Ecopetrol SA (EC) 2023 Q4 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 fourth quarter and year-end 2023. There will be a question-and-answer session at the end of the presentation.

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，我們將在會上討論第四季度和 2023 年底的主要財務和營運業績。演示結束後將有一個問答環節。

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

在我們開始之前，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上分享的預測不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Alberto Consuegra, COO; David Riaño, Vice President of Low Emission Solutions; and Milena López, CFO. Thank you for your attention. Mr. Roa, you may begin your conference.

該電話會議將由 Ecopetrol 執行長 Ricardo Roa 先生主持；阿爾貝托·孔蘇埃格拉，營運長； David Riaño，低排放解決方案副總裁；和財務長 Milena López。感謝您的關注。羅亞先生，您可以開始會議了。

Good morning, everyone. With regards to the 2023 results call, a year of same (inaudible) achievements by goals and progress in energy transition projects. We will have marked numerous operational cost and value generation over coming (inaudible) market environment. In 2023, we strengthened the traditional hydrocarbon business [at first call] in sentiment. In 2023, we are straightened the traditional hydrocarbon business, across all segments. We closed the year with a production of 757,000 barrels of oil per day, a figure not seen in 8 years supported by our (inaudible) in Colombia and the Permian subsidiary, contributing 9% to the total oil production. We transport 1,130,000 barrels per day with 306,000 barrels per day through pipelines, the highest in the group's history.

大家，早安。關於 2023 年業績預告，能源轉型計畫的目標和進展取得了相同（聽不清楚）成就的一年。我們將在即將到來的（聽不清楚）市場環境中標記大量營運成本和價值生成。 2023 年，我們增強了傳統碳氫化合物業務的信心。到 2023 年，我們將在所有領域對傳統碳氫化合物業務進行整頓。我們以每天 757,000 桶石油產量結束了這一年，這一數字是 8 年來未見的，由我們在哥倫比亞（聽不清楚）和二疊紀子公司的支持，佔石油總產量的 9%。我們每天運輸 1,130,000 桶，其中透過管道每天運輸 306,000 桶，這是該集團歷史上最高的。

In refining, we achieved an unprecedented financial performance with over COP 73.3 trillion in EBITDA, the highest refining (inaudible) in history of 120 barrels per day and to (inaudible) and viability continues to supply and operation of the Cartagena refinery plant interconnection, IPCC. We achieved an exploratory (inaudible) 50% above industry standard, highlighting milestone like Glaucus-1 a month earlier and Orca Norte-1 (inaudible) went 100% drilled by Ecopetrol, which confirm the presence of still gas circulations and reservoirs different from the Orca-1 discovery. This expands our (inaudible) gas potential (inaudible) our commitment to the countries and energy security.

在煉油方面，我們實現了前所未有的財務業績，EBITDA 超過73.3 兆哥倫比亞比索，這是史上最高的煉油量（聽不清楚），每天120 桶，並且（聽不清楚）卡塔赫納煉油廠互連的供應和營運繼續存在，IPCC 。我們實現了高於行業標準50% 的探索性（聽不清楚），突出了一個月前的Glaucus-1 等里程碑，以及Orca Norte-1（聽不清楚）由Ecopetrol 100% 鑽探，這證實了與之前不同的靜止氣體循環和儲層的存在。Orca-1 的發現。這擴大了我們（聽不清楚）天然氣潛力（聽不清楚）我們對國家和能源安全的承諾。

In the commercial front in October 2023, we announced the opening of the trading office in Houston to be closer to global markets and attain better results as these ongoing effort to diversify customers and markets will (inaudible) sell more than 50% of our crude oil stores to the Asian market.

在商業方面，2023 年10 月，我們宣佈在休士頓開設貿易辦事處，以更接近全球市場並取得更好的成果，因為這些持續努力實現客戶和市場多元化將（聽不清楚）銷售我們50%以上的原油專賣店進軍亞洲市場。

In transmission, growth and telecommunications segment is a secure contract in 2023, representing investment of COP 10 trillion for the coming years. Let's move to the next slide. We made significant progress in the commitment to decarbonization and to consolidate energy transition projects, achieving a cumulative reduction of green house gas emission up nearly 1.5 million tons of CO2 equivalent by the end of the year. Aligning with the path to net zero emission of this emission relate to methane, where Ecopetrol extended its emission to achieve zero methane emission initiative of the Oil and Gas Climate Initiative. The commitment to action on climate change is evident, showcased by our adherence to the Global Sector Agreement to accelerate the decarbonization of oil and gas during COP 28, alongside 49 other oil companies.

在傳輸、成長和電信領域，2023 年的合約是安全的，代表未來幾年投資 10 兆比索。讓我們轉到下一張投影片。脫碳、鞏固能源轉型工程取得重大進展，年末累計減少溫室氣體排放近150萬噸二氧化碳當量。與甲烷相關的淨零排放路徑一致，Ecopetrol 擴大了排放範圍，以實現石油和天然氣氣候倡議的零甲烷排放倡議。我們對氣候變遷採取行動的承諾是顯而易見的，這體現在我們與其他 49 家石油公司一起遵守《全球部門協議》，在第 28 屆締約方會議期間加速石油和天然氣脫碳。

In 2023, we reused 152 million cubic meters of water, abiding, capturing and discharging this volume, representing 79% of the total water required for operations. This achievement was recognized by CDP Water Security, (inaudible) an A-leadership rating for outstanding water management practices, making us one of the best companies in the oil and gas sector in these practices.

2023年，我們回用、捕獲和排放水量1.52億立方米，佔營運用水總量的79%。這項成就得到了 CDP Water Security 的認可，（聽不清楚）因傑出的水管理實踐而獲得 A 級領導評級，使我們成為石油和天然氣行業在這些實踐方面最好的公司之一。

In addition, in 2023, Ecopetrol was certified by ICONTEC in the calculation of water footprint in (inaudible) production fields and the 2 refineries, being the only oil and gas company in Latin America that have reached this achievement. Ecopetrol Group reported an energy saving of 3.89 petajoules at the end of 2023, the highest figure since 2018 when maturing began and 250% higher than that presented in 2022. Moreover, we added 472 megawatts of renewable energy to optimize our energy metrics and decarbonize our operations. In terms of sustainability, we invest COP 1.9 trillion in the social dimension. We allocate COP 520 million to education, public services and regional economic diversification, making a 17% increase from 2022.

此外，2023年，Ecopetrol在（聽不清楚）生產油田和2家煉油廠的水足跡計算方面獲得了ICONTEC認證，是拉丁美洲唯一達到這項成就的石油和天然氣公司。 Ecopetrol Group reported an energy saving of 3.89 petajoules at the end of 2023, the highest figure since 2018 when maturing began and 250% higher than that presented in 2022. Moreover, we added 472 megawatts of renewable energy to optimize our energy metrics and decarbonize our營運.在永續發展方面，我們在社會層面投資了1.9兆比索。我們撥款 5.2 億哥倫比亞比索用於教育、公共服務和區域經濟多元化，比 2022 年增加 17%。

We promoted the transition by expanding the coverage of social gas service through networks benefiting more than 20,000 new homes in Colombia with physical connections. Regarding our human talent. It's noteworthy that we successfully negotiated the 2023-2026 Collective Labor Convention with 9 labor organizations. Also, we highlight our recognition in 2023 Merco ranking as the Colombian company with the greatest capacity to attract and retain talent. We also emphasize low accident levels with a total recordable injury frequency of 0.26 injuries per million hours worked. (inaudible) came on to the top high global oil and gas companies in this aspect, according to the International Association of Oil and Gas Producers' data for 2023.

我們透過網路擴大社會燃氣服務的覆蓋範圍，使哥倫比亞超過 20,000 個有實體連接的新家庭受益，從而促進了這一轉變。關於我們的人才。值得注意的是，我們與9個勞工組織成功協商了2023-2026年集體勞工公約。此外，我們也強調，我們在 2023 年 Merco 排名中被評為最具吸引和留住人才能力的哥倫比亞公司。我們也強調事故發生率低，可記錄傷害總頻率為每百萬工作小時 0.26 起。根據國際石油和天然氣生產商協會 2023 年的數據，（聽不清楚）在這方面躋身全球頂尖石油和天然氣公司之列。

Let's move to the next slide. We highlight the commitment to the country with historical transfer to the nation in 2023, represented in COP 23 trillion dividends, COP 26 trillion in taxes and COP 10 trillion in royalties. Additionally in 2023, Ecopetrol Group allocated resource for the execution of the sustainable territorial development portfolio worth COP 594 billion, which includes social, strategical and mandatory environmental investments. Through this investment, Ecopetrol Group contributed to the economic and social development of the country, implementing projects with local authorities and the community, alongside national partners and international cooperation to generate well-being and contributed the closing social gaps.

讓我們轉到下一張投影片。我們強調對國家的承諾，並在 2023 年向國家提供歷史性轉移，具體表現為 23 兆比索的股息、26 兆比索的稅收和 10 兆比索的特許權使用費。此外，到 2023 年，Ecopetrol 集團還分配資源用於執行價值 5,940 億哥倫比亞比索的可持續領土發展投資組合，其中包括社會、戰略和強制性環境投資。透過這項投資，Ecopetrol 集團為該國的經濟和社會發展做出了貢獻，與地方當局和社區以及國家合作夥伴和國際合作一起實施項目，以創造福祉並為縮小社會差距做出貢獻。

These social investment milestone of Ecopetrol during the year include 150,203 students benefited from projects and programs aimed at improving the quality, increasing its coal retention and expanding coverage in higher education; 8,670 entrepreneurs, SMEs and (inaudible) benefit from programs for capacity development in entrepreneurship and innovation; 15,019 people with improved access to clean water; 197.93 kilometers of roads network intervened, contributing to dynamics of regions whether to restore mobility and local job creation. I want to thank the current commitment of all our workers, allies and communities where we operate, who with their dedication, make Ecopetrol the leading force in transforming Colombia's energy.

Ecopetrol 在這一年的這些社會投資里程碑包括 150,203 名學生從旨在提高品質、增加煤炭保留率和擴大高等教育覆蓋範圍的項目和計劃中受益； 8,670 名企業家、中小企業和（聽不清楚）受益於創業和創新能力發展計畫； 15,019 人獲得清潔水的機會得到改善； 197.93公里的道路網絡介入，為地區是否恢復流動性和創造當地就業機會做出了貢獻。我要感謝我們所有員工、盟友和我們經營所在社區當前的承諾，他們的奉獻精神使 Ecopetrol 成為哥倫比亞能源轉型的主導力量。

Let's move to the next slide. This result demonstrates that the road map outlined in the strategy affirmed in September 2023 during the celebration of Ecopetrol's 15 years of the New York Stock Exchange is clear and guides our (inaudible) to define purpose. 2023, we attained the second best result in the history of the Ecopetrol Group, surpassing the previous year when the average Brent price approached $100 per barrel. In 2023, crude price dropped to $82 per barrel, combined with inflationary pressures and high energy costs, creating a very challenging environment for the company cost structure.

讓我們轉到下一張投影片。這項結果表明，2023 年 9 月慶祝 Ecopetrol 在紐約證券交易所上市 15 週年期間確認的策略中概述的路線圖是明確的，並指導我們（聽不清楚）定義目標。 2023年，我們取得了Ecopetrol集團史上第二好的成績，超過了前一年布蘭特原油平均價格接近每桶100美元的水準。 2023年，原油價格跌至每桶82美元，加上通膨壓力和能源成本高企，為公司成本結構帶來了極具挑戰性的環境。

However, we exceptionally overcame this, generating revenues of COP 143.1 trillion, equivalent to 9% of the national GDP, an EBITDA of COP 60.7 trillion and net profit of COP 19.1 trillion. The profit was impacted by a 10% in contracts such as an impairment that reduced the net income by COP 0.9 trillion for the period. We closed the year with the highest record of transfers to the Nation in Ecopetrol's history, COP 58 trillion. Also, I emphasized that we ended the year with an account receivable from the fuel price stabilization fund with a (inaudible) 44% lower than 2022. So leaving cash pressures and highlighting the active management of the Ecopetrol teams as well as the commitment of the Nation has allowed us the highest execution level of 97% of the investment plan with the highest level in the last 8 years equivalent to COP 27 trillion.

然而，我們出色地克服了這一困難，創造了 143.1 兆比索的收入，相當於全國 GDP 的 9%，EBITDA 為 60.7 兆比索，淨利潤為 19.1 兆比索。利潤受到 10% 的合約（例如減值）的影響，導致該期間的淨利潤減少了 0.9 兆比索。我們以 Ecopetrol 歷史上向國家轉移的最高紀錄結束了這一年，即 58 兆哥倫比亞比索。此外，我還強調，我們在年底時應收燃油價格穩定基金的應收帳款比2022 年低了44%（聽不清楚）。因此，留下現金壓力並強調Ecopetrol 團隊的積極管理以及Ecopetrol 團隊的承諾國家允許我們執行最高水平的投資計劃97%，是過去8年最高水平，相當於27萬億哥倫比亞比索。

It is worth mentioning that as a result of these dynamics as well as the market environment, Ecopetrol generated a total local return for its shareholders of 26% for the year and 46% for ADR investors, which adds to the confidence shown by the market in our issues and ratings. With this excellent result, we prepare for a challenging 2024, not only in terms of international prices and inflation, but also the impact of the El Nino phenomenon and the balance of the natural gas market. We will face these challenges by straightening our operating capacity in the traditional business with the highest safety standards, maintaining capital discipline and with a clear focus on competitive returns. I will give the floor to Alberto Consuegra, who will talk in more detail about the 2023 operating performance. Go ahead, Alberto.

值得一提的是，由於這些動態以及市場環境，Ecopetrol 全年為股東創造了 26% 的當地總回報，為 ADR 投資者創造了 46% 的當地總回報，這增強了市場對公司的信心。我們的問題和評級。憑藉這一優異的成績，我們為充滿挑戰的2024年做好準備，不僅在國際價格和通膨方面，而且在厄爾尼諾現象的影響和天然氣市場的平衡方面。我們將透過以最高安全標準整頓傳統業務的營運能力、維持資本紀律並明確關注有競爭力的回報來應對這些挑戰。我將請阿爾貝托·孔蘇埃格拉 (Alberto Consuegra) 發言，他將更詳細地談論 2023 年的經營業績。繼續吧，阿爾貝托。

Thank you, Ricardo. By year-end 2023, the net proven reserves of the Ecopetrol Group amounted 1,883 million barrels of oil equivalent, maintaining average levels of the last 9 years even under challenging market conditions. Proved developed reserves increased by 4% versus 2022, showing an improvement in our CapEx execution. Organically, 307 million barrels of oil equivalent were incorporated, but at the same time, 188 million barrels of oil equivalent were debooked, mainly impacted by external factors associated with the lower Brent price, inflationary effects as well as decline in water breakthrough in gas fields such as Ballena, Cupiagua and Recetor for a net incorporation of 119 million barrels of oil equivalent.

