Ecopetrol SA (EC) 2024 Q3 法說會逐字稿

Good morning.

早安.

My name is Natalia and I will be your operator today.

我叫娜塔莉亞，今天我將成為您的接線生。

Welcome to Ecopetrol's earnings conference call in which we will discuss the main financial and operating results.

歡迎參加 Ecopetrol 的收益電話會議，我們將在會議上討論主要的財務和營運績效。

As of the third quarter of 2024 there will be a question and answer session at the end of the presentation.

自 2024 年第三季起，演示結束時將舉行問答環節。

Before we begin.

在我們開始之前。

It is important to mention that the comments in this call by Ecopetrol Senior Management include projections of the company's future performance.

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。

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.

這些預測不構成對未來結果的任何承諾，也不考慮因此可能出現的風險或不確定性。

Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.

如果未來結果與本次電話會議上分享的預測不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr Ricardo Roa CEO of Ecopetrol.

此次電話會議將由 Ecopetrol 執行長 Ricardo Roa 先生主持。

Rafael Guzman, acting Executive Vice President of Hydrocarbons, Camilo Arco CFO and David Riio, Executive Vice President of Transition Energies.

Rafael Guzman，碳氫化合物代理執行副總裁，Camilo Arco 財務長和 David Riio，過渡能源執行副總裁。

Thank you for your attention, Mister Rova.

感謝您的關注，羅瓦先生。

You may begin your conference.

您可以開始您的會議了。

Welcome to the operational and financial results call of the CPE group as of September 2024.

歡迎參加 CPE 集團截至 2024 年 9 月的營運和財務績效電話會議。

I am pleased to report that we have maintained solid growth across all our operational segments, reflecting the commitment and dedication of our team, as well as the company's resilience in addressing operational and environmental challenges.

我很高興地向大家報告，我們所有營運部門都保持了穩健的成長，這反映了我們團隊的承諾和奉獻精神，以及公司在應對營運和環境挑戰方面的韌性。

By the end of September of 2024 we achieved a production of 752,000 barrels of oil equival.

截至 2024 年 9 月底，我們的產量達到 752,000 桶石油當量。

A figure we have not seen in the last nine years.

這是我們在過去九年裡從未見過的數字。

Additionally, we transported an average of 1,126,000 barrels per day and reached the highest level of refining to put in the history of our refineries with an average of 418,000 barrels per day.

此外，我們平均每天運輸 1,126,000 桶，並達到我們煉油廠歷史上的最高煉油水平，平均每天運輸 418,000 桶。

In terms of production, I would like to highlight the status operations at the ORO station which received the first bottle of crude oil from the aacil field in October.

在生產方面，我想重點介紹 ORO 加油站的營運狀況，該加油站於 10 月從 aacil 油田接收了第一瓶原油。

This facility will be able to process up to 15,000 bottles of crude oil, 60,000 bottles of water and 700,000 cubic fuel of gas daily.

該設施每天能夠處理多達 15,000 瓶原油、60,000 瓶水和 700,000 立方天然氣燃料。

In the medium term, it could reach up to 50,000 barrels of crude oil per day, ensuring production and reserves for the coming years.

中期來看，原油產量可能達到每天 5 萬桶，確保未來幾年的生產和儲備。

Regarding the offshore exploration, I stand out the positive ruling from the Santa Marta Court which allows us to continue our operations at the C two well crucial for the country's energy security in the transportation segment.

關於海上勘探，我強調聖瑪爾塔法院的積極裁決，該裁決使我們能夠繼續在對國家運輸領域的能源安全至關重要的 C 兩口井進行作業。

We successfully secured the evacuation of all our fields overcoming the challenges faced during the quarter and achieving the highest transport volumes in the last five years.

我們克服了本季面臨的挑戰，成功確保了所有油田的疏散，並實現了過去五年來的最高運輸量。

As for refining, we reach as history high throughput and continued warranty fuel supply to the country while progressing on the execution of our annual plant shut down and major maintenance plants at our refineries.

在煉油方面，我們達到了歷史最高產量，並持續向該國供應保證燃料，同時在執行煉油廠的年度工廠關閉和主要維護工廠方面取得進展。

I also highlight the successful preparation and execution of the industrial production test for the sustainable aviation fuel sub demonstrating our commitment to cleaner operations and products.

我還強調了永續航空燃料子工業生產測試的成功準備和執行，這表明了我們對清潔營運和產品的承諾。

Let's move to the next slide, please.

請轉到下一張投影片。

Despite the pressure from external factors, such an exchange rate and inflation, our operational and financial performance places us at historical high level for the last nine years.

儘管面臨匯率、通膨等外部因素的壓力，但我們的經營和財務表現仍處於過去九年來的歷史高點。

The company we closed the first nine months of the year with revenues of 98.5 trillion pesos and a beta of 42.3 trillion pesos and a net profit of 11 trillion pesos.

該公司今年前 9 個月的收入為 98.5 兆比索，貝塔值為 42.3 兆比索，淨利潤為 11 兆比索。

When normalized excluding external factors, it would be 16.4 trillion pesos.

如果排除外部因素而正常化，則為 16.4 兆比索。

An increase of nearly 10% compared to the same period in 2023 or the margin of 43%.

與2023年同期相比成長近10%，即43%的利潤率。

Demonstrates our strong ability to maintain profitability in a challenging environment.

展示了我們在充滿挑戰的環境中保持盈利能力的強大能力。

This quarter, we achieved historical sales above 1 million barrels of oil equivalent per day, maintaining our efficiency with a single digit differential.

