Ecopetrol S.A.

Good morning. My name is Natalia and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results in 2025. There will be a questions 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. The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol. Juan Carlos Hurtado, Executive Vice President of Hydrocarbons. Camilo Vargo, CFO. And Byron Triana, Executive Vice President of Transition Energies. Thank you for your attention. Mr. Roa, you may begin your conference.

Good morning. Thank you for joining us today for Ecopetrol Group's fourth quarter and full year 2025 results call. Last year, we achieved our goals, maintained financial discipline, stable operations, maximizing value management, drivers that reflect the strength of our strategy, and the group's ability to operate in challenging environments. We consolidated a 44% triennial success rate in exploration above the industry average and exceeded our 2025 built wells target by 60% drilling 16 wells. Midstream achieved the second highest net profit in history. In production and refining, we met our targets within the announced range and achieved a reserves replacement ratio of 121%, the highest in the last four years. In 2025, we marketed in advance 100% of the serious gas and moved forward with new supply alternatives. On the other hand, we declared to be commercially viable. Also, we surpassed our renewable energy capacity goal, reaching 951 megawatts, initially set by 2030, a strategy milestone for diversifying the company's energy metrics. At ESA, we executed investments 31% higher than in 2024, with projects for a total amount of $664 million. I would like to highlight our efficiency program delivery history. Results in 2025, accumulating more than $16 trillion over the past three years, strengthening our financial position and supporting business sustainability. 2025 was a year of reliable execution. We maintained the group's long-term sustainability and met the goals announced to the market. Let us move to the next slide. Average production reached 745,000 burgers per day. Transportation exceeds 1.1 million barrels per day and refining throughput reaches 417,000 barrels per day. Box operational performance and efficiency program mitigate the impact of one adverse environment considering a reduction of nearly 15% in crude prices. Despite this, we maintained an EBITDA margin in line with expectations, demonstrating discipline and resilience. On the commercial front, we achieved the best crude differential of the past four years. We closed 2025 at $4.6 per barrel an improvement of $2 compared to 2024, driving by market diversification, basket optimization, and effective coordination among our trading companies. Finally, to our shareholders. In 2025, we transferred $35 trillion to the nation in dividends, taxes, and royalties. This result ratifies Ecopetrol's role as a fundamental pillar for national economic development The Board of Directors will propose to the General Assembly on March 27 a dividend of 110 pesos per share equivalent to 50% of net income under the dividend distribution policy of Ecopetrol. This proposal confirms our commitment to responsible, sustainable, and value-oriented dividend distribution. Let us move to the next slide. At the end of 2025, Ecopetrol reached 1,944,000,000 barrels of oil equivalent in proven 1P reserves, supporting the long-term sustainability of our operations. This result was mainly driven by organic growth, which added 314,000,000 barrels to enhanced recovery, the largest reserves incorporation in the history. as well as operational optimization that contributed with 19 million barrels helping to offset external variables such as brand prices, exchange rates, and inflation. In addition, according to law 2056 of 2020 and resolution 164 of 2015, reserves associated with crude royalty of secularization were incorporated. This practice is recognized by the SEC and has been applied to gas royalties since 2014 for Ecopetrol Group. The total crude incorporation amounted to 314 million barrels, 1.6 times the year's production, allowing the company to reach historic highs in 1p crude reserves volumes reaffirming the resilience of the fields both national and internationally. In gas, natural decline led to a reduction of 14.7 million barrels of oil equivalent, partially offset by results at Pauto and Cupiagua fields. where pressure reduction techniques and hydraulic improvements were implemented to extend wells' life. We expect this trend to be reserved in the medium term as we progressively enable volumes discovered in series and KGG. Internationally, we continue to advise The Orca Brasil Gato do Mato project after the commerciality declaration in 2025. Once the development plan gets the approval by the National Agency of Petroleum, Natural Gas and Biofuels of Brazil, resources will gradually be progressed as reserves. Let us move to the next slide. In 2025, we also advance firmly in ESG indicators by strengthening our environmental, social, and governance commitments. On the environmental side, we reduce 561,000 tons of CO2 equivalent, achieving 165% of the annual target. We also received the gold standard recognition for maintain management from the United Nations, validating our technical and transparent approach based on environmental protection. Ecopetrol consolidated its leadership in Colombian's aviation energy transition by supplying coprocessed jet A1 with renewable feedstocks for the operation of more than 700 LATAM flights. Regarding water management, we reused 181 million cubic meters, equivalent to 82% of water used in operations, a 10% increase compared to 2024, positioning us as a global benchmark in the sector. In energy transition at the Cartagena Refinery, we began installing the Largus EM electrolyzer in Latin America, capable of producing 800 tons of green hydrogen per year and avoid up to 7,700 tons of CO2 equivalent In 2025, we consolidate our leadership in works for taxes in Colombia. Since 2018, we have accumulated 154 projects worth 1.4 trillion pesos, equivalent to 35% of the national total. Only in 2025, we completed 21 projects worth 109 billion pesos, benefiting more than 419,000 inhabitants in 31 municipalities across 12 departments. On corporate governance size, we highlight the approval of the statutory reform that incorporates an employee's representative on the board of directors, strengthening diversity participation and best governance practices. With this, I hand over to Juan Carlos, who will present the details of the hydrocarbon business performance.

