Consolidated Financial Statements - Form 6-K

Table of Contents

ECOPETROL S.A.

Unaudited interim condensed consolidated
financial statements

September 30, 2022

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Index

2

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

3

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of financial position

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

4

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos, except for the earnings per share, expressed in Colombian pesos)

Interim condensed consolidated statement of profit or loss

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

5

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of comprehensive income

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

6

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of changes in equity

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

7

Table of Contents

Ecopetrol S.A.

(Figures expressed in millions of Colombian pesos)

Interim condensed consolidated statement of cash flows

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

8

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

1.Reporting entity

Ecopetrol S.A. is a mixed economy company, with a commercial nature, formed in 1948 in Bogotá - Colombia, headquarters of the Ecopetrol Business Group (collectively called "Ecopetrol Business Group"); which is dedicated to commercial or industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution and marketing of hydrocarbons, their derivatives and products, as well as the electric power transmission services, design, development, construction, operation and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services.

An 11.51% of Ecopetrol S.A.'s shares are publicly traded on the Stock Exchanges of Colombia and New York, USA. The remaining shares (88.49% of the total outstanding shares) are owned by the Colombian Ministry of Finance and Public Credit.

The address of the main office of Ecopetrol S.A. is Bogotá - Colombia, Carrera 13 No. 36 - 24.

2.Basis of presentation

The financial information contained in this report has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements are unaudited and in the management opinion, include all necessary adjustments for a fair presentation of the results of each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and notes for the year ended 31 December 2021 included in Form 20-F 2021.

Ecopetrol Business Group prepares its consolidated financial statements included within Form 20-F based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in Form 20-F 2022 which are the same as those used in the previous year.

These interim condensed consolidated financial statements were approved by the Company's Management on December 16, 2022.

2.2.Basis of consolidation

The interim condensed consolidated financial statements were prepared by consolidating all the subsidiary companies described in Exhibits 1 and 2, in which Ecopetrol exercises, directly or indirectly, control.

Control is achieved when the Ecopetrol Business Group:

9

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Subsidiaries are consolidated from the date control is obtained until the date control ceases.

All intercompany assets and liabilities, equity, income, expenses, and cash flows related to transactions between Group companies were eliminated in consolidation. Unrealized profits and losses are also eliminated. Non-controlling interest represents the portion of profit, other comprehensive income and net assets in subsidiaries that are not attributable to Ecopetrol shareholders.

All business combinations are recognized using the acquisition method.

Acquisition of Interconexión Eléctrica S.A. E.S.P.

On August 20, 2021, Ecopetrol S.A completed the acquisition of Interconexión Eléctrica S.A. ESP ("ISA"). On such date, the closing conditions of the Inter-Administrative Agreement signed on August 11 between Ecopetrol S.A. and the Colombian Ministry of Finance and Public Credit ("MHCP") for the acquisition of $569,472,561 shares of ISA equivalent to 51.4% of the outstanding shares were fulfilled. On August 20, 2021, Ecopetrol S.A. acquired control of ISA. As ISA was controlled by the Ecopetrol Business Group´s controlling shareholders the transaction was between entities under common control.

The accounting for transactions under common control are not provided for in IFRS, therefore, the Ecopetrol Business Group evaluated the purpose of the transaction and concluded that since the transaction was not a mere corporate reorganization, had a commercial substance, was carried out at market conditions and settled in cash, it elected to recorded the transaction as a business combination pursuant to IFRS 3, Business Combinations.

During August 2022, the final purchase price allocation was completed, considering the new information obtained to the acquisition date. An update was made to the fair values calculated preliminarily as of December 31, 2021, of property, plant, and equipment, intangibles, deferred tax, goodwill, and the non-controlling interest of Interconexión Eléctrica S.A. E.S.P. (See Note 12 - Business combination).

Additionally, on July 12, 2022, the liquidation of Gasoducto de Oriente S.A. was registered in the Bogotá Chamber of Commerce, which is subsidiary of Inversiones de Gases de Colombia S.A.

