In terms of production performance, we achieved
an average of 741 mboed during the quarter, marking an increase of 20 mboed in comparison to 3Q22. The contributions and production growth
observed in key areas including the Caño Sur and Rubiales fields in Colombia, along with our operations in the Permian region in
the United States are worth noting. Furthermore, decarbonization efforts remain a focal point, as evidenced by the successful reduction
of carbon emissions of 351 thousand tCO2e in the first nine months of 2023 in the upstream segment.
The midstream segment increased total transported
volume by 52 mbd versus 3Q22, resulting in a total of 1,127 mbd transported in 3Q23. This growth is primarily attributed to the higher
crude volumes transported, particularly associated with greater production levels in the Llanos region.
Our refining segment attained a consolidated
throughput of 410 mbd, and a combined gross margin of USD 20.6 USD/Bl. This combined gross margin represents the second highest achieved
this year and ranks as the third highest historically. These achievements were possible because of the uninterrupted operation of the
Cartagena Crude Oil Plant Interconnection project (IPCC), underpinned by an average operational availability of 95%. This performance
compares favorably to 3Q22 when we reported a combined throughput of 395 mbd and a combined gross margin of 20.3 USD/Bl.
On the commercial front, in addition to the
opening of our trading subsidiary in Houston, we are pleased to highlight the improved realized prices of our export crude basket, increased
international sales, and the performance of our subsidiary, Ecopetrol Trading Asia, which has successfully marketed over 100 million barrels
of crude in the Asian market to date.
In addition, our Carbon Trading desk is making considerable
strides in advancing our decarbonization strategy within our commercial operations. Notably, in 2023, we have executed three carbon-offset
crude oil shipments, offsetting a total of 181 thousand tons of CO2 emissions.
During 3Q23, in our low-emissions solutions
business line, natural gas and LPG collectively contributed 23% of the Group's overall hydrocarbon production. In renewable energy, our
solar parks, including Brisas, Castilla, and San Fernando, alongside the Cantayús Small Hydroelectric Plant, collectively reduced
emissions by 18,974 tons of CO2 equivalent by the end of September. Additionally, these initiatives yielded cost savings of nearly COP
28,155 million.
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Our transmission and toll roads business line
continues to record positive operating and financial results. ISA accounted for 12% of the Group's EBITDA for 3Q23. During this same period,
our subsidiary achieved total revenues of COP 3.2 trillion and an EBITDA of COP 1.9 trillion. During 3Q23, ISA, through ISA CTEEP, secured
the winning bid for Lot One in Brazil, in addition to three expansion projects. In Peru, the Transmantaro Consortium was awarded three
projects, and ISA finalized an agreement with Cenit for a pumping station connection contract at El Copey substation. In toll roads, we
continue to make significant progress in the execution of the Ruta del Loa project, as well as ongoing work in the concessionaires Ruta
de la Araucanía and Ruta de Los Ríos.
The following are some of the most significant TESG
milestones:
Concerning the environment, Ecopetrol continued
to demonstrate our commitment to integral water management practices during 3Q23, successfully reusing 38.8 million cubic meters of water
in its operations, and effectively alleviating the pressure on local water resources. Furthermore, a total reduction of 423,199 metric
tons of CO2 equivalent was reported as of September. This achievement represents a 102% compliance with our annual emissions reduction
plan.
During 3Q23, Ecopetrol introduced the “Taskforce
on Nature-related Financial Disclosures (TNFD) recommendations framework, in which it actively participated as member. This engagement
has allowed us to better identify environmental impacts and dependencies related to nature while effectively managing the associated risks
and opportunities. In parallel, we presented our third specialized report on climate change management following the recommendations of
the Task Force on Climate-Related Financial Disclosures (TCFD).
In the social dimension, by the end of 3Q23
we have allocated COP 298,589 million for the implementation of our Territorial Development Portfolio. This portfolio encompasses a range
of strategic and mandatory investments in social, environmental, and community-related initiatives.
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