Ecopetrol SA (EC) 2023 Q3 法說會逐字稿

Good morning. My name is Natalia, and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operational results for the third quarter of 2023. (Operator Instructions).

早安.我叫娜塔莉亞，今天我將成為您的接線生。歡迎參加 Ecopetrol 的收益電話會議，我們將在會上討論 2023 年第三季的主要財務和營運業績。（電信商說明）。

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

在我們開始之前，值得一提的是，Ecopetrol 高階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，如果未來結果與本次電話會議中分享的預測不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Milena López, CFO; Alberto Consuegra, COO; and David Riaño, Vice President of Low Emission Solutions.

該電話會議將由 Ecopetrol 執行長 Ricardo Roa 先生主持；米萊娜‧洛佩斯，財務長；阿爾貝托·孔蘇埃格拉，營運長；以及低排放解決方案副總裁 David Riaño。

Thank you for your attention. Mr. Roa, you may begin your conference.

感謝您的關注。羅亞先生，您可以開始會議了。

Good morning, everyone, and welcome to Ecopetrol's Third quarter 2023 results presentation. Before we begin today, please allow me introduce some of the new members of Ecopetrol's management team. First in the vice presidency of finance and sustainable value, we welcome Milena López who has been the CFO of CENIT, a transportation company of the Ecopetrol Group for the past 5 years. Milena has held senior roles, including General Director of Public Credit and National Treasury at the Ministry of Finance and Public Credit and various positions at JPMorgan. In the Vice President of Low Emission Solutions we welcome David Riaño. David has more than 28 years of experience in the energy sector and has held positions in various companies in the energy market such as Transportadora de Gas Internacional, TGI, Empresa de Energía de Cundinamarca, Gas Natural Fenosa, Red de Energía del Perú, [Penyal] ISA and government entities making him a key leader to drive our low emission solution business line and advance the energy transition in a responsible and profitable manner. I thank David, Milena and the other senior managers for their commitment to bring new knowledge and experience. I would like to take this opportunity to thank else of our employees because it is you who make these results possible.

大家早安，歡迎來到 Ecopetrol 的 2023 年第三季業績發表會。在今天開始之前，請允許我介紹一下 Ecopetrol 管理團隊的一些新成員。首先，我們歡迎擔任財務和永續價值副總裁的 Milena López，她在過去 5 年裡一直擔任 Ecopetrol 集團旗下運輸公司 CENIT 的財務長。 Milena 曾擔任高級職務，包括財政和公共信貸部公共信貸和國家財政部總經理以及摩根大通的多個職位。我們歡迎 David Riaño 擔任低排放解決方案副總裁。 David 在能源領域擁有超過 28 年的經驗，曾在能源市場的多家公司擔任過職務，例如 Transportadora de Gas Internacional、TGI、Empresa de Energía de Cundinamarca、Gas Natural Fenosa、Red de Energía del Perà、[Penyal ] ISA 和政府實體使他成為推動我們的低排放解決方案業務線並以負責任和盈利的方式推進能源轉型的關鍵領導者。我感謝大衛、米萊娜和其他高階主管致力於帶來新的知識和經驗。我想藉此機會感謝我們的其他員工，因為正是你們讓這些結果成為可能。

Let's move on to the next slide, please. I want to start by highlighting the excellent operating performance achieved during the quarter. We achieved an average of 741,000 barrels of oil equivalent per day. A figure we had not seen since the last quarter of 2015. And volume transport and cargoes higher than the same quarter of the previous year. This proves our commitment to the company's core business.

請繼續看下一張投影片。首先，我想強調本季取得的出色經營業績。我們平均每天生產 741,000 桶油當量。這是自 2015 年第四季以來我們從未見過的數字。運輸量和貨物量均高於去年同期。這證明了我們對公司核心業務的承諾。

Besides investment [loans], we have achieved significant milestones that we wish to highlight. In early October, we confirmed the presence of natural gas in deep waters in the South Caribbean of Colombia in the Glaucus-1. The importance of the gas province in the region and our active exploration portfolio. This achievement joins a major exploration campaign with 10 wells declared successful so far in 2023.

除了投資[貸款]之外，我們還取得了我們希望強調的重要里程碑。 10月初，我們確認了哥倫比亞南加勒比海Glaucus-1深水中有天然氣。該地區天然氣省的重要性以及我們積極的勘探組合。這項成就是一項重大勘探活動的一部分，截至 2023 年，已有 10 口井宣布取得成功。

Our accounts receivable from the fuel price stabilization fund continued to decrease COP 16.4 trillion, offset by dividends to the nation so far this year, a cash payment of COP 1.9 trillion and the smallest difference between the port parity gas line price and the local price highlighting Ecopetrol's success management and the nation's commitment. This has resulted in a 54% lower accumulation than in the same period last year.

我們來自燃油價格穩定基金的應收帳款繼續減少16.4 兆比索，但被今年迄今向國家發放的股息、 1.9 兆比索現金支付以及港口平價天然氣線路價格與當地價格之間的最小差異所抵消Ecopetrol 的成功管理和國家的承諾。這導致累積量比去年同期減少了 54%。

Also, I want to emphasize the commemoration of our 15 years on the New York Stock Exchange with an Investor Day reaffirming our strategy for 2040 energy that transports. We highlight the launch of operations of our new trading subsidiary, Ecopetrol US Trading in Houston, Texas, in October, the commercial and operating strategy to strengthening and enhancing relationships with our clients through a local support team for fluent communication with consumers and suppliers and providing firsthand access to market information.

此外，我想強調，透過投資者日紀念我們在紐約證券交易所上市 15 週年，重申我們的 2040 年能源運輸策略。我們強調，我們的新貿易子公司Ecopetrol US Trading 於10 月在德克薩斯州休斯頓開始運營，其商業和營運策略旨在透過本地支援團隊與消費者和供應商進行流暢的溝通，並提供加強和加強與客戶的關係。獲取第一手市場資訊。

Additionally, on the commercial front, we emphasize the performance of our subsidiary, Ecopetrol Trading Asia, which has managed to market more than 100 million barrels of crude oil in the Asian market today and strengthen the strategy of diversifying customers and countries, reaching new destinations as Malaysia, Thailand and Japan. Finally, up to the end of the quarter, we have made transfers to the nation of more than COP 45 trillion through taxes, royalties and dividends reaffirming our commitment to the country's development.

此外，在商業方面，我們強調子公司 Ecopetrol Trading Asia 的業績，該公司目前已在亞洲市場銷售了超過 1 億桶原油，並加強了客戶和國家多元化戰略，開拓了新的目的地如馬來西亞、泰國和日本。最後，截至本季末，我們已透過稅收、特許權使用費和股息向該國轉移了超過 45 兆哥倫比亞比索，重申了我們對國家發展的承諾。

Let's move on the next slide, please. Year-to-date, up to the third quarter, we have recurred revenues of COP 108 trillion, an EBITDA of COP 48.5 trillion and a net profit of COP 15 trillion all aligned with our 2023 financial plan and achieving efficiencies of COP 2.9 trillion. We look optimistically to over the coming points, although we will face challenges preparation for the phenomenal (inaudible) and in response to potential additional requirements for [really use] to support [contel electricity] generation. The operation and supply chain has prepared itself by building inventories in coordination with the Ministry Mines and Energy. Oil sales and generators priorities given to the available volume of sales diesel from the Cartagena refinery to match the potential needs of thermal power plants.

請讓我們繼續看下一張投影片。年初至今，截至第三季度，我們的經常性收入為108 兆比索，EBITDA 為48.5 兆比索，淨利潤為15 兆比索，所有這些都與我們的2023 年財務計畫保持一致，並實現了2.9 兆比索的效率。我們對未來的情況持樂觀態度，儘管我們將面臨為驚人的（聽不清楚）做好準備以及響應[真正使用]支持[控制電力]發電的潛在額外要求的挑戰。營運和供應鏈已與礦業和能源部協調建立庫存，並做好了準備。石油銷售和發電機優先考慮卡塔赫納煉油廠可用的柴油銷售量，以滿足火力發電廠的潛在需求。

Additionally, logistical operations have been planned to ensure the supply of the additional required fuel and supply contracts for diesel to wholesale distributors for -- plant operations have been structured. Similarly, all contingency operational scenarios in the areas of production, transportation, refining and marketing guarantying, the country's normal supply, supported by our operation excellence and commitment to the energy transition. Thank you, everyone, for being part of this journey and for your continuous support of Ecopetrol.

此外，還規劃了物流業務，以確保向批發分銷商提供額外所需的燃料和柴油供應合同，以實現工廠運營。同樣，在我們卓越的營運和對能源轉型的承諾的支持下，生產、運輸、煉油和行銷領域的所有緊急營運情境都能保證國家的正常供應。感謝大家參與這趟旅程並感謝你們對 Ecopetrol 的持續支持。

Let me invite Milena Lopez for key financial and management figures.

讓我邀請米萊娜·洛佩茲來介紹關鍵的財務和管理人物。

Thank you, Ricardo. It is in honor to address you on my first earnings call as CFO of the Ecopetrol Group. I am deeply grateful for the opportunity to join the Ecopetrol team and I want to take the opportunity to assess that our financial successes of the company results from the collective effort, which I look forward to being a part of as I'm committed to further strengthening our market position and generating value for all our stakeholders.

謝謝你，里卡多。身為 Ecopetrol 集團財務官，我很榮幸在第一次財報電話會議上向您致辭。我非常感謝有機會加入 Ecopetrol 團隊，我想藉此機會評估我們公司的財務成功是集體努力的結果，我期待成為其中的一部分，因為我致力於進一步發展加強我們的市場地位並為所有利益相關者創造價值。

Ecopetrol Group's organic investments amounted to COP 19.2 trillion year-to-date. The highest quarterly figure in the past 7 years, representing 20% year-on-year growth versus September 2022 and in line with investment guidance for 2023. The Hydrocarbon business line closed the third quarter with executed investments totaling COP 13.3 trillion. Representing approximately 70% of the group's total. These resources were mainly allocated to drilling and to upstream completion activities in the Rubiales, Caño Sur, Castilla, Chichimene and Floreña fuels. Along with exploration activities in the Llanos, Piedemonte and Lower Magdalena Valley. International investments for the quarter concentrated on developed activities in the Permian Basin.

