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 operational results as of the Third Quarter of 2024.

歡迎參加 Ecopetrol 的收益電話會議，我們將在會上討論截至 2024 年第三季的主要財務和營運表現。

There will be a questions-and-answers session at the end of the presentation.

演示結束時將有一個問答環節。

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.

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。

These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize.

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。

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

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

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Rafael Guzman, Acting Executive Vice President of Hydrocarbons; Camilo Barco, CFO; and David Riano, Executive Vice President of Transition Energy.

該電話會議將由 Ecopetrol 執行長 Ricardo Roa 先生主持； Rafael Guzman，碳氫化合物代理執行副總裁；卡米洛·巴爾科，首席財務官；和過渡能源執行副總裁戴維·裡亞諾（David Riano）。

Thank you for your attention.

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。

Welcome to the operational and financial results call of the Ecopetrol Group as of September 2024.

歡迎參加 Ecopetrol 集團截至 2024 年 9 月的營運與財務業績電話會議。

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 2024, we achieved a production of 752,000 barrels of oil equivalent, a figure we have not seen in the last nine years.

截至2024年9月底，我們的產量達到752,000桶油當量，這是過去九年來我們從未見過的數字。

Additionally, we transported an average of 1,126,000 barrels per day and reached the highest level of refining throughput 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煉油吞吐量的最高水平，平均每天 418,000 桶。

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

在生產方面，我想強調奧羅托伊加油站的營運狀況，該加油站於 10 月從阿卡西亞斯油田接收了第一桶原油。

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

該設施將能夠加工多達 15,000 桶原油；每天 60,000 桶水和 700,000 立方英尺天然氣。

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 a positive ruling from the Santa Marta court, which allows us to continue our operations at the Sirius-2, well, crucial for the country's energy security.

關於海上勘探，我強調聖瑪爾塔法院的一項積極裁決，這使我們能夠繼續在 Sirius-2 上進行作業，這對於國家的能源安全至關重要。

In the Transportation segment, we successfully secured the evacuation of all our fields overcoming the challenge pace during the quarter and achieving the highest transport volumes in the last five years.

在運輸領域，我們克服了本季的挑戰，成功確保了所有場地的疏散，並實現了過去五年來的最高運輸量。

As for refining, we reached a historic high throughput and continued warranty fuel supply to the country, while progressing on the execution of our annual plant shutdown and major maintenance plans at our refineries.

在煉油方面，我們達到了歷史性的高產量，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計劃方面取得進展。

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接頭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 and exchange rate and inflation, our operational and financial performance places as at a historically high level for the last nine years at the company.

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

We closed the first nine months of the year with revenues of COP98.5 trillion, and EBITDA of COP42.3 trillion and a net profit of COP11 trillion.

今年前 9 個月，我們的收入為 98.5 兆比索，EBITDA 為 42.3 兆比索，淨利潤為 11 兆比索。

When normalized, excluding external factors, it would be COP16.0 trillion, an increase of nearly 10% compared to the same peer in 2023.

正常化後，排除外部因素，將為 16 兆哥倫比亞比索，比 2023 年同期成長近 10%。

Our EBITDA margin of 43% demonstrates our strong ability to maintain profitability in a challenging environment.

我們 43% 的 EBITDA 利潤率證明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 to differentiate.

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，以實現差異化。

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

關於債務，我想強調一下在國際市場上成功執行的 17.5 億美元的負債管理交易。

The oversubscription was 2.6 times with participation from over 200 investors from the United States, Europe, Asia and Latin America.

超額認購達2.6倍，有來自美國、歐洲、亞洲和拉丁美洲的200多名投資人參與。

This transaction showed Ecopetrol's strong credit profile with the lowest spread and coupon obtained by the company in the last two years.

這筆交易顯示了 Ecopetrol 強大的信用狀況，該公司獲得了過去兩年來最低的利差和息票。

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

最後，燃油價格穩定點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.

現在讓我們轉到下一張投影片。

Regarding TSG, I want to mention the following milestones as of September.

關於 TSG，我想提及截至 9 月的以下里程碑。

In the environmental front, we have achieved a cumulative reduction since 2020 of 1.89 million tons of CO2 equivalent in Scope 1 and 2 emissions in our operations.

在環境方面，自 2020 年以來，我們的營運範圍 1 和 2 排放量已累計減少 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 annual energy consumption of departments of Boyacá, Huila and La Guajira in Colombia.

此外，自 2018 年以來，我們的累積能源優化達到了 14.24 拍焦耳，相當於哥倫比亞博亞卡、威拉和拉瓜希拉省的年能源消耗量。

Socially, the Ecopetrol Group has invested over COP341 billion in sustainable territorial development.

在社會方面，Ecopetrol 集團已投資超過 3,410 億哥倫比亞比索用於永續領土發展。

I highlight the completion of nine projects in lieu of taxes during the third quarter of 2024, valued to have COP26 billion and benefiting 38,000 students in the Departments of Meta, Bolivar and Tolima.

我強調 2024 年第三季完成的九個代稅項目，價值 260 億哥倫比亞比索，使梅塔、玻利瓦爾和托利馬省的 38,000 名學生受益。

Since 2018, this mechanism has allowed the Ecopetrol Group to complete 63 projects valued at all COP471 billion.

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

In terms of science, technology and innovation, we have implemented over 100 digital solutions promoting energy efficiency and decarbonization.

在科技創新方面，我們實施了100多個促進能源效率和脫碳的數位解決方案。

By measuring the contribution to the net income and regional GDP from our investment, we proved how sustainability generates financial benefits and acts as a catalyst for the country's economic development.

透過衡量投資對淨收入和地區GDP的貢獻，我們證明了永續發展如何產生經濟效益並成為國家經濟發展的催化劑。

In terms of governance, I want to recognize the effectiveness of our association internal policies.

在治理方面，我想認可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，我們有65%的高階主管來自內部人才，在該領域擁有豐富的經驗。

Finally, I want to highlight Ecopetrol's participation in COP16 as host and panelists in a total of 33 events.

最後，我想強調 Ecopetrol 作為東道主和小組成員參加了 COP16 總共 33 場活動。

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，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.

到年底，我們預計將鑽探 16 口探井，比先前宣布的計畫增加 1 口。

In the 2024 exploration campaign, we advanced with the drilling of 10 wells.

2024年勘探活動取得10口井的進展。

One, the Series 2 well was declared successful, located in the Caribbean offshore.

第一，系列 2 井被宣布成功，位於加勒比海近海。

Onshore, we completed the drilling of five wells that are currently undergoing long-term production testing.

在陸上，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-1 operated by Ecopetrol in association with Repsol; Caripeto-1 operated by SierraCol and Toritos Sur-1, Toritos-2, Toritos Norte-1 wells operated by GeoPark in partnership with our subsidiary Hocol.

這些井是 Gamal Profundo-1，由 Ecopetrol 與 Repsol 合作運作； Caripeto-1 由 SierraCol 運營，而 Toritos Sur-1、Toritos-2、Toritos Norte-1 井由 GeoPark 與我們的子公司 Hocol 合作運營。

By the end of October, the last three wells plus Bisbita-1 well reached production of almost 2,000 barrels of oil production per day, increasing total production from Janus 123 block by 49%.

到了10月底，最後三口井加上Bisbita-1井的石油產量達到近2,000桶/日，使Janus 123區塊的總產量增加49%。

Lastly, we had four wells with no commercial hydrocarbon volumes corresponding to Milonga-1, (inaudible) wells.

最後，我們有四口井沒有與 Milonga-1（聽不清楚）井相對應的商業碳氫化合物體積。

The following wells are being drilled Arantes-1 operated by Parex, Florena N18 operated by Ecopetrol, both located in the Piedemonte, Llanero, Bisbita East well operated by GeoPark located in the Eastern Plains.

以下油井正在由 Parex 運營的 Arantes-1 井和由 Ecopetrol 運營的 Florena N18 鑽井，均位於 Piedemonte、Llanero 和 Bisbita East 油井，由位於東部平原的 GeoPark 運營。

Also, we began drilling the Sirius-2 Site-Track well to perform formation testing and acquisition of subsoil information necessary for the development of the project.

此外，我們也開始鑽 Sirius-2 Site-Track 井，以進行地層測試並取得專案開發所需的底土資訊。

Furthermore, the Gato do Mato project is in the final planning phase awaiting for the final investment decision to be made by the consortium members.

此外，Gato do Mato專案正處於最終規劃階段，等待財團成員做出最終投資決定。

This date is estimated to be first half of 2025.

該日期預計為 2025 年上半年。

Related to progress with government entities since 2023, we have been developing an agenda with the National Hydrocarbon Agency and the Ministry of Mines and Energy of Colombia with the aim to increase activities in the areas of existing contracts and agreements, achieving the following; first, the signing of the Rio Magdalena agreement on July 31, 2024, which allows us to access exploratory prospects in the Middle Magdalena Valley; and second, the extension of 15 contracts prolonging their exploratory period from two to five years.

關於自 2023 年以來與政府實體的進展，我們一直在與國家碳氫化合物局以及哥倫比亞礦業和能源部製定議程，旨在增加現有合約和協議領域的活動，實現以下目標；首先，2024年7月31日簽署了馬格達萊納河協議，這使我們能夠進入馬格達萊納河谷中部的勘探前景；二是延長15份合同，將探索期從兩年延長至五年。

Let's move to the next slide, please.

請轉到下一張投影片。

Our offshore Caribbean portfolio has discovered and prospective resources potential amounting to 75 tera cubic feet of gas.

我們的加勒比海上投資組合已發現和預期資源潛力達 7500 萬立方英尺天然氣。

As you can see in the map, we have three clusters.

正如您在地圖中看到的，我們有三個集群。

The North Caribbean cluster in partnership with Petrobras in the GUA-OFF-0 block, where the serial discovery is located and for which I will elaborate in the next slide.

北加勒比集群與巴西國家石油公司合作在 GUA-OFF-0 區塊進行系列發現，我將在下一張幻燈片中詳細說明。

In this block, we expect to drill two new prospects by 2025 in order to confirm the potential of the block.

在該區塊中，我們預計到 2025 年將鑽探兩個新礦區，以確認區塊的潛力。

The South Caribbean cluster, in association with Shell, where the Kronos, Gorgon and Glaucus Discoveries are located.

與殼牌合作的南加勒比集群，Kronos、Gorgon 和 Glaucus Discovery 計畫均位於該集群。

And finally, the alterative water Cluster in association with Oxy Anadarko, where the COL-1 block is located, in which the Komodo-X1 well is expected to be drilled.

最後，與 COL-1 區塊所在的 Oxy Anadarko 相關的替代水集群，預計將在其中鑽探 Komodo-X1 井。

Once the environmental license is granted by the National Environmental Licensing Authority, NELA, we need to find together with the operator a right the slot that coincides with the appropriate weather print.

一旦國家環境許可局 (NELA) 授予環境許可，我們需要與營運商一起找到與適當的天氣列印相符的正確位置。

Let's move to the next slide, please.

請轉到下一張投影片。

We are pleased with the favorable decision of the Santa Marta Court that allows us to continue with operations at the Sirius-2 Sidetrack 1 well.

我們對聖瑪爾塔法院的有利決定感到高興，該決定使我們能夠繼續在 Sirius-2 Sidetrack 1 井進行作業。

Meanwhile, we are awaiting a decision from authorities on whether or not the prior consultation is needed.

同時，我們正在等待當局決定是否需要事先諮詢。

We expect this decision by November 30.

我們預計將在 11 月 30 日之前做出決定。

The good news is that we expect to continue to move forward with operations according to the schedule, even if the prior consultation is required.

好消息是，即使需要事先協商，我們預計仍將繼續按計劃推進營運。

With information so far obtained from the Sirius-2 appraisal well, extension of the Sirius-1 discovery well was confirmed with an estimated original intent volume potential to date of 6 tera cubic feet.

根據迄今為止從 Sirius-2 評估井獲得的信息，Sirius-1 發現井的擴建已得到確認，迄今為止估計的原始意圖體積潛力為 6 兆立方英尺。

As is shown in the time line in the graph below, we are integrating the process to reduce the time to market of the Colombian Caribbean offshore project, carrying out in parallel to the exploration and operation, the development activities in order to declare commerciality between 2026 and 2028 and gradually start the progression of resources to reserves.

如下圖的時間軸所示，我們正在整合流程以縮短哥倫比亞加勒比海上專案的上市時間，與勘探和營運並行進行開發活動，以便在 2026 年之前宣布商業化到2028年，逐步啟動資源轉儲量。

In 2025, we expect start engineering designs for early development and production of gas for the domestic market between 2029 and 2030.

2025年，我們預計將啟動工程設計，以便在2029年至2030年間為國內市場早期開發和生產天然氣。

As explained in the upper right graph, four environmental licenses are required for the development of the Sirius discovery.

如右上圖所示，天狼星發現的開發需要四個環境許可證。

First, the subsea development of the Sirius field; second, the construction of subsea line that will transport production to the Barrancabermeja Complex, which already has a proposed route.

