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spk02: Good morning, my name is Natalia and I will be the operator of today's conference. We welcome all participants to this conference call, in which the financial and operational results of the third quarter of 2023 will be presented. At the end of the presentation, a session of questions and answers will be carried out. Before starting, it is important to mention that the comments of the high management of Ecopetrol include projections on the future performance of the company, which do not constitute any commitment to future results, nor do they consider risks or uncertainties that could materialize. Consequently, Ecopetrol does not assume any responsibility in the event that the future results are different from the projections mentioned during this call. This conference will be led by Mr. Ricardo Roa, President of Ecopetrol. Additionally, they participate Milena López, Vice President of Corporate Finance and Sustainable Value, Alberto Consuegra, Vice President of Operative Executive, and David Riaño, Vice President of Low Emissions Solutions. Thank you for your attention. Mr. Roa, you may begin.
spk07: Good morning. I present a cordial greeting to all of you, welcoming you to our call for results for the third quarter of 2023. Before I start, let me introduce you to some of the new members of the Ecopetrol Group. First of all, in the Corporate Finance and Sustainable Value Vice President, Milena López, who has worked during the last five years as the financial vice president of CENIT, a transport company of the Ecopetrol Group. Throughout her career, Milena has played important roles, among which are the Director General of Public Credit of the Ministry of Finance and Public Credit, and different positions in J.P. Morgan. In the Vice President of Low Emissions Solutions, Engineer David Reaño. David has more than 28 years of experience in the energy sector and has held positions in various companies in the energy market, such as TGI International Gas Transporter, Cundinamarca Energy Company, Gas Natural Fenosa, Red de Energía del Perú, and other government entities. A key leader to boost our business line of low-emission solutions and advance in the energy transition in a responsible and profitable way. I thank David, Milena, and the other senior executives for their commitment to provide new knowledge and experience. Aprovecho para agradecer a cada uno de nuestros colaboradores porque son quienes hacen posible estos resultados. Vamos a la siguiente diapositiva. Debo comenzar destacando el excelente desempeño operativo alcanzado durante este trimestre. donde logramos un promedio de 741,000 barriles de petróleo equivalente por día, una cifra que no habíamos visto desde el último trimestre de 2015, volúmenes transportados y cargas superiores al mismo trimestre del año anterior. Esto reafirma nuestro compromiso con el negocio core de la compañía. Además, en estos últimos meses hemos alcanzado hitos significativos que deseamos resaltar. A comienzos de octubre, confirmamos la presencia de gas natural en aguas profundas en el sur del Caribe colombiano en el pozo denominado Glaucus I, resaltando la importancia de la provincia gasificada. Thank you very much. With 16.4 billion pesos compensated by dividing the nation in what goes on in the year. A payment of 1.9 billion pesos in cash from the nation and the smallest difference between the price of parity of export of gasoline and the local, highlighting the active management of the Ecopetrol team and the commitment of the nation with the finances of Ecopetrol. lo que ha permitido una acumulación del 34% menor a la presentada en el mismo periodo del año pasado. Continuamos reconociendo la conmemoración de nuestros 15 años en la Bolsa de Valores de Nueva York con un Día del Inversionista, donde reafirmamos nuestra estrategia al 2040, Energía que Transforma. Destacamos el inicio de operaciones de nuestra comercializadora Ecopetrol USA Trading in Houston, Texas, en el mes de octubre. La estrategia de comercialización y operación busca el acercamiento y fortalecimiento de la relación con nuestros clientes a través de un equipo de soporte local para facilitar la comunicación fluida con los clientes y proveedores y el acceso de primera mano a información de mercado. Additionally, in the commercial front, the management of our Ecopetrol Trading Asia subsidiary stands out, which has managed to commercialize more than 100 million barrels of crude oil in the Asian market to date, as well as strengthening the diversification strategy of customers and countries, achieving new destinations such as Malaysia, Thailand and Japan. Finalmente, en estos nueve meses del año, hemos realizado transferencias a la nación por más de 45 billones de pesos a través de impuestos, regalías y dividendos. reaffirming our commitment to the development of the country. Let's go to the next slide. In the third quarter, revenues for $108 billion were registered, an EBITDA of $48.5 billion and a net utility of $15 billion, all aligned with our 2023 financial plan y alcanzando eficiencias por 2.9 billones de pesos. Miramos con optimismo los próximos meses, aunque sabemos que enfrentaremos desafíos. En preparación al fenómeno del niño y para responder a los posibles requerimientos adicionales de combustibles líquidos, Para soportar la generación eléctrica del país, la cadena de abastecimiento operativa se ha preparado construyendo inventarios en coordinación con el Ministerio de Minas y Energía, mayoristas y generadores, dando prioridad al volumen disponible de excedentes de diésel de repinería de Cartagena para atender los posibles requerimientos de térmicas. Igualmente, se han previsto las operaciones logísticas que serán activadas para asegurar el suministro de combustible adicional requerido y se han estructurado contratos de suministro de diésel a los distribuidores mayoristas con destino a la operación de las centrales de generación térmica. Asimismo, se tienen preparados todos los escenarios operativos contingentes en las áreas de producción, transporte, refinación y comercialización para soportar el normal abastecimiento del país, respaldados por nuestra excelencia operativa y nuestro compromiso con la transición energética. Gracias a todos por ser parte de este viaje y por su apoyo continuo a Ecopetrol. Les cedo la palabra a Milena López, quien nos hablará más a fondo de las principales cifras financieras y de gestión. Adelante, Milena.
