Ecopetrol SA (EC) 2023 Q2 法說會逐字稿

(technical difficulty) Financial and Operational Results for the Second Quarter of 2023. There will be a question-and-answer session at the end of the presentation. Before we begin, it's important to mention that the comments in this call by Ecopetrol senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the bend that future results are different from the projections shared on this conference call.

（技術難度）2023 年第二季度的財務和運營結果。演示結束時將有一個問答環節。在我們開始之前，值得一提的是，Ecopetrol 高級管理層在本次電話會議中的評論包括對公司未來業績的預測。這些預測不構成對未來結果的任何承諾，也不考慮可能發生的風險或不確定性。因此，Ecopetrol 對未來結果與本次電話會議上分享的預測不同不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Diana Escobar, Vice President of Sustainability Development; Yeimy Báez, Vice President of Low Emissions 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；戴安娜·埃斯科瓦爾 (Diana Escobar)，可持續發展副總裁； Yeimy Báez，低排放解決方案副總裁；阿爾貝托·孔蘇埃格拉，首席運營官；和 Jaime Caballero，CVO。感謝您的關注。羅亞先生，您可以開始會議了。

Good morning, everyone, and welcome to the Ecopetrol Group's Second Quarter 2023 Conference Call to present our operational and financial results. We appreciate your participation. First, I would like to highlight the dedication of our entire team, which has allowed us to achieve outstanding operating results in such a challenging market environment. Second quarter production averaged 728,000 barrels of oil equivalent per day with a general increase of 23,000 barrels versus the second quarter of 2022. And the highest quarterly figure in the last 3 years. This dynamism is a result of the strong execution of our operations and increased solution from a strategic fields, including Caño Sur and Rubiales in Colombia and Permian in the United States. These fields have played a crucial role in supporting our growth, allowing needs to meet our production targets for the year today.

大家早上好，歡迎參加 Ecopetrol 集團 2023 年第二季度電話會議，介紹我們的運營和財務業績。我們感謝您的參與。首先，我想強調我們整個團隊的奉獻精神，這使我們能夠在如此充滿挑戰的市場環境中取得出色的經營業績。第二季度日均產量為 728,000 桶油當量，較 2022 年第二季度總體增加 23,000 桶，為近 3 年來最高季度產量。這種活力源於我們強有力的運營執行力以及戰略領域不斷增加的解決方案，包括哥倫比亞的 Caño Sur 和 Rubiales 以及美國的二疊紀盆地。這些油田在支持我們的增長方面發揮了至關重要的作用，滿足了我們今年的生產目標。

In the second quarter of this year, we recorded revenues of COP 54.0 trillion, EBITDA of COP 14.6 trillion and net income of COP 4.1 trillion. These figures are consistent with the 2023 financial plan. These results are supported by: firstly, and enhanced operating performance through record in production, pumping loads in some of our transportation system and refining throughputs and clean fuel production loads in our refinance.

今年第二季度，我們的收入為 54.0 萬億比索，EBITDA 為 14.6 萬億比索，淨利潤為 4.1 萬億比索。這些數字與2023年財務計劃一致。這些結果的支持是：首先，通過我們的一些運輸系統的生產記錄、泵送負荷以及我們再融資中的煉油吞吐量和清潔燃料生產負荷來提高運營績效。

Second the exceptional results in Permian, Reficar, ISA an Ecopetrol Trading Asia. Fairly, a positive impact of the exchange rate on sales and an efficient commercial strategy. During the second quarter, we reached the following significant strategy milestones. In May, we completed negotiations on the collective bargaining agreement for the next 4 years. Negotiations took place within a constructed and respectful trial with union organizations, finalizing with an agreement that will concurrently benefit our workers, the company and economy. In EU, the refinery Cartagena was notified of the international arbitration tribunal decision regarding to the claim filed on the -- in January, procurement and construction contract for the expansion and modernization of the refinery.

其次是 Permian、Reficar、ISA 和 Ecopetrol Trading Asia 的出色業績。公平地說，匯率對銷售和有效的商業策略有積極的影響。在第二季度，我們實現了以下重要的戰略里程碑。 5月，我們完成了未來4年集體談判協議的談判。談判是在與工會組織的精心設計和相互尊重的審判中進行的，最終達成了一項協議，該協議將同時使我們的工人、公司和經濟受益。在歐盟，卡塔赫納煉油廠獲悉國際仲裁法庭就一月份針對煉油廠擴建和現代化採購和建設合同提出的索賠作出的裁決。

The arbitration process began through a request filed by Reficar in March 2016 and correlating a contractual breach with decision notified is subject to corrections, provisions and clarifications at the request of the parties. This same month we ranked in the top spot of the Merco Talento Colombia 2023 ranking. The business monitor of corporate reputation, ratifying Ecopetrol as the best company for attracting and retaining talent in the country.

仲裁程序是根據 Reficar 於 2016 年 3 月提出的請求開始的，並將合同違約行為與通知的決定聯繫起來，並應根據雙方的要求進行更正、規定和澄清。同月，我們在 Merco Talento 哥倫比亞 2023 年排名中名列榜首。企業聲譽商業監測機構將 Ecopetrol 評為全國吸引和留住人才的最佳公司。

This first half on 2023, we have added more than COP 23 trillion in transfer to the nation, so taxes, royalties and dividends maintaining our current contribution to national development. On the other hand, this quadrant, the account receivable to the fuel price stabilization fund had the lowest average accrual since January 2022. Finally, I would like to highlight that the cumulative CapEx execution to the second quarter reached COP 12.3 billion, being the highest in half yearly view in the last 7 years, demonstrating our commitment to innovation and growth.

2023 年上半年，我們向國家轉移支付了超過 23 萬億哥倫比亞比索，因此稅收、特許權使用費和股息維持了我們目前對國家發展的貢獻。另一方面，在該象限中，燃油價格穩定基金的應收賬款的平均應計金額是2022 年1 月以來最低的。最後，我想強調的是，第二季度的累計資本支出執行額達到123 億哥倫比亞比索，為最高水平。從過去 7 年的半年來看，體現了我們對創新和增長的承諾。

Please continue the next slide. During the first half of the year, we faced a highly uncertain macroeconomic situation, the possibility of arbitration in the developed were high interest rates and bank interest rates in the United States together with this lockdown in the Chinese economy have impacted the price of crude oil and refine products, introducing greater volatility to the market. Despite these challenges, we have felt because of our company's operational resilience and adaptability, we have found opportunities within the current situation as OPEC could have focused on intermediate goods and U.S.A. strategy to sell, purchase, seek out grade similar to those we offer. We have been able to exploit the opportunities with our ongoing strategy in at the versatile market and destinations emphasizing the strategic position of our trading subsidiary in Singapore.

請繼續下一張幻燈片。上半年宏觀經濟形勢不確定性較大，發達國家高利率、美國銀行利率高企的可能性，加上中國經濟的封鎖，都對原油價格產生了影響並完善產品，給市場帶來更大的波動。儘管存在這些挑戰，但我們認為，由於我們公司的運營彈性和適應性，我們在當前形勢下找到了機會，因為歐佩克本可以專注於中間產品和美國的銷售、購買、尋找與我們提供的產品類似的產品的戰略。我們能夠通過我們在多元化市場和目的地的持續戰略來利用機遇，強調我們在新加坡的貿易子公司的戰略地位。

Ecopetrol Trading Asia, which has sold over 85 million barrels of crude oil in the Asian market. During this quarter, crude oil sales to the Asian continued to represent 54% of our results. Ecopetrol Trading Asia also successfully transited carbon-neutral put cargoes in line the company's TESG agenda. Its EBITDA for the second quarter of 2023, reached $62.5 million an increase of 42% over the previous quarter. In addition, the upticks of the carbon trade index has allowed us to commercialize 10 million barrels of accumulate carbon offset crude oil as of last July.

Ecopetrol Trading Asia已在亞洲市場銷售了超過8500萬桶原油。本季度，對亞洲的原油銷售繼續占我們業績的 54%。 Ecopetrol Trading Asia 還成功地實現了碳中和，使貨物符合公司的 TESG 議程。其2023年第二季度的EBITDA達到6250萬美元，比上一季度增長42%。此外，碳交易指數的上升使我們能夠將截至去年7月積累的1000萬桶碳抵消原油商業化。

Also the commercialization of asphalt with recycled plastic with an export level of 350 tons and the execution of 5 projects in Colombia has boosted the energy transition and circular economy in region. All the commercial performance has allowed as trend in the differential of the crude oil basket, ensuring our positioning the market. The Ecopetrol Group continues production, it all-inclusive strategy of efficiencies and competitiveness, allowing us to uphold the company's solid operating performance despite inflationary and market challenges. We are confident in our team's ability to meet diversities and remain committed to sustainable growth and success in this dynamic business climate.

此外，哥倫比亞的再生塑料瀝青商業化（出口量為 350 噸）和 5 個項目的實施促進了該地區的能源轉型和循環經濟。所有的商業表現都讓原油籃子的差異成為趨勢，確保了我們的市場定位。 Ecopetrol 集團繼續生產，其全面的效率和競爭力戰略使我們能夠在通貨膨脹和市場挑戰的情況下保持公司穩健的經營業績。我們對我們的團隊滿足多元化的能力充滿信心，並繼續致力於在這個充滿活力的商業環境中實現可持續增長和成功。

I now give the floor to Diana Escobar, Vice President of Sustainable Development, who will update you on our progress in the company's social impact.

現在請可持續發展副總裁戴安娜·埃斯科瓦爾 (Diana Escobar) 發言，她將向您介紹我們在公司社會影響方面取得的最新進展。

Thank you, Ricardo. Ecopetrol's commitment to generation of social value was evidenced during this quarter through advancements in the performance of our social and environmental investment plan, which in 2023 totaled COP 766 billion, a figure equal to nearly 5% of the comparable investment by the nation's general budget. I would like to underscore the most relevant achievements during this past quarter. We highlight the start of the second phase of the Meta food supply network program in partnership with the Food and Agriculture Organization of the United Nations.

謝謝你，里卡多。 Ecopetrol 對創造社會價值的承諾在本季度通過我們的社會和環境投資計劃的績效進展得到了證明，該計劃到2023 年總計為7,660 億哥倫比亞比索，這一數字相當於國家總預算可比投資的近5 %。我想強調上個季度最相關的成就。我們強調與聯合國糧食及農業組織合作啟動的 Meta 食品供應網絡計劃第二階段。

Over the next 3 years, this program should positively impact 3,000 farming families and 32 associations in the region strengthening production change under commercial viability. Moreover, a cooperation agreement was defined with the national government and companies in the industry to pave 43 kilometers of the Puerto Gaitán to Rubiales road located in the Department of Meta. With an investment of more than COP 240 billion. This project will sponsor the agroindustrial productive and rural development of the Orinoquia region, enabling over 1 million hectares with agricultural development potential and generating a positive annual impact of over 2.5% on the regional GDP.

未來 3 年，該計劃將對該地區 3,000 個農戶和 32 個協會產生積極影響，加強商業可行性下的生產變革。此外，還與國家政府和行業公司簽訂了合作協議，鋪設位於梅塔省的蓋坦港至魯比亞萊斯的 43 公里公路。投資超過2400億COP。該項目將資助奧里諾基亞地區的農工業生產和農村發展，使超過100萬公頃的土地具有農業發展潛力，每年對地區GDP產生超過2.5%的積極影響。

We also emphasized the successful National Summit of the Ecopetrol's Entrepreneurship Social Investment program with the engagement of 1,576 entrepreneurs, micro and small enterprises from 45 municipalities that will receive benefits this year. In education, our school quality and retention programs have aided 641,000 students, which is 8% of the total enrollment in public educational institutions nationwide. Regarding the expansion of higher education coverage through the Ecopetrol Graduate program this quarter, we awarded 94 new scholarship students in rural areas reaching a historical total of 1,761 beneficiaries to date. In health care, our mobile unit, Magdalena Medio has assisted more than 6,500 people in 7 municipalities of the Mid Magdalena region with access to low complexity health services, which is equal to 8% of the vulnerable population in this area.

我們還強調了 Ecopetrol 創業社會投資計劃全國峰會的成功舉辦，來自 45 個城市的 1,576 名企業家、微型和小型企業參與其中，今年將受益。在教育方面，我們的學校質量和保留計劃已幫助了 641,000 名學生，佔全國公立教育機構總入學人數的 8%。關於本季度通過 Ecopetrol 畢業生計劃擴大高等教育覆蓋面，我們向農村地區的 94 名新獎學金學生頒發了獎學金，迄今為止受益人總數達到歷史最高的 1,761 人。在醫療保健方面，我們的流動部門 Magdalena Medio 已為中馬格達萊納地區 7 個城市的 6,500 多人提供了低複雜度的醫療服務，相當於該地區弱勢人口的 8%。

Regarding access to utilities, namely gas, water and power supply our social gas program, certified gas service connections for more than 5,200 new households in the departments of Atlántico, Santander and Casanare concerning water supply, we highlighted the provision of COP 6.5 billion for the construction of 1 public drinking water well that benefits more than 13,000 people from the Wayuu ethnic group as a part of our commitment to provide water supply solutions in the department of La Guajira.

關於公用事業的使用，即天然氣、水和電力供應，我們的社會天然氣計劃，為大西洋省、桑坦德省和卡薩納雷省的5,200 多個新家庭提供了經過認證的天然氣服務連接，涉及供水，我們強調提供65 億哥倫比亞比索建設 1 口公共飲用水井，造福超過 13,000 名 Wayuu 族人，這是我們為拉瓜希拉省提供供水解決方案的承諾的一部分。

In access to electricity, we participated in a task force led by the Ministry of Mines and Energy, seeking to define a portfolio of initiatives that can develop into self-sustaining energy communities. Our social investment portfolio have been further strengthened with the allocation to the Ecopetrol Group of 27 new projects valued at COP 167 billion through the work for taxes mechanism, our business group have the highest participation in this mechanism, 37% of the nation-wide allocation.