Thank you, Ricardo. On the exploration front, we continue to strengthen our portfolio. By the end of 2025, we are drilling 16 wells, exceeding our target of 10. Of these 16, 7 were successful, 5 are under evaluation and 4 failed, achieving an average success rate of 44% over the last 3 years, placing us at the competitive level within the industry. In 2025, we promote the maturation of discoveries towards third development phase, with a potential of over 435 million bottles of crude, equivalent to 24% of the current reserves of the Co-Petrol Group, highlighting one of Earth's commercial declarations of four exploratory areas of Orca Brasil, Lourito, Toritos and Saltador. Second, The extension of the commercial area of the Terekay field reaffirming the potential of Los Llanos Centrales. These volumes will gradually be incorporated into 1P, reserved as their development progress. Environmental License is currently underway for the LORITO project, and the development plan for the ORCA asset is awaiting approval from the Brazilian National Ports Administration. In the series project, the lineation stage of the discovery was completed, confirming the potential of the 6 trillion cubic feet. Furthermore, the ANH approved the extension of the 10 exploration and production contracts and agreements. with additional terms between one and four years, and authorized the transfer of 50% of the participation and operation of the Paris Resources Colombia in the Farallones E&P Agreement. By 2026, in association with Paris, we expect the drilling of two exploratory wells in the Piedmont as well in the Farallones Extension Agreement. Next slide, please. On the production front, we received a total accumulated production of 745,000 barrels of oil per day, in line with the established target at levels comparable to those of 2024. This result was largely driven by national crude production, which reached 517,000 barrels, the highest level in the last five years thanks to, first, the enhanced recovery strategies to increase production in mature fields and mitigate natural decline. Second, growth in production from the Caño Sur fields, and third, the acquisition of a 45% stake in the CPO series. We highlight that this production level was achieved with a 10% optimization at the initial planned investment, and we achieved efficiencies of more than $139 million in drilling and completion activities. The 2026 organic investment plan packs a simple break-even of $40 per barrel. Positioning is a competitive portfolio given current market conditions. Of this portfolio, 88% of the investment will be concentrated in growth projects. Among the milestones to be achieved in 2020, increase the number of development wells to be drilling in the country compared to 2025. Understanding the development plan in Midland with Oxy until July 2027. Jointly definite with the price framework the interests of both parties. and aligned with the reduction in activity. Next slide, please. By the end of 2025, the transportation segment posted one of its best historical performance in EBITDA and net income, reaffirming its flexibility and operational efficiency amid a challenging environment. Regarding transport trade volumes, the segment through the strategic investments and operational adjustments managed to expand evacuation options to capture volumes outside the network and respond agilely to the needs of both the business group and the market. In the context, The following milestones stand up which enable us to transport volumes about 1,100,000 barrels through their network. First, expansion of evacuation capacity in oil pipelines by more than 122,000 barrels. Multi-projects pipelines by more than 10,000 barrels. and additional storage capacity by 323,000 barrels, thanks to the commissioning of the new tanks in Pozos Colorados. Second, commissioning of the crude oil import scheme from Cobeñas to Barranca Bermeja Refinery to mitigate and respond to the third-party impacts on the infrastructure, monitoring schemes, operational control, and the inter-institutional coordination were strengthened in the Caño Limón-Coveñas system. The timeline activation of alternative evacuation routes together with flexible operating schemes and the use of the technology allowed us to preserve system continuity, avoid deferred production and maintain refinery supply. From a financial standpoint, prioritization of cost optimization neutralizes external effects such as the exchange rate and maximizing the use of an infrastructure, among other measures, enables the segment to achieve an EBITDA of 11.3 trillion Colombian pesos, and net income close to 5 trillion Colombian pesos, one of the highest results in the history of the segment. Continuing with the refinance segment results, solid operational execution and timeline commercial decisions allow us to capture better international price differentials, strengthening profitability resolutions of the business for 2025. We highlight are the historical record of 130,000 barrels per day of integrated throughput in the fourth quarter of 2025, reflecting operational stability and high unitability after major maintenance for half of the year. This has contributed to the annual total of 417,000 barrels. The gross refinement margin increased by 32% in 2025 compared to 2024, increasing from $9.9 to $31 per barrel thanks to production focus on higher value and higher quality fuels. Crude basket optimization prioritizing the processing of crudes with greater economic contribution and acting opportunely to capture international price differentials. EBITDA reached 2.7 trillion Colombian pesos, 20% higher compared to 2024, driven by prioritizing operational and energy efficiency, which kept refining costs under control and strengthened competitiveness and resilience in the face of energy and price conditions. In practice, each barrier contributes more, supported by the system capacity to take advantage of international price differences, control and unit costs, and energy use efficiencies. Regarding electrical reliability, in Cartagena, if force continues throughout 2025 to manage and decreased risk with a projection of reaching a tolerated risk level in 2026. In 2025, progress reached 18.1%, three out of the 13 out of the 16 milestones completed and connection to the national interconnecting system was secured. 70 megawatts of backup reducing exposure to grid events and supporting established operations. Next slide, please. During 2025, the PNCC program was consolidated as a key drive for value generation in the hydrocarbon slide. We implemented decisive actions to maintain competitive unit costs, which have allowed us to offset exchange rate and inflationary impacts. At the end of 2025, the total unit cost of the hydrocarbons line was $46 per barrel, a significant decrease of $1.7 or 3.4% compared to 2024, mainly driven by the synergies implemented in crude oil portioning and street cost-executing disciplines. The lithium cost stood at $12.2 per barrel , marking 2025 as an important turning point in the indicator trend. a fundamental role by contributing $0.96 per barrel in optimization, the refining cash costs and transport barrel costs remaining stable during 2025, closing at $5.75 per barrel and $3.41 per barrel. This reflects the effective mitigation of inflation and chain rate pressures as a result of the established operational discipline and efficiency materials throughout the year. Despite the impact of the chain rate on costs expressed in dollars, the trend in local currency confirmed operation control. financial discipline and our commitment to ensuring a downward trajectory in our key cost indicators. Now, I will give the floor to Biden, who will discuss the main milestones of the energy transition line.

Thank you, Juan Carlos. 2025 was a year of disciplined execution in the energy for transition business line. We made progress in strengthening energy security, scaling our renewable portfolio, and capturing efficiencies with operational and financial impact. In relation to natural gas, the Ecopetrol Group remains committed to generating value and contributing to the growth of the country's supply, with Ecopetrol being the only producer to market long-term volumes during 2025, for the period 2026 to 2029. As a result, in December, we closed the sale of gas from the series Ferrand, together with Petrobras, selling the entire volume up to 240 GBTUD, a key step forward for its entry in 2030. Similarly, for 2026, the Ecopetrol Group has signed gas sales contracts for an average of 326 GBTUD to mainly serve the residential and commercial segments, reaching an estimated coverage of 76% of its demand, 6 percentage points more than in 2025. In terms of gas supply optionality, complementary to offshore development, in 2025, we will market 60 GBTUD of reclassified gas through Buenaventura, with deliveries scheduled for 2026. Additionally, in February, we began marketing two products, with an offer between 126 and 370 GBTUD, which will be delivered through Sociedad Portuaria Portuaria, starting in December In terms of electricity, by the end of 2025 we reached nearly 951 MW of capacity incorporated into the renewable energy portfolio, exceeding the target of 900 MW. This growth contributes to reducing the unique cost of our electricity supply. within this portfolio operating capacity grew by 94 percent from 186 megawatt at the end of 2024 to 381 megawatt at the end of 2025. this growth is explained in part by the acquisition of statcraft's asset portfolio which included the porton del sol solar farm the first asset under the remote sub-generation scheme as well as the full entry into operation of the La Sira and La Iguana projects. The combined operation of the group's solar farms and the Cantayu's small hydroelectric plant avoided the emission of approximately 47,000 tons of CO2 equivalent and generated savings of around 55 billion pesos in 2025. In addition, in December 2025, the 205 MW wind farm reached its FID. This project will be the first wind project built and operated 100% by Ecopetrol, as well as one of the largest in the country. I would like to highlight that during 2025, this effort enabled us to reduce the electricity supply tariff for the Ecopetrol Group by approximately 4%, contributing a monthly other things to mitigating pressures on lifting costs. Ecopetrol Group's electricity demand is equivalent to 10.25% of the energy in the national interconnected system. This demand was covered 92% through soft generation, both conventional and renewable, and through contracts in the wholesale energy market, MEM as it is known in Colombia. When contracting in demand, the group seeks to mitigate variations in the cost of electricity supply through planning supported by risk policies. To this end, it plans energy contracting with horizons of between one and three years, considering the expansion of the system, the evolution of demand, and climate effects. Next slide, please. Now, I would like to highlight our efforts in energy efficiency, which is a structural level of competitiveness for the Copetrol Group. closed with 4.79 petajoules of energy optimization, 1.6 times the annual target, generating significant emissions reductions and savings. This result led us to achieve 99% of the goal of 25 petajoules of cumulative energy optimization between 2018 and 2030 ahead of schedule. The improvements were achieved through 80 initiatives comprising operational control of production processes, investments in technological upgrades of high consumption equipment and energy management systems in the transportation segment. Finally, in terms of our contribution to energy justice in the regions, in 2025, the gas social project achieved its historical peak, completing more than 114,000 cumulative connections in 21 departments across the country. And in energy communities, we reached 3.8 helping more than 58,000 people with decentralized renewable solutions that strengthen energy autonomy and expand access to affordable energy. I now give the floor to Camilo Barco to detail the financial performance for the period.

