Ecopetrol SA (EC) 2025 Q1 法說會逐字稿

Good morning. My name is Natalia, and I will be your operator today. Welcome to the Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results of the first-quarter of 2025. (Operator Instructions). 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.

早安.我叫娜塔莉亞 (Natalia)，今天我將擔任您的接線生。歡迎參加 Ecopetrol 的收益電話會議，我們將在會上討論 2025 年第一季的主要財務和經營業績。（操作員指令）。在我們開始之前，值得一提的是，Ecopetrol 高階主管在這次電話會議上的評論包括對公司未來表現的預測。

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, Ecopetrol assumes no responsibility in the event that future results are different from the projectio'ns shared on this conference call.

這些預測並不構成對未來結果的任何承諾，也沒有考慮可能出現的風險或不確定性。因此，如果未來結果與本次電話會議上的預測不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Rafael Guzman, Executive Vice President of Hydrocarbons, Camilo Barco, CFO; and David Riaño, Executive Vice President of Transition Energies. Thank you for your attention.

這場電話會議將由 Ecopetrol 執行長 Ricardo Roa 先生、碳氫化合物執行副總裁 Rafael Guzman、財務長 Camilo Barco 和 Transition Energies 執行副總裁 David Riaño 主持。感謝您的關注。

Mr. Roa, you may begin your conference.

羅亞先生，您可以開始您的會議了。

Welcome to the first-quarter results call of the Ecopetrol Group for 2025. The first months of the year were marked by high global uncertainty with a notable volatility in Brent prices, driven by geopolitical tensions and increased supply from OPEC+. These factors required the activation of different plants to address lower price as synergies. At Ecopetrol, we have historically anticipated these challenges with a strong strategy, diversifying our customer base, enhancing our commercial management and maintaining operational and capital discipline. This approach has enabled us to navigate the environment confidentially and take advantage of the opportunities that emerged.

歡迎參加哥倫比亞國家石油集團 2025 年第一季業績電話會議。今年頭幾個月全球不確定性很高，受地緣政治緊張局勢和歐佩克+供應增加的影響，布蘭特原油價格波動明顯。這些因素需要激活不同的工廠以產生協同效應來解決較低的價格問題。在 Ecopetrol，我們歷來都以強有力的策略預見這些挑戰，多樣化我們的客戶群，加強我們的商業管理並保持營運和資本紀律。這種方法使我們能夠秘密地探索環境並利用出現的機會。

At the hydrocarbons line, we closed the quarter with an average production of 745,000 barrels of oil equivalent per day, in line with our annual goals and maintaining a growing trend despite local events. We are moving ahead with our exploration campaign and have achieved important milestones in the Caribbean offshore and our operations in Brazil, reporting our commitment to growth and the sustainability of reserves.

在碳氫化合物生產線上，我們本季結束時的平均產量為每天 745,000 桶油當量，符合我們的年度目標，儘管發生了當地事件，但仍保持了增長趨勢。我們正在推動勘探活動，並在加勒比海近海和巴西的業務中取得了重要里程碑，顯示了我們對成長和儲量永續性的承諾。

In transportation, we maintain our resilience controlling social events, preserving operational continuity while developing key infrastructure to reduce the time and cost of logistics for our crude oil and refined products.

在運輸方面，我們保持韌性，控制社會事件，保持營運連續性，同時開發關鍵基礎設施，以減少原油和成品油的物流時間和成本。

Regarding our refineries, as anticipated, the throughput was temporarily affected by scheduled maintenance shutdowns according to the plan, ensuring safe, reliable and efficient operations. The refining margin decreased by $3.9 per barrel compared to the first quarter of the last year, explained by 53% due to product differentials, 30% due to the scheduled maintenance, 14% due to unplanned operational events and 3% due to other events. Among these events, there were energy issues at the Cartagena refinery, where we maintain our mitigation plan in progress.

關於我們的煉油廠，正如預期的那樣，產量因按計劃進行的定期維護停工而暫時受到影響，從而確保了安全、可靠和高效的運作。與去年第一季相比，煉油利潤率下降了3.9美元/桶，其中53%是由於產品差異，30%是由於定期維護，14%是由於計劃外營運事件，3%是由於其他事件。在這些事件中，卡塔赫納煉油廠出現了能源問題，我們正在那裡實施緩解計畫。

Let's move to the next slide, please. We firmly believe that natural gas is a key energy source for the energy transition and the electrification of the country.

請讓我們轉到下一張投影片。我們堅信天然氣是國家能源轉型和電氣化的關鍵能源。

We continue contributing to national supply with significant progress in the development of [BTUD] gas along with important milestones such as the signing of the regasification services contract on Colombian's Pacific Coast. This project has a potential of BTUD and is expected to begin operations in the second quarter of 2026.

我們繼續為國家供應做出貢獻，在 [BTUD] 天然氣開發方面取得了重大進展，並取得了重要里程碑，例如簽署哥倫比亞太平洋海岸的再氣化服務合約。該專案具有BTUD潛力，預計將於2026年第二季開始營運。

We are also advising the Caribbean regasification project, which will leverage Ecopetrol Group's assets to commercialize up to 250 giga BTUD with an estimated starting 2027. Our Executive Vice President For the Energy Transition will provide more details about these projects shortly. I want to highlight that Ecopetrol Group supplied approximately 68% of the country's natural gas demand during the first quarter, reproving our critical role in the Colombian energy security.

我們也為加勒比地區再氣化計畫提供諮詢，該計畫將利用 Ecopetrol Group 的資產實現高達 250 千兆 BTUD 的商業化，預計於 2027 年開始。我們的能源轉型執行副總裁將很快提供有關這些項目的更多詳細資訊。我想強調的是，哥倫比亞國家石油集團在第一季滿足了全國約 68% 的天然氣需求，證明了我們在哥倫比亞能源安全中發揮的關鍵作用。

In renewable energy, we remain committed to achieve 900 megawatts of self-generation capacity this year, actually expecting to surpass 1,000 megawatts. This will allow us to continue reducing energy costs in our operations and to maintain our position as the leading self-generator of renewable energy in the country.

在再生能源方面，我們今年仍致力於實現 900 兆瓦的自發電能力，實際上預計將超過 1,000 兆瓦。這將使我們能夠繼續降低營運中的能源成本，並保持我們作為該國領先的可再生能源自發電者的地位。

During the first quarter, our energy efficiency program generated savings of nearly COP23 billion, reaching a total 21 petajoules since the program began in 2018. Finally, we continue to achieve -- manage environmental licenses and the complementary regulations required to legally enable our energy transition projects.

第一季度，我們的能源效率計畫節省了近 230 億哥倫比亞比索，自 2018 年該計畫啟動以來，總共節省了 21 千兆焦耳。最後，我們繼續實現——管理環境許可證和合法實現我們的能源轉型項目所需的補充法規。

Let's move on the next slide. Financially, this was a stable quarter despite lower Brent prices. I want to highlight several aspects.

讓我們看下一張投影片。從財務角度來看，儘管布蘭特原油價格下跌，但本季仍保持穩定。我想強調幾個面向。

First, we continue to strengthen our efficiency program, optimizing cost and generating more value for every invested dollar as part of the company's future, which is reinforced to face current scenarios. Secondly, I want to highlight the progress of the investment plan for the year, which has reached near to the 20% execution. This progress has been affected by external events in the Rubiales, Castilla and Caño Sur fields.

首先，我們繼續加強我們的效率計劃，優化成本，為每一美元的投資創造更多的價值，作為公司未來的一部分，這在面對當前情況時得到了加強。其次，我想強調今年投資計畫的進展情況，目前已經完成接近20%。這項進展受到了 Rubiales、Castilla 和 Caño Sur 油田外部事件的影響。

However, we have achieved important advances in efficiencies through new initiatives in drilling and completion in our operations in the Permian and through circular economic projects evolving material reuse. Thirdly, I want to mention that we received early payments from the fuel price stabilization fund by the government, covering the balances of the second, third and fourth quarters in 2024.

然而，我們透過在二疊紀作業中採取新的鑽井和完井措施以及透過發展材料再利用的循環經濟項目，在效率方面取得了重要進展。第三，我想提一下，我們已收到政府燃油價格穩定基金的提前付款，涵蓋2024年第二、第三和第四季的餘額。

In addition, the lower accumulation during this quarter reflects both the government's commitment and Ecopetrol's effective management. And last, the payment of dividends to our shareholders, demonstrating our financial strength.

此外，本季較低的儲量既反映了政府的承諾，也反映了哥倫比亞國家石油公司的有效管理。最後，我們向股東派發股息，以證明我們的財務實力。

Let's move to the next slide, please. In terms of corporate governance, I want to highlight the results of the General Shareholders' Meeting held in March. The Board of Directors are formed with members of extensive experience in key areas of the company, completing all the directors provided for in the statutes mostly independent.

請讓我們轉到下一張投影片。在公司治理方面，我想強調一下三月股東大會的成果。董事會由在公司關鍵領域擁有豐富經驗的成員組成，所有董事均符合公司章程規定，且多數為獨立董事。

The new directors are already familiarizing themselves with the strategy and operation of the Ecopetrol Group have reiterated their commitment to continue generating competitive returns for our investors.

新董事已經熟悉了哥倫比亞國家石油集團的策略和運營，並重申了他們將繼續為投資者創造有競爭力的回報的承諾。

Additionally, we published our Integrated Management Report and the Annual Corporate Governance report, which includes our main initiatives, goals and results in this area. The approved dividends was within the range of our internal policy, balancing returns to shareholders with the need to continue investing in our operations and strategy.

此外，我們還發布了綜合管理報告和年度公司治理報告，其中包括我們在該領域的主要舉措、目標和成果。批准的股息在我們的內部政策範圍內，平衡了股東回報和繼續投資於我們的營運和策略的需要。

On the environmental front, we continue to reduce our greenhouse gas emissions in Scopes 1 and 2. Our water reuse capacity continues to grow and remains at levels comparable to the most demanding international standards. With these results, we reaffirm that Ecopetrol remains a solid company strategy for the country and prepared for future challenges. I now leave the floor to Rafael Guzman, who will present the results of the hydrocarbons business line.

在環境方面，我們持續減少範圍 1 和範圍 2 的溫室氣體排放。我們的水回用能力持續成長，並維持與最嚴格的國際標準相當的水準。透過這些結果，我們再次肯定，Ecopetrol 仍然是該國穩固的公司策略，並為未來的挑戰做好了準備。現在我請拉斐爾·古茲曼發言，他將介紹碳氫化合物業務線的表現。

Thank you, Ricardo. As of 2025, we have a 17% progress in our exploration investments with 4 wells finished and 2 more wells in drilling operations, out of 10 planned for the year. Key highlights for this investment include operations in the Gua-Off-0 block with the successful completion of the initial formation testing of the Sirius-2 ST2 well. This allowed us to confirm the reservoir conditions and identify a production potential higher than initially estimated. Additionally, as part of the development environmental licensing process for the Sirius discovery, we have successfully completed the required consultation process with the 116 communities certified by the National Authority for prior consultation.

謝謝你，里卡多。截至 2025 年，我們的勘探投資已取得 17% 的進展，其中 4 口井已完工，另有 2 口井正在鑽探作業中，全年計劃鑽探 10 口井。此次投資的主要亮點包括 Gua-Off-0 區塊的作業以及 Sirius-2 ST2 井初始地層測試的成功完成。這使我們能夠確認油藏條件並確定高於最初估計的生產潛力。此外，作為 Sirius 發現的開發環境許可流程的一部分，我們已成功完成與國家主管機關認證的 116 個社區進行事先協商所需的協商流程。

Furthermore, drilling began on the Buena Suerte-1 well. This well located 11 kilometers from the Sirius discovery aims to test the presence of gas in an exploration concept different from that of the aforementioned discovery. As for the onshore activity, oil presence was confirmed in the Zorzal Este-1 well drilled in 2023 by Geopark in partnership with Hocol in the (inaudible) area. The well is currently undergoing full tests.

此外，Buena Suerte-1 井已開始鑽探。該井距離 Sirius 發現井 11 公里，旨在測試天然氣的存在，其勘探概念與上述發現井不同。至於陸上活動，Geopark 與 Hocol 合作於 2023 年在（聽不清楚）地區鑽探的 Zorzal Este-1 井已證實存在石油。該油井目前正在接受全面測試。

Regarding the offshore assets in the South Caribbean, where Shell has been our operator partner in the COL-5 (inaudible) blocks, we have been conducting a review since February 2025 to assess the best alternatives to continue executing the investments in light of a potential decision by the partner to divest its interest.

關於南加勒比海的海上資產，殼牌一直是我們在 COL-5（聽不清楚）區塊的營運合作夥伴，自 2025 年 2 月以來，我們一直在進行審查，以評估在合作夥伴可能決定剝離其權益的情況下繼續執行投資的最佳替代方案。

These projects are a priority for Ecopetrol and have solid, technical and economic viability. The next steps in the development of these discoveries include a continuation with the conceptual basic and detailed engineering for connecting the gas to the national transportation system as well as efforts with the Ministry of Mines and Energy and the Energy and Gas Regulatory Commission to enable gas evacuation to the national system, along with any required adjustments to the tariff system. Ecopetrol has full capacity to ensure the continuity of operations.

這些項目是哥倫比亞國家石油公司的優先項目，具有堅實的技術和經濟可行性。這些發現的開發後續步驟包括繼續進行將天然氣連接到國家運輸系統的概念性基礎工程和詳細工程，以及與礦業和能源部以及能源和天然氣監管委員會合作將天然氣輸送到國家系統，並對關稅制度進行任何必要的調整。哥倫比亞國家石油公司有充分的能力確保業務的連續性。

Let's move on to the next slide. During the first quarter of 2025, the final investment decision for Gato do Mato was approved. This development is part of our strategy to geographically diversify the hydrocarbon portfolio and increasing reserves.

讓我們繼續看下一張投影片。2025 年第一季度，Gato do Mato 的最終投資決定獲得批准。這項發展是我們在地理上多樣化碳氫化合物組合和增加儲量的策略的一部分。

We expect partial reserves incorporation in 2025. This decision followed a reengineering process for the development and includes the installation of an FPSO designed to process up to 120,000 barrels of oil per day.

我們預計 2025 年將納入部分儲備。這項決定遵循了開發過程的重新設計，包括安裝一個設計用於每天處理多達 120,000 桶石油的 FPSO。

This is the first development project in which Ecopetrol participates in the pre-salt area of the Santos Basin in Brazil. Gato do Mato has certified 112 million barrels of 2C contingent oil resources net to Ecopetrol before royalties. Production is expected to begin in 2029, reaching approximately 33,000 barrels of oil per day net to Ecopetrol.

這是哥倫比亞國家石油公司參與巴西桑托斯盆地鹽下油田的首個開發案。加托多馬托已向哥倫比亞國家石油公司認證了 1.12 億桶 2C 的淨應急石油資源（未支付特許權使用費）。預計生產將於 2029 年開始，屆時哥倫比亞國家石油公司將獲得約 33,000 桶/天的淨石油產量。

Let's move to the next slide. As shown in the top right graph, in the first quarter of 2025, Ecopetrol reached a production of 745,000 barrels of oil equivalent per day, mainly due to the contribution from the Akacias field following the increase in our participation in the CPO-09 block, the Caño Sur fields due to the expansion of water processing facilities at the Centauro facilities and better performance in the Permian.

讓我們看下一張投影片。如右上圖所示，2025 年第一季度，Ecopetrol 的日產量達到 745,000 桶油當量，這主要歸功於我們在 CPO-09 區塊的參與度增加後 Akacias 油田的貢獻，以及 Centauro 設施的水處理設施擴建帶來的 Caño Sur 油田的貢獻，以及 Permian 盆地表現的更好。

With these results, Ecopetrol achieved the highest crude oil production in Colombia in the last five years. This was possible despite the impact of external factors in Cano Sur, Quifa and Rubiales between March 31 and April 3, caused by blockades by indigenous guards as well as the impact on production from fields in the Northern Arauca due to interruptions of the Caño Limon, Covenas and Bicentenario pipeline. As a result of attacks to the infrastructure.