在獲得電力方面，我們參加了由礦業和能源部領導的一個工作組，尋求確定一系列能夠發展成為自給自足的能源社區的舉措。我們的社會投資組合得到進一步加強，通過稅收工作機制向 Ecopetrol 集團分配了 27 個新項目，價值 1,670 億比索，我們的業務集團在該機制中的參與度最高，佔全國分配額的 37% 。

Finally, we would like to highlight the social dialogue processes carried out with the communities in our areas of influence. In the quarter, we conducted 13 dialogue processes involving more than 1,000 social vectors nationwide for the participation of community action Boards, academia, businesses and local institutions. In addition, we launched the ethnic inclusiveness support program called Forming in Diversity, training Wayuu and Pasto Siberia ethnic communities in La Guajira and Putumayo to strengthen their individual and organizational competencies. In this way, to our business lines, we contribute to generate social value throughout the country, closing gaps and improving the quality of life for those most affected by social inequality.

最後，我們想強調與我們影響範圍內的社區開展的社會對話進程。本季度，我們開展了 13 場對話進程，涉及全國 1,000 多個社會媒介，吸引了社區行動委員會、學術界、企業和地方機構的參與。此外，我們啟動了名為“形成多樣性”的種族包容性支持計劃，對拉瓜希拉和普圖馬約的瓦尤族和帕斯托西伯利亞族社區進行培訓，以增強他們的個人和組織能力。通過這種方式，在我們的業務範圍內，我們為在全國范圍內創造社會價值做出貢獻，縮小差距並改善受社會不平等影響最嚴重的人們的生活質量。

I will now turn the floor over to Jaime, who will present the key financial results for the second quarter.

現在我將把發言權交給 Jaime，他將介紹第二季度的主要財務業績。

Thank you, Diana. Ecopetrol recognizes that generating long-term value in the context of energy transition requires an integrated balance between the achievement of financial profitability goals and the delivery of our strategic technology, environmental, social and governance commitments with our stakeholders. Our performance dashboard shows significant progress in this regard. Technology is the main accelerator of this strategy generated benefits for close to more than COP 1 trillion in the first half of 2023 to increased revenue generation, cost reduction, avoided costs and productivity increases.

謝謝你，戴安娜。 Ecopetrol 認識到，在能源轉型的背景下創造長期價值需要實現財務盈利目標與向利益相關者履行我們的戰略技術、環境、社會和治理承諾之間的綜合平衡。我們的績效儀表板顯示在這方面取得了重大進展。技術是這一戰略的主要加速器，到 2023 年上半年將產生近超過 1 萬億哥倫比亞比索的效益，以增加收入、降低成本、避免成本和提高生產率。

On environment, the group, aware of the active role in must play in terms of climate change and energy transition has made progress as follows: regarding emissions reduction during the first half of 2023, the group achieved an accumulated reduction of greenhouse gas emissions of 1.09 million tons of CO2 equivalents in Scopes 1 and 2, mainly in the upstream and downstream segments through different enablers such as fugitive emissions, venting, flaring optimization, energy efficiency programs and the use of renewables. A cumulative reduction of 1.40 million tons of CO2 equivalents by 2023 with respect to the 2019 baseline is projected.

在環境方面，集團意識到必須在應對氣候變化和能源轉型方面發揮積極作用，已取得以下進展：在減排方面，2023年上半年，集團累計實現溫室氣體排放量減少1.09%。範圍1 和範圍2 中的100 萬噸二氧化碳當量，主要通過無組織排放、通風、火炬優化、能源效率計劃和可再生能源的使用等不同推動因素在上游和下游領域實現。預計到 2023 年，相對 2019 年基準累計減少 140 萬噸二氧化碳當量。

On water, the following has been achieved. First, an average water withdrawal of 657,000 barrels of water per day for industrial use, well below the withdrawal limit of 724,000 barrels of water per day established for the operation. Second, a 49% reuse of freshwater withdrawal, achieving an over compliance of 123% compared to the target set for the first semester of 2023. And third, a 29% reuse of production water affected by the pressure injection flow systems in Andina Norte and Orinoquia, but compensated by the good performance of the other 2 indicators.

在水方面，已取得以下成果。首先，工業用水平均每天取水657,000桶，遠低於為運營製定的每天724,000桶取水限額。其次，淡水抽取的回用率達到49%，與2023 年第一季度設定的目標相比，超額達標123%。第三，北安迪納和安迪納的壓力注入流系統影響的生產用水回用率達到29%。 Orinoquia，但其他 2 項指標的良好表現彌補了這一點。

As part of the ambition to incorporate nonconventional and alternative energy sources for self-consumption and promotion of cleaner energies, the company plans to incorporate 400 megawatts by 2023. Currently, 208 megawatts are in operation and another 200 megawatts are under construction to deliver the set target.

作為整合非常規和替代能源以實現自用和推廣清潔能源的雄心壯志的一部分，該公司計劃到2023 年整合400 兆瓦。目前，208 兆瓦已投入運營，另外200 兆瓦正在建設中，以交付該機組目標。

Regarding social matters in addition to the milestones previously mentioned by Diana, the following standout the 4,298 non-oil jobs generated that contribute to diversification of local economies and the 55,659 students benefited through quality and educational coverage projects. In terms of governance, the company maintains a solid and transparent corporate governance with a level of independence of 78% of its Board of Directors and a 33% female representation, these guides, the fulfilling of the company's strategy and is evaluated in indexes such as the Dow Jones Sustainability Index where the Ecopetrol Group aims to maintain or improve the corporate governance rating obtained in 2022.

關於社會事務，除了戴安娜之前提到的里程碑之外，以下突出的是產生的 4,298 個非石油就業崗位，有助於當地經濟的多元化，以及 55,659 名學生通過質量和教育覆蓋項目受益。在治理方面，公司保持著堅實、透明的公司治理，董事會的獨立性達到78%，女性比例達到33%，這些指標指導著公司戰略的實現，並通過以下指標進行評估：道瓊斯可持續發展指數， Ecopetrol 集團旨在維持或提高2022 年獲得的公司治理評級。

Please move on to the next slide. During the first half of 2023, we achieved outstanding financial indicators amidst an environment of lower crude oil and refined product realization prices. ROACE recorded its second best result since 2016 and closed the semester at 14.8%. Above the target of 10% for the year and higher than the average of around 11% reported by peer companies to date. The impact of higher fiscal contributions and the increase in capital employed was partially offset by higher operating income in the last 12 months. EBITDA margin was 44.3%, mainly explained by the lower average Brent price compared to the first semester of 2022 and the lower cracks of refined products, diesel, gasoline and jet which was partially offset by the net effect on revenues and purchases associated to the higher average exchange rate.

請轉到下一張幻燈片。 2023年上半年，在原油和成品油變現價格較低的環境下，我們取得了優異的財務指標。 ROACE 創下了自 2016 年以來的第二好成績，本學期結束時的成績為 14.8%。高於今年 10% 的目標，也高於迄今為止同行公司報告的 11% 左右的平均水平。過去 12 個月較高的營業收入部分抵消了財政貢獻增加和所用資本增加的影響。 EBITDA 利潤率為44.3%，主要是由於與2022 年第一季度相比，布倫特原油平均價格較低，以及煉油產品、柴油、汽油和噴氣機的裂解量較低，但部分抵消了較高價格對收入和採購的淨影響。平均匯率。

Likewise, there was an increase in activity costs and operating expenses associated with the increase in activity in terms of production, refinery throughputs and transported volumes as well as some inflationary effects. During the semester, the Ecopetrol Group recorded a higher EBITDA margin compared to its peer companies, which reported an average margin of around 34%. Regarding EBITDA by business line, a 78% contribution of hydrocarbon stand out, underpinned by the upstream and midstream segments. Transmission and toll roads contributed with 16% of the EBITDA, mainly associated to the results of the Energy Transmission segment.

同樣，隨著產量、煉油廠吞吐量和運輸量以及一些通脹影響等活動的增加，活動成本和運營費用也有所增加。本學期，Ecopetrol 集團的 EBITDA 利潤率高於同行公司，平均利潤率約為 34%。從各業務線的 EBITDA 來看，在上游和中游領域的支撐下，碳氫化合物貢獻了 78%。輸電和收費公路佔 EBITDA 的 16%，主要與能源輸電部門的業績相關。

Finally, low emissions contributed with 6% of the EBITDA, explained by a higher gas contribution. The gross debt-to-EBITDA indicator remained stable at 1.6x, below the target of 2.1x for the year. The debt equity ratio was 1.1x, primarily due to the higher financing U.S. dollars acquired mainly by Ecopetrol S.A. in the first half of the year. During the first half of 2023, the Ecopetrol Group generated an operating cash flow of COP 5.2 trillion as a result of the solid operating performance and the positive effect of the average exchange rate, which offset lower realization prices and the inflationary effect on costs. Operating cash flow accounting for the balance of FEPC, which I will explain in detail later, would be COP 18.2 trillion at the end of the semester.

最後，低排放貢獻了 EBITDA 的 6%，這可以通過較高的天然氣貢獻來解釋。總債務與 EBITDA 指數穩定在 1.6 倍，低於今年 2.1 倍的目標。債務股本率為 1.1 倍，主要是由於上半年主要由 Ecopetrol S.A. 收購的美​​元融資較高。 2023年上半年，由於穩健的經營業績和平均匯率的積極影響，Ecopetrol集團產生了5.2萬億比索的經營現金流，抵消了較低的變現價格和通脹對成本的影響。佔 FEPC 餘額的運營現金流（我稍後將詳細解釋）在本學期結束時將為 18.2 萬億哥倫比亞比索。

Please move on to the next slide. In the first half of the year, Ecopetrol's organic investments amounted COP 12.3 trillion, the highest half year figure in the last 7 years, 41% above what was executed in the first half of 2022 and in line with the target for 2023 of between COP 25.3 trillion and COP 29.8 trillion. This demonstrates the company's execution capacity in line with the targets set out for the 4 pillars of the 2040 strategy and contributes to our commitment to the economic growth of Colombia and the other countries where we operate.

請轉到下一張幻燈片。今年上半年，Ecopetrol 的有機投資額達 12.3 萬億比索，這是過去 7 年來最高的半年數字，比 2022 年上半年執行的投資高出 41%，與 COP 之間的 2023 年目標一致25.3 萬億和29.8 萬億菲律賓比索。這表明公司的執行能力符合 2040 年戰略四大支柱設定的目標，並有助於我們對哥倫比亞和我們開展業務的其他國家的經濟增長的承諾。

The hydrocarbons business line as a strategic priority for the company and as an enabler of investments in the energy transition closed the semester with a solid execution for COP 8.4 trillion, which represents 69% of the group's investments. These investments were represented in growth projects throughout the integrated chain, both in Colombia and the United States. The investments in low emission solutions and TESG closed at COP 1.5 trillion, of which circa COP 1.3 trillion were allocated to gas projects focused on assets located in the Piedemonte and other exploratory blocks.

碳氫化合物業務線作為公司的戰略重點和能源轉型投資的推動者，以 8.4 萬億哥倫比亞比索的穩健執行結束了本學期，這相當於該集團投資的 69%。這些投資體現在哥倫比亞和美國整個集成鏈的增長項目中。對低排放解決方案和 TESG 的投資最終達到 1.5 萬億比索，其中約 1.3 萬億比索分配給專注於皮埃蒙特和其他勘探區塊資產的天然氣項目。

In TESG, resources were allocated to decarbonization projects efficient water management in operations, energy efficiency, fuel quality and hydrogen. Investments in the transmission and toll roads business line amounted to COP 2.4 trillion, and corresponded to projects executed by ISA in energy transmission toll roads and telecommunications. These investments allowed progress in the construction of the electric circuit and in improvements aimed at increasing the reliability of the existing network as well as in Ruta del Loa, Ruta de la Araucaria and Ruta de los Rios road projects in Chile.

在 TESG 中，資源被分配到脫碳項目、運營中的高效水管理、能源效率、燃料質量和氫氣。輸電和收費公路業務線的投資額達2.4萬億比索，相當於ISA在能源輸電收費公路和電信領域執行的項目。這些投資使得電路建設和旨在提高現有網絡可靠性的改進以及智利的 Ruta del Loa、Ruta de la Araucaria 和 Ruta de los Rios 公路項目取得了進展。

Please move on to the next slide. At the end of the first half of 2023, Ecopetrol recorded a consolidated cash position of COP 13 trillion, explained by first, an operating cash flow generation of COP 5.2 trillion, mainly associated with higher sales volumes due to higher production, the solid performance of the midstream and downstream segments as well as energy projects.

請轉到下一張幻燈片。截至 2023 年上半年末，Ecopetrol 的綜合現金頭寸為 13 萬億比索，首先解釋為運營現金流量為 5.2 萬億比索，主要與產量增加導致銷量增加、業績穩健有關。中下游領域以及能源項目。

This was partially offset by the increase in working capital mainly due to the accumulation of the FEPC account and the payment of income tax in some subsidiaries. Secondly, the outflow of investment resources for organic activities for COP 10.7 trillion, mainly made by Ecopetrol and its subsidiaries, Permian, ISA and CENIT. And thirdly, the outflow of resources for the payment of dividends for COP 2.6 trillion to minority shareholders and subsidiaries.

這被主要由於FEPC賬戶累計和部分子公司繳納所得稅導致的營運資金增加部分抵消。其次，有機活動投資資源流出10.7萬億比索，主要由Ecopetrol及其子公司Permian、ISA和CENIT提供。第三，用於向少數股東和子公司支付2.6萬億比索股息的資源外流。

Regarding the management of debt maturities for 2023, at Ecopetrol, we continue to advance in the refinancing strategy with which in June is carried out. A partial disbursement of close to COP 693 billion from the financing line with Bancolombia. The prepayment of debt maturing in 2023 for $305 million, the issuing of bonds in the international capital markets for $1.5 billion and the launching of the repurchase offer for around $822 million plus interest for the prepayment of the remainder of the international bond issued in 2013, executed in August.

關於2023年債務到期管理，Ecopetrol將繼續推進6月實施的再融資策略。從哥倫比亞銀行的融資額度中部分支付近 6,930 億哥倫比亞比索。提前償還2023年到期的債務3.05億美元，在國際資本市場發行15億美元債券，並啟動約8.22億美元的回購要約，加上提前償還2013年發行的國際債券剩餘部分的利息，八月被處決。

As a result, the balance of maturities for 2023 at the end of August is close to $198 million, corresponding to principal installments of long-term debt. As for the average cost of debt between the end of the first half of 2022 and the first half of 2023, the costs increased 28 basis points and closed at approximately 6.07%, which represents a highly controlled growth despite the generalized context of higher international interest rates. It is also noteworthy that despite the higher cost, average exchange rate and indebtedness, the increase in financial expense between these periods was only 1%, reflecting the company's ability to manage its debt even in a challenging rate environment. The company does not expect a substantial increase in the cost of debt for the remainder of 2023.