Thank you, Mario. 2025 results confirmed that Ecopetrol Group delivered performance in line with the annual investment plan reported to the market. The company operated with financial strength supported by an improved OPEX reduction target and CAPEX flexibility, which boosted efficiencies across all segments and business lines. even in an environment marked by lower crude prices compared to 2024, higher tax burden and inflationary pressure. In 2025, we achieved an EBITDA of 46.7 trillion pesos, with a stable EBITDA margin aligned with the annual target of 39%, driven by the gradual recovery of the refining segment, the stability of the transportation segment, and the significant contribution of the profitability and efficiency programs. The exploration and production segment contributed approximately 51% of the EBITDA, while the transportation and transmission and road segments jointly contributed 43%, and refining accounted for the remaining 6%. It is worth highlighting the continued recovery of the downstream segment, which delivered a 20% increase in EBITDA compared to 2024, supported by favorable market conditions for product differentiation. Likewise, portfolio diversification through the contribution of the transportation business, and ESA has been key to the group's performance, especially in periods of high volatility. During 2025, the profitability and efficiency programs delivered a record target of approximately 6.6 trillion pesos, exceeding the adjusted annual target of 5 trillion by 1.3 times and reaching nearly 23 trillion over the past five years. These results reflect our commitment to financial discipline, value creation, and sustained contribution to the group's performance. In 2025, this efficiency plan enabled optimizations with an effect on EBITDA of approximately 3.6 trillion pesos. we achieved 2 trillion in efficiencies through the successful execution of the investment plan, driven by upstream optimizations, particularly in surface facilities, drilling and completion activities. In OPEX, we achieved 1.8 trillion pesos in efficiencies, thanks to improvements in energy, maintenance and digitalization. These efforts contained costs in an inflationary environment and improved key indicators such as lifting costs, which decreased by $0.9 per barrel, maintain the Barranca Bermeja Refinery Conversion Index near 91%, and reduce energy consumption by 4.8 petajoules, equivalent to 130 billion pesos. These results not only support the 2025 performance, but also consolidate a more competitive basis to face the challenges of 2026. Additionally, our financial flexibility, operational strength, and cash management contributed to a total shareholder return of 24% for local investors when combining dividends and share price variation, and 39% for our shareholders in the United States. Likewise, our focus on capturing efficiencies enabled us to reach a net income break-even close to $50 per barrel, reaffirming the competitiveness and resilience of our diversified portfolio. Regarding investments, we closed the year with $6.3 billion in organic investment execution within the range outlined in the investment plan. We highlight the following investments. Hydrocarbons, $3.9 billion. 63% of the total, with focus on Meta, Piedmont, Permian, and Brazil. Energy transition and gas, $750 million, 12% of the total, for advancing infrastructure to ensure medium-term supply for the country and complementing our energy matrix through renewable energy. And transmission and road. Around 25% of the total investments were allocated primarily to the power transmission project. Brazil accounted for the largest share of investment, followed by Colombia, Chile and Peru. In total, ICE advanced on 26 transmission projects, 183 reinforcements and upgrades in Brazil, and three road concession projects. which together will add approximately 4,988 kilometers of transmission lines and 296 kilometers of roads once they enter into operation. Let's move on the next slide. Net income for the year totaled 9 trillion pesos, a level close to the target established in the financial plan. despite a lower average of rent price of $5 per barrel versus the initial estimate of $73 per barrel. The outcome is mainly explained by the following factors. First, non-recording effects recorded in 2024, such as the evaluation of CPO09 and the reversal of impairment, which generated a positive impact of 1.6 trillion pesos. Those were not perceived during 2025. It is important to highlight that these non-recurring factors did not represent cash outflow nor affected our cash flow results. Second, market factors, including the 15% annual decline in brand prices, which went from $80 in 2024 down to $68 per barley in 2025. Inflationary effects on cost and expenses and the revaluation of the Colombian peso against the U.S. dollar had a combined impact of $7.2 trillion. Third, external events such as blockades at production fields, attacks on infrastructure, and new taxes derived from the State of Internal Conmotion Decree and the non-deductible VAT on fuel imports reduced our net income by $1 trillion. These effects were partially offset by the improved performance of crude and product differentials, which contributed 2.6 trillion pesos, as well as OPEX optimizations and our commercial strategy, which contributed an additional 1.3 trillion pesos. External factors altogether amounted to 5.6 trillion pesos and explained nearly 95% of the decline in net income between 2024 and 2025. Operational and commercial activity compensated for approximately 22% of the variation. Let's move on the next slide, please. In terms of liquidity, we closed December with a consolidated cash position of 12.7 trillion pesos, maintaining a solid stance supported by operating cash generation and working capital optimization. Free cash flow for the year reached 11 trillion pesos, driven by operating cash generation boosted by the yearly collection of 7.7 trillion from FEPEC and cost and expense reduction measures, and also the disciplined execution of CAPEX in line with the estimates established in the plan. In working capital management, we strengthened liquidity by reducing the FFEC balance to its lowest levels within the last five years and by offsetting 6.9 trillion pesos in tax credit. To manage foreign exchange risk, we executed hedges using financial instruments that protected between 6 and 16 percent of monthly dollar denominated revenue. Likewise, To mitigate brand price volatility, we carried out hedging operations during the second half of 2025 to cover between 8% and 20% of export volume. For 2026, working capital management will focus on the collection or offsetting of the 2025 tax grade balance, which closed at 11.4 trillion pesos, as well as on the collection of the FEPEC receivable expected around 3 trillion pesos. We have also initiated execution of the hedging plan to mitigate market risk associated with price and exchange rate volatility in 2020. Regarding the ongoing process with DIAN concerning import VAT on fuels for the period 2022-2024, the administrative stage has concluded for three cases, one in Ecopetrol, and the other two in Rivka, amounting to approximately $9.6 trillion, including estimated penalties and interest. The company maintains its position not to record a provision based on the opinion of external legal advisors and in accordance with the accounting standard. Now let's move on the next slide. 2025 was a key year in consolidating our financing strategy and ended with an adequate debt structure, a controlled maturity profile, and a gross debt to EBITDA ratio of 2.3 times, below the maximum level of 2.5 times established in the company's strategic framework. Excluding ISA, this ratio stood at 1.6 times, reflecting a healthy leverage level comparable to the oil and gas industry peer. During the year, the following achievements stand out. The renegotiation of bank debt resulting in rate reduction of up to 80 basis points for US dollar denominated loans and 85 basis points for Colombian pesos-denominated loans, the securing of a new committed line of up to 700 billion pesos available under any market scenario, and the structuring of financing mechanisms to support inorganic growth opportunities with the energy transition strategy. to highlight the fact that the group's liquidity remained fully secure throughout the year, without the need to increase long-term debt to finance Ecopetrol's organic investment plan, even in an environment of lower than expected revenues relative to the investment plan. During the year, the group's incremental debt reached approximately $1.8 billion equivalent. Around 70% corresponded to ESA. mainly due to the conversion of its pesos-denominated obligations into U.S. dollar, while the remaining 30% corresponded to ecopetrol, specifically allocated to inorganic business opportunities. In 2026, we plan to continue strengthening the company's capital structure and do not expect definitive incremental debt to finance ecopetrol organic capital. Our focus is on optimizing the financial cost and debt structure while reinforcing liquidity and flexibility in working capital management. Should we identify inorganic growth opportunities, these may require additional debt always under the principle of maintaining a controlled leverage level. We will continue monitoring market conditions and will be prepared to respond and adapt to different scenarios. Finally, let's move on the next slide to detail this year's investment plan. The investment plan projected for 2026 ranges between $5.4 and $6.7 billion. These align with our historical execution levels and allocated to strengthening the traditional business while advancing strategic priorities in the energy transition. The plan is based on an average rent price expected of $60 per barrel and an exchange rate of $4,050 within a price range that allows us to adapt to different scenarios, maintaining straight capital discipline and ensure competitive return with a target EBITDA margin of 40%. With approximately 70% of total investments, the hydrocarbons business will continue to be the group's core driver, considering a production target between 730 and 740,000 barrels of oil equivalent per day, refinery throughputs between 410 and 420,000 barrels per day, and more than 1,100,000 barrels transported daily. This performance is supported by enhanced oil recovery technologies that optimize resources, increase crude production in Colombia, and offset the natural decline of gas. Likewise, we expect to drill between 380 to 430 development wells and up to 10 exploratory wells, prioritizing the most profitable opportunities within our portfolio. In transportation and refining, investments will strengthen the integrity and reliability of the group's critical infrastructure. The remaining 30% of investments will deepen diversification into low-emission business, including transmission and road, the integration of renewable energy and sustainability projects that enhance portfolio resilience. As part of the 2026 plan, we expect to capture approximately 5.7 trillion pesos in efficiencies and delivered $28 trillion in transfers to the nation. Additionally, we aim at maintaining a net income break even close to $47 per barrel. In renewable energy, we expect to incorporate an additional 750 megawatts of projects in operation, construction, and execution. Our goals reflect financial discipline, a focus on profitability, and a measurable impact in our energy transition strategy. During 2026, we will continue executing with discipline, prioritizing investments that strengthen our portfolio and ensuring that each decision contributes to a more competitive, resilient, and results-driven group. Now, I will turn it over to the President who will present the conclusion.

