Ecopetrol SA (EC) 2025 Q4 法說會逐字稿

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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 in 2025. (Operator Instructions)

早安.我是娜塔莉亞，今天由我來主持這次電話會議。歡迎參加Ecopetrol的業績電話會議，我們將討論2025年的主要財務和營運績效。 （操作說明）

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.

在開始之前，需要說明的是，Ecopetrol 高階管理層在本次電話會議中的發言包含對公司未來業績的預測。這些預測並不構成對未來績效的任何承諾，也沒有考慮到可能出現的風險或不確定因素。

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

因此，如果未來的結果與本次電話會議中分享的預測有所不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Juan Carlos Hurtado, Executive Vice President of Hydrocarbons; Camilo Barco, CFO; and Bayron Triana, Executive Vice President of Transition Energies.

本次電話會議將由以下人員主持：Ecopetrol 執行長 Ricardo Roa 先生；碳氫化合物執行副總裁 Juan Carlos Hurtado 先生；財務長 Camilo Barco 先生；以及轉型能源執行副總裁 Bayron Triana 先生。

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

謝謝各位的關注。羅阿先生，您可以開始您的會議了。

Good morning. Thank you for joining us today for Ecopetrol Group's fourth quarter and full-year 2025 results call. Last year, we achieved our goals, maintained financial discipline, stable operations, maximizing value management, drivers that reflect the strength of our strategy, and the group's ability to operate in challenging environment.

早安.感謝各位參加今天Ecopetrol集團2025年第四季及全年業績電話會議。去年，我們實現了既定目標，維持了財務紀律，營運穩定，實現了價值最大化管理，這些都體現了我們策略的優勢，以及集團在充滿挑戰的環境中運作的能力。

We consolidated a 44% three-year success rate in exploration, about the industry average and exceeded our 2025 field wells target by 60%, drilling 16 wells. This team achieved the second highest net profit in history. In production and refining, we met our targets within the announced range and achieved a reserves replacement ratio of 121%, the highest in the last four years. In 2025, we marketed in advance 100% of the Sirius gas and moved forward with new supply alternatives. On the other hand, we declared the well Lorito to be commercially viable.

我們在勘探方面鞏固了三年44%的成功率，與行業平均水平大致相當，並超額完成了2025年油田井目標60%，共鑽探了16口井。該團隊實現了歷史第二高的淨利潤。在生產和煉油方面，我們依照既定目標完成了任務，儲量替代率達到121%，為近四年來的最高水準。 2025年，我們提前售出了100%的Sirius天然氣，並推進了新的供應方案。此外，我們宣布Lorito井具備商業開採價值。

Also, we surpassed our renewable energy capacity goal, reaching 951 megawatt, initially set by 2030 and strategic milestone for diversifying the company's energy metrics. But in ISA, we executed investments 31% higher in 2024 with projects of a total amount of $664 million.

此外，我們提前實現了再生能源裝置容量目標，達到951兆瓦，這是最初設定的2030年目標，也是公司能源指標多元化的策略里程碑。但在ISA（獨立系統資產）方面，我們在2024年執行的投資額比預期高出31%，項目總額達6.64億美元。

I would like to highlight how our efficiency program delivered history result in 2025, accumulating more than COP16 trillion over the past three years, strengthening our financial position and supporting business sustainability. 2025 was a year of reliable execution. We maintained the group's long-term sustainability and met the goals announced to the market.

我想重點介紹我們的效率提升計劃如何在2025年取得了歷史性的成果，過去三年累計節省超過16萬億哥倫比亞比索，增強了我們的財務實力，並支持了業務的可持續發展。 2025年是執行力強勁的一年。我們維持了集團的長期永續發展，並實現了向市場公佈的目標。

Let us move to the next slide. Average production reached 745,000 barrels per day. Transportation exceeded 1.1 million barrels per day, and refining throughput reached 417,000 barrels per day. Both operational performance and the efficiency program mitigated the impact of one adverse environment, considering a reduction of nearly 15% in crude prices. Despite this, we maintained an EBITDA margin in line with expectation, demonstrating discipline and resilience.

讓我們來看下一張投影片。平均日產量達74.5萬桶。運輸量超過110萬桶/日，煉油量達41.7萬桶/日。考慮到原油價格下跌近15%，營運績效和效率提升計畫有效緩解了不利環境的影響。儘管如此，我們仍維持了符合預期的EBITDA利潤率，展現了良好的紀律性和韌性。

On the commercial front, we achieved the best crude differential of the past four years. We closed 2025 at $4.6 per barrel, an improvement of $2 compared to 2024, driven by market diversification, basket optimization, and effective coordination among our trading companies.

在商業方面，我們實現了近四年來最佳的原油價差。我們預測2025年原油價差將達到每桶4.6美元，比2024年提高2美元，主要得益於市場多元化、投資組合優化以及我們各貿易公司之間的有效協調。

Finally, to our shareholders. In 2025, we transferred COP35 trillion to the nation in dividends, taxes, and royalties. This result ratifies Ecopetrol's role as a fundamental pillar for national economic development. The Board of Directors will propose to the general assembly on March 27 a dividend of COP110 per share equivalent to 50% of net income under the dividend distribution policy of Ecopetrol. This proposal reaffirms our commitment to responsible, sustainable, and value-oriented dividend distribution.

最後，致各位股東。 2025年，我們透過股利、稅收和特許權使用費向國家貢獻了35兆哥倫比亞比索。這項成果鞏固了哥倫比亞國家石油公司作為國家經濟發展重要支柱的地位。董事會將於3月27日向股東大會提議，根據哥倫比亞國家石油公司的股息分配政策，派發每股110哥倫比亞比索的股息，相當於淨利潤的50%。該提案重申了我們對負責任、可持續和以價值為導向的股息分配的承諾。

Let's move to the next slide. At the end of 2025, Ecopetrol reached 1.944 billion barrels of oil equivalent improving 1P reserves, supporting the long-term sustainability of our operations. This result was mainly driven by organic growth, which added 314 million barrels through enhanced recovery, the largest reserves incorporation in the history as well as operational optimization that contributed with 19 million barrels helping to offset external variables such as Brent prices, exchange rates and inflation.

我們來看下一張投影片。截至2025年底，Ecopetrol的石油當量儲量達到19.44億桶，1P儲量顯著提升，為公司營運的長期永續發展提供了保障。這項成果主要得益於內生成長，透過提高採收率新增了3.14億桶儲量，創歷史新高；此外，營運優化也貢獻了1,900萬桶的產量，有效抵銷了布蘭特原油價格、匯率波動和通貨膨脹等外部因素的影響。

In addition, according to Law 2056 of 2020 and Resolution 164 of 2015, reserves associated with crude royalty securitization were incorporated. This practice is recognized by the SEC and has been applied to gas royalties since 2014 for Ecopetrol Group.

此外，根據2020年第2056號法律和2015年第164號決議，原油特許權使用費證券化相關的儲備金也被納入其中。此做法已獲得美國證券交易委員會（SEC）的認可，並自2014年起應用於Ecopetrol集團的天然氣特許權使用費。

The total crude incorporation amounted to 314 million barrels, 1.6 times the year's production, allowing the company to reach historic highs in 1P crude reserves volumes, reaffirming the resilience of the field, both national and internationally.

原油總注入量達到 3.14 億桶，是全年產量的 1.6 倍，使該公司 1P 原油儲量達到歷史新高，再次證明了該油田在國內外的韌性。

In gas, natural decline led to a reduction of 14.7 million barrels of oil equivalent partially offset by results at Pauto and Cupiagua fields, where pressure reduction techniques and hydraulic improvements were implemented to extend wells' life. We expect this trend to be reversed in the medium term as we progressively enable volumes discovered in Sirius and KGG.

天然氣方面，自然衰減導致產量減少1,470萬桶油當量，但Pauto和Cupigua氣田的成果部分抵銷了這一影響。這兩個氣田採用了降壓技術和水力改良措施，延長了油井壽命。我們預計，隨著Sirius和KGG氣田新發現儲量的逐步釋放，這一趨勢將在中期內逆轉。

Internationally, we continue to advance in the Orca Brazil Tatamá project after the commerciality declaration in 2025. Once the development plan gets the approval by the National Agency of Petroleum, Natural Gas, and Biofuels of Brazil, resources will gradually be progressive as reserves.

在國際上，我們將繼續推動 Orca Brazil Tatamá 項目，該項目已於 2025 年宣布具有商業可行性。一旦開發計畫獲得巴西國家石油、天然氣和生物燃料管理局的批准，資源將逐步轉化為儲量。

Let us move to the next slide. In 2025, we also advanced firmly in ESG indicators by strengthening our environmental, social, and governance commitments. On the environmental side, we reduced 561,000 tons of CO2 equivalent, achieving 165% of the annual target.

讓我們來看下一張投影片。 2025年，我們在ESG指標方面也取得了顯著進展，進一步加強了我們在環境、社會和治理方面的承諾。在環境方面，我們減少了56.1萬噸二氧化碳當量排放，實現了年度目標的165%。

We also received the Gold Standard recognition for methane management from the United Nations, validating our technical and transparent approach based on environmental protection. Ecopetrol consolidate its leadership in Colombia's aviation energy transition by supplying co-processed jet with renewable feedstocks for the operation of more than 700 LatAm flights.

我們還獲得了聯合國頒發的甲烷管理黃金標準認證，證明了我們基於環境保護的技術性和透明度。 Ecopetrol 透過向 700 多個 LatAm 航班供應採用再生原料共處理的航空煤油，鞏固了其在哥倫比亞航空能源轉型領域的領先地位。

Regarding water management, we reuse 181 million cubic meters, equivalent to 82% of water used in operations, a 10% increase compared to 2024, positioning us as a global benchmark in the sector. In energy transition at the Cartagena Refinery, we began installing the largest PEM electrolyzer in Latin America, capable of producing 800 tons of green hydrogen per year and avoid up to 7,700 tons of CO2 equivalent annually.

在水資源管理方面，我們循環利用了1.81億立方公尺的水，相當於營運用水量的82%，比2024年成長10%，使我們成為該領域的全球標竿。在卡塔赫納煉油廠的能源轉型方面，我們開始安裝拉丁美洲最大的PEM電解槽，每年可生產800噸綠色氫氣，並每年減少高達7700噸二氧化碳當量排放。

In 2025, we consolidate our leadership in works for taxes in Colombia. Since 2018, we have accumulated 154 projects worth COP1.4 trillion, equivalent to 35% of the national total. Only in 2025, we completed 21 projects worth COP109 billion, benefiting more than 419,000 inhabitants in 31 municipalities across 12 departments.

2025年，我們鞏固了在哥倫比亞稅收工程領域的領先地位。自2018年以來，我們已累積完成154個項目，總價值達1.4兆哥倫比亞比索，相當於全國總額的35%。光是2025年，我們就完成了21個項目，總價值達1090億哥倫比亞比索，惠及12個省份31個市鎮的41.9萬多名居民。

On corporate governance size, we highlight the approval of the statutory reform that incorporates an employee's representative on the board of directors, strengthening diversity, participation, and best governance practices.

在公司治理規模方面，我們重點關注已批准的法定改革，該改革在董事會中納入了一名員工代表，從而加強了多元化、參與和最佳治理實踐。

With this, I hand over to Juan Carlos, who will present the details of the hydrocarbon business performance.

接下來，我將把發言權交給胡安·卡洛斯，他將詳細介紹油氣業務的表現。

Thank you, Ricardo. On the exploration front, we continue to strengthen our portfolio. By the end of 2025, we're drilling 16 wells, exceeding our target of 10. Of these 16, 7 were successful, 5 are under evaluation, and 4 failed, achieving an average success rate of 44% over the last three years, placing us the competitive levels within the industry.

謝謝里卡多。在勘探方面，我們持續加強專案組合。到2025年底，我們將鑽探16口井，超過10口的目標。這16口井中，7口成功，5口正在評估中，4口失敗，過去三年平均成功率為44%，使我們在業界保持競爭力。

In 2025, we promote the maturation of discoveries towards their development phase, with a potential of over 435 million barrels of crude, equivalent to 24% of the current reserve of the Ecopetrol Group, highlighting one of first commercial declaration of four explorer areas of Orca Brazil, Lorito, Toritos, and Saltador.

2025 年，我們將推動已發現油田進入開發階段，原油儲量潛力超過 4.35 億桶，相當於 Ecopetrol 集團目前儲量的 24%，其中 Orca Brazil、Lorito、Toritos 和 Saltador 四個勘探區已率先宣布具有商業開採潛力。

Second, the extension of the commercial area of the Terecay Field, reaffirming the potential of Los Llanos Centrales. These volumes will gradually be incorporated into 1P reserve as their development progress. Environmental license is currently underway for the Lorito project, and the development plan for the Orca asset is awaiting approval from the Brazilian National Ports Administration.

其次，Terecay油田商業區的擴張再次印證了洛斯利亞諾斯中央平原的潛力。隨著開發過程的推進，這些油氣儲量將逐步併入1P儲量。 Lorito計畫的環境許可申請正在進行中，Orca資產的開發計畫正在等待巴西國家港務局的批准。

In the Sirius project, delineation stage of the discovery was completed, confirming the potential of the 6 trillion cubic feet. The ANH approved the extension of the 10 exploration and production contracts and agreements with additional terms between one and four years and authorized the transfer of 50% of the participation and operation, the Parex Resources Colombia in the Farallones E&P agreement. By 2026, in association with Parex, we expect the drilling of two exploratory wells in the Piedemonte as well in Farallones extension agreement.

在Sirius計畫中，勘探階段已完成，證實了6兆立方英尺的潛在儲量。 ANH批准了10份勘探和生產合約及協議的延期，延期期限為一至四年，並授權將Parex Resources Colombia在Farallones油氣勘探開發協議中50%的權益和營運權轉讓給該公司。到2026年，我們預計將與Parex合作，在Piedemonte油氣層以及Farallones延期協議範圍內鑽探兩口勘探井。

Next slide, please. On the production front, we reached a total accumulated production of 745,000 barrels of oil per day, in line with the established target at levels comparable to those of 2024. This result was largely driven by national crude production, which reached 517,000 barrels, the highest level in the last five years.

請看下一張投影片。在生產方面，我們累計石油日產量達到74.5萬桶，符合既定目標，與2024年的水準相當。這項成果主要得益於國內原油產量，達51.7萬桶，創五年來新高。

Thanks to first, the enhanced recovery strategies to increase production in major fields and mitigate natural decline. Second, growth in production from the Cano Sur fields. Third, the acquisition of a 45% stake in the CPO-9 block. We highlight that this production level was achieved with a 10% optimization at the initial and planned investment, and we achieved efficiencies of more than $139 million in drilling and completion activities.

