯中，我領導了有關能源生產和能源效率項目的研究和倡議，並領導了與我合作的公司的戰略轉型。我的經歷包括在 Grupo Energía de Bogotá 擔任首席執行官，TGI Transportadora de Gas Internacional 總裁； Empresa de Energía Honduras 總經理。我還是 Electrificadora de Santander 的經理，這是一家配電公司，也是考卡谷一家糖廠和煉油公司的能源和乙醇業務經理。

Regarding my vision for Ecopetrol, I want to bring all of this experience in the gas and power sector to the company to strengthen the implementation of the 2040 strategy. My first message for all of you is my entire endorsement of this strategy. We will remain focused on growing the hydrocarbon business line and permanently monitor the market conditions for the needed adjustments for value generation.

關於我對 Ecopetrol 的願景，我想將所有這些在天然氣和電力領域的經驗帶到公司，以加強 2040 年戰略的實施。我對你們所有人的第一條信息是我完全支持這一戰略。我們將繼續專注於發展碳氫化合物業務線，並永久監控市場狀況以進行必要的調整以創造價值。

At the same time, we will continue working to take advantage of the energy transition opportunities and contribute to adjust well balanced and responsible energy transition in Colombia and the regions in which we have operations. I value Ecopetrol's positive impact in the communities closer to our assets. I hope to see that our strategy does not lose psych of contribution to poverty reduction and well [increment] in those regions where we operate. This is fundamental for Colombia's environmental, social, and fiscal performance in the long-term.

與此同時，我們將繼續努力利用能源轉型機遇，為哥倫比亞和我們開展業務的地區調整平衡和負責任的能源轉型做出貢獻。我重視 Ecopetrol 在靠近我們資產的社區中產生的積極影響。我希望看到我們的戰略不會失去對我們經營所在地區的減貧和[增量]貢獻的心理。這對於哥倫比亞的長期環境、社會和財政績效至關重要。

Finally, I want to share with you that we continue working closely with the national government to look for structural solutions for the CapEx deficit, which are sustainable from a fiscal perspective and maintain Ecopetrol's value proposition to all shareholders. In addition, internally, we are going to work using technology to create more agile processes, bringing higher international standards.

最後，我想告訴大家，我們將繼續與國家政府密切合作，為資本支出赤字尋找結構性解決方案，這從財政角度來看是可持續的，並保持 Ecopetrol 對所有股東的價值主張。此外，在內部，我們將致力於使用技術來創建更敏捷的流程，從而帶來更高的國際標準。

Let's continue with the question-and-answer session, please.

請讓我們繼續問答環節。

Thank you, Mr. Roa. We will start with the questions. Bruno Montanari, Morgan Stanley.

謝謝你，羅先生。我們將從問題開始。布魯諾蒙塔納里，摩根士丹利。

Good afternoon, everyone. Thanks for taking my question. And Ricardo, very welcome to Ecopetrol. And here's to hoping that the company continues to follow and deliver its strategy. So I have three questions. The first one, it seems very clear that the company is accelerating and really focusing on energy transition. So I wanted to compare that with hydrocarbons, right? So the recent news flow in the country seems to indicate that new exploration activities and even regular drilling activities will be much more limited going forward.

大家下午好。感謝您提出我的問題。里卡多，非常歡迎來到 Ecopetrol。希望公司繼續遵循並實施其戰略。所以我有三個問題。第一個，很明顯公司正在加速並真正專注於能源轉型。所以我想將其與碳氫化合物進行比較，對嗎？因此，該國最近的新聞流似乎表明，未來新的勘探活動甚至常規鑽探活動將受到更多限制。

(technical difficulty) with the fracking ban, how comfortable is Ecopetrol that it can sustain its production level in the coming years? With the mature rate of its oil fields, isn't there a risk that only secondary and tertiary recovery is not enough to offset the natural production decline? The second question is about your commitment to the Shell JV in the US and how that compares with the philosophy, if you will, of not being involved with fracking activities?

（技術難度）隨著水力壓裂禁令的實施，Ecopetrol 能否在未來幾年維持其生產水平？以其油田的成熟率，是否存在僅二次、三次採油不足以抵消自然減產的風險？第二個問題是關於您對美國殼牌合資企業的承諾，如果您願意的話，這與不參與水力壓裂活動的理念相比如何？

And then the third and last question is about the evolution of FEPC in the quarter. For us, it sounded like the $2 billion increase looked a bit surprising taking into consideration the behavior of international oil prices and the domestic prices in Colombia.

然後第三個也是最後一個問題是關於本季度 FEPC 的演變。對我們來說，考慮到國際油價和哥倫比亞國內價格的走勢，增加 20 億美元聽起來有點令人驚訝。

So I was wondering if you could help us reconcile the balance increased that [much] in the quarter. And then how the company sees the funding or the settlement of the fund on top of the COP21.6 trillion that is already on the budget? So you still have about COP3 trilion or COP4 trillion from the 2022 values and another almost COP8 trillion from 2023. So wondering if you have visibility on on how that gets worked out? Thank you very much.

所以我想知道您是否可以幫助我們調和本季度增加的餘額。那麼公司如何看待在已經列入預算的 21.6 萬億 COP 之上的資金或資金結算？因此，從 2022 年的價值來看，您仍然有大約 COP3 萬億或 COP4 萬億，而從 2023 年開始還有近 8 萬億 COP。所以想知道您是否了解如何計算出來的？非常感謝。

Good morning, Bruno. This is Alberto Consuegra. Thanks for the questions. I will take questions one and two. With regards to exploration, as you may recall, we have said that our 2014 strategy is based in growing our production beyond 2030. This is supported in the existing E&P contracts where we have about 265 exploration opportunities. Our 2023-2025 plan includes quite a bit of investment in exploration, taking advantage of those opportunities. And particularly in 2023, we have 25 exploration wells, out of which 8 already have been drilled.

早上好，布魯諾。這是阿爾貝托孔蘇埃格拉。感謝您的提問。我會回答問題一和二。關於勘探，您可能還記得，我們曾說過，我們的 2014 年戰略是基於 2030 年以後的產量增長。現有的 E&P 合同支持這一點，我們有大約 265 個勘探機會。我們的 2023-2025 計劃包括大量的勘探投資，以利用這些機會。特別是在 2023 年，我們有 25 口探井，其中 8 口已經鑽探。

So we continue to see an exploration in our portfolio as vital and part of our resources will come from exploration in the future. If we need to have a conversation with the government about future exploration contracts, we'll have it, particularly if we see that we need to replace oil production beyond 2030 for -- to maintain the throughput our refineries need. So that's in relation with exploration.

