The Ecopetrol Group achieved a reserve-replacement rate of 200% in 2021, the highest in the last 12 years

Proven oil and gas reserves increased by 13% to 2,002 MBOE[1]

The reserves-replacement ratio (RRR) of 200% implies that for each barrel produced in the year by the Company, two barrels have been added to the reserves.

Ecopetrol Group’s average reserve life has increased to 8.7 years, surpassing the 2014 figure when the average Brent was $102 per barrel (compared to $69.2 per barrel in 2021).

The incorporation of proven reserves for the Ecopetrol group was 462 MBOE, of which 282 MBOE was mainly due to outstanding performance in development areas, optimal and timely maturity of new projects and greater capacity to execute and implement assisted recovery expansion projects. Excluding the price effect, the RRR would have been 122%.

Proven gas reserves increased by 7.9% compared to 2020, with an RRR of 176%.

89% of the reserves correspond to fields in Colombiaincreasing the average life of reserves up to 8 years, while the remaining 11% corresponds to the exploitation of Ecopetrol Permian and Ecopetrol America in United States.

Bogotá – Colombia, February 7, 2022 /PRNewswire/ — Ecopetrol SA (BVC: ECOPETROL, NYSE: EC) today announced its consolidated proved reserves of oil, condensate and natural gas (1P reserves, according to the international standard denomination), which include the results of Ecopetrol SA and its subsidiaries, from December 31, 2021.

Reserves have been estimated based on the standards and methodology of the United States Securities and Exchange Commission (SEC). 99.5% of reserves have been certified by four specialist independent firms (Ryder Scott Company, DeGolyer and MacNaughton, Gaffney, Cline & Associates and Sproule International Limited).

The SEC-defined price used for reserve valuation in 2021 was $69.2 per barrel of Brent against $43.4 per barrel of Brent in 2020.

At the end of 2021, the net proven reserves of the Ecopetrol group were 2,002 MBOE. The reserve-to-replacement ratio was 200% and the average reserve life was 8.7 years.

In 2021, the Ecopetrol group incorporated 462 MBOE of proven reserves and the total cumulative production was 231 MBOE. Of the total balance of reserves, 72% are liquid reserves, with an average life of 8.2 years, while the remaining 28% are gas reserves, with an average life of 10.4 years.

Of the 462 MBOEs incorporated, 61% (282 MBOE) resulted primarily from performance in development areas, optimal and timely maturity of new projects, and greater ability to execute and implement new projects. enhanced recovery expansion in areas such as Chichimene, Castilla and Akacias, among others. The remaining volumes correspond mainly to the favorable effect of the recovery of international oil prices in 2021.

Following the sale by Ecopetrol of Savia Peru effective from January 2021a disincorporation of the said company’s reserves was carried out for 3.5 MBOE.

83% of proven reserves are held by Ecopetrol SA, while the other Ecopetrol group companies contributed 17% of the 2,002 MBOE, mainly due to the operation of Ecopetrol Permian and Ecopetrol America in United States.

The 13% increase in reserves achieved in 2021 demonstrates the strength of the Ecopetrol Group’s hydrocarbon portfolio, which supports the company’s sustainable growth trajectory as part of its energy transition strategy.

Ecopetrol Group Proven Reserves 2021



1P proven reserves

MBOE

Proved reserves as of December 31, 2020

1,770

Revisions

315

Mineral purchases

0

Improved recovery

139

Extensions and Discoveries

12

Mineral sales

-3.5

Production

-231

Proved reserves as of December 31, 2021

2002

Ecopetrol is the largest company in Colombia and one of the leading integrated energy companies in the Americas, with more than 17,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most of the transport, logistics and hydrocarbon refining systems, and holds leading positions in the petrochemical and gas distribution segments. With the acquisition of 51.4% of the shares of ISA, the company participates in the transmission of energy, the management of real-time systems (XM) and the Barranquilla – Cartagena coastal highway concession. Internationally, Ecopetrol holds interests in strategic basins on the American continent, with drilling and exploration activities in United States (Permian Basin and the Gulf of Mexico), Braziland Mexicoand, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission sector in Brazil, ChilePeru and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains statements of business outlook, estimates of operating and financial results and statements relating to Ecopetrol’s growth prospects. These are all projections and as such are based solely on executives’ expectations regarding the future of the company and their continued access to capital to fund the company’s business plan. The achievement of such estimates in the future depends on the behavior of market conditions, regulations, competition, the performance of the Colombian economy and the industry, among other factors, and is therefore subject to change without prior notice.

This release contains statements that may be deemed forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including with respect to the company’s growth prospects. and its continued access to capital to fund the company’s business plan. , among others. Accordingly, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices for oil and gas, our exploration and production activities, market conditions, applicable regulations, stock exchange rates, the competitiveness of the Company and the performance of Colombia economy and industry, to name a few. We do not intend and assume no obligation to update these forward-looking statements.

For more information please contact:

Head of Capital Markets
Tatiana Uribe Benninghoff
E-mail: [email protected]

Corporate Communications Manager
Mauricio Tellez
E-mail: [email protected]

[1] Million barrels of oil equivalent

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SOURCE Ecopetrol SA

Sallie R. Loera