本季度，我們實現了每天超過 100 萬桶油當量的歷史銷量，並保持了個位數的效率差異。

Regarding that, I would like to highlight the successful liability management translation executed in the international market of $1.75 billion.

關於這一點，我想強調在國際市場上成功執行的 17.5 億美元的負債管理翻譯。

The over subscription was 2.6 times with participation from over 200 investors from the United States, Ibre of Asia and Latin America.

超額認購達2.6倍，有來自美國、亞洲和拉丁美洲的Ibre投資者超過200名參與。

These transactions a strong credit profile with the lowest spread and coupon obtained by the company in the last two years.

這些交易具有良好的信用狀況，公司在過去兩年中獲得了最低的利差和息票。

Finally, the receivable account from the fuel price stabilization Fund was 65% lower compared to the same period last year allowing better conditions for the execution of our 2025 investment plan.

最後，燃油價格穩定基金的應收帳款比去年同期下降了65%，為我們2025年投資計畫的執行提供了更好的條件。

Now let's move to the next slide regarding TSG I want to mention the following milestone.

現在讓我們轉到下一張關於 TSG 的幻燈片，我想提及以下里程碑。

As of September in the environmental front, we have achieved a cumulative reduction since 2020 of 1.89 million tons of co two equivalent in the scope one and two emissions in our operations.

在環境方面，截至9月，我們自2020年以來已累積減少營運範圍一、二類排放量189萬噸二氧化碳當量。

As of September, we have already completed 97% of our annual target for 2024.

截至9月，我們已完成2024年年度目標的97%。

Additionally, we have reached a cumulative energy optimization since 2018 of 14.24 petajoules which is equivalent to the annual reconstruction of the permits of Bolla HLA and La Gua in Colombia.

此外，自 2018 年以來，我們的累積能源優化達到了 14.24 拍焦，相當於哥倫比亞 Bolla HLA 和 La Gua 許可證的年度重建量。

Socially Ecopetrol Group has invested over 341 billion pesos in sustainable territorial development.

Socially Ecopetrol Group 已投資超過 3,410 億披索用於永續領土開發。

I highlight the completion of nine projects in lieu of taxes.

我強調九個項目的完成，以代替稅收。

During the third quarter of 2024 values have 26 billion pesos and benefiting 38,000 students in the Departments of Meta Bolivar and Palema.

2024 年第三季度，價值達 260 億比索，使梅塔玻利瓦爾學院和帕萊馬學院的 38,000 名學生受益。

Since 2018, this mechanism has allowed the Cope group to complete 63 projects valued at 471 billion pesos.

自2018年以來，這項機制已使Cope集團完成了63個項目，價值4,710億比索。

In terms of science, technology and innovation.

在科學、技術和創新方面。

We have implemented over 100 digital solutions promoting energy efficiency and carbo.

我們已經實施了 100 多個促進能源效率和碳排放的數位解決方案。

By measuring the contribution to the net income and regional GDP.

透過衡量對純收入和地區GDP的貢獻。

From our investment, we prove how sustainability generates financial benefits and acts as a catalyst for the country's economic development in terms of governance.

透過我們的投資，我們證明了永續發展如何產生經濟效益，並在治理方面成為國家經濟發展的催化劑。

I want to recognize the effective of our association internal policies.

我想認識到我們協會內部政策的有效性。

Currently, 65% of our executives come from internal talent and have extensive experience in the sector.

目前，我們65%的高階主管來自內部人才，擁有豐富的產業經驗。

Finally, I want to highlight the controls, participation in cop as hosts and panelists in total authority events.

最後，我想強調控制、警察作為主持人和小組成員參與全權活動。

I now hand over to Rafael Guzman who will speak about the hydrocarbon segment.

我現在請拉斐爾·古茲曼（Rafael Guzman）發言，他將談論碳氫化合物領域。

Thank you, Ricardo.

謝謝你，里卡多。

As of September exploration CapEx of $330 million has been recorded as the highest within the last four years.

截至 9 月份，勘探資本支出為 3.3 億美元，創下過去四年來的最高水準。

By year end, we estimate the drilling of 16 exploration wells one additional well versus the previously announced plan in the 2024 exploration campaign.

到年底，我們預計 2024 年勘探活動將鑽探 16 口勘探井，比先前宣布的計畫增加 1 口。

We advanced with the drilling of 10 wells one, the series two well was declared successful located in the Caribbean offshore onshore.

我們推進了 10 口井的鑽探工作，其中一號井位於加勒比海上陸上，二號井宣布成功。

We completed the drilling of five wells that are currently undergoing long term production testing.

我們完成了五口井的鑽探，目前正在進行長期生產測試。

These wells are Gamal Profundo Uno operated by Ecopetrol in association with Repsol Carrie Uno operated by Sierra Coal and Toritos, Su one Toritos, two Toritos, no one wells operated by Geopark in partnership with our subsidiary for coal.

這些井是由 Ecopetrol 與 Repsol Carrie Uno 聯合運營的 Gamal Profundo Uno 井，由 Sierra Coal 和 Toritos 運營，Su 1 口 Toritos，2 口 Toritos，沒有 1 口井，由 Geopark 與我們的煤炭子公司合作運營。

By the end of October, the last three wells plus beta one well reached production of almost 2000 barrels of oil production per day.

到10月底，最後三口井加上貝塔一井的產量達到了近2,000桶/日。

Increasing total production from Janus 123 block by 49%.

Janus 123 區塊的總產量增加 49%。

Lastly, we had four wells with no commercial hydrocarbon volumes corresponding to.

最後，我們有四口井沒有對應的商業碳氫化合物體積。