Ecopetrol SA (EC) 2025 Q2 法說會逐字稿

Good morning. My name is Natalia, and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results of the second quarter of 2025. There will be a question-and-answer session at the end of the presentation.

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 年第二季的主要財務和經營業績。演講結束時將有問答環節。

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

在我們開始之前，值得一提的是，Ecopetrol 高階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。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 Bayron Triana, Executive Vice President of Transition Energies.

這次電話會議將由 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 Bayron Triana 主持。

Thank you for your attention. Mr. Roa, you may begin your conference.

感謝您的關注。羅阿先生，您可以開始您的會議了。

Welcome to Ecopetrol Group's second quarter of 2025 earnings call. During the quarter, we maintained solid operations with improvements in upstream recovery in downstream and resilient results in the midstream segment, despite a challenging environment marked by high volatility and declining crude prices due to geopolitical tensions and third-party disruptions to the transportation system infrastructure.

歡迎參加 Ecopetrol Group 2025 年第二季財報電話會議。本季度，儘管地緣政治緊張局勢和第三方對運輸系統基礎設施的干擾導致原油價格大幅波動、下跌，環境充滿挑戰，但我們仍保持了穩健的運營，上游業務復甦改善，下游業務復甦改善，中游業務業績強勁。

We reached a semester production of 751,000 barrels of oil equivalent per day. We reached a semester production of 751,000 barrels of oil equivalent per day, the highest level in a decade. This was driven by field in Colombia such as Caño Sur and CPO-09, which contributed to the highest national crude production in four years as well as a strong performance in the Permian Basin in the United States.

我們本學期的產量達到了每天 751,000 桶油當量。我們本學期的產量達到了每天 751,000 桶油當量，這是十年來的最高水準。這是由於哥倫比亞的 Caño Sur 和 CPO-09 等油田的貢獻，這些油田為四年來全國原油產量創下最高紀錄，同時也是美國二疊紀盆地的強勁表現。

We declared the commercial viability of the Lorito discovery in Meta, the most significant in the past 10 years following the recent acquisition of 45% of the CPO-09 block. Additionally, we began drilling the Papayuela well in the Caribbean offshore aimed at expanding the country's gas potential.

我們宣布了 Meta 的 Lorito 發現具有商業可行性，這是自最近收購 CPO-09 區塊 45% 的股份以來 10 年來最重要的發現。此外，我們開始在加勒比海近海鑽探帕帕尤拉井，旨在擴大該國的天然氣潛力。

In the midstream, volumes exceed 1 million barrels per day, supported by operational solutions that mitigate the impact of external events. We highlight the expansion of the Pozos Colorados terminal, including the completion of the country's largest tank with a capacity of 320,000 barrels and the unloading capacity increased to 550,000 barrels, enabling the reception of largest vessels.

在中游，產量超過每天 100 萬桶，並得到減輕外部事件影響的營運解決方案的支持。我們重點介紹了波佐斯科羅拉多碼頭的擴建，包括建成全國最大的儲油罐，容量為 320,000 桶，卸油能力提高到 550,000 桶，能夠接收最大的船隻。

In downstream, we reached 405,000 barrels per day in throughput with full operational recovery after completing major maintenance activities. We expect to capitalize on this with improved margins in the second half of the year. In the gas segment, we completed the first long-term commercialization of important natural gas in Colombia, securing national supply through five years contracts.

在下游，我們在完成主要維護活動後，日吞吐量達到 405,000 桶，營運全面恢復。我們期望利用這一優勢在今年下半年提高利潤率。在天然氣領域，我們完成了哥倫比亞重要天然氣的首次長期商業化，透過五年合約確保了國家供應。

Finally, we signed the agreement to acquire Windpeshi, Ecopetrol's first wind project developed by our own located in La Guajira. This is a key step toward advancing decarbonization and reducing energy cost in our operations. In summary, Ecopetrol's operations have adapted swiftly to the environment, maintaining the positive trend seen in recent quarters. Let's move on to the next slide, please.

最後，我們簽署了收購Windpeshi的協議，這是Ecopetrol位於拉瓜希拉的第一個自主開發的風電專案。這是我們推動脫碳和降低營運能源成本的關鍵一步。綜上所述，Ecopetrol 的營運已迅速適應環境，維持了近幾季的正面趨勢。請讓我們進入下一張投影片。

The solid operational progress during the quarter was partially offset by the decline of the crude price. Brent fell by 22% compared to the second quarter of 2024, impacting both revenue and profits. On the commercial front, we achieved the best quarterly crude differential in the past four years, thanks to a diversified basket and an active marketing strategy that allow us to capture value even in a low-price environment. We achieved efficiencies totaling COP2.2 trillion, exceeding the semester's target by 27%, helping to mitigate the impact of lower prices.

本季穩健的營運進展被原油價格的下跌部分抵銷。布蘭特原油價格與2024年第二季相比下跌了22%，對收入和利潤均產生了影響。在商業方面，我們實現了過去四年來最好的季度原油差價，這得益於多元化的投資組合和積極的營銷策略，使我們即使在低價環境下也能獲取價值。我們實現了總計 2.2 兆哥倫比亞比索的效率，超出本學期目標 27%，有助於減輕價格下跌的影響。

In terms of investments, we have committed our $2.5 billion so far this year, aligned with our long-term strategy. It is worth noting that we are maintaining our production target for 2025. During the quarter, we completed the full payment of dividends to our shareholders, delivering a 10% return, reaffirm our commitment to generating value and competitive returns.

在投資方面，今年迄今我們已承諾投資 25 億美元，這與我們的長期策略一致。值得注意的是，我們維持2025年的生產目標。本季度，我們完成了向股東全額派發股息，實現了10%的回報率，重申了我們致力於創造價值和有競爭力的回報的承諾。

Regarding our optimization plan announced last quarter, we have made 80% progress in reducing costs and expenses, strengthening our financial and cash position for the year. In conclusion, this was a quarter marked by strong operations underpinned by competitive commercial decisions and by efficiencies that support the group's financial performance. Let's move on to the next slide, please.

關於我們上個季度宣布的最佳化計劃，我們在降低成本和費用方面取得了 80% 的進展，增強了我們今年的財務和現金狀況。總而言之，本季的業績表現強勁，這得益於具有競爭力的商業決策和支持集團財務業績的效率。請讓我們進入下一張投影片。

We continue to make steady progress on our TESG agenda. We expect to exceed the goal of 900 megawatts in renewable energy for sale generation by 2025, thanks to acquisition made during the quarter, which will be detailed later in the presentation. In the decarbonization, we continue to surpass our greenhouse gas emission reduction target with a reduction of 242,000 tons of CO2 equivalent comparable to average annual energy consumption emission of 190,000 households.

我們的 TESG 議程繼續穩步推進。由於本季的收購，我們預計到 2025 年再生能源銷售發電量將超過 900 兆瓦的目標，這將在後面的演示中詳細介紹。在脫碳方面，我們持續超額完成溫室氣體減排目標，減少了24.2萬噸二氧化碳當量，相當於19萬戶家庭年平均能源消耗排放量。

On the social front, through the Liu of Taxes mechanisms, we completed 6 initiatives representing an investment of COP43 billion, benefiting approximately [350,000] people across various regions of the country. Additionally, we allocated more than COP180 billion to our sustainable territorial development portfolio, which includes social, environmental and community engagement investments.

在社會領域，透過稅收扶持機制，我們完成了6項舉措，投資430億科威特比索，惠及全國各地約[35萬人]人。此外，我們還為可持續領土發展投資組合撥款超過 1,800 億哥倫比亞比索，其中包括社會、環境和社區參與投資。

In water resource management, we use over 44 million cubic meters of it in our direct operations. This is equivalent to nearly twice the annual domestic consumption of approximately 500,000 residents of the entire Casanare department.

在水資源管理方面，我們在直接營運中使用了超過 4,400 萬立方公尺的水。這相當於整個卡薩納雷省約50萬居民每年國內消費量的近兩倍。

In job creation, we facilitate over 66,000 labor engagements in the first semester through our contractor companies, reaffirming our commitment to economic development in the regions where we operate. With these achievements, we continue to strengthen our contribution to regional well-being and the country's sustainable development.

在創造就業機會方面，我們在第一學期就透過承包商公司促成了超過 66,000 個勞務合作，重申了我們對營運所在地區經濟發展的承諾。憑藉這些成就，我們將繼續加強對地區福祉和國家永續發展的貢獻。

I now hand over to Rafael Guzman, who will present the results of the Hydrocarbons business line.

現在我把時間交給拉斐爾‧古茲曼 (Rafael Guzman)，他將介紹碳氫化合物業務線的成果。

Thank you, Ricardo. During the first half of 2025, we achieved significant progress in the Upstream segment, driving forward key discoveries towards their development phase to highlight the following milestones: the commerciality declaration of the Lorito discovery in June to be covered in more detail in the next slide; the recognition by the Brazilian National Agency of Petroleum and Biofuels of the commerciality declaration for the development areas of Gato do Mato, now named Orca and South Orca on May 20, 2025. This fulfill a key milestone, enabling the start of proven reserves incorporation in 2025.

謝謝你，里卡多。2025 年上半年，我們在上游領域取得了重大進展，推動關鍵發現進入開發階段，突出以下里程碑：6 月宣布 Lorito 發現具有商業性，下一張幻燈片將對此進行更詳細的介紹；2025 年 5 月 20 日，巴西國家石油和生物燃料局認可了 Gato do Mato 開發區（現名為 Orca 和 Southca）的商業性聲明。這實現了一個重要的里程碑，使得 2025 年開始納入已探明儲量成為可能。

In parallel, detail engineering began for the floating production unit and processing facilities, along with safety analysis and the consolidation of project teams. The serious project progress towards its development phase. Work is currently underway on the contract model for the design, construction and operation of the necessary service facilities for gas treatment.

同時，浮式生產裝置和加工設施的詳細工程設計也開始進行，同時也進行了安全分析和專案團隊的整合。該項目正在朝著開發階段邁進。目前，天然氣處理所需服務設施的設計、建設和營運合約模式工作正在進行中。

Moreover, ethnic, social and environmental feasibility activities are being carried out after obtaining the program certificate for the beach crossing granted by the National Authority for prior consultation regarding the Southern Caribbean offshore assets on June 9, 2025, we submitted a request to the ANH to assign Shell's 50% interest in the block in favor of Ecopetrol.

此外，在獲得國家當局就南加勒比海近海資產事先協商頒發的海灘穿越計劃證書後，正在進行民族、社會和環境可行性活動，2025年6月9日，我們向ANH提交了一份請求，將殼牌在該區塊的50%權益轉讓給Ecopetrol。

We continue advancing on the evaluation of alternatives for executing the development. By the end of this semester, 6 out of 10 planned exploratory wells had been drilled with $156 million of investment already executed. This include the exploratory success of the Currucutu-1 well operated by GeoPark in partnership with Hocol in block Llanos 123. This well is located in the same Eastern Llanos Basin as the Toritos discovery, which reduces technical uncertainty in the block and expands its production potential to the north.

我們將繼續推進對實施開發的替代方案的評估。截至本學期末，計劃鑽探的 10 口勘探井中已鑽探 6 口，已完成投資 1.56 億美元。其中包括 GeoPark 與 Hocol 合作在 Llanos 123 區塊運營的 Currucutu-1 井的勘探成功。該井與托里托斯發現的油井位於同一東部亞諾斯盆地，這減少了區塊的技術不確定性，並擴大了其向北的生產潛力。

The exploration campaign in block Gua Off-0 continued with the drilling of Buena Suerte-1 well, such well did not show commercial hydrocarbon accumulation. However, the well provided valuable geological insight into play different from the one of Sirius. With additional prospectivity to be matured based on the data obtained. Drilling began in Papayuela-1 well targeting a play similar to that of Sirius. Let's move on to the next slide.

Gua Off-0 區塊的勘探活動繼續進行，鑽探了 Buena Suerte-1 井，該井未顯示商業油氣聚集。然而，該井提供了與天狼星井不同的寶貴地質見解。根據所得的數據，還有待進一步成熟。鑽探工作從 Papayuela-1 井開始，目標油藏與 Sirius 油藏相似。讓我們繼續看下一張投影片。

The declaration of commerciality for the Lorito discovery located in the municipality of Guamal, Meta marks the combination of successful exploration process and reflects the strategic value of acquiring the 45% interest in block CPO-09 from Repsol. It represents the most significant discovery in terms of resource potential over the past decade with approximately 250 million barrels of oil in recoverable resources, including 109 million-barrel classified as certified contingent resources. This commercial milestone enables the development of 13,584 acres of area a size comparable to the Chichimene field and incorporates into production 2 wells, Tejun-1 and Guamal Profondo-1 located near the Akacias field with a combined production potential of 1,450 barrels per day.

位於梅塔省瓜馬爾市的 Lorito 油田發現宣布具有商業價值，標誌著勘探過程的成功，並體現了從 Repsol 收購 CPO-09 區塊 45% 權益的戰略價值。這是過去十年來資源潛力最重要的發現，可採資源量約 2.5 億桶石油，其中 1.09 億桶為認證的或有資源。這個商業里程碑使得 13,584 英畝區域的開發成為可能，其面積與 Chichimene 油田相當，並將位於 Akacias 油田附近的 2 口井 Tejun-1 和 Guamal Profondo-1 投入生產，總生產潛力為每天 1,450 桶。

As shown on the map, its proximity to existing production and transportation infrastructure as well as the potential continuity of the reservoir nearby fields such as Akacias and Chichimene facilitates commercial production technical deviation and enables capturing of operational synergies. The development plan will be submitted to the ANH in the fourth quarter of the year. This plan will include the proposed activities, licensing requirements and necessary investment for the future progression reserves. Let's move on to the next slide.

如圖所示，其靠近現有的生產和運輸基礎設施，以及附近油田（如 Akacias 和 Chichimene）的潛在連續性，有利於商業生產技術偏差並能夠實現營運協同效應。該發展計劃將於今年第四季提交給ANH。該計劃將包括擬議的活動、許可要求和未來發展儲備所需的投資。讓我們繼續看下一張投影片。

During the first half of 2025, we reached total production of 751,000 barrels of oil equivalent per day, the highest level recording since 2015, driven by the following factors, the contribution from domestic crude oil production that reached 57,000 barrels of oil per day, the highest level since 2021, driven primarily by which added 10,000 barrels per day compared to the same period last year and the acquisition of 45% interest in block CPO-09, which contributed an additional 11,000 barrels per day.