spk00: Muchas gracias, Ricardo. Es un honor dirigirme a ustedes en mi primera llamada de resultados como vicepresidente financiera del Grupo Ecopetrol y expresar mi agradecimiento por la confianza que la compañía deposita en mí. Quisiera resaltar que nuestros éxitos financieros son el resultado de un esfuerzo colectivo y estoy comprometida a continuar fortaleciendo nuestra posición en el mercado, así como la generación de valor para todos nuestros grupos de interés. Las inversiones orgánicas del Grupo Ecopetrol ascendieron a 19,2 billones de pesos para lo corrido del año, el dato más alto de los últimos siete años para este mismo periodo, representando un crecimiento del 28% con respecto a lo ejecutado a septiembre del 2022 y en línea con la meta esperada para el cierre de este año. La línea de negocio de hidrocarburos cerró el tercer trimestre con una ejecución de 13,3 billones de pesos, lo cual representa cerca del 70% de las inversiones del grupo. Dichos recursos se destinaron principalmente para actividades de perforación y completamiento en el upstream, en los campos de Rubiales, Caño Sur, Castilla, Chichimene, y junto con actividades de exploración en Llanos, Pie de Monte y el Valle Inferior del Magdalena. A nivel internacional, las inversiones se concentraron en actividades de desarrollo para la cuenca de Permian. En la línea de negocio de soluciones de bajas emisiones, Como habilitador de inversiones en transición energética, se presentaron inversiones por 2,4 billones de pesos, de los cuales cerca de 2 billones se destinaron a proyectos de gas natural con foco en los activos ubicados en el pie de monte, y en la actividad de bloques exploratorios, principalmente costa afuera. Por su parte, las inversiones en la línea de transmisión y vías ascendieron a 3,5 billones de pesos y corresponden a los proyectos ejecutados por ISA en transmisión de energía, vías y telecomunicaciones. Estas inversiones permitieron dar avance en la construcción de líneas de transmisión y en mejoras que tienen como objetivo incrementar la confiabilidad de la red existente, así como en obras de proyectos viales de Ruta del Loa, Ruta de la Araucanía, y Ruta de los Ríos en Chile. Por otra parte, el EBITDA del grupo ascendió a cerca de 48 billones de pesos acumulados a septiembre de 2023 y contribuye a los segundos mejores resultados financieros a septiembre en la historia de la compañía. La línea de hidrocarburos mantiene la mayor contribución al EBITDA, con una diversificación gradual de las líneas de negocio. El Grupo Ecopetrol continúa materializando su estrategia integral de eficiencias y competitividad. A septiembre de 2023, hemos incorporado cerca de 2,9 billones de pesos en eficiencias a través de las iniciativas con impacto en disminución de costos y gastos, así como en incremento de ingresos y optimización de inversiones. Pasemos por favor a la siguiente diapositiva. By September 2023, the cash balance was $14.1 billion, the company's operational activity being the main source of cash generation. As for the main revenue outputs, the KAPEX disbursements and the payment of dividends to minority shareholders stand out. In addition, In the period, 16.4 billion pesos were compensated from the account to be charged to FEPEC with the payment of dividends to the nation. With respect to the Fondo de Estabilización de Precios de los Combustibles, by September 2023, the decreasing trend in its accumulation with respect to the previous year, mainly supported en la continuidad de los incrementos en el precio de la gasolina en el país. Es de resaltar, en el tercer trimestre se compensaron 8 billones de pesos con el pago de dividendos a la nación y se recibieron en efectivo 1,9 billones de pesos para cerrar el periodo con un saldo Por otra parte, se destaca que, gracias a los esfuerzos de refinanciación realizados en lo corrido del año, el indicador deuda bruta evita a cierre del tercer trimestre. fue de 1,7 veces. En esta misma línea, los vencimientos de deuda para 2023 se encuentran gestionados en su totalidad y continuamos avanzando en el proceso de refinanciación de los vencimientos de 2024. Con ello, mantenemos nuestra meta de ubicarnos por debajo de 2,5 veces en el indicador deuda bruta evita en el largo plazo. Quisiera resaltar que las principales agencias calificadoras de riesgo han mantenido la calificación de Ecopetrol, corroborando el sólido perfil financiero de la compañía, el excelente desempeño operativo en todos los segmentos del negocio y su demostrado acceso al mercado de capitales global. Pasemos, por favor, a la siguiente diapositiva. Nuestro compromiso con la sostenibilidad genera valor para la compañía y habilita nuestro negocio de energía en el largo plazo. En medio ambiente, y específicamente respecto al agua, al tercer trimestre del año reutilizamos en la operación 114 millones de metros cúbicos de agua, lo que significa que la empresa dejó de captar y oberter este volumen, así disminuyendo la presión sobre los recursos hídricos. Este valor equivale al 79% del total del agua requerida para operar. Estos resultados se han logrado gracias a la implementación de buenas prácticas de reutilización y recirculación de agua implementadas en la refinería de Barranca Bermeja, and Cartagena, as well as in the production fields. In line with the ambition to achieve zero net emissions by 2050, by the third quarter of the year we achieved an accumulated reduction in greenhouse gas emissions of 1.33 million tons of CO2 equivalent in our direct emissions, ranges 1 and 2, mainly in the upstream and downstream segments, in the leaks and venting levers, TEAS, energy efficiency and the use of renewables. Moving on to our aspiration to generate more renewable energy for self-consumption and promote the use of the cleanest energies, we currently have 208 megawatts in operation. We finished the construction of 7 megawatts in the solar farm Cartagena and we have 94 additional megawatts in construction. En materia de desarrollo social, destacamos la generación de 4,442 empleos no petroleros y una inversión en sostenibilidad por 1,33 billones de pesos al cierre del tercer trimestre en los elementos mencionados, así como en eficiencia energética, calidad de combustibles y biodiversidad. El 36% de las inversiones de ecopetrol al tercer trimestre del año corresponden a transición energética, de los cuales el 51% se han destinado a la línea de negocio de transmisión y vías, 30% a gas y 19% a sostenibilidad. Paso ahora la palabra a Alberto Consuegra, quien les hablará de los principales hitos de la línea de hidrocarburos.