因此，截至 8 月底，2023 年到期餘額接近 1.98 億美元，相當於長期債務的本金分期付款。至於2022年上半年末至2023年上半年的平均債務成本，成本上升了28個基點，收於約6.07%，儘管國際利率普遍上升，但增長仍處於高度可控狀態。費率。還值得注意的是，儘管成本、平均匯率和債務較高，但這些時期之間的財務費用增幅僅為1%，反映了公司即使在充滿挑戰的利率環境下也有能力管理其債務。該公司預計 2023 年剩餘時間內債務成本不會大幅增加。

Regarding the FEPC balance, the account receivable closed at COP 30.9 trillion, reflecting an accumulation of COP 13 trillion during the semester. Likewise, compensation was made without transfer of resources between the balance receivable from the FEPC account and the dividends in favor of the nation for COP 8.4 trillion, leading an amount of COP 13.2 trillion pending for compensation. It is important to mention that thanks to the adjustments in the price of gasoline and the price environment, the monthly accumulation of the FEPC has been decreasing and is expected to be below COP 1 trillion per month in the second half of the year.

關於 FEPC 餘額，應收賬款為 30.9 萬億比索，反映本學期累計 13 萬億比索。同樣，在 FEPC 賬戶應收餘額和有利於國家的股息之間沒有進行資源轉移的情況下進行了 8.4 萬億比索的補償，導致等待補償的金額為 13.2 萬億比索。值得一提的是，得益於汽油價格和價格環境的調整，FEPC的月積累量一直在減少，預計下半年將低於每月1萬億COP。

Finally, it is important to reiterate that the financial priorities of the Ecopetrol Group continue to be the value generation through the delivery of the investment plan, proactive and competitive debt management and the distribution of dividends as cash conditions allow.

最後，需要重申的是，Ecopetrol 集團的財務優先事項仍然是通過交付投資計劃、主動和有競爭力的債務管理以及在現金條件允許的情況下分配股息來創造價值。

I will now pass the floor to Yeimy Báez, who will give us more details about the Low Emission Solutions business line.

現在我將請 Yeimy Báez 發言，他將為我們提供有關低排放解決方案業務線的更多詳細信息。

Thanks, Jaime. In the first half of the year, the gas and LPG production reached 160,000 of equivalent oil barrels per day, 22% of the group's production mix. And our business delivered an EBITDA of COP 2,142 billion with an EBITDA margin of 47%. Our continued efforts to decarbonize our operations were bestowed by the implementation of a wide range of initiatives and investment projects of low emission solutions aiming to significantly contribute to our strategic objectives.

謝謝，海梅。上半年，天然氣和液化石油氣產量達到每天16萬桶油當量，佔集團總產量的22%。我們的業務實現 EBITDA 21,420 億比索，EBITDA 利潤率為 47%。我們持續努力實現運營脫碳，這是通過實施一系列旨在為我們的戰略目標做出重大貢獻的低排放解決方案的舉措和投資項目而做出的。

I would like to highlight the reduction of Flare Gas firms and ROACE, (inaudible) and [Argos Lencho's] fields by the means of connecting them to the gas market to offer additional volumes of about 1,400 MBtu per day. These initiatives announced to reduce emissions of more than 36,000 tons of CO2 equivalent per year. We also were able to implement energy efficiency initiatives that led to reduce 5 gigawatt hour, 2 megawatts of consumption, equivalent to the electricity consumption of 16,000 counts and another one, 110 giga Btu of Thermal Energy. Energy Management, operational control and the use of Flare and venting of gas for self-generation of energy resulted in the most of the year. We continue to work on sustainable mobility during the second quarter of 2022.

我想強調的是，通過將火炬氣公司和 ROACE（聽不清）和 [Argos Lencho 的] 氣田與天然氣市場連接起來，每天提供約 1,400 MBtu 的額外產量，從而減少了這些氣田的數量。這些舉措宣布每年可減少超過 36,000 噸二氧化碳當量的排放量。我們還實施了能源效率舉措，減少了 5 吉瓦時的能耗、2 兆瓦的能耗，相當於 16,000 點的用電量和 110 吉瓦 Btu 的熱能消耗。能源管理、運行控制以及使用火炬和排放氣體來自發電是這一年的大部分時間。我們將在 2022 年第二季度繼續致力於可持續出行。

First, we started to deliver financial support to natural gas devices with the GASTRACK program, a fund of COP 730 billion, that includes an involvement by Ecopetrol. Second, our subsidiary, Esenttia renew its transportation fleet with 40 gas-powered grand new trucks in its operations. And finally, we delivered the first hydrogen refilling to the public transportation bus in Bogota for commissioning tests with the support of CENIT and H2B2. It is estimated that all these initiatives in sustainable mobility will achieve our reduction of more than 570 tons of fuel to the full year.

首先，我們開始通過 GASTRACK 計劃為天然氣裝置提供財政支持，該計劃的資金為 7300 億比索，其中 Ecopetrol 也參與其中。其次，我們的子公司 Esenttia 更新了其運輸車隊，擁有 40 輛全新汽油動力卡車。最後，在 CENIT 和 H2B2 的支持下，我們向波哥大的公共交通巴士交付了第一輛加氫裝置，進行調試測試。據估計，所有這些可持續交通舉措將使我們全年減少燃油超過570噸。

I will give some further remarks on Ecopetrol's efforts to improve the well-being of the Colombian people. To date, a program to connect will enable communities to the natural gas grid has delivered 4,843 connections, positively impacting families in rural areas of the (inaudible) Caño Sur gas have been the main vehicles to meet the target.

我將對 Ecopetrol 為改善哥倫比亞人民福祉所做的努力做進一步的評論。迄今為止，一項使社區能夠接入天然氣網的計劃已提供 4,843 個連接，對農村地區的家庭產生了積極影響（聽不清）Caño Sur 天然氣是實現這一目標的主要途徑。

We also signed new agreements that will allow us to expand the program coverage to connect another 4,000 families in 2023. In addition, we extended the micro LNG plant operations in Buenaventura until November. Providing reliability of gas supply to 37,000 families in the spin. The company has done a significant amount of work to enrich its renewable energy platform. So that again, new technologies have been introduced to our opportunity funnels such as biomass, geothermal and small-scale hydros. The operation of Brisas, Castilla and San Fernando solar farms as well as the Cantayús Small Hydroelectric plant, allows us to reduce 5,883 tons of CO2 equivalent and saved COP 6,915 million in the second quarter of 2023. We are also making progress in the construction of new photovoltaic capacity in Cartagena, 23 megawatts, La Cira, 56 megawatts, Copey, Ayacucho, and Vasconia solar farms with 15 megawatts and Caucasia with other 7 megawatts, which will contribute to the incorporation of 121 megawatts to our renewable energy metrics by the end of 2023.

我們還簽署了新協議，使我們能夠擴大計劃覆蓋範圍，在 2023 年連接另外 4,000 個家庭。此外，我們將布埃納文圖拉的微型液化天然氣工廠運營期延長至 11 月。為 37,000 個家庭提供可靠的天然氣供應。該公司為豐富其可再生能源平台做了大量工作。因此，我們的機會漏斗中再次引入了新技術，例如生物質、地熱能和小型水力發電。布里薩斯、卡斯蒂利亞和聖費爾南多太陽能發電場以及坎塔約斯小型水力發電廠的運營使我們能夠在2023 年第二季度減少5,883 噸二氧化碳當量，並節省69.15 億哥倫比亞比索。我們還在建設卡塔赫納的新光伏發電容量為23 兆瓦，拉西拉為56 兆瓦，科佩、阿亞庫喬和瓦斯科尼亞太陽能發電場為15 兆瓦，高加索為其他7 兆瓦，這將有助於到年底將121 兆瓦納入我們的可再生能源指標2023 年。

Finally, last June results to the energy transition. For 3 days, more than 3,000 people, including Ecopetrol's employees international and local leaders and experts gathered to share knowledge of the national and global context, industry experience, technological trends and challenges of the energy transition. We continue to leverage the consolidation of the architecture for the business line, trained in the strategic pillar of cutting edge norms, as we think for our 2040 strategy, energy that transforms.

最後，去年六月能源轉型取得了成果。三天來，包括 Ecopetrol 員工在內的 3,000 多名國際和當地領導人及專家齊聚一堂，分享有關國家和全球背景、行業經驗、技術趨勢和能源轉型挑戰的知識。我們繼續利用業務線架構的整合，接受前沿規範戰略支柱的培訓，就像我們對 2040 年戰略的思考一樣，能源轉型。

I will now pass the floor to Alberto, who will talk about the main operational management.

我現在請Alberto發言，他將談論主要的運營管理。

Thank you, Yeimy. Progress in the 2023 exploratory campaign reached 40% by the end of the semester, as we completed the drilling of 10 exploratory wells, 7 of which have hydrocarbon potential and are located in Llanos Orientales to having gas condensate potential in the Piedemonte foothills and one with natural gas potential in Northern Colombia in Córdoba.

謝謝你，耶米。到本學期結束時，2023 年勘探活動進展達到40%，我們完成了10 口探井的鑽探，其中7 口具有碳氫化合物潛力，位於Llanos Orientales，在皮埃蒙特山麓具有凝析油潛力，還有1 口具有油氣潛力。哥倫比亞北部科爾多瓦的天然氣潛力。

For this quarter, I would like to highlight the announcement we made about the success of the Tinamú-1 exploratory well operated by Ecopetrol located in Castilla la Nueva in the Department of Meta. Confirming the presence of 16 degrees API heavy crude oil. Extensive testing is planned to begin in the third quarter of 2023. We made important progress in the assessment of onshore discovers. In Northern Colombia, in the Arrecife area, early production connection of the Coralino-1 Arrecife Norte discoveries to the existing infrastructure is underway. Extensive testing is expected to begin by the end of 2023 for potential commerciality in 2024.

在本季度，我想重點介紹一下我們宣布的關於由 Ecopetrol 運營的位於 Meta 省 Castilla la Nueva 的 TinamË-1 探井取得成功的公告。確認存在API 16度重質原油。計劃於 2023 年第三季度開始廣泛測試。我們在評估陸上發現方面取得了重要進展。在哥倫比亞北部的阿雷西費地區，Coralino-1 Arrecife Norte 發現項目與現有基礎設施的早期生產連接正在進行中。預計將於 2023 年底開始廣泛測試，並於 2024 年實現商業化。

With regards to the Flamencos discovery located in the Mid Magdalena Valley. The Flamencos-1 is now commercially viable and the production license is expected to be awarded during the second half of 2023 in order to proceed with the extension of commerciality for Flamencos-2 and 3 wells. Finally, extensive tests are being carried out in the [Upper Magdalena Valley on the El Niño-1 and Ibamaca-2 wells and in CPO9 on the Col-1 and Lorito wells. Progress in offshore exploration activity in Colombia includes assessing the results of the Gorgon-2 appraisal well and the drilling of the Glaucus-1 well in the same area, which is expected to reach total depth in the second half of this year.

關於位於馬格達萊納山谷中部的弗拉門戈舞發現。 Flamencos-1 現已具備商業可行性，預計將於 2023 年下半年頒發生產許可證，以便繼續擴大 Flamencos-2 和 3 井的商業性。最後，正在馬格達萊納河谷上游的 El Niño-1 和 Ibamaca-2 井以及 CPO9 的 Col-1 和 Lorito 井進行廣泛的測試。哥倫比亞海上勘探活動的進展包括評估同一地區Gorgon-2評價井和Glaucus-1井的鑽探結果，預計今年下半年達到總深度。

In addition, we continued with predrilling activities of the Orca Norte-1 well as part of the appraisal process of the Orca discovery and with the planning of the appraisal campaign of the (inaudible) discovery to start in 2024. As part of the ongoing consultation with government agencies, Mediation agreements were signed with the National Hydrocarbon Agency, ANH, and the (inaudible). National State Legal Defense Agency, concerning controversies regarding the exploration and production agreements for the [Farallones] and [Maranga] areas.

此外，我們繼續進行 Orca Norte-1 的預鑽活動以及 Orca 發現評估過程的一部分，併計劃於 2024 年啟動（聽不清）發現的評估活動。作為正在進行的諮詢的一部分與政府機構、國家碳氫化合物管理局、ANH 和（聽不清）簽署了調解協議。國家法律辯護局，涉及 [Farallones] 和 [Maranga] 地區勘探和生產協議的爭議。

Let's go to the next slide, please. During the second quarter of this year, we achieved production of 728,000 barrels of oil equivalent per day up 3.3% versus the same quarter of 2022, driven by a solid performance of Rubiales and positive results of the drilling campaigns at Caño Sur and Permian. These results were obtained despite the negative production impacts of around 6,400 barrels of oil equivalent per day during the second quarter of the year due to social unrest issues, including the [Capachos field closures as well as load restrictions and the temporary shutdown of the gas plant in Gibraltar due to attach to the Caño Limón Coveñas pipeline. We continue to make progress in decarbonizing our upstream segment.

請轉到下一張幻燈片。今年第二季度，在 Rubiales 的穩健表現以及 Caño Sur 和 Permian 鑽探活動取得積極成果的推動下，我們的日產量達到 728,000 桶油當量，較 2022 年同季度增長 3.3% 。儘管由於社會動盪問題，包括卡帕喬斯油田關閉、負荷限制和天然氣工廠臨時關閉，導致今年第二季度每天約 6,400 桶油當量的負面生產影響，但仍取得了這些成果位於直布羅陀，由於連接Caño Limón Coveñas 管道。我們在上游領域脫碳方面繼續取得進展。

During the first half of the year, we highlight the development of projects that will eliminate venting emissions at the Castilla and Dina Cretáceos production facilities in line with our commitment to reduce methane emissions by 2045. During this period, the upstream segment succeeded in reducing 141,000 tons of CO2 equivalent emissions figure, which is above expectations for the semester.

