| Natural and environmental resources |
15. | Natural and environmental resources |
| | | | | | | | | | | | | Asset | | Exploration | | | | | Oil | | retirement | | and | | | | | investments | | cost | | evaluation | | Total | Cost | | | | | | | | | Balance as of December 31, 2024 | | 108,855 | | 8,249 | | 10,052 | | 127,156 | Additions/capitalizations (1) | | 4,691 | | 18 | | 5,843 | | 10,552 | Abandonment cost update (Note 23) | | — | | 1,608 | | (30) | | 1,578 | Disposals | | (35) | | — | | (1) | | (36) | Write off exploratory assets and dry wells (2) | | — | | — | | (717) | | (717) | Capitalized financial interests (3) | | 334 | | — | | 92 | | 426 | Exchange differences capitalized | | 2 | | — | | 1 | | 3 | Foreign currency translation | | (5,694) | | (152) | | (357) | | (6,203) | Transfers/reclassifications | | 3,972 | | 16 | | (4,206) | | (218) | Balance as of December 31, 2025 | | 112,125 | | 9,739 | | 10,677 | | 132,541 | | | | | | | | | | Accumulated depletion and impairment losses | | | | | | | | | Balance as of December 31, 2024 | | (72,930) | | (6,444) | | (116) | | (79,490) | Depletion expense | | (7,447) | | (315) | | — | | (7,762) | (Loss) recovery of impairment (Note 18) | | (244) | | 13 | | (41) | | (272) | Disposals | | 5 | | — | | — | | 5 | Foreign currency translation | | 3,323 | | 97 | | — | | 3,420 | Transfers/reclassifications | | 77 | | (236) | | 124 | | (35) | Balance as of December 31, 2025 | | (77,216) | | (6,885) | | (33) | | (84,134) | Net balance as of December 31, 2024 | | 35,925 | | 1,805 | | 9,936 | | 47,666 | Net balance as of December 31, 2025 | | 34,909 | | 2,854 | | 10,644 | | 48,407 |
(1) | Includes mainly: a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities carried out in Midland/Delaware, b) Ecopetrol S.A. mainly the Rubiales, Caño Sur, Akacias and Castilla fields, and c) Hocol S.A. mainly the execution of the Llanos 100, Llanos 123, Saman, Vim8, Llanos 86-87-104, Malacate, La Cañada, SN-18, La Punta, Guarrojo and SSJN1 projects. |
(2) | Includes the recognition in the expense of the exploratory activity of Ecopetrol S.A., mainly of the Papayuela and Buena Suerte wells. |
(3) | Financial interest is capitalized based on the weighted average rate of borrowing costs. |
| | | | | | | | | | | | | | | Exploration | | | | | Oil | | Asset retirement | | and | | | | | investments | | cost | | evaluation | | Total | Cost | | | | | | | | | Balance as of December 31, 2023 | | 94,176 | | 10,147 | | 9,719 | | 114,042 | Additions/capitalizations (1) | | 9,101 | | 23 | | 1,417 | | 10,541 | CPO-09 assets in business combination (2) | | 424 | | — | | 326 | | 750 | Abandonment cost update (Note 23) | | — | | (2,085) | | (3) | | (2,088) | Disposals | | (117) | | — | | — | | (117) | Write off exploratory assets and dry wells (3) | | — | | — | | (1,108) | | (1,108) | Capitalized financial interests (4) | | 345 | | — | | 36 | | 381 | Exchange differences capitalized | | 2 | | — | | — | | 2 | Fair value adjustment in business combination (2) | | 208 | | — | | 88 | | 296 | Field reversal | | 16 | | 2 | | — | | 18 | Foreign currency translation | | 4,507 | | 157 | | 55 | | 4,719 | Transfers/reclassifications | | 193 | | 5 | | (478) | | (280) | Balance as of December 31, 2024 | | 108,855 | | 8,249 | | 10,052 | | 127,156 | | | | | | | | | | Accumulated depletion and impairment losses | | | | | | | | | Balance as of December 31, 2023 | | (63,010) | | (5,478) | | (337) | | (68,825) | Depletion expense | | (7,083) | | (874) | | — | | (7,957) | Loss of impairment (Note 18) | | (254) | | — | | (79) | | (333) | Disposals | | 91 | | — | | — | | 91 | Foreign currency translation | | (2,431) | | (80) | | — | | (2,511) | Transfers/reclassifications | | (243) | | (12) | | 300 | | 45 | Balance as of December 31, 2024 | | (72,930) | | (6,444) | | (116) | | (79,490) | Net balance as of December 31, 2023 | | 31,166 | | 4,669 | | 9,382 | | 45,217 | Net balance as of December 31, 2024 | | 35,925 | | 1,805 | | 9,936 | | 47,666 |
(1) | Includes mainly: a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities executed in Midland/Delaware, b) Ecopetrol S.A. mainly Caño Sur, Rubiales, Floreña and Castilla fields and c) Hocol S.A. mainly for the execution of the Llanos, Guarrojo, Perdices, Cor 9, VIM8, SN-18, Upar, Malacate, Guajira, Ocelote, Rancho Hermoso, and SSJN1 projects. |
(2) | Ecopetrol signed a binding sale and purchase agreement (SPA) with Repsol Colombia Oil & Gas Limited (“Repsol”) to acquire a 45% interest in Block CPO-09 for USD $452 million, making it the owner of 100% of the participating interest in said block. As established in the agreement, December 31, 2024, was defined as the economic and control date of operations, on which Ecopetrol S.A. assumed the rights, responsibilities and obligations, including any income, costs and expenses of the asset. This transaction was recognized as a business combination (step acquisition). |
(3) | Includes: a) Ecopetrol S.A. mainly the Orca1, Arantes1, Machin1, and Morito1 wells b) Hocol S.A mainly the Milonga, Yoda A, Arbolito Norte, Sabanales, Toritos, and Saltador wells and exploration and seismic expenses mainly in Llanos, VIM8, Perdices, Cor-9, SN-18, SSJN1, Upar, YD SN-1, SN-15, RC-7, c) Ecopetrol Brasil Pau Brasil well. |
(4) | Financial interest is capitalized based on the weighted average rate of borrowing costs. |
Accounting for suspended exploratory wells The following table shows the classification by age, from the completion date, of the exploratory wells that are suspended as of December 31, 2025, 2024 and 2023: | | | | | | | | | 2025 | | 2024 | | 2023 | Between 1 and 3 years (a) | | 86 | | 76 | | — | Total suspended exploratory Wells | | 86 | | 76 | | — | Number of projects exceeding 1 year | | 8 | | 11 | | — | Projects under 1 year of suspended (c) | | 21 | | 21 | | 230 |
a) | For 2025 and 2024, the suspended exploratory wells mainly correspond to Ecopetrol: Gibraltar, Hocol: Pollera Norte 1, which were under evaluation. |
b) | For 2025, it mainly corresponds to Ecopetrol: Maicero and Kalalu, Hocol: Matraquero-1. For 2024, it mainly corresponds to Ecopetrol: Atalayas, Hocol: Toritos Sur 2. For 2023, it corresponds mainly to Ecopetrol: Kale and Gibraltar, Hocol: SSJN1 BO5, Pollera Norte A3 and YDSN-1 Yoda A. |
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