spk05: Thank you, Milena. At the end of the third quarter, the 2023 exploration campaign presents an advance of 60%, having completed the drilling of 15 exploration wells, one of them located in the Coastal Caribbean, two in Piedmont and two in North Colombia, all of the above with gas potential and 10 wells drilled in the eastern plains with liquid hydrocarbons potential. En 2023 hemos declarado 10 éxitos exploratorios, de los cuales quisiera resaltar los siguientes. Glaucus 1, ubicado en el sur del Caribe colombiano, hace parte del bloque Col 5 operado por Shell, donde Ecopetrol tiene el 50% de interés. El pozo comprobó la presencia de gas natural en una nueva acumulación dentro del bloque Col 5, donde se ubican los hallazgos de los pozos Kronos 1, Purple Angel 1 y Gorgon 2. y cuatro éxitos de crudo en la cuenca de los Llanos Orientales, tres operados por Geopark, socio de nuestra filial Jocol, los pozos Sorsal 1, Saltador 1 y Toritos 1, así como el pozo Quimera 1 operado por Ecopetrol en asociación con Repsol. En Costa Fuera continuamos con la evaluación y el plan de delimitación del descubrimiento Uchúa 1, que se estima ejecutar en el 2024. It is also expected to initiate the drilling of the Orca Norte 1 well operated by Ecopetrol during the month of November of this year. To date, the 2023 exploration campaign has a success rate of 45%, being a level above the average of the industry. Let's go to the next slide, please. During the third quarter of the year, we achieved a production of 741,000 barrels of oil equivalent per day, increasing to 20,000 barrels of oil equivalent per day compared to the same period of the previous year. These results are leveraged in the increased production of Cañosur, Rubiales and the Permian Basin, as well as the good performance of the fields with secondary recovery, such as Castilla and Chichimene. Particularly, I would like to highlight that production via secondary and tertiary recovery technologies contributed about 40% of the production of the Ecopetrol Group, from 23 assets, among which the injection of water in Chichimena and Castilla stands out. On the other hand, we maintain our focus on efficiencies. In September 2023, the upstream segment reached $1.8 billion in efficiencies corresponding to 61% of the Ecopetrol Group, thanks to the implementation of initiatives that have allowed us to reduce costs in drilling, completion and dilution. On the other hand, the cost of lifting the third quarter presented an increase of about $2.72 per barrel compared to the same period of the previous year, explained mainly by the higher inflation reflected in higher rates of electricity and contracted services, which have been partially compensated for efficiencies that to date add up to $0.24 per barrel. Finally, in the decarbonization front, the upstream segment has reduced 351,000 tons of equivalent carbon, a figure far above what was expected for the year, contributing with 83% of the greenhouse gas reductions of the business group. Estos resultados se lograron gracias a iniciativas de eficiencia energética en los campos de Piedemonte y la reducción de emisiones de metano en campos como Dina, Cretacios, Jazmín y Provincia, entre otros. Se proyecta cerrar el año con una producción dentro del rango de 720 a 731,000 barriles de petróleo equivalente por día. Vamos a la siguiente lámina, por favor. In terms of our activities in the Permian basin, during the quarter 33 new wells were drilled for a total of 312 wells accumulated since 2019, reaching a net production for Ecopetrol before regalías of 66,300 barrels of oil equivalent per day before regalías. At the end of September, record-breaking production was achieved in the Permian assets of 120,000 barrels of oil equivalent per day before irrigation, of which 74,000 barrels of oil equivalent per day correspond to Ecopetrol. On the sustainability front, the assets maintain a low carbon intensity of between 7 and 8 kilograms of CO2 per barrel. The initiative to substitute diesel for compressed natural gas in drilling and completion operations is advancing, achieving an average substitution accumulated of 30%. By the end of 2023, an average production per day-year between 62,000 and 64,000 barrels of oil equivalent per day before rigging and the drilling of more than 110 wells is projected. Let's go to the next slide, please. In the transport segment, the transported volumes increased by about 52,000 daily barrels compared to the third quarter of the previous year, mainly due to the higher production of raw materials in the flat zone and by the additional barrels of third parties that were outside the oil duct network. In September 2023, a record was achieved in the evacuation of raw materials in the last 42 months, reaching 850,000 barrels a day and showing pre-pandemic levels. En poliductos, resaltamos el desempeño del sistema Pozos Colorados Galán, que alcanzó un bombeo de 160,000 barriles día, logrando un récord de transporte del sistema con bombeo directo hasta la refinería de Barranca Bermeja. During the third quarter of the year, the successful dilution of crude rubies was carried out at the Monterrey station, where 88,500 barrels of dilution oil were received and a total of 562,000 barrels of crude rubies were diluted, taking them from 15 ° C to 21.1 ° C. Lo anterior apalanca la estrategia del midstream de convertirse en un prestador de servicios de logística integral, brindando soluciones que permiten reducir costos de transporte para los remitentes. Por último, el costo por barril transportado del trimestre aumentó 43 centavos por barril frente al mismo período del año anterior, explicado principalmente por mayores costos de mantenimiento y servicios contratados, así como los mayores volúmenes transportados de crudo y productos. Vamos a la siguiente lámina, por favor. En el segmento de refinación, en el tercer trimestre de 2023, se ejecutaron paradas de plantas de acuerdo con el plan anual, garantizando la disponibilidad operacional y confiabilidad de los activos. A cierre de septiembre se finalizó con el 90% del plan de paradas del año y en octubre se culminó con el mantenimiento de la unidad de crudo U001 en la refinería de Cartagena. The refineries reached a consolidated load of 410,000 barrels per day in the quarter and an integrated gross margin of $20.6 per barrel, supported by the continuous operation of the interconnection of the plants of Crudo de Cartagena and PCC, the elimination of bottle shells and an operational availability of 95.1%. The above resulted in an EBITDA of 2.5 billion pesos, largely explained by the incorporation of efficiencies, optimization of diet, better behavior of the price of polypropylene, as well as favorable prices of gasoline, diesel and jet. During the quarter we advanced in the achievement of milestones, among which I highlight the production of extra gasoline with less than 15 parts per million of sulfur in both refineries, the pavement with recycled plastic asphalt in sectors of the Barranca Bermeja refinery, Essentia, a subsidiary of the Ecopetrol Group, announced the start of the first advanced chemical recycling project in South America, which in its first stage will allow to recover around 500 tons of plastic residues of difficult recyclability to transform them into raw materials of new plastic elements. Con la primera entrega de aceite pirolítico procedente de residuos plásticos post-consumo a la refinería de Barranca Bermeja se da inicio oficialmente a este proyecto en Colombia y se abre la puerta para producir polipropileno 100% circular proveniente de plástico post-consumo. Finally, in the third quarter of the year, the cost of refining increased by $1.24 per barrel compared to the same quarter of the previous year due to the displacement of activities from previous months to a higher cost execution, to greater operational activity and to the inflationary effect. Now I pass the word to David Riaño, who will comment on the main milestones of the low-emission solutions line.