2.3.Conflict between Russia and Ukraine

After weeks of heightened tensions between Russia and Ukraine, on February 24, 2022, Russia launched a full-scale military invasion of Ukraine. This war has increased volatility in the capital markets and has caused many raw materials to rise due to supply risk.

Ecopetrol's ability to access international and local capital markets, finance operations and potentially refinance debt maturities on terms acceptable to Ecopetrol could be affected due to price volatility in the oil and gas sector, the escalation military conflict between Ukraine and Russia, disruptions to Russia's energy exports as a result of sanctions, impacts to the global economy due to energy supply shocks, potential demand impacts from lockdowns or outbreaks of COVID-19, the lack of consensus among OPEC members, politics and uncertainty in the region, among others.

Likewise, the current situation of international crude oil prices (average price for the third quarter of 2022 of 97.7 USD/Bl of Brent) is being driven mainly by Russia's invasion of Ukrainian territory and the market expectations related to a possible global deacceleration.

Although high prices have favored the Company's income, they have also generated challenges in terms of inflation, high energy costs added to the international logistics crisis, which are beginning to generate pressure on operating costs and project execution times. Ecopetrol continues to permanently monitor the direct and indirect impacts to take actions to mitigate their effect.

2.4.Considerations on climate change and energy transition

On February 8, 2022, Ecopetrol communicated to the market its 2040 long-term strategy, called "Energy that Transforms", which comprehensively responds to current environmental, social and governance challenges, maintaining the focus on generating sustainable value for all your interest groups. Its objective is to consolidate an agile and dynamic organization that adapts in a timely manner to the

10

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

changes facing the energy industry, the challenges of a world that advances in the generation and use of clean energy, traveling a path of opportunities for growth and leadership in the Americas.

"Energy that Transforms" positions Ecopetrol as an integrated energy group, which participates in all the links of the hydrocarbon chain and in linear infrastructure, both in energy transmission and road concessions, and hopes to continue diversifying into businesses that allow it to continue to reduce its carbon footprint and advance in meeting its goal of being a company with zero net carbon emissions by 2050 (scopes 1 and 2). The strategy is supported by four strategic pillars: (i) Grow with the Energy Transition, (ii) Generate Value with Sustainability, (iii) Cutting-Edge Knowledge and (iv) Competitive Returns.

Within the first three pillars described in the strategy, the following actions associated with the energy transition and climate change were included:

Grow with the energy transition

The foregoing will be supported by, in addition to ISA, the gradual foray into emerging businesses aligned with new global trends, to mitigate the effects of climate change, such as the production of low-carbon hydrogen as an energy source, the capture, use and storage of (CCUS) and Natural Climate Solutions (NCS). Over the next three years, more than USD $200 million will be invested in green hydrogen projects in the Cartagena and Barrancabermeja refineries, and in CO2 capture projects through emerging technologies such as CCUS and SNC projects.

Generate value with sosTECnibilidad (sustainability + technology)

The 2022 - 2024 Plan (without ISA) includes investments of more than USD $1,400 million in projects for circular water management, decarbonization, energy efficiency, use of energy and alternative sources, improvement in the quality of fuels, and studies and pilots of green and blue hydrogen for applications in refineries and mobility.

In this sense, the Plan has a clear focus on supporting the energy transition strategy, including the incorporation of renewable energy sources for self-consumption, taking advantage of wind, solar and geothermal energy technologies, strengthening socio-environmental investment programs, deepening digital transformation and acceleration of the development and implementation of technologies to optimize operations throughout the chain.

The Business Group will increase its self-generation capacity with renewable energies in a range between 400 - 450 MW.