2025 年上半年，我們的總產量達到每天 751,000 桶油當量，這是自 2015 年以來的最高水平，這得益於以下因素：國內原油產量達到每天 57,000 桶油當量，這是自 2021 年以來的最高水平，主要原因是與去年同期收購相比每天了 1000 桶油當量，當量45% 的權益，每天額外貢獻了 11,000 桶油當量。

Second, the drilling campaign in the Permian Basin reached a production of 106,000 barrels of oil equivalent per day for the semester, an increase of 14,000 barrels copper to the same period last year. This result reflects the optimization of completion designs and efficiency in bringing new wells online and an accelerated schedule, enabled by operational efficiencies in drilling and completions.

其次，二疊紀盆地鑽探活動本季產量達10.6萬桶油當量/天，較去年同期增加1.4萬桶銅。這一結果反映了完井設計的最佳化、新井投產的效率以及進度的加快，這得益於鑽井和完井作業效率的提高。

As shown in the top right graph, in June, we were able to recover natural crude oil production that had been affected by external events and related to the operations mainly concentrated in April. This recovery was possible thanks to our experience in effective incident management and minimization of operational disruptions.

如右上圖所示，6月份，我們恢復了受外部事件影響、主要集中在4月份的營運相關的天然原油產量。此次恢復得益於我們在有效事件管理和最大限度減少營運中斷方面的經驗。

During the semester, $1.4 billion were invested highlighting the expansion of water treatment capacity in Rubiales and Caño Sur, and the gradual commissioning of crude treatment capacity at the Orotoy Station, which by July had increased to 35,000 barrels. These facilities enable the operational continuity of the fields and supported production growth.

本學期共投資 14 億美元，重點擴大了魯維亞萊斯和卡尼奧蘇爾的水處理能力，並逐步啟用了奧羅托伊站的原油處理能力，到 7 月已增至 35,000 桶。這些設施確保了油田的持續運作並支持了產量的成長。

Additionally, we executed 180 workovers, a 59% increase over the same period last year and 220 development wells reaching levels close to those of 2024. As part of the efficiency strategy and investment prioritization based on Brent price, total projected investment is $3.6 billion for production and $400 million for exploration for a total of $4 billion in the Upstream segment. This optimization do not impact reserve incorporation or production levels. We maintain our established target of 740,000 to 750,000 barrels of oil equivalent per day for 2025. Let's move on to the next slide, please.

此外，我們也實施了18​​0口修井，比去年同期成長了59%，並有220口開發井達到了接近2024年的水準。作為基於布蘭特原油價格的效率戰略和投資優先順序的一部分，上游部門預計總投資為 40 億美元，用於生產，總投資為 36 億美元，用於勘探。這種優化不會影響儲量合併或生產水準。我們維持既定目標，即 2025 年每天 740,000 至 750,000 桶油當量。請讓我們進入下一張投影片。

The midstream segment delivered solid financial results with a 9% increase in EBITDA in the first half of the year compared to the same period in 2024. This demonstrates the operation's resilience in a challenging environment. In volumetric terms, transported volumes decreased by 6% compared to the second quarter of 2024 and by 4% compared to the first half of the previous year as shown in the top left graph. This was mainly due to an increase in external events such as blockades, attacks on transportation infrastructure, hydrocarbons theft and lower crude oil production from third parties in the country.

中游部門取得了穩健的財務業績，今年上半年的 EBITDA 與 2024 年同期相比成長了 9%。這證明了該行動在充滿挑戰的環境中所表現出的韌性。從體積來看，運輸量與 2024 年第二季相比下降了 6%，與去年上半年相比下降了 4%，如左上圖所示。這主要是由於封鎖、襲擊交通基礎設施、碳氫化合物盜竊以及該國第三方原油產量下降等外部事件增加所致。

Additionally, the scheduled maintenance at the Barrancabermeja refinery impacted volumes of both crude and refined products. In response to the third-party impact on transportation infrastructure, we have implemented strategies such as the stronger operational control, leveraging technology for rapid detection repair and evacuation at affected points.

此外，巴蘭卡韋梅哈煉油廠的定期維護影響了原油和成品油的產量。針對第三方對交通基礎設施的影響，我們採取了加強營運管控、利用科技手段快速偵測、修復、疏散受影響點等策略。

These efforts were coordinated with government agencies and included the implementation of alternative evacuation routes enabling transportation of more than 7 million barrels from the Llanos north fields, near the [indiscernible] old the pipeline and the segregation of this crude from the Barrancabermeja refinery preserve its quality and properties.

這些努力與政府機構進行了協調，包括實施替代疏散路線，以便從 [音頻不清晰] 舊管道附近的 Llanos 北部油田運輸超過 700 萬桶原油，並將這些原油從 Barrancabermeja 煉油廠分離出來，以保持其品質和特性。

At the same time, the segment made decisive progress that enhance the resilience of the midstream systems with some milestones as follow. In refined products, a highlight includes storage expansion at the Pozos Colorados terminal, reaching 1.5 million barrels of storage capacity and the capacity to receive refined per vessels of up to 550,000 barrels.

同時，該部門在增強中游系統彈性方面取得了決定性的進展，其中的一些里程碑如下。在成品油方面，一大亮點包括波佐斯科羅拉多碼頭的倉儲擴建，倉儲容量達到 150 萬桶，每艘船的成品油接收能力達到 55 萬桶。

In crude oil pipeline capacity was increased in several systems. The Vasconia [indiscernible] was capacity was increased by 7%, enabling greater availability of domestic crude oil to the refinery. The Araguaney - Cusiana evacuation capacity was increased from 50,000 to 80,000 barrels per day, allowing faster inventory reduction from [indiscernible] fields and lowering risk of production deferrals.

原油管道的多個系統的容量都有所增加。Vasconia [音頻不清楚] 的產能提高了 7%，從而為煉油廠提供了更多的國內原油。阿拉瓜尼 - 庫西亞納的疏散能力從每天 50,000 桶增加到 80,000 桶，從而可以更快地減少 [音頻不清晰] 油田的庫存並降低生產延期的風險。

The sterilized operation of the Caño Sur pipeline with evacuation flows exceeding 50,000 barrels per day, which helped mitigate production deferrals and capture savings of COP 77 billion. This set of achievements demonstrate how in actual in context, the segment continues to execute a strategic project that reinforce the capacity and efficiency of Colombia's hydrocarbon transportation system. Let's move to the next slide.

Caño Sur 管道的消毒運行，每天的疏散流量超過 50,000 桶，這有助於緩解生產延期並節省 770 億哥倫比亞比索。這一系列成就表明，該部門在實際情況下如何繼續執行一項戰略項目，以加強哥倫比亞碳氫化合物運輸系統的能力和效率。讓我們看下一張投影片。

In the second quarter of 2025, the downstream segment showed a recovery in its financial results with a 53% increase in EBITDA compared to the same period in 2024. This was supported by an improvement in operational availability, which reached 95.8%, up from 91.2% in the first quarter of 2025. These results reflect continuous improvement in performance and operational stability at the refineries, driven by progress in the major maintenance cycle with 8 out of 10 scheduled works completed, including those of Cracking UOP II, Polyethylene 1 and Prime G units.

2025年第二季度，下游部門財務業績出現復甦，EBITDA較2024年同期成長53%。這得益於營運可用性的提高，營運可用性從 2025 年第一季的 91.2% 上升至 95.8%。這些結果反映了煉油廠性能和運作穩定性的持續改善，這得益於主要維護週期的進展，其中 10 個計畫工作中有 8 個已經完成，包括裂解 UOP II、聚乙烯 1 和 Prime G 裝置的維護工作。

As a result, consolidated throughput reached 413,000 barrels per day in the second quarter of the year, showing a 4% recovery compared to the first quarter of 2025, as shown in the top left graph. On a semester basis, the throughput reflected the impact of increased maintenance activity in the first quarter, showing a 5% decrease versus the same period of the previous year.

因此，今年第二季的綜合吞吐量達到每天 413,000 桶，與 2025 年第一季相比恢復了 4%，如左上圖所示。按學期計算，吞吐量反映了第一季維護活動增加的影響，與去年同期相比下降了 5%。

In terms of integrated gross refining margin, the segment reached $12.5 per barrel, mainly driven by operational improvements that boosted availability and by better international gasoline and diesel different. This represents an increase of 37% compared to the second quarter of 2024 and 15% versus the first quarter of 2025, as illustrated in the top right chart.

就綜合毛煉利潤而言，該部門達到每桶 12.5 美元，主要得益於營運改善提高了可用性以及國際汽油和柴油價格差異的改善。如右上圖所示，與 2024 年第二季相比成長了 37%，與 2025 年第一季相比成長了 15%。

For the first half of 2025, the integrated gross refining margin was $11.7 per barrel, slightly below the figure for the same period in 2024, a decrease of 2%. This was due to maintenance cycle and the unexpected power outage at the Cartagena refinery, lower availability of light crude due to external lens and other market-related factors.

2025年上半年，綜合煉油毛利潤為每桶11.7美元，略低於2024年同期，降幅為2%。這是由於卡塔赫納煉油廠的維護週期和意外停電、外部因素導致輕質原油供應減少以及其他市場相關因素所造成的。

As shown in the bottom left graph, the segment's EBITDA grew 38% compared to the first quarter of 2025 and 53% compared to the second quarter of 2024, reflecting efficient management, lower stock cost and better product differentials. However, on a semester basis, indicator was impacted by external events and the scheduled maintenance plan. Looking ahead, control projects to maintain its competitiveness through an integrated strategy based on four pillars: maximization of high-value products, portfolio diversification, operational efficiency, and reliability and sustainability.

如左下圖所示，該部門的 EBITDA 與 2025 年第一季相比成長了 38%，與 2024 年第二季相比成長了 53%，反映了高效的管理、更低的庫存成本和更好的產品差異化。然而，從學期來看，該指標受到外部事件和預定維護計劃的影響。展望未來，透過基於四大支柱的綜合策略來控制專案以保持競爭力：高價值產品最大化、產品組合多樣化、營運效率以及可靠性和永續性。

During the second quarter, the following key milestones were achieved in support of this sustainability plan, contributing to operation reliability progress was made on the Cartagena refinery's electrical reliability plan with 9 out of 16 plant milestones completed by June 2025. In the maximization of high-value products progress in transforming low-value bottoms supported the export of higher-quality refined products with better margins, such as the first export of IFO 380 marine fuel to the United States and a record in liquid asphalt exports from the Barrancabermeja refinery.

在第二季度，為支持這項永續發展計劃，實現了以下關鍵里程碑，為營運可靠性做出了貢獻，卡塔赫納煉油廠的電力可靠性計劃取得了進展，到 2025 年 6 月，16 個工廠里程碑中有 9 個已完成。在高價值產品最大化方面，低價值底部轉化的進展支持了利潤率更高的高品質成品油的出口，例如首次向美國出口 IFO 380 船用燃料，以及巴蘭卡韋梅哈煉油廠創紀錄的液態瀝青出口。

Likewise, on July 15, the first direct export of liquid paraffin to Brazil was completed with expansion projected into other Latin America markets. Finally, on July 10, an alliance with the Civil Aviation Authority of Colombia was formalized to promote the development of sustainable aviation fuels in Colombia. Let's move on to the next slide, please.

同樣，7 月 15 日，首次向巴西直接出口液體石蠟，並計劃擴展到其他拉丁美洲市場。最終，7月10日，與哥倫比亞民航局正式建立聯盟，以促進哥倫比亞可持續航空燃料的發展。請讓我們進入下一張投影片。

In 2025, the hydrocarbons business line continues to deliver on its integrated efficiency and competitiveness strategy, contributing COP1 trillion by the end of the second quarter of 2025, 12% higher than the same period in 2024 as shown in the top left chart. 64% of these efficiencies had a direct impact on EBITDA through initiatives that reduced and optimized operating cost with COP684 billion in OpEx and generated additional income of COP668 billion.

2025 年，碳氫化合物業務線將繼續實施其綜合效率和競爭力策略，到 2025 年第二季末貢獻 1 兆哥倫比亞比索，比 2024 年同期高出 12%，如左上圖所示。其中 64% 的效率透過降低和優化營運成本的措施對 EBITDA 產生了直接影響，營運支出為 6,840 億哥倫比亞比索，並產生了 6,680 億哥倫比亞比索的額外收入。

Among the implemented initiatives the following stand out: tariff optimizations in new service contracts, energy efficiency projects in operations, lower crude evacuation costs due to the start-up of the Caño Sur pipeline synergies captured in transportation system and producing assets to integrated operations, production and commercialization of higher quality, higher-margin products improved margins in refined product purchases and imports and include exports among others.

在已實施的措施中，以下措施尤其突出：新服務合約中的關稅優化、營運中的能源效率項目、由於 Caño Sur 管道啟動而降低的原油運輸成本、運輸系統和生產資產的協同效應以及一體化營運、生產和商業化更高品質、更高利潤的產品、提高成品油採購和進口（包括出口）的利潤率等。

In addition, new investment cost optimizations were incorporate accounting for 30% of total efficiencies, along with working capital improvements which had a positive cash flow impact of COP108 billion achieved through inventory management and savings in financial expenses. Regarding lifting costs, it stood at $11.59 per barrel in the first half of the year, reflecting a decrease of $0.45 per barrel compared to the same period in the previous year, thus maintaining the target announced to the market as shown in the top right chart. This result was supported by a favorable exchange rate.

此外，還納入了新的投資成本優化，佔總效率的 30%，同時也透過庫存管理和節省財務費用實現了營運資本改善，產生了 1,080 億哥倫比亞比索的正現金流影響。就採油成本而言，上半年採油成本為每桶11.59美元，較上年同期下降每桶0.45美元，維持了向市場公佈的目標，如右上圖所示。這項結果受到有利匯率的支持。

In fact, end capture efficiencies primarily in optimization of the operation and maintenance model in non-industrial areas reuse of materials in sub scores operations, improved maintenance contract rates, efficient energy management with a gradual and structural decrease in energy intensity per barrel despite a significant increase in the total volume of fluids produced as shown in the bottom right slide.