一是Sirius油田的海底開發；其次，建造海底線路，將產品運送到巴蘭卡韋梅哈綜合體，該綜合體已經有一條擬議的路線。

Third, the biz crossing point with the facilities and last one for the onshore facilities at the Barrancabermeja complex, which serve as a connection node with national transportation system.

第三，巴蘭卡韋梅哈綜合設施的商務過境點和陸上設施的最後一個過境點，作為與國家交通系統的連接節點。

Let's move to the next slide, please.

請轉到下一張投影片。

In the first nine months of the year, the Ecopetrol Group reached a production of 752,000 barrels oil equivalent per day, an increase of 22,000 barrels of oil equivalent per day compared to the same period of previous year.

今年前9個月，Ecopetrol集團日產量達75.2萬桶油當量，比去年同期增加22,000桶油當量。

As it can be seen in the graph of left side, production is leveraged on the production growth of our subsidiaries, where Permian's production stands out with a contribution of 95,200 barrels of oil equivalent per day and sustained domestic crude oil production leveraged by Caño Sur, Rubiales Rex Noreste, Castilla and Chichimene fields, which almost most fully offset the natural decline.

從左圖中可以看出，產量受到我們子公司產量成長的槓桿作用，其中二疊紀的產量表現突出，每天貢獻 95,200 桶油當量，並透過 Caño 槓桿維持國內原油產量Sur、Rubiales Rex Noreste、Castilla和Chichimene 油田幾乎完全抵消了自然下降。

On the other hand, deferred production due to social unrest issues was 6,800 barrels of oil equivalent per day, representing less than 1% of Ecopetrol's group total production and in line with previous years.

另一方面，由於社會動盪問題導致的延期產量為每天6,800桶油當量，佔Ecopetrol集團總產量的不到1%，與往年持平。

In terms of drilling activity, we advanced with 343 development wells drilled and completed, maintaining the levels of previous years, with an average occupancy rate of 23 rigs.

鑽井活動持續推進，鑽完開發井343口，維持往年水平，平均鑽機佔用率23座。

The upstream net income reached COP2.7 trillion for the third quarter of the year, reflecting an increase of 2.4% compared to the same period of the previous year, mainly leveraged on higher production levels, better prices in our crude oil basket and lower tax provisions.

第三季上游淨利達2.7兆菲律賓比索，較去年同期成長2.4%，主要得益於產量水準提高、原油籃子價格上漲、稅收降低規定。

On the right-hand side of the slide, I would like to highlight two main projects.

在投影片的右側，我想強調兩個主要項目。

First, the entry of the Orotoy production station, which, as Ricardo previously mentioned, we leverage the future reserves of Block CPO-9.

首先，Orotoy 生產站的進入，正如 Ricardo 之前提到的，我們利用了 CPO-9 區塊的未來儲備。

It will enable a progressive increase in Ecopetrol's net production of 5,000 barrels per day at the end of 2024 and up to 25,000 barrels of oil per day from 2026, consolidating the CPO-9 asset as one of the region's major producers.

到 2024 年底，Ecopetrol 的淨產量將逐步增加到每天 5,000 桶，從 2026 年開始將產量增加到每天 25,000 桶，從而鞏固 CPO-9 資產作為該地區主要生產商之一的地位。

Second, regarding the air injection pilot at Chichimene, the National Hydrocarbon Agency and the National Environmental Licensing Authority approved its continuity for three additional years.

其次，關於奇奇梅內的空氣注入試點，國家碳氫化合物管理局和國家環境許可局批准其繼續延續三年。

This pilot has allowed us to incorporate 915 million barrels of oil in contingent resources, which demonstrates the potential for large-scale implementation.

這項試點使我們能夠將 9.15 億桶石油納入緊急資源，這展示了大規模實施的潛力。

Let's move to the next slide, please.

請轉到下一張投影片。

In the Midstream segment, transported volumes in the first nine months increased by more than 21,000 barrels per day compared to the same period of 2023, mainly leveraged by the increase in crude oil production in the Llanos area, coupled with the higher deliveries of Castilla Norte crude coming from Barrancabermeja.

在中游領域，與 2023 年同期相比，前 9 個月的運輸量每天增加超過 21,000 桶，主要得益於 Llanos 地區原油產量的增加，加上 Castilla Norte 的交付量增加來自巴蘭卡韋梅哈的原油。

Due to damages caused by third parties to the Cano Limon Covenas pipeline during the third quarter of 2024, four reversal cycles of the recent energy pipeline were carried out, evacuating more than 1 million barrels, thus ensuring the production of the Cano Limon field.

由於2024年第三季第三方對Cano Limon Covenas管道造成損害，近期能源管道進行了四次反轉週期，疏散了超過100萬桶，從而保證了Cano Limon油田的生產。

Lastly, the Midstream segment maintained a solid financial performance during the first nine months of the year, adding up an EBITDA of COP8.3 trillion, representing 20% contribution to the total EBITDA of the Ecopetrol Group.

最後，中游部門在今年前九個月保持了穩健的財務表現，EBITDA 總計達 8.3 兆披索，佔 Ecopetrol 集團 EBITDA 總額的 20%。

The EBITDA reduction compared to the first nine months of 2023 is mainly explained by external effects such as exchange rate and inflation, partially compensated by higher revenues and cost efficiencies, as shown in the bottom right figure.

與 2023 年前 9 個月相比，EBITDA 減少的主要原因是匯率和通膨等外部影響，但收入和成本效率的提高部分彌補了這一影響，如右下圖所示。

Let's move to the next slide.

讓我們轉到下一張投影片。

As of September 2024, the refineries achieved historic throughputs of 418,000 barrels per day.

截至 2024 年 9 月，煉油廠的日產量達到歷史最高水準 418,000 桶。

This was accomplished even under a challenging environment and an intense period of major scheduled maintenances.

即使在充滿挑戰的環境和緊張的主要定期維護期間，仍然能夠實現這一目標。

The Cartagena refinery completed its maintenance plans, and the Barrancabermeja refinery intervened 85% of the units, ensuring the reliability of its assets.

卡塔赫納煉油廠完成了維護計劃，巴蘭卡韋梅哈煉油廠對85%的裝置進行了乾預，確保了資產的可靠性。

Refining gross margin decreased by $13.6 per barrel versus the third quarter of 2023 to $7 per barrel, 75% of this impact is due to the drop of international fuel prices, mainly gasoline and diesel, 14% impacted by the execution of the first major scheduled maintenance of the hydrocracking unit at the Cartagena refinery, which since its start up in 2016, completed its first eight-year cycle, 9% mainly due to the effect of the lower availability of light crude oil at the Barrancabermeja refinery as a result of the of the attacks Cano Limon Covenas pipeline.

煉油毛利率較2023年第三季每桶下降13.6美元，至每桶7美元，其中75%是由於國際燃料價格（主要是汽油和柴油）的下跌，14%是受到第一個主要計畫執行的影響卡塔赫納煉油廠加氫裂解裝置的維護，該裝置自 2016 年啟動以來，完成了第一個八年週期，佔 9%，主要是由於 Barrancabermeja 煉油廠輕質原油供應量下降的影響卡諾利蒙科維納斯管道襲擊事件。

And the remaining 2% was the result of the power shutdown at the Cartagena refinery, which, thanks to the timely response of the teams was overcome in two days, guaranteeing the national fuel supply and where our subsidiary, ISA provides support to ensure the continuity of energy supply.

剩下的2%是由於卡塔赫納煉油廠停電造成的，由於團隊的及時響應，兩天內就克服了這個問題，保證了國家燃料供應，我們的子公司ISA提供支持以確保連續性的能源供應。

In addition, we began the implementation of the plan consisting of 16 actions to mitigate fuel power supply risks at its facilities.

此外，我們也開始實施由16項行動組成的計劃，以減輕其設施的燃料供電風險。

As a result, the EBITDA for the year was COP2 trillion, 72% less than the same period of 2023, mainly affected by aforementioned factors in addition to the exchange rate and inflation effects.

因此，全年的 EBITDA 為 2 兆菲律賓比索，比 2023 年同期減少 72%，除了匯率和通膨影響外，主要受到上述因素的影響。

Normalizing these external variables, EBITDA would have been COP7.1 trillion for the year, with an EBITDA margin of 13.8%.

將這些外部變數正常化後，今年的 EBITDA 將為 7.1 兆比索，EBITDA 利潤率為 13.8%。

By year-end, we expect to close the year with an average throughput between 415,000 to 420,000 barrels per day.

到年底，我們預計年末平均吞吐量將達到每天 415,000 至 420,000 桶。

Let's go to the next slide.

讓我們看下一張投影片。

During the first nine months of 2024, Ecopetrol continued to materialize its comprehensive efficiencies and competitiveness strategy with a contribution of COP3.2 trillion, exceeded by 10% and 81% compared to those achieved during the same period of 2023 and 2022, respectively.

2024 年前 9 個月，Ecopetrol 繼續落實其綜合效率和競爭力策略，貢獻了 3.2 兆哥倫比亞比索，比 2023 年和 2022 年同期分別成長了 10% 和 81%。

By year-end, we project to achieve efficiencies between COP4.2 trillion and COP4.5 trillion, which will exceed our 2024 targets.

到年底，我們預計效率將達到 4.2 兆比索到 4.5 兆比索，這將超過我們 2024 年的目標。

As is shown in the upper right graph, these efficiencies offset the increase in total unit cost by $0.79 per barrel, which reached $47.3 per barrel in the first nine months of year.

如右上圖所示，這些效率抵消了每桶總單位成本增加 0.79 美元，而今年前 9 個月達到每桶 47.3 美元。

To conclude, the lifting costs, transportation costs and refining cash costs were impacted by exogenous factors related to inflation, gas prices, the El Nino phenomenon and the exchange rate.

綜上所述，提升成本、運輸成本和煉油現金成本均受到通貨膨脹、天然氣價格、厄爾尼諾現象和匯率等外生因素的影響。

Nonetheless, when we normalize these effects in each of the aforementioned metrics, cost levels are similar to those obtained in the first nine months of 2023.

儘管如此，當我們在上述每個指標中對這些影響進行標準化時，成本水準與 2023 年前 9 個月獲得的成本水準相似。

Now I will turn it over to David, who will discuss the main milestones of the engines for the transition business line.

現在我將把它交給David，他將討論過渡業務線引擎的主要里程碑。

Thank you, Rafael.

謝謝你，拉斐爾。

Ecopetrol remains implementing all necessary actions and investments to contribute to the country's energy security and meet the demand for natural gas in Colombia.

Ecopetrol 繼續採取一切必要的行動和投資，以促進該國的能源安全並滿足哥倫比亞對天然氣的需求。

For the year 2025 through existing contracts, Ecopetrol has committed a total of 551 GBTUD per day, representing 65% of national demand, excluding the natural gas consumed by thermoelectric power generation.

透過現有合同，到 2025 年，Ecopetrol 承諾每天總計 551 GBTUD，相當於全國需求的 65%，不包括熱力發電消耗的天然氣。

During the same period with the aim of supporting the country's supply, we reduced our gas purchasing requirements to about 25 giga BTU per day, by optimizing our operational consumption, which accounts for approximately 2.5% of national demand.

同期，為了支援國家供應，我們透過優化營運消耗，將天然氣採購需求降低至每天 25 GB 左右，約佔全國需求的 2.5%。

By 2026, we will contribute 370 giga BTU per day to the market through already signed contracts, representing 43% of national demand, excluding power generation consumption.

到2026年，我們將透過已簽署的合約每天向市場貢獻370GB BTU，佔全國需求的43%（不包括發電消耗）。

Additionally, we have an extra volumes of an average of 131 giga BTU per day in 2026, which could be fully marketed through signed contracts.

此外，到 2026 年，我們還有平均每天 131 GB BTU 的額外容量，可以透過簽署的合約進行全面銷售。

Once the Ministry of Mines and Energy and the Energy and Gas Regulatory Commission have made gas commercialization more flexible, it's important to point out that despite the progress made across all areas of natural gas, challenges still remain regarding environmental permits, prior social consultations, regulatory flexibility and transportation infrastructure, to name a few.

一旦礦業和能源部以及能源和天然氣監管委員會使天然氣商業化變得更加靈活，需要指出的是，儘管天然氣所有領域都取得了進展，但在環境許可、事先社會協商、監管等方面仍然存在挑戰。靈活性和交通基礎設施等等。

On the energy transition front, we remain focused on energy efficiency, making significant progress by the close of the third quarter of 2024, with savings of 11.3 petajoules in thermal energy and 2.9 petajoules in electrical energy for a total of 14.2 petajoules since the start of the program in 2018.

在能源轉型方面，我們仍然關注能源效率，到 2024 年第三季末取得重大進展，熱能節省 11.3 拍焦，電能節省 2.9 拍焦，自 2020 年以來總計節省 14.2 拍焦。

This translates into a savings of COP322 billion for the Ecopetrol Group and an impact of more than 950,000 tonnes of CO2 equivalent.

