Ecopetrol SA (EC) 2026 Q1 法說會逐字稿

Good morning. My name is Natalia, and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results of the first quarter of 2026.

早安。我叫 Natalia，今天將由我擔任您的接線員。歡迎參加 Ecopetrol 的財報電話會議，我們將在會中討論 2026 年第一季的主要財務與營運成果。

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

簡報結束後將有問答環節。在開始之前，重要的是要提及，Ecopetrol 高階管理團隊在本次電話會議中的評論包含對公司未來表現的預測。這些預測不構成對未來結果的任何承諾，也未納入可能發生的風險或不確定性。因此，若未來結果與本次電話會議所分享的預測不同，Ecopetrol 概不負責。

The call will be led by Mr. Juan Carlos Hurtado, Acting CEO of Ecopetrol; Carlos Mauricio Avila, Acting Executive Vice President of Hydrocarbons; Camilo Barco, CFO; and Bayron Triana, Executive Vice President of Energies for the Transition. Thank you for your attention. Mr. Hurtado, you may begin your conference.

本次電話會議將由 Ecopetrol 代理執行長 Juan Carlos Hurtado 先生、碳氫化合物代理執行副總裁 Carlos Mauricio Avila、財務長 Camilo Barco，以及能源轉型執行副總裁 Bayron Triana 主持。感謝各位的聆聽。Hurtado 先生，您可以開始您的會議。

Welcome to the first quarter 2026 earnings call. It's an honor to address you as Acting President of the Ecopetrol Group. 2026 began in a volatile international environment marked by an intensification of geopolitical tensions with direct impacts on energy markets and global logistics.

歡迎參加 2026 年第一季財報電話會議。我很榮幸以 Ecopetrol 集團代理總裁的身分向各位致詞。2026 年在多變的國際環境中展開，地緣政治緊張局勢加劇，對能源市場與全球物流造成直接影響。

Within this context, our operational capabilities were key to sustaining the group's performance. Let me highlight the main milestones of the quarter. In exploration, we underscore the successful result of the Copoazú-1 well in the Caribbean offshore. This confirms new gas accumulations independently from Sirius and expands the block's potential, contributing to the country's energy security.

在此背景下，我們的營運能力是維持集團表現的關鍵。請讓我重點說明本季的主要里程碑。在探勘方面，我們強調加勒比海離岸 Copoazú-1 井的成功成果。這確認了獨立於 Sirius 的新天然氣聚集，並擴大該區塊的潛力，進而有助於國家的能源安全。

In production, we reached 725,000 barrels of oil equivalent per day, the strength of domestic crude production at 527,000 barrels per day, partially offset lower gas production, a structural challenge that we continue to address. In addition, we advanced with the optimization of our upstream portfolio through agreements with Parex and Gran Tierra in the Magdalena Medio region.

在生產方面，我們達到每日 72.5 萬桶油當量；其中國內原油產量強勁，達每日 52.7 萬桶，部分抵銷了天然氣產量下降——這是一項我們持續因應的結構性挑戰。此外，我們透過與 Parex 與 Gran Tierra 在 Magdalena Medio 地區的協議，推進上游資產組合的最佳化。

In transportation, we moved 1,122,000 barrels per day, close to a 2% increase compared to the same period of the prior year, driven by integrated management aimed at maximizing infrastructure utilization. The reversal of the Coveñas-–Ayacucho system was key to incorporating crude oil and mitigating lower domestic production. In refining, we achieved a consolidated throughput of 417,000 barrels per day, a 5% increase versus the first quarter of 2025.

在運輸方面，我們運送量達每日 112.2 萬桶，較去年同期增加近 2%，主要受惠於以最大化基礎設施利用率為目標的整合式管理。Coveñas-–Ayacucho 系統的反向輸送對於納入原油並緩解國內產量下降至關重要。在煉製方面，我們的合併加工量達每日 41.7 萬桶，較 2025 年第一季增加 5%。

Barrancabermeja refinery reached one of the highest throughput levels in its history, while Cartagena maintained solid performance despite operational events in March. As a result, the refining margin reached $17.3 per barrel, a 60% increase versus the first quarter 2025, reflecting favorable market conditions and consistent operational execution.

Barrancabermeja 煉油廠達到其歷史上最高的加工量水準之一，而 Cartagena 儘管在 3 月發生營運事件，仍維持穩健表現。因此，煉油利差達每桶 17.3 美元，較 2025 年第一季增加 60%，反映有利的市場條件與一致的營運執行。

Consistent with our diversification and international expansion strategy, we advanced the agreement to acquire a majority stake in Brava Energia in Brazil. Upon closing, this investment is expected to strengthen our presence in a strategic geography, add reserves and incorporate high-quality assets to our portfolio.

符合我們多元化與國際擴張策略，我們推進在巴西收購 Brava Energia 多數股權的協議。交易完成後，預期此投資將強化我們在策略性地理區域的布局、增加儲量，並將高品質資產納入我們的資產組合。

On the commercial front, we managed increases in freight rates by implementing strategies to strengthen logistics reliability and supply continuity, including the contracting of time chartered vessels for products and crude that aims to secure transportation capacity in a volatile environment, improve supply timing and reduce logistics costs.

在商務面，我們透過實施策略以強化物流可靠性與供應連續性，來因應運費上漲；其中包括為產品與原油簽訂期租船舶，旨在於波動環境中確保運輸運能、改善供應時效並降低物流成本。

In gas, we advanced in structuring import and regasification solutions in the Caribbean, leveraging infrastructure for the receipt, storage and delivery between 126 million and 370 million cubic feet per day of imported natural gas into the national transportation system in 2026.

在天然氣方面，我們推進加勒比海地區進口與再氣化方案的架構設計，運用相關基礎設施，於 2026 年將每日 1.26 億至 3.70 億立方英尺的進口天然氣接收、儲存並輸送至國家運輸系統。

Finally, ISA received the award of new transmission projects in Brazil. While in Colombia, we advanced power transmission expansion initiatives aligned with the country's needs. Please move now to financial results.

最後，ISA 在巴西獲授新的輸電專案。在哥倫比亞方面，我們推進符合國家需求的輸電擴建倡議。現在請切換至財務結果。

During the first quarter of 2026, Ecopetrol Group recorded revenues of COP 28.6 trillion, an EBITDA of COP 13.5 trillion and a net income of COP 2.9 trillion. We highlight the expansion of the EBITDA margin to 47%, driven by disciplined cost execution and a stronger contribution from refining business. The price environment showed mixed dynamics. Brent strengthened toward the end of the quarter. However, the appreciation of the Colombian peso put pressure on revenues, while differentials widened versus the previous year.

2026 年第一季，Ecopetrol 集團營收為 28.6 兆哥倫比亞披索（COP），EBITDA 為 13.5 兆 COP，淨利為 2.9 兆 COP。我們特別指出 EBITDA 利潤率擴大至 47%，主要受惠於嚴謹的成本執行以及煉製業務更強的貢獻。價格環境呈現混合動態。Brent 在季末走強。然而，哥倫比亞披索升值對營收造成壓力，同時相較去年價差擴大。

Additionally, higher logistics costs, particularly freight, generated significant pressures across the value chain. Amid this environment, the group captured value supported by a robust commercial strategy, market diversification and positioning of our crude in international markets. On the corporate front, the General Shareholders Meeting approved the merger with Parque Portón del Sol, a relevant milestone in our energy transition and operational efficiency strategy.

此外，較高的物流成本，特別是運費，對整個價值鏈造成顯著壓力。在此環境下，集團在強健的商業策略、市場多元化，以及我們原油在國際市場的定位支持下，成功掌握價值。在公司治理方面，股東常會核准與 Parque Portón del Sol 合併，這是我們能源轉型與營運效率策略中的重要里程碑。

It also reaffirms our commitment to shareholder value creation, reflected in the dividends paid at the end of April. The investment plan is progressing as planned with approximately 23% executed to date, including key projects in sustainability and ESG initiatives. We closed the quarter with a balance of COP 4.2 trillion in the fuel price stabilization fund in a context of higher international fuel prices and the accumulated balance from 2025.

這也再次確認我們對創造股東價值的承諾，並反映在 4 月底發放的股利上。投資計畫按進度推進，目前約已執行 23%，其中包括永續與 ESG 倡議的關鍵專案。在國際燃料價格較高以及 2025 年累積餘額的背景下，我們於季末在燃料價格穩定基金的餘額為 4.2 兆 COP。

Lastly, we highlight the filing of the 2025 Form 20-F with the U.S. Securities and Exchange Commission, reflecting our commitment to transparency and rigorous market disclosure.

最後，我們強調已向美國證券交易委員會（SEC）提交 2025 年 Form 20-F，展現我們對透明度與嚴謹市場揭露的承諾。

Let's move to the next slide. Consistent with our growth and sustainability strategy, we are progressing in the potential acquisition of a stake in Brava Energia S.A. in Brazil. Brazil is a geography where the Ecopetrol Group has operated for over 20 years. Through this transaction, we would expand our position, diversifying our asset base and strengthening our international portfolio.

我們來看下一張投影片。符合我們的成長與永續策略，我們正推進在巴西可能收購 Brava Energia S.A. 股權的計畫。巴西是 Ecopetrol 集團已營運超過 20 年的地區。透過此交易，我們將擴大布局，分散資產基礎並強化國際資產組合。

We expect to implement a relationship model with Brava that enables operational and financial synergies, including human capital, offshore and onshore expertise, enhanced recovery and onshore assets and others. The transaction contemplates a private acquisition of approximately 26% of the company's equity and the launch of a volunteer tender offer with the objective of reaching a controlling stake of up to 51%.

我們預期與 Brava 建立一種關係模式，以促成營運與財務綜效，包括人力資本、離岸與陸上專業能力、提高採收率、陸上資產等。本交易規劃以私下方式收購約 26% 的公司股權，並啟動自願性公開收購（tender offer），目標取得最高達 51% 的控股權。

Based on 2025 figures, this represents a company with 459 million barrels of oil equivalent in 1P reserves, production of approximately 81,000 barrels per day and an EBITDA of around $806 million, positioning it as a relevant asset in the region. This transaction would allow us to increase our reserves and strengthen group production.

以 2025 年數據為基礎，該公司擁有 4.59 億桶油當量的 1P 儲量、約每日 8.1 萬桶的產量，以及約 8.06 億美元的 EBITDA，使其成為該區域的重要資產。此交易將使我們得以增加儲量並強化集團產量。

Closing remains subject to the fulfillment of precedent conditions, particularly the success of the tender offer and the corresponding regulatory approvals. Let's move to the next slide.

交易完成仍取決於先決條件的達成，特別是公開收購的成功以及相應的監管核准。我們來看下一張投影片。

In line with our strategy, the agreements with Parex and Gran Tierra allows us to accelerate the development of mature assets by incorporating strategic partners that bring capital and capabilities. With Parex, we are enabling an investment of about $250 million, fully funded by the partner to execute (inaudible) with a potential to add approximately 94 million barrels of oil equivalent gross while extending the economic life of the Casabe y Llanito: assets. With Gran Tierra, we are progressing in Tisquirama and San Roque with an investment of about $92 million, also fully funded by the partner to execute activities with the potential to add about 30 million barrels of oil equivalent gross, strengthening recovery and the sustainability of these fields.

依循我們的策略，與 Parex 與 Gran Tierra 的協議使我們得以透過引入具備資金與能力的策略夥伴，加速成熟資產的開發。與 Parex 的合作將促成約 2.5 億美元的投資，完全由夥伴出資以執行（聽不清楚），其潛力可新增約 9,400 萬桶油當量（總量），並延長 Casabe y Llanito 資產的經濟壽命。與 Gran Tierra 的合作方面，我們正推進 Tisquirama 與 San Roque，投資約 9,200 萬美元，同樣由夥伴全額出資以執行相關活動，潛力可新增約 3,000 萬桶油當量（總量），強化提高採收率與這些油田的永續性。

While in the short term, we share production, we do so with a clear objective of enabling higher production, additional reserves and lower unit costs in the medium term, unlocking greater value from our assets. Now I hand over to Carlos Avila to provide further details on hydrocarbon segment results.

雖然短期內我們共享產量，但我們這麼做有一個明確目標：在中期實現更高產量、增加儲量並降低單位成本，從而釋放資產更大價值。現在我把時間交給 Carlos Avila，請他進一步說明碳氫化合物事業部的業績細節。

Thank you, Juan Carlos. On the exploration front, we continue to strengthen a high potential portfolio in Colombia. At the close of the first quarter, we drilled 5 wells, achieving our first success with the Copoazú-1 located at the GUA-OFF-0, about 9 kilometers from the Sirius 1 and Sirius 2 wells. This well confirmed the presence of gas in 2 locations separate from Sirius, expanding the block's discovery potential.

謝謝你，Juan Carlos。在勘探方面，我們持續在哥倫比亞強化一個高潛力的投資組合。截至第一季末，我們鑽探了 5 口井，並在位於 GUA-OFF-0 的 Copoazú-1 取得首次成功，該井距離 Sirius 1 與 Sirius 2 井約 9 公里。此井在兩個與 Sirius 不同的位置確認了天然氣的存在，擴大了該區塊的發現潛力。

Initial testing is currently underway with the aim of obtaining the first estimate of its potential by year's end. In the same block, we're making progress with planning an exploratory well, Sandía-1, which drilling is expected in the second half of the year. Regarding Sirius, we are moving forward with the prior consultation process in coordination with the National Prior Consultation Authority with the goal of completing this phase by year's end and filing the environmental impact assessment in the first quarter of 2027.

目前正在進行初步測試，目標是在年底前取得其潛力的首份估算。在同一區塊內，我們也在推進規劃一口勘探井 Sandía-1，預計於下半年開鑽。關於 Sirius，我們正與國家事前諮商主管機關協調推進事前諮商程序，目標是在年底前完成此階段，並於 2027 年第一季提交環境影響評估。

Let's move on to the next slide, please. Let's talk about production on the production front. In the first quarter, production reached 725,000 barrels of oil equivalent per day, reflecting the following dynamics. First, domestic oil production increased by 6,000 barrels per day compared to the fourth quarter of 2025, driven by growth at : CPO-09, the commissioning of new wells in Copoazú, the strong performance in the [Castilla] field and the addition of a development well in Putumayo under our agreement with Parex. Second, gas sales decreased by around 5,000 barrels of oil equivalent per day, mainly in line with seasonal sales patterns.