今年上半年，我們重點開發了一些項目，這些項目將消除卡斯蒂利亞和迪納克雷泰奧斯生產設施的通風排放，以履行我們到2045 年減少甲烷排放的承諾。在此期間，上游部門成功實現了減少二氧化碳當量排放量14.1萬噸，高於本學期預期。

Let's go to the next slide, please. After 3 years of the start of operations in Permian the joint venture between Ecopetrol and OXY reached a record production at the end of May of 100,000 barrels of oil equivalent per day before royalties with approximately 62,000 barrels of oil equivalent per day corresponding to Ecopetrol's participation. In addition to the production in the Midland Basin, we highlight the start of production in the Delaware area after drilling and completing the first 19 wells.

請轉到下一張幻燈片。在二疊紀盆地運營3 年後，Ecopetrol 和OXY 之間的合資企業於5 月底達到創紀錄的日產量（不含特許權使用費） 100,000 桶油當量，其中Ecopetrol 的參與相當於每天約62,000 桶油當量。除了米德蘭盆地的生產外，我們還重點介紹了特拉華州地區在鑽完前 19 口井後開始生產的情況。

During the second quarter of 2023, we drilled 22 new wells, totaling now 279 wells, and reaching a net production for Ecopetrol before royalties of 58,700 barrels of oil equivalent per day. By the end of the year, more than 110 wells are expected to be drilled and production should reach an annual average daily production in the range of 62,000 to 64,000 barrels of oil equivalent per day before royalties for Ecopetrol. On the TESG front, Permian assets maintained low carbon intensity based on 0 routing prairie, methane monitoring continuous production facilities, along with other practices such as tankless storage facilities to reduce emissions at the source.

2023 年第二季度，我們鑽探了 22 口新井，目前總數達到 279 口，Ecopetrol 扣除特許權使用費前的淨產量達到每天 58,700 桶油當量。到今年年底，預計將鑽探 110 多口井，年平均日產量將達到 62,000 至 64,000 桶油當量/天（扣除 Ecopetrol 特許權使用費之前）。在TESG方面，二疊紀資產基於零路線草原、甲烷監測連續生產設施以及無罐儲存設施等其他實踐來保持低碳強度，以從源頭減少排放。

Please continue to the next slide. For the midstream segment transported volumes increased year-on-year by nearly 20,000 barrels per day, primarily as a result of higher crude oil production in the Llanos region, greater availability of both refineries as well as operational optimizations in the refined product transport systems. So far this year, 10 reversal cycles have been carried out in the Bicentenario pipeline, ensuring the evacuation of production from the Caño Limón field. Likewise, an alternative route was implemented to ever quite condensed crude from Gibraltar and loaded in a station as a heavy crude diluent. Debottlenecking production of approximately 30 million cubic feet of gas in the Gibraltar field.

請繼續觀看下一張幻燈片。對於中游部分，運輸量同比每天增加近 20,000 桶，主要是由於亞諾斯地區原油產量增加、煉油廠可用性提高以及成品油運輸系統運營優化。今年到目前為止，Bicentenario 管道已進行 10 次反轉循環，確保 Caño Limón 油田的生產撤離。同樣，還採用了一條替代路線，將來自直布羅陀的高度濃縮原油作為重質原油稀釋劑裝載到加油站。消除直布羅陀氣田約 3000 萬立方英尺天然氣的生產瓶頸。

During the second quarter, CENIT continued to perform a cabotage operation from the Buenaventura Maritime terminal to the Tumaco terminal. Supplying part of the demand of products in this region of the country affected by restrictions on the Pan-American Highway. In line with our TESG strategy, after 3 years of work led by Ocensa in partnership with Oleoducto de los Llanos Orientales , ODL, Oleoducto Bicentenario de Colombia, OBC and other regional entities we highlight the completion of the Vida Manglar project, which restored and rehabilitated 39.2 hectares of mine growth in the Cispata Bay in Cordoba contributing to the natural regeneration of the area.

第二季度，CENIT 繼續開展從布埃納文圖拉海運碼頭到圖馬科碼頭的沿海運輸業務。供應該國該地區受泛美高速公路限制影響的部分產品需求。根據我們的 TESG 戰略，經過由 Ocensa 領導、與 Oleoducto de los Llanos Orientales、ODL、Oleoducto Bicentenario de Columbia、OBC 和其他區域實體合作 3 年的工作，我們強調 Vida Manglar 項目的完成，該項目恢復和修復了科爾多瓦Cispata 灣39.2 公頃的礦山增長有助於該地區的自然再生。

Finally, the Ministry of Mines and Energy through the issuance of Resolutions 279 of 2023, temporarily suspended the updating of crude oil transport tariffs that takes place in July of each year. Therefore, the current tariffs will remain in force until the tariffs for the following period are set in accordance with the terms established by the regular.

最後，礦業和能源部通過發布2023年第279號決議，暫停每年7月進行的原油運輸關稅更新。因此，當前的關稅將繼續有效，直到下一時期的關稅按照常規規定的條款確定為止。

Let's continue with the next slide, please. In the downstream second, the Cartagena refinery achieved a record quarterly throughput of 209,000 barrels per day thanks to the continuous operation of the Cartagena crude oil plant interconnection project, IPCC by its action in Spanish as well as the high operational availability of the plants. During the quarter, we reached an integrated throughput of 427,800 barrels per day, a 17% increase versus the same period in 2022. In line with our commitment to contribute to the improvement of air quality in Colombia and deliver cleaner fuels with stand out the record production of diesel, gasoline and jet fuel for local supply in compliance with Resolution 40103 that establishes the fuel sulfur content limits for Colombia.

請讓我們繼續看下一張幻燈片。在下游第二階段，由於卡塔赫納原油廠互聯項目、IPCC在西班牙語中的行動以及工廠的高運營可用性的持續運行，卡塔赫納煉油廠實現了創紀錄的季度吞吐量209,000桶/日。本季度，我們的綜合吞吐量達到了 427,800 桶/日，與 2022 年同期相比增長了 17%。這符合我們為改善哥倫比亞空氣質量做出貢獻並提供清潔燃料的承諾，創下了記錄根據第40103號決議規定哥倫比亞燃料硫含量限制，生產供當地供應的柴油、汽油和噴氣燃料。

In 2Q 2023, we reached an integrated refining gross margin of $14.4 per barrel as a result of higher refinery throughput with plant availability levels surpassing 96%, compared to 1Q 2023, the margin was mainly affected by a contraction in global demand reflected in lower diesel and jet fuel prices and higher crude oil prices. By the end of the year, margins are expected to remain at the double-digit level. In addition, scheduled maintenance will be carried out at both refineries during the second half of the year, ensuring the reliability and the integrity of our operations. During the quarter, we made progress in achieving various milestones of which I would like to emphasize, start maturation of the project to produce sustainable aviation fuels and renewable diesel in the Barrancabermeja refinery contributing to the carbonizing aviation sector, the start-up of the electrolyzer project in Esenttia that aims to generate hydrogen from water using solar panels as an energy source to partially cover the operations self consumption.

2023 年第二季度，由於煉油廠吞吐量增加，工廠利用率超過96%，我們的綜合煉油毛利率達到每桶14.4 美元，與2023 年第一季度相比，毛利率主要受到柴油價格下降反映的全球需求萎縮的影響航空燃油價格和原油價格上漲。到今年年底，利潤率預計將保持在兩位數水平。此外，下半年兩家煉油廠還將進行定期維護，以確保我們運營的可靠性和完整性。本季度，我們在實現各種里程碑方面取得了進展，我想強調的是，在巴蘭卡韋梅哈煉油廠生產可持續航空燃料和可再生柴油的項目開始成熟，為碳化航空業做出了貢獻，電解槽的啟動Esenttia 的項目旨在利用太陽能電池板作為能源從水中產生氫氣，以部分滿足運營的自耗。

The execution of the 5G technology pilot test at the Barrancabermeja refinery with the aim of implementing industrial technology solutions in the operation, which will enable efficiencies in maintenance and operation processes. We continue to advance on the 0 fuel oil path initiating production of A330 quality asphalt at the Barrancabermeja refinery, those opening up new market opportunities.

在巴蘭卡韋梅哈煉油廠執行 5G 技術試點測試，旨在在運營中實施工業技術解決方案，從而提高維護和運營流程的效率。我們繼續在 0 燃油道路上前進，開始在 Barrancabermeja 煉油廠生產 A330 優質瀝青，這開闢了新的市場機會。

Let's move on the next slide, please. During the first half of the year, efficiencies of COP 1.6 trillion were achieved, of which COP 1.1 trillion contributed to mitigate the inflationary effects that continue to impact the group's costs and expenses. On this front, I would like to highlight the multiple initiatives that have allowed us to optimize dilution and evacuation costs of heavy and extra heavy crude oil. The implementation of production strategies that have contributed to reducing lifting costs as well as energy efficiency strategies with the use of technology solutions and sales generation. Listing cost as of June 2023 amounted to $9.41 per barrel a year-on-year increase of $0.13 per barrel, mainly attributed to inflationary effects on energy tariffs, well services and chemical treatment whose impact was mitigated due to achieved efficiencies of $0.24 per barrel.

請讓我們繼續看下一張幻燈片。上半年，實現了 1.6 萬億比索的效率，其中 1.1 萬億比索為減輕持續影響集團成本和支出的通脹影響做出了貢獻。在這方面，我想強調多項舉措，這些舉措使我們能夠優化重質和超重質原油的稀釋和疏散成本。實施有助於降低提升成本的生產戰略以及通過使用技術解決方案和銷售創造的能源效率戰略。截至 2023 年 6 月，上市成本為每桶 9.41 美元，同比每桶增加 0.13 美元，主要歸因於能源關稅、油井服務和化學處理的通脹影響，其影響因實現每桶 0.24 美元的效率而減輕。

Refining cash cost decreased by 14% compared to the first half of 2022, explained by increased throughput and exchange rate variance offsetting higher costs from greater operating activity and inflationary effects. The cost per barrel transported as of June 2023 was $2.76 per barrel which remains stable versus the same period of 2022, primarily due to the aggregate effect of higher operating costs a greater average devaluation of the peso against the U.S. dollar and additional volume transported. The total unit cost as of June 2023 reached $45.6 per barrel a 14.7% decline compared to the same period of the previous year. Mainly resulting from the effect of a higher exchange rate and an increase in traded volumes, it should be noted that there was COP 700 per dollar year-on-year increase in the average exchange rate in this period, which resulted in an impact of approximately COP 340 billion in operating costs and expenses.

與 2022 年上半年相比，煉油現金成本下降了 14%，原因是產量增加和匯率差異抵消了運營活動增加和通脹影響帶來的成本上升。截至 2023 年 6 月，每桶運輸成本為每桶 2.76 美元，與 2022 年同期相比保持穩定，主要是由於運營成本上升、比索兌美元平均貶值幅度更大以及運輸量增加的綜合影響。截至2023年6月，單位總成本達到每桶45.6美元，比上年同期下降14.7%。主要是由於匯率走高和交易量增加的影響，需要注意的是，本期平均匯率同比上漲了700比索/美元，造成了約700比索的影響。運營成本和開支為 3,400 億哥倫比亞比索。

I now give the floor back to our CEO, Ricardo Roa.

現在我請我們的首席執行官 Ricardo Roa 發言。

Thank you, Alberto. The transmission and toll road business line generated positive operating and financial results in the first half of the year. These results, we are primarily sustained by the energy business in Brazil and Colombia and toll drops in Chile. This occurred in a 10% contribution by the business line to the group's revenues, a 16% input to EBITDA and 8% participation in net income for the first half of this year. The most relevant milestone for the quarter includes the allocation of 2 lots award in the energy transmission, auction by the Brazilian National Electric Energy Agency as well as 6 extensions in Brazil and 1 connection in Colombia.

謝謝你，阿爾貝托。輸電和收費公路業務上半年取得了良好的經營和財務業績。這些業績主要得益於巴西和哥倫比亞的能源業務以及智利的通行費下降。今年上半年，該業務線對集團收入的貢獻為 10%，對 EBITDA 的貢獻為 16%，對淨利潤的貢獻為 8%。本季度最相關的里程碑包括巴西國家電力能源局拍賣的 2 個能源傳輸地塊分配，以及巴西的 6 個擴建項目和哥倫比亞的 1 個連接項目。

The start-up of the UPME 07-2017 Sabanalarga-Bolívar project, an inception of the SmartValves operation in the Santa Marta substation favoring reliability and the connection of renewable energies. These projects will represent additional revenues of $10 million. ISA continues advising in the construction of 54 energy transmission projects which represents the addition of overall 4,825 kilometers of transmission lines to the network and will generate revenues of approximately $260 million when they enter in operation.

UPME 07-​​2017 Sabanalarga-Bolívar 項目的啟動，是聖瑪爾塔變電站 SmartValves 運營的開始，有利於可再生能源的可靠性和連接。這些項目將帶來 1000 萬美元的額外收入。 ISA 繼續為 54 個能源傳輸項目的建設提供諮詢，這些項目意味著將總共 4,825 公里的傳輸線路添加到網絡中，投入運營後將產生約 2.6 億美元的收入。

Finally, progress continues in the execution of additional works in the Ruta de los Rios and Ruta de la Araucania concessions, which will generate new revenues and extend the terms of these concessions. I would like to highlight that in this first half of 2023, the Ecopetrol Group demonstrate exceptional resilience and solid operational capabilities within a challenging landscape. This was a chip through hard work and dedication as well as years of support and commitment by every member of our organization through the devotion of our team, worldwide and the proclivity to recognize strategic opportunities, we continue to ensure sustainable growth with a historical execution of the investment plan.

最後，Ruta de los Rios 和 Ruta de la Araucania 特許權的其他工程的實施繼續取得進展，這將產生新的收入並延長這些特許權的期限。我想強調的是，在 2023 年上半年，Ecopetrol 集團在充滿挑戰的環境中表現出了卓越的韌性和紮實的運營能力。這是通過我們組織的每一位成員的辛勤工作和奉獻精神以及多年來的支持和承諾，通過我們全球團隊的奉獻精神和識別戰略機遇的傾向，我們繼續以歷史性的執行力確保可持續增長。投資計劃。

In Colombia from the production fields in the (inaudible) to the offshore stations in the Caribbean and globally from Chile through our transmission and toll roads business line to our trading company in Singapore, we will continue to focus on delivering operational excellence innovation and commitment to the energy transition. With great enthusiasm, we invite you to celebrate with us in September the 15th anniversary of our listing on the New York Stock Exchange. We will hold an event to share our achievements, financial results and prospects and the path to our 2040 strategy.