年初至今，Ecopetrol 集團的有機投資已達 19.2 兆披索。這是過去 7 年來最高的季度數字，與 2022 年 9 月相比年增 20%，符合 2023 年的投資指引。碳氫化合物業務線第三季末執行投資總額為 13.3 兆比索。約佔集團總數的70%。這些資源主要分配給 Rubiales、Caño Sur、Castilla、Chichimene 和 Floreña 燃料的鑽探和上游完井活動。以及在亞諾斯、皮埃蒙特和下馬格達萊納山谷的勘探活動。本季的國際投資集中於二疊紀盆地的開發活動。

In the Low Emission Solutions business line, the enabler of our energy transition investments resources totaling COP 2.4 trillion were invested, including 2 trillion allocated to natural gas projects in assets, primarily located in the Piedemonte region and exploratory blocks, mainly offshore. Additionally, investments in the transmission and toll road businesses amounted to COP 3.5 trillion and corresponded to the projects executed by ISA in energy transmission, toll roads and telecommunications. These investments allowed for advances in the construction of the electric transmission lines and improvements aimed at increasing the reliability of the existing network as well as in the toll road projects of Ruta del Loa, Ruta de la Araucaria and Ruta de los Rios, in Chile.

在低排放解決方案業務領域，我們的能源轉型投資資源的推動者投資總額達2.4 兆比索，其中2 兆分配給資產中的天然氣項目，主要位於皮埃蒙特地區和勘探區塊（主要是近海）。此外，輸電和收費公路業務的投資額達3.5兆比索，與ISA在能源輸電、收費公路和電信領域執行的項目相對應。這些投資促進了輸電線路的建造和改進，旨在提高現有網路的可靠性，以及智利 Ruta del Loa、Ruta de la Araucaria 和 Ruta de los Rios 的收費公路計畫。

At the same time, EBITDA amounted to approximately COP 48 trillion up to September 2023, contributing to the second best financial results in this period in the company's history. The hydrocarbons line of business continues to be the most significant EBITDA contributor as we progress with a gradual diversification of our business lines. The Ecopetrol group continues to implement its comprehensive strategy for energy efficiency and competitiveness. As of September 2023, we have achieved approximately COP 2.9 trillion in efficiencies through initiatives that have reduced costs and expenses, increased revenues and optimized investments.

同時，截至 2023 年 9 月，EBITDA 約為 48 兆比索，為公司歷史上同期第二好的財務表現做出了貢獻。隨著我們業務線的逐步多元化，碳氫化合物業務線仍然是最重要的 EBITDA 貢獻者。 Ecopetrol 集團持續實施其能源效率和競爭力綜合策略。截至 2023 年 9 月，我們透過降低成本和開支、增加收入和優化投資的舉措，實現了約 2.9 兆哥倫比亞比索的效率提升。

Please continue to the next slide. As of September 2023, the company's consolidated cash balance was COP 14.1 trillion with business operations as the primary source of cash generation. Main cash outflows that stand out were CapEx disbursements and dividend payments to minority shareholders. Additionally, during the period, COP 16.4 trillion of the CapEx accounts receivable have been offset against the payment of dividends due to the Republic of Colombia. As of September 2023, there is a notable decrease in the accumulation of the fuel price stabilization fund when compared to 2022. This primarily due to ongoing increases in gasoline prices throughout the country.

請繼續觀看下一張投影片。截至 2023 年 9 月，該公司的綜合現金餘額為 14.1 兆比索，業務營運是現金產生的主要來源。突出的主要現金流出是資本支出支出和向少數股東支付的股利。此外，在此期間，16.4兆哥倫比亞比索的應收帳款資本支出已抵銷了應付給哥倫比亞共和國的股利。截至2023年9月，燃油價格穩定基金的累積量較2022年大幅減少。這主要是由於全國汽油價格持續上漲。

During the third quarter, COP 8 trillion of OpEx receivables were offset against the payment of dividends payable to the Republic of Colombia and a COP 1.9 trillion payment was received in cash, resulting in a FEPC accounts receivable balance of COP 25.7 trillion at the end of the quarter. Furthermore, it is worth noting that thanks to the refinancing efforts undertaken throughout the year, the gross debt to EBITDA indicator at the end of the third quarter was 1.7x. At the same time, debt maturities for 2023 have been fully refinanced, and we continue progress in refinancing the 2024 maturities. With this, we continue to maintain a gross debt-to-EBITDA ratio below the 2.5x long-term level.

第三季度，8兆比索的應收營運支出抵銷了應付給哥倫比亞共和國的股息，並收到了1.9兆比索的現金付款，導致截至2017年末的FEPC應收帳款餘額為25.7兆比索。該季度。此外，值得注意的是，由於全年進行的再融資努力，第三季末的總債務佔 EBITDA 指標為 1.7 倍。同時，2023 年到期的債務已全部再融資，我們在 2024 年到期的再融資方面繼續取得進展。因此，我們繼續將總債務與 EBITDA 比率維持在低於 2.5 倍的長期水準。

I want to highlight that rating agencies have maintained the Ecopetrol's rating corroborating the company's solid financial profile, excellent operating performance across all segments and business lines and proven access to the global capital markets. Please continue to the next slide.

我想強調的是，評級機構維持了 Ecopetrol 的評級，證實了該公司穩健的財務狀況、所有部門和業務線的出色營運業績以及進入全球資本市場的良好管道。請繼續觀看下一張投影片。

Our comment to TESG creates value for the company and enables our energy business in the long run. With regards to the environment, as specifically, in terms of our holistic approach to responsible water management, leading up to the third quarter of this year, we reused 114 million cubic meters of water in our operations, which means that the company avoided the capture and/or discharge of this water volume thus reducing pressure on water resources. This amount equals to 79% of the total water required to operate. The results were achieved, thanks to the implementation of best practices in the reuse and recirculation of water in the Barrancabermeja and Cartagena refineries as well as our production fields. In line with our ambition to achieve net zero emissions by 2050 as of the third quarter of this year, and using 2020 as our benchmark, we achieved a cumulative greenhouse gas emissions reduction of 1.33 million tons of CO2 equivalent in our direct emissions, Scope 1 and 2, mainly in the upstream and downstream segments. This result was achieved through initiatives focused on reducing flaring and venting, improving energy efficiency and through the use of renewable energies.

我們對 TESG 的評論為公司創造了價值，並從長遠來看使我們的能源業務得以實現。在環境方面，具體而言，就我們負責任的水資源管理的整體方法而言，截至今年第三季度，我們在運營中重複利用了 1.14 億立方米的水，這意味著公司避免了捕獲和/或排放該水量，從而減少對水資源的壓力。這一量相當於運作所需總水量的 79%。這些成果的取得得益於巴蘭卡韋梅哈和卡塔赫納煉油廠以及我們的生產領域在水的再利用和再循環方面實施了最佳實踐。根據我們截至今年第三季到 2050 年實現淨零排放的目標，以 2020 年為基準，我們在直接排放（範圍 1）中累計減少了 133 萬噸二氧化碳當量的溫室氣體排放2、主要集中在上下游環節。這項成果是透過致力於減少火炬和排放、提高能源效率以及使用再生能源的措施來取得的。

With regards to our ambition to generate more renewable energy for self-consumption and to promote the use of cleaner energies, our goal is to incorporate 900 megawatts by 2025. Currently, we have 208 megawatts in operation. We successfully completed the construction of 7 megawatts at the Cartagena solar farm and currently have an additional 94 megawatts under construction. Regarding social development, we highlight the creation of 4,442 non-oil jobs and a TESG-related investment of COP 1.33 trillion by the end of the third quarter, mainly through investments in items just mentioned as well as in energy efficiency, better fuel quality, and investments in biodiversity.

為了實現生產更多再生能源供自用和推廣清潔能源使用的目標，我們的目標是到2025年併入900兆瓦。目前，我們有208兆瓦在運。我們成功完成了卡塔赫納太陽能發電廠 7 兆瓦的建設，目前還有 94 兆瓦正在建設中。關於社會發展，我們強調到第三季末創造了 4,442 個非石油就業崗位，以及 TESG 相關投資 1.33 兆比索，主要透過對剛才提到的項目以及能源效率、更好的燃料品質、以及對生物多樣性的投資。

By the third quarter of the year, 36% of Ecopetrol's investments were allocated to energy transition initiatives. With 51% of these resources invested in the transmission and toll roads business line, 30% invested in natural gas and 19% allocated to TSG initials.

截至今年第三季度，Ecopetrol 36% 的投資分配給了能源轉型計劃。其中 51% 的資源投資於輸電和收費公路業務，30% 投資於天然氣，19% 分配給 TSG 縮寫。

I now give the floor to Alberto Consuegra, who will lead you through our most significant milestones in the hydrocarbons business line.

我現在請阿爾貝托·孔蘇埃格拉 (Alberto Consuegra) 發言，他將帶領您了解我們在碳氫化合物業務領域最重要的里程碑。

Thank you, Milena. At the end of the third quarter, the 2023 exploration campaign was 60% complete with a drilling of 15 exploratory wells, one of them located in the Caribbean offshore, 2 in the Piedemonte basin and 2 in Northern Colombia, all with gas potential. Also, 10 wells were drilled in the Llanos Orientales Basin with liquid hydrocarbons potential. In 2023, we achieved 10 exploratory successes of which I would like to highlight the following: Glaucus-1 well located in the Southern Colombian Caribbean in the COL-5 block operated by Shell, in which Ecopetrol has a 50% interest. The Glaucus-1 well confirmed the presence of natural gas in a new accumulation in block COL-5, where the Kronos-1, Purple Angel-1 and Gorgon 2 wells are located.

謝謝你，米萊娜。截至第三季末，2023年勘探活動已完成60%，鑽探了15口探井，其中1口位於加勒比海近海，2口位於皮埃蒙特盆地，2口位於哥倫比亞北部，均具有天然氣潛力。此外，還在 Llanos Orientales 盆地鑽探了 10 口具有液態碳氫化合物潛力的井。 2023年，我們取得了10項勘探成功，其中我想強調以下幾點：Glaucus-1油田位於哥倫比亞南部加勒比地區，位於殼牌運營的COL-5區塊內，Ecopetrol擁有該區塊50%的權益。 Glaucus-1 井證實了 COL-5 區塊新油氣藏中存在天然氣，Kronos-1、Purple Angel-1 和 Gorgon 2 井也位於該區塊。

Also, 4 crude oil successes in the Llanos Orientales Basin, 3 operated by GeoPark, partner of our subsidiary, Hocol. Those are Zorzal-1,Saltador-1 and Toritos-1 and the Kimera-1 well operated by Ecopetrol in partnership with Repsol. On the offshore front, we continue the evaluation and appraisal plan for Uchuva-1 discovery which is expected to be executed in 2024. We also expect to start drilling the Orca Norte-1 well operated to Ecopetrol in November of this year. To date, the 2023 exploratory campaign has a success rate of 45%, which is above the industry average.