spk06: Thank you Alberto and Ricardo for your introduction. It is a true honor to direct you in this new position in the company of all Colombians. I want to begin by expressing my gratitude for the confidence that the company has deposited in me and I reaffirm my commitment to continue contributing to a more sustainable world while we continue to deliver value to our investors. In September 2023, the production of natural gas and LPG was located at 161,000 equivalent barrels per day, representing around 23% of the group's production mix. The life generation reached 2.5 billion pesos, y un margen de vida del 40%. Reforzando nuestro compromiso de posicionar el gas natural como combustible de la transición, durante el tercer trimestre del 2023 pusimos en marcha diferentes acciones comerciales que contribuyen a los objetivos estratégicos del grupo. Among them, we highlight the completion of the long-term gas commercialization process for the fields of Gibraltar, Capachos, Cusiana and Cupiagua, in addition to the completion of the public supply of GLP quantities for the period between September 2023 and February 2024, volumes that will supply approximately 77% of the national market. On the other hand, the operation of our solar parks, Brisas, Castilla and San Fernando, in addition to the small Cantayuz hydroelectric power plant, has allowed to reduce about 19,000 tons of CO2 equivalent and capture savings for more than 28,000 million pesos in the course of the year. we advanced in the construction of the solar parks of Cartagena, La Sira, Copey, Ayacucho and Basconia of our Zenith subsidiary, as well as the park of the ODC subsidiary in the Caucasus. The above, as part of our efforts to incorporate non-conventional energy sources into our energy matrix and contributing to our goal of 900 megawatts in operation and construction by 2025. Additionally, the energy efficiency program has achieved the optimization of 3.4 megawatts and 2,549 giga BTU, a reduction of emissions of 198,000 tons of CO2 equivalent and an efficiency in energy costs of about 38,000 million pesos. This is equivalent to an optimization of electricity of 5.9% accumulated from 2018 to date and allows to continue advancing in the goal of 6.3% by the end of 2023. On this front, we also highlight ongoing initiatives for the inclusion of technological tools throughout the operation, such as artificial intelligence applied to energy replenishment and the optimization of generation energy resources. It is important to mention that Ecopetrol, facing the phenomenon of the child, has been prepared to meet the greatest diesel needs required for thermal generation. At the same time, we have been managing the entry of renewable self-generating projects that contribute to reducing the energy requirements of the national electric system. Finally, we highlight two important initiatives to improve the well-being of the community. The social gas program, which to date accumulates 14,289 families connected to the natural gas service of strata 1 and 2 in rural areas of Arauca and Guajira, and the extension of the Micro LNG agreement in Buenaventura until November 2023. dando respaldo y confiabilidad al suministro de gas para 37,000 familias en esta zona del país. Procedo ahora a dar la palabra a nuestro presidente, Dr. Ricardo Rojas.
spk07: Gracias, David. El negocio de transmisión y vías generó resultados operativos y financieros positivos al tercer trimestre del año. Estos resultados se apalancan principalmente en el negocio de energía en Brasil y Colombia y vías en Chile. This was reflected in a contribution of this line of business to the group's income of 10%, 14% to the EBITDA and 5% to net utility in the first nine months of the year. Among the most relevant sites for the quarter are, first, the adjudication through this CTP of Lot 1 in Brazil and three expansions with a reference CAPEX of approximately 2.9 billion pesos that will be gradually invested until the date of entry into operation of these assets in 2029. Second, in Peru, the adjudication of three projects through the Transmantaro Consortium and the implementation of the connections of the solar project Nabucimaque and the connection to the Portón del Sol Park, incorporating a total of 220 megawatts to the Colombian electrical system. ISA continues to advance the construction of nine energy transmission projects in the countries where it is present. Let's move on to the closing message. Quiero cerrar reconociendo el compromiso inquebrantable de todos los trabajadores de Ecopetrol con la excelencia operativa y la transición hacia un futuro más sostenible, reflejado en los buenos resultados, con indicadores de desempeño excepcional que reflejan el compromiso de Ecopetrol con la mejora continua en todas nuestras operaciones. Recordarles a todos nuestros accionistas, inversionistas, y las personas aquí presentes, nuestro compromiso con el plan de inversión es planteado en la estrategia 2040, que nos lleva a tener un negocio de hidrocarburos sólido que apalanque los recursos de la transición energética. Con un equipo fortalecido y una visión clara hacia el 2024, estamos preparados para superar los desafíos que se nos presenten. Ecopetrol sigue siendo un motor de desarrollo para Colombia, contribuyendo al crecimiento económico y al bienestar de nuestras comunidades. Gracias a todos por ser parte de esta historia. Con esto, abro la sesión de preguntas y respuestas.
spk02: Muchas gracias. Comenzaremos ahora la sesión de preguntas y respuestas. Vamos a seguir con una pregunta de Joao Friso de Goldman Sachs. Nos pregunta, ¿podrían decirnos cuándo esperan que la acumulación de cuentas por cobrar de FPC llegue a cero?
spk07: Muy buenos días. Vamos a... enter into details with a report that Milena López has. Meanwhile, I would like to say that in this period we have advanced significantly in that closure of the gap with which we started this year, in January, of 33.4 billion pesos, in what it does to the fuel prices stabilization fund. with important revenues that exceed 16 billion in the current year and with an additional contribution of the nation in money of 1.9 billion of resources assigned corresponding to the operation in the refinery of Cartagena in the production of liquid fuels. I give the floor to Milena López, our financial vice president.
spk00: Thank you, Ricardo. Good morning, Joao. Thank you for your question. So, a little context, perhaps, in the advances that the FEPC has had and a little how we see it going forward. It is important to highlight the continuous decrease that the accumulation of the FEPC balance has had from quarter to quarter, thanks to the increase in the price of gasoline that the national government has been doing. In this way, we went from a FEPEC that during 2022 accumulated an approximate balance of 37 billion pesos to a FEPEC that throughout this year, 2023, we expect to close with a balance of possibly between 20 and 21 billion pesos. So, a continuous improvement that we see quarter by quarter, which I think is important. In that sense, we have already had several increases in gasoline. The last increase that there was was in early November, it was 600 pesos. We expect two more increases and this will lead gasoline to market prices. So, in that sense, what are the accumulations due to the price of gasoline, they should already be soldered and not continue to go forward. Then, next year, the national government has indicated that in a progressive way throughout the year it will be doing the diesel increases, so that at the end of the year we have a market price for diesel. That would imply that already after December 2024, we do not have more accumulations of the FEPEC. So that is important. What is the other issue that is also key? All the FEPEC sales have been paid within the 12 months following your accumulation. That has been the policy and the agreement with the government and that will continue to be. So, in that way, we have 8 billion pending payments from here at the end of the year that we expect to receive. A component of that will be a cross of dividends already decreed for around 5 billion and then there is an incremental part, which is more or less 2.9 billion pesos that will be paid in cash. That leaving us already at the end of the year with the figure that I mentioned of an accumulated balance of more or less between 20 and 21 billion pesos.
spk02: Thank you very much. The next question comes from Andrés Duarte from Corficolombiana. Mr. Duarte can ask.
spk04: the conditions that must be met so that there is offshore production and make an investment in transport infrastructure. The other is, please remember, the production estimate of 2024 and especially what is the evolution of associated production costs. And the last one, please remember, the detail of the investment plan related to the production of hydrogen, specifically if they already have investments planned for the effects of transporting the liquid and also for the effects of increasing the capacity installed in non-conventional renewable energy sources. Thank you very much.