事實上，最終捕獲效率主要體現在非工業領域的營運和維護模式的最佳化、子分數營運中的材料再利用、維護合約率的提高、高效的能源管理，儘管生產的流體總量顯著增加，但每桶能源強度卻逐漸結構性下降，如右下角幻燈片所示。

The efficiency plan allowed to double this contribution to lifting costs compared to 2024 partially mitigating the impact of inflation, higher costs associated with labor reform accelerated scheduling of subsurface and surface maintenance activities and increased treatment costs due to higher total production volumes. Meanwhile, the cost per barrel transported and the refining cash cost increased by 2% and 3%, respectively, due to lower transported volumes and reduced refining throughputs as previously explained. These increases were partially offset by efficiencies captured in each of the segments.

與 2024 年相比，效率計畫可將成本提升貢獻增加一倍，從而部分緩解通貨膨脹的影響，與勞動力改革相關的成本增加加速了地下和地面維護活動的安排，並由於總產量增加而增加了處理成本。同時，由於運輸量減少和煉油產量下降（如前所述），每桶運輸成本和煉油現金成本分別增加了 2% 和 3%。這些成長被各部門的效率提升所部分抵銷。

Now I will turn it over to Bayron who will share the main milestones from the energy transition business line.

現在我將把時間交給 Bayron，他將分享能源轉型業務線的主要里程碑。

Thank you, Rafael. It is privilege to address you in the first earnings call as Executive Vice President of Transition Energies. I thank the Ecopetrol Group for the trust placed in me to lead this business line and to continue driving its growth.

謝謝你，拉斐爾。身為 Transition Energies 的執行副總裁，我很榮幸能夠在第一次財報電話會議上向大家致詞。我感謝哥倫比亞國家石油集團對我的信任，讓我領導這條業務線並繼續推動其發展。

By the end of the second quarter of 2025, we are pleased to report the successful execution of the commercialization process for major gas fuels and classified natural gas in the Colombian Pacific region. Through this process, we secured a sale of 58 giga BTU per day on average of gas from major fields over the next four years with full allocation of the offer volume prioritizing essential demand.

到 2025 年第二季末，我們很高興地報告哥倫比亞太平洋地區主要氣體燃料和分類天然氣的商業化進程已成功實施。透過這個流程，我們確保在未來四年內每天從主要氣田平均銷售 58 千兆 BTU 的天然氣，並充分分配供應量，優先滿足基本需求。

Moreover, for the first time in our history, we assigned 60 giga BTU per day of imported gas by the Colombian Pacific Coast under a five-year long-term contract subject to present conditions. This entire volume was allocated among 18 market agents with deliveries scheduled to begin in the second semester of 2026. These achievements refer our commitment to strengthening the country's energy security and position Ecopetrol as a key player in supplying the fuel for the Energy Transition.

此外，我們歷史上首次根據現有條件，根據一份為期五年的長期合同，從哥倫比亞太平洋海岸進口了每天 60 千兆 BTU 的天然氣。全部數量分配給 18 家市場代理商，計劃於 2026 年第二季開始交付。這些成就表明我們致力於加強國家能源安全，並將 Ecopetrol 定位為能源轉型燃料供應的關鍵參與者。

In parallel, we continue to store alternatives to use a existing infrastructure in the Caribbean region. Our objective is to dependent facilities for the reception, storage and gasification of liquefied national gas with operations projected to be between 2026 and 2027 subject to technical and contractual requirements. Let's move on to the next slide, please.

同時，我們繼續儲存替代方案，以利用加勒比地區現有的基礎設施。我們的目標是建立用於接收、儲存和氣化液化國家天然氣的依賴設施，預計在 2026 年至 2027 年之間根據技術和合約要求投入營運。請讓我們進入下一張投影片。

In the Energy segment, the Ecopetrol Group consumed 23.3 gigawatt hour per day of electric equivalent to 11% of the demand of the national interconnected system. This demand was met 58% through self-generation and 42 to purchase from the wholesale energy market. Of this purchase, 70% were made under contracts, meaning that nearly 88% of our demand was protected against market price volatility. This storage represents an improvement compared to the same period in 2024 when coverage stood at 81%. The result stability in the unit cost of electricity supply.

在能源領域，哥倫比亞國家石油集團每天消耗 23.3 吉瓦時的電力，相當於國家互聯繫統需求的 11%。其中 58% 的需求透過自發電得到滿足，42% 的需求透過從批發能源市場購買來滿足。在此次採購中，70%是透過合約進行的，這意味著我們近88%的需求受到了市場價格波動的保護。與 2024 年同期 81% 的覆蓋率相比，此儲存量有所改善。結果是電力供應單位成本穩定。

Regarding South generation from renewable sources, during the second half of this year, this accounted for 5.6% of the group's acuity demand compared to just 0.6% five years ago. This means we are using 9 times more renewable tonnage. By the end of the semester, the Ecopetrol Group accumulated 630 megawatts in its renewable energy portfolio, in which 208 are operational, 228 corresponds to purchase in the wholesale energy market, 95 are under construction and 99 are in execution, and we are on track to meet the goal of 900 megawatts by year-end.

至於南方再生能源發電，今年下半年，佔該集團敏銳需求的 5.6%，五年前僅為 0.6%。這意味著我們使用的可再生資源噸位增加了 9 倍。截至本學期末，Ecopetrol集團可再生能源組合累計裝置容量為630兆瓦，其中208兆瓦已投入運營，228兆瓦在批發能源市場購買，95兆瓦正在建設中，99兆瓦正在執行中，我們預計在年底前實現900兆瓦的目標。

In this way, we continue to find the diversification of the group's energy metrics and reduce supply costs. By the end of the semester, we had accumulated savings of over COP70 billion, reflecting the impact of our renewable energy stage. Additionally, we signed the framework investment agreement with AES that power purchase agreement with Statkraft and acquired 100% of the Windpeshi project. Additionally, we signed the framework investment agreement with AES. The power purchase agreement with Statkraft and acquired 100% of the Windpeshi product. All of which will further support the integration of renewable sources in the coming months. Next slide, please.

透過這種方式，我們不斷尋求集團能源指標的多樣化，降低供應成本。截至本學期末，我們已累積節省超過 700 億哥倫比亞比索，反映了我們再生能源階段的影響。此外，我們也與AES簽署了框架投資協議，與Statkraft簽署了購電協議，並收購了Windpeshi專案100%的股權。此外，我們也與AES簽署了框架投資協議。與Statkraft簽訂購電協議並收購Windpeshi 100%的產品。所有這些都將在未來幾個月進一步支持再生能源的整合。請看下一張投影片。

Equally important, we continue to deliver positive results in energy efficiency in the first half of 2025 we achieved a cumulative optimization of 2.42 (inaudible) details driven by initiatives such as the replacement of turbo compressors in the (inaudible) region, optimization of gas injection systems and enhanced operational comfort in energy-intensive assets.

同樣重要的是，我們在 2025 年上半年繼續在能源效率方面取得積極成果，實現了 2.42（聽不清楚）細節的累積優化，這得益於更換（聽不清楚）地區的渦輪壓縮機、優化氣體注入系統和提高能源密集型資產的運行舒適度等舉措。

The energy reduction achieved because of these efficiency measures is equivalent to electricity and natural gas consumption of more 1.1 million households in Colombia, in addition, resulted in savings of over COP53 billion and a reduction of approximately 171,000 tons of CO2 equivalent. In terms of social gas initiatives, we connected more than 10 new low-income households reaffirming our commitment to Universal Energy Access and improving the quality of life for Colombian farmers.

這些節能措施所實現的節能減排量相當於哥倫比亞110多萬戶家庭的電力和天然氣消耗量，此外還節省了530多億哥倫比亞比索，減少了約17.1萬噸二氧化碳當量。在社會天然氣計畫方面，我們連結了 10 多個新的低收入家庭，重申了我們對普遍能源使用的承諾，並改善了哥倫比亞農民的生活品質。

Finally, we closed the semester with a production of 161,000 barrels of oil equivalent per day of gas and LPG and an EBITDA of COP1.5 trillion, 4.5% higher than the same period last year. With these results, we continue to demonstrate that the Ecopetrol Group's energy transition is not only possible but also profitable, sustainable and socially inclusive.

最後，我們以每天 161,000 桶油當量的天然氣和液化石油氣的產量以及 1.5 萬億哥倫比亞比索的 EBITDA 結束了本學期，比去年同期增長了 4.5%。透過這些成果，我們繼續證明，哥倫比亞國家石油集團的能源轉型不僅是可能的，而且是有利可圖的、可持續的和社會包容的。

I'll now pass the floor to Camilo who will present results of the Transmission and Road infrastructure line and the key financial milestones.

現在我將把發言權交給卡米洛，他將介紹輸電和道路基礎設施線路的成果以及關鍵的財務里程碑。

Thank you, Bayron. During the first half of the year, the Transmission and Roads business maintained solid operational performance. The company made firm progress towards its strategic objectives and strengthen its management through the awarding and commissioning of the following projects: ISA Energia Brasil and which was awarded 7 reinforcement and improvement projects with a reference CapEx of approximately COP187 billion, 7 reinforcement and improvements in ISA Energia Brasil network entered operation with an estimated investment of COP232 billion, the Agua Vermelha 4 project began commercial operation with an investment of COP70 billion facilitating the integration of a new solar project in Sao Paulo and the Triangulo Mineiro in Colombia, is completed the renewal of the Bolivar Sabanalarga and Bolivar Termocartagena transmission line with an investment of COP16 billion.

謝謝你，拜倫。上半年，變速箱和道路業務保持了穩健的營運表現。公司透過授予和調試以下項目，在實現其戰略目標和加強管理方面取得了堅實的進展：ISA Energia Brasil 獲得了 7 個加固和改進項目，參考資本支出約為 1870 億哥倫比亞比索；ISA Energia Brasil 網路的 7 個加固和改進項目投入運營，預計投資項目為 2320 億哥倫比亞比索；億哥倫比亞比索，促進了聖保羅新太陽能計畫和哥倫比亞 Triangulo Mineiro 的整合，完成了 Bolivar Sabanalarga 和 Bolivar Termocartagena 輸電線路的更新，投資額為 160 億哥倫比亞比索。

On the financial front, 2 events partially impacted the results for the period. The first was related to the adjustments made in June to the formula for calculating the financial components of assets in Brazil's existing system basic network known as RBSE. This decision responded to the market request and had a wide industry impact. This one-time effect had the following impacts on ISA and the group's financial results, a reduction in EBITDA of approximately COP0.6 trillion, a decrease in net income of around COP0.1 trillion and the lower cash collections between July 2025 and July 2028.

在財務方面，有兩件事對本期業績產生了部分影響。第一個變化與6月份對巴西現有系統基礎網路（RBSE）資產金融成分計算公式的調整有關。這項決定響應了市場要求，並產生了廣泛的行業影響。這一一次性影響對 ISA 和集團的財務表現產生了以下影響：EBITDA 減少約 0.6 兆哥倫比亞比索，淨收入減少約 0.1 兆哥倫比亞比索，以及 2025 年 7 月至 2028 年 7 月期間現金收款減少。

The second event to mention in regards to the provision for outstanding receivables from [ID] in ISA, Intercolombia and Transelka, which resulted in COP0.2 trillion impact on EBITDA and COP0.1 trillion on net income. ISA closes the semester with solid operating results, making progress on its investment plan and remaining committed to meeting its 2025 financial targets.

第二個要提到的事件與[ID]在ISA、Intercolombia和Transelka的未償應收帳款撥備有關，這導致EBITDA受到0.2萬億哥倫比亞比索的影響，淨收入受到0.1萬億哥倫比亞比索的影響。ISA 以穩健的經營業績結束了本學期，其投資計劃取得了進展，並繼續致力於實現其 2025 年的財務目標。

In addition, it continues to execute the ISA 2040 strategy with discipline, focusing on strengthening its presence across Latin America. Moreover, it continues to be a key pillar within the group's diversification strategy contributing about 17% to consolidated EBITDA. Let's move on to the next slide to review the group's financial performance in detail.

此外，該公司繼續嚴格執行 ISA 2040 策略，重點是加強其在拉丁美洲的影響力。此外，它繼續成為集團多元化策略的重要支柱，為合併 EBITDA 貢獻約 17%。讓我們進入下一張幻燈片，詳細回顧該集團的財務表現。

The results during the first half of the year reflected the group's ongoing commitment to capturing structural efficiencies across revenues, cost, expenses and CapEx. This has enabled us to maintain competitive profitability within the industry and safeguard the financial and investment targets for the year.

今年上半年的業績反映了該集團對在收入、成本、費用和資本支出方面實現結構性效率的持續承諾。這使我們能夠在業界保持競爭獲利能力，並保障全年財務和投資目標。

As of June 2025, we recorded a net income of COP4.9 trillion, representing a year-over-year decline of COP2.5 trillion represented mainly by the following external factors -- market factors. Accounted for approximately 78% of the impact or COP2.1 trillion, including the net effect of a $12 drop in Brent prices compared to the first half of 2024, partially offset by improved negotiated differentials and a positive impact from a higher exchange rate compared to the same period last year; local environment, included increases of blockades in fields and disruptions to transportation infrastructure, resulting in a negative impact of COP0.3 trillion; new taxes related to the state of emergency decree and non-deductible value-added tax on fuel imports totaling an impact of COP0.2 trillion; adjustment to ISAs remuneration previously discussed with an impact of COP0.1 trillion; other net positive events contributed COP0.2 trillion, including benefits from higher crude production increases services at ISA, lower income surtax and higher depreciation.

截至2025年6月，我們的淨收入為4.9兆哥倫比亞比索，年減2.5兆哥倫比亞比索，主要由於以下外部因素——市場因素。約佔影響的 78% 或 2.1 兆哥倫比亞比索，包括布蘭特原油價格與 2024 年上半年相比下跌 12 美元的淨影響，部分被協商差價改善和與去年同期相比匯率上升的積極影響所抵消；當地環境，包括油田封鎖增加和交通基礎設施中斷，造成 0.3 兆美元加值的新增值影響；萬億哥倫比亞比索；先前討論過的 ISA 薪酬調整，影響為 0.1 兆哥倫比亞比索；其他淨正面事件貢獻了 0.2 兆哥倫比亞比索，包括原油產量增加、ISA 服務增加、收入附加稅降低和折舊增加帶來的好處。

During the same period, COP24.4 trillion, reflecting a variation of COP3.9 trillion compared to the first half of 2024. This variation is explained by 72% due to the previously mentioned market factors, followed by 15% attributed to the RBSE adjustment effect and 10% from the environment events.

