Ecopetrol Reports Strong 3Q:22 Results [PDF Downloads]

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(Ecopetrol, 8.Nov.2022) — Ecopetrol Group figures for September 2022 undoubtedly indicate an outstanding operating and commercial performance that supports our historical financial results. During the first nine months of 2022, the company reached pre-pandemic production levels and obtained net income of COP 26.6tn. These achievements are the result of: i) significant progress in our operating, geographic and commercial diversification strategy; ii) the group’s commitment to our corporate TESG (SosTECnibilidad®) targets, and the country’s energy sovereignty; iii) the strength, stability and reliability of the various segments of our operation; and iv) a strict capital discipline and cost approach which has allowed us to capture cumulative efficiencies of more than COP 1.8tn, thus achieving our annual goals set for 2022 in only the first nine months of the year.

Regarding the Competitive Returns pillar of our strategy, during 3Q22 the company reported revenues of COP 43.4tn, net income of COP 9.5tn, EBITDA of COP 21.1bn, and an EBITDA margin of 48.7%. For the consolidated figures for the year we achieved record results, with revenues of 119.8tn, an EBITDA of COP 59.2bn, and EBITDA margin at 49.5%. By the end of September, the gross debt/EBITDA indicator was 1.5 times, and the return on capital employed (ROACE) was 19.1%. (See the full report below).


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