因此，我們繼續將我們投資組合中的勘探視為至關重要，我們的部分資源將來自未來的勘探。如果我們需要與政府就未來的勘探合同進行對話，我們將擁有它，特別是如果我們看到我們需要在 2030 年之後更換石油生產以維持我們的煉油廠所需的吞吐量。所以這與探索有關。

When we talk about EOR, what I can tell you is that this is still very important. It represents about 38% to 40% of our total production. And when we look at our reserve portfolio as well as our contingent resources, most of them will come from EOR, particularly from the Castilla and Chichimene areas, where we see water injection and as well as air injection projects. We are beginning pressure support -- water pressure support projects also in Rubiales. And we continue to inject gas to support pressure in our Piedemonte Foothill portfolio. So EOR becomes quite important, and we will still have a good share of our production in the future years.

當我們談到 EOR 時，我可以告訴你的是，這仍然非常重要。它約占我們總產量的 38% 至 40%。當我們查看我們的儲量組合以及我們的或有資源時，其中大部分將來自 EOR，特別是來自 Castilla 和 Chichimene 地區，我們在那裡看到注水和注氣項目。我們正在開始壓力支持——也在 Rubiales 開展水壓支持項目。我們繼續注入天然氣以支持我們的 Piedemonte Foothill 投資組合的壓力。所以 EOR 變得非常重要，我們在未來幾年仍將在我們的生產中佔有很大份額。

With regard to Permian and unconventionals, we recognized that we will have to practically suspend any activity in terms of unconventionals in Colombia. But Permian is quite important. Continues to be an strategic asset. It's one of the most profitable assets that we have in our portfolio.

關於二疊紀和非常規，我們認識到我們將不得不實際上暫停哥倫比亞非常規方面的任何活動。但二疊紀相當重要。繼續成為戰略資產。它是我們投資組合中最賺錢的資產之一。

From the environmental standpoint, it's particularly very good. It exceeds the environmental standards that we have. And we continue increasing our presence there. As you may remind last year, we acquired a position in the Delaware Basin and we increased our share in the Midland Basin.

從環境的角度來看，它特別好。它超出了我們的環境標準。我們繼續增加我們在那裡的存在。正如你去年提醒的那樣，我們在特拉華盆地獲得了一個位置，並增加了我們在米德蘭盆地的份額。

When you talk about results, 142 million EBITDA for this quarter. We're talking about 80% and above 80% EBITDA margin in this business and it's one of the future assets that will represent the cash flow that the business, (inaudible) energy transition will require in the future. So very strategic, very fundamental in terms of what it represents in importance for the strategy in Ecopetrol.

當您談論結果時，本季度的 EBITDA 為 1.42 億。我們談論的是該業務的 80% 和 80% 以上的 EBITDA 利潤率，它是未來資產之一，將代表該業務的現金流，（聽不清）能源轉型在未來將需要。就其對 Ecopetrol 戰略的重要性而言，它非常具有戰略意義，非常基礎。

Hi, Bruno. This is Jaime. Good to hear you. I'm going to take the third question around FEPC and how it has progressed over the last quarter. And I'll quote you on your question. It seems to me that you had a lesser expectation around the balance. In our case, we actually -- we were not surprised. I think we need to remember that there are different -- there are several elements to the formula. You have an element that is the international price, if you will, the reference price. But you also have what is happening, of course, domestically and what is happening with the foreign exchange rate. And that's what might explain the surprise that you got on your end.

嗨，布魯諾。這是傑米。很高興聽到你的聲音。我將圍繞 FEPC 及其在上個季度的進展情況提出第三個問題。我會引用你的問題。在我看來，您對平衡的期望較低。就我們而言，我們實際上並不感到驚訝。我認為我們需要記住，公式有幾個不同的元素。你有一個元素是國際價格，如果你願意的話，參考價格。但是你也有正在發生的事情，當然是國內發生的事情，以及外匯匯率正在發生的事情。這也許可以解釋你最後得到的驚喜。

Directionally, what I would tell you is what we had -- on one hand, we had a positive momentum in terms of the balance, in that there were -- there have been a number of adjustments to be made on gasoline prices by the government. They're actually quite material. They are actually actually higher than what they had budgeted before. So I think that speaks a lot about their commitment to the balance. But on the other end, some of that gets actually offset by the foreign exchange movements. So you need to take that into consideration when you do those numbers.

在方向上，我要告訴你的是我們擁有的 - 一方面，我們在平衡方面有積極的勢頭，因為 - 政府對汽油價格進行了一些調整.他們實際上很物質。他們實際上比他們之前的預算要高。所以我認為這充分說明了他們對平衡的承諾。但另一方面，其中一些實際上被外匯走勢所抵消。所以當你做這些數字時，你需要考慮到這一點。

Now, the bigger message that I would tell you is that when you see the behavior of the accumulation of FEPC, it is decreasing. Last year, there were -- there was a moment in time when we were actually accruing a balance of about COP3.6 trillion per month. Our accrual rate now is at around 2. So it's significantly less than it was before. But on going forward, that will move depending again on those three variables.

現在，我要告訴你的更大的信息是，當你看到 FEPC 的積累行為時，它正在減少。去年，有一段時間，我們實際上每月積累了大約 3.6 萬億哥倫比亞比索的餘額。我們現在的應計利率約為 2。所以它比以前低得多。但在未來，這將再次取決於這三個變量。

I think on the diesel end, there is some pressure because diesel prices continue to be very robust. So there is some pressure on FEPC on the diesel end. On the gasoline end, there is a lot of relief on one end because international prices have softened a bit, but on the other end, particularly because of the interventions that the government has made on domestic pricing. And beyond that, we're going to have fluctuations around the FX. So that's kind of my attempt to reconcile the behavior in one 1Q.

我認為在柴油端，存在一些壓力，因為柴油價格繼續非常強勁。所以FEPC在柴油端是有一定壓力的。在汽油方面，一方面是因為國際價格有所走軟，但另一方面，尤其是因為政府對國內價格進行了乾預，情況有所緩解。除此之外，我們將圍繞 FX 進行波動。所以這就是我在一個 1Q 中調和行為的嘗試。

With regards to what can we expect going forward on the settlement, the big element on the settlement of the balance is the exchange, if you will, between the dividends and the -- the government's dividend share versus the balance. That's COP21.6 trillion, right? And that will leave a balance spending for 2022 of about COP5 trillion. That's the remaining balance. It is not a big number.