在哥倫比亞，從（聽不清）的生產領域到加勒比海的海上加油站，以及在全球範圍內，從智利通過我們的輸電和收費公路業務線到我們在新加坡的貿易公司，我們將繼續專注於提供卓越的運營創新和承諾能源轉型。我們懷著極大的熱情邀請您在 9 月份與我們一起慶祝我們在紐約證券交易所上市 15 週年。我們將舉辦一次活動，分享我們的成就、財務成果和前景以及 2040 年戰略的路徑。

Finally, I wish to thank all our employees and investor partners for their continued support and to all of you who participated in this conference today. Thank you for your time. I now open the floor for the questions.

最後，我要感謝我們所有的員工和投資者合作夥伴一直以來的支持，也感謝今天參加本次會議的所有人。感謝您的時間。我現在開始提問。

(Operator Instructions) Our first question comes from Andres Cardona from Citibank. He's on line with the question, Mr. Cardona, the floor is yours.

（操作員指令）我們的第一個問題來自花旗銀行的 Andres Cardona。他回答了這個問題，卡多納先生，請發言。

I have 2 questions. The first one is with respect to the EBITDA margin in the downstream segment I understand there is an impairment because of the Esenttia results and the reduced margins of petrochemical. But I would like to understand if there are nonrecurring events, perhaps losses for revaluation of inventories that would explain this impairment of the segment.

我有 2 個問題。第一個是關於下游部門的 EBITDA 利潤率，我知道由於 Esenttia 的業績和石化利潤率的下降，存在減值。但我想了解是否存在非經常性事件，也許是庫存重估損失可以解釋該部門的這種減值。

And second, my question is if you have estimated the present value of the indemnity for Reficar and if you could give us the perspective of the company regarding the possibility to recover these resources because it has been published in the media and also is the saving of the Minister of Mines and Energy possibility of waiting for new auctions for oilfields in Colombia?

其次，我的問題是，您是否已經估計了 Reficar 賠償金的現值，以及您是否可以向我們提供該公司對收回這些資源的可能性的看法，因為它已在媒體上發布，而且還可以節省礦業和能源部長是否可能等待哥倫比亞油田的新拍賣？

Andres, thank you for your question. With respect to the first one, about the effect on the EBITDA and the downstream effect and inventories, I would say that in Esenttia, we had an inventory effect and accumulation in the first month of the year with the drop in the second Q and at large the effect on inventors of Esenttia amounted to $5 million.

安德烈斯，謝謝你的問題。關於第一個，關於對 EBITDA 的影響以及下游效應和庫存，我想說的是，在 Esenttia，我們在今年第一個月出現了庫存效應和積累，第二季度和第二季度有所下降。 Esenttia 發明者受到的影響高達500 萬美元。

Talking about the refineries, the inventory effect, we've had cumulative in the first half of the year has been positive. In the case of Barranca, we had an accumulation of volumetric inventory because of a drop in the demand. But in general both Cartagena and Barranca have had positive inventories in the whole downstream segment to give you an idea of a cumulative inventory between Cartagena and Essentia, Barranca was $27 million positive vis-a-vis an EBITDA of $1,020 million. So the inventory effect in the first semester, I would say is positive and of less than 3% as compared with EBITDA. We haven't had any adjustments or onetime adjustment. Jaime, you may complement this.

談到煉油廠，我們上半年的累計庫存效應是積極的。就巴蘭卡而言，由於需求下降，我們的庫存量有所增加。但總的來說，卡塔赫納和巴蘭卡在整個下游領域都擁有正庫存，讓您了解卡塔赫納和埃森蒂亞之間的累計庫存，巴蘭卡為2700 萬美元，而EBITDA 為10.2 億美元。因此，我認為第一學期的庫存效應是積極的，與 EBITDA 相比不到 3%。我們沒有進行任何調整或一次性調整。海梅，你可以補充一下。

Yes. Thank you, Walter. Yes, Andres. With respect to the downstream, I don't have much to add to what Walter said. We don't have any exceptional material issues in the second quarter. And what you have seen in terms of margin is just a reflection of the change in the environment conditions but still the down margins are still very appealing and competitive also.

是的。謝謝你，沃爾特。是的，安德烈斯。關於下游，我對沃爾特所說的沒有太多補充。第二季度我們沒有任何特殊的重大問題。你所看到的利潤率只是環境條件變化的反映，但下降的利潤率仍然非常有吸引力和競爭力。

So I would say that and with respect to your question about Reficar as it is a public knowledge in early June, we received the news of the favorable ruling for the refinery in the dispute with CBI. Today, the owner is McDermott and this gives rise to a potential expectation of recovery in the future. The steps to follow are first that the ruling is made firm. This is something we will be expecting by the end of the year. And once we have a firm ruling, we will be able to formalize a number of procedures for the recovery of those tons with the counterparty. To the extent that the strategy for recovery and the dialogue with the counterparty shed light on the amount, timing manners of this recovery. We will be adjusting the financial statements to reflect that expectation in an educated manner. That's what I can say now. Thank you.

所以我想說的是，關於你關於Reficar的問題，因為這是6月初的公眾所知，我們收到了在與CBI的糾紛中煉油廠獲得有利裁決的消息。如今，業主是麥克德莫特，這引發了未來復甦的潛在預期。遵循的步驟首先是做出堅定的裁決。這是我們在年底之前所期待的。一旦我們做出明確的裁決，我們將能夠與交易對手正式確定一系列追回這些噸的程序。在一定程度上，復甦策略以及與交易對手的對話揭示了復甦的金額和時間方式。我們將調整財務報表，以有根據的方式反映這一預期。這就是我現在可以說的。謝謝。

Andres, and the last question.

安德烈斯，最後一個問題。

With respect to the leaving of the Ministry of Mines and Energy, is there a possibility for new routes for awarding areas for exploration and search for gas and oil? And I should mention that this continues to be a public policy of the government? Or will it depend on the Ministry of Mines and Energy and whoever is the Head or Leader of the Ministry and also the analysis and exercises as to the implications of this in the macroeconomic aspect and also with the participation of the Ministry of Finance and Public Credit.

關於礦業和能源部的退出，是否有可能開闢新的路線來授予勘探和尋找天然氣和石油的地區？我應該提到這仍然是政府的公共政策？還是取決於礦業和能源部以及該部的負責人或領導是誰，以及對此在宏觀經濟方面的影響進行的分析和演練，以及財政和公共信貸部的參與。

What we have been doing very rigorously is to participate in technical growth with representatives of these entities in order to show them what we have in respect of contracts that are enforced to undertake the search. And we have been making some announcements that are small but important. And in that line, we will continue working with Ecopetrol with the contract that are enforced and obviously favoring the institutionality as to the macroeconomic relevance of the availability or not of those new contracts.

我們一直在非常嚴格地做的是與這些實體的代表一起參與技術發展，以便向他們展示我們在強制進行搜索的合同方面擁有什麼。我們一直在發布一些雖小但很重要的公告。在這方面，我們將繼續與 Ecopetrol 合作執行已執行的合同，並且顯然有利於這些新合同是否可用的宏觀經濟相關性的製度性。

Thank you, Ricardo and Jaime. Thank you to you all for your answers. Katherine Ortiz from Corredores Davivienda, Mrs. Ortiz, you may ask.

謝謝你們，里卡多和海梅。感謝大家的回答。 Corredores Davivienda 的凱瑟琳·奧爾蒂斯 (Katherine Ortiz)，奧爾蒂斯夫人，您可能會問。

Good morning to you all. Can you hear me? Good morning. I have 2 questions. The first one is related to your opinion with respect to the mentions of the President of Colombia.

大家早上好。你能聽到我嗎？早上好。我有 2 個問題。第一個是關於你對提到哥倫比亞總統的看法。

Yes, I am in Spanish. Okay. Now you can ask.

是的，我是西班牙語。好的。現在你可以問了。

I have 2 questions. The first one is related to the announcement made by the President of the Colombia with respect to the strategy and the role of Ecopetrol in terms of development and conventional project. You mentioned (inaudible) and in this regard, I would like to understand if, for example, Ecopetrol will try to absorb projects in this regard that had been abandoned by other companies because of the difficulties of making them viable due to the challenge with the community? Or what is the plan of that role that the government has mentioned for Ecopetrol in the development of this project in these areas, other areas?

我有 2 個問題。第一個與哥倫比亞總統關於 Ecopetrol 在開發和常規項目方面的戰略和作用的聲明有關。您提到（聽不清），在這方面，我想了解，例如，Ecopetrol 是否會嘗試吸收這方面的項目，這些項目已被其他公司放棄，因為由於面臨挑戰而難以使其可行。社區？或者，政府提到的 Ecopetrol 在這些領域和其他領域的項目開發中扮演的角色計劃是什麼？

And my second question is related to the fact that recently, we became aware of a document that shows the guideline of the road map for energy transition. And in that document, there is even a possibility that very soon we will be having to import gas as compared with the current ones. And when you think of the estimated reserves, they're quite different. If you compare them with what the corporate role had shown in the 2020 plan. So I would like to know what is your opinion with respect to those figures and what is the alignment they have with the expectations of Ecopetrol? And if you could tell us if there have been any changes in the expectations with respect to the plan that we knew with respect to Ecopetrol strategy?

我的第二個問題與最近的事實有關，我們注意到一份文件，其中顯示了能源轉型路線圖的指導方針。在該文件中，甚至有可能很快我們將不得不進口天然氣。當你想到估計的儲量時，它們是完全不同的。如果你將它們與 2020 年計劃中所顯示的企業角色進行比較。所以我想知道您對這些數字有何看法以及它們與 Ecopetrol 的期望有何一致性？您能否告訴我們，我們所知道的 Ecopetrol 戰略計劃的預期是否有任何變化？

Thank you, Katherine, and welcome to this conference. In the context of the possibility of Ecopetrol becoming an important actor in the development of power generation from a conventional sources of nonrenewable energy. We cannot ignore in particular, the great potential that exists in this region of energy base and wind and solar radiation. Those potentials are determined and they also constitute one of the plans of Ecopetrol in its 2020-2040 road map.

謝謝凱瑟琳，歡迎參加這次會議。在生態石油有可能成為傳統不可再生能源發電發展的重要參與者的背景下。我們尤其不能忽視該地區能源基礎以及風能和太陽輻射的巨大潛力。這些潛力已被確定，它們也構成了 Ecopetrol 2020-2040 年路線圖中的計劃之一。

In so far as based on this energy resources, it is possible to think about the development of energy in the transition that we have already mentioned, such as green hydrogen and methanol. So in this road map, we are foreseeing investments and potential for development and we cannot ignore them, and they will be part of that cross-cutting access for economic decisions at Ecopetrol which is called as capital discipline.

以此為基礎，可以思考我們剛才提到的轉型能源的發展，比如綠氫、甲醇等。因此，在這個路線圖中，我們正在預見投資和發展潛力，我們不能忽視它們，它們將成為 Ecopetrol 經濟決策跨領域准入的一部分，這被稱為資本紀律。

Each of these opportunities will be developed and they are defined and studied thoroughly in a rigorous manner as part of the premises and tenants that have been planned and disseminated about this discipline. The timing and the opportunities for decisions on such investment will be part, obviously, of that road map and that portfolio that we are supposed to assess also considering that not only as to the expectations of the government. But also with respect to the existence of new conditions in the legal platform derived from the derogation of some articles that prohibit the vertical integration of energy business in a company such as ESA.

這些機會中的每一個都將得到開發，並以嚴格的方式對其進行定義和徹底研究，作為有關該學科的規劃和傳播的場所和租戶的一部分。顯然，此類投資決策的時機和機會將成為我們應該評估的路線圖和投資組合的一部分，不僅考慮到政府的期望。但也涉及到法律平台中存在的新條件，這些條件源於對禁止歐空局等公司能源業務垂直整合的一些條款的減損。

And second in the issuance of emergency decrease whereby the regulatory and legal spaces being open for Ecopetrol to be able to make investments in generation of renewable and conventional energy sources. With respect to your second question, I would like to pass the floor to Jamie, but mentioning, of course, that this is a draft document. For comments and observations of the stakeholders, we have been participating in it and conducting our analysis. So I pass the floor now to Jamie.

其次是發布緊急減少令，為 Ecopetrol 開放監管和法律空間，以便能夠對可再生能源和傳統能源的發電進行投資。關於你的第二個問題，我想請傑米發言，但當然要提到，這是一份文件草案。對於利益相關者的意見和觀察，我們一直參與並進行分析。現在我請傑米發言。

Thank you, Mr. President, and thank you, Katherine, for your questions. The Ministry of Mines and Energy published recently this draft of the road map for energy transition that gathers very interesting diagnosis of the government since 2022 and part of 2023, with dialogue that have been conducted throughout the Colombian territory with benchmark, thanks to the multilateral support we have received from different governments worldwide. And this concludes the analysis of scenarios that President (inaudible) have comments until August 16.

謝謝總統先生，也謝謝凱瑟琳提出的問題。礦業和能源部最近發布了這份能源轉型路線圖草案，其中收集了自 2022 年和 2023 年部分時間以來政府的非常有趣的診斷，並在多邊支持下在哥倫比亞全境進行了基準對話我們收到了來自世界各地不同政府的信息。總統（聽不清）在 8 月 16 日之前發表評論的情景分析到此結束。

Before going specifically into the natural gas theme, I would like to share that the diagnosis highlight several points where we have full alignment between the government vision and the strategy of Ecopetrol in 3 areas. The first 1 the relevance in the renewable and conventional energy sources and the importance for the country that we continue on the road of developing this type of energy. Second, -- of course, we are aligned. The document as to the relevance of natural gas in its fundamental role in energy transition, and I will talk further about that.