憑藉這些成果，哥倫比亞國家石油公司實現了過去五年來哥倫比亞最高的原油產量。儘管 3 月 31 日至 4 月 3 日期間，卡諾蘇爾、基法和魯維亞萊斯受到當地警衛封鎖等外部因素影響，且 Caño Limon、Covenas 和 Bicentenario 輸油管中斷對北阿勞卡地區油田生產造成影響，但這一目標仍然實現。由於對基礎設施的攻擊。

Ecopetrol demonstrated its resilience by quickly recovering 100% of the production from Cano Sur and Rubiales fields. Regarding investment activity, during the first quarter of the year, $672 million were executed with 17% progress on segment's investment plan. A total of 94 workovers and 114 development wells were drilled. For the Cano Sur asset, the start-up of the pipeline and the expansion of the Centauro station stand out. These milestones will allow operational continuity of the field with an increase in its production.

哥倫比亞國家石油公司 (Ecopetrol) 迅速恢復了卡諾蘇爾 (Cano Sur) 和魯維亞萊斯 (Rubiales) 油田 100% 的產量，展現了其韌性。關於投資活動，今年第一季度，該部門投資計畫已執行 6.72 億美元，進度為 17%。共完成修井94口、開發井114口。對於 Cano Sur 資產而言，管道的啟動和 Centauro 站的擴建尤為突出。這些里程碑將確保油田的持續運作並提高產量。

Let's move to the next slide, please. In midstream, the volumes transported decreased by 2% compared to the first quarter of 2024, as shown in the first graph, primarily due to the scheduled maintenance of the Barrancabermeja refinery, which impacted both oil and refined product volumes.

請讓我們轉到下一張投影片。中游方面，如第一張圖所示，運輸量與 2024 年第一季相比下降了 2%，這主要是由於巴蘭卡韋梅哈煉油廠的定期維護，影響了石油和成品油的運輸量。

The midstream segment activated alternative logistics schemes to complement the necessary volumes and meet domestic production demand, maximizing the use of available infrastructure during such maintenance. This included the delivery of naphtha and diesel at the Pozos Colorados loading terminal and gasoline at the Ayacucho plant as well as the reception of Sebastopol and imports via Buenaventura of over [807] barrels of diesel and gasoline. Additionally, we successfully evacuated more than 3.7 million barrels from the Arauca field through the Bicentenario pipeline.

中游部門啟動了替代物流方案，以補充必要的運輸量並滿足國內生產需求，並在維護期間最大限度地利用可用的基礎設施。其中包括在波索斯科羅拉多斯裝運碼頭運送石腦油和柴油、在阿亞庫喬工廠運送汽油，以及接收塞瓦斯托波爾和經布埃納文圖拉進口超過 [807] 桶柴油和汽油。此外，我們也透過 Bicentenario 管道成功從 Arauca 油田輸送了 370 多萬桶石油。

Following the suspension of the Banadía-Ayacucho section of the Caño Limón - Coveñas Pipeline. In line with what was mentioned on the previous slide, the new Caño Sur pipeline began operation this quarter, connecting the field to the ODL system with a capacity of over 50,000 barrels per day, it will enable the evacuation of 100% of the current production from the field, providing operational reliability and reducing vulnerability to external risks.

繼 Caño Limón - Coveñas 輸油管 Banadía - Ayacucho 段暫停之後。正如上一張幻燈片中提到的那樣，新的 Caño Sur 管道於本季度開始運營，將油田與 ODL 系統連接起來，每日輸送能力超過 50,000 桶，可將該油田目前生產的 100% 原油運出，從而確保運營可靠性並降低對外部風險的脆弱性。

Lastly, I would like to highlight the financial strength of the midstream segment, which continues to contribute to the stability of the group's financial results in times of volatility with an 11% growth in EBITDA, driven by both exogenous factors and improved operational performance. Let's move to the next slide. Important maintenance activities were carried out in our refineries during the quarter.

最後，我想強調中游部門的財務實力，在外部因素和營運績效改善的推動下，該部門在動盪時期繼續為集團財務表現的穩定性做出貢獻，EBITDA 成長了 11%。讓我們看下一張投影片。本季度，我們的煉油廠進行了重要的維護活動。

In Barrancabermeja, scheduled maintenance took place in the crude unit, the diesel hydrotreater and the automatic plant. Additionally, major maintenance work began at the UOP2 cracking unit, and it's progressing as planned. In Cartagena, an unscheduled total shutdown occurred from February 14 to 20 with no impact on refined product supply in Colombia, followed by the commencement of scheduled maintenance on the hydrocracking unit.

在巴蘭卡韋梅哈，原油裝置、柴油加氫處理器和自動化裝置進行了定期維護。此外，UOP2 裂解裝置的主要維護工作已開始，並且正在按計劃進行。在卡塔赫納，2 月 14 日至 20 日發生了一次非計劃全面停工，但對哥倫比亞的成品油供應沒有影響，隨後加氫裂解裝置開始進行定期維護。

The consolidated refining throughput for the first quarter of the year was 396,000 barrels per day, representing nearly 7% reduction compared to the same period in 2024 due to scheduled maintenances and the operational events mentioned earlier. The refining margin for the first quarter was $10.9 per barrel, which is $3.9 per barrel lower than the same period last year.

今年第一季綜合煉油產量為每天 396,000 桶，由於計畫維護和前面提到的營運事件，與 2024 年同期相比減少近 7%。第一季煉油利潤為每桶10.9美元，比去年同期下降每桶3.9美元。

53% is associated with a reduction in international fuel price differentials, 30% with scheduled maintenances and 14% with unplanned operational events, including the shutdown of the Cartagena refinery.

53%與國際燃料價格差異的減少有關，30%與定期維護有關，14%與計畫外營運事件有關，包括卡塔赫納煉油廠的關閉。

Similarly, during the first quarter of the year, there was a 67% decrease in EBITDA compared to the quarter of 2024, with 40% of the impact related to exogenous factors such as falling prices, exchange rate fluctuations and refined product theft. 43% of the reduction was due to the operational expenses arising from the maintenance plan, inventory management and higher gas costs, 10% reduction due to unplanned operational events such as the previously mentioned shutdown of the Cartagena refinery.

同樣，今年第一季度，EBITDA 與 2024 年同期相比下降了 67%，其中 40% 的影響與價格下跌、匯率波動和成品油盜竊等外部因素有關。 43% 的減少是由於維護計劃、庫存管理和更高的天然氣成本產生的營運費用，10% 的減少是由於計劃外的營運事件，例如前面提到的卡塔赫納煉油廠的關閉。

Compared to the fourth quarter of 2024, there was an increase in both refining margin and EBITDA driven by better product differentials. To address the challenges of 2025, we have made progress in the following value levers. At the Cartagena refinery, significant progress has been made in recovering electrical reliability with 7 of the 16 planned milestones achieved to date.

與 2024 年第四季相比，由於產品差異化增強，煉油利潤率和 EBITDA 均增加。為了應對2025年的挑戰，我們在以下價值槓桿上取得了進展。卡塔赫納煉油廠在恢復電力可靠性方面取得了重大進展，迄今已實現計劃的 16 個里程碑中的 7 個。

By June 2025, we expect to mitigate the risk from very high to mid. Regarding cost optimization, an 8% reduction in refining cash cost was achieved compared to fourth quarter 2024, primarily due to the reduction in unplanned maintenance.

到 2025 年 6 月，我們預計風險將從非常高降至中等。在成本優化方面，與 2024 年第四季相比，煉油現金成本降低了 8%，這主要歸因於計劃外維護的減少。

To maximize value products, two key projects are being developed. First, the expansion of the coking capacity of the Cartagena unit, which is underway and is expected to be operational in 2027. Second, various initiatives aimed at increasing productivity at the Barrancabermeja petrochemical plant are being advanced.

為了最大限度地提高產品價值，正在開發兩個重點項目。一是卡塔赫納裝置焦化產能擴建工程正在進行中，預計2027年投入營運。第二，正在推動旨在提高巴蘭卡韋梅哈石化廠生產力的各項措施。

Lastly, in the strategic projects aimed at diversifying and exploring new markets, I would like to highlight the approval by the Board of Directors of the project fuel quality baseline in Barrancabermeja and the project implementation of improvements to the U107 naphtha hydrotreater in Cartagena. These projects are intended to improve the EBITDA of the downstream segment by generating higher-value products and the improvement of gasoline quality.

最後，在旨在多元化和開拓新市場的策略性專案中，我想強調董事會批准了巴蘭卡韋梅哈的燃料品質基準專案和卡塔赫納U107石腦油加氫處理裝置改善專案的實施。這些項目旨在透過生產更高價值的產品和提高汽油品質來提高下游部門的 EBITDA。

They also contribute to reducing fuel imports for the country and improving air quality in Colombia by 2030. These projects are key to advancing the energy transition and the future incorporation of biofuels, such as sustainable aviation fuel, SAF.

它們還有助於減少該國的燃料進口量，並在 2030 年前改善哥倫比亞的空氣品質。這些項目對於推動能源轉型和未來生物燃料（如永續航空燃料 SAF）的融入至關重要。

Let's move to the next slide. In the first quarter of the year, we made progress on the efficiency plan, and we are above expectations, achieving COP0.7 trillion from the upstream, midstream and downstream segments as well as from the corporate areas. These efficiencies higher than those of the first quarter of 2024 have allowed us to advance in cost control with reductions in lifting costs, transportation cost per barrel and refining costs compared to last quarter of 2024.

讓我們看下一張投影片。今年第一季度，我們在效率計劃上取得了進展，並且超出了預期，從上游、中游、下游以及公司領域實現了0.7萬億哥倫比亞比索的收益。這些效率高於 2024 年第一季的效率，使我們能夠在成本控制方面取得進展，與 2024 年最後一個季度相比，開採成本、每桶運輸成本和煉油成本均降低。

Additionally, I would like to highlight that lifting costs reached levels lower than those of the first quarter of 2024 with a decrease of $0.85 per barrel, driven by the achievement of efficiencies and higher production that more than offset the operational cost pressures of higher energy consumption and treatment of higher volumes of fluids as fields mature and the effect of higher dollar to peso exchange rate.

此外，我想強調的是，採油成本已低於 2024 年第一季的水平，每桶下降了 0.85 美元，這得益於效率的提高和產量的增加，這足以抵消油田成熟時能源消耗增加、液體處理量增加帶來的運營成本壓力，以及美元兌比索匯率走高的影響。

In 2025, we continue with an asset profitability enhancement plan that will allow us to maintain lifting costs below $12 per barrel. Now I'll turn it over to David, who will discuss the main milestones of the energies for the transition business line.

2025年，我們將繼續實施資產獲利能力提升計劃，以確保開採成本維持在每桶12美元以下。現在我將把時間交給大衛，他將討論過渡業務線能源的主要里程碑。

Thank you, Rafael. One of our strategic priorities is to move forward with projects that contribute to meet natural gas demand under current supply conditions. In this context, we would like to share the progress on our regasification initiatives.

謝謝你，拉斐爾。我們的策略重點之一是推進有助於滿足當前供應條件下的天然氣需求的項目。在此背景下，我們想分享我們的再氣化計畫的進展。

On February 28, we signed a contract as a user of integrated regasification services on Colombian Pacific Coast with Pio SAS, a company responsible for building, operating and maintaining the facilities. Pio was selected after several negotiation rounds within a competitive process that included 18 companies.

2月28日，本公司作為哥倫比亞太平洋海岸綜合再氣化服務的用戶，與負責建設、營運和維護該設施的Pio SAS公司簽訂了合約。在 18 家公司參與的競爭過程中，經過多輪談判，Pio 最終被選中。

The project involves the use of floating storage unit anchored in the Buenaventura Bay and a regasification facility located in Buga. This new infrastructure will enable the receive storage and regasification of LNG with an estimated capacity between 60 million to 100 million cubic feet per day and a storage capacity of up to 138,000 cubic meters. Operations are expected to begin in the second quarter of 2026.

該項目涉及使用停泊在布埃納文圖拉灣的浮動儲存裝置和位於布加的再氣化設施。這項新基礎設施將實現液化天然氣的接收、儲存和再氣化，預計每日接收能力在 6,000 萬至 1 億立方英尺之間，儲存容量高達 138,000 立方公尺。預計將於 2026 年第二季開始營運。

Additionally, the commercialization process will begin in July 2025, starting at 60 giga BTU per day for five years, supported by key regulatory developments that open the door for new players in the regasification and commercialization of imported gas.

此外，商業化進程將於 2025 年 7 月啟動，初始產能為每天 60 千兆 BTU，為期五年，並得到關鍵監管發展的支持，為進口天然氣再氣化和商業化領域的新參與者打開大門。

Let's move on the next slide, please. At the same time, we are evaluating the feasibility of regasification project on the Caribbean coast, leveraging the Ecopetrol Group's existing infrastructure in 2 fronts: Ballena LNG using assets from the Guajira Association to deliver gas to the national transportation system from the (inaudible) station through a floating storage and regasification unit.

請讓我們轉到下一張投影片。同時，我們正在評估加勒比海海岸再氣化計畫的可行性，利用哥倫比亞國家石油集團現有的兩個基礎設施：Ballena LNG 利用瓜希拉協會的資產，透過浮動儲存和再氣化裝置將天然氣從（聽不清楚）站輸送到國家運輸系統。

Covenas LNG using Cenit's assets and a floating storage and regasification unit connected to the Covenas port. This option will require infrastructure conversion to ensure connectivity along the whole Vasconia segment with estimated transportation capacity of 130 million cubic feet per day by 2027 and up to 400 million cubic feet per day by 2029. This project will enable the commercialization of up to 250 giga BTU per day with expected deliveries in 2027. Both initiatives reflect a comprehensive supply strategy using existing infrastructure to expand supply capacity while ensuring greater flexibility to meet the country's demand.

Covenas LNG 使用 Cenit 的資產以及連接到 Covenas 港口的浮動儲存和再氣化裝置。該方案將需要基礎設施改造，以確保整個瓦斯科尼亞段的連通性，預計到 2027 年運輸能力將達到每天 1.3 億立方英尺，到 2029 年將達到每天 4 億立方英尺。該專案將實現每天高達 250 千兆 BTU 的商業化，預計於 2027 年交付。這兩項措施都體現了一項全面的供應策略，即利用現有基礎設施擴大供應能力，同時確保更大的彈性來滿足國家的需求。

Next slide, please. Additionally, we are launching a new commercialization process for natural gas from our major fields covering the period from December 2025 to November 2030. This cycle includes the sale of a 51 giga BTU per day block over three years, along with the potential availability of an additional 30 giga BTU per day from Gibraltar. This complemented by yearly blocks between 2027 and 2030 with volumes ranging from 9 to 41 giga BTU per day.

請看下一張投影片。此外，我們正在啟動主要油田天然氣商業化新流程，涵蓋 2025 年 12 月至 2030 年 11 月期間。該週期包括在三年內出售每天 51 千兆 BTU 的電力，同時也可能從直布羅陀額外獲得每天 30 千兆 BTU 的電力。2027 年至 2030 年間，每年的發電量將以每天 9 至 41 千兆 BTU 為範圍。

During the first quarter of 2025, the Ecopetrol Group supply about 68% of the national natural gas demand and 83% of nonthermal power demand, supported by a production of 158,300 barrels of oil equivalent per day of gas and LPG. An EBITDA generation of COP915 billion.

2025 年第一季度，哥倫比亞國家石油集團供應全國約 68% 的天然氣需求和 83% 的非火力電力需求，並由每天 158,300 桶油當量的天然氣和液化石油氣提供支援。EBITDA 達到 9,150 億哥倫比亞比索。

Our energy efficiency program delivered 1.27 petajoules in the first quarter of the year, avoiding over 90,000 tonnes of CO2 equivalent emissions and generating nearly COP23 billion in savings. Since its launch in 2018, the program has accumulated 21.18 petajoules, representing a 71% progress towards our 2030 target.