請切到下一張投影片。接下來談談產量表現。第一季產量達到每日 725,000 桶油當量，反映出以下動態。第一，國內原油產量較 2025 年第四季增加每日 6,000 桶，主要受 CPO-09 的成長、Copoazú 新井投產、[Castilla] 油田的強勁表現，以及依我們與 Parex 的協議在 Putumayo 新增一口開發井所帶動。第二，天然氣銷售量約減少每日 5,000 桶油當量，主要符合季節性銷售型態。

Third, international production declined by approximately 5,000 barrels of oil equivalent per day associated with the investment plan that we have in Permian and scheduled maintenance at Ecopetrol America. It should be noted that we are maintaining our full year production target between 730,000 and 740,000 barrels of oil equivalent per day, and we have the several key operational enablers to continue our drilling campaign, focusing on CPO-09 and Caño Sur, advance the In-Situ Combustion pilot in Chichimene as part of our enhanced oil recovery plant, expand processing facilities in Rubiales and ensure the premium contribution to the plan by adding 4,000 barrels of oil equivalent per day.

第三，國際產量約下降每日 5,000 桶油當量，與我們在 Permian 的投資計畫以及 Ecopetrol America 的排程維修有關。需要指出的是，我們維持全年產量目標在每日 730,000 至 740,000 桶油當量之間，並具備多項關鍵營運推動因素以持續鑽井活動，聚焦 CPO-09 與 Caño Sur、推進 Chichimene 的原位燃燒（In-Situ Combustion）試點作為提高採收率計畫的一部分、擴建 Rubiales 的處理設施，並透過新增每日 4,000 桶油當量，確保對計畫的高溢價貢獻。

In addition, to further enhance our asset in Colombia and optimize capital allocation, we signed 2 foreign agreements, one with Gran Tierra in the Tisquirama-San Roque fields and another with Parex in the Casabe and Janito assets, both located in the Middle Magdalena region. Our plans also incorporate external challenges that may affect production during the remainder of the year, such as El Nino weather phenomenon.

此外，為進一步提升我們在哥倫比亞的資產並優化資本配置，我們簽署了兩項對外協議：一項與 Gran Tierra，涵蓋 Tisquirama-San Roque 油田；另一項與 Parex，涵蓋 Casabe 與 Janito 資產；兩者皆位於中馬格達萊納（Middle Magdalena）地區。我們的計畫也納入可能影響今年剩餘期間產量的外部挑戰，例如聖嬰（El Niño）氣候現象。

Finally, the financial performance of the Hydrocarbon segment reflects improved profitability with EBITDA per barrel reaching $27 and a margin of 40%. This represents a material improvement compared to the previous quarter's trend despite a lower realized basket price versus the first quarter of 2025, driven by heavy crude market conditions.

最後，碳氫化合物事業部的財務表現反映出獲利能力提升，每桶 EBITDA 達到 27 美元，利潤率為 40%。儘管相較 2025 年第一季的實現綜合售價（realized basket price）較低、且受重質原油市場狀況影響，但相較前一季的趨勢仍呈現顯著改善。

This performance is supported by disciplined capital allocation and efficient cost management. Let's move on to the next slide, please. Let's talk about Refining & Transportation. On the refining front, strong operational execution and timely commercial decisions allowed us to capture better international market crack spreads. During the quarter, we highlight, first, consolidated throughput of 417,000 barrels per day, 5% higher compared to the first quarter of 2025, which was less.

此一表現得益於嚴謹的資本配置與高效率的成本管理。請切到下一張投影片。接下來談煉油與運輸。在煉油方面，強勁的營運執行與及時的商業決策，使我們得以掌握更佳的國際市場裂解價差（crack spreads）。本季重點包括：第一，合併處理量為每日 417,000 桶，較 2025 年第一季提高 5%，而當時較低。

Second, we improved our valuable product yield by 2 percentage points, reaching 73% during the quarter. Third, we optimized our crude slate by prioritizing higher-value barrels, enhancing overall refinery economics. And finally, refining gross margin increased 60% year-over-year to USD 17.3 per barrel. As a result, the segment delivered a strong performance with EBITDA reaching COP 1.9 trillion, nearly 2.9x higher than the first quarter in 2025.

第二，我們將高價值產品收率提升 2 個百分點，本季達到 73%。第三，我們透過優先處理更高價值的原油桶數來優化原油組合，提升整體煉廠經濟效益。最後，煉油毛利年增 60%，達到每桶 17.3 美元。因此，該事業部表現強勁，EBITDA 達到 1.9 兆哥倫比亞披索（COP），幾乎是 2025 年第一季的 2.9 倍。

This was supported by operational and energy efficiencies that allowed us to maintain refining cash costs under control and strengthen competitiveness in the current pricing environment. Focusing on the Transportation segment it reached 1.1 million barrels per day transported, a 3% increase compared to the same period of the previous year. This improvement was due to the capture of third-party volumes of about 27,000 barrels per day as well as the implementation of the bidirectional flow of the Coveñas–-Ayacucho pipeline, enabling the import of 18,000 barrels per day of crude into the Barrancabermeja refinery.

這得益於營運與能源效率提升，使我們得以控制煉油現金成本並在目前的定價環境中強化競爭力。聚焦運輸事業部，其運輸量達到每日 110 萬桶，較去年同期增加 3%。此改善來自於吸收第三方運量約每日 27,000 桶，以及實施 Coveñas–Ayacucho 管線的雙向輸送，使每日可向 Barrancabermeja 煉油廠進口 18,000 桶原油。

Lastly, we began the NAFTA (inaudible) project with shipments of about 42,600 barrels per month from Monterrey, replacing land transportation, optimizing production dilution costs and generating revenue of about $3.15 per barrel. On a financial perspective, EBITDA improved sequentially versus the previous quarter, while declining year-over-year, mainly due to external factors such as FX.

最後，我們啟動 NAFTA（聽不清）專案，每月自 Monterrey 出貨約 42,600 桶，以取代陸運，優化生產稀釋成本並創造約每桶 3.15 美元的收入。從財務角度來看，EBITDA 較前一季呈現改善，但年對年下降，主要受匯率（FX）等外部因素影響。

Let's move to the next slide. During the first quarter of 2026, our efficiency program continued to be a key enabler for cost optimization and control. The idea is to help mitigate pressures from inflation and FX. Hydrocarbons segment EBITDA reached COP 11.2 trillion, COP 3.4 trillion higher than in the fourth quarter of 2025 and COP 0.4 trillion versus the first quarter of 2025. That is 44.4% growth, respectively, confirming a strong sequential recovery.

請切到下一張投影片。在 2026 年第一季，我們的效率計畫持續成為成本優化與控管的關鍵推動力。其目的在於協助緩解通膨與匯率帶來的壓力。碳氫化合物事業部 EBITDA 達到 11.2 兆哥倫比亞披索（COP），較 2025 年第四季增加 3.4 兆 COP，較 2025 年第一季增加 0.4 兆 COP。這分別代表 44.4% 的成長，確認了強勁的季對季復甦。

In terms of unit costs, we have the total unit cost in Hydrocarbon segment was at COP 166,601 per barrel, a reduction of 9% quarter-over-quarter and 13% year-over-year. Lifting costs in pesos decreased to COP 45,916 per barrel, down 4% versus the fourth quarter of 2025 and 11% versus the first quarter of 2025.

就單位成本而言，碳氫化合物事業部的總單位成本為每桶 166,601 哥倫比亞披索（COP），較前一季下降 9%，較去年同期下降 13%。以披索計的舉升成本（lifting costs）降至每桶 45,916 COP，較 2025 年第四季下降 4%，較 2025 年第一季下降 11%。

In USD terms, lifting costs closed at $12.2 per barrel and excluding FX, we would have reached $10.8 per barrel. This performance reflects a clear improvement in cost trends in local currency and demonstrates progress in operational discipline and cost management driven by contract optimization, maintenance efficiencies, digital solutions and infrastructure and energy efficiency and flexibility.

以美元計，舉升成本收於每桶 12.2 美元；若排除匯率（FX）影響，則可達到每桶 10.8 美元。此一表現反映出以本幣計的成本趨勢明顯改善，並顯示在合約優化、維修效率、數位解決方案，以及基礎設施與能源效率與彈性等驅動下，我們在營運紀律與成本管理方面取得進展。

While FX dynamics continue to exert pressure on dollar-denominated metrics, you can see the company's commitment to structural key cost indicators. Now Bayron will cover the main milestones in our Energy transaction segment.

儘管匯率動態持續對以美元計價的指標造成壓力，您仍可看到公司對結構性關鍵成本指標的承諾。接下來 Bayron 將說明我們能源交易事業部的主要里程碑。

In 2026, at Ecopetrol, we remain committed to contributing to country's natural gas supply in the short and long term. To this end, regarding current contracts, we reached a volume of 296 GBTuDs in the first quarter, equivalent to 52% of the market's contract and volume share with Ecopetrol being the only player to have offered firm long-term gas supplies.

在 2026 年，Ecopetrol 仍致力於在短期與長期為國家的天然氣供應做出貢獻。為此，就現有合約而言，我們在第一季達到 296 GBTuD 的供應量，相當於市場合約與供應量份額的 52%，且 Ecopetrol 是唯一提供具約束力的長期天然氣供應的業者。

Similarly, our operational efforts enabled us to reduce our own consumption by nearly 8% and increase energy substitution by 10% compared to the same period in 2025. In addition, with the aim of increasing our response to demand, in the first quarter, we offered monthly volumes ranging from 23 to 72 GBtuDs, including both firm and interruptible gas, and we project to market between 18 and 67 GBTuds monthly from June to November 2026.

同樣地，我們的營運努力使我們相較於2025年同期將自身消耗降低近8%，並將能源替代提高10%。此外，為了提升我們對需求的回應能力，在第一季我們每月提供23至72 GBtuDs的供應量，包含固定與可中斷天然氣；並預計於2026年6月至11月期間，每月向市場投放18至67 GBtuDs。

As to the market of gas imported from the Caribbean, in February and March 2026, we offered volumes from 126 to 370 GBtuDs in the market for up to 7 years.

至於加勒比地區進口天然氣市場方面，於2026年2月與3月，我們在市場上提供126至370 GBtuDs的供應量，合約期限最長可達7年。

Turning to LPG. We offered the market 30,500 tonns a month for the period from March to August 2026, up 2,500 tonns a month compared to the previous marketing period.

接著談到LPG。我們針對2026年3月至8月期間向市場提供每月30,500噸，較前一個行銷期間每月增加2,500噸。

Next slide, please. At Ecopetrol, we are strengthening the supply and diversification of natural gas through the regasification and import terminals in Colombia Pacific and the Caribbean regions. In the Pacific, we launched an open and competitive tender for the procurement of liquefied natural gas under the Delivered Ex-Ship modality for Buenaventura. The volumes to be contracted will be allocated to the receiving, storage and regasification infrastructure with a capacity of 60 GBtuDs to meet the natural gas sales commitments in Puerto.

請看下一張投影片。在Ecopetrol，我們正透過哥倫比亞太平洋與加勒比地區的再氣化與進口終端，強化天然氣供應與多元化。在太平洋地區，我們針對布埃納文圖拉（Buenaventura）以到岸交船（Delivered Ex-Ship）模式採購液化天然氣，啟動公開且具競爭性的招標。擬簽約的供應量將分配至接收、儲存與再氣化基礎設施，該設施容量為60 GBtuDs，以履行在Puerto的天然氣銷售承諾。

We estimate that contract signing and the first LNG cargo will take place during the second semester of 2026. In the Colombian Caribbean, we signed a comprehensive logistics and regasification services contract, which will enable the development of the infrastructure required for the receipt, storage and delivery of between 126 and 307 GBtuDs of imported natural gas into the national transportation system.

我們預估合約簽署與首批LNG貨船將於2026年下半年進行。在哥倫比亞加勒比地區，我們簽署了一份涵蓋完整物流與再氣化服務的合約，將促成所需基礎設施的建置，以便將126至307 GBtuDs的進口天然氣接收、儲存並輸送至國家運輸系統。

This alliance with Puerto Bahía is key since it shortens time to time operation mitigates execution risk. On a complementary basis, we continue to explore alternatives that optimize the group's assets and allow the delivery of natural gas from both imported sources and offshore production to the interior of the country.

與Puerto Bahía的此項合作至關重要，因其可縮短投運時間並降低執行風險。作為補充，我們持續探索可優化集團資產的替代方案，並使進口來源與離岸生產的天然氣皆能輸送至國內內陸地區。

Next slide, please. During the first quarter of 2026, the group's energy demand reached 2,185 gigawatts hour, equivalent to 10.9% of Colombia's total demand, growing up to 6% versus comparable quarters of 2025. Therefore, we continue to strengthen the Ecopetrol Group's energy coverage focused on cost efficiency and on mitigating spot market price volatility, particularly given the risk of a potential El Nino phenomenon.

請看下一張投影片。2026年第一季，集團能源需求達2,185吉瓦時，相當於哥倫比亞總需求的10.9%，較2025年可比季度成長達6%。因此，我們持續強化Ecopetrol集團的能源覆蓋，聚焦成本效率並降低現貨市場價格波動，特別是在可能出現聖嬰現象的風險下。

During the same period, 88% of demand was met through the combination of conventional and renewable self-generation as well as energy contracts in the wholesale energy market. Furthermore, the demand met through this market benefited from tariffs that were on average 14% and 3% lower than the benchmark rates in the regulated and unregulated markets, respectively.

同期間，88%的需求透過傳統與再生能源自發電的組合，以及批發電力市場的能源合約來滿足。此外，透過該市場滿足的需求，其電價平均分別較管制市場與非管制市場的基準費率低14%與3%。

This has also resulted in tariff reductions for existing contracts and efficiencies of more than COP 4 billion. In parallel, we continue to consolidate our renewable energy portfolio for self-supply.