On the other hand, the long-term objectives include for environmental matters, achieve (i) a 25% reduction in GHG emissions by 2030 compared to 2019 (scopes 1 and 2), (ii) zero emissions CO2 equivalent emissions by 2050 (scopes 1 and 2), (iii) zero routine gas burning by 2030, (vi) zero water discharges by 2045 together with a reduction between 58% and 66% of freshwater intake for the operations. In

11

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

terms of social component, it is expected to promote the generation of about 230,000 new non-oil jobs by 2040 and contribute to the education of 2 million young colombians. As a sign of this commitment, the Business Group will seek to continue improving its position among public companies globally within the Dow Jones Sustainability Index.

Cutting edge knowledge

This pillar seeks to develop the necessary capacities for sosTECnibilidad (sustainability + technology), through a comprehensive science, technology, and innovation (CT+i) strategy to contribute to diversification, increase clean energy, decarbonize operations, and enhance human talent.

As part of the goals of the 2022-2024 Plan, more than USD $240 million will be allocated to innovation, technology, and digital transformation projects, which include technologies for the management of produced water as a profitable and sustainable resource and a study for the capture of CO2 in natural sinks.

3.Significant accounting judgments and estimates

The preparation of the consolidated financial statements requires that the Company's Management make judgments, estimates and assumptions to quantify some of the assets, liabilities, income, expenses, and commitments recognized in the consolidated financial statements and their disclosures. These estimates have been made based on the best information available on the facts analyzed, management experience and other factors at the date of preparation of the financial statements. Uncertainty about assumptions and estimates could result in future material changes affecting the value of assets or liabilities. Changes in these estimates are recognized prospectively in the period in which they are reviewed.

As of the date of this report, there have been no changes in the significant accounting estimates and judgments used in the preparation of the consolidated financial statements as of December 31, 2021.

4.Accounting policies

The Group's main accounting policies are described in the consolidated financial statements as of December 31, 2021, and for the year then ended, and they have been applied consistently for the period comprising these interim condensed consolidated financial statements, except for the adoption of new standards effective as of January 1, 2022.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annuals, and therefore should be read in conjunction with the consolidated financial statements as of December 31, 2021.

5.New standards

5.1.New standards adopted by the Group, effective as of January 1, 2022

The Company applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2022. It has not early adopted any other standards, interpretations or amendments that have been issued and not yet effective as of the date of this report:

12

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

In May 2020, the International Accounting Standards Committee - IASB issued amendments to IAS 16 - Property, Plant and Equipment referring to the part of proceeds before intended use, in terms of:

The amendment was effective for the annual reporting periods from January 1, 2022, and its application accepted in Colombia by Decree 938 issued on August 19, 2021, by the Ministry of Industry and Tourism, without generating differences with what given by the IASB for full IFRS.

In the oil sector, this amendment has effects on the treatment of the sale to third parties of extensive oil field tests, which are sales of crude oil or gas from a well under development before entering the market in full production.

Retroactive application was only made for property, plant and equipment or natural and environmental resources that were in the construction stage at the beginning of the first period presented in the consolidated financial statements in which the Ecopetrol Business Group adopted the standard, that is, on January 1, 2021. The impact of the adoption of this standard was as follows:

5.2.New standards issued but not yet effective

The IASB issued amendments to the following standards, with an effective date on January 1, 2023, or later periods:

13

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

6.Cash and cash equivalents

As of September 30, 2022, the balance of cash and cash equivalents includes $55,164 ($71,979 December 31, 2021) of restricted cash to be used in the next 12 months exclusively for the payment of principal and interest on loans obtained by Oleoducto Bicentenario and $1,414,522 ($1,039,024 December 31, 2021), based on the financing contracts and held, mainly, to guarantee the debt service of Interconexión Eléctrica S.A. E.S.P.

The fair value of cash and equivalents is close to its book value due to its short-term nature (less than three months) and its high liquidity. Cash equivalents are convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

7.Trade and other receivables

14

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

For 2022, the increase in accounts receivable is due to the increase in international indicators (brent reference price). During the period, the Ministry of Finance and Public Credit contributed approximately $7,461,088 in cash and $6,788,385 were offset from the Nation's dividends provided by Ecopetrol's earnings in 2021, which were declared in 2022. In accordance with what was expressed by the Ministry of Finance and Public Credit, the portion of the extraordinary dividend corresponding to the Nation was offset with the Stabilization Fund and, therefore, did not imply a cash outflow.