spk07: Thank you, Andrés, for your formulated questions. In primer lugar decir que las inversiones para el desarrollo y la maduración de los recursos prospectivos encontrados en la región de la costa afuera en el Caribe Ya iniciaron, iniciaron este año en la destinación de recursos importantes para la perforación de Glaucus 1. Ya iniciaron este año con la perforación del Pozo Orca Norte 1, que se mantendrá durante el año 24 y que continuará con la campaña de perforación exploratoria en el Tayrona y la alimentación de Uchuva. And so the year 2425 the beginning of the perforation in the area with one in the exploration well as one can make the word to Alberto to expose more details on what these production expectations are and on the production goal for the coming year we are going to aspire. to assign important investment resources to maintain these regimes until the end of 2023. This is our great bet, to maintain these production regimes that we are going to reach by the end of 2023. And on the last question that formula, we will give you the use of the word to David Riaño to explain in more detail the investment plan associated with the production of hydrogen and the transport infrastructure associated with the incorporation in addition to liquids and the capacity to install renewable energy generation that we have updated in the framework of the relaunch of the 2020-2040 strategy a couple of months ago in the stock market in New York.
spk05: Thank you, Ricardo. Good morning, Andrés. Thank you for your question. Regarding the following steps in the offshore, complementing what Ricardo has already mentioned, I would say the following. In the North Caribbean, let's say, the bet is to continue defining, confirming the potential we have in Uchuva. That implies making delimitation wells that will take place in the years 24 and 25. It is also worth sharing that we received good news from the government of the Ministry of Mines regarding the expedition of the abandonment normativity. This allows us to use the wells that we are going to make in appraisal later on as development wells. That was vital and it was already achieved. Of course, we will also have to proceed with environmental licensing. That is another key activity. The third, confirm if we can use the existing infrastructure that we have in Chuchupa, Havana, to bring the gas from Uchuba and the prospects of that area of the North Caribbean faster. As for the South Caribbean, which is the area of Kronos, Glaucus, Gorgon, all defined within the Coal 5 block, well, there we have already confirmed a potential that gives us a long-term gas perspective. The important thing is to work on the development scheme, the type of facilities that we would be using, as well as the gas evacuation system that would have a destination, let's say, dedicated to the country, to the interior of the country, of Colombia. That would be with respect to the issue of offshore. To complement the issue of production in what remains of the year, for this last quarter we are seeing a production of more than 730,000 barrels. What are the challenges we will have? Surely, in the face of a moderate or aggressive child phenomenon, we could have the risk of closing of shipments in Rubiales and Castilla, so we have to be aware of that, we have not seen it yet. that means that in October we had a higher production than expected. Regarding the issue of costs, we are seeing the inflationary impact and that leads us to the lifting cost, the lifting cost for the last quarter must be very close, very in line with what we perceive, We have in the third quarter of this year, close to 11.89. That puts us in a range of between 10 and 11 barrel dollars to finish the year 2023. We are still analyzing the 2024 perspective and it will be part of the conversation that we will have once the business plan is defined.
spk07: For the third question, we give the floor to David Riaño, Vice President of Emissions-Based Solutions, taking into account that in the last update of the Agenda 2020-2040 that we announced in New York a couple of months ago, the acceleration of that goal that we had for 2030 to incorporate practically 900 new megawatts of generation of energy from non-conventional renewable energies. We have accelerated that goal, we have established it now for 2025 and in 2030 the expectation is to be able to incorporate 1.9 gigas, that is, 1,900 new megawatts of capacity with support in non-conventional renewable energies in the Guajira region. For more details, I give the floor to David Rian.
spk06: Thank you, President. Indeed, as you have mentioned, the delivery of renewable energy has been anticipated, which has to do partly with hydrogen projects. And referring to them, as mentioned in the question, we are maturing several initiatives. As the period between 2023 and 2030 has been announced, we have understood it as a stage of trial and learning and escalation to enter, after 2030, a stage of maturity in the entry into hydrogen with the objective of being the leader in this energy vector in the country. In particular, we are currently maturing several initiatives We have two specific projects, one in each refinery for the production of green hydrogen. These projects are being analyzed, they are maturing, it is expected to take them or to achieve that they generate the greatest amount of value possible in the circumstances, but taking into account that this is a new technology that has challenges in the supply chain and in the same implementation and construction of the projects. In addition to this, as already mentioned, and a scale already at the pilot level, enter into operation at the end of this year and in the first quarter of the next, the pilots of Green Hydrogen for Mobility in Cartagena and Bogotá, which precisely provide us with that stage of tests and learning that I have just mentioned to you.
spk02: Thank you very much. Ricardo Sandoval from Colombia is online with a question. Mr. Sandoval can ask.
spk03: Good morning everyone, thank you very much Ricardo, Milena, Alberto and David for the space. I have two questions, the first is very simple and is if you can give us a little more color about the statements of Minister Bonilla when he mentioned the entrance of Ecopetrol to solar and wind generation. I would like to know if it refers to the expansion even more of the projects that you have for self-consumption or if suddenly there is talk of an entry to the commercialization segment or to the generation segment to commercialize this energy. And the second question is about the production that Alberto just heard about some restrictions that the phenomenon of the child can have in the closure of some fields. For 2024, I would like to know if we can have some kind of guide on production issues. I see the production in 740, which is quite positive for the 3T, but I would like to know, for 2024, what we could expect. Thank you very much. Thank you very much, Ricardo, for your question, for your couple of questions.
spk07: We are going to answer the first one in the following sense. As David mentioned and I was also at the disposal in the previous question, related to the incorporation or the role of ecopetrol in the production of clean energies from the sun, the wind, the geothermal energy. This is part of the strategy that we reviewed, updated and announced to the market a few months ago. There are no associated plans or projects associated with new expectations or greater expectations than those already drawn up in terms of the incorporation of these non-conventional renewable energy fronts. always in the line of enabling the capacity that Ecopetrol requires to supply its own consumption, its own demand, and obviously in the line of being able to develop that potentiality of natural resources in generating wind and solar energy in the region of Guajira. as a fundamental base, as an important resource, cost-efficient, more relevant in the aspiration that Ecopetrol has of being a great producer of low-emission hydrogen for its own production in refineries, for its own consumption in refineries, and also in the aspiration that we draw on the 2040 roadmap of being a great producer of green hydrogen in the global context for export. That is part of what we have been studying, what we have been evaluating. The expectations of CAPEX for each project are particular. We could, for example, have participation with some ally in these generation projects, be able to develop them ourselves with resources that CAPEX would demand, but we also have the possibility of making long-term energy purchase contracts that would not demand additional CAPEX levels. Those are alternatives, all of which we are talking about, within which we are going to take and decide the investments associated with this important part of the economy in the new roadmap of the energy transition that we have drawn. Already on the restrictions, the second question would give Alberto the space to refine the detail on the repercussions that an eventual The critical condition of the child phenomenon, which is practically being evaluated in the eyes of experts, is not going to be so critical. It would be a moderate situation and would have its greatest period of narrowing of complication for hydrological and energy effects towards the end of the year and the beginning of the year.
