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Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A.

Ecopetrol S.A. · Nov 30, 2019 · 28 slides

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Slides

  1. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 1
    Goldman Sachs Global Natural Resources Conference Jaime Caballero, CFO London, November 2019
  2. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 2
    Improving returns amid price volatility 755 761 718 715 720 723 X=99 X=54 X=45 X=55 X=72 X=65 120 45.4% 45.8% EBITDA 100 41.8% Margin 37.1% 37.7% 34.7% 80 66.0 67.8 USD/Bl 55.2 52.1 52.3 60 47.7 40 30.8 24.5 23.1…
  3. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 3
    Strategy 2020+: Creating value as an integrated Group Existing Fields Reserves and Production Growth Exploration Unconventional in Colombia Competitiveness and Sustainability Strict Capital Cash Protection…
  4. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 4
    Operating results in line with 2019 Business Plan Production Exploration Lifting Cost 723 mboed 9M 2019 13 Wells drilled 8.79 8.53 9M 2019 3Q 2019 In line with the target 5 confirmed presence of 720 - 730 hydrocarbons - 2.4% in…
  5. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 5
    We continue our positive trend of incorporating reserves: RRR at 129%, the highest level in four years Proven Added Technical and Commercial Management Reserves 260 MMBOE 307 MMBOE 160 1,659 47 1,727 239 74 The highest Reserve…
  6. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 6
    Inorganic growth aligned with strategy JV with Occidental Incremental inorganic production (e) *** Knowledge and (mboed) 160 million boe 95 thousand boed technology for Ecopetrol in 2027 transfer 120 P1 reserves addition upon…
  7. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 7
    JV with Oxy: Transformational transaction for Ecopetrol 1 2 5 4 6 Significantly Value accretive Knowledge and Improved High quality Partnership enhances transaction technology portfolio acreage with OXY reserves and transfer…
  8. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 8
    Pilot projects for Unconventionals in Colombia Unconventionals: Transformational opportunity to boost reserves and production growth Expected timeline for Pilot Projects 2019 2020 Pilot Evaluation projects State Council MME*…
  9. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 9
    UPSTREAM 19
  10. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 10
    Exploration in Colombia: 2019 Plan contributing to short and medium term reserves addition BLOCK MC-904 13 exploratory wells 88.015 Km2 3D Regional GuaOff-10 Drilled as of September, 2019 BULLERENGUE SW-1 2.660 Km 2D 2019…
  11. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 11
    The growth strategy is focused on identifying new volumes (HCIIP) and developing the potential of current assets 2019 2021 Strategic Priorities 9M 2019 Results mboed mboed 720 720 - 730 740 - 760 750 - 770 +1.0% 900 -0.7%…
  12. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 12
    EOR-IOR opportunities represent a potential 3.4 BBOE* Cumulative Gross Potential Volume (BBOE) Recovery Development CAPEX US 6 8 Bn Factor Breakdown by Technology Main Assets HCIIP** 55.3 (US Bn) (US Bn) Basic/Primary 3.5 4.5…
  13. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 13
    Strengthening the international portfolio Ecopetrol leo e Gas do Brasil Ecopetrol America LLC Equatorial Margin: Technical evaluation of prospects and compliance of the exploration commitments. Dalmatian Foz de Amazonas: ECP 70% -…
  14. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 14
    MIDSTREAM Transporte
  15. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 15
    Focused on achieving higher efficiencies of oil pipelines and capturing growth opportunities of product pipelines 2019 2021 Strategic Priorities 9M 2019 Results Revenues EBITDA Transported Volumes 1,100 1,250 mbd COP Tn +35% COP…
  16. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 16
    DOWNSTREAM
  17. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 17
    Capturing value from current assets and profitable investments, in response to current market conditions 2019 2021 Strategic Priorities 9M 2019 Results Throughput Average Daily Throughput 370 400 mbod 215 221 223 229 222 217…
  18. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 18
    Generating synergies as an integrated company to take advantage of IMO 2020 UPSTREAM MIDSTREAM Greater production of light crudes by 41% Supply chain optimization to ensure the quality of the refineries' (17 mbd to 27 mbd) diet.…
  19. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 19
    Resultados Financial Excepcionales Results
  20. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 20
    Main indicators support our financial strength Net Income EBITDA Margin EBITDA per Gross Debt segment / EBITDA** 9.2 COP Tn 45.8% 6.4 7.8 1.3x 1.7 1.1 8.9 9.2 COP Tn 45.4% 45.8% 2.9 37.7% 41.8% 7.8 7.9 1.9 15.6 15.0 3.0 0.7 0.5…
  21. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 21
    Improved CAPEX execution capability USD Bn Expected FY CAPEX execution +29% 4.4 5.0 0.33 0.13 0.03 0.01 USD Bn 0.9 1.1 0.9 1.1 1.8 2.3 9M 2018 E&P Refin. Down Mid Transp. Corp. 9M 2019 1.2 1.6 O 2.3 r g 0.1 3.5 3.9 a…
  22. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 22
    Solid cash position COP Tn Cash 14.5 Dec 2018* OCF ex WK 20.3 COP 16.0 Tn* WK 0.2 Cash balance as of September 2019 Capex 7.4 COP 20.3 Tn Dividends 10.1 Operating cash flow Debt 2.3 COP 12.7 Tn Free cash flow Other**…
  23. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 23
    We continue committed to cost efficiency FINDING & DEVELOPMENT COST DILUTION COST 3- year average (2016-2018)* 20.0% (USD/Bl) 19.8 Dilution 17.3 14.8% 14.8% 14.6% 14.8% 14.8% Factor 16.3 6.7 14.7 Average:14.7 US/Bl 12.4 12.3…
  24. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 24
    New 2019 2023 savings target shows our commitment to efficiency and transformation Exploration Corporate & Digital Agenda Regional competitive practices Projects procurement Greater synergies between Digital Transformation- First…
  25. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 25
    New 2019 2023 savings target shows our commitment to efficiency and transformation Exploration Corporate & Digital Agenda Regional competitive practices Projects procurement Greater synergies between Digital Transformation- First…
  26. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 26
    Advancing in the path of sustainability Decarbonization plan Renewable energies Water recycling 87 20% reduction in greenhouse emissions 21 MW Installed in solar energy 66 70 73 66 by 2030 Castilla Solar Farm 69.0…
  27. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 27
    2019 year-end outlook Closing of Permian deal with Occidental Growth and Advance in the purchase of 30% of the Gato do Sustainable Value Mato discovery - Brazil with Shell 50% and Strategy Total 20% Preparation for Pilot Projects…
  28. Goldman Sachs Global Natural Resources Conference – Ecopetrol S.A. – slide 28

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