The book value of trade accounts and other accounts receivable approximates their fair value.

8.Inventories

15

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

9.Other financial assets

Fair value

The following is the classification of other financial assets recognized at fair value, corresponding to the investment portfolio:

There were no transfers between hierarchy levels during the periods.

16

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

10.Taxes

Income taxes

The Group calculates the income tax expense using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim consolidated statement of profit or loss are:

The effective tax rate was 37.1% and 34.9% for nine-month period ended September 30, 2022, and 2021, respectively.

The 2.2% increase in the effective tax rate during the nine months ended on September 30, 2022, compared to the 2021 period, are mainly to the change in the bylaw tax rate (35% for 2022 vs. 31% for 2021), to the increase in the expected exchange rate, to the better results obtained by the companies that pay taxes at a nominal income rate different from 35%, particularly, Refinería de Cartagena (income tax rate of 15%), and the better results obtained during the period from January to September at Ecopetrol S.A.

The better results in the Ecopetrol Business Group are mainly due to the growth in operations, considering: i) an increase of 54% or +US$35.2 per barrel in the average price of crude oil, natural gas and refined products, ii) a positive effect on revenues given the devaluation of the Colombia Peso against the dollar, iii) a higher sales volumes (+110 kBde) and, iv) an increase in revenues from services, better performance of the transportation and logistics services segment, associated with the increase in the volume transported due to the greater availability of crude oil produced in the country, and the reactivation of the national demand for products and gas.

11.Other assets

17

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

12.Business combination

12.1.Acquisition of Interconexión Eléctrica S.A. E.S.P.

On August 20, 2021, the closing conditions of the Inter-Administrative Agreement signed on August 11 between Ecopetrol S.A. and the Ministry of Finance and Public Credit ("MHCP") for the acquisition of 569,472,561 shares of Interconexión Eléctrica S.A. ESP ("ISA") equivalent to 51.4% of the outstanding shares of this company and representing 100% of the ownership of the MHCP in said company were satisfactorily fulfilled.

Considering the final purchase price allocation on August 31, 2022, the fair value of the identifiable assets and liabilities of ISA as at the date of acquisition were:

18

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The net assets recognized in the consolidated financial statements as of December 31, 2021, were based on a provisional assessment of their fair value and could be adjusted in case of obtaining new information as referred to in paragraph 46 of IFRS 3.

In August 2022, the valuation was completed, considering the new information obtained to the acquisition date, and the fair value of the properties, plant, and equipment was $17,486,901, and intangibles $13,903,491, which presented a decrease of $153,557, and $422,988, respectively, over the provisional value. Those adjustments were not material thus the financial information as of December 2021 was not restated. As a result, there was a decrease in the deferred tax liability of $96,767 and a decrease in the non-controlling interest of $238,839. There was also a corresponding increase in goodwill of $240,939, resulting in $3,279,916 of total goodwill arising on the acquisition. The increased depreciation charge on the property, plant, and equipment, from the acquisition date to 31 December 2021 was also not material.

From the date of acquisition, ISA contributed $4,113,198 of revenue and $1,108,202 (including non-controlling interest for $846,454) to net profit from continuing operations of the Group. If the combination had taken place at the beginning of 2021, the Group's revenue from continuing operations would have been higher by $7,039,487, and the profit before tax from continuing operations would have been $2,096,511 (including non-controlling interest for $1,501,984). The goodwill of $3,279,916 comprises the fair value of expected synergies arising from acquisition.

13.Investments in associates and joint ventures

13.1.Composition and movements

19

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The movement of investments in associates and joint ventures for the period ended September 30, 2022, is as follows:

20

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

21

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

14.Property, plant, and equipment

The movement of property, plant and equipment for the period ended September 30, 2022, with its corresponding depreciation and impairment, is as follows:

22

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

15.Natural and environmental resources

The movement of natural and environmental resources for the period ended September 30, 2022, with their corresponding depletions and impairment, is as follows:

23

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

16.Right-of-use assets

The movement of right-of-use assets and lease liabilities for the period ended September 30, 2022, is as follows:

.

