Ecopetrol S A : Supplemental Information

Ecopetrol Group

I. Operational Tables

Table 1: Gross Production per Region - Ecopetrol Group Net Interest

Production - mboed		4Q 2020	4Q 2019	∆ (%)		12M 2020	12M 2019	∆ (%)
Castilla		106.0	112.9	(6.1%)		112.2	114.1	(1.7%)
Chichimene	71.0	71.5	(0.7%)	68.8	69.1	(0.4%)
CPO-09	5.0	12.0	(58.3%)	5.3	10.9	(51.4%)
Other	13.2	14.7	(10.2%)	14.4	13.5	6.7%
Total Central Region		195.2	211.1	(7.5%)		200.7	207.6	(3.3%)
Cupiagua	50.5	50.5	0.0%	48.9	43.6	12.2%
Piedemonte	39.2	29.9	31.1%	32.8	31.2	5.1%
Cusiana	33.2	37.9	(12.4%)	31.7	38.9	(18.5%)
Recetor	17.2	5.7	201.8%	14.9	6.3	136.5%
Other		140.1	124.0	13.0%		128.3	120.0	6.9%
Rubiales	104.4	117.4	(11.1%)	106.3	119.3	(10.9%)
Caño Sur	4.5	5.6	(19.6%)	5.1	4.5	13.3%
Total South Region		108.9	123.0	(11.5%)		111.4	123.8	(10.0%)
La Cira-Infantas	17.2	25.1	(31.5%)	19.6	26.0	(24.6%)
Yarigui	19.2	19.4	(1.0%)	19.3	18.3	5.5%
Casabe	13.1	13.9	(5.8%)	13.1	13.2	(0.8%)
Other	26.6	25.5	4.3%	26.2	25.4	3.1%
Other		76.1	83.9	(9.3%)		78.2	82.9	(5.7%)
Tello	4.3	3.2	34.4%	4.4	3.4	29.4%
Huila	5.7	4.1	39.0%	5.7	3.9	46.2%
San Francisco	3.7	6.1	(39.3%)	4.1	6.3	(34.9%)
Other	7.5	10.3	(27.2%)	7.7	10.5	(26.7%)
Total Piedemonte Region		21.2	23.7	(10.5%)		21.9	24.1	(9.1%)
Caño Limón	23.5	26.1	(10.0%)	24.1	25.7	(6.2%)
Quifa	12.4	19.8	(37.4%)	14.7	20.5	(28.3%)
Nare	9.0	10.5	(14.3%)	9.5	10.9	(12.8%)
Guajira	14.0	16.3	(14.1%)	12.8	17.9	(28.5%)
Other	32.5	31.7	2.5%	36.2	31.3	15.7%
Total Assets with Partners		91.4	104.4	(12.5%)		97.3	106.3	(8.5%)
Total Ecopetrol S.A.		632.9	670.1	(5.6%)		637.8	664.7	(4.0%)
Direct Operation		541.5	536.0	1.0%		540.4	527.6	2.4%
Associated Operation		91.4	134.1	(31.8%)		97.5	137.1	(28.9%)
Ocelote*	10.9	12.1	(9.9%)	11.4	11.8	(3.4%)
Otros	29.3	17.5	67.4%	24.2	17.7	36.7%
Total Hocol		40.2	29.6	35.8%		35.6	29.5	20.7%
Piedemonte	0.0	12.4	(100.0%)	2.0	12.9	(84.5%)
Tauramena/Rio Chitamena	0.0	0.0	-	0.0	0.0	-
Otros	0.0	0.0	-	0.0	0.0	-
Total Equión**		0.0	12.4	(100.0%)		2.0	12.9	(84.5%)
Lobitos	1.0	1.2	(16.7%)	1.0	1.2	(16.7%)
Peña Negra	2.4	2.6	(7.7%)	2.3	2.7	(14.8%)
Otros	0.7	0.7	0.0%	0.7	0.8	(12.5%)
Total Savia*		4.0	4.5	(11.1%)		4.0	4.7	(14.9%)
Dalmatian	3.4	3.7	(8.1%)	3.8	3.1	22.6%
K2	4.0	5.7	(29.8%)	4.5	5.4	(16.7%)
Gunflint	0.6	3.9	(84.6%)	1.6	4.7	(66.0%)
Esox	2.9	0.0	-	2.2	0.0	-
Total Ecopetrol America LLC		10.9	13.3	(18.0%)		12.1	13.2	(8.3%)
Midland Basin	0.0	0.0	-	0.0	0.1	(100.0%)
Rodeo Midland Basin		6.1	0.0	-		5.2	0.1	5,100.0%
Total Subsidiaries		61.2	59.7	2.5%		58.9	60.3	(2.3%)
Total Ecopetrol Group		694.1	729.8	(4.9%)		697	725	(3.9%)