關於我們對結算的預期，結算餘額的一個重要因素是股息和政府股息份額與餘額之間的交換。那是 COP21.6 萬億，對嗎？這將為 2022 年留下約 5 萬億 COP 的支出餘額。那就是剩餘的餘額。這不是一個大數字。

There are two or three mechanisms to deal with that. One, and probably the most likely mechanism is going to be around the budget surpluses that the national government has. The law allows them to use budget surpluses that you have on other areas towards FEPC. So that's -- I would say, that's the base case. And there's two alternatives to that, one is that you actually create a new budget allocation to that. That is a little bit complicated because it actually needs to go to Congress and all that kind of stuff.

有兩種或三種機制可以解決這個問題。其中之一，也可能是最有可能的機制是圍繞中央政府的預算盈餘。法律允許他們將您在其他領域的預算盈餘用於 FEPC。這就是 - 我會說，這是基本情況。有兩種選擇，一種是您實際上為此創建了一個新的預算分配。這有點複雜，因為它實際上需要去國會和所有類似的東西。

And the second one is extraordinary dividends, which, again, are going to be subject to the performance of the company, the cash availability that we have, and obviously, our commitment to deliver on the existing plan. So that's the outlook that we're seeing. I hope this is helpful. Thank you.

第二個是特別股息，同樣，這將取決於公司的業績、我們擁有的現金可用性，以及我們對現有計劃的承諾。這就是我們所看到的前景。我希望這是有幫助的。謝謝。

Super. Thank you.

極好的。謝謝。

Badr, Barclays.

巴德爾，巴克萊銀行。

Thank you so much and thank you so much for taking my question. Congratulations on your earnings. And congratulations, Mr. Roa, for the nomination as the CEO. I have a few questions. Some of them were partially answered by Mr. Caballero on the previous question. So the first one is to Mr. Roa, if you can let us know if you've had any recent discussions with Hacienda about some of the recent topics that were mentioned.

非常感謝你，非常感謝你接受我的問題。恭喜你的收入。祝賀 Roa 先生被提名為首席執行官。我有幾個問題。 Caballero 先生在上一個問題中部分地回答了其中一些問題。所以第一個是 Roa 先生，如果你最近與 Hacienda 就最近提到的一些主題進行過任何討論，請告訴我們。

The first one is the setback. So, obviously, as Mr. Caballero said earlier, there is still a balance pending with Hacienda around COP5 trillion, if I recall. Obviously, there are surpluses, but the decision of the payment of this balance will really play a massive role on Ecopetrol's funding. So have you had any discussions about -- with the new Minister of Finance about the potential payment in terms of cash for this COP5 trillion deficit?

第一個是挫折。因此，很明顯，正如 Caballero 先生早些時候所說，如果我沒記錯的話，Hacienda 仍有大約 5 萬億哥倫比亞比索的餘額未決。顯然，存在盈餘，但支付這筆餘額的決定確實會對 Ecopetrol 的資金來源產生巨大影響。那麼，您是否與新任財政部長就可能以現金支付這 5 萬億締約方會議赤字的問題進行過任何討論？

And my second related question with Hacienda is that, have you also had any discussions with the Ministry of Finance about the announcements about the changes in diesel and gasoline prices? So we understand from now that the Ministry of Energy and Mine has little power over Ecopetrol, but just wondering, if you are in agreements about the future of diesel and gasoline prices with the Ministry of Finance?

我與莊園的第二個相關問題是，您是否也與財政部就有關柴油和汽油價格變化的公告進行了討論？所以我們現在了解到，能源和礦產部對 Ecopetrol 沒有什麼權力，但只是想知道，您是否與財政部就柴油和汽油價格的未來達成協議？

My second question is related to CapEx. So this was also partially answered -- about the focus on E&P. But I was just wondering, if you could break down the CapEx for '23 and '24 with -- just to see between upstream, midstream, downstream, ISA energy transition, just to see how we're thinking about it. So we still think about CapEx plan for $6.5 billion, mostly geared toward upstream. And then, how are you going to finance the CapEx growth this year, is that going to be with new debt?

我的第二個問題與資本支出有關。所以這也得到了部分回答——關於對 E&P 的關注。但我只是想知道，如果你可以分解 23 年和 24 年的資本支出——只是為了看看上游、中游、下游、ISA 能源轉型，看看我們是如何考慮的。所以我們仍然考慮 65 億美元的資本支出計劃，主要面向上游。然後，你將如何為今年的資本支出增長提供資金，這將是新債務嗎？

And my last question is regarding your healthy cash levels. So obviously, you have a decent cash balance at the moment. And I was just wondering if you had any plans of using part of the cash to repurchase some of the low cash price bonds on the market right now with some of the long-dated bonds trading around $0.63, $0.64 on a dollar before potential issuance, or are you planning to use part of the cash for potential M&A? Thank you so much for taking my questions.

我的最後一個問題是關於您健康的現金水平。很明顯，您目前有可觀的現金餘額。我只是想知道你是否有任何計劃使用部分現金回購目前市場上的一些低現金價格債券，其中一些長期債券在潛在發行前的交易價格約為 0.63 美元，0.64 美元，或者您打算將部分現金用於潛在的併購？非常感謝你回答我的問題。

Thank you, Badr. Ecopetrol is part of the working group with the national government, Ministry of Mines and Energy, and Ministry of Finance to support the definition of initiatives at the regulatory, commercial, financial, and operational levels and mitigate the impact that it currently generates for the country.

謝謝你，巴德爾。 Ecopetrol 是國家政府、礦業和能源部以及財政部工作組的一部分，以支持在監管、商業、金融和運營層面製定舉措，並減輕其目前對國家產生的影響.

The following [standout] evaluation of technological tools for the targeting of subsidies, different tariff prices for industrial consumption segments and broader control mechanisms over the use and destination of volumes with the regulated prices among others.

以下是對針對補貼的技術工具的[突出]評估，工業消費領域的不同關稅價格以及更廣泛的使用和目的地控制機制以及受管制價格等。

Badr, this is Jaime here. And to complement Ricardo's kind of policy statement, I guess, around this, is we are in an active discussion with the government on this. Actually, President, Ricardo, and myself, are actually meeting the Minister of Finance this afternoon. We have a meeting precisely to talk about this.