17.Intangible assets

The movement of intangibles assets for the period ended September 30, 2022, with their corresponding amortizations, is as follows:

24

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

18.Impairment of non-current assets

According to the behavior of the key market assumptions, as of September 30, 2022, no factors or circumstances were identified that indicate that the book value of its assets may be above its recoverable value, considering the market conditions, the international prices and indicators of crude oil and products, and the geopolitical context, particularly, produced by the conflict between Russia and Ukraine (See note 2.4).

As of September 30, 2022, no indicators of impairment exist for non-current assets, especially considering the higher prices of crude oil and products during the nine-month period of 2022. The most significant movements in 2022 are presented mainly by the impairment recognized in office-type containers of $5,540 in Refinería de Cartagena S.A.S. and a recovery of $24 in Invercolsa. In 2021, the movement corresponds to the recovery related to materials for $4,320 in Refinería de Cartagena S.A.S. and Cenit, and an impairment recognition in Ocensa and ISA for $2,557.

19.Goodwill

(1)The variation corresponds to the updating related to the final purchase price allocation in business combination process.

25

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

20.Loans and borrowings

20.1.Composition of loans and borrowings

* Weighted average effective interest rate for the end of each period.

During 2022, proceeds obtained from loans and borrowings totaled $10,458,560. The most significant loans and borrowings were obtained by: a) Ecopetrol S.A. for $6,010,259, which entered into i) a financing line for $5,384,315 (USD$1,200 million) for the advance payment of the credit contracted for the acquisition of ISA, and ii) a short-term financing with BNP Paribas for $625,944 (USD$160 million), and b) Interconexión Eléctrica S.A. E.S.P. for $4,369,744, of which $2,063,735 relates to an international issuance of corporate bonds issued by its the subsidiary, Consorcio Transmantaro S.A. for the repurchase of its 2023 international bond, and the remaining balance related to loans obtained to cover investment plans and projects in Brazil, Peru, and Chile.

The repayment of loans and borrowings totaled $11,614,789, and it mainly includes the advance payment of the credit contracted for the acquisition of ISA and the repurchase of international bonds issued by Consorcio Transmantaro S.A.

20.2.Fair value

The fair value of the financial obligations is $99,947,506 and $99,258,034 as of September 30, 2022 (unaudited) and December 31, 2021, respectively.

26

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

20.3.Maturity

The following is the maturity profile of loans and borrowings as of September 30, 2022:

20.4.Loans designated as hedging instrument

As of September 30, 2022 (unaudited), Ecopetrol Business Group has designated USD$14,089 million of debt in foreign currency as a hedging instrument; of which, USD$9,117 million correspond to the hedge of investments in companies with dollar functional currency and USD$4,972 million to the cash flow hedge for future crude oil exports. See Note 30.1 - Exchange rate risk.

20.5.Guarantees and covenants (unaudited)

As of September 30, 2022, the total value of the current guarantees provided by Interconexión Eléctrica S.A. E.S.P. and its companies, within the framework of the definition of paragraph 14 of IFRS 7, used to support growth in its different business units and ensure strategic commercial and operational viability amount to $20,252,997, mainly in: a) Chile for $15,132,439 in ISA Intervial, Ruta de la Araucaria, Ruta del Maipo, Ruta de los Ríos, Ruta del Loa, and ISA Interchile, b) Colombia in Ruta Costera for $2,679,000, and c) Brazil in ISA CTEEP for $2,441,558.

The syndicated loan acquired by Oleoducto Bicentenario de Colombia S.A.S. establishes as a requirement that this subsidiary maintain an established relationship of leverage and solvency and cash flow/debt service.

21.Trade and other payables

27

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The book values of trade accounts and other accounts payable approximate their fair values due to the short-term nature of these accounts.