此外，在 Llanos Orientales 盆地取得了 4 個原油成功，其中 3 個由我們子公司 Hocol 的合作夥伴 GeoPark 營運。這些是 Zorzal-1、Saltador-1 和 Toritos-1 以及由 Ecopetrol 與 Repsol 合作營運的 Kimera-1 油井。在海上方面，我們繼續對 Uchuva-1 發現進行評估和評估計劃，預計將於 2024 年執行。我們還預計於今年 11 月開始鑽探由 Ecopetrol 運營的 Orca Norte-1 井。截至目前，2023年探索活動成功率達45%，高於業界平均。

Let's move on to the slide, please. During the third quarter of the year, we achieved a production of 741,000 barrels of oil equivalent per day, an increase of 20,000 barrels of oil equivalent per day compared to the same period of the previous year. These results are driven by the incremental production from Caño Sur, Rubiales and the Permian Basin as well as the solid performance of secondary recovery fields such as Castilla and Chichimene. In particular, I would like to highlight that production via secondary and tertiary recovery technologies contributed around 40% of the Ecopetrol Group's production from 23 assets, including water injection at Chichimene and Castilla fields. We are also maintaining our focus on efficiency. As of September 2023, the upstream segment achieved COP 1.8 trillion in efficiencies accounting for 61% of the Ecopetrol Group total efficiencies. Thanks to the execution of initiatives that have allowed us to reduce drilling completion and dilution costs. Lifting costs increased around $2.72 per barrel versus the third quarter of 2022, mainly explained by higher inflation reflected in the increase in electricity tariffs and tracked services. Partially offset by efficiencies totaling $0.24 per barrel. Finally, under the carbonization front, the upstream segment reduced 351,000 tons of CO2 equivalent above the effected target for the year, contributing to 83% of the group's greenhouse gas emission reduction. These results were achieved, thanks to energy efficiency initiatives in the Piedemonte fields and the reduction of methane emissions in fields such as Cundinamarca has been a provincial among others. By year-end, we expect production in the range of 720,000 to 731,000 barrels of oil equivalent per day.

請讓我們繼續看投影片。第三季實現日產量74.1萬桶油當量，較去年同期增加2萬桶油當量。這些結果是由 Caño Sur、Rubiales 和二疊紀盆地的產量增量以及卡斯蒂利亞和 Chichimene 等二次採收油田的穩健表現所推動的。我想特別強調的是，透過二級和三級回收技術生產的產量佔 Ecopetrol 集團 23 項資產產量的約 40%，其中包括 Chichimene 和 Castilla 油田的注水。我們也持續關注效率。截至 2023 年 9 月，上游部門實現了 1.8 兆哥倫比亞比索的效率，佔 Ecopetrol 集團總效率的 61%。由於執行了一些舉措，我們能夠降低完井和稀釋成本。與 2022 年第三季相比，提升成本增加了每桶 2.72 美元左右，主要原因是電價和追蹤服務增加所反映的通膨上升。部分被每桶 0.24 美元的效率所抵消。最後，在碳化方面，上游板塊較全年目標減少二氧化碳當量35.1萬噸，佔集團溫室氣體減量的83%。這些成果的取得得益於皮埃蒙特油田的能源效率措施以及昆迪納馬卡等油田甲烷排放量的減少等。到年底，我們預計產量將達到每天 72 萬至 731,000 桶油當量。

Let's move on to the next slide, please. In the Permian Basin, 33 new wells were drilled during the quarter for a total of 312 cumulative wells since 2019. And reaching an average production of 66,300 barrels of oil equivalent per day net to Ecopetrol before royalties. By the end of September, a record production of 120,000 barrels of oil equivalent per day was achieved in our Permian assets, of which 74,000 barrels of oil equivalent per day are Ecopetrol net. In line with our TESG strategy, our assets maintain a low carbon intensity between 7 and 8 kilograms of CO2 per barrel. Also, progress has been made in the initiative to replace diesel with compressed natural gas in drilling and completion generation operations, achieving an average cumulative substitution of 30%. By year-end, we expect an average production between 62,000 to 64,000 barrels of oil equivalent per day before royalties and the drilling of more than 110 wells.

請繼續看下一張投影片。在二疊紀盆地，本季鑽探了 33 口新井，自 2019 年以來累計鑽探了 312 口井。平均日產量達到 66,300 桶石油當量（相當於 Ecopetrol 扣除特許權使用費前的淨產量）。截至9月底，我們的二疊紀資產已實現創紀錄的日產量120,000桶油當量，其中Ecopetrol淨產量為日產量74,000桶油當量。根據我們的 TESG 策略，我們的資產保持每桶 7 至 8 公斤二氧化碳的低碳強度。鑽完井發電用壓縮天然氣取代柴油行動也有進展，平均累計替代量達30%。到年底，我們預計在扣除特許權使用費和鑽探 110 多口油井之前，日均產量將達到 62,000 至 64,000 桶油當量。

Let's move on to the next slide, please. In the midstream segment, transported volumes increased by approximately 52,000 barrels per day as compared to the third quarter of the previous year, mainly due to the higher production in the Llanos region and additional barrels from third parties that were outside of our pipeline work. We highlight that September 2023, a 42-month crude oil evacuation record was achieved, reaching 850,000 barrels per day, showing prepandemic levels. And the product pipeline transport, we highlight the performance of the Pozos Colorados gallon system, which reached the pumping rate of 160,000 barrels per day achieving a system transportation record with direct pumping to the Barrancabermeja refinery. During the third quarter of the year, a successful dilution test of Rubiales crude oil was performed at the Monterrey station where 88,500 barrels of Naphtha were received for dilution and in total, 562,000 barrels of Rubiales crude were diluted from approximately 15 degrees to 21 degrees API quality, which leverages the medium strategy of becoming an integrated logistics service provider by offering solutions that reduce transportation costs for shippers.

請繼續看下一張投影片。在中游領域，與去年第三季相比，每天的運輸量增加了約 52,000 桶，這主要是由於亞諾斯地區的產量增加以及來自我們管道工作之外的第三方的額外桶數。我們強調，2023年9月，創下了42個月的原油疏散紀錄，達到每天85萬桶，處於疫情前的水準。在產品管道運輸方面，我們重點介紹了Pozos Colorados加侖系統的性能，該系統的泵送量達到了16萬桶/天，創下了直接泵送到Barrancabermeja煉油廠的系統運輸記錄。今年第三季度，蒙特雷站成功進行了 Rubiales 原油稀釋測試，接收了 88,500 桶石腦油進行稀釋，總共 562,000 桶 Rubiales 原油從約 15 度 API 稀釋至 21 度 API質量，利用成為綜合物流服務提供商的中期策略，為托運人提供降低運輸成本的解決方案。

Finally, during the quarter, the cost per barrel transported increased by $0.43 per barrel compared to the same period of the previous year. mainly explained by higher maintenance and contracted service costs as well as higher volumes of crude oil and products transported.

最後，本季每桶運輸成本比去年同期增加了0.43美元。主要是由於維護和合約服務成本增加以及原油和產品運輸量增加。

Let's move on to the next slide, please. In the downstream segment, during the third quarter, scheduled maintenance were executed in line with the annual plan to guarantee the operational availability and the ability of the assets. As of the end of September, 90% of the annual shutdown plan was completed. And in October, the maintenance of the crude oil unit U-001 in the Cartagena refinery was also concluded. The refineries achieved a consolidated throughput of 410,000 barrels per day and an integrated gross margin of $20.6 per barrel, supported by the continuous operation of the interconnection of the Cartagena crude plants, IPCC by its acronym in Spanish, the removal of bottlenecks while achieving 95.1% operational availability. This resulted in an EBITDA of COP 2.5 trillion, may explained by the incorporation of efficiencies, feedstock optimization, higher polypropylene prices as well as favorable gasoline diesel and jet fuel prices.

請繼續看下一張投影片。下游板塊，三季依照年度計畫進行定期檢修，保證營運可用性和資產能力。截至9月底，全年停工計畫已完成90%。而10月，卡塔赫納煉油廠U-001原油裝置的維護工作也結束了。在卡塔赫納原油廠（IPCC，西班牙語縮寫）聯網持續運作的支撐下，煉油廠綜合吞吐量達到41萬桶/日，綜合毛利率達到每桶20.6美元，在消除瓶頸的同時實現95.1%的目標操作可用性。這導致 EBITDA 達到 2.5 兆哥倫比亞比索，這可能是由於效率、原料優化、聚丙烯價格上漲以及有利的汽油柴油和航空燃油價格的綜合影響。

During the quarter, we made progress in achieving milestones, including the production of premium gasoline with less than 15 parts per million of sulfur at both refineries. Paving recycled plastic asphalt enrolled at the Barrancabermeja refinery. Essentia, a subsidiary of the Ecopetrol Group announced the start of the first advanced chemical recycling project in South America which in its first stage will recover around 500 tons of plastic waste that is difficult to recycle and transform into a raw material for new plastic elements. With the first delivery of pyrolytic oil from post-consumer plastic waste to the Barrancabermeja refinery. This project officially begins in Colombia and opens the door to producing 100% circular polypropylene from post-consumer plastic.

本季度，我們在實現里程碑方面取得了進展，包括兩家煉油廠生產硫含量低於百萬分之十五的優質汽油。在巴蘭卡韋梅哈煉油廠鋪設再生塑膠瀝青。 Ecopetrol集團子公司Essentia宣布啟動南美洲首個先進化學回收項目，第一階段將回收約500噸難以回收的塑膠廢棄物，並將其轉化為新塑膠元件的原料。首次將消費後塑膠廢棄物的熱解油運送到巴蘭卡韋梅哈煉油廠。該計畫在哥倫比亞正式啟動，為利用消費後塑膠生產 100% 圓形聚丙烯打開了大門。

Finally, during the third quarter, the refining cash cost increased by $1.24 per barrel compared to the 3Q, 2022 primarily due to the rescheduling of activities from previous months, higher cost execution, increased operational activity and inflation.

最後，第三季煉油現金成本與 2022 年第三季相比每桶增加 1.24 美元，主要是由於前幾個月的活動重新安排、成本執行增加、營運活動增加和通貨膨脹。

I will now hand over the floor to David Riaño, who will comment on the main milestones of the low Mission Solutions business.

我現在將發言權交給 David Riaño，他將評論低任務解決方案業務的主要里程碑。

Thank you, Alberto, Ricardo for introducing me. It's a true honor to address all of you in this new role within the company that serves all Colombians. I'd like to begin by expressing my gratitude for the trust the company has placed in me and reaffirming my commitment to continue contributing to a more sustainable world while delivering value to our investors.

謝謝阿爾貝托、里卡多介紹我。我非常榮幸能夠在這家為所有哥倫比亞人提供服務的公司中擔任新職務，向大家發表演說。首先，我謹對公司對我的信任表示感謝，並重申我致力於繼續為更永續的世界做出貢獻，同時為我們的投資者創造價值。

As of September 2022, the natural gas and LPG production reached 161,000 barrels equivalent per day, representing about 23% of the group's production mix with generated EBITDA of COP 2.5 trillion and EBITDA margin of 40%. Reinforcing our commitment to position in natural gas as the energetic transition fuel during the third quarter of 2023, we launched different commercial processes that seek to contribute to the group strategic objectives. Among them, we highlight the completion of the long-term gas commercialization process of the Gibraltar, Cusiana and Cupiagua fields. In addition to the public offering of LPG quantities for the period between September 2023 and February 2024, volumes that will supply approximately 77% of the domestic market.

