Other financial assets (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Other financial assets |
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| Schedule of other financial assets |
| | | | | | | 2025 | | 2024 | Assets measured at fair value | | | | | Assets measured at fair value through profit or loss | | | | | Investment portfolio – local currency (1) | | 853 | | 32 | Investment portfolio – foreign currency | | 589 | | 693 | Investments in equity securities and trust funds (2) | | 552 | | 331 | Hedging instruments (3) | | 245 | | 66 | Assets measured at fair value through other comprehensive income | | | | | Equity investments and others (4) | | 1,041 | | 1,036 | Investment portfolio – local currency (5) | | — | | 2,677 | | | 3,280 | | 4,835 | Assets measured at amortized cost | | 16 | | 405 | | | 3,296 | | 5,240 | | | | | | Current | | 1,838 | | 851 | Non–current | | 1,458 | | 4,389 | | | 3,296 | | 5,240 |
(1) | It corresponds to National Government TES securities to meet liquidity needs at Ecopetrol S.A. |
(2) | They include deposits in trusts companies and restricted funds in Brazil, Peru, Chile, and Colombia. See note 9.1. |
(3) | Includes mainly forward contracts for $127 to hedge exchange rate risk and put options for $92 to hedge cash flows in Ecopetrol S.A. |
(4) | It corresponds mainly to 75,000 redeemable Series B non-voting preferred shares (the “Series B Preferred Shares”) of McDermott that were issued in favor of Refinería de Cartagena S.A.S. (see note 23). The variation between 2025 and 2024 corresponds to the effect of changes in fair value. |
(5) | It corresponds to Colombian National Government TES bonds, whose business model of the Ecopetrol Group generates recognition of their valuation at fair value with changes in other comprehensive income. The variation corresponds to the sale of bonds, in accordance with the Group’s liquidity needs. |
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| Schedule of maturities of other financial assets |
| | | | | | | 2025 | | 2024 | Up to 1 year | | 1,832 | | 852 | 1 – 2 years | | 315 | | 1,001 | 2 – 5 years | | — | | 1,178 | > 5 years | | 112 | | 1,173 | Without maturity (1) | | 1,037 | | 1,036 | | | 3,296 | | 5,240 |
(1) | It corresponds to participating securities without contractual maturity. |
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| Schedule of other financial assets recognized at fair value |
| | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 (1) | | Level 3 (2) | | Total | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | Investment portfolio | | 206 | | 3,052 | | 1,194 | | 352 | | — | | — | | 1,400 | | 3,404 | Investments in equity securities and trust funds | | — | | — | | 552 | | 331 | | — | | — | | 552 | | 331 | Hedging instruments | | — | | — | | 245 | | 66 | | — | | — | | 245 | | 66 | Equity investments | | — | | — | | — | | — | | 1,083 | | 1,034 | | 1,083 | | 1,034 | | | 206 | | 3,052 | | 1,991 | | 749 | | 1,083 | | 1,034 | | 3,280 | | 4,835 |
| (1) | The valuation techniques and inputs used in the fair value measurement of level 2 instruments are the following: for investment portfolio, the valuation techniques consist in income approach (discounted cash flows) using the cash flows of the instruments, yield curves and credit spreads based on credit ratings. For investment in equity securities and trust funds the valuation techniques consist in a market approach based on net assets value (NAV). For hedging instruments, the valuation technique consists in income approach (discounted cash flows) using forward and yield curves. |
| (2) | Mainly corresponds to the McDermott Series B preferred shares held by Refinería de Cartagena S.A.S., resulting from an arbitration award with CB&I in 2024. These equity investments, recognized as part of other financial assets, were recorded as an equity instrument recognized at fair value at hierarchy level 3, are not publicly traded, and Refinería de Cartagena S.A.S. has a minority stake. All changes in the valuation of these shares will be recognized in other comprehensive income. |
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| Schedule of movement of equity investments in level 3 |
The following is the movement of equity investments in level 3 for the years ended December 31, 2025, and 2024: | | | | | | | 2025 | | 2024 | Opening balance | | 1,034 | | — | Additions | | — | | 1,034 | Changes in fair value through other comprehensive income (OCI) | | 156 | | — | Currency translation through other comprehensive income (OCI) | | (107) | | — | Closing balance | | 1,083 | | 1,034 |
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| Other financial assets |
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| Other financial assets |
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| Schedule of other financial assets measured at fair value through profit or loss |
| | | | | | | 2025 | | 2024 | A-1 | | 764 | | — | AAA | | 597 | | 14 | BB | | 67 | | — | F1+ | | 4 | | 4 | F1 | | 1 | | 173 | BB+ | | — | | 3,061 | A | | — | | — | AA+ | | — | | 253 | P-1 | | — | | 136 | B | | — | | 101 | F2 | | — | | 67 | Not available rating (1) | | 1,863 | | 1,431 | | | 3,296 | | 5,240 | | | | | |
| (1) | It corresponds mainly to the recognition of McDermott’s shares in Refinería de Cartagena S.A.S. (see note 23.4) |
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