謝謝你，里卡多。截至2023年底，Ecopetrol集團的淨探明儲量達到18.83億桶油當量，即使在充滿挑戰的市場條件下也維持了過去9年的平均水準。探明已開發儲量較 2022 年增加 4%，顯示我們的資本支出執行情況有所改善。有機納入3.07億桶油當量，但同時註銷1.88億桶油當量，主要受布倫特油價下跌、通膨影響以及氣田見水下降等外部因素影響Ballena、Cupiagua 和Recetor 等油田淨儲量為1.19 億桶油當量。

Going forward, the main future sources of reserve additions are concentrated in fields such as Castilla, Rubiales, Caño Sur, CPO-09, La Cira-Infantas, Piedemonte, development of Colombian Caribbean gas discoveries and tertiary recovery in heavy oil fields. Contingent gas resources grew 79% as compared to 2022 from 1.9 to 3.4 tera cubic feet, leveraged mainly on the Uchuva-Gorgon offshore developments.

展望未來，未來新增儲量的主要來源集中在卡斯蒂利亞、魯比亞萊斯、Caño Sur、CPO-09、La Cira-Infantas、Piedemonte等油田、哥倫比亞加勒比天然氣發現的開發以及重油田的三次採油。與 2022 年相比，緊急天然氣資源增加了 79%，從 1.9 太立方英尺增加到 3.4 太立方英尺，主要得益於 Uchuva-Gorgon 海上開發。

Let's move on to the next slide, please. In 2023, Ecopetrol and its partners drilled 23 exploratory wells, in line with the plan. 3 wells built in 2022 were declared successful in 2023, totaling 11 last year, with an estimated potential between 100 million and 150 million barrels of oil equivalent of resources, of which 70% is gas. Regarding offshore exploration, I would like to highlight the exploratory success of Glaucos-1 in the coal-fired block operated by Shell, which confirmed the presence of a gas reservoir. The Orca Norte-1 well drilled in 2023 and completed in 2024 confirmed 2 gas accumulations in reservoirs different from the Orca-1 discovery, triggering a reevaluation of the regional project while expanding the gas potential of La Guajira offshore. Orca Norte-1 was the first deepwater well operated 100% by Ecopetrol S.A., which was completed without any operational incidents and with the highest industry standards.

請繼續看下一張投影片。到 2023 年，Ecopetrol 及其合作夥伴按照計劃鑽探了 23 口探井。 2022年建成的3口井於2023年宣布成功，去年總數​​達11口，估計資源潛力在1億至1.5億桶油當量之間，其中70%是天然氣。關於海上勘探，我想強調Glaucos-1在殼牌營運的燃煤區塊中取得的勘探成功，證實了氣藏的存在。 Orca Norte-1 井於2023 年鑽探並於2024 年完成，證實了與Orca-1 發現不同的儲層中存在2 個天然氣聚集，引發了對該區域項目的重新評估，同時擴大了La Guajira 近海的天然氣潛力。 Orca Norte-1 是第一口由 Ecopetrol S.A. 100% 營運的深水井，竣工時未發生任何營運事故，且符合最高行業標準。

The appraisal campaign of the Uchuva discovery located in the Tayrona Block, starting with Uchuva-2 well to be spotted in the second quarter of 2024. On the onshore front, I would highlight the following: appraisal of the frontier between the Castilla and Chichimene fields in Block CPO9 as a result of the (inaudible) Magnus and Kimera-1 discoveries, in partnership with Repsol. And the Auraca-8 well drilled in 2023, which was completed in 2024, confirmed the presence of light crude in a new reservoir, extending the potential of the Arauca field in the [Chanos] Basin.

位於泰羅納區塊的Uchuva 發現的評估活動將從2024 年第二季發現的Uchuva-2 井開始。在陸上方面，我要強調以下幾點： 卡斯蒂利亞油田和Chichimene 油田之間的邊界評估與 Repsol 合作，由於（聽不清楚）Magnus 和 Kimera-1 的發現而在 CPO9 區塊中。 2023 年鑽探並於 2024 年完工的 Auraca-8 井證實了新油藏中存在輕質原油，擴大了 [Chanos] 盆地 Arauca 油田的潛力。

Let's move on to the next slide, please. As Ricardo mentioned, in 2023, the Ecopetrol Group reached a production of 737,000 barrels of oil equivalent per day, increasing by 27,000 barrels of oil equivalent per day when compared to 2022. I would like to highlight the startup of the first fluid treatment train at Caño Sur field, bringing field production to 41,000 barrels of oil in December 2023, as well as Permian's incremental production and increased water management capacity in the Rubiales field. The aforementioned enabled an incremental production of 70,000 barrels of oil equivalent per day, an 18% increase versus 2022. By year-end, fields with secondary and enhanced recovery programs contributed nearly 41% of Ecopetrol Group's daily production.

請繼續看下一張投影片。正如里卡多所提到的，2023 年，Ecopetrol 集團的日產量達到 737,000 桶油當量，與 2022 年相比每天增加 27,000 桶油當量。我想強調的是，第一條流體處理機組的啟動Caño Sur油田的油田產量將於2023 年12 月達到41,000 桶石油，同時Permian 也將增加Rubiales 油田的產量並提高水管理能力。上述措施使產量每天增加 7 萬桶油當量，比 2022 年增加 18%。到年底，實施二次和強化採收計畫的油田貢獻了 Ecopetrol 集團日產量的近 41%。

It is worth highlighting the greater execution capacity in the facilities front supported by the construction initiation of [Auto toy] station at CPO-09 and the commissioning of the fluid expansion of the Centauro station at Caño Sur and the water management facilities at Rubiales. The growth in production was achieved in a sustainable manner by reducing 486,000 tons of CO2 equivalent, 84% of the total emission reduction of the Ecopetrol Group. These results were leveraged by energy efficiency initiatives, elimination of venting and methane lakes, reduction of flaring and incorporation of renewable energy into the operation.

值得強調的是，在 CPO-09 的 [汽車玩具] 站的啟動建設、Caño Sur 的 Centauro 站的流體擴建以及 Rubiales 的水管理設施的調試的支持下，設施方面的執行能力更強了。透過減少 486,000 噸二氧化碳當量（佔 Ecopetrol 集團總減排量的 84%），以可持續的方式實現了產量成長。這些成果得到了能源效率舉措、消除通風和甲烷湖、減少火炬燃燒以及將再生能源納入營運的利用。

In 2024, we expect production between 725,000 and 730,000 barrels of oil equivalent per day, driven mainly by drilling campaigns at Rubiales, Caño Sur and Permian, the continuation of secondary recovery projects with water injection in heavy oil fields and the production coming from new gas projects in Piedemonte. These target volumes incorporate challenges that are being managed, such as El Nino phenomenon, security and social unrest situations and ongoing environmental permits.

到 2024 年，我們預計日產量將在 725,000 至 730,000 桶油當量之間，主要由 Rubiales、Caño Sur 和 Permian 的鑽探活動、稠油油田注水二次採收項目的持續進行以及來自皮埃蒙特的新天然氣項目。這些目標量包含了正在管理的挑戰，例如厄爾尼諾現象、安全和社會動盪局勢以及持續的環境許可。

Let's go to the next slide, please. With regards to our activities in the Permian Basin, 120 new wells were drilled in 2023 for a total of 318 wells on production since 2019, reaching a production of 66,400 barrels of oil equivalent per day for Ecopetrol before royalties, which represent 9% of the group's production. We also highlight the strong financial results of Ecopetrol Permian. By year-end, we achieved an EBITDA of $799 million and an EBITDA margin of 88%. In addition, the following achievements of the Ecopetrol-Oxy Association are noteworthy. After 4 years, the association achieved a record in production of 163,000 barrels of oil equivalent per day before royalties in early December, of which 103,000 barrels of oil equivalent per day belongs to Ecopetrol, recording drilling and completion of a well with the longest lateral length of 18,000 feet.

請轉到下一張投影片。關於我們在二疊紀盆地的活動，2023 年鑽探了120 口新井，自2019 年以來總共鑽探了318 口井，Ecopetrol 扣除特許權使用費前的日產量達到66,400 桶油當量，佔總產量的9 %集團的生產。我們也強調了 Ecopetrol Permian 強勁的財務業績。截至年底，我們的 EBITDA 為 7.99 億美元，EBITDA 利潤率為 88%。此外，Ecopetrol-Oxy 協會的以下成就也值得注意。四年後，該協會在12月初實現了特許權使用費前日產量163,000桶油當量的記錄，其中Ecopetrol的日產量為103,000桶油當量，創下了橫向長度最長的鑽井和完井記錄18,000 英尺。

In line with our TESG strategy, we highlight the progress in the decarbonization of our Permian operation with a low emission intensity of 7 to 8 kilograms of CO2 per barrel of oil equivalent. Likewise, the association is committed to the reduction of diesel consumption and managed to replace an average of 36% of the diesel used in drilling and completion operations by compressed natural gas, CNG. For 2024, the association is expected to drill more than 110 wells, and Ecopetrol expects an average production between 80,000 and 83,000 barrels of oil equivalent per day before royalties.

根據我們的 TESG 策略，我們重點介紹了二疊紀業務的脫碳進展，其排放強度較低，為每桶油當量 7 至 8 公斤二氧化碳。同樣，該協會致力於減少柴油消耗，並設法用壓縮天然氣 (CNG) 取代鑽井和完井作業中平均 36% 的柴油。到 2024 年，該協會預計將鑽探 110 多口井，Ecopetrol 預計日均產量（不計特許權使用費）為 80,000 至 83,000 桶石油當量。

Next slide, please. Transported volumes increased by more than 42,000 barrels per day in 2023, primarily due to an increase in crude oil transportation, thanks to higher production, particularly in the Llanos region. In 2023, we achieved significant milestones, including a historical record in refined product evacuation of 306,000 barrels per day, leveraged mainly by increased product availability at both refineries, and operational optimizations in transportation systems. In oil pipelines, we reached a record with dilution of Rubiales crude at the Monterrey station. A total of 163,000 barrels of NAFTA were received and around 858,000 barrels of Rubiales crude were diluted, achieving a quality of 21.2 degrees API crude. This leverages the midstream strategy to become an integrated logistics service provider. We ensure the evacuation of oil from the Caño Limón field, thanks to the execution of 13 reversal cycles of the Bicentenario Pipeline. The segment maintained a carbon-neutral operation certified by ICONTEC since 2022 and achieved a reduction of over 15,000 tons of CO2 emissions.

請下一張投影片。 2023 年，運輸量每天增加超過 42,000 桶，主要是由於產量增加，特別是在利亞諾斯地區，原油運輸量增加。 2023 年，我們實現了重要的里程碑，包括煉油產品每日疏散量達到 306,000 桶的歷史記錄，這主要得益於兩家煉油廠產品可用性的提高以及運輸系統的運營優化。在石油管道方面，我們在蒙特雷站稀釋魯維亞萊斯原油，創下了紀錄。總共收到了 163,000 桶 NAFTA 原油，並稀釋了約 858,000 桶 Rubiales 原油，達到了 21.2 度 API 原油的品質。借助中游策略，成為綜合物流服務提供者。透過執行 Bicentenario 管道 13 次反轉循環，我們確保了 Caño Limón 油田的石油疏散。自 2022 年以來，該部門一直保持經 ICONTEC 認證的碳中和運營，並減少了超過 15,000 噸二氧化碳排放。

Lastly, we highlight the segment's financial results, generating revenues of nearly COP 16 trillion and an EBITDA of COP 11.8 trillion, contributing with 19% of the Ecopetrol Group's EBITDA. With regards to regulation, on December 20, 2023, the Ministry of Mines and Energy issued Resolution 4745, which regulated the activity of transportation by multiphase pipeline. This regulatory framework allows the midstream segment to continue evaluating projects that would increase transport levels and use of current infrastructure.

最後，我們重點介紹該部門的財務業績，產生了近 16 兆比索的收入和 11.8 兆比索的 EBITDA，佔 Ecopetrol 集團 EBITDA 的 19%。在監管方面，2023年12月20日，礦業和能源部發布了第4745號決議，對多相管道運輸活動進行了監管。此監管架構允許中游部門繼續評估可提高運輸水準和現有基礎設施使用的項目。

Let's move on to the next slide, please. In the downstream segment, we achieved outstanding financial and operational results with historical records in refining throughput and operational availability, thanks to the rigorous execution of scheduled major maintenance activities, operational efficiencies as well as a favorable pricing scenario. This resulted in an EBITDA of COP 7.3 trillion, the second highest in the segment's history. In 4Q 2023, the combined refining throughput reached 429,000 barrels per day, 84,000 barrels per day higher than in the same period of previous year. The integrated refining gross margin was $13.1 per barrel, mainly affected by weaker diesel jet and gasoline spreads.

請繼續看下一張投影片。在下游領域，由於嚴格執行預定的主要維護活動、營運效率以及有利的定價方案，我們取得了出色的財務和營運業績，在煉油吞吐量和營運可用性方面創下了歷史記錄。這導致 EBITDA 達到 7.3 兆比索，為該領域歷史第二高。 2023年第四季，煉油總吞吐量達42.9萬桶/日，比去年同期增加8.4萬桶/日。綜合煉油毛利率為每桶 13.1 美元，主要受到柴油噴射機和汽油價差走弱的影響。

In 2023, we accomplished multiple milestones, of which we highlight this: operational availability of refining plants above 95%, the highest in the last 5 years; successful execution of the pyrolytic oil test from post-consumer plastic waste at the Barrancabermeja refinery, enabling the production of around 19 tons of polypropylene in Esenttia, contributing to the Ecopetrol Group's circular economy strategy; 95% progress in the construction of the mechanical recycling plant in Esenttia, which is expected to start operations during the first quarter of 2024. Finally, Ecodiesel received an ICONTEC carbon-neutral certification, becoming the first biodiesel company in Colombia to receive this certification.