這意味著 Ecopetrol 集團可節省 3,220 億哥倫比亞比索，並減少超過 95 萬噸二氧化碳當量。

We continue working on the sustainable development of the communities in which we operate.

我們持續致力於經營所在社區的永續發展。

Today, our Social Gas Program in collaboration with various strategic allies has successfully connected nearly 52,000 homes to the natural gas network in Colombia.

如今，我們的社會天然氣計畫與各個戰略盟友合作，已成功將哥倫比亞近 52,000 個家庭連接到天然氣網路。

Finally, we highlight the financial results of the gas and LPG businesses, which by the end of the third quarter of 2024, accumulated cash and LPG production of 173,000 barrels of oil equivalent per day, representing 22.8% of the Group's total production and 68% market share in Colombia.

最後，我們將重點放在天然氣和液化石油氣業務的財務業績，截至2024 年第三季末，該業務累計現金和液化石油氣產量為每天173,000 桶油當量，佔集團總產量的22.8%，佔集團總產量的68%。

EBITDA generated during the year amounted to about COP2.2 trillion.

年內產生的 EBITDA 約為 2.2 兆比索。

I will now pass the floor to Camilo, who will present our Transmission and Roads business line, as well as the main financial milestones.

我現在請卡米洛發言，他將介紹我們的輸電和道路業務線以及主要財務里程碑。

Thank you very much, David.

非常感謝你，大衛。

It is a great pleasure to address you in my first earnings call, as Vice President of Finance and Sustainable Value.

身為財務與永續價值副總裁，我很高興在第一次財報電話會議上向大家發表演說。

I would like to express my gratitude for the trust placed in me by the Ecopetrol Group.

我謹對 Ecopetrol 集團對我的信任表示感謝。

As the leader of the finance function, my priorities are focused on establishing a solid financial foundation to strengthen the execution of the 2040 strategy through the efficiency program, strict capital discipline and ensuring profitability and value generation for all our shareholders.

作為財務部門的領導者，我的首要任務是建立堅實的財務基礎，透過效率計劃、嚴格的資本紀律以及確保所有股東的盈利能力和價值創造來加強 2040 年戰略的執行。

I would like to begin by sharing the positive results of our Transmission, Roads and Telecommunication business line.

首先，我想分享我們的傳輸、道路和電信業務線的正面成果。

This quarter ISA's can be recognized the effect of the periodic tariff revision, PTR, of its main concession contract.

本季度 ISA 可以認識到其主要特許權合約定期關稅修訂 (PTR) 的影響。

This revision, conducted every five years by the National Electric Energy Agency, NEEL, which is regulator in Brazil, resulted in a positive net impact on EBITDA equivalent to COP875 billion and a net income of COP207 billion.

巴西監管機構國家電力能源局 (NEEL) 每五年進行一次修訂，對 EBITDA 產生了相當於 8,750 億比索的淨收入和 2,070 億比索的淨收入。

This positively leveraged the business line's results, which showed an 8% increase in revenue and 7% in EBITDA, compared to the first nine months of 2023, reaching COP11.5 trillion and COP7.5 trillion, respectively.

這對該業務線的業績產生了積極的影響，與 2023 年前 9 個月相比，收入增長了 8%，EBITDA 增長了 7%，分別達到 11.5 兆比索和 7.5 兆比索。

These term results contributed 12% to the group's revenues, 18% to EBITDA and 6% to net income at the end of September, aligning with our strategic objective of diversification within the Ecopetrol Group.

截至 9 月底，這些季度業績對集團收入貢獻了 12%，對 EBITDA 貢獻了 18%，對淨利潤貢獻了 6%，這與我們在 Ecopetrol 集團內實現多元化的戰略目標保持一致。

Among the most significant milestones this year, we would like to highlight in Brazil, ISA CTEEP was awarded eight enforcement completing 44 transmission grid reinforcements that together will total a CapEx of COP775 billion.

在今年最重要的里程碑中，我們要強調的是巴西的 ISA CTEEP 獲得了 8 項執行任務，完成了 44 項輸電網加固，總資本支出達 7,750 億哥倫比亞比索。

In Colombia, ISA won a public tender from UPME for the construction and operation of Pasacaballos substation and associated lines in the department of Bolivia with a CapEx of COP83 billion.

在哥倫比亞，ISA 贏得了 UPME 的公開招標，負責玻利維亞省 Pasacaballos 變電站及相關線路的建設和運營，資本支出為 830 億哥倫比亞比索。

Additionally, ISA was awarded an expansion to the transmission network in Colombia with a referential capital expenditure of COP29 billion.

此外，ISA 還獲得了哥倫比亞輸電網路擴建項目，參考資本支出為 290 億哥倫比亞比索。

Also in Colombia, the signing and closing of the specific agreement of five Internet Boards, which will contribute to reducing the digital gap in the country, benefiting 56,000 families throughout the country with Internet access.

同樣在哥倫比亞，五個網路委員會簽署並達成了具體協議，這將有助於縮小該國的數位鴻溝，使全國 56,000 個擁有網路存取的家庭受益。

In Peru, ISA REP was awarded with the expansion 24 of the Nueva Virú substation with a CapEx of COP167 billion. ISA

在秘魯，ISA REP 獲得了 Nueva Virú 24 號變電站的擴建項目，資本支出為 1,670 億哥倫比亞比索。 ISA

continues to advance in the construction of 36 energy transmission projects in the countries where it operates, representing a committed CapEx of COP28.5 trillion by the end of this quarter.

繼續推進其營運所在國家 36 個能源傳輸項目的建設，意味著到本季末承諾資本支出將達 28.5 兆哥倫比亞比索。

Once operational, they will add more than 5,807 kilometers of circuit to the network and generate approximately COP1.8 trillion in revenues between 2024 and 2030.

一旦投入運營，它們將為網路增加超過 5,807 公里的電路，並在 2024 年至 2030 年間產生約 1.8 兆哥倫比亞比索的收入。

For the remainder of 2024, investments of between COP1 billion and COP2 trillion are expected to be made due to four projects are expected to come into operation and more than 50 reinforcements and improvements to the ISA CTEEP network in Brazil.

到 2024 年剩餘時間，由於巴西 ISA CTEEP 網路預計將投入運營四個項目以及 50 多個加固和改進項目，因此預計將進行 10 億至 2 兆比索的投資。

Let's move on to the next slide to detail the group's financial performance.

讓我們繼續看下一張投影片，詳細介紹該集團的財務表現。

Starting with cash flow for the third quarter of 2024, we closed with a solid cash position at the group level of COP18.8 trillion.

從 2024 年第三季的現金流開始，我們集團層面的現金狀況穩定，為 18.8 兆披索。

Operational generation stood out at COP35.5 trillion, which includes the collection of the account receivable from FEPC for approximately COP17.7 trillion.

營運發電量高達 35.5 兆比索，其中包括從 FEPC 收取的約 17.7 兆比索的應收帳款。

This liquidity will be primarily used to continued execution of the 2024 investment plan and to meet operational and financial obligations.

此流動資金將主要用於繼續執行 2024 年投資計畫並履行營運和財務義務。

Regarding the main cash outflows, we made CapEx disbursements of approximately COP16.2 trillion, in addition to dividend payments of COP14.9 trillion, which include payments from Ecopetrol Asia to the nation and minority shareholders, as well as payments from ISA, midstream subsidiaries and Invercolsato their non-controlling shareholders.

關於主要現金流出，我們支付了約16.2萬億比索的資本支出，此外還支付了14.9萬億比索的股息，其中包括Ecopetrol Asia向國家和少數股東支付的款項，以及ISA、中游子公司的付款和Invercolsato 為其非控制股東。

As of the end of September, we completed the dividend payment to the nation totaling COP11.3 trillion, and thus concluding the payment approved at the General Shareholders' Meeting.

截至9月底，我們已完成向國家支付總計11.3兆比索的股息，從而完成了股東大會批准的支付。

Regarding FEPC in the third quarter of 2024, COP4.7 trillion were collected, reaching by September, an 86% recovery of the receivable balance as of the end of 2023.

2024年第三季的FEPC共收取4.7兆哥倫比亞比索，截至9月份，截至2023年底的應收帳款餘額已回收86%。

As of September 2024, the receivable balance was COP9 trillion, the lowest balance since 2021.

截至2024年9月，應收帳款餘額為9兆COP，為2021年以來的最低餘額。

Ecopetrol continues its joint efforts with the Ministries of Finance and Mines and Energy to implement effective payment schemes and reduce the monthly accumulation of the fund, which has remained below COP800 billion per month on average since the second quarter of this year.

Ecopetrol繼續與財政部、礦業和能源部共同努力，實施有效的支付計劃，並減少每月的基金積累，自今年第二季度以來，該基金的月平均積累量一直保持在8000億哥倫比亞比索以下。

Please move on to the next slide.

請轉到下一張投影片。

As of the third quarter of 2024, net income was COP11 trillion, one, the highest in the last eight years after those recorded in 2022 and 2023, years during, which we achieved historical financial results, supported mainly by a favorable pricing environment and a higher average exchange rate.

截至2024 年第三季度，淨利潤為11 兆哥倫比亞比索，是繼2022 年和2023 年之後的過去八年最高水平，在這期間，我們取得了歷史性的財務業績，這主要得益於有利的定價環境和平均匯率較高。

Compared to the same period last year, net income for the third quarter of 2024 decreased by approximately COP3.8 trillion.

與去年同期相比，2024年第三季淨利減少約3.8兆哥倫比亞比索。

This performance was mainly due to the impact of external factors that by the end of September had an effect of COP5.3 trillion compared to 2023.

這一表現主要是由於外部因素的影響，截至 9 月底，與 2023 年相比，影響為 5.3 兆哥倫比亞比索。

Excluding those external factors which are beyond the company's control, normalized net income would be close to COP16.4 trillion, representing a 10% increase when compared to the same period of the previous year.

剔除公司無法控制的外部因素，正常化淨利將接近16.4兆披索，較上年同期成長10%。

The main external factors affecting net income as of September 2024 were the lower average exchange rate with an impact of approximately COP3.5 trillion, the decrease in price, which consolidates the brand reference price and the effect of products and crude differentials with an impact of approximately COP1.2 trillion; inflation with an impact of COP0.6 trillion.

截至 2024 年 9 月，影響淨利潤的主要外部因素是平均匯率較低，影響約 3.5 兆披索、價格下跌（合併品牌參考價）以及產品和原油差異的影響，影響約 1.2 兆菲律賓比索；通貨膨脹影響 6 兆哥倫比亞比索。

It is important to note that, due the decrease in the Brent reference price for the third quarter of 2024, the income tax surcharge was adjusted from 15% to 10% with a cumulative effect for the year 2024.

要注意的是，由於2024年第三季布倫特參考價下降，所得稅附加由15%調整為10%，累計影響2024年全年。

As a result, by the end of September '24, we reached nine year highs in the revenues and EBITDA as of the third cumulative quarter, excluding the years 2022 and 2023.

結果，截至 2024 年 9 月底，截至第三個累計季度（不包括 2022 年和 2023 年），我們的收入和 EBITDA 達到了九年來的最高水準。

In the same way, we maintain competitive profitability levels, supported by five elements: outstanding operational performance, high sales levels, competitive group differentials, comprehensive efficiency strategy and ISA's studying revision.

同樣，我們保持有競爭力的獲利水平，有五個要素支撐：出色的營運績效、高銷售水平、競爭集團差異、全面效率策略和ISA學習修訂。

As of the third quarter of 2024, we achieved a cumulative EBITDA of COP42.3 trillion, an EBITDA margin of 43%, maintaining competitive levels compared to our historical results; return on capital employed, ROACE, continues to be above our annual target of 9%, standing at 10.5%.

截至 2024 年第三季度，我們累計實現 EBITDA 42.3 兆比索，EBITDA 利潤率為 43%，與歷史業績相比保持了競爭水平；已動用資本回報率 ROACE 持續高於我們 9% 的年度目標，達到 10.5%。

And in addition to what was mentioned in the previous sessions about the efficiency strategy, I would like to highlight that initiatives focused on the cost optimization in corporate and support areas have been included, contributing approximately COP240 billion.

除了先前會議中提到的有關效率策略的內容之外，我想強調的是，重點關注公司和支持領域成本優化的舉措也已納入其中，貢獻了約 2,400 億哥倫比亞比索。

On the other hand, the margin and revenue improvement strategies led by the commercial team have optimized COP996 billion by the end of the third quarter.

另一方面，商業團隊主導的利潤率和收入改善策略到第三季末已經優化了 9,960 億哥倫比亞比索。

CapEx optimization initiatives reached COP0.9 trillion for the same period, advancing in the diversification of our business lines as of the third quarter of 2024, the contribution to total EBITDA from the exploration and production business was 58%, highlighting the operational resilience of the segment despite challenging environmental conditions.