截至 2022 年 9 月，天然氣和液化石油氣產量達到每天 161,000 桶當量，約佔集團產量組合的 23%，產生的 EBITDA 為 2.5 兆哥倫比亞比索，EBITDA 利潤率為 40%。為了強化我們在 2023 年第三季將天然氣定位為能源轉型燃料的承諾，我們推出了不同的商業流程，旨在為集團策略目標做出貢獻。其中，我們將重點放在直布羅陀、Cusiana和Cupiagua油田長期天然氣商業化進程的完成。除了2023年9月至2024年2月期間公開發售液化石油氣數量外，這些數量將供應國內市場的約77%。

On the other hand, the operation of our Brisas, Castilla and San Fernando solar parks in addition to the contagious small hydroelectric plant has allowed us to reduce close to 19,000 tons of CO2 accurate and capture savings of more than COP 28 billion so far this year. Likewise, we made progress in the construction of the solar parks of Cartagena, La Cira, El Copey, Ayacucho and Vasconia of our subsidiary, CENIT. In addition to the part of the subsidiary in Caucasian. This, as part of our efforts to incorporate nonconventional energy sources to our energy matrix contributing to our goal of 900 megawatts operating and in construction by 2025. Additionally, the energy efficiency program has achieved the optimization of 3.4 megawatts and more than 2,500 GBTUs. Resulting in an emission reduction of 198,000 tons of CO2 equivalent and energy cost efficiency of about COP 38 billion. the equivalent of an electric energy optimization of 5.9% accumulated from 2018 to date allows us to continue advising towards the target of 6.3% by the close of 2023.

另一方面，我們的布里薩斯、卡斯蒂利亞和聖費爾南多太陽能園區以及具有傳染性的小型水力發電廠的運營使我們今年迄今為止準確減少了近19,000 噸二氧化碳排放，並節省了超過280 億哥倫比亞比索的成本。同樣，我們子公司 CENIT 的卡塔赫納、拉西拉、埃爾科佩、阿亞庫喬和瓦斯科尼亞太陽能園區建設也取得了進展。另外還有部分子公司是高加索人。這是我們將非常規能源納入能源矩陣的努力的一部分，有助於實現 2025 年營運和建造 900 兆瓦的目標。此外，能源效率計畫還實現了 3.4 兆瓦和超過 2,500 GBTU 的優化。減少排放量 198,000 噸二氧化碳當量，能源成本效率約 380 億哥倫比亞比索。相當於從 2018 年至今累積的 5.9% 的電能優化，使我們能夠繼續為 2023 年底前實現 6.3% 的目標提供建議。

So in this front, we highlight ongoing initiatives for the inclusion of technological tools throughout the operation, such as artificial intelligence applied to energy planning and optimization of power resources. It's important to mention that Ecopetrol in response to the El Niño event has prepared to meet the increased need of this required for thermal power generation. At the same time, we have been managing the entry of renewable self-generation projects that contribute to reduce the energy requirements of national electric system.

因此，在這方面，我們重點關注在整個營運過程中納入技術工具的持續舉措，例如應用於能源規劃和電力資源優化的人工智慧。值得一提的是，Ecopetrol 為應對厄爾尼諾事件，已準備好滿足火力發電日益增長的需求。同時，我們一直在管理再生能源自發電項目的進入，這些項目有助於降低國家電力系統的能源需求。

Finally, we highlight 2 important initiatives to improve the welfare of the community. The social gas program, which in 2023, has connected more than 14,000 families to natural gas service in rural areas of Arauca and Guajira and the extension of the Micro LNG agreement in Buenaventura until November this year, it is support and reliability to the gas supply for 37,000 families in this area of the.

最後，我們強調了兩項改善社區福利的重要措施。社會天然氣計畫將於2023年為阿勞卡和瓜希拉農村地區的14,000多個家庭提供天然氣服務，並將布埃納文圖拉的微型液化天然氣協議延長至今年11月，這為天然氣供應提供了支持和可靠性為這個地區的37,000個家庭服務。

I now pass the floor to our President Ricardo Roa.

現在請我們的總統里卡多·羅阿發言。

Thank you, David. The transmission and road business generated positive operational and financial results in the third quarter of the year. These results are levered in the Energy business in Brazil and Colombia and roads in Chile. This was reflected in 10% contribution to the group's revenue, 14% EBITDA to with 5% net profit over the 9 months of the year. Some of the most relevant milestone for the quarter includes first an award of Lot One in Brazil and extensions with a referential CapEx of approximately COP 2.9 trillion which will be invested gradually until the initiative of operations in 2029.

謝謝你，大衛。輸電和公路業務在今年第三季度取得了積極的營運和財務表現。這些成果應用於巴西和哥倫比亞的能源業務以及智利的道路業務。這反映在今年 9 個月對集團收入的 10% 貢獻、14% 的 EBITDA 以及 5% 的淨利潤。本季最相關的一些里程碑包括首先在巴西授予 Lot One，以及延期，參考資本支出約為 2.9 兆比索，這些資本支出將逐步投資，直到 2029 年啟動營運。

Second, in Peru, the award 3 projects through the Transmantaro Consortium and the commissioning of the connection of the Nabusimake solar project and the connection to the Parque Portón del Sol, collectively adding 2020 megawatts to the Colombian electrical system. ISA continues to advance in the construction of 39 energy transmission projects in the countries where it has a presence, representing over than 7,190 kilometers of additional [circuit] to the network, which when operational will generate approximately $372 million in revenue. Finally, progress continues in the execution of the Ruta del Loa and the works in the concessionary to Ruta de loa Araucaria and Ruta de los Rios, which will generate new income and extensions of the consensus terms.

其次，在秘魯，透過 Transmantaro Consortium 授予 3 個項目，並調試 Nabusimake 太陽能項目的連接以及與 Parque Portón del Sol 的連接，總共為哥倫比亞電力系統增加了 2020 兆瓦的電力。 ISA 繼續在其開展業務的國家推進 39 個能源傳輸項目的建設，相當於網路的額外線路超過 7,190 公里，運營後將產生約 3.72 億美元的收入。最後，Ruta del Loa 的實施以及 Ruta de loa Araucaria 和 Ruta de los Rios 特許權工程的實施繼續取得進展，這將產生新的收入並延長共識期限。

Let's move on the next slide for the closing message. I want to close by recognizing the commitment of Ecopetrol's employees to operational excellence and the transition to more sustainable future as reflected in these positive results. I want to remind all our shareholders, investors and stakeholders of our commitment to the investment plan aligned in the 2040 strategy. This leads us to have a solid hydrocarbon business that supports the energy transition.

讓我們繼續看下一張投影片，了解結束語。最後，我想對 Ecopetrol 員工對卓越營運的承諾以及這些積極成果所反映的向更永續的未來過渡表示認可。我想提醒我們所有股東、投資者和利害關係人，我們對與 2040 年策略一致的投資計畫的承諾。這使我們擁有支持能源轉型的固體碳氫化合物業務。

With a stronger team and a clear vision for 2024, we are prepared to come the challenge. Ecopetrol continues to be a driving force for Colombia's development, contributing to economic growth and in well-being of the communities. Thank you, everyone, for being part of this journey.

憑藉更強大的團隊和 2024 年的清晰願景，我們已做好迎接挑戰的準備。 Ecopetrol 仍然是哥倫比亞發展的驅動力，為經濟成長和社區福祉做出貢獻。謝謝大家參與這趟旅程。

Finally, I open the Q&A segment.

最後，我開始問答環節。

Thank you very much. We will start the session for Q&A. Andrés Duarte is online with a question, Mr. Duarte. Go ahead with your question. While Mr. Andrés is able to ask his question. We will have a question with -- from Goldman Sachs. When do you expect the accumulation for CPC accounts will be in 0?

非常感謝。我們將開始問答環節。安德烈斯杜阿爾特 (Andrés Duarte) 在線，有個問題，杜阿爾特先生。繼續你的問題。安德烈斯先生可以提出他的問題。我們將向高盛提出一個問題。您預計CPC帳戶的累計何時會為0？

Good morning, we will go into details with a report from Milena Lopez and in this period, we can tell you that we have advanced very significantly, including this gap with the one we started this year in January with COP 33.4 billion, but with the stabilization, oil gas with that was beyond COP 16 billion with the help from the nation in money from COP 1.9 billion in resources assigned to the operation in the Cartagena refinery in the production of liquid oil. I give the word to Ms. Milena Lopez, our CFO.

早安，我們將透過 Milena Lopez 的報告詳細介紹，在此期間，我們可以告訴您，我們已經取得了非常顯著的進步，包括與我們今年 1 月份開始的 334 億哥倫比亞比索的差距，但隨著在國家從分配給卡塔赫納煉油廠生產液體油的資源中撥款19 億比索的資金的幫助下，石油天然氣的支出超過了160 億比索。我把話轉達給我們的財務長米萊娜·洛佩茲女士。

Thank you, Richard. Thank you, Joel, for your question. Yes, I give you a bit of context with the advantage of the debt and how we see it ahead. We have to underline the continuous diminishment of the third quarter, that will be the increase of the oil price by the government -- the national government. We went from 2022 with the balance of the COP 7 billion we had to take it from this year 2023. We expect to close with COP 20 million and COP 21 billion. So there is a continuous improvement that we see quarter-for-quarter.

謝謝你，理查。謝謝喬爾的提問。是的，我向您介紹了債務優勢的一些背景資訊以及我們如何看待它的未來。我們必須強調第三季的持續下降，這將是政府——國家政府——的油價上漲。從 2022 年開始，我們必須從 2023 年開始收回 70 億比索的餘額。我們預計將以 2,000 萬比索和 210 億比索結束。因此，我們看到每個季度都在持續改善。

In this sense, we have had several increases in oil prices. First one was in November, which was COP 600. We expect 2 more increases and this is going to bring oil to market prices. This is where it's going to be from these increases in oil prices, this would be closed. Next year, the national government has given the indication that progressively, there will be the increases in diesel so that by the end of the year, we will have a diesel price according to market. These tell us that after December 2024, we will have no more accumulations of the debt. This is the important key problem. All the balances of debt have been paid the 12 months falling the following the accumulation be has been the policy of agreement with government and I just trying to continue like this. We have COP 8 billion to be paid from here to the end of the year that we expect to receive the component. This is going to be dividends already paid around COP 5 billion and there is another part which is going to be COP 2.5 billion that will be paid in cash. This was going to bring us to the end of the year of COP 20 billion to COP 21 billion to the end of the year.