Badr，我是 Jaime。為了補充里卡多的政策聲明，我想，圍繞這個，我們正在與政府就此進行積極討論。實際上，今天下午，里卡多總統和我本人實際上要會見財政部長。我們開會就是為了談這個。

And you have heard, and I'm sure you have seen the public statements about -- the Minister made this last Monday, which is basically a very clear statement around the requirement to have a competitive compensation framework for producers to make sure that there are the right incentives to produce in Colombia and to make sure that the fiscal balance is unaltered in any move that's made.

你已經聽說過，而且我相信你已經看到了關於 - 部長在上週一發表的公開聲明，這基本上是一個非常明確的聲明，圍繞要求為生產者制定有競爭力的補償框架，以確保有在哥倫比亞生產的正確激勵措施，並確保財政平衡在任何行動中都不會改變。

So basically, our expectation on this general expectation is fuel prices will continue to increase. Minister [Boni] has been very clear about that. That's something that we expect. I think that the track record that we have seen over the last nine months of President Petro's government is very clear that they are committed to those price increases. So we are expecting them to continue. That's the first thing that I'd say.

所以基本上，我們對這一普遍預期的預期是燃油價格將繼續上漲。 [博尼]部長對此非常清楚。這是我們所期望的。我認為，我們在過去九個月裡看到的佩特羅總統政府的記錄非常清楚，他們致力於提價。所以我們期待他們繼續。這是我要說的第一件事。

And I think the other element that we're seeing and in line with what Ricardo just mentioned, is a very aggressive agenda to implement measures that, without affecting the compensation to the producer, reduce the rate of accrual of the balance. That's where, for instance, focalization of subsidies comes in, right? We actually have done international studies on this regard. This has been done elsewhere.

而且我認為我們看到的另一個因素與里卡多剛才提到的一致，是一個非常積極的議程來實施措施，在不影響對生產者的補償的情況下，降低餘額的應計率。例如，這就是補貼集中化的用武之地，對吧？我們實際上已經在這方面進行了國際研究。這已經在其他地方完成了。

And philosophically where we are, and we shared this view with the government, is that the totality of society doesn't need to benefit from these subsidies, only certain parts do, and that's where the subsidies need to be going towards. So in any case, directionally, that's what we're seeing. And we're happy to share that alignment with the government.

從哲學上講，我們與政府分享了這一觀點，即整個社會不需要從這些補貼中受益，只有某些部分需要，這就是補貼需要走向的地方。因此，無論如何，從方向上講，這就是我們所看到的。我們很高興與政府分享這種一致性。

With regards to CapEx, I think you heard President Roa in his introductory presentation being very clear about the commitment towards the 2040 strategy and the plan. This year's plan has a target of being anywhere between $5.6 billion to $6.6 billion. That is unchanged.

關於資本支出，我想您在羅亞總統的介紹性演講中聽到了對 2040 年戰略和計劃的承諾。今年的計劃目標是在 56 億美元至 66 億美元之間。那是不變的。

About 65% of that is in hydrocarbons, I'd say, in our historical hydrocarbon business with an aim to grow production, which is our target. It's our aim and it's our target till the end of the decade. And the remainder of that is going into the new business lines. The business lines associated to transmission and to lower emissions. There are no changes to that.

我想說，在我們歷史悠久的碳氫化合物業務中，大約 65% 是碳氫化合物，目的是增加產量，這是我們的目標。這是我們的目標，也是我們到本世紀末的目標。其餘的將用於新的業務線。與傳輸和降低排放相關的業務線。沒有改變。

2024 is very similar to that. The general composition of CapEx breakdown is not changing in 2024 either. I think what we are, the conversation that President Roa has invited us to join is a conversation about can we be more efficient in the deployment of capital both in the hydrocarbon business and in the lower emission business in a way that we can do more with the same amount.

2024 與此非常相似。資本支出細分的總體構成在 2024 年也沒有變化。我想我們是什麼，Roa 總統邀請我們加入的對話是關於我們能否以一種我們可以做更多事情的方式更有效地在碳氫化合物業務和低排放業務中部署資本相同的數量。

That is the challenge that he's placed to us. I believe that we are going to recalibrate our efficiency program, and we're going to establish probably newer targets around that. And we are going to find ways, when we look at the portfolio of a lower emissions and hydrocarbons, to make sure that both businesses can grow in an efficient way. But we are not seeing headline numbers changing at this time, nor are we seeing the capital allocation between the businesses changing at this time. Thank you.

這就是他給我們的挑戰。我相信我們將重新調整我們的效率計劃，並且我們將圍繞它建立可能更新的目標。當我們審視低排放和碳氫化合物的投資組合時，我們將找到方法，以確保這兩項業務都能以有效的方式發展。但我們目前沒有看到總體數字發生變化，也沒有看到企業之間的資本分配發生變化。謝謝。

Luis Carvalho --

路易斯·卡瓦略——

I did remind that you're forcefully -- sorry, just wait a second. I didn't cover the question around cash and [debt.] I think we had like four questions in there. Sorry, Badr.

我確實提醒過你很用力——抱歉，等一下。我沒有涵蓋有關現金和 [債務] 的問題。我認為我們在那裡有四個問題。對不起，巴德爾。

What can we expect in cash? No change to our cash management basically. We have a very healthy operational cash generation at this time, and that cash is being fundamentally directed towards the increased capital intensity of the business where we want to grow production. That's where it's going.

我們可以期待什麼現金？我們的現金管理基本沒有變化。我們目前有非常健康的運營現金生成，這些現金從根本上被用於增加我們想要增加產量的業務的資本密集度。這就是它要去的地方。

In terms of debt, we are refinancing the balance that we had for this year, $1.6 billion. That's well on track. I spoke about that in my general remarks. We're not seeing changes on cash. That's the headline message. Thank you.

在債務方面，我們正在為今年的 16 億美元餘額進行再融資。一切順利。我在一般性發言中談到了這一點。我們沒有看到現金變化。這是標題消息。謝謝。

Luis Carvalho, UBS.

路易斯·卡瓦略，瑞銀。

Hi, Ricardo Hi, Jaime and all the executives. Thanks for taking the question. If I may allowed to -- I don't know, three questions here. The first one to Ricardo. Ricardo, you recently joined the company, Ecopetrol, it's a super important company to, of course, to Colombia and to Colombians, right? So just trying to get a sense in terms of what would be the, you'd say, your main goals looking three, four years ahead? What will be the main achievements that you would like to -- I don't know, to potentially be proud of in -- I don't know, two- or three-years horizon?