我們的能源效率計劃在今年第一季產生了 1.27 千焦耳的能源，避免了超過 90,000 噸二氧化碳當量的排放，並節省了近 230 億哥倫比亞比索。自 2018 年啟動以來，該計劃已累積消耗 21.18 千兆焦耳，距離我們 2030 年的目標已前進了 71%。

In the first quarter of 2025, the incorporation of nonconventional renewable energy sources allows savings over COP10 billion. In addition, we reached more than COP6 billion in wholesale energy purchases. Lastly, we are progressing on an inorganic growth portfolio that could add over 1,500 megawatts of installed capacity from nonconventional renewable energy sources between 2025 and 2028. This includes the signing of a framework investment agreement with ICE Colombia, which set the conditions for a potential 49% stake in the (inaudible) cluster located in La Guajira, subject to the fulfillment of precedent conditions.

2025 年第一季度，非傳統再生能源的納入將可節省超過 100 億哥倫比亞比索。此外，我們的批發能源採購額超過 60 億哥倫比亞比索。最後，我們正在推進無機成長組合，預計在 2025 年至 2028 年期間增加超過 1,500 兆瓦的非傳統再生能源裝置容量。其中包括與 ICE 哥倫比亞簽署框架投資協議，該協議為獲得位於拉瓜希拉 (La Guajira) 的 (聽不清楚) 集群的 49% 股份設定了條件，但須滿足先決條件。

I will now pass the floor to Camilo, who will present the results of our transmission and road infrastructure line and the key financial milestones.

現在我將發言權交給卡米洛，他將介紹我們的輸電和道路基礎設施生產線的成果以及關鍵的財務里程碑。

Thank you, David. During the first quarter of 2025, ISA continued delivering outstanding results and contributing to the diversification of the Ecopetrol Group. These achievements are due to the commissioning of new projects, the positive effect of contractual indexation, higher returns from road concessioners and an increase in revenues from the telecommunication business. ISA exhibited a comprehensive growth with an increase of 9% in revenues and 8% in EBITDA year-over-year. Its contribution within the Ecopetrol Group increased, accounting for 13% of revenues and 18% of EBITDA, aligned with our long-term strategic diversification objective.

謝謝你，大衛。2025 年第一季度，ISA 持續取得優異的業績，為哥倫比亞國家石油集團的多元化發展做出貢獻。這些成就歸功於新項目的啟動、合約指數化的正面影響、道路特許經營商的更高回報以及電信業務收入的增加。ISA 呈現全面成長，營收年增 9%，EBITDA 較去年同期成長 8%。其在 Ecopetrol 集團內的貢獻有所增加，佔營收的 13% 和 EBITDA 的 18%，這與我們的長期策略多元化目標一致。

Additionally, we highlight the dividend contribution from ISA to its majority shareholder, which for 2025 totaled COP720 billion, and its return on average equity of 16.8% for the first quarter of 2025. With the early achievement of key goals for the ISA 2030 strategy, the company is moving forward with its new 2040 strategy, energy that brings life to the transition.

此外，我們強調了 ISA 對其大股東的股息貢獻，2025 年總計 7,200 億哥倫比亞比索，以及 2025 年第一季的平均股本回報率 16.8%。隨著ISA 2030策略關鍵目標的提前實現，公司正在推動新的2040策略，為轉型注入活力的能源。

This strategy outlines a road map towards a future, more sustainable, innovative and committed with Latin America's development. I want to highlight also ISA's long-term ambitious goal for doubling its 2024 EBITDA. Additionally, it aims to increase its transmission capacity of 2024 by 1.5x develop 8 gigawatts of storage infrastructure and generate synergies with Ecopetrol as a provider of energy solutions.

該策略勾勒出了一個更永續、更創新、更致力於拉丁美洲發展的未來路線圖。我還想強調 ISA 的長期宏偉目標，即在 2024 年將 EBITDA 翻一番。此外，該公司還計劃在 2024 年之前將輸電容量提高 1.5 倍，開發 8 千兆瓦的儲存基礎設施，並與 Ecopetrol 作為能源解決方案提供商產生協同效應。

Regarding the awarded and operational projects, several important achievements stand out. In Brazil, 18 reinforcements were added to the electrical grid. In Chile, the new 220 kilowatts Las Palmas Centella flow control system project was awarded to the Intervial in Chile.

在已獲獎且已投入營運的專案當中，有幾項重要成果引人注目。巴西電網新增18條增援線路。在智利，新建220千瓦拉斯帕爾馬斯Centella流量控制系統專案被授予智利Intervial公司。

In the Road segment, the implementation of the free flow system on the Ruta del Maipo was agreed upon facilitating traffic in the south access to Santiago. Additionally, the commissioning of the renovation of the Guatiguará and Tasajero substations in Santander Colombia, 6 additional reinforcement in Brazil and the expansion 21 project in Peru are not worthy.

在公路部分，雙方同意在邁波路（Ruta del Maipo）實施自由通行系統，以方便聖地牙哥南部的交通。此外，哥倫比亞桑坦德的Guatiguará和Tasajero變電站改造工程、巴西的6個新增加固工程以及秘魯的21個擴建工程的投產也並不值得。

Let's go to the next slide to detail the financial performance of our group. The financial results for the first quarter of 2025 reflect our attempts to consolidate structural efficiencies and protect the company's profitability and liquidity. As Ricardo and Rafael mentioned before, the decline in Brent reference prices and major maintenances in the downstream segment to guarantee the production of quality fuels and preserve the integrity of our operations impacted our results.

讓我們看下一張投影片來詳細介紹我們集團的財務表現。2025 年第一季的財務表現反映了我們鞏固結構效率和保護公司獲利能力和流動性的努力。正如里卡多和拉斐爾之前提到的，布蘭特原油參考價格的下跌以及下游部門為保證生產優質燃料和維護我們營運的完整性而進行的重大維護對我們的業績產生了影響。

Net income stood at COP3.1 trillion, EBITDA at COP13.3 trillion and EBITDA margin reached an outstanding 42%, proving our effective control and lower costs and expenses compared to the last quarter of 2024. The Transportation and Transmission segments contributed 42% to the EBITDA, effectively mitigating the impact of price volatility. The Exploration and Production segments contributed 54% to the EBITDA, while the refining segment accounted for the remaining 4%.

淨收入為 3.1 兆哥倫比亞比索，EBITDA 為 13.3 兆哥倫比亞比索，EBITDA 利潤率達到 42%，證明了我們有效的控制以及與 2024 年最後一個季度相比更低的成本和費用。運輸和傳輸部門對 EBITDA 的貢獻為 42%，有效減輕了價格波動的影響。勘探與生產部門為 EBITDA 貢獻了 54%，而煉油部門則貢獻了剩餘的 4%。

We invested $1.2 billion, exceeding the average amount for the first quarter of the past five years. I would like to emphasize that within the hydrocarbons line, our main efforts were directed towards the exploration and production segment in fields such as CPO-09, Caño Sur and Rubiales as well as in the Permian. These were followed by investments focused on ensuring operational continuity in the transportation and refining segment. Similarly, we made investments of approximately $136 million related to expand the gas chain and supply. Our leverage indicators remain steady.

我們投資了12億美元，超過了過去五年第一季的平均投資金額。我想強調的是，在碳氫化合物領域，我們的主要精力集中在 CPO-09、Caño Sur 和 Rubiales 以及二疊紀等油田的勘探和生產領域。隨後的投資重點是確保運輸和煉油部門的營運連續性。同樣，我們也投資了約 1.36 億美元用於擴大天然氣鍊和供應。我們的槓桿指標保持穩定。

The gross debt-to-EBITDA ratio remained at 2.2 times on a consolidated basis and 1.6 times, excluding ISA. Let's move on the next slide. We keep addressing and monitoring our cash levels, both stand-alone and on a consolidated basis with a proactive approach that has enabled us to optimize cash flow, ensure the availability of resources for key investments and minimize financial risks.

合併後總負債與 EBITDA 比率仍為 2.2 倍，不包括 ISA 則為 1.6 倍。讓我們看下一張投影片。我們持續以積極主動的方式處理和監控我們的現金水平，包括獨立和合併的現金水平，這使我們能夠優化現金流，確保關鍵投資的資源可用性，並最大限度地降低財務風險。

The Ecopetrol Group's cash balance closed at COP17 trillion, generating a positive free cash flow of COP1.4 trillion. Of the total cash, 42% was contributed by ISA, 27% by Ecopetrol and the remaining 31% by the group's other subsidiaries.

哥倫比亞國家石油集團的現金餘額收在 17 兆哥倫比亞比索，產生了 1.4 兆哥倫比亞比索的正自由現金流。在全部現金中，42%由 ISA 出資，27%由 Ecopetrol 出資，其餘 31%由該集團的其他子公司出資。

Additionally, our cash management during the quarter included the following transactions. As of March, we carried out a repo for approximately $500 million backed by public debt securities called (inaudible) received in 2024 by Ecopetrol as part of the fuel prices stabilization fund payment, generating a temporary increase in short-term gross debt. Depending on the market conditions, the unwind of this repo will be reviewed.

此外，我們本季的現金管理包括以下交易。截至 3 月份，我們進行了約 5 億美元的回購交易，該交易由 Ecopetrol 於 2024 年收到的公共債務證券 (聽不清) 作為燃料價格穩定基金支付的一部分，導致短期總債務暫時增加。我們將根據市場情況對本次回購的解除進行審核。

The Ministry of Finance authorized an international loan facility of up to $500 million with Banco Santander. The proceeds from this transaction will be used to meet our operational cash requirements, thus compensating the outflows caused by recent inorganic acquisitions.

財政部批准向桑坦德銀行提供高達 5 億美元的國際貸款。此次交易所得款項將用於滿足我們的營運現金需求，以補償近期無機收購造成的資金流出。

This aligns with our financing plan and maintains the gross debt-to-EBITDA target for the year. A favorable milestone was the early collection of the total balance of the fuel price stabilization fund, FEPC, for 2024. At the end of March, the receivable of the first quarter of 2024 for around COP2.2 trillion was paid through short-term public debt securities called (inaudible) which were used to guarantee a repo transaction.

這與我們的融資計劃一致，並維持了今年的總債務與 EBITDA 比率目標。一個有利的里程碑是提前收集了 2024 年燃料價格穩定基金 (FEPC) 的總餘額。截至 3 月底，2024 年第一季約 2.2 兆哥倫比亞比索的應收款項透過名為（聽不清楚）的短期公共債務證券支付，這些證券用於擔保回購交易。

In addition, at the end of April, we received COP5.4 trillion in short-term called (inaudible) for the balance of the second, third and fourth quarters of 2024. These were already sold, providing the necessary liquidity to complete the total dividend payment to our shareholders in the first half of this year.

此外，截至 4 月底，我們收到了 5.4 兆哥倫比亞比索的短期貸款（聽不清楚），用於支付 2024 年第二、第三和第四季的餘額。這些股票已經售出，為今年上半年向股東支付全部股息提供了必要的流動性。

Through our financial hedging policy, we executed hedging programs to mitigate the price volatility on diesel for 3.2 million barrels and exchange rate for $615 million. Likewise, we continue to analyze other hedging strategies for Brent price for the second half of 2025 and 2026. These measures have strategically positioned us to address recent market dynamics and the increased fiscal obligations resulting from the interior commotion decree due to the Catatumbo crisis.

透過我們的金融對沖政策，我們執行了對沖計劃，以減輕 320 萬桶柴油和 6.15 億美元匯率的價格波動。同樣，我們繼續分析2025年下半年和2026年布蘭特原油價格的其他對沖策略。這些措施使我們在策略上能夠應對近期的市場動態以及因卡塔通博危機導致的內部騷亂法令而增加的財政負擔。

We anticipate this will result in disbursement for the group of approximately COP1.2 trillion this year, in addition to the impact of the value-added tax on fuel imports starting January 1, 2025, which will be detailed in the next slide.

我們預計，這將導致該集團今年獲得約 1.2 兆哥倫比亞比索的支出，此外還有 2025 年 1 月 1 日起對燃料進口徵收增值稅的影響，詳見下一張幻燈片。

In December 2024, the National Tax Authority, DIAN, issued a ruling interpreting that value-added tax on fuel inputs must be paid at a rate of 19% on the customs value of the imported goods. This ruling has prospective effects starting on January 1, 2025. Since January, Ecopetrol has paid such value-added tax in accordance with DIAN's ruling.

2024年12月，國稅局DIAN發布裁定，規定燃料投入品的增值稅應按進口貨物完稅價格的19%繳納。該裁決自2025年1月1日起生效。自一月以來，Ecopetrol 一直按照 DIAN 的裁決繳納增值稅。

Estimates show that in 2025, this payment will reach approximately COP3.6 trillion, recoverable at 93% through tax refund request. Regarding the period 2022 to 2024, Ecopetrol ISA and the Cartagena Refinery received three requests from the end, including a proposal of tax penalty and interest totaling COP9.4 trillion related to the VAT payment on the declarations submitted during that period.

據估計，到 2025 年，這筆款項將達到約 3.6 兆哥倫比亞比索，透過退稅申請可收回 93%。關於2022年至2024年期間，哥倫比亞國家石油公司和卡塔赫納煉油廠自年底起收到了三項請求，其中包括與該期間提交的申報表的增值稅支付相關的總額為9.4萬億哥倫比亞比索的稅收罰款和利息的提議。

Due to the deferring interpretations of regulations and protecting the company's interest, Ecopetrol and the Cartagena Refinery will respond to the special custom request and challenge them through administrative and judicial channels using the resources and actions provided by the law.

為了推遲對法規的解釋並保護公司的利益，哥倫比亞國家石油公司和卡塔赫納煉油廠將響應客戶的特殊要求，並利用法律提供的資源和行動，透過行政和司法管道對其提出挑戰。

Ecopetrol and the Cartagena refinery are committed to fully complying with their customs and tax obligations and will respect the administrative and judicial decision that resolved this dispute. Finally, market and company scenarios indicate that Brent prices for 2025 may fall below our financial projections. Therefore, we've implemented measures to enhance our ability to address these industry challenges, ensuring we achieve our operational and financial targets for this year.

哥倫比亞國家石油公司和卡塔赫納煉油廠承諾全面履行其海關和稅務義務，並將尊重解決這場爭端的行政和司法決定。最後，市場和公司情境表明，2025 年布蘭特原油價格可能會低於我們的財務預測。因此，我們採取了措施來增強我們應對這些行業挑戰的能力，確保我們實現今年的營運和財務目標。

I now hand over to the President, who will detail the adopted plan to navigate the current environment of price volatility.

現在我將權力移交給總統，他將詳細說明為應對當前價格波動環境而採取的計劃。

Thank you, Camilo. To close this evening's call, I would like to share key messages about the actions we have been implementing in response to the high uncertainty environment we are currently navigating. It's important to emphasize that Ecopetrol is a diversified group with core business in hydrocarbon transportation and energy transmission, which had proven to be essential during times of volatility and now contribute over 40% of our EBITDA.

謝謝你，卡米洛。在結束今晚的電話會議之前，我想分享一些關於我們為應對當前面臨的高度不確定性環境而採取的行動的關鍵資訊。值得強調的是，Ecopetrol 是一家多元化集團，其核心業務是碳氫化合物運輸和能源傳輸，事實證明，這在動盪時期至關重要，目前為我們貢獻了 40% 以上的 EBITDA。

On top of that, we have a competitive commercial strategy that has allowed us to maintain single-digit differentials, maximizing the value of our products. This is not the first period of a strong volatility we have faced as a company, and we had both the experience and preparation need to respond effectively.

最重要的是，我們擁有具有競爭力的商業策略，這使我們能夠保持個位數的差異，從而最大限度地提高我們產品的價值。這不是我們公司第一次面臨劇烈波動的時期，我們擁有有效應對所需的經驗和準備。

Our investment plan is built around a price range that allows us to adapt to different market scenarios while maintaining capital discipline to ensure competitive returns. Based on these fundamentals, we have implemented concrete measures to strengthen the group's position.