spk05: Yes, thank you, Ricardo. And let's say that this impact on shipments, which of course affects production, we would only see it in the first part of the coming year, that is, in the months from January to March. As for the guidance for the coming year, we have to be careful. At this moment we are analyzing the different investment scenarios box availability as a result of the agreements we made with the government in terms of FPEC to be able to establish what that range of production is. But the president has already indicated to us that we have to try to maintain at least the same level of production as in 2023. So, for now, that is the data we should handle. And we hope that we can have those conversations at the level of the board and with the government to have a robust plan that we can communicate to the market.
spk03: Thank you very much.
spk02: Thank you very much. The next question comes from Alejandra Andrade from JP Morgan. You can ask.
spk01: Okay, perfect. Thank you. I had two questions. The first was about the working capital of the quarter that impacted the cash flows and could you give us a little more information about what happened? And then my second question was about the refinancing exercises that are being carried out this year and for next year and at the ecopetrol level they have an indicated loan, I wanted to know if they had been able to extend that credit and for Within the other entities, there is also a lot of short-term debt. I wanted to understand a little more what was already refinanced, what is still to be done, and what are the exercises that are being done. Thank you very much.
spk07: Thank you very much, Alejandra, for the questions. On the MIMA, without further ado, I give the floor to Milena López, our financial vice president.
spk00: Thank you, Ricardo. Good morning, Alejandra. Thank you for your question. So, first topic, what is the labor capital? When we see the change in labor capital, we are talking about approximately 8.9 billion pesos, of which the first component is basically the net of the FEPEC movements, which is around 2.8 billion. The second item, which is actually the largest, is the income payment or income tax payment for 4.5 billion pesos, which affects the labor capital. And the last issue are the changes in inventories. We have an inventory in transit of approximately 5 million barrels, which also affects that figure. So that's more or less what you see in the impact on the labor capital. in front of your second question about the losses then all the losses of 2023 have already been managed and have been refinanced then that is basically finished then we have the losses of 2024 that we have already been managing during 2024 we have losses of approximately 1,800 million dollars this is basically the loss of the club deal the union that you mentioned that is 1,200 million dollars y otros vencimientos que suman aproximadamente el diferencial de los 600. En adición a eso, importante resaltar que en enero del 25 tenemos un vencimiento de un bono por aproximadamente 1.500 millones de dólares. Entonces, pues todo eso lo estaremos refinanciando durante el próximo año. It is important to highlight that the trade union credit of the 1,200 is going to be refinanced, mainly with the same banks. That is already discussed and we are in all our documentation procedures, the Ministry of Finance, etc. So that is also important to highlight. And then, on your third question, about adjustments to the prices of gasoline, I think it has already been answered. Thank you.
spk01: Thank you very much.
spk02: Thank you very much. For the moment, there are no more questions live. We will proceed to read the questions from the chat. Tazo Vasconcellos from UBS asks us about the expectations of adjustments in the price of fuel in the future, mainly in diesel, since it remains with a gap with respect to international parity y la mayor participación en el balance del FEPEC. Además, nos pregunta, a medida que el año llega a su fin, la atención se centra en las expectativas de dividendos. ¿Deberíamos esperar algo más cercano al rango inferior o superior de la política del pago del 40 al 60% con una tasa de impuesto a la renta más alta, gasto de capital, pero el gobierno usando su parte para compensar el déficit del FEPEC?
spk07: Thank you for the question about the expectations of adjustments in the price of fuels in what remains of the year and in the next year already Milena made mention of decisions of the high government articulated with the Ministry of Energy, the Ministry of Finance show that this path. of the release of this roof that had the price of fuel, gasoline and diesel will continue in advance. Although no decision has been made on the increases associated with diesel, there are announcements and analysis and evaluations from the Ministry of Finance that reflect that there will be a release of that accoutrement that today has diesel and the path of the a restriction that there was to apply and reach the parity cost in the price of gasoline to end consumers. In that, We have indicated what the numbers are and the figures with which the Ecopetrol box would impact for the incoming year, as a result of that policy that the national government is articulating towards the complete release of subsidized fuel prices, gasoline and diesel, and that generate that deficit in the fuel price stabilization fund. Regarding the expectation of dividends, I give the floor to Melina López so that she exposes what is being observed from the Ministry of Finance in the framework of its mid-term fiscal policy and others in terms of the declaration and possibility of approval and distribution of dividends the following year.
spk00: Platazo, thank you for your question. Basically, I'm going to divide the answer in two, perhaps the first component giving clarity on what we lack this year and then expectations for next year. At the time, to finalize the payments of the FPEC that must be made from here to December 31, there was the possibility that extraordinary dividends were given to pay that tail of 2.9 billion that was missing at the end of the year. that external dividend is not going to be given and that amount is going to be received in cash. So I think that in terms of clarity in the face of potential extraordinary dividends this year. Then for next year, our dividend policy remains the same. We have a dividend policy with a payout between 40% and 60% and in extraordinary circumstances, as we have done in the past due to the FPEC, higher payouts have been given. To date, we do not have a range to give you in terms of what that payment will be next year. That will be determined in the Assembly of shareholders in March and as we have more information about it, we will be giving it to you.
spk02: Thank you very much. Alejandro de Michelis, from Now Securities, asks us, how should we think about the generation of free cash flow in the coming quarters and what level of dividends do you see sustainable for Ecopetrol?
spk07: Thank you Alejandro for the question. A part of this was already answered in the previous question by Milena. but I ask you to use the word so that it responds to the part related to the expectations of generation of cash flow in the next few months.