嗨，Ricardo 嗨，Jaime 和所有高管。感謝您提出問題。如果可以的話——我不知道，這裡有三個問題。第一個給里卡多。里卡多，你最近加入了 Ecopetrol 公司，這是一家非常重要的公司，當然，對哥倫比亞和哥倫比亞人來說，對吧？所以只是想了解一下未來三四年的主要目標是什麼？你希望——我不知道，可能引以為豪的主要成就是——我不知道，兩年或三年的時間範圍？

The second question, it's about, of course, capital allocation and I would like to come back to maybe Jaime's answer. This is -- I don't know, depending on how we look. I mean, of course, the oil price and so on, there are some limitations about what can be done.

第二個問題，當然是關於資本配置，我想回到 Jaime 的回答。這是——我不知道，這取決於我們的外觀。我的意思是，當然，油價等等，可以做的事情有一些限制。

If you penalize, for example, the company too much on the fuel prices, as a consequence, there will be, I would say, lower capability from the company to pay dividends, which -- it's also important to the Colombian government as a controlling shareholder. So in the end of the day -- and of course, will be some limitations on the investment as well.

例如，如果你在燃料價格上對公司的懲罰太多，那麼我會說，公司支付股息的能力就會降低，這對哥倫比亞政府作為控制者也很重要股東。所以最終——當然，投資也會受到一些限制。

So I'm just trying to get a sense in terms of what would be the capital allocation priorities among these three lines. Let's say, the potential, I would say -- I wouldn't put subsidies, but let's say the subsidies for the population on the fuel prices/investments/dividends to the government.

所以我只是想了解一下這三行中的資本配置優先順序是什麼。比方說，潛力，我會說——我不會提供補貼，而是說對燃料價格/投資/政府股息的人口補貼。

And the last question, it's about the potential discussion back a couple -- maybe a couple of years ago when the Congress of the country basically approved the government to actually -- to sell 8% of the stake in the company. Is that a discussion that you think that would have some room in order to be back on the table right now? And what would be your thoughts on this? Thank you.

最後一個問題是關於潛在的討論——可能是幾年前，當時該國國會基本上批准政府實際上——出售公司 8% 的股份。您是否認為該討論有一定的空間以便立即回到桌面上？您對此有何看法？謝謝。

Okay. Thank you, Mr. Carvalho. About the first question, the current strategy is solid and robust and responds directionally to the challenges of the energy transition. If adjustments are required along the way, these will be carried out within the framework of the company's strong corporate governance.

好的。謝謝你，卡瓦略先生。關於第一個問題，當前的戰略是紮實穩健的，有針對性地應對能源轉型的挑戰。如果在此過程中需要進行調整，這些調整將在公司強大的公司治理框架內進行。

We will evaluate opportunities to accelerate new business associated with the energy transition, but always in accordance with the capital discipline, cost sufficiency, and sustainable competitive returns for all the shareholders. No changes are expected in the 2023 investment plan announced in November of the last year.

我們將評估加速與能源轉型相關的新業務的機會，但始終符合所有股東的資本紀律、成本充足和可持續的競爭性回報。去年11月公佈的2023年投資計劃預計不會有任何變化。

Luis, hi. Good to hear you. This is Jaime here. I'm going to take your second question and possibly your third question. And your question around CapEx allocation. Basically, our capital allocation priorities reflect delivery of the plan. That's the way to think about it. We will do whatever it takes to deliver on the existing plan. That hasn't changed.

路易斯，嗨。很高興聽到你的聲音。我是傑米。我將回答你的第二個問題，也可能是你的第三個問題。還有你關於資本支出分配的問題。基本上，我們的資本分配優先級反映了計劃的交付。這就是思考它的方式。我們將盡一切努力實現現有計劃。那沒有改變。

So in that line, the first thing that we want to finance is the investment program, which is between 6 -- around $6 billion, that's a way to think about it. You know that it's a range. But as we have discussed this with the Board of Directors, there is a total consensus around the company and with the government that investment is required to sustain the shareholder value in the short, medium, and long term. That is well understood. There is full support to that at every level of government and with the Board.

因此，在這方面，我們首先要資助的是投資計劃，它在 6 到 60 億美元之間，這是一種思考方式。你知道這是一個範圍。但正如我們與董事會討論過的那樣，公司和政府已達成共識，即需要投資來維持短期、中期和長期的股東價值。這是很好理解的。各級政府和董事會都全力支持這一點。

So under that light, the first element of how we think about this is we need to sustain the growth programs that we have and that we have announced. And of course, in that context of growth, there is a big element of new opportunities in the energy transition that we have already declared and talked about. So that's the first priority.

因此，在這種情況下，我們思考這個問題的第一個要素是我們需要維持我們已經宣布的增長計劃。當然，在這種增長背景下，我們已經宣布和討論過的能源轉型中存在大量新機遇。所以這是第一要務。

The second priority, then once we cover that, once we cover making sure that CapEx is funded, the second a priority is a robust debt management. The strategy to 2040 has a capital structure. We have said that we will not surpass a leverage ratio of 2.5 times debt to EBITDA, that is at low prices. And we remain committed to that. We have discussed extensively with the Board, and that includes the new members and President Roa, the leverage component that we have.

第二個優先事項，一旦我們涵蓋了這一點，一旦我們涵蓋確保資本支出得到資助，第二個優先事項是穩健的債務管理。到 2040 年的戰略有一個資本結構。我們已經說過，我們不會超過債務與 EBITDA 的 2.5 倍的槓桿率，即低價。我們仍然致力於此。我們已經與董事會進行了廣泛的討論，其中包括新成員和 Roa 總裁，這是我們擁有的槓桿部分。

I would say that the general guideline on this is that absolute debt levels in Ecopetrol are in a good place. Leverage ratios are competitive with the rest of the industry, but we need to be very, very thoughtful about incremental debt going forward. There is room for incremental debt. There is some room for that. Our performance is allowing us to do that and we will evaluate that as circumstances arise in that structure of priorities.

我想說的是，一般準則是 Ecopetrol 的絕對債務水平處於良好水平。槓桿比率與其他行業相比具有競爭力，但我們需要非常、非常謹慎地考慮未來的增量債務。有增加債務的空間。有一些空間。我們的表現使我們能夠做到這一點，我們將根據優先級結構中出現的情況對其進行評估。

And then the third component, of course, once you cover investing in the future and making sure that, of course, we have a safe and reliable operation, which is part of what we do in CapEx. And once we cover our debt service, the third priority is, of course, dividend distributions. And as you are aware, we have a dividend policy. When we have extraordinary performance, we have extraordinary dividends. And we will consider that as our performance and as our cash availability allows us to do that.