Thank you, Camilo. In 2026, we will maintain a pure strategy focus, strict capital discipline, strengthening traditional business, and ensuring the group's long-term sustainability. Natural gas is a strategy lever. We are advancing offshore projects and maintaining continuous exploration activity as a pillar to progress resources into reserves. At the same time, we will proactively manage supply sources to ensure reliability and flexibility. We continue progression in the energy transition with the start of civil works at the Winpeche project, community responsible compensation, and the launch of green hydrogen production at the Cartagena refinery in coming months. We manage working capital, securing liquidity, and reducing cash flow pressures in a volatile environment. We deliver the plan present for 2025 and expect to comply with the one defined for 2026. With this, we open the question and answer session.

Thank you very much.

We'd like to remind all of the analysts to choose in the interpretation globe the language you want to ask the question in. Otherwise, we can't hear you. Daniel Guardiola is online with a question. Mr. Guardiola, the floor is yours. Hello, good morning, everyone, and thank you for the presentation. Can you hear me?

We can hear you well.

Hello, Camilo, how are you?

I have a couple of questions. One is about Thurman, and I'd like to know if you could give us more light, why there was a sequential fall of the production, and if this result is because of less intensity in the drilling, or what happened. And considering what you have been doing in Riva. Camilo, could you tell us? What's the total production of Permian and Delaware? And overall, how many wells do you think that you will be drilling this year to reach those 11,000 barrels per day? And the second question has to do with dividends. Looking at the figures of 2025 of the company, Well, you could see that the cash flow of the company was hurt. And Camilo, could you give us more light in the dividend, which was approved by the Board of Directors? Is it subject or not to the collection of the fiscal and the ISAPEC?

Good morning, Daniel.

This is Juan Carlos Hurtado, Vice President of Hydrocarbons. Regarding your first question, you have to keep in mind that in 2024, we had about 94,000 barrels per day, and 2025, 122. So this year, today we can say that we are above 91,000 barrels in the first months of the year. And this is basically agreed in the development plans of the agreement that we have. And it depends on the activity, and as everybody knows, and of the prices, because it's the type of field that we work on really depends on the prices right then. So it's related to that. For this year, we estimate that we will have 38 to 40 wells. But while the price of the barrel moves, we can start looking at our investments plan. I'm sorry, can I ask you something else about this? Those 78,000 barrels include Delaware or what? Because it said only Midland.

It includes everything, all of the basin or all of the files that we have.

But there is something important worth highlighting. The topic of the reduction of activity is reflected throughout the premium. From 24 to 25, we see a 12% reduction in the number of drills. In 2024, 309 throughout the basin to 273, and we moved from four to two. Good morning, this is Camilo Barco. on your question about dividend there are several aspects first and very important for everybody that's joining us today the distribution of dividends is given by the authority of the shareholders meeting so it's important to keep in mind that this is the recommendation pre-approved by the board of directors to be given to the shareholders, meaning it's a recommendation of 5.1% of the activity available for shareholders, which is 110 pesos per share. And if it's related to the RPEC, it's important also to mention that the cash flow of Quecopetrol has an important impact on certain accounts that are crossed with those of the nation in favor and against. Not only for PEC, but also the balance of taxes in favor are things that have an impact on the cash flow. And we hope that, as we've seen in prior years, to have a discussion in which we agree with the ministry of treasury we can reach agreements on the timetable of payments epic which determine the timetable of payments of dividends indeed This question is from Catherine Ortiz from Corredores La Segunda Vivienda. Hello, everyone. Good morning. Can you hear me well?

Yes, we can. Perfect. Thank you. Okay. I have two questions.