這也使既有合約的費率下降，並帶來超過40億哥倫比亞披索（COP）的效率效益。同時，我們持續整合用於自用供應的再生能源投資組合。

In 2026, we expect to add 347 megawatts of capacity for a total of 1,298 megawatts, of which 432 megawatts will be in operation by year-end, pointed to sustained planned growth in competitive low-emission energy. During the first quarter of 2026, the combined operation of the group's renewable generation assets delivered savings of close to COP 2 billion through tariff reductions.

2026年，我們預期新增347兆瓦裝置容量，使總容量達1,298兆瓦，其中432兆瓦將於年底前投入運轉，展現具競爭力的低排放能源之持續、按計畫成長。2026年第一季，集團再生能源發電資產的合併運轉透過費率下降帶來近20億哥倫比亞披索（COP）的節省。

The General Shareholders' Meeting approved the merger by absorption of the subsidiary Portón del Sol del into Ecopetrol with the objective to materialize and maximize the tax benefits under Law 1715. Besides, the construction activities at the Quifa solar farm were successfully completed with a total capacity of 50 MWps, and we have begun energization of the assets.

股東常會核准以吸收合併方式將子公司Portón del Sol del併入Ecopetrol，目標是落實並最大化《第1715號法律》下的稅務優惠。此外，Quifa太陽能電廠的建設作業已成功完成，總容量為50 MWps，且我們已開始對資產進行送電。

In addition, we signed the trust agreement with [AES] Colombia, which sets the framework for the execution of JK 1 and JK2 wind projects in the JK cluster in La Guajira with a combined capacity of 259 megawatts.

另外，我們與[AES] Colombia簽署信託協議，建立在拉瓜希拉（La Guajira）JK群聚中執行JK 1與JK2風電專案的框架，合計裝置容量為259兆瓦。

Likewise, in the Windpeshi project, the contract was awarded for the construction of the transmission line. In parallel, we have fostered ongoing dialogue with local communities, reaffirming our commitment to a responsible and socially responsible sustainable energy transition. Finally, at the end of the first quarter, we reached energy optimization of 0.7 PJs with savings of close to COP 24 billion across the group's operations, which also reduces our spot market exposure and lowers gas demand.

同樣地，在Windpeshi專案中，輸電線路建設合約已完成授標。同時，我們持續與當地社區對話，重申我們對負責任且具社會責任之永續能源轉型的承諾。最後，截至第一季末，我們在集團營運範圍內達成0.7 PJ的能源最佳化，節省近240億哥倫比亞披索（COP），同時也降低我們對現貨市場的曝險並減少天然氣需求。

Now Camilo Arco will cover the financial highlights of the quarter.

接下來由Camilo Arco說明本季的財務重點。

The first quarter 2026 results reflect our focus on 3 priorities: financial and operational discipline, liquidity protection and rigorous capital allocation. In this context, the Ecopetrol Group generated EBITDA of COP 13.5 trillion with a standout performance from the main downstream segment, which maintained a sustained trend of increased contribution to the group's EBITDA.

2026年第一季的結果反映我們聚焦三項優先事項：財務與營運紀律、流動性保護，以及嚴謹的資本配置。在此背景下，Ecopetrol集團創造EBITDA為13.5兆哥倫比亞披索（COP），其中主要下游事業部表現突出，並維持其對集團EBITDA貢獻度持續提升的趨勢。

In particular, its share rose from 4% in the first quarter of 2025 to 14% in the same period of 2026, reflecting the capture of more favorable conditions in refined product markets. In terms of profitability, we achieved an EBITDA margin of 47%, a level comparable to some of the best historical quarters of the group. This performance was driven by greater operational flexibility, which allowed us to capitalize on higher Brent prices and improved product crack spreads, therefore, offsetting lower crude differentials, inflationary cost pressures and a less favorable exchange rate.

具體而言，其占比由2025年第一季的4%提升至2026年同期的14%，反映我們掌握了成品油市場較有利的環境。就獲利能力而言，我們達成47%的EBITDA利潤率，水準可與集團歷史上表現最佳的季度相媲美。此表現主要來自更高的營運彈性，使我們得以受惠於較高的布蘭特（Brent）油價與改善的產品裂解價差，進而抵銷較低的原油價差、通膨成本壓力以及較不利的匯率。

From the leverage standpoint, financial discipline was reflected in the gross debt-to-EBITDA ratio, which remained at 2.3x at the group level and 1.6x when excluding ISA. In addition, interest coverage improved versus the previous quarter, supported by operating performance and efficiencies achieved through recent liability management transactions.

從槓桿角度來看，財務紀律反映在總負債對EBITDA比率上：集團層級維持在2.3倍；若排除ISA則為1.6倍。此外，在營運表現與近期負債管理交易所帶來的效率支持下，利息保障倍數較前一季改善。

In terms of investments, we closed the quarter with organic CapEx of 1.4 billion, in line with the plan. Of the total, 73% was allocated to growth opportunities across the 3 business lines and the remaining 27% to maintenance and reliability.

在投資方面，我們以14億美元的有機資本支出（CapEx）結束本季，符合計畫。在總額中，73%配置於三大業務線的成長機會，其餘27%用於維護與可靠度。

By business line, about 64% was allocated to hydrocarbons, followed by transmission and roads with 28% and energy transition businesses with 8%. The full year investment range remains in line with the investment plan between $5.4 billion and $6.7 billion, with execution trending toward the upper end of the range, driven by strict capital discipline and operational flexibility.

按業務線來看，約64%配置於碳氫化合物業務，其次為輸電與道路28%，能源轉型業務8%。全年投資區間仍與投資計畫一致，介於54億至67億美元之間；在嚴格資本紀律與營運彈性帶動下，執行進度趨向區間上緣。

The company is currently working with the base case scenario of $83 per barrel Brent. which supports execution toward the high end of the range, as I said. In terms of efficiencies, we achieved optimizations about COP 702 billion, reaffirming our commitment to sustainability contributions across EBITDA, CapEx and working capital. We received updates to our global credit ratings from rating agencies.

公司目前以每桶83美元的布蘭特（Brent）基準情境運作，正如我所說，這支持投資執行朝區間上緣推進。在效率方面，我們達成約7,020億哥倫比亞披索（COP）的最佳化，重申我們對在EBITDA、資本支出與營運資金層面做出永續貢獻的承諾。我們也收到信評機構對我們全球信用評等的更新。

Standard & Poor's adjusted the rating in line with the sovereign, while Moody we received updates to our global credit ratings from rating agencies. Standard & Poor's adjusted the rating in line with the sovereign, while Moody's mentioned a lower expectation of government support. It is worth noting that both agencies affirmed the stand-alone credit profile, highlighting the group's financial strength, strategic relevance and diversification.

標準普爾（Standard & Poor's）依照主權評等調整了評等；而穆迪（Moody we received updates to our global credit ratings from rating agencies.）。標準普爾依照主權評等調整評等，而穆迪（Moody's）提及對政府支持的預期降低。值得注意的是，兩家機構皆確認了獨立信用體質（stand-alone credit profile），並強調集團的財務實力、策略重要性與多元化。

Let's look at the next slide. At the end of the first quarter of 2026, we recorded a net income of COP 2.9 trillion, reflecting a strong recovery versus previous quarters and a marginal decrease of COP 0.2 trillion compared to the first quarter of 2025, mainly explained by 3 factors. First, market factors contributed a net positive effect of about COP 700 billion, driven by a more favorable environment compared to the prior year.

讓我們看下一張投影片。截至2026年第一季末，我們錄得淨利為2.9兆哥倫比亞披索（COP），相較前幾季呈現強勁復甦，且相較2025年第一季僅小幅減少0.2兆COP，主要可由3項因素解釋。第一，市場因素帶來約7,000億COP的淨正面影響，主要受惠於相較去年更有利的環境。

The increase in Brent prices from $75 to $78 per barrel and improved refined product spreads strengthened revenues and inventory valuation, largely offsetting a lower average exchange rate, weaker crude differentials and inflationary pressures on costs and expenses. Second, tax-related factors that impacted results by about COP 600 billion.

布蘭特油價自每桶75美元上升至78美元，以及成品油煉製價差改善，強化了營收與存貨評價，並在很大程度上抵銷了平均匯率較低、原油價差走弱，以及通膨對成本與費用的上行壓力。第二，稅務相關因素對結果造成約6,000億COP的影響。

Half of this impact is explained by the update of the income tax surcharge, increasing from 0% to 10%, in line with Brent price projections and the other half by the extraordinary wealth tax corresponding to the recognition of 1/4 of the total tax amount. It is worth noting that the wealth tax will have an impact of about COP 1.2 trillion on full year results and will be recognized proportionately each quarter in accordance with the current accounting policy and applicable regulations.

其中一半的影響來自所得稅附加稅更新，依布蘭特油價預測由0%提高至10%；另一半則來自一次性財富稅，對應於認列總稅額的1/4。值得注意的是，財富稅對全年結果的影響約為1.2兆COP，並將依現行會計政策與適用法規按季等比例認列。

Third, operational and financial factors had a net impact of COP 300 billion, driven by 2 key elements. On the one hand, the execution of a structured liquidity transaction related to the management of VAT receivables, which generated a financial cost of about COP 400 billion and improved the company's working capital. And on the other hand, OpEx control contributed a positive effect of COP 100 billion, supported by disciplined and consistent efficiency management.

第三，營運與財務因素的淨影響為3,000億COP，主要由兩個關鍵要素驅動。一方面，執行與加值稅（VAT）應收款管理相關的結構性流動性交易，產生約4,000億COP的財務成本，並改善公司的營運資金。另一方面，營運費用（OpEx）控管帶來1,000億COP的正面效果，得益於嚴謹且一致的效率管理。

Let's move to the next slide, please. We closed the quarter with a cash balance of COP 14 trillion, maintaining a solid position supported by healthy operating cash flow and efficient working capital management. Operating cash flow reached COP 7.2 trillion, driven by higher prices, the strong performance of the refining segment and active management of tax receivables.

請移到下一張投影片。本季期末現金餘額為14兆COP，在健康的營運現金流與有效的營運資金管理支持下，維持穩健水位。營運現金流達7.2兆COP，主要受較高價格、煉油事業部門的強勁表現，以及稅務應收款的積極管理所帶動。

Cash flow from investing activities represent an outflow of COP 3 trillion, mainly associated with CapEx at Ecopetrol SA, Brazil, ISA and Permian. As a result, free cash flow was positive at COP 4 trillion.

投資活動現金流為淨流出3兆COP，主要與Ecopetrol SA、巴西、ISA及二疊紀（Permian）的資本支出（CapEx）相關。因此，自由現金流為正，達4兆COP。

Regarding dividends, financing and other activities, the quarter recorded a cash outflow of COP 2.9 trillion. Of this total, COP 0.5 trillion corresponded to dividends paid to noncontrolling interest in subsidiaries, while COP 2.4 trillion was primarily allocated to debt service.

就股利、融資及其他活動而言，本季錄得現金流出2.9兆COP。其中，0.5兆COP為支付給子公司非控制權益的股利，而2.4兆COP主要用於償債。

Additionally, on April 30, dividends were paid to all shareholders for approximately COP 4.4 trillion, with the second installment corresponding to the majority shareholder scheduled for payment in June.

此外，4月30日已向全體股東支付約4.4兆COP的股利，其中對大股東的第二期款項預計於6月支付。

The ending cash balance consisted of COP 12.9 trillion in cash and cash equivalents and COP 1.1 trillion in investment portfolios with a share of 59% in U.S. dollars and 41% in Colombian pesos. Regarding the FEPC, the account receivable closed at COP 4.2 trillion, reflecting an accumulation of COP 1.2 trillion during the quarter plus the 2025 balance.

期末現金餘額由12.9兆COP的現金及約當現金，以及1.1兆COP的投資組合構成，其中59%為美元、41%為哥倫比亞披索。關於FEPC，應收帳款期末為4.2兆COP，反映本季累積1.2兆COP，加上2025年的餘額。

In addition, a payment agreement was executed with the government for about COP 1.6 trillion corresponding to the first quarter of 2025. This will be paid in short-term test bonds in December of this year with interest accrued until payment. On the tax front, group companies fulfill their obligation to pay the wealth tax amounting to COP 1.2 trillion.

此外，已與政府簽署約1.6兆COP的付款協議，對應2025年第一季。該款項將於今年12月以短期測試債券支付，並計息至實際付款日。在稅務方面，集團公司履行繳納1.2兆COP財富稅的義務。

About half was paid in cash in April and the remainder was offset against tax receivable during the first days of May. Regarding the ongoing process with DIAN related to that on fuel imports for the 2022-2024 period we remained in the corresponding legal stage with no accounting provisions recorded. During the quarter, we strengthened our financial position through active liquidity management. This included the monetization of tax receivables for approximately COP 1.8 trillion, tax offsets of COP 1.9 trillion and intragroup cash mobilization of approximately $521 million.

其中約一半於4月以現金支付，其餘部分在5月初以稅務應收款抵銷。至於與DIAN就2022-2024年期間燃料進口相關事項的持續程序，我們仍處於相應法律階段，且未提列任何會計準備。本季我們透過積極的流動性管理強化財務狀況。包括將約1.8兆COP的稅務應收款變現、1.9兆COP的稅務抵銷，以及約5.21億美元的集團內現金調度。

In terms of financing, we highlight the $1.25 billion liability management transaction, which generates savings of approximately 90 basis points in the total cost of debt. In line with this, we maintain a controlled maturity profile and do not expect to incur incremental debt to finance the organic capital investment plan at Ecopetrol S.A.

在融資方面，我們重點提及12.5億美元的負債管理交易，使整體債務成本節省約90個基點。與此一致，我們維持受控的到期結構，並預期不會為Ecopetrol S.A.的有機資本投資計畫新增舉債。

Now let's hand over to the CEO, who will present conclusions. In summary, the quarter's results reflect strong execution capabilities in a volatile geopolitical environment. We were able to sustain and optimize value generation, offsetting external pressures through the efficiency and flexibility of our integrated model. Looking ahead, our priorities are clear: deepen structural efficiencies, growth through value-accretive opportunities, strengthen the core business and accelerate the development of gas as a pillar of energy transition. We are evolving to a more diversified model focused on stable results and disciplined capital allocation.