首先，得益於提高主要油田產量和減緩自然衰減的強化採收策略；其次，得益於卡諾蘇爾油田產量的成長；第三，得益於收購了CPO-9區塊45%的股份。我們強調，這一產量水準是在初始和計劃投資的基礎上優化了10%的情況下實現的，並且在鑽井和完井作業中節省了超過1.39億美元的成本。

The 2026 organic investment plan has a simple breakeven of $40 per barrel, positioning this a competitive portfolio given current market conditions. Of this portfolio, 88% of the investment will be concentrated in growth projects. Among the milestones of to be achieved in 2020s, increase the number of development wells to be drilling in the country compared to 2025, and extending the development plan in Midland with Oxy until July 2027. Jointly defined with the price framework, the interest of both parties and align with the reduction in activity.

2026 年有機投資計畫的損益平衡點為每桶 40 美元，在當前市場環境下，該投資組合具有競爭力。在該投資組合中，88% 的投資將集中於成長項目。 2020 年代要實現的里程碑包括：與 2025 年相比，增加該國待鑽開發井的數量；以及將與西方石油公司 (Oxy) 合作的 Midland 油田開發計劃延長至 2027 年 7 月。價格架構由雙方共同製定，符合雙方利益，並與減產活動相協調。

Next slide, please. By the end of 2025, the transportation segment posted one of its best historical performance in EBITDA and net income, reaffirming its flexibility and operational efficiency amid a challenging environment.

請看下一張投影片。截至2025年底，運輸業務板塊的息稅折舊攤銷前利潤（EBITDA）和淨利潤均創歷史最佳表現之一，再次印證了其在充滿挑戰的環境下所展現出的靈活性和營運效率。

Regarding transported volumes, the segment through the strategic investments and operational adjustments, managed to expand evacuation options to capture volumes outside the network and respond actively to the needs of both the business growth and the market.

在運輸量方面，該部門透過策略性投資和營運調整，成功擴大了疏散選擇範圍，以獲取網路以外的運輸量，並積極響應業務成長和市場的需求。

In the context, the following milestones stand out, which enabled us to transport volumes about 1.1 million barrels through the network. First, expansion of evacuation capacity in oil pipelines by more than 122,000 barrels. Multi projects pipelines by more than 10,000 barrels.

在此背景下，以下幾個里程碑尤為突出，它們使我們能夠透過管網輸送約110萬桶原油。首先，輸油管的輸送能力增加了12.2萬桶以上。其次，多個專案管道的輸送能力增加了1萬桶以上。

Additional storage capacity by 323,000 barrels. Thanks to the commissioning of the new tanks in Pozos Colorados. Second, commissioning of the crude oil import scheme from Coveñas to Barrancabermeja Refinery to mitigate and respond on the third-party impacts on the infrastructure, monitoring schemes, operational console, and the inter-institutional coordination were strengthened in the Caño Limón-Coveñas system.

新增儲油能力32.3萬桶。這得歸功於波索斯科羅拉多斯新儲罐的投入使用。其次，科韋尼亞斯至巴蘭卡韋梅哈煉油廠原油進口方案的啟用，旨在減輕和應對第三方對基礎設施的影響，並加強了卡尼奧利蒙-科韋尼亞斯系統的監控機制、運作控制台和機構間協調。

The timeline activation of alternative evacuation routes, together with flexible operating schemes and the use of the technology, allowed us to preserve system continuity, avoid deferred production, and maintain refinery supply.

透過及時啟用備用疏散路線，結合靈活的操作方案和技術的應用，我們得以保持系統連續性，避免生產延誤，並維持煉油廠的供應。

From a financial standpoint, prioritization of cost optimization, neutralizing external effects such as the exchange rate, and maximizing the use of an infrastructure, among other measures, enabled the segment to achieve an EBITDA of COP11 trillion and net income close to COP5 trillion, one of the highest results in the history of the segment.

從財務角度來看，優先考慮成本優化、消除匯率等外部影響、最大限度地利用基礎設施等措施，使該業務板塊實現了 11 兆哥倫比亞比索的 EBITDA 和接近 5 兆哥倫比亞比索的淨利潤，這是該業務板塊歷史上最高的業績之一。

Continuing with the Refinery segment results, solid operational execution and timeline commercial decisions allow us to capture better international price differentials, strengthening profitability reservations of the business for 2025.

繼續從煉油業務板塊的業績來看，穩健的營運執行和及時的商業決策使我們能夠更好地掌握國際價格差異，增強業務在 2025 年的獲利能力。

We highlights are the historical record of 133,000 barrels per day of integrated throughputs in the fourth quarter of 2025, reflecting operational stability and high unitability after major maintenance for half of the year. The results contributed to the annual total of 470,000 barrels.

值得一提的是，2025年第四季綜合日處理量達到創紀錄的13.3萬桶，這反映了在經歷了半年的大修後，工廠運作的穩定性和較高的單元化率。這項成就為全年47萬桶的總處理量做出了貢獻。

The gross refinement margin increased by 32% in 2025 compared to 2024, increasing from $9.9 to $31 per barrel, thanks to production focus on higher value and higher quality fuels, crude basket optimization, prioritizing the processing of crudes with greater economic contribution, and acting opportunely to capture international price differentials.

2025 年毛煉油利潤率較 2024 年增長 32%，從每桶 9.9 美元增至 31 美元，這得益於生產重點轉向更高價值和更高質量的燃料、優化原油組合、優先加工經濟貢獻更大的原油以及把握國際價格差異的時機。

EBITDA reached COP2.7 trillion, 20% higher compared to 2024. Driving by prioritizing operational and energy efficiency, which kept refining costs under control and strengthened competitiveness and resilience in the face of energy and price conditions. In practice, each barrel contribute more, supported by the system capacity to take advantage of international price differentials, control and unit cost, and energy use efficiency.

息稅折舊攤提前利潤 (EBITDA) 達到 2.7 兆哥倫比亞比索，較 2024 年成長 20%。這主要得益於優先提升營運和能源效率，從而有效控制煉油成本，增強了公司在能源和價格波動環境下的競爭力和韌性。實際上，每桶原油的貢獻更大，這得益於系統利用國際價格差異的能力、對單位成本的控制以及能源利用效率的提高。

Regarding electrical reliability in Cartagena, efforts continued throughout 2025 to manage and decrease risk, with a projection of reaching a tolerated risk level in 2026. In 2025, progress reached is 81%. thirteen out of the sixteen milestones completed, and connection to the national interconnecting system was secured. 70 megawatts of backed up, reducing exposure to grid events and supporting established operations.

在卡塔赫納，為保障電力可靠性，2025年全年持續進行風險管理與風險降低工作，預計2026年將風險控制在可接受範圍內。截至2025年，專案進度已達81%。 16個里程碑中已完成13個，並已連接國家互聯繫統。 70兆瓦的備用容量降低了電網故障風險，並為現有運作提供了保障。

Next slide, please. During 2025, the efficiency program was consolidated as a key drive for value generation in the hydrocarbons line. We implemented decisive actions to maintain competitive unit costs. We, which have allowed us to offset exchange rate and inflationary impacts. At the end of 2025, the total unit cost of the hydrocarbons line was $46 per barrel, a significant decrease of $1.7 or 3.4% compared to 2024, mainly driven by the synergies implemented in crude oil purchasing and strict cost-executing discipline.

請看下一張投影片。 2025年，效率提升計畫鞏固了其作為油氣業務價值創造關鍵驅動力的地位。我們採取了果斷措施，以維持具有競爭力的單位成本，從而抵消了匯率和通貨膨脹的影響。截至2025年底，油氣業務的總單位成本為每桶46美元，較2024年顯著下降1.7美元，降幅達3.4%，主要得益於原油採購方面的協同效應以及嚴格的成本控制。

The lifting cost stood at $12.2 per barrel, $0.3 less than in 2024, marking 2025 as an important turning point in the indicator trend. Efficiencies played a fundamental role by contributing $0.96 per barrel in optimization. The refining cash costs and transport barrel costs remaining stable during 2025, closing at $5.75 per barrel and $3.41 per barrel respectively.

2025年原油提煉成本為每桶12.2美元，比2024年降低0.3美元，標誌著2025年成為此指標趨勢的重要轉捩點。效率提升發揮了關鍵作用，優化措施使每桶原油成本降低了0.96美元。預計2025年煉油現金成本和運輸成本將維持穩定，分別收在每桶5.75美元和3.41美元。

This reflects the effective mitigation of inflation and exchange rate pressures as a result of the established operational discipline and efficiency materials throughout the year. Despite the impact of the exchange rate on costs expressed in dollar, the trend in local currency confirms operation control, financial discipline, and our commitment to ensure -- to ensuring a downward trajectory in our key cost indicators.

這反映了全年貫徹的營運紀律和高效措施有效緩解了通膨和匯率壓力。儘管匯率波動對以美元計價的成本產生了影響，但以本幣計價的成本趨勢證實了我們對營運的控制、財務的嚴格把控以及我們致力於確保關鍵成本指標持續下降的承諾。

Now I will give the floor to Bayron, who will discuss the main milestone of the energy transition line.

現在我將把發言權交給拜倫，他將討論能源轉型路線上的主要里程碑。

Thank you, Juan Carlos. 2025 was a year of disciplined execution in the energy for transition business line. We made progress in strengthening energy security, scaling our renewable portfolio, and capturing efficiencies with operational and financial impacts.

謝謝你，胡安卡洛斯。 2025年是能源轉型業務線執行嚴謹的一年。我們在加強能源安全、擴大再生能源組合以及提高營運和財務效率方面都取得了進展。

In relation to natural gas, the Ecopetrol Group remains committed to generating value and contributing to the growth of the country's supply, with Ecopetrol being the only producer to market long-term volumes during 2025 for the period 2026 to '29. As a result, in December, we closed the sale of gas from the Ceres field, together with Petrobras, selling the entire volume up to 249 GBTU, a key step forward for its entry in 2030.

在天然氣方面，Ecopetrol集團始終致力於創造價值並為國家供應成長做出貢獻。 Ecopetrol是唯一一家在2025年簽訂2026年至2029年長期天然氣銷售合約的生產商。因此，在12月，我們與巴西石油公司（Petrobras）共同完成了Ceres氣田的天然氣銷售，售出了全部高達249 GBTU的天然氣，這是該氣田在2030年投產的關鍵一步。

Similarly, for 2026, the Ecopetrol Group has signed gas sales contracts for an average of 326 GBTUde to mainly serve the residential and commercial segments, reaching an estimated coverage of 76% of its demand, 6 percentage points more than in 2025.

同樣，Ecopetrol 集團已簽署 2026 年平均 326 GBTUde 的天然氣銷售合同，主要服務於居民和商業領域，預計可滿足​​其 76% 的需求，比 2025 年高出 6 個百分點。

In terms of gas supply optionality, complementary to offshore development in 2025, we will market 60 GBTUde of reclassified gas through Buenaventura, with deliveries scheduled for 2026. Additionally, in February, we began marketing two products with an offer between 126 and 370 GBTUde, which will be delivered through Sociedad Portuaria Puerto Berrío starting in December 2026.

就天然氣供應選擇而言，為配合2025年的海上開發，我們將透過布埃納文圖拉港銷售60 GBTU/d的重新分類天然氣，預計於2026年交付。此外，今年2月，我們開始銷售兩種產品，報價在126至370 GBTU/d之間，這些產品將從2026年12月起透過貝裡奧港務公司交付。

Let's move to the next slide, please. In terms of electricity, by the end of 2025, we reached nearly 951 megawatts of capacity incorporated into the renewable energy portfolio, exceeding the target of 900 megawatts. This growth contributes to reducing the unique cost of our electricity supply.

請看下一張投影片。就電力而言，到2025年底，我們再生能源組合的裝置容量將接近951兆瓦，超過了900兆瓦的目標。這一成長有助於降低我們電力供應的單一成本。

Within this portfolio, operating capacity grew by 94%, from 186 megawatts at the end of 2024 to 381 megawatts at the end of 2025. This growth is explained in part by the acquisition of Statkraft's asset portfolio, which included the Portón del Sol solar farm, the first asset operating in Colombia under the remote self-generation scheme, as well as the full entry into operation of the La Sira and La Iguana projects.

在該投資組合中，營運容量成長了 94%，從 2024 年底的 186 兆瓦成長到 2025 年底的 381 兆瓦。這一成長部分歸功於收購了 Statkraft 的資產組合，其中包括 Portón del Sol 太陽能發電廠（哥倫比亞首個根據遠端自發電計劃運營的資產），以及 La Sira 和 La Iguana 項目的全面投入運營。

The combined operation of the group's solar farms and the Campayús small hydroelectric plant avoided the emission of approximately 47,000 tons of CO2 equivalent and generated savings of around COP55 billion in 2025.

該集團的太陽能發電廠和坎帕尤斯小型水力發電廠的聯合運營，到 2025 年避免了約 47,000 噸二氧化碳當量的排放，並節省了約 550 億哥倫比亞比索。

In addition, in December 2025, the 205 megawatt Windpeshi wind farm reached its FID. This project will be the first wind project built and operated 100% by Ecopetrol, as well as one of the largest in the country. I would like to highlight that during 2025, these efforts enabled us to reduce the electricity supply tariff for Ecopetrol Group by approximately 4%, contributing, among other things, to mitigating pressures on lifting costs. Ecopetrol Group's electricity demand is equivalent to 10.25% of the energy in the national interconnecting system.

此外，2025年12月，裝置容量205兆瓦的溫德佩什（Windpeshi）風電場計畫達成最終投資決定（FID）。該項目將是Ecopetrol公司首個完全自主建設和運營的風電項目，也是該國最大的風電項目之一。我想強調的是，在2025年，這些努力使我們得以將Ecopetrol集團的電力供應價格降低約4%，這有助於緩解提升成本的壓力。 Ecopetrol集團的電力需求相當於全國併網系統總用電量的10.25%。

This demand was covered 92% through self-generation, both conventional and renewable, and through contracts in the wholesale energy market, MEM, as it is known in Colombia. When contracting in demand, the group seeks to mitigate variations in the cost of electricity supply through planning supported by risk policies. To this end, it plans energy contracting with horizons of between one and three years, considering the expansion of the system, the evolution of demand, and climate effects.

該集團92%的電力需求透過自發電（包括傳統能源和再生能源）以及在哥倫比亞批發能源市場（MEM）簽訂的合約來滿足。在簽訂需求合約時，該集團力求透過風險政策支援的規劃來緩解電力供應成本的波動。為此，該集團制定了為期一至三年的能源合約計劃，並考慮了系統擴容、需求變化和氣候影響等因素。

Next slide, please. Now, I would like to highlight our efforts in energy efficiency, which is a structural level of competitiveness for the Ecopetrol Group. 2025 closed with 4.79 petajoules of energy optimization, 1.6 times the annual target, generating significant emissions reductions, and savings. This result led us to achieve 99% of the goal of 25 petajoules of cumulative energy optimization between 2018 and 2030 ahead of schedule.