同期為 24.4 兆哥倫比亞比索，與 2024 年上半年相比變化了 3.9 兆哥倫比亞比索。這種變化有 72% 是由於前面提到的市場因素造成的，其次是 15% 是由於 RBSE 調整效應，還有 10% 是由於環境事件。

EBITDA margin remained strong at 40%, exceeding the annual target of 39%. In terms of EBITDA by segment, the exploration and production business line continue to contributing 54% of total EBITDA, including the transportation and refining segment, the contribution rises to 83%. The remaining 17% in corresponds to ISA's contribution, reaffirming its relevance to the group's diversification strategy.

EBITDA 利潤率保持強勁，達到 40%，超過了 39% 的年度目標。從分部門EBITDA來看，探勘與生產業務線持續貢獻總EBITDA的54%，若計入運輸與煉油部門，貢獻率則上升至83%。剩餘的 17% 對應於 ISA 的貢獻，重申了與集團多元化策略的相關性。

On another front, and thanks to the group's financial flexibility, we promptly activated the cash management company to ensure liquidity and support operational and financial targets without incurring incremental long-term debt even in a current price environment below the levels projected in the plan. As of June, we achieved 80% progress in the cost and expense reduction actions announced in the first quarter and defined within the committee framework with positive effects on EBITDA, cash flow, debt and CapEx. Aligned-with this focus on efficiency, we reached COP2.2 trillion in savings in the first half of 2025, of which 66% directly benefited OpEx and revenues.

另一方面，由於集團的財務靈活性，我們迅速啟動了現金管理公司，以確保流動性並支持營運和財務目標，即使在當前價格環境低於計畫預測的水平的情況下，也不會產生增量長期債務。截至 6 月，我們在第一季宣布並在委員會框架內確定的成本和費用削減行動方面取得了 80% 的進展，對 EBITDA、現金流、債務和資本支出產生了積極影響。與此一致，在註重效率的同時，我們在 2025 年上半年節省了 2.2 兆哥倫比亞比索，其中 66% 直接惠及營運支出和收入。

In the Hydrocarbon segment, we achieved COP1.5 trillion in optimizations reflected in improvements such as reduced lifting cost energy consumption per barrel and cost per foot drilled as detailed by Rafael Guzman. We will maintain our target to reduce lifting costs this year with a special focus on energy, maintenance and contracted services expenses, aiming to consistently stay below $12 per barrel. At the corporate level, we achieved COP0.4 trillion in efficiencies through digitalization initiatives and demand controlling operations, while commercial management contributed COP0.2 trillion in optimization.

在碳氫化合物領域，我們實現了 1.5 兆哥倫比亞比索的優化，這體現在降低每桶的提升成本、能耗和每英尺鑽井成本等方面，正如 Rafael Guzman 所詳述的那樣。今年，我們將繼續降低採油成本，特別關注能源、維護和合約服務費用，力求將採油成本持續保持在每桶 12 美元以下。在公司層面，我們透過數位化措施和需求控制營運實現了0.4兆哥倫比亞比索的效率，而商業管理在最佳化方面貢獻了0.2兆哥倫比亞比索。

For the remainder of the year, we will continue advancing cost and expense reduction measures to reach the COP1 trillion target while also pursuing efficiencies exceeding COP5 trillion to mitigate the impact of external value. It is worth noting that the efforts we are implementing this year will be reflected in the 2026 planning which is projected in a challenging price environment.

在今年剩餘時間裡，我們將繼續推進成本和費用削減措施，以實現1兆科比的目標，同時追求超過5兆科比的效率，以減輕外部價值的影響。值得注意的是，我們今年實施的努力將反映在充滿挑戰的價格環境下預測的2026年規劃中。

Regarding performance versus peers, the Ecopetrol Group remains in quartile 2, standing out in two key areas: profitability, successfully mitigating the effects of the external environment on key indicators such as ROCE and EBITDA margin with results that outperformed its peers; and OpEx competitiveness showing strength in indicators such as lifting cost, cost of sales per barrel and operating expense per barrel. Let's move on the next slide.

與同業相比，哥倫比亞國家石油集團的業績表現仍位居第二，在兩個關鍵領域表現突出：盈利能力，成功減輕了外部環境對已動用資本回報率和息稅折舊攤銷前利潤率等關鍵指標的影響，業績優於同行；運營成本競爭力在提升成本、每桶銷售成本和每桶運營費用等指標上表現出色。讓我們繼續看下一張投影片。

In terms of cash flow, we remain focused on protecting liquidity and optimizing working capital while maintaining disciplined financial management. As of the end of June, Ecopetrol Group cash position stood at COP13.1 trillion with a positive free cash flow of COP3.1 trillion composed of a strong operational cash flow, driven by the early collection of the (inaudible), totaling COP7.6 trillion, investment activities amounting to COP13.1 trillion. Additionally, during the semester, Ecopetrol completed the full payment of dividends to both majority and minority shareholders totaling COP8.8 trillion, reaffirming our commitment to generating value for our shareholders.

在現金流方面，我們仍然專注於保護流動性和優化營運資金，同時維持嚴格的財務管理。截至 6 月底，哥倫比亞國家石油集團的現金狀況為 13.1 兆哥倫比亞比索，正自由現金流為 3.1 兆哥倫比亞比索，其中包括強勁的營運現金流，受早期收集（聽不清楚）的推動，總額為 7.6 兆哥倫比亞比索，投資活動總額為 13.1 兆哥倫比亞比索。此外，在本學期，哥倫比亞國家石油公司向大股東和小股東全額支付了總計 8.8 兆哥倫比亞比索的股息，重申了我們為股東創造價值的承諾。

Regarding working capital optimization efforts, we achieved 51% progress toward the COP2 trillion target announced in the first quarter. Key measures included early collections of the 2024 tax credit compensation totaling COP3.2 trillion and trade finance operations in subsidiaries amounting to COP 100 million. We also implemented additional measures that is strengthening cash flows such as foreign exchange hedging operations totaling $935 million helping to mitigate the impact on export-related collections. In the short term, we will continue executing foreign exchange hedging operations as well as Brent and differential hedges with the objective of protecting the cash flow projected in the financial plan.

在營運資本優化工作方面，我們距離第一季宣布的2兆古巴比索的目標已經取得了51%的進展。主要措施包括提前收取總額為 3.2 兆哥倫比亞比索的 2024 年稅收抵免補償，以及在子公司開展總額為 1 億哥倫比亞比索的貿易融資業務。我們也實施了額外措施來加強現金流，例如總額達 9.35 億美元的外匯對沖操作，有助於減輕對出口相關收款的影響。短期內，我們將繼續執行外匯對沖操作以及布倫特和差異對沖，目的是保護財務計畫中預測的現金流。

In line with these efforts, the FEPC balance was reduced to COP2.5 trillion as of June, the lowest level since second quarter 2021. This improvement, along with monthly accrual below COP500 billion, represents a turning point in the management of these accounts receivable with a positive impact on the projected operational cash flow for the year. In the coming months, we will continue advancing in working capital optimization measures to reach the annual target of COP2 trillion, while also strengthening the group's internal liquidity levers. Let's move on the next slide.

為配合這些努力，截至 6 月，FEPC 餘額已降至 2.5 兆哥倫比亞比索，為 2021 年第二季以來的最低水準。這項改善，加上每月應計金額低於 5,000 億哥倫比亞比索，代表著這些應收帳款管理的一個轉折點，對全年預計的營運現金流產生了積極影響。在接下來的幾個月裡，我們將繼續推動營運資金優化措施，以實現 2 兆哥倫比亞比索的年度目標，同時加強集團內部的流動性槓桿。讓我們繼續看下一張投影片。

In line with our comprehensive debt management strategy, Ecopetrol maintains a healthy level of indebtedness and a maturity profile with low refinancing risk primarily concentrated in the medium and long term. 2025 maturities include simultaneous operations and treasury loans totaling approximately $1.2 billion with a temporary effect on short-term debt levels.

根據我們的綜合債務管理策略，Ecopetrol 維持了健康的負債水準和到期狀況，再融資風險較低，主要集中在中長期。 2025 年到期的債務包括同時營運和國庫貸款，總額約 12 億美元，對短期債務水準有暫時影響。

It is worth noting that simultaneous operations are backed by test holding in the portfolio, which will be progressively liquidated over the coming months. the next significant maturities are scheduled for 2029. As of June, the gross debt-to-EBITDA ratio stood at 2.4 times within the long-term target range of below 2.5 times. Excluding ISA, this ratio stands at 1.7 times. Including the cash balance, net debt-to-EBITDA ratio decreases to 2.2 times and to 1.6 times, excluding ISA.

值得注意的是，同步操作由投資組合中的測試持有支持，這些測試持有將在未來幾個月內逐步清算。下一個重要到期日定於 2029 年。截至 6 月，總負債與 EBITDA 比率為 2.4 倍，在 2.5 倍以下的長期目標範圍內。不包括個人儲蓄帳戶 (ISA)，這一比例為 1.7 倍。如果包括現金餘額，淨債務與 EBITDA 比率將下降至 2.2 倍；如果不包括 ISA，則將下降至 1.6 倍。

For 2025, no increase in debt levels is expected related to the organic portfolio activities, thanks to the group's strong liquidity position. We remain focused on optimizing financial cost, both locally and internationally. Currently, a rate reduction for a local loan is being processed with the Ministry of Finance and negotiations are underway with international counterparties to achieve further reductions during the second half of the year.

由於集團強大的流動性狀況，預計到 2025 年與有機投資組合活動相關的債務水準不會​​增加。我們仍然專注於優化本地和國際的財務成本。目前，正在與財政部協商降低地方貸款利率，並正在與國際交易對手進行談判，以期在下半年實現進一步降息。

Regarding credit ratings, during the second quarter of 2025, Moody's maintained the level and the stand-alone ratings at BA1 and B1, respectively. Standard & Poor's Global adjusted the global rating to BB and the stand-alone rating to BB+. Both agencies highlighted Ecopetrol strategic importance to the country, the portfolio diversification driven by ISA and the improvement in CapEx management.

在信用評等方面，2025年第二季度，穆迪維持其BA1和B1的水準和獨立評等。標準普爾全球將中國銀行業的全球評級調整為BB，個人評級調整為BB+。兩家機構都強調了哥倫比亞國家石油公司對該國的戰略重要性、ISA 推動的投資組合多樣化以及資本支出管理的改善。

In the first half of the year, investments maintained a strong momentum aligned with historical levels and the targets of the annual plan, reaching $2,582 million. Most of the investments executed in Colombia with 62%, followed by Brazil with 17% and the United States and other countries reaching 21%. 59% of investments were allocated to strengthening energy security including profitable crude oil production, refinery operations and domestic supply. The remaining 41% was directed towards initiatives in natural gas, energy transition, sustainability, innovation, electric transmission and road infrastructure.

上半年，投資維持強勁勢頭，與歷史水準和年度計畫目標一致，達到25.82億美元。其中，哥倫比亞的投資最多，佔62%，其次是巴西，佔17%，美國和其他國家佔21%。 59%的投資用於加強能源安全，包括獲利的原油生產、煉油業務和國內供應。其餘 41% 用於天然氣、能源轉型、永續性、創新、電力傳輸和道路基礎設施等領域的計畫。

In exploration and production, $1,290 million were invested, mainly in the Meta region in assets such as Caño Sur, Rubiales, Castilla, CPO-09 and Chichimene. In Brazil, resources were focused on the development of the Orca discovery, formerly known as Gato Do Mato.

在勘探和生產方面，投資了 12.9 億美元，主要投資於 Meta 地區的 Caño Sur、Rubiales、Castilla、CPO-09 和 Chichimene 等資產。在巴西，資源集中在 Orca 油田（原名 Gato Do Mato）的開發。

In refining, $171 million were allocated to ensure operational availability, while transportation saw $100 million in investments to support operational continuity. The investment portfolio remains focused on growth and future value generation, representing 86% of the total investment while 14% was directed toward ensuring operational continuity.

在煉油領域，政府撥款 1.71 億美元以確保營運的可用性，而在運輸領域，政府撥款 1 億美元以支持營運的連續性。投資組合仍專注於成長和未來價值創造，佔總投資的 86%，而 14% 用於確保營運連續性。

On capital discipline front, we advanced in executing measures that allow us to capture full CapEx flexibility with a target of $500 million to protect production for the remainder of the year. As of June, we achieved 56% progress ensuring profitability and meeting operational targets. Our investment plan is designed around the price range that enable us to adapt to different scenarios, maintaining capital discipline and ensuring competitive returns. Let's move on the next slide.

在資本紀律方面，我們採取了先進措施，使我們能夠獲得充分的資本支出彈性，目標是 5 億美元，以保護今年剩餘時間的生產。截至 6 月，我們已取得 56% 的進展，確保獲利並實現營運目標。我們的投資計劃是圍繞價格範圍設計的，使我們能夠適應不同的情況，保持資本紀律並確保有競爭力的回報。讓我們繼續看下一張投影片。

Regarding the value-added taxes charges on gasoline and diesel imports by the National Tax and Customs Director, DIAN, a difference in interpretation between the agency and Ecopetrol Group remains. In compliance with DIAN's interpretation, Ecopetrol and have assumed the payment of value-added tax on these imports since January 2025, while simultaneously pursuing legal defense in the appropriate forums regarding charges applied for the 2022 and '24 period.

關於國家稅務和海關總署 (DIAN) 對汽油和柴油進口徵收的增值稅，該機構與哥倫比亞國家石油集團之間的解釋仍然存在分歧。根據 DIAN 的解釋，Ecopetrol 自 2025 年 1 月起承擔這些進口產品的增值稅，同時在適當的論壇上就 2022 年和 2024 年期間徵收的費用進行法律辯護。

A comprehensive response has been provided to all requests and appeals submitted by the authority. Which claims, including estimated interest amount to approximately COP 11 trillion for gasoline and diesel. Additionally, there is a potential claim related to diesel imports. To date, Ecopetrol and Reficar do not recognize any payment obligations related to the value-added tax from previous fiscal years and continue to defend their position to save their interest.