在具體討論天然氣主題之前，我想分享的是，診斷強調了我們在三個領域的政府願景和 Ecopetrol 戰略之間完全一致的幾點。第一個是可再生能源和傳統能源的相關性以及我們繼續發展此類能源對國家的重要性。其次，當然，我們是一致的。該文件涉及天然氣在能源轉型中的基本作用的相關性，我將進一步討論這一點。

And finally, the document recognizing something that is very important and that is the importance of this transition being a gradual process. Having said that, with respect to gas, I will go back to something we mentioned in previous calls about simplifying 2 or 3 types of resources that we have in our portfolio, reserves that have a very high probability of being developed and produced, the contingent resources that have more uncertainty and then the prospective resources that have even more uncertainty.

最後，該文件認識到非常重要的一點，那就是這種過渡是一個漸進過程的重要性。話雖如此，關於天然氣，我將回到我們在之前的電話會議中提到的內容，即簡化我們投資組合中的2 或3 種資源，即開發和生產可能性非常高的儲量、或有的資源。具有更多不確定性的資源，然後是具有更多不確定性的預期資源。

When you detail the scenarios that you mentioned in your question, with respect to projections of gas in this road map of energy transition, well effectively only considering the reserve it is evident that the reserve today are insufficient to have to meet all the demand for gas in the medium and long term. That's something that is in line with our figures. And that's the conclusion of this road map and Ecopetrol strategic plan, and it is substantial to have development of the discovery that we have announced recently in the Caribbean offshore basin because that will enable us to develop the contingent resources, the resources can be discovered and the prospective resources -- in this regard, the road map shows that to be able to reverse that situation, we must continue investing in gas offshore.

當您詳細描述您在問題中提到的情景時，關於能源轉型路線圖中的天然氣預測，有效地僅考慮儲備，很明顯，今天的儲備不足以滿足所有天然氣需求從中長期來看。這與我們的數據相符。這就是本路線圖和 Ecopetrol 戰略計劃的結論，對我們最近宣布的在加勒比海盆地的發現進行開發具有重要意義，因為這將使我們能夠開發應急資源，這些資源可以被發現和利用。未來資源- - -- 在這方面，路線圖表明，為了扭轉這種局面，我們必須繼續投資海上天然氣。

You will see the document, the contingent resources that the government mentions are around 4.2% as cars seem the most likely scenario, which is recognized as to see resources. In Ecopetrol numbers, we are close to 3.9% (inaudible) full alignment. The government includes some volumes that are from the third-party producers that are not part of the Ecopetrol Group.

你會看到文件，政府提到的或有資源在4.2%左右，因為汽車似乎是最有可能出現的情況，這被認為是看資源。在 Ecopetrol 數據中，我們接近 3.9%（聽不清）完全一致。政府包括一些來自不屬於 Ecopetrol 集團的第三方生產商的產量。

In addition to this contingent resources, we have the prospective resources that, as we said in Ecopetrol amount to 5 Tcf, so this is a subject in which we all recognize that we need to invest more in gas that the potential exists primarily in the Caribbean offshore basin, and that's why we are conducting such an important activity in this basin. With this said, the country needs to manage this uncertainty and the way to do that is through option because all these volumes have certain challenges for development. And that's why the government and us are working on options to cover this possible gap that we could have in the short term to options of imported gas as technologies of (inaudible) using the capacity of reclassification that already exist in Colombia are there additional sources. The name of the game is having optionality to make sure that Colombia will have gas and for Ecopetrol to do it in a profitable manner.

除了這些或有資源之外，我們還擁有預期資源，正如我們在Ecopetrol 中所說的那樣，達到5 Tcf，因此我們都認識到，我們需要對天然氣進行更多投資，而天然氣的潛力主要存在於加勒比地區近海盆地，這就是我們在該盆地開展如此重要活動的原因。話雖如此，該國需要管理這種不確定性，而做到這一點的方法是通過選擇，因為所有這些量都對發展帶來一定的挑戰。這就是為什麼政府和我們正在研究各種方案，以彌補我們在短期內可能存在的與進口天然氣的選擇之間可能存在的差距，因為（聽不清）使用哥倫比亞已經存在的重新分類能力的技術（如果有其他來源）。遊戲的名稱是確保哥倫比亞擁有天然氣並讓 Ecopetrol 以有利可圖的方式做到這一點。

Thank you, Katherine, and I hope this will help you understand the way we see right now the documents that have been promised recently by management.

謝謝你，凱瑟琳，我希望這能幫助你理解我們現在看待管理層最近承諾的文件的方式。

The next question comes from Daniel Guardiola from BTG. The floor is yours.

下一個問題來自 BTG 的丹尼爾·瓜迪奧拉。地板是你的。

Ricardo and Jaime, I may have a couple of questions. The first one is about production of unconventional oil, considering that without any doubt, that type of reservoir production has been one that has good yield for Ecopetrol. And I would like to know if you could share with us what is the expectation of production for the close of the year? And what is the CapEx that you plan to allocate for the next 2 years? That's my first question.

Ricardo 和 Jaime，我可能有幾個問題。第一個是關於非常規石油的生產，毫無疑問，這種類型的油藏生產對於 Ecopetrol 來說是具有良好產量的。我想知道您能否與我們分享一下年底的產量預期是多少？您計劃在未來兩年分配的資本支出是多少？這是我的第一個問題。

But also, I would like to know if you see any risk of interference by the Colombian government to change this development that's already planned for the production basically the Permian Basin. And my second question has to do with ESA. Recently, there was shareholders assembly where some modifications in the Board of Directors were made. And I would like to know if you are considering any changes in the management of ESA. Those are my 2 questions.

而且，我想知道您是否認為哥倫比亞政府有任何干預風險，以改變已經計劃在二疊紀盆地進行生產的開發項目。我的第二個問題與歐空局有關。近期召開股東大會，對董事會進行了一些調整。我想知道您是否正在考慮對歐空局的管理進行任何改變。這是我的兩個問題。

Daniel, this is Alberto Consuegra. With respect to unconventional production, I can say that Permian continues to be a very profitable assets where we have all of our focus and expectations. Production for the first half of the year has been very good and the perspective for the rest of the year between 52,000 and 65,000 barrels of oil equivalent.

丹尼爾，這是阿爾貝托·孔蘇埃格拉。就非常規生產而言，我可以說二疊紀仍然是一項非常有利可圖的資產，我們對此充滿關注和期望。今年上半年的產量非常好，今年剩餘時間的產量預計在 52,000 至 65,000 桶油當量之間。

The good news is that we continue with significant activity, and we hope we will end up with 110 drilled wells where we already have wells in Delaware. We already have additional activity in Delaware in addition to Midland. So this will be about $1,200 million this year with the perspective of investment similar for next year. So Permian is a source of -- for focus for all of our focus. And as we have stated, is a highly profitable asset with EBITDA margins that exceed 70%.

好消息是，我們將繼續開展重大活動，我們希望最終能在特拉華州已鑽探 110 口油井。除了米德蘭之外，我們已經在特拉華州開展了其他活動。因此，今年的投資金額約為 12 億美元，明年的投資前景與此類似。所以二疊紀是我們所有焦點的來源。正如我們所說，這是一項高利潤資產，EBITDA 利潤率超過 70%。

Daniel, with respect to your second question about the risk or interference on the businesses that are part of Ecopetrol's portfolio at present. I have just come back from the Permian. I attended the Board of Directors meeting. where we met with the partner. And as I said, it's one of the more profitable businesses Ecopetrol has in its portfolio. And the expectation about the continuity of the development of this business with the partner is stable with very good feedback on the outcome so far achieved. And obviously, the decisions that are to be made at the time will be in line with what is legally and contractually established in that partnership for this project.

丹尼爾，關於你的第二個問題，即目前 Ecopetrol 投資組合中的業務面臨的風險或乾擾。我剛從二疊紀回來。我參加了董事會會議。我們與合作夥伴會面的地方。正如我所說，這是 Ecopetrol 投資組合中最賺錢的業務之一。對與合作夥伴持續發展這項業務的期望是穩定的，迄今為止所取得的成果得到了很好的反饋。顯然，當時要做的決定將符合該項目合作夥伴關係中法律和合同規定的內容。

And regarding your question, about movements in ESA or any of the affiliates of the Ecopetrol Group or -- it's a decision of the President of Ecopetrol and the Board of Directors. And if any decisions are made about changes it will always be within the vigor and corporate governance principles that are clearly established for such purpose both in ESA and the Ecopetrol Group.

關於你的問題，關於 ESA 或 Ecopetrol 集團任何附屬公司的動向，或者——這是 Ecopetrol 總裁和董事會的決定。如果做出任何有關變革的決定，也將始終遵循 ESA 和 Ecopetrol 集團為此目的明確制定的活力和公司治理原則。

The next question is from Andres Duarte from Corpo Colombiana. Mr. Duarte?

下一個問題來自 Corpo Columbiana 的 Andres Duarte。杜阿爾特先生？

Okay. I have 2 questions. The first one has to do with gas offshore and what has been said regarding the importance and the road map or the part has been published so far. In the last conference call, I understood that what you were registering of offshore gas was viable at the current prices in the country, not only at import price but domestic prices, I would like to know what's still missing for you to build the infrastructure that is necessary to bring it and to register those reserves. I would like to understand what is the delay at this time for those additional configurations?

好的。我有 2 個問題。第一個與海上天然氣有關，有關其重要性的言論以及路線圖或該部分迄今已發布。在上次電話會議中，我了解到你們所登記的海上天然氣在該國當前的價格下是可行的，不僅是進口價格，而且是國內價格，我想知道你們在建設基礎設施方面還缺少什麼有必要攜帶它並登記這些儲備。我想了解一下這些額外配置目前的延遲是多少？

And my second question is to ask also if you could update, give us an update of the goals and objectives relative to the self supply of electricity and hydrogen or hydrogen replacement, let's call dirty hydrogen for green hydrogen in the industrial processes that you have? And that question is related to, as far as I know so far, your objective of having supply as to power and hydrogen is to replace what you already are using and what I understand now from the precedent is that you would like to extend these lines beyond the fact that being self-sufficient or have self supply. Sorry for the length of my question.

我的第二個問題是，您是否可以更新一下，給我們更新一下與電力和氫氣自供或氫氣替代相關的目標和目標，讓我們在您擁有的工業過程中將骯髒的氫氣稱為綠色氫氣？據我所知，到目前為止，這個問題與你們提供電力和氫氣的目標有關，是取代你們已經在使用的東西，我現在從先例中了解到，你們想延長這些線路超越自給自足或自給自足的事實。抱歉我的問題太長了。

Thank you for your question. This is Jaime Uribe. First, the offshore gas, and then we can review the renewables that you were asking about. With respect to offshore, yes, we insist that the potential that we have in the Caribbean offshore is very important. I already mentioned the volumes. And as you mentioned, we have found that according to the estimate this gas can be competitive at the domestic market prices. The combination of these 2 factors is what enables that all projects related to this basin with respect to gas are very well ranked for capital allocation. to be able to move those resources, which are either contingent or discovered to be limited to reserves.

謝謝你的問題。這是海梅·烏里韋。首先是海上天然氣，然後我們可以回顧您所詢問的可再生能源。就近海而言，是的，我們堅持認為我們在加勒比海近海的潛力非常重要。我已經提到過卷數。正如你提到的，我們發現，根據估計，這種天然氣在國內市場價格上具有競爭力。這兩個因素的結合使得與該盆地天然氣相關的所有項目在資本配置方面都排名非常靠前。能夠轉移這些資源，這些資源要么是偶然的，要么被發現僅限於儲備。

There are 2 aspects. First, we need to carry out the limitation work. This is the process that allows us to understand what is exactly or to know with more certainty the volume that we have in each of this opportunity. All the limitation work implied drilling of wells and building facilities. We have told you before that in the 2023 to 2025 plan, we have planned the drilling of 7 offshore wells. This will be essential for this limitation work and at this time, we are completing 1 of the 2 wells that we have planned for 2023. That means that in some weeks, we will be completing it. Before the end of the year, we will start the drilling of the second well. That is an activity that will continue until we complete the 7 wells in this 3-year plan.

有2個方面。首先要做好限制工作。這個過程使我們能夠準確地了解什麼，或者更確定地了解我們在每個機會中擁有的數量。所有限制工作都意味著鑽井和建築設施。我們之前已經告訴大家，在2023年至2025年的計劃中，我們計劃鑽探7口海上井。這對於這項限制工作至關重要，目前，我們正在完成計劃於 2023 年完成的 2 口井中的 1 口。這意味著我們將在幾週內完成它。年底前，我們將開始第二口井的鑽探。這項活動將持續到我們完成本三年計劃中的 7 口井為止。

And the second activity is infrastructure, understanding volumes, how are we going to take that gas to the coast, how are we're going to treat it and process, what is the transport system it will be connected to. And we have fantastic synergies with the infrastructure that we already have at the facilities of (inaudible), that somehow available so that will allow us to expedite the work that we are foreseeing. Infrastructure and the limitations are crucial. And when we complete those 2 assets, we were able to pass this to reserve.

第二項活動是基礎設施，了解數量，我們將如何將天然氣運到海岸，我們將如何處理和加工它，它將連接到什麼運輸系統。我們與（聽不清）設施中已有的基礎設施有著出色的協同作用，這些基礎設施以某種方式可用，這將使我們能夠加快我們預見的工作。基礎設施和限制至關重要。當我們完成這兩項資產時，我們就可以將其傳遞給儲備。

All this activity of the wells and the infrastructure, of course, requires environmental lighting processes, consultation with the communities. At Ecopetrol, we are always committed to doing things well upfront. So we will do this calmly following processes, but with clear approach, understanding what this means for Ecopetrol and for the country. And hopefully, we are able to pass these volumes to reserve between 2025 and 2027 and to get them on early stage so that by the end of the decade, we will have full development of this volume.

當然，水井和基礎設施的所有這些活動都需要環境照明過程以及與社區的協商。在 Ecopetrol，我們始終致力於提前做好事情。因此，我們將冷靜地遵循流程，但採取明確的方法，了解這對 Ecopetrol 和國家意味著什麼。希望我們能夠在 2025 年至 2027 年之間儲備這些卷，並使其進入早期階段，以便到本十年末，我們將全面開發該卷。

With respect to renewables, I will go very rapidly on the way we see it with respect to hydrogen in 2022. We closed the year with an installed capacity of 208 megawatts of renewable energy, primarily solar. 99% is this technology and 1% is more hydraulic plant. Our net goal is that by the end of the year, we will have 400 megawatts as we had announced and in 2025, we will have around 900 megawatts that will start operating in 2026. Of course, this is management of the portfolio that is continuous as I told you before. This is one of our own projects.