現在交由執行長進行結論說明。總結而言，本季成果反映我們在波動的地緣政治環境下具備強勁的執行能力。我們得以維持並優化價值創造，透過整合式模式的效率與彈性抵銷外部壓力。展望未來，我們的優先事項很明確：深化結構性效率、透過增值型機會推動成長、強化核心業務，並加速天然氣作為能源轉型支柱的發展。我們正演進為更為多元化的模式，聚焦穩定成果與嚴謹的資本配置。

Thank you. We will now open the floor for the Q&A session.

謝謝。我們現在開放問答（Q&A）環節。

(Operator Instructions)

(接線員指示)

Daniel Guardiola, BTG.

Daniel Guardiola，BTG。

I'd like to talk about 2 things. First, about the acquisition of Brava. And I'd like to know what price did you purchase the 26% that you already agreed with the Investors Group. When do you plan to launch the IPO in the market? And is there any risk to expand this IPO for 100% of the stocks, considering that you will be the new controller.

我想談兩件事。第一，關於收購Brava。我想了解你們向投資人集團已同意購買的那26%股權，成交價格是多少？你們計畫何時在市場上啟動IPO？考量你們將成為新的控股方，是否存在將此IPO擴大至100%股份的風險？

And if you do not reach that 25%, can you declare the IPO as asserted? That's when it comes to the transaction of Brava. Also about Brava and looking at the many reserves that Brava has recorded in past years, I'd like to know if you consider -- or do you have an estimate or adjustments for the reserves since you consolidate this with the balance of Ecopetrol incorporating them with the methodology applied by Ecopetrol. And last, it's about the sensitivity to the price of oil of Ecopetrol. Are you adjusting this for the 2026, the CapEx, the cash flow?

如果你們未達到25%，是否可以宣告IPO為已達成（asserted）？以上是關於Brava交易的部分。另外，關於Brava，從其過去幾年所記錄的多項儲量來看，我想了解你們是否認為——或是否已有估計——在將其併入Ecopetrol資產負債表、並採用Ecopetrol的方法學後，儲量會有調整？最後一點是關於Ecopetrol對油價的敏感度。你們是否正在就2026年的資本支出（CapEx）與現金流調整這項敏感度？

And could you share with us what's the Brent that you expect for the remaining 9 months of the year, the sensibility of the EBITDA and free cash flow if the dollar is above the price you have.

另外，你們能否與我們分享你們對今年剩餘9個月的布蘭特油價預期？以及若美元匯率高於你們假設水準時，EBITDA與自由現金流的敏感度？

When we look at the agreements we have with each of this once we close the transaction, the IPO is projected to be launched this second quarter. It will be announced. when we have the terms agreed or according to the schedule. But the purpose is to acquire at least 51%. And if we can't reach that percent we will not be part of the business.

就我們與各方所簽訂的協議而言，一旦交易完成，IPO預計將於本年度第二季推出。當我們就條款達成一致或依照時程時，將會對外公告。但目標是至少取得51%。如果無法達到該比例，我們將不會參與該業務。

When it comes to the reserves, understanding that there are major volumes today in the company, we have to keep in mind that they have a methodology that's different to what we apply.

至於儲量方面，考量目前公司擁有相當大的量體，我們必須記住其採用的方法學與我們所採用的不同。

We apply SEC and the IRS. So once the transaction is closed, we can validate the volumes according to our regulation and do everything according to the volumes identified. When it comes to the CapEx guide and the cash flow, we have been making updating updates of prices monthly, and we've been adjusting and placing the resources where we find the most value within the projects. That's what we're seeking right now.

我們遵循 SEC 與 IRS 的規範。因此，一旦交易完成，我們就能依照我們的規章驗證交易量，並依據所辨識的交易量來執行所有作業。至於資本支出（CapEx）指引與現金流，我們一直按月更新價格，並在各專案中把資源調整與配置到我們認為最具價值的地方。這就是我們目前所追求的。

The Brent of the year, we're analyzing again this monthly, understanding that for the last 2, 2.5 months, we've been undergoing the process of high prices because of the conflict in the Middle East, the sensibility of the EBITDA and cash flow, we have metrics. And let me give the microphone to Camilo Barco to talk about this.

關於今年的布蘭特油價，我們也再次按月進行分析；我們理解在過去 2 到 2.5 個月，由於中東衝突，我們正處於高油價的過程中；就 EBITDA 與現金流的敏感度而言，我們有相應的衡量指標。接下來我把麥克風交給 Camilo Barco 來談這部分。

Thank you for your question. My name is Camilo Barco, and I am the CFO of Grupo Ecopetrol. And allow me to particularly refer to your question and everything has to do with the guidance and the multiples that can give us at least an orientation or a guide of what we can expect this year with this new price setting in terms of CapEx, EBITDA profitability and possibly cash flow.

謝謝你的提問。我叫 Camilo Barco，是 Grupo Ecopetrol 的財務長（CFO）。我想特別回應你的問題：這一切都與指引（guidance）以及可提供我們至少方向或參考的倍數有關，讓我們能理解在新的價格設定下，今年在資本支出（CapEx）、EBITDA 獲利能力以及可能的現金流方面，我們可以期待什麼。

I think that what's most important has been said, regularly, we make a review of projections. Of course, in this highly volatile and uncertain time, this is very much related to the duration of the market disruption. And it's a hard question to answer. Still, we have projections that are updated and aligned with the market's consensus. Some of the projections of agents are all kept in mind.

我認為最重要的部分已經說過了：我們會定期檢視預測。當然，在這個高度波動且不確定的時期，這與市場擾動持續的時間高度相關。這是一個很難回答的問題。儘管如此，我們的預測會更新，並與市場共識保持一致。我們也會把各方機構的部分預測納入考量。

We work with a margin that or better range between $83 and $93 per barrel for the rest of the year and emphasizing, of course, not only the Brent prices, but also the exchange rate and the differentials of products have major differences in the indicators.

我們對今年剩餘期間採用每桶 83 到 93 美元的區間（或更準確地說是範圍），並強調當然不僅是布蘭特價格，匯率以及產品價差也會對各項指標造成重大差異。

When it comes to the theoretical exercise and clarifying that this gives us a range, but still, these are more approximate than anything else. We can say that $1 variation in the price of Brent has an effect on the EBITDA of the consolidated group of COP 700 billion and on the net profit closer to COP 400 billion, the net profit for every variation of $1 on the Brent price.

就理論性推演而言，並澄清這提供的是一個區間，但仍然更偏向近似值。我們可以說，布蘭特價格每變動 1 美元，對合併集團 EBITDA 的影響約為 7,000 億哥倫比亞披索（COP），對淨利的影響更接近 4,000 億 COP；也就是布蘭特每變動 1 美元，淨利約變動 4,000 億 COP。

On the other hand, the exchange rate, I said, is an important factor, exogenous that has an influence on the results. And this has an effect of about COP 1.6 trillion on the EBITDA with a variation of COP 100 on the quote of the exchange rate. And when it comes to the net profit, an effect of about COP 800 million. So that's like an overview of the indicator that can give us a guidance of where the results can stand for the year so far of 2026 with the Brent in a range of $83 to $93 per barrel and an exchange rate between COP 3,600 and COP 4,000.

另一方面，如我所說，匯率是一個重要的外生因素，會影響結果。匯率報價每變動 100 COP，對 EBITDA 的影響約為 1.6 兆 COP。至於淨利，影響約為 8 億 COP。因此，這大致提供了一個指標概覽，可作為指引，讓我們了解在 2026 年迄今、布蘭特介於每桶 83 至 93 美元、匯率介於 COP 3,600 至 COP 4,000 的情境下，年度結果可能落在何處。

Katherine Ortiz Sogamoso, Corredores Davivienda.

Katherine Ortiz Sogamoso，Davivienda 證券經紀（Corredores Davivienda）。

Okay. I have several questions. Following the topic of the acquisition, just to confirm, Daniel's question, at least 51% means that there's a chance of an IPO for 100%. And also, I'd like to ask for more information on your outlook on the metrics to leverage initially with the acquisition? And how do you expect the performance?

好的。我有幾個問題。延續收購的主題，想確認一下 Daniel 的問題：至少 51% 是否表示有可能針對 100% 進行 IPO？另外，我也想請你們提供更多資訊：在收購後初期，你們打算用哪些指標來衡量槓桿（leverage）？以及你們預期表現會如何？

And when will you reach again, levels that are more optimal for Ecopetrol? And the management given to the pressure of liquidity, keeping in mind that financing would be made with a bridge short-term loan.

你們何時會再次回到對 Ecopetrol 而言更為理想的水準？以及在流動性壓力下的管理方式，考量到融資將以短期過橋貸款（bridge loan）進行。

So I'd like to understand the strategy to refinance once the acquisition takes place. That's regarding the acquisition. But I have another question related to the FEPC. On the fourth quarter, we saw that FEPC generated a super EBIT or surplus of COP 300 billion. In this quarter, we saw a deficit of COP 1.2 billion.

因此我想了解在收購完成後，你們再融資（refinance）的策略。以上是關於收購的部分。但我還有另一個與 FEPC 相關的問題。在第四季，我們看到 FEPC 產生了約 3,000 億 COP 的超額 EBIT（或盈餘）。而在本季，我們看到約 12 億 COP 的赤字。

Evidently, this is in February or March when you see the effect of the higher prices of oil.

顯然，這是在 2 月或 3 月看到較高油價影響的時候。

But I would like to know monthly, how much is the accumulation of the surplus of FX since March in average. And I don't know if you have the calculation of how much will the prices will increase of fuels to have again at least a 0 level or to go back to the super EBIT we had.

但我想知道，自 3 月以來，按月來看，外匯（FX）盈餘的累積平均大約是多少。另外我不確定你們是否有計算：燃料價格需要上調多少，才能至少回到 0 的水準，或回到我們先前看到的超額 EBIT。

That's regarding the FEPC. And lastly, I'd like to understand a bit more the context of deficit of gas. Ecopetrol has been very active and you showed us making agreements and leading this process to increase the gas through new regasifiers. And regarding the regasification agreement with Puerto Bahia, could you please tell us more about this business with Ecopetrol and the commercialization process that you mentioned that took place in February and March? What percentage was contracted and commercialized?

以上是關於 FEPC。最後，我想更了解天然氣短缺的背景。Ecopetrol 一直非常積極，你們也向我們展示了透過新的再氣化設施（regasifiers）來達成協議並主導提升天然氣供應的流程。關於與 Puerto Bahia 的再氣化協議，能否請你們多談一些 Ecopetrol 在這項業務中的安排，以及你們提到在 2 月與 3 月進行的商業化流程？有多少比例已簽約並完成商業化？

And if this was on a 7-year term.

以及這是否為 7 年期？

I'm asking this because one of the biggest concerns is that there's a major offer now for regasification projects, and there's a chance in the future of having new projects. And there is a concern on the profitability and on the chance of capturing or recovering better profitably the investment in these projects.

我之所以這樣問，是因為目前再氣化專案的供給非常多，未來也可能出現新的專案。市場對這些專案的獲利能力，以及是否能更有利地掌握或回收投資，有所疑慮。

So I'd like to get to know more about this process of commercialization. Those are my questions.

因此我想更了解這個商業化流程。以上是我的問題。

Juan Carlos Parra, CEO -- acting CEO. Let me begin with your second question. What do we have to date and accumulated COP 4.2 trillion. In the past month, it was COP 1.5 trillion. We estimate every month, understanding that it depends on the price of the barrel, the exchange rate and differentials between COP 1.1 billion and COP 1.5 billion every month, that could be generating the FPEC.

Juan Carlos Parra，執行長——代理執行長。我先從你的第二個問題開始。截至目前，我們累積為 4.2 兆 COP。上個月是 1.5 兆 COP。我們每月都會估算；我們理解這取決於每桶價格、匯率以及價差，每月大約在 1.1 兆 COP 到 1.5 兆 COP 之間，這可能是 FEPC 所產生的。

So we've been working on this like this. to be more precise. With regards to your first question, we are going for the 51%. If we don't reach that percentage, we're not part of the business, but we're not going to ask for more than 51%. That gives you a precise answer.

因此我們一直以這種方式在處理；更精確地說。至於你的第一個問題，我們的目標是 51%。如果達不到這個比例，我們就不會參與這筆交易，但我們也不會要求超過 51%。這就是明確的答案。

Camilo, could you give us a hand with the other question?

Camilo，你能協助回答其他問題嗎？

Thank you for your question. I'm going to specifically refer to the topics related to finance the Brava transaction and several of the financing metrics that we use. So let me expand a bit on these metrics. So when it comes to the Brava transaction, let me refer to 2 things. First, in terms of the debt EBITDA of the target firm, Brava.

謝謝你的提問。我將特別針對 Brava 交易的融資，以及我們使用的幾項融資指標來說明。我稍微展開談談這些指標。關於 Brava 交易，我想提兩點。第一，就標的公司 Brava 的負債／EBITDA 而言。

The metric is similar to that of Ecopetrol between 2 and 2.5x the EBITDA, clarifying that it has a robust cash position, which allows its net debt versus EBITDA is substantially lower. I want -- this means that still using financing bridge on a short-term basis, it does not impact, but just marginally even after post acquisition, what does this mean that we will have our indicator still at 2.2x debt to EBITDA.

該指標與 Ecopetrol 類似，約為 EBITDA 的 2 到 2.5 倍；並澄清其現金部位強勁，使其淨負債相對於 EBITDA 顯著更低。我想——這表示即使使用短期過橋融資，對我們的影響也不大，僅屬邊際；即便在收購完成後也是如此。這代表什麼？也就是我們的指標仍將維持在負債／EBITDA 2.2 倍。

And you mentioned before that this indicator was closer to 2.5x at the end of the last year. But it's important to keep in mind with the new price scenario and the better EBITDA and the lower exchange rate. Today, we have an indicator that gives us an additional margin that's closer to 2.1x or 2.2x debt to EBITDA.