No, three. One, along with what Daniel asked, I'd like to understand, could you give us a guide of the tax and equity that Equipotrol will be paying, understanding that the proposition of dividends is only one payment in april and could you give us a guide to to see i believe it's close to 1 billion pesos and i'd like to also understand how you will manage the liquidity and the resources to make these payments understanding of course the level of cash flow you have today and also to understand on a short-term basis with the leverage indicators that's my first question second question relates to the reserves this report surprises us because of the change in the agreements with the national agency of hydrocarbons so i'd like to understand why did you make a change in the contracts especially in that aspect And how can this really benefit Ecopetrol? Because it's an accounting change really that makes the added value to look higher. But from another viewpoint, do you really see a benefit? And if there is one, what percentage of the contracts are currently tied to royalties in sample and in money? And my third and last question relates to the breakeven of profits. The gap between the breakeven and the EBITDA is wider. And if we look at the end of 2025, there's a difference that's quite big, about $18 per barrel. So I'd like to understand if that difference in the total what proportion is explained by the higher taxes that we've observed that ecopetrol is paying and if it obeys to other reasons those are my three questions thank you

Catherine, good morning. Camilo Arco.

I'm requesting related to the equity tax. The calculation that you mentioned is correct. What we estimate to pay by Ecopetrol is between 1 and 1.3 million, calculated as the rate of 1.6 over the liquid equity. This payment will be made in April. How does it relate... to the liquidity it's important to say that we have tax balances in favor that ended at a high level in 2025 close to 11.5 billion pesos which give us good space to compensate part of that tax Otherwise, the cash flow and the liquidity of the group is in healthy conditions and robust, as we saw 12.7 billion pesos consolidated in total cash. And that gives us the capability to maneuver and make all the payments of dividends and debts in a timely basis. Also, we have to keep in mind here, When it comes to the tax equity and other taxes, there are discussions constantly made with the Ministry of Treasury that allow us to have agreements on the viability of the group's cash flow and the requirements of Treasury, and also allow us to align the timelines of payments of these. We're talking about an item to compensate the accounts payable and receivable to the Ministry of Treasury. We can continue with the question on reserves. Good morning, Catherine. My name is Ricardo Rua, and I'm the CEO. I'm going to answer your question on the explanation you need on the changes of agreements with NH, but I'd like to clarify, there were no changes in the contracts between Ecopetrol and the National Agency of Hydrocarbons. this is a legal situation that we've been experiencing for some years but what did happen is that a decision was made as a result of the change of title on the royalties that instead of being made in things it was they were made in money paid in money and we incorporated these reserves to the resources of the company on the balance we're talking about nine fields that are subject to this application this scheme This is validated not only by SEC, but other methodologies that audited these reserves. we are talking about a hundred fields in which we are working on but we are looking at nine and we're going to continue consolidating in our balance the disposition of reserves that we have these are valid in the methodology and create more stability to the expectations of production that the company has in time we also have to add In terms of the report or the role played by the incorporation of reserves, we could say that this is the highest in the history of the company and the participation. with the appropriation of reserves in the fields in Colombia was big. We're talking about 20%. Logically, when we look at this incorporation, we could say, in short, that we have consumed in production 248,000 barrels. We've incorporated 200,000 barrels, and this is the result. that shows the 121% reposition of reserves. Ricardo, I'm sorry, thank you for the answer, but also that potential of 100 would then allow to add how many reserves as well? If that's made, please correct how I'm saying this, because we're talking about contractual agreements according to what you wrote. in the report. Catherine, good morning. This is Juan Carlos Hurtado, Executive VP of Hydrocarbons. add more fields is an analysis underway yes but really the benefit one of the biggest benefits is to ensure the commercial basket because it's our oil and we can ensure it in two ways one because we're in charge of the refineries and in their basket so it really depends on the analysis we make year after year and as the president said It also depends on the analysis we make every year depending on the conditions. Okay, Catherine. Let's talk about the breakeven of profit. It's important to mention that, indeed, in 2025, we ended with the breakeven close to $50 per barrel. For 2026, aligned with the goals that we have set out, we estimate that the breakeven will be closer to $46 per barrel. And within those $46, there's a tax component of $9 to $10 per barrel. Perfect. Thank you so much for your answers.

The questions next will be made in English.

So we remind all of the analysts to sit on the globe again and choose the language you'll be using for your question. Diego Casqueiro from Morgan Stanley. Mr. Casqueiro.

Hey, good morning. Thank you for taking my questions. I have two questions and one follow-up here. The first question is related to lifting costs. We have seen a strong Colombian peso recently, so if the effects remains around current levels, what would be a reasonable assumption for lifting costs in 2026? I'm trying to get a sense here if there is room to further reduce it in dollar basis. And the second question is related to the commercialization front. The company reached the best crude differential in four years. So how do you see this going forward, especially considering the current developments in the Middle East? And then the follow-up is related to Perriman. If you could remind us, when exactly does the Delaware contract expire in 2027? Is it also during the mid-year or is it earlier or later than that? Thank you.

Good morning.

This is Camilo Barco. I'd like to refer to the effect of the exchange rate on the lifting cost. Indeed, as you've mentioned, the exchange has a significant impact on the lifting cost because this metric is expressed in dollars per barrel. So it is evident that in revaluation periods, the exchange rate has a pressure when there is a higher lifting cost. When this trend changes, which we are starting to see, just keeping this trend of devaluation, we're seeing, surely we will see a significant impact that will allow us to foresee and meet our goal to have a lifting cost below $12 per barrel. Good morning, this is Julián Ruiz, the Corporate Vice President of New Businesses. Regarding your question on the agreement with Oxy in Delaware, it's in effect until december 31st 2026. thank you for your question good morning thank you for your question we have had a successful commercial strategy that has allowed us to report better differentials between the last quarter of 2024 and last quarter of 2025 When it comes to what's happening in the Middle East, part of the answer depends on how long the conflict will last. There are several countries involved, not only Iran, now we have Saudi Arabia, and countries close behind. There are 15 million barrels that cannot pass through the Hormuz Strait. We see that this will strengthen the company, meaning it will position us to have a lower differential than the demand will be higher for Colombian oil. Not only for oil, but refined products as well. Two days ago, what happened? One of the refineries in Arabia, the Branco, which processes 550 barrels per day, was attacked. And this, of course, has to do with gasoline and diesel in the Middle East. So when it comes to oil, we see an enhancement, although now it all depends on the... durability of this crisis arabia reported its um inventory for today of 75 million barrels it will last a week china already said it closes its exports so although right now we don't we do not see it we do believe that this will help the company Mr. Sandoval, you can ask. Good morning, everyone, and thank you for this earnings call. I have two questions. One on the reserves. We had a high expectation to see reserves entering or incorporated in Brazil. However, I'd like to have more details if possible, if these reserves were incorporated or not, or what could be the potential of the reserves that we can see incorporated and what do we need to materialize this? Could you give us more light on this? Second question is on the DIAN, the tax authority in Colombia. And the report, there's a big risk because the UN has the power to continue with the the fine so in terms of risks have you been talking with rating firms what do they say to you about this and could you give us any comments uh the confidence or what bowers barrows say about these future fights with diane could you give us more color in this thank you

Good morning.

