v3.26.1
Consolidated statement of cash flows - COP ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:      
Net profit for the year $ 14,444 $ 18,499 $ 25,383
Adjustments to reconcile the net profit to net cash provided by operating activities:      
Income tax expense 4,417 12,208 11,516
Depreciation, depletion, and amortization 16,107 15,197 13,812
Foreign exchange gain (159) (52) (2,398)
Finance cost of loans and borrowings 7,604 7,377 6,924
Finance cost of post-employment benefits and abandonment costs 2,556 2,466 2,197
Write off exploratory assets and dry wells 717 1,108 1,472
(Gain) loss on disposal of non-current assets (32) 50 (143)
Profit on business combinations 0 (1,699) 0
Profit on reversal of fields 0 (28) 0
Impairment (recovery) loss of non-current assets (23) (867) 2,098
Impairment loss of current assets 346 262 96
Gain on fair value adjustment of financial assets and interest (1,486) (1,675) (1,972)
(Gain) loss on hedging transactions with derivatives (2) 26 2
Share of profit of associates and joint ventures (710) (764) (805)
Loss on the sale of assets held for sale 1 21 20
Hedge ineffectiveness 14 7 25
Realized (gain) loss on foreign exchange cash flow hedges (150) 239 480
Movements in provisions 195 311 853
Net change in operational assets and liabilities:      
Trade and other receivables 296 9,052 (20,439)
Inventories 897 533 808
Trade and other payables (1,290) (1,277) 507
Tax assets and liabilities (334) (1,999) (5,855)
Provisions for employee benefits (549) (496) (178)
Provisions and contingencies (827) (1,061) (1,169)
Other assets and liabilities 339 (2,092) (601)
Income tax paid (9,029) (10,219) (12,832)
Net cash provided by operating activities 33,342 45,127 19,801
Cash flow from investing activities:      
Investment in joint ventures (6) (20) (1)
Acquisition of subsidiaries, net of cash acquired (65) (158) 0
Consideration paid in business combination, net of cash and cash equivalents (301) 0 0
Consideration paid for the acquisition of assets (1,109) (880) 0
Investment in property, plant, and equipment (9,773) (9,521) (9,350)
Investment in natural and environmental resources (10,552) (10,541) (13,964)
Acquisitions of intangibles (502) (866) (776)
Proceeds from sales of other financial assets 2,265 (2,455) 976
Interests received 1,246 1,627 1,884
Dividends received 772 425 482
Proceeds from sales of assets 113 355 729
Net cash used in investment activities (17,912) (22,034) (20,020)
Cash flow from financing activities:      
Proceeds from loans and borrowings 18,402 27,155 34,035
Repayment of loans and borrowings (15,192) (26,158) (21,660)
Interest payments (8,199) (7,526) (6,582)
Lease payments (641) (563) (533)
Payment of restitution of equity to minority shareholders (18) (30) (44)
Dividends paid (11,717) (15,565) (5,571)
Net cash used in financing activities (17,365) (22,687) (355)
Exchange difference in cash and cash equivalents (1,425) 1,312 (2,491)
Net increase (decrease) in cash and cash equivalents (3,360) 1,718 (3,065)
Cash and cash equivalents at the beginning of the year 14,054 12,336 15,401
Cash and cash equivalent at the end of the year $ 10,694 $ 14,054 $ 12,336