對當局提出的所有請求和申訴都做出了全面的答覆。其中包括估計汽油和柴油利息在內的索賠金額約為 11 兆哥倫比亞比索。此外，還有與柴油進口相關的潛在索賠。迄今為止，Ecopetrol 和 Reficar 不承認與前幾個財年增值稅相關的任何付款義務，並繼續捍衛自己的立場以挽救自己的利益。

For 2025, the total estimated value-added tax payments across the group amount to COP3.6 trillion, of which approximately COP3.3 trillion is expected to be recovered through refund and deduction mechanisms. In parallel, a technical working group has been established between Ecopetrol and government entities while the administrative process for the claims and assessment is underway, with an estimated duration of six months. The next stage involving the legal challenge of official assessments could extend up to five years.

到 2025 年，整個集團的增值稅總額預計為 3.6 兆哥倫比亞比索，其中約 3.3 兆哥倫比亞比索預計將透過退稅和扣除機制收回。同時，哥倫比亞國家石油公司和政府實體之間成立了一個技術工作小組，索賠和評估的行政程序正在進行中，預計將持續六個月。下一階段對官方評估的法律挑戰可能會持續長達五年。

DIAN may continue with the collection process in accordance with current regulations. However, based on the analysis from external advisers, the company considers that no provision is required at this time that could impact the financial results. Finally, Ecopetrol and Reficar reaffirmed their commitment to comply with the tax and customs regulations as well as expecting decisions made within the framework of applicable law.

DIAN 可依現行法規繼續進行收集流程。然而，根據外部顧問的分析，該公司認為目前不需要提列任何可能影響財務績效的準備金。最後，Ecopetrol 和 Reficar 重申了遵守稅收和海關法規的承諾，並期待在適用法律框架內做出決定。

I now hand over to the President, who will present the closing remarks. Thank you very much.

現在我將會議交給主席，他將致閉幕詞。非常感謝。

Thank you, Camilo. I would like to close by highlighting that Ecopetrol Group continues to execute key investments and strategies aligned with this long-term vision aimed at strengthening operations and ensuring sustainability over time. This quarter's results show improvement across our main business lines compared to previous periods even in the context of high volatility on prices and security challenges in our operations.

謝謝你，卡米洛。最後，我想強調的是，哥倫比亞國家石油集團將繼續執行與這個長期願景一致的關鍵投資和策略，旨在加強營運並確保長期永續性。本季度的業績表明，即使在價格波動較大、營運面臨安全挑戰的情況下，我們的主要業務線與前期相比都有所改善。

Efficiency management has exceeded expectation, particularly in initiative to reduce energy construction and expand cell generation from renewable sources in line with our strategy to diversify energy metrics, operational results efficiencies and commercial management helped mitigate part of the impact of the price environment of revenues. We also maintained a clear strategy for cash management and sustainable debt levels.

效率管理超越預期，特別是減少能源建設和擴大再生能源發電的舉措，符合我們多元化能源指標的策略，營運結果效率和商業管理有助於減輕價格環境對收入的部分影響。我們也制定了明確的現金管理和永續債務水準策略。

The group will continue to enhance its operational and strategic flexibility, constant monitoring of prices markets. The group will continue to enhance its operational and strategic flexibility with constant monitoring of prices markets and international developments, allowing us to adapt swiftly when needed. We will keep working hand in hand with the regions advancing our social and environmental commitments and contributing to the development of the territories where we operate.

該集團將繼續增強其營運和戰略靈活性，並不斷監控價格市場。該集團將持續監控價格市場和國際發展情況，以增強其營運和策略靈活性，使我們能夠在需要時迅速做出調整。我們將繼續與各地區攜手合作，推動我們的社會和環境承諾，為我們經營所在地區的發展做出貢獻。

We remain firmly committed protecting our cash position, maintaining capital discipline and ensuring financial resilience and flexibility as announced during our first quarter earnings call. We continue to closely monitor market conditions to activate the necessary protocols to preserve the company's strength and to keep generating sustainable value for our shareholders and for the country.

正如我們在第一季財報電話會議上所宣布的那樣，我們將繼續堅定地致力於保護我們的現金狀況、維持資本紀律並確保財務彈性和靈活性。我們將繼續密切關注市場狀況，啟動必要的協議，以保持公司的實力，並繼續為股東和國家創造可持續的價值。

With that, we now open the floor for questions.

現在，我們開始回答問題。

(Operator Instructions) Andres Duarte, Corficolombiana.

（操作員指示）Andres Duarte，Corficolombiana。

Good morning and thank you for receiving my two short questions. One is on production and the other has to do with the nation. The one of production, could you please explain a bit how you reach that peak of production and your expectations for the rest of the year?

早安，感謝您接受我的兩個簡短問題。一個是關於生產的，一個是關於國家的事。關於生產，您能否解釋一下如何達到生產高峰以及今年剩餘時間的期望？

And the second question has to do with the nation. This morning, I heard the presentation made for journalists. And you spoke about the milestones in terms of dividends and royalties of the company. So could you please repeat here these figures showing the dividends and royalties? And when it comes to taxes, specifying how much is in common and the others I referred to last year and the expectation happen this year. Thank you. l

第二個問題與國家有關。今天上午，我聽了記者招待會的介紹。您還談到了公司在股息和特許權使用費方面的里程碑。那麼，您能否在這裡重複一下這些顯示股息和特許權使用費的數字？當談到稅收時，具體說明有多少是共同的，其他的我去年提到過，預計今年會發生。謝謝。

Good morning, Juan Carlos, I am the acting VP of Hydrocarbons. When it comes to your question on Permian, this has to do to an anticipation of the activity and the better performance of the drills regarding processes and their designs. This managed us to have a peak in the semester of 165 barrels per day, and this is based on the performance of these types of fields and that shows high peak. That's why our expectation by the end of the year with the activities that we've made so far, we expect an average production of 90 to 190 barrels day.

早安，胡安·卡洛斯，我是碳氫化合物部門的代理副總裁。當談到您關於二疊紀的問題時，這與對活動的預期以及鑽孔機在流程和設計方面的更好表現有關。這使得我們在本學期達到了每天 165 桶的峰值，這是基於這些類型油田的表現，並且顯示出高峰。這就是為什麼我們期望到今年年底，透過我們迄今為止的活動，平均產量將達到 90 至 190 桶/天。

Andres, good morning. I am Camilo Barco, the CFO. And let me take your second question about the milestones. Thank you, sir.

安德烈斯，早安。我是財務長卡米洛·巴爾科 (Camilo Barco)。讓我來回答您關於里程碑的第二個問題。謝謝您，先生。

Indeed, yesterday and with the journalists, we spoke about the transfer made to the transfer known as government takes. And fundamentally, these consist of the three items that you mentioned, which are dividends, taxes, and royalties. Of these three items, the most important is taxes, which represents 50% of these transfers. Approximately, of course, every year has its particularities. The royalty is 25% and dividends, 25%. So let me take the figure of 2024 to give you figures for this particular case.

事實上，昨天我們和記者們談到了政府轉移支付的問題。從根本上來說，這些包括您提到的三項，即股息、稅收和特許權使用費。在這三項中，最重要的是稅收，佔這些轉移支付的50%。大致來說，當然每年都有其特殊性。特許權使用費為 25%，股利為 25%。因此，讓我以 2024 年的數字來為您提供這一特殊情況的數據。

In dividends, we paid COP11 billion; and royalties, a bit more than COP9 billion; and taxes about COP20 billion. This is for a total of COP40.4 billion transferred to the nation last year.

我們支付的股利為 110 億哥倫比亞比索；特許權使用費略高於 90 億哥倫比亞比索；稅金約 200 億哥倫比亞比索。去年，該國共獲得 404 億哥倫比亞比索的轉移。

This year, we expect to have the same proportion, 50% in taxes, which we can say as of June 2025, we paid about COP6 billion in tax -- income tax, specifically, COP3 billion in self withholdings and COP3 billion in income.

今年，我們預期稅收比例相同，即 50%，也就是說，截至 2025 年 6 月，我們繳納的稅款約為 60 億哥倫比亞比索，即所得稅，具體而言，自我預扣稅為 30 億哥倫比亞比索，所得稅為 30 億哥倫比亞比索。

And as of June, in terms of transfers to the nation, we have a total of COP23 billion and what we estimate for the rest of the year is a total amount of COP35 billion to COP40 billion, closer to the mean of that range of the COP38 billion.

截至 6 月份，我們向全國轉移的資金總額為 230 億哥倫比亞比索，我們估計今年剩餘時間的總金額將達到 350 億至 400 億哥倫比亞比索，更接近 380 億哥倫比亞比索的平均值。

I'm sorry. What's income tax there? Keeping in mind the expected rate?

對不起。那裡的所得稅是多少？記住預期利率嗎？

The income tax expected this year is about COP3 billion, which is what we have paid so far as of June. We're talking about balances of taxes in favor.

今年預計的所得稅約為 30 億哥倫比亞比索，這是我們截至 6 月已繳納的金額。我們正在討論稅收平衡問題。

Katherine Ortiz, Davivienda.

凱瑟琳·奧爾蒂斯，達維維恩達。

Good morning for all of you, and thank you for this space. I'd like to ask you, yesterday, we saw in the media that you spoke about the disinvestment of assets. Could you please expand on this topic? And if it relates also to President Petro said that Ecopetrol should sell its assets in the US. And if these assets are part of these investments that you plan? And if not, could you please expand this topic and the strategy of the disinvestments that Ecopetrol has?

大家早安，感謝你們提供這個空間。我想問一下您，昨天我們在媒體上看到您談到了資產撤資的問題。您能否詳細闡述一下這個主題？如果這也與總統佩特羅有關，他說，哥倫比亞國家石油公司應該出售其在美國的資產。如果這些資產是您計劃的投資的一部分呢？如果沒有，您能否進一步闡述這個主題以及 Ecopetrol 的撤資策略？

Katherine, good morning. I am the Vice President of New Businesses. Let me begin by saying that yesterday, our CEO talked about assets in Colombia, but also our company constantly and periodically evaluates all of its portfolios when it comes to assets and affiliates. And it evaluates the performance and the strategic reserves it has. Given the case that we will make this investment, we will be specifically mentioning these to the market.

凱瑟琳，早安。我是新業務副總裁。首先我要說的是，昨天我們的執行長談到了哥倫比亞的資產，但我們公司也會不斷定期評估其所有資產和附屬公司的投資組合。並對其性能和戰略儲備進行評估。鑑於我們將進行這項投資，我們將特別向市場提及這些。

When it comes to your question in Colombia, what we are seeing partly is how we can replicate positive experience like the one of Barrick's of last year, still seeing different assets in the fields of Colombia and the country side of Colombia to increase investments and the activity in hydrocarbon sectors in some assets, which do not compete in our portfolio.

談到您在哥倫比亞的問題，我們所看到的部分是如何複製像巴里克去年那樣的積極經驗，仍然看到哥倫比亞油田和哥倫比亞鄉村的不同資產，以增加投資和一些資產的碳氫化合物領域的活動，這些資產在我們的投資組合中沒有競爭。

Because of confidentiality, I cannot mention to you the assets that we're evaluating now. But I can say that we are looking at processes underway and we have private companies in Colombia. And once the processes of approval within Ecopetrol take place, we will be sharing the information with you.

由於保密原因，我不能向您提及我們現在正在評估的資產。但我可以說，我們正在研究正在進行的進程，而且我們在哥倫比亞有私人公司。一旦 Ecopetrol 內部完成審批流程，我們將與您分享資訊。

Juan Jose Munoz, BTG

胡安·何塞·穆尼奧斯，BTG

Thank you, Ricardo, Camilo, for your presentation. I have two questions. One, keeping in mind the decrease of the Brent price and the initiatives of efficiencies that you have adopted. How -- where do you expect the cash and the breakeven EBITDA will be for the upstream business? That's my first question.

感謝 Ricardo、Camilo 的演講。我有兩個問題。一、考慮到布蘭特原油價格的下跌以及你們採取的提高效率的措施。您預計上游業務的現金和損益平衡 EBITDA 將在哪裡？這是我的第一個問題。

Second, relates to the minimums of gas productions in the past 10 years. Is this due to the natural decline of fields or lower explorations made.

第二，與過去10年天然氣產量的最低值有關。這是由於油田自然衰退還是勘探程度較低所造成的。

Jose, good morning, and thank you for your questions. To talk about the breakeven. Overall, we refer to two major elements in this analysis. And then we can provide real questions -- answers to your questions.

何塞，早安，感謝您的提問。談論損益平衡。整體而言，我們在本次分析中參考了兩個主要要素。然後我們可以提供真正的問題—回答您的問題。

Firstly, today, Ecopetrol is a group of integrated energy in which we have, as we said in the presentation, we have ISA playing a major role. It's business regulated, a business that's very stable in its flows and EBITDA. And in addition to ISA we have sent -- which stands out in its period because of its financial results, which are very positive and good EBITDA margins, which also because it's regulated, allow us to generate certain independence in the -- from the volatility of the market prices.

首先，今天，Ecopetrol 是一個綜合能源集團，正如我們在演講中所說，ISA 在其中發揮著重要作用。這是受監管的業務，其流量和 EBITDA 非常穩定。除了 ISA 之外，我們還發送了 ISA，它在同期脫穎而出，因為它的財務表現非常積極，EBITDA 利潤率也很好，而且由於它受到監管，使我們能夠在市場價格波動中獲得一定的獨立性。

So when we talk about the breakeven of the group, there are particularities, the breakevens. And as you said in your question, refer specifically or typically, more to the activity of oil and gas and, specifically, to the operation and production. So I wanted to give you that first disclaimer.

因此，當我們談論集團的損益平衡時，存在一些特殊性，即損益平衡。正如您在問題中所說，具體或典型地更多地指的是石油和天然氣的活動，特別是營運和生產。因此我想向你提供第一個免責聲明。

The second refers to something that we mentioned in the previous call, and it's 99% of our fields have breakevens below $50 per barrel. So that's the second important factor when it comes to evaluating the chance of making decisions with the CapEx or investments that can hurt production and reserves. So this would only happen in an event in which the prices of crude oil are below $50.

第二個指的是我們在上次電話會議中提到的內容，即我們 99% 的油田的損益平衡點低於每桶 50 美元。因此，在評估資本支出或可能損害生產和儲量的投資決策的可能性時，這是第二個重要因素。因此，只有當原油價格低於 50 美元時，才會發生這種情況。

For now, we are looking at all of the investments that allow us to guarantee the production of these. And keeping in mind these two ideas, let me talk about the breakeven that we've announced and disclosed to the market by Ecopetrol. It's a breakeven of about $50 per barrel that's more of net profit. The breakevens of the cash flow are directly related or defined or determined by the investment made for each.