*Equión and Savia do not consolidate within the Ecopetrol Group ** Ocelote: Since 1Q 2017, in the Production of the Guarrojo contract, the Pintado and Guarrojo fields have been include

along with Ocelote

Table 2: Gross Production by Type of Crude - Ecopetrol Group

Production by Crude Type - mboed			4Q 2020	4Q 2019	∆ (%)		12M 2020	12M 2019	∆ (%)
Light			38.2	34.9	9.5%		39.0	36.5	6.8%
Medium	138.0	150.6	(8.4%)	140.6	150.3	(6.5%)
Heavy	326.6	361.7	(9.7%)	336.4	361.1	(6.8%)
Total		502.8	547.2	(8.1%)		516.0	547.9	(5.8%)

Table 3: Net Production* - Ecopetrol Group**

Net Production - mboed			4Q 2020	4Q 2019	∆ (%)		12M 2020	12M 2019	∆ (%)
Crude Oil			473.2	514.9	(8.1%)		485.6	514.6	(5.6%)
Natural Gas	128.4	116.2	10.5%	118.6	110.2	7.6%
Total		601.6	631.1	(4.7%)		604.2	624.8	(3.3%)

• Net Production does not include royalties and is prorated for Ecopetrol's stake in each Company.
• • Equion and Savia are incorporated through the equity method.
  • • Gross Production includes white products.

II. Financial Tables

Table 4: Long Term Debt - Ecopetrol* Group*

		Foreign	Local
Debt (USD Millions)		Currency	Currency	Total
		(USD)	(COP**)
Ecopetrol	11,778	310	12,088
Bicentenario	-	233	233
ODL	-	59	59
Ocensa	500	0	500
Invercolsa	-	91	91
Total		12,278	693	12,971

• • Nominal value of debt as of March, 2020 without including accrual interest.
• Figures expressed in millions of dollars equivalent with the TRM as of March 31, 2020.
  ***Include: Metrogas, Gases de Oriente, Combustibles Líquidos de Colombia y Alcanos