請看下一張投影片。現在，我想重點介紹我們在能源效率方面所做的努力，這對於Ecopetrol集團的競爭力而言至關重要。 2025年，我們實現了4.79拍焦耳的能源優化，是年度目標的1.6倍，顯著減少了排放並節省了成本。這項成果使我們提前完成了2018年至2030年間累計能源優化25拍焦耳目標的99%。

The improvements were achieved through 80 initiatives comprising operational control of production processes, investments in technological upgrades of high consumption equipment, and energy management systems in the transportation segment.

這些改進是透過 80 項舉措實現的，包括生產過程的營運控制、對高耗能設備的技術升級進行投資以及在運輸領域建立能源管理系統。

In terms of our contribution to energy justice in the regions, in 2025, the gas social project achieved its historical peak, completing more than 114,000 cumulative connections in 21 departments across the country. And in energy communities, we reached 3.8 megawatts, accumulating in operation and construction, helping more than 58,000 people with decentralized renewable solutions that strengthen energy autonomy and expand access to affordable energy.

在促進區域能源公平方面，2025年天然氣社會計畫達到歷史高峰，在全國21個省份累計完成超過11.4萬個連接。在能源社區方面，我們累計營運和建造裝置容量達到3.8兆瓦，透過分散式再生能源解決方案，為超過5.8萬人提供能源自主權，並擴大他們獲得經濟適用能源的管道。

I now give the floor to Camilo Barco to detail the financial performance for the period.

現在我把發言權交給卡米洛·巴爾科，讓他詳細介紹這段時期的財務表現。

Thank you, Bayron. 2025 results confirm that Ecopetrol Group delivered performance in line with the annual investment plan reported to the market. The company operated with financial strength, supported by an improved OpEx reduction target and CapEx flexibility, which boosted efficiencies across all segments and business lines, even in an environment marked by lower crude prices compared to 2024, higher tax burden, and inflationary pressure.

謝謝拜倫。 2025年的業績證實，Ecopetrol集團的表現與向市場公佈的年度投資計畫相符。公司財務狀況穩健，營運支出削減目標和資本支出彈性得到提升，即使在原油價格較2024年有所下降、稅負加重以及通膨壓力增大的環境下，所有業務部門和業務線的效率均得到提高。

In 2025, we achieved an EBITDA of COP46.7 trillion, with a stable EBITDA margin aligned with the annual target of 39%, driven by the gradual recovery of the Refining segment, the stability of the Transportation segment, and the significant contribution of the profitability and efficiency program. The Exploration and Production segment contributed approximately 51% of the EBITDA, while the Transportation and Transmission and Road segments jointly contributed 43%, and Refining accounted for the remaining 6%.

2025年，我們實現了46.7兆哥倫比亞比索的息稅折舊攤銷前利潤（EBITDA），EBITDA利潤率保持穩定，與39%的年度目標相符。這主要得益於煉油業務的逐步復甦、運輸業務的穩定以及盈利能力和效率提升計劃的顯著貢獻。勘探與生產業務貢獻了約51%的EBITDA，運輸、輸電和公路業務合計貢獻了43%，煉油業務則佔剩餘的6%。

It is worth highlighting the continued recovery of the downstream segment, which delivered a 20% increase in EBITDA compared to 2024, supported by favorable market conditions for product differentiation. Likewise, portfolio diversification through the contribution of the transportation business and ISA has been key to the group's performance, especially in periods of high volatility.

值得一提的是下游業務的持續復甦，在產品差異化帶來的有利市場環境下，其息稅折舊攤提前利潤（EBITDA）較2024年增長了20%。同樣，運輸業務和ISA的貢獻也為集團績效的提升做出了關鍵貢獻，尤其是在市場波動劇烈的時期。

During 2025, the profitability and efficiency programs delivered a record target of approximately COP6.6 trillion, exceeding the adjusted annual target of COP5 trillion by 1.3 times and reaching nearly COP23 trillion over the past five years. These results reflect our commitment to financial discipline, value creation, and sustained contribution to the group's performance. In 2025, this efficiency plan enabled optimizations with an effect on EBITDA of approximately COP3.6 trillion.

2025年，獲利能力和效率提升計畫實現了約6.6兆哥倫比亞比索的創紀錄目標，比調整後的年度目標5兆哥倫比亞比索高出1.3倍，過去五年累計獲利接近23兆哥倫比亞比索。這些成果反映了我們對財務紀律、價值創造以及對集團績效持續貢獻的承諾。 2025年，這項效率提升計畫實現了優化，使息稅折舊攤提前利潤（EBITDA）增加了約3.6兆哥倫比亞比索。

In CapEx, we achieved COP2 trillion in efficiencies through the successful execution of the investment plan, driven by upstream optimizations, particularly in surface facilities, drilling, and completion activities.

在資本支出方面，我們透過成功執行投資計劃，實現了 2 兆哥倫比亞比索的效率提升，這主要得益於上游優化，特別是地面設施、鑽井和完井活動方面的優化。

In OpEx, we achieved COP1.8 trillion in efficiencies, thanks to improvements in energy, maintenance, and digitalization. These efforts contained costs in an inflationary environment and improved key indicators such as lifting costs, which decreased by $0.9 per barrel, maintained the Barrancabermeja refinery conversion index near 91%, and reduced energy consumption by 4.8 petajoules, equivalent to COP130 billion. These results not only support the 2025 performance but also consolidate a more competitive basis to face the challenges of 2026.

在營運支出方面，我們透過能源、維護和數位化方面的改進，實現了1.8兆哥倫比亞比索的效率提升。這些努力在通膨環境下有效控制了成本，並改善了關鍵指標，例如提升成本每桶降低了0.9美元，巴蘭卡韋梅哈煉油廠的轉化率保持在91%左右，能源消耗減少了4.8拍焦耳，相當於1300億哥倫比亞比索。這些成果不僅為2025年的目標奠定了基礎，也為我們應對2026年的挑戰奠定了更具競爭力的基礎。

Additionally, our financial flexibility, operational strength, and cash management contributed to a total shareholder return of 24% for local investors when combining dividends and share price variation, and 39% for our shareholders in the United States. Likewise, our focus on capturing efficiencies enabled us to reach a net income breakeven close to $50 per barrel, reaffirming the competitiveness and resilience of our diversified portfolio.

此外，我們靈活的財務策略、強大的營運能力和良好的現金管理，使得本地投資者在股息和股價波動的基礎上獲得了24%的總股東回報，而美國股東的總股東回報則高達39%。同樣，我們專注於提升營運效率，使淨利潤盈虧平衡點接近每桶50美元，這再次印證了我們多元化投資組合的競爭力和韌性。

Regarding investments, we closed the year with $6.3 billion in organic investment execution within the range outlined in the investment plan. We highlight the following investments: hydrocarbons, $3.9 billion, 63% of the total with focus on Meta, Piedemonte, Permian, and Brazil; energy transition and gas, $750 million, 12% of the total for advancing infrastructure to ensure medium-term supply for the country and complementing our energy matrix through renewable energy; and transmission and road, around 25% of the total investments were allocated primarily to the power transmission project. Brazil accounted for the largest share of investment, followed by Colombia, Chile, and Peru.

在投資方面，我們在年底實現了63億美元的有機投資，符合投資計畫的範圍。重點投資項目如下：油氣領域，39億美元，佔總數的63%，主要投資於梅塔、皮埃蒙特、二疊紀盆地和巴西；能源轉型和天然氣領域，7.5億美元，佔總數的12%，用於推進基礎設施建設，以確保國家中期能源供應，並透過再生能源結構完善能源結構；輸電和公路領域，約佔總投資的25%。巴西的投資額最大，其次是哥倫比亞、智利和秘魯。

In total, ISA advanced on 26 transmission projects, 183 reinforcements and upgrades in Brazil, and 3 road concession projects, which together will add approximately 4,988 kilometers of transmission lines and 296 kilometers of roads once they enter into operation.

ISA 總共推進了 26 個輸電項目、183 個巴西的加固和升級項目以及 3 個公路特許經營項目，這些項目一旦投入運營，將新增約 4,988 公里的輸電線路和 296 公里的公路。

Let's move on the next slide. Net income for the year totaled COP9 trillion, a level close to the target established in the financial plan, despite a lower average of Brent price of $5 per barrel versus the initial estimate of $73 per barrel. The outcome is mainly explained by the following factors.

我們來看下一張投影片。儘管布蘭特原油均價為每桶5美元，低於最初預估的每桶73美元，但全年淨收入仍達到9兆哥倫比亞比索，接近財務計畫中設定的目標。此結果主要受以下因素影響。

First, non-recurring effects recorded in 2024, such as the evaluation of CPO-09 and the reversal of impairment, which generated a positive impact of COP1.6 trillion. Those were not perceived during 2025. It is important to highlight that these non-recurring factors did not represent cash outflow nor affected our cash flow results.

首先，2024年記錄的非經常性影響，例如CPO-09的評估和減損撥回，產生了1.6兆哥倫比亞比索的正面影響。這些影響在2025年並未顯現。需要強調的是，這些非經常性因素不構成現金流出，也不會影響我們的現金流量結果。

Second, market factors, including the 15% annual decline in Brent prices, which went from $80 in 2024 down to $68 per barrel in 2025. Inflationary effects on costs and expenses and the revaluation of the Colombian peso against the US dollar had a combined impact of COP7.2 trillion. Third, external events such as blockades at production fields, attacks on infrastructure, and new taxes derived from the state of internal commotion decree and the non-deductible VAT on fuel imports, reduced our net income by COP1 trillion.

其次，市場因素，包括布蘭特原油價格每年15%的跌幅（從2024年的每桶80美元跌至2025年的每桶68美元），以及通膨對成本和費用的影響，加上哥倫比亞比索對美元的重新估值，合計造成7.2萬億哥倫比亞比索的損失。第三，外部事件，例如油田封鎖、基礎設施襲擊，以及因國家動盪法令和不可抵扣的燃油進口增值稅而產生的新稅收，使我們的淨收入減少了1萬億哥倫比亞比索。

These effects were partially offset by the improved performance of crude and product differential, which contributed COP2.6 trillion, as well as OpEx optimizations and our commercial strategy, which contributed an additional COP1.3 trillion. External factors altogether amounted COP5.6 trillion and explained nearly 95% of the decline in net income between 2024 and 2025. Operational and commercial activity compensated for approximately 22% of the variation.

原油和成品油價差的改善部分抵消了這些影響，貢獻了2.6兆哥倫比亞比索，營運支出優化和商業策略也貢獻了1.3兆哥倫比亞比索。外部因素總計達5.6兆哥倫比亞比索，解釋了2024年至2025年淨利潤下降的近95%。營運和商業活動彌補了約22%的變動。

Let's move on the next slide, please. In terms of liquidity, we closed December with a consolidated cash position of COP12.7 trillion, maintaining a solid stance supported by operating cash generation and working capital optimization.

請看下一張投影片。就流動性而言，截至12月底，我們的合併現金部位為12.7兆哥倫比亞比索，在經營現金流和營運資本優化的支持下，維持了穩健的現金狀況。

Free cash flow for the year reached COP11 trillion, driven by operating cash generation, boosted by the early collection of COP7.7 trillion from FEPC and cost and expense reduction measures, and also the disciplined execution of CapEx in line with the estimates established in the plan.

本年度自由現金流達到 11 兆哥倫比亞比索，主要得益於經營現金流的產生，其中 7.7 兆哥倫比亞比索來自聯邦出口信貸擔保公司 (FEPC) 的提前收回以及成本和費用削減措施的推動，此外，資本支出也按照計劃中製定的估算嚴格執行。

In working capital management, we strengthened liquidity by reducing the FEPC balance to its lowest levels within the last five years and by offsetting COP6.9 trillion in tax credit. To manage foreign exchange risk, we executed hedges using financial instruments that protected between 6%-16% of monthly dollar-denominated revenue. Likewise, to mitigate Brent price volatility, we carried out hedging operations during the second half of 2025 to cover between 8%-20% of export volume.

在營運資金管理方面，我們透過將外匯存底帳戶餘額降至近五年來的最低水平，並抵消了6.9兆哥倫比亞比索的稅收抵免，從而增強了流動性。為管理外匯風險，我們利用金融工具進行避險，以保護每月以美元計價的收入的6%至16%。同樣，為降低布蘭特原油價格波動，我們在2025年下半年開展了避險操作，以涵蓋8%至20%的出口量。

For 2026, working capital management will focus on the collection or offsetting of the 2025 tax credit balance, which closed at COP11.4 trillion, as well as on the collection of the FEPC receivable expected around COP3 trillion. We have also initiated execution of the hedging plan to mitigate market risk associated with price and exchange rate volatility in 2026.

2026年，營運資金管理將重點放在收回或抵銷2025年結餘的稅收抵免餘額（11.4兆哥倫比亞比索）以及收回預計約3兆哥倫比亞比索的聯邦出口信貸公司（FEPC）應收款項上。此外，我們已啟動對沖計劃，以降低2026年價格和匯率波動帶來的市場風險。

Regarding the ongoing process with DIAN concerning import VAT on fuels for the period 2022 to 2024, the administrative stage has concluded for three cases, one in Ecopetrol and the other two in Reficar, amounting to approximately COP9.6 trillion, including estimated penalties and interest. The company maintains its position not to record a provision based on the opinion of external legal advisors and in accordance with the accounting standard.

關於與哥倫比亞稅務局 (DIAN) 就 2022 年至 2024 年期間燃料進口增值稅進行的持續溝通，其中三起案件的行政程序已結束，一起涉及 Ecopetrol，另外兩起涉及 Reficar，涉及金額約為 9.6 萬億哥倫比亞比索，包括預計罰款和利息。本公司依據外部法律顧問的意見以及會計準則，堅持不提列準備金的立場。

Now, let's move on the next slide. 2025 was a key year in consolidating our financing strategy and ended with an adequate debt structure, a controlled maturity profile, and a gross debt to EBITDA ratio of 2.3 times, below the maximum level of 2.5 times established in the company's strategic framework. Excluding ISA, this ratio stood at 1.6 times, reflecting a healthy leverage level comparable to the oil and gas industry peer.