同期資本支出優化措施達到 9 兆哥倫比亞比索，業務線多元化不斷推進，截至 2024 年第三季度，勘探和生產業務對 EBITDA 總額的貢獻率為 58%，凸顯了公司的營運彈性儘管環境條件充滿挑戰，但仍能繼續細分市場。

Likewise, the contribution and stability of our transportation business lines with 20% and Transmission and Roads with 18% have been fundamental in maintaining EBITDA at current levels.

同樣，我們的運輸業務線（佔 20%）以及輸電和道路業務（佔 18%）的貢獻和穩定性對於將 EBITDA 維持在當前水準至關重要。

Please move on to the next slide.

請轉到下一張投影片。

Regarding investments, we remain in line with our financial plan, achieving an execution rate of 86% by the third quarter of 2024 and staying in line with the target set for this year.

在投資方面，我們仍然按照我們的財務計劃，到2024年第三季實現86%的執行率，並與今年設定的目標保持一致。

Investments were mainly performing in Colombia, accounting for 65%, with the remaining 35% internationally, notably in the Permian Basin in the United States with 19% and Brazil and other countries with the remaining 16%.

投資主要表現在哥倫比亞，佔65%，其餘35%來自國際，尤其美國二疊紀盆地佔19%，巴西等國佔16%。

Investment in the hydrocarbon segment holds the largest share of the group's total investment, reaching 67%, equivalent to approximately $2,716 million.

碳氫化合物領域的投資佔集團總投資的最大份額，達67%，相當於約27.16億美元。

In this same segment, investments in exploration and production stand out, amounting to $2,128 million, representing 78% of the total hydrocarbons investments.

在同一領域，勘探和生產投資最為突出，達 21.28 億美元，佔碳氫化合物投資總額的 78%。

The remaining 22% consists of an investment in the refining and transportation business lines, focused on the operational continuity of refineries and the integrity of transportation systems.

其餘 22% 包括對煉油和運輸業務線的投資，重點在於煉油廠的營運連續性和運輸系統的完整性。

As of the third quarter of 2024, the energies for the transition segment made investments of approximately $556 million, contributing 14% of the group's total investments.

截至2024年第三季度，轉型部門的能源投資額約為5.56億美元，佔集團總投資的14%。

These investments focus on the growth of the gas supply chain in the Permian Basin, the Tayrona block offshore and the Piedemonte.

這些投資重點關註二疊紀盆地、泰羅納海上區塊和皮埃蒙特大區天然氣供應鏈的成長。

Investments in the Transmission and Roads line reached $791 million, primarily in the energy transmission business with an 86% share, followed by the roads business with 12% and the remaining 2% in telecommunications.

輸電和道路業務的投資達7.91億美元，主要是能源傳輸業務，佔86%，其次是道路業務，佔12%，其餘2%是電信業務。

Please let's move on to the next slide.

請讓我們繼續看下一張投影片。

In terms of our debt strategy, we remain committed to a proactive debt management approach, mainly focused on extending the average maturity of debt obligations, reducing refinancing risk and optimizing interest expense.

在債務策略方面，我們仍然致力於積極主動的債務管理方法，主要專注於延長債務平均期限、降低再融資風險和優化利息支出。

During the third quarter of 2024, we executed the following transactions.

2024 年第三季度，我們執行了以下交易。

In July, we replaced a syndicated loan maturing in August 2024 by disbursing a committed line of $1.2 billion, maturing in 2029.

7 月，我們透過支付 12 億美元的承諾額度（將於 2029 年到期）取代了 2024 年 8 月到期的銀團貸款。

In August, we began refinancing the bond maturing in 2026 for $1.5 billion through a make whole of $250 million.

8 月，我們開始為 2026 年到期的債券進行再融資，融資金額為 15 億美元，總額為 2.5 億美元。

In October, we disbursed $250 million of a bilateral credit facility to which $250 million of cash were added to make a partial prepayment for $500 million to a trade with international banks.

10月份，我們發放了2.5億美元的雙邊信貸額度，其中還增加了2.5億美元的現金，為與國際銀行的貿易預付了5億美元的部分款項。

The nominal balance was up $1 billion and maturity in 2030.

名義餘額增加 10 億美元，到期日為 2030 年。

Finally, we issued a new bond maturing in 2032 for $1.75 billion.

最後，我們發行了 2032 年到期的 17.5 億美元新債券。

The proceeds were used in a tender offer and a make-whole for the remaining amount of the 2026 bond for $1.25 billion and to prepay the receivable value of the credit facility maturing in 2030 for $500 million.

所得款項用於要約收購和補足 2026 年債券剩餘金額 12.5 億美元，並預付 2030 年到期的信貸安排的應收價值 5 億美元。

The refinancing of the 2026 bond include repurchase of $803 million according to the tender offer; make-whole of $447 million for the remaining balance, with settlement scheduled for November 21, 2024.

2026年債券的再融資包括根據要約收購回購8.03億美元；剩餘餘額為 4.47 億美元，定於 2024 年 11 月 21 日結算。

All of the above improves our maturity profile and ensures that we have a manageable debt profile until 2028.

所有上述措施都改善了我們的到期狀況，並確保我們在 2028 年之前擁有可控的債務狀況。

At the end of the third quarter, our gross debt to EBITDA ratio stood at 2.1 times.

第三季末，我們的總負債與 EBITDA 比率為 2.1 倍。

Excluding ISA's debt the ratio would be 1.5 times.

如果不包括 ISA 的債務，該比率將為 1.5 倍。

Lastly, I would like to mention that the rating agency Fitch Ratings recently reaffirmed Ecopetrol's global credit rating at BB+ with a stable outlook, highlighting the company's influence to the country and its financial strength to meet its great obligations as well as to access the global capital markets.

最後，我想提一下，評級機構惠譽最近重申了Ecopetrol的全球信用評級為BB+，展望為穩定，突顯了該公司對國家的影響力及其履行重大義務和獲取全球資本的財務實力。

I now hand over to Ricardo for the closing remarks.

現在請里卡多致閉幕詞。

Thank you, Camilo.

謝謝你，卡米洛。

I would like to conclude this conference call by highlighting that the operational and financial figures accumulate as of September reinforce the achievement of the financial plan for 2024 announced last year.

在結束本次電話會議時，我想強調截至 9 月累積的營運和財務數據鞏固了去年宣布的 2024 年財務計畫的成就。

We are proud of the company's quick and effective response to the challenging circumstances during the quarter.

我們對該公司在本季度應對充滿挑戰的情況做出快速有效的反應感到自豪。

I thank our employees for their efforts.

我感謝我們員工的努力。

Our exploratory activities remain strong.

我們的探索活動依然強勁。

The last two years have seen the highest investment in the hydrocarbon business lines since 2015, reflecting our commitment to the traditional business.

過去兩年是自 2015 年以來對碳氫化合物業務線的最高投資，反映了我們對傳統業務的承諾。

For the rest of the year, our efforts will focus on preparing the operational and financing plan for 2025 to 2027 and consolidating the achieved results.

今年剩餘時間，我們的工作重點是製定2025年至2027年的營運和融資計劃，以鞏固已取得的成果。

We will continue working to mitigate the effects of external factors and maintain high operational standards, as we have done so far.

我們將繼續努力減輕外部因素的影響並維持高營運標準，正如我們迄今為止所做的那樣。

I appreciate your participation in this conference call.

我感謝您參加本次電話會議。

Now, we will begin the question-and-answer session.

現在，我們將開始問答環節。

(Operator Instructions)

（操作員說明）

Katherine Ortiz, Corredores Davivienda.

凱瑟琳‧奧蒂斯，《達維維安達通訊》。

Good morning, and thank you for this opportunity.

早安，謝謝你給我這個機會。

I have a couple of questions.

我有幾個問題。

One, I'd like to know what was the impact on the net profit of the quarter with the adjustment made on the tax and what would have been the true impact?

一、我想了解稅收調整對本季淨利的影響是什麼？

Second, I'd like to have more information on your -- about something you've been discussing on the news.

其次，我想了解更多關於您在新聞中討論的事情的資訊。

Ecopetrol is expecting to develop projects for regasification in Colombia, and one is about to begin, , which is close to Chuchupa.

Ecopetrol 預計在哥倫比亞開發再氣化項目，其中一個即將啟動，該項目靠近 Chuchupa。

Regarding this, could you could share with us the size of this project if Ecopetrol is directly planning to be the investor and operator of this or these plants that have been mentioned.

關於這一點，如果 Ecopetrol 直接計劃成為這個或前面提到的這些工廠的投資者和運營商，您能否與我們分享一下這個項目的規模？

And if this specific project, do you have any information about its cost for its development?

如果是這個具體項目，您有關於其開發成本的任何資訊嗎？

That's my second question

這是我的第二個問題

And third, I have another question.

第三，我還有一個問題。

It's -- recently, we have the resignation of two members of the Board.

最近，我們有兩位董事會成員辭職。

Are these members already replaced?

這些成員已經更換了嗎？

Or will they wait until March?

或者他們會等到三月嗎？

Or the idea regarding corporate conference, do you have -- will you have a special shareholders' meeting before these members leave?

或是關於公司會議的想法，你有沒有──在這些成員離開之前，你會開一個特別的股東大會嗎？

Or what's your plan with them?

或是你和他們有什麼計畫？

Katherine, good morning again.

凱瑟琳，再次早安。

My name is Camilo.

我的名字是卡米洛。

I am the CFO.

我是財務長。

On your question related to the effect of the exchange on the income tax, it's important to mention that in the third quarter, we saw the reversal of the surcharge of 13% that we had for the first nine months, and we recalculated it at 10%.

關於你提到的匯率對所得稅影響的問題，值得一提的是，在第三季度，我們看到前九個月的13%的附加費被逆轉，我們在10月份重新計算了它。

This specifically has an impact on the surcharge calculated from January to June, and we're talking about COP500 billion on the profit.

這尤其對 1 月至 6 月計算的附加費產生影響，我們談論的是利潤 5000 億哥倫比亞比索。

This means without this figure, the profit of the third quarter would have been close to COP3.1 trillion.

這意味著如果沒有這個數字，第三季的利潤將接近 3.1 兆哥倫比亞比索。

David Riano, Executive VP of Transition Energies.

大衛‧裡亞諾 (David Riano)，過渡能源公司執行副總裁。

With regards to your question on the projects for regasification and Chuchupa project, this is project directly made by Ecopetrol Group.

關於你提到的再氣化項目和Chuchupa項目，這是Ecopetrol集團直接做的項目。

We're making the assessments right now, pre-conceptual design, the permits needed to develop this facility and licenses.

我們現在正在進行評估、預概念設計、開發該設施所需的許可和許可證。

As far as its size, it's a result of the analysis that we are making, which keeps in knowing factors such as the amount of gas that it will need to import to sell it in the market.

就其規模而言，這是我們正在進行的分析的結果，我們不斷了解諸如在市場上出售所需進口的天然氣數量等因素。

And the period that goes from this year to the moment when we have the resources of the offshore.

從今年到我們擁有離岸資源的那段時間。

And also keeping in mind the restrictions that we currently have.

也要牢記我們目前的限制。

And when it comes to expansion of transportation, we're talking about 200 million to 300 million of cubic feet.

當談到交通運輸的擴張時，我們談論的是2億至3億立方英尺。

So here, we're talking basically about the regulatory aspects.

所以在這裡，我們基本上討論的是監管方面。

So Ecopetrol can import and sell gas.

因此 Ecopetrol 可以進口和銷售天然氣。

So as we advance with these designs and permits and complying with regulations, we could talk about the specific amounts that will be imported.

因此，當我們推進這些設計和許可並遵守法規時，我們可以討論將進口的具體數量。

Sorry, I have another question.

抱歉，我還有一個問題。

I'm sorry to interrupt.

抱歉打擾了。

In terms of financing this project, regarding the gas rates, who would be assuming the cost of this development and the compensation associated so this project can be profitable to make an investment like this?

就該專案的融資而言，關於天然氣費率，誰將承擔該開發的成本以及相關的補償，以便該專案可以透過進行這樣的投資獲利？

Sure.

當然。

Like any project, and in this case, also those of gas, we have to meet the discipline of the principal of the group.

與任何項目一樣，在本例中也是天然氣項目，我們必須遵守團隊負責人的紀律。

So we follow the current commercialization rules and those in the future, the government may have.

因此，我們遵循目前的商業化規則以及政府未來可能製定的規則。

So when we have the gas at the disposal of market, we will look at these prices.

因此，當我們有天然氣可供市場使用時，我們會考慮這些價格。

Undoubtedly, a project like this will take place when we have enough information to determine the business case or model that meets the principal discipline.

毫無疑問，當我們有足夠的資訊來確定符合主要規則的商業案例或模型時，這樣的專案就會發生。

Transferring these figures, like any other project, will follow regulations that are currently enforced.

與任何其他項目一樣，轉移這些數字將遵循目前執行的法規。

Thank you.

謝謝。

Thank you for your answers.

謝謝您的回答。

Good morning.

早安.

My name is Herman from Ecopetrol.

我叫赫爾曼，來自 Ecopetrol。

As to the question you asked about the resignation of the Board of Directors that took place on November 9.

關於你提到的11月9日發生的董事會辭職的問題。

This event merits a call or invitation for an assembly.