This is Ricardo Roa, the CEO. Thank you for your questions. Let me share with you that, indeed, that was one of the expectations to incorporate the reserves that we had with the Gato do Mato asset in Brazil. But because of the proceeding of the National Agency of Oil, which is equivalent to that of hydrocarbons in Colombia, we could not incorporate about 70 million barrels in our balance of reserves of the year before. But it is the initial foundation for this year. i would say in a couple of weeks we can incorporate those reserves in these significant reserves in our balance ricardo this is and your question on the dian there are major developments made that we'd like to share with you with regards to the controversy or the difference of interpretation with this authority several advances have been made and today we can say that we have completed the administrative phase and we are within the jurisdictional path we have filed different cases on the official payments and this makes us compete especially with the administrative contentious courts where the process will take place in the terms that are foreseen in the law. We insist Since this is a controversy that's more tax-related, the statute clearly states that once these actions are presented with the cautionary measures, especially those related to the provisional suspension, the co-active charge would have to be part of the discussion within the judicial process and this is one of the elements of the that's being discussed but we trust that the jurisdictional instances will know how to protect the interests of the company in this sense when it comes to the terms We are within the terms of this process. And in similar cases or similar events, we're talking about terms of three to six years long. These are long processes. When it comes to discussions held with the rating firms, of course as we've done it with the market this is something that we've discussed with them we've disclosed this with details to them and we haven't seen major concern from these rating firms on this controversy and specifically it's worth mentioning on your question of covenants We have no confidence included in our mechanisms of financing. We don't see a risk, an eminent risk. But let me go back. In 2026, we do not see any risk in terms of liquidity or any effect. There is no likelihood that this controversy will be resolved on a short-term basis. So there is no incidence on Ecopetrol. and there is no impact on the provision either on the accounting. Our external counsel say that there's very low risk to lose this controversy, or again, there is likelihood to have success. It's very, very high the likelihood. And this will have very little, if any, impact on our balance sheet. Thank you so much for your answers. We have Hugo Beltran from Acciones y Valores. I'd like to ask you about the gap between the real production of oil and the goal that was established for the year. And you mentioned several factors like the climate and blocks, blockades. Could you please elaborate more on those settings? And if you overcame some of these barriers, uh reasons for lower production and which were the fields were affected and the maintenance of spec last year you said that this reduced the supply of natural gas and some refineries if there's a similar a scenario in 2026 do you have a contingency plan difference that could help you with the natural gas problem or are we still exposed to a similar scenario Good morning, this is Juan Carlos Hurtado, Executive VP of HydroGardens. When it comes to the gap that you were asking about, I can say that when it comes to the settings this year, especially in the last month and a half that we had events that did hit our production levels and because of the rainy season we still have factors related to weather not only this stability because of thunderstorms but we also had the slide of an electric tower and that stopped us from operating a station from working with the field, and this also affected and restricted partially the production of those fields. This has been restored now, of course, but that did have an impact. So when it comes to Rubiales, Caño Sur, Castilla, Chillimen, and Cacix, those are the fields. Good morning, Bayron Triana, VP of Energies for Transition. When it comes to the spec question, we always carry out the overhaul, the maintenance. And what differs from last year is that the import project from Buenaventura is already in operation. it gives more capability resilience to the transport of natural gas system in colombia so now we see the coordination of all the agents so that in october we can surpass this event thank you for your answers Good morning. Can you hear me? Yes, we can.

I have two questions.

And maybe later I have time for a third one. My questions are well the first one is related to venezuela i'd like to know what opportunities do you see and in what cases or what type of opportunities do you see with the investments planned that you already have approved already or in the future would you go from self-generation to sell electricity to venezuela second question is a follow-up to what you already explained on the reserves and the nah you paid for some fields the royalty in money right related to those reserves which are about 5% of the total today, that production will necessarily, no, the profit per barrel will decrease for those barrels because it's like if you paid the lifting cost twice, on the one hand side you're paying royalty and then the other side you're paying the lifting cost of those barrels so please clarify if i'm correct thank you andres good morning this is ricardo the ceo Allow me to talk about the opportunities we've identified and the chances to make transactions of energy with Venezuela. First, Venezuela needs electricity to reactivate its economy and the exploitation of the hydrocarbons in higher volumes to those that we've seen recently. and we need gas for the past 10 years we've needed. So we can exchange resources of products or light crude oil, which we see a lot in Venezuela. And after identifying these opportunities, we have talked with OPAC last week to give uh to make an assessment and to make transactions of this nature with venezuela when it comes to the amount of energy that we could sell to venezuela or yes electricity or or to improve the concept of self-generation to sell energy to venezuela remember the transactions are not of this type are not physical they're financial we have to go through the wholesale market and these uh contracts are financial and today ecopetrol cannot do this because when it purchased isa it was forced to do it but isa can do it it has no restrictions to commercialize energy with Venezuela. The core of the business of ESA is to develop these interconnections for years. And it's done so with Venezuela before. So there's an opportunity there. So today the regulation allows us to have projects and to record that energy for our consumption. That's a premise that we can do today. So the energy that Venezuela needs and Colombia having good sources based on hydroelectricity, I would say that we can enable those connections without any problem to Venezuela provided

the restrictions are raised.

And from there, we can carry out the transactions, energy transactions with that country. Meaning? So you mean Ecopetrol generates it according to your new strategic plan? Yes, but it would be for the system and the system with any surplus part of that surplus would be sold to venezuela right yes any generator in the country can place the energy in the system and with the transactions held according to the boundaries and the agreements with boundaries made yes This is the way that we've been doing transactions for many years. We have generations in the system. We have what's called the boundary or frontier systems. And according to what's agreed with those frontier systems, any generator, any self-generator can place a surplus in that system, and the energy is taken from other buyers.

Andres, good morning.