Table 5: Results by Business Segment - Ecopetrol Group*

							Upstream								Downstream								Midstream									Eliminations							Consolidated
	Billion (COP)				4Q		4Q			12M			12M				4Q		4Q				12M		12M				4Q		4Q				12M			12M				4Q			4Q				12M			12M			4Q		4Q				12M		12M
				2020		2019			2020			2019				2020		2019				2020		2019				2020		2019				2020			2019				2020			2019				2020			2019			2020		2019				2020		2019
	Total revenue	10,453	13,638		36,644		52,026		7,572	10,043	26,104	38,771		3,061	3,351		12,194		13,071		(6,896)	(8,451)	(24,915)		(33,021)		14,190	18,581			50,027	70,847
	Depreciation and amortization	1,648	1,414		6,254		5,702		371	342		1,474	1,325		281	345		1,253		1,263		0		0		4		0		2,300		2,101		8,985	8,290
	Variable costs	4,784	6,143		17,365		21,274		6,393	8,663		22,395	34,321		143	178		567		698		(5,784)	(7,437)	(20,487)		(29,117)		5,536		7,547		19,840	27,176
	Fixed costs	2,526	2,279		9,275		9,383		553	708		1,956	2,210		437	646		1,561		1,777		(1,045)	(1,011)	(4,064)		(3,878)		2,471		2,622		8,728	9,492
	Cost of sales	8,958	9,836		32,894		36,359		7,317	9,713		25,825	37,856		861	1,169		3,381		3,738		(6,829)	(8,448)	(24,547)		(32,995)		10,307	12,270		37,553	44,958
	Gross income				1,495		3,802			3,750			15,667			255		330			279		915				2,200		2,182			8,813			9,333				(67)			(3)			(368)			(26)			3,883		6,311				12,474		25,889
	Operating expenses	1,639	1,096		2,590		2,711		512	(665)		1,683	225		375	344		935		733		(67)		(4)		(367)		57		2,459		771		4,841	3,726
	Operating income (loss)				(144)		2,706			1,160			12,956			(257)		995			(1,404)		690				1,825		1,838			7,878			8,600				0			1			(1)			(83)			1,424		5,540				7,633		22,163
	Financial income (loss)	(271)	(269)		(1,358)		(583)		222	170		(1,294)	(947)		(211)	(146)		170		(100)		0		0		1		(40)		(260)		(245)		(2,481)	(1,670)
	Share of profit of companies	(3)	61		(41)		215		(1)	5		131	17		0	(1)		(2)		0		0		0		0		122		(4)		65		88	354
	Income (loss) before income tax	(418)	2,498		(239)		12,588		(36)	1,170		(2,567)	(240)		1,614	1,691		8,046		8,500		0		1		0		(1)		1,160		5,360		5,240	20,847
	Provision for income tax	137	1,096		72		(2,269)		(213)	(288)		645	18		(583)	(561)		(2,584)		(2,816)		0		0		(1)		0		(659)		247		(1,868)	(5,067)
	Net income (loss) consolidated				(281)		3,594			(167)			10,319			(249)		882			(1,922)		(222)				1,031		1,130			5,462			5,684				0			1			(1)			(1)			501		5,607				3,372		15,780
	Non-controlling interest	18	18		79		63		(13)	(11)		(114)	(11)		(246)	(325)		(1,119)		(1,303)		0		0		0		0		(241)		(318)		(1,154)	(1,251)
	Net income (loss) attributable to owners of				(263)		3,612			(88)			10,382				(262)		871				(2,036)		(233)				785		805				4,343			4,381				0			1				(1)			(1)			260		5,289				2,218		14,529
	Ecopetrol
	Impairment	338	(1,966)	(180)		(1,967)		(71)	448		(782)	452		338	(233)		341		(233)		0		0		0		0		605		(1,751)	(621)	(1,748)
	Deferred tax of impairment	(134)	515		17		515		44	(114)		175	(115)		(100)	70		(101)		70		0		0		0		0		(190)		471		91	470
	Net income (loss) attributable to owners of				(59)		2,161			(251)			8,930				(289)		1,205				(2,643)		104				1,023		642				4,583			4,218				0			1				(1)			(1)			675		4,009				1,688		13,251
	Ecopetrol

EBITDA	1,836	4,435
EBITDA Margin	17.6%	32.5%

6,684	19,413
18.2%	37.3%

345	515		869	1,638
4.6%	5.1%		3.3%	4.2%

2,153	2,223
70.3%	66.3%

9,287	10,017
76.2%	76.6%

0	1
0.0%	0.0%

0	40
0.0%	-0.1%

4,334	7,174		16,840	31,108
30.5%	38.6%		33.7%	43.9%

The following are the Income Statement and Statement of Financial Position of the most representative subsidiaries of each segment, which consolidate the Ecopetrol Group

Table 6: Income Statement

Billion (COP)

Local sales

Export sales

Total revenue

Fixed costs

Variable costs

Total cost of sales

Gross income

Operating expenses

Operating income

Financial result, net

Share of profit of companies

Income before income tax

Provision for income tax

Net income consolidated

HOCOL

4Q	4Q	12M	12M
2020	2019	2020	2019
443	421	1,532	1,668

4	6	15	20
447	427		1,547	1,688
177	154	698	605
142	100	420	352
319	254	1,118	957
128	173		429	731
(1)	160	106	266
129	13		323	465
(19)	(13)	0	(13)
18	21	79	77
128	21	402	529
(27)	(23)	(112)	(193)
101	(2)		290	336