活動值得召集或邀請舉行集會。

And I'd like to report the following.

我想報告如下。

We have to keep in mind that the power to invite to shareholders' meetings.

我們必須記得邀請參加股東大會的權力。

Special or not is in the hands of the shareholders.

特殊與否由股東決定。

And to-date, we have not received any requests to do so.

到目前為止，我們尚未收到任何這樣做的請求。

And secondly, when it talks about a special shareholders' meeting, we have to foresee circumstances when they're urgent.

第二，當談到召開臨時股東大會時，我們必須預見緊急情況。

The fact that we have seven members today of the nine, we have reviewed extensively that this is not according to our corporate governance, something that allows this vacancy to necessarily have to have a special shareholders' meeting.

事實上，我們今天有九名成員中的七名，我們進行了廣泛的審查，認為這不符合我們的公司治理，這使得這個空缺必須召開特別股東大會。

Why?

為什麼？

First, we respect the corporate principles saying that with seven members, we have we have enough quorum of the Board.

首先，我們尊重公司原則，即董事會有七名成員，就擁有足夠的法定人數。

And if seven, that would be fine.

如果是七個，那就沒問題了。

Second, we abide to everything has to do with the minimum number of independent members and also the requirement that we recently implemented to have at least three female members.

其次，我們遵守所有與獨立成員最低數量有關的規定，以及我們最近實施的至少三名女性成員的要求。

So all of these principles take place, and we can continue with the seven-member meeting.

因此，所有這些原則都已實現，我們可以繼續舉行七人會議。

And what's important also is, if there is a request sent by shareholders at a time when we receive that request and the date of the next shareholders' meeting in March would make it very tight.

同樣重要的是，如果在我們收到請求時股東提出請求，那麼三月的下一次股東大會的日期就會變得非常緊張。

Because we need 60 days, and it would just go with the ordinary shareholders' meeting.

因為我們要60天，就用普通股東大會就可以了。

And in 2025, we would need a list with the nine members because according to the bylaws, you can never replace partially, Board members.

到 2025 年，我們需要一份包含 9 名成員的名單，因為根據章程，你永遠無法取代部分董事會成員。

You always have to manage the list with nine members.

您始終必須管理包含九名成員的清單。

So that's another reason to think that we are -- we would have a hold in the ordinary meeting in March.

因此，這是我們認為我們將在三月舉行的例行會議上舉行的另一個原因。

The way of having these two new members.

擁有這兩位新成員的方式。

Okay.

好的。

Thank you for your answers.

謝謝您的回答。

Juan José Muñoz, BTG Pactual.

Juan José Muñoz，BTG Pactual。

Good morning, Ricardo, Camilo and team.

早安，里卡多、卡米洛和團隊。

Thank you for the call.

謝謝您的來電。

I have three questions.

我有三個問題。

First, I wanted to ask you, could you give us more color with JPC with a premium in this last quarter?

首先，我想問您，您能否在上個季度為我們提供更多關於 JPC 的溢價色彩？

And what was the posture of group regarding the posture of this JV?

對於這家合資企業的態度，集團的態度如何？

That's my first question.

這是我的第一個問題。

Second, I would also like to have more insight on what's happening on downstream.

其次，我還想更深入地了解下游正在發生的事情。

When it comes to the bid margins, they dropped.

當談到出價利潤時，他們下降了。

And you said that, this is mainly because of the fall of the prices of gasoline and diesel worldwide, but we don't see that in Argentina and Brazil.

你說，這主要是因為全球汽油和柴油價格的下降，但我們在阿根廷和巴西並沒有看到這種情況。

So that's my second question.

這是我的第二個問題。

And third, I'd like to know if you plan special distribution of dividends, considering the current levels of cash flow and the working capital.

第三，我想知道考慮到目前的現金流和營運資金水平，您是否計劃進行特別股息分配。

Thank you.

謝謝。

Juan José, good morning.

胡安·何塞，早安。

I am Julián Lemos, the acting VP of Strategy and New Businesses.

我是朱利安‧萊莫斯 (Julian Lemos)，策略與新業務代理副總裁。

Regarding the future of JV and Oxy, it's important to mention that for both companies, this is a very important operation.

關於 JV 和 Oxy 的未來，值得一提的是，對於兩家公司來說，這是一項非常重要的業務。

We have very good ties with Oxy.

我們與 Oxy 有著非常好的關係。

We are currently discussing constructively as well, how we can expand the period for the joint venture.

我們目前也在建設性地討論如何延長合資企業的期限。

It's key to mention that by -- know that by March 2025, we would complete, if any -- we would terminate if either of the two parties want to.

值得一提的是，到 2025 年 3 月，我們將完成（如果有的話），如果兩方中任何一方願意，我們將終止。

But again, we're negotiating everything with them constructively.

但我們再次與他們進行建設性的談判。

And we understand for both companies, it's relevant to keep that JV.

我們知道，對於兩家公司來說，保留該合資企業很重要。

Juan José, good morning.

胡安·何塞，早安。

Rafael Guzman, I'm the acting VP of Hydrocarbons, and I'd like to explain a bit more the margins or the results of the downstream.

拉斐爾·古茲曼（Rafael Guzman），我是碳氫化合物部門的代理副總裁，我想多解釋一下下游的利潤或結果。

Perhaps the best explanation is what we showed you on slide.

也許最好的解釋就是我們在幻燈片上向您展示的內容。

There, you could see that the fall of the margins in the third quarter compared to that last year is because of difference of products, and this is something that we see in every country.

在那裡，你可以看到第三季的利潤率與去年相比下降是因為產品的差異，這是我們在每個國家都看到的情況。

That percentage is of 75%.

這個比例是75%。

In addition, and this is specifically for us here in Colombia, we had scheduled maintenance, mainly the hydrocracker of Cartagena, which had its first major overhaul.

此外，這是專門針對我們在哥倫比亞的，我們進行了定期維護，主要是卡塔赫納的加氫裂解裝置，該裝置進行了第一次大修。

Then this is scheduled every eight years, and it was scheduled this third quarter.

然後每八年安排一次，並安排在今年第三季。

In addition to this, with a 9% impact and everything has to do with what's happening in Colombia.

除此之外，還有9%的影響，一切都與哥倫比亞發生的事情有關。

For instance, the reduction of transportation Orinoco, which didn't allow us to transport the light fuel to the refineries, and that made our margins drop, as well as strikes in different areas where Ecopetrol operates.

例如，奧裡諾科運輸的減少，使我們無法將輕質燃料運送到煉油廠，這使我們的利潤下降，以及 Ecopetrol 營運的不同地區的罷工。

And also the power failure, we had at the Cartagena refinery.

還有卡塔赫納煉油廠的停電。

But keeping in mind that the maintenance and electrical payers have been overcome now, as well as the destructions, and this has been handled and controlled.

但請記住，維護和電費支付者以及破壞現在已經被克服，並且已經得到處理和控制。

And we expect that in the future, we can have major recoveries in these segments.

我們預計，在未來，我們可以在這些領域實現重大復甦。

Well, Jose, good morning.

嗯，何塞，早安。

To answer your question regarding dividends.

回答你關於股利的問題。

Allow me by saying, again, everything has to do with our cash flow that by the end of this quarter is a cash flow that's very solvent.

請容許我再說一遍，一切都與我們的現金流有關，到本季末，我們的現金流非常有償付能力。

And it's important to keep in mind that for next year, we have major commitments with an ambition investment plan that exceeds $6 billion.

重要的是要記住，明年我們有重大承諾，雄心勃勃的投資計畫將超過 60 億美元。

So I'd just like to remind you the main destination of the resources of the company's cash flow is to serve the operational needs and of course, the investment commitments that we have.

所以我想提醒大家，公司現金流資源的主要用途是服務營運需求，當然還有我們的投資承諾。

With this said, I'd like to specifically refer to the dividend.

說到這裡，我想特別提到股息。

Indeed, there is a dividend distribution policy of the group that determines that the distribution dividend that should range between 40% and 60%.

事實上，集團有一個股利分配政策，決定分配股利應在40%至60%之間。

This year, what we expect is to meet that policy.

今年，我們期望能夠滿足該政策。

We are not identifying any special distributions of dividends, especially keeping in mind that next year, we have set out to not increase the level of debt or indebtedness, which is close to 2.1 times the EBITDA.

我們沒有確定任何特殊的股息分配，特別是考慮到明年我們已計劃不增加債務或負債水平，該水平接近 EBITDA 的 2.1 倍。

Therefore, and keeping in mind that limit of indebtedness, we do not see any special distribution of dividends.

因此，考慮到債務限制，我們沒有看到任何特殊的股利分配。

But, of course, this is something that's decided by our shareholders' meeting, who will determine that distribution.

但是，當然，這是由我們的股東大會決定的，股東大會將決定分配情況。

Surely, this will be the recommendation by management and by Ecopetrol for our shareholders' meeting.

當然，這將是管理層和 Ecopetrol 向股東大會提出的建議。

Andrés Cardona, Citibank.

安德烈斯·卡爾多納，花旗銀行。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

I have three questions.

我有三個問題。

One, could you please share with us what's your insight about the decline of the -- of the production company, excluding shaving?

第一，您能否與我們分享您對生產公司（不包括剃須業務）衰退的看法？

What's -- why is this taking place?

這是——為什麼會發生這種情況？

And how can you reverse this trend?

如何扭轉這一趨勢？

My second question has to do with the lifting cost.

我的第二個問題與起重成本有關。

Could you please help us understand the level of this cost for production?

您能幫我們了解一下生產成本的水平嗎？

Excluding gel, because surely, the costs are lower in this type of asset.

不包括凝膠，因為這種類型的資產的成本肯定較低。

And my third and last question, looking at the comments of Dr. Dr. Roa on the proposal made by the government to repurchase stocks.

我的第三個問題也是最後一個問題，看看羅阿博士對政府回購股票建議的評論。

Could you tell us which were the comments that you received from the government on that?

您能告訴我們政府對此有何評論嗎？

If any?

如果有的話？

Thank you.

謝謝。

Good morning, Andres.

早安，安德烈斯。

I am Rafael Guzman, again.

我又是拉斐爾·古茲曼。

First of all, when it comes to the drop of our production, we also showed you a slide that explained that.

首先，當談到我們的產量下降時，我們也向您展示了幻燈片來解釋這一點。

And clearly there, you can see that we have an increase, a major increase in international affiliates that allow us to see their operation, but also the national or domestic production of oil compared to previous years has grown.

很明顯，你可以看到我們的國際附屬公司大幅增加，這使我們能夠看到他們的運營，而且與前幾年相比，國家或國內石油產量也有所增長。

We have 508,000 in 2021 and 512,000 barrels per day this year in Colombia.

2021 年，哥倫比亞的產量為 508,000 桶，今年每天產量為 512,000 桶。

This shows the positive effect that we have with the investments made in different fields like Castilla, Chichimene, Rubiales and the commissioning of the Orotoi plant that we mentioned today.

這表明我們在卡斯蒂利亞、奇奇梅內、魯維亞萊斯等不同領域的投資以及我們今天提到的奧羅托伊工廠的投產所產生的積極影響。

So the domestic fuel, what we're seeing is maintenance or really, the growth production.

因此，我們看到的是國內燃料的維護或實際上是產量的成長。

The big decline that we see in the country, however, is the production of gas.

然而，我們在該國看到的大幅下降是天然氣產量。

And there, we're taking major actions as well.

在那裡，我們也正在採取重大行動。

As we showed in our presentation, we are making big investments in offshore and with discoveries that we have underway to bring gas to the country as fast as possible.

正如我們在演示中所展示的那樣，我們正在海上進行大量投資，並發現我們正在盡快將天然氣輸送到該國。

And through Gugal through Hocol, we're making major investments in gas.

透過古加爾和霍科爾，我們正在對天然氣進行重大投資。

In the northern area of Colombia, we've announced discoveries and new commercials in field.

在哥倫比亞北部地區，我們宣布了現場發現和新商業廣告。

So this is what we're seeing to mitigate the decline of the gas fields in Colombia.

這就是我們所看到的減緩哥倫比亞天然氣田產量下降的方法。

When it comes to lifting costs, evidently with the production that's growing in premium and a high production, the cost per barrel is lower than the average in Colombia.

在提高成本方面，顯然隨著優質產量的成長和高產量，每桶成本都低於哥倫比亞的平均水準。

The numbers I have is in premium, the cost of the barrel and lifting cost is 1.3, while in Colombia, it's slightly above $13, $13.3 per barrel, and this is the average that we showed of 12.3 throughout the company.

我得到的數字是溢價，桶的成本和提升成本是 1.3，而在哥倫比亞，它略高於 13 美元，每桶 13.3 美元，這是我們整個公司顯示的平均值 12.3。

Andres, good morning.

安德烈斯，早安。

Ricardo Roa, CEO.

里卡多·羅阿，執行長。

First, I'd like to clarify that by law, the nation can reach a maximum of share in our company of 60%.