spk00: I think that when you look at the free cash flow in Ecopetrol, the main issue that moves us, that cash flow, is obviously the FIPEC accounts, in the sense that it is an account to charge that is not necessarily always materialized in cash, partly for compensation against dividends, and I think it is inevitably the largest box limit that we have. Perhaps the most important thing is to refer to what I answered in the previous question, and that is that this accumulation balance has been significantly reduced from quarter to quarter. And just to give you some magnitude orders, if we look at the accumulation figure of the FPEC in the first quarter of this year, that was around 7.9 billion pesos. If you look at the accumulation figure in the third quarter of this year, that was around 4.6, 4.7 billion, 4.7 to be exact. And when we see the figures from here at the end of the year, that figure is going to be lower, mainly because we continue with the increases in gasoline prices. So, maybe the most important driver that we are going to see is that one. During the next year, the increases in diesel will be made that will again lead us to eliminate from here to the end of next year, that important limitation on the generation of cash flows of the company. As for the sustainable dividend level for Ecopetrol, and that has been told to us on several occasions, that dividend policy from 40% to 60% is what we consider the long-term dividend level that the company should have to allow us to have enough cash to meet our investment plan, pay dividends and do everything we have to do. Obviously, as extraordinary events are taking place, the payment of higher dividends and this has been done in the last year, mainly to be able to make crossings with the FPEC, but it is also important to highlight that this has been done because we have had raw prices far above the average in the medium term. Then both go hand in hand and it is not something different from what our peers have done, where in other oil companies we have seen extraordinary dividends and stockpiling of shares. Stockpiling of shares is a topic that we cannot do. So, in that order of ideas, this is how I would think in terms of the medium-term policy of ecopetrol dividends.
spk02: Thank you very much, Milena. Leonardo Marcondes from Bank of America asks us, ¿Cuáles son las expectativas de producción para el cuarto trimestre y de dónde debería provenir la mayoría, la mayor parte de este crecimiento? Y nos pregunta, las inversiones de capital de este trimestre han sido muy elevadas, lo que supone la mayor inversión de la empresa en los últimos siete años. Parece que una buena parte se desplegó en el segmento upstream, ¿verdad? Does this mean that we will see an even greater growth in production in the fourth trimester?
spk07: Thank you, Leonardo, for the couple of questions. One of them related to production expectations for what remains of this year. Y las expectativas de crecimiento para el año siguiente. Ya hemos hecho mención que esperamos cerrar el año con una producción cercana a los 730,000 barriles día, teniendo presente que la meta establecida en el plan inicial para el año estaba entre 720,000 y 725,000 barriles día. We also reported in this third quarter of the year, very important investments in upstream, but also in low-emission solutions energies. For more details on the two questions, I give the floor to Alberto Consuegra.
spk05: Thank you, Ricardo. Leonardo, to answer your question, I would say that most of the growth would be seen in Permian, Rubiales and Caño Sur. Those are the three assets that currently have the largest investment and, of course, the largest growth bet in production. Indeed, the capital investments of this quarter have been very high from the point of view of capital execution. That is good news. That is to say, the number of wells that we had contemplated in the plan, the number of interventions in wells, completion of wells that we had in that plan, has been executed online. We already have a total of 332 wells perforated and completed over the year. So, indeed, that investment is also being made in the upstream segment. And, as the President mentioned, we are waiting to see an effect in the growing production that leads us to an average at the end of the year above 730,000 barrels.
spk02: Thank you very much. Agustín Bonasora from Pin Bridge asks us, ¿Cuáles son las alternativas que analizan para refinanciar el crédito de 1.6 miles de millones de dólares? ¿Qué más se incluye a nivel consolidado en la deuda de CP que alcanzó 4 miles de millones de dólares?
spk07: Gracias, Agustín, por la pregunta. Le damos el uso de la palabra a Emiliana López, vicepresidenta financiera.
spk00: Hello, Agustín. Here we basically have, then, in reality there is a large trade union credit of 1,200 million dollars and the other amortizations are basically short-term credits. So, we are going to refinance the trade union, mainly with the with the same banks of the syndicate and that is already agreed and in process. Incremental losses of those 400 million, we will probably do them mainly with local banks and they are short-term loans mainly with the local bank that are being sold, Then, when you look at the consolidated debt level, it is important to have on the radar that here we have ISA issues, that when I tell you about the debt that has to be refinanced next year from Ecopetrol, it is when I tell you about those 1,800 million dollars. El resto son básicamente créditos que se tienen en las filiales y el pareto de eso es lo que tenemos en ISA principalmente y obviamente las filiales de ISA. Entonces ahí entran temas en Chile, temas en Perú, temas en Brasil que se consolidan.
spk02: Muchas gracias. Santiago Dorado de Credit Corp. nos pregunta. In the face of an eventual role of Ecopetrol in the generation of energy in Colombia, what possible implications could it have on the company's investment plan?
spk07: Thank you Santiago for the question. As we have mentioned in other answers to similar questions, Ecopetrol, its roadmap, its expansion in the incorporation of renewable energy generation is to support its own growth in the demand of this energy, of electrical energy, to meet its own needs. To say that in the investment plan, obviously, important resources for that incorporation of renewable sources of conventional energy within which we are evaluating about 1.6 gigas. These are 1,600 megawatts in projects that we are evaluating whose energy incorporation scheme has not been decided and contains a wide range of opportunities or possibilities from the one of being a partner with a third party to develop the project, or the one of being the complete owner of the generation asset, or also to incorporate these energies through long-term energy purchase contracts, PPAs, with which a possibility would also be opened that would require a low level of investment, almost zero practically, a financing that could be, depending on the project development scheme, we will have the need to make important investments or leverage them with third parties, obviously depending on the development scheme itself.
spk02: Thank you very much. Lily Yang from HSBC asks us, can you talk about the investment plan for 2024 and 2025?
spk07: Thank you for the question. Yes, there is already a very important construction expectation for the investment plan, not only 2024, but 2024, 2025, 2026, that is the tri-annual. That is what we are studying at the moment for its submission to consideration of the board, but on the investment goals of the year 2024, We can state that we are aiming to maintain the production regimes and production levels that we are going to reach this year and based on the same, we are defining those investment scenarios for your presentation and consideration to the Board for approval of the expenses and investments of the incoming year. For more details, I give the floor to Vilena López.
spk00: Thank you, Ricardo. Hello, Lili. Maybe the only thing to add to what Ricardo mentioned, because we are in the process of building the plan and in the month, probably at the beginning of December, we will be giving you a guide on how we see the investments, how we see the production goals, etc. But it is important to highlight that we are going to see an investment plan in line with what we have presented to you, which is the strategy of the company to have investment budgets between 5,000 and 7,000 million dollars a year, and we will clearly be within those figures and we will give you more details in December.
spk02: Thank you very much. Katerina Ortiz from Da Vivienda Corredores asks us, Taking into account the strategic plan of Ecopetrol, recently known, and the expectations of reserves focused mostly on gas, does the company still consider the possibility of importing gas from Venezuela? And it also asks us, although the government has increased the price of gasoline to close the gap of the FEPEC, I would like to know about the deficit of the quarter, how much does it obey gasoline and how much does it obey diesel? and it has already been defined when the increases in the price of diesel would begin.
