Ecopetrol S.A.

Good morning. My name is Juan, and I'll be your operator for today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operational results for the third quarter of 2022. All lines have been muted. There will be a question 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 risk 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. This call will be led by Mr. Felipe Bayón, CEO of Ecopetrol, Jamie Baez, VP of Low Emission Solutions, Alberto Consuegra, COO, and Jaime Caballero, CFO. Thank you for your attention. Mr. Bayón, you may begin your conference.

Good morning and welcome to the third quarter 2022 earnings conference call. The Ecopetrol Group continues to deliver solid operating and strategic results that are joined up by a successful commercial strategy and a disciplined financial management in a year in which we have delivered historical results. Firstly, I want to thank the more than 18,000 direct employees of Ecopetrol and as well as our allies and contractors and partners who jointly look to make the impossible possible for the benefit of millions of Colombians and those in the areas in which we operate. In the first nine months of the year, we achieved a net income of 26.6 trillion pesos and an EBITDA of 59.2 trillion pesos, which equates to an EBITDA margin of 50%. The net income for these nine months is 59% higher than the whole 2021 net income and 150% higher than the one observed for the same period in the last year. From this quarter results, I would like to highlight the following milestones. The gas discoveries in the Caribbean, in the Gorgon II, in which we partnered with Shell and Shell as the operator, and the Uchua I well with Petrobras, the operator, both exploratory wells, and the announcement by our subsidiary, Jocolo, the successful drilling of the Foralino Uno well, proving the presence of gas in a structure close to the Arrecife discovery in the Department of Córdoba. All this to reiterate Colombia's potential for gas, the hydrocarbon of the energy transition. The growth path in our production levels in accordance with the strategy outlined and announced at the beginning of the year. The average production in 3Q was 720,000 barrels of oil equivalent per day. And so far this year, we have an average of 706,000 barrels of oil equivalent per day due to the increase of our execution capacity, which has improved the performance of the fields in Colombia and are growing unconventionals operations in the U.S. in the Permian. The increase in the capacity of more than 50,000 barrels per day at the Cartagena Refinery, thanks to the successful startup of the Interconnection of Crude Oil Plants project, taking a firm step to guarantee the supply of fuels and Colombia's energy sovereignty. Completion of the pilot test for the production of green hydrogen at the Cartagena Refinery. This project is part of Ecopetrol's Strategic Hydrogen Plan, within the framework of its low carbon emissions business portfolio, which we expect will contribute to our operations decarbonization goals as well as those of Colombia. Let's please turn to the next slide to address issues in line with our TESG strategy. During the first nine months of the year, we have made significant achievements in our TESG strategy. On the environmental front, I would like to highlight our progress in decarbonization, circular economy, and natural climate solutions reflected in the following. An 87% fulfillment of the annual emissions reduction goal, accumulating a reduction of 229,317 tons of CO2 equivalent so far in the year. The result of our energy efficiency program, which as of 3Q 2022, has led to a savings of 97 billion pesos and avoided the emission of 98,000 tons of CO2 equivalent. The inauguration, jointly with El Dorado Airport in Bogota, of the first road segment in Colombia paved with asphalt and recycled plastic, low-density polyethylene, in favor of the protection of the environment and waste reuse. On the social front, we continue to work for the sustainable development of the communities in the territories in which we operate. The ceremony where we awarded scholarships for university or higher education to 65 high schoolers through the Bachilleres Ecopetrol program, thanks to which we have now benefited more than 1,600 young Colombians from 32 departments in the country over the initial 36 years of the program's existence. The contracting of goods and services for 17.6 trillion pesos during 2022 by the Ecopetrol Group, contributing to the economic and social development in different regions. The results achieved in the ranking of the most diverse and inclusive companies of the National Consulting Center, where we obtained third place. On the corporate governance front, Ecopetrol was awarded with the Andesco Sustainability Award for having best practices in corporate governance 2022 environment. Additionally, I would like to highlight the balance of our second extraordinary general shareholders meeting in which we had 305 institutional and 85 retail shareholders. We reached 1096 connections in our live transmission and our shareholders elected the board of directors, which now is formed by two women and seven men and seven independent and two non-independent members. In strict compliance with the company's bylaws, the board is composed of one member nominated by the representatives of the minority shareholders who was reelected, three elected members who continue in office, one board member nominated by the hydrocarbon producing departments in which Ecopetrol has a presence and was elected, and four new board members. The members of the Board of Directors of Ecopetrol have extensive experience and broad technical, financial, and business knowledge, which supports their role as strategic advisor to the Ecopetrol Group. Finally, on the science, technology, and innovation front, as of 3Q 2022, we have been able to capture benefits for $136 million, mainly due to the results obtained by the business technologies and digital solutions implemented in Ecopetrol and Senit, amongst others. We advanced the first awarding phase of the Innovate 2022 contest, a program that allocated 720 million pesos to promote the energy transition and innovation in the country. We signed a joint declaration with the representation of the State of Bayern of Germany in South America to strengthen our bilateral cooperation focus on intensifying the bilateral exchange of knowledge, innovation, and technology for sustainable development and the energy transition. I want to now pass the floor to Jamie Baez, who will talk to you about the main advances in the business segment of low-emission solutions.

Thanks, Felipe. During this quarter, we reached important milestones in the portfolio of low-carbon solutions. On the natural gas side, a pilot project was started for the importation of liquefied natural gas on a small scale to the district of Buenaventura in order to test an alternative gas source to guarantee a reliable supply of this fuel to the city. Additionally, the Candeo project was ratified with 12 companies from the gas and financial sector. This project aims to finance the purchase of approximately 4,000 heavy-load vehicles powered by natural gas. Ecopetrol will join with an investment close to 60 billion pesos. It is expected that this project will spur demand for natural gas vehicles while eliminating more than 220,000 tons of CO2 per year. We reaffirm our social commitment with the agreement signed by Hochol and Gases de la Guajira to provide funding to connect 308 low socioeconomic households to the natural gas service by 2023. Additionally to what Felipe mentioned about the proof of concept to produce green hydrogen at the Cartagena refinery, We continue working on the decarbonization of the public and cargo transportation industry with the introduction of fuel cell vehicles. In this line of work, we made progress on the pilot for sustainable mobility in Bogota, where infrastructure will be created to recharge vehicles with hydrogen fuel cells. promoting use of low-carbon solutions within the Integrated Public Transportation System of Bogota, SITP in Spanish. The system will be live for approximately eight years, with the possibility of an extension for up to 10 years. Finally, I would like to highlight that the Ecopetrol group continues with the implementation of various low-carbon technologies to generate energy from non-conventional renewable sources such as solar, wind, biomass, geothermal, among others, in the areas of the country where the group operates. The operations that already have this renewable energy system have created cost savings close to 19 billion pesos and reductions of over 27,000 tons of CO2 per year. I will now give the floor to Alberto Consuegra, who will talk about the main operational milestones.