從這個意義上說，我們已經經歷過幾次油價上漲。第一個是 11 月，即 COP 600。我們預計還會有兩次升息，這將使石油價格回到市場價格。這就是油價上漲的結果，這將關閉。明年，國家政府已經表示，將逐步提高柴油價格，到年底，我們將根據市場決定柴油價格。這些告訴我們，2024年12月之後，我們將不再有債務累積。這是重要的關鍵問題。所有的債務餘額已經在接下來的12個月內償還完畢，這是與政府達成協議的政策，我只是想繼續這樣下去。從現在到年底，我們需要支付 80 億哥倫比亞比索，我們預計會收到該組件。這將是已經支付的約 50 億比索的股息，另一部分將以現金支付，即 25 億比索。這將使我們到年底 200 億比索到 210 億比索。

A question comes from Andrés Duarte from Corficolombiana. Mr. Duarte, you can ask your question. Mr. Duarte, we are listening to you. You can ask your question.

Corficolombiana 的 Andrés Duarte 提出了一個問題。杜阿爾特先生，你可以問你的問題。杜阿爾特先生，我們正在聽您的演講。你可以問你的問題。

Hello. I'm having some trouble with the communication. So I will send you my questions. And thank you for taking my questions into consideration. And I wish great lot to everyone the rest of the year.

你好。我的溝通有些困難。所以我會把我的問題寄給你。感謝您考慮我的問題。我祝福大家在今年剩下的時間裡一切順利。

The investment of the infrastructure for offshore gas, which we expect -- when can we expect to get this objective? Although the estimates you gave us the ones to the end of the year? I'm afraid the sound is not good.

我們期望的海上天然氣基礎設施投資—我們什麼時候可以實現這個目標？儘管您給我們的估計是到年底的？恐怕聲音不好。

Okay. I have several questions if maybe you want to add the first one that has to do with the conditions for the offshore production. And if you are going to do an investment in transportation infrastructure. The other one is the estimate of production for 2024, especially which is going to be the evolution of production costs associated. And the last one would be if you can remind me the detail for net related to the hydrogen production. Specifically, if you already have some investments you have considered for the transportation of the liquid and also increasing the capabilities of renewable energy. I do apologize for the connection problems I've been having. Thank you very much.

好的。如果您想添加第一個與海上生產條件有關的問題，我有幾個問題。如果您打算投資交通基礎設施。另一項是 2024 年產量的估計，尤其是相關生產成本的變化。最後一個問題是，您能否提醒我與氫氣生產相關的網路細節。具體來說，如果您已經考慮對液體運輸進行一些投資，並提高再生能源的能力。對於我遇到的連接問題，我深表歉意。非常感謝。

Thank you, Andres, for your questions. First of all, we have to tell you that the investments for the development and maturity of the projected resources found in the region of the offshore Caribbean began this year in the assignment of resources in perforation, well, one at Orca-1 that will be maintained in 2024, and we'll continue with the campaign for preparation and COL-1 in the common exploratory well. Alberto will give you details for these expectations for production and also the objective for production for next year. We will expect to give important resources to maintain this at the closing of 2023. This is what we want to do. We want to maintain these production regimes that we will get to in 2023. And the third question will be given to David Riaño, who is going to answer to that question for the hydrogen production and the transportation infrastructure for the incorporation also from liquids and the installed capabilities that we have put updated for the strategy 2040 in the New York Stock Market.

安德烈斯，謝謝你的提問。首先，我們必須告訴您，對加勒比海近海地區發現的預計資源的開發和成熟度的投資於今年開始，用於分配射孔資源，嗯，Orca-1 的射孔資源將是2024 年維護，我們將繼續進行普通探井的準備工作和COL-1。阿爾貝托將為您提供這些生產期望的詳細資訊以及明年的生產目標。我們期望在 2023 年底前提供重要資源來維持這一狀態。這就是我們想要做的。我們希望維持 2023 年將達到的這些生產制度。第三個問題將交給 David Riaño，他將回答有關氫氣生產和運輸基礎設施的問題。以及我們為紐約股市 2040 年戰略更新的已安裝功能。

Thank you for your question, Andres. As for the next step in the offshore, complementing what Ricardo said, I would say this in Caribe Norte we expect to continue defining and confirm the potential that we have in Uchuva. This means to have appraisal well that will start in 2024, '25. We also can share that we had good news from the Mines Ministry -- the government on the expedition of normality of abandonment. So that wells that we will do as appraisal will be used as development wells as well.

謝謝你的提問，安德烈斯。至於海上的下一步，補充里卡多所說的，我想說的是，在北加勒比地區，我們希望繼續定義和確認我們在烏楚瓦的潛力。這意味著將從 2024 年開始進行良好的評估，'25。我們也可以分享一下，我們從礦產部——政府那裡得到了關於加快廢棄正常化的好消息。因此，我們將用作評估的井也將用作開發井。

We will also proceed with the environment and licensing, this is key. And the third point would be we can use the existing infrastructuring to Uchuva to bring the gas from Uchuva and from the prospect of this area of Caribe Norte and Caribe Afuera, which is Kronos, Glaucus, Gorgon. Everything is defined within the COL-5 block, we have a perspective for gas at long term. We have to work on the development scheme and we would be using it as a system of evacuation of this gas, we would have dedicated to the interior of the [Glaucus]. This would be as for the onshore area.

我們也將繼續處理環境和許可問題，這是關鍵。第三點是我們可以利用 Uchuva 現有的基礎設施從 Uchuva 以及 Caribe Norte 和 Caribe Afuera 地區（即 Kronos、Glaucus、Gorgon）的前景中輸送天然氣。一切都在 COL-5 區塊內定義，我們對天然氣有長期的看法。我們必須制定開發計劃，我們將把它用作這種氣體的疏散系統，我們將致力於[格勞克斯]的內部。這適用於陸上區域。

And for this last quarter, we are looking at a production of over 730 barrels. The challenges we will face will be, for example, phenomenon El Nino that is going to be very aggressive and closed for Brisas and Castilla. We have to look into this. We haven't seen it yet. But I think in October, we have had a higher production than expected. And for costs, I think we are looking at an inflationary impact. And this is going to take us that the lifting cost for the last quarter is going to be very close to what we had in the third quarter this year, close to $11.9. This is in a place between $11 to $12 a barrel to the end -- for the end of 2023. For the perspective, 2024 will be part of the conversation we will have once we define the business plan.

我們預計最後一季的產量將超過 730 桶。例如，我們將面臨的挑戰是厄爾尼諾現象，這種現象對布里薩斯和卡斯蒂利亞來說將非常具有侵略性和封閉性。我們必須調查這一點。我們還沒有看到它。但我認為十月我們的產量高於預期。至於成本，我認為我們正在考慮通膨影響。這意味著上一季的提升成本將非常接近今年第三季的成本，接近 11.9 美元。到 2023 年底，這一價格將在每桶 11 至 12 美元之間。從長遠來看，一旦我們確定了業務計劃，2024 年將成為我們討論的一部分。

For the third question, we give the floor to David Riaño, Vice President of Low Emission Vice President.

對於第三個問題，我們請低排放副總裁 David Riaño 發言。

Considering that the last update of the agenda that we announced in New York a few months before. We announced this objective for 2030 to incorporate about 900 megawatts newly generated for nonconventional renewable energy these objectives, we have established it for 2025. And the expectation for 2030 is to be able to have 1,900 megawatts from this renewable energy in a Guajira. For more details, I give the word to Mr. Riaño.

考慮到我們幾個月前在紐約宣布的最後一次議程更新。我們宣布了 2030 年新增約 900 兆瓦非傳統再生能源的目標。我們已為 2025 年制定了這些目標。預計 2030 年瓜希拉將再生能源發電量達到 1,900 兆瓦。欲了解更多詳情，請轉告裡亞諾先生。

Thank you, President. Mr. President. As you mentioned, we have anticipated the delivery of renewable energy that has to do with the hydrogen projects and talking about them. As we mentioned in the question, we are maturing several initiatives as was announced in the period between 2023 and 2030. We have understood this as a stage for learning and scaling to go after 2030 in a stage of maturity when entering hydrogen to be the leader in this energetic vector in the country.

謝謝你，總統。總統先生。正如您所提到的，我們預計將提供與氫氣項目有關的可再生能源，並正在討論它們。正如我們在問題中提到的，我們正在完善2023 年至2030 年期間宣布的多項舉措。我們將其理解為學習和擴展的階段，以便在2030 年之後進入成熟階段，屆時氫能將成為領導者在這個國家的這個充滿活力的載體中。

In particular, we are maturing several initiatives. We have 2 projects, one in each refinery for green hydrogen. These projects are under study. They are being mature, and we expect to get for them to give the most value possible in these circumstances. Of course, this is a new technology that has challenges in the supply chain and in the implementation and construction of the projects. Additionally in the pilot scale these will start operating at the end of the year and the first quarter next year in Cartagena and Bogotá, which are going to bring us to the new stage of tests and possibilities that I just mentioned.

特別是，我們正在完善多項措施。我們有 2 個項目，每個煉油廠都有一個綠色氫能項目。這些項目正在研究中。他們正在成熟，我們希望他們在這種情況下能夠發揮最大的價值。當然，這是一項新技術，在供應鏈以及專案的實施和建設方面都存在挑戰。此外，在試點規模上，這些項目將於今年年底和明年第一季在卡塔赫納和波哥大開始運營，這將使我們進入我剛才提到的測試和可能性的新階段。

Ricardo Sandoval from Colombia has a question for you, Mr. Sandoval. Please go ahead.

桑多瓦爾先生，來自哥倫比亞的里卡多·桑多瓦爾有一個問題要問你。請繼續。

Morning, everyone. Thank you very much. Ricardo, Milena, Alberto, David for this space I have 2 questions. First one is very simple. If you can give us a little more color on the declaration of minister Bonilla when he mentioned the entrances of Ecopetrol in energy solar and energy. Is it getting bigger programs for you for self consumption. Or is it a stage in a generation for commercialization of this type of energy.

大家早安。非常感謝。 Ricardo、Milena、Alberto、David 對於這個空間我有 2 個問題。第一個非常簡單。當博尼拉部長提到 Ecopetrol 進入太陽能和能源領域時，您能否給我們更多的資訊？是否正在為您提供更大的程序以供自用。或者說這是此類能源商業化的一代的階段。

And the second issue would be about production that I just heard from Alberto about some restrictions of the El Nino phenomena that having some fields for 2024, I would like to know if we could have some guidelines about production and the production in à which is very positive for [3D]. But what can we expect for 2024?