spk07: Thank you, Katherine, for the questions. First of all, to say that obviously we are evaluating in the medium and long term that balance of supply and demand of natural gas in the country. en el que obviamente se estudian y analizan alternativas de suministro desde cualquiera de los distintos proyectos y fuentes con las cuales Colombia ha venido en los últimos años también importando gas natural, sobre todo para balance that supply-demand relationship that is with some degree of narrowness, especially in the presence of phenomena such as the child, where a greater demand for natural gas is generated for thermal generation, a greater demand for natural gas in the industry and also in trade and in residential consumption. Therefore, in view of these expectations, our scenarios allow us to see that there would be some gas deficits in the incoming year of about 31 GB per day, for the year 2025 of about 131 GB per day, and for the year 2026 of about 150 to 200 GB per day. before which we are talking about different alternatives to support that deficit of gas that the country would have in those scenarios, means of demand. For more details, I would give you the use of the word David Riaño. And on the second question, it has already been explained in detail what are the expectations that Ecopetrol has in terms of the closure of that gap with which it started this year of Pepec resources and that has been significantly reduced by the government's policy in terms of de liberar ese precio y poder llegar al costo de paridad con el cual en materia de gasolina ya estaríamos hacia mediados del año entrante o en el primer trimestre balanceados frente a ese costo de paridad y el costo de combustible que se traslada a los usuarios. In the first place, I give the floor to David Riaño, and in the second place, so that Milena can once again explain the details of what is planned in terms of the participation of gasoline and diesel in that range of the FPEC that brings the increases or the demand of these fuels in the country.
spk06: Yes, President. Indeed, we work strongly in ensuring energy security for this fuel, in such a way that the expected demand can be covered without any novelty. And to do that, all options are looked at. And among the options, that portfolio will be chosen that allows the greatest efficiency in the attention of the demand. Importing, as the president has said, is an option. In fact, the country in the third quarter of 2023 imported on average about 103 GB per day, which can represent in that same period around 10% of the national demand. That is, for Colombia, The import has allowed to guarantee the safety in the gas supply and we see that forward is also a source of energy that must be contemplated. entre varias porque no solo existe una posibilidad de importación de hecho en el grupo hemos analizado algunas adicionales a la que se tiene hoy en día pero como ya dije siempre buscando la mayor eficiencia para la atención de la demanda y de esa forma garantizar la seguridad del abastecimiento en el corto mediano y largo plazo
spk00: Regarding your question about the differentiation between gasoline and diesel of the FPEC, in the third quarter, 18% of the deficit that was accumulated is basically corresponding to gasoline. If you look at the figures in monetary terms, the third quarter had a deficit of FPEC of 4.7 billion pesos, of which 870,000 million pesos were gasoline and the rest was diesel. It is important to highlight that we are going to get from here at the end of the year to parity in gasoline, so the monthly accumulation amounts of next year will be basically due to diesel.
spk02: Thank you very much. Daniel Guardiola from BTG asks us, ¿Podrían compartir con nosotros cuál debería ser el precio de venta de gas para que sean factibles las inversiones necesarias en infraestructura en el offshore?
spk07: Gracias por la pregunta. Sobre esto, obviamente, todos los ejercicios y los análisis que conlleven a una definición de un precio de venta de gas en el offshore para poder viabilizar comercialmente su explotación. Todos estos ejercicios y estos análisis están siendo objeto de evaluación por cuanto, en la medida en que existan unos volúmenes importantes de reservas y about the amount and the possibility of developing the necessary infrastructure for its internment or for its eventual export, all these elements will be the ones that, once we make the details and analysis, will give us a very clear signal. For now, there are no defined numbers from which we could only place as a reference price the prices that are moving in the market and that are already committed in long-term contracts. And that would be an important reference, but not the one that would be telling us what would be the reference value of the gas that makes its exploitation viable in these terms for its commercialization and put in the system.
spk02: Thank you very much. Diego Sanchez de Alianza Valores nos pregunta, ¿Cuál es la evolución del laudo con CBI sobre Reficar y el tratamiento contable del activo de la potencial indemnización? Y nos pregunta, ¿Se ha considerado vender acciones para aumentar el flotante de la compañía al 15% para contribuir a que el país no pase a mercado de frontera?
spk07: Yes, thank you. That would be one of the alternatives. However, today there is no proposal on the agenda of the Ecopetrol Administration or on the board of the Board of Directors of this nature. They will surely be elements that we are going to study within the strategy that the country could consider. For now, more than thinking about an additional placement of actions in the market, We are thinking first about strengthening traditional business lines, in the generation of greater wealth within the premises that we have announced in our strategy, and it could surely be one of the actions that we will evaluate in the future together with our board, but today that issue is not on the agenda of Ecopetrol.
spk02: Let's continue.
spk07: Excuse me, there is a question about the audit and the evolution with CBI. We have worked from the board of directors of the refinery in Cartagena to list all the fronts within which we can pursue the recovery of these resources. At the end of last month, we were waiting for the ratification of the failure in favor of the Cartagena refinery from the court in New York. This has taken some time because CBI, in the markets where it has the highest assets, on which we could pursue the recognition of the debt, of the sanction imposed by the Court of Arbitration, the Chamber of Commerce of New York. We are talking about a billion dollars. Resources that we are pursuing in these countries, we are talking about We are talking about the United Kingdom, we are talking about the Netherlands, we are talking about the United States, where more than CBI, its home base has important resources, and before the CBI declaration in these markets to make a renegotiation, or rather a proposal to review its assets, it has been appropriate for us to advance all the management with the best lawyers, with the best advisors and persecution strategists of this statute. This is going to take some additional time because it no longer only depends on the judicial instance in the New York court, but it will also depend on the judicial instances that accept or recognize this Thank you.
spk02: Janice Cáceres, de Acciones y Valores, quisiera saber si se espera un incremento sustancial en el nivel de endeudamiento de la compañía a cara de 2024.
spk00: Hello, Milena López answers here. So, as for the indebtedness next year, as I mentioned, we have a series of credits that are being sold that we will be refinancing. So, I assume the question here is about incremental debt levels. There will not be a substantial increase in debt during the coming year, depending on the level of dividend payment and the speed at which the diesel increases occur, we could have an increase in marginal debt to fund our investment plan, but certainly figures far below the incremental debt that we took this year. So, in principle, there could be something marginal from Ecopetrol, but nothing significant.
spk02: No hay más preguntas en este momento. Damos paso al presidente para un mensaje final.
spk07: Muchas gracias. Agradecerles su participación. Reiterarle el agradecimiento y la felicitación a todo el equipo de directivos y trabajadores de Ecopetrol y a todos ustedes. Muchas gracias por su participación en esta tercera llamada de entrega de resultados del tercer trimestre. Un buen resto de día para todos.
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