然後是第三個組成部分，當然，一旦你涵蓋了對未來的投資，當然，確保我們有一個安全可靠的運營，這是我們在資本支出中所做的一部分。一旦我們償還了債務，第三個優先事項當然是股息分配。如您所知，我們有股息政策。當我們有非凡的業績時，我們就有非凡的紅利。我們會認為這是我們的表現，因為我們的現金可用性使我們能夠做到這一點。

At this time, we already have declared what is going to be our dividend payment for this year. There are no plans to change that anytime soon. But this is dynamic and as things change in time, we will continue to review that. I would say those are the general elements to that.

此時，我們已經宣布了今年的股息支付。沒有計劃很快改變它。但這是動態的，隨著時間的推移，我們將繼續審查。我會說這些是一般要素。

You mentioned in your question the FEPC role on this. And the FEPC role -- the way that we think about FEPC is, FEPC is a constraint that we need to deal with and that's what we're doing. FEPC is not a risk. FEPC is not a surprise. FEPC is part of our operating envelope like anything else is. And as long as we are aligned with the government on this, we shouldn't be concerned. And that's what we're seeing. What we're seeing is a government that has been very consistent about delivering on its commitments on FEPC.

您在問題中提到了 FEPC 在這方面的作用。 FEPC 角色——我們對 FEPC 的看法是，FEPC 是我們需要處理的約束，這就是我們正在做的事情。 FEPC 不是風險。 FEPC 並不令人意外。 FEPC 就像其他任何東西一樣，是我們運營範圍的一部分。只要我們在這方面與政府保持一致，我們就不必擔心。這就是我們所看到的。我們看到的是政府一直非常一致地履行其對 FEPC 的承諾。

With regards to your last question about an eventual float of the company, the regulation, the authorization that we obtained on that regard originally in 2021 was for five years. So that goes to 2026. That is an option that we have in our capital structure that is simply part of the toolkit and it's something to be reviewed as and when market conditions allow for that. There are no plans in the near term to activate something like that. But if that changes, we will let you know. Thank you very much.

關於你關於公司最終上市的最後一個問題，法規，我們最初在 2021 年獲得的這方面的授權是五年。所以到 2026 年。這是我們資本結構中的一個選項，它只是工具包的一部分，在市場條件允許的情況下需要對其進行審查。近期沒有計劃激活類似的東西。但如果這種情況發生變化，我們會通知您。非常感謝。

Thank you, Jaime, and good to talk to you as well. And Ricardo, good luck.

謝謝你，Jaime，也很高興和你交談。還有里卡多，祝你好運。

Germán Cristancho, Davivienda Corredores

Germán Cristancho，Davivienda Corredores

Hi, good morning and thank you for this call. I have three questions. One is regarding oil prices. Oil prices has come down this year and Brent reference is close to 76% a barrel. I would like to know what oil price assumptions are you using for the annual budget and if you are planning to change this number for 2023?

嗨，早上好，謝謝你的來電。我有三個問題。一是關於油價。今年油價有所回落，布倫特原油參考價接近每桶 76%。我想知道您在年度預算中使用的油價假設是什麼，您是否打算在 2023 年更改這個數字？

The second one is maybe for Ricardo and is, because the National Hydrocarbons Agency will release the reserves report during May. And this information will be very relevant for the energy transition strategy of the country and pending decisions on this matter. What should this report reveal to change your mind in favor of signing or allocating new exploration contracts in Colombia?

第二個可能是給里卡多的，因為國家碳氫化合物機構將在 5 月份發布儲量報告。這些信息將與該國的能源轉型戰略和有關此事的懸而未決的決定非常相關。這份報告應該揭示什麼才能改變您的想法，支持在哥倫比亞簽署或分配新的勘探合同？

And the third one and the last one is, could you please give us an update about the Caribbean Sea operation. When do you expect the gas potential to be incorporated into the reserves of the company?

第三個也是最後一個是，能否請您向我們介紹一下加勒比海行動的最新情況。您預計天然氣潛力何時會納入公司的儲量？

Germán, how are you? This is Jaime. I'm going to start with your question about oil prices and then President, Roa, is going to take your questions around -- sorry, I think I missed a question there, but I'm going to cover oil prices.

德國人，你好嗎？這是傑米。我將從你關於油價的問題開始，然後 Roa 總統將回答你的問題——抱歉，我想我錯過了一個問題，但我將討論油價。

What assumption are you using for the annual budget. So we are working on an assumption of $81 per barrel. That's what we're using. That's our plan assumption this year and actually for the next three years. We haven't changed that actually. That's what we used for -- back in November to sanction the plan for this year. And there are no plans to change it at this time.

您對年度預算使用什麼假設。因此，我們假設每桶 81 美元。這就是我們正在使用的。這是我們今年以及未來三年的計劃假設。我們實際上並沒有改變這一點。這就是我們在 11 月用於批准今年計劃的原因。並且目前沒有更改它的計劃。

And the color that I would give you is that we've looked at the balance between differentials behavior on one end as in price realizations versus volatility. And what we see is that if you look at the oil price year to date, it seems to be very much near what we planned. So no plans to change it.

我要給你的顏色是，我們已經研究了一方面的差異行為之間的平衡，如價格實現與波動性之間的平衡。我們看到的是，如果你看看今年迄今為止的油價，它似乎非常接近我們的計劃。所以沒有計劃改變它。

About the second question. Currently, in Colombia, Ecopetrol Group, which include the companies Ecopetrol and Hocol, has 48 exploration contracts signed and 30 exploration contracts with near field exploration options.

關於第二個問題。目前，在哥倫比亞，包括 Ecopetrol 和 Hocol 公司在內的 Ecopetrol 集團簽署了 48 份勘探合同和 30 份具有近場勘探選項的勘探合同。

These contracts provide an estimated range between 8 and 10 years of exploratory activity depending on the results of obtaining the environmental licenses and the ability of executing the projects. The 2040 strategy is supported by base production and recovery from our current fields, the contribution from Permian, and exploration and the development of prospects identified in areas already provided by Ecopetrol, both in the Colombia Caribbean and within the country. Among which are [Flamencos] and Lorito in Meta; Orientales, Cupiagua XD45 in the Piedemonte; and Gorgón and Uchuva in the offshore. To more details, please.