我們的投資計劃是圍繞著一個價格範圍制定的，這使我們能夠適應不同的市場情況，同時保持資本紀律以確保有競爭力的回報。基於這些基本面，我們實施了具體措施來加強集團的地位。

For cash rotation, we have implemented an additional robust program of efficiencies and cost and expenses savings amounting by approximately COP1 trillion, along with a strong working capital management of around COP2 trillion, combined with the early payments and available credit lines, this reinforces our liquidity.

對於現金週轉，我們實施了額外的強有力計劃，以提高效率並節省成本和費用，總額約為 1 兆哥倫比亞比索，同時實施了約 2 兆哥倫比亞比索的強大營運資本管理，再加上提前付款和可用的信貸額度，這增強了我們的流動性。

In terms of capital discipline, we are focused on efficient production decisions, portfolio rotation strategies and differentiated crude marketing. Considering our integration across the value chain, 99% of our production operates at an EBITDA breakeven below $55 per barrel, providing a natural hedge against price fluctuations.

在資本紀律方面，我們專注於高效率的生產決策、投資組合輪調策略和差異化的原油行銷。考慮到我們在整個價值鏈中的整合，我們 99% 的產量以低於每桶 55 美元的 EBITDA 盈虧平衡點運行，從而為價格波動提供了自然對沖。

Additionally, our plans includes flexibility in terms of CapEx intervention of $500 million aiming to protect our production for the year. For resilience and financial flexibility, we maintain a controlled debt level, declining production costs and are generating synergies between segments and subsidiaries that continue to strengthen our competitiveness. It is worth mentioning that given the current situation, we update our lifting cost target aiming for a level below $12 per barrel.

此外，我們的計劃還包括 5 億美元資本支出幹預方面的靈活性，旨在保護我們今年的生產。為了增強韌性和財務靈活性，我們控制債務水平，降低生產成本，並在各部門和子公司之間產生協同效應，從而繼續增強我們的競爭力。值得一提的是，鑑於目前情勢，我們更新了開採成本目標，目標是低於每桶12美元。

We continuously monitor the market conditions and have well-defined protocols in place to adjust commercial actions, optimize cost to renegotiate contracts, manage debt and activate financial hedge whenever necessary. These pillars allow us to look ahead with confidence. We have clear protocols to respond to any further deterioration in market conditions and are ready to activate additional levers if required.

我們持續監控市場狀況，並制定明確的協議來調整商業行為、優化成本、重新談判合約、管理債務並在必要時啟動金融對沖。這些支柱讓我們滿懷信心地展望未來。我們有明確的方案來應對市場狀況的進一步惡化，並準備在必要時啟動額外的槓桿。

Ecopetrol is well prepared to continue generating sustainable value for our shareholders and for the country, even in the face of global volatility.

即使面對全球動盪，Ecopetrol 也已做好充分準備，繼續為我們的股東和國家創造永續價值。

With that, we now open the floor for questions.

現在，我們開始回答問題。

Thank you. Let's begin now the Q&A session. (Operator Instructions)

謝謝。現在讓我們開始問答環節。（操作員指示）

Katherine Ortiz, Corredores Davivienda.

凱瑟琳‧奧蒂斯，《達維維安達通訊》。

Let me summarize my three questions. One is related to the last topic that you mentioned, Ricardo, related to the effect that the fall of oil prices can have and how Ecopetrol has been preparing. So I have several questions with that.

我來總結我的三個問題。一個是與您提到的最後一個主題有關，里卡多，涉及油價下跌可能產生的影響以及哥倫比亞國家石油公司如何做好準備。所以我對此有幾個疑問。

First, could you please confirm figures that you mentioned in other settings related to the impact of the fall of the price of oil on the EBITDA and the revenue per dollar of the drop of the price of oil, you said that it's COP0.75 billion for dollar. Please confirm that figure.

首先，請您確認一下您在其他場合提到的有關油價下跌對EBITDA的影響的數字，以及油價下跌對每美元收入的影響，您說的是每美元0.75億哥倫比亞比索。請確認該數字。

And with your last slide, I have a question because the breakeven that you mentioned, 99% with production EBITDA of $54, I'd like to compare it also with the breakeven of your revenue because in the figures that you showed at the end of the year, the breakeven of the EBITDA at the end of the year was $40 overall, but the revenue was $49, and that's because of the context of the very high taxes that we have in Colombia. So I'd like to know that figure of 99% of production and revenue to understand better the impact that we could see on production because of this effect.

對於您最後一張投影片，我有一個問題，因為您提到的損益平衡點，即 99% 的生產 EBITDA 為 54 美元，我想將其與您的收入盈虧平衡點進行比較，因為在您展示的年底數據中，年底的 EBITDA 盈虧平衡點總體為 40 美元，但收入為 49 美元，這是因為哥倫比亞的稅收非常高。因此，我想知道 99% 的生產和收入這個數字，以便更好地了解這種影響對生產的影響。

And also, although it's true, especially the premium, we know that the breakeven in that zone is at $50 now. But when you look at the WTI, it's below $60. So could you please tell us if in that production segment in the US, there is a contingency related to the effect that this could have with the fall of the oil price? That's my first question. Do you want to hear the other two? Or do you want to answer this first one?

而且，儘管這是事實，尤其是溢價，但我們知道該區域的損益平衡點現在是 50 美元。但當你看 WTI 時，它的價格低於 60 美元。那麼，您能否告訴我們，在美國的生產領域，是否存在與油價下跌可能產生的影響相關的緊急措施？這是我的第一個問題。你想聽另外兩個嗎？還是你想回答第一個問題？

Maybe my first question was quite extensive.

也許我的第一個問題太廣泛。

Let's begin by answering your first question, and then we can cover the other two, our CEO would like to talk about the effect that you're asking regarding the decrease of each dollar with the Brent barrel. Then I can complement.

我們先來回答您的第一個問題，然後我們再討論另外兩個問題，我們的執行長想談談您所問的布蘭特原油價格每下跌一美元所產生的影響。那我可以補充一下。

Katherine, thank you for your questions. I'm Ricardo Roa, CEO, Ecopetrol. Yes, I'd like to confirm your figures and the exercises made so far. Remember, we have a price of reference of Brent in our plan in investments and in operations. Based on this, we have evaluated.

凱瑟琳，謝謝你的提問。我是 Ecopetrol 執行長 Ricardo Roa。是的，我想確認您的數據和迄今為止所做的練習。請記住，我們的投資和營運計劃中有一個布蘭特原油價格參考。基於此，我們進行了評估。

And for every dollar that the brand changes in the market, we will have impacts on the revenue and the EBITDA and the net profit, the impact of each dollar that changes upwards or downwards with the price of Brent in the market. On EBITDA is COP0.74 billion a year on the net profit of COP0.37 billion and counteracting those effects, we would need in terms of the exchange rate COP200 more per dollar. So the effect can counteract the impact of the fall of the Brent price.

並且，品牌在市場上每變動一美元，都會對收入、EBITDA 和淨利潤產生影響，隨著市場上布蘭特原油價格的上下波動，每一美元都會產生影響。EBITDA 為 7.4 億哥倫比亞比索，淨利潤為 3.7 億哥倫比亞比索，為了抵銷這些影響，我們需要以匯率計算每美元增加 200 哥倫比亞比索。因此該效應可以抵消布蘭特原油價格下跌的影響。

We have been monitoring constantly the conditions, particular conditions of the price of the oil in the market, Brent and WTI, which is of the state. So on those aspects, we've also been monitoring our operations, profits and based and what we've seen, we've announced that as of today and under the current conditions, we don't have to make decisions on the interruption of the production of several of our wells.

我們一直持續監測市場狀況，特別是布蘭特原油和西德克薩斯中質原油的價格狀況。因此，從這些方面來看，我們也一直在監控我們的營運和利潤，根據我們所看到的情況，我們宣布，截至今天，在當前條件下，我們不必就中斷幾口油井的生產做出決定。

But there may be decisions ahead, especially with the wells underway. And there we will have to be making evaluations and making decisions. So now let's give the floor to Rafael.

但未來可能還需要做出一些決定，尤其是在油井開採正在進行的情況下。我們必須在那裡進行評估並做出決定。現在讓我們請拉斐爾發言。

Thank you, Ricardo and Katherine, for your question. I'd like to refer briefly to the Permian. The current Permian is showing good performance now. Remember, we're talking about the year of having a production from 90 to 95. We have completed 35 new wells to date with a plan close to 90 that we have with the Permian.

謝謝里卡多和凱瑟琳的提問。我想簡單談談二疊紀。目前二疊紀盆地表現良好。請記住，我們討論的是 90 年至 95 年的生產年份。到目前為止，我們已經完成了 35 口新井，而二疊紀盆地的計畫中還有近 90 口新井。

In terms of the breakeven, the production of the Permian is below $50 of WTI. We do have with our partner, some strategies to suspend the investment in new wells. If for a long period of months, we see low prices of WTI. One of the advantages with this is that these suspensions can be made quickly and they can be also reactivated quickly, and that gives us high flexibility. To date, we haven't had discussions with our partner for the suspension, and we continue with our plans.

從損益平衡來看，二疊紀盆地的產量低於 WTI 的 50 美元。我們確實與我們的合作夥伴制定了一些暫停對新油井投資的策略。如果在較長的幾個月內，我們都看到 WTI 價格處於低點。這樣做的好處之一是，這些暫停可以快速完成，也可以快速重新激活，這為我們提供了很高的靈活性。到目前為止，我們還沒有與合作夥伴討論暫停事宜，我們將繼續執行我們的計劃。

Anyways, most of the production that we expect for the year is with the wells that are already underway, not with the production that comes from new wells. So for now, in the flexibility of CapEx that we have, we don't see the need of cutting back on CapEx or production.

無論如何，我們預計今年的大部分產量來自已經建造的油井，而不是新油井的產量。因此，就目前而言，鑑於我們擁有的資本支出彈性，我們認為沒有必要削減資本支出或生產。

Rafael, thank you. And if you allow me, Katherine, Camilo Barco speaking, I'd like to complement the answers given by our CEO and Rafael. And I'd like to highlight the breakevens. Typically, this is an indicator that is displayed in companies of E&P, pure E&P, and they're related to the production costs. As Rafael said, it's very important to keep in mind that added to Ecopetrol, more than 99% of our wells are capable of operating with breakevens below $55.

拉斐爾，謝謝你。如果您允許我、凱瑟琳、卡米洛·巴爾科發言，我想補充我們的執行長和拉斐爾給出的答案。我想強調一下損益平衡點。通常，這是 E&P 公司、純 E&P 公司顯示的指標，與生產成本相關。正如拉斐爾所說，務必記住，加上 Ecopetrol，我們 99% 以上的油井都能夠以低於 55 美元的盈虧平衡價運作。

But we cannot lose sight that today, Ecopetrol, as we emphasized in our presentation, this is a group that has different energies. So it not only has upstream, but other segments in hydrocarbons, midstream and downstream, but it also today incorporates the lines, the business lines of energy transmission and roads and energies for transition.

但我們不能忽視，正如我們在演講中所強調的那樣，Ecopetrol 是一個擁有不同能量的集團。因此，它不僅有上游，還有碳氫化合物、中游和下游的其他部分，而且今天還包含線路、能源輸送業務線和道路以及過渡能源。

So looking at these indicators by the group, perhaps you can find there some of the answers to the differences with the breakevens announced. But sure, we can confirm to you, Katherine, that after making the analysis and the effects compensated by different segments, the breakeven of the profit of the group is close to $50 per barrel, while the breakeven of the EBITDA is closer to $44 per barrel.

因此，透過查看該集團的這些指標，也許你可以找到與宣布的損益平衡點之間存在差異的一些答案。但可以肯定的是，凱瑟琳，我們可以向您確認，經過分析以及不同部門補償的影響後，該集團的利潤盈虧平衡點接近每桶 50 美元，而 EBITDA 盈虧平衡點接近每桶 44 美元。

Perfect. Great answers. So let me continue with my second question that relates to the requirement made by DIAN. Recently, you showed us the steps that you will be taking with that. And among those steps, before the reconsideration you have closing the case, I wonder if right then or when specifically Ecopetrol should make a reserve for of those COP9.4 billion if the DIAN or the tax authority does not reconsider and is firm with its ruling.

完美的。很好的答案。那麼，讓我繼續回答第二個問題，該問題與 DIAN 的要求有關。最近，您向我們展示了您將採取的措施。在這些步驟中，在重新考慮之前你必須結案，我想知道如果 DIAN 或稅務機關不重新考慮並堅持其裁決，那麼 Ecopetrol 是否應該立即或具體何時為這 94 億哥倫比亞比索儲備金。

So should Ecopetrol right then make that payment? And in time, how long do you estimate making this close? Will it be in three months, six months, a year? Just to have an idea in that sense. That question.

那麼 Ecopetrol 是否應該立即付款呢？您估計需要多長時間才能實現這一目標？是三個月後、六個月後，還是一年後？只是從這個意義上有一個想法。那個問題。

And I would also like to understand ahead with that new interpretation, will Ecopetrol have to keep spending every year about COP3.6 billion, the ones that you mentioned. I'd like to confirm this. So independent of what the DIAN rules in the past, will Ecopetrol in the future have to be paying those COP3.6 billion?

我還想提前了解一下，根據這個新的解釋，哥倫比亞國家石油公司是否必須繼續每年花費您提到的約 36 億哥倫比亞比索。我想確認一下這一點。那麼，無論 DIAN 過去如何規定，Ecopetrol 未來是否必須支付這 36 億哥倫比亞比索？

And if so, this year, you mentioned that in a report that this is compensated with balances that will be recovered, but ahead, is it normal to have these types of balance to be recovered? Or is this just a onetime payment, not for 2025, but afterwards, after this figure, will it go to COP4 billion additional?

如果是這樣，今年您在一份報告中提到，這將透過收回餘額來補償，但未來收回這些餘額是否正常？或者這只是一次性付款，不是 2025 年的付款，而是在這筆金額之後，會額外支付 40 億 COP？

That's my second question. Gentlemen?

這是我的第二個問題。先生們？

Okay, Katherine. Again, thank you This is Camilo Barco. And this question with the scope that you're giving us will allow us to clarify several things to everybody that's joining us in this call today and that are really wondering about this. So let me expand going back to what you've asked. Indeed, in December 2024 on December 20, the DIAN issued an opinion in which there's a change of a doctoring to consider that as of the January 1, 2025, fuels are subject -- imported fuels are subject to a 19% bet.

好的，凱瑟琳。再次感謝您，我是卡米洛·巴爾科 (Camilo Barco)。您給我們的這個問題將使我們能夠向今天參加這次電話會議的每個人以及真正對此感到疑惑的人澄清幾件事。因此，讓我進一步回顧一下您所問的問題。事實上，2024 年 12 月 20 日，DIAN 發表了一項意見，其中修改了條款，認為自 2025 年 1 月 1 日起，進口燃料將徵收 19% 的稅。

This opinion has effects on two perspectives: one ahead, like you mentioned in your question and the other back, and it relates to the procedure that we will have to follow from here on. Regarding the procedures ahead, as of January and following this guideline, Ecopetrol has been meeting its responsibility in its tax obligation following what the DIAN has required and has been paying the VAT for importing fuels, gasoline and diesel mainly with 90%.

這種觀點對兩個視角有影響：一個是向前的，就像您在問題中提到的那樣；另一個是向後的，它與我們今後必須遵循的程序有關。關於未來的程序，自 1 月起，按照該指南，Ecopetrol 一直按照 DIAN 的要求履行納稅義務，並主要繳納 90% 的進口燃料、汽油和柴油的增值稅。

Also, you mentioned another figure and indicates an effort of Ecopetrol of COP3.6 billion in the year 2025. Of this COP3.6 billion, the expectation is that we can recover about 93% of that sum, meaning COP3.3 billion through the recoveries and crosses of balances in favor of tax returns from previous years. Going ahead, it's possible that the balance of taxes in favor of Ecopetrol will not only persist but will increase.