目前，我們正在考慮所有能夠保證這些產品生產的投資。牢記這兩個想法，讓我來談談我們已宣布並向市場披露的 Ecopetrol 盈虧平衡情況。盈虧平衡點約為每桶 50 美元，相當於淨利潤。現金流的損益平衡與每項投資直接相關或由其定義或決定。

Hello, Juan Jose. Let me give you a brief introduction of the reality of what's happening in oil and gas in the market. Our production continues having decline the highest declining rates. That's a big reality.

你好，胡安·何塞。我來簡單介紹一下石油天然氣市場的現實。我們的產量持續以最高的下降率下降。這是一個重大的現實。

A second reality, we have been reducing significantly our gas consumption in our processes, substituting this with clean energy in the wholesale market. And that is important to keep in mind that reduce our consumption is close to 50 [kdbs].

第二個現實是，我們已經大幅減少了生產過程中的天然氣消耗，並在批發市場上用清潔能源取代。重要的是要記住，減少我們的消耗接近 50 [kdbs]。

And also, there are gas manufacturers that have had problems to reach their nominal productions. And this is why we have lower nomination of gas. Still, we are looking at the development of infrastructure for the imports and exports that we have mentioned, especially with the Buenaventura project. We are still evaluating the projects of NG Ballena and NG Coveñas for imports and exports.

此外，一些天然氣製造商在達到其標稱產量方面也遇到了困難。這就是我們的天然氣提名量較低的原因。不過，我們正在關注我們提到的進出口基礎設施的發展，特別是布埃納文圖拉計畫。我們仍在評估 NG Ballena 和 NG Coveñas 的進出口項目。

And also, we are evaluating with our allies like for (inaudible), the possibility to quickly connect more volumes of gas in the Arrecifes field. There are projects in which we are looking at productions, but they are not connected to the system.

此外，我們正在與我們的盟友（聽不清楚）一起評估在阿雷西費斯氣田快速連接更多天然氣的可能性。我們正在研究一些項目的製作，但它們並未與系統連接。

But these do not -- these are not connected to the system. And this is important. So now, let's give the floor to Juan Carlos who can give us an explanation of which are the additional reasons why we are reporting lower levels of production of gas.

但這些沒有——這些沒有與系統相連。這很重要。現在，讓我們請胡安卡洛斯發言，他可以向我們解釋一下我們報告的天然氣產量較低的其他原因。

Thank you, President. Good morning, Juan Jose. With regards to your question, there is a natural decline of the fields of gas, yes. But it's not throughout the entire territory because as we have said, there are volumes that we are expecting of SixTerra.. And there, we will have more supplies of gas for the country.

謝謝您，總統先生。早安，胡安·何塞。關於您的問題，是的，氣田確實在自然衰退。但它並未涵蓋整個地區，因為正如我們所說，我們對 SixTerra 的數量有所期待。在那裡，我們將為國家提供更多的天然氣供應。

In parallel to develop activities for mitigation, we have made several initiatives. There's a project that stands out to reduce the Cupiagua and this began last year. We increased the production of gas there by 14%. There's another initiative in fields where we can apply.

在進行緩解活動的同時，我們也採取了多項措施。有一個旨在減少庫皮亞瓜河水位的計畫於去年啟動。我們將那裡的天然氣產量提高了14%。我們可以申請的領域還有另一項措施。

In addition, we are carrying out explorations and developing the Floreña B18, which we will reach the goal in the last quarter of this year. Another activity that where you have been developing is, for instance, (inaudible), which has the possibility to produce gas and seek alternatives.

此外，我們正在對Floreña B18進行勘探和開發，並將在今年最後一個季度實現目標。你們一直在進行的另一項活動是（聽不清楚），它有可能生產天然氣並尋找替代品。

And lastly, given the performance, especially in fields like (inaudible), we plan to make an intervention to control water there. So we have a robust plan within our daily activities to mitigate the topics of production -- no, I'm sorry, declination and to develop all the explorations that we are planning.

最後，鑑於目前的表現，特別是在（聽不清楚）等領域的表現，我們計劃採取乾預措施來控制那裡的水資源。因此，我們在日常活動中製定了強有力的計劃，以緩解生產問題——不，對不起，是拒絕，並開展我們正在計劃的所有探索。

The next questions are in English. (Operator Instructions)

接下來的問題是英文的。（操作員指示）

Bruno Montanari, Morgan Stanley.

摩根士丹利的布魯諾蒙塔納裡。

Two questions on my side. I understand you mentioned your breakeven level is around $50 per barrel. So if we start to see oil prices going to that level, what would be management's plan? Would you adjust the CapEx?

我有兩個問題。我知道您曾提到您的損益平衡水準約為每桶 50 美元。那麼，如果我們開始看到油價達到那個水平，管理階層的計畫是什麼？您會調整資本支出嗎？

And what would you do with the dividend? In that case, would you lower the payout closer to the 40% level or would the company consider changing the range of the dividend distribution.

您會如何處理股利？在這種情況下，您會將股息降低至接近 40% 的水平嗎？或者公司會考慮改變股利分配的範圍。

And then on downstream. Looking at the chart you presented, do you expect the exogenous external and operating factors that pressured EBITDA in the first half of the year to be fully resolved now in the second half of 2025?

然後順流而下。從您提供的圖表來看，您是否預計上半年對 EBITDA 造成壓力的外部和營運因素將在 2025 年下半年完全解決？

Bruno, good morning. This is Camilo Barco, the CFO, and thank you for your two questions. Let me begin by answering your question related to the measures that we plan to take if there is a situation, which the prices of crude oil are below the breakeven levels.

布魯諾，早安。我是財務長卡米洛·巴爾科 (Camilo Barco)，感謝您提出的兩個問題。首先，我想回答您的問題，如果原油價格低於盈虧平衡水平，我們計劃採取什麼措施。

As I said before, what's important here is that the premise of Ecopetrol is to preserve the production and reserves. And that way, the additional measures taken, we will try to affect them as least as possible, especially production reserves, but as it is natural.

正如我之前所說，這裡重要的是，Ecopetrol 的前提是保持產量和儲量。這樣，我們將盡量減少所採取的額外措施對它們的影響，尤其是生產儲備，但這是自然現象。

It is true that if we have a lower price range, we will have to take additional measures when it comes to flexiblizing our investments. But most importantly, our focus is on managing higher efficiencies. And with this, I'd like to announce that we have not expected and even we have announced that our protection measure is to manage our cash flow and measures have been taking for our efficiencies.

確實，如果我們的價格範圍較低，我們將不得不採取額外措施來靈活調整我們的投資。但最重要的是，我們的重點是提高管理效率。在此，我想宣布，我們沒有預料到，甚至我們已經宣布，我們的保護措施是為了管理我們的現金流，並且一直在採取措施來提高我們的效率。

This year, our purpose is to go beyond COP5 trillion in efficiencies. And in this first half of the year, we have managed already more than COP2.2 trillion. We're on the right path, and we trust that we will meet the goal set forth. So with these efficiencies, we expect to have a better breakeven and a better management.

今年，我們的目標是效率超越5兆古巴比索。今年上半年，我們已經管理了超過 2.2 兆哥倫比亞比索。我們正走在正確的道路上，我們相信我們能夠實現既定的目標。因此，透過這些效率，我們期望實現更好的損益平衡和更好的管理。

And with regards to the CapEx, we will also announce the flexibilization of $500 million. And as of June, we are more -- at more than 56% of the goals that we set forth. We had pending to identify $250 million for the second semester.

關於資本支出，我們也將宣布增加 5 億美元的彈性支出。截至 6 月份，我們已經完成了所設定目標的 56% 以上。我們尚未確定第二學期的 2.5 億美元資金。

And I can say that we are on the right path. We will meet surely the goal established. And if necessary, that if the breakevens are below, we will have to sit down and analyze additional measures to take prioritizing, of course, the production and reserves of the company.

我可以說，我們走在正確的道路上。我們一定會實現既定的目標。如果有必要，如果損益平衡點低於目標，我們將不得不坐下來分析採取額外措施，當然優先考慮公司的生產和儲備。

With regards to dividends, we've also announced that one of the major milestones of the year is this. And thanks to the support of our majority shareholder, we have been able to provide dividends to the ranges of the policy established. Our policy is to have payout ratio or a distribution of dividends of 40% to 60% of what's available. This year, we are at 59%.

關於股息，我們也宣布，這是今年的重要里程碑之一。並且得益於我們大股東的支持，我們能夠依照既定的政策範圍提供股利。我們的政策是派息率或股利分配為可用資金的 40% 至 60%。今年，這一比例已達 59%。

We do not expect changes, but we do have the firm purpose to remain within this policy. And now, if any situations, extreme situation or complicated situations take place in terms of marketplace or others that can seriously hurt the results or the position of the group, we will review and make proposals on the distribution.

我們並不期望改變，但我們確實有堅定的決心堅持這項政策。現在，如果市場或其他方面出現任何情況，極端情況或複雜情況，可能嚴重損害集團的業績或地位，我們將進行審查並對分配提出建議。

And I'd like to say with this regard that there are several elements that have an influence on the dividend to be paid. In addition to the profit available, of course, we have the investments plan proposed for next year, the availability of cash of the group and, of course, also the level of indebtedness.

在這方面我想說的是，有幾個因素會影響要支付的股利。當然，除了可用的利潤之外，我們還有明年的投資計畫、集團的現金可用性，當然還有負債水準。

We will make the analysis of these three elements. And based on that, we will make a proposal to our Shareholders Assembly to reach levels other than those that are proposed now.

我們將對這三個要素進行分析。在此基礎上，我們將向股東大會提出建議，以達到目前提議的水平以外的其他水平。

Good morning, Bruno. With regard to your question on the expectations that we have the refineries, the major overhauls were already made early May -- late April, early May, and this shows the EBITDA that we have in those months and in July. We don't see major interventions for the second half of the year.

早安，布魯諾。關於您對煉油廠預期的問題，主要檢修已於 5 月初、4 月底、5 月初完成，這顯示了我們在這幾個月和 7 月的 EBITDA。我們預計下半年不會有重大干預措施。

But especially in Cartagena, we have 18 movements that we have discussed before to take the refinery from a high-risk to high and in September to reach a moderate risk level because of the interventions made in this refinery. And external risks are related to the supply of light oil -- but crude oil, but major overhauls were made successfully in the first half of the year.

但特別是在卡塔赫納，我們之前已經討論過採取 18 項措施，將煉油廠的危險等級從高風險降至高風險，並在 9 月達到中等風險水平，因為該煉油廠採取了乾預措施。而外部風險則與輕油－原油－的供應有關，但上半年大修順利完成。

Anne Milne, Bank of America.

美國銀行的安妮‧米爾恩 (Anne Milne)。

My first question, I think, was answered before, which was on plans and incentives to stimulate natural gas, either imports or production, in Colombia. My second question is regarding the current situation of gasoline and diesel prices in Colombia at the moment and how this is expected to affect the FEPC balance going forward? And are there any changes expected?

我認為我的第一個問題之前已經得到回答，即關於刺激哥倫比亞天然氣進口或生產的計劃和激勵措施。我的第二個問題是關於哥倫比亞目前的汽油和柴油價格狀況，以及這預計會如何影響未來的 FEPC 平衡？預計會有什麼變化嗎？

Good morning, Anne. Thank you for your question. For the rest of the year, we do not expect adjustments in prices of gasoline and diesel. So far this year, we have made actions, the production price here, we saw an increase of gasoline COP132 per gallon and gas as well.

早安，安妮。感謝您的提問。今年剩餘時間，我們預計汽油和柴油價格不會調整。今年到目前為止，我們已經採取了行動，這裡的生產價格，我們看到汽油每加侖上漲了132哥倫比亞比索，天然氣也上漲了。

In addition, remember, these are regulated prices and adjustments have been made by wholesalers specifically, industrial burners. So this elevated the price. And at the end of the day, what this has done, is to decrease our FEPC balances because of those adjustments.

此外，請記住，這些是受管制的價格，批發商（特別是工業燃燒器）已經做出了調整。因此這提高了價格。最終，由於這些調整，我們的 FEPC 餘額將會減少。

Today, there are discussions to increase diesel for high-end vehicles. And we're looking at this, but remember, we're talking about regulated prices and, probably, these actions will take place early 2026.

如今，有關提高高端車輛柴油含量的討論正在展開。我們正在研究這個問題，但請記住，我們討論的是管制價格，這些行動可能將在 2026 年初實施。

And our expectation -- when it comes to stabilization of the fields by the end of the first semester, we are at COP2.5 billion. Please remember that the nation has the FEPC payments 100% of the company and that the expectation at the end of the year, as our CFO say, is COP5 billion of FEPC.

我們的預期是，到第一學期末，當油田穩定下來時，我們的收益將達到 25 億哥倫比亞比索。請記住，國家對該公司的 FEPC 付款 100%，並且正如我們的財務長所說，預計年底的 FEPC 為 50 億哥倫比亞比索。

Next three questions will be made in Spanish. (Operator Instructions)

接下來的三個問題將用西班牙語提出。（操作員指示）

Ricardo Sandoval, Bancolombia.

里卡多·桑多瓦爾，哥倫比亞銀行。

(interpreted) Hello, good morning, and thank you for your presentation. I have two questions. The first is on the EBITDA margin. Because in the last two semesters, it has dropped 38.5%. And we're going to 39% for 2025.

（翻譯）您好，早安，感謝您的演講。我有兩個問題。第一個是EBITDA利潤率。因為最近兩個學期，已經下降了38.5%。到 2025 年，這一比例將達到 39%。

So I'd like to ask, do you see a second semester 2025 that's more profitable compared to the first semester of 2024 to keep this guide of 39%? Or have you considered to decrease the guide of the EBITDA margin this year? I'd also like to know if you could give some light -- shed some light on the profitabilities that you are showing for 2026. That's my first question.

所以我想問一下，您是否認為 2025 年第二學期的利潤會比 2024 年第一學期更高，從而保持 39% 的指導水準？還是您考慮過降低今年的EBITDA利潤率指引？我還想知道您是否可以提供一些資訊——闡明您所展示的 2026 年盈利能力。這是我的第一個問題。

Second question is could you please simplify what you told us about discoveries in (inaudible)? Could you please specifically tell us if these two discoveries would have or not an effect on the reserves of 2025 reported in February 2026?