第二個問題是關於生產，我剛從阿爾貝托那裡聽說厄爾尼諾現象的一些限制，即 2024 年有一些田地，我想知道我們是否可以有一些關於生產和生產的指導方針，這非常重要[ 3D] 為正。但我們對 2024 年可以期待什麼？

Thank you very much, Ricardo, for your questions. The first question is in -- this is, as David said, and as I presented in the last question related to the incorporation of the role of Ecopetrol in the production of clean energies from some lower wind and geothermic. This is already part of the strategy that we announced to the market a few months ago, there are no plans associated to this, but we can new -- or that could have more expectations to those that have been already placed in nonconventional energies always in the line of allowing the capacity of Ecopetrol to cover its own demand and also in the line of being able to develop this potential of resources of nature in [eolic] and some projects in Guajira. As important resource, cost-efficient results in the expectations of Ecopetrol to be large producer of hydrogen and low emissions in its own refineries or self-consumption and what we determine in the road map for 2024, in the world context for export.

里卡多，非常感謝你提出的問題。第一個問題是——正如大衛所說，正如我在上一個問題中提出的那樣，涉及將生態石油在從一些較低的風和地熱生產清潔能源中的作用。這已經是我們幾個月前向市場宣布的策略的一部分，沒有與此相關的計劃，但我們可以新的，或者可以對那些已經投入非常規能源的人抱有更多期望允許Ecopetrol 的能力滿足其自身需求，以及能夠開發[eolic] 和瓜希拉的一些計畫的自然資源潛力。作為重要的資源，成本效益導致人們期望 Ecopetrol 成為氫氣的大型生產商，並在其自己的煉油廠或自我消耗中實現低排放，以及我們在 2024 年路線圖中確定的世界出口背景。

This is part of what we have studied already and the expectation of CapEx of each project are specific. We could, for example, have a participation with [Somalis] in these generation projects. we could also develop them ourselves, but we also have the possibility to have contracts for long-term energy that wouldn't ask CapEx -- additional CapEx. This is something we're going to be looking into and deciding the investments associated to this important issue of the economy, the new road map of the energetic transition that we have established.

這是我們已經研究過的一部分，每個項目的資本支出預期都是具體的。例如，我們可以與[索馬利亞人]一起參與這些發電計畫。我們也可以自己開發它們，但我們也有可能簽訂不需要資本支出（額外資本支出）的長期能源合約。這是我們將要研究並決定與這個重要經濟議題相關的投資，即我們已經建立的充滿活力的轉型的新路線圖。

For the second question, I will give the floor to Alberto so that he can give details on the repetitions that could have an eventual critical condition of the El Nino phenomenon that has been evaluated. We have heard is going to be a moderate situation that could have the worst period for the effects of hydrolase and energetic projects by the end of next year.

對於第二個問題，我將請阿爾貝托發言，以便他能夠詳細說明可能對已評估的厄爾尼諾現象產生最終臨界條件的重複。我們聽說，情況將是溫和的，到明年年底，水解酶和能源項目的影響可能會達到最糟糕的時期。

Thank you, Ricardo. Yes, this impact in the pertinent -- we would only see them at the beginning of next year in the months that go from January to March. For the guidance for the year -- next year, we have to be very prudent and careful. We have investment and availability for resources for (inaudible) to be able to establish which is going to be this range of production, but the Vice President has already told us that we have to try to maintain at least the same production level of 2023. So for now, this is the information that we should work with. And we expect to have these conversations at level of Board of Directors and have something that we could communicate to the market. Thank you very much.

謝謝你，里卡多。是的，這種影響是相關的——我們只會在明年年初的一月到三月期間看到它們。對於今年——明年的指導，我們必須非常謹慎和謹慎。我們有投資和可用資源（聽不清楚）來確定這個生產範圍，但副總統已經告訴我們，我們必須努力保持至少與 2023 年相同的生產水準。所以現在，這是我們應該使用的資訊。我們希望在董事會層面進行這些對話，並且有一些我們可以向市場傳達的訊息。非常感謝。

Thank you. Next question comes from Alejandra Andrade of JPMorgan. Ms. Andrade, you can ask your question.

謝謝。下一個問題來自摩根大通的亞歷杭德拉·安德拉德。安德拉德女士，你可以問你的問題。

I have 2 questions. First, I would like to ask if you could explain a bit better the work capital that impacted the flow -- the cash flow this year in the first quarter.

我有 2 個問題。首先，我想問你是否可以更好地解釋一下影響流動的營運資金——今年第一季的現金流。

Yes. Please select the interpretation mode so that we can hear you. Can you hear me?

是的。請選擇翻譯模式，以便我們能聽到您的聲音。你聽得到我嗎？

Yes. So I have 2 questions. First one is -- so work capital for the quarter that impacted the cash flow. If you could give us more details on what happened? And the second one is for the refinancing exercises that you are carrying out this year and for next year. And the level of Ecopetrol do you have a syndicated loan and have you been able to extend loan, and you have a short-term debt. I would like to understand what was refinanced what has to be done still? And which are the exercise that you are performing in this sense?

是的。所以我有兩個問題。第一個是影響現金流的季度營運資金。您能否向我們提供有關所發生事件的更多詳細資訊？第二個是今年和明年進行的再融資活動。 Ecopetrol 的水平是否有銀團貸款，是否能夠延長貸款，以及是否有短期債務。我想了解什麼是再融資，還需要做什麼？從這個意義上來說，你正在進行哪些練習？

Thank you, Alejandra, for these questions on about this, I give the floor to Milena Lopez, our CFO.

謝謝亞歷杭德拉（Alejandra）提出這些問題，我請我們的財務長米萊娜·洛佩茲（Milena Lopez）發言。

Thank you, Ricardo. Thank you, Alejandra. First thing in the working capital. When we have a change, which about COP 8.9 billion, from which -- the various component is the net of the back movement, which is around COP 2.8 billion. And largest one is the rent for COP 0.4 billion, COP 0.5 billion, which affected working capital. And the third is the change in stock, we have about 5 million barrels that affect this figure as well. This is where the impact on the work capital.

謝謝你，里卡多。謝謝你，亞歷杭德拉。首先是營運資金。當我們發生變化時，大約為 89 億COP，其中各個組成部分是反向運動的淨額，大約為 28 億COP。其中最大的一項是4億比索、5億比索的租金，影響了營運資金。第三個是庫存的變化，我們有大約 500 萬桶也會影響這個數字。這就是對營運資本的影響所在。

And for the second question the maturities for 2023 have been refinanced and been managed, and this has been finished. We have the maturities for 2024 that we are working on. We have about $18,000 billion. This is a club deal. $1,200 million and the difference of the $600 million. It is important to note that in January 2025, we have a bonus of $1,500 million. All of these, we are refinancing it during next year. And it's important to mention that this credit is going to be refinanced, especially with the same banks. We have talked about this, and we have presented all the documents from the Ministry of Finance. And this is important to underline as well.

第二個問題，2023年的到期日已經進行了再融資和管理，現在已經完成了。我們正在研究 2024 年的到期日。我們大約有18兆美元。這是俱樂部的交易。 12 億美元和 6 億美元的差額。值得注意的是，2025 年 1 月，我們的獎金為 15 億美元。所有這些，我們都將在明年進行再融資。值得一提的是，這些信貸將被再融資，尤其是在同一家銀行。這個我們已經談過了，財政部的所有文件我們也都拿出來了。強調這一點也很重要。

Also and for the other question on the adjustment for oil prices, I think we already answered this question. Thank you very much.

另外，關於油價調整的另一個問題，我想我們已經回答了這個問題。非常感謝。

Thank you very much. We do not have more questions -- live questions, so we will read. From UBS, we have for the expectations of adjustment in the prices for oil in future, especially diesel, since it has a gap with international prices and the larger participation in the tech.

非常感謝。我們沒有更多問題——實時問題，所以我們會閱讀。瑞銀方面對未來石油尤其是柴油的價格調整有預期，因為它與國際價格有差距，科技參與度較高。

And also a question, as the year-end, the attention is on the expectation of dividends. Do we have expect something closer to the lower or higher ranges of the 40% to 60% with a tax income tax higher but the government using its part to compensate the EFP -- IFP?

還有一個問題，接近年末，大家關注的是分紅預期。我們是否預期接近 40% 至 60% 的較低或較高範圍，同時所得稅較高，但政府用其部分來補償 EFP - IFP？

Thank you, as for the question. On the expectation for adjustments on the oil prices [in] who we haven't this year and next year. Milena already presented what we talked about with the Ministry of Finance, and this shows that in these deliberations with this platform that we have on oil prices and diesel prices are going to continue advancing even if we do not have a mutual figure on what this increase going to be. The valuations of the finance ministry tell us that it was going to be a deliberation of this price of diesel.

謝謝你，就問題而言。關於今年和明年我們沒有對油價進行調整的預期。 Milena 已經介紹了我們與財政部討論的內容，這表明在我們與這個平台的討論中，我們對油價和柴油價格將繼續上漲，即使我們沒有關於上漲幅度的共同數字將。財政部的估值告訴我們，這將是對柴油價格的審議​​。

We are going to continue with the restriction to apply and get to an equal price in the price for oil for the final consumer. We have indicated which are the numbers which we would negotiate and that Ecopetrol would have -- from these policy articulated by the national government. For the liberation of subsidy oil prices with oil and diesel for the stabilization of prices.

我們將繼續實施限制，並為最終消費者提供同等的石油價格。我們已經根據國家政府制定的這些政策表明了我們將談判的數字以及 Ecopetrol 將擁有的數字。解放油價補貼，用石油、柴油來穩定價格。

With the expectation of dividends, I give the word floor to Milena so that she can tell us what is being observed in the Ministry of Finance in the medium term figures and the declaration of a possible approval and distribution of dividends next year.

帶著對股息的期望，我請米萊娜發言，以便她能告訴我們財政部在中期數據中觀察到的情況以及明年可能批准和分配股息的聲明。

Thank you for your question. I'm going to divide the answer into the first component, giving clarity on what is for this year and then the expectations for next year. In order to finish the payments from here to December 31, there is a possibility of an extraordinary dividend to pay at this point COP 9 billion missing for this year. We are going to receive this amount in -- and so there will be no extraordinary dividends this year. So the policy of dividends, we have a policy for a payout between 40% and 60%. And in extraordinary circumstances, we have given higher payouts. We do not have a range to give you for next year in what this payment could be. This will be determined in March in the general shareholders assembly and long -- as soon as we have some information, we will be giving it to you. Thank you.

謝謝你的問題。我將把答案分為第一部分，明確指出今年的內容，然後是明年的期望。為了完成從現在到 12 月 31 日的支付，有可能在此時支付今年缺失的 90 億哥倫比亞比索的特別股息。我們將在今年收到這筆金額，因此今年不會有特別股息。因此，在股利政策方面，我們的股利政策為 40% 至 60%。在特殊情況下，我們給予了更高的賠償。我們無法為您提供明年的付款範圍。這將在三月的股東大會上確定，一旦我們掌握了一些信息，我們就會將其提供給您。謝謝。

Alejandro [lead from Michelis] from [Nash Securities] asks, how can we expect cash flow for next quarter? And which level is sustainable for Ecopetrol?