此外，您還提到了另一個數字，表明哥倫比亞國家石油公司 (Copetrol) 將在 2025 年努力實現 36 億哥倫比亞比索的目標。對於這 36 億哥倫比亞比索，我們預計可以收回其中的約 93%，也就是 33 億哥倫比亞比索，透過收回和轉嫁前幾年的退稅餘額來實現。展望未來，有利於哥倫比亞國家石油公司的稅收平衡不僅可能持續下去，而且還會增加。

Why? Because this tariff of 19% means that we have to pay that percentage over the imports. While the formula of the prices of fuels in Colombia allow us only to recover 5%. So that difference between 5% and 19%, meaning 14% necessarily will increase the balance of taxes paid in the future. So surely ahead, we will have to make an effort that can be crossed in real time with the balances of the tax returns or taxes in our favor.

為什麼？因為19%的關稅意味著我們必須為進口產品支付該比例。而哥倫比亞的燃料價格公式只允許我們收回 5%。因此，5% 和 19% 之間的差額（即 14%）必然會增加未來繳納的稅款餘額。因此，我們肯定要做出努力，以便即時獲得對我們有利的報稅單或稅收餘額。

Now again, let me refer to the second perspective, and it's the impact on previous periods, specifically 2022, '24, which are the statements which are not in firm. So on that claim, a first calculation has been made. We've received special requirements, customs in Reficar and Ecopetrol, which add up today to COP9.4 billion.

現在，讓我再次談談第二個觀點，即它對之前時期的影響，特別是 2022 年、2024 年，這些聲明尚不確定。因此，針對這項說法，我們進行了初步計算。我們收到了 Reficar 和 Ecopetrol 的特殊要求和關稅，目前總額已達 94 億哥倫比亞比索。

Within that sum, COP7 billion are the taxes that we haven't paid, COP[1.6] billion of Ecopetrol, COP1 billion of Reficar and the other COP2.4 billion have to do with interest sections. So on this particular item, we're talking about an interpretative difference, and we controvert this.

其中，70億哥倫比亞比索是我們未繳的稅款，16億哥倫比亞比索是Ecopetrol的，10億哥倫比亞比索是Reficar的，另外24億哥倫比亞比索與利息部分有關。因此，就這一特定問題而言，我們正在討論解釋上的差異，並且我們對此表示反駁。

So the first thing that follows is to go through the administrative method for which we have to respond before May 12, the special customs requirements we received from Ecopetrol. Those that were received at Reficar have been answered already.

因此，接下來要做的第一件事就是透過行政手段，我們必須在 5 月 12 日之前回應 Ecopetrol 給我們的特殊海關要求。Reficar 收到的問題已經得到回應。

And on this, the DIAN should be giving its ruling in the following months, making an analysis of what we presented, and they will confirm this requirement or they will adjust it. It's called an official liquidation. And this official liquidation is an administrative act and as such, it's acceptable to all legal actions foreseen in the law.

對此，DIAN 應該會在接下來的幾個月內做出裁決，分析我們提出的內容，然後確認或調整這項要求。這被稱為正式清算。而此次正式清算，是一種行政行為，是法律允許的一切合法行為。

So once we have this ruling from the DIAN, we will determine what path we shall continue, which can include the reconsideration that we're asking for, along with legal actions as if required, we can have the reposition resources presented, and we can even go directly to present a demand before the State Council.

因此，一旦我們得到 DIAN 的裁決，我們將確定應繼續採取的措施，其中包括我們要求的重新考慮，以及必要時採取法律行動，我們可以重新配置資源，甚至可以直接向國務院提出要求。

So this is a digital process that can take time from two to five years before anything goes through. And let me talk about the importance of the reserves. When it comes to reserves and payments, they will, of course, depend on how the process develops and the need of the final ruling. And the payment has to be given by the State Council if necessary.

所以這是一個數位化過程，可能需要兩到五年的時間才能完成。讓我來談談儲備的重要性。至於儲備金和付款，當然取決於進程如何發展以及最終裁決的需要。必要時由國務院予以支付。

Our consideration today, it's worth saying, and based on the opinions given by attorneys, the possibility that we will be given a green light with this is high. Why? Because the eventual provision will be with the requirement of the external auditor and that provision or reserve will depend on the development of the process and the possibility of success of defending the arguments by Ecopetrol. So to end, we're in a very preliminary stage. We only received the requirement to pay for especially 2022 and '24.

值得一提的是，我們今天的考慮以及律師的意見表明，我們獲得批准的可能性很高。為什麼？因為最終的撥備將根據外部審計師的要求而定，而撥備或儲備將取決於流程的發展以及 Ecopetrol 成功捍衛論點的可能性。總而言之，我們目前處於非常初步的階段。我們只收到了 2022 年和 2024 年的付款要求。

And first, we have to go through the administrative path and the legal path. So we hope that the effects on the accounting and the payment -- eventual payment will take two to five years, as I said before. And I hope with this, I have responded several of your questions related to the payment of the VAT.

首先，我們必須經過行政途徑和法律途徑。因此，我們希望對會計和付款的影響——最終付款將需要兩到五年的時間，正如我之前所說的那樣。我希望透過以上內容，我已經回答了您關於增值稅支付的幾個問題。

Daniel Guardiola, BTG.

丹尼爾·瓜迪奧拉，BTG。

Hello, good morning, Ricardo, Camilo, Rafael. I have two brief questions. So my other colleagues have time to ask questions. First, what's the sensibility for the production of Ecopetrol, keeping in mind if the company executes a CapEx reduction of $500 million that you have with your austerity plan? And second question, Camilo, can you please share with us what's the Brent cash breakeven of the upstream business, considering, of course, the CapEx that you expect to assign to this business this year? These are my two questions. Thank you.

你好，早安，里卡多、卡米洛、拉斐爾。我有兩個簡短的問題。這樣我的其他同事就有時間提問了。首先，考慮到公司是否按照你們的緊縮計劃削減了 5 億美元的資本支出，那麼 Ecopetrol 的生產的合理性如何？第二個問題，卡米洛，您能否與我們分享上游業務的布倫特現金損益平衡點是多少，當然，考慮到您預計今年分配給該業務的資本支出？這是我的兩個問題。謝謝。

Daniel, this is Rafael Guzman. Thank you for your question. As Camilo said, 99% of the production has a breakeven of $55 per barrel. Now in terms of investment, we -- with the flexibility of CapEx we've announced, we will give priority to the CapEx, especially for those investments that create new production. And so far, we haven't seen having to cut back on our CapEx per production.

丹尼爾，這是拉斐爾古茲曼。感謝您的提問。正如卡米洛所說，99% 的產量損益平衡點為每桶 55 美元。現在就投資而言，我們——憑藉我們已經宣布的資本支出靈活性，我們將優先考慮資本支出，特別是那些創造新產量的投資。到目前為止，我們還沒有看到需要削減每項生產的資本支出。

We'd also like to give an example related to the prior question with the Permian, which we expect will be 90,000 to 95,000 barrels a day. And with those new wells that we have, it's close to 8% -- 8%, 9% of that production. And we also mentioned that we have drilled 75 wells this year. So this example also illustrates our effort to maintain capital in the projects that remain in production.

我們也想舉一個與前面問題相關的例子，即二疊紀的盆地，我們預計其日產量將達到 90,000 至 95,000 桶。加上我們現有的新油井，產量已接近 8% 至 8% 或 9%。我們也提到，今年我們已經鑽了75口井。所以這個例子也說明了我們為維持仍在生產的專案的資本所做的努力。

Okay, Daniel. And with regards to the financial question, I think it was covered by Rafael when we discussed the breakeven, maybe it's important to mention that the expectations of the investments plan related with CapEx, we announced to the market an investment plan that was approved at the end of 2024. And for this 2025 from $6 billion to $6.8 billion. Of the $6.8 billion, there's a chance or the flexibility better of $500 million. And over that, perhaps we should emphasize that we will give priorities to investments that protect production and reserves, firstly.

好的，丹尼爾。關於財務問題，我認為拉斐爾在我們討論盈虧平衡時已經談到了這個問題，也許值得一提的是，投資計劃的預期與資本支出有關，我們向市場宣布了一項在 2024 年底獲得批准的投資計劃。到 2025 年，這一數字將從 60 億美元增加到 68 億美元。在這 68 億美元中，有 5 億美元是機會或更好的彈性。除此之外，我們或許應該強調，我們將優先考慮保護生產和儲備的投資。

And secondly, we will give priority to those investments on projects that can contribute the internal generation right away, meaning projects preferably in operation stages, brownfield projects that have positive EBITDA and increase the generation -- the internal generation of the company.

其次，我們將優先投資那些可以立即貢獻內部發電量的項目，這意味著最好是處於營運階段的項目，具有正 EBITDA 並可增加發電量（即公司內部發電量）的棕地項目。

And depending on this CapEx level, if possible, to stay in this range, without ruling out the chance, depending on the performance of the prices, we will have even a more drastic plan of that CapEx depends the final EBITDA that we'll have. But as Rafael said, the breakeven of the EBITDA is below $55 a barrel.

並且根據這個資本支出水平，如果可能的話，保持在這個範圍內，不排除這種可能性，根據價格的表現，我們甚至會有一個更為激進的計劃，資本支出取決於我們最終的 EBITDA。但正如拉斐爾所說，EBITDA 的損益平衡點低於每桶 55 美元。

Tasso Vasconcellos, UBS.

瑞銀的 Tasso Vasconcellos。

Hi, everyone. Thanks for taking my question. Two follow-ups here on this breakeven discussion. The first one, at what point would Ecopetrol start reviewing its strategy? We just discussed it quite a lot about the $55 breakeven. But for how long would it need to remain below such levels for Ecopetrol to change the strategy? I assume, of course, it would not be like a week or a month.

大家好。感謝您回答我的問題。關於損益平衡討論，這裡有兩個後續問題。第一個問題，Ecopetrol 什麼時候開始重新審視其策略？我們剛剛就 55 美元的損益平衡點進行了大量討論。但是，石油價格需要維持在這樣的水平多久才會促使哥倫比亞國家石油公司改變策略呢？當然，我認為它不會像一周或一個月那麼長。

But I think the question is exactly how is the company's evaluation process to change the strategy or the approach here? A second question, actually a follow-up on this first one. Where do you view all the opportunities to reduce CapEx and costs in case Brent remains lower for longer? Is it the COP500 million in the upstream business that you just mentioned on the slides, the full potential or there could be other opportunities? And which business would you prioritize the most?

但我認為問題在於公司的評估流程究竟如何改變這裡的策略或方法？第二個問題其實是第一個問題的後續。如果布蘭特原油價格長期維持低位，您認為有哪些機會可以降低資本支出和成本？您剛才在投影片上提到的上游業務有 5 億哥倫比亞比索，這是全部潛力嗎，還是還有其他機會？您最優先考慮哪一項業務​​？

And which other business you also see potential to reduce CapEx or expenses if required? Those are the two questions. Thank you.

您還認為還有哪些業務在必要時具有降低資本支出或費用的潛力？這是兩個問題。謝謝。

Tasso, thank you for your questions. Let's refer again. This is Camilo Barco, the CFO. I'd like to begin by quickly referring to the ranges of reviewing the strategy, as you've mentioned. And especially, I'll talk about the eventual revision of the financial plan for 2025 and the 3 years -- 3 subsequent years.

塔索，謝謝你的提問。我們再參考一下吧。這位是財務長卡米洛·巴爾科 (Camilo Barco)。首先我想快速談談您所提到的審查策略的範圍。特別是，我將談論 2025 年及之後 3 年的財務計劃的最終修訂。

The most important thing, I'd like to highlight here is that we constantly monitor the performance of the market. And there is a range determined from $60 to $65 of a barrel Brent, which leads us to take measures like the ones we've announced. These ranges, it's important to mention are not specific ranges. It's not that the price of Brent and some determined days will touch this level. Instead, we're talking about average ranges for the year, the full year based on this first quarter and the forecast that we have for the rest of the year.

我想在此強調的最重要的一點是，我們不斷監測市場的表現。布蘭特原油價格的區間確定在每桶 60 美元至 65 美元之間，這促使我們採取了我們已經宣布的措施。值得一提的是，這些範圍並不是具體的範圍。這並不意味著布蘭特原油價格在特定的日子裡就會觸及這一水平。相反，我們討論的是今年的平均範圍、基於第一季的全年平均範圍以及今年剩餘時間的預測。

So while we reached the average ranges for the full year closer to $60 in addition to the measures we've mentioned, there could be a chance or we can evaluate the chance of re-sanctioning or changing the budget of 2025. When we see that the deviations are material enough to not meet the goals established for this year.

因此，當我們除了提到的措施之外，還達到了接近 60 美元的全年平均值時，就有可能或我們可以評估重新批准或更改 2025 年預算的機會。當我們發現偏差足夠大以至於無法實現今年既定的目標。

So again, beyond the discussion of the breakeven, when it comes to the planning and budget policy of the company, the range of $60 per barrel average of Brent for next year gives us the chance of evaluating the re-sanction of the financial plan for 2025.

因此，除了討論損益平衡之外，當談到公司的規劃和預算政策時，明年布蘭特原油平均價格為每桶 60 美元的區間讓我們有機會評估 2025 年財務計畫的重新批准。

And now let's give the floor on the opportunities of investment that you mentioned.

現在讓我們來談談您提到的投資機會。

This is Rafael Guzman again. This $500 million that we mentioned of CapEx, it's not only for the upstream business, it also impacts the mid and downstream and the other Ecopetrol businesses even in corporate. And I'd like to mention also something about that 1% of production that has a breakeven above 55%. We've talked about the 99% a lot. But let's talk about that 1% because there we have important actions.

這又是拉斐爾·古茲曼。我們提到的這 5 億美元資本支出不僅用於上游業務，還影響中下游以及 Ecopetrol 的其他業務，甚至企業業務。我還想提一下那 1% 的產量，其損益平衡點在 55% 以上。我們已經多次討論過 99% 的問題。但我們還是來談談那 1% 吧，因為我們有重要的行動。

Part of the new role that we have in efficiencies which is another COP1 billion is for higher efficiencies included in these fields of more breakeven also in these fields.

我們在效率方面所扮演的新角色的一部分，也就是另外 10 億古巴比索，是為了在這些領域提高效率，在這些領域實現更多的損益平衡。

We have investment commitments for our partners, not Ecopetrol, but made by the partner, which will increase the production of these fields. And therefore, will decrease the breakeven. And we're not only looking at fields entirely, but also the production specific of wells and certain facilities to maintain our production levels throughout the year, including with the current prices that we are reviewing.

我們對我們的合作夥伴（不是Ecopetrol）做出了投資承諾，而是由合作夥伴做出的，這將提高這些油田的產量。因此，損益平衡點將會降低。我們不僅全面審視油田，還關注油井和某些設施的具體生產情況，以維持全年的生產水平，包括我們正在審查的當前價格。

Also and I'd like to complement my answer. Related to your second question, let me say that, of course, an eventual resanction of the plan would lead us to review the CapEx in every business line. This revision would be cross-sectional. Today, what we propose with the Brent expectations we have is $500 million of flexibility to help us to be in the lower range of the financial plan proposed. But while there's a persistent reduction of the prices, we can take more drastic measures, again, to protect the production and reserves.

另外我想補充我的答案。關於您的第二個問題，我想說的是，當然，最終批准該計劃將導致我們審查每個業務線的資本支出。這次修訂將是橫斷面的。今天，我們根據布蘭特原油預期提出了 5 億美元的靈活性建議，以幫助我們達到所提議的財務計劃的較低範圍。但是，在價格持續下降的同時，我們可以採取更嚴格的措施來保護生產和儲備。

But when more necessary, we can intervene when it comes to the profitability and the breakeven of different wells. So that's why we have a detailed analysis per asset, and we (technical difficulty).

但在更必要的時候，我們可以對不同油井的獲利能力和損益平衡進行幹預。這就是為什麼我們對每項資產進行詳細分析，並且我們（技術難度）。

(technical difficulty).