現在，我們來看下一張投影片。 2025年是我們鞏固融資策略的關鍵一年，最終實現了合理的債務結構、可控的到期日安排，以及2.3倍的總債務與EBITDA比率，低於公司戰略框架中設定的2.5倍上限。若不計入ISA，該比率為1.6倍，反映出與同行業石油天然氣企業相當的健康槓桿水平。

During the year, the following achievements stand out. The renegotiation of bank debt, resulting in rate reduction of up to 80 basis points for US dollar-denominated loans and 85 basis points for COP-denominated loans. The securing of a new committed line of up to COP700 billion available under any market scenario, and the structuring of financing mechanism to support inorganic growth opportunities with the energy transition strategy.

年內，以下成就特別突出：重新協商銀行債務，使美元貸款利率下調至多80個基點，哥倫比亞比索貸款利率下調至多85個基點；獲得高達7,000億哥倫比亞比索的新增授信額度，可在任何市場環境下使用；建構融資機制，以支持能源轉型策略帶來的非內生性成長機會。

To highlight the fact that the group's liquidity remained fully secure throughout the year without the need to increase long-term debt to finance Ecopetrol's organic investment plan, even in an environment of lower-than-expected revenues relative to the investment plan. During the year, the group's incremental debt reached approximately $1.8 billion equivalent. Around 70% corresponded to ISA, mainly due to the conversion of its pesos-denominated obligations into US dollar, while the remaining 30% corresponded to Ecopetrol, specifically allocated to inorganic business opportunities.

為了強調集團全年流動性始終保持完全安全，無需增加長期債務來為Ecopetrol的有機投資計劃提供資金，即使在收入低於預期投資計劃的情況下也是如此。年內，集團新增債務約18億美元。其中約70%為ISA的債務，主要由於將其比索計價的債務轉換為美元所致；剩餘30%為Ecopetrol的債務，專門用於非有機增長業務機會。

In 2026, we plan to continue strengthening the company's capital structure and do not expect definitive incremental debt to finance Ecopetrol organic CapEx. Our focus is in optimizing the financial cost and debt structure while reinforcing liquidity and flexibility in working capital management.

2026年，我們計劃繼續加強公司資本結構，預計不會新增債務用於Ecopetrol的有機資本支出。我們的重點是優化財務成本和債務結構，同時增強營運資本管理的流動性和靈活性。

Should we identify inorganic growth opportunities, these may require additional debt, always under the principles of maintaining a controlled leverage level. We will continue monitoring market conditions and we'll be prepared to respond and adapt to different scenarios.

如果我們發現非內生成長機會，可能需要增加債務融資，但始終會遵循控制槓桿水平的原則。我們將持續關注市場狀況，並做好應對和適應不同情況的準備。

Finally, let's move on the next slide to detail this year's investment plan. The investment plan projected for 2026 ranges between $5.4 billion and $6.7 billion. These align with our historical execution levels and allocated to strengthening the traditional business while advancing strategic priorities in the energy transition.

最後，我們來看看下一張投影片，詳細介紹今年的投資計畫。預計到2026年，投資額將在54億美元至67億美元之間。這與我們以往的投資執行水準相符，並將用於加強傳統業務，同時推動能源轉型的策略重點。

The plan is based on an average Brent price expected of $60 per barrel at an exchange rate of COP4,050 per dollar within a price range that allows us to adapt to different scenarios, maintaining strict capital discipline and ensure competitive return with a target EBITDA margin of 40%.

該計劃基於布倫特原油平均價格預期為每桶 60 美元，匯率為 1 美元兌 4,050 哥倫比亞比索，價格區間允許我們適應不同的情況，保持嚴格的資本紀律，並確保具有競爭力的回報，目標 EBITDA 利潤率為 40%。

With approximately 70% of total investments, the Hydrocarbons business will continue to be the group's core driver, considering a production target between 730,000 and 740,000 barrels of oil equivalent per day, refinery throughputs between 410,000 and 420,000 barrels per day, and more than 1.1 million barrels transported daily. This performance is supported by enhanced oil recovery technologies that optimize resources, increase crude production in Colombia, and offset the natural decline of gas. Likewise, we expect to drill between 380 to 430 development wells and up to 10 exploratory wells, prioritizing the most profitable opportunities within our portfolio.

油氣業務約佔集團總投資的70%，將繼續作為集團的核心驅動力。該業務的日產量目標為73萬至74萬桶油當量，煉油廠日加工量為41萬至42萬桶，每日運輸量超過110萬桶。這項業績得益於提高採收率的技術，這些技術能夠優化資源利用，增加哥倫比亞的原油產量，並抵消天然氣產量的自然衰減。同時，我們預計將鑽探380至430口開發井和至多10口勘探井，優先考慮投資組合中最具獲利潛力的項目。

In transportation and refining, investments will strengthen the integrity and reliability of the group's critical infrastructure. The remaining 30% of investments will deepen diversification into low emission business, including transmission and road, the integration of renewable energy and sustainability projects that enhance portfolio resilience. As part of the 2026 plan, we expect to capture approximately COP5.7 trillion in efficiencies and deliver COP28 trillion in transfers to the nation. Additionally, we aim at maintaining a net income breakeven close to $47 per barrel.

在交通運輸和煉油領域，投資將增強集團關鍵基礎設施的完整性和可靠性。剩餘30%的投資將深化向低排放業務的多元化發展，包括輸電和公路運輸、再生能源整合以及旨在提升投資組合韌性的永續發展項目。作為2026年計畫的一部分，我們預計將實現約5.7兆哥倫比亞比索的效率提升，並向國家轉移28兆哥倫比亞比索。此外，我們的目標是將淨利損益平衡點維持在每桶47美元左右。

In renewable energy, we expect to incorporate an additional 750 megawatts of projects in operation, construction, and execution. Our goals reflect financial discipline, a focus on profitability, and a measurable impact in our energy transition strategy. During 2026, we will continue executing with discipline, prioritizing investments that strengthen our portfolio and ensuring that each decision contributes to a more competitive, resilient, and results-driven group.

在再生能源領域，我們預計將新增750兆瓦的營運、建設和實施項目。我們的目標體現了財務紀律、對獲利能力的關注以及在能源轉型策略中取得可衡量的成效。 2026年，我們將繼續秉持嚴謹的執行原則，優先投資於能夠增強我們投資組合的項目，並確保每項決策都有助於打造一個更具競爭力、更具韌性、更注重結果的集團。

I will turn it over to the president who will present the conclusion.

我將把這件事交給總統，由他來作結論。

Thank you, Camilo. In 2026, we will maintain a clear strategy focus, a strict capital discipline, strengthening traditional business, and ensuring the group's long-term sustainability. Natural gas is a strategy lever. We are advancing offshore projects and maintaining continuous exploration activity as a pillar to progress resources into reserves.

謝謝卡米洛。 2026年，我們將持續保持清晰的策略重點、嚴格的資本紀律，強化傳統業務，確保集團的長期永續發展。天然氣是我們的策略槓桿。我們正在推動海上項目，並持續進行勘探活動，作為將資源轉化為儲量的支柱。

At the same time, we will proactively manage supply sources to ensure reliability and flexibility. We continue progressing in the energy transition with the start of civil works at the Windpeshi project, community responsible compensation, and the launch of green hydrogen production at the Cartagena Refinery in coming months. We manage working capital, securing liquidity, and reducing cash flow pressures in a volatile environment. We delivered the plan presented for 2025 and expect to comply with the one defined for 2026.

同時，我們將積極管理供應來源，確保可靠性和靈活性。隨著溫德佩什計畫土木工程的啟動、社區責任補償的落實以及卡塔赫納煉油廠綠色氫氣生產的投產，我們在能源轉型方面持續推進，預計將在未來幾個月內完成。我們有效管理營運資金，確保流動性，並在動盪的市場環境中緩解現金流壓力。我們已按計畫完成2025年目標，並有望實現2026年目標。

With this, we open the question-and-answer session. Thank you very much.

接下來，我們正式開始問答環節。非常感謝。

(interpreted) (Operator Instructions)

（解釋性）（操作說明）

Daniel Guardiola is on line with the question. Mr. Guardiola, the floor is yours.

丹尼爾·瓜迪奧拉正在提問。瓜迪奧拉先生，請您發言。

(interpreted) Hello, good morning, everyone, thank you for the presentation. Can you hear me?

（翻譯）大家好，早安，謝謝大家的演講。你們聽得到我說話嗎？

(interpreted) Yes. We can hear you well.

（譯）是的，我們聽得很清楚。

(interpreted) Hello, Camilo. How are you? I have a couple of questions. One is about [Termo], and I'd like to know if you could give us more light, why there was a sequential fall of the production, and if this result is because of less intensity in the drilling or what happened. Considering what you have been doing in Libra, Camilo, could you tell us what's the total production of Permian and Delaware? And overall, how many wells do you think that you will be drilling this year to reach those 11,000 barrels per day?

（翻譯）你好，卡米洛。你好嗎？我有幾個問題。一個是關於[Termo]的，我想了解一下，為什麼產量會連續下降，以及這是由於鑽井強度降低還是其他原因造成的。卡米洛，考慮到你在Libra的作業狀況，你能告訴我們二疊紀盆地和特拉華盆地的總產量是多少嗎？另外，你預計今年要鑽多少口井才能達到日產11,000桶的目標？

And the second question has to do with dividends. Looking at the figures of 2025 of the company, where you could see that the cash flow of the company was hurt. And Camilo, could you give us more light if the dividend, which was approved by the Board of Directors, is it subject or not to the collection of the fiscal -- and the fiscals and the ISAPEC?

第二個問題與股利有關。從公司2025年的財務數據可以看出，公司的現金流受到了影響。卡米洛，您能否進一步解釋一下，董事會批准的股利是否需要繳稅－包括所得稅和ISAPEC稅？

(interpreted) Good morning, Daniel. This is Juan Carlos Hurtado, Vice President of Hydrocarbons. Regarding your first question, you have to keep in mind that in 2024 we had about 94,000 barrels per day, and for 2025, 122,000. So this year, today, we can say that we are above 91,000 barrels in the first years, first months of the year. This is basically agreed in the development plans of the agreement that we have in term.

（翻譯）早安，丹尼爾。我是油氣副總裁胡安·卡洛斯·烏爾塔多。關於你的第一個問題，你需要記住，2024年我們的日產量約為9.4萬桶，2025年約為12.2萬桶。所以今年，也就是今天，我們可以說，在年初的頭幾個月，我們的日產量已經超過了9.1萬桶。這基本上符合我們協議中規定的發展計劃。

It depends on the activity, and as everybody knows, and of the prices, because it's the type of field that we work on really depends on the prices right then. It's related to that. For this year, we estimate that we will have 38 to 40 wells, but while the price of the barrel moves, we can start looking at our investments plan.

這取決於油氣活動，也取決於油價，因為我們所從事的油田類型確實取決於當時的油價。這兩者密切相關。今年，我們預計將開工38至40口油井，但隨著原油價格的波動，我們可以開始重新審視我們的投資計畫。

(interpreted) I'm sorry, can I ask you something else about this? Those 78,000 barrels include Delaware or what? Because it said only Midland.

（翻譯）不好意思，我可以再問您一個問題嗎？那78,000桶裡包括德拉瓦州的嗎？因為上面只寫著米德蘭州的。

(interpreted) It includes everything. All of the basin or the fields that we have. There is something important worth highlighting. The topic of the reduction of activity is reflected throughout the premium. From '24 to '25, we see a 12% reduction in the number of drills. In 2024, [309] throughout the basin to [273]. We moved from [42].

（譯文）它涵蓋了所有內容。包括我們擁有的所有盆地或油田。有一點值得強調。活動減少這個主題貫穿了整個溢價。從2024年到2025年，鑽井數量減少了12%。到2024年，整個盆地的鑽井數量從[309]減少到[273]。我們從[42]下降到[273]。

(interpreted) Good morning. This is Camilo Barco. On your question about dividend, there are several aspects. First, very important for everybody that's joining us today, the distribution of dividends is given by the authority of the shareholders meeting. It's important to keep in mind that this is the recommendation, pre-approved by the Board of Directors to be given to the shareholders meeting. It's a recommendation of 5.1% of the activity available for shareholders, which is COP110 per share.

（翻譯）早安。我是卡米洛·巴爾科。關於您提出的股息問題，這裡有幾個方面需要說明。首先，對於今天所有參加我們節目的聽眾來說，非常重要的一點是，股利分配由股東大會授權。需要注意的是，這是董事會預先批准並提交給股東大會的建議。建議將公司總營業額的5.1%分配給股東，即每股110哥倫比亞比索。

And if it's related to the FEPC, it's important also to mention that the cash flow of Ecopetrol has an important impact on certain accounts that are crossed with those of the nation in favor and against. Not only FEPC, but also the balance of taxes in favor are things that have an impact on the cash flow.

如果這與聯邦能源績效委員會（FEPC）有關，那麼也必須指出，Ecopetrol的現金流對某些與國家財政收支相關的帳戶有著重要影響。不僅FEPC，稅收盈餘也會影響現金流。

And we hope that, as we've seen in prior years, to have a discussion in which we agree with the Ministry of Treasury, we can reach agreements on the timetable of payments of FEPC, which determine the timetable of payments of dividends indeed.

我們希望，正如我們前幾年所看到的那樣，透過與財政部進行我們同意的討論，我們可以就聯邦出口信貸擔保基金（FEPC）的支付時間表達成協議，而這實際上決定了股息的支付時間表。

(interpreted) Katherine Ortiz, Corredores Davivienda.

（口譯）凱瑟琳·奧爾蒂斯，Corredores Davivienda。

(interpreted) Hello, everyone. Good morning. Can you hear me well?

（翻譯）大家好，早安。你們能聽清楚我說話嗎？

(interpreted) Yes, we can.

（翻譯）是的，我們可以。

(interpreted) Okay. I have two questions -- no, three. One, along with what Daniel asked, I'd like to understand. Could you give us a guide of the tax and equity that Ecopetrol will be paying, understanding that the proposition of dividends is only one payment in April? Could you give us a guide to see? I believe it's close to COP1 billion. I'd like to also understand how you will manage the liquidity and the resources to make these payments, understanding, of course, the level of cash flow you have today. Also to understand on a short-term basis with the leverage indicators. That's my first question.

（翻譯）好的。我有兩個問題──不，是三個。第一個問題，除了丹尼爾問的，我還想了解一下。您能否提供我們Ecopetrol將要支付的稅款和股權的大致情況？考慮到股息方案只在四月一次性支付。能否給我們一個參考？我相信金額接近10億哥倫比亞比索。我還想了解您將如何管理流動性和資源來支付這些款項，當然，這要考慮到您目前的現金流水準。另外，我還想了解短期槓桿指標的狀況。這是我的第一個問題。

Second question relates to the reserves. This report surprises us because of the change in the agreements with the National Agency of Hydrocarbons. I'd like to understand why did you make a change in the contracts, especially in that aspect, and how can this really benefit Ecopetrol? It's an accounting change really that makes the added value to look higher. From another viewpoint, do you really see a benefit? If there is one, what percentage of the contracts are currently tied to royalties in sample and in money?