第二個問題是，您能否簡化一下您告訴我們的關於（聽不清楚）？您能否具體告訴我們這兩項發現是否會對2026年2月報告的2025年儲量產生影響？

I'd like to know if these two concepts will affect this report or these are contingent resources. Could you share with us a figure if the reserves will be affected in the report of 2026, how many barrels? It would be great.

我想知道這兩個概念是否會影響本報告，或者這些是緊急資源。如果2026年的報告中儲量受到影響的話，您能否告訴我們一個數字，有多少桶？那就太好了。

Ricardo, good morning. This is Camilo Barco, CFO. Thank you for your questions. Let's look at your question related to the EBITDA margin 2025. Specifically, the last periods or the last days of this quarter. Indeed, we have an impact, a strong impact on the EBITDA margin, especially compared to the historicals displayed close to 6.7%, as you said, 39%.

里卡多，早安。我是財務長卡米洛·巴爾科 (Camilo Barco)。謝謝您的提問。讓我們來看看您關於 2025 年 EBITDA 利潤率的問題。具體來說，就是本季的最後幾個時期或最後幾天。確實，我們對 EBITDA 利潤率產生了影響，特別是與歷史數據接近 6.7%（正如您所說，為 39%）相比。

And what we should say on this matter is that, in the presentation, we saw how there are several elements that have an influence on the performance of that EBITDA margin. One, which seems to stay in time, especially with what we're projecting for the rest of the year, and it's the most important related to prices. So a decrease of price that we saw of 22%, of course, hurts significantly the EBITDA margin. And possibly, this is something that will penalize us in the second semester.

關於這個問題，我們應該說的是，在演示中，我們看到了有幾個因素會影響 EBITDA 利潤率的表現。第一，這似乎與時俱進，特別是與我們今年剩餘時間的預測一致，而且這與價格關係最為密切。因此，我們看到的價格下降了 22%，這當然會嚴重損害 EBITDA 利潤率。並且有可能，這會對我們在第二學期造成懲罰。

The second element has to do with surroundings, especially in the first semester. In the second semester, the group of Ecopetrol has been making significant measures to preserve its infrastructure and its operation and has developed a high resiliency to respond to these types of situations. Today, we are responding in very short terms to the situations that take place, but we have to include the protests that we've seen from communities.

第二個因素與周圍環境有關，特別是在第一學期。在第二學期，哥倫比亞國家石油公司集團採取了重大措施來保護其基礎設施和運營，並形成了應對此類情況的高度彈性。今天，我們對發生的情況做出了非常短期的反應，但我們必須考慮到我們在社區中看到的抗議活動。

The third element is also important with the EBITDA margin and the net profit because of our participation -- indirect participation with ISA and (inaudible) is the adjustment made of the RBSE, which is the basic network of the existing grid. And here, we have a one-off or a situation that relates to the anticipated termination of a contract in 2014. And here, the origin of compensations were made.

第三個要素也很重要，即 EBITDA 利潤率和淨利潤，因為我們的參與——間接參與 ISA 和（聽不清楚）是對 RBSE 所做的調整，RBSE 是現有電網的基礎網路。這裡，我們遇到了一次性的情況，或與 2014 年預計終止合約有關的情況。賠償的由來就在這裡。

And of these compensations, there was an adjustment requested to recognize financially the capital cost. We hope this is just a one-off event and it will have an impact of COP600 billion. That's a total impact. And we also saw in the cash flow, it will have a more extensive impact.

並且，對於這些補償，要求進行調整以在財務上確認資本成本。我們希望這只是一次性事件，並將產生 6000 億哥倫比亞比索的影響。這具有完全的影響。我們也看到，在現金流方面，它將產生更廣泛的影響。

But on the EBITDA, we can talk about these three elements. And on the net profit, of course, the impact is lower of COP6 billion. In addition to these factors, it's worth mentioning that there is a topic related to taxes. The tax of Catatumbo, the special contribution made to Catatumbo has an effect of COP300 billion with a stamp tax and this could add to COP600 billion.

但關於EBITDA，我們可以討論這三個要素。當然，對於淨利潤而言，影響較低，為 60 億哥倫比亞比索。除了這些因素之外，值得一提的是還有一個與稅收相關的議題。卡塔通博的稅收，對卡塔通博的特殊貢獻，加上印花稅，將產生 3000 億哥倫比亞比索的效應，而這可以增加到 6000 億哥倫比亞比索。

So with this said, our biggest effort again or what we can do is to deepen and accelerate with more efficiencies to compensate somehow the negative effect of these external issues. We trust that we will have a good effect on compensation, and we will take our EBITDA margins to levels closer to the ones we've seen historically.

所以，話雖如此，我們最大的努力或我們能做的就是深化和加速，提高效率，以某種方式彌補這些外部問題帶來的負面影響。我們相信，我們將對薪資產生良好的影響，並將我們的 EBITDA 利潤率提高到更接近歷史水平。

For 2026, of course, it all will depend on the performance of the market. But when it comes to the financial plan that we have, we will make major efforts to under control and to maintain the inflection that we see in the performance of prices, especially for the lifting cost.

當然，對於 2026 年來說，一切都將取決於市場的表現。但就我們的財務計畫而言，我們將盡最大努力控制和維持價格表現的變化，特別是提升成本的變化。

Good morning, Ricardo. This is Juan Carlos Hurtado. When it comes to your question and to have more details with the Lorito and Orca projects. Orca is a project that was sanctioned in the first quarter by the company, and later, we carried out the milestone of the approval of the Brazilian authorities for the commercial component.

早上好，里卡多。這是胡安·卡洛斯·烏爾塔多。當談到您的問題並想了解有關 Lorito 和 Orca 項目的更多詳細信息時。Orca是該公司在第一季批准的一個項目，隨後，我們實現了獲得巴西當局對其商業部分批准的里程碑。

And it gave the commercial strength or drive to this. So this allowed us to make progression to reach the reserves we need and with the specifications that we will receive at the end of the year. That's something that we have to keep in mind, the Gato Mato Orca project.

這為該法案提供了商業實力或動力。因此，這使我們能夠取得進展，達到我們所需的儲備，並達到我們將在年底收到的規格。這是我們必須牢記的事情，Gato Mato Orca 項目。

When it comes to the Lorito project, we began the plan -- the development plan in this area, which goes hand in hand with the assets that we have, like Acacia, Chichimene and that synergy will help us to carry out certain activities of the project. What have we been doing? We have made environmental impact studies. We've made development studies.

當談到洛里托計畫時，我們開始了該計劃——該地區的發展計劃，它與我們擁有的資產（如 Acacia、Chichimene）齊頭並進，這種協同作用將幫助我們開展該計畫的某些活動。我們一直在做什麼？我們已經做了環境影響研究。我們已經進行了發展研究。

And with that, we can ask for the licenses, the progression of the volumes initially estimated of [250], which is the opportunity we see with the progression that we need. We will carry out these analysis that I told you. And at the end of this quarter, the last quarter of this year, we will be requesting or applying for the licenses. So by 2026, 2030, we can carry out this project. It all depends on these licenses.

有了它，我們就可以申請許可證，最初估計的數量為 [250]，這是我們所需要的進展所帶來的機會。我們將進行我告訴你的這些分析。在本季末，也就是今年最後一個季度，我們將申請許可證。所以到2026年、2030年，我們就可以實施這個計畫。這一切都取決於這些許可證。

Alejandra Andrade, JPMorgan.

摩根大通的亞歷杭德拉·安德拉德。

(interpreted) I have two questions. One, I see a reimbursement of tax on your cash flow in the second quarter. Could you please explain if this is a reimbursement that you are waiting for? What happened there?

（翻譯）我有兩個問題。第一，我看到你們在第二季的現金流中得到了稅收補償。您能否解釋一下這是您正在等待的退款嗎？那裡發生了什麼事？

And second question, I understand that you are comfortable with the leverage of Ecopetrol. But looking at the consolidated, you are at the ceiling. But so -- how do you see acquisitions? Or how do you plan to handle investments and dividends again since you are at the leverage limit of your consolidated level?

第二個問題，我了解到您對 Ecopetrol 的影響力感到滿意。但從合併情況來看，你已經達到上限了。但是—您如何看待收購？或者，由於您已達到合併水準的槓桿極限，您計劃如何再次處理投資和股息？

Alejandra, good morning. This is Camilo Barco, CFO. On your question of taxes, indeed, in the second quarter, we have a compensation from taxes of about COP2.2 billion. We've said that for this year in 2025, the total balance of taxes in favor between that income and others is COP9.5 billion total. So what we see reflected here is the compensation and return of several sums of these taxes that exceed the capability of compensation.

亞歷杭德拉，早安。我是財務長卡米洛·巴爾科 (Camilo Barco)。關於您提到的稅收問題，事實上，第二季我們的稅收補償約為 22 億哥倫比亞比索。我們說過，到 2025 年，該收入與其他收入之間的稅收總差額為 95 億哥倫比亞比索。所以我們這裡看到的體現就是對其中幾筆超出補償能力的稅金進行補償和回饋。

For this year, what we foresee is to obtain an amount of COP6.7 billion. And specifically, with the debt that we've been paying since January, we're talking about COP3.6 billion that we will be paying in the period, of which, we can compensate or receive returns of 93%, that is COP3.3 billion, so that's why we have that return. And the expectation is to keep increasing until we reach the COP6.6 billion.

今年，我們預計將獲得 67 億哥倫比亞比索。具體來說，我們自 1 月以來一直在償還的債務約為 36 億哥倫比亞比索，其中我們可以補償或獲得 93% 的回報，即 33 億哥倫比亞比索，這就是我們獲得該回報的原因。預計這一數字將繼續增長，直至達到 66 億古巴比索。

With regards to the leverages, let me mention several things. Firstly, the operational cash flow, thanks to the timely payments of fintech this year, we collected a total from April and May, an available cash flow that's healthy and it allows us to properly cover our operations and our organic investments. So with this, again, and as we stated in our investment plan of 2025, investments -- organic investments did not require increases or finances in addition. This has been taken place strictly.

關於槓桿，我想提幾點。首先，營運現金流，得益於今年金融科技的及時支付，我們從 4 月到 5 月總共收取了一筆健康的可用現金流，這使我們能夠妥善覆蓋我們的營運和有機投資。因此，正如我們在 2025 年投資計畫中所述，投資——有機投資不需要增加或額外融資。此事已嚴格執行。

As to inorganic investments or acquisitions, we also mentioned that we had the authorization from the Board of Directors to increase financing up to $680 million, of which we have disbursed for the first operations, $500 million. And with this, we believe that we have covered enough our investments plan, inorganic investments plan, especially for the CPO-09 project.

至於無機投資或收購，我們也提到，我們已獲得董事會的授權，將融資金額增加至 6.8 億美元，其中我們已經為首批營運支付了 5 億美元。至此，我們相信我們已經充分涵蓋了我們的投資計劃、無機投資計劃，特別是 CPO-09 項目。

And when it comes to the assets of renewable energy recently announced, it's important to mention, firstly, the value of these transactions this year, which incorporates the value of the tickets. And this value fundamentally can be covered with the internal generation of cash flow by Ecopetrol. However, for the following acquisitions or to finance the CapEx of those projects, we are structuring alternatives for up-financing, like project finance, we already have and this is quite ahead.

當談到最近宣布的可再生能源資產時，首先值得一提的是今年這些交易的價值，其中包括門票的價值。而這價值從根本上可以透過Ecopetrol內部產生的現金流來覆蓋。然而，對於接下來的收購或為這些項目的資本支出提供資金，我們正在建立追加融資的替代方案，例如專案融資，我們已經擁有了，而且這是相當超前的。

When it comes to the dividends, we can say that these will depend on the price context, it really has to do with what we determined in this cycle of planning for 2026 and the ideas. As we've said, Ecopetrol has set out to maintain its debt within the limits below 2.5 times it's EBITDA. This is a level an indicator that we have been meeting.

說到股息，我們可以說這將取決於價格環境，這實際上與我們在 2026 年規劃週期中確定的內容和想法有關。正如我們所說，Ecopetrol 已著手將其債務維持在其 EBITDA 的 2.5 倍以下的限度內。這是我們一直達到的水平和指標。

And we'd also like to underscore that although when it comes to gross debt versus EBITDA, this indicator is close. It's important to say that today, the position of the cash flow is sound and stable. It allows us to have an indicator of net debt to EBITDA quite below, we're talking about less than 2.2 times the total EBITDA. And if we make the analysis excluding ISA, this will leave us to levels of debt by 1.6 times the EBITDA, which is way below the range of the industry. I hope this answers all of your questions.

我們還想強調的是，儘管就總債務與 EBITDA 而言，這項指標很接近。值得一提的是，目前現金流狀況穩健穩定。它使我們能夠獲得一個相當低的淨債務與 EBITDA 比率指標，我們說的是低於總 EBITDA 的 2.2 倍。如果我們進行不包括 ISA 的分析，我們的債務水準將是 EBITDA 的 1.6 倍，遠低於行業範圍。我希望這能解答你們的所有問題。

Andres Cardona, Citibank.

花旗銀行的安德烈斯‧卡多納 (Andres Cardona)。

(interpreted) I have three questions. First, is top management and the Board of Directors considering that the assets at Permian continue being strategic? Because you've said this before.

（翻譯）我有三個問題。首先，高階主管和董事會是否認為二疊紀的資產仍具有戰略意義？因為你之前說過這件事。

Second question, do you worry about the production of oil in Colombia, excluding the incremental of CPO-09? Because for some months, we've seen some drop there. Do you expect these dynamics will continue towards the future?

第二個問題，除了CPO-09的增量之外，您是否擔心哥倫比亞的石油產量？因為幾個月來，我們看到那裡有所下降。您預計這些動態會在未來持續下去嗎？

And my third question, there seems to be more appetite for M&As. You've got a sale with upstreams. Do you continue with that appetite? And today, with capital allocation, what's a bigger priority for you, dividends or the expansion -- inorganic expansion?