（技術難度）。

(technical difficulty) Has the government used sovereign titles or any type of short-term securities to pay down the debt balance? Those are the questions.

（技術難題）政府是否使用主權所有權或任何類型的短期證券來償還債務餘額？這些都是問題。

Good morning, this is Rafael Guzman. In the first quarter, we had a cost below $12. It's specifically $11.25 that we're announcing that we will keep it below $12 for the entire year. Most of this also comes with the increase of the efficiencies goal of COP1 billion. So the mechanisms are to reduce maintenance of sub soil, increasing the period in which you have to change the subsoil equipment.

早上好，我是拉斐爾·古茲曼。第一季度，我們的成本低於 12 美元。具體來說是 11.25 美元，我們宣布全年將把價格保持在 12 美元以下。其中大部分也伴隨著 COP10 億的效率目標的增加。因此，這些機制是為了減少底土的維護，增加更換底土設備的時間。

Second, efficiencies in energy, which we have been achieving using less energy and having lower rates of energy, thanks to the commercial management made. When it comes to -- we have really different engines that we're placing in the pumps of the subsoils in the wells.

第二，能源效率的提高，得益於商業管理，我們已經實現了能源使用量減少和能源價格降低。說到——我們有非常不同的發動機，我們將其放置在井底的泵中。

We also have renegotiations and maintenance contracts, reusing materials to make the maintenance at the facilities on the service. And this is also, as we saw in the first quarter, goes hand-in-hand with a higher exchange rate of the pesos, which helps us a lot significantly in these lifting costs...

我們也重新談判並簽訂了維護合同，重複使用材料對服務設施進行維護。正如我們在第一季看到的那樣，這也與比索匯率的上升相伴而生，這對我們降低成本有很大幫助…

Now when it comes to your question, Eduardo, when it comes to the form of payment of the (inaudible) that budget of the nation allows the government to make this perfect payments through debt but through crossing dividends or direct payments. So really the Ministry of Treasury of the nation determines how payment is made.

現在談到你的問題，愛德華多，當談到（聽不清楚）的支付形式時，國家預算允許政府透過債務但透過交叉股息或直接支付來進行完美的支付。因此，實際上是國家財政部決定如何付款。

However, it's a good opportunity to mention good news related to this which is part of the presentation firstly, the nation is paying at the end of April pay to Ecopetrol fully the obligations of pay cause in 2024, meaning we received the first payment of COP2.2 billion and a second payment of COP5.4 billion, reaching COP7.6 billion (inaudible). These were paid and fully received by Ecopetrol.

然而，這是一個很好的機會來提及與此相關的好消息，這是演示文稿的一部分，首先，國家將在 4 月底向 Ecopetrol 全額支付 2024 年的付款義務，這意味著我們收到了第一筆 22 億哥倫比亞比索的付款，第二筆 54 億哥倫比亞比索的付款，共計 76 億哥倫比亞比索（聽不清楚）。這些款項已由 Ecopetrol 支付並全額收到。

With regards to the sum received in the second payment, these were paid in short-term titles to TCOs, which were liquidated and sold to the market through banking.

至於第二筆收到的款項，則是以短期產權的形式支付給TCO，這些TCO透過銀行業務變現並出售給市場。

With the remaining payment of COP2.2 billion, some of these titles are part of the simultaneous transaction made and are used as collateral for the liquidity credits obtained. For this year 2025, given the circumstances of prices, our expectation is that the causation of FX will drop substantially. Although last year, we had COP7.6 billion, our projections with current prices is that (inaudible) this year will cost COP3 billion to COP4 billion approximately in favor of Ecopetrol closer to the lower range.

剩餘的 22 億哥倫比亞比索付款中，部分所有權屬於同時進行的交易的一部分，並用作所獲流動性信貸的抵押品。對於2025年，考慮到價格狀況，我們預期外匯的起因將大幅下降。儘管去年我們的成本為 76 億哥倫比亞比索，但按照當前價格預測，（聽不清楚）今年哥倫比亞比索的成本將約為 30 億至 40 億哥倫比亞比索，而哥倫比亞國家石油公司的成本則更接近較低範圍。

And over this, we'll have to wait what option of payment is determined by the nation.

對此，我們還必須等待國家決定採取何種付款方式。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

Hi, everyone. Thanks for having my questions. I have a follow-up on Eduardo's question on the form of payment of APAC. Recent news flow mentioned that you guys were being paid with some liquid instruments, right, as you just explained. I just want to confirm my understanding that you kind of liquidated those already and having cash in hands, right?

大家好。感謝您回答我的問題。我對 Eduardo 關於 APAC 付款方式的問題進行了跟進。最近的新聞提到你們透過一些流動性工具獲得報酬，對吧，正如你剛才解釋的那樣。我只是想確認我的理解，你已經清算了這些並且手裡有現金，對嗎？

And my second question is on the CapEx you guys talked about. I understand you have some COP500 million in CapEx flexibility where you can just not only on the upstream segment, but also on the downstream and so on. But I would like to get a sense on what is the impact of production, assuming you would cost or you would cut investments on the upstream division? Thank you.

我的第二個問題是關於你們談到的資本支出。我知道你們擁有大約 5 億哥倫比亞比索的資本支出靈活性，不僅可以用於上游部分，還可以用於下游部分等等。但我想了解一下，假設你會降低成本或削減上游部門的投資，這對生產有何影響？謝謝。

Thank you for your question. This is Camilo Barco to answer your question about CapEx and to confirm that indeed the payment of APAC received COP5.4 billion was liquidated already, the titles were placed in the market. And today, it's part of our cash flow and the liquidity of the Ecopetrol Group. And with regard to your second question, I can anticipate that there is no impact on production. But let's listen to Rafael to complement this.

感謝您的提問。我是 Camilo Barco，我將回答您關於資本支出的問題，並確認 APAC 收到的 54 億哥倫比亞比索付款確實已經清算，這些產權已投放市場。如今，它是我們現金流和哥倫比亞國家石油集團流動性的一部分。關於您的第二個問題，我預計這不會對生產產生影響。但讓我們聽聽拉斐爾對此的補充。

Yeah, you are right, Camilo. This is -- I'm Rafael, when it comes to the COP500,000 that we have in CapEx, we still have the same production goal. Keep that in mind.

是的，你是對的，卡米洛。這是——我是拉斐爾，當談到我們的資本支出 50 萬哥倫比亞比索時，我們仍然有相同的生產目標。記住這一點。

Ricardo Sandoval, Bancolombia.

里卡多·桑多瓦爾，哥倫比亞銀行。

I have several follow up questions. One, Camilo, DIAN -- the topic of the DIAN is quite complicated to understand because you're saying we're going to pay COP3.6 billion but you have recovered COP3.3 billion. I'd like to see what the net effect on the cash flow that this has on the company, meaning there's a working capital of COP3.6 billion and then it reverts to COP3.3 billion. And how can we see this as a net effect on the cash flow. Is this -- will we have an effect on working capital of a COP1 billion?

我有幾個後續問題。第一，卡米洛，DIAN——DIAN 這個話題相當複雜，難以理解，因為你說我們要支付 36 億哥倫比亞比索，但你已經收回了 33 億哥倫比亞比索。我想看看這對公司現金流的淨影響是什麼，這意味著營運資本為 36 億哥倫比亞比索，然後又回到 33 億哥倫比亞比索。我們如何將其視為對現金流的淨效應？這是——我們會對 10 億古巴比索的營運資金產生影響嗎？

I'd like to see those net effects to understand this more. Second question on the fund of stabilization of oil prices. In the last presentation of Ricardo, you said that a method to protect the cash flow, you would have COP2 billion for working capital. However, what we see now are -- is the requirement of the DIAN, National paying you Ecopetrol with debt titles and you're trying to change (inaudible) making that. So where are these two working capital COP2 billion working capital coming from?

我希望看到這些淨效應以便更好地理解這一點。第二個問題關於穩定油價基金。在里卡多上次的演講中，您說了一種保護現金流的方法，您將獲得 20 億哥倫比亞比索的營運資金。然而，我們現在看到的是——DIAN 的要求是，國家電力公司用債務所有權向 Ecopetrol 付款，而你正在試圖改變（聽不清楚）這種狀況。那麼這兩支COP20億的營運資金從哪裡來呢？

And third, I'd like to thank you if you could give us more information of that leverage of 6x because with the debt ratings, we see that the rating firms have decreased the stand-alone rating of Ecopetrol at 2.2 times is a very high debt ratio. So what about your -- how would you talk with the rating firms ahead?

第三，如果您能向我們提供更多有關 6 倍槓桿的信息，我將非常感激，因為根據債務評級，我們看到評級公司已經降低了 Ecopetrol 的獨立評級，因為 2.2 倍的債務比率非常高。那麼，您接下來將如何與評級公司溝通呢？

So to see that ISA has a higher leverage level compared to other oil companies. So if you could clarify this for me regarding the conversations you have with the rating and how to push that 6 times that you're talking about?

因此可以看出，與其他石油公司相比，ISA 的槓桿水平更高。因此，如果您可以為我澄清有關評級的對話以及如何將評級提高 6 倍？

Ricardo. This is Camilo Barco again. With regard to your first question related to the DIAN, the tax authority you have summarized it perfectly. This year, indeed, the payment of the tax from January to December means an effort made by us of COP3.6 billion, although we have balances in favor of us of the VAT close to COP5 billion today. And it's possible to cross these in the next months, practically in the next 30 -- 60 days, we've been able to cross the taxes in charge of that.

里卡多。我又是卡米洛·巴爾科。關於您第一個問題，即稅務機關 DIAN，您對此進行了完美的總結。事實上，今年 1 月至 12 月繳納的稅款意味著我們付出了 36 億哥倫比亞比索的努力，儘管我們今天有接近 50 億哥倫比亞比索的增值稅餘額。我們有可能在接下來的幾個月內，也就是在接下來的 30 到 60 天內，完成這些稅收。

By the end of 2025, as you said, of those COP3.6 billion, we expect to recover COP3.3 billion, which would imply a total effort of Ecopetrol in the cash of COP500 million. And ahead, if this keeps on happening, and we know this will happen given the difference of rates to pay the VAT versus the difference of rate to collect the VAT. It sure that we will have balances of taxes in our favor, significant ones. So in the next 60 days, we will have to pay the VAT with balances of taxes in our favor. So that covers your first question.

正如您所說，到 2025 年底，我們預計將在 36 億哥倫比亞比索中收回 33 億哥倫比亞比索，這意味著哥倫比亞國家石油公司總共需要投入 5 億哥倫比亞比索的現金。並且，如果這種情況繼續發生，我們知道，考慮到繳納增值稅的稅率與收取增值稅的稅率之間的差異，這種情況將會發生。可以肯定的是，我們的稅收將保持平衡，而且是相當可觀的平衡。因此，在接下來的 60 天內，我們必須以對我們有利的稅額餘額支付增值稅。這涵蓋了你的第一個問題。

Your second question is related to managing working capital in the COP2 billion that our CEO referred to fundamentally has to do with part of our contingency plan under the protection of our cash flow and ensuring our liquidity.

您的第二個問題與我們的執行長提到的 20 億哥倫比亞比索的營運資金管理有關，這從根本上與我們在保護現金流和確保流動性下的應急計劃的一部分有關。

And this fundamentally has to do with central -- an efficient centralization of the groups, has to do with paying the dividends of the affiliates several payments of Ecopetrol to its subsidiaries, capitalizations of subsidiaries, which are deferred in time and will be more adjusted to the timetables required in our investment plans.

這從根本上與中央有關——集團的有效集中化，與支付附屬公司的股息、Ecopetrol 向其子公司的幾筆付款、子公司的資本化有關，這些都會及時推遲，並將根據我們的投資計劃所要求的時間表進行調整。

And really, the management of inventories of accounts payable and receivable are measures guided to increase the efficiency of this cash pooling of the subsidiaries and managing the accounts and the inventories as part of the working capital. Our expectation is that here, we can increase by COP2 billion that total this year the amount of the cash available. And now your third question related to the debt, your question is very pertinent.

實際上，應付帳款和應收帳款庫存管理是為了提高子公司現金池效率以及將帳戶和庫存作為營運資金的一部分進行管理的措施。我們的預期是，今年我們可以將可用現金總額增加 20 億哥倫比亞比索。現在您的第三個問題與債務有關，您的問題非常中肯。

And one of our main working goals is that today, yes, the rating firms are still applying a criteria, which, in our opinion, every time seems to be less technical because indeed, as a group, we incorporate ISA, which is a group that contributes the most proportion or the most of the debt. And since ISA is regulated. It can leverage those investments 4 times its EBITDA. And today, this implies a reading that's not precise. When it comes to the indicator of the debt to EBITDA of the Ecopetrol Group.

我們的主要工作目標之一是，今天，評級公司仍然在應用一個標準，在我們看來，這個標準每次似乎都不那麼技術性，因為事實上，作為一個群體，我們納入了 ISA，這是一個貢獻比例最大或債務最多的群體。而且由於 ISA 受到監管。它可以利用這些投資來實現其 EBITDA 的 4 倍成長。而今天，這意味著解讀並不準確。當談到哥倫比亞國家石油集團的債務與 EBITDA 比率指標時。

And as you said, within the indicator of the industry, 2.2 times looks high, yes. But when you exclude the part of the debt of ISA, the indicator of Ecopetrol is 1.6 times in terms of debt. So that makes it look high to a lower range of debt. This is an ongoing conversation that we have with the rating firms. And what they've said is that while the contribution of companies like ISA and CENIT, which is about 42% of the EBITDA.

正如您所說，在行業指標中，2.2 倍看起來很高，是的。但如果排除ISA的部分債務，Ecopetrol的債務指標則是1.6倍。因此，相對於較低的債務範圍而言，這看起來是很高的。這是我們與評級公司正在進行的對話。他們說，ISA 和 CENIT 等公司的貢獻約佔 EBITDA 的 42%。

Surely, this discussion can be given more and more. Our expectation is to adjust the methodology used by the rating firms. So they keep in mind these factors and allow us to have a depth space of a group that has energy with oil.

當然，這個討論還可以越來越多。我們的期望是調整評級公司所採用的方法。因此，他們牢記這些因素，並讓我們擁有一個擁有石油能源的集團的深度空間。

Andres Cardona, Citibank.

花旗銀行的安德烈斯‧卡多納 (Andres Cardona)。

Good morning, everyone. I have three questions. First, recently, we saw in the company making several acquisitions in the same segment, renewables that can possibly close another assets, I understand to be sold. So tell us about the appetite for more inorganic growth with an oil price at $60, which -- and you've got a barrel of $73 per barrel and also with the effect of the liability and DIAN. First question.

大家早安。我有三個問題。首先，最近，我們看到該公司在同一領域進行了幾次收購，再生能源可能會關閉另一項資產，我理解是出售。那麼，請告訴我們，在油價為 60 美元的情況下，對更多無機增長的需求——每桶油價為 73 美元，同時還受到負債和 DIAN 的影響。第一個問題。

Second question, could you clarify how many barrels are consolidated in Akacia in the first quarter because of the higher participation?

第二個問題，您能否澄清一下，由於參與度較高，第一季阿卡西亞 (Akacia) 合併了多少桶石油？

And third, the media is saying that Shell could potentially leave the offshore project. Are you capable to face the development of this project alone? And what permits, environmental permits are pending so that the project can move to the next stage? And how feasible is it to have those permits because of the recent postures of the ANLA and the Ministry of the Environment, et cetera. So these are my three questions. Thank you.

第三，媒體稱殼牌可能會退出該海上項目。你有能力獨自面對這個專案的發展嗎？該專案需要哪些許可證和環境許可證才能進入下一階段？鑑於澳洲國家土地管理局和環境部等部門最近的立場，獲得這些許可證的可行性如何？這就是我的三個問題。謝謝。

Andres, thank you for the question. This is Julian. I'm the Corporate President of Strategy. Firstly, as Ecopetrol, we have an investment plan built, as you've said, with a Brent of $73, yes. And all of the inorganic investments we've evaluated and constantly evaluated have to meet working discipline criteria. There is no doubt right now, we have to review those opportunities that we're seeing.