首先我想澄清的是，根據法律規定，國家在我們公司的持股比例最高可以達到60%。

And so this -- and right now, it has 1.5 more without altering this type of company.

所以現在，在不改變這類公司的情況下，它又增加了 1.5 個。

The elements that I've given -- now my invitation really is not only to the government, but everybody in the country.

我已經給出的要素——現在我的邀請實際上不僅是向政府發出的，而且是向全國每個人發出的。

And it's based on the fact that we have to use mechanisms.

這是基於我們必須使用機制這一事實。

And if we were going to make a reacquisition from the nation, or the majority shareholder, to say it better, we would be giving more support to our shareholders because it's sub-valued and we would send to the market, more trust.

如果我們要從國家或大股東手中重新收購，更好地說，我們將為我們的股東提供更多支持，因為它的估值較低，我們將向市場傳遞更多信任。

I'd also like to talk about the returns of the price.

我還想談談價格的回報。

And we need to improve the financial indicators like ROE, the ROA.

我們需要改善ROE、ROA等財務指標。

And by reducing the outstanding shares, I would believe that the nation should -- can study and analyze the situation.

透過減少流通股，我相信國家應該能夠研究和分析這種情況。

If there are any shifts on the majority.

如果大多數人有任何轉變。

So, we have to have a proper basket of different types of shareholders here.

因此，我們必須有一籃子不同類型的股東。

Thank you.

謝謝。

The question next is in English.

接下來的問題是英文。

So please all the analysts choose on the globe, the other language.

所以請所有分析師在全球選擇另一種語言。

Thaigo.

泰戈.

Good morning and thank you so much for your question.

早安，非常感謝您的提問。

As far as production, yes, we are pleased with the performance of this segment.

就生產而言，是的，我們對該細分市場的表現感到滿意。

And we established a goal from 730 to 735 for the year, but we've had better results.

我們將今年的目標從 730 提高到 735，但我們取得了更好的成績。

Currently, we've had in the second semester, as we anticipated, more maintenance in the production areas and more effects of third-parties.

目前，正如我們預期的那樣，我們在第二學期對生產區域進行了更多的維護，並受到第三方的更多影響。

However, we believe that by the end of this year, we will be significantly above 735 and a bit less than the average that we have of 750 to 735.

然而，我們相信，到今年年底，我們的分數將明顯高於 735，略低於 750 至 735 的平均值。

But right now, we will not set a new goal.

但現在，我們不會設定新的目標。

By 2025, we are ending our financial operation, and we see that we will be within the figures that we have communicated in our strategy 700, 7300 barrels a day.

到 2025 年，我們將結束我們的財務運營，我們看到我們將達到我們在策略中傳達的每天 700、7300 桶的數字。

In terms of lifting costs, for the year 2024, as we've established, we will be at between $12 to $13 a barrel.

就提升成本而言，如我們所確定的，到 2024 年，我們的油價將在每桶 12 至 13 美元之間。

And this number will be the number that we'll be seeing also in 2025.

這個數字也將是我們在 2025 年看到的數字。

We'd like to remind all the analysts to please choose the language in which you will ask question.

我們想提醒所有分析師，請選擇您提問的語言。

Otherwise, we cannot hear you.

否則，我們聽不到你的聲音。

Today, we are with [Salima] from Banco Santander.

今天，我們採訪的是桑坦德銀行的[Salima]。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I have one here. (technical difficulty) for the back balance in the end of the year.

我這裡有一個。 （技術難度）年末餘額。

That's my question.

這就是我的問題。

Thank you.

謝謝。

Good morning, Camilo Barco again.

早安，卡米洛·巴爾科。

When it comes to the FEPC, let's talk about some figures.

說到FEPC，我們先來說一些數字。

Throughout the year, if you remember, at the end of the year 2023, the total balance in favor of Ecopetrol exceeded COP20 billion.

如果你還記得的話，全年中，到 2023 年底，Ecopetrol 的總餘額超過了 200 億哥倫比亞比索。

Up to now in these three quarters, we received COP17.7 billion.

截至目前，這三個季度，我們收到了 177 億菲律賓比索。

Only -- we only have one payment pending in this last quarter of COP2.8 billion.

只是——在最後一個季度，我們只有一筆待付款，金額為 28 億哥倫比亞比索。

It's announced by the Ministry of Treasury that payments could take place in -- very soon.

財政部宣布付款可能很快就會進行。

When it comes to the balance of 2024, and indeed, this payment of COP2.8 billion in the last quarter, we would have a remaining balance by 2025, close to COP8 billion, between COP8 billion and COP8 billion according to the price levels of diesel and gasoline this year, 2024.

說到 2024 年的餘額，事實上，上個季度支付的 28 億比索，到 2025 年我們將有剩餘餘額，接近 80 億比索，根據價格水平，在 80 億比索和 80 億比索之間。 2024 年）柴油和汽油。

So for next year, this balance will be covered throughout the year.

因此，明年，這一餘額將在全年內得到補償。

We're holding conversations with the Ministry of Treasury and Public Credit, and we will determine the dates and the amounts of these payments according to the availability of cash flow and on the budget of this Ministry Treasury.

我們正在與財政部和公共信貸部進行對話，我們將根據現金流的可用性和該部財政部的預算來確定這些付款的日期和金額。

Sure.

當然。

Just a follow-up here.

這裡只是後續行動。

What do you expect in terms of refining margins for fourth quarter?

您對第四季的煉油利潤有何預期？

Could you remind us in terms of seasonality, in volumes for the business and the impact of higher volumes due to stoppage in fourth quarter?

您能否提醒我們季節性、業務量以及第四季停工導致銷售增加的影響？

Thank you.

謝謝。

Again, it's Rafael Guzman.

又是拉斐爾·古茲曼。

We expect that the margin will be within what we've planned of $10 to $11.

我們預計利潤將在我們計劃的 10 至 11 美元之間。

And as I said before, most of the maintenance that we have scheduled for the year were made in the third quarter, and we do not expect to have any in the fourth quarter.

正如我之前所說，我們今年計劃的大部分維護都是在第三季進行的，我們預計第四季不會有任何維護。

So by the fourth quarter, we do expect improvements and more availability because of no maintenance.

因此，到第四季度，由於無需維護，我們確實預計會有改進和更高的可用性。

When it comes to external factors, it depends on the country, and we foresee that we can continue to face these effects, but we do expect improvements in the fourth quarter compared to the third quarter.

當談到外部因素時，這取決於國家，我們預計我們可以繼續面對這些影響，但我們確實預計第四季度將比第三季度有所改善。

Ricardo Sandoval, Bancolombia.

里卡多·桑多瓦爾，哥倫比亞銀行。

Good morning, everyone, and thank you for your presentation.

大家早安，感謝您的演講。

You have answered already several of my questions, but I'd like to follow up on some that you've answered.

您已經回答了我的幾個問題，但我想跟進您回答的一些問題。

First has to do with margins.

首先與利潤有關。

Although, we see in the third quarter, several non-recurrent effects because of maintenance and overall, and failures in the refinery and margins in general, in the consolidated, we do see a trend, lower trend, which by the third quarter reached 40%.

儘管我們在第三季度看到了由於維護和整體原因以及煉油廠故障和整體利潤率造成的一些非經常性影響，但在綜合來看，我們確實看到了一種趨勢，即下降的趨勢，到第三季達到了40 %。

I'd like to see if in any scenario, do you see the EBITDA margin of the company below 40% in 2025 with the forecast that you have today?

我想看看在任何情況下，您認為該公司 2025 年的 EBITDA 利潤率是否會低於您今天的預測的 40%？

My second question has to do with repurchasing stocks.

我的第二個問題與回購股票有關。

And I'd like to know, perhaps, do you know or can you tell us what's the legal path for a possible repurchase of stocks?

我想知道，也許您知道或可以告訴我們可能回購股票的合法途徑是什麼？

And -- Ricardo, could you please confirm again?

還有──里卡多，你能再確認一下嗎？

Did I get it well?

我搞得好嗎？

There's a program of 1.5% maximum of the flow of the outstanding shares?

有一個最大流通股流量1.5%的計畫嗎？

Is that so?

是這樣嗎？

Thank you.

謝謝。

Ricardo, thank you for your question -- or questions.

里卡多，謝謝你提出的問題。

Let me begin with the first one.

讓我從第一個開始。

I am Camilo Barco.

我是卡米洛·巴爾科。

Indeed, the EBITDA margin of this third quarter had a level close to 40%, which is relatively low compared to previous ones.

事實上，第三季的 EBITDA 利潤率接近 40%，與之前相比較低。

And it's worth pointing out that in this quarter, we collect a major part of the external factors that we've talked about.

值得指出的是，在本季度，我們收集了我們所討論的外部因素的主要部分。

Indeed, we -- this is influenced significantly by the differential of refined products.

事實上，我們—這受到精煉產品差異的顯著影響。

And as Rafael already answered the previous question, these have practically reached half of the margins, hence that at $11 a barrel.

由於拉斐爾已經回答了上一個問題，這些實際上已經達到了利潤的一半，因此每桶 11 美元。

So this is the first impact.

所以這是第一個影響。

The second impact on the third quarter results, and it's also an external factor, it has to do with the Brent.

第二個對三季業績的影響，也是外在因素，與布蘭特原油有關。

Although so far, up to this date this year, it's at $82, in this specific quarter, with -- it had a fall of $6 per barrel from $82 to $76.

儘管今年到目前為止，油價為 82 美元，但在這個特定季度，每桶油價從 82 美元跌至 76 美元，下跌了 6 美元。

And both factors lead us to these levels, generating an EBITDA of 40%.

這兩個因素使我們達到了這樣的水平，產生了 40% 的 EBITDA。

Now we're working on our financial plan 2025-2027.

現在我們正在製定 2025-2027 年財務計畫。

We don't see lower levels, but it's worth clarifying that as we've seen before, the results of the company mostly are seen or influenced by external factors.

我們沒有看到更低的水平，但值得澄清的是，正如我們之前所看到的，公司的業績主要是受到外部因素的影響或影響。

So with the projections that we have today and the Brent price and the margin of refined products, we don't see that it will be below this margin.

因此，根據我們今天的預測以及布蘭特原油價格和成品油利潤，我們認為它不會低於這個利潤。

However, it will really depend of these external variables.

然而，這實際上取決於這些外部變數。

Thank you.

謝謝。

I am Ricardo Roa again.

我又是里卡多·羅阿。

Yes, practically what I said before refers to possibility that our major shareholder will have maximum 90%.

是的，實際上我之前說的是我們大股東最多有90%的可能性。

So it will have participation up 88.49%.

因此參與度將高達 88.49%。

And it can acquire the 1.5%.

它可以獲得1.5%。

Second, we already talked about mechanisms, the reacquisition of stocks of Ecopetrol.

其次，我們已經討論過機制，即重新收購 Ecopetrol 的庫存。

And the other one, there's another legal figure, which is that the shareholder may increase its share in the company, as I said before.

另外一個，還有一個法律數字，就是股東可以增加公司的股份，就像我之前說過的。

Ricardo, could you please let me know if this has to go through Congress?

里卡多，你能告訴我這是否需要通過國會嗎？

Does this require something else?

這還需要其他東西嗎？

Because since the government is the majority shareholders, is this -- do you need an additional process?

因為既然政府是大股東，那麼這是否需要額外的流程？

And also with what we've seen like with Celsia or Samarico's.

還有我們在 Celsia 或 Samarico 身上看到的情況。

No, according to the law, 1186, which says that the nation is guaranteed at least 80% of share of Ecopetrol, that's minimum.

不，根據 1186 號法律，該法律規定國家保證至少擁有 80% 的 Ecopetrol 份額，這是最低限度。

And there's also a maximum limit to not lose its condition of being mixed economy corporation.

並且還有一個不失去其混合經濟公司條件的最高限制。

The only legal approval is given by the shareholders' meeting in this case.

本案唯一合法的批准是股東大會的批准。

Andres Duarte, Corficolombiana.

安德烈斯·杜阿爾特，科菲哥倫比亞。

Thank you.

謝謝。

Good morning.

早安.

Thank you for taking my questions.

感謝您回答我的問題。

I've got three too, a follow-up to what's been asked before.

我也有三個，是對之前所問問題的後續。

My first question is, with the joint venture at Occidental, and it has to do with a joint production agreement that was made with Oxy, and it's a production that goes till 2027.

我的第一個問題是，關於西方石油公司的合資企業，它與與 Oxy 簽訂的聯合生產協議有關，該生產協議將持續到 2027 年。

So I'm confused regarding the answer you just gave, what you will renegotiate in the first quarter of 2025, what is it exactly?

所以我對你剛才給的答案感到困惑，2025年第一季你將重新談判什麼，具體是什麼？

And more specifically, does it also embrace the production agreements?

更具體地說，它是否也包含生產協議？

Does it cover everything or a portion of it that joint production agreement is separate?

它涵蓋了聯合製作協議單獨的全部內容還是部分內容？

Could you please provide us more information about this?

您能否提供我們更多相關資訊？

What is negotiated?