就可再生能源而言，我將很快按照我們對 2022 年氫能源的預期發展。這一年結束時，我們的可再生能源裝機容量為 208 兆瓦，主要是太陽能。 99%是這種技術，1%是更多的液壓裝置。我們的淨目標是，到今年年底，我們將擁有400 兆瓦的裝機容量，正如我們所宣布的那樣，到2025 年，我們將擁有約900 兆瓦的裝機容量，並於2026 年開始運營。當然，這是對投資組合的持續管理正如我之前告訴過你的。這是我們自己的項目之一。

We already have 101 megawatts being built different assets, but we're also working with partners and allies to bring 99 megawatts (inaudible) 25 megawatts from biomass (inaudible) and several projects from small hydraulic plant. So I think we are in the right path to the 400 megawatts. In the medium term, to the extent that we have been walking and understanding the opportunity of hydrogen for Ecopetrol and the country. It is evident that renewable and conventional energy will play a fundamental role.

我們已經擁有101 兆瓦正在建設的不同資產，但我們還與合作夥伴和盟友合作，通過生物質（聽不清）和小型水力發電廠的幾個項目帶來99 兆瓦（聽不清）、 25 兆瓦。所以我認為我們正走在通往 400 兆瓦的正確道路上。從中期來看，我們一直在行走並了解氫對於 Ecopetrol 和國家的機遇。顯然，可再生能源和傳統能源將發揮基礎性作用。

And that's why we have said that this 900 megawatts are just the beginning of the story for hydrogen project that the refineries will work like the one we are very close to sanction. It will record 350-megawatt of Green hydrogen project will require at least 1 gigawatt. And for this line of hydrogen business, the needs will be between 3 and 5 gigawatts by 2030. And in 2040 will be above 9 or 10 megawatts. This, as you can see, has a magnitude and figures that is demanding the development of a capacity and an architecture in Ecopetrol that is positioned and have for this type of project.

這就是為什麼我們說這個 900 兆瓦只是氫項目故事的開始，煉油廠將像我們非常接近批准的那樣運作。它將創紀錄的350兆瓦綠色氫能項目將需要至少1吉瓦。對於這一氫業務線，到 2030 年，需求將在 3 至 5 兆瓦之間。2040 年，需求將超過 9 或 10 兆瓦。正如您所看到的，其規模和數字要求 Ecopetrol 開發適合此類項目的容量和架構。

Sorry, I interrupt to have clarity in those 900 megawatts by 2026 and what you're saying in magnitude of giga for purposes of hydrogen, please clarify at what point in both cases you are exceeding the requirement of self-supply because I think you consume those 900 in electricity? Where does it start going beyond the requirements of Ecopetrol for hydrogen to go to a phase of being able to export or to sell?

抱歉，我想打斷一下，想澄清一下到2026 年這900 兆瓦的情況，以及您所說的千兆級氫的用途，請澄清在這兩種情況下，您在什麼時候超出了自供應的要求，因為我認為您消耗了那900個電力？從哪裡開始超越 Ecopetrol 對氫氣的要求才能進入能夠出口或銷售的階段？

And with respect to hydrogen, also I would like to understand is that installed capacity, which is beyond what is required for cell supply as to power generation if 100% of that additional installed capacity would be intended for the production of hydrogen? Or is the sale contemplated for the national system?

關於氫氣，我還想了解的是，如果額外裝機容量 100% 用於生產氫氣，那麼裝機容量是否超出了電池供電所需的發電量？或者是否打算出售全國系統？

Well, to go to the point, at Ecopetrol, we have an installed capacity for self-generation of 1,300 megawatts, primarily thermal. All the figures I'm giving you correspond to self-generating projects of nonconventional energy sources that will complement the portfolio that we have for self-generation. When we talk about cell generation is for the hydrocarbon business in the upstream middle or down, but also for future production of hydrogen and derivatives like green ammonia or green hydrogen. All this focus on self generation for low emission supply and for the hydrocarbon business and our main objective in the medium term, of course, we validate permanently the profitability, the competitivity of these opportunities.

好吧，言歸正傳，在 Ecopetrol，我們的自發電裝機容量為 1,300 兆瓦，主要是熱力發電。我給你的所有數字都對應於非常規能源的自發電項目，這些項目將補充我們自發電的投資組合。當我們談論電池發電時，它是針對上游中下游的碳氫化合物業務，但也針對未來的氫氣和綠氨或綠氫等衍生物的生產。所有這些都集中在低排放供應和碳氫化合物業務的自發電以及我們中期的主要目標，當然，我們永久驗證這些機會的盈利能力和競爭力。

And as the President mentioned, being out of that framework are things that will have to be reviewed. We are focused where it is sufficiently material to build the facilities that are required to focus on this. We have tested different business cases which are quite profitable option and the replacement that we have of sources that are felt to emission intensive with sources that will improve to reduce that emission with our friendly sources is our main focus.

正如總統所提到的，脫離該框架是必須進行審查的事情。我們專注於有足夠材料來建造專注於這一點所需的設施的地方。我們測試了不同的業務案例，這些都是非常有利可圖的選擇，我們的主要重點是用我們的友好來源來改進排放密集型來源，以減少排放。

The next question is from Bruno Montanari from Morgan Stanley.

下一個問題來自摩根士丹利的布魯諾·蒙塔納里。

I have 2 questions here. Can you talk a little bit about trends in oil production for the second half of the year? Maybe address where you see upside risk and downside risks? What the main challenges are for you to finish the year according to the guidance -- to the most recent guidance provided, please? And then the second question, it's very interesting to see you making a lot of advances on hydrogen with actual operations. But can you give us some clarity or color on the level of returns you currently see on hydrogen operations or the expected returns? And how do they compare with the returns you were able to do on the hydrocarbon business.

我這裡有兩個問題。您能談談下半年石油產量的趨勢嗎？也許可以解決您認為上行風險和下行風險的問題？根據指導（根據最新提供的指導），您今年面臨的主要挑戰是什麼？然後是第二個問題，看到你們在實際操作中在氫氣方面取得了很多進展，這非常有趣。但是您能否給我們一些關於您目前在氫氣運營中看到的回報水平或預期回報的清晰或詳細信息？與您在碳氫化合物業務上獲得的回報相比如何？

Bruno, I will answer the one related to production. My name is Alberto Consuegra. And I would like to tell you that we maintain our production forecast the range that we have been giving you. And by the end of the year, it will be between 720,000 and 725,000 barrels hopefully clear to the upper range. We in the first half have had a materialization of risk related to the environment. This trend could continue in the second half, but we will have scheduled maintenance in some of the production fields. This will not be substantial, but we must consider the impact in the plan. This is to tell you that we continue with the perspective of finishing in accordance with what we have planned.

Bruno，我來回答與生產相關的問題。我叫阿爾貝托·孔蘇埃格拉。我想告訴您，我們的產量預測維持在我們向您提供的範圍內。到今年年底，產量將在 720,000 至 725,000 桶之間，有望達到上限。上半年我們已經遇到了與環境相關的風險。這種趨勢可能會在下半年繼續下去，但我們將在一些生產領域進行定期維護。這不會是實質性的，但我們必須在計劃中考慮影響。這是告訴大家，我們繼續按照我們的計劃完成的角度。

The third quarter looks quite robust with respect to production. But as I said, there are factors that perhaps will not help us, such as the plan, the scheduled shutdowns for maintenance and the environmental issues that continue to materialize.

第三季度的生產看起來相當強勁。但正如我所說，有些因素可能對我們沒有幫助，例如計劃、預定的停機維護以及持續出現的環境問題。

Bruno, with respect to opportunities that we are managing in the hydrogen portfolio I would like to share that we are focusing on those that enable us to have links that are more sophisticated in the rock chain and have synergy with the hydrocarbon business. That is what is allowing us to reach profitability rates that are appealing. And that means that they could exceed 2 digits of GDP in dollars.

布魯諾，關於我們在氫投資組合中管理的機會，我想分享的是，我們正在關注那些使我們能夠在岩石鏈中建立更複雜的聯繫並與碳氫化合物業務產生協同作用的機會。這就是讓我們能夠達到有吸引力的盈利率的原因。這意味著它們可能超過以美元計算的 GDP 的兩位數。

The most eminent example that we have is the 2 projects that we have at the refineries of Cartagena Refinery, as I have shared before. In this case, to give you the example of why we do build a facility to produce green hydrogen based on a nonconventional renewable source and hydrogen is used primarily for processes that have more hydro treatment at the refineries, thus producing fuel such as diesel and gasoline that are clean and have no sulphur, but also producing more sophisticated products from green methanol.

正如我之前分享的，我們最突出的例子是卡塔赫納煉油廠煉油廠的兩個項目。在這種情況下，舉個例子，說明為什麼我們確實建造了一個基於非常規可再生能源生產綠色氫氣的設施，而氫氣主要用於在煉油廠進行更多加氫處理的工藝，從而生產柴油和汽油等燃料不僅清潔且不含硫，而且還能用綠色甲醇生產更複雜的產品。

In Colombia, we are net importers of methanol, and it is used in the industry processes and we think that this could be replaced with a local product, but also with a product that is less intensive when we combine all these pieces in the business case, we are wasting in fact, a tier that is competitive. The middle and long term, the challenge for Ecopetrol and for all the companies that are working with white, green, blue hydrogen worldwide to be able to have those profitability rates being the characteristic of the project. And then probably we'll be focusing on hydrogen for hydrocarbons and not for new markets.

在哥倫比亞，我們是甲醇的淨進口商，它用於工業流程，我們認為這可以用當地產品替代，但當我們將所有這些部分結合到業務案例中時，也可以用強度較低的產品替代，事實上，我們正在浪費一個有競爭力的層級。從中長期來看，Ecopetrol 以及全球所有從事白氫、綠氫、藍氫合作的公司面臨的挑戰是如何使這些盈利率成為該項目的特點。然後我們可能會專注於碳氫化合物的氫氣，而不是新市場。

We are working on this every day, but we know that it is a technological project for which we are committed to, and it is facing challenges that are not minor, but of course, we are working hard on them because the capital discipline and the profitability parameters are very important for us, and we will continue doing so. And as far as the opportunities start to mature. I hope this is clarifying your concern.

我們每天都在做這件事，但我們知道這是一個我們致力於的技術項目，它面臨著不小的挑戰，但當然，我們正在努力做這些，因為資本紀律和盈利能力參數對我們來說非常重要，我們將繼續這樣做。就機會開始成熟而言。我希望這能澄清您的擔憂。

I would like to add to give you a group perspective. I think Jaime's answer is absolutely clear. We're looking for competitive returns to digit return and we are following all the criteria of capital discipline that for which we are known. This should be also seen within a more broader context. If you look at the allocation of capital, 70% of the company's capital is directed to the hydrocarbon business line, 20% to transmission and road. So we are talking about 10% allocation first.

我想補充一下，為您提供團體視角。我認為 Jaime 的答案非常明確。我們正在尋求具有競爭力的數字回報，並且我們遵循我們眾所周知的資本紀律的所有標準。這也應該在更廣泛的背景下看待。如果看一下資本配置，公司70%的資本投向碳氫化合物業務，20%投向輸電和公路。所以我們首先討論 10% 的分配。

Second, as part of that 10% in our business line of low emissions, the predominant component is gas as to capital allocation. It will continue to be gas in the short and medium term. So what we are talking about is some plan that in the context of the total allocation of capital are measured, calculated, calibrated where we want to understand and make this business models viable and understand its long-term profitability. And second, I would like to mention that comparison with the hydrocarbon business because as you very well know, the hydrocarbon business and its profitability is highly linked to the price cycle.

其次，作為我們低排放業務線中 10% 的一部分，就資本配置而言，主要組成部分是天然氣。中短期內仍將是天然氣。因此，我們正在討論的是一些計劃，在資本總配置的背景下進行衡量、計算和校準，我們希望了解並使這種商業模式可行並了解其長期盈利能力。其次，我想提一下與碳氫化合物業務的比較，因為眾所周知，碳氫化合物業務及其盈利能力與價格週期密切相關。

One thing is when we are in the good times of prosperity and different when we have opposite. And as history has shown, nobody can anticipate that entirely. And what we have noted historically is that there is great volatility. So for us, in the context of hydrocarbon having returned and you know that we always look for sustainable returns over time of about 10%. That's what we're looking for. And in that line, we see that the low-emission businesses can be competitive with those returns, this could be favorable and with less volatility. We will have to see how this evolves and if we have regulatory conditions, market conditions, execution, environment that will enable those returns to become real. That's the way we see this topic.

一件事是，當我們處於繁榮的美好時光時，而當我們處於相反的時期時，情況就不同了。正如歷史所表明的那樣，沒有人能夠完全預見到這一點。我們從歷史上註意到，波動性很大。因此，對於我們來說，在碳氫化合物回歸的背景下，我們總是尋求隨著時間的推移實現約 10% 的可持續回報。這就是我們正在尋找的。在這方面，我們看到低排放企業可以與這些回報競爭，這可能是有利的並且波動性較小。我們必須看看這種情況如何發展，以及我們是否有監管條件、市場條件、執行力和環境來使這些回報成為現實。這就是我們看待這個話題的方式。

And third, the structure of the capital that accompanies the project, while in the hydrocarbon business, given its long story and that the value chains are quite mature and well established. The general pattern of the capital structure is that the company contributes cash flow, 100% in many of the projects. And in this low emission businesses, with the other scheme where partnerships are protagonists. The project finance is also (inaudible) as part of the structure of the project for several reasons. First, because given the maturity conditions of those value chains, we need those alliances for markets to materialize.

第三，考慮到碳氫化合物業務的悠久歷史以及價值鏈相當成熟和完善，該項目所伴隨的資本結構。資本結構的一般模式是公司貢獻現金流，在許多項目中100%。在這種低排放業務中，另一種方案則以合作夥伴關係為主角。由於多種原因，項目融資也（聽不清）是項目結構的一部分。首先，因為考慮到這些價值鏈的成熟條件，我們需要這些聯盟來實現市場。

And second, also because of the risk capital ratio. We are revising that risk capital and financial institutions that are willing to offer financial conditions that are more competitive than in the competitive area. To give you an example, while the capital cost of hydrocarbon business, depending on the company, of course, could be close to 8% and 12%, depending on who the player in these businesses, it could be as low as 4% or 7% or 8%.