根據獲得環境許可證的結果和執行項目的能力，這些合同提供了估計範圍為 8 至 10 年的勘探活動。 2040 年戰略得到了我們當前油田的基礎生產和恢復、二疊紀的貢獻，以及在哥倫比亞加勒比地區和國內 Ecopetrol 已經提供的地區勘探和開發前景的支持。其中有Meta中的【Flamencos】和Lorito； Orientales，Piedemonte 的 Cupiagua XD45；以及近海的 Gorgón 和 Uchuva。欲知詳情，請。

Okay. So just to -- Hi, Germán. Good morning and thanks for the question. Just to complement what Ricardo has said, let me remind you that when we look at our strategy, what we have said is that we're going to grow our production beyond 2030 and that's very much supported in our current portfolio. Since we are not going to have the [wedge] of the unconventionals in Colombia, we will probably need to replace those molecules in the future beyond 2030, specifically to support the refining throughput. So that's -- but that will depend very much on the outcome of our current exploration portfolio. So that's the question -- the response to that question.

好的。所以只是為了 - 嗨，Germán。早上好，謝謝你的提問。為了補充 Ricardo 所說的話，讓我提醒您，當我們審視我們的戰略時，我們所說的是我們將在 2030 年以後增加產量，這在我們當前的投資組合中得到了大力支持。由於我們不會在哥倫比亞擁有非常規石油的[楔子]，我們可能需要在 2030 年以後更換這些分子，特別是為了支持煉油吞吐量。這就是 - 但這在很大程度上取決於我們當前勘探組合的結果。這就是問題——對該問題的回應。

And I will take the next one regarding the Caribbean Sea operation. What we have said is that our current business plan, 2023 to 2025, we're going to be drilling seven offshore wells beginning at the end of this year with our commitment well in Orca, then we will follow with activity in both Uchuva and Gorgón. And provided that we are successful in these three fronts, we are going to expect to see resources coming into reserves beyond 2026 because we will have to mature, progress, FID, sanction these projects in order to become reserves. So that's kind of the plan that we have currently in our portfolio.

我將在下一個關於加勒比海行動的會議上發言。我們所說的是我們目前的業務計劃，即 2023 年至 2025 年，我們將從今年年底開始在 Orca 鑽探七口海上油井，然後我們將在 Uchuva 和 Gorgón 開展活動.如果我們在這三個方面取得成功，我們將期望看到資源在 2026 年以後進入儲備，因為我們必須成熟、進步、FID、批准這些項目才能成為儲備。這就是我們目前在我們的投資組合中的計劃。

And a very good point. In terms of how are we taking the operation, we have created a vice presidency. An offshore vice presidency to ensure that we fulfill and comply with the level of activity needed in the current strategy.

這是一個很好的觀點。就我們如何採取行動而言，我們已經設立了副總統職位。離岸副總裁職位，以確保我們履行並遵守當前戰略所需的活動水平。

Andrés Duarte, Corficolombiana.

安德烈斯·杜阿爾特 (Andrés Duarte)，Corficolombiana。

Hello, and thank you for taking my questions. I have three short questions. And first of all, the best of luck to Mr. Roa and the rest of the team for the year. Okay. So two of the question might be taking as follow-ups from Germán Cristancho's questions.

你好，謝謝你回答我的問題。我有三個簡短的問題。首先，祝 Roa 先生和團隊其他成員今年好運。好的。因此，其中兩個問題可能是 Germán Cristancho 問題的後續問題。

The first one is related to gas, I wanted to know what's the required average local gas price in order for the offshore gas reserves to become economically viable? That's the first question. The second one is related to hydrogen. So in terms of hydrogen volume, what's your production expectation or forecast currently for the next couple of years?

第一個與天然氣有關，我想知道為了使海上天然氣儲備在經濟上可行所需的平均當地天然氣價格是多少？這是第一個問題。第二個與氫有關。那麼就氫氣量而言，您目前對未來幾年的產量預期或預測是什麼？

And finally, the question -- the third question is related to reserves, proved oil areas, oil and gas reserves for Ecopetrol. And so -- and those reserves related to EOR, enhanced oil recovery. So for 2022, the oil addition related to EOR was pretty low when compared to the previous years. And this happened despite that around 40% of the current production comes from fields that apply these methods. So I wanted to know what's your expectation or what do you expect in the near future for next year maybe, in terms of reserves addition coming from EOR? Thank you very much.

最後，問題——第三個問題與 Ecopetrol 的儲量、探明油區、油氣儲量有關。因此 - 那些與 EOR 相關的儲量，提高了石油採收率。因此，與往年相比，2022 年與 EOR 相關的石油添加量相當低。儘管目前約有 40% 的產量來自應用這些方法的油田，但這種情況還是發生了。所以我想知道你的期望是什麼，或者你對明年在不久的將來有什麼期望，就來自 EOR 的儲量增加而言？非常感謝。

Thanks, Andrés, for your questions. This is Yeimy. I will start with the first question related with gas. It is important to highlight that the local gas prices, so the wellhead sales, under the current regulations in Colombia are freely set. So they are not tied to any international references or benchmarks.

謝謝安德烈斯提出的問題。我是葉咪。我將從與氣體相關的第一個問題開始。重要的是要強調，根據哥倫比亞現行法規，當地天然氣價格以及井口銷售是自由設定的。因此，它們不受任何國際參考或基準的約束。

Our view is that our resources in the offshore Caribbean basin are competitive versus other domestic sources as well as import gas. They are also quite material, and we consider them a potential game changer for Ecopetrol and the country. The price level that is required to make those resources viable, well, it is in line with the current natural gas prices in Colombia. So this outlook of competitiveness will allow us to develop these investments in Ecopetrol for natural gas. And therefore, of course, the long-term contracts with fixed local prices, which is pretty much the status quo that we have today in our business, will generate stability and profitability of our investments.

我們的觀點是，我們在加勒比海盆地近海的資源與其他國內資源以及進口天然氣相比具有競爭力。它們也非常重要，我們認為它們可能會改變 Ecopetrol 和整個國家的遊戲規則。使這些資源可行所需的價格水平與哥倫比亞當前的天然氣價格一致。因此，這種競爭前景將使我們能夠在天然氣 Ecopetrol 中進行這些投資。因此，當然，固定當地價格的長期合同，這幾乎是我們今天業務的現狀，將為我們的投資帶來穩定性和盈利能力。

Finally, we maintain all the efforts to materialize more synergies to be as efficient as possible by the means of -- as Alberto mentioned, we have a dedicated teams for these projects. We are protecting the capital that has been allocated for these projects in the three years plan. We are working very close with our world-class partners, Shell and Petrobras. And of course, we are also working in the use of existing infrastructure to process transfer and transport these gas volumes to the Colombian market.