第二個問題與儲量有關。這份報告讓我們感到意外，因為與國家油氣管理局的協議發生了變化。我想了解你們為什麼要修改合同，尤其是在儲量方面，以及這究竟如何使Ecopetrol受益？這實際上只是會計上的改變，使附加價值看起來更高。從另一個角度來看，你們真的看到了好處嗎？如果有好處，目前合約中有多少比例與樣品和現金形式的特許權使用費掛鉤？

My third and last question relates to the breakeven profits. The gap between the breakeven and the EBITDA is wider. If we look at the end of 2025, there's a difference that's quite big, about $18 per barrel. I'd like to understand if that difference in the total, what proportion is explained by the higher taxes that we've observed that Ecopetrol is paying, and if it obeys to other reasons.

我的第三個也是最後一個問題與損益平衡利潤有關。損益平衡點和 EBITDA 之間的差距越來越大。如果我們展望 2025 年底，我們會發現差距相當大，大約每桶 18 美元。我想了解，在總利潤中，這一差距有多少是由於 Ecopetrol 繳納的較高稅款造成的，又有多少是由於其他原因造成的。

Those are my three questions. Thank you.

我的三個問題就這些。謝謝。

(interpreted) Katherine, good morning. Camilo Barco. On your question related to the equity tax, the calculation that you mentioned is correct. What we estimated to pay by Ecopetrol is between COP1 billion and COP1.3 billion, calculated as the rate of 1.6 over the liquid equity. This payment will be made in April.

（翻譯）凱瑟琳，早安。我是卡米洛·巴爾科。關於您提到的股權稅問題，您提到的計算方法是正確的。我們估計哥倫比亞國家石油公司（Ecopetrol）應繳納的稅款在10億至13億哥倫比亞比索之間，以流動權益的1.6倍稅率計算。這筆款項將於4月支付。

How does it relate to the liquidity? It's important to say that we have tax balances in favor that ended at a high level in 2025, close to COP11.5 billion, which give us good space to compensate part of that tax. Otherwise, the cash flow and the liquidity of the group is in healthy conditions and robust, as we saw COP12.7 billion consolidated in total cash. That gives us the capability to maneuver and make all the payments of dividends and debts in a timely basis.

這與流動性有何關係？值得一提的是，我們擁有可觀的稅收盈餘，預計到2025年將達到近115億哥倫比亞比索的高位，這為我們彌補部分稅款提供了充足的空間。此外，集團的現金流和流動性狀況良好且穩健，我們看到合併後的總現金為127億哥倫比亞比索。這使我們能夠靈活應對，並按時支付所有股息和債務。

We have to keep in mind here, when it comes to the tax equity and other taxes, there are discussions constantly made with the Ministry of Treasury that allow us to have agreements on the availability of the group's cash flow and the requirements of Treasury, and also allow us to align the timelines of payments of these. We're talking about an item to compensate the accounts payable and receivable to the Ministry of Treasury. We can continue with the question on reserves.

這裡要注意的是，在稅務權益和其他稅項方面，我們一直在與財政部進行磋商，以便就集團現金流的可用性和財政部的要求達成一致，並協調這些款項的支付時間表。我們在這裡討論的是一項用於補償應付和應收財政部款項的項目。我們可以繼續討論儲備金的問題。

(interpreted) Good morning, Katherine. My name is Ricardo Roa, and I'm the CEO. I'm going to answer your question on the explanation you need on the changes of agreements with ANH. I'd like to clarify, there were no changes in the contracts between Ecopetrol and the National Hydrocarbons Agency.

（翻譯）早安，凱瑟琳。我是執行長里卡多·羅阿。我將回答您關於與國家油氣管理局（ANH）協議變更的問題。我想澄清一下，Ecopetrol與國家油氣管理局之間的合約沒有任何變更。

Secondly, this is a legal situation that we've been experiencing for some years. What did happen is that a decision was made as a result of the change of title on the royalties, that instead of being made in things, they were made in money, paid in money. We incorporated these reserves to the resources of the company on the balance.

其次，這是我們多年來一直面臨的法律問題。由於版稅所有權的變更，我們做出了一項決定，即版稅不再以實物形式支付，而是以貨幣形式支付。我們將這部分儲備金計入了公司資產負債表。

We talked about 9 fields that are subject to this application, this scheme. This is validated not only by SEC, but other methodologies that audited these reserves. We are talking about 100 fields in which we are working on, but we are looking at 9. We're going to continue consolidating in our balance this position of reserves that we have. These are valid in the methodology and create more stability to the expectations of production that the company has in time.

我們討論了適用此申請和方案的9個油田。這不僅得到了美國證券交易委員會（SEC）的驗證，也得到了其他審計這些儲量的機構的認可。我們正在開發的油田有100個，但我們專注於其中的9個。我們將繼續鞏固現有儲量在我們資產負債表中的地位。這些儲量符合相關方法論，並能為公司未來的產量預期提供更穩定的保障。

We also have to add, in terms of the report or the role played by the incorporation of reserves, we could say that this is the highest in the history of the company and the participation with the appropriation of reserves in the fields in Colombia was big. We're talking about 20%. Logically, when we look at this incorporation, we could say in short that we have consumed in production 248,000 barrels. We've incorporated 200,000 barrels. This is the result that shows the 121% reposition of reserves.

我們還必須補充一點，就報告或儲量納入所發揮的作用而言，我們可以說這是公司歷史上最高的儲量納入率，而且在哥倫比亞油田的儲量分配方面，參與度非常高，達到了20%。從邏輯上講，當我們分析此次儲量納入時，我們可以簡單地說，我們已在生產中消耗了24.8萬桶原油，並納入了20萬桶原油。這結果顯示，儲量重新配置了121%。

(interpreted) Ricardo, I'm sorry. Thank you for the answer. Also, that potential of 100% would then allow to add how many reserves as well? Please correct how I'm saying this, because we're talking about contractual agreements, according to what you wrote in the report.

（翻譯）里卡多，抱歉。謝謝你的回答。另外，100%的潛在收益是否也允許增加多少儲備？請修正我的表達方式，因為根據你在報告中的描述，我們討論的是合約協議。

(interpreted) Katherine, good morning. This is Juan Carlos Hurtado, Executive Vice President of Hydrocarbons. To add more fields is an analysis underway, yes. Really the benefit, one of the biggest benefits is to ensure the commercial basket, because it's our oil, and we can ensure it in two ways. One, because we're in charge of the refineries and the basket. It really depends on the analysis we make year after year. As the President said, the, it also depends on the analysis we make every year, depending on the conditions.

（翻譯）凱瑟琳，早安。我是油氣業務執行副總裁胡安·卡洛斯·烏爾塔多。是的，我們正在分析是否應該增加油田。這樣做的好處，最大的好處之一，就是確保商業油品組合的穩定供應，因為這是我們自己的石油，我們可以透過兩種方式來確保。首先，我們負責煉油廠和油品組合的穩定供應。這實際上取決於我們每年所做的分析。正如總裁所說，這也取決於我們每年根據具體情況所做的分析。

(interpreted) Okay, Katherine. That's. Let's talk about the breakeven of profit. It's important to mention that indeed, in 2025, we ended with the breakeven close to $50 per barrel. For 2026, aligned with the goals that we have set out, we estimate that the breakeven will be closer to $46 per barrel. Within that, those $46, there's a tax component of $9-$10 per barrel.

（翻譯）好的，凱瑟琳。我們來談談損益平衡點。需要指出的是，2025年我們的損益平衡點接近每桶50美元。根據我們設定的目標，我們預期2026年的損益平衡點將接近每桶46美元。這46美元中包含每桶9到10美元的稅收。

(Operator Instructions) (interpreted)

（操作說明）（解釋性）

Diego Casqueiro, Morgan Stanley.

迭戈·卡斯奎羅，摩根士丹利。

(interpreted) Good morning. Thank you for taking my questions. I have two questions and one follow-up here. The first question is related to lifting costs. We have seen a strong Colombian peso recently. If the effects remains around current levels, what would be a reasonable assumption for lifting costs in 2026? I'm trying to get a sense here if there is room to further reduce it in dollar basis.

（翻譯）早安。感謝您回答我的問題。我有兩個問題和一個後續問題。第一個問題與提貨成本有關。我們看到哥倫比亞比索最近走強。如果這種影響持續在目前的水平，那麼2026年的提貨成本該如何合理預測？我想了解一下，以美元計價，提貨成本是否還有進一步降低的空間。

The second question is related to the commercialization front. The company reached the best crude differential in four years. How do you see this going forward, especially considering the current developments in the Middle East? The follow-up is related to Permian. If you could remind us, when exactly does the Delaware contract expire in 2027? Is it also in mid, during the mid-year or it's earlier or later than that? Thank you.

第二個問題與商業化方面有關。公司實現了四年來最佳原油價差。您如何看待未來的發展，尤其是在考慮中東當前局勢的情況下？後續問題與二疊紀盆地有關。請問特拉華州的合約具體何時到期？是在2027年中，還是更早或更晚？謝謝。

(interpreted) Good morning. This is Camilo Barco. I'd like to refer to the effects of the exchange rate on the lifting cost. Indeed, as you've mentioned, the exchange has a significant impact on the lifting cost because this metric is expressed in dollars per barrel. It is evident that in revaluation periods, the exchange rate has a pressure when there's a higher lifting cost. When this trend changes, which we are starting to see, just keeping this trend of devaluation we're seeing, surely we will see a significant impact that will allow us to foresee and meet our goal to have a lifting cost below $12 per barrel.

（翻譯）早安。我是卡米洛·巴爾科。我想談談匯率對提貨成本的影響。正如您所提到的，匯率對提貨成本的影響非常顯著，因為這個指標是以美元/桶來衡量的。顯然，在匯率升值時期，當提貨成本較高時，匯率會面臨壓力。一旦這種趨勢發生變化（我們目前已經開始看到這種變化），只要我們繼續保持目前的貶值趨勢，就一定會看到顯著的影響，這將使我們能夠預見並實現將提貨成本降至每桶12美元以下的目標。

(interpreted) Good morning. This is Julio Andres, the Corporate Vice President of New Businesses. Regarding your question on the agreement with Oxy in Delaware, it's in effect until December 31, 2026. Thank you for your question.

（翻譯）早安。我是新業務副總裁胡里奧·安德烈斯。關於您提出的與特拉華州西方石油公司（Oxy）的協議問題，該協議有效期至2026年12月31日。感謝您的提問。

(interpreted) Good morning. Thank you for your question. We have had a successful commercial strategy that has allowed us to report better differentials between the last quarter of 2024 and last quarter of 2025.

（翻譯）早安。感謝您的提問。我們採取了成功的商業策略，使得我們能夠在2024年第四季和2025年第四季之間實現更好的業績差異。

When it comes to what's happening in the Middle East, part of the answer depends of how long the conflict will last. There are several countries involved, not only Iran, now we have Saudi Arabia and countries close by. There are 15 million barrels that do not cannot pass through the Hormuz Strait.

談到中東局勢，部分答案取決於衝突會持續多久。牽涉到多個國家，不僅是伊朗，現在還有沙烏地阿拉伯及其周邊國家。有1500萬桶原油無法通過霍爾木茲海峽。

We see that this will strengthen the company, meaning it will position us to have a lower differential than the demand will be higher for Colombian oil. Not only for oil, but refined products as well. Two days ago, what happened? One of the refineries in Arabia, the Branca, which processes 550 barrels per day, was attacked.

我們認為這將增強公司實力，意味著我們將能夠以更低的價差應對哥倫比亞石油更高的需求。不只原油，成品油也是。兩天前發生了什麼事？位於阿拉伯半島的布蘭卡煉油廠（日加工量550桶）遭到攻擊。

This, of course, has to do with gasoline and diesel in the Middle East. When it comes to oil, we see an enhancement, although now it all depends on the durability of this crisis. Arabia reported its inventory for today of 75 million barrels. It will last a week. China already said it closes its exports. Although right now we do not see it, we do believe that this will help the company.

這當然與中東的汽油和柴油供應有關。就石油而言，我們看到供應增加，儘管現在一切都取決於這場危機的持續時間。阿拉伯國家今天報告的庫存為7500萬桶，可以維持一週。中國已經宣布停止石油出口。雖然目前我們還沒有看到這種情況發生，但我們相信這將對中國石油公司有所幫助。

(interpreted) Mr. Sandoval, you can ask.

（翻譯）桑多瓦爾先生，您可以問。

(interpreted) Good morning, everyone, and thank you for this earnings call. I have two questions. 1, on the reserves. We had a high expectation to see reserves entering or incorporated in Brazil. However, I'd like to have more details, if possible, if these reserves were incorporated or not. If -- what could be the potential of the reserves that we can see incorporated, and what do we need to materialize this? Could you give us more light on this?

（翻譯）各位早安，感謝參加本次財報電話會議。我有兩個問題。第一，關於儲備金。我們原本預期會有儲備金進入或併入巴西。但是，如果可能的話，我想了解更多細節，例如這些儲備金是否已經併入巴西。如果已經併入，那麼這些儲備金的潛在價值有多大？我們需要做些什麼才能實現這個目標？能否請您詳細解釋一下？

Second question is on DIAN, the tax authority in Colombia. The report, there's a big risk because DIAN has the power to continue with the fine. In terms of risks, have you been talking with rating firms? What do they say to you about this? Could you give us any comments, the covenants or what borrowers say about these future fights with DIAN? Could you give us more color on this? Thank you.

第二個問題是關於哥倫比亞稅務局（DIAN）。報告指出，DIAN 有權繼續執行罰款，這存在很大的風險。關於風險方面，您是否曾與評等機構溝通？他們對此有何看法？您能否就此提供一些評論，例如相關契約條款，或者藉款人對未來與 DIAN 的糾紛有何看法？能否提供更多細節？謝謝。

(interpreted) Good morning. This is Ricardo Roa, the CEO. Thank you for your questions. Let me share with you that indeed, that was one of the expectations to incorporate the reserves that we had with Gato do Mato asset in Brazil. Because of the proceeding of the National Agency of Oil, which is equivalent to that of the National Hydrocarbons Agency in Colombia, we could not incorporate about 70 million barrels in our balance of reserves of the year before. It is the initial foundation for this year. I would say in a couple of weeks, we can incorporate those reserves in the significant reserves in our balance.