安德烈斯，謝謝你的提問。這是朱利安。我是公司策略總裁。首先，正如您所說，作為 Ecopetrol，我們已經制定了一項投資計劃，布倫特原油價格為 73 美元，是的。我們已經評估過並且持續評估的所有無機投資都必須符合工作紀律標準。毫無疑問，現在我們必須重新審視我們所看到的這些機會。

But we are also convinced that just as we've hydrocarbons and other projects in renewable energies, we have to review them and to find a way to make the progress because they do contribute to the financial sustainability of the group.

但我們也堅信，就像我們的碳氫化合物和其他再生能源項目一樣，我們必須對其進行審查並找到取得進展的方法，因為它們確實有助於集團的財務可持續性。

And of course, we cannot just leave them suddenly. Surely, the setting will make us be more strict with our criteria, and we're creative with the mechanisms that we can have to carry out these transactions. I mean, cash generation, structuring debt or the rotation of our portfolio.

當然，我們不能突然拋棄他們。當然，這種設定會讓我們的準則更加嚴格，而且我們會創造性地制定執行這些交易的機制。我的意思是，現金產生、債務結構或投資組合的輪換。

For the next two questions, let's hear Rafael Guzman.

接下來的兩個問題，我們來聽聽拉斐爾·古茲曼的回答。

Andres, good morning. Rafael Guzman speaking. For your question on Akacias, yes, comparing the last quarter -- of last year with the first quarter of this year, we had an increase of 16,000 barrels of crude oil national of Ecopetrol Group. Of these 10,600 correspond to 45%, which was the acquisition we made of Repsol. Let me highlight in this field of Akacias, since we have 100% of the synergies that we have between this field and Chichimene, we have 200,000 barrels in addition. So it's not only result, but it's because of the synergies.

安德烈斯，早安。拉斐爾·古茲曼發言。關於您對阿卡西亞斯 (Akacias) 的問題，是的，與去年最後一個季度和今年第一季相比，我們國家石油集團的原油產量增加了 16,000 桶。其中 10,600 相當於 45%，這是我們對 Repsol 的收購。我要特別強調一下阿卡西亞斯 (Akacias) 油田，由於我們擁有該油田和奇奇梅內 (Chichimene) 油田之間 100% 的協同效應，因此我們另外還擁有 20 萬桶石油。所以這不只是結果，也是協同效應的結果。

And the increase of oil, crude oil in Colombia comes from Caño Sur.

而哥倫比亞的石油、原油產量的增加則來自於Caño Sur。

The next question regarding the development, the discoveries of KGG in the Caribbean. Yes, Shell will see its participation to Ecopetrol. And firstly, yes, we are capable to assume the operation on our own. The development has more with the engineering with the National Transportation System and procedures with the Ministry of Mines and the CRAIG to have this connection mainly.

下一個問題是關於加勒比地區 KGG 的發現和發展。是的，殼牌將參與 Ecopetrol。首先，是的，我們有能力獨自承擔這項行動。該開發案與國家運輸系統的工程以及與礦業部和 CRAIG 的程序有更多聯繫。

As far as the environmental permits, let's hear Elsa Jaimes , who can talk about this.

在環境允許的範圍內，我們來聽聽 Elsa Jaimes 對此的看法。

Thank you, Rafael. Andres, with regards to the environmental permits pending, right now, we are underway with the exploration permit and also the environmental and to connect the cast -- offshore with the national transportation system. And within this big process, which is the study of environmental license, the first part has to do with the prior -- giving disclosures with the communities that are nearby.

謝謝你，拉斐爾。安德烈斯，關於正在等待審批的環境許可證，目前，我們正在辦理勘探許可證以及環境保護工作，並將海上設施與國家運輸系統連接起來。在這個環境許可證研究的大過程中，第一部分與先前的工作有關——向附近的社區進行披露。

So right now, we're designing the connection that oil duct, the pipeline and managing with the ANCP, the certification of the communities that will be impacted to proceed with the prior consultation. Once we have agreements with the communities, we will present the request of the environmental permits. And if it's feasible to have them, yes, it is. And we've been working with on this.

因此，現在我們正在設計石油管道的連接，並與 ANCP 進行管理，對受影響的社區進行認證，以進行事先協商。一旦我們與社區達成協議，我們將提出環境許可證的申請。如果可行的話，那就可以。我們一直在致力於此。

Thank you. Let me -- could you please precise -- is there an appetite for new operations. I know you have several underway. But ahead, does Ecopetrol have an appetite for new opportunities of growth inorganic, given the prices of oil, which are much lower and the risk of the DIAN liability.

謝謝。讓我——您能否具體一點——是否對新的營運感興趣。我知道你有幾個正在進行中。但考慮到石油價格大幅下降以及 DIAN 責任風險，Ecopetrol 未來是否有興趣尋求新的無機成長機會。

Andres, as I mentioned, the appetite is there, yes. We have strategic goals to incorporate reserves inorganic and megawatts and constantly seeking opportunities of diversification and to enhance our portfolio. And again, we want to do is to be much more strict with the criteria we have -- we use, and we have to be very creative.

安德烈斯，正如我所提到的，是的，我們確實有胃口。我們的策略目標是整合無機和兆瓦儲備，並不斷尋求多樣化的機會並增強我們的投資組合。再次強調，我們要對所使用的標準更加嚴格，而且我們必須非常有創意。

So again, we will -- we are evaluating options. We are aware that the moment -- of the moment now, but we're also aware of the needs and the strategic goals of the organization and how the M&A is very important to that.

因此，我們將再次評估各種選擇。我們意識到了現在的局勢，但我們也意​​識到了組織的需求和策略目標，以及併購對此的重要性。

Let me complement, Andres, related to the eventual contingency of the DIAN, it's important to say that the future perspective of paying the VAT doesn't really have a big impact on our cash flow. And remember, it was COP300,000 million in 2025. But when it comes to the controversy rising from the interpretation of the opinion given by DIAN, the effects that could take place eventually, again, will be seeing on a long-term basis once the rulings are made and the judicial process takes place. So we will be taking the actions and using the resources foreseen in the law, and this will take no less than two years.

安德烈斯，讓我補充一下，關於 DIAN 的最終應急情況，重要的是，未來支付增值稅的前景實際上不會對我們的現金流產生很大的影響。請記住，2025 年這一數字將達到 3000 億哥倫比亞比索。但對於DIAN意見的解讀所引發的爭議，其最終可能產生的影響，也將在裁決作出、司法程序啟動後長期顯現。因此，我們將採取行動並使用法律規定的資源，這將耗時不少於兩年。

[Sergio Tores], Corredores Davivienda.

[塞爾吉奧·托雷斯]，Corredores Davivienda。

I have one with what you mentioned that on February 28, Ecopetrol entered a contract for regasification. Could you please give us more details about that contract beyond its capability, how much will cost -- will be the cost -- annual cost for Ecopetrol. And for how long will you have the service contracted?

我同意您提到的，2 月 28 日，Ecopetrol 簽訂了再氣化合約。除了合約能力範圍之外，您能否向我們提供更多有關該合約的詳細信息，例如，Ecopetrol 每年的成本是多少？你們的服務合約期限是多久？

Good morning. This is David Riano, the Executive VP of Energy for Transition. Thank you, Sergio for your question. As we've announced before, this is a contract in which Ecopetrol acquired services of regasification. And this decision was taken keeping in mind all of our working capital requirements. When it comes to this particular case, first, it's to acquire the regasification rights, which has been announced later.

早安.我是能源轉型執行副總裁 David Riano。謝謝 Sergio 的提問。正如我們之前宣布的，這是一份哥倫比亞國家石油公司獲得再氣化服務的合約。在做出這項決定時，我們充分考慮了所有營運資金需求。具體到這個具體案例，首先是取得再氣化權，這個是後來才公佈的。

And as we've said also in several sectorial settings, we will proceed to acquire the molecule, the LNG that will be placed at the facilities of regasification and long-term contracts under the best price conditions. And domestically, that amount of gas will be sold. That way, the group expects to generate value obviously, through this transaction, specifically on the duration. This contract has a commitment for five years, counted as the moment when the facility is commissioned. The detail of the price of the regasification is confidential, however.

正如我們在多個行業場合中所說的那樣，我們將繼續收購分子，即液化天然氣，並將其放置在再氣化設施中，並以最佳價格條件簽訂長期合約。在國內，這些天然氣將會被出售。這樣，集團顯然希望透過這筆交易，特別是在交易期間，創造價值。該合約有效期為五年，自設施投入使用之日起計算。然而，再氣化價格的細節是保密的。

But our CEO recently said that this year, we will begin the commercialization process publicly, so everybody can participate.

但我們的執行長最近表示，今年我們將公開開始商業化進程，以便每個人都可以參與。

Alejandra Andrade, JPMorgan.

摩根大通的亞歷杭德拉‧安德拉德 (Alejandra Andrade)。

I'd like to understand on the potential of acquiring new debt, you said for M&A, and also the possibility of going to traditional markets, the current cost is much more expensive and different. And I understand that you'll be more cautious with M&As. But I'd like to understand if there's a chance of going out to international markets to issue debt? Or do you want to remain more cautions or if there's -- if it's off the table to go outside.

我想了解您所說的收購新債務的潛力，以及進入傳統市場的可能性，目前的成本要昂貴得多，而且有所不同。我知道你們在併購方面會更加謹慎。但我想了解是否有機會走向國際市場發行債務？或者您是否想保持更多的謹慎，或者如果—如果不可能外出。

Thank you, Alejandra. This is Camilo Barco, the CFO. With regards to the additional debt, I'd like to remind you that our investment plan organic does not have an increased debt in the inorganic component, we have confirmed even under the circumstances that every opportunity of an inorganic investment is being evaluated very, very closely and with the caution that you have mentioned.

謝謝你，亞歷杭德拉。這位是財務長卡米洛·巴爾科 (Camilo Barco)。關於額外債務，我想提醒您，我們的有機投資計劃在無機部分不會增加債務，我們已經確認，即使在這種情況下，無機投資的每一個機會都會經過非常非常仔細的評估，並且會像您提到的那樣謹慎。

This means that we prioritize the investments, which today have the capability to contribute and generate enough to leverage the investment itself, meaning projects that are under operation and have an EBITDA that's enough to serve the debt. We work in each of these opportunities, looking at the finance, looking at the evaluation of everything.

這意味著我們優先考慮那些目前有能力貢獻並產生足夠收益來撬動投資本身的投資，也就是那些正在運作且 EBITDA 足以償還債務的項目。我們抓住每一個機會，專注於財務狀況，並專注於一切事物的評估。

On this, it's also worth mentioning that this year, we have formalized transactions closed transactions, which are financed also. We referred in the presentation to the financing of $500 million, which fundamentally is part of the cash of the group but we'll cover part of the investment made in the CPO-09 asset. And in the future, what we foresee is that we will try to see financing options that are structured more in banks.

關於這一點，也值得一提的是，今年我們已經正式完成了交易，並獲得了融資。我們在演示中提到了 5 億美元的融資，這筆資金基本上是集團現金的一部分，但我們將涵蓋 CPO-09 資產的部分投資。而在未來，我們預見到我們將嘗試看到銀行更結構化的融資選擇。

We monitor constantly the market, only If there are conditions and levels of rates that will allow us to go out to the market this year, we will be evaluating those possibilities. But right now, we don't see them.

我們不斷監測市場，只有當今年的條件和利率水準允許我們進入市場時，我們才會評估這些可能性。但現在，我們還沒有看到它們。

And really, we're focused if we have to finance inorganic opportunities, these will be structured finance -- specific operations, mainly using banking -- bank-related financing.

實際上，如果我們必須為無機融資機會提供資金，我們將專注於結構性融資——特定業務，主要使用銀行——銀行相關融資。

Andres Duarte, Corficolombiana.

安德烈斯·杜阿爾特，科菲哥倫比亞。

Good morning, thank you for taking my questions. I have three follow-up questions. First, since Ricardo Roa, the CEO, just remembered that sensibility not only comes from the prices, but also from the devaluation, I'd like to know what exchange rate are you assuming for the breakeven of $55 per barrel? Second question, please explain again in case you did, I didn't understand it well, the component of the COP2.2 billion used as collateral related to what you talked about the FEPC. Please explain it what that consists of. I did understand it.

早上好，感謝您回答我的問題。我有三個後續問題。首先，由於執行長里卡多·羅阿剛剛想起，敏感度不僅來自價格，還來自貶值，我想知道您假設的每桶 55 美元的盈虧平衡匯率是多少？第二個問題，如果您有解釋的話，請再解釋一下，我沒有理解清楚，22億古巴比索的抵押品部分與您談到的FEPC有關。請解釋一下它由什麼組成。我確實明白了。

And third and last has to do with M&As, but more focused not on oil and gas. Could you specifically refer to Monomeros, electrical generators, Interexa? And I'm asking because ISA yesterday said that it had discussions with that company and Monomeros. I don't know if that was an initiative of the company itself, I guess not. But could you please refer to possible acquisitions like those?

第三個也是最後一個與併購有關，但重點不在石油和天然氣。您能具體提及 Monomeros、發電機、Interexa 嗎？我之所以問這個問題，是因為 ISA 昨天表示已經與該公司和 Monomeros 進行了討論。我不知道這是否是公司本身的舉措，我想不是。但能否參考一下類似的可能的收購？

Okay. Andres, thank you for your questions. This is Camilo Barco again. And let me answer two of your three questions, mainly. The exchange rate used that we -- in our investment plan is [COP4,150] a dollar.

好的。安德烈斯，謝謝你的提問。我又是卡米洛·巴爾科。我主要回答你三個問題中的兩個。我們的投資計畫中使用的匯率是 1 美元 [COP4,150]。

And the sensibility over the variabilities indeed is made using this rate, this exchange rate. As far as your second question, we're talking about simultaneous operations. And in other words, these are operations of short-term financing with a collateral in this case, short-term tests and long term that we have in position to guarantee the payment of the short-term operation, meaning this is a credit line from treasury be guaranteed with collateral for which we give the short-term tests

而對變化的敏感度確實是透過這個比率、這個匯率來體現的。至於您的第二個問題，我們正在討論同時進行的操作。換句話說，這些都是短期融資操作，在這種情況下，有抵押品，短期測試和長期，我們有能力保證短期操作的支付，這意味著這是來自國庫的信用額度，有抵押品保證，我們對此進行短期測試

So there, we can still identify the position. We're talking about the payments of FEPC, the COP2.2 billion that we received in March to pay the first FEPC payment is used as a collateral for the test credit with the drop of the exchange rates with -- of our Central Bank.

因此，我們仍然可以確定位置。我們正在談論 FEPC 的付款，我們在 3 月收到的用於支付第一筆 FEPC 付款的 22 億哥倫比亞比索被用作測試信貸的抵押品，因為與我們中央銀行的匯率下降了。

Surely, this transaction will be liquidated -- will be made liquid, like we did with the other test titled. So again, this has been placed in the market. These were liquidated or sold through the brokers bank -- of the banks. So these are the two questions that I have addressed for you.

當然，這筆交易將被清算——將被清算，就像我們在另一個測試中所做的那樣。因此，這又被投放到市場上了。這些是透過銀行的經紀商銀行清算或出售的。這就是我為您解答的兩個問題。

Thank you, Camilo. Andres, this Julian Lemos, the corporate VP of new strategies of businesses. So let me talk about three aspects for you. First, M&A is a confidential nature for us. But let me talk with you with what I can address firstly.

謝謝你，卡米洛。安德烈斯，即朱利安‧萊莫斯 (Julian Lemos)，公司新任策略副總裁。那我跟大家講三個方面。首先，併購對我們來說是保密性質的。但首先讓我和你談談我能解決的問題。

Ecopetrol has not announced that it will buy electrical companies. There are two potential businesses for remote self-generation to cover the needs of electrical need of Ecopetrol itself. So with that, we will continue with two projects that are subject to the precedent conditions to carry them out.