2023年，我們實現了多個里程碑，其中我們強調這一點：煉油廠的營運可用性超過95%，為過去5年最高水準；在 Barrancabermeja 煉油廠成功進行了消費後塑膠廢棄物的熱解油測試，使 Esenttia 生產了約 19 噸聚丙烯，為 Ecopetrol 集團的循環經濟戰略做出了貢獻； Esenttia 的機械回收廠建設進度達 95%，預計將於 2024 年第一季開始營運。最終，Ecodiesel 獲得了 ICONTEC 碳中和認證，成為哥倫比亞第一家獲得此認證的生物柴油公司。

Let's move on to the next slide, please. In 2023, the Ecopetrol Group managed to incorporate efficiencies of COP 4.5 trillion, leveraging outstanding operational performance and partially mitigating inflationary pressures, increases in energy costs, which combined with greater operating activity, raised the cost structure of our operations and investments. The total unit cost reached $47.6 per barrel, largely due to the effect of lower prices on crude and product purchases and imports. The incorporation of efficiencies of $0.68 per barrel allowed to partially offset the aforementioned effects.

請繼續看下一張投影片。 2023 年，Ecopetrol 集團利用出色的營運表現並部分緩解了通膨壓力和能源成本的增加，成功實現了 4.5 兆比索的效率，再加上營運活動的增加，提高了我們營運和投資的成本結構。單位總成本達到每桶 47.6 美元，主要是由於原油和產品採購及進口價格下降的影響。每桶 0.68 美元的效率的納入可以部分抵消上述影響。

The lifting costs increased by 18.45%, reaching $10.91 per barrel, mainly impacted by external factors such as El Nino phenomena, inflationary effects and the exchange rate, representing a $1.41 per barrel increase in 2023. However, the efficiency plan mitigated the increase in lifting costs by $0.33 per barrel. Likewise, the cost per barrel transported and the refining cash cost increased by 8.8% and 1.6%, respectively, mainly due to inflationary effects and higher activity in both segments. This year, we continue to focus on incorporating efficiencies to maintain business competitiveness and sustainability. Now I will turn it over to David Riaño, who will discuss the main milestones of the Low Emission Solutions business line.

提升成本增加18.45%，達到每桶10.91美元，主要受厄爾尼諾現象、通膨影響和匯率等外部因素影響，2023年每桶增加1.41美元。但效率計畫緩解了提升成本的增加每桶成本增加 0.33 美元。同樣，每桶運輸成本和煉油現金成本分別增加 8.8% 和 1.6%，主要是由於通貨膨脹影響和兩個部門的活動增加。今年，我們繼續專注於提高效率，以保持業務競爭力和永續性。現在我將把它交給 David Riaño，他將討論低排放解決方案業務線的主要里程碑。

Thanks, Alberto. Our Low Emission Solution business continues to move forward on the road of decarbonization, energy security and contribution to society. In 2023, we highlight the outstanding performance of our energy efficiency program, which between 2018 and 2023 achieved an optimization of the energy demand of 10.9 petajoules. This is equivalent to COP 262 billion in savings with an impact of approximately 708,000 tons of CO2 equivalent.

謝謝，阿爾貝托。我們的低排放解決方案業務在脫碳、能源安全和貢獻社會的道路上不斷前進。 2023 年，我們強調能源效率計畫的出色表現，該計畫在 2018 年至 2023 年間實現了 10.9 拍焦的能源需求優化。這相當於節省 2,620 億COP，相當於減少約 708,000 噸二氧化碳當量。

Only in 2023, we achieved a reduction of 3.9 petajoules and 274,000 tons of CO2 equivalent in our operations, thanks to the incorporation of new technologies for energy optimization. These are the best results since the beginning of the measurement in 2018, 250% higher than those reported in 2022. And in orders of magnitude, it's an optimization similar to the annual consumption of all households in the Colombia cities of Cartagena, Ibagué and Cúcuta. In alignment with our commitment to the decarbonization of our operations, we ended 2023 with the incorporation to our energy metrics of 472 megawatts in operation, construction and execution of nonconventional renewable energy sources. The operation of renewable energy sources in 2023 allowed us to reduce close to 19,000 tons of CO2 equivalent and capture savings of more than COP 28 billion. The above restate our goals within the framework of our strategy of incorporating 900 megawatts by 2025, growing with sustainability and generating value for our stakeholders.

僅在 2023 年，由於採用了能源優化新技術，我們的營運中就減少了 3.9 拍焦耳二氧化碳當量和 274,000 噸二氧化碳當量。這是自 2018 年開始測量以來的最佳結果，比 2022 年報告的結果高出 250%。從數量級來看，這是一種類似於哥倫比亞卡塔赫納、伊巴格和庫庫塔。為了履行我們對營運脫碳的承諾，到 2023 年底，我們將非常規再生能源的營運、建設和執行納入了 472 兆瓦的能源指標。到 2023 年，再生能源的運作使我們能夠減少近 19,000 噸二氧化碳當量，並節省超過 280 億哥倫比亞比索的成本。上述內容重申了我們在 2025 年實現 900 兆瓦裝置容量的策略框架內的目標，實現永續發展並為利害關係人創造價值。

On the social front. We highlight 2 important initiatives with positive impact on the welfare of the community. The social gas program, which so far in 2023, connected to the natural gas service, more than 20,000 families in rural areas of Arauca, Guajira and Atlántico and the successful completion of the micro LNG agreement in Buenaventura, giving support and reliability to the gas supply for 37,000 families in this area of the country. During 2023, gas and LPG production reached 162,000 barrels equivalent per day, representing 22% of the group's production mix, 75% of the country market share and approximately COP 3.5 trillion EBITDA.

在社會方面。我們重點介紹兩項對社區福祉產生正面影響的重要措施。社會天然氣計畫截至 2023 年已連接到天然氣服務，為阿勞卡、瓜希拉和大西洋地區農村地區的 20,000 多個家庭提供服務，並成功完成了布埃納文圖拉的微型液化天然氣協議，為為該國該地區37,000 個家庭供應天然氣。 2023年，天然氣和液化石油氣產量達到每天162,000桶當量，佔集團產量組合的22%，佔全國市場份額的75%，EBITDA約為3.5兆哥倫比亞比索。

2023 reaffirms our commitment to the energy transition, prioritizing the country's energy security, while holding firm in the search of opportunities to meet our objectives. Now I will pass the floor to Milena López, who will tell us about the main results of the transmission, roads and Telecommunications segment. Over to you, Milena.

2023年重申了我們對能源轉型的承諾，優先考慮國家能源安全，同時堅定地尋找實現我們目標的機會。現在我將請米萊娜·洛佩斯發言，她將向我們介紹傳輸、道路和電信領域的主要結果。交給你了，米萊娜。

Thank you, David. The Transmission and Roads business generated positive operational and financial results, accompanied by significant awards throughout 2023, which will translate into investments of COP 9.8 trillion in the coming years, reinforcing our subsidiaries' growth trajectory across various geographies.

謝謝你，大衛。輸電和道路業務取得了積極的營運和財務業績，並在 2023 年獲得了重大獎項，這將在未來幾年轉化為 9.8 兆比索的投資，加強我們子公司在不同地區的成長軌跡。

In 2023, we sustained a growing trend in financial outcomes, with revenues reaching COP 14.2 trillion and an EBITDA of COP 9.1 trillion, representing nearly 6% growth in these 2 areas compared to 2022. Net profit attributable to Ecopetrol remained relatively stable at COP 675 billion. As of the close of 2023, is achieved a committed investment balance of approximately COP 30 trillion for the coming years, approximately 93% of the total of these investments correspond to bids and tenders that have been awarded to the company.

2023 年，我們的財務成果持續成長，營收達到14.2 兆比索，EBITDA 為9.1 兆比索，與2022 年相比，這兩個領域成長了近6%。歸屬於Ecopetrol 的淨利保持相對穩定，為COP 675十億。截至 2023 年末，未來幾年的承諾投資餘額約為 30 兆比索，其中投資總額的約 93% 對應於已授予公司的投標和招標。

Among the most notable milestones for the fourth quarter are the following: in Peru, the award to ISA in consortium with the Grupo Energía de Bogotá for the construction, operation and maintenance of 2 projects encompassing over 1,000 kilometers of electrical transmission grids, and with a referential CapEx of approximately COP 3.2 trillion. In Chile, ISA Intervial was awarded the Southern Orbital Santiago concession for the design, construction and operation of 25 kilometers of a new urban highway. This project will have a reference CapEx of approximately COP 1.9 trillion.

第四季最引人注目的里程碑如下：在秘魯，ISA 與波哥大能源集團 (Grupo Energía de Bogotá) 聯合獲獎，負責建設、運營和維護 2 個項目，涵蓋超過 1,000 公里的輸電網，並與參考資本支出約3.2 兆哥倫比亞比索。在智利，ISA Intervial 獲得了聖地牙哥南軌道公司的特許經營權，負責設計、建造和營運一條 25 公里長的新城市高速公路。該項目的參考資本支出約為 1.9 兆哥倫比亞比索。

In Brazil, the award through ISA CTEEP of 40 enhancements, which collectively will amount to a CapEx of around COP 181 billion. The commencement of operations for the following projects: Guayepo Solar Park connection in Colombia, electrical interconnection, Itaúnas and Triângulo Mineiro by ISA CTEEP in Brazil, three substations and the approval of integration into the National Electrical System of the private project, Puerto Chancay in Peru. ISA continues to progress in the construction of 34 energy transmission projects in countries where it operates, which upon completion, would add over 5,500 kilometers to the grid and generate approximately COP 1.7 trillion in revenue between 2024 and 2030. Finally, progress continues in the execution of the Ruta del Loa project and works in the concessionaires, Ruta de la Araucanía and Ruta de Los Ríos in Chile, which will generate new income and extensions of the terms of these concessions.

在巴西，透過 ISA CTEEP 授予 40 項增強功能，資本支出總計約為 1,810 億哥倫比亞比索。以下項目開始運作：哥倫比亞的 Guayepo 太陽能園區連接、巴西 ISA CTEEP 的 Itañas 和 Triñgulo Mineiro 電氣互連、三個變電站以及批准將私人項目 Puerto Chancay 納入國家電力系統在秘魯。 ISA 繼續在其營運國家建設 34 個能源傳輸項目，這些項目完工後，將增加電網長度 5,500 多公里，並在 2024 年至 2030 年間產生約 1.7 萬億哥倫比亞比索收入。最後，執行工作繼續取得進展Ruta del Loa 計畫的一部分，並在智利的特許權公司Ruta de la Araucanña 和Ruta de Los Ríos 開展工作，這將產生新的收入並延長這些特許權的期限。

Please let's move to the following slide. Our financial results reflect the excellent operating performance of the Ecopetrol Group, allowing us to achieve in 2023 the second best results in the company's history. Throughout the year, we achieved financial results that exceeded the targets set forth in our financial plan with superior results across key indicators. Our EBITDA margin reached 42%, with a return on average capital invested of 11.5%. We also achieved an EBITDA of COP 60.7 trillion, with efficiency gains reaching COP 4.5 trillion, representing a 25% annual growth.

請轉到下面的幻燈片。我們的財務表現反映了 Ecopetrol 集團出色的經營業績，使我們能夠在 2023 年取得公司歷史上第二好的業績。全年，我們達成了超額完成財務計畫目標的財務業績，各項關鍵指標皆取得優異成績。我們的 EBITDA 利潤率達到 42%，平均資本投資報酬率為 11.5%。我們也實現了 60.7 兆比索的 EBITDA，效率收益達到 4.5 兆比索，年增率為 25%。

Our investment execution capacity reached its highest level in 8 years, totaling approximately COP 27 trillion, in line with our annual target. Of these investments, 63% were concentrated in Colombia, with the remaining 37% executed in the United States, Chile and Peru, among others. Approximately 70% of total investments were allocated to exploration and production activities in our primary assets such as Rubiales, Caño Sur and Castilla in Colombia as well as in Permian in the United States.

我們的投資執行能力達到8年來的最高水平，總計約27兆比索，符合我們的年度目標。其中63%集中在哥倫比亞，其餘37%在美國、智利和秘魯等國執行。總投資的約 70% 用於我們主要資產的勘探和生產活動，例如哥倫比亞的魯比亞萊斯、卡尼奧蘇爾和卡斯蒂利亞以及美國的二疊紀盆地。

This category also includes investments in natural gas totaling around COP 3 trillion focused on assets like Floreña and Cupiagua in the Piedemonte Janeiro and offshore blocks, Tayrona and Col-5. Investments in the transportation and refining business accounted for a combined 13%, focusing on intervention, maintenance and asset reliability improvements supporting increased activity levels throughout the year.

該類別還包括總計約 3 兆比索的天然氣投資，重點關注皮埃蒙特熱內盧的 Floreña 和 Cupiagua 等資產以及 Tayrona 和 Col-5 海上區塊。運輸和煉油業務的投資合計佔 13%，重點是介入、維護和資產可靠性改進，以支持全年活動水準的提高。

The transmission and toll road businesses represent 17% of the CapEx for Grupo Ecopetrol. These investments were prominently directed towards power transmission, which accounts for approximately 87% of the investments, advancing projects in electrical transmission in Colombia and reinforcements and network improvements in Brazil. Traditional business lines, including natural gas, contributed to approximately 85% of EBITDA in 2023. Additionally, our transmission and toll roads businesses made a significant contribution of 15%, contributing to the stability of the group's income and operating cash. The gross debt-to-EBITDA ratio stood at 1.7x, aligned with our long-term guidance to remain below 2.5x gross debt to EBITDA.

輸電和收費公路業務佔 Grupo Ecopetrol 資本支出的 17%。這些投資主要用於電力傳輸，約佔投資的 87%，推進哥倫比亞的電力傳輸項目以及巴西的加固和網路改進。包括天然氣在內的傳統業務線在2023年貢獻了約85%的EBITDA。此外，我們的輸電和收費公路業務也貢獻了15%的顯著貢獻，為集團收入和營運現金的穩定做出了貢獻。總債務與 EBITDA 比率為 1.7 倍，與我們維持低於 2.5 倍總債務與 EBITDA 的長期指引一致。

As part of our financing strategy, we successfully issued a $1.85 billion bond in the international markets in January 2024. This bond was 3.2x oversubscribed, confirming investment appetite for our paper. This issuance was accompanied by the repurchase of a bond maturing in 2025, reflecting a proactive debt management strategy of our future maturities. These operations allowed us to optimize short-term liquidity management while maintaining debt costs at competitive levels. For 2024 maturities, we're in the process of renewing a committed line for $1.2 billion, and we'll be covering the remaining amortizations with the resources from the aforementioned bond.

作為我們融資策略的一部分，我們於 2024 年 1 月在國際市場成功發行了 18.5 億美元的債券。該債券獲得了 3.2 倍的超額認購，證實了我們論文的投資興趣。本次發行同時也回購了 2025 年到期的債券，反映了我們對未來到期日的積極債務管理策略。這些操作使我們能夠優化短期流動性管理，同時將債務成本保持在有競爭力的水平。對於 2024 年的到期日，我們正在更新 12 億美元的承諾額度，我們將用上述債券的資源來支付剩餘的攤提。

Let's move on to the next slide, please. Regarding our liquidity position, the Ecopetrol Group closed 2023 with a robust cash position of COP 14.3 trillion. Our operating cash flow was COP 19.8 trillion, which ascends to COP 41.4 trillion when including the fuel price stabilization fund compensation. Additionally, there were significant cash disbursements for CapEx, and the net movement of debt and interest totaled COP 5.8 trillion. In terms of the fuel price stabilization fund. We ended 2023 with positive news. The outstanding balance from 2022 was fully settled through dividend payments to the Nation, totaling COP 2.6 trillion and COP 4.7 trillion that were received in cash. In addition, due to a gradual increase in gasoline prices in the country by approximately COP 4,800 per gallon over 2023, we experienced a lower accumulation in the account receivable when compared to 2022, closing 2023 with a FEPC balance of COP 20.5 trillion.

請繼續看下一張投影片。關於我們的流動性狀況，Ecopetrol 集團 2023 年末擁有 14.3 兆比索的強勁現金狀況。我們的營運現金流為 19.8 兆比索，如果包括燃油價格穩定基金補償，則升至 41.4 兆比索。此外，資本支出有大量現金支出，債務和利息的淨變動總額為 5.8 兆比索。在燃油價格穩定基金方面。我們以正面的消息結束了 2023 年。 2022 年的未償餘額透過向國家支付股息全額解決，總計 2.6 兆披索和 4.7 兆披索以現金形式收到。此外，由於該國汽油價格在 2023 年逐步上漲約每加侖 4,800 哥倫比亞比索，因此與 2022 年相比，我們的應收帳款累積較低，2023 年末的 FEPC 餘額為 20.5 兆比索。

Regarding taxes. The effective tax rate for 2023 was 36.6% compared to 31.4% in 2022, mainly due to the windfall tax established by the recent tax reform. For the fourth quarter of 2023, 2 tax adjustments were made. The first one regarding the income tax provision in accordance to the Constitutional Court ruling in November of 2023 that enabled the tax deductibility of royalty payments. The second associated to the income tax surcharge, which ended the year at 10% due to the average price of Brent throughout 2023.

關於稅收。 2023年的有效稅率為36.6%，而2022年為31.4%，主要是由於近期稅制改革設立的暴利稅。 2023年第四季進行了2次稅務調整。第一個是關於所得稅規定，根據憲法法院 2023 年 11 月的裁決，允許特許權使用費的稅收減免。第二個與所得稅附加費相關，由於 2023 年布蘭特原油平均價格，該附加費在年底為 10%。

Let's move to the next slide, please. As part of the 2040 strategy, our investment plan for 2024 maintains high levels of investment, reflecting our commitment to the country's energy security and transition. We expect to execute investments between COP 23 million and COP 27 trillion, with approximately 45% of these directed towards energy transition initiatives, including low emission solutions, natural gas supply, TESG investments, decarbonization, electric transmission and roads. The remaining 55% will focus on energy security and long-term cash protection, in line with strengthening our traditional business. These investment levels allow us to plan for profitable production between 725,000 and 730,000 barrels per day, maintain transported volumes around 1 million barrels per day and throughput at our refineries between 420,000 and 430,000 barrels per day. Considering an average Brent price scenario of $75 per barrel for the year, we expect to maintain competitive returns with a return on average capital invested of around 9% and an EBITDA margin of 38% as well as transfers to the nation exceeding COP 38 trillion.

請轉到下一張投影片。作為2040年策略的一部分，我們2024年投資計畫維持高水準投資，體現了我們對國家能源安全和轉型的承諾。我們預計將執行 2,300 萬至 27 兆比索的投資，其中約 45% 用於能源轉型計劃，包括低排放解決方案、天然氣供應、TESG 投資、脫碳、電力傳輸和道路。剩下的 55% 將專注於能源安全和長期現金保護，這與加強我們的傳統業務是一致的。這些投資水準使我們能夠規劃每天 725,000 至 730,000 桶的獲利產量，維持每天 100 萬桶左右的運輸量，以及每天 420,000 至 430,000 桶煉油廠的吞吐量。考慮到今年布蘭特原油平均價格為每桶75 美元，我們預計將保持具有競爭力的回報，平均資本投資回報率約為9%，EBITDA 利潤率為38%，以及向國家的轉移超過38 萬億比索。

Furthermore, with a focus on cost control and mitigation, between 2024 and 2026, we will incorporate targets for commercial and operational efficiencies, expense control and austerity totaling over COP 7 trillion. I now hand over to Ricardo for closing remarks.

此外，以成本控制和緩解為重點，我們將在 2024 年至 2026 年間制定商業和營運效率、費用控制和緊縮目標，總額超過 7 兆哥倫比亞比索。現在請里卡多致閉幕詞。

We closed a challenging 2023 marked by lower oil prices and higher inflationary pressures. However, we achieved the group's second best year ever with the tactical operational results in terms of producing in the throughput of the refinery in volumes transported through our pipeline system and progress on energy transition projects. Today, the Ecopetrol Group aspires to be the leader in energy diversification in Latin America, in line with our 2040 strategy, Energy That Transforms. I want to express special thanks to the subsidiaries of the Ecopetrol Group, which alongside us, have contributed to making history. I express my gratitude to Ecopetrol Permian, would contribute to the production with its exceptional performance as well as to semi connecting the entire country and achieving an unprecedented annual production evacuation of pipelines. I thank the refineries for reaching a history load with the highest operational availability in the last 5 years.

我們結束了充滿挑戰的 2023 年，油價下跌，通膨壓力上升。然而，我們實現了集團有史以來第二好的一年，在煉油廠透過我們的管道系統運輸的吞吐量以及能源轉型專案的進展方面取得了戰術營運成果。如今，Ecopetrol 集團立志成為拉丁美洲能源多元化的領導者，以符合我們的 2040 年策略「轉型能源」。我要特別感謝 Ecopetrol 集團的子公司，他們與我們一起為創造歷史做出了貢獻。我對 Ecopetrol Permian 表示感謝，它將以其卓越的性能為生產做出貢獻，並為半連接整個國家並實現前所未有的管道年度生產疏散做出貢獻。我感謝煉油廠達到了過去 5 年來最高營運可用性的歷史負荷。

I also highlight the performance of Hocol, contributing to the 11 successful wells on the Ecopetrol Group during the year, reaffirmed our commitment to the preservation of the traditional business. In ISA, I highlight the transition awards worth COP 10 trillion that we will see in the coming years as well as its contribution to the EBITDA of the business growth. We remain committed to generate value for our shareholders, investors and our country and those countries where we have a presence, always maintaining responsible and sustainability operations that accelerate steps towards the energy transition.

我還強調了 Hocol 的表現，該公司在這一年中為 Ecopetrol 集團的 11 口成功油井做出了貢獻，重申了我們對保護傳統業務的承諾。在 ISA 中，我重點介紹了我們將在未來幾年看到的價值 10 兆比索的過渡獎勵，以及它對業務成長 EBITDA 的貢獻。我們仍然致力於為我們的股東、投資者、我們的國家以及我們開展業務的國家創造價值，始終保持負責任和可持續的運營，加速能源轉型的步伐。

Thank you all for your participation. With this, we open the question-and-answer session.

感謝大家的參與。至此，我們開始問答環節。

Thank you very much. We'll start with our Q&A session. Ricardo Sandoval from Bancolombia is online with a question. Mr. Sandoval, you can ask.

非常感謝。我們將從問答環節開始。來自 Bancolombia 的 Ricardo Sandoval 線上提問。桑多瓦爾先生，你可以問。

[Interpreted] Good morning, everyone. Thank you for this space and for the explanations. If it is possible to know a little bit more information about the reservoirs, when you mentioned that the organic growth, I would like to know if you can tell me how much -- was it because of better forecast, because of new project, because of extensions and findings? And for 180 million of barrels, how much was due to the price effect or in general by each of these items you mentioned in the report?

【翻譯】大家早安。感謝您提供這個空間和解釋。如果可以了解更多有關水庫的信息，當您提到有機增長時，我想知道您是否可以告訴我有多少——是因為更好的預測，因為新項目，因為擴展和發現？對於 1.8 億桶，有多少是由於價格影響或總體上您在報告中提到的這些項目造成的？

[Interpreted] Good morning, Ricardo. Thank you for your question. It is Alberto Consuegra. Yes, we can give you the details. I'm going to start mentioning around the -- the 307 million barrels. Let's talk about that. So in the report, we are very clear about the impact of about the 31 million barrels. If you add the maturity process of the project, which is normal, in 5 years' view, it's 103 million barrels. Others that are associated to new findings is 2 million barrels and 109 million are related with better behavior of the production basic curve. That gives you 307 million.

[翻譯]早安，里卡多。謝謝你的問題。他是阿爾貝托·孔蘇埃格拉。是的，我們可以為您提供詳細資訊。我將開始提及 3.07 億桶。我們來談談這個吧。所以在報告中，我們非常清楚大約3100萬桶的影響。如果加上該專案的成熟過程（這是正常的），從 5 年來看，這一數字為 1.03 億桶。其他與新發現相關的是 200 萬桶，1.09 億桶與生產基本曲線的更好表現有關。這就是 3.07 億。

On the other hand, in terms of impact, when you talked about external effects, we're talking about 58 million barrels, which -- 30 million are associated with price and 28million with the inflation. So what this does is that when we remove the cash flows of each field, the tail will be affected by the impact both of price as well as the inflation. And second, place due to conditions or technical revisions, 130 million barrels. The largest impact is in gas due to water and decline of our mature fields, particularly in (inaudible) Cupiagua and Recetor. But besides that, we had around 30 million which are related with regular technical revisions in the plan in the Magdalena Medio and [Willa].

另一方面，就影響而言，當您談到外部影響時，我們談論的是 5800 萬桶，其中 3000 萬桶與價格有關，2800 萬桶與通貨膨脹有關。所以這樣做的目的是，當我們去除每個領域的現金流時，尾部將受到價格和通貨膨脹的影響。其次，由於條件或技術修改而放置1.3億桶。由於水和我們成熟油田的衰退，影響最大的是天然氣，特別是在（聽不清楚）Cupiagua 和 Recetor。但除此之外，我們還有大約 3000 萬個與 Magdalena Medio 和 [Willa] 計劃中的定期技術修訂相關的內容。

The next question is from Andres Duarte from Corficolombiana. Mr. Duarte, you can ask now.

下一個問題來自 Corficolombiana 的 Andres Duarte。杜阿爾特先生，你現在可以問了。

[Interpreted] Thank you. I have 3 questions. I think they're short. The first one is please, can you explain how you can justify the impairment evolution in the downstream, considering that price differentials between the products of oil have annual and quarterly decreases? And annually, they have -- annually decreases. So I would like to understand why are you showing an improve of COP 1.4 million there? And the other question is related with production. And congratulations -- sorry for not saying this before, but congratulations for the production data of this quarter.

[已翻譯] 謝謝。我有 3 個問題。我認為他們很矮。第一個問題是，考慮到石油產品之間的價差逐年和季度下降，您能否解釋一下如何證明下游減損演變的合理性？每年，它們都在減少。所以我想了解為什麼你們顯示 COP 提高了 140 萬？另一個問題與生產有關。恭喜你——抱歉之前沒有這麼說，但恭喜本季的生產數據。

The production that you show in the fourth quarter, it's only overcome by the 2015 quarter -- fourth quarter. But if you consider the permit from outside of Colombia, well, basically, without the increase in the Permian production that has -- that we've had, this wouldn't be a case. So you have a participation of 11.7% in the fourth semester -- quarter of 2023. This is not bad. That's -- well, you are in different countries. So I would like basically just to understand what are your expectations in terms of production of Permian in the U.S., considering that -- as far as I understand, the (inaudible) will go down faster?

你在第四季展示的產量，直到 2015 年第四季才被克服。但如果你考慮到哥倫比亞以外的許可，那麼，基本上，如果沒有我們已經擁有的二疊紀產量的增加，情況就不會是這樣。因此，2023 年第四季（即第四季）的參與率為 11.7%。這還不錯。那是——嗯，你們在不同的國家。因此，我基本上只是想了解您對美國二疊紀盆地產量的期望是什麼，考慮到——據我所知，（聽不清楚）會下降得更快？

And the last question, if it's possible, otherwise, I understand because they asked me to ask just 2 questions. But considering the increase, for example, in the cost of -- on that lifting cost of the -- it's above $13 in the fourth quarter. And considering the decrease of over 6% of the reservoirs, how do you justify that decrease of -- a 90% decrease in the exploration and production CapEx for 2024, if you don't take the average numbers of '24, '26 -- 2024, 2026 that you published last December?

最後一個問題，如果可能的話，否則我理解，因為他們讓我只問兩個問題。但考慮到成本的增加，例如，第四季的成本增加超過 13 美元。考慮到超過 6% 的油藏減少，如果不考慮 24 年、26 年的平均數字，那麼 2024 年勘探和生產資本支出減少 90%，你如何證明這種減少是合理的？ - 去年12 月發布的2024 年、2026 年？

[Interpreted] Ricardo Roa -- this is Andres. Thank you for your acknowledgment to our results for the fourth quarter production of the year we just finalized. First of all, to explain that, yes, the impairment of -- the impairment of our assets has an impact on the results, close to COP 0.9 trillion. Second, about the details, I'll give the floor related to these elements of cost increases, our expectations of the Permian production in the next years. I'll give the floor to Alberto Consuegra. He will share details.

[口譯]里卡多·羅阿——這是安德烈斯。感謝您對我們剛剛確定的今年第四季生產結果的認可。首先，要解釋一下，是的，我們資產的減損對結果產生了影響，接近 0.9 兆哥倫比亞比索。其次，關於細節，我將給予與這些成本增加因素相關的發言，以及我們對未來幾年二疊紀生產的預期。我將請阿爾貝托·孔蘇埃格拉發言。他將分享細節。

[Interpreted] Andres, about the Permian well, I would like to first give you a number that I think it's relevant. Permian effectively pushes the production in the last quarter, but it's not less what Caño Sur and Rubiales provide because as you already know, we -- every year, we replace around 100,000 barrels per year due to the natural declination of the fields. So those 3 assets were -- did great. They did the job.

[解釋]安德烈斯，關於二疊紀井，我想先給你一個我認為相關的數字。二疊紀盆地有效地推動了上個季度的產量，但這並不少於 Caño Sur 和 Rubiales 提供的產量，因為正如您所知，由於油田的自然傾斜，我們每年都會更換約 100,000 桶。所以這 3 項資產表現出色。他們完成了這項工作。

About the Permian, well, the goal is to keep growing our production. The plan for 2024 is to bring the production to close to 80,000, 83,000 barrels per day. And for 2025, it should be around 100,000 barrels because it is important for the contribution of the last acquisition, which is the Delaware area. So Permian, very well. The important thing is to sustain the production within the country, and this is what -- the effort that we're going to do in terms of the CapEx for 2024 towards -- all the way to 2026.

關於二疊紀，我們的目標是不斷增加我們的產量。 2024年的計畫是將產量提高到接近80,000、83,000桶/日。而到2025年，應該在10萬桶左右，因為這對於最後一次收購（即特拉華地區）的貢獻很重要。所以二疊紀，非常好。重要的是維持國內的生產，這就是我們將在 2024 年資本支出所做的努力，一直到 2026 年。

And the fall in the CapEx is not as you are presenting it. When you look at 2024, the investment level that we will have in the upstream is of $300 million, $900 million, which is very similar to what we did in 2023. We were in $4,200 million. We have -- it's lower, but the greatest investment we had in 2023 was in the Permian. So our expectation is to continue with investment levels, similar to what -- in Colombia, similar to the 2 previous years, 2022 and 2023.

資本支出的下降並不像你所描述的那樣。展望 2024 年，我們在上游的投資水準將是 3 億美元、9 億美元，這與我們 2023 年的投資水準非常相似。我們當時的投資水準是 42 億美元。我們的投資較低，但 2023 年我們最大的投資是在二疊紀。因此，我們的期望是繼續保持與哥倫比亞類似的投資水平，與前兩年（2022 年和 2023 年）類似。

[Interpreted] Andres, I would like to clarify that when I was talking about 2024 CapEx, I'm considering that annual average of the maximum and minimum range that you published, and I am comparing both the plan that you published in the previous year as well as what was executed this year. And the other thing, well, if you didn't hear me well in the impairment, I asked specifically about the downstream. So that's all I wanted to clarify, and excuse me for interrupting.

[解釋]Andres，我想澄清一下，當我談論 2024 年資本支出時，我考慮的是您發布的最大和最小範圍的年平均值，並且我正在比較您上一年發布的計劃以及今年執行的內容。另一件事，好吧，如果你沒有聽清楚我的減損問題，我特別詢問了下游的情況。這就是我想要澄清的一切，請原諒我打斷。

Let me mention something before giving the floor to Milena about the impairment. She will talk of impairment. Andres, when you look at the CapEx distribution in 2024, the second part of the year is going to be affected due to the exploration investments, particularly on the offshore. So these could make a difference.

在請米萊娜發言之前，讓我先提一下有關損害的問題。她會談論損傷。 Andres，當您查看 2024 年的資本支出分佈時，您會發現今年下半年將受到勘探投資（尤其是海上勘探投資）的影響。所以這些可能會有所作為。

[Interpreted] This is Milena López talking about downstream impairment. Maybe to illustrate a little bit more that impairment topic, there are 2 components that I believe are important to consider. The first one is that when we are making the impairment analysis of our assets, these analyses are value exercises in the medium and long and short term. So they cannot be compared to a picture of our particular quarter. So when we look at the projection of the performance of the downstream, we see 2 specific things. First, an improvement in the availability of the refineries would allow us to have greater loads when we are making projections, forecast. And the second, which is more significant, is that when we look at the refining management in the mid and long term and we compare those what we see in the future with what we saw last year ago, we have better refinery margins. This leads to a recovery of around $370 million at the downstream.

[解讀] 這是 Milena López 談論下游損傷。也許為了更說明損傷主題，我認為有兩個重要因素需要考慮。第一個是，當我們對資產進行減損分析時，這些分析是中長期和短期的價值練習。因此，它們不能與我們特定季度的圖片進行比較。因此，當我們查看下游績效的預測時，我們看到了兩件具體的事情。首先，煉油廠可用性的提高將使我們在進行預測時能夠擁有更大的負載。第二個，更重要的是，當我們審視中長期煉油管理時，我們將未來看到的情況與去年之前看到的情況進行比較，我們有更好的煉油利潤率。這導致下游恢復約 3.7 億美元。

Now another important topic that you have to consider when you compare these 2 mid- and long-term impairment comparisons is that well, generally that differentials of the products are cyclic during the year, particularly gas. So when we look at the numbers of the differentials of the fourth quarter, fees don't reflect the annual average nor the perspectives on the mid and long term. So maybe that could explain the differential between what we see in the fourth quarter and what we see on the impairment exercise on the long term.

現在，當您比較這兩個中長期減損比較時，您必須考慮的另一個重要主題是，一般來說，產品的差異在一年中是週期性的，特別是天然氣。因此，當我們查看第四季度的差異數據時，費用並不能反映年度平均水平，也不能反映中長期的前景。因此，也許這可以解釋我們在第四季度看到的情況與我們在長期減損演習中看到的情況之間的差異。

[Juan Ponce Munoz] is online, and he's going to ask a question.

[Juan Ponce Munoz] 在線，他要問一個問題。

[Interpreted] Good morning. [Juan Ponce Munoz] from BTIG Pactual. And just a quick question about the sales cost. In this quarter, why did you have a strong increase in the cost -- sales cost that led the net margin very below what we signed of the first quarter? Was there something specific? And what are you going to do in the next quarters in order to recover that net margin that you previously had?

[翻譯]早安。 [Juan Ponce Munoz] 來自 BTIG Pactual。關於銷售成本的一個簡單問題。在這個季度，為什麼你們的成本——銷售成本大幅增加，導致淨利潤遠低於我們第一季簽署的水平？有什麼具體的事情嗎？為了恢復先前的淨利潤率，您在接下來的幾個季度將採取什麼措施？

[Interpreted] So 2 components that I believe are important in understanding the quarterly cost, historically in Ecopetrol, in the fourth quarter, we you see costs that are above the other quarters because of greater execution as well as accrues. So if you look at the fourth quarter of last year, it was around 14% above the costs versus the third quarter. This year is even higher. We are seeing an increase of around 19% in cost, when we compare the previous quarter.

[解釋] 因此，我認為這兩個組成部分對於理解季度成本非常重要，從歷史上看，在Ecopetrol 中，在第四季度，我們看到成本高於其他季度，因為執行力和應計費用都更高。因此，如果你看看去年第四季度，你會發現成本比第三季度高出約 14%。今年甚至更高。與上一季相比，我們發現成本增加了約 19%。

So let me make a comparison of the fourth quarter of this year and the fourth quarter of last year to eliminate the cycles that will provide us a better perspective of what happens in the cost. So when we look at the variable costs -- and then let me -- I'll tell you the fixed. When we look at the variables, there are 2 components that impact variable costs when we make this comparison. Basically, we have, first, an inventory, which is significant comparing the number fourth quarter versus third quarter, the inventory has a cost of COP 1.7 trillion, and this is a decrease on the cost or value of the inventory. And this has several components, a volumetric component because we had more sales, and a very important evaluation because when we evaluate, we give up -- versus how we evaluate them.

因此，讓我對今年第四季和去年第四季進行比較，以消除週期，這將使我們更了解成本發生的情況。因此，當我們研究可變成本時——然後讓我——我會告訴你固定成本。當我們查看變數時，我們進行比較時會發現有兩個因素會影響變動成本。基本上，我們首先有一個庫存，與第四季度相比，這個數字非常重要，庫存成本為 1.7 兆比索，這是庫存成本或價值的下降。這有幾個組成部分，一個是體積組成部分，因為我們有更多的銷售額，還有一個非常重要的評估，因為當我們評估時，我們會放棄——而不是我們評估它們的方式。

We have an exchange rate that is below COP 740, around that. So we have a large decrease of the exchange rate. We also went from $86 to $82 per semester and a decrease in the product differentials. There's a large decrease in the diesel differentials around above $20 and a fall of $7 in the gasoline differentials. So this impact is COP 1.7 trillion, and it is important that as we don't have large numbers in the exchange rate differentials and the Brent, this is not a cost that should repeat it. So this has just happened in this quarter, I won't repeat itself.

我們的匯率低於 COP 740，大約在這個水準。所以我們的匯率大幅下降。我們也從每學期 86 美元增加到 82 美元，產品差異也有所減少。柴油差價大幅下降約 20 美元以上，汽油差價下降 7 美元。因此，這一影響為 1.7 兆哥倫比亞比索，重要的是，由於我們在匯率差異和布蘭特原油方面沒有大量數據，因此這不是應該重複的成本。所以這件事在本季剛剛發生，我不再重複。

Second impact in variable cost is the increase in power cost. Power cost increased in COP 300 billion. So this is something that happened because in the third quarter of this year, we see an increase in this energy cost due to our exposure to the stock market and increase in the power and electric costs due to the phenomenon El Nino, which is something that we will -- that will have an impact in the first quarter of this year because we still have high cost -- power cost due to phenomenon, El Nino. But at the end of this year, this could -- should be corrected. This in terms of the variables that have an important situations.

變動成本的第二個影響是電力成本的增加。電力成本增加了 3000 億菲律賓比索。所以這是發生的事情，因為在今年第三季度，由於我們對股票市場的敞口，我們看到能源成本增加，並且由於厄爾尼諾現象導致電力和電力成本增加，這是我們將——這將在今年第一季產生影響，因為我們仍然有很高的成本——由於厄爾尼諾現象造成的電力成本。但到今年年底，這個問題可能——應該得到糾正。這對於變數而言具有重要的情況。

Now fixed cost. Fixed cost do have structural challenges that are larger. Basically in services hired by -- for the operation, we see an increase of COP 300 billion. And in maintenance in this semester, we -- this quarter, we see greater maintenance and an increase in the inflation of this cost and an increase of COP 100 billion. These 2 components that add around an increase of COP 700 billion when we compare with the previous quarter last year, the same quarter last year. Yes, we have the inflationary aspects and challenges of cost challenges that with our efficiency plans, we are seeing how to adjust them. So yes, this is a temporary component and a long-term inflationary component that makes a distinction between both.

現在固定成本。固定成本確實面臨更大的結構性挑戰。基本上，在營運所僱用的服務中，我們看到增加了 3000 億哥倫比亞比索。在本學期的維護方面，我們——本季度，我們看到維護力度加大，成本膨脹增加，增加了 1000 億哥倫比亞比索。與去年同期相比，這兩個組成部分增加了約 7,000 億哥倫比亞比索。是的，我們面臨通膨方面和成本挑戰，透過我們的效率計劃，我們正在研究如何調整它們。所以，是的，這是一個暫時的組成部分和一個長期的通膨組成部分，兩者之間是有區別的。

The next question comes from Andres Cardona from Citibank. Mr. Cardona, you can ask now.

下一個問題來自花旗銀行的安德烈斯·卡多納。卡多納先生，你現在可以問了。

[Interpreted] Thank you. Good morning to everyone. I have 2 questions. The first one is related with the production guide of 2024. 725,000 to 730,000 barrels. So how could you connect with the 758,000 barrels of the third -- or the fourth quarter? Why are you -- when are you going to explain this decline?

[已翻譯] 謝謝。各位早安。我有 2 個問題。第一個與2024年的產量指引有關。725,000至730,000桶。那麼你如何與第三季或第四季的 758,000 桶連結呢？你為什麼——你什麼時候要解釋這種下降？

And about the reservoirs, can you please explain in terms of the inflation, which are the components that vary the most and which was the magnitude? The certification of reservoirs of the previous year, understanding the price effect. There's a price fall, and the price is relatively high historically. And I understand that -- why? Why do you have this revision due to price effect from $82 per barrel?

關於水庫，您能否從通貨膨脹方面解釋一下，哪些組成部分變化最大，其幅度是多少？上一年水庫認證，了解價格影響。價格有下降，價格處於歷史相對較高的水平。我明白──為什麼？為什麼由於每桶 82 美元的價格影響而做出此修正？

[Interpreted] Andres, Alberto Consuegra. Thank you for your questions. So I will begin with the production guide. And first, I'll make reference to the Permian. Who -- the behavior of Permian is historical. At the end of the year, we had -- the production is always higher and then we have to live with 2 things. One, the normal decrease of the wells that are already in production and the next, perforation campaign. So the production of the premium, which was a peak of 113,000 barrels per day of oil. When you see these in the production average for 2024, it's between 80,000 and 83,000 barrels. So that's the first impact.

[口譯]安德烈斯，阿爾貝托·孔蘇埃格拉。謝謝您的提問。所以我將從製作指南開始。首先，我要提到二疊紀。誰——二疊紀的行為是歷史性的。在年底，我們的產量總是更高，然後我們必須忍受兩件事。一是已投產井的正常減少，二是射孔活動。因此產量溢價，最高為每天 113,000 桶石油。當你看到 2024 年的平均產量時，你會發現它在 80,000 到 83,000 桶之間。這是第一個影響。

The second is with our liability management, which -- or our risk management that we can attribute to the phenomena of El Nino that is related with the closure of -- for example, or specifically Rubiales and Castilla fields. When we have long drought, the -- these will be affected and what the corporate -- environmental corporations do is they close the waterfalls gradually. This is what we are seeing right now. And we also need to know the physical safety situation that -- and if you look at the history, usually during January to March, we see this in the previous years as well. So this risk management is also in our production vision. That is why we have that vision between 725,000 to 730,000 barrels on one hard side.

第二個是我們的責任管理，或我們的風險管理，我們可以將其歸因於與關閉有關的厄爾尼諾現象，例如，或特別是魯比亞萊斯和卡斯蒂利亞油田。當我們長期乾旱時，這些都會受到影響，環保公司所做的就是逐漸關閉瀑布。這就是我們現在所看到的。我們還需要了解人身安全狀況——如果你回顧一下歷史，通常是在一月到三月期間，我們在前幾年也看到了這種情況。所以這種風險管理也在我們的生產願景中。這就是為什麼我們的願景是在硬面生產 725,000 至 730,000 桶。

In terms of the reserves, we need to mention something. I was mentioning in our previous intervention that yes, we do have an impact due to price and inflation. When we run our cash flows to the economical limit of the fields, we have an impact on that SEC price that is $15.5 per barrel plus the inflation. So that's the reason that we have to make a technical revision. It's not related with the fact that right now, we are talking about a -- the higher (inaudible) in each of our fields. Nevertheless, it is true that the fact that we have a price that it's unfavorable compared to 2022 and the inflation, well, it does affect the development plans of some fields that I already mentioned. And those fields will be outside of the norm of the 5 years, and they won't in terms of reservoirs. They lose reservoirs compared to the previous year. So these are the effects that we see right now, Andres, and thank you for your questions.

說到儲備，我們需要提一下。我在先前的發言中提到，是的，我們確實受到價格和通貨膨脹的影響。當我們的現金流達到油田的經濟極限時，我們會對 SEC 價格產生影響，即每桶 15.5 美元加上通貨膨脹。所以這就是我們必須進行技術修改的原因。這與我們現在正在談論的每個領域中更高的（聽不清楚）這一事實無關。儘管如此，事實上我們的價格相對於2022年來說是不利的，而且通貨膨脹，它確實影響了我已經提到的一些領域的發展計劃。這些油田將超出五年的標準，而且就水庫而言也不會。與去年相比，他們失去了水庫。安德烈斯，這些就是我們現在看到的效果，感謝您的提問。

Katherine Ortiz from Corredores Davivienda is going to ask a question. Ms. Ortiz, you can ask.

Corredores Davivienda 的凱瑟琳·奧爾蒂斯 (Katherine Ortiz) 將提出一個問題。奧爾蒂斯女士，你可以問。

[Interpreted] Good morning, everyone. I hope you can hear me well. Good morning. Thank you for providing me this space. I have a question related with the price stabilization fund of the fuels. We learned about the dividend proposal for 2024. And we have heard the Ministry -- the Minister talking that this year, dividends -- Ecopetrol capital dividends will not cross with the price stabilization fund. So I would like to know if you are clear about how you're going to pay this amount? Especially because when we look at the budget availability and the financial -- government's financial plan, we cannot see that the Ecopetrol payment is going to be incorporated. Or if we decided that, at least, in 2024, they are not going to pay this money. And in that sense, well, which leverage indicators are you expecting in order for the -- to close this year without considering the payment and including what you already mentioned with the -- talked about with the government?

【翻譯】大家早安。我希望你能好好聽我說話。早安.謝謝你提供我這個空間。我有一個關於燃料價格穩定基金的問題。我們了解了 2024 年的股息提案。我們聽到該部 - 部長說，今年的股息 - Ecopetrol 資本股息將不會與價格穩定基金交叉。所以我想知道你是否清楚你將如何支付這筆款項？特別是因為當我們查看預算可用性和財務——政府的財務計劃時，我們看不到生態汽油付款將被納入其中。或者，如果我們決定，至少在 2024 年，他們不會支付這筆錢。從這個意義上說，您期望哪些槓桿指標，以便在今年結束時不考慮付款，包括您已經提到的與政府討論的內容？

[Interpreted] Thank you, Katherine, this is Ricardo Roa. Yes, effectively, 1 of the aspects that we have acknowledged about the national government support is the appropriation and the payment of the FEPC resources with the amount after the closure of 2022, COP 36.7 million. These have been made, and that's why we have the execution level of 97% in around COP 27 trillion in 2023. For this year, this fund closes in 20.5 of what was caused of the subsidy delivered to the demand of 2023 in gasoline and diesel. And resources at this time don't come under the previous of the methodology of 2023, due to the payment of dividends donation, but because now they have a different methodology that I think Milena López to explain.

[翻譯] 謝謝你，凱瑟琳，我是里卡多·羅阿。是的，實際上，我們所承認的國家政府支持的一個方面是 FEPC 資源的撥款和支付，金額為 2022 年結束後的 3,670 萬 COP。這些都已經完成，這就是為什麼我們在 2023 年約 27 兆哥倫比亞比索的執行水準達到 97%。今年，該基金的收盤價為 2023 年汽油和柴油需求補貼的 20.5 倍。由於支付股息捐贈，此時的資源不屬於 2023 年之前的方法，但因為現在他們有不同的方法，我認為 Milena López 需要對此進行解釋。

[Interpreted] Hi Katherine, this is Milena López. So right. We, during 2024, we must receive COP 20.7 trillion as a payment of FEPC by the national government. According to what has happened before and what is agreed with the government, each quarter, we cost the subsidies and they must be paid during the next 12 months. So we are going to receive quarterly payments from the government paying those debts. Which is -- what is the different this year, in the past? We've done what we denominate, crossing the dividends, which is an accounting movement. We just exchange the invoice that we -- the government is going to pay us with the one that we need to pay for dividends. So we don't give or receive anything. But this year, we're going to receive a quarterly payment from the government. And we, on our side, on the date that we must pay the dividends, we will be paying the dividends to the nation. So that's what it means that we are not going to -- crossing accounts.

[口譯]嗨，凱瑟琳，我是米萊娜·洛佩斯。太對了。 2024 年，我們必須收到 20.7 兆哥倫比亞比索，作為國家政府支付的 FEPC。根據先前發生的情況以及與政府達成的協議，我們每季都會支付補貼，並且必須在接下來的12個月內支付。因此，我們將收到政府支付這些債務的季度付款。今年和過去有什麼不同？我們已經做了我們所命名的事情，交叉股息，這是一個會計運動。我們只需交換政府將向我們支付的發票和我們需要支付股息的發票。所以我們不給予或接受任何東西。但今年，我們將收到政府的季度付款。而我們，在我們必須支付紅利的那一天，我們將向國家支付紅利。這就是我們不會交叉帳戶的意思。

It's important to highlight that these -- well, we need an approval from the Board meeting. This is going to be submitted to voting. This includes a dividends to the Nation of COP 11.3 trillion, less than of that [COP 20.3 trillion] that we are going to receive from FEPC. So the net amount is going to be received in cash payments that improve the liquidity position of our company.

需要強調的是，我們需要董事會會議的批准。這將提交投票。這包括向國家支付 11.3 兆COP 的股息，少於我們將從 FEPC 收到的[20.3 兆COP]。因此，淨額將以現金支付的形式收到，以改善我們公司的流動性狀況。

Let's begin with questions in English. Bruno Montanari from Morgan Stanley has a question.

讓我們從英語問題開始。摩根士丹利的布魯諾蒙塔納裡有一個問題。

I have 2 questions and a follow-up. The first question is about the lifting costs. So we saw some increases in lifting costs in the second half of the year, now finishing the year at $13 per barrel. I remember previously, the company used to talk about a short- to medium-term level of lifting costs between $9 and $10 per barrel. So I was wondering if we should think of lifting costs staying at the current level, so around $12 to $13 per barrel in 2024? Or if we should expect costs can still go back to lower levels between $9 and $10 per barrel?

我有兩個問題和一個後續問題。第一個問題是關於起重成本。因此，我們看到下半年提升成本增加，目前年底為每桶 13 美元。我記得之前，該公司曾談論過將中短期成本提升至每桶 9 至 10 美元。所以我想知道我們是否應該考慮將成本提高到目前的水平，即 2024 年每桶 12 至 13 美元左右？或者我們預計成本仍會回到每桶 9 美元至 10 美元之間的較低水平？

My second question is about the refining margin. So I just wanted to understand why the realized margins of the company were so much lower than the international crack spreads and get an idea of what we expect in the next few quarters, if margins can go back to more healthy levels. And then I just wanted to confirm on the production. Is the reason for the spike in production in the fourth quarter was only because the Permian? And if we should expect now production to decline more pronounced in the first quarter of the year.

我的第二個問題是關於煉油利潤。因此，我只是想了解為什麼該公司的實際利潤率比國際裂解價差低得多，並了解我們對未來幾季的預期（如果利潤率能夠恢復到更健康的水平）。然後我只是想確認一下製作情況。第四季產量激增的原因只是二疊紀嗎？如果我們現在預計今年第一季產量將下降更明顯。

[Interpreted] Bruno, Alberto Consuegra. Thank you for your questions. About the lifting cost. What did we see in the last quarter of 2023? Well, yes, there was an increase in the cost. We -- the average was around $13 per barrel, so an average cost of $10.91 for the whole year. These plus the great power cost, plus of general services, services that if you look at -- if you disaggregate the net cost, 70%, 75% is in pesos and 25% is in dollars. And the effect in pesos was impacted by inflation accumulated by 2022 and 2023, which for Colombia, we're talking about 30%.

[口譯]布魯諾，阿爾貝托·孔蘇埃格拉。謝謝您的提問。關於吊運費用。 2023 年最後一季我們看到了什麼？嗯，是的，成本增加了。我們——平均價格約為每桶 13 美元，因此全年平均成本為 10.91 美元。這些加上龐大的電力成本，加上一般服務，如果你看一下——如果你分解淨成本，70%、75%是比索，25%是美元。比索的影響受到 2022 年和 2023 年累積通膨的影響，對哥倫比亞來說，我們談論的是 30%。

And this, we see the impact in 2023 and, of course, in part of 2024. The energy power cost, we are also having an impact because of the El Nino phenomenon. You will see this on the first quarter of this year as well with a greater stock market cost price. So what is our expectation? Yes. In 2024, we must be around $13 per barrel. And with the ITL starting to renegotiate services that -- helped by our efficiency plans to make the interventions in order to have a more competitive lifting cost. But yes, we see the impact both of the inflation as of the power costs in this first quarter of 2024.

我們會在 2023 年看到影響，當然，在 2024 年的部分時間也會看到影響。能源電力成本，由於厄爾尼諾現象，我們也會產生影響。您將在今年第一季看到這一點，並且股市成本價格也會更高。那我們的期望是什麼？是的。到 2024 年，油價必須達到每桶 13 美元左右。隨著 ITL 開始重新談判服務，在我們的效率計劃的幫助下進行幹預，以獲得更具競爭力的提升成本。但是，我們確實看到了 2024 年第一季通貨膨脹和電力成本的影響。

Also, about the downstream. And I'll give the floor to Walter so he can add. But I would say that when we look at 2023, we had 3 quarters with very positive margins due to the behavior of the product prices, both diesel as gasoline. And in the fourth quarter, the margins of the product, the spread of the product, falls to around 10%, especially during December. This affected the result in terms of margins. What is the expectation for 2024? Well, what we've seen during January, February, our margins a little bit above of our plan. We're talking about $13 and $14 per barrel. So we have a very positive outlook. Walter, I don't know if you would like to add something.

另外，關於下游。我將請沃爾特發言，以便他補充。但我想說的是，當我們展望 2023 年時，由於產品價格（柴油和汽油）的表現，我們有 3 個季度的利潤率非常高。在第四季度，產品的利潤率、產品的價差下降至 10% 左右，尤其是在 12 月。這影響了利潤率的結果。對2024年的期望是什麼？嗯，我們在一月、二月看到的情況是，我們的利潤率略高於我們的計畫。我們談論的是每桶 13 美元和 14 美元。所以我們有非常積極的前景。沃特，我不知道你是否願意補充一些東西。

[Interpreted] [Juan Nova] from the vice presidency. Just to add, in 2023, in its context, was an excellent year. We had the best EBITDA historical with a margin close to $18 per barrel, the second best historical after 2022. We had a good amount of barrels with some -- we have never achieved these amounts, thanks to a high -- overcoming that 95%, a historical record. In the load of Cartagena, we closed 200,000 barrels a day, thanks to the implementation of the EPCC project that added 50,000, 60,000 capacity barrels to that refinery at the end of 2022.

[解讀][胡安·諾瓦]副總統。需要補充的是，就其背景而言，2023 年是極好的一年。我們擁有歷史上最好的EBITDA，利潤率接近每桶18 美元，是2022 年後第二好的歷史。我們有大量的桶，其中一些——我們從未達到這些數額，這要歸功於高——克服了95% ，歷史記錄。在卡塔赫納煉油廠，我們每天關閉 20 萬桶，這要歸功於 EPCC 計畫的實施，該計畫將於 2022 年底為該煉油廠增加 5 萬、6 萬桶產能。

Barranca finished -- we had 241 barrels a day there in Barranca. So the greatest in the last 16 years. So these in the fourth Q, we had the greatest historical for our refineries. And even though we had these good operational results and the fourth Q, we see a decrease in our refinery margins associated to a fall of gasoline price -- gasoline in the fourth quarter, especially in December, due to seasonal has a lower price. But in the fourth Q, that price had fall, we saw it even since -- starting in October with the gasoline was in prices in 1 digit of around $7, $8 per barrel, and we saw a fall in the price of diesel and said fuel. So these weakened the refinery margins in the fourth Q compared to the third quarter. And in our EBITDA in the fourth Q, it decreased even though it was the second best historical year consolidated for 2023. What we see in 2024, as I -- as Alberto mentioned, we see that the margins -- we are projecting 2-digit margins on the low side, maybe for project -- average of 2024.

巴蘭卡結束了——我們在巴蘭卡每天有 241 桶。所以是過去16年來最偉大的。因此，在第四個問題中，我們的煉油廠經歷了最偉大的歷史。儘管我們在第四季度取得了良好的營運業績，但我們看到煉油廠利潤率下降，這與汽油價格下跌有關——第四季度的汽油，尤其是 12 月份，由於季節性價格較低。但在第四季度，價格下跌了，我們甚至從 10 月開始就看到了這一點，汽油價格約為每桶 7 美元、8 美元，我們看到柴油價格下跌，並表示燃料。因此，與第三季相比，這些因素削弱了第四季煉油廠的利潤率。在我們第四季度的EBITDA 中，儘管它是2023 年綜合歷史第二好的一年，但它還是下降了。我們在2024 年看到的，正如我——正如阿爾貝託所提到的那樣，我們看到了利潤率——我們預計2-數字利潤率偏低，可能是 2024 年項目的平均值。

But saying this, what we've seen in January and February is that the margins are stronger compared to what we forecasted originally, and maybe they'll be closer to $15 per barrel, plus or minus $2 per barrel. And the refinery loan, we were so considering that we're going to be above 415,000 barrels a day average for both refineries. So in a range of 415,000, 425,000 which is our forecast, our projection for 2024. So Bruno, thanks for your question, and I hope I gave you the answer with -- Bruno, about production.

但話雖如此，我們在 1 月和 2 月看到的是，與我們最初預測的相比，利潤率更高，可能會接近每桶 15 美元，每桶正負 2 美元。至於煉油廠貸款，我們考慮到兩家煉油廠的日產量將高於 415,000 桶的平均值。因此，在 415,000 到 425,000 的範圍內，這是我們的預測，我們對 2024 年的預測。布魯諾，謝謝你的問題，我希望我給了你答案——布魯諾，關於生產。

About the first quarter of this year 2024, the outlook, I cannot share it, but -- or can tell and give it to you, but I will let you know what is happening in the production compared to the last quarter of the previous year. First of all, there was a decrease that was expected in the Permian while we make the next perforation activity. Please recall that we have over 300 wells in production. So that decline, that behavior is given particularly in this first quarter. Second, the impact of the maintenance of the Cupiagua plant that we had at the beginning of the year, that also has an effect on gas production. And third, the blockages, strikes that have -- particularly in Rubiales and in Arauca, Capachos, assets that we have with our associate parks.

關於2024年第一季的展望，我無法分享，但是——或者可以告訴你並給你，但我會讓你知道與去年最後一個季度相比，生產中發生了什麼。首先，當我們進行下一次射孔活動時，二疊紀的產量會減少。請記住，我們有 300 多口井在生產。因此，這種下降、這種行為尤其是在第一季出現。其次，我們年初對庫皮亞瓜工廠進行維護的影響，這也對天然氣產量產生了影響。第三，封鎖和罷工——特別是在魯維亞萊斯和阿勞卡、卡帕喬斯，我們與我們的合作公園擁有資產。

So in total, we're saying that due to this impact, we have around 400,000 barrels that we have deferred in terms of production. And the other impact mentioned is the closure due to the (inaudible) that also impact our production. Thank you, Bruno.

總的來說，我們說由於這種影響，我們有大約 40 萬桶的產量被推遲。提到的另一個影響是由於（聽不清楚）而關閉，這也影響了我們的生產。謝謝你，布魯諾。

[Interpreted] And here, Milena. About the lifting cost that can give you some clarity of the impact of the different components. That lifting of -- in Ecopetrol is similar to what I mentioned in the cost, where we have a greater lifting at the end of the year, the fourth quarter, due to greater cost execution. So that's why comparing the lifting in the fourth quarter of last year and this year, we see a significant increase of 45%.

[翻譯] 在這裡，米萊娜。關於提升成本，可以讓您清楚了解不同組件的影響。 Ecopetrol 的提升與我在成本中提到的類似，由於成本執行力度加大，我們在年底、第四季有更大的提升。所以這就是為什麼比較去年第四季和今年的提升，我們看到了 45% 的顯著成長。

And I believe it is important to see the different components. When you look at these, the most -- the largest component is the impact of the exchange rate. Around 75% of costs -- of the lifting costs are in pesos. And of the 45% increase, 23% corresponds to an exchange rate that is COP 900 below what we had on the third quarter of last year. So this is a very important component to understand the lifting cost.

我認為了解不同的組成部分很重要。當你看這些時，最——最大的組成部分是匯率的影響。大約 75% 的提升成本以比索為單位。在 45% 的成長中，23% 對應的匯率比去年第三季低 900 比索。所以這是了解起重成本的一個非常重要的組成部分。

The second are the power energy cost. Of that 45%, 9% are energy cost. And as I mentioned before, both this quarter as in the first quarter of 2024, we will have some power costs that are going to be above of what we expected due to the impact of the El Nino phenomenon. These should be transitory and should be corrected by the end of the year. And the impact are -- the other impacts are the inflation. If you look at those 3 components and you quantify them, it's easier to understand what's happening with the lifting cost and how we see it in the future, that we should see a range between 12 and 13, assuming that we don't have large movements in the exchange rate.

其次是電力能源成本。這 45% 中，9% 是能源成本。正如我之前提到的，無論是本季度還是 2024 年第一季度，由於厄爾尼諾現象的影響，我們的一些電力成本將高於我們的預期。這些應該是暫時的，並應在年底前糾正。其他影響是通貨膨脹。如果你看看這 3 個組成部分並量化它們，就更容易理解提升成本發生了什麼以及我們如何看待未來，假設我們沒有大的提升成本，我們應該看到 12 到 13 之間的範圍。匯率變動。

Rodrigo Almeida from Banco Santander is online with a question.

桑坦德銀行的羅德里戈·阿爾梅達 (Rodrigo Almeida) 在線提問。

I have a couple of follow-up questions, actually, and then one actual question. I think I will just go back to the discussion we're having just now on the upstream side. And I understand there are 3 main components to the short-term production outlook. We mentioned the Permian, the maintenance and then the strikes. I just wanted to understand here because we have, I would say, a big difference in lifting costs from the Permian to the rest of the production in Colombia. So I wanted to understand out of these 3 components, how much is the Permian weighing on the impact for the first quarter? So I can better try to understand here the lifting cost outlook for the short term as well, I think, would be helpful.

實際上，我有幾個後續問題，然後是一個實際問題。我想我會回到我們剛才在上游方面進行的討論。據我了解，短期生產前景有三個主要組成部分。我們提到了二疊紀、維護和罷工。我只是想在這裡了解一下，因為我想說，我們在從二疊紀盆地到哥倫比亞其他生產地的提升成本方面存在很大差異。所以我想了解在這三個組成部分中，二疊紀對第一季的影響有多大？因此，我可以更好地嘗試在這裡了解短期的提升成本前景，我認為這也會有所幫助。

The second follow-up that I had is regarding refining. The downstream margin, just to understand a little bit better. If I did understand correctly, you had some impacts from inventory turnover or something like this. So if you could just confirm that. And I think we might have got something lost in translation throughout the way, but I just wanted to understand that a little bit better.

我的第二個後續行動是關於精煉。下游毛利，只是為了更好理解一點。如果我沒理解錯的話，你會受到庫存週轉或類似的影響。所以如果你能證實這一點的話。我認為我們可能在整個翻譯過程中失去了一些東西，但我只是想更好地理解這一點。

And then the actual question that I have with the third point is related to the U.S. operation, right? The Permian, and now you resumed production in the Gulf of Mexico through the JV as well. I wanted to see -- I mean, you're doing -- it seems like you're doing more stuff outside Colombia, right? Does this show any shifting strategy there in terms of mindset regarding potentially investing more outside the Colombia for upstream projects? I think those are the questions. Thank you.

然後我對第三點的實際問題與美國的行動有關，對吧？二疊紀，現在你們也透過合資企業恢復了墨西哥灣的生產。我想看看——我的意思是，你正在做——似乎你在哥倫比亞以外做了更多的事情，對嗎？這是否表明在可能在哥倫比亞境外對上游項目進行更多投資的心態方面存在任何戰略轉變？我想這些就是問題所在。謝謝。

[Interpreted] Thank you, Rodrigo, for your questions. Ricardo Roa, President. Yes, we have had, as I mentioned before in detail, that differences in the short term and in the midterm related with the Permian. This was a very profitable, more very efficient asset from Ecopetrol. And yes, we are evaluating the expectations of our greater production in that area, where that evaluation will allow us to see those expectations will come true. So I'll give the floor to Alberto Consuegra so he can also talk about the streaming -- the margin in the streaming, how it affects the strategy of investing more outside of Colombia.

[翻譯]謝謝羅德里戈的提問。里卡多·羅阿，總統。是的，正如我之前詳細提到的，短期和中期的差異與二疊紀有關。這是 Ecopetrol 的一項非常有利可圖、更有效率的資產。是的，我們正在評估該領域更大產量的預期，該評估將使我們看到這些預期將會實現。因此，我將請阿爾貝托·孔蘇埃格拉 (Alberto Consuegra) 發言，這樣他也可以談論串流媒體 - 串流媒體的利潤率，它如何影響在哥倫比亞境外進行更多投資的策略。

Well, I do want to answer that. We are focused in our projects of increasing our exploration. And we have important resources invested there. We are focused in the greater recovery through the improved recharging in our fields, better perforation and maintenance of our wells right now. That's where we have focused our investments. Yes, we have important investments outside, but they are not done by Ecopetrol. They are done by ISA. Last year, almost COP 10 trillion in assets to invest in Panama, the development of roads and assets for transmission in Peru, Brazil and roads in Chile. So this is what has been managed from the budget, and these are made by ISA.

嗯，我確實想回答這個問題。我們專注於增加勘探的項目。我們在那裡投入了重要的資源。我們現在的重點是透過改善油田補給、更好的射孔和油井維護來實現更大的恢復。這就是我們投資的重點。是的，我們在外部有重要的投資，但它們不是由 Ecopetrol 完成的。它們是由 ISA 完成的。去年，近10兆COP的資產投資於巴拿馬、秘魯、巴西和智利的道路和輸電資產的開發。這就是預算管理的內容，這些是由 ISA 制定的。

[Interpreted] Rodrigo, thank you for your questions. About the impact of let's say, the inflation in the Permian cost and how the premium lifting cost, well, I can tell you this. When you look at dollars, the inflation we had in the Permian assets, that also impact the inverter CapEx, we're talking about 17% from 1 year to the next one. These affects 2022 and 2023. So the lifting cost goes from $4 per barrel in 2022 in the fourth Q to more than $5 per barrel in the fourth Q of last year. That trend is going to be between $4.5 and $5.5 for these, 2024, while we reverse the impact of inflation, product of 2 things: the efficiency interventions as well as the growth in production.

[翻譯]羅德里戈，謝謝你的提問。關於影響，比如說，二疊紀成本的通貨膨脹以及保費提升成本的影響，好吧，我可以告訴你這一點。當你看看美元時，二疊紀資產的通貨膨脹也會影響逆變器資本支出，我們談論的是從一年到下一年的 17%。這些影響到2022年和2023年。因此，成本從2022年第四季的每桶4美元上升到去年第四季的每桶5美元以上。到 2024 年，這一趨勢將在 4.5 美元到 5.5 美元之間，而我們扭轉通貨膨脹的影響，這是兩件事的產物：效率幹預措施以及產量增長。

It is important to highlight that since this is an asset that has a primary charging, it's not compared with the mature because we have secondary recharging. So these marks are different. So these just to clarify. About downstream, I'm going to just ask -- I mentioned 2 things, which were [queue] in the margin deterioration. First of all, in the spreads in the product differentials, diesel and gasoline and the other related with greater costs that we saw in the fourth Q of last year. So these 2 -- these 2 variables affect the net margin we had in the fourth Q of last year, and I'm sure that they will also have an impact this year. But as we mentioned before, we see a margin expectations with the behavior of January and February of this year that are more favorable than what we had in our plan.

需要強調的是，由於這是一項具有初級充電功能的資產，因此不會與成熟資產進行比較，因為我們有二次充電功能。所以這些標記是不同的。所以這些只是為了澄清。關於下游，我只想問──我提到了兩件事，它們是利潤率惡化的[隊列]。首先，在產品差異方面，柴油和汽油以及其他產品與我們去年第四季看到的更高成本有關。所以這兩個變數影響了我們去年第四季的淨利潤，我相信它們今年也會產生影響。但正如我們之前提到的，我們看到今年 1 月和 2 月的表現的利潤率預期比我們計劃中的更有利。

Next question from Alejandra Andrade from JPMorgan.

下一個問題來自摩根大通的亞歷杭德拉·安德拉德。

I think my previous -- my first question was already answered, was related to the downstream margins, which you explained was both spreads and cost. And then I just wanted to ask you in terms of opportunities to acquire any assets for Colombia, particularly on the gas side, if there's anything that you're looking at or if you're more focused simply on the exploration at this point?

我認為我之前的第一個問題已經得到解答，與下游利潤率有關，您解釋說這既是價差又是成本。然後我只想問您，關於為哥倫比亞收購任何資產的機會，特別是在天然氣方面，您是否正在考慮什麼，或者您目前是否更專注於勘探？

[Interpreted] Good morning, Alejandra. Nicolás Azcuénaga, Vice President, Strategy and New Business, Vice President, answering. In terms of inorganic options were, yes, looking as always, and part of our systematic procedure growth options both for gas as for oil in Colombia and other geographies. This is part of the exercise we are permanently making. As those opportunities mature our approval process, we will publicly -- make them public to the market. That's all I could say about that. Thank you very much.

[翻譯]早安，亞歷杭德拉。 Nicolás Azcuénaga，策略與新業務副總裁，負責回答。就無機選項而言，是的，看起來一如既往，並且是我們在哥倫比亞和其他地區的天然氣和石油系統性程序增長選項的一部分。這是我們永久進行的練習的一部分。隨著這些機會的審批流程成熟，我們將公開將它們向市場公開。對此我只能說這麼多。非常感謝。

Luiz Carvalho with a question.

路易斯·卡瓦略提問。

(technical difficulty) with dividends. So I'm just trying to reconciliate and understand what will be the management approach in terms of proposal in terms of dividends for 2024.

（技術難度）有股利。因此，我只是想協調並了解 2024 年股息提案中的管理方法。

[Interpreted] Ricardo Roa, President of Ecopetrol. Thank you, Luiz, for your questions. Some of which we had already mentioned before, answered before. So yes, of course, the production level in the fourth quarter of 2023 is one of the highest records of the previous 8 years. And second, it's a consequence of the effort we made to recover with income and grade production, the -- lack we had due to the fall of oil price and to the excellent performance we had in our fields, particularly in -- at Magdalena, Medio and at (inaudible).

[解讀] 里卡多·羅阿 (Ricardo Roa)，Ecopetrol 總裁。謝謝路易斯提出的問題。其中一些我們之前已經提到過，之前已經回答過。所以，當然，2023 年第四季的生產水準是過去 8 年來的最高記錄之一。其次，這是我們努力恢復收入和品味產量的結果，由於石油價格下跌以及我們在油田，特別是在馬格達萊納的油田表現出色， Medio 和 at（聽不清楚）。

But the expectation for production in 2024 is you have the reference, a decrease in the price first, which does it make it viable, the extraction of all the fields that we are exploring -- commercially exploring right now, and exploiting right now. And this is not the window of the mid and long term, the maximum peak that Ecopetrol could have. We see it towards the [29, 30] with 800, 830 barrels production day. That's the analysis we've done internally in the analysis of our strategy in the macro numbers for this strategy.

但對 2024 年生產的期望是，你有參考，首先價格下降，這使它可行，提取我們正在探索的所有領域——現在進行商業探索，現在就進行開發。這不是中長期的窗口期，也不是 Ecopetrol 可能達到的最高峰值。我們預計到 [29, 30] 日產量將達到 800、830 桶。這是我們在內部對該策略的宏觀數據分析中所做的分析。

And of course, in what you -- in about the dividends, yes, we already mentioned that this year, it's not going -- we are not going to apply what we did last year. We are not going to make an accounting -- crossing accounts between the debt that we had with the subsidies of 2022 with the government across -- crossing with the risk of what that nation paid so -- because the previous time, we could leverage our investment plan and the cost related with the operation. But we are not going to do that this year. And the last point, I'll give the floor to Milena so she can clarify, but I think that she already mentioned the methodology.

當然，在股息方面，是的，我們已經提到，今年，我們不會採用去年所做的事情。我們不會進行會計核算——將我們的債務與 2022 年的補貼與政府進行交叉核算——與該國家支付的風險進行交叉核算——因為上一次，我們可以利用我們的債務投資計劃和與運營相關的成本。但今年我們不會這樣做。最後一點，我將請米萊娜發言，以便她能夠澄清，但我認為她已經提到了方法論。

[Interpreted] As we said before, dividends is a payout of 67% corresponding to a dividend of COP 12.8 trillion, COP 11.3 trillion are to the majority shareholder, which is the nation, and COP 1.5 trillion to the minority shareholders. So dividends for the nation, they can be paid up to December 31. So we will paying the nation after paying the FEPC payments that we will receive quarterly.

【解讀】正如我們之前所說，股息是67%的派息，相當於12.8萬億比索的股息，其中11.3萬億比索屬於大股東，即國家，1.5萬億比索屬於少數股東。因此，國家的股息可以在 12 月 31 日之前支付。因此，我們將在支付我們每季收到的 FEPC 付款後向國家支付。

So we have no more questions live. Chat questions, [Stefania Moskia] from Credicorp Capital asks, "Can we give more details about the tax movement in the upstream before impairment? Which is the effective rate that you expect for 2024 in that segment?"

所以我們沒有更多的問題了。在聊天問題中，來自 Credicorp Capital 的 [Stefania Moskia] 問道：“我們能否提供有關減值之前上游稅收變動的更多詳細信息？您預計該細分市場 2024 年的有效稅率是多少？”

[Interpreted] Hi, Stefania. This is Milena López. Important to highlight, a couple of topics in terms of taxes. First, November, we had the Constitutional Court said that, yes, the cost of royalties are deductible from taxes. Otherwise, this would have an increment payment of COP 1.6 million in taxes throughout that 2023. Since the -- this is given in the third quarter, that quarter we need to remove the savings of taxes we had during the year. So we have a favorable taxes to save somehow of COP 1.3 trillion because we reversed it in the fourth quarter.

[翻譯]嗨，史蒂芬妮亞。這是米萊娜·洛佩茲。需要強調的是，有幾個關於稅收的話題。首先，11 月，憲法法院表示，是的，特許權使用費可以從稅金中扣除。否則，這將在 2023 年期間增加 160 萬哥倫比亞比索的稅收。由於這是在第三季度給出的，因此我們需要在該季度消除我們在這一年中節省的稅收。因此，我們有優惠的稅收，可以節省 1.3 兆哥倫比亞比索，因為我們在第四季度扭轉了這一局面。

So this is -- this is something that we think fourth quarter that affects are the specific rate of the quarter. Additionally through the year, we were making provisions assuming an over rate of 15%. Now we have the decree that ends the applicable over rate. And in 2023 due to the average of the price of the price spread, we are in the quarter that implies an overrate of 10%. So yes, we need to make a reverse the taxes that we had cost during the year of $800 billion, something that you can see on the fourth Q. So the effective rate that you see, if you calculate it every quarter in the fourth Q, it is impacted by these 2 topics.

我們認為第四季影響的是該季度的具體利率。此外，全年我們都假設利率超過 15% 來提列撥備。現在我們有法令終止適用的超額稅率。到 2023 年，由於價差的平均值，我們所處的季度意味著高估了 10%。所以，是的，我們需要扭轉我們在這一年中花費的8000 億美元的稅收，這一點你可以在第四個季度中看到。所以，如果你在第四個季度中每個季度計算一次，你會看到有效利率，它受到這兩個主題的影響。

When we see the numbers on the whole year, Ecopetrol has an effective tax rate of 36.6%, which differentiates from what we had in 2022 of 31%. And that main impact here is the effect of the tax reform that impacts for the first time in 2023. I don't know if this makes the fourth Q tax clear.

當我們看到全年的數據時，Ecopetrol 的有效稅率為 36.6%，這與 2022 年的 31% 有所不同。這裡的主要影響是2023年首次影響的稅制改革的影響。我不知道這是否使第四個Q稅變得清晰。

Bruno from Goldman Sachs asks, "Where is the local diesel and gasoline price compared to the international?"

高盛的布魯諾問道：“與國際相比，當地柴油和汽油價格如何？”

[Interpreted] Hi Bruno, Milena López. So when we see the diesel prices, I'm going to talk specifically about the average of February to provide more updated information. We have a diesel price of around COP 9,500. When we look at the parity price, it is closer to COP 15,000. So we have an effective subsidy of 63%. Nevertheless, when we look at the gasoline prices in February, we see a price of around COP 15,700 and the priority price is a little below this. So in reality, what we see right now is a subsidy of around COP 2,000 of gasoline facing what we are lacking in diesel.

[口譯]嗨布魯諾，米萊娜·洛佩斯。因此，當我們看到柴油價格時，我將專門討論二月的平均價格，以提供更多更新資訊。我們的柴油價格約為 9,500 COP。當我們查看平價時，它接近 15,000 COP。所以我們的有效補貼是63%。然而，當我們查看 2 月的汽油價格時，我們看到價格約為 COP 15,700，優先價格略低於此。所以實際上，我們現在看到的是大約 2,000 COP 的汽油補貼，而我們的柴油卻短缺。

So on 1 side, diesel, we have a subsidy, and on gasoline, we have -- we are a little bit above, which help us to improve our deficit. And with the FEPC questions, well, it is important here to highlight not only that we're going to have a lower monthly accumulation of FEPC due to the increase of gasoline price that the national government did last year, but this reduction in the market prices will lead us to that. If we project what the deficit of the prices for 2024, it gives us something around COP 3 trillion and COP 4 trillion. Of course, these changes according to the exchange rate and the differentials. But in effect, we see that if there is no movements in diesel price, which is not the base scenario, we hope that we have some adjustments. We see at the end of the year, a deficit of -- due to FEPC that will be inferior to what we've seen in the last 2 years, which is a great news for the company and for the position of Ecopetrol.

因此，一方面，在柴油方面，我們有補貼，在汽油方面，我們有補貼——我們稍微高一點，這有助於我們改善赤字。關於 FEPC 問題，這裡重要的是要強調，不僅由於國家政府去年提高了汽油價格，而且市場的減少，我們的 FEPC 月度累積量將會降低。價格將引導我們做到這一點。如果我們預測 2024 年的價格赤字是多少，則約為 3 兆比索和 4 兆比索。當然，這些會根據匯率和差價而改變。但實際上，我們看到如果柴油價格沒有變動（這不是基本情況），我們希望我們有一些調整。我們在今年年底看到，由於 FEPC，赤字將低於我們過去兩年所看到的，這對公司和 Ecopetrol 的地位來說是個好消息。

[Mather] has 2 questions. First one, do you have an update or expectation about the no deductibility of royalties for March due to the Supreme Court? And second, could we see an extraordinary dividend greater to what we -- this year to help that fiscal -- the tax deficit?

[媽媽]有2個問題。第一個問題，您對最高法院3月特許權使用費不可扣除的最新情況或預期有何看法？其次，我們能否看到比我們今年幫助財政的稅收赤字更大的非凡紅利？

[Interpreted] Thank you, [Mather], for your questions. Milena López again. Yes. So about the Constitutional Court. In November, we had the rule out that says that the royalty prices are deductible -- tax deductible. At the beginning of the year, the Ministry of -- said an incident of impact -- of tax impact. And the Ministry of Treasury has a time that would be like this record metric to eradicate in the court, the sustentation of that, of such tax impact. Once the court receives this, they will accept the incident, discuss it. And during that period of time, they will -- we have an answer.

[解釋] 謝謝[媽媽]的提問。米萊娜·洛佩茲又來了。是的。那麼關於憲法法院。 11 月份，我們排除了特許權使用費價格可以扣除的情況—可以免稅。今年年初，財政部表示發生了一起影響稅收影響的事件。財政部有一個時間，就像這個創紀錄的指標，可以在法庭上消除這種稅收影響的維持。一旦法院收到此訊息，他們將接受該事件並進行討論。在那段時間裡，他們會——我們有答案。

So the important thing here is that at the time the court decides to revise and accept that tax impact incident to -- we will suspend that. And we will have to wait for final ruling. And in Ecopetrol, we will accept what the court says. So right now, we don't have additional information. Second question about extraordinary dividend. Now up to the date, we haven't discussed with Treasury Ministry about this, except the payout of 67%, which -- of payout, which is taken to the Shareholders' Meeting.

因此，這裡重要的是，當法院決定修改並接受該稅收影響時，我們將暫停該決定。我們將不得不等待最終裁決。在 Ecopetrol 中，我們將接受法院的判決。所以現在我們沒有更多資訊。第二個問題，關於特別股利。到目前為止，我們還沒有與財政部討論此事，除了 67% 的支付，其中 67% 的支付將提交給股東大會。

[Interpreted] Congratulations for the results and milestones. About the possibility of making businesses with PDVSA. How much have you advanced in that option?

[解讀] 祝賀所取得的成果和里程碑。關於與 PDVSA 開展業務的可能性。您在該選項上進步了多少？

[Interpreted] Thank you, Jose Daniel. Ricardo Roa, President. The evaluations that we're doing internally, the possibility of making businesses with PDVSA in the short term are focused on the contract that has been constantly reactivated since 2007 until 2027 between PDVSA and Ecopetrol, where we say that we can transfer. So the interaction that we've had in the last months with PDVSA Gas as owner of the transportation -- asset transportation, gas transportation is to work hand in hand, inspecting and revising the conditions of -- maintaining the commitment that we have to activate actions. To support any emergency in the context of the production exploration. So this is one of the options. In between 4 or 5 more that we are talking about in order to attend the demand that we will have, we have a deficit of 169 gigabytes. So basically, we are, among many options, evaluating the opportunity of working with these legal project. And this will occur as we don't have any restrictions from VAC that would avoid this transaction.

[翻譯]謝謝你，何塞·丹尼爾。里卡多·羅阿，總統。我們內部正在進行的評估，短期內與PDVSA開展業務的可能性主要集中在PDVSA和Ecopetrol之間自2007年至2027年不斷重新啟動的合約上，我們說我們可以轉讓。因此，過去幾個月我們與 PDVSA Gas 作為運輸（資產運輸、天然氣運輸）所有者的互動是攜手合作，檢查和修改條件 - 維持我們必須激活的承諾行動。支援生產勘探中的任何緊急情況。所以這是選項之一。為了滿足我們的需求，我們正在討論 4 到 5 個以上的空間，我們的缺口為 169 GB。所以基本上，我們正​​在眾多選擇中評估與這些法律項目合作的機會。之所以會發生這種情況，是因為 VAC 沒有任何可以避免此交易的限制。

[Manuela Aurea] from Standard and Poor's asks, "For 2024, what is the capacity you consider for the refineries and how this affect gasoline imports to Colombia?"

標準普爾的 [Manuela Aurea] 問道：“對於 2024 年，您考慮的煉油廠產能是多少？這將如何影響哥倫比亞的汽油進口？”

[Interpreted] Manuela, good day. Alberto Consuegra. Thank you for your question. What are we seeing from the load point of view in 2024, an average between 415,000 and 425,000 barrels. Particularly in the case of imports, well, what is the co-relationship in gasoline? Well, the production capacity of both refineries is between 80,000 and 90,000 barrels depending on the maintenance we have through the year. And the imports are going to be between 40,000 and 50,000 barrels around that.

[翻譯]曼努埃拉，美好的一天。阿爾貝托·孔蘇埃格拉。謝謝你的問題。從 2024 年的裝載量來看，我們會看到什麼，平均在 415,000 至 425,000 桶之間。特別是在進口方面，汽油之間的相互關係是什麼？嗯，兩家煉油廠的產能在 80,000 到 90,000 桶之間，具體取決於我們全年的維護。進口量將在 40,000 至 50,000 桶左右。

So what do we see in the first months of this year? Well, a fall in imports below that range of 45,000 barrels. This is good news. And nevertheless, we need to await for a reactivation of the demand and this will depend on the behavior of the gasoline prices, international gasoline prices. So this is the variable we're managing right now. And from the production point of view, we are safe with our plan.

那麼今年頭幾個月我們會看到什麼呢？嗯，進口量下降到 45,000 桶以下。這是個好消息。儘管如此，我們需要等待需求的重新激活，這將取決於汽油價格和國際汽油價格的趨勢。這就是我們現在正在管理的變數。從生產的角度來看，我們的計劃是安全的。

No more questions. So we give the floor to the President for the final message.

別再問問題了。因此，我們請總統發表最後的訊息。

Thank you. Thank you again for your participation, please keep firm confidence on our company and our subsidiaries with this great team that's working with us that has shown a very important leadership, Ecopetrol, and the margin of critical conditions of the market situations. We'll keep working and will keep being responsible to consolidate and to continue to making Ecopetrol the great company it is, not only in Colombia, but with an important participation in each of the economies of the countries we are present at.

謝謝。再次感謝您的參與，請對我們公司和我們的子公司保持堅定的信心，我們的這個與我們合作的偉大團隊表現出了非常重要的領導力，Ecopetrol，以及市場形勢危急條件的利潤。我們將繼續努力，繼續負責鞏固並繼續使 Ecopetrol 成為一家偉大的公司，不僅在哥倫比亞，而且在我們所在國家的每個經濟體中都有重要參與。

Thank you very much for your participation. Thank you.

非常感謝您的參與。謝謝。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.

[本筆錄中標記為[已翻譯]的部分是由現場通話中的翻譯員朗讀的。