最後，我們將繼續努力實現更多的協同效應，通過——正如阿爾貝托提到的那樣，我們有一個專門的團隊來處理這些項目。我們正在保護三年計劃中分配給這些項目的資金。我們與我們的世界級合作夥伴殼牌和巴西國家石油公司密切合作。當然，我們也在努力利用現有的基礎設施來處理這些天然氣量的轉移和運輸到哥倫比亞市場。

For the second question related with our outlook for hydrogen production, so today, our production of hydrogen from the methane reformers is about 130,000 tonnes per year. Remember, 90% of that hydrogen is gray and 10% is blue since we are capturing part of the CO2 in Barrancabermeja to be sold to local industry.

第二個問題與我們對氫氣生產的展望有關，所以今天，我們每年從甲烷重整器中生產的氫氣約為 130,000 噸。請記住，90% 的氫氣是灰色的，10% 是藍色的，因為我們正在捕獲巴蘭卡韋梅哈的部分二氧化碳，以出售給當地工業。

With the proofs of concept that we have delivered, so remember, these are three projects that we have today in operations; one located in the Esenttia's facilities, the second one in Bogotá, and the last one in Cartagena. We will produce about 35,000 kilograms per year.

有了我們已經交付的概念證明，請記住，這是我們今天正在運營的三個項目；一個位於 Esentia 的設施中，第二個位於波哥大，最後一個位於卡塔赫納。我們每年將生產約 35,000 公斤。

It is important to highlight as well that in 2024, we will start the construction of two projects at an industrial scale that have progressed to their final phasing maturity in March 2023. So once we conclude those two projects, we will have a capacity of 60 megawatts of electrolysis for each of them. This is a production of 18,000 tons of green hydrogen per year.

同樣重要的是要強調，在 2024 年，我們將開始建設兩個工業規模的項目，這些項目已在 2023 年 3 月達到最終階段性成熟。因此，一旦我們完成這兩個項目，我們將擁有 60 個產能他們每個人的電解兆瓦。這是每年生產 18,000 噸綠色氫氣。

The first molecule is expected to be produced at the end of 2025 or beginning 2026. And finally, we have our target for the long term. It remains the same, which is 1 million tons per year. And this is almost seven times the capacity that we have today. I hope this leave you with a more detailed context about our hydrogen production outlook and of course, the competitiveness of the offshore gas volumes.

第一個分子預計將在 2025 年底或 2026 年初生產。最後，我們有了長期目標。它保持不變，每年100萬噸。這幾乎是我們今天容量的七倍。我希望這能讓您更詳細地了解我們的氫氣生產前景，當然還有海上天然氣產量的競爭力。

Hi, Andrés. With regards to the third question, what I have to say is that we always have in the plan to replace 100% of our reserves, every year. And when we look specifically at EOR, this is quite important, not only in this year, but in the years to come. And it will represent 40% of our reserve replacement portfolio. And also have to add that most of our contingent resources, existing contingent resources, come from EOR. So you will see that a lot of the CapEx deployed for the next years will be related to a increase in our EOR state.

嗨，安德烈斯。關於第三個問題，我要說的是，我們一直在計劃每年更換100%的儲備。當我們專門研究 EOR 時，這非常重要，不僅在今年，而且在未來幾年也是如此。它將占我們儲備置換組合的 40%。並且還必須補充一點，我們的大部分或有資源，現有的或有資源，都來自 EOR。所以你會看到未來幾年部署的很多資本支出將與我們 EOR 狀態的增加有關。

The next question comes from the chat web. [Annie Lee] from Bank of America is asking, what are your expectations for the refining business for the remainder of 2023, given declining global refining margins?

下一個問題來自聊天網站。美國銀行的 [Annie Lee] 問，鑑於全球煉油利潤率下降，您對 2023 年剩餘時間的煉油業務有何預期？

Hello, Annie. Thank you for your question. Regarding the downstream business, as you were able to see, we did have a very strong first quarter with record crude rate, very good level of EBITDA, and refining margins. So when we see the following quarter for this year, we see also -- although the refining margins looks to be going down, they still look strong between $15 per barrel, plus or minus $2. So we see in terms of refining margins closing a very good year. Probably not as high as the previous year, but still very strong.

你好，安妮。謝謝你的問題。關於下游業務，正如您所看到的，我們第一季度確實表現強勁，原油價格創歷史新高，EBITDA 水平非常好，煉油利潤率也很高。因此，當我們看到今年的下一個季度時，我們也會看到——儘管煉油利潤率看起來正在下降，但它們看起來仍然強勁，在每桶 15 美元上下浮動 2 美元之間。因此，就煉油利潤率而言，我們看到了非常好的一年。可能沒有前一年那麼高，但仍然非常強勁。

Our crude rate, we finished with record levels, but we still see the following months between 400 billion to 420 billion kbd in our refining business, so probably on the high side of this range. Although we do have planned turnaround at the Barrancabermeja refinery in July, this will be only for 30 to 40 days. So then our crude rate will come back to maximum levels.

我們的原油率，我們以創紀錄的水平結束，但我們仍然看到接下來幾個月我們的煉油業務在 4000 億至 4200 億千桶/天之間，所以可能處於這個範圍的高端。儘管我們確實計劃在 7 月份對 Barrancabermeja 煉油廠進行檢修，但這只會持續 30 到 40 天。因此，我們的原油利率將回到最高水平。

So in overall, we see a very good rest of the year 2023. A lot of focus on safety in our business, high operational availability, a lot of focus on OpEx performance and in general, very strong 2023 for the rest of the year so far.

所以總的來說，我們看到 2023 年剩下的時間非常好。我們非常關注我們業務的安全性、高運營可用性、非常關注 OpEx 性能，總的來說，2023 年剩餘時間非常強勁，所以遠的。

So I hope I was able to answer your question, Annie.

所以我希望我能夠回答你的問題，安妮。

Thank you, Mr. Roa. There are no further questions at this time. Thanks to everyone. This concludes our first quarter 2023 earnings conference call. Thank you for your participation. You may disconnect right now.

謝謝你，羅先生。目前沒有其他問題。謝謝大家。我們的 2023 年第一季度收益電話會議到此結束。感謝您的參與。您現在可以斷開連接。