[Nash Securities] 的 Alejandro [Michelis 領導] 問，我們如何預計下季度的現金流？ Ecopetrol 的可持續水準是多少？

Thank you, Alejandro. For the question one of part of it was already answered by Milena, but I give her the floor so that she can ask -- answer the question the expectation of cash flow for the next quarters.

謝謝你，亞歷杭德羅。對於問題的一部分，米萊娜已經回答了，但我請她發言，以便她可以問——回答下幾個季度現金流預期的問題。

I think when we look at the free cash flow for Ecopetrol, the main subject is that moves this cash flow is the fintech account, which is payable and accountable, receiving account. And inevitably, this is the highest limit that we have in the cash flow. I can repeat what I said in last question, I said that this balance has been reducing itself quarter -- diminishing quarter-on-quarter. So if we look at the accumulation figure of this year, this was about COP 7.9 billion. If we look at the figure in the third quarter this year, this was about COP 0.6 billion, COP 0.7 billion -- COP 4.7 billion to be exact. And when we look at the figures from here to the end of the year, the figure is going to be lower because we continued with the increasing gas prices. So the most important decrease that we are going to see during next year going to be this one and we're going to have the increase in diesel prices, and this is going to take us to eliminate from here to the end of next year. to generate the elimination of these cash flows in Ecopetrol.

我認為，當我們查看 Ecopetrol 的自由現金流時，主要主題是移動該現金流的是金融科技帳戶，即應付和負責的接收帳戶。不可避免地，這是我們現金流的最高限制。我可以重複我在上一個問題中所說的話，我說過這種平衡一直在季度性地減少——逐季減少。因此，如果我們看一下今年的累積數字，大約是 79 億菲律賓比索。如果我們看一下今年第三季的數字，大約是 6 億比索、7 億比索——準確地說是 47 億比索。當我們查看從現在到年底的數字時，這個數字將會更低，因為我們繼續提高天然氣價格。因此，明年我們將看到的最重要的下降將是柴油價格的上漲，這將使我們從現在到明年年底消除柴油價格。消除 Ecopetrol 中的這些現金流量。

I've said this many times, this policy of dividends from 40% to 60% is what we consider the level of dividends for long term that the company should have in order to have enough cash to have our plan of investments and cash flow as there are exceptional events, we have paid a higher dividend. And this has happened last year in order to cross it with our debt. And it's important to underline that this has been possible because we have had crude prices that are higher. So they go hand in hand and it's not something different to what our payers have done in other oil companies, which is rebuying stocks. This is something we cannot do. So this order of ideas. This is what I think that could be the medium-term policy in respect to dividends.

我已經說過很多次了，這種從40%到60%的股息政策是我們認為公司應該擁有的長期股息水平，以便有足夠的現金來實現我們的投資和現金流計劃有特殊事件，我們支付了更高的股息。去年發生這種情況是為了償還我們的債務。重要的是要強調，這是可能的，因為我們的原油價格更高。因此，它們是齊頭並進的，這與我們的付款人在其他石油公司所做的事情沒有什麼不同，那就是重新購買股票。這是我們做不到的。所以這個想法的順序。我認為這可能是股息方面的中期政策。

[Leonardo Marcon] from Bank of America. Which are the expectations of production for the fourth quarter and from where should come most of this increase and also the investments of capital in this quarter have been very high. This supports a higher investment of the company in the last 7 years. Most of it was in (inaudible), right? So does it mean that we're going to see a higher increase of production in the fourth quarter?

[李奧納多馬爾孔]來自美國銀行。第四季的產量預期是多少，大部分成長應該來自哪裡，而且本季的資本投資非常高。這支持了公司在過去7年中更高的投資。大部分都在（聽不清楚），對吧？那麼這是否意味著我們將在第四季度看到更高的產量成長？

Thank you, Leonardo. One of the questions is the production expectations for what is left of this year and the expectations of growth for next year. We have already mentioned that we expect to close the year with a production close to 730 barrels per day. This call, as said at the beginning, was in 735 barrels per day, and we also reported in this third quarter in very important investments in the upstream and also in the energies for low emission energies and for more detail on to both questions, I give the floor to Alberto Consuegra.

謝謝你，李奧納多。問題之一是對今年剩餘產量的預期以及對明年成長的預期。我們已經提到，我們預計年底產量將接近 730 桶/日。正如一開始所說，這次電話會議的產量為每天 735 桶，我們還在第三季度報告了上游以及低排放能源領域的非常重要的投資，有關這兩個問題的更多詳細信息，我請阿爾貝托·孔蘇埃格拉發言。

To answer your question, I would say the highest would -- investment would be on Rubiales and Caño Sur and these have the greatest investment and also the best expectation for production. Of course, the investments for capital this quarter have been very high for capital execution, which means that the number of wells that we had contemplated in the plan and the number of interventions in wells or treatment of wells have been executed in line. And we have 732 wells already drilled in the end -- by the end of the year. So in fact, this investment is being given in the strength. And as the President said, we are waiting to see an effect in the growing production that is going to take us above 730 barrels by the end of the year.

為了回答你的問題，我想說最高的投資將是魯維亞萊斯和卡奧蘇爾，這些地區的投資最大，對生產的期望也最高。當然，本季度資金投入對於資金執行來說是非常高的，這意味著我們計劃中設想的井數和乾預井數或處理井數已經得到了執行。到今年年底，我們已經鑽探了 732 口井。所以實際上這個投資是在給予力量。正如總統所說，我們正在等待產量成長的效果，到年底產量將達到 730 桶以上。

Thank you very much, [Agustino from Greenbridge] is asking, which are the alternatives that you analyze to refinance the credit of COP 1.6 -- thousands of millions consolidated in [FBT] that went to $4,000 million.

非常感謝，[Greenbridge 的 Agustino] 問，您分析了哪些替代方案來為 COP 1.6 的信貸再融資——[FBT] 中的數億美元合併到 40 億美元。

Thank you, Agustin, for this question. Milena, please take the floor.

謝謝奧古斯丁提出這個問題。米萊娜，請發言。

Thank you, Agustin. We have a syndicated credit [$1,200] million, and the other amortizations are credit short-term credit. That's indicated, we are going to refinance, especially mainly with the same banks of the syndicated. So this has been agreed and it's in process. The maturities of these COP 400 million, we will probably do it with local bank and these are short-term credit, especially with local banks that are being getting mature. When we look at the debt consolidated play that we have to [see] at the we have loans in ISA. When we talk about the debt that we have to pay next year in Ecopetrol. We're talking about this $1,800 million. The rest is just credit that we have in the [fillers] and this ISA is, of course, the great challenge, and we have things in Peru, Chile and Brazil that are being consolidated.

謝謝你，奧古斯丁。我們有銀團信貸[1,200]百萬美元，其他攤銷是信貸短期信貸。這表明，我們將進行再融資，特別是主要與銀團的同一家銀行進行再融資。所以這已經達成一致並且正在進行中。這些 4 億比索的到期日，我們可能會與當地銀行合作，這些都是短期信貸，尤其是正在成熟的當地銀行。當我們查看債務合併時，我們必須[看到]我們在 ISA 中有貸款。當我們談論明年必須償還的 Ecopetrol 債務時。我們正在談論這 18 億美元。剩下的只是我們在[填充者]方面的功勞，當然，這個 ISA 是一個巨大的挑戰，我們在秘魯、智利和巴西的事情正在鞏固。

[Santiago from Gregory] is asking. From a role of Ecopetrol in generating energy in Colombia, which would be the implications in the investment plan of the company.

[來自格雷戈里的聖地牙哥]在問。 Ecopetrol 在哥倫比亞發電中的作用，這將對該公司的投資計劃產生影響。

Thank you, Santiago. As we have said in other answers to similar questions. Ecopetrol needs a road map and expansion in the incorporation of renewable energy production is to lever its own production in the demand of these electric energy in order to covering its own needs for energy. So we have some important resources for the corporation of these nonconventional energy resources 1,600 megawatts in projects that we are evaluating with the scheme of incorporation of energies has not been decided yet and has a lot to do with possibilities starting with being partnered with a third party to develop a project or be the full owner of the active generation or incorporating these synergies through the long-term contracts of PPAs that also give us an opportunity that would require low investment until financing that could be from the emission of the scheme of the project, we are going to have the necessity of making important investments or doing it with third parties.

謝謝你，聖地牙哥。正如我們在其他類似問題的回答中所說的。 Ecopetrol 需要一個路線圖，擴大再生能源生產的納入是為了根據這些電能的需求來槓桿其自身的生產，以滿足其自身的能源需求。因此，我們在專案中擁有一些重要的資源，可用於這些1,600 兆瓦的非常規能源資源的整合，我們正在評估這些項目，能源整合計劃尚未確定，這與與第三方合作的可能性有很大關係。開發項目或成為活躍發電的完全所有者，或透過購電協議的長期合約整合這些協同效應，這也為我們提供了一個機會，需要較低的投資，直到可以透過專案計畫的排放獲得融資，我們將有必要進行重要投資或與第三方合作。

Lily Yang from HSBC asked. Could you please mention the investment plan for 2024 and '25.

匯豐銀行的 Lily Yang 問道。請您介紹一下2024年和25年的投資計畫。

Thank you, Lily, for the question. Yes, we have an ion expectation of construction for the road map for 2024, '25 and '26 is a 3 -- triannual plan, and we are considering in the Board of Directors for the goals of investment in '24. We can tell that we expect to have the levels of production that we are going to have this year. And we are based in this -- and based on these levels, we are determining the investment possibilities to be presented to the Board of Directors for the expenses and investments for next year. And Milena, you have the floor for more details.

謝謝莉莉的提問。是的，我們對2024年的路線圖建設有一個離子預期，'25和'26是一個三年期計劃，我們正在董事會考慮'24年的投資目標。我們可以看出，我們預計將達到今年的生產水準。我們以此為基礎，並根據這些水平，我們正在確定向董事會提交明年費用和投資的投資可能性。米萊娜，請發言以了解更多詳細資訊。

Thank you, Ricardo. The only thing I could add to what Ricardo said because we are building the plan at this moment. And maybe at the beginning of December, we will be able to tell you how we see the investments and production goals, et cetera. But we have to see that we have an investment plan that is all in line with the production, which is COP 6 billion to COP 7 billion, and I think we will be within these figures, and we will give you details in December. Thank you very much.