而您先前提到，這項指標在去年年底更接近 2.5 倍。但在新的價格情境、更佳的 EBITDA 以及較低的匯率之下，務必記住這一點。目前，我們的指標顯示額外的緩衝空間，債務對 EBITDA 約接近 2.1 倍或 2.2 倍。

If we add to this that a good part of the debt comes from ISA. We see the indicator of 1.6x debt to EBITDA for Grupo Ecopetrol without -- or just excluding ISA. So this is healthy, and it gives you an idea not only of the position of liquidity, but the capacity of debt that the group can have under these conditions. I would stop here in terms of financing. And ahead, perhaps we can provide additional details.

如果再加上相當一部分的債務來自 ISA。我們看到若以 Ecopetrol 集團、在不包含——或僅排除 ISA 的情況下，債務對 EBITDA 的指標為 1.6 倍。因此這是健康的，也讓您不僅能了解流動性部位，還能了解在這些條件下集團可承擔的負債能力。就融資而言，我先說到這裡。接下來，如有需要我們也許可以提供更多細節。

When it comes to the BP of energy transitions, the group has been committed to supply gas through import sources at the lowest price and as soon as possible. With the alternatives, we found the Puerto Bahía project, a project that has a value promise to contribute gas to the country in 2026. We signed an agreement of logistics and integral service with Puerto Bahía in which they are in charge of making the investment, assuming all the risks of development and construction of the project while we commercialize the molecule and we pay them for the regasification process day by day.

在能源轉型的 BP（業務計畫）方面，集團一直致力於透過進口來源，以最低價格並盡快供應天然氣。在各種替代方案中，我們找到了 Puerto Bahía 專案，該專案的價值主張是在 2026 年為國家提供天然氣。我們與 Puerto Bahía 簽署了物流與整體服務協議，由他們負責投資並承擔專案開發與建設的所有風險，而我們負責分子（天然氣）商業化，並按日支付其再氣化流程費用。

When it comes to the commercial process, we placed 250 gigawatts day average day in the next 7 years, and it has 2 phases. The first phase the first 2 years of 167 square feet and the other 170. The priority in the commercialization is of the Ecopetrol Group in both processes. The process launched, we took gas to 15 agents -- 13 agents, where we have the main distributors of the country, and they are commercializing and generators, agents. And this allows us to give a better situation for this process.

在商業流程方面，我們在未來 7 年配置了日均 250 吉瓦的量，並分為兩個階段。第一階段為前兩年 167 平方英尺，另一階段為 170。在兩個流程中，商業化的優先權都屬於 Ecopetrol 集團。流程啟動後，我們把天然氣提供給 15 個代理——13 個代理，其中包括國內主要的配氣商，以及從事商業化與發電的代理。這使我們能為此流程帶來更好的情況。

Katherine, Camilo Barco again, I was saying that I missed something to talk about in your question about financing. So allow me to refer to the refinancing strategy. We said that, firstly, the financing of the acquisition of Brava would be it with a bridge. And it's important to say that as of now, we're working on the takeout and financing this on the long term. And for this, we are assessing all of the alternatives possible.

Katherine，我是 Camilo Barco，我剛才說到我在您關於融資的問題上漏了一點要談。因此請允許我補充再融資策略。我們說過，首先，收購 Brava 的融資會以過橋貸款來做。而且重要的是，截至目前我們正在推進後續承接（takeout），把這筆融資轉為長期。為此，我們正在評估所有可能的替代方案。

We constantly monitor the capital market and the conditions. Initially, we do not see yet that have the level or enough attractiveness to make a decision on that matter. But we are evaluating again different alternatives, banking and in the market. And also for this takeout, surely, we will not refinance 100% of the amount of the transaction. It will be a lower percentage since we are foreseeing that part of the flows used will come from reassigning CapEx and rotations of portfolio.

我們持續監測資本市場及其條件。目前我們尚未看到具備足夠水準或吸引力的條件，讓我們就此做出決定。但我們正在再次評估不同的替代方案，包括銀行端與市場端。同時，就這次承接而言，我們肯定不會把交易金額的 100% 都拿去再融資。比例會更低，因為我們預期部分使用的資金流將來自資本支出（CapEx）的重新配置以及投資組合的輪動。

So I think that with this, we have a good framework of the scenario to refinance in the next year.

因此我認為，透過這些，我們已對明年再融資的情境建立了良好的框架。

Perfect. Let me confirm from Puerto Bahia, the BRL 126 million, you gave the BRL 126 million to these 3 agents.

好的。讓我確認一下 Puerto Bahia 的部分，BRL 1.26 億，您把 BRL 1.26 億給了這 3 個代理。

Katherine because of commercial and strategic topics, we cannot give you the exact value. But yes, these were assigned to the 13 agents because of the amount of gas, as you said, because of the El Nino we are even going to place more amounts when the infrastructure is built. If it's the alternative [126], we see with the regasification backups trains, we can even place more gas to face the El Nino weather phenomenon. But it is important to clarify that Puerto Bahia still works on trying to place more amounts, and there are scenarios in which we can place even 300 gigawatts a day. So we're working in different scenarios.

Katherine，基於商業與策略議題，我們無法提供確切金額。但沒錯，這些量是分配給 13 個代理，因為天然氣的數量，如您所說，因為聖嬰現象（El Nino），在基礎設施建成後我們甚至會配置更多量。如果是替代方案 [126]，我們看到透過再氣化備援列車，我們甚至可以配置更多天然氣以因應聖嬰氣候現象。但需要澄清的是，Puerto Bahia 仍在努力配置更多量，而且在某些情境下，我們甚至可以配置到每日 300 吉瓦。因此我們正在不同情境下推進。

We have baseline of the 126 and most of it is commercialized and sold.

我們的基準是 126，其中大部分已完成商業化並售出。

(Operator Instructions)

（接線員指示）

Bruno Montanari, Morgan Stanley.

Bruno Montanari，摩根士丹利。

I have a follow-up on Brava and then 2 questions. On Brava, I understand you will disclose the price information once the transaction closes. But can you tell us if the price offered to the shareholder group is different from the [BRL 23] per share offering price? Because I think that information is quite important for minorities to decide if they should accept the offer once it's launched.

我有一個關於 Brava 的追問，然後還有兩個問題。關於 Brava，我理解您會在交易完成後披露價格資訊。但您能否告訴我們，提供給股東團體的價格是否不同於每股 [BRL 23] 的要約收購價格？因為我認為這項資訊對少數股東決定在要約啟動後是否接受非常重要。

My second question is, you mentioned that CapEx should land at the higher part of guidance. But in Q1, it seems to be tracking closer to the bottom end of the range. So how should we think about the CapEx acceleration and distribution of investments between the second quarter and the fourth quarter of 2026? And then my last question is about the crude differentials, your crude basket in the second quarter. Have you seen improvement versus the first quarter where the discount was a little bit larger.

我的第二個問題是，您提到資本支出（CapEx）應落在指引區間的較高端。但在第一季，看起來更接近區間下緣。那麼我們應如何看待 2026 年第二季到第四季之間 CapEx 的加速與投資分配？最後一個問題是關於原油價差，您在第二季的原油組合。相較第一季折價稍大，您是否看到改善？

So wondering if there is more interest from Colombian oil at better prices now on the back of all the geopolitical uncertainties.

因此想請教，鑑於各種地緣政治不確定性，現在市場對哥倫比亞原油是否以更好的價格出現更多興趣？

To your first question, once we announced the IPO, we will provide the details of this process and the values that we will be indicating in this process. In addition, once we formalize and close the agreement with the acquisition of that 51%, we will provide detailed information about this process.

針對您的第一個問題，一旦我們宣布 IPO，我們將提供此流程的細節，以及我們在此流程中將指示的數值。此外，一旦我們正式完成並結束收購該 51% 的協議，我們也會就此流程提供更詳細的資訊。

When it comes to CapEx, we are within a plan for execution that's about 95% this first Q, understanding that we are aligned with the hydrocarbon segment transmission and roads and transition energies, focusing to enhance and reach the execution levels that we wish.

就 CapEx 而言，我們在第一季的執行計畫約達 95%，並理解我們與碳氫化合物事業、輸電與道路以及轉型能源等領域保持一致，聚焦於提升並達到我們希望的執行水準。

To be able to adjust the plan, we have to make an assessment of the performance of prices. And as I said before, we are looking at the projects that will provide us revenue, taking advantage of the high prices that we have today.

為了能調整計畫，我們必須評估價格表現。如我先前所說，我們正在檢視能為我們帶來收入的專案，並把握目前的高價格。

The question on differentials for the second quarter in oil. My name is Julio Cesar Herrera. When it comes to the crude oil, we see a differential close to 2 digits, $10 per barrel. This goes with the crude oil market, and we have strategies to mitigate those -- that differential. Colombian oil is quite different in the markets -- in the international markets because we have quality.

關於第二季原油價差的問題。我叫 Julio Cesar Herrera。就原油而言，我們看到價差接近兩位數，也就是每桶 10 美元。這與原油市場狀況一致，而我們也有策略來緩解——該價差。哥倫比亞原油在市場——在國際市場上相當有差異，因為我們的品質。

We have an internationalization strategy that's still working as well.

我們的國際化策略也仍在推進中。

Nicolas Barros, Bank of America.

Nicolas Barros，美國銀行。

I have 2 questions here. Still on Brava, right, and more direct to the point. Do you expect any -- to implement any management changes once you are in the company? And then the second one, mostly related to fuel pricing, right, on the downstream. How are you currently seeing local diesel and gasoline prices discounts relative to the (inaudible) prices?

我這裡有兩個問題。仍然是關於 Brava，對，並且更直接一點。一旦您進入公司後，是否預期會——實施任何管理層變動？第二個問題主要與下游燃料定價相關。您目前如何看待本地柴油與汽油價格相對於（聽不清）價格的折價？

And also, if you could comment on the latest pricing adjustments that you guys have implemented?

另外，您是否也能評論一下你們最近已實施的最新定價調整？

Thank you for your question. This is Julian Lemos, VP -- Corporate VP of Strategy and New Businesses. With regards to your first question, I'd say that once we reach the closure of this transaction, as Juan Carlos said before, this means to be successful in the IPO and to reach that 51% that we want to control the company. We will take the measures that we deem adequate for the integration.

謝謝您的提問。我是 Julian Lemos，企業策略與新業務企業副總裁。關於您的第一個問題，我會說，一旦我們完成這筆交易的交割，正如 Juan Carlos 先前所說，這意味著在 IPO 中取得成功，並達到我們希望用以控制公司的 51% 持股。我們將採取我們認為適當的整合措施。

Of course, we acknowledge that Brava is a company that has an operational and financial performance that's solid. And what we seek is to complement Brava's operation with Ecopetrol's experience and to gain for Ecopetrol the technical capabilities that this company has and that can boost our operation in Brazil and our operations offshore in Colombia.

當然，我們也認知到 Brava 是一家營運與財務表現穩健的公司。而我們希望的是，以 Ecopetrol 的經驗來補強 Brava 的營運，並為 Ecopetrol 取得該公司所具備、可推動我們在巴西以及哥倫比亞離岸業務營運的技術能力。

Nicolas, Julio César Herrera, With regards to your second question, we are looking at fuel prices, at oil prices that are close to $80 to $90 a barrel with a differential of $10. As to products, we had close to $16 per barrel in addition of margin, mainly driven by, which was $16 and Jet, which is at $9 per barrel. So do we see ahead regarding your question for the second quarter? We already saw in April a differential of products that was positive of $26.40, and we expect that differential given the current market conditions will be at $26 to $28 per barrel. That directly affects the FEPC since the international indicators go directly to the recognition price.

Nicolas，我是 Julio César Herrera。關於您的第二個問題，我們正在觀察燃料價格、原油價格接近每桶 80 至 90 美元，價差為 10 美元。就產品而言，我們每桶約有 16 美元的額外利差，主要由柴油（約 16 美元）以及航空燃油 Jet（每桶 9 美元）所帶動。那麼，針對您對第二季的問題，我們怎麼看？我們在 4 月已看到產品價差為正的 26.40 美元，並預期在目前市場條件下，該價差將落在每桶 26 至 28 美元。這會直接影響 FEPC，因為國際指標會直接反映到認列價格。

That's the calculation of the formula used by the Ministry of Mines and of Treasury to pay our refineries the production of gasoline and diesel.

這就是礦業與能源部以及財政部用來支付我們煉油廠汽油與柴油產量的公式計算方式。

Next question from João Barcello from UBS.

下一個問題來自 UBS 的 João Barcello。

As a follow-up on questions over for the offer to acquire a majority stake in the company. What are the key drivers that you're seeing? I mean, what do you like on the company and are in Brazil? And what's the goal once you assume the operations of the assets? Like additionally, the company current priority has been on its drilling campaign in offshore assets and plans for further deceleration in CapEx and deleverage, which could enable dividends for the next year?

延續關於收購該公司控股權要約的問題。你們看到的關鍵驅動因素是什麼？我的意思是，你們喜歡這家公司哪些地方，以及在巴西的哪些面向？另外，一旦你們接手資產營運後的目標是什麼？此外，該公司目前的優先事項是其離岸資產的鑽探計畫，並計畫進一步放緩資本支出（CapEx）與去槓桿，這可能使其在明年能夠發放股利？

Like could you maintain this capital allocation strategy? Or do you see other priorities regarding its portfolio and financials? And my second question is we have noticed in the past years, the company focused in providing more details on the energy transition movements. But in this quarter, we noted upstream on the spotlight, including the deals with Gran Tierra, Parex and Brava on the first page of earnings report. So could you provide more details on how you're seeing the strategy from here?

你們會維持這樣的資本配置策略嗎？或者你們在其投資組合與財務方面看到其他優先事項？我的第二個問題是，我們注意到過去幾年公司著重提供更多能源轉型動向的細節。但在本季，我們注意到上游成為焦點，包括與 Gran Tierra、Parex 以及 Brava 的交易都放在財報首頁。因此，能否提供更多你們接下來如何看待策略的細節？

Like could you see more new investments in upstream and maybe even new M&As? That's it from my side.

你們是否會在上游看到更多新投資，甚至可能有新的併購（M&A）？我這邊就這些。

Thank you for your question. I am Lemos. With regards to your first question, let me say this. Brazil is a geography in which Ecopetrol has been present for 20 years. And we see this geography as favorable for the hydrocarbon industry and a market that provides opportunities, material opportunities frequently in this process of ongoing evaluation that we make.