（翻譯）早安。我是執行長里卡多·羅阿。感謝各位的提問。我想告訴大家，將我們在巴西加托杜馬托油田的儲量納入我們的預期目標之一，確實是我們的目標之一。由於巴西國家石油管理局（相當於哥倫比亞的國家碳氫化合物管理局）的審查，我們無法將約7,000萬桶的儲量計入上一年的儲量平衡表中。這構成了今年的初始基礎。我預計幾週後，我們將把這些儲量納入我們重要的儲量平衡表中。

(interpreted) Ricardo, this is Camilo Barco. On your question on the Dian, there are major developments made that we'd like to share with you. With regards to the controversy or the difference of interpretation with this authority, several advances have been made.

（翻譯）里卡多，我是卡米洛·巴爾科。關於你提出的戴安娜的問題，我們有一些重大進展想與你分享。至於與這位權威人士的爭議或解讀分歧，我們已經取得了一些新的進展。

Today we can say that we have completed the administrative phase, and we are within the jurisdictional path. We have filed different cases on the official payments. This makes us compete, especially with the administrative contentious courts, where the process will take place in the terms that are foreseen in the law. We insist, since this is a controversy that's more tax-related, the statute clearly states that once these actions are presented with the cautionary measures, especially those related to the provisional suspension, the co-active charge would have to be part of the discussion within the judicial process. This is one of the elements of it that's being discussed.

今天我們可以說，行政程序已經完成，我們已經進入司法程序。我們已就官方支付提起多項訴訟。這使得我們不得不與行政訴訟法院競爭，訴訟程序將依照法律規定進行。我們堅持認為，由於這是一起與稅務相關的爭議，相關法規明確規定，一旦採取了預防措施，特別是與臨時中止相關的措施，共同犯罪指控就必須納入司法程序的討論範圍。這正是目前正在討論的要素之一。

We trust that the jurisdictional instances will know how to protect the interests of the company in this sense. When it comes to the terms, we are within the terms of this process, and in similar cases or similar events, we're talking about terms of three to six years long. These are long processes. When it comes to discussions held with the rating firms, of course, as we've done it with the market, this is something that we've discussed with them. We've disclosed this with details to them, and we haven't seen major concern from these rating firms on this controversy. Specifically, it's worth mentioning, on your question of covenants, we have no covenants included in our mechanisms of financing. We don't see a risk, eminent risk. Let me go back.

我們相信相關司法管轄機構會懂得如何維護公司在這方面的利益。至於條款，我們目前遵循的是流程條款，在類似案例或類似事件中，我們通常討論的是三到六年的期限。這些都是漫長的流程。至於與評級機構的討論，當然，就像我們與市場進行的那樣，我們也與他們進行了討論。我們已向他們詳細披露了相關信息，而且我們並未看到這些評級機構對此爭議表示重大擔憂。特別值得一提的是，關於您提到的契約條款，我們的融資機制中沒有任何契約條款。我們認為不存在風險，或說不存在迫在眉睫的風險。讓我再補充一點。

In 2026, we do not see any risk in terms of liquidity or any effect. There is no likelihood that this controversy will be resolved on a short-term basis, so there is no incidence on Ecopetrol. There is no impact on the provision either on the accounting. Our external counsel say that there's very low risk to lose this controversy, or again, there is likelihood to have success. It's very high, the likelihood. This will have very little, if any impact on our balance sheet.

2026年，我們認為流動性方面不存在任何風險或影響。這場爭議短期內不太可能得到解決，因此不會對Ecopetrol造成任何影響。會計準備金和會計處理也不會受到影響。我們的外部律師表示，敗訴的風險極低，或者說，勝訴的可能性非常高。即使勝訴，對我們的資產負債表的影響也微乎其微。

(interpreted)

（翻譯）

Hugo Beltran, Acciones y Valores.

雨果貝爾特蘭，《Acciones y Valores》。

(interpreted) I'd like to ask about the gap between the real production of oil and the goal that was established for the year. You mentioned several factors like the climate and blocks, blockades. Could you please elaborate more on those settings?

（譯）我想問一下實際石油產量與年度目標之間的差距。您提到了氣候、封鎖等幾個因素。您能否詳細解釋一下這些情況？

If for, if you overcame some of these reasons for lower production and which were the fields more affected and the maintenance aspect last year, you said that this reduced the supply of natural gas in some refineries of Ecopetrol. If there's a similar scenario in 2026, do you have a contingency plan different that could help you with the natural gas problem, or are we still exposed to a similar scenario?

如果去年您克服了部分導致產量下降的原因，並確定了受影響較大的油田以及維護方面的問題，您曾提到這減少了Ecopetrol部分煉油廠的天然氣供應。如果2026年出現類似情況，您是否有不同的應急計畫來應對天然氣問題？或者我們仍然面臨類似的困境？

(interpreted) Good morning. This is Juan Carlos Hurtado, Executive VP of Hydrocarbons. When it comes to the gap that you were asking about, I can say that when it comes to the settings this year, especially in the last month and a half, that we had events that did hit our production levels.

（翻譯）早安。我是油氣業務執行副總裁胡安·卡洛斯·烏爾塔多。關於您剛才提到的產量缺口，我可以說，就今年的市場環境而言，尤其是在過去一個半月裡，確實發生了一些影響我們產量水準的事件。

Because of the rainy season, we still have factors related to weather. Not only the stability because of thunderstorms, but we also had the slide of an electric tower, and that stopped us from operating a station from working with the field, and this also affected and restricted, partially, the production of those fields. This has been restored now, of course, but that did have an impact. When it comes to Rubiales, Cano Sur, Castilla, Chichimene, and Casix, those are the fields.

由於正值雨季，天氣因素仍對我們造成影響。不僅雷暴天氣帶來的不穩定，還有一座輸電塔滑倒，導致我們無法正常運作一個與農田相連的電站，這也在一定程度上影響並限制了這些農田的產量。當然，現在電站已經恢復運行，但那次事故確實造成了一定的影響。魯比亞萊斯、卡諾蘇爾、卡斯提利亞、奇奇梅內和卡西克斯這幾個農地就是我們關注的重點。

(interpreted) Good morning, Bayron Triana, VP of Energies for Transition. When it comes to the SPAC question, we always carry out the overhaul, the maintenance, and what differs from last year is that the import project from Buenaventura is already in operation so it gives more capability and resilience to the transport of natural gas system in Colombia. Now we see the coordination of all the agents, so that in October, we can surpass this event.

（翻譯）早安，轉型能源副總裁拜倫·特里亞納。關於SPAC項目，我們一直在進行全面檢修和維護。與去年不同的是，布埃納文圖拉的天然氣進口項目已經投入運營，這大大提升了哥倫比亞天然氣輸送系統的能力和韌性。目前，我們正在協調各方，爭取在10月順利完成這項任務。

(interpreted)

（翻譯）

Andrés Duarte, Corficolombiana.

安德烈斯·杜阿爾特，科菲哥倫比亞。

(interpreted) Good morning. Can you hear me?

（翻譯）早安。你聽得到我說話嗎？

(interpreted) Yes, we can.

（翻譯）是的，我們可以。

(interpreted) I have two questions. Maybe later I can I have time for a third one. My questions are: Well, the first one is related to Venezuela. I'd like to know what opportunities do you see, and in what cases, or what type of opportunities do you see with the investments planned that you already have approved already? In the future, would you go from self-generation to sell electricity to Venezuela?

（翻譯）我有兩個問題。也許我稍後有時間可以問第三個。我的問題是：第一個問題與委內瑞拉有關。我想知道您認為已經批准的投資計劃有哪些機遇，以及在哪些情況下或哪些類型的機會？未來，您是否會從自發電轉向向委內瑞拉售電？

Second question is a follow-up to what you already explained on the reserves and the ANH. You paid for some fields the royalty in money, right? That, to me, will imply that the production related to those reserves, which are about 5% of the total today, that production will necessarily. No. The profit per barrel will decrease for those barrels because it's like if you paid the lifting cost twice.

第二個問題是對您先前關於儲量和ANH（石油天然氣開採權）的解釋的後續。您已經用現金支付了部分油田的特許權使用費，對嗎？在我看來，這意味著與這些儲量相關的產量（目前約佔總產量的5%）必然會下降。不，這些油桶的每桶利潤會下降，因為這相當於您支付了兩次開採成本。

On the one-hand side, you're paying royalty, and on the other side, you're paying the lifting costs of those barrels. Please clarify if I'm correct. Thank you.

一方面，你要支付特許權使用費；另一方面，你要支付這些桶子的吊運費用。請問我的理解是否正確？謝謝。

(interpreted) Andrés, good morning. This is Ricardo Roa, the CEO. Allow me to talk about the opportunities we've identified and the chances to make transactions of energy with Venezuela. Venezuela needs electricity to reactivate its economy and the exploitation of the hydrocarbons in higher volumes to those that we've seen recently. We need gas. For the past ten years, we've needed. We can exchange resources of products or light crude oil, which we see a lot in Venezuela. After identifying these opportunities, we have talked with OPEC last week to make an assessment and to make transactions of this nature with Venezuela.

（翻譯）安德烈斯，早安。我是執行長里卡多·羅阿。請容許我談談我們發現的機會以及與委內瑞拉進行能源交易的可能性。委內瑞拉需要電力來重振經濟，並需要比近期更高的油氣開採量。我們需要天然氣。過去十年，我們一直需要天然氣。我們可以交換成品油或輕質原油，我們在委內瑞拉有很多輕質原油。在發現這些機會後，我們上週與歐佩克進行了會談，以評估並與委內瑞拉進行此類交易。

When it comes to the amount of energy that we could sell to Venezuela, or yes, electricity or to improve the concept of self-generation to sell energy to Venezuela, remember, the transactions are not of this type, are not physical, they're financial. We have to go through the wholesale market, these contracts are financial.

說到我們可以向委內瑞拉出售多少能源，或者說電力，或者改善自發電模式向委內瑞拉售電，請記住，這些交易並非實體交易，而是金融交易。我們必須透過批發市場進行交易，這些合約都是金融合約。

Today, Ecopetrol cannot do this because when it purchased ISA, it was forced to do it. ISA can do it. It has no restrictions to commercialize energy. With Venezuela. The core of the business of ISA is to develop these interconnections for years, and it's done so with Venezuela before, so there's an opportunity there. Today, the regulation allows us to have projects to re-record that energy for our consumption. That's a premise that we can do today.

如今，Ecopetrol 無法做到這一點，因為它在收購 ISA 時是被迫這樣做的。而 ISA 可以做到。它在能源商業化方面沒有任何限制。 ISA 的核心業務多年來一直致力於開發這些互聯項目，而且它之前也與委內瑞拉開展過類似的項目，因此這其中存在著機會。如今，相關法規允許我們開展項目，重新記錄這些能源以供我們自身使用。這是我們目前可以實現的前提條件。

The energy that Venezuela needs and Colombia having good sources based on hydroelectricity, I would say that we can enable those connections without any problem to Venezuela, provided the restrictions are raised. From there, we can carry out the transactions, energy transactions with that country.

委內瑞拉需要能源，而哥倫比亞擁有豐富的水力資源，我認為只要限制解除，我們就可以毫無問題地將委內瑞拉與哥倫比亞的能源連接連接起來。之後，我們就可以與委內瑞拉進行能源交易。

(interpreted) Meaning? You mean Ecopetrol generates it according to your new strategic plan? Yes, it would be for the system, and the system with any surplus, part of that surplus would be sold to Venezuela, right?

（翻譯）什麼意思？你是說Ecopetrol會按照你們的新戰略計劃生產石油？是的，石油將用於整個系統，如果系統有任何盈餘，一部分盈餘將出售給委內瑞拉，對嗎？

(interpreted) Yes. Any generator in the country can place the energy in the system and with the transactions held according to the boundaries and the agreements with boundaries made, yes. This is the way that we've been doing transactions for many years. We have generations in the system. We have what's called the boundary or frontier systems. According to what's agreed with those frontier systems, any generator, any self-generator, can place a surplus in that system, and the energy is taken from other buyers.

（翻譯）是的。全國任何發電者都可以將電力輸送到系統中，交易也按照既定的邊界和協議進行。多年來，我們一直採用這種方式進行交易。我們的系統中有多個發電廠。我們有所謂的邊界系統或前緣系統。根據與這些前沿系統達成的協議，任何發電者，任何自發電者，都可以將剩餘電力輸送到該系統，這些電力將從其他買家處購買。

(interpreted) Andrés, good morning. I would like to answer your question related to the treatment, the accounting treatment and financial treatment given to the royalties. The most important part here is to repeat that the monetization of the royalties is that today, the volumes are no longer of the NH, but become volumes of barrels owned by Ecopetrol.

（翻譯）安德烈斯，早安。我想回答您關於特許權使用費的處理、會計處理和財務處理的問題。最重要的是要重申，如今特許權使用費的貨幣化方式是，其計量單位不再是國家石油公司（NH）的石油儲量，而是Ecopetrol公司擁有的石油桶數。

This isn't a big cost for Ecopetrol, but there is a reconversion, reclassification of the cost. Before, what we did was to provide the barrel to the NH, and the NH would give it back to us to commercialize it. We would register a sales cost, a higher sales cost over those volumes of royalties.

這對Ecopetrol來說成本不大，但成本需要重新轉換和重新分類。以前，我們把原油提供給NH公司，NH公司再把原油還給我們進行商業加工。我們會記錄一筆銷售成本，這筆銷售成本高於相應的特許權使用費。

Today, since it's owned by Ecopetrol, the sales cost to purchase those barrels is transferred to the operating cost, as you stated. As so, this increases the total cost of the lifting cost, yes. We have to keep in mind, when you produce more barrels, which are incorporated in the production of Ecopetrol, the unit cost per barrel drops. What we can say is that the effect is neutral, and it's more reclassification of the sales cost and the operating cost with the effect, yes, that when you divide the total cost, lifting cost, by a higher number of barrels, you can re-record a lower lifting cost per barrel.

正如您所說，由於現在歸Ecopetrol所有，購買這些原油的銷售成本已轉入營運成本。因此，這確實會增加總的開採成本。但我們必須記住，當您生產更多原油（這些原油用於Ecopetrol的生產）時，每桶原油的單位成本會下降。我們可以說，這種影響是中性的，更多的是對銷售成本和營運成本的重新分類，其結果是，當您將總成本（即開採成本）除以更高的原油桶數時，您可以重新記錄一個更低的每桶原油開採成本。

(interpreted) Yes, Camilo. When you look at these fields, when it comes to royalties, those barrels and those fields are not being commercialized by NH, but with the mechanism that you've explained through Ecopetrol, right?

（翻譯）是的，卡米洛。當你審視這些油田，談到特許權使用費時，你會發現這些油田和原油並沒有被NH公司商業化，而是透過你剛才解釋的Ecopetrol公司的機制進行商業化，對嗎？

(interpreted) Until before this monetization of royalties, that's how we did it, yes. NH would give it to us to be commercialized by Ecopetrol. With the risk that any other commercializer could do it. Today, since it's owned by Ecopetrol, we eliminated that risk. We ensured the crude slate and 100% we are commercializing those barrels.

