RESULTSOPERATIONAL AND FINANCIAL

Second Quarter 2019August 13, 2019

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, 2018 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.2

MANAGEMENT PARTICIPANTS

3

Felipe Bayón

CEO

María Catalina Escobar

Head of Capital Markets

Alberto Consuegra

COO

Jorge Osorio

VP Development and Production

Jorge Arturo Calvache

VP Exploration

Jaime Caballero Uribe

CFO

Milena López

Director of Strategy and Finance

- Cenit

Tomás Hernández

VP Downstream

0

20

40

60

80

100

OUTSTANDING RESULTSREFLECTING OPERATIONAL AND FINANCIAL STRENGTH

Bre

nt

Daily U

SD

/Bl

EBITDARevenues Net Profit Production (mboed) X= Average Brent ROACE

12.3% 14.6% 13.2% 14.1% 13.4%

733

X=69

723

X=69

728

X=64

724

X=76

721

X=75

4

EBITDA margin

COP Tn

17.017.9 18.3

15.9

18.3

8.6 8.07.0 7.4

8.3

3.5 2.8 3.0 2.7 3.5

50.7%

44.7%

38.5%

46.1% 45.4%

-5,0%

5,0%

15,0%

25,0%

35,0%

45,0%

55,0%

0,0

5,0

10,0

15,0

20,0

25,0

2T 2018 3T 2018 4T 2018 1T 2019 2T 20192Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019

MARKET CONDITIONS ENVIRONMENT WITH HIGH VOLATILITY

2019

Exchange rateBrentBrent Peso

2018

Dec US

58/Bl

US 66.2 /Bl

3,189 /US

US 71.2 /Bl

2,849 /US

COP 211.0 BlCOP 202.7 Bl

Jan-Jun Jan-Jun

Brent - Peso Global Gross Refining Margin*

*Corresponds to the simple average of refining margins in Europe, US and Singapore. Source: Wood Mackenzie. **Range built with minimum and maximum margins observed between 2014-2018.

Thousa

nds

of

peso

s per

barr

el

(CO

P /

Bl)

5

Weak crack spreads for gasoline and

heavy naphtha

Increasing cost of the diet

Basket Price

20192018Jan-Jun Jan-Jun

CrudesBrentHistoric Brent SpreadProducts

Crude spread: Record in 2Q 2019

Stable product spread (gasolines

fuel oil and diesel )

Brent - Peso indicator strengthened by a

higher exchange rate

0

2

4

6

8

10

12

14

16

18

ene.

feb.

mar.

abr.

may.

jun.

jul.

ago.

sep.

oct.

nov.

dic

.

usd

/bl

Rango '14-'18 2018 2019 Promedio 5 años**

Mar.

Apr.

Feb.

Jan.

May.

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Range 14-18** 5-year average

71.7

OPERATING RESULTS COMMITTED TO ACHIEVING OUR GOALS

Exploration Midstream

Production Downstream

7261H 2019 mboed

3641H 2019 mbd

10Wells drilled

1H 2019

+5.2%Transported Volumes

1H 2019 Vs. 1H 2018

6

3 with presence of

hydrocarbons

Active commercial

strategy

In line with 2019

target

Operational

flexibility to supply

crude oil and refined

products

7232Q 2019 mboed

3792Q 2019 mbd

CONTINUED FOCUS ON EFFICIENCIESFOR A PROFITABLE AND SAFE OPERATION

*Includes lifting costs of subsdiaries (Hocol and Ecopetrol America Inc)

7

Lifting Cost*(USD/Bl)

Maintenance to improve integrity

New workovers to maintain production

Increase in secondary recovery

Dilution Factor(%)

Drilling Cost(USD/ft)

Transport of higher-viscosity crudes

by pipeline

Substitution of imported diluent

with local light crudes

20.0%18.5%

16.9%15.0% 14.8% 14.6%

2014 2015 2016 2017 2018 1H 2019

Use of rigs with the latest

technology

Redesign and implementation of

well delivery process

482

381 312

232 270 292

2014 2015 2016 2017 2018 1H 2019

8.38.9

1H 2018 1H 2019

Upstream

Picture: Rubiales Field

Pastora Norte-1

Jaspe-8

Provenza-1

Boranda-2 ST

Cira 7000 ST-1Andina Norte-1

Cosecha CW-1 ST-1

Habanero - 1

Cosecha CW-1

Mamey West-1

Successful (3)

Dry (5)

Drilled (10)

Under Evaluation (2)

3D seismic (2)

2D seismic (1)

LLA 86LLA 104

GUA OFF 10

LLA 87

COR 9

MC 904 (EAI)

88,015 Km²

3D Regional

12,315 Km² 3D

Rounds 6, 16

and Transfer of

Rights

2,660 Km 2D

Round 16

Saturno Block

EXPLORATION ACTIVITY STRENGTHENING OUR PORTFOLIO

2 out of 6 drilled wells in 2Q 2019

confirmed presence of hydrocarbons: Andina Norte-1 and Boranda-2 ST

Investing in Colombia5 blocks in 2019 PAAP*:

Internationalization Approval of 10% stake in Saturno block

(Santos)**

Award to Ecopetrol America of the MC

904 Block in US GoM

BRAZIL

PURCHASE OF SEISMIC

GoM - MEXICO

PURCHASE OF SEISMIC

* Permanent Area Assignment Process. ** Approval granted July 17, 2019

9

Activity 1H 2019

Gua Off-10 (100% ECP) COR-9 (100% Hocol)

LLA-86 (50% Hocol; 50%

Geopark)

LLA-87 (50% Hocol;

50% Geopark)

LLA-104 (50% Hocol;

50% Geopark)

685 682 720

36 41 730

2Q 2018 2Q 2019 1H 2019 2019 Target

Base production Incremental

Recovery program

contribution to production*

PRODUCTIONGROWTH IN LINE WITH 2019 TARGET

Production (mboed)

10

30% 8.3%Subsidiaries’ contribution

to production

Incremental production mitigates decline

Scheduled maintenance included in the 2019 target

DRILLING CAMPAIGN RESULTS

119 121

Rubiales

mboed 113 116

Castilla

2%2%

6.2 20

323%

Akacias** (CPO 09)

42 45

8%

Cupiagua

1418

Yarigui

18

28%

*Recovery: Growth by inclusion of pilots in expansion phase and better performance. **Akacias: total production, Ecopetrol holds a 55% stake.

2Q 20192Q 2018

723721 726

2019 Target

Transporte

Midstream

Picture: ODL

842 879

273 279

MIDSTREAMSOLID OPERATIONAL AND FINANCIAL PERFORMANCE

Mbod

Transported Volume

Crude Refined products

2Q 2018 2Q 2019

+3.8%

12

2.3 2.5

2Q 2018 2Q 2019

EBITDA

COP Tn+10.8%

1,115 1,158

3.1 3.1

2Q 2018 2Q 2019

Cost per Barrel Transported

USB/Bl

Revenues

+11.5%

Tariff period of 4 years

Valid until June 30, 2023

New Crude

Transportation Tariffs

MODERATE increase in segment

revenues

Assures Tariffs STABILITY

2.9 3.2

2Q 2018 2Q 2019

Picture: Cartagena Refinery

Downstream

14

*Average spread between January and June of each year. USGC benchmark indices. ** Quarterly Intermediate Crude Benchmark *** Quarterly Heavy Crude Benchmark

12.0 11.8 10.5

13.911.1 10.5 10.3

12.5 11.5 11.1 12.19.1

11.0

6.6

CartagenaBarrancabermeja

4T 184T 17 1T 18 2T 18 3T 18 1T 19 2T 19

Historic 20-year minimum spreads vs Brent for gasoline and

naphtha

Strengthening of crude prices delivered to our refineries

2Q refining gross margin affected by decline in spreads,

appreciation of the diet and major maintenances

-10

-5

0

5

10

15

20

25

30

35

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Gasoline Naphtha Diesel Lineal (Naphtha)

Price Spread vs Brent* (USD/Bl)

Jan – Jun for each year

Gross Margin (USD/Bl)

Tendencia (nafta)

-10

-8

-6

-4

-2

0

4T17 1T18 2T18 3T18 4T18 1T19 2T19

Crudo Intermedio* Crudo Pesado**

Crude Diet Benchmark vs. Brent (USD/Bl)

DOWNSTREAMCHALLENGING MARKET ENVIRONMENT

Trend (naphtha)

4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19

4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19

Heavy crude ***Intermediate crude **

222 215 221 223 229

196229

147 145 153 158 150 155 150

4T 17 1T 18 2T 18 3T 18 4T 18 1T 19 2T 19

Barrancabermeja Cartagena

34% 29% 21% 20% 23% 13% 18%

66% 71% 79% 80% 77% 87% 82%

4T 17 1T 18 2T 18 3T 18 4T 18 1T 19 2T 19

Crudo Importado Crudo Nacional

Cartagena Refinery

Throughput (mbd)

Throughput Composition - Cartagena

15

Benefits: Ensuring a 4-year cycle

Hydrocracking Unit

First maintenance since its entry into operation in 2016

Barrancabermeja Refinery

Diesel Hidrotreating Unit

First major maintenance since 2010

Benefits: Ensuring the quality of diesel in terms of low sulfur

content < 15 ppm*

DOWNSTREAM OPERATING RESULTSPREPARED FOR MARPOL

Stable operations in 2Q 19

4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19

Imported crude Domestic crude

4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19

*ppm: parts per million

Resultados Excepcionales

Financial

Results

33.8 36.1 38.131.9

45.154.7

71.7 66.2

0

20

40

60

80

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

2016 2017 2018 1H 2019

17

EBITDA Margin Gross Debt

/ EBITDA*

Net Debt

/ EBITDA*

EBITDA /Bl ROACE**

45.7% 1.0x1.2x

37.4 USD/Bl

37.7% 41.8% 45.4% 45.7%

2016 2017 2018 1H 2019

2.9

1.91.2 1.2

2016 2017 2018 1H 2019

2.4

1.51.0 1.0

2016 2017 2018 1H 2019

23.330.0

39.6 37.4

2016 2017 2018 1H 2019

Net Income

Breakeven

31.9 USD/Bl

Brent

15.8

10.3

1.0

4.4

15.7

10.0

0.6

5.1

64% 4% 32%

-1500000%

-1400000%

-1300000%

-1200000%

-1100000%

-1000000%

-900000%

-800000%

-700000%

-600000%

-500000%

-400000%

-300000%

-200000%

-100000%

0%

100000%

200000%

300000%

400000%

500000%

600000%

700000%

800000%

900000%

1000000%

0,0

5,0

10,0

15,0

20,0

25,0

30,0

EcopetrolGroup

Upstream Downstream Midstream

1H 2018 1H 2019 Contribution to the GE's EBITDA

EBITDA PER SEGMENT (COP Tn)

13.4%

*EBITDA calculated in the last 12 months; **ROACE = Operating income after taxes/ Capital Employed (Figure in pesos)

FINANCIAL RESULTS SUSTAINED POSITIVE TREND

2.7%

8.6%

13.1% 13.4%

2016 2017 2018 1H 2019

14.5

16.3 1.73.8

4.1

1.8

7.0

0.3

12.7

Caja Dic 2018* FCO ex CT Capital deTrabajo

Pago impuestorenta

Capex Deuda Dividendos Otros Caja Jun 2019*

SOLID CASH POSITION SUPPORT AGAINST VOLATILITY

COP Tn

*Includes: Cash and Cash Equivalents, Others Current and Non-Current Financial Assets. ** Includes Variation Between Periods in Other Current and Non-Current Financial Assets.

COP 8.8 TnCash Flow From Financing Activities

Government $5.4

Minority shareholders $1.1

Non-controlling $0.5

COP 6.7 TnFree Cash Flow

18

Cash Dec 2018* OCF(operating cash flow)

WK Income tax

payment

Debt Dividends Others** Cash Jun 2019*

1.0 1.4

0.26 0.09 0.03 0.01

1H 2018 E&P Down Mid Corp 1H 2019

1.4

3.5 – 4.0

2.1 – 2.6

0.9 0.9

1S 2019 2S 2019 JV - Permian*** Total

STRATEGIC INVESTMENTSFOCUSED ON GROWTH AND SUSTAINABILITY

*Drilling and Completion ** Business opportunities and studies in Exploration, Midstream and Downstream *** Subject to approval by US authorities. Not included in the Company’s organic plan 18

+38%

1,392 0.50.2

0.1

0.1

0.1

P&C* FacilidadesOtros produc. Info YacimientosOtros seg.**

USD M

Initial Pay. $750

Carry $50 - 60

Capex ECP $65 - 75

USD Bn

O

r

g

a

n

i

c

Inorganic

0.4

1.0

1S 2019

Crecimiento

Continuidad y Emergente

1.4

Expected FY CAPEX execution

USD Bn

1H 2019

Growth

Continuity and Emerging

D&C*1H 2019 2H 2019

Facilities

Other Produc.

Other Seg.**

Oil Reservoirs info

1H 2019

4.4 - 4.9

2010 2011 2012 2013 2014 2015 2016 2017 2018 1H 19

Eficiencia Energética Aprovechamiento de Gas

COMMITMENT TO SUSTAINABILITY

20

13.6 17.5 15.8 17.68.9

52.452.9 56.8

69.0

35.6

2015 2016 2017 2018 1H 19

Agua Residual Agua de Producción

+3.8%

CO2 Emissions Reduction

First oil and gas company in Colombia

that verifies the reduction of over

one million tons of CO2 in its

operating processes

In the first half of 2019, over

44 million m3 of water were

recycled (+4% vs. 2018)

2928

32 32

2623

19 18 19 19 1918 18

16 1614

18

1311

1010

0

10

20

30

40

50

10'-15'

2016

2017

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Delivery of ultra low-sulfur diesel to

the New Transmilenio bus fleet in

Bogota (fewer than 10 parts per

million – ppm)

* Measured on July 28. B2 diesel: 98% fossil and 2% biodiesel. Source: Cenit.

Maximum allowed

2018 2019

Sulfur Content – Diesel B2*(National Average – PPM)

Water Recycling

Energy Efficiency Use of Gas Residual water Production water1,338

1,229

1,093

956

725

511

282

14066

20

MOVING FORWARDIN THE RIGHT DIRECTION

Access to the Permian –US- in partnership

with OXY

Larger position in the Pre-salt in Brazil

Definition of crude transport tariffs

Operational results in line with the plan

Continuous focus on efficiencies

Solid financial results

Strategic milestones

21

Q&A

Q&A PARTICIPANTS

Jorge Arturo Calvache

VP Exploration

Jaime Caballero Uribe

CFO

Felipe Bayón

CEO

Alberto Consuegra

COO

Juan Manuel Rojas

VP Corporate Strategy and

New Business

Pedro Manrique

VP Commercialization and

Marketing

Milena López

Director of Strategy and

Finance - Cenit

Rodrigo Dalle Fiore

VP Development

Tomás Hernández

VP Downstream