I would like to answer your question related to the treatment, the accounting treatment and financial treatment given to the royalties. The most important part here is to repeat. that the monetization of the royalties is that today the volumes are no longer of the NH, but become volumes of barrels owned by Ecopetrol. This isn't a big cost for Ecopetrol, there is a reconversion reclassification of the cost before what we did was to provide the barrel to the nh and the nh would give it back to us to commercialize it so then we would register a sales cost a higher sales cost over those volumes of royalties however today since it's owned by Ecopetrol, the sales cost to purchase those barrels is transferred to the operating cost, as you stated. And as so, this increases the total cost of the lifting cost, yes. But we have to keep in mind, when you produce more barrels, which are incorporated in the production of Ecopetrol, the unit cost per barrel drops. So what we can say is that the effect is neutral and it's more reclassification of the sales cost and the operating cost with the effect, yes, that when you divide the total cost, lifting cost, by a higher number of barrels, you can record a lower lifting cost per barrel. Yes, Camilo. When you look at these fields, when it comes to royalties, those barrels and those fields are not being commercialized by NH, but with the mechanism that you've explained through Ecopetrol, right? Until before this monetization of royalties, that's how we did it, yes. NH would give it to us to be commercialized by Ecopetrol. with the risk that any other commercializer could do it. But today, since it's owned by Ecopetrol, we eliminated that risk. We ensured the crude slate and 100% we are commercializing those barrels. Thank you so much. Next question from Juan Felipe Becerra from Credit Corp. The floor is yours. Good morning, can you hear me? thank you for your presentation i'd like to make two questions one um what's happening in iran today and the impact it has on the higher crude oil oil prices and on the the margins do you see any changes on your strategy for this effect because it will hurt surely the profitability levels. And second question, during this quarter, we see in the midstream volumes transported compared to the last quarter of last year, but we see a decrease in revenue. Since these are tariffs regulated, could you give us more details of this negative variation? Thank you. when it comes to the iranian conflict There are impacts on the 15 million barrels, of course, that cannot pass the Hormuz Strait. And that, of course, will increase the price of oil. When it comes to refined products, as of today, the report says is that in the Middle East and in Iran and Arabia, you can see a shortage of diesel because when it comes to low-filtration diesel, for these enhanced in the past 48 hours, also enough that we see a cut in exports. Remember, there are countries like Qatar, Dubai, Iran, Saudi Arabia, Iraq, and others that exported last year 1.2 million barrels of naphtha. And that naphtha went to countries in the east. And most likely that naphtha now will have to go from the U.S. and rebalance all the markets. The gasoline market right now does not export a lot of gas, gasoline and jet. We see also a cut in exports. So to conclude, We can foresee that if this war is extended, there was a spike in prices, but we have to keep in mind the following. The freights are at astronomical prices, 150, 160% higher, so we can have a better price that will be mitigated by transport costs. of those oils or products and we have to see the impact on this but if the situation will continue will continue like this surely it could be a good time for the downstream in many parts of the world regarding your question As you can see in the report, the increase or higher volume transported was of oil. And you have to remember that the transport rates are in dollars. Therefore, because of the exchange rate, there was a reduction in revenue. The total reduction is 512 billion pesos, of which a good percentage is because of the lower exchange rate. In addition, there is 131 million owed because when you compare the semester of 24 to 25, there was a chip away for the transport, which in 25 is not there. Still, I'd like to highlight that of the 512 million through efficiencies, we reduced the impact to 179 million. So in the report, you can see there is an improvement of the EBITDA margin to 61%.

The questions next will be made in English.

Please remember those that are asking in English to place on the globe the language you'll be asking. Otherwise, we cannot hear you.

From you.

Thank you for taking my questions. I have two from my side. So my first question is a follow-up on the 2026 investment plan. So the company released all its guidance and operational financial figures based on a $60 per barrel brand, but oil prices have been supporting higher levels since the beginning of the year, and it's right now above the $80. per barrel level following all the recent geopolitical events. So, could the company consider an update on the plan if oil prices remain at these levels for longer? Could the company maybe also higher production levels or accelerate investments? And also, I have another question on M&A's activities. So, in the last few months, there was some news link in Ecopetrol for potential acquisition of upstream companies in Brazil. So, could you elaborate further on how the company has been seeing M&A's opportunity in the industry? Is this being under-discussed as a way of strengthening Ecopestral Reserve's replenishment? That is from my side. Thanks.

Good morning, Joao. This is Ricardo Rua, the CEO. The plan is elaborated now for three years. we have a long-term planning plan for the next three years. First, secondly, when it comes to the maintenance that we are observing today, now we see prices above $80, we will make the corresponding assessments like we did last year in April. In another process, when we saw that the barrel price dropped significantly and we changed our investments for the rest of the year. And we got more into our savings and efficiency program. If in the next weeks or months, we will see changes of course we will be making a revision uh better better bets to increase production and to look at the relocation of our capex with our different assets to be more profitable with the conditions we're seeing today if you allow me to complement with several figures we'd like to we announced the market an investments plan between 22 and 27 billion pesos and this plan that was announced we incorporate what we call an option and we believe that while we see the Brent increasing its value in Tambor flow, and in turn we see more the possibility to make more investments under the stringent capital management systems that we have we will be more on the higher range of the investments plan close to 27 trillion pesos and of course thinking about the investments with the capability to increase production on a short-term basis

The next question.

i'll talk about your question of brazil ecopetrol constantly evaluates growth opportunities in organic growth opportunities and these operations are almost always covered by confidentiality agreements and once we make a little of the technical economic analysis and we have the approvals we will be reporting these to the market Next question from Alejandra Andrade from JP Morgan. Thank you for accepting my questions. There are two. first in a higher rent price scenario are you going to review your investments plan or or the opportunities that you see now are the highest second what type of opportunities inorganic opportunities do you see when it comes to amp thank you thank you alejandra good morning this is ricardo With regards to your first question,

When there are conditions of an uptrend of the price of oil, we will be, of course, reviewing these.

And according to the figures obtained, we'll be reviewing the allocation of the CAPEX and investments that we have for this year, 22 to 27 billion pesos. Remember, in past years, we have... been investing $20 billion with our strategic business, the traditional one. So we'll be doing the same thing we did last year, like we did in April of last year when the Brent dropped so much. So once we see a sequence, of the conditions that we see today, we of course will be reviewing the plan for the rest of the year and we'll be looking at the possibility of increasing the production of our assets. Let's hear what Julian can answer on the type of opportunities, inorganic opportunities we see.

Thank you.

Mr. President, this is Julian Lemos. Alejandra, as I said before, the group recurrently analyzes opportunities that contribute to the growth, inorganic growth, of reserves and production. When we have announcements to make, we will let the market know. Continuamos con William Costa from Goldman Sachs.

Hi, Ricardo, Camilo, Oscar. Thanks for having my questions. I have two quick ones, actually more as a follow-up of recent questions. The first one on the higher freight prices. Could you please remind us of the share of your production that is actually exported overseas and hence would be exposed to the volatility in freight prices? and my second question uh was also increasing discount for heavy oil uh in the global markets uh given the higher availability of venezuelan crude oil in the market um do you please remind us as well what percentage of your output is similar to the venezuelan crude and is also a part of overseas um also haven't seen any impact in pricing so far thanks for having my questions

Thank you so much for your two questions.