謝謝您的提問。我是 Lemos。關於您的第一個問題，我想這麼說。巴西是 Ecopetrol 已經深耕 20 年的地理區域。我們認為這個地區對碳氫化合物產業有利，且是一個能提供機會的市場；在我們持續進行的評估流程中，經常會出現具實質性的機會。

We find an opportunity to acquire a controlling position in Brava and to have the possibility, as Juan Carlos mentioned before, to incorporate through IPO an important volume of production and a component that's also important of reserves in our records and to incorporate or to consolidate with figures at the end of 2025, close to $800 million of EBITDA.

我們發現一個機會，可以取得 Brava 的控股地位，並且如 Juan Carlos 先前提到的，透過 IPO 有可能把相當可觀的產量，以及同樣重要的儲量組成納入我們的帳冊，並在 2025 年底以合併口徑納入接近 8 億美元的 EBITDA。

Of course, we recognize that Brava has a strategy determined a major focus on offshore and on maximizing its mature fields. And there is where we believe there's a synergy and the knowledge that Ecopetrol has to contribute to that growth and consolidation of this company. Looking at the overall strategy, I'd say that we are complementing our posture in Colombia and Brazil, where we will close this transaction with a company that will produce barrels on a short-term basis.

當然，我們也認知到 Brava 的策略主要聚焦於離岸，並致力於將其成熟油田的價值最大化。而我們相信這正是協同效應所在，Ecopetrol 的知識與經驗可為該公司的成長與整合做出貢獻。從整體策略來看，我會說我們正在補強我們在哥倫比亞與巴西的布局；在完成這筆交易後，我們將擁有一家能在短期內產出桶數的公司。

And on a medium-term basis, we will carry out our Orca project or Gato do Mato previously known and the exploratory well we have in the Sandos. With regard to your second question, I'd say that we've had or better focused on different moments for our organization.

而在中期，我們將推進 Orca 專案（先前稱為 Gato do Mato），以及我們在 Sandos 的探勘井。至於您的第二個問題，我會說我們在不同時點對組織有不同的聚焦。

The business line of hydrocarbons has always been present. And I'd just like to mention that a year ago, we were talking about purchasing Repsol (inaudible) Colombia. And although in 2025, we had a notorious activity in transition energies. The challenge that the company has today is to consolidate these purchases, execute the projects like Wimpechi, for instance, and to reflect the goal that -- why we bought them.

碳氫化合物這條業務線一直都存在。我也想提到，一年前我們曾談到收購 Repsol（聽不清）哥倫比亞。雖然在 2025 年，我們在轉型能源方面有相當顯著的活動。公司當前的挑戰是整合這些收購案、執行例如 Wimpechi 之類的專案，並反映出我們當初收購它們的目的。

I think that every business line deserves its attention and we're doing on a timely basis this, and we're making efforts for acquisitions that are focused on what each line requires at its moment. Last year, we looked at the strategic goals when it comes to renewable energy. And this year, with this acquisition, we hope to contribute to the incorporation of reserves and production for Ecopetrol.

我認為每一條業務線都值得被關注，我們也會適時投入；同時，我們也會依各業務線在其所需的時點，努力推動相應的收購。去年我們著眼於再生能源的策略目標。而今年，透過這項收購，我們希望能為 Ecopetrol 增加儲量與產量的納入。

Lastly, I'd say that what we're seeking also in the partners, especially with (inaudible) is to give dynamics to the market while we are joining companies that want to invest in Colombia and with these structures where we share benefits and risks we can grow the business in these fields that have a maturity level that's important and major challenges, which we jointly believe we can drive.

最後我想說，我們在合作夥伴方面所追求的，特別是與（聽不清），是為市場注入動能；同時我們也與希望投資哥倫比亞的公司攜手合作，透過這些能共享利益與風險的架構，我們可以在這些成熟度高、挑戰重大的油田中擴大業務，而我們共同相信能推動其發展。

Next questions will be in Spanish. Let's continue with ugo Beltrán, from Acciones y Valores.

接下來的提問將以西班牙語進行。我們繼續，下一位是來自 Acciones y Valores 的 Ugo Beltrán。

Firstly, it has to do with the last report of (inaudible) that you say that there will be a review that's based on cash flows and an improvement of these indicators. So what's your outlook for this year? Do you think that you can have better indicators of cash flow for this? Second, on the IKS with regards to the taxes that improved the capital -- the market capital for this quarter. Could you give us more details what's the rationale behind that operation and the effects that we would have in the next quarters?

第一個問題與（聽不清）最新報告有關，你們提到將基於現金流進行檢視，並改善這些指標。那你們對今年的展望是什麼？你們認為今年的現金流指標能否更好？第二個問題，關於 IKS，就本季改善資本——市值的稅務部分。你們能否提供更多細節，說明該操作背後的理由，以及對未來幾季可能產生的影響？

And lastly, when it comes to the -- to -- can we see in different periods a change or an impact of this strategy?

最後，關於——關於——我們是否能在不同期間看到這項策略的變化或影響？

Thank you, for your questions. Camilo Barco again. On the rating, indeed, the report specifically mentioned in Moody's report, they are concerned of the fact of financing the transaction 100% with a short-term loan, but they also talk about the chance of improving this rating once we implement the structuring of the takeout or the long term.

謝謝您的提問。我是 Camilo Barco，再次回答。關於評等，確實，報告中特別提到在穆迪（Moody's）的報告裡，他們擔心以 100% 短期貸款來融資這筆交易，但他們也提到，一旦我們完成「takeout」或長期融資的結構安排，評等有機會改善。

So as I said before, we're working on this, and we have different alternatives that we are evaluating and monitoring. And we see a very good appetite in space, both in the market and in the banks to refinance this transaction, even along with the operations that we regularly make to improve the conditions and operations to handle the debt and terms and interest rates.

因此，如我先前所說，我們正在處理這件事，並且有不同的替代方案正在評估與監控。我們看到市場與銀行端對於為這筆交易進行再融資都有非常好的意願與需求；同時也包括我們例行進行的操作，以改善債務管理的條件與操作，包括期限與利率。

So we will be working on this. And we have high expectations, and we're convinced that there will be an improvement of the rating because of the stability of cash flows and that this will take place in the approximate future.

因此我們將會就此展開工作。我們抱持很高的期待，並且深信由於現金流的穩定性，評等將會有所改善，而且這將在不久的將來發生。

When it comes to the sale of taxes in favor as an operation to improve the working capital, basically, what was structured is an operation -- sales operation as its name says. -- it's a sale of balances in favor of the total amount of the taxes that today, Ecopetrol Group has in its favor.

至於以出售可抵稅額（taxes in favor）作為改善營運資金的操作，基本上所設計的是一項交易——顧名思義是一項出售交易——也就是出售目前Ecopetrol集團所擁有之可抵稅額餘額，金額為其可抵稅額總額。

And we sold about $500 million. And with this, we managed to incorporate COP 1.8 trillion to the cash flow and to the working capital, a transaction that we made in the first quarter. And really, it was very important for the liquidity that we have today at levels that are healthy and robust, mostly because of this transaction that contributed that COP 1.8 trillion in the first quarter.

我們出售了約5億美元。透過這項交易，我們在第一季將COP 1.8兆納入現金流與營運資金。坦白說，這對我們目前維持在健康且穩健水準的流動性非常重要，主要就是因為這筆交易在第一季貢獻了COP 1.8兆。

As to your third question, the strategy basically is enhanced by the good results that we have leveraged in the area of (inaudible). We've been making important charges and overcoming records of the 467,000 barrels that we had in the first semester. And this is a record high in 16 years. And this contributes to have better margins because of the refinery of main projects, which adds value like jet gasoline to drive and maintain a trend taking advantage of the differentials of the products that we have today in the market.

至於你的第三個問題，策略基本上因我們在（聽不清）領域所帶動的良好成果而更為強化。我們一直在進行重要的裝運（charges），並且突破了上半年46.7萬桶的紀錄。這是16年來的新高。由於煉油主要專案帶來的貢獻，這也有助於提升利潤率；這些專案增加了如航空汽油等高附加價值產品，以推動並維持趨勢，並利用我們目前在市場上的產品價差。

We are also with Ricardo Sandoval. The floor is yours. I have 3 questions. First has to do with the decline of costs of local purchases. I can see that most of the efficiencies reached this quarter was because of decline of these purchasing costs, but this decline is explained because of a lower volume of purchases.

我們也邀請到Ricardo Sandoval。請你發言。我有三個問題。第一個與本地採購成本下降有關。我看到本季達成的大部分效率提升是因這些採購成本下降，但這一下降是由於採購量較低所致。

I see that Ecopetrol purchased 28% less of domestic crude oil, but I see that the national production hasn't declined strongly. Could you please expand why these purchasing volumes fell, if this is a trend that is kept throughout 2026. And what's the margin overall with these local purchases.

我看到Ecopetrol的國內原油採購量減少了28%，但我也看到全國產量並未大幅下滑。能否請你進一步說明為何這些採購量會下降、這是否會成為延續到2026年的趨勢？以及這些本地採購的整體利潤（margin）如何？

My second question relates to the transformation of the regasification Coveñas– project because most of the nonconventional potential is in the middle region of Magdalena and when Ecopetrol will make the transformation of oil pipes to gas pipes. I'd like to know how limited would the capacity of Ecopetrol be to take these potential nonconventional oils from these 2 basins, especially because there are 2 presidential candidates that are talking about fracking openly.

我的第二個問題與Coveñas再氣化（regasification）專案的轉型有關，因為大部分非常規潛力位於Magdalena中部地區，以及Ecopetrol何時會把輸油管轉為輸氣管。我想了解Ecopetrol在把這兩個盆地的非常規油氣潛力導出方面，運能會受到多大限制，特別是因為有兩位總統候選人正在公開談論水力壓裂（fracking）。

And my third question is more of a question, but to expand more about Brava, you've been asked many things about this, but is it possible to expand on the methodology that Ecopetrol used, which is the SEC and the methodology that Brava has. Could you please explain to us the main differences between both methodologies? And when it comes to reserves, -- how -- what's the real difference between what we see today in Brava and the incorporation of reserves that Ecopetrol will have because of these changes?

第三個問題比較像是請你再多做延伸：關於Brava，大家已經問了你很多，但是否可以進一步說明Ecopetrol所使用的方法論（SEC）以及Brava的方法論？能否向我們解釋兩種方法論的主要差異？以及在儲量方面——Brava目前所呈現的數字，與因這些變更而Ecopetrol將納入的儲量之間，實際差異是什麼？

Ricardo, I am Herrera, the Commercial and Marketing Vice President. Let me answer your first question. There is no real decline in local purchases, but instead, we have a change that's given in the decrease of purchases -- of purchasing domestic crude because of the royalties.

Ricardo，我是Herrera，商務與行銷副總裁。我先回答你的第一個問題。本地採購並沒有真正下降；相反地，你看到的是一項變化：由於權利金（royalties）因素，國內原油的採購量出現下降。

After the transition of the payment scheme that we've been handling, we paid in money and we've applied the resolution of the AH 977 of December 2025. We have the purchases of local producers and the change that you see is the payment -- a change in payment of royalties. Also, we prioritize that, that will go to our refineries and a small part is exported.

在我們所採用的付款機制轉換之後，我們以現金支付，並且依據2025年12月AH 977號決議辦理。我們向本地生產商採購，而你所看到的變化是權利金支付方式的改變。此外，我們優先將其供應至自家煉油廠，只有一小部分出口。

But when we look at the local purchases, this has increased. That oil when going to the refinery, that margin is seen through the refineries. The benefit of this is going through the refinery margin. And that's -- this is a measure that you can see.

但若看本地採購本身，其實是增加的。該原油進入煉油體系後，其利潤會透過煉油廠反映出來。其效益是透過煉油利差（refinery margin）體現。而這——這是一項你可以觀察到的衡量方式。

And really, they're destined for that.

而且確實就是用於那個目的。

This is Alexander. This is the President of Cenit. I believe that to answer your question, I have to expand a bit on how we're working as the Mexican -- segment and a word that really collects everything that we've shown as the results in the latest quarters has to do with flexibility. We are recurrently looking and following up the use of our infrastructure with pipelines, gas lines and ports.

我是Alexander。我是Cenit的總裁。我認為要回答你的問題，我需要稍微延伸說明我們在中游（midstream）部門的運作方式；而真正能概括我們近幾季所呈現成果的一個詞是「彈性」。我們持續檢視並追蹤我們的基礎設施使用情況，包括輸油管、輸氣管與港口。

And we look at this information with the country's projections, always trying to make the most use of these systems. And this significantly improves the use of systems and of course, their profitability. Within the multiple alternatives that we have evaluated, there are pipelines to transport refined products and turn them in pipelines or to turn them into natural gas.

我們會結合國家的預測來看這些資訊，始終嘗試最大化這些系統的使用。這能顯著提升系統的使用率，當然也提升其獲利能力。在我們評估的多種替代方案中，包括將用於運輸成品油的管線改造為輸油管，或改造為天然氣管線。

Precisely with the results that we've seen, we have the conversion of the pipeline, Ayacucho Coveñas–. And today, we can import the fuel from the refinery of Barranca, which improved the use that we had of that corridor. When it comes to this question that you made to fracking, any decision of infrastructure needs regulatory clarity. We have transportation agreements, but we do not have the firm demand today. So to go from one to the other, when we have a structure deficit would mean a deficit of structure.

正是基於我們所看到的成果，我們推動了Ayacucho–Coveñas管線的轉換。而目前我們可以從Barranca煉油廠進口燃料，這改善了我們在該走廊的使用率。至於你提到的水力壓裂問題，任何基礎設施決策都需要監管上的明確性。我們有運輸協議，但目前並沒有確定的需求（firm demand）。因此，從一種用途轉到另一種用途，若在結構上出現缺口，就會意味著結構性的缺口。

And with this, we could have enough time to expand or redirect our infrastructure. If in the medium term, there is a nonconventional commercial infrastructure, we can either reverse that infrastructure or redirect the oil through several corridors that we already have that will allow us to make the expansions with marginal investments since today, we have that capability.