協商什麼？

Is it part of it or all of it?

它是其中的一部分還是全部？

Second question.

第二個問題。

What's the chance of making or buying electric generation projects that are non-conventional?

製作或購買非常規發電專案的機會有多大？

So, it's basically what advantages do you think that Ecopetrol has regarding environmental alliances and previous consultations compared with the companies that are selling their projects because -- no, why would it be good for Ecopetrol to develop that electrical generation?

那麼，基本上，您認為與出售專案的公司相比，Ecopetrol 在環境聯盟和先前的諮詢方面有哪些優勢，因為——不，為什麼 Ecopetrol 開發發電有好處？

And third question has to do with

第三個問題與

(inaudible).

（聽不清楚）。

I'm sorry, I haven't learned the new name.

抱歉，我還沒學會新名字。

That's a big bet for you for the country, even for Petrobras.

這對你來說是一個很大的賭注，對國家來說，甚至對巴西國家石油公司也是如此。

From what I understand, that Colombian offshore, this is the biggest we have besides Brazil.

據我了解，哥倫比亞近海是除巴西以外我們擁有的最大的近海。

So, what's Plan B for Ecopetrol?

那麼，Ecopetrol 的 B 計劃是什麼？

If this is not economical -- feasible to produce this gas?

如果這不經濟－生產這種氣體是否可行？

Thank you.

謝謝。

And good luck with the rest of this year.

祝今年剩下的時間一切順利。

Andres, good morning.

安德烈斯，早安。

I am Julián Lemos, acting Vice President of New Business.

我是朱利安‧萊莫斯 (Julian Lemos)，新業務代理副總裁。

I'd like to clarify that with Oxy right now, we have two contracts.

我想澄清一下，我們現在與 Oxy 簽訂了兩份合約。

One for Midland, which is a joint venture agreement.

其中一個是米德蘭的，這是一份合資協議。

And this agreement, as I said before, has a date that's important pacted with Oxy, March 2025, in which one of the two parties can decide to terminate the agreement.

正如我之前所說，該協議與 Oxy 約定了一個重要的日期，即 2025 年 3 月，屆時雙方之一可以決定終止該協議。

Right now, that agreement is under negotiation with Oxy.

目前，該協議正在與 Oxy 進行談判。

On the other hand, we have the joint development agreement for the area of Delaware, which is effective until 2027.

另一方面，我們有特拉華州地區的聯合開發協議，該協議有效期至2027年。

And so far, it's not part of the negotiation we have with Oxy for that Midland area.

到目前為止，這還不是我們與 Oxy 就米德蘭地區進行的談判的一部分。

I'm sorry.

對不起。

Can I make a follow-up of this answer?

我可以跟進這個答案嗎？

Currently, the contribution of Permian, what percentage comes from the first and second regarding production?

目前，二疊系的產量貢獻，第一和第二的比例是多少？

What does Permian contribute, if possible?

如果可能的話，二疊紀有何貢獻？

If not, I understand.

如果沒有，我理解。

Yes, Andres.

是的，安德烈斯。

Let's answer your second question while we seek that figure, okay?

讓我們在尋找這個數字的同時回答你的第二個問題，好嗎？

Good morning.

早安.

Again, David Riano, I'm the VP of Energy Transition.

大衛·裡亞諾（David Riano），我再說一遍，我是能源轉型副總裁。

When it comes to the purchase of projects that are not conventional, firstly, I would like to say that as established in our 2020-2040 strategy, the incorporation of electric energy with renewable sources has the purpose to serve the needs of the group.

在談到非傳統專案的採購時，首先我想說的是，正如我們2020-2040年策略所確定的那樣，電力與再生能源的結合是為了滿足集團的需求。

We are a large consumer of electrical power, 8 terabytes our year, like 10% of the total demand of the country, which we expect that by 2040, will grow significantly, reaching 16 terabytes hour.

我們是電力消耗大戶，每年 8 TB，佔全國總需求的 10%，我們預計到 2040 年，電力需求將大幅成長，達到 16 TB 小時。

In that context, access to electrical generation from non-renewable sources in areas that are not where we operate will be made based on the regulation announced by the national government.

在這種情況下，在我們經營範圍之外的地區使用不可再生能源發電將根據國家政府宣布的法規進行。

Regarding remote self-generation.

關於遠端自發電。

And there, we get to know that regulation, which is about to be enacted.

在那裡，我們了解到即將頒布的法規。

We will see -- but we'll see how we can answer your question regarding the access or obligations regarding the reliability rate.

我們將拭目以待——但我們將看看如何回答您有關訪問權限或有關可靠性率的義務的問題。

And with regards to the advantages of Ecopetrol Group, when it comes to environmental licenses and prior consultancies compared to other companies to develop the electric energy through non-conventional resources, Sandra Rodríguez will answer this question.

至於Ecopetrol集團的優勢，當涉及與其他公司相比，透過非常規資源開發電能的環境許可證和優先諮詢服務時，Sandra Rodriguez將回答這個問題。

Andres, thank you for your.

安德烈斯，謝謝你的。

It's important to highlight that Ecopetrol Group has a strategy to comprehensively manage territories and to contribute to its sustainability throughout its value chain.

需要強調的是，Ecopetrol 集團制定了全面管理領土並為其整個價值鏈的可持續發展做出貢獻的策略。

So we have to build trust with a shared vision of the territory with our stakeholders.

因此，我們必須與利害關係人建立具有共同領土願景的信任。

In that setting, in Guajira, we've been making progress and having great discussions, getting to know the territory, respecting and promoting human rights and promoting human rights, really taking specific scenarios of social investment, promoting, supplying public utilities, social gas that allows us to establish a different relationship with the communities.

在這樣的背景下，在瓜希拉，我們一直在取得進展並進行了廣泛的討論，了解領土，尊重和促進人權並促進人權，真正採取社會投資的具體場景，促進、供應公共事業、社會天然氣這使我們能夠與社區建立不同的關係。

It's important to highlight how companies of our group are in the territories, creating or building collective spaces.

重要的是要強調我們集團的公司如何在這些地區創造或建立集體空間。

Thank you.

謝謝。

Andres, again, Rafael again for your other questions.

安德烈斯，拉斐爾，再次回答你的其他問題。

The contribution of Delaware to produce the total premium in the US is close to 15% in Midland.

特拉華州對美國總保費的貢獻接近米德蘭的 15%。

Regarding your question of Sirius, which is the new name.

關於你關於天狼星的問題，這是新名字。

We are also pleased with the relationship we have with Petrobras.

我們也對與巴西國家石油公司的關係感到滿意。

And we've directly heard their top managers who say the importance of this major discovery to them.

我們直接聽到他們的高階主管講述了這個重大發現對他們的重要性。

As far as the development cost and how would this be feasible, there are mainly 3 factors.

至於開發成本以及如何可行，主要有3個因素。

The CapEx, it's very important, the price at which we sell the oil, but also the amount of gas we have.

資本支出非常重要，我們出售石油的價格，還有我們擁有的天然氣數量。

The more the gas we have, the operational and development costs drop.

我們擁有的天然氣越多，營運和開發成本就會下降。

And as we've discussed before, the discoveries made are quite important gas in place of 6 terabytes per cubic foot.

正如我們之前討論過的，所發現的氣體是非常重要的，而不是每立方英尺 6 TB。

Next year, we plan to drill two new exploratory wells and two structures that are adjacent to this discovery, which would increase the volume.

明年，我們計劃鑽探兩口新探井和與該發現相鄰的兩座結構，這將增加數量。

And as I said before, the more the volume, the likelihood of developing this gas economically is higher.

正如我之前所說，數量越多，經濟地開發這種天然氣的可能性就越高。

So were really aimed at making quick development.

所以我們的真正目的是快速發展。

We have investments with studies and designs to have a gas produced in Colombia as soon as possible.

我們對研究和設計進行了投資，以便盡快在哥倫比亞生產天然氣。

Thank you.

謝謝。

Thank you so much.

太感謝了。

The next question is in English.

下一個問題是英語。

So please all the analysts choose the icon in which you're going to speak otherwise we can't hear you.

因此，請所有分析師選擇您要講話的圖標，否則我們聽不到您的聲音。

Hi.

你好。

Thank you so much for taking my question.

非常感謝您回答我的問題。

The question is a follow-up on the dynamic on fuel prices.

這個問題是關於燃油價格動態的後續行動。

There was an attempt to raise diesel prices at some point, which was not successful, which means the government will have to continue to subsidize diesel.

曾試圖提高柴油價格，但沒有成功，這意味著政府將不得不繼續補貼柴油。

So the question is, in your interactions with the government, what do you feel like is the plan?

那麼問題是，在您與政府的互動中，您覺得這個計畫是什麼？

Are they going to try to increase diesel prices at some point?

他們是否會在某個時候嘗試提高柴油價格？

Are they comfortable subsidizing diesel prices going forward?

他們是否願意補貼未來的柴油價格？

How does it impact the budget of the government?

它如何影響政府預算？

So any comments around that would be very helpful.

因此，任何有關此問題的評論都會非常有幫助。

Thank you so much.

太感謝了。

Good morning.

早安.

Ricardo Roa, CEO of Ecopetrol.

里卡多·羅阿 (Ricardo Roa)，Ecopetrol 執行長。

Indeed, we've been working with these techniques with the Ministry of Mines and Treasury to reduce or to keep reducing the price of diesel compared to what the prices internationally.

事實上，我們一直在與礦業和財政部合作使用這些技術，以降低或持續降低柴油價格（與國際價格相比）。

And the government has focused more on applying the subsidy in two niches of the market for the mass transportation systems in cities and heavy cargo for food.

政府更注重將補貼應用於城市公共運輸系統和食品重型貨運這兩個市場領域。

Those are the subsidies.

這些就是補貼。

The rest of the niches would be reducing the subsidies substantially compared to what was seen in recent years.

與近年來的情況相比，其餘利基市場的補貼將大幅減少。

And if I may, just a quick follow-up.

如果可以的話，請快速跟進。

When do you expect for those changes to be implemented?

您預計這些變更何時實施？

This is an agenda of the government.

這是政府的議程。

And when it makes the decisions, we have no detailed information.

當它做出決定時，我們沒有詳細資訊。

Perfect.

完美的。

Thank you so much.

太感謝了。

Sergio Torres,

塞爾吉奧·托雷斯,

(inaudible).

（聽不清楚）。

Hello.

你好。

Good morning.

早安.

Thank you for allowing me to ask this question.

謝謝你允許我問這個問題。

I would like to ask you following the topics of the EBITDA margin this quarter, keeping in mind that it's one of the lowest seen since the pandemic.

我想請您關注本季 EBITDA 利潤率的主題，請記住，這是自大流行以來的最低水平之一。

And keeping in mind all the explanations you provided today, your expectation of this margin is to remain at the same levels, or that it will continue dropping?

記住您今天提供的所有解釋，您對這一利潤率的預期是保持在相同水平，還是會繼續下降？

Thank you.

謝謝。

Sergio, good morning.

塞爾吉奧，早安。

Again, Camilo Barco.

再說一遍，卡米洛·巴爾科。

We discussed previously our expectations related to the margins.

我們之前討論了與利潤率相關的預期。

And it's worth underscoring that the margins will depend on the performance of macroeconomic variables and external factors such as the price of Brent, the price refined products, and there, of course, the gross margin refining.

值得強調的是，利潤率將取決於宏觀經濟變數的表現和外部因素，例如布蘭特原油價格、精煉產品價格，當然還有毛利率精煉。

Regarding the expectations of product prices, what we're seeing is that the trend will return to levels before those seen in the -- before the pandemic.

關於產品價格的預期，我們看到這一趨勢將恢復到大流行之前的水平。

Remember the year 2022 and 2023 were exceptional, where the margins reached more than $20 per barrel.

請記住，2022 年和 2023 年是特殊的一年，利潤達到每桶 20 美元以上。

And it's an exceptional situation that, however, we do not see soon.

這是一種特殊情況，但我們不會很快看到。

So possibly in our projections, the margins of products will be closer to the levels we see today.

因此，在我們的預測中，產品的利潤率可能會更接近我們今天看到的水平。

And I'd like to underline also that these products are highly volatile.

我還想強調，這些產品的波動性很大。

They are seasonal and depend on winter and summer in other countries.

它們是季節性的，取決於其他國家的冬季和夏季。

So with these fluctuations, we believe that the prices of products are closer to current levels.

因此，隨著這些波動，我們認為產品的價格更接近當前水準。

And that's why we think that the margins will be, specifically those of downstream, close to current levels.

這就是為什麼我們認為利潤率，特別是下游的利潤率，將接近當前水準。

For the projections of next year's, we are working on a financial plan short-term and long-term as well with other expectations on macroeconomics, which will allow us to go to higher margins.

對於明年的預測，我們正在製定短期和長期的財務計劃以及對宏觀經濟的其他預期，這將使我們能夠獲得更高的利潤。

But as I said, it really depends on the performance of these variables that are macroeconomic.