哥倫比亞國家石油公司尚未宣布收購電力公司。有兩種潛在的遠端自發電業務可以滿足哥倫比亞國家石油公司本身的電力需求。因此，我們將繼續執行兩個符合先決條件的項目。

And just as we have strategic goals to incorporate reserves, we also have strategic goals to incorporate megawatts that are renewable for our own consumption. With regards to other topics, I'd say that at Ecopetrol constantly evaluates options throughout the oil chain, including petrochemicals and fertilizers throughout the analysis made recurrently regularly.

正如我們有吸收儲備的策略目標一樣，我們也有吸收再生兆瓦電力供自己消費的策略目標。關於其他主題，我想說，Ecopetrol 不斷評估整個石油鏈中的選項，包括定期進行的石化產品和肥料分析。

We monitor the opportunities out there and the opportunities that are not out there. And I'm not talking about one company specifically here, but I'd like to underscore that our company and our process really does evaluate the options to diversify and capture value throughout the entire chain.

我們監控現有的機會和尚未出現的機會。我在這裡並不是專門談論一家公司，但我想強調的是，我們的公司和流程確實會評估在整個鏈條中實現多樣化和獲取價值的選擇。

With InterNexa, you mentioned what ISA said yesterday. Let me tell you what President Roa, perhaps in the last call mentioned. The conversation is out there, yes. It's covered by confidentiality, however. And when we have a potential agreement with ISA, we will report it to the market.

關於 InterNexa，您提到了 ISA 昨天所說的話。讓我告訴你們羅亞總統在上次通話中可能提到了什麼。是的，對話就在那裡。然而，它屬於保密範圍。當我們與 ISA 達成潛在協議時，我們會向市場報告。

We can't announce anything now.

我們現在不能宣布任何事情。

Steffania Mosquera, Credicorp Capital.

Credicorp Capital 的 Steffania Mosquera。

Good morning, everyone and thank you so much for you time. I have three questions. I think they're quite brief. Let me begin with one that's a follow-up of what Andres asked, and it's -- we've heard comments in the market of a potential purchase of (inaudible). Do you have any comments about that?

大家早安，非常感謝你們抽出時間。我有三個問題。我認為它們非常簡短。首先，我想跟進安德烈斯提出的問題，我們聽到市場上有人評論可能會收購（聽不清楚）。您對此有何評論？

Thank you, Steffania. This is Julian Lemos, the Corporate VP of new businesses. What I can mention is that we're waiting for the compliance, the precedent conditions made in the contract with DIAN , the authorization of the integration by the (inaudible) has been made. And when we reach the precedent conditions, we can make the announcements and the details of the transaction. I'd like to underline that this is not buying an electricity plant.

謝謝你，斯蒂芬妮婭。我是新業務公司副總裁朱利安‧萊莫斯 (Julian Lemos)。我可以提到的是，我們正在等待合規性，與 DIAN 簽訂的合約中規定的先決條件，(聽不清楚) 的整合授權已經獲得。當我們達到先決條件時，我們就可以發佈公告並公佈交易細節。我想強調的是，這不是購買發電廠。

It's for the remote electricity to serve the electrical consumption only of Ecopetrol. Remember, Ecopetrol is the main consumer electrical energy of the country. So these types of acquisitions do contribute to the power supply strategy that we have on a medium and long-term basis.

遠端電力僅用於滿足 Ecopetrol 的電力消耗。請記住，Ecopetrol 是該國的主要電力消費國。因此，這些類型的收購確實有助於我們中長期的電力供應策略。

Perfect. Thank you. The other question is on the midstream that we haven't discussed, what impacts do you see on the midstream on revenue given the lower prices of oil today.

完美的。謝謝。另一個問題是關於我們尚未討論的中游，鑑於目前油價較低，您認為中游對收入有何影響。

I am the President of (inaudible). What we see on a short-term basis, the impact is small. And as Rafael said, the production does go hand-in-hand with our expectations of the year in terms of revenue. So you mean that there's no indexation of the rates on the oil prices? No.

我是（聽不清楚）。從短期來看，影響很小。正如拉斐爾所說，就收入而言，產量確實與我們對今年的預期相符。所以您的意思是油價沒有指數化利率？不。

Perfect. At the end, going back to the regasification. I understand that you're sub-hiring the capacity of degasifying. But how would the or better, can you clarify what the licenses that you would need to have this regasification and the milestones needed for this?

完美的。最後，回到再氣化階段。我了解到您正在分租脫氣能力。但是，您能否更好地解釋一下，進行這種再氣化需要哪些許可證以及需要達到哪些里程碑？

This is David Riaño on, I'm the Executive VP of Energy for transition. As we've said before, and you underlined with the Pacific, we are hiring the services of regasification in which the contractor is in charge of building the facilities, operating them and maintaining them to meet the availabilities of the service demanded in the contract.

我是 David Riaño，能源轉型執行副總裁。正如我們之前所說，並且您向太平洋公司強調，我們正在聘請再氣化服務，承包商負責建造、營運和維護設施，以滿足合約中要求的服務可用性。

As far as the permits, the contractor already has them, especially the environmental authority has certified that they don't need the environmental license in the facilities at Buga. And the permits in Buenaventura are, in effect. So according to the time line of the contractor, the construction will begin June 28 this year.

至於許可證，承包商已經擁有了，特別是環境部門已經證明他們在布加的設施中不需要環境許可證。布埃納文圖拉的許可證已經生效。因此，根據承包商的時間表，施工將於今年 6 月 28 日開始。

So that way, we can have the commissioning of the contract or even before the date factored.

這樣，我們就可以啟動合同，甚至在合約日期之前啟動。

Thank you. There are no more questions. So now let's read the questions of the chat. Peter asks, can you share an update on the discussions made on importing GNL?

謝謝。沒有其他問題了。現在讓我們閱讀聊天中的問題。Peter 問道，您能分享一下有關導入 GNL 的討論的最新進展嗎？

Again, this is David Riano. In addition to what we've mentioned in this call on the contracting re-gasification, in the Pacific, and as we've also mentioned in the sector, there are two additional initiatives in the Caribbean that seek to make use of facilities of Ecopetrol. One is called Ballena LNG, which would connect to one floating unit for regasification to the Chuchupa platform, which already is connected to [Ballena] and to the national grid of gas that's managed by TGI and in the Caribbean and also Promigas.

再次強調，我是大衛·裡亞諾。除了我們在這次呼籲中提到的太平洋地區承包再氣化項目以及我們在該領域提到的內容之外，加勒比地區還有另外兩項舉措旨在利用哥倫比亞國家石油公司的設施。其中一個項目名為 Ballena LNG，將連接到一個浮動裝置，以便將天然氣再氣化到 Chuchupa 平台，該平台已經連接到 [Ballena] 以及由 TGI 和加勒比地區以及 Promigas 管理的國家天然氣管網。

And in the second project, in the Caribbean, it's called Covenas LNG, which will use the facilities of CENIT in that area of the country and will connect to the gas system through the conversion of the group with [Tahobo Vasconia]. This is advancing, yes.

第二個項目位於加勒比地區，名為 Covenas LNG，將使用 CENIT 在該地區的設施，並透過該集團的轉換連接到天然氣系統。[塔霍博·瓦斯科尼亞]。是的，這是進步。

We already have conceptual designs. And we'll make the consultations before the environmental authorities and sea authorities to obtain permits quickly and to have this regasification of one or both or by 2027.

我們已經有了概念設計。我們將與環保部門和海洋部門進行磋商，以盡快獲得許可，並在 2027 年之前完成其中一個或兩個氣田的再氣化。

In parallel, we've begun this year the requirements for the LNG in the international market. We already have nonbinding offers of LNG providers overseas. And while we can obtain the permits, we can get the molecule.

同時，我們今年也開始研究國際市場對液化天然氣的需求。我們已經獲得了海外液化天然氣供應商的非約束性報價。當我們獲得許可證時，我們就可以獲得分子。

Alejandro Sanchez from Alianca says do you plan to incorporate reserves this year for the Gato do Mato project? Are these approved, probable or possible accounting-wise. Could you give us more details about the situation of the Barrancabermeja Refinery because the charge dropped 8% year, but the plants began only three days before the first quarter ended.

Alianca 的 Alejandro Sanchez 詢問，今年您是否計劃為 Gato do Mato 專案注入儲備？從會計角度來看，這些是否已獲批准、很可能或可能？您能否向我們詳細介紹一下巴蘭卡韋梅哈煉油廠的情況？因為該煉油廠的收費率今年下降了 8%，但該廠在第一季結束前三天才開始投產。

This is Rafael Guzman. Let me answer the first question of Gato do Mato. Indeed, we are going to incorporate proven reserves this year, given the decision of investment on the project. Last year, we had certified 112 million barrels of oil for contingency. The contingency was the approval of the development plan from the partners, which did take place this quarter.

這是拉斐爾·古茲曼。讓我來回答 Gato do Mato 的第一個問題。事實上，鑑於對該項目的投資決定，我們今年將納入探明儲量。去年，我們已核准應急石油儲備量為1.12億桶。意外情況是合作夥伴批准了開發計劃，該計劃確實在本季度得到了批准。

And most of these resources will go to proven reserves and that the other part to nonproven reserves.

其中大部分資源為已探明儲量，另一部分為未探明儲量。

Good morning. This is Felipe Trujillo VP of industrial processes. The decrease of 8% in the charge of the refinery at Barrancabermeja in the first quarter is for three things: one, the scheduled stop of the oil and the hydro treatment which stopped the operation.

早安.這是工業流程副總裁 Felipe Trujillo。巴蘭卡韋梅哈煉油廠第一季的收費下降了 8%，原因有三：一是計劃停止石油和水力處理，導致煉油廠停止運作。

The second is the lower availability of light crude oil, especially in Caño Limón , which does hit or hurt the processing like the lubricants and the paraffins. And third relates to the maintenance of the UAP 2, which began at the end of the quarter, days before the operations were adjusted, and this affected the availability.

第二是輕質原油供應較低，尤其是在 Caño Limón，這會對潤滑劑和石蠟等加工產生影響或損害。第三項與 UAP 2 的維護有關，該維護於本季結束開始，即營運調整前幾天，這影響了可用性。

But it's important to keep in mind that this is a 74-day overhaul stoppage. It's part of the timetable or the schedule. And we expect with the OP-2 a contribution very, very important after the second semester.

但必須記住的是，這是為期 74 天的檢修停工。這是時間表或日程安排的一部分。我們期望 OP-2 能在第二學期後做出非常非常重要的貢獻。

Oriana Covault, Balanz.

奧莉安娜·科沃特（Oriana Covault），巴蘭茲（Balanz）。

On the midstream business, is there any relevant update on the tariffs that should take place for the '23, '27 period? What's the impact expected from ANLA and Rubiales?

關於中游業務，2023 年至 2027 年期間的關稅有什麼相關更新嗎？預計 ANLA 和 Rubiales 會產生什麼影響？

This is Alexander Cadena again. I think that there is no update on the rates or tariffs, but I'd like to remind you the process that we have experienced to update the tariff. It's been a year since we -- since the resolution was issued and the agents, the producers and the companies of transportation presented comments about it.

我又是亞歷山大·卡德納。我認為費率或關稅沒有更新，但我想提醒您我們更新關稅所經歷的過程。自從決議發布，以及代理商、生產商和運輸公司對此提出意見以來，已經過去了一年。

And they were given on time to the ministry of mining. The number of comments were so many that the ministry started to review them with different agents, meetings -- regular meetings have been held, technical meetings to review the impact on the tariffs.

並按時將其交給了礦業部。由於意見數量太多，該部開始與不同的機構一起審查這些意見，並召開會議——定期舉行會議和技術會議，以審查這些意見對關稅的影響。

But now there is no estimated date for the final resolution. It's important to clarify that meanwhile we apply the tariffs that are in force. And on August 26, the ministry published resolution 285, which enabled an annual tariff that was included in the prior methodology. This was made as of September 1. It's important to highlight that this is part of what's explained -- explains a higher EBITDA of the midstream scene compared to the first quarter of last year.

但目前還沒有最終解決的預計日期。需要澄清的是，我們同時實施現行關稅。8 月 26 日，該部發布了第 285 號決議，啟用了先前方法中的年度關稅。這是自 9 月 1 日起做出的決定。值得強調的是，這是解釋的一部分——解釋了中游行業的 EBITDA 與去年第一季相比有所提高。

[Felipe Gomes from Ashburn] asks. Why does the plan presented by Ecopetrol to 2040 has a CapEx for ISA almost half of what ISA presented for its own 2040 strategy?

[來自阿什本的費利佩·戈麥斯]問道。為什麼 Ecopetrol 提出的 2040 年計畫中 ISA 的資本支出幾乎只有 ISA 提出的其 2040 年策略的一半？

Good morning. On the question regarding the environmental licenses against Frontera Energy and Ecopetrol, it's important to highlight that the procedure just began. ANLA has not charged any of these companies. We are in the initial phases. Once the charges are established, we will respond them and defend them under the administrative proceeding.

早安.關於針對 Frontera Energy 和 Ecopetrol 的環境許可證問題，必須強調的是，該程序才剛開始。ANLA 尚未對任何一家公司提出指控。我們正處於初始階段。一旦指控成立，我們將根據行政程序回應和辯護。

Camilo Barco, again, the CFO. And let me answer your question related to the investments plan announced recently by ISA, talking about its 2040 strategy versus the figures that possibly we have investment plans of this company. I'd like to mention that, yes, the strategic investment plan disclosed recently by ISA is reviewed and adjusted. And it conciliates with the investment plans of Ecopetrol's investment plan by 2040. And there are major challenges not only with the investments that are growing, but to renew some concessions.

卡米洛·巴爾科 (Camilo Barco) 再次擔任財務長。讓我來回答您有關 ISA 最近宣布的投資計劃的問題，談談其 2040 年策略與我們可能擁有的該公司投資計劃的數字。我想提一下，是的，ISA最近披露的策略投資計畫經過了審查和調整。並與哥倫比亞國家石油公司2040年的投資計畫一致。不僅投資不斷成長，更新一些優惠也面臨重大挑戰。

Now at Ecopetrol, we are analyzing and reviewing the strategy. And surely, there, we can align the investment plans that go between COP28 billion and COP33 billion -- $28 billion and $33 billion for '25 to 2040.

目前，在哥倫比亞國家石油公司，我們正在分析和審查該策略。當然，我們可以調整投資計劃，將投資額度控制在 280 億至 330 億之間——2025 年至 2040 年分別為 280 億美元和 330 億美元。

Allow me to end this call. Thank you thanking all of you for joining us with the following messages. Ecopetrol firmly bets on its investment plan with the flexibility announced, enhancing the fundamentals of the business of hydrocarbons even in the middle of the complexities that we're seeing.

請容許我結束本次通話。感謝大家透過以下資訊加入我們。哥倫比亞國家石油公司堅定地押注其投資計劃，並宣布了靈活性，即使在我們所看到的複雜環境中，也增強了碳氫化合物業務的基本面。

Second, we will remain the idea of growing our businesses. We have discipline with our working capital and the idea is always to benefit society and our shareholders, and we will continue measuring, monitoring, sensibilizing and evaluating every element that can hurt the liquidity and the leverage of growth that can hit or hurt the company, which has to do with COP1 billion that we will reach in savings at the end of the year. And all this, so together, we can build in making our big -- make this company, the company of all. Thank you.

第二，我們不會改變做大做強的理念。我們對營運資本有嚴格的管理，我們的理念始終是造福社會和股東，我們將繼續衡量、監控、敏感化和評估每一個可能損害流動性和成長槓桿的因素，這些因素可能會對公司造成打擊或損害，這與我們在今年年底將節省的 10 億哥倫比亞比索有關。有了這一切，我們才能齊心協力，把我們的公司打造成一家大公司，一家屬於大家的公司。謝謝。

Thank you all. And with this, we end this earnings call for the first-quarter of 2025. Thank you for joining us. You can leave now.

謝謝大家。至此，我們結束了 2025 年第一季的財報電話會議。感謝您加入我們。你現在可以離開了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。