在這種情況下，我們將有足夠時間去擴建或重新導向我們的基礎設施。如果中期出現非常規資源的商業化需求，我們可以反向使用該基礎設施，或透過我們既有的多條走廊重新導引原油，讓我們能以邊際投資進行擴充，因為我們目前具備這樣的能力。

I am Carlos Mauricio Avila, VP, acting VP of the hydrocarbons line. To answer your question on the differences of the methodologies used by Brava and Ecopetrol, not really specifically talking about Brava. The differences really have to do with 5 aspects that we have to consider when we use methodologies. One has to do with the price criteria and the economic limit used to calculate the recoverable volumes.

我是Carlos Mauricio Avila，碳氫化合物事業線副總裁（代理）。為了回答你關於Brava與Ecopetrol所使用方法論差異的問題——不特別針對Brava本身——差異主要在於我們使用方法論時需要考量的五個面向。其中一個面向是用於計算可採收量的價格準則與經濟極限（economic limit）。

And SEC usually uses a price historical fixed historical price, while PRMS can have a projection of the company or a third parties, advisers or price projections other than what SEC does. Second aspect has to do with the maturity of the project and the 5-year rule compared to the investment plan that we have approved for each of these assets when we calculate the reserves. SEC is very strict and demands a development plan backed by a final FID. And usually, this is made in a 5-year term. overall.

SEC通常採用固定的歷史價格；而PRMS則可以採用公司自身的預測，或第三方顧問的預測，或不同於SEC的價格預測。第二個面向與專案成熟度有關：也就是5年規則相較於我們在計算儲量時，針對各資產已核准的投資計畫。SEC非常嚴格，要求有最終投資決策（FID）支持的開發計畫。而且通常整體是在5年期限內完成。

But for PRMS, this is a bit more flexible because we classify the volumes under limits that go beyond the 5-year term and beyond having an FID, we can justify that if there is a firm intent to make an investment plan, we can register the volumes. The third aspect has to do with the uncertainty and categorization of those volumes. When we talk about reserves, these are approved and possible that we know as 1P, 2P and 3P approves. So with SEC, the focus for that record is made under 1P or approved reserves with -- instead the PMS, the volume could go to 3P reserves.

但對PRMS而言，彈性較大，因為我們可以在超過5年期限、且不一定已有FID的情況下，依據界限來分類這些量；只要能證明有明確意圖推動投資計畫，我們就可以登錄這些量。第三個面向與不確定性以及這些量的分類有關。談到儲量時，我們所說的已證、概算與可能，通常以1P、2P與3P表示。因此在SEC下，登錄的重點會放在1P或已證儲量；相較之下，在PMS（PRMS）下，該量可能會被歸入3P儲量。

The other has to do with the contractual limit applied to each area that explodes these assets in SEC, these volumes must be reported up to the date of the expiration. But instead with PRMS, we can have volumes beyond those limits. And we could be counting on contingent resources with that methodology. The other one has to do with topics more specific to the type of technology used, but I believe that there is a big difference. So these are the aspects that we can say that are relevant in terms of the differences between one and the other.

另一項則與 SEC 對各區塊中開發這些資產所適用的合約上限有關；在 SEC 下，這些產量必須申報至合約到期日為止。但在 PRMS 下，我們可以申報超出這些上限的產量。而且依照該方法論，我們也可能將或有資源納入計算。另一項則與所使用技術類型更為特定的議題有關，但我認為兩者之間存在很大的差異。因此，以上就是我們認為在兩者差異方面較為相關的要點。

Juan Felipe Vera, Credicorp Capital.

Juan Felipe Vera，Credicorp Capital。

I have 2 questions. First relates to the El Nino phenomenon in gas. What -- are you implementing a specific strategy to optimize gas in the country with a scenario with the El Nino phenomenon. With the decrease of the gas production this quarter, will this be stressful for the end of the year? And do you have a quantified sensitivity of the impact this could have on the prices of energy regarding the lifting cost, especially, can you clarify what's the exposure of Ecopetrol here?

我有兩個問題。第一個與天然氣的聖嬰現象有關。在聖嬰現象的情境下，你們是否正在實施特定策略，以在國內最佳化天然氣供應？本季天然氣產量下降，年底會不會造成壓力？你們是否量化了其對能源價格的影響敏感度（就開採成本而言，尤其是），能否說明 Ecopetrol 在這方面的曝險有多大？

And how much is in contracted and under generation? And then the second question or the second topic -- could you tell us more about the Parex and Gran Tierra project. But you already talked about this, but could you tell us more about those reserves? Would this imply a reduction in the reserves that you have reported? And if there is an initial decline, what's an estimate of this decline in production and if so in reserves?

其中有多少是已簽約的、以及多少是在自發電之下？第二個問題或第二個主題——能否再多談談 Parex 與 Gran Tierra 的專案？你們已經提過一些，但能否更詳細說明那些儲量？這是否意味著你們已申報的儲量會下修？如果一開始會下滑，能否估計產量下滑幅度，以及（若是）儲量下滑幅度？

And on a medium-term basis, considering that these agreements have to do with more exploration and perforation activities, what are your expectations in terms of production for these agreements?

從中期角度來看，考量這些協議涉及更多勘探與鑽井活動，你們對這些協議的產量展望為何？

Bayron Triana, I am the VP of Transition Energies. Regarding your first question, for several years, we have an optimization strategy for the use of natural gas internally, and we've reduced about 8% of the use of natural gas, lowering from 200 gigabyte day to 210, even months as you can see, of 180. This optimization is made not only in efficiencies, in energy in efficiencies, but in the added value that the renewable energies give to the group with projects like SIA or Quifa or Iguana. These allow us to release natural gas and use renewable energies for hydrocarbons.

Bayron Triana，我是能源轉型事業群副總裁。針對你的第一個問題，多年來我們一直有一套內部天然氣使用最佳化策略，並已將天然氣使用量降低約 8%，從每日 200（gigabyte day）降到 210，甚至如你所見，有些月份降到 180。這項最佳化不僅來自效率提升、能源效率，也來自再生能源為集團帶來的附加價值，例如 SIA、Quifa 或 Iguana 等專案。這些專案讓我們能釋出天然氣，並以再生能源支援碳氫化合物業務。

And this is something we will continue doing. Taking a step back, looking at the El Nino weather phenomenon, this has to do with imports. We have the first project to import in September, October, we will begin in Buenaventura, and the beginning of the Puerto Bahia project with initially, we will begin with 116 million cubic feet for this year. So these are the structural solutions to supply gas in the short term, and we hope to give a hand to the country when it comes to facing the El Nino.

而這也是我們會持續推動的方向。退一步看聖嬰氣候現象，這與進口有關。我們第一個進口專案將在 9 月、10 月啟動，會先在 Buenaventura 開始；同時也將啟動 Puerto Bahia 專案，初期今年將以 1.16 億立方英尺開始。因此，這些是短期供氣的結構性解方，我們也希望在面對聖嬰時能協助國家。

When it comes to the impact of the prices on the pool, we have to clarify the big work done by the group to have a high level of contracting with the energy pool to be covered by these prices. For the rest of the year, we have a coverage level of 90%, which -- because '24, '23, we had an exposure to the pool of 28%, but now 91% coverage implies that although there can be an impact in the lifting cost, it's lower, of course, in a medium demand scenario of the consumption of the network.

至於對現貨電力池（pool）價格的影響，我們必須說明集團已做了大量工作，以維持與電力池高度簽約的水準，從而對沖這些價格。就今年剩餘期間而言，我們的覆蓋率為 90%；因為在 '24、'23 年，我們對電力池的曝險為 28%，但現在 91% 的覆蓋率意味著即使開採成本可能受到影響，幅度也會較小，當然這是在電網用電需求屬於中等情境之下。

We optimize the self-generation and the purchases of energy. We have a high level of coverage, and we hope that with El Nino, the impact on the lifting cost will be minimum.

我們也最佳化自發電與購電。我們有很高的覆蓋水準，並希望在聖嬰情境下，對開採成本的影響能降到最低。

Felipe, thank you for your question. This is Julian Lemos, Corporate VP of Strategy and New Businesses. Let me answer your question in 2 fronts. One, obviously, these companies bet on making investments during the period of the agreement, Gran Tierra, $92 million; and Parex, about $250 million; and the counter participation or the participation, 50% of the basic production and the incremental products of these investments. will be given in each field.

Felipe，謝謝你的提問。我是 Julian Lemos，策略與新業務企業副總裁。我從兩個面向回答你的問題。第一，顯然這些公司會在協議期間進行投資：Gran Tierra 為 9,200 萬美元；Parex 約 2.5 億美元；而對應的參與權或分成，將是在各油田中，對基本產量與因投資帶來的增量產量各占 50%。

This is an immediate effect on a short-term basis because (inaudible) Ecopetrol will share that percentage of the basic and incremental production. But what we seek with this agreement, and I think that Juan Carlos already mentioned this, is to increase volumes that are 2 and 3x the production that we see today in the field. And on a medium and long-term basis, the final result for Ecopetrol will be a higher production and a higher corporation of reserves.

這在短期內會有立即影響，因為（聽不清）Ecopetrol 將分享基本產量與增量產量的該比例。但我們透過這項協議所追求的——我想 Juan Carlos 也已提到——是把產量提高到目前油田所見的 2 到 3 倍。而從中長期來看，Ecopetrol 的最終結果將是更高的產量，以及更高的儲量併入（corporation of reserves）。

So this is the total effect of the entire transaction. I don't want you to just look at the effect in 2025 because this isn't an agreement made to be executed in the next 6 months, but instead in the next 5 years.

這就是整筆交易的總體影響。我不希望你只看 2025 年的影響，因為這不是一項要在未來 6 個月內執行完的協議，而是要在未來 5 年內執行。

When it comes to the reserves of this agreement, how do they work? Do they -- are they of Ecopetrol for the 5 years?

至於這項協議的儲量，是如何運作的？它們——在這 5 年內都算是 Ecopetrol 的嗎？

Well, Felipe, just like production, the reserves will be 50-50. And as the investments come, we can migrate resources to reserves. The final balance for Ecopetrol will exceed what we have today.

嗯，Felipe，就像產量一樣，儲量將是 50 對 50 分配。而隨著投資到位，我們可以把資源量轉換為儲量。Ecopetrol 的最終結餘將會高於我們目前的水準。

The questions next will be made in English.

接下來的提問將以英文進行。

Costa Martins, Goldman Sachs.

Costa Martins，Goldman Sachs。

I have just a quick -- 2 quick questions from my side. First, on Brava. We saw some news flow late last year around Brava potentially considering divesting from their onshore assets. And one of the potential synergies you have highlighted earlier in the call would be the exchange of expertise in onshore assets, right?

我這邊有兩個很快的問題。第一個關於 Brava。我們在去年底看到一些消息，提到 Brava 可能考慮出售其陸上資產。而你們在本次電話會議稍早提到的潛在協同之一，是在陸上資產方面的專業交流，對嗎？

Do you intend to maintain Brava's current portfolio, including their mid and downstream assets once you close the deal? And my second question, kind of a follow-up. I understand if you guys are not able for any reason to reach a 51% stake in Brava, you will not continue the deal, right? But do you have any intention of increasing your stake beyond 51% just for us to be 100% certain here?

交易完成後，你們是否打算維持 Brava 目前的投資組合，包括其中游與下游資產？第二個問題算是延伸追問。我理解如果你們因任何原因無法取得 Brava 51% 的持股，你們就不會繼續這筆交易，對嗎？但你們是否有意把持股提高到 51% 以上，讓我們能 100% 確定？

Thank you. This is Julian Lemos. As I said before, the analysis, technical financial analysis made about Brava is about the entirety of its portfolio. Today, we believe that there are opportunities to capture synergies for both companies. But I'd say that like any oil company in the world, reviewing the portfolio is something ongoing.

謝謝。我是 Julian Lemos。如我先前所說，針對 Brava 所做的技術與財務分析，是以其整體投資組合為範圍。目前我們認為，兩家公司都有機會捕捉協同效益。但我會說，和全球任何石油公司一樣，檢視投資組合是一項持續進行的工作。

And once Ecopetrol has the control through this transaction, we will see what type of assets require special attention or a particular management through a rotation of the portfolio or incorporating partners.

一旦 Ecopetrol 透過這筆交易取得控制權，我們將評估哪些資產需要特別關注或特定管理方式，例如透過投資組合輪動或引入合作夥伴。

With regard to your second question, I'd like to underscore Today, our plan and how we're moving is to define a transaction that will leave 51% stake of Brava, not less nor more than 51%. Today, we can say that we do not have -- we haven't made a decision or have no intention to go beyond that 51%. However, as we said before, once we control the company, we will make the decisions that we deem are the best for the group Ecopetrol.

關於你的第二個問題，我想強調：目前我們的計畫與推進方向，是定義一筆交易，使我們持有 Brava 51% 的股權，不多也不少於 51%。目前我們可以說，我們尚未做出決定、也沒有意圖超過 51%。然而，如同我們先前所說，一旦我們控制該公司，我們將做出我們認為對 Ecopetrol 集團最有利的決策。

The following questions will be in Spanish.

以下問題將以西班牙語進行。

Andres Duarte, Corficolombiana.

Andres Duarte，Corficolombiana。

I have a question to follow up Brava again and 2 about gas. The question about Brava is, what's the multiple of reserves implicit in what you are establishing for the IPO to give that 2027, or could you give us what's the reserve that you calculate because of the source that I'm consulting? I'm talking about BRL 427 billion, but that's not with the SEC methodology, but instead of with the other. And my question is about gas. One has to do with the slide you showed us.

我有一個問題要再次追問 Brava，另外還有兩個關於天然氣的問題。關於 Brava 的問題是：你們為了在 2027 年進行 IPO 所設定的條件中，隱含的儲量倍數是多少？或者，你們能否告訴我們你們計算的儲量是多少，因為我所查閱的資料來源顯示不同數字？我指的是 4,270 億巴西雷亞爾（BRL 427 billion），但那不是用 SEC 的方法論，而是用另一種方法。而我關於天然氣的問題是：其中一個與你們展示給我們的投影片有關。

of driving solutions of natural gas imports where you see Covenas in the second quarter of 2029.