謝謝你，里卡多。我唯一可以補充里卡多所說的話，因為我們現在正在製定計劃。也許在 12 月初，我們將能夠告訴您我們如何看待投資和生產目標等。但我們必須看到，我們有一個與生產完全一致的投資計劃，即 60 億至 70 億比索，我認為我們將在這些數字之內，我們將在 12 月向您提供詳細資訊。非常感謝。

Katherine Ortiz from Davivienda stakeholders, taking into account the strategic plan of Ecopetrol that we just -- and its energies focused on gas. Is there the possibility to import the gas from Venezuela? And also if the government have -- even if the government has increased the price of oil to close the debt gap, how much comes to oil and how much to diesel? And when will the increase begin?

Davivienda 利益相關者的 Katherine Ortiz 考慮到我們剛剛制定的 Ecopetrol 戰略計劃及其重點關注天然氣的能源。是否有可能從委內瑞拉進口天然氣？而且，如果政府——即使政府提高了石油價格來縮小債務缺口，石油和柴油的比例又是多少？什麼時候開始增加？

Thank you, Katherine. First of all, we are reevaluating in the medium and high levels this balance of offer of natural gas in the country where we are studying alternatives of supply or source in the different sources that Colombia has imported natural gas, especially to balance these relation offer demand that we have very tight with the presence of phenomena such as El Nino where there is larger demand for Jamaica production in the industry and e-commerce and residential consumption. So facing these expectations, our scenarios allow us to see that there would be some gas deficits for next year from [31 GBTU]. And for 2026 to 250 GBTU per day and we are considering different alternatives in order to leverage this deficit of the country. in this medium range scenarios. So I give the floor to David Riaño.

謝謝你，凱瑟琳。首先，我們正在中高水平重新評估該國的天然氣供應平衡，我們正在研究哥倫比亞進口天然氣的不同來源的供應或來源替代方案，特別是為了平衡這些關係的供應需求我們非常關注厄爾尼諾現像等現象的存在，工業、電子商務和住宅消費對牙買加生產的需求較大。因此，面對這些預期，我們的情境讓我們看到明年 [31 GBTU] 將會出現一些天然氣短缺。到 2026 年，我們正在考慮不同的替代方案，以達到每天 250 GBTU，以利用該國的這一赤字。在這種中等範圍的情況下。現在我請大衛·裡亞諾發言。

And for the second question, we have already explained in detail, which are the expectations that Ecopetrol has in closing this gap that began this year with FEPC resources that has significantly been reduced with the policies of the government with liberating this price and getting to this parity price. And we would be by middle of next year, before trading [master] we would be facing these parity cost that will be translated to the users. First part of the question, Mr. Riaño and then for the second part of the question, Milena will tell us for the participation of gas and diesel in closing this FEPC gap that would increase the demand of these products in the country. Yes, Mr. Riaño.

對於第二個問題，我們已經詳細解釋過，Ecopetrol 對縮小今年開始的 FEPC 資源之間的差距有何期望，隨著政府放開價格並達到這一目標的政策，FEPC 資源已大幅減少。平價。到明年年中，在交易[master]之前，我們將面臨這些平價成本，這些成本將轉化為用戶。 Riaño 先生，問題的第一部分，Milena 先生將告訴我們問題的第二部分，天然氣和柴油的參與縮小了 FEPC 缺口，這將增加該國對這些產品的需求。是的，裡亞諾先生。

We are working very hard in guaranteeing the energetic security for these oil covering the expected demand without problem. We're looking at different options, and we will see which portfolio will allow the best efficiency in assuring to this demand. As the President said, it is an option. And the country in the third quarter of 2023, importing about 2 and 3 GBTU per day, which could cover a percentage of the national consumption. The importing Colombia has allowed us to guarantee the supply of gas in the country, and we have to see that there is a source of energy that has to be contemplated among other because there is not only one possibility for import. And in the group, we have analyzed several additional to the one we have this today and always looking for the best efficiency resulting to this demand and guaranteeing the supply in the short, medium and large and long terms.

我們正在努力確保這些石油的能源安全，毫無問題地滿足預期需求。我們正在考慮不同的選擇，我們將看看哪種產品組合能夠最有效地滿足這一需求。正如總統所說，這是一個選擇。該國至 2023 年第三季每天進口約 2 至 3 GBTU，可滿足國民消費的一定比例。進口哥倫比亞使我們能夠保證該國的天然氣供應，我們必須看到有一種能源是必須考慮的，因為進口的可能性不只有一種。在該小組中，除了今天的分析之外，我們還分析了其他幾項，並始終尋求滿足這一需求的最佳效率，並確保短期、中期、大型和長期的供應。

As for your question for the differentiation of the FEPC in oil and diesel. The accumulated deficit corresponds to oil to gas or petrol in monetary terms, the third quarter has COP 2.7 billion were [800 -- 8,700] were from gas and the rest for diesel. So next year, we're going to have the parity with gas. And so the next deficit will be due to diesel.

至於你關於FEPC在石油和柴油中的區別的問題。累計赤字相當於石油對天然氣或汽油的貨幣價值，第三季有 27 億哥倫比亞比索，其中 [800 - 8,700] 來自天然氣，其餘為柴油。所以明年，我們將與天然氣平價。因此，下一個赤字將歸因於柴油。

Thank you very much. Daniel Guardiola, BTC asked. Which would be the gas oil prices to have the offshore infrastructure prices covered, investment covered?

非常感謝。 BTC 的 Daniel Guardiola 問道。天然氣價格是多少才能涵蓋海上基礎建設價格和投資？

Thank you for the question. On this course, all the exercise that could take us to a price offshore gas for it to be -- for the expectation to be viable. All these analysis are being evaluated for there are important reserve volumes and on the quantity in order to develop the necessary infrastructure for its export and all these elements once we do all the analysis will give us a very clear sign we have not designed clear figures on this, and we could give us a price -- reference price the prices that are being in the market and that have been compromised. And this would be a reference, but it is not the one that is giving us reference value for gas that could make viable leads exploitation or its commercialization in the system.

感謝你的提問。在這個過程中，所有的練習都可以讓我們確定離岸天然氣的價格，以使預期可行。所有這些分析都正在評估，因為有重要的儲備量和數量，以便為其出口開發必要的基礎設施，一旦我們完成所有分析，所有這些要素都會給我們一個非常明確的跡象，我們還沒有設計明確的數字這個，我們可以給我們一個價格──參考價格，也就是市場上的價格和已經妥協的價格。這將是一個參考，但它並不能為我們提供天然氣的參考價值，從而可以在系統中實現可行的鉛開採或其商業化。

Diego Sanchez from [Elian Salares]. Which is allowed for [Reficar] and the potential indemnity is -- has it been considered to sell the stocks and 15% in order to contribute that markets can go beyond the border?

來自[埃連·薩拉雷斯]的迭戈·桑切斯。 [Reficar] 允許的情況是，潛在的賠償是——是否考慮過出售股票和 15%，以便為市場超越邊界做出貢獻？

This would be one of the alternatives, but we do not have in the agenda or the administration of Ecopetrol or the Board of Directors, a proposal of this type. We -- there are elements that we are going to study in the strategy that the country could consider. But for now, more than thinking in a placement of additional stocks in the market. We are first thinking about the reinforcement of the traditional lines in generating greater wealth. And of course, it would be one of the actions that we will evaluate together with the Board of Directors. But today, this subject is not in the agenda of Ecopetrol.

這將是替代方案之一，但我們在 Ecopetrol 或董事會的議程或管理中沒有此類提案。我們將在該國可以考慮的戰略中研究一些要素。但就目前而言，不僅僅是考慮在市場上增持股票。我們首先考慮的是加強傳統線路以創造更多財富。當然，這將是我們將與董事會一起評估的行動之一。但今天，這個主題已不在 Ecopetrol 的議程中。

With the [Laudo], yes. And for the Laudo the valuation with the CPI, we have worked in the Board of Directors with the Cartagena Refinery in getting all the first ready where we can follow these resources. We expect -- we expected last month by the end of last month, the sentence in the judiciary in these refinery in the court of New York. It has taken some time so that CPI in the markets do not have many, many actives. So we could continue with the see the -- we're talking about $1 billion and these resources, we are following -- we're talking about the United Kingdom, Holland, and we have important resources and in the declaration of CPI of these markets due to renegotiation or review of the passives, we have had to hire the best attorneys and follow the best the best process for this penalty and this is going to be in the New York court and also the judiciary levels that could accept this recognition that CPI would do from the passives. And this is why we are continuing to see -- we're seeing this study and the decision on the future of the Cartagena refinery.

有了[Laudo]，是的。對於 Laudo 與 CPI 的估值，我們與卡塔赫納煉油廠的董事會合作，為我們可以追蹤這些資源做好了一切準備。我們預計—我們上個月預計到上月底，紐約法院將對這些煉油廠做出判決。經過一段時間後，市場上的CPI還沒有出現很多很多的活躍。因此，我們可以繼續看到 - 我們正在談論 10 億美元和這些資源，我們正在關注 - 我們正在談論英國、荷蘭，我們擁有重要的資源，並且在這些的 CPI 聲明中由於重新談判或被動審查，我們必須聘請最好的律師並遵循最佳的處罰程序，這將在紐約法院以及可以接受這一認識的司法部門進行CPI 會從被動方面做起。這就是為什麼我們繼續看到 - 我們正在看到這項研究以及關於卡塔赫納煉油廠未來的決定。

Janice from (inaudible). Can we expect an increased level of debt phasing 2024?

來自（聽不清楚）的珍妮絲。我們能否預期 2024 年債務分期水準會有所提高？

Milena here, for our debt for next year, we have a series of credits that we will be refinancing. So the question is from the incremental debt. There will be no substantial increase in the debt next year, depending on the level of payment of dividends. And the speed of the increments of diesel -- of the increase of diesel, we could have a marginal debt for our additional investment, but figures, very low compared to these years, there could be something marginal from Ecopetrol, but nothing really significant.

米萊娜在這裡，對於我們明年的債務，我們有一系列的信貸，我們將對其進行再融資。所以問題出在增量債務。明年債務不會大幅增加，取決於股息支付水準。柴油成長的速度－柴油成長的速度，我們的額外投資可能會產生邊際債務，但與這些年相比，數字非常低，Ecopetrol 可能會有一些邊際債務，但沒有什麼真正重要的。

We do not have more questions at this moment, and we will give the floor to Mr. President for a final closing words.

我們現在沒有更多問題，我們將請主席先生作最後的結束語。

I want to reiterate and thank all the team of Ecopetrol and to you all, thank you for your participation in this third results call for the third quarter. A great end of day for all of you. Thank you very much. So we finish our conference.

我想重申並感謝 Ecopetrol 的所有團隊以及你們所有人，感謝你們參與第三季的第三次結果電話會議。對你們所有人來說都是美好的一天。非常感謝。我們的會議就這樣結束了。