22.Provisions for employees' benefits

28

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

22.1.Plans assets

The assets of the plan are represented by the resources delivered to the Autonomous Pension Funds for the payment of the pension liability of the obligations for pension and pension bonds; what concerns health and education oversees Ecopetrol S.A.. The destination of the resources of the autonomous patrimonies, as well as their yields, cannot be changed or returned to the Company until all the obligations are fulfilled.

Plan asset balance is $10,429,486 and $12,068,525 as of September 30, 2022 (unaudited) and December 31, 2021, respectively. 53,65%(2021 - 36.99%) are fair value level 1 and 46.35% (2021 - 63.01%) are under level 2 category.

23.Accrued liabilities and provisions

23.1.Contingencies

Refinería de Cartagena S.A.S

On April 29, 2022, the International Chamber of Commerce extended the time for the arbitration process to November 20, 2022.

Once the arbitration process is completed, the filing of an annulment appeal may proceed.

Prosecutor's Office:

To date, three legal proceedings are being carried out arising from the events related to the expansion and modernization project of the Refinería de Cartagena (the "project").

29

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Process 1 - No. 110016000101201600023 - MOA - PIP and EPC

This process is being carried out against some ex-members of the Board of Directors and ex-workers of the Cartagena Refinery, workers of the Chicago Bridge and Iron Company (CB&I) and the Statutory Auditor of the Cartagena Refinery between 2013 and 2015, for the crimes of improper interest in the execution of contracts, embezzlement by appropriation in favor of third parties, illicit enrichment of individuals in favor of third parties and ideological falsehood in public documents.

On March 29, 2022, a hearing was held to lift the house arrest measure for Felipe Laverde Concha and on April 5, 2022, the 34th Municipal Criminal Court with a Function of Guarantees granted him freedom due to the expiration of terms.

From July 25 to 29, 2022, the preparatory hearing was held, where the interlocutory order of decree of evidence was issued, against which the defenders filed appeals. The appeals were granted and will be resolved by the Superior Court of Bogotá.

Process 2 - No. 110016000101201800132 Business line

This process is being carried out against ex-members of the Board of Directors and an ex-employee of the Refinería de Cartagena for the crimes of aggravated unfair administration and obtaining a false public document against ex-members of the Board of Directors of the Refinery and an ex-President of this company.

On November 18, 2019, the preparatory trial hearing was installed, which has been resumed on several occasions, but to date it is suspended pending rescheduling.

No changes occurred in the status of this litigation since December 31, 2021.

Process 3 - No. 110016000101201800134 - Subscription of the PMC Contract - Foster Wheeler

This process is carried out against two ex-workers of Refinería de Cartagena who acted as ex-President in property and ex-President in charge, for the crime of entering a contract without legal requirements, for the period for which the accusation is made.

On February 7, 2022, the oral trial began, and the evidence requested by the FGN, and the defense was taken. On April 5, 2022, the practice of evidence concluded.

On May 10, 2022, at the hearing of closing arguments, the 9th Circuit Criminal Judge announced the sense of the conviction against two former workers of the Cartagena Refinery for entering a contract without legal requirements.

On August 18, 2022, a sentence was handed down imposing the minimum sentence for the crime charged, equivalent to 64 months in prison and a fine of 66.66 current monthly legal minimum salaries in Colombia (SMLMV as its acronym in Spanish), a decision against which appeals were filed, which will be resolved by the Superior Court of Bogotá.

The defendants will remain free until the appeals are resolved and, if applicable, the extraordinary appeal before the Supreme Court of Justice.

Office of the Comptroller General (Contraloría General de la Nación - CGR):

Financial Audit for the 2021

The CGR carried out a financial audit of Refinería de Cartagena between January 20, 2022, and May 31, 2022.

On July 5, 2022, the improvement plan for two findings that are administrative in nature was uploaded to the CGR's SIRECI application.

30

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

Fiscal Responsibility Process

Due to the late entry into operation that generated lost profits, the CGR is carrying out an independent process in which various requirements have been met.

