Photo: Bufalo 1- Archives: EcopetrolAugust 2018

2Q 2018 Financial and Operational Results

Profitable Growth

LEGAL DISCLOSUREThis document was prepared by Ecopetrol S.A. (the “Company” or “Ecopetrol”) with the purpose of

providing the market and interested parties certain financial and other information of the Company.

This document may include strategy discussions and forward-looking statements regarding the

probable development of Ecopetrol’s business. Said projections and statements include references to

estimates or expectations of the Company regarding its future and operational results. Potential

investors and the market in general should be aware that the information provided herein does not

constitute any guarantee of its performance, risks or uncertainties that may occur or materialize.

Actual results may fluctuate and differ from those provided herein due to several factors outside of

the control of the Company. Such forward-looking statements speak only as at the date in which they

are made and neither Ecopetrol nor its advisors, officers, employees, directors or agents, make any

representation nor shall assume any responsibility in the event actual performance of the Company

differs from what is provided herein. Moreover, Ecopetrol, its advisors, officers, employees, directors

or agents shall not have any obligation whatsoever to update, correct, amend or adjust this

presentation based on new information or events occurring after its disclosure. Additional factors that

may affect the future results of Ecopetrol are set forth in the section entitled “Risk Factors” in the

Company’s Report on Form 20-F for the year ended December 31, 2017 and in the Company’s other

filings with Securities and Exchange Commission (the “SEC”), which are available at www.sec.gov.

This presentation is for discussion purposes only and is incomplete without reference to, and should be

viewed solely in conjunction with, the oral briefing provided by Ecopetrol. Neither this presentation

nor any of its contents may be used for any other purpose without the prior written consent of

Ecopetrol.

María Catalina Escobar

Head of Capital Markets

Alberto Consuegra

CEO Cenit (A)

Rafael Guzmán

Technical VP

Jorge Arturo Calvache

VP Exploration (A)

Felipe Bayón

CEO

Adolfo Tomás Hernández

VP Refining and Industrial Processes

MANAGEMENT PARTICIPANTS

Jaime Caballero Uribe

CFO

Production721 MBOED

RECORD Commercial declaration

Infantas OrienteBufalo-1Discovery

Stable operation at 600 cst

RECORD unified throughput374 MBD

Improved fuel’s quality

PROFITABLE GROWTHWITH HISTORICALMILESTONES

EBITDA MARGIN BG

51%

2Q2018 Figures 4

Restart of operationCaño Limón - Coveñaspipeline

COMMERCIALSTRATEGY

Maximizing Revenues

BEST EBITDA MARGININ HISTORY

5

Bre

nt

USD

/Bl

15,998 14,897

15,759

8,020

6,485 6,134

114

109

71

-

20

40

60

80

100

120

(6,000)

(1,000)

4,000

9,000

14,000

1H

2011

2H

2011

1H

2012

2H

2012

1H

2013

2H

2013

1H

2014

2H

2014

1H

2015

2H

2015

1H

2016

2H

2016

1H

2017

2H

2017

1H

2018

1H

2011

2H

2011

1H

2012

2H

2012

1H

2013

2H

2013

1S 2

011

1S 2

011

1S 2

011

1H

2014

1H

2015

1H

2016

2H

2016

1H

2017

2H

2017

1H

2018

47%

Ebit

da

/ Incom

eCO

P B

n

EBITDA Net Income Brent

40% 50%

EBITDA Margin

2H

2014

2H

2015

SÓLIDOS RESULTADOS

MÁRGEN EBITDA

EBITDACOP Bn

49%

7.1

360

COMPROMETIDOS CON LA EXCELENCIA

DIFERENCIAL

DE PRECIO1T2018 USD/BL

7.3

FINANCIEROS

REFINACIÓNCarga/KBD

ENTORNOLogramos restablecer las operaciones cumpliendo los protocolos

de seguridad y medio ambiente

REFICAR, MAYOR CARGA HISTÓRICA EN MARZO

CON UN PROMEDIO DE 16O KBD

4

UPSTREAM

GULF OF MEXICO

2D SEISMIC ACQUISITION

BRAZIL-PRESAL

SEISMIC ACQUISITION

POLLERA-1

PULPO-1

ANDINA-1

COYOTE-2

INFANTAS ORIENTE-1*

JASPE-6D

BÚFALO-1

LORITO-1*

GODRIC NORTE-1

BONIFACIO-1

CAPACHOS SUR-2

COYOTE-3SN-15-17 337 Km

* Discovery reported in 2017 has been ratified

0 50 100 150 20025Km

DRILLED 2018 (5)

DRILLING (2)

DISCOVERIES (4)

EVALUATION (6)

DRILLED 2017 (5)

SEISMIC

ACQUISITIION (3)

42% (5 wells) of 12 planned wells have been drilled,

2 have been successful

ONSHORE: Commercial declaration in record time in Infantas

Oriente

2018 discoveries located close to facilities

(Ex. Bufalo-1)

OFFSHORE: Approval of offshore contract model (ANH) which

allows acquisition of new opportunities

HOCOL: Finalization of 337 Km of 2D seismic registration

(Block SN-15 Lower Magdalena Valley)

PRE SALBRASIL

4.283 Km2 3D

874 Km 2D

60.075 Km 2D

2018 EXPLORATORY

STRATEGYAIMING FOR SHORT TERM RESERVES

INCORPORATION

7

Coyote-1 Re-entry of

Coyote-1. Drilling

and testing of

wells Coyote- 2,

and Coyote-3

Infantas

Oriente-1 Commerciality

Declaration

Lorito-1 Start of

Discovery

Evaluation

Period

2018

Boranda-1Field Evaluation

Plan (extended

testing). Planning

of appraisal Well

Boranda-2

1Q 2Q 3Q 4Q

Cosecha V- 01Drilling of

appraisal wells

and production

testing

Bullerengue-1Appraisal of the

Gas Discovery

Cluster KGG (Kronos,

Gorgon and Glaucus)Determination of the size of the discovery

(3 to 5 years) through appraisal drilling

and formation testing

Long Term2018 2019 2021 2022 2023

OrcaJoint evaluation with

Repsol and Petrobras,

development strategy for

the discovery

2020

Fast track

incorporation of

reserves

DISCOVERIES WORK IN PROGRESS

OFFSHORE

To confirm the

materiality of the

discoveries and

consolidate the gas

market in the

Caribbean offshore

ONSHORE

Near Field

exploration

PRODUCTIONCOMMITED TO TARGETS

738.8 KBPED

*Production May 16 2018

701 721 715

1Q 2018 2Q 2018 2018(p)

Production(MBOED)

INCREASING ACTIVITY TO ENSURE PRODUCTION TARGET

725

RIGS 2018

9

Average Growth

1Q 2018 – 2Q 2018

PRODUCTION

PEAK*738.8 MBOED

2.8%

DEVELOPMENT WELLS RECOVERY PROGRAM

547

164

Recovery

Production 1H 2018

711 MBOED

1 2 3

Forecast

# R

igs

491

+620

2017 2018 (E)

# W

ells

+25%

Additional

production

contribution vs

1H2017

4%24

2822 24

31 3337

40 4237

42 41

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

0

200

400

600

800

1000

120001/16

03/16

05/16

07/16

09/16

11/16

01/17

03/17

05/17

07/17

09/17

11/17

01/18

03/18

05/18

SUCCESFUL RECOVERY PROGRAMCONTRIBUTING TOWARDS PRODUCTION TARGET

10

Water Injection +5%-11% Polymer Injection +5%-11% Steam Injection +20%

RECOVERY PILOT RESULTS SUPPORT INCREASE OF THE RECOVERY FACTOR

CHICHIMENE TECA

Recovery Contribution

164 MBOED

Temporary Field shutdownPlan Real

BO

ED

BO

ED

BO

ED

CASTILLA

0

1000

2000

3000

4000

5000

6000

01/16

03/16

05/16

07/16

09/16

11/16

01/17

03/17

05/17

07/17

09/17

11/17

01/18

03/18

05/18

0

100

200

300

400

500

600

700

01/16

03/16

05/16

07/16

09/16

11/16

01/17

03/17

05/17

07/17

09/17

11/17

01/18

03/18

05/18

BOED: barrels of oil equivalent per day

148

14 1 1 547

711

Campos prod.secundaria o

terciaria

PilotosInyección de

agua

Pilotosinyección

polímero - CEOR

Piloto Inyecciónde Vapor

Otros campos Producción 1S2018

16 MBOEDRecovery Pilots Production

Operational

failure pumping

system

Secondary/Terciary

Recovery Prod. Fields

Water Injection

PilotsPolymer

Injection Pilots

- CEOR

Steam Injection

PilotsOther Fields Production 1H

2018

“NEAR FIELD” AND EXTENSIONSRESERVES AND PRODUCTION POTENTIAL

11

LORITO AND NUEVA ESPERANZA SAURIO 2*

Proximity to infrastructure will allow a

faster commercial production stage

Lorito will add to Akacías first

incremental development module

CPO-09 block currently produces more

than 6.000 mboed

.

Opens up opportunities for additional

development plan in the asset

Potential drilling of up to 20 wells

Recovery incremental potential

throughwater injection

INFANTAS ORIENTE

LOCATION: Meta Department

Next to Llanos 37, CPO-10 and Caño Sur

Commerciality was achieved in record

time of six months

Extended by 2.3 km2 La Cira Infantas

block

20 Wells to be drilled in 2018 and 47

in 2019

LOCATION: Santander Department LOCATION: Meta Department

INFANTAS

ORIENTE-1

LORITO-1

AKACÍAS

FIELDCPO-09 BLOCK

SAURIO-2*

Productive Wells

LA CIRA

INFANTAS

FIELD

2.3 Km

Initial Field boundary

New field zone New Potential development area

APIAY-SURIA

BLOCK

* Advanced producer well

MIDSTREAM

MIDSTREAMCONTRIBUTING TO GROUP EBITDA

MBOD

EBITDA

COP Tn +14%

Cost of Sales

COP Tn -3.2%

Increased availability in Pozos

Colorados-Galán +0.6%

Transported Volume

3.90 4.45

1H 2017 1H 2018

816 819

270 273

1H 2017 1H 2018

Refined Crude

1.57 1.52

1H 2017 1H 2018

13

Caño Limón Coveñas Pipeline

entry into operation

DOWNSTREAM

DOWNSTREAMCARTAGENA REFINERY

136 153

2Q 2017 2Q 2018

7.711.1

2Q 2017 2Q 2018

61% 58% 51%34% 29% 21%

39% 42% 49%66% 71% 79%

Cartagena´s Throughput Evolution

National

crudes

Imported

crudes

4Q 173Q 171Q 17 2Q 17 1Q 18 2Q 18

Feedstock optimization with

national crude

Synergies between refineries

Stability of operation

Higher yields of middle distillates

and gasoline

Throughput (KBD) Gross Margin (USD/Bl)

15

+13% +44%

DOWNSTREAM

Throughput (MBD)

BARRANCABERMEJA REFINERY

Gross Margin (USD/Bl)

203 221

2Q 2017 2Q 2018

-9.4 -8.9

3.71.6

2Q 2017 2Q 2018

Stability of operation

Segregation of light crudes

initiatives

Improvement in fuel quality

13.1

10.5

Increase in price of raw materials

Lower product differentials (gasoline

and fuel oil)

Higher yield of middle distillates

Diff. Products - Brent

Diff. Throughput - Brent

Gross Margin

16

+9%

FINANCIAL RESULTS

OUTSTANDING RESULTS

3.9 4.40.8 1.0

6.7

10.3

1H17 1H18

EBITDA PER SEGMENT

E&P Downstream Midstream

FIRST SEMESTER 2018

18

EBITDA/Bl

2330 31

43

2016 2017 1H2017 1H 2018

Maximizing VALUE per barrel

USD

/Bl

+38% 15.8

11.4

CO

P T

n

Net Income

RECORD in EBITDA generation supported by 3

profitable segments

35%38%

42%

50%

-4.0

1.6

6.6 6.1

2015 2016 2017 1H 2018

COP Tn

EBITDA Margin

2.2

6.1

5.1 0.2 0.5 0.10.7 0.1 1.10.1

Utilidad 1S2017

Ingresos Costos Gastos DD&A Dif. Encambio

Resultadofinanciero

neto

Prov. Renta Interes nocontrolado

Utilidad 1S2018

COP Tn

(Variation between periods)

CUMMULATIVE NET INCOMETHE RESULT OF FINANCIAL STRENGTH

Revenues Net

Financial

Result

Exchange

Rate

Difference

ExpensesCosts Tax

Provision

Non-

controlling

interest

Net Income

1H 2018

Net Income

1H 2017DD&A

19

81 9

84

166

9 -24 -17

64

710

60

876

1H 2017 Upstream Corporate Midstream Downstream 1H 2018

1,009

+15%

20

CAPEXFOCUSED ON PROFITABLE GROWTH

Increasedupstream investment 3.5

3.0*

4.0

-0.26-0.24

3.5

Initial Plan CapitalDiscipline

Phasing Capex 2018 ( e )

875

+23%

USD MM

Up Mid Down Corp

Pla

n R

ange

* Includes potential environmental impacts and unforeseen events

USD Bn 3 - 3.5

INVESTMENT LEVEL 2018

GENERATING CASH FLOWAND IMPROVING LEVERAGECOP Tn

15.8

21

Investment Flow

5.5Financing Flow

5.2

Cash

balance

Dic 2017

Cash from

operations

Investment

Portfolio

Yield and

dividends

Capital and

interest

payment ECP

Exchange

rate effect

Cash balance

Jun 2018

Investments

(> 1 year)

Investments

(< 1 year)

Midstream

dividend

payment

Capex

Net Debt

/Ebitda

-32%

1.9 1.3

1H 2017 1H 2018

Gross Debt

/Ebitda

2.2 1.5

1H 2017 1H 2018

-32%

0.4

Solid performance across

the 3 segments

On the path of growth

Financial Milestones

22

PROFITABLE GROWTH

Q&A

Alberto Consuegra

CEO Cenit (A)

Rafael Guzmán

Technical VP

Jorge Arturo Calvache

VP Exploration (A)

Felipe Bayón

CEO

Adolfo Tomás Hernández

VP Refining and Industrial Processes

Q&A PARTICIPANTSJaime Caballero Uribe

CFO

Pedro Manrique

Commercialization and Marketing VP

Francy Edith Ramirez

Production VP (A)

Carlos Vargas

VP of Transformation

Jurguen Loeber

Executive VP (A)