AMERICA INC

4Q	4Q			12M	12M
2020	2019			2020	2019
13	16	51	49
120	185	436	767
133	201		487	816
70	61	273	395
70	(9)	241	188
140	52	514	583
(7)	149		(27)	233
171	252	318	288
(178)	(103)		(345)	(55)
(2)	(2)	(9)	(9)
0	0	0	0
(180)	(105)	(354)	(64)
0	0	0	0
(180)	(105)		(354)	(64)

ESENTTIA		REFICAR

4Q	4Q	12M	12M	4Q	4Q	12M	12M
2020	2019	2020	2019	2020	2019	2020	2019
295	236	915	895	1,644	1,968	4,947	6,967

370	304	1,318	1,234	1,081	1,506	3,832	5,898
665	540		2,233	2,129		2,725	3,474		8,779	12,865
521	416	1,701	1,668	2,368	3,042	7,967	11,619
34	34	147	136	362	353	1,372	1,276
555	450	1,848	1,804	2,730	3,395	9,339	12,895
110	90		385	325		(5)	79		(560)	(30)
66	64	232	212	(151)	(760)	966	(399)
44	26		153	113		146	839		(1,526)	369
26	7	1	4	(84)	(70)	(274)	(353)
19	28	168	114	0	0	0	0
89	61	322	231	62	769	(1,800)	16
(8)	(7)	(59)	(39)	(195)	(66)	317	40
81	54		263	192		(133)	703		(1,483)	56

CENIT

4Q	4Q			12M	12M
2020	2019			2020	2019
1,242	1,170	4,802	4,920
0	0	0	0
1,242	1,170		4,802	4,920
63	74	232	268
362	480	1,511	1,588
425	554	1,743	1,856
817	616		3,059	3,064
(153)	489	136	791
970	127		2,923	2,273
(163)	(86)	450	24
479	671	2,393	2,734
1,286	712	5,766	5,031
(246)	4	(1,069)	(735)
1,040	716		4,697	4,296

EBITDA

EBITDA Margin

152	137	610	829	13	25	62	411	59	39	213	170	160	163	(5)	376	761	503	3,091	3,024
34.0%	32.1%	39.4%	49.1%	9.8%	12.4%	12.7%	50.4%	8.9%	7.2%	9.5%	8.0%	5.9%	4.7%	-0.1%	2.9%	61.3%	43.0%	64.4%	61.5%

Table 7: Statement of Financial Situation - Balance Sheet

					HOCOL				AMERICA INC				ESENTTIA				REFICAR				CENIT
	Billion (COP)				December 31,			December				December 31,		December				December 31,		December				December 31,		December				December 31,		December
				2020			31, 2019				2020		31, 2019				2020		31, 2019				2020		31, 2019				2020		31, 2019
	Current assets	1,022		1,056		624	672		1,222	974		1,955	2,187		4,492		3,925
	Non-current assets	2,953		2,356		2,126	2,396		1,223	1,126		27,152	26,165		13,852		13,848
	Total assets				3,975			3,412				2,750		3,068				2,445		2,100				29,107		28,352				18,344		17,773
	Current liabilities	836		779		142	254		434	305		2,370	2,030		1,031		1,304
	Non-current liabilities	665		515		287	284		53	60		8,307	7,391		962		877
	Total liabilities				1,501			1,294				429		538				487		365				10,677		9,421				1,993		2,181
	Equity				2,474			2,118				2,321		2,530				1,958		1,735				18,430		18,931				16,351		15,592

Note: The financial figures of Hocol, América LLC, Esenttia and Reficar, whose functional currency is the dollar, are re-expressed in pesos at the average TRM for the Income Statement and closing TRM formed on the last day of the period for the

Statement of Financial Situation.