（譯者註）在特許權使用費貨幣化之前，我們的確是這樣做的。 NH公司會把原油交給我們，再由Ecopetrol公司商業化。但風險在於，其他任何商業化公司都可能搶先銷售。如今，由於原油歸Ecopetrol公司所有，我們就消除了這種風險。我們確保了原油供應，並且100%實現了這些原油的商業化。

Juan Felipe Becerra, Credicorp Capital.

胡安·費利佩·貝塞拉 (Juan Felipe Becerra)，Credicorp Capital。

(interpreted) Good morning. Can you hear me?

（翻譯）早安。你聽得到我說話嗎？

(interpreted) Yes, we can.

（翻譯）是的，我們可以。

(interpreted) Thank you for your presentation. I'd like to make two questions. One, what's happening in Iran today and the impact it has on the higher crude oil prices and on the margins. Do you see any changes on your strategy for this effect? Because it will hurt surely the profitability levels.

（翻譯）感謝您的報告。我想問兩個問題。第一，伊朗目前的局勢及其對原油價格上漲和利潤率的影響是什麼？您認為您的策略會因此做出任何調整嗎？因為這肯定會影響獲利水準。

Second question, during this quarter, we see in the midstream, volumes transported compared to the last quarter of last year, but we see a decrease in revenue. Since these are tariffs regulated, could you give us more details of this negative variation? Thank you.

第二個問題，本季中游運輸量與去年同期相比有所成長，但收入卻有所下降。由於這些費用受監管，能否請您詳細說明一下造成這種負成長的原因？謝謝。

(interpreted) Good morning. Thank you for your question, Juan. When it comes to the Iranian conflict, there are impacts on the 15 million barrels, of course, that cannot pass the Hormuz Strait. That, of course, will increase the price of oil. When it comes to refined products, as of today, the report says, is that in the Middle East and Iran and Arabia, you can see a shortage of diesel because when it comes to load, so for these enhanced in the past 48 hours. In Naphtha, we see a cut in exports.

（翻譯）早安。胡安，謝謝你的提問。關於伊朗衝突，當然會對1500萬桶原油無法通過霍爾木茲海峽造成影響。這必然會推高油價。至於成品油，根據今天的報告，中東、伊朗和阿拉伯地區柴油供應短缺，因為過去48小時內柴油需求量增加。石腦油的出口量也有所下降。

Remember, there are countries like Qatar, Dubai, Iran, Saudi Arabia, Iraq and others that exported last year 1.2 million barrels in Naphtha. That Naphtha went to countries in the east, and most likely that Naphtha now will have to go from the US and rebalance all the market. The gasoline market right now does not export a lot of gasoline and jet. We see also a cut in exports. To conclude, we can foresee that if this war is extended, there was a spike in prices.

請記住，像卡達、杜拜、伊朗、沙烏地阿拉伯、伊拉克等國去年出口了120萬桶石腦油。這些石腦油銷往東方國家，而現在很可能需要從美國進口，從而重新平衡整個市場。目前汽油市場出口量不大，汽油和航空煤油的出口量也出現了下降。總之，我們可以預見，如果這場戰爭持續下去，價格將會飆升。

We have to keep in mind the following. The fre-rates are at astronomical prices, 150%, 160% higher. We can have a better price that will be mitigated by transport costs of those oils or products, and we have to see the impact on this. If the situation will continue like this, surely it can be a good time for the downstream in many parts of the world.

我們必須牢記以下幾點。目前自由貿易價格高得驚人，比市價高出150%甚至160%。我們或許能爭取到更優惠的價格，但運輸成本會抵銷一部分收益，我們需要觀察這方面的影響。如果這種情況持續下去，對世界許多地區的下游產業來說，這無疑是個好時機。

(interpreted) Good morning. This is Julian. Regarding your question, as you could see in the report, the increase or higher volume transported was of oil. You have to remember that the transport rates are in US dollars. Therefore, because of the exchange rate, there was a reduction in revenue.

（翻譯）早安。我是朱利安。關於您的問題，正如您在報告中看到的，運輸量增加的是石油。您需要記住，運輸費用是以美元計價的。因此，由於匯率波動，實際收入有所下降。

The total reduction is COP512 billion, of which a good percentage is because of the lower exchange rate. In addition, there is COP131 million owed because when you compare the semester of 2024 to 2025, there was a chip boy for the transport, which in 2025 is not there. Still, I'd like to highlight that of the COP512 million, through efficiencies, we reduced the impact to COP179 million. In the report, you can see there is an improvement of the EBITDA margin to 61%.

總計減少了5120億哥倫比亞比索，其中很大一部分是由於匯率走低。此外，還有1.31億哥倫比亞比索的欠款，因為在2024年上半年與2025年上半年相比，運輸部門有一個臨時工，而2025年這個臨時工已經不在了。不過，我想強調的是，透過提高效率，我們將這5.12億哥倫比亞比索的影響減少到了1.79億哥倫比亞比索。報告中可以看到，息稅折舊攤提前利潤率（EBITDA利潤率）提高到了61%。

(interpreted) (Operator Instructions) Joao Barichello, UBS.

（解釋） （操作員說明） Joao Barichello，瑞銀集團。

(interpreted) Hi, Ecopetrol team. Thank you for taking my questions. I have two from my side. My first question is a follow-up on the 2026 investment plan. The company raised all its guidance and operational financial figures based on a $60 per barrel Brent. Oil prices have been supporting higher levels since the beginning of the year, and it's right now above the $80 per barrel level following all the recent geopolitical events.

（翻譯）您好，Ecopetrol團隊。感謝您回答我的問題。我有兩個問題。第一個問題是關於2026年投資計畫的後續問題。本公司上調了所有業績指引和營運財務數據，這些數據均基於布蘭特原油價格每桶60美元的預期。自年初以來，油價一直走高，在近期一系列地緣政治事件的影響下，目前油價已超過每桶80美元。

Could the company consider an update on the plan if oil prices remain at these levels for longer? Could the company deliver also higher production levels or accelerate investments? I have another question on M&A activities. In the last few months, there was some news linking Ecopetrol's potential acquisition of upstream companies in Brazil.

如果油價長期維持在當前水平，公司是否會考慮更新計畫？公司是否也能提高產量或加速投資？我還有關於併購活動的問題。過去幾個月，有消息指出Ecopetrol可能收購巴西的上游企業。

Could you elaborate further on how the company has been seeing M&A opportunity in the industry? Is this being under discussed as a way of strengthening Ecopetrol reserves replenishment? That is from my side. Thanks.

您能否進一步闡述公司如何看待產業內的併購機會？這是否被低估，而併購是否是加強Ecopetrol石油儲備補充的一種方式？這是我的看法。謝謝。

(interpreted) Good morning, Joao. This is Ricardo Roa, the CEO. The plan is elaborated now for three years. We have a long-term planning plan for the next three years.

（翻譯）早上好，若昂。我是執行長里卡多·羅阿。我們目前正在製定為期三年的計劃。我們有一個未來三年的長期規劃。

First. When it comes to the maintenance that we are observing today, now we see prices above $80. We will make the corresponding assessments like we did last year in April in another process when we saw that the barrel price dropped significantly and we changed our investments for the rest of the year. We got more into our savings and efficiency program. If in the next weeks or months we will see changes, of course, we will make a revision, better bets to increase production and to look at the relocation of our CapEx with our different assets to be more profitable with the conditions we're seeing today.

首先，就我們目前觀察到的維護而言，現在油價已超過80美元。我們將進行相應的評估，就像去年4月份一樣。當時油價大幅下跌，我們調整了剩餘時間的投資計劃，加大了節約和提高效率的力度。如果未來幾週或幾個月內油價發生變化，我們當然會進行調整，尋找更合適的增產方案，並考慮重新配置資本支出，以在當前情況下提高不同資產的盈利能力。

Joao, if you allow me to complement with several figures. We announced the market an investments plan between COP22 billion and COP27 billion. This plan that was announced, we incorporate what we call an option. We believe that while we see the Brent increasing its value and tab worth low, and in turn we see more the possibility to make more investments under the stringent capital management systems that we have, we will be more on the higher range of the investments plan, close to COP27 trillion. Of course, thinking about the investments with the capability to increase production on a short-term basis.

若昂，請容許我補充幾個數字。我們已向市場公佈了一項220億至270億哥倫比亞比索的投資計畫。這項計劃中包含我們稱為「選擇權」的部分。我們認為，隨著布蘭特原油價格上漲，原油價格走低，在現有的嚴格資本管理體系下，我們有更多機會進行更多投資。因此，我們最終的投資額將更接近計畫的上限，接近27兆哥倫比亞比索。當然，我們指的是那些能夠在短期內提高產量的投資。

(interpreted) Next question.

（翻譯）下一個問題。

(interpreted) This is Julian. I'll talk about your question of Brazil. Ecopetrol constantly evaluates growth opportunities, inorganic growth opportunities. These operations are almost always covered by confidentiality agreements. Once we make the technical economic analysis, and we have the approvals, we will be reporting these to the market.

（翻譯）我是朱利安。我將回答您關於巴西的問題。 Ecopetrol一直在評估成長機會，包括非內生成長機會。這些業務幾乎都受到保密協議的約束。一旦我們完成技術經濟分析並獲得批准，我們將向市場公佈相關資訊。

(interpreted) Alejandra Andrade, JPMorgan.

（譯）Alejandra Andrade，摩根大通。

(interpreted) Hello. Thank you for accepting my questions. There are two. First, in a higher Brent price scenario, are you going to review your investments plan or the opportunities that you see now are the highest? Second, what type of opportunities, inorganic opportunities do you see when it comes to E&P? Thank you.

（翻譯）您好。感謝您接受我的提問。我有兩個問題。第一，如果布蘭特原油價格上漲，您會重新評估您的投資計畫嗎？還是您認為目前的機會已經最大？第二，在油氣探勘開發領域，您認為有哪些類型的投資機會，特別是非有機成長機會？謝謝。

(interpreted) Thank you, Alejandra. Good morning. This is Ricardo Roa. With regards to your first question, when there are conditions of an uptrend of the price of oil, we will be of course reviewing these. According to the figures obtained, we'll be reviewing the allocation of the CapEx and investments that we have for this year, COP22 billion-COP27 billion.

（翻譯）謝謝你，Alejandra。早安.我是Ricardo Roa。關於你的第一個問題，當油價出現上漲趨勢時，我們當然會重新評估。根據目前所掌握的數據，我們將重新評估今年220億至270億哥倫比亞比索的資本支出和投資分配方案。

In past years, we have been investing $20 billion with our strategic business, the traditional one. We'll be doing the same thing we did last year, like, we did in April of last year when the Brent dropped so much. Once we see a sequence of the conditions that we see today, we of course will be reviewing the plan for the rest of the year. We'll be looking at the possibility of increasing the production of our assets. Let's hear what Julian can answer on the type of opportunities, inorganic opportunities we see.

過去幾年，我們已在策略性業務（即傳統業務）上投資了200億美元。我們將延續去年的做法，就像去年4月布蘭特原油價格暴跌時一樣。一旦我們看到類似今天的情況持續下去，我們當然會重新評估今年剩餘時間的計劃。我們將考慮提高資產產量的可能性。讓我們聽聽朱利安對我們看到的非內生性成長機會有何見解。

(interpreted) Thank you, Mr. President. This is Julian Lemos. Alejandra, as I said before, the group recurrently analyzes opportunities that contribute to the growth, inorganic growth of reserves and production. When we have announcements to make, we will let the market know.

（譯）謝謝主席先生。我是朱利安·萊莫斯。阿萊杭德拉，正如我之前所說，集團會定期分析有助於儲量和產量成長的各種機會，包括非內生性成長。如有消息，我們會及時通知市場。

(interpreted) Guillerme Costa, Goldman Sachs.

（譯者）高盛集團的吉列爾梅·科斯塔。

(interpreted) Hi, Ricardo, Camilo, Oscar. Thanks for having my questions. I have two quick ones, actually more as a follow-up of recent questions. The first one on the higher freight prices. Could you please remind us of the share of your production that is actually exported overseas and, hence, would be exposed to the volatility in freight prices?

（翻譯）嗨，Ricardo、Camilo、Oscar。謝謝你們解答我的問題。我有兩個簡短的問題，其實更像是對之前問題的後續。第一個問題是關於運費上漲的。能否請你們說明一下，你們的產品中有多少比例是出口到海外的？也就是說，有多少比例的產品會受到運費波動的影響？

My second question, we saw some increase in discount for heavy oil in the global markets, given the higher availability of Venezuelan crude oil in the market. Could you please remind us as well what percent of your output is similar to Venezuelan crude and is also exported overseas? Also, have you seen any impact in pricing so far? Thanks for having my questions.

我的第二個問題是，鑑於委內瑞拉原油供應量增加，我們注意到全球市場上重質原油的折扣上升。請問貴公司有多少比例的產量與委內瑞拉原油相似，並出口到海外？此外，目前價格是否受到影響？感謝您提出這些問題。

(interpreted) Thank you so much for your two questions. With regards to the follow-up, the wells, yes, of course, these are high. We export 35% of the Colombian production, 11 million barrels a month to the US 45% is exported to Asia, and the residual part to Europe.

（翻譯）非常感謝您提出的兩個問題。關於後續問題，油井產量，是的，當然，產量很高。我們出口哥倫比亞石油產量的35%，每月1,100萬桶出口到美國，45%出口到亞洲，剩餘部分出口到歐洲。

The exposure right now has been mitigated with actions like contracting a Time Charter, which are vessels contracted at a fixed rate. We have one vessel between Coveñas and the US, and that allows us to have a better price and helps us right now in times of volatility. We're looking at similar options also for Asia. That exposure also is seen by us, especially looking at offers with clients that we have.

目前，我們已採取一些措施來降低風險敞口，例如簽訂定期租船合同，即以固定費率租用船舶。我們在科韋尼亞斯和美國之間擁有一艘船舶，這使我們能夠獲得更優惠的價格，並在當前市場波動時期為我們提供幫助。我們也在考慮在亞洲開展類似的業務。我們同樣關注這方面的風險敞口，尤其是在與現有客戶洽談業務時。

And if we can provide everything in Coveñas, and this is how we've been working to not be exposed to the volatility that we are seeing globally. With regard to your second question, when it comes to the discount of the heavy crude, it's true that we expect a weakening of the prices because no restrictions of Venezuela, yes. This is more a perception of oversupply.