我的第三個問題是，人們對併購的興趣似乎更大了。您與上游有一筆銷售。你的胃口還會繼續嗎？如今，在資本配置方面，對您來說，哪個更重要：股息還是擴張—無機擴張？

Good morning, Andres, this is Ricardo Roa. For many viewpoints, we've said as top management that the project, the assets in Permian are important in terms of reserves; production, the incremental production seen in recent years; and, of course, the generation of barrels with profitability. The Board Directors has never discussed the valuation of this project. Of course, we are looking at all of our assets constantly. But Julian, could you give us more information about this?

早安，安德烈斯，我是里卡多·羅阿。從許多角度來看，身為高階管理人員，我們說過，該專案、二疊紀資產在儲量、產量（近年來的增量產量）以及獲利能力方面都很重要。董事會從未討論過該項目的估值。當然，我們會不斷關注我們的所有資產。但是朱利安，你能給我們更多有關這方面的資訊嗎？

Thank you, President. I am Julian Lemos V, Corporate VP of New Businesses. When it comes to Permian, I'd like to underscore that the diversification of the group, not only in businesses or acquisitions like ISA, but geographic, led us to increase our position in the US.

謝謝您，總統先生。我是新業務公司副總裁 Julian Lemos V。談到二疊紀，我想強調的是，集團的多元化，不僅體現在業務或 ISA 等收購上，還體現在地域上，這讓我們在美國的地位得到了提升。

And today, we have that premise still valid with regards to assets. As I said before, Andres, we are seeking to drive that sector, looking at favorable experiences like the one we had with Parex. And that we had in Putumayo, which, again, allow us to maximize the activities that we make in those assets with lower capital allocation.

今天，對於資產而言，這一前提仍然有效。正如我之前所說，安德烈斯，我們正在尋求推動該行業的發展，並借鑒與 Parex 合作的良好經驗。我們在普圖馬約擁有這些資產，這再次使我們能夠以較低的資本配置最大限度地開展我們在這些資產上開展的活動。

Good morning, Andres. This is Juan Carlos Hurtado, the VP of Hydrocarbons, acting. When it comes to the production of oil and crude oil, yesterday with the journalists, we said, that if we compare the results of this semester, with that of 2024, we have increases. We are showing 517 barrels of crude oil versus those of the first semester of 2024.

早安，安德烈斯。我是碳氫化合物部門的代理副總裁 Juan Carlos Hurtado。關於石油和原油產量，昨天我們在與記者的談話中表示，如果將本學期的結果與 2024 年的結果進行比較，就會發現產量增加。與 2024 年第一季相比，我們顯示的原油數量為 517 桶。

So when it comes to crude oil, we have been working strong to reach growth levels throughout the country. To the point that the production we estimate is at 527,000 by the end of the year, depending on the production that we have today of 25,000 barrels, which we expect that will reach 30,000 by the end of the year.

因此，就原油而言，我們一直在努力實現全國的成長水準。我們估計，到今年年底，產量將達到 527,000 桶，這取決於我們今天的 25,000 桶產量，我們預計到今年年底產量將達到 30,000 桶。

The prior semester, if we compared Caño Sur, we spoke of 48,000 barrels. But today, we have peak productions of 57,000 barrels, and that's for Caño Sur. And the idea is to increase our efficiencies and treatments and processing to ensure a higher peak with Caño Sur.

上一學期，如果我們比較 Caño Sur，我們說的是 48,000 桶。但今天，我們的產量高峰為 57,000 桶，這只是 Caño Sur 的產量。我們的想法是提高效率、治療和加工能力，以確保 Caño Sur 達到更高的峰值。

In addition, we've been working also with Rubiales with the production peak. And there, we're working to have an impact on the supplies of electrical energy. We've had recurrent failures, which have stopped us from having those higher production levels that we seek.

此外，我們也一直與 Rubiales 合作，共同實現生產高峰。我們正在努力對電力供應產生影響。我們屢屢遭遇失敗，導致我們無法達到所追求的更高生產水準。

And in Castilla, Chichimene, we have also injections of water. And there, we will remain at levels -- with higher production levels or 97,000 barrels and 76,000. Chichimene has synergies with Acacia and the next developments.

在卡斯提爾、奇奇梅內，我們也注入了水。並且，我們的產量仍將維持在較高水平，分別為 97,000 桶和 76,000 桶。Chichimene 與 Acacia 及其後續開發項目具有協同作用。

So when it comes to the structure of crude oil in the country in the segment, we see increases related to the current fields. And the possibilities, as we mentioned yesterday, when it comes to the commercial declaration of (inaudible), so we can, in the future, look at different projects.

因此，當談到該國原油的結構時，我們看到與當前油田相關的成長。正如我們昨天提到的，當談到（聽不清楚）的商業聲明時，我們可能會考慮不同的項目。

Andres, this is Julian Lemos. Let me talk about -- answer your third question, when it comes to M&As. I'd say that this activity is something that Ecopetrol has been doing recurrently for the past years, not only incorporating reserve -- inorganic reserves, as we saw with Permian and purchasing Chevron in Guajira, but also with the diversification of the business for capital like the acquisition of ISA.

安德烈斯，這是朱利安·萊莫斯。讓我來談談——回答你的第三個問題，關於併購。我想說，這項活動是哥倫比亞國家石油公司過去幾年來一直在做的事情，不僅包括儲備——無機儲備，就像我們在 Permian 和收購 Guajira 的雪佛龍所看到的那樣，而且還包括業務多元化以獲取資本，比如收購 ISA。

I don't think it's contradictory that when we manage our portfolio, we can simultaneously buy and sell upstream assets because the portfolio management should lead us to disinvest in those assets where we have little growth opportunities and low materiality. And we should complement this with assets instead that can improve our profitability and that's in the portfolio. So Camilo, let's talk about dividends, please.

我認為，當我們管理投資組合時，我們可以同時買賣上游資產，這並不矛盾，因為投資組合管理應該引導我們減少對那些成長機會少、重要性低的資產的投資。我們應該用可以提高獲利能力的資產來補充這一點，而這些資產就在投資組合中。那麼卡米洛，請我們來談談股息。

Thank you, Julian. When it comes to capital allocation, let me mention that the aim is to have reserves index up 3%. And this has to do with the decisions made for capital allocation. Of course, with the very rigorous discipline of capital management with returns that are sufficient, not only to meet or cover capital costs, but also keeping in mind the risks related depending on projects.

謝謝你，朱利安。說到資本配置，我想說的是，目標是讓儲備指數上升 3%。這與資本配置決策有關。當然，透過非常嚴格的資本管理紀律，可以獲得足夠的回報，不僅可以滿足或涵蓋資本成本，還要考慮到與專案相關的風險。

And preserving, of course, the production and the reserves. But also in financial terms, prioritizing those investments that can generate immediately on a short-term basis, meaning those investments that are in operation or have the capability to contribute to the EBITDA and have short-cycle payback cycles. So these are some of the criteria that we have in mind.

當然，也要保留產量和儲備。但從財務角度來看，優先考慮那些可以在短期內立即產生收益的投資，即那些正在運營或有能力為 EBITDA 做出貢獻並具有短週期回報週期的投資。這些就是我們考慮的一些標準。

And somehow to this, this goes with our dividends policy, so the idea here is to remain within that policy, determined from 40% to 60% of the profit available. So that is capital allocation, really shows our commitment to generate value, increase our free cash flow, and to create competitive returns.

在某種程度上，這與我們的股息政策相符，因此這裡的想法是繼續遵守該政策，確定可用利潤的 40% 到 60%。這就是資本配置，真正顯示了我們致力於創造價值、增加自由現金流和創造有競爭力的回報。

Thank you. There are no more questions. Now let's live questions. Let's read questions that arrived in writing. For this year, do you estimate any new investments in clean energies?

謝謝。沒有其他問題了。現在讓我們來回答問題。讓我們閱讀一下書面提出的問題。您預計今年在清潔能源領域會有任何新的投資嗎？

Good morning. This is acting Bayron Triana, Acting VP of Energies. This year, as everybody knows, we have made an investment in (inaudible) and made investments in wind farms in La Guajira as well, and in the Windpeshi. And we're estimating $300 million to $400 million invested in these clean energy projects.

早安.我是能源部代理副總裁 Bayron Triana。眾所周知，今年我們對（聽不清楚）進行了投資，也對瓜希拉省和溫德佩什省的風力發電場進行了投資。我們估計這些清潔能源項目的投資額為 3 億至 4 億美元。

Good morning. I'm Bayron Triana, Acting VP of Energies. When it comes to investments in clean energies, we have different projects. We're talking about the wind farm of Windpeshi. And we also have projects that we will begin with ICE as a partner. Overall, what you can see from these investments plus others that we're analyzing according to the reserves that we have for Ecopetrol, we talk about investments that are up from $300 million to $400 million.

早安.我是能源部代理副總裁 Bayron Triana。在清潔能源投資方面，我們有不同的項目。我們正在談論 Windpeshi 風力發電場。我們也將與 ICE 合作進行一些專案。總體而言，從這些投資以及我們根據 Ecopetrol 的儲備進行分析的其他投資中可以看出，投資金額從 3 億美元增加到 4 億美元。

Pablo Gonzalez from Energy News Today asks, could you give us an estimate of the [imports] necessary of gasoline and diesel necessary for the rest of the year. What's the calendars that you have scheduled for the second semester?

《今日能源新聞》的 Pablo Gonzalez 問道，您能否估算一下今年剩餘時間所需的汽油和柴油進口量。你第二學期的行程是怎麼樣的？

Good morning, Pablo. Thank you for your questions. I would like to answer this question of the imports of gasoline and diesel. And I'll ask my colleague to complement me.

早上好，巴勃羅。謝謝您的提問。我想回答一下關於汽油和柴油進口的問題。我會請我的同事來補充我。

From January to this date, we've imported 74,000 barrels of gasoline -- regular gasoline. We track about [7.5 million thousand] barrels a day or $3.2 million. The expectation is that the idea is to reduce these imports to 43,000 barrels a day of regular gasoline and 8,000 barrels of diesel. As I said before, leaving behind the main -- the overhauls (inaudible) and operational challenges, we can reach those levels.

從一月至今，我們已經進口了 74,000 桶汽油——普通汽油。我們每天追蹤大約 [750 萬桶] 或 320 萬美元。預計這項想法將使普通汽油進口量減少至每天 43,000 桶，柴油進口量減少至每天 8,000 桶。正如我之前所說，拋開主要的——改革（聽不清楚）和營運挑戰，我們就能達到這些水準。

Felipe, could you give us a hand here?

費利佩，你能幫我們一下嗎？

Thank you, Julio. With regards to the stoppages, the news given is that we have no further significant stops scheduled for the second half of the year in our principal units. However, we have minor at the hydrogen and paraffin treatment plants and the refinery of Cartagena.

謝謝你，胡里奧。關於停工，目前得到的消息是，我們的主要單位下半年沒有安排進一步的重大停工。然而，我們在氫氣和石蠟處理廠以及卡塔赫納煉油廠方面的投資較少。

We have a plant that makes phenolic water treatment will be stopping and also for acoustic water treatments. But major overhauls for the second semester are not scheduled that can hurt our balance sheet, no.

我們有一家生產苯酚水處理的工廠即將停止生產，同時也生產聲學水處理設備。但是第二學期的重大改革沒有安排，因為這會損害我們的資產負債表，不會。

Next question from (inaudible). He asks, what does it mean for the Sirius project that the Buena Suerte-1 project did not make any statements? Is there a change of expectation over Sirius in terms of time and size?

下一個問題來自（聽不清楚）。他問道，Buena Suerte-1計畫沒有發表任何聲明，對於Sirius計畫來說意味著什麼？從時間和規模來看，對天狼星的期望有改變嗎？

Good morning, Nelson, this is Ricardo [Hurtado]. With regards to Buena Suerte drill, there are no consequences regarding Sirius. Why? Because Buena Suerte is something very different within this project.

早安，尼爾森，我是里卡多[烏爾塔多]。就 Buena Suerte 演習而言，Sirius 不會產生任何後果。為什麼？因為 Buena Suerte 在這個專案中是非常不同的。

And it had other geological objectives with no hydrocarbon was really determined, which led us to have a better coverage and to advance with other drills, exploratory drills. So right now, that's why we're more with the Papayuela.

而且它還有其他地質目標，但尚未真正確定碳氫化合物，這使我們能夠更好地覆蓋並推進其他鑽探和勘探鑽探。所以現在，這就是我們更青睞 Papayuela 的原因。

When it comes to Sirius, we have a schedule and given to Sirius 2. We made the tests and we've advanced in the timeline -- with the prior consultations to advance within the timetable for 2029, 2030.

說到 Sirius，我們有一個時間表並交給了 Sirius 2。我們進行了測試，並按照時間表取得了進展——經過事先磋商，我們將按照 2029 年、2030 年的時間表推進。

Thank you. There are no further questions. Now let's listen to Camilo Barco, our CFO for final remarks.

謝謝。沒有其他問題了。現在讓我們聽聽我們的財務長卡米洛·巴爾科 (Camilo Barco) 的最後發言。

Thank you, all of you that have joined us today and that participated in this call. And thank you for those that have been interested in joining us as you have and supporting Ecopetrol.

感謝今天加入我們並參加此次電話會議的所有人。感謝有興趣加入我們並支持 Ecopetrol 的人。

Here, we will continue working constantly to consolidate our fundamentals, the traditional business of hydrocarbons and our purpose to move on to clean energies and efficient energies.

在這裡，我們將繼續不斷努力鞏固我們的基礎、傳統的碳氫化合物業務以及我們向清潔能源和高效能源邁進的目標。

We are committed to our promise to create value for all of our stakeholders. Committed to our efficiencies, so we can compensate up to where it's possible the challenging setting of market prices and to be able to stabilize and counteract the costs, the lifting costs and operation costs, in terms of efficiency and competitiveness.

我們致力於履行承諾，為所有利害關係人創造價值。我們致力於提高效率，以便盡可能彌補市場價格的挑戰，並能夠在效率和競爭力方面穩定和抵消成本、提升成本和營運成本。

So again, thank you. We will continue working and giving sustainability and continuity to what we've done so far, and we wish you a great day.

再次感謝你。我們將繼續努力，確保我們迄今為止所做的工作的可持續性和連續性，並祝您度過美好的一天。

Thank you, all. With this, we end our conference call of the second quarter of 2025. Thank you for your participation. You may hang up.

謝謝大家。至此，我們結束了2025年第二季的電話會議。感謝您的參與。你可以掛斷電話了。

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。