Q4 2024 Ecopetrol SA Earnings Call (English, Spanish) Transcript
Key Points
- Ecopetrol SA (EC) achieved a reserve replacement ratio of 104%, adding 260 million barrels of oil equivalent in proven reserves, doubling the 2023 addition.
- The company exceeded its production target with an average of 746,000 barrels of oil equivalent per day, the highest level in the last nine years.
- Ecopetrol SA (EC) recorded total revenues of COP133.3 trillion and an EBITDA of COP54.1 trillion with an EBITDA margin of 41%.
- The company successfully reduced greenhouse gas emissions by more than 462,000 tonnes of CO2 since 2020 and achieved an 81% water reuse rate.
- Ecopetrol SA (EC) announced a dividend distribution proposal of COP214 per share, reflecting strong shareholder returns.
- The gross refining margin decreased by $10 per barrel compared to 2023, primarily due to a decline in international fuel prices.
- The company's EBITDA decreased by approximately COP6.6 trillion compared to the previous year, impacted by external factors such as price decreases and exchange rate variations.
- Ecopetrol SA (EC) faced electrical reliability challenges in its downstream operations, affecting operational availability.
- The lifting cost remained high, with expectations to maintain similar levels in 2025, despite cost efficiency efforts.
- The company anticipates potential impacts from social unrest risks and environmental events on its production levels in 2025.
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 2024. 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 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; Rafael Guzman, Executive Vice President of Hydrocarbons. Camilo Barco, CFO; and David Riaño, Executive Vice President of Transition Energies. Thank you for your attention. Mr.
Roa, you may begin your conference.
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