如果我們能在科維尼亞斯滿足所有需求，我們就能做到這一點，這也是我們一直以來努力避免受到全球市場波動影響的方式。關於你的第二個問題，關於重質原油的折扣，我們確實預期價格會走弱，因為委內瑞拉沒有任何限制。這更多是市場對供應過剩的預期。

We moved crude in a non-formal market to a formal market, so there is no incremental production now. We can refer to increases before 2019 when we took to the US 40% of the Colombia production, we exported to there. Also remember that the bad crude oil from Venezuela, it has an effect on the Middle East. Before we said therefore that we are also working on a commercial strategy.

我們把原油從非正規市場轉移到了正規市場，所以目前沒有新增產量。我們可以參考2019年之前的成長情況，當時我們將哥倫比亞40%的原油產量輸送到了美國。另外，別忘了委內瑞拉的劣質原油也對中東地區產生了影響。因此，正如我們之前所說，我們也在製定商業策略。

Let me tell you what we're doing to mitigate all this. We have clients and markets, and we have fixed term contracts. The increases of discounts are being managed through these agreements. We also have commercial offices in Asia and the US, which allow us to mitigate that exposure to that potential discount we may have.

讓我來告訴您我們正在採取哪些措施來應對這些問題。我們有客戶和市場，也簽訂了固定期限合約。折扣增加的情況正透過這些協議來控制。此外，我們在亞洲和美國都設有商務辦事處，這使我們能夠降低可能面臨的折扣風險。

Our crude oil compared to those of Venezuela, those oils with lower contents of metals and acidity levels are better. I'd like to end. Yes, there is a discount of heavy crude has been seen. We believe that with our commercial strategy, we can mitigate this soon.

與委內瑞拉原油相比，我們的原油品質更好，金屬含量和酸度都更低。我想最後再補充一點。是的，目前重質原油價格有下跌。我們相信，憑藉我們的商業策略，我們能夠盡快緩解這種情況。

(interpreted) Badr, Barclays.

（翻譯）巴德爾，巴克萊銀行。

Yes. Good morning. Good afternoon. Thank you so much for taking my question. I had a quick question on the FEPC and the downstream pricing policy. You know, as we're seeing, obviously, with the unfortunate event in the Middle East, we're seeing crack margins going up, especially for diesel. I was wondering, can you remind us what is Ecopetrol downstream pricing policy? How fast do you adjust downstream prices? How are you thinking about the potential pressure from the FEPC that could start, you know, materializing in the second quarter this year? Thank you so much.

是的。早安.午安.非常感謝您回答我的問題。我有一個關於聯邦出口信貸委員會（FEPC）和下游定價政策的問題。您知道，正如我們所看到的，由於中東發生的不幸事件，裂解利潤率正在上升，尤其是柴油。我想請您介紹一下Ecopetrol的下游定價政策？你們調整下游價格的速度如何？您如何看待FEPC可能在今年第二季開始施加的潛在壓力？非常感謝。

(interpreted) Thank you for your questions. We have seen, factorizing the conversation we've had today, that there is a potential in the prices. We made a sensitivity analysis. At $80, what would be the impact on the FEPEC? If we continue in the same conditions, we had a discount at gasoline prices of almost COP1,000, and we could close the FEPEC. That covers the part of gasoline and diesel more or less at COP5 million. If we were at $80 and we had an increase of prices, we think that that number could be COP7.98 million. Short answer, we would have an increase in FEPEC with high prices. It's still early, but you're right. There could be an impact on the FEPEC, depending on how high are those prices and the international price.

（翻譯）感謝您的提問。根據我們今天的討論，價格方面存在潛在風險。我們進行了敏感度分析。如果油價達到每加侖80美元，會對FEPEC產生什麼影響？如果油價維持在目前的水平，汽油價格折扣接近每加侖1000哥倫比亞比索，FEPEC可能會因此關閉。這大約相當於500萬哥倫比亞比索的汽油和柴油供應。如果油價達到每加侖80美元，油價上漲，我們認為這個數字可能會達到798萬哥倫比亞比索。簡言之，油價高企會導致FEPEC增加。現在下結論還為時過早，但您說得對。油價上漲可能會對FEPEC產生影響，這取決於油價高低以及國際油價走勢。

(interpreted) I would like to add. This is Camilo Barco. I'm the CFO. I'd like to say conceptually on the performance of prices, and FEPEC is very important. Of all the downstream, the downstream policies and prices, these are determined by the ministry. This really depends on what this ministry determines. We're talking about sales prices and sale, and prices for the producers. What we do envision is that with this new level of prices, while the current conditions take place, we could have a reverse in the FEPEC, according to what we see in our financial plan, I would say for the national government, of about COP2 billion, more than what Julio already mentioned as well.

（翻譯）我想補充一點。我是卡米洛·巴爾科，首席財務官。我想從概念上談談價格表現，FEPEC（石油出口促進委員會）非常重要。所有下游環節，包括下游政策和價格，都由相關部門決定。這完全取決於該部門的決定。我們討論的是銷售價格和生產商的價格。我們設想，在當前情況下，如果價格達到新的水平，根據我們的財務計劃，FEPEC可能會出現逆轉，我認為國家政府的收益將達到約20億哥倫比亞比索，比胡里奧剛才提到的還要多。

(interpreted) Now we're going to read the questions. Juan Pablo Ramirez from Davivienda asks, what could be the impact by closing the Hormuz Strait on the gas price imported by Colombia? Understanding that it's imported from the US and Trinidad Tobago, what is the development of the regasification and gasification system in Coveñas? When will it begin operations?

（譯文）現在我們來讀一下問題。來自達維維恩達的胡安·巴勃羅·拉米雷斯問道，關閉霍爾木茲海峽會對哥倫比亞進口天然氣的價格產生什麼影響？考慮到哥倫比亞的天然氣是從美國和特立尼達和多巴哥進口的，科韋尼亞斯的天然氣再氣化和氣化系統目前進展如何？何時開始營運？

(interpreted) This is Byron Triana. With regard to the questions on the impacts of importing gas in Colombia, I'd like to highlight that import is made by a company that's not Ecopetrol. We have to see the impacts that will take place in this company. We can say that in the spot, when it comes to purchases of Ecopetrol for the infrastructure of the Pacific and the Caribbean, the contracts are long-term to mitigate the effects of what's taking place now.

（譯者）我是拜倫‧特里亞納。關於哥倫比亞天然氣進口的影響問題，我想強調的是，進口是由一家並非哥倫比亞國家石油公司（Ecopetrol）的公司進行的。我們需要觀察這家公司將受到的影響。我們可以說，就目前而言，哥倫比亞國家石油公司為太平洋和加勒比海地區基礎設施採購天然氣時，簽訂的合同都是長期合同，旨在減輕當前形勢的影響。

When it comes to the developments of the Coveñas plant, this plant has all the permits now, the environmental permits. We are working now with the carrier. The initial phase of 110 million cubic feet was canceled. We have a phase of 400 million cubic feet, and we expect that by the end of 2028, it will be in operation.

關於科韋尼亞斯工廠的開發，該工廠目前已獲得所有必要的許可證，包括環境許可證。我們正在與運輸公司合作。原計劃的1.1億立方英尺第一期工程已取消。我們現在有一個4億立方英尺的第二期工程，預計在2028年底投入營運。

(interpreted) Declan Hanlon from Banco Santander asks, could you give us an update on the strategy and plan related to the joint venture in Burma? In terms of rights and obligations, and in the strategy of the company to political pressure to sell this asset?

（翻譯）桑坦德銀行的德克蘭·漢隆問道：您能否介紹一下與緬甸合資企業相關的戰略和計劃的最新情況？包括權利和義務方面，以及公司應對出售該資產的政治壓力的策略？

(interpreted) Good morning, Declan. I am Julian Lemos, the Corporate VP of Strategy and New Businesses. Today, we have an agreement in force with Occidental. As I mentioned in another question, one of the contracts is in force until December 31, 2027, the one of Delaware. The one of Midland is a joint venture agreement in force while the partners decide. As Juan Carlos said before, the level of activity, and therefore of investments made, obeys the analysis of what's happening macroeconomically in the market. That way, we can agree with our partner how we can develop that basin. Thank you.

（翻譯）早安，德克蘭。我是朱利安·萊莫斯，負責策略和新業務的企業副總裁。目前，我們與西方石油公司（Occidental）有協議生效。正如我在另一個問題中提到的，其中一份合約有效期至2027年12月31日，即特拉華州的合約。米德蘭的合約是一份合資協議，目前仍在生效，具體期限由合作夥伴決定。正如胡安·卡洛斯之前所說，業務活動水平，以及相應的投資額，都取決於對市場宏觀經濟情勢的分析。這樣，我們才能與合作夥伴商定如何開發該盆地。謝謝。

(interpreted) Nelson Bocanegra from Reuters asks, does Ecopetrol keep in mind to keep the resources upstream that Parex has since Parex has already given its offer?

（翻譯）路透社的 Nelson Bocanegra 問道，既然 Parex 已經提出了收購要約，Ecopetrol 是否會考慮保留 Parex 擁有的上游資源？

(interpreted) Julian Lemos, Corporate VP of Strategy and New Businesses. Since these processes usually are covered by confidentiality agreements, we cannot state anything on this. Again, as I've said before, Ecopetrol constantly evaluates inorganic growth opportunities to incorporate reserves, and these will be announced to the market. Thank you.

（翻譯）策略與新業務副總裁朱利安·萊莫斯表示：“由於這些流程通常受保密協議約束，我們無法就此透露任何信息。再次重申，正如我之前所說，Ecopetrol 會持續評估各種非內生增長機會，以整合現有儲量，相關信息將會向市場公佈。謝謝。”

(interpreted) Nicolas Bourgeois de Capital nos pregunta: the bonds in dollars of Ecopetrol are quoted at levels that seem disconnected from the fundamentals. Would you consider to have a tender offer for any of these bonds?

（譯文）Nicolas Bourgeois de Capital 提出以下問題：Ecopetrol 的美元債券報價似乎與基本面脫節。您是否考慮對這些債券發起要約收購？

(interpreted) Okay, thank you. With regards to the operations to handle debt or to financing in Ecopetrol, we'd like to take this opportunity to indicate several aspects. First, Ecopetrol, we monitor constantly the market, find the banking financial markets and that of capitals. We evaluate carefully the different windows and performances. Right now, we have several purposes in terms of handling debt, and the goal is to decrease the cost of that financing, and secondly, to reduce or mitigate the refinancing risks.

（翻譯）好的，謝謝。關於Ecopetrol的債務處理或融資操作，我們想藉此機會說明幾點。首先，Ecopetrol會持續關注市場動態，包括銀行金融市場和資本市場。我們會仔細評估不同的融資窗口和表現。目前，我們在債務處理方面有幾個目標，一是降低融資成本，二是降低或減輕再融資風險。

Consequently, we evaluate all the possibilities. It's important to clarify that right now, we do not have any refinancing risks associated. Our next maturities, major maturities, are closer to the end of the year of 2029, and our average mean life is over eight years. With that said, we will be carefully evaluating all the possibilities and the performance of the market. Initially, we do not see any windows, but as they open, we are going to be prepared to look at them closer.

因此，我們會評估所有可能性。需要澄清的是，目前我們沒有任何再融資風險。我們下一批到期的債務，也就是主要到期債務，接近2029年底，平均期限超過八年。即便如此，我們仍會密切關注所有可能性和市場表現。初期，我們並未發現任何機會，但一旦出現，我們將做好充分準備，進行更深入的考察。

(interpreted) Andres Jaramillo from Redburn asks, what's the likelihood that Ecopetrol will be purchasing the assets of Canacol this year?

（翻譯）來自 Redburn 的 Andres Jaramillo 問道，Ecopetrol 今年收購 Canacol 資產的可能性有多大？

(interpreted) Alfredo, thank you for your question. This is Julián Lemos. This is a competitive process, as I said before, covered by a confidentiality agreement, so we cannot tell you the likelihood. We can say that when Ecopetrol analyzes and will conclude that these operations are proper and gets the approvals, this will be shared with the market. Thank you.

（翻譯）阿爾弗雷多，感謝您的提問。我是朱利安·萊莫斯。正如我之前所說，這是一個競爭性流程，受保密協議約束，因此我們無法告知您可能性。我們可以說，當哥倫比亞國家石油公司（Ecopetrol）分析並得出結論，認為這些操作合規且獲得批准後，我們會將資訊公之於眾。謝謝。

(interpreted) Felipe Gomez from Ashmore asks, how much do you expect from CapEx from Ceres? When will this be dispersed, and when will it be financed? What happens when if you do not reach the production levels in 2030?

（翻譯）來自Ashmore的Felipe Gomez問道，你們預計Ceres專案的資本支出是多少？這些資金何時撥付，何時獲得融資？如果到2030年未能達到預期產量，會發生什麼事？

(interpreted) With regard to the question of what happens with the commercial part of gas by 2030, this has been financed with flexibility for the seller, provided the project is in operation. When the project is in operation, the contracts are firm and become mandatory for us. Beforehand, there is no obligation to deliver the gas. Ecopetrol has projects until Sirius is in operation to import gas to back that level of gas needed.

（譯文）關於2030年天然氣商業供應的問題，如果專案投入運營，賣方將享有一定的彈性。專案投入營運後，合約即生效並對我們具有約束力。在此之前，我們沒有交付天然氣的義務。在Sirius計畫投入運作之前，Ecopetrol還有其他計畫透過進口天然氣來滿足所需的天然氣供應量。

Thank you. There are no further questions. Now, let's listen to Ricardo Roa, the CEO, for final remarks.

謝謝。沒有其他問題了。現在，讓我們聽聽執行長里卡多·羅阿的最後總結發言。

Thank you all for attending this earnings call. We appreciate your questions, which have allowed us to clarify the aspects that you were wondering about regarding the results of the last quarter of 2025.

感謝各位參加本次財報電話會議。我們非常感謝大家提出的問題，這些問題讓我們能夠解答大家對2025年第四季業績的疑問。

We'd like to say, finally, that there is absolutely no aspect or parameter that has not been protected duly by the hundreds and thousands of employees of Ecopetrol. They have devoted their intellect and their smartness.

最後，我們要強調的是，Ecopetrol成千上萬的員工已經盡職盡責地保護了每一個面向和每一個參數。他們傾注了他們的智慧和才幹。

So for all of our shareholders and creditors, we have sound, robust results that allow us to continue showing you that we have a great company in Colombia that does create value for shareholders and for the country. Thank you all.

因此，對於我們所有的股東和債權人，我們擁有穩健可靠的業績，這使我們能夠繼續向大家證明，我們在哥倫比亞擁有一家優秀的公司，能夠為股東和國家創造價值。謝謝大家。

(interpreted) Thank you all.

（翻譯）謝謝大家。

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.

本記錄中標示「（已翻譯）」的部分由現場通話的口譯員翻譯。該口譯員由本次活動的贊助公司提供。