其次，也是因為風險資本比率。我們正在修改那些願意提供比競爭領域更具競爭力的財務條件的風險資本和金融機構。舉個例子，雖然碳氫化合物業務的資本成本（取決於公司）當然可能接近 8% 和 12%，但取決於這些業務的參與者，它可能低至 4% 或7%或8%。

So really, the issue here is to understand we are able to generate profitability for the shareholders that differential of the profitability and the capital cost is something that we have seen so far to the extent that those projects are sanctioned, we will be able to confirm that value proposal. That's the way we're approaching it.

所以實際上，這裡的問題是要了解我們能夠為股東創造盈利能力，盈利能力和資本成本之間的差異是我們迄今為止所看到的，只要這些項目受到批准，我們將能夠確認該價值提案。這就是我們接近它的方式。

The next question comes from [Daso Oscantelos] from UBS.

下一個問題來自瑞銀集團的[Daso Oscantelos]。

My first question, historically, the company has been a solid dividend player, but in 2023 on the lower Brent environment, higher CapEx and also income tax from the country with a drop in the capital allocation flexibility for the company. It would be great to hear company's view in terms of capital allocation ahead. If you see dividend payments to be closer to the bottom or the high range between the 4% to 6% policy and maybe breaking between your expectations for this year 2023, but also looking the mid- to long-term considering investments in the strategic plan and also oil and fuel prices environment?

我的第一個問題是，從歷史上看，該公司一直是穩定的股息參與者，但在2023 年，布倫特原油環境較低，資本支出較高，而且該國所得稅較高，公司的資本配置靈活性下降。很高興聽到公司對未來資本配置的看法。如果您認為股息支付接近4％至6％政策之間的底部或較高範圍，並且可能突破您對今年2023年的預期，但也考慮中長期戰略計劃的投資還有石油和燃料價格環境？

My second question, in the past months, we have seen some discussions in the country to potentially change field (inaudible) calculation and fuel prices has actually been increasing gradually in the past months, right? So it would be great to hear how discussions with the government have been going on this front and your thoughts on fuel prices ahead, how much gap do you still see to international prices? And how much and on what timing this gap could eventually be adjusted? Those are my questions.

我的第二個問題，在過去的幾個月裡，我們看到國內有一些可能改變現場（聽不清）計算的討論，而燃料價格實際上在過去的幾個月裡一直在逐漸上漲，對吧？因此，很高興聽到與政府在這方面的討論如何進行，以及您對未來燃油價格的看法，您認為與國際價格的差距有多大？這個差距最終可以調整多少、在什麼時間調整？這些是我的問題。

I will take both questions. First of all, in relation with the CapEx as you have observed, the CapEx is being well executed. We are fully in line with the expectations so far. And to that extent, we hope to finish the year within the ranges that we have mentioned to the market before, which is a rate that is in the order of $5.8 billion to $6.5 billion. And the distribution or allocation of that CapEx, as I mentioned before, is in line with the 2040 strategy, which is an important focus in the hydrocarbon business of about 70%, transmission and road is 20%, low emissions the rest. So we're not expecting surprises and it shows the commitment of the company to its growth strategy.

我將回答這兩個問題。首先，正如您所觀察到的，就資本支出而言，資本支出執行得很好。到目前為止，我們完全符合預期。就這個程度而言，我們希望今年的業績保持在我們之前向市場提到的範圍之內，即 58 億美元至 65 億美元左右的比率。正如我之前提到的，該資本支出的分配或分配符合 2040 年戰略，其中碳氫化合物業務佔 70% 左右，輸電和公路業務佔 20%，其餘為低排放。因此，我們並不期待意外，這表明了公司對其增長戰略的承諾。

And with respect to the second question that has to do with (inaudible), if I understood correctly about prices, the government has opted for a commitment, making an adjustment on the fuel prices, domestic fuel prices and it has been executing consistently in a committed manner. And thanks to that, you have been able to see the change in the trend of accumulation of (inaudible). We -- as the government has announced, we hope those internal price adjustments will continue and this is not only for the end of the year, but also for 2024.

關於與（聽不清）有關的第二個問題，如果我對價格的理解正確的話，政府選擇了承諾，對燃油價格、國內燃油價格進行調整，並且一直在持續執行承諾的方式。正因為如此，您才能夠看到（聽不清）積累趨勢的變化。正如政府所宣布的那樣，我們希望這些內部價格調整能夠繼續下去，這不僅是在今年年底，而且是在 2024 年。

The goal of the national governments to have domestic prices aligned with international prices by the end of 2024. That is a plan that has been announced and the route that we are using as a planning premise.

各國政府的目標是到 2024 年底使國內價格與國際價格接軌。這是一個已經宣布的計劃，也是我們作為規劃前提的路線。

The next question is from the chat from Goldman Sachs. About the accounts payable of FEPC, Resolution 1612 refers only to the balance of FEPC for the second quarter of 2022, and what is the expectation of the company to receive the remaining balance of FEPC?

下一個問題來自高盛的聊天。關於FEPC的應付賬款，第1612號決議僅涉及2022年第二季度的FEPC餘額，公司預計收到的FEPC餘額是什麼？

With respect to FEPC, as you saw in the financial disclosures, the balance of FEPC as of this semester was COP 31 billion. In the second quarter, there was an offset corresponding to last year and what we see from now on is that those compensation will continue to be quarterly, at least that what we have seen so far. The idea is to have conversations so that the balances will not accumulate above 12 months. But at the same time, that the conversations will not be premature so to have a margin for maneuvering and also for the government to see how the prices evolve as well as the adjustment.

關於 FEPC，正如您在財務披露中看到的那樣，截至本學期的 FEPC 餘額為 310 億哥倫比亞比索。在第二季度，與去年相對應，我們看到這些補償將繼續按季度進行補償，至少是我們迄今為止所看到的。我們的想法是進行對話，以便餘額累積不會超過 12 個月。但與此同時，對話不會為時過早，以便有迴旋餘地，也讓政府了解價格如何演變以及調整。

We think that is a viable mechanism. The fiscal framework in the medium term is giving us visibility on how the government is considering to offset balances from now on. We have a public document that shows what is the balance that the government expects for the end of the year and also how it plans to offset that next year, and that's the premise of the planning. So if you look at it from a historical perspective, the level of uncertainty with respect to the recognition of FEPC accounts and the evolution of the balance has decreased dramatically this year, and we see a path so that by the end of next year, the disbalance in FEPC account should be minimal. That's what we are seeing. And I hope that answered your question.

我們認為這是一個可行的機制。中期財政框架讓我們了解政府從現在起如何考慮抵消餘額。我們有一份公開文件，顯示政府預計年底的餘額是多少，以及明年計劃如何抵消餘額，這是規劃的前提。因此，如果從歷史角度來看，今年 FEPC 賬戶認可和余額演變的不確定性水平已大幅下降，我們看到了一條路徑，到明年年底， FEPC 賬戶的失衡應該是最小的。這就是我們所看到的。我希望這回答了你的問題。

The next question is also from the chat, Hernando Ecochea from Latin Finance. Ecopetrol announced yesterday that it has redeemed $822,000 in bond. How did the company finance the redemption of those bonds and what are their finance plans does Ecopetrol have for the rest of the year?

下一個問題也是來自拉丁財經的埃爾南多·埃科切亞 (Hernando Ecochea) 的聊天。 Ecopetrol 昨天宣布已贖回 822,000 美元的債券。公司如何為這些債券的贖回提供資金？Ecopetrol 今年剩餘時間的財務計劃是什麼？

And the operation that we announced yesterday is an appendix of the operation that we carried out a month ago associated to the bond that was issued. The idea was to issue that bond, which was $1.5 billion in order to revise the existing debt. So the resources used for this redemption were partially what we collected a month ago with $1.5 billion. So the situation, as I said in my presentation, leaves us with the challenge of grey refinancing for the year until all of the short-term deadlines or exploration have already been resolved.

我們昨天宣布的操作是我們一個月前所進行的與發行債券相關的操作的附錄。其想法是發行 15 億美元的債券，以修改現有債務。所以這次贖回所用的資源是我們一個月前籌集的15億美元的一部分。因此，正如我在演講中所說，這種情況給我們帶來了今年灰色再融資的挑戰，直到所有短期期限或探索都得到解決。

We refinanced the medium and long term, some to 5 years, others to 10, and others to 7 years. So that gives us a debt profile that makes us feel more comfortable and gives us more financial flexibility from now on. So the focus plan for the rest of the year is transferred to next year. We will have a couple of maturities next year, about $1.5 million. We will be monitoring market conditions so as to understand if it makes sense to activate some of the refinancing, that's one of the themes. And also the ordinary course of the business over considers operations to maintain our working capital. That's what we are anticipating.

我們再融資是中長期的，有的5年，有的10年，有的7年。因此，這讓我們的債務狀況讓我們感覺更舒服，並從現在開始為我們提供更多的財務靈活性。所以今年剩餘時間的重點計劃就轉移到了明年。明年我們將有幾筆到期的債券，大約為 150 萬美元。我們將監測市場狀況，以了解啟動部分再融資是否有意義，這是主題之一。而且正常的業務過程也會考慮運營以維持我們的營運資金。這就是我們所期待的。

The next question comes from the chat. [Alvaro Escolan] asked, what is the self-sufficiency strategy for gasoline digital and natural gas according to the demand behavior in Colombia?

下一個問題來自聊天。 [Alvaro Escolan]問，根據哥倫比亞的需求行為，汽油數字和天然氣的自給自足策略是什麼？

I will answer as there are no one from the refining and industry processes vice presidency. I would say that it should be mentioned that Ecopetrol has an extremely relevant role for the supply of clean fuels to the country. It is worth mentioning that in diesel, the country's self-sufficient and we even have balances that are exported from the Cartagena Refinery and we have international quality.

我來回答，因為煉油和工業流程副總裁中沒有人。我想說，值得一提的是，Ecopetrol 在向該國供應清潔燃料方面發揮著極其重要的作用。值得一提的是，在柴油方面，國家是自給自足的，我們甚至有從卡塔赫納煉油廠出口的餘量，我們具有國際品質。

In jet fuel, we are also self-sufficient and have balances for export. And this is done from Cartagena Refinery and talking about a normal operation with all our plants in operation. Sometimes pregiodically, we have shut downs in our assets and production units and the production can go down. But at large, we have surplus in diesel and jet.

在航空燃油方面，我們也是自給自足，並有出口餘額。這是在卡塔赫納煉油廠完成的，談論的是我們所有正在運行的工廠的正常運行。有時，我們的資產和生產單位會被關閉，產量可能會下降。但總的來說，我們在柴油和噴氣機方面有盈餘。

When talking about gas, this should be mentioned and remember that by 2013, the demand was 60,000 or 65,000 barrels per day, and it was supplied with national production. However, since 2014, we have seen a sustained growth of demand for gasoline in the country and reaching values of 140,000 or 150,000 barrels per day. So gasoline demand has double volumetrically in the past 10 years, although in Ecopetrol, we have been increasing our production. The Cartegena Refinery started operations in 2016 or '17, increasing the production of fields, including gasoline, our current production is between 80,000 and 90,000 barrels per day from gold refinery.

在談論天然氣時，應該提到這一點，並記住，到 2013 年，需求量為每天 60,000 或 65,000 桶，並且由國家生產供應。然而，自2014年以來，我們看到該國汽油需求持續增長，達到每天14萬或15萬桶。因此，在過去 10 年裡，汽油需求量翻了一番，儘管我們在 Ecopetrol 方面一直在增加產量。卡塔赫納煉油廠於 2016 年或 17 年開始運營，增加了包括汽油在內的油田產量，我們目前的黃金精煉廠產量為每天 80,000 至 90,000 桶。

So for these demand levels to supply the market, we took the imports of gasoline of about 60,000 barrels per day, which are also managed by a capital through an insurer meeting the market demand. And to the extent that the demand is maintained its level, our production will be sustained about 90,000 barrels per day. So we will have to meet that demand through imports. We have relevant projects in both refineries at Barrancabermeja and Cartegena in order to ensure that we will continue improving the quality of that gasoline, less -- lowering the sulphur levels.

因此，為了滿足市場的需求水平，我們每天進口約6萬桶汽油，這些汽油也是由資本通過保險公司管理以滿足市場需求。如果需求保持在一定水平，我們的產量將維持在每天 90,000 桶左右。因此，我們必須通過進口來滿足這一需求。我們在巴蘭卡韋梅哈和卡塔赫納的兩家煉油廠都有相關項目，以確保我們繼續提高汽油質量，減少硫含量。

We want to get to be less of 10 parts per million and also to improve the octane and this is being executed from now to 2030, to meet the domestic regulations that is already issued and effective as to the enhancement of fuel quality. In general, in 2023, we have had a reduction in the level of imports of both diesel and gasoline. And I would like to mention that last year in September, we started expansion of the Cartegena Refinery and we were able to add 6,000 barrels of additional gasoline production, reducing the import level and to the extent that the demand is maintained at this level of 140,000 barrels per day. The imports of gasoline will continue to be necessary to meet the demand in the country. As part of our strategy, 2040, we are not foreseeing so far increases in the refining capacity in Colombia.

我們希望將其含量降低到百萬分之十以下，並提高辛烷值，從現在到 2030 年將執行這一計劃，以滿足已頒布並有效的提高燃油質量的國內法規。總體而言，2023 年柴油和汽油的進口水平均有所下降。我想提一下，去年9月，我們開始了卡塔赫納煉油廠的擴建，我們能夠額外增加6,000桶汽油產量，減少進口水平，從而將需求維持在140,000桶的水平每天桶。仍需要進口汽油來滿足該國的需求。作為我們 2040 年戰略的一部分，我們預計迄今為止哥倫比亞的煉油能力不會增加。

Well, we have finished our time. Mr. President, you can convey your final message now.

好吧，我們的時間已經結束了。總統先生，您現在可以傳達您的最後的信息了。

Well, thank you to all the participants, executives and directors.

好的，謝謝所有參與者、高管和董事。