Through order 0167 dated February 3, 2022, the CGR has ended the litigation related to the tax liability process for lost profits, that is, for the possible damage associated with the late entry into operation of the refinery, which was initially estimated at $1,936 million dollars. Since the Company did not have a provision recorded for this matter, the resolution of this litigation has no impact in the interim condensed consolidated financial statements.

Among the fundamentals for the decision are the non-existence of the damage and the non-accreditation of injury to public property, since the circumstances that caused the late entry into operation of the refinery were due to a series of situations unrelated to the managerial decisions of those investigated, such as, the winter wave, the labor abnormality presented in the execution of the project, among others.

By order of March 1, 2022, the Fiscal and Sanctioning Decision Chamber of the CGR decided to confirm the termination of this litigation. Additionally, it ordered to carry out "monitoring and supervision of the investment and production of the refinery to determine losses due to foregone profits, as a consequence of the damage determined in the ruling with fiscal responsibility No. 749 of April 26, 2021, and confirmed by order 801119 -158-021 of July 6, 2021".

No changes occurred in the status of this litigation since December 31, 2021.

24.Equity

24.1.Subscribed and paid-in capital

Ecopetrol's authorized capital is $36,540,000, and is divided in 60,000,000,000 ordinary shares, of which 41,116,694,690 have been subscribed, represented by 11.51% (4,731,906,273 shares) of non-government entities and people, and 88.49% (36,384,788,417 shares) held by Government entities. The value of the reserve shares amounts to $11,499,933 comprised by 18,883,305,310 shares. As of September 30, 2022, and December 31, 2021, subscribed and paid-in capital is $25,040,067. There is no potential dilution of shares.

24.2.Additional and paid-in capital

It mainly corresponds to: (i) surplus with respect to its nominal value derived from the sale of shares upon capitalization in 2007, for $4,457,997, (ii) $31,377 the value generated by the process of placing the shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, (iii) surplus over nominal value arising from the sale of shares awarded in the second round, which took place in September 2011, in the amount of $2,118,468, and (iv) additional paid-in capital receivable of $(143).

24.3.Equity reserves

31

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

The movement of the equity reserves in the periods ended September 30, is the following:

24.4.Retained earnings and payment of dividends

The Group distributes dividends based on its financial statements prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish).

The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 30, 2022, approved the profit distribution project for fiscal year 2021 and defined the distribution of dividends in the amount of $11,512,675 (distribution during 2021: $698,984). The due date for the payments of the ordinary and extraordinary dividends to the minority shareholders was April 21, 2022, and, throughout 2022, in the case of the majority shareholder.

Additionally, the Extraordinary General Assembly of Ecopetrol S.A. of June 17, 2022, approved the modification of the destination of a part of the occasional reserve to distribute it as an extraordinary dividend for $6,907,605. The payment was made in June 2022, for minority shareholders in a single payment, and for the majority shareholder, the entirety of this dividend was offset with the receivable account related to the Fuel Price Stabilization Fund, therefore, did not imply a cash outflow.

As of September 30, 2022, dividends of $11,186,951 (2021: $1,424,456) were paid by the following companies within the Ecopetrol Group: Ecopetrol S.A. $10,037,445 (2021: $696,387), Interconexión eléctrica S.A. E.S.P $356,773, Oleoducto Central S.A. $516,284 (2021: $484,829), Inversiones de Gases de Colombia S.A. $126,161 (2021: $103,203), Oleoducto de los Llanos Orientales S.A. $104,205 (2021: $99,263) and Oleoducto de Colombia S.A. $46,083 (2021: $40,774).

32

Table of Contents

Ecopetrol S.A.

Notes to consolidated condensed interim financial statements

September 30, 2022

(Figures expressed in millions of Colombian pesos, unless otherwise stated)

24.5.Other comprehensive income

The following is the composition of the other comprehensive results attributable to the shareholders of the parent company, net of deferred income tax: