Ecopetrol SA (EC) 2024 Q1 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 first quarter 2024. There will be a question-and-answer session at the end of the presentation. Before we begin, it is important to mention that the comments in this call by Ecopetrol senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared in this conference call. The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Alberto Consuegra, COO; and Maria Catalina Escobar, Acting CFO. Thank you for your attention.

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，我們將在會議上討論 2024 年第一季的主要財務和營運業績。在我們開始之前，值得一提的是，Ecopetrol 高階管理層在本次電話會議中的評論包括對公司未來業績的預測。這些預測不構成對未來結果的任何承諾，也不考慮可能發生的風險或不確定性。因此，如果未來結果與本次電話會議中分享的預測不同，Ecopetrol 不承擔任何責任。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；和代理財務長瑪麗亞·卡塔利娜·埃斯科瓦爾 (Maria Catalina Escobar)。感謝您的關注。

Mr. Roa, you may begin your conference.

羅亞先生，您可以開始會議了。

Good morning, everyone. Welcome to the first quarter of 2024 earnings call, a quarter in which we are moving forward on the path of growth, thanks to the collected work and effort of all our employees and partners. The results show that we are still maximizing the opportunities in our traditional business. We continued to achieve excellent operational features. We closed the first quarter with a production of 741,000 barrels of oil equivalent per day, a transported volume of 1,118,000 barrels per day and refining loads of 428,000 barrels per day with a high operational availability of our refineries in 96%, reaching levels comparable with the best refineries in Latin America. During the quarter, we announced the commercial viability of the recipe gas drilled in the Cordoba department, adding approximately 6.7 million cubic feet of gas and the signing of a gas exploration agreement in Piedemonte Norte with Paris.

大家，早安。歡迎參加 2024 年第一季財報電話會議，在我們所有員工和合作夥伴的共同努力和努力下，我們正在增長的道路上前進。結果表明，我們仍在最大限度地利用傳統業務的機會。我們持續實現卓越的營運特性。一季產量達 74.1 萬桶油當量/日，運輸量達 111.8 萬桶/日，煉油廠負荷達 42.8 萬桶/日，煉油廠開工率高達 96%，達到與國際煉油廠相當的水平。好的煉油廠。本季度，我們宣布了在科爾多瓦省鑽探的配方天然氣的商業可行性，增加了約 670 萬立方英尺的天然氣，並與巴黎簽署了北皮埃蒙特的天然氣勘探協議。

This milestone is trading our commitment to the country's energy security. These achievements are complemented by the outstanding commercial strategy highlighting our subsidiary in Houston, Ecopetrol U.S. trading, which started operations in October 2023, with a commercialization of 16.7 million barrels of crude and products generating an EBITDA of $37.1 million and a net profit of $28.5 million in the first quarter of 2024, 185% above the plan for the period. We are able to face the El Nino phenomenon with resilience, implementing, planning, optimization and saving strategies throughout the operations and the processes. Examples include the accelerated maintenance at Cupiagua diesel timely delivered to the power plants and 80% water reuse rate in our operations.

這一里程碑是我們對國家能源安全的承諾的代價。這些成就與我們位於休士頓的子公司Ecopetrol U.S. Trading 的傑出商業策略相輔相成，該公司於2023 年10 月開始運營，商業化了1,670 萬桶原油和產品，產生了3,710 萬美元的EBITDA 和2,850 萬美元的淨利2024年第一季度，比同期計畫高出185%。我們能夠在整個營運和流程中靈活應對厄爾尼諾現象，實施、規劃、優化和節約策略。例如，庫皮亞瓜柴油的加速維護及時交付到發電廠以及我們營運中 80% 的水重複利用率。

Moving to the next slide. Our growing production translates into solid financial figures with competitive profitability showing an EBITDA margins in line with the average of the last 8 years. In this way, revenues of COP 1.3 trillion, EBITDA of COP 14.2 trillion, net profit of COP 4.0 trillion and ROACE of 11%, in line with our annual target. The main impacts on the results compared to the first quarter of 2023 are mainly due to exogenous variables. Over the past year, the exchange rate dropped by COP 845 affecting the expiration of variables in pesos, explaining 80% of the variation in EBITDA. When analyzing the figures in dollars for the quarter, we observed financial results at similar levels compared to the first quarter of 2023, other by able affecting the results are increased costs due to the El Nino phenomenon, inflationary pressures and the fall in differentials as a result of the market oversupply.

轉到下一張投影片。我們不斷增長的產量轉化為堅實的財務數據，具有競爭力的獲利能力，顯示 EBITDA 利潤率與過去 8 年的平均水平一致。這樣，收入為1.3兆比索，EBITDA為14.2兆比索，淨利潤為4.0兆比索，ROACE為11%，符合我們的年度目標。與2023年第一季相比，對業績的影響主要來自外生變數。去年，匯率下跌了 COP 845，影響了比索變數的到期，解釋了 EBITDA 變動的 80%。在分析本季的美元數據時，我們觀察到與 2023 年第一季相比，財務結果處於相似水平，其他影響結果的因素包括厄爾尼諾現象導致的成本增加、通貨膨脹壓力以及差異縮小。結果。

Efficient management of the accounts receivable with the fuel price stabilization fund accompanied by adjustment to gas line prices allowed us to reduce the accumulation by 72% compared to the first quarter of 2023, ensuring lower working capital pressures for the company. Additional on April 1, we received the transfer of COP 7.8 trillion, corresponding to the account for the first quarter of 2023, highlighting the nation's commitment to prepayments. I want to highlight the successful closure of the legal process of the arbitration award of the Cartagena refinery after 7 years of organ port in which we protect the interest and reputation of the company and for which we have already received the corresponding compensation.

透過對燃油價格平準基金應收帳款的有效管理以及燃氣管道價格的調整，使我們的累積比 2023 年第一季度減少了 72%，確保了公司營運資金壓力的降低。此外，4 月 1 日，我們收到了 7.8 兆比索的轉賬，相當於 2023 年第一季的帳戶，突顯了國家對預付款的承諾。我想強調的是，經過7年的器官移植，卡塔赫納煉油廠仲裁裁決的法律程序已成功結束，我們保護了公司的利益和聲譽，並已收到相應的賠償。

I want to give a special recognition to the Cartagena refinery and its entire team for their constant work and commitment to successfully complete in this process. We maintain competitiveness in returns for our shareholders. At the general shareholders meeting a dividend distribution of 67% of the profits for 2023 was approved, corresponding to COP 312 per share to be paid into installments in 2024, one which has already been paid to minority shareholders in April. Additionally, I highlight the annual dividend yield of 14%, which continues to be highly competitive in the industry.

我要特別感謝卡塔赫納煉油廠及其整個團隊為成功完成這項過程所做的不懈努力和承諾。我們為股東保持回報的競爭力。股東大會批准了2023年利潤67%的股利分配，相當於每股COP 312，將於2024年分期支付，其中一項已於4月​​支付給少數股東。此外，我強調14%的年度股息殖利率，這在業界仍然具有很強的競爭力。

Moving to the next slide. The operational achievements shown go along with environmental, social and governance milestone that support the good performance of traditional business and the path towards a fair energy transition. In the environmental field and in line with our ambition to achieve net 0 emissions by 2050 and decarbonized our operations in the first quarter of the year we achieved a reduction of 50,000 tons of CO2 equivalent of dirt emission scopes 1 and 2, accumulating a reduction of 1.54 million tons of CO2 equivalent from our operation, which to give you an idea is equivalent to the annual electricity concession of 80 million Colombian households. We also manage responsibly and efficiently the order that we use for our operations. In the quarter, we achieved the use of 39.6 million cubic meters. Its value is equivalent to the quarterly domestic demand of 5.4 million Colombians.

轉到下一張投影片。所顯示的營運成就與環境、社會和治理里程碑一致，支持傳統業務的良好業績和實現公平能源轉型的道路。在環境領域，為了實現到 2050 年實現淨零排放和營運脫碳的目標，我們在今年第一季實現了 1 類和 2 類污染物排放二氧化碳當量 5 萬噸的減排，累計減排量我們的營運減少了154 萬噸二氧化碳當量，這相當於8000 萬哥倫比亞家庭每年的電力特許權。我們也負責任且有效率地管理我們用於營運的訂單。本季度，我們實現使用量3960萬立方米。其價值相當於540萬哥倫比亞人的季度國內需求。

In line with the above, we highlight the launch of the new circular economy model which we have a production and construction system that promotes efficient and sustainable management throughout a product life cycle in our value chain, and we focus our effort on achieving climate change order biodiversity among other goals. On the renewable energy incorporation we announced the inauguration of the Cartagena solar firm, making it third the first refinery in Latin America with a solar forward plant. In the social feed during the first quarter of the year, COP 6.8 billion were executives in social, environmental and relationship investments and 50 projects were developed through the tax for works mechanisms for a value of COP 451.6 billion signed the beginning of the mechanisms. Through the social gas line, we achieved the connection of 852 homes to gas fuel networks, accumulating a total of 3,971 connections since 2019, thus contributing to the expansion of access to essential public service for the people living in the communities where we operate.

綜上所述，我們專注於推出新的循環經濟模式，我們擁有促進價值鏈整個產品生命週期高效、永續管理的生產和建設體系，我們致力於實現氣候變遷秩序生物多樣性等目標。在再生能源整合方面，我們宣布卡塔赫納太陽能公司成立，使其成為拉丁美洲第三家擁有太陽能遠期工廠的煉油廠。在今年第一季的社會動態中，社會、環境和關係投資領域的高階主管投資了68 億比索，並透過工程稅機制開發了50 個項目，在該機制開始時簽署了價值4,516 億比索的項目。透過社會燃氣管道，我們實現了 852 個家庭接入燃氣網絡，自 2019 年以來累計連接 3,971 個，從而為擴大我們運營所在社區的人們獲得基本公共服務做出了貢獻。

Additionally, and in line with our commitment with these communities, we generate more than 73,000 jobs through our contractor companies hiring around 85% of local labor and generating 23% inclusive jobs. The update of the bylaws reflect our commitment to gender diversity and the adequate preparation of our leaders, ensuring that at least 30% of the Board of Directors are women and requiring more than 12 years of experience for members of this governing body, ensuring the presence of experts from diverse fields. The recent change in the composition of Ecopetrol Boards of Directors do not imply modifications or change in the implementation of the Ecopetrol's group, 2040 strategy by itself. Like a wiz, the corporate governance model remains valid. And to date, no change proposals have been present by Ecopetrol administration.

此外，根據我們對這些社區的承諾，我們透過承包商公司創造了超過 73,000 個就業崗位，僱用了約 85% 的當地勞動力，並創造了 23% 的包容性就業機會。章程的更新反映了我們對性別多元化的承諾以及領導者的充分準備，確保董事會中至少 30% 為女性，並要求該治理機構成員擁有 12 年以上的經驗，確保董事會成員的存在來自不同領域的專家。最近 Ecopetrol 董事會組成的變化並不意味著 Ecopetrol 集團 2040 戰略本身的實施會發生修改或變化。就像奇才一樣，公司治理模式仍然有效。迄今為止，生態石油管理局尚未提出任何變更建議。

Finally, at the end of March, we observed a normal change in senior management, among which I want to highlight that 73% of the new (inaudible) presidents come from internal talent in the Ecopetrol Group in the expected line of association, reflecting our commitment to the development and recognition of talent and high performance within our organization. And finally, on the science, technology and innovation front, I highlight that within the framework of Ecopetrol Colombian Navy agreement, the participation in the tent and target exploration conclude where measurements of gases and sampling of particular matter were carried out the data of which will serve in the results of offshore energy generation from renewable sources.

最後，在 3 月底，我們觀察到高階管理層的正常變動，其中我想強調的是，73% 的新任（聽不清楚）總裁來自 Ecopetrol 集團預期關聯線的內部人才，這反映了我們的情況。致力於在我們的組織內發展和認可人才和高績效。最後，在科學、技術和創新方面，我強調，在 Ecopetrol 哥倫比亞海軍協議的框架內，參與帳篷和目標勘探的結論是，進行了氣體測量和特定物質採樣，其數據將服務於可再生能源海上發電的成果。

Now I give the floor to Alberto, who will talk to us about the hydrocarbons line, not without first thanking him for his valuable management more than 7 years in the Ecopetrol Group. His contribution to the achievement rates were fundamental for the consolidation of the strategy. Ecopetrol which is in mass success in his new challenges. Rafael Guzman current President of Hocol will take over as Executive Vice President of May 11, 2024. Rafael has been President of the subsidiary for more than 5 years and has around 14 years of experience in the Ecopetrol Group.

現在我請阿爾貝託發言，他將與我們談論碳氫化合物生產線，首先要感謝他在 Ecopetrol 集團 7 年多來的寶貴管理。他對成功率的貢獻對於鞏固該策略至關重要。 Ecopetrol 在他的新挑戰中取得了巨大的成功。 Hocol 現任總裁 Rafael Guzman 將於 2024 年 5 月 11 日接任執行副總裁。

Go ahead, Alberto.

繼續吧，阿爾貝托。

Thank you, Ricardo. We highlight the advances in the exploratory campaign, allowing us to progress discovered resources into contingent resources and reserves. I would like to mention the following: the commerciality of the Reficar gas field, 100% operated by Hocol located in the Department of Cordoba consisting of the producing wells, Arrecife-1 Side Track, Arrecife-3, Arrecife Norte- 1 and Coralino-1. The 2 showed an initial production between 5 million to 10 million cubic feet per day already available in the local market and is expected to reach a production between 20 million and 30 million cubic feet per day by 2026. We continue pursuing the commerciality of the exploratory success of the Arauca- 8 well drilled in 2023 in the Llanos Foothills by our partner, Parex with a 50% participation. The well confirmed the presence of light crude of 32 API degrees in the (inaudible) formation and condensate gas in the Une formation with a gross production of approximately 4,573 barrels of oil per day and 7.5 million cubic feet per day of gas as of the end of April.

謝謝你，里卡多。我們強調勘探活動的進展，使我們能夠將已發現的資源轉化為緊急資源和儲量。我想提一下以下內容：Reficar 氣田的商業性，該氣田 100% 由位於科爾多瓦省的 Hocol 運營，包括生產井、Arrecife-1 Side Track、Arrecife-3、Arrecife Norte-1 和 Coralino- 1 . 2號專案的初步產量為每天500萬至1000萬立方英尺，已在當地市場上市，預計到2026年產量將達到每天2000萬至3000萬立方英尺。合作夥伴Parex 於2023 年在亞諾斯山麓成功鑽探了Arauca-8 井，佔股50%。該井確認（聽不清楚）地層中存在 API 等級 32 的輕質原油，Une 地層中存在凝析氣，截至年底，石油總產量約為每天 4,573 桶，天然氣產量約為每天 750 萬立方英尺四月。

Additionally, I would highlight the agreement with our Parex Resources to explore new sources of domestic gas and light crude in the Piedemonte Norte Foothills. The agreement includes the LLA-4-1, LLA-6-1, LLA-2-1 and CDD blocks with a 50% participation for each party as well as the option to jointly participate in 2 additional blocks. With this alliance, both companies expand their exploratory portfolio and work together to reactivate exploratory areas expecting to increase gas supply in the medium term. Regarding offshore exploration activity, progress is being made in the maturation of the Uchuva-2 appraisal well, which is expected to start drilling by the end of this month in partnership with Petrobras as operator. We also continue to make progress in structuring the business case for the development of the Caguan, Glasscock discoveries.

此外，我要強調的是與我們的 Parex Resources 達成的協議，將在北皮埃蒙特山麓探索國內天然氣和輕質原油的新來源。協議包括LLA-4-1、LLA-6-1、LLA-2-1和CDD區塊，雙方各佔50%，並可選擇共同參與另外2個區塊。透過這項聯盟，兩家公司擴大了勘探投資組合，並共同努力重新激活勘探領域，預計在中期內增加天然氣供應。關於海上勘探活動，Uchuva-2 評估井的成熟度正在取得進展，預計本月底與營運商 Petrobras 合作開始鑽探。我們也在為 Caguan、Glasscock 發現的開發建立商業案例方面繼續取得進展。

Let's move on to the next slide, please. During the first quarter of 2024, the Ecopetrol Group achieved a production of 741,000 barrels of oil equivalent per day, increasing by 22,000 barrels of oil equivalent per day compared to the same period of the previous year, maintaining outstanding results even under security issues and blockades in some territories, which impacted production by 7,500 barrels of oil equivalent per day. These results were leveraged by the increase in production from our subsidiaries, mainly in Permian as well as positive results in Cano-Limon, CP0-9 and the contribution of secondary and tertiary recovery through water injection. We highlight the successful execution of the scheduled turnaround of the Cupiagua plant in January, which improves its reliability and integrity. The plant maintenance was executed in a shorter time with less production losses and more flaring reduction compared to the plan, thanks to the operational discipline and the use of equipment with the state-of-the-art technologies.

請繼續看下一張投影片。 2024年第一季度，Ecopetrol集團實現日產量741,000桶油當量，較上年同期增加22,000桶油當量，即使在安全問題和封鎖的情況下仍保持優異的業績在一些地區，每天的產量受到影響7,500桶石油當量。這些業績得益於我們子公司（主要是二疊紀）產量的增加，以及 Cano-Limon、CP0-9 的積極成果以及透過注水進行二次和三次採油的貢獻。我們強調庫皮亞瓜工廠在一月成功執行了預定的檢修，這提高了其可靠性和完整性。由於操作紀律和採用最先進技術的設備，與計劃相比，工廠維護在更短的時間內完成，生產損失更少，火炬減少更多。

The higher production level during the first quarter triggers that our projection for the year increases to a range between 730 and 735,000 barrels of oil equivalent per day. In line with our TSG strategy, it is important to highlight that 93% of the water required to operate in the upstream segment came from the reuse of production water, thus reducing dependence on water resources. Let's go to the next slide, please. Regarding our activities in the Permian Basin, 25 new wells were drilled during the first quarter of 2024, reaching a production of 84,600 barrels of oil equivalent per day for Ecopetrol before royalties, which represent 11% of the group's production. We also highlight the strong financial results of Ecopetrol Permian. In the first quarter of 2024, we achieved an EBITDA of $229 million and an EBITDA margin of 80%.

第一季較高的產量水準促使我們將今年的產量預測提高至每天 730 至 735,000 桶石油當量。根據我們的 TSG 策略，需要強調的是，上游業務所需的 93% 的水來自生產用水的回用，從而減少對水資源的依賴。請轉到下一張投影片。關於我們在二疊紀盆地的活動，2024 年第一季鑽探了 25 口新井，Ecopetrol 的日產量達到 84,600 桶油當量（未計特許權使用費），佔該集團產量的 11%。我們也強調了 Ecopetrol Permian 強勁的財務業績。 2024 年第一季度，我們實現 EBITDA 2.29 億美元，EBITDA 利潤率為 80%。

Next slide, please. The upstream segment contributed 54% of the group's EBITDA being a profitable and sustainable segment that leverages the energy transition. The EBITDA per barrel increased by 4%, reaching $29.2 per barrel, mainly due to higher production levels, better crude basket prices and cost efficiencies, which partially offset the exogenous effects such as inflation, higher exchange rate and the El Nino phenomenon. On the other hand, the lifting cost was $12.1 per barrel. If normalized for generous factors, which represent about $3.45 per barrel, the lifting cost will be at levels similar to those of the first quarter of 2023. We also achieved efficiencies of $0.38 per barrel driven by the execution of strategies focused on electrical power, reliability and subsurface maintenance, which contributed to mitigating the impact on the lifting cost.

請下一張投影片。上游業務佔集團 EBITDA 的 54%，是利用能源轉型的獲利且永續的業務。每桶 EBITDA 成長 4%，達到每桶 29.2 美元，主要由於產量水準提高、原油籃子價格改善和成本效率提高，部分抵消了通貨膨脹、匯率上升和厄爾尼諾現像等外生影響。另一方面，提升成本為每桶 12.1 美元。如果對慷慨因素（每桶約3.45 美元）進行標準化，提升成本將與2023 年第一季的水平相似。效率和地下維護，這有助於減輕對提升成本的影響。

Let's go to the next slide, please. Transported volumes increased by approximately 28,000 barrels per day, mainly driven by the increase in crude oil production in the Llanus area and higher deliveries of Castilla Norte crude at the Barrancabermeja refinery. During the first quarter, 5 reversal cycles were carried out through the Bicentenario pipeline with more than 1.2 million barrels transported in response to a preventive intervention at kilometer 153 of the Cano Limon-Covenas pipeline, which affected operations in the Banadia (inaudible)section in March. After successful completion of the repair work, the pipeline resumed operations on April 7. As part of the strategy against crude oil theft, beginning November 2023, the Ecopetrol Group implemented an operational adjustment to transport crude oil production from the southern region of the country through Ecuador's pipelines. During the first quarter, the Transandino system has remaining contingency mode being available for use as needed. This measure will be reviewed over the year. Lastly, we highlight the segment's financial results, generating revenues of nearly COP 3.6 trillion and an EBITDA of COP 2.8 trillion, contributing with 20% of the group's EBITDA.

請轉到下一張投影片。運輸量每天增加約 28,000 桶，主要是由於 Llanus 地區原油產量增加以及 Barrancabermeja 煉油廠的 Castilla Norte 原油交付量增加。第一季度，透過Bicentenario 管道進行了5 次逆轉週期，運輸了超過120 萬桶石油，以應對卡諾利蒙-科維納斯管道153 公里處的預防性幹預，該幹預影響了2017 年巴納迪亞（聽不清楚）路段的運作。在修復工作順利完成後，該管道於 4 月 7 日恢復營運。的管道。在第一季度，Transandino 系統剩餘的緊急模式可供根據需要使用。這項措施將在年內進行審查。最後，我們重點介紹該部門的財務業績，收入近 3.6 兆比索，EBITDA 達 2.8 兆比索，佔集團 EBITDA 的 20%。

Next slide, please. In the first quarter of 2024, the combined refining throughput reached 428,000 barrels per day, leveraged on more than 96% operational availability, the rigorous execution of a scheduled major maintenance activities and the maximization of domestic crude loads. The integrated refining gross margin was $14.8 per barrel, mainly affected by weaker diesel jet and gasoline spreads. This resulted in an EBITDA of COP 1.4 trillion for the quarter. In this quarter, we accomplished multiple milestones, of which we highlight this, the commissioning of the mechanical recycling plant at Esenttia currently under stabilization with the production capacity of 12,000 tonnes per year.

請下一張投影片。 2024年第一季度，綜合煉油吞吐量達到428,000桶/日，得益於超過96%的營運可用性、嚴格執行計畫的主要維護活動以及國內原油負載的最大化。綜合煉油毛利率為每桶 14.8 美元，主要受到柴油噴射機和汽油價差走弱的影響。本季的 EBITDA 為 1.4 兆比索。在本季度，我們實現了多個里程碑，其中我們重點強調的是，Esenttia 機械回收廠的調試目前處於穩定狀態，年產能為 12,000 噸。

The start-up of the third chemical recycling reactor to increase the production of pyrolysis oil for processing at the Barrancabermeja refinery.The completion of the construction phase of the solar park at the Cartagena refinery inaugurated on April 12 with a self-generation capacity of up to 22.1 megawatts. The commissioning of the new wastewater treatment plant at the Barrancabermeja refinery in February of this year. Lastly, the solid cash generation of the segment resulting from strong operational results and the repayment of the Cartagena refinery on April 1, 2024, corresponding to the balance of the first quarter of 2023.

第三個化學回收反應器啟動，以增加 Barrancabermeja 煉油廠加工用熱解油的產量。 Barrancabermeja 煉油廠的新廢水處理廠於今年 2 月投入運作。最後，由於強勁的營運業績和卡塔赫納煉油廠於 2024 年 4 月 1 日的還款（相當於 2023 年第一季的餘額），該部門產生了穩定的現金。

Now I will turn it over to Ricardo, who will discuss the main milestones of the low emission solution business line.

現在我將把它交給里卡多，他將討論低排放解決方案業務線的主要里程碑。

Thank you, Alberto. In the first quarter of 2024, the gas and LTE solution reached 172,000 barrels equivalent per day, representing 23% of the group's total production, 65% of Colombian's market share and an EBITDA of COP 753 billion. reimporting our commitment to continue the path of de-carbonization and diversification of our energy metrics during the first quarter of 2020 all in a scenario marked by the El Nino phenomenon, the Ecopetrol Group intensified its efforts in energy efficiency, achieving a cumulative optimization of its internal confusion of 0.4 (inaudible) for this quarter with an impact of approximately 36,000 tons of CO2 equivalent and savings of COP 11.6 billion. These efforts, combined with timely, efficient commercial action allowed us to decrease the energy cost per barrel from $3.03 per barrel with a 23% share in the overall production lifting cost in the last quarter of 2023, $2.5 per barrel and 21% year in the first quarter of 2024.

謝謝你，阿爾貝托。 2024年第一季度，天然氣和LTE解決方案產量達到每天172,000桶當量，佔集團總產量的23%，佔哥倫比亞市場份額的65%，EBITDA為7,530億哥倫比亞比索。在以厄爾尼諾現象為標誌的情況下，Ecopetrol集團重申了我們在2020年第一季度繼續走脫碳和能源指標多元化道路的承諾，加大了能源效率方面的努力，實現了其能源指標的累積優化。這些努力與及時、高效的商業行動相結合，使我們能夠將每桶能源成本從每桶3.03 美元降低到2023 年最後一個季度，佔總生產提升成本的23%，2023 年第四季度為每桶2.5 美元，全年為21%。

In addition, the rerating energy security progress was made on 2 fronts. First, in the planning of the supply chain and the maintenance of backup inventories to guarantee an eventual requirement of diesel for thermal generation; second, in the optimization, in times of major maintenance of Cupiagua to guarantee the reliability and availability of one of the mine sources of gas in the country. In terms of renewable energies, we completed the construction of the solar farm at the Cartagena refinery, which has a capacity of 22 megawatts equivalent to the consumption of COP 18,200 being the previous solar farm built inside refinery in Latin Abric with an expectation of reaching 524 megawatts in operation, construction and execution by the end of 2024, restating our goals in the short, medium and long term within the framework of our strategy to incorporate 900 megawatts by 2025, growing with sustainability and generating value for our shareholders.

此外，重新評估能源安全進展還包括兩個面向。首先，規劃供應鏈和維護備用庫存，以確保火力發電對柴油的最終需求；其次，在優化中，在庫皮亞瓜進行重大維護時，以確保該國礦井氣源之一的可靠性和可用性。在再生能源方面，我們完成了卡塔赫納煉油廠太陽能發電場的建設，裝置容量為22兆瓦，相當於拉丁阿布里克煉油廠之前建造的太陽能發電場的消耗量為18,200 COP，預計達到524 COP到2024 年底營運、建造和執行的兆瓦容量，在我們的策略框架內重申了我們的短期、中期和長期目標，即到2025 年實現900 兆瓦，實現永續發展並為股東創造價值。

On the social front, we highlight 2 important initiatives with a positive impact on the sustainable development of the communities in which we operate in the special gas program, the completion of the pilot project in Manaure in the department of La Guajira in alliance with Hocol, which allowed the connection of more than 500 families to the natural gas service and the beginning of Phase II that will allow the extension of the benefit to 250 more families and the consolidation of energy communities in Puerto Pier and Barranca, Velez, Santander, Cravo Norte Arauca and Puerto Carreno in alliance with idle conservation society, leveraging the experience of the WIL project. These projects not only allow us to improve population access to renewable energy, but also to guarantee the conservation of key ecosystems and specialists in the country.

在社會方面，我們重點介紹了兩項重要舉措，這些舉措對我們在特殊天然氣項目中運營的社區的可持續發展產生了積極影響，即與Hocol 合作完成了拉瓜希拉省馬瑙雷的試點項目，使 500 多個家庭能夠使用天然氣服務，第二階段的開始將使受益範圍擴大到另外 250 個家庭，並鞏固波多黎各碼頭和巴蘭卡、貝萊斯、桑坦德、北克拉沃的能源社區阿勞卡和卡雷諾港與空閒保護協會結盟，利用WIL 計畫的經驗。這些項目不僅使我們能夠改善人們獲得再生能源的機會，而且還能確保該國關鍵生態系統和專家的保護。

I will pass the floor to Maria Catalina, who will talk to you about our transmission and toll road line and the mine financial milestones.

我將請瑪麗亞·卡塔琳娜 (Maria Catalina) 發言，她將向您介紹我們的輸電和收費公路線路以及礦山財務里程碑。

Thank you, Ricardo. In the first quarter of the year, the transmission and roads business maintained good financial results despite the strong impact of the Colombian peso revaluation against currencies such as the dollar, the Chilean peso and the Brazilian real during the period. EBITDA decreased by around 16%, standing at COP 2.3 trillion. However, when eliminating the exchange rate effect on EBITDA, the results are at similar levels to those of 2023. Furthermore, committed to our strategic objective of diversifying our operations, the transmission and roads business continues its sustained growth in Ecopetrol Group's results, reaching a 16% share of EBITDA for the first quarter of 2024. Some of the most relevant milestones for the first quarter of 2024 include in Panama, ISA was awarded a tender to rehabilitate, improve and maintain 246 kilometers of the East Pan-American highway. The Panamanian Ministry of Public Works awarded this project to Intervial Chile in January with an estimated investment of COP 1.1 trillion.

謝謝你，里卡多。今年第一季度，儘管期間受到哥倫比亞比索兌美元、智利比索和巴西雷亞爾等貨幣升值的強烈影響，但輸電和道路業務仍保持了良好的財務表現。 EBITDA 下降約 16%，為 2.3 兆比索。然而，在消除匯率對 EBITDA 的影響後，結果與 2023 年的水平相似。一季度EBITDA 份額為16%。巴拿馬公共工程部於一月將該項目授予Intervial Chile，預計投資額為1.1兆披索。

In Colombia, ISA was awarded the contract for the design, construction, operation and maintenance of the second transformer project at the Primavera substation and the fourth transformer project at the Sogamoso Substation Additionally, it signed a private connection contract for the execution of the Guagepo-3r project for the expansion of the Sabanalarga substation, the order projects amount to reference CapEx of COP 146 billion. With these significant awards, the total committed investments up to 2030 amount around COP 29.4 trillion, consolidating the growth trajectory of our subsidiary in different geographies. Finally, on April 1, the sale of Internet to Brazil was closed with a final estimated price of COP 2.1 billion equivalent. Please move on to the next slide to detail the group's financial performance. In the first quarter of 2024, we maintained competitive levels of profitability, supported by excellent operational results and efficiencies captured worthing over COP 600 million. We achieved an EBITDA of COP 14.2 trillion and an EBITDA margin of 45%, keeping us within the average of the last 8 years for this period and at competitive levels compared to the industry.

在哥倫比亞，ISA 獲得了 Primavera 變電站第二個變壓器專案和 Sogamoso 變電站第四個變壓器專案的設計、施工、營運和維護合約。 3r 項目，訂單項目參考資本支出為1,460 億披索。憑藉這些重大獎項，到 2030 年承諾投資總額約為 29.4 兆比索，鞏固了我們子公司在不同地區的成長軌跡。最終，4 月 1 日，向巴西出售網路的交易最終估價為 21 億哥倫比亞比索。請前往下一張投影片，詳細了解集團的財務表現。 2024 年第一季度，我們維持了具有競爭力的獲利水平，這得益於出色的營運表現和效率，價值超過 6 億哥倫比亞比索。我們實現了 14.2 兆比索的 EBITDA 和 45% 的 EBITDA 利潤率，保持在過去 8 年同期的平均水平，與行業相比處於競爭水平。

Additionally, the return on average capital employed ROACE remains in double digits, recording 11% and above our annual target of around 9%. On the path to diversifying our business lines in the first quarter of 2024, the contribution to the total EBITDA from the exploration and production business was 54% and followed by transportation with 20% transmission and roads with 16% and finally, refining with 10%. On the other hand, we maintain healthy debt metrics with a gross debt-to-EBITDA ratio of 1.9x at the end of March. This is in line with our long-term guideline where we aim to maintain a level below 2.5x for this indicator. Regarding debt maturity management, we maintain a dynamic of anticipating refinancing needs. Thus, Ecopetrol successfully issued bonds in the international market in January of this year or $1,850 million and obtained approval from the Ministry of Finance and Public credit to carry out the debt management operation for $1.2 billion in March.

此外，平均已動用資本回報率 ROACE 仍維持在兩位數，達到 11%，高於我們約 9% 的年度目標。在2024年第一季業務多元化的道路上，勘探和生產業務對EBITDA總額的貢獻為54%，其次是交通運輸，佔20%，公路佔16%，最後是煉油業務，佔10% 。另一方面，我們維持健康的債務指標，3 月底的總債務與 EBITDA 比率為 1.9 倍。這符合我們的長期指導方針，我們的目標是將該指標維持在 2.5 倍以下的水平。在債務到期管理方面，我們維持動態預測再融資需求。因此，Ecopetrol於今年1月在國際市場成功發行了18.5億美元的債券，並於3月獲得財政部和公共信貸部批准開展12億美元的債務管理業務。

These resources are committed by banking entities and are expected to be disbursed in the second quarter of the year. With these operations, Ecopetrol addresses its debt maturities for 2024 and 2025, in addition to demonstrating its commitment to refinancing strategy through the capital markets and access to different credit alternatives with local and international banks. As for our investment plan by the end of the first quarter of 2024, the Ecopetrol Group invested around $1,289 million, equivalent to COP 5 trillion, with dollar investments being the highest recorded since 2016 for the same period. Investments were mainly made in Colombia with a 57% share while the remaining 43% was at the international level, mainly in the United States and Brazil. Investments in the hydrocarbons line accounted for 67% of the total investments grouping the exploration and production, transportation and refining businesses. For exploration and production activities in Colombia, investments were concentrated in the Rubiales, Castilla, Cano Sur, (inaudible) and Chichimene fields.

這些資源由銀行實體承諾，預計將在今年第二季支付。透過這些業務，Ecopetrol 解決了 2024 年和 2025 年的債務到期問題，此外還展示了其透過資本市場再融資策略以及與本地和國際銀行獲得不同信貸替代方案的承諾。至於 2024 年第一季末的投資計劃，Ecopetrol 集團投資約 12.89 億美元，相當於 5 兆比索，美元投資創 2016 年以來同期最高紀錄。投資主要在哥倫比亞，佔57%，其餘43%在國際層面，主要在美國和巴西。碳氫化合物領域的投資佔勘探和生產、運輸和煉油業務總投資的67%。對於哥倫比亞的勘探和生產活動，投資集中在 Rubiales、Castilla、Cano Sur（聽不清楚）和 Chichimene 油田。

Meanwhile, internationally, exploration investments focus on the Permian Basin in the United States. Refining and transportation activities focus on operational continuity and maintenance of refineries and pipeline systems. In the low emission business line, projects associated with gas and energy transition represented 13% of the total investments in the quarter. Resources were mainly allocated to the growth of the gas chain and supply in fields such as Cupiagua and in the Tayrona block in the offshore Caribbean in Colombia. Investments in the translation and roads line accounted for 20% of the total and were mainly allocated to the development of energy projects in Brazil, Peru and Colombia. By the end of 2024, we expect to make investments between COP 23 million and COP 27 trillion as announced in our financial and investment plan.

同時，國際上勘探投資主要集中在美國二疊紀盆地。煉油和運輸活動的重點是煉油廠和管道系統的運作連續性和維護。在低排放業務領域，與天然氣和能源轉型相關的項目佔本季總投資的 13%。資源主要分配給天然氣鏈的成長以及庫皮亞瓜和哥倫比亞加勒比海泰羅納區塊等油田的供應。平移和公路線路投資佔總數的20%，主要分配給巴西、秘魯和哥倫比亞的能源項目開發。正如我們的財務和投資計劃中所宣布的那樣，到 2024 年底，我們預計將進行 2,300 萬至 27 兆比索的投資。

Please move on to the next slide. Regarding net income in the first quarter of 2024, we recorded COP 4 trillion with the following highlights compared to the same period in 2023. First, an outstanding operational performance reflected in our EBITDA through a positive volumetric effect of COP 0.8 trillion. This was associated with increased production and greater operational availability in both refineries as well as lower purchases of crude and products; second, an impact of COP 2.9 trillion due to a lower average exchange rate, a higher level of costs and expenses by COP 0.8 trillion and a lower weighted average selling price of crudes and products with an impact of COP 0.7 trillion. This resulted in a total decrease in EBITDA of COP 3.6 trillion in the period. Likewise, there was an increase of COP 0.7 trillion in the recognition of depreciation and amortization as a result of higher investment levels and increased production. On the other hand, there was a lower tax provision resulting in a positive effect on net income of COP 2.7 trillion derived from the decrease in results.

請轉到下一張投影片。關於2024年第一季的淨利潤，我們錄得4兆比索，與2023年同期相比，有以下亮點。 。這與兩家煉油廠的產量增加和營運可用性提高以及原油和產品採購量減少有關；其次，由於平均匯率較低，成本和費用水準較高，影響 2.9 兆披索，原油和產品加權平均售價下降，影響 0.7 兆披索。這導致該期間 EBITDA 總計減少 3.6 兆比索。同樣，由於投資水準提高和產量增加，折舊和攤提確認增加了 0.7 兆比索。另一方面，稅收撥備的減少對業績下降產生的 2.7 兆比索淨利潤產生了積極影響。

The effective tax rate for the first quarter of 2024 was 36.5%, assuming the deductibility of royalties and a windfall tax of 10%. Regarding tax regulation, the final ruling on the prohibition of deducting royalties will be issued soon by the constitutional court. And the effects of such decision on the Ecopetrol Group will be analyzed based on this decision for the corresponding periods. About the liquidity position, we finished the quarter with a robust cash balance at the Ecopetrol Group of COP 17.3 trillion. The primary source of liquidity during this period was the operating cash flow of COP 6 trillion followed by net debt and interest inflows of COP 1 trillion. There is an improvement in working capital associated with the lower accumulation of the fuel price stabilization fund. And regarding cash outflows, the main disbursements were allocated to Ecopetrol's CapEx in its subsidiaries totaling about COP 4.3 trillion. Additionally, in the early days of April, the first installment of dividends was paid to minority shareholders, totaling approximately COP 738 billion, along with the payment to the nation for the same concept amounting COP 4 trillion.

假設特許權使用費和暴利稅可扣除 10%，2024 年第一季的有效稅率為 36.5%。關於稅收監管，憲法法院即將發布禁止扣除特許權使用費的最終裁決。該決定對Ecopetrol 集團的影響將在此基礎上分析相應期間的影響。關於流動性頭寸，本季結束時，Ecopetrol 集團擁有 17.3 兆比索的強勁現金餘額。在此期間，流動性的主要來源是 6 兆比索的營運現金流，其次是 1 兆比索的淨債務和利息流入。由於燃油價格穩定基金累積減少，營運資金有所改善。至於現金流出，主要支出分配給 Ecopetrol 子公司的資本支出，總計約 4.3 兆比索。此外，4月初，第一期股利已支付給少數股東，總額約7,380億披索，同時也向國家支付了4兆比索的相同概念股利。

Regarding the fuel price stabilization fund, we continue to make progress towards reducing the accounts receivable balance. By the end of the first quarter of the year, it stood at COP 22.7 trillion, supported by the positive differential between the local gasoline price and the international reference price. This has partially offset the accumulation of the diesel related account given the current price levels in the country. There is a notable and sustained decrease in the pace of accumulation of the account receivable with a 72% decrease in its value in the first quarter of 2024 compared to the same period in 2023. Furthermore, the government's commitment to reduce the balance was clear in April of this year with the payment of COP 7.8 trillion from the accumulation corresponding to the first quarter of 2023.

關於燃油價格穩定基金，我們在減少應收帳款餘額方面繼續取得進展。截至今年第一季末，在當地汽油價格與國際參考價格之間的正差的支撐下，該價格達到22.7兆菲律賓比索。鑑於該國目前的價格水平，這部分抵消了柴油相關帳戶的累積。應收帳款累積速度持續顯著下降，2024 年第一季應收帳款價值較 2023 年同期下降 72%。的累積支付了7.8 兆哥倫比亞比索。

During 2024 we expect to continue receiving quarterly payments from the FEPC and collect the entire outstanding balance from 2023, totaling COP 12.7 trillion. By the end of the year, with an average price close to $83 per barrel, we estimate an accumulation of the account receivable of the fund between COP 8 million to COP 10 trillion, subject to fluctuations in the international crude oil market price and the exchange rate primarily. This estimate is significantly lower than the amount accumulated in 2023 of COP 2.5 trillion and in 2022 of COP 36.8 trillion.

2024 年期間，我們預計將繼續收到 FEPC 的季度付款，並從 2023 年起收取全部未償餘額，總計 12.7 兆比索。到年底，平均價格接近每桶 83 美元，我們預計該基金的應收帳款累計將在 800 萬比索至 10 兆比索之間，受國際原油市場價格和匯率波動的影響。這項估計大大低於 2023 年 2.5 兆比索的累積金額和 2022 年 36.8 兆比索的累積金額。

I will now hand over to Ricardo for the closing remarks.

現在請里卡多致閉幕詞。

Thank you, Maria Catalina, and thanks to all who have made these results possible for the first quarter of 2024. In conclusion, the capital discipline, the regard of the financial evaluation of our process allow us to face the challenging environment marked by the reevaluation of the peso, the increase in energy cost, inflationary pressures, the price differential of products and our full commitment to advancing gas supply to the country. Likewise, thanks to the technical and operational strength, we have been able to capture opportunities such as the brain price situation, exceeding our expectation, maximizing our excellent operational performance and diversifying into new markets to maintain a profitable and competitive business.

謝謝瑪麗亞·卡塔琳娜，感謝所有使 2024 年第一季度取得這些成果的人。比索的上漲、能源成本的增加、通貨膨脹壓力、產品價格差異以及我們全面致力於推進該國的天然氣供應。同樣，憑藉技術和營運實力，我們能夠抓住大腦價格情勢等機會，超越我們的預期，最大限度地發揮我們卓越的營運績效，並多元化進入新市場，以保持盈利和有競爭力的業務。

On the production front, the good operational management of the last few months, which highlights the performance of the drilling campaigns in the Permian Rubiales and Cano Sur in the scheduled maintenance, the assurance of reliability levels and the entry of the new wells allow us to move forward on the growth path. We expect to be above the target range by 2024 placing us between 730,000 and 755,000 barrels of oil equivalent per day. We will continue to execute our plan for 2024 with technical and financial strength and advising in our strategy towards 2040. Our operation remains solid accompanied by a rigorous plan of efficiencies and cost control. I thank everyone for their participation.

在生產方面，過去幾個月良好的營運管理，突出了二疊紀魯維亞萊斯和卡諾蘇爾鑽井活動在定期維護、可靠性水平的保證和新井的進入方面的表現，使我們能夠在成長的道路上砥礪前進。我們預計到 2024 年將高於目標範圍，即每天 730,000 至 755,000 桶石油當量。我們將繼續憑藉技術和財務實力執行我們的 2024 年計劃，並為我們的 2040 年策略提供建議。我感謝大家的參與。

[Interpreted] (Operator Instructions). (inaudible) from would you be on line with the question.

[解釋]（操作員說明）。 （聽不清楚）您是否在線上回答這個問題？

[Interpreted] I have a couple of questions. The first one on production. I'd like to understand in a better way, and if you could give me some details of the reduction in the production we saw quarter versus quarter, both in Colombian and premium and how you expect the production to be during the rest of the year and on line with production, looking at new production change you published. This means that we'll have an average production for the next 9 months between $720 million and $730 million barrels per day. What are the risks you're seeing in relation that production during the next 9 months would fall in 14,000 barrels per day versus what you had in the first quarter of 2024. And the last one, a very good one. Could you give us details about the details on tax provisions for the second quarter of 2024 as a result of the enrollment of the decision of the constitutional court in 2024.

[翻譯]我有幾個問題。第一個是關於生產的。我想以更好的方式了解情況，如果您能給我一些關於哥倫比亞和優質產量逐季度減少的詳細信息，以及您預計今年剩餘時間的產量如何並與生產保持一致，請查看您發布的新生產變更。這意味著未來 9 個月我們的平均產量將在每天 7.2 億至 7.3 億桶之間。與 2024 年第一季相比，未來 9 個月的產量將每天下降 14,000 桶，您會看到哪些風險。請您介紹一下2024年憲法法院判決登記後2024年第二季稅務規定的具體情況。

[Interpreted] Ricardo here to give you my reading. Let's talk about production. When you look at the last quarter of last year, we have to take into account that Permian was doing its last drilling and completion of wells campaign. So production increased during the last quarter, reaching 158,000 equivalent barrels per day. What happened during this first quarter? The first thing is that we see the effect of the declination of the basic curve of Permian. This means that production goes down from 100,000 to 840 something, which was the average in the first quarter. And the materialization of risks that have to do, first of all, with we had a campaign of maintenance in the Cupiagua plant that affected the production of gas. And I'll talk about the forward-looking later for the rest of the year. And the second thing was the materialization of risks associated to the blockades and problems of third-party actions that affected us in 374,000 barrels per day, which affected us in Cano Sur.

[解讀]里卡多在這裡為您帶來我的解讀。我們來談談生產。當你查看去年最後一個季度時，我們必須考慮到二疊紀盆地正在進行最後一次鑽探和完井活動。因此上季產量增加，達到每天 158,000 當量桶。第一季發生了什麼事？首先，我們看到了二疊紀基本曲線赤緯的影響。這意味著產量從 10 萬輛下降到 840 輛左右，這是第一季的平均值。風險的具體化首先與我們在庫皮亞瓜工廠進行的維護活動有關，這影響了天然氣的生產。我稍後會討論今年剩餘時間的前瞻性。第二件事是與封鎖和第三方行動問題相關的風險的具體化，這些風險每天影響我們 374,000 桶，這也影響了我們在卡諾蘇爾的產量。

The third impact has to do with the closing of the time as a product of the neo phenomenon that changes the production from 757 in to what we had in average, what happens for the rest of the year. Everything has to do with managing risks, so one of the things that we were seeing was the possibility of an expansion of the new phenomenon to April, May, that is not occurring with the intensity, we were expecting so production is behaving in a better way that allows us to increase the range from $725 to 730 or $735,000. The subject of blockages and theft of electrical materials, especially in the heavy oil world areas that could also have an incidence in the rest of the year. So this is a subject related to how we approach the territories, how we create relationships with the communities and the authorities in order for us to manage those risks in a better way. So we'd be seeing a better perspective of production in that regard.

第三個影響與時間的結束有關，這是新現象的產物，它將產量從 757 變為我們的平均水平，即今年剩餘時間的情況。一切都與管理風險有關，所以我們看到的一件事是新現像有可能擴大到四月、五月，但這種情況並沒有像我們預期的那樣嚴重，因此生產表現更好這樣我們就可以將範圍從725 美元增加到730 美元或735,000 美元。電氣材料堵塞和盜竊的問題，特別是在重油世界地區，今年剩餘時間也可能發生這種情況。因此，這是一個與我們如何處理這些地區、如何與社區和當局建立關係以便我們更好地管理這些風險有關的主題。因此，在這方面我們會看到更好的生產前景。

And the third thing is that we'd be able to develop the activities in the time plan. We have to handle the declination of the field and natural downward to and make sure that, that happens in the right time. For example, in BP-09.Right now, we have the idea of having an early start between June and September in those facilities, but that depends on the advance of the construction works if we don't do it. That would just mean a lag in production and we'll see a positive impact only in the last quarter. So this has to do with the risk management issues. We're very optimistic. We think that we're going to be able to have a production above the initial target set. But we have to insist and say that this has to do with the opportune handling of the risks we see in the operations.

第三件事是我們能夠在時間規劃中開展活動。我們必須處理磁場的偏角和自然向下的情況，並確保這種情況在正確的時間發生。例如BP-09。這僅僅意味著生產的滯後，我們只會在最後一個季度看到正面的影響。所以這跟風險管理問題有關。我們非常樂觀。我們認為我們的產量將能夠高於最初設定的目標。但我們必須堅持說，這與我們在營運中看到的風險的適當處理有關。

[Interpreted]This is Maria Catalina thank you for your question. The first thing would be to say that we understand that the court notified the Ministry of Finance on the suspension of the decision. So right now, the effect has been suspended. However, it is important to mention that in Ecopetrol for some days, what the decision was still an effect and royalties were deductible. We presented our income tax returns according to what was in effect at that time. In relation to the impact that we might be seeing in the second quarter of 2024. It's very difficult to say exactly what the impact will be because that will depend a little bit on how the court is modulates its decision or the final ruling after they look through the fiscal incident. However, let me tell you about some prospective scenarios, the first and the best one would be to keep on as we are with deductible royalties, which would be consequent and in line with what we announced at the end of the year or what we announced at the closing of the first quarter of 2024. Let's say, model scenario that could be brought about by the court is that that adjustment of the income tax in 2023 would be able to cross it with future years and that prepayment, let's say, if that moderation of the crossing, if there's no impact on the GDP, we might have an effect in our cash flow that will be one scenario.

[解釋]我是瑪麗亞·卡塔琳娜，謝謝您的提問。首先要說的是，我們了解到法院已通知財政部暫停執行該決定。所以現在，效果已經暫停了。然而，值得一提的是，在 Ecopetrol 中，有些日子以來，該決定仍然有效，並且特許權使用費是可以扣除的。我們根據當時有效的規定提交了所得稅申報表。關於我們可能在 2024 年第二季度看到的影響。但是，讓我告訴您一些預期的情況，第一個也是最好的情況是繼續保留可扣除特許權使用費，這將是隨之而來的，並且與我們在年底宣布的內容或我們宣布的內容一致2024 年第一季末。影響，我們可能會對我們的現金流產生影響，這將是一種情況。

And then asset scenario would be one where the court will the ruling and say that royalties would not be deductible in 2023, that would impact us in COP 1.5 trillion, which we would have to adjust as a lower balance in or higher tax versus what we reported on the first quarter that impact not making royalties accountable would be more or less 50 million. And when the court comes out with the ruling, we would have to see how much would have been accrued in the second quarter of the year, but the impact would be more or less around 2 or 2.30 million approximately COP 1 trillion. I would reiterate that these scenarios, it will depend, of course, on the decision taken by the court. We are respectful of the decision they make, and we will act according to that ruling.

然後，資產場景將是法院做出裁決，並表示 2023 年特許權使用費不可扣除，這將影響我們 1.5 兆哥倫比亞比索，我們必須將其調整為與我們的餘額相比較低或較高的稅收根據第一季報告，不繳納特許權使用費的影響將或多或少為5,000 萬美元。當法院做出裁決時，我們必須看看今年第二季度會產生多少費用，但影響將或多或少約為 2 或 230 萬，約 1 兆哥倫比亞比索。我想重申，這些情況當然取決於法院的決定。我們尊重他們的決定，並將按照裁決行事。

[Interpreted] The next question comes from Ricardo (inaudible) and Bank of Colombia.

[解釋]下一個問題來自里卡多（聽不清楚）和哥倫比亞銀行。

[Interpreted] I have a doubt in relation to your interest related to gas, I'd like to hear Alberto and Ricardo to tell me you have studied the assets that can has in the reduction of gas, it represents more or less 20% of the demand of the country. So undoubtedly, the country needs the gas produced by that company which might be going through difficult financial situations. I'd like to know about those assets and if you'd be interested in an acquisition process or do you think that it's probable that you might improve the production of gas in those fields? What are your thoughts about this?

[解釋]我對你對天然氣的興趣有疑問，我想聽阿爾貝托和里卡多告訴我，你已經研究了可以減少天然氣的資產，它代表了或多或少的20%國家的需求。因此，毫無疑問，該國需要該公司生產的天然氣，而該公司可能正經歷困難的財務狀況。我想了解這些資產，以及您是否對收購過程感興趣，或者您認為您可能會提高這些油田的天然氣產量？您對此有何看法？

[Interpreted] This is Ricardo speaking. In effect, we have no through the communication media, the possibility of going to a sale of its shares and of exact in the country that, of course, is probably part of the appraisal opportunities that Ecopetrol has on its portfolio and understanding larges we've announced certain deficits of gas in the country for the next 5 years. This asset will be observed in the internal protocol analysis of those opportunities of investment within the Ecopetrol Group not only Canacol, but any asset that we might be thinking of incorporating within our purpose of ensuring or guaranteeing to the country, the supply of gas in a permanent way. Those are being evaluated within the procedures that I've already mentioned and which are part of the record that we appraise.

[口譯] 我是里卡多。實際上，我們沒有透過傳播媒體，在該國出售其股票的可能性，當然，這可能是 Ecopetrol 對其投資組合進行評估的機會的一部分，並且了解我們的大型公司。年將出現一定的天然氣短缺。該資產將在 Ecopetrol 集團內部投資機會的內部協議分析中觀察到，不僅是 Canacol，而且是我們可能考慮納入的任何資產，以確保或保證國家的天然氣供應。這些正在按照我已經提到的程序進行評估，這些程序是我們評估記錄的一部分。

Any decision that could be taken, of course, if we take a decision would be advising the market in a timely manner as to the level of production to reach the levels we had in the fourth quarter of 2023. That's the debt in the investment plan we have right now. We are trying to maintain the levels of production we reached in 2023. The path looks bright in the first quarter, 733 million barrels per day. I can't announce a number of April yet, but I think it's an even better number and it shows that we are maintaining on the path of making all of our fields ready and reach the excellent production levels we obtained at the end of last year.

當然，如果我們做出決定，我們可以及時向市場提供有關生產水平的建議，以達到 2023 年第四季度的水平。我們正在努力維持 2023 年達到的產量水準。我還不能公佈四月份的具體數字，但我認為這是一個更好的數字，它表明我們正在繼續努力讓所有油田做好準備，並達到去年年底的出色生產水平。

I would now give the floor to Alberto, if he wants to go in depth on the subject of production and gas assets Canacol.

如果阿爾貝托想深入探討生產和天然氣資產 Canacol 的問題，我現在請他發言。

[Interpreted] I'd add the following. We are neighbors in many of the different feels or blocks of Canacol in the lower value of the Montana area. So what we do is take an analogy with what's happening in our own fields to understand the adjustments we have to do in the development plan. Our plans of our production fields, for example, the one we announced recently, which is the face but also to address the profile of what would be the exploration objectives or targets in those blocks of fields. We're continuously looking over and looking at Canacol we at least have more certainty of what we have to do in our own fields.

[解釋]我補充以下內容。我們是蒙大拿州低價值地區卡納科爾許多不同感覺或街區的鄰居。所以我們要做的就是用我們自己領域的情況來類比，來了解我們的發展規劃要做哪些調整。我們的生產油田計劃，例如我們最近宣布的計劃，它不僅是面對這些油田的勘探目標或目標的概況，而且也是為了解決這些問題。我們不斷地審視和審視 Canacol，我們至少對自己的領域中必須做的事情有了更多的確定性。

[Interpreted] Now we have Andres Duarte from Corporacion Financiera Colombiana. Mr. Duarte you may ask now.

[解譯] 現在請來了哥倫比亞金融公司的安德烈斯‧杜阿爾特 (Andres Duarte)。杜阿爾特先生，您現在可能會問。

[Interpreted] I have 3 questions. If you could answer them all or great, but at least the first I'd appreciate if you can answer it. In relation to the production of Ecopetrol without America and Permian and without Hocol, only 4 fields, CPO-09, (inaudible), Cano Sur and San Francisco, highlighting Cano Sur, which shows increases in production, rather show a reduction all annual and most of them quarterly. I'd like to know within your expectations, you have the recovery of some of those fields that have had a reduction and what would support that expectation? And the other question is related to gas, specifically with the possibility of importing gas from Venezuela, if that would be feasible and the restrictions that sometimes exist sometimes on exist would be in place. I'd like to know that gas oil pipe is from Peleweza, the 100% of the investments related to the recovery of that gas line would be done by peleweza if you are foreseeing the participation of Ecopetrol for the recovery of that gas pipeline.

[解釋]我有3個問題。如果您能回答全部問題，那就太好了，但至少如果您能回答第一個問題，我將不勝感激。就沒有美國和二疊紀盆地以及沒有Hocol 的Ecopetrol 生產而言，只有4 個油田：CPO-09（聽不清楚）、卡諾蘇爾和舊金山，重點關注卡諾蘇爾，該油田顯示出產量的增加，而顯示所有年度和產量的減少。我想知道在您的預期範圍內，您已經恢復了一些減少的領域，什麼可以支持這個預期？另一個問題與天然氣有關，特別是從委內瑞拉進口天然氣的可能性，如果可行的話，並且有時存在的限制會到位。我想知道天然氣管道來自Peleweza，如果您預計Ecopetrol將參與該天然氣管道的恢復，則與恢復該天然氣管道相關的100％投資將由peleweza完成。

And a question about the Midstream. There is a reduction in the quarterly cost versus the fourth quarter last year of the prior year and the cost of the barrels transported from 22.8%. I'd like to have an explanation, and that's a reduction in dollars. I'd like to hear your explanation about that reduction. And if you can remind us what part of the transport is in dollars, and what part is in dollars? And if it's the gas oil pipelines or the oil pipelines for the poly pipeline is the ones that are indexed into dollars.

還有一個關於中游的問題。與去年第四季相比，季度成本下降了 22.8%，桶運輸成本也下降了 22.8%。我想要一個解釋，就是美元的減少。我想聽聽你對減少的解釋。如果您能提醒我們運輸的哪一部分是美元，哪一部分是美元？如果是天然氣管道或保利管道的石油管道，則與美元指數掛鉤。

[Interpreted] Well, in relation to subject of production, I would like to clarify the following. Usually, the production in Rubiales and in Castilla fall during the first quarter. And it's more pronounced in riyals because of the closing of (inaudible) that occurs during the summertime. What would we like to see an increase in the production of Rubiales and Castilla in addition to the fields you mentioned. But you must remember that the Pareto of the national production is in those assets in Rubiales, (inaudible)in CPO-09 and in Cano Sur. That's big portion of our production. And we have to keep an increasing production there to counter arrest the natural declination, especially in the Penfield where there is a reduction or a declination in gas. At the end of the year, we would be expecting a slight increase in (inaudible)and that, together with the fact that the Permian will keep an outlook of production between 81 and 83,000 barrels for the year.

[解讀]那麼，關於製作主體，我想澄清以下幾點。通常，魯維亞萊斯和卡斯蒂利亞的產量在第一季會下降。由於夏季關閉（聽不清楚），這種情況在裡亞爾中更為明顯。除了您提到的油田之外，我們還希望看到魯比亞萊斯和卡斯蒂利亞的產量增加。但您必須記住，國家生產的帕累托分佈在魯維亞萊斯、（聽不清楚）CPO-09 和卡諾蘇爾的資產中。這是我們生產的很大一部分。我們必須保持那裡不斷增加的產量，以對抗自然偏角，特別是在彭菲爾德，那裡的天然氣減少或偏角。到今年年底，我們預計產量將略有增加（聽不清楚），而且二疊紀盆地今年的產量前景將保持在 81 至 83,000 桶之間。

[Interpreted] Ricardo on the subject of gas, Andres and the possibility of importing from Venezuela from 3 points of view. The first is to have enable the legal and normative platform to do it. And we still holding discussions with FEPC about permanent supply of information in relation to the request we made in November of 2022 to fact to consider the decrease of the restrictions we have in Venezuela, the ambassador of the U.S. in Colombia still is that they are reviewing the subject. And secondly, to remind you that we have an agreement in effect from 2017 to 2027 where we have enabled between 300,000 and 340,000 cubic feet per day to be transported connections related to the quality of gas and the price established. And this agreement is an effect and that is the mechanism or the legal vehicle to be able to -- once the restrictions are taken way, the one we'd be using now in relation to Peleweza and their news they'd be able to deliver 50,000 meters of gas per day. That's the information they've given us, and we've been working with them on the activities of inspecting the gas oil line.

【解讀】里卡多從三個角度談天然氣、安德烈斯和從委內瑞拉進口的可能性。一是要有法律、規範的平台來做這件事。我們仍在與 FEPC 討論永久提供與我們在 2022 年 11 月提出的請求相關的信息，以考慮減少我們在委內瑞拉的限制，美國駐哥倫比亞大使仍然表示他們正在審查主題。其次，要提醒您的是，我們簽訂了一項從 2017 年到 2027 年生效的協議，根據該協議，我們每天將根據天然氣品質和價格建立 300,000 至 340,000 立方英尺的天然氣運輸連接。這項協議是一種效果，這是一種機製或法律工具，一旦限制解除，我們現在將使用與 Peleweza 相關的機製或法律工具，他們將能夠傳遞每天50,000米天然氣。這是他們給我們的訊息，我們一直在與他們合作檢查柴油管道的活動。

We send it, went through it, and we have an estimated budget of between $35 billion and $40 billion to make this asset operational. The asset is owned by (inaudible). And any activity or investment that would be needed is to be borne by them. We've had some manifestations of interest from the gas transporters of Colombia to have participation both in the repairs and obviously, in the possibility of receiving the charge from the use of that system is enabled within the country. So we think that there will be no restriction for one of them to be in charge of the repairs and the reading of that gas pipeline.

我們發送它並進行檢查，我們估計有 350 億至 400 億美元的預算來使該資產投入運行。資產歸（聽不清楚）所有。所需的任何活動或投資都由他們承擔。哥倫比亞的天然氣運輸商表現出了一些興趣，希望參與維修工作，顯然，在該國境內可以透過使用該系統收取費用。所以我們認為，由其中一人負責該天然氣管道的維修和讀取，不會受到任何限制。

[Interpreted] This is (inaudible) the President of Citi. I'd like to talk about the cost of transportation, the average cost of transportation for 2023 was more or less $3 per barrel. And for the last quarter of 2023, it was 3.75%, mainly associated to the higher OpEx that we made for the repairing of the system either because of geotechnical reasons or mechanical reasons for the third quarter of 2024, the cost is of 299, I'm sorry, associated to 2 main components: one, the exchange rate; and two, lower OpEx costs because of lower needs of repairs in comparison to the last quarter of last year in relation to the fees with the shares of the oil pipelines that are denominated in dollars, the ones of the poly duct denominated in pesos, thus 80% of the revenues denominated in dollars for the segment and 20% in pesos. But in terms of cost, 84% of the costs are executed in places and 16% in dollars.

[解釋] 這是（聽不清楚）花旗總裁。我想談談運輸成本，2023年的平均運輸成本大約是每桶3美元。 2023 年最後一個季度為 3.75%，主要與我們因岩土工程原因或 2024 年第三季度機械原因而修復系統的運營支出較高有關，成本為 299，我抱歉，涉及兩個主要組成部分：一是匯率；二是匯率。第二，營運支出成本較低，因為與去年最後一個季度相比，與以美元計價的石油管道份額和以比索計價的多管道份額費用相比，維修需求減少，因此該部門80% 的收入以美元計價，20% 以比索計價。但從成本來看，84%的成本是在地方執行的，16%是美元執行的。

[Interpreted] Katherine Ortiz Sogamoso is in line with the question you may proceed.

[解釋]凱瑟琳·奧爾蒂斯·索加莫索符合您可以繼續提出的問題。

[Interpreted] I have 2 questions. The first one is related to the cost of raising even though that cost was impacted by the exchange rate and a significant amount. I'd like to know if at that level if we exclude the effect that we might see forward in the exchange rate, we could reach a stability level of that cost or if on the contrary, we might still see additional effects inflationary or any other type in that sense? That would be my first question. Then the second question is connected to the answer just given about the imports of gas from Venezuela. And I'd like to know or have clarity in Ecopetrol would not have this an intermediary in any aspect in the process that we would be completely done through external parties and Ecopetrol would not intervene then.

[解釋]我有2個問題。第一個與融資成本有關，儘管該成本受到匯率和大量資金的影響。我想知道在這個水平上，如果我們排除我們可能在匯率中看到的未來​​影響，我們是否可以達到該成本的穩定水平，或者相反，我們可能仍然會看到通貨膨脹或任何其他影響在這個意義上鍵入？這是我的第一個問題。那麼第二個問題就與剛才給出的關於從委內瑞拉進口天然氣的答案有關。我想知道或澄清 Ecopetrol 不會在這個過程的任何方面讓其成為中介，我們將完全透過外部各方完成，Ecopetrol 不會幹預。

[Interpreted] Katherine I am going to refer about the cost of these. We look at the monitoring mass and specifically look at the outcome of the last quarter of last year. The cost of raising it was $20. This first quarter has a better result of $12 per barrel and of that survey. And what is that due to -- it's because we have an important level of production and also because we've been able to achieve certain efficiencies we're combating the level of the accumulated inflation with renewed contracts. And there is an element that's extremely important is the stock exchange price of energy. And it's I think we said 25% of the cost of the survey, as the EL Nino phenomenon decreases, the prices in the energy Stock Exchange will reflect a better view for the rest of the year. So that price in the Energy Stock Exchange will be extremely significant. We're trying to maintain that monetary mass flat and through efficiencies and, of course, managing the risks.

[解釋] 凱瑟琳 我要談談這些的費用。我們關注監測質量，特別關注去年最後一個季度的結果。籌集資金的成本為 20 美元。今年第一季的調查結果較好，為每桶 12 美元。這是因為我們擁有重要的生產水平，也因為我們已經能夠實現一定的效率，我們正在透過續約合約來對抗累積的通貨膨脹水平。有一個極為重要的因素是能源的證券交易所價格。我想我們說的是調查成本的25%，隨著厄爾尼諾現象的減少，能源證券交易所的價格將反映出今年剩餘時間更好的前景。因此，能源證券交易所的價格將非常重要。我們正在努力透過提高效率以及管理風險來維持貨幣總量的穩定。

But on our target, we have a guidance of between $12 and $13 per barrel, with the idea that we'll be very close to the low range of $12 per barrel. And Katherine, I'd like to complement Alberto to try to illustrate the importance of our program of efficiencies and the control costs. We have a program of efficiencies in the different areas of the company, and we're trying to find efficiencies in COP 3 billion in 2024. During the first quarter of the year, we had efficiencies around COP 650,000. When you translate that specifically into the indicator of the surveying costs, that serving costs of 12.1% that we're seeing during the first quarter would be a cost of more or less $12.4 million or $12.5 per barrel. If we had not implemented that efficiency plan, we're seeing it in a different way, we were able to avoid more or less between $0.30 and $0.40 in the cost of the survey. So I'd like you to keep that data in line as an example of how the efficiency plan is really setting or trying to stabilize the cost trend.

但就我們的目標而言，我們的指導價在每桶 12 美元至 13 美元之間，我們的想法是我們將非常接近每桶 12 美元的低位區間。凱瑟琳，我想補充阿爾貝托，試圖說明我們的效率和控製成本計劃的重要性。我們在公司的不同領域制定了效率​​計劃，並試圖在 2024 年實現 30 億哥倫比亞比索的效率。當您將其具體轉化為調查成本指標時，我們在第一季看到的 12.1% 的服務成本將或多或少 1,240 萬美元或每桶 12.5 美元。如果我們沒有實施該效率計劃，我們會以不同的方式看待它，我們能夠或多或少地避免 0.30 美元到 0.40 美元的調查成本。因此，我希望您保持這些數據一致，作為效率計劃如何真正設定或試圖穩定成本趨勢的範例。

This is Ricardo Katherine. Good morning to clarify the subject of the eventual import of gas from Venezuela. Ecopetrol would be then has entered into that commercial vehicle for some time already. And we might eventually do the import of the import crew and on the gas line. And that's why I mentioned the elements. I said before that we have to have no restriction in order to biovalize the flows of gas from Venezuela into Colombia, but the intermediary role would be an eventual scenario where Ecopetrol would yield rights of that agreement to an operator or assign them to a commercialized dealer. But that would be something that would also need a political willingness of the counterparty in this case of Peleweza something we have not evaluated yet and we're not considering yet because Ecopetrol is historical role is to guarantee the supply of gas into the country. Then if the gas pipeline exists. And if there's a root map in the gas pipeline already. That's something we've been analyzed and taking into account what we said before, provided that the legal conditions and the restrictions of FEPC would allow us to develop that project.

這是里卡多·凱瑟琳。早安，澄清一下最終從委內瑞拉進口天然氣的問題。 Ecopetrol 進入商用車領域已經有一段時間了。我們最終可能會進口船員和天然氣管道。這就是我提到這些元素的原因。我之前說過，我們必須沒有限制才能對從委內瑞拉到哥倫比亞的天然氣流量進行生物驗證，但最終的情況是，Ecopetrol 將該協議的權利轉讓給營運商或將其轉讓給商業化經銷商。但這還需要對方有政治意願，在佩萊韋扎的情況下，我們還沒有評估，也沒有考慮，因為 Ecopetrol 的歷史作用是保證該國的天然氣供應。那如果瓦斯管道存在的話。如果天然氣管道中已經有根圖了。這是我們已經分析並考慮到我們之前所說的內容，前提是法律條件和 FEPC 的限制允許我們開發該專案。

The next question is from Ana Guasca Rojas from Corredores Davivienda you may ask.

您可能會問下一個問題，來自 Corredores Davivienda 的 Ana Guasca Rojas。

My question refers to the changes that we published recently from the senior management. I'd like to know that process is like if you have a date, and if you can tell us about the process of the selection given the conditions in the country.

我的問題涉及我們最近發布的高階管理層的變動。我想知道這個過程就像您有約會一樣，並且您是否可以根據該國的條件告訴我們選擇的過程。

First, I'd like to remind you that there is a policy of succession in Ecopetrol that we are complying with. There's also a policy of deputy positions, and they are in effect for those highly relevant precision cyber changes that occur because of several reasons, beginning with the one-off executive review that they have to close their journey and the company, others related to health reasons or others because of priorities and their own personal life that make them decide to leave their positions, and we have to understand them and that we expect a company to have 7,553 employees is exposed to those dynamics. But in the succession policy, we are having people who fill 100% of the requirements of the profile to become the parties of the position, 70% of the positions that have been replaced. We substituted during this year have come from the organization or administrative structure of people who have been in the company for many years and who have assumed those physicians.

首先，我想提醒您，我們正在遵守 Ecopetrol 的繼承政策。還有一項副職位政策，他們對那些由於多種原因而發生的高度相關的精確網絡變化有效，首先是一次性的行政審查，他們必須關閉他們的旅程和公司，以及與健康有關的其他人原因或其他原因，因為優先事項和個人生活使他們決定離開自己的職位，我們必須理解他們，我們預計一家擁有7,553 名員工的公司會面臨這些動態。但在繼任政策中，我們讓100%滿足個人資料要求的人成為該職位的當事人，70%的職位已被替換。今年我們被替換的人員來自在公司工作多年並擔任這些醫生的組織或行政結構的人員。

There is an agreement with the Board of Directors understanding that some of their duties are among their duties as the possibility of assessing and evaluating those positions at Level 1. And there, we decided to do screening processes and next placement, we're placing directors who have the experience and the profiles and the skills, and they can participate in the screening process through a head-haul. That's what we've been doing, reflecting the times for those positions and the succession line that exists within the policies associated to that process inside Ecopetrol.

與董事會達成協議，理解他們的一些職責屬於他們的職責，因為有可能評估和評價這些職位在第一級。資料和技能，並且可以透過直接參與篩選過程。這就是我們一直在做的事情，反映了這些職位的時代以及 Ecopetrol 內部與該流程相關的政策中存在的繼任線。

[Interpreted] Rodrigo Reis de Almeida from Santander is online.

[解說]桑坦德銀行的羅德里戈·雷斯·德·阿爾梅達上線。

I have 2 questions from my side. First, I wanted to discuss a little bit the capital allocation strategy of the company and get particularly related to the hydrocarbons and reserve growth on the inorganic perspective. It seems like the company is getting good prospectives in Colombia itself, mostly gas focused, right? So I wanted to think about outside of Colombia and what's the strategy there. I think this comes into the perspective that we've seen a lot of low-carbon profile discoveries across the world. I think the last one that we saw Namibia with Gap, you're talking about Venezuela. But I wanted to get your international perspective here. If you could bring to us what's your priorities on the international side, Venezuela, U.S. and conventional Brazil offshore, offshore in other countries, I think it would be great to understand.

我有兩個問題。首先，我想稍微討論一下公司的資本配置策略，特別是從無機角度來看碳氫化合物和儲量成長。該公司似乎在哥倫比亞本身獲得了良好的前景，主要專注於天然氣，對吧？所以我想考慮一下哥倫比亞以外的地區以及那裡的策略是什麼。我認為這是從我們在世界各地看到的許多低碳發現的角度來看的。我認為上一次我們看到納米比亞與 Gap 的合作，就是委內瑞拉。但我想在這裡了解你的國際視野。如果您能向我們介紹您在國際方面、委內瑞拉、美國和傳統巴西近海、其他國家近海方面的優先事項，我認為我們會很高興理解。

And if you could give us a quick update on the exploration efforts in Brazil offshore also regarding Pau Brasil and GatodoMato. If I'm not mistaken, you might have just started drilling in Pau Brasil and GatodoMato was under review a couple of years ago, so wanting to see where it stands. And this also, I mean, leverage is quite low if just for CapEx, so I need to understand if you see space for inorganic growth there, especially outside of Colombia. And then the second point I wanted to ask you is, we talked a little bit about the lifting cost, so I need to check on the dilution costs, which went up a little bit. So now that we see production going a little bit up, I would say, second quarter. How can we balance a higher production with probably lower naphtha prices that could potentially benefit the dilution cost there also? So that's what I have from my side.

您能否為我們快速介紹一下巴西近海勘探工作的最新情況（包括 Pau Brasil 和 GatodoMato）。如果我沒記錯的話，您可能剛開始在巴西保羅進行鑽探，而 GatodoMato 幾年前正在接受審查，因此想看看它的情況。我的意思是，如果僅就資本支出而言，槓桿率相當低，所以我需要了解您是否看到那裡的無機成長空間，特別是在哥倫比亞之外。然後我想問你的第二點是，我們討論了一些關於提升成本的問題，所以我需要檢查稀釋成本，它上升了一點。現在我們看到產量略有上升，我想說，第二季。我們如何平衡更高的產量和可能更低的石腦油價格，這也可能有利於稀釋成本？這就是我的觀點。

[Interpreted] This is Maria Catalina, I'm going to answer one part of the first question, and then I'll give the floor to Alberto and Nicolas, so they can continue giving more details in relation to the allocation of capital strategy, specifically with the business of Hydrocarbons I'd like to highlight 2 topics. Number one, we announced to the market that we have a investing plan for the following 3 years, 2024, '25 and '26. That's more or less reaches COP 20.2 billion. Our idea is to maintain annual investments between $5 million and $7 million and online with the strategy that we have up to 2024, the idea is that between 60% and 65% of that CapEx would be executed on the line of hydrocarbons prioritizing or giving a lot of relevance to the subject of the growth of the resource of the company and making sure that those investments are done in a profitable way in the business group looking for returns between 8% and 10% so to what we have announced specifically in the plan of 2024.

[解讀]我是Maria Catalina，我將回答第一個問題的一部分，然後我將請Alberto和Nicolas發言，以便他們可以繼續提供更多有關資本策略配置的細節，特別是在碳氫化合物業務方面，我想強調兩個主題。第一，我們向市場宣布，我們有未來 3 年的投資計劃，即 2024 年、25 年和 26 年。這或多或少達到了 202 億菲律賓比索。我們的想法是，按照我們截至 2024 年的策略，將年度投資維持在 500 萬至 700 萬美元之間，其中 60% 至 65% 的資本支出將在優先考慮或給予碳氫化合物方面執行。資源成長的主題密切相關，並確保這些投資以盈利的方式在業務集團中進行，尋求8% 至10% 的回報，因此我們在計劃中具體宣布了這一點2024 年。

But we are considering in relation to investments in the U.S. and Brazil of the $6.5 billion of the total plan for 2024, more or less 1 billion to round up the figures will be invested in the U.S. and $51 million is the capital is allocated for investments in Brazil. The plan does not incorporate any resource up to date for assets in Venezuela. And we evaluate or we have opportunities to do so and if the conditions would enable the potential prospective investment, we would then do the appraisement according to our process of capital allocation if we could or not allocate those resources.

但我們正在考慮2024年總計畫中的65億美元對美國和巴西的投資，四捨五入後大約有10億美元將投資於美國，5,100萬美元是分配給投資的資本在巴西。該計劃不包含委內瑞拉資產的任何最新資源。我們評估或我們有機會這樣做，如果條件允許潛在的潛在投資，我們會根據我們的資本配置流程進行評估，無論我們是否可以分配這些資源。

Now Alberto you have the floor.

現在請阿爾貝託發言。

And now I'll talk about Brazil. What are we doing in Brazil? Right now, we have 3 types of activities. The one the first one is related to completing the systemic studies on the fields we have Shell on the South Basin Santos that seismic work was already completed, and now we joined the evaluation process to determine the exploratory objectives. The second thing has to do with Pau Brasil. We're ready to build the well in pan. We are waiting for the resolution of an environmental strike in Brazil is affecting some deals specifically ours and the second one has to do with GatodoMato, the idea of the sanction of the process, either in the last quarter of this year or early next year.

現在我要談談巴西。我們在巴西做什麼？目前，我們有 3 種類型的活動。第一個是關於完成我們對南盆地桑托斯殼牌油田的系統研究，地震工作已經完成，現在我們加入評估過程以確定勘探目標。第二件事與巴西保羅有關。我們準備好在鍋子裡打井了。我們正在等待巴西環境罷工的解決方案，該罷工正在影響我們的一些交易，第二個交易與 GatodoMato 有關，即在今年最後一個季度或明年初批准該流程的想法。

Could I just make a follow-up on this question at regarding the -- could you include any inorganic growth? Or if we do see M&As or anything related to that front, how can we connect that to the investment plan.

我可以就這個問題做一個跟進嗎——你能包括任何無機增長嗎？或者，如果我們確實看到併購或與此相關的任何事情，我們如何將其與投資計劃聯繫起來。

(inaudible) This is Nicolás Azcuénaga, I'm the Vice President of Strategies, a new business in relation to inorganic opportunities outside of Colombia. And in fact, as part of the systematic process of the review of the portfolio and analyzing options in all the different areas where we're present. Right now, there is nothing concrete and if something could materialize and reach the maturity point required would be informing the market.

（聽不清楚）我是 Nicolás Azcuánaga，我是策略副總裁，這是一項與哥倫比亞以外的無機機會相關的新業務。事實上，作為審查投資組合和分析我們所在的所有不同領域的選項的系統過程的一部分。目前還沒有任何具體的消息，如果某些事情能夠實現並達到所需的成熟點，將會通知市場。

Rodrigo in relation to the cost of the service, the perspective of what we're seeing is that we're going to maintain the guidance of $12 to $13 per barrel. But with the interventions that we're doing from the point of view of introducing efficiencies in the renegotiation of contracts related to maintenance activities, both on the surface and in the subsea work being able to see certain stability and inadequate management versus we're trying to combat the high inflation and former years. This allows us to see that we're going to live through a period of certain stability, and we're going to try to maintain the low range of $12 to $13 per barrel. That's what we're trying to maintain.

Rodrigo 關於服務成本，我們認為我們將維持每桶 12 至 13 美元的指導。但是，從提高與維護活動相關的合約重新談判效率的角度來看，我們正在採取的干預措施，無論是在水面還是在海底工作，都能夠看到一定的穩定性和管理不足，而我們正在嘗試對抗高通膨和往年。這讓我們看到，我們將經歷一段穩定的時期，我們將努力維持每桶 12 美元至 13 美元的低位區間。這就是我們正在努力維護的。

(inaudible).

（聽不清楚）。

So my first would be regarding lifting cost, it came down this quarter sequentially, it has been kind of erratic. And I would be interested to understand how we can think of it going forward throughout this year. Also, I would like to hear your comments about any progress to extend the Permian deal with Oxy. And also another question would be in the downstream refining segment, we have been seeing solid margins, if you have any comments on how this could continue to behave for the remainder of the year.

所以我的第一個想法是關於提升成本，它在本季連續下降，有點不穩定。我很有興趣了解我們如何看待今年的進展。另外，我想聽聽您對延長 Permian 與 Oxy 協議的任何進展的評論。另一個問題是在下游煉油領域，我們已經看到了堅實的利潤率，如果您對今年剩餘時間如何繼續表現有任何評論。

[Interpreted].Question in relation to the lifting, I would say the following in relation to the behavior. It varies, of course, because something exciting this effect related to the exchange rate, the monetary mass associated to the energy costs, maintenance on the surface and subs or labor costs and costs allocated that monetary mass remains stable. So in as much as we don't have an exciting effect, mainly of the exchange rate and if we can control the levels of inflation as we are doing right now, we'll see a lifting cost that's more stable, and that's why I mentioned that we're going to maintain that range between 12% and 13%. And the goal is to be closer to the $12 per barrel for in relation to the margins and the downside. I'm going to the third question, and then I'll give the floor to Ricardo and Nicolas. And the downstream, the margins are solid. We have to recognize that they're lower than the ones we had last year. And this is related to a reduction in the prices of gasoline and diesel at the international level. And that, of course, has an incidence in the result of the margins, but we are seeing margins between $14 per barrel, and we expect that, that perspective will be maintained throughout the year.

[解釋]。當然，它會有所不同，因為令人興奮的這種效應與匯率、與能源成本相關的貨幣量、地面維護和潛艇或勞動力成本以及分配貨幣量的成本保持穩定有關。因此，儘管我們沒有產生令人興奮的影響，主要是匯率，如果我們能夠像現在那樣控制通膨水平，我們將看到更加穩定的提升成本，這就是為什麼我提到我們將保持在12 % 到13% 之間。就利潤率和下行趨勢而言，我們的目標是接近每桶 12 美元。我要談第三個問題，然後請里卡多和尼可拉斯發言。而下游，利潤豐厚。我們必須認識到，它們比去年要低。而這與國際汽油、柴油價格的下降有關。當然，這會影響利潤率的結果，但我們看到利潤率在每桶 14 美元之間，我們預計這一前景將在全年保持不變。

[Interpreted] This is Nicolás Azcuénaga in relation to the opportunities of expanding our presence in Permian with us, following my earlier answer, we analyze the portfolio, not only with Oxy, but also with other opportunities that could come up in that area and in other areas and if the opportunity matures, we would communicate it in a timely manner to the market.

[解釋] 這是 Nicolás Azcuánaga 與我們一起擴大我們在二疊紀業務的機會，按照我之前的回答，我們不僅分析了 Oxy 的投資組合，還分析了其他機會，可能會在該領域和其他領域出現，如果機會成熟，我們會及時向市場傳達。

[Interpreted] Now we have Anne Milne from the Bank of America. Ms. Milne you may proceed. And we also have Badr El Moutawakil from Barclays. Badr you can ask your question.

[解讀] 現在請來美國銀行的安妮‧米爾恩 (Anne Milne)。米爾恩女士，您可以繼續了。我們還有巴克萊銀行的 Badr El Moutawakil。 Badr你可以問你的問題。

So some of my questions have already been answered before. So my final one would be about your cash balance, if we can have an update. So based on your 1Q earnings, your cash balance ended around $4 billion. And you also suggested that you get between $1.5 billion to $2 billion of the feat payments from Accenture on the earlier set of April, so pushing the cash balance to $5.5 billion to $6 billion and I think that in the slides, you only show that you have something around $1.5 billion to $1.8 billion of maturities for the remainder of 2024. And part of that is going to be covered with the revolver of $1.2 billion that you will get the funding from in 2Q. So my question is that why are you keeping the cash balances so high at the moment? Is that related to the previous questions for potentially some sort of M&A? Or I have not seen cash balances for Ecopetrol around $5.5 billion to $6 billion in the past. So what are you planning to do with that?

所以我的一些問題之前已經得到了解答。所以我的最後一個問題是關於你的現金餘額，如果我們能更新的話。因此，根據您第一季的收益，您的現金餘額約為 40 億美元。您還建議您在 4 月初從埃森哲獲得 15 億至 20 億美元的壯舉付款，因此將現金餘額推至 55 億至 60 億美元，我認為在幻燈片中，您只表明您到2024 年剩餘時間，到期日約為15 億至18 億美元。所以我的問題是，為什麼你們目前保持如此高的現金餘額？這與之前有關潛在某種併購的問題有關嗎？或者我過去沒有看到 Ecopetrol 的現金餘額約為 55 億至 60 億美元。那你打算用它做什麼呢？

[Interpreted] This is Maria Catalina. Here, we have 2 important subjects in effect the balance, the cash balance of approximately -- what we have in dollars is what we reported for the business group. And it's important to say that out of those $6.5 billion, approximately 1.7 billion is the cash position of ISA. And so in that sense those resources from ISA are the resources that ISA will be using during the year to guarantee their operations, ISA's an affiliate where in the different S depending on the business managers, it requires high levels of cash availability, especially in many of the businesses, it's doing or it's going out in Chile. So that's important to mention. And the second one, I'd like to mention is that the figure you mentioned reflects the cash position after receiving the payment of effect from the beginning of April, what it does not reflect is that we, in the beginning of April, made a payment to the nation and to the minority shareholders of corporate for COP 1 trillion. That's $1 billion more or less.

[譯] 這是瑪麗亞‧卡塔利娜。在這裡，我們有兩個重要的主題，實際上是餘額，現金餘額大約是我們為業務集團報告的美元金額。值得一提的是，在這 65 億美元中，大約有 17 億美元是 ISA 的現金部位。因此，從這個意義上說，ISA 的這些資源是ISA 在這一年中將使用的資源來保證其運營，ISA 是一家附屬機構，根據業務經理的不同，它需要高水平的現金可用性，尤其是在許多領域。所以這一點很重要。第二個，我想提的是，你提到的數字反映了從四月初開始收到付款後的現金狀況，它沒有反映我們在四月初做了一個向國家和公司少數股東支付1 萬億哥倫比亞比索。這或多或少是 10 億美元。

That's what we ended up drawing in dividends at the beginning of the year. We will also be making additional payments and dividends to those shareholders in the remainder of the year starting in the second quarter of more or less to billion dollars or COP 8 trillion approximately. So when we talk about the fact that ISA as a big part of the cash and that we have to draw to pay dividends during the rest of the year that we need resources to guarantee the operations of the company. The investments of the year, which are quite considerable, the company is having a cash balance that even though it looks high right now and in addition to the receipt of the funds from FEPC will have a seasonality that's normal throughout the year. And right now, we're not seeing it as a very high evolve that would allow us to make possible mergers or acquisitions or maybe an organic higher CapEx, but we'll be monitoring the cash balance as the year goes forward and also depending on the prices of the crude oil.

這就是我們在年初最終獲得的股利。從第二季開始，我們還將在今年剩餘時間內向這些股東支付約 10 億美元或 8 兆哥倫比亞比索的額外付款和股息。因此，當我們談到 ISA 佔現金的很大一部分並且我們必須在今年剩餘時間內提取股息來支付股息時，我們需要資源來保證公司的營運。今年的投資相當可觀，公司擁有現金餘額，儘管目前看起來很高，而且從 FEPC 收到的資金將具有全年正常的季節性。目前，我們並沒有將其視為一個非常高的發展，使我們能夠進行可能的合併或收購，或者可能有機地提高資本支出，但我們將隨著時間的推移監控現金餘額，並取決於原油價格。

[Interpreted] Next question comes from (inaudible) from UBS.

[解釋] 下一個問題來自（聽不清楚）瑞銀集團。

It's on the transition time and taking advantage of the company's stake in is, I would like to get your updated view on the best way to balance investments in the core business, hydrocarbons with investments in alternative sources of energies. In your view, what would be the best alternative to invest in other sources? Is it organically, inorganically other than Colombia, what would be the top priorities in terms of regions? And also, are you seeing more difference in returns in each one of the regions. This is my question.

現在正值過渡時期，並利用公司的股份，我想了解您對平衡核心業務、碳氫化合物投資與替代能源投資的最佳方式的最新看法。您認為，投資其他來源的最佳選擇是什麼？就地區而言，除了哥倫比亞之外，有機的、無機的什麼是最優先考慮的事情？此外，您是否發現每個地區的回報差異更大？這是我的問題。

[Interpreted] This is Ricardo Roa, speaking is in the business model, the original business model has shown better performance, economic performance, the nature of the core of the essential business of ISA's, the transmission of electricity. Today, in Brazil, the businesses are turn assets and in revenues than the one is the has in Colombia. And with its presence at other countries, it's been developing intensive CapEx investments and assets related to growth and also in the transmission assets. If a has the possibility today developing additional services to their core business of transmission that we've been evaluating permanently, for example, going into the business of generation or into the sort of energy with batteries or accumulators. We have thought that ISA because of that could grow and contribute to the results of the first quarter of 2024, it's 16% of the EBITDA of the whole company or the whole Ecopetrol Group. That would be like COP 2.3 trillion of EBITDA. That would not a very good the possibility of having more business or more deals as part of that portfolio. We have, of course, restrictions related to debt relationship with EBITDA at higher with the petrol at EBITDA relationship. And in those investment plans we've been working jointly with ISAs administration management to try to allocate CapEx and allocate resources, mainly focused on continuing developing the traditional business of energy transmission.

【解讀】這是Ricardo Roa，講的是在商業模式上，原來的商業模式已經表現出了更好的性能，經濟表現，ISA的核心業務的本質，電力的傳輸。如今，在巴西，這些企業的資產和收入都超過了哥倫比亞。憑藉其在其他國家的業務，它一直在開發與成長以及傳輸資產相關的密集資本支出投資和資產。如果今天有可能為我們一直在評估的核心傳輸業務開發額外的服務，例如，進入發電業務或電池或蓄電池類能源業務。我們認為 ISA 因此可以成長並為 2024 年第一季的業績做出貢獻，它佔整個公司或整個 Ecopetrol 集團 EBITDA 的 16%。這相當於 2.3 兆哥倫比亞比索的 EBITDA。作為該投資組合的一部分，獲得更多業務或更多交易的可能性並不是很大。當然，我們有與 EBITDA 較高的債務關係以及與 EBITDA 關係較高的汽油相關的限制。在這些投資計畫中，我們一直在與ISA行政管理層共同努力分配資本支出和資源，主要集中在繼續發展能源傳輸的傳統業務。

Other options that we're looking at either organically or inorganically outside of Colombia, obviously, in ISA's portfolio, there are many, but all of them centered were focused on transmissions and roadways. And in the hydrocarbon sector, we've continued to evaluate opportunities of business outside of the country, provided they represent on a contribution of growth in our economic indicators into a contribution of reserves in the intention of maintaining reserve reposition indicator of 3%, which is our target. And on that line, this should generate the adequate returns or value. Those assets should generate those returns, and we're permanently evaluating them from the vice precedency of strategies.

我們正在哥倫比亞以外的有機或無機的其他選擇，顯然，在 ISA 的投資組合中，有很多，但所有這些選擇都集中在傳輸和道路上。在碳氫化合物領域，我們繼續評估國外的業務機會，只要它們代表我們的經濟指標成長對儲量的貢獻，打算將儲量重新定位指標維持在 3%，這是我們的目標。就這一點而言，這應該會產生足夠的回報或價值。這些資產應該產生這些回報，我們將根據策略的優先順序永久評估它們。

[Interpreted] Now we have questions from the the chat. First from Bruno. Is the government has made a significant part of the balance and accounts payable on the FEPC or reduced to COP 23,000 million to COP 15,000 billion on 1 of April to expect important quarterly payments from the government. In that case, like good balance of convert to 0. The second one is given the free cash flow and the recent agreement is the pick what level of payment are you considering for the next 12 months? And the third question is, would you be able to remind us about the gap to have between the prices of gasoline and diesel in Colombia with respect to the international prices. Could you comment on the trends of prices, both of gasoline and diesel in the country?

[解讀] 現在我們在聊天中遇到了一些問題。首先來自布魯諾。政府是否已將大部分餘額和應付帳款存入 FEPC，或在 4 月 1 日減少至 230 億比索至 150,000 億比索，以期政府支付重要的季度付款。在這種情況下，就像轉換為 0 的良好餘額一樣。第三個問題是，您能否提醒我們哥倫比亞汽油和柴油價格與國際價格之間的差距。您能否評論一下國內汽油和柴油價格的走勢？

[Interpreted] This is Maria Catalina. In relation to the first question on the payments that we expect from the FEPC of the stabilization and a fuels. First, I'd like to reiterate that Ecopetrol as the outcomes not much benefited from the payments we continue to receive from the national government that have allowed us to reduce significantly the accumulation of money into the fund to the almost COP 15,000 million cases we had to date in fact day. Of those COP 15,000 , we have approximately COP 12.7 trillion that would correspond to the balance of trade that were accumulated during the second and third and fourth quarter 2023 and approximately COP 2.2 trillion correspond to the accumulation we had during the first quarter of 2024. Our expectation and we've been talking with the Ministry of Finance, discussing with the Ministry of Finance is that we could receive during 2024, the balances that are still pending payment of 2023, that is COP 12,700 to million that I just mentioned.

[譯] 這是瑪麗亞‧卡塔利娜。關於第一個問題，我們期望 FEPC 支付穩定和燃料費用。首先，我想重申，Ecopetrol 的成果並沒有從我們繼續從國家政府收到的付款中受益匪淺，這些付款使我們能夠大幅減少基金中的資金積累，以減少我們所擁有的近150 億締約方會議案件到今天為止。在這15,000 COP 中，我們約有12.7 兆COP，相當於2023 年第二季、第三季和第四季累積的貿易差額，約2.2 兆COP 相當於我們在2024 年第一季累積的貿易差額。 我們一直在與財政部討論，與財政部討論的是，我們可以在2024年期間收到2023年尚未支付的餘額，即我剛才提到的12,700至1000萬哥倫比亞比索。

In relation to the first part of your question now, what are we expecting in terms of the house of effect? And what might converge to 0? Right now, for petrol starting off from the basis that we would not have, at least during 2024, we would not potentially have an increase in the prices of diesel unless the government makes a decision besides otherwise, and that said we would have to the higher rent prices into account that they could pressure that an accumulation of prices upward. We're seeing the accumulation of FEPC during the 2020 for term. It will be between 8 and 10 million. This is a range that will, of course, depend on the behavior of those prices.

關於你現在問題的第一部分，我們對效應宮有何期望？什麼可能收斂於 0？目前，對於汽油來說，至少在 2024 年期間，我們不可能提高柴油價格，除非政府做出其他決定，也就是說，我們必須考慮到較高的租金價格，它們可能會迫使價格上漲。我們看到 2020 年期間 FEPC 的累積。它將在8到1000萬之間。當然，這個範圍取決於這些價格的表現。

I think the President wants to add something.

我認為總統想補充一些內容。

[Interpreted] Yes, I'd like to say or tell Bruno that during the last 18 months, we have diligently because it's a good attitude of the national government, we've been managing revenues and payments from around COP 51 trillion. And in addition to the possibility we've got of recovering those balances in an adequate manner, there are other permanent permissions between the finance ministry and Ecopetrol to channel and to manage the payments in the times that we've been managing historically, of course, we must say that this is part of the product of the policy of increasing the prices of gasoline. And today's price conditions, we would have a small surplus that might offset the deficit being generated by the non-increase in the prices of diesel with the figures already mentioned by Maria Catalina, which would also reflect a behavior that comes from the demand of those fuels, the increase of gasoline is 3.3%, and diesel has also increased considerably.

[解釋] 是的，我想說或告訴布魯諾，在過去 18 個月裡，我們一直在努力，因為國家政府的態度很好，我們一直在管理大約 51 兆哥倫比亞比索的收入和付款。當然，除了我們有可能以適當的方式收回這些餘額之外，財政部和 Ecopetrol 之間還有其他永久許可，可以在我們歷史上管理的時代引導和管理付款不得不說，這是汽油漲價政策的一部分產物。今天的價格狀況，我們將有少量盈餘，這可能會抵消柴油價格不上漲所產生的赤字，瑪麗亞·卡塔琳娜已經提到了這一數字，這也反映了來自那些需求的行為燃料方面，汽油增幅為3.3%，柴油增幅也較大。

And that's an increase of 6.3%. The dynamics of demand are associated to the final result of the subsidies to both diesel and gasoline are being evaluated by the national government by the Ministry of Mines by the Ministry of Finance. So probably those balances would go back to the original conditions of the FEPC from 10 or 13 years and deficit per year would be COP 2 billion or COP 3 billion. We would go back to that condition or that position. If the conditions say place the national government is thinking about enacting several decrees about the higher control of the price of those fuels to the different segments of the market that require it. Talking about a decree that would be final to eliminate the subsidy to large consumers. We're talking about a regulatory division that would probably bring about a lower price of fuels to the market. And with those decisions and those actions, the expectation is that in at least a year, we would be returning to the normal conditions of the balance in FEPC would be at least 2 in or COP 3 billion trillion per year.

增幅為 6.3%。需求動態與柴油和汽油補貼的最終結果有關，國家政府、礦業部和財政部正在對柴油和汽油補貼的最終結果進行評估。因此，這些餘額可能會在 10 或 13 年後恢復到 FEPC 的原始條件，每年赤字將為 20 億比索或 30 億比索。我們會回到那個狀態或那個位置。如果條件允許，國家政府正在考慮頒布幾項法令，對有需要的不同市場部分的燃料價格進行更高程度的控制。談論一項取消對大消費者補貼的最終法令。我們談論的是一個監管部門，它可能會降低市場上的燃料價格。透過這些決定和行動，預計至少在一年內，我們將恢復到 FEPC 餘額每年至少 2 兆或 30 億哥倫比亞比索的正常狀態。

[Interpreted] In relation to the second question on dividends, and we're expecting in the next 12 months, but we're expecting pursuant to what was approved in the general shareholders meeting as a dividend of PLN 312 per share, over which, as I just said, we made a first payment to the minority shareholders and to the majority shareholder. And we're pending those additional payments for BRL 800 million during the year. And that distribution of dividends would correspond to an ordinary dividend payment of 60%, which is within our framework of policies of distributing between 60% and 90% and an extraordinary dividend of approximately 7%. And right now, we don't have anything additional to what I'm just telling you.

[解釋]關於第二個問題，我們預計在未來12個月內派發股息，但根據股東大會批准的股息，我們預計每股股息為312茲羅提，其中，正如我剛才所說，我們向小股東和大股東支付了第一筆款項。我們正在等待年內支付 8 億雷亞爾的額外款項。股息分配相當於 60% 的普通股息支付，這在我們的 60% 至 90% 分配政策框架內，特別股息約為 7%。現在，除了我剛才告訴你的以外，我們沒有任何其他資訊。

[Interpreted] From Stefania. What expectations do you have about differences in the prices and what expectations you have on the tax rate for the second quarter.

[解釋] 來自 Stefania。您對價格差異有什麼預期，對第二季的稅率有什麼預期。

[Interpreted]Felipe Padro, the Marketing and Commercial Vice President in relation to Brent and the spreads, we see a positive trend for the interest of Ecopetrol. We see spreads of 1 digit versus this quarter and the same quarter of last year, we had a recovery of that net differential 3.4 in the first quarter of 2023. We had 2 digits. First quarter we're managing one visit, and this is how we're forecasting it for the remaining quarters.

[解讀]行銷和商務副總裁 Felipe Padro 在談到布蘭特原油和利差時表示，我們看到 Ecopetrol 的興趣呈現正面趨勢。與本季和去年同期相比，我們看到了 1 位數的利差，2023 年第一季我們的淨利差恢復了 3.4。第一季我們管理一次訪問，這是我們對剩餘季度的預測。

[Interpreted] Stefania, this is Maria Catarina legation to the expectation on the tax rate for the second order of 2024 to realize we could realize our active tax rate in the first quarter of 2024 was 4.5%. It's important to mention that, that rate assumes because of the level of brand that we experienced during the quarter a surcharge in the income tax of 10%. What is the expectation that we have for the second quarter of 2024, according to the behavior we rent that we're seeing, the price brand would be minus 2.3% or $82.5 per barrel, and that lead to that surcharge income to around 50% instead of the 10% that we had at directionally, would make the effective tax rate to be higher in the second quarter than the one we saw in the first quarter of the year.

[解讀] Stefania，這是瑪麗亞·卡塔琳娜 (Maria Catarina) 對 2024 年第二季稅率的預期，以實現我們可以實現 2024 年第一季的有效稅率為 4.5%。值得一提的是，由於我們在本季經歷的品牌水平，該稅率假設所得稅附加費為 10%。根據我們所看到的租賃行為，我們對 2024 年第二季度的預期是什麼，價格品牌將為負 2.3% 或每桶 82.5 美元，這導致附加費收入約為 50%而不是我們定向設定的10%，將使第二季的有效稅率高於我們今年第一季的水平。

[Interpreted] Alejandra Sanchez from (inaudible) asks us, is there any more information about Norte-1 on the results so that there would be a commercial liability of those findings.

[解釋]（聽不清楚）的 Alejandra Sanchez 問我們，是否有關於 Norte-1 的更多信息，以便這些發現承擔商業責任。

[Interpreted] Alejandro, this is Alberto. In relation to we continue to do the technical assessment of having found gas in the fields different from the or the initial discovery that assessment or not, that evaluation should be finalized in a end of the second quarter, and we'll give you more information when we provide the results for that view. The second thing we have to highlight is that so should be seen as a province or we have 4 large basins, one associated with the different fields that we have with Oxy will be drilled in the end of this year and the beginning of next year. Anything related to the Norte well or know well and everything related to the Norte area, which was remain well, this means that we'll continue drilling, trying to find other prospects. And then in the South Caribbean, basin, we have to understand what we assign capital or allocate capital in the best way. All of this analysis will probably lead to have a better or a clearer perspective when we have the results from the different wells.

[口譯]亞歷杭德羅，這是阿爾貝托。關於我們繼續對與最初發現的天然氣田不同的領域進行技術評估，該評估應在第二季度末完成，我們將為您提供更多信息當我們提供該視圖的結果時。我們要強調的第二件事是，所以應該被視為一個省，否則我們有 4 個大盆地，其中一個與我們與 Oxy 合作的不同油田相關，將於今年年底和明年初進行鑽探。任何與 Norte 油井相關的情況或了解情況以及與 Norte 地區相關的一切都保持良好，這意味著我們將繼續鑽探，試圖尋找其他前景。然後在南加勒比盆地，我們必須了解我們分配資本的內容或以最佳方式分配資本。當我們獲得不同井的結果時，所有這些分析可能會帶來更好或更清晰的視角。

Alejandro, indicated that Ecopetrol might participate in the development of renewables. Could you please indicate what your return parameters for that investment are?

Alejandro表示，Ecopetrol可能會參與再生能源的開發。您能否說明該投資的報酬參數是多少？

[Interpreted] Alejandro, this is Ricardo Roa in our portfolio and in the road map of '24 or going to 2040, we have to incorporate in our OLED energy matrix projects with renewable energies, one of them with a higher potential and that would be the power offshore. The government has done a round of allocating areas of the Caribbean see to develop those potentials of OLED energy power, which is one of the main supports for the eventual production of low emission hydrates in and that we start from that expectation of developing projects in that type of technology. The parameters and the packers, we don't have them yet. We are trying to see if we can allocate those levels of investment required in the offshore our evaluation matrix would give us a central priority to develop those types of projects in the territorial platform, where there are good factors and wind regimes compared to plant factors that could be of around 50% to 60%, which is the greatest benefit shown by the wind regimes in the Caribbean Sea.

[解釋]Alejandro，這是我們的投資組合中的Ricardo Roa，在24 年或到2040 年的路線圖中，我們必須將可再生能源納入我們的OLED 能源矩陣項目，其中一種具有更高的潛力，那就是離岸電力。政府已經在加勒比地區進行了一輪分配，以開發 OLED 能源發電的潛力，這是最終生產低排放水合物的主要支持之一，我們從在該地區開發項目的期望開始技術類型。參數和加殼器，我們還沒有。我們正在嘗試看看是否可以分配海上所需的投資水平，我們的評估矩陣將使我們優先考慮在領土平台上開發此類項目，與工廠因素相比，那裡有良好的因素和風況。 % 到60% 左右，這是加勒比海風況所帶來的最大好處。

If we look at it in that manner, we'd be interested in participating in the developments that according to the scheme stated by the government in this round of allocating areas for the potential exploration of OLED power to be awarded 2%, a public entity in the country or a juridical person in the country. And we would have that possibility of exploiting OLED power, both insured offshore, already made contact with large players of the world who have the capacity and the skills to develop those technologies in the offshore. And that's why it's part of the portfolio of the projects we permanently evaluate.

如果我們這樣看的話，我們有興趣參與開發，根據政府在這一輪OLED電力潛在勘探分配地區中所提出的計劃，我們將獲得2%的公共實體獎勵在該國或在該國的法人。我們將有可能利用 OLED 電力，兩者都已在海上投保，並且已經與世界上有能力和技能在海上開發這些技術的大型參與者取得了聯繫。這就是為什麼它是我們永久評估的項目組合的一部分。

[Interpreted] There is no more questions.

[已解釋] 沒有更多問題了。

So we'll give the word to the president, he wants to give you the final message.

因此，我們將向總統傳達訊息，他想向您傳達最後的訊息。

[Interpreted] Thanking you for your presence, for your questions that have allowed us to clarify several aspects of what we already announced. And to reiterate that Ecopetrol, were more than 120,000 people who work very hard every day to protect as we are showing you what is under our domain control for Ecopetrol to continue being the big are the great company of all Colombians and to be able to generate in them and in the evolution of our main indicators, the possibility of having available the resources required to move forward in our road map of energy transition. Thank you very much.

[解釋] 感謝您的光臨，感謝您提出的問題，使我們能夠澄清我們已經宣布的內容的幾個方面。並重申，Ecopetrol 有超過 120,000 名員工每天非常努力地工作，以保護我們的利益，因為我們向您展示了我們的領域控制範圍內的內容，以便 Ecopetrol 繼續成為所有哥倫比亞人的偉大公司，並能夠產生在它們以及我們主要指標的演變中，我們有可能獲得推進能源轉型路線圖所需的資源。非常感謝。

[Interpreted] Thank you, everybody. With that, we close the conference of our results of the first quarter in 2024. Thank you for your participation. You may now disconnect.

【翻譯】謝謝大家。至此，我們2024年第一季業績發表會結束。您現在可以斷開連線。