With regards to the follow-up of the wells, yes, of course, these are high. We exported 35% of the Colombian production, 11 million barrels a month to the US. 45% is exported to Asia. and the residual part to Europe. The exposure right now has been mitigated with actions like contracting a time chapter, which are vessels contracted at a fixed rate. We recently, we have one vessel between Covina and the US, and that allows us to have a better price and helps us right now in times of volatility we're looking at similar options also for asia that exposure also is seen by us especially looking at offers with clients that we have if we and and if we can provide everything in convenience and this is how we've been working to not be exposed to the volatility that we are seeing globally With regards to your second question, when it comes to the discount of the heavy crude, it's true that we expect a weakening of prices because of no restrictions of Venezuela, yes. But this is more a perception of oversupply. We moved crude in a non-formal market to a formal market. So there is no incremental production now. We can refer to increases before 2019 when we took to the U.S. 40% of the Columbia production, we exported to there. And also remember that the VAT crude oil from Venezuela it has an effect on the middle east before we said commercial strategy and let me tell you what words what we're doing to mitigate all this we have clients and markets and we have fixed term contracts so the increases of discounts are being managed through these agreements we also have commercial offices in asia and the u.s which allow us to mitigate that exposure to that potential discount we may have. And our crude oil compared to those of Venezuela, those oils with lower contents of metals and acidity levels are better. And I'd like to end, yes, there is a discount of heavy crude has been seen, but we believe that with our commercial strategy, we can mitigate this soon.

your question please yes good morning good afternoon thank you so much for taking my question uh i had a quick question on the the feedback and the downstream pricing policy you know as we're seeing obviously uh with the unfortunate on the middle east we're seeing crack margins going up especially for diesel And I was wondering, can you remind us what is Ecopetrol downstream pricing policy? How fast do you adjust downstream prices? And how are you thinking about the potential pressure from the FAPEC that could start, you know, materializing in the second quarter this year? Thank you so much.

Thank you for your question.

We have seen. factorizing the conversation we've had today, that there is a potential in the prices. And we made a sensitivity analysis at $80, what would be the impact on the FAPEC. If we continue in the same conditions, we had a discount at gasoline prices of almost 1000 pesos, and we could close the FAPEC, that covers the part of gasoline and diesel more or less at 5 million pesos if we were at 80 and we had an increase of prices we think that that number could be 7.98 so short answer we would have an increase in pep with high prices but it's still early but you're right There could be an impact on the FAPEC depending on how high are those prices and the international price. I would like to add, this is Camilo Barco. I'm the CFO. I'd like to say conceptually, on the performance of prices. And FAPEC is very important. Of all the downstream policies and prices, these are determined by the ministry. So this really depends on what this ministry determines. We're talking about sales prices and prices for the producers. And what we do envision is that With this new level of prices, while the current conditions take place, we could have a reverse in the PEPEC, according to what we see in our financial plan, I would say for the national government of about 2 billion pesos, more than what Julio already mentioned as well.

We don't have any more questions live.

Now we're going to read the questions. Juan Pablo Ramirez from Da Vivienda asks, what could be the impact by closing the Hormuz Strait on the gas price imported by Colombia? Understanding that it's imported from the U.S. and Trinidad and Tobago, what is the development of the regasification system in Coheñas? When will it begin operations? This is Byron Triana. With regard to the questions on the impacts of importing gas in Colombia, I'd like to highlight that import is made by a company that's not Ecopetrol. We have to see the impacts that will take place in this company, but we can say that in the spot. When it comes to purchases, of ecopetrol for the infrastructure of the pacific and of the caribbean the contracts are all long-term to mitigate the effects of what's taking place now when it comes to the developments of the convenience plant this plant has all the permits now the environmental permits we are working now with the carrier the initial phase of 110 million cubic feet was canceled, and we have a phase of 400 million cubic feet, and we expect that by the end of 2028, it will be in operation. asks, could you update, give us an update on the strategy and plan related to the joint venture in Burma in terms of rights and obligations and in the strategy of the company to political pressure to sell this asset?

Good morning, Declan.

I am Julian Lemos, the Corporate VP of Strategy and New Businesses. Today we have an agreement in force with Occidental. As I mentioned in another question, one of the contracts is in force until December 31, 2027. the one of Delaware, the one of Midland is a joint venture agreement in force while the partners decide. And as Juan Carlos said before, the level of activity and therefore of investments made obeys the analysis of what's happening macroeconomically in the market. and that way we can agree with our partner how we can develop that basin. Thank you. Nelson Bocanegra from Reuters asks, does Ecopetrol compete to keep the resources upstream since Perixx has already given its offer? Julian Lemos, Corporate VP of Strategy and New Businesses. Since these processes usually are covered by confidentiality agreements, we cannot state anything on this. But again, as I've said before, Ecopetrol constantly evaluates inorganic growth opportunities to incorporate reserves, and these will be announced to the market. Thank you. The bonds and dollars of Ecopetrol are quoted at levels that seem disconnected from the fundamentals. Would you consider to have a tender offer for any of these bonds?

Okay, thank you.

With regards to the operations to handle debt or to financing in Ecopetrol, we'd like to take this opportunity to indicate several aspects. First, Ecopetrol, we monitor constantly the markets. find the banking financial markets and that of capitals and we evaluate carefully the different windows and performances right now we have several purposes in terms of handling debt And the goal is to decrease the cost of that financing. And secondly, to reduce or mitigate the refinancing risks. So consequently, we evaluate all of the possibilities. And it's important to clarify that right now, we do not have any refinancing risks associated. Our next major maturities are closer to the end of the year of 2029, and our average mean life is over eight years. So with that said, we will be carefully evaluating all the possibilities and the performance of the market. Initially, we do not see any windows, but as they open, we are going to be prepared to look at them closer.

Alfredo Jaramillo from Red asks,

what's the likelihood that Ecopetrol will be purchasing the assets of Caracol this year? Alfredo, thank you for your question. This is Julian Lemos. This is a competitive process. As I said before, covered by a confidentiality agreement so we cannot tell you the likelihood but we can say that when ecopetrol analyzes and will conclude that these operations are proper and gets the approvals this will be shared with the market thank you Felipe Gomez from Ashmore asks, how much do you expect from CapEx from Sirius? When will this be dispersed and when will it be financed? What happens if you do not reach the production levels in 2030? Allow me from the financial area to ask the questions regarding the CAPEX and the financing schemes that we have. And let's give the microphone to Byron to talk about the expectations and the commercialization we have for that. The consortium will invest about $1.2 billion in the exploration phase and $2.9 million more for production development. This major CAPEX investment will have different financing schemes. Of course, these are being evaluated according to the best practices to finance these types of projects, especially we are emphasizing the possibility to develop structures off balance for this particular project. With regards to the question of what happens with the commercial part of gas by 2030, this has been financed with flexibility for the seller provided the project is in operation. So when the project is in operation, the contracts are firm and become mandatory for us. Beforehand, there is no obligation to deliver the gas. Still, Ecopetrol has projects until series is in operation to import gas back that level of gas needed.

Thank you. There are no further questions.

Now let's listen to Ricardo Roa, the CEO, for final remarks. Thank you all for attending this earnings call. We appreciate your questions, which have allowed us to clarify the aspects that you were wondering about regarding the results of the last quarter of 2025. We'd like to say finally that there is absolutely no aspect or parameter that has not been protected duly by the hundreds and thousands of employees of Ecopetrol. They have devoted their intellect and their smartness. So for all of our shareholders and creditors, We have sound, robust results that allow us to continue showing you that we have a great company in Colombia that does create value for shareholders and for the country. Thank you all.

Thank you all.

This concludes our earnings call for the fourth quarter of 2025. Thank you for attending. You can disconnect now.