但正如我所說，這實際上取決於這些宏觀經濟變數的表現。

Also, I'd like to insist that there is a major efficiencies plan where we can have more control, and in which we're focusing a lot.

另外，我想堅持認為，有一個主要的效率計劃，我們可以在其中擁有更多的控制權，並且我們會專注於該計劃。

This year, our VP of Hydrocarbons already said that we're exceeding COP2.8 billion.

今年，我們的碳氫化合物副總裁已經表示，我們的收入已超過 28 億哥倫比亞比索。

And the idea is that we'll not exceed only what we plan compared to what we announced last year.

我們的想法是，與我們去年宣布的相比，我們不會僅僅超出我們的計劃。

But next year, we can have more margins.

但明年，我們可以有更多的利潤。

And there again, we will the EBITDA margins that we have in our goal to maintain and maximize.

再次強調，我們的目標是維持和最大化 EBITDA 利潤率。

Thank you.

謝謝。

The questions next are in English.

接下來的問題都是英文的。

That's why please, again, to our, the analyst choosing the icon that the language in which you will ask your question, otherwise we cannot hear you.

這就是為什麼請再次向我們的分析師選擇您提出問題的語言的圖標，否則我們聽不到您的聲音。

Hi, everyone.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

Actually, I do have a follow-up on this CapEx discussion.

事實上，我確實對這個資本支出討論有後續行動。

So far in the year, you have already reached about 9% of the plan for the year.

今年到目前為止，你們已經完成了全年計畫的9%左右。

So I mean, what's the outlook here for 2025.

所以我的意思是，2025 年的前景如何。

And maybe for the upcoming years, could you expect some adjustments on higher investments for the upcoming years?

也許在接下來的幾年裡，您是否可以期望對未來幾年的更高投資進行一些調整？

And maybe where are you seeing the greatest investment opportunities, any relevant investments outside of Colombia?

也許您在哪裡看到最大的投資機會，哥倫比亞以外的任何相關投資？

This is my question.

這是我的問題。

Thank you.

謝謝。

Good morning, Taso, and thank you for your questions.

早安，塔索，謝謝你的提問。

Camilo Barco.

卡米洛·巴爾科.

On the levels of investment, indeed, this year, we have been meeting execution levels above 87%, closer to 90%.

事實上，就投資水準而言，今年我們的執行水準一直在87%以上，接近90%。

And by the end of year, we trust and believe that we will be not only at the levels planned, but we will meet the goal of 100% of the investments for this year.

到年底，我們相信並相信我們不僅會達到計劃的水平，而且會實現今年 100% 的投資目標。

For the coming years, we have announced an ambitious investment plan -- tri-annual plan that exceeds $6 billion a year.

對於未來幾年，我們宣布了一項雄心勃勃的投資計劃——三年期計劃，每年超過 60 億美元。

It leads us to almost $20 billion for the next three years.

這將為我們帶來未來三年近 200 億美元的收入。

This is in terms of investments, CapEx and our expectations for the three-year term.

這是就投資、資本支出和我們對三年期限的預期而言的。

Rodrigo Almeida, Banco Santander

羅德里戈·阿爾梅達，桑坦德銀行

Hi.

你好。

I have a couple of follow-ups here.

我在這裡有一些後續行動。

The first one is on the Permian JV.

第一個是二疊紀合資企業。

And I just wanted to get a sense of the practical effect of the decision to extend the Delaware JV?

我只是想了解延長特拉華合資企業決定的實際效果？

Regarding the development plan for the asset, right?

關於該資產的開發計劃，對嗎？

Will there be a CapEx acceleration there?

那裡的資本支出會加速嗎？

Do we have any visibility of the work program for 2025, especially with the extension with the JV?

我們是否了解 2025 年的工作計劃，尤其是與合資企業的延期？

And my second question is related to ISA in the discussions.

我的第二個問題與討論中的 ISA 有關。

And sorry if I missed some of call, and maybe you commented on this, but the discussions on the vertical integration of power, right?

抱歉，如果我錯過了一些電話，也許你對此發表了評論，但關於權力垂直整合的討論，對嗎？

And we saw Carillo coming to ISA recently.

我們最近看到 Carillo 來到 ISA。

And I wanted to understand a little bit how can we think about the developments in Congress regarding the potential verticalization for power generation in ISA.

我想了解一點，我們如何看待國會關於 ISA 發電潛在垂直化的進展。

Thank you.

謝謝。

Rodrigo, good morning.

羅德里戈，早安。

Rafael Guzman.

拉斐爾·古茲曼。

As far as the investment in Permian, this is a very important asset for us.

就二疊紀的投資而言，這對我們來說是非常重要的資產。

And our plan is to continue with investments that are similar to those that we've seen this year.

我們的計劃是繼續進行與今年類似的投資。

This with a JV -- even without it, we could make investments with a joint operating agreement.

透過合資企業－即使沒有合資企業，我們也可以透過聯合營運協議進行投資。

We also have the Elliott of Delaware, it's called the joint development agreement, and the activity there continues.

我們還有特拉華州的埃利奧特，它被稱為聯合開發協議，那裡的活動仍在繼續。

So in short, we have similar types of investments to the ones we saw this year and results for next year that will be good with a premium.

簡而言之，我們的投資類型與今年看到的類似，明年的結果將是良好的溢價。

I am Ricardo Roa.

我是里卡多·羅阿。

On the vertical integration of activities related with the electrical sector of ISA.

關於 ISA 電氣部門相關活動的垂直整合。

The national planning law of this government and several articles of the law of electrical development of the previous government eliminated the possibility for ISA to carry out vertically integrated activities.

本屆政府的國家規劃法和上屆政府電氣發展法的幾項條款消除了 ISA 進行垂直整合活動的可能性。

And this has to go through the constitutional efforts and abide to law 142 and 143.

這必須經過憲法努力並遵守第 142 和 143 號法律。

Since -- and when this comes out, ISA can be enabled that legal space to vertically integrated activities.

從那時起——當該產品問世時，ISA 可以為垂直整合的活動提供法律空間。

Still, what we're seeing from the Board of ISA and strategic plans include to start to develop now co-related projects and to start look at large-scale storage, electric storage projects.

儘管如此，我們從 ISA 董事會和策略計畫中看到的內容包括開始開發現在的相關項目，並開始研究大型儲存、電力儲存項目。

And these are major resources that ISA could use to diversify its portfolio.

這些是 ISA 可以用來實現產品組合多元化的主要資源。

Perfect.

完美的。

Thank you.

謝謝。

Bruno Montanari, Morgan Stanle

布魯諾蒙塔納裡、摩根斯坦爾

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Just one quick question on ISA.

只是一個關於 ISA 的簡單問題。

The results were very strong given the tariff review process in Brazil, as I understand.

據我了解，考慮到巴西的關稅審查程序，結果非常好。

So, I just wanted to understand if you expect results to be sustainable at similar levels as we've seen in the third quarter now?

所以，我只是想了解您是否期望業績能夠維持在與我們現在第三季看到的類似水平？

Thank you very much.

非常感謝。

I'm Ricardo Roa again.

我又是里卡多·羅阿。

What we've seen today in the accounting is a contribution of ISA, and as a result of that, ENEL in Brazil makes of its rates with the balance that's recognized, and it makes it reach COP6 billion.

我們今天在會計中看到的是 ISA 的貢獻，因此，巴西的 ENEL 將其費率與已確認的餘額相結合，使其達到 60 億哥倫比亞比索。

This review is made every five years, and the expectation is that it can -- the same conditions can remain regulatory to make these revisions, these reviews of rates can be sustainable.

這種審查每五年進行一次，我們的期望是，在相同的條件下，監管機構可以進行這些修訂，這些利率審查可以是可持續的。

Thank you for now.

暫時謝謝你了。

We have no further questions live.

我們沒有進一步的問題。

We will read those that were sent in writing came in from [Cobali], Good morning.

我們將閱讀從[Cobali]以書面形式發送的訊息，早安。

Congratulations for your results.

祝賀你的結果。

Could you please tell us why is there's a high difference in the oil in the third quarter in 2024?

請您告訴我們為什麼2024年第三季石油價格差異很大？

Morning.

早晨。

This is Felipe Trujillo, the CFO.

我是財務長菲利普‧特魯希略 (Felipe Trujillo)。

The explanation basically is for two factors.

解釋基本上是針對兩個因素。

One, the diversification of geographies through our three offices; Bogota, Houston, and Singapore, which allows us to capture opportunities and to identify our oil in the best conditions.

第一，透過我們的三個辦事處實現地理多元化；波哥大、休士頓和新加坡，這使我們能夠抓住機會並在最佳條件下識別我們的石油。

And the second factor has to do with the development or the increase of operations in shipping.

第二個因素與航運業務的發展或增加有關。

This increase in shipping allows us not only to have enormous optimizations, but also to reach geographies or destinations that we didn't go to because of the flexibility that allows us to have shipping that we've had in the -- we've seen in the past two years at Ecopetrol.

運輸量的增加不僅使我們能夠進行巨大的優化，而且還能夠到達我們沒有去過的地區或目的地，因為靈活性使我們能夠擁有我們已經看到的運輸能力過去兩年在 Ecopetrol。

[Alejandro Demichelis] from Jefferies asks, good morning.

Jefferies 的 [Alejandro Demichelis] 問，早安。

Could you please indicate how do you see CapEx and volumes of production for 2025?

您能否說明您如何看待 2025 年的資本支出和產量？

Well, again, this is Camilo Barco.

嗯，再說一遍，這是卡米洛·巴爾科。

And Alejandro, good morning.

亞歷杭德羅，早安。

Regarding the investments we would like to repeat.

關於投資，我們想重複一遍。

For next year, there's an investment plan that exceeds $6 billion aligned with the investments level that will be made by the end of 2024.

明年的投資計畫將超過 60 億美元，與 2024 年底的投資水準保持一致。

And that was announced since November last year.

這是自去年 11 月以來就宣布的。

For the following years, 2025 to 2027, the expectation in terms of investments is to maintain the investment levels and to do whatever is necessary to keep production levels.

接下來的幾年，即2025年至2027年，投資方面的預期是維持投資水平，並採取一切必要措施來維持生產水平。

And now we have the words of our VP of Hydrocarbons.

現在我們有碳氫化合物副總裁的話。

Good morning again.

再次早安。

We -- with that sustainable capital investment for production and expansion.

我們－以永續的資本投資進行生產和擴張。

We also seek to have production levels and to be within the range that we said when we published our strategy to be between 700 and 750 barrels a day.

我們也尋求將產量水準控制在我們發布策略時所說的每天 700 至 750 桶之間的範圍內。

Felipe Gomez from Ashford Capital asks, how much does the EBITDA grow or drop for the shareholder of Ecopetrol, meaning the EBITDA that comes from eliminating to minorities in companies like [Satepi] that impact the results of this quarter and where the economic interest of Ecopetrol is lower than 20%?

Ashford Capital 的 Felipe Gomez 詢問，Ecopetrol 股東的 EBITDA 成長或下降了多少，這意味著消除 [Satepi] 等公司中少數族裔的 EBITDA 會影響本季度的業績，以及 Ecopetrol 的經濟利益低於20%？

Felipe, good morning.

費利佩，早安。

I'm Javier Cardenas.

我是哈維爾·卡德納斯。

When you look at the EBITDA regarding the share of minority shareholders only for the quarter, we're looking at EBITDA of COP1.4 billion less.

當您僅查看本季度少數股東份額的 EBITDA 時，我們看到的 EBITDA 為 14 億哥倫比亞比索。

Compared to the same quarter last year, it would have been COP0.9 billion in that same period.

與去年同期相比，同期為 9 億哥倫比亞比索。

The variation essentially has to do with our CEO says.

這種變化本質上與我們的執行長所說有關。

It has to do with the impact of CTP of the COP0.9 billion of our share.

這與我們所佔份額的 9 億COP 的 CTP 的影響有關。

Thank you.

謝謝。

We have no further questions.

我們沒有其他問題了。

Now, let's listen to the closing remarks of our CEO.

現在，讓我們聽聽我們執行長的閉幕致詞。

We'd like to thank you all for joining us in this results conference call.

我們要感謝大家參加這次結果電話會議。

We guarantee that we're still committed to create value in all of our business lines to protect our traditional business, keeping in mind always that we have here resources for the energy transition that's very responsible.

我們保證，我們仍然致力於在所有業務領域創造價值，以保護我們的傳統業務，同時始終牢記，我們擁有非常負責任的能源轉型資源。

And I'd like to say that we are waiting for the end of this year.

我想說，我們正在等待今年年底。

Perhaps it will be one of the best years in terms of technical and operational economic performance for the great group of Ecopetrol.

對於 Ecopetrol 這個偉大的集團來說，也許這將是技術和營運經濟績效最好的一年之一。

Thank you so much.

太感謝了。

Thank you, all.

謝謝大家。

With this, we end our results conference call for the third quarter 2024.

至此，我們結束了 2024 年第三季的業績電話會議。

Thank you for joining us.

感謝您加入我們。

You may leave.

你可以離開了。