關於推動天然氣進口解決方案的那張投影片，你們在其中看到 Coveñas 在 2029 年第二季。

So I'd like to understand -- or instead, I understood before that, that was something that you would do before, but I see that you've pushed that back. Could you please give us the rationale behind this, keeping in mind that besides the scenario that is already complicated in which you're importing 1/4 of the gas of Colombia, you have to add at the end of the year, El Nino and other problems with the Canol. And the last question has to do with Sirius.

所以我想了解——或者說，我之前的理解是那會是你們更早會做的事情，但我看到你們把它往後延了。請你們說明背後的理由，考量到除了目前已經很複雜、你們正在進口哥倫比亞四分之一天然氣的情境之外，年底還要加上聖嬰現象（El Niño）以及 Canol 的其他問題。最後一個問題與 Sirius 有關。

Could you clarify better? Because I understood in the presentation that you made in September last year that the timetable for Sirius was to finish consultations in June 2026. I'd like to know where you're standing there because recently, I read -- no, today, I read that you mentioned something related to the level reached in pre-consultations. So could you tell us more about that? And do you have an update about your expectation?

你們能否更清楚地釐清？因為我理解你們在去年 9 月的簡報中提到，Sirius 的時程是於 2026 年 6 月完成諮詢。我想知道你們目前進度如何，因為我最近讀到——不，是今天我讀到——你們提到與預諮詢所達到的程度相關的內容。所以你們能否多談一些？以及你們對於預期是否有更新？

When would you complete that process?

你們何時會完成該流程？

Julian Lemos, Corporate VP of Strategy and New Business. Let me refer to your first question. As Juan Carlos mentioned already, the agreement to purchase 26% has a confidentiality clause. And therefore, we cannot express the value I understand. I didn't refer to that, but instead ring with a 27% premium over the market price, yes.

Julian Lemos，策略與新業務企業副總裁。我先回應你的第一個問題。如 Juan Carlos 先前已提到，購買 26% 股權的協議包含保密條款。因此，我們無法透露我所理解的該價值。我不是指那個，而是指相較於市價有 27% 的溢價，是的。

But let me develop the question -- the answer, Andre, sorry.

但讓我把問題——抱歉 Andre——把答案再完整說明一下。

Yes, we also have an indication in the market of what would be the launching price of the IPO, which, as you said, with the price of today would be at 27% of premium. But we have an uncertainty today with regards to the value with which we will close the IPO.

是的，我們在市場上也有一個對 IPO 發行價的指引，如你所說，以今天的價格來看會是 27% 的溢價。但目前我們對於最終將以何種估值完成 IPO 仍有不確定性。

I wouldn't dare to say that, that's the value. We hope it is. And with both components, the confidentiality of the 26% and the uncertainty of the total value as a result of the IPO, we cannot -- we do not dare to publicly share with you a reference of a multiple of reserves. What can I say? The company published its levels of reserves of what you said in your question.

我不敢說那就是最終估值。我們希望是如此。而基於兩個因素：26% 交易的保密性，以及因 IPO 導致的總估值不確定性，我們無法——我們不敢——公開與你分享一個儲量倍數的參考值。我能說的是什麼？公司已公布你在問題中提到的儲量水準。

I think we could make an estimate -- separate estimate referring the potential global value.

我想我們可以做一個估算——以潛在的整體估值為基礎做一個獨立估算。

But since this is listed -- this is a listed company, and we are about to make the IPO. We don't think it's proper to make a public manifestation about this.

但由於這是一家上市公司——而且我們即將進行 IPO。我們認為不適合就此做出公開表述。

Andres, Bayron Triana, VP of Energies for Transition. With regards to what happened with the Covenas Phase 1 project, as we said before, -- the idea was to make the molecule as soon as possible and at the lowest price possible. So with this goal in mind, we have different alternatives to import at the same time. One indeed was the Phase 1 of Covenas, and that Phase 1 had all the permits to begin construction. What we needed was the approval of the connection point of transporters, which goes to the [Badenaraca] work.

Andres，我是 Bayron Triana，能源轉型副總裁。關於 Coveñas 第一期專案所發生的情況，如我們先前所說——我們的想法是盡快、並以最低成本取得天然氣分子。因此，基於這個目標，我們同時有不同的進口替代方案。其中之一確實是 Coveñas 第一期，而該一期已取得所有可開始施工的許可。我們需要的是運輸商連接點的核准，該連接點通往 [Badenaraca] 工程。

we needed the authorization for that connection point, which we requested October in October 2025 and to meet the promise to the market to launch in the first quarter of 2027, that connection point should have been approved before January 31, but this didn't take place. To date, we haven't had an official response from the transporter providing the access. So we were not going to meet the value promise for the first quarter of 2027.

我們需要該連接點的授權；我們在 2025 年 10 月提出申請。為了履行對市場的承諾、在 2027 年第一季投運，該連接點本應在 1 月 31 日之前獲得核准，但並未發生。截至目前，我們尚未收到提供接入的運輸商之正式回覆。因此，我們將無法達成 2027 年第一季的價值承諾。

And that situation gave way to delay or better cancel the first phase of the Covenas project. to have a scheme or a project that could provide the same efficiency of energy entrances and natural gas in 2026 was the Puerto Bahía project. So that Phase 1 was replaced by the Puerto Bahía project. And we're trying to look at the national transportation system with the gas line of ODC. And this would be a new source of imports to Covenas by 2029 as a mechanism or as asset reliability of natural gas for the country.

而這種情況導致我們延後，或更確切地說，取消 Coveñas 專案第一期。為了在 2026 年提供同等的能源進口與天然氣效率之方案或專案，我們採用了 Puerto Bahía 專案。因此，以 Puerto Bahía 專案取代了第一期。同時我們也在評估國家運輸系統與 ODC 的天然氣管線。而這將在 2029 年成為通往 Coveñas 的新進口來源，作為國家天然氣供應可靠性的一種機制或資產。

And Juan Carlos Hurtado, acting CEO. Regarding your question about Sirius, first, we are within the timetable established of this project. What does this mean? That within the phases that are relevant, we are closing consultations at the end of the first -- of the second quarter of 2026.

我是 Juan Carlos Hurtado，代理執行長。關於你對 Sirius 的問題，首先，我們仍在該專案既定的時程內。這代表什麼？也就是在相關階段中，我們將在 2026 年第二季末完成諮詢。

The next thing with that information, we hope to present the environmental impact study in the first quarter of 2027. Once we make those proceedings, we can make the FID of the project at the end of 2027 according to the timetable. When it comes to the analysis of the detail of the consultation, what do we have from the ACP -- we have gas 120 communities, 120 communities that we have been advancing within the agreements of pre-consultations. With the 120, we have advanced with 114. And what is the preconsultation?

接下來，基於該資訊，我們希望在 2027 年第一季提交環境影響研究（EIA）。一旦完成這些程序，依照時程，我們可在 2027 年底對該專案做出最終投資決策（FID）。至於諮詢細節的分析，我們從 ACP 方面掌握到——我們涉及 120 個社區，這 120 個社區我們一直在依照預諮詢協議推進。在這 120 個之中，我們已推進到 114 個。那麼什麼是預諮詢？

It covers agreements on the authorities basis of participation and costs.

它涵蓋在主管機關基礎上，就參與方式與成本所達成的協議。

And according to what we've seen on site, we have advanced according to the timetable. With this, we say so we are online with the process, understanding the materiality involved with the consultations approved to have the environmental study and the FID of the project and to keep advancing to have this gas by 2030.

而根據我們在現場看到的情況，我們是依照時程在推進。因此我們表示，我們與流程保持一致，並理解諮詢核准所涉及的重要性，以便取得環境研究並做出專案 FID，並持續推進以在 2030 年取得這些天然氣。

We have no further questions. Now we will continue with the questions of the chat. Julian Cardenas from Business Integration Partners says, once the IPO is closed, what's the integration model foreseen? Brava will remain as a subsidiary with its own entity? Or will it be part of -- go through the affiliates of Ecopetrol Brasil?

我們沒有其他問題。現在我們將繼續回答聊天室的問題。Business Integration Partners 的 Julian Cardenas 提問：IPO 完成後，預計的整合模式為何？Brava 會以自身法人實體維持為子公司嗎？還是會成為——納入 Ecopetrol Brasil 的關係企業體系之中？

Who will lead the integration? And how will the synergies be captured? Julian, thank you for your questions.

誰將主導整合？以及將如何實現協同效益？Julian，謝謝你的提問。

This is Julian Lemos, Corporate VP. Our vision today is to maintain the Brava operation as it is, acknowledging that the first -- and the firstly that we are not the sole shareholder of this company and that this company has the experience and operational results that we should capture, understand and use. Of course, having a company and having a presence in Brazil forces us to look at different scenarios to coordinate and integrate everything. But I think it's premature today to make an announcement if both companies will end up integrated or not? What can I say now?

我是 Julian Lemos，企業副總裁。我們目前的願景是維持 Brava 的營運現狀，並認知到第一——首先，我們並非該公司的唯一股東，而且該公司具備我們應該吸收、理解並加以運用的經驗與營運成果。當然，擁有一家公司並在巴西有據點，會促使我們評估不同情境以協調並整合一切。但我認為現在就宣布兩家公司最終是否會整合，仍為時過早。我現在能說的是什麼？

All the experience of the Ecopetrol Group in terms of development and managing mature fields onshore is something that we want to provide in this investment and to boost that front work front and also to be able to capture and incorporate the best practices, operational practices that Brava has today offshore towards our operations and projects in Colombia. As far as this transaction will take place, we will provide more precise information in terms of times and expectations to capture synergies.

Ecopetrol 集團在陸上成熟油田開發與管理方面的所有經驗，是我們希望在這項投資中提供的，以推動該領域的工作向前發展；同時也能夠汲取並納入 Brava 目前在海上作業方面的最佳實務與營運作法，運用到我們在哥倫比亞的營運與專案中。至於這筆交易何時完成，我們將就時程與協同效益的預期提供更精確的資訊。

Thank you.

謝謝。

(inaudible) from Banco the comments. Could you give us an update of the (inaudible)? With the Brent prices so high this year, what's your outlook of the FPEC? Could you give us an update with the process of the DIAN when it comes to the [Reficard] Ecopetrol process?

（聽不清）來自 Banco 的提問與評論。您能否向我們更新一下（聽不清）？在今年布蘭特油價如此高的情況下，您對 FPEC 的展望為何？關於 DIAN 在 [Reficard] Ecopetrol 流程方面的進展，您能否提供最新狀況？

Good morning. This is the VP of Energy Transition. When it comes to AES, right now, we are completing the business case to make a final investment decision towards July, August this year. We're still working with AES to do -- to make the projects as soon as possible and to have a balance of a plan, but the investment plan will be made in August.

早安。我是能源轉型副總裁。就 AES 而言，目前我們正在完成商業案例，目標是在今年 7 月、8 月左右做出最終投資決策。我們仍與 AES 合作推進——以盡快落實專案並使計畫保持平衡，但投資計畫將於 8 月制定。

Pablo, this is Juan Carlos Hurtado, Acting CEO. With regards to your question -- second question, as we've said, understanding that this topic is related to prices and differentials and the exchange rate and what we've seen in the first quarter of COP 4.2 trillion, we understand within our analysis, making an average range of COP 80, COP 90 a year. We can have a monthly range of 1 trillion, COP 1.5 trillion. So with this, we estimate we can find the amount, of course, according to the month-to-month conditions that we see.

Pablo，我是代理執行長 Juan Carlos Hurtado。關於你的第二個問題——如我們所說，考量到此議題與價格、價差、匯率以及我們在第一季看到的 4.2 兆哥倫比亞披索（COP）相關，我們在分析中理解，全年平均區間約為 COP 80 兆至 COP 90 兆。每月可能落在 1 兆至 COP 1.5 兆的區間。因此，我們估計可達到該金額，當然會依我們所觀察到的每月條件而定。

(inaudible), Let me refer to your third question related to the process of the VAT before the VAT, the Colombian tax authority. In short, we can say that we have completed by today the administrative aspects or proceedings. We have answered all the reconsideration, revision and clarification parts.

（聽不清），讓我回應你第三個問題，關於增值稅（VAT）在哥倫比亞稅務機關面前的程序。簡而言之，我們可以說，截至今天我們已完成行政層面的事項或程序。我們已回覆所有重新考量、審查與澄清的部分。

And after this, we have proceeded to present 4 demands regarding the 8 official liquidations. And we have presented 4 to reestablish the rights before the court of Bolivar and that Bogotá, the contentious. These 4 demands are underway to be admitted. One has been admitted already. And with regards to the measures, we are waiting an official ruling.

在此之後，我們已就 8 份正式核定（official liquidations）中的 4 份提出了 4 件訴訟。我們也在玻利瓦爾法院以及波哥大（Bogotá）的行政爭訟法院提出 4 件訴訟，以恢復權利。這 4 件訴訟正在等待受理。其中 1 件已經受理。至於相關措施，我們正在等待正式裁定。

So we're still going ahead entirely within the jurisdictional process, and we hope to advance with this controversy to the very last.

因此，我們仍完全依照司法程序持續推進，並希望將這項爭議一路推進到最後。

Good morning, again, Juan Carlos Sertaro, acting CEO. I'd like to thank all of the people that joined us in this earnings call. I'd like to thank the leadership team for its great work and that shows with the results that we are giving you and to the more than 10,000 employees that we have the Ecopetrol Group because without them, this is not possible. We have great results because they are aligned with our strategies. Have a great day.

再次早安，我是代理執行長 Juan Carlos Sertaro。我要感謝所有參與本次法說會（earnings call）的人。也要感謝領導團隊的出色工作，這從我們向各位呈現的成果中可見一斑；同時也感謝 Ecopetrol 集團超過 10,000 名員工，沒有他們就不可能達成。我們之所以有優異成果，是因為他們與我們的策略保持一致。祝各位有美好的一天。

Thank you all. With this, we end our earnings call of the first quarter of 2026. Thank you for joining us. You may hang up now.

謝謝各位。至此，我們結束 2026 年第一季的法說會。感謝各位參與。您現在可以掛線。