Investor

Presentation
Colombia Inside Out

June 2020 Picture: Chuchupa Field 1

 LEGAL DISCLOSURE
This 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,
2019 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.

Photo: Independence Rig 2

Summary
1 2 3 4 5
Decisive response to
Value and Track record of ESG and societal Sustaining strategic
COVID-19 and oil
sustainable growth performance values investment
price environment

 Reserves and
production growth
 Existing fields
 Exploration in
Colombia
 International
 Unconventional
 Strict capital discipline
 Cash protection and
cost efficiency
 759 Mmboe* of  Major ESG  COP 3.5 Tn in costs  EOR
reserves have been investments, and expenses
added from 2017 to dividends, and taxes optimization
2019  Domestic gas
 Decarbonization plan,  US$ 3.1 Bn in
 Reserves replacement renewable energy financing to strengthen  Digital transformation
>100% in the same expansion and water cash position
period recycling initiatives  Renewable energy
(UN SDGs) sources
 New investment plan
target of US$ 2.5 – 3.0
 Strong financial
performance amid  Short, mid and long- Bn for 2020  Unconventional pilot
price volatility term goals in terms of projects (PPIR)
GHG emissions
 > US$ 130 Mm in
reductions and gas
 Delivered COP 3.55 Revenue optimization
flaring usage
Tn in efficiencies from from Commercial
2015 to 2019 Strategy
 High corporate
governance standards

* Gross addition 3
Life ensures business continuity

RESPONSE PLAN Leadership IT Management

COVID-19 • COVID-19 Crisis Committee • Secure digital connection for +9,000
• Health Response Committee employees
• Diagnostic tests at Barrancabermeja • Chatbot to determine risk of
Hospital contagion
• CoronApp** for self-diagnosis

Occupational Health - Labor Supporting the Country

• Operation with “minimum viable • Supporting the local industry

personnel” • Voluntary employee contributions
• Isolation of workers with pre-existing • Strengthening of the Country’s
health conditions healthcare system and humanitarian
• INS* visits to refineries aid

* Instituto Nacional de Salud (National Health Institute)

** Ecopetrol supported the mobile app of the National Government designed to fight against coronavirus 4
Strategy remains focused on value generation
Existing Fields

Reserves and
Production
Growth

Exploration
Unconventional
in Colombia

Competitiveness
and
Sustainability

Strict Capital Cash Protection

Discipline and Cost Efficiency
International

5
Delivering strong returns despite price volatility
718 715 720 725 735

45 55 72 64 51
100

80 70.8
67.8
Brent (US$/Bl)

55.2
60
47.7

40 30.8 31.1
23.1
18.0
20 13.3 15.1
11.6
6.6 5.3
1.6 0.1
0
2016 2017 2018 2019 1Q20

2.7% 8.6% 13.1% 14.3% 12.2%

Revenues EBITDA Net Income ROACE* Production (mboed) Brent (US$/Bl)

Revenues, EBITDA and Net Income in US$ B. Figures calculated with the average exchange rate of each year. *Figure calculated in COP. 6
Oil market is currently facing an unprecedented supply and
demand shock

Brent, Peso and FX Basket Price (US$/BL) National Demand 2020

COP
$211,962 Bl
COP US$ 62.6 /Bl US$ 39.2 /Bl mbd
$156,328 Bl
72.4 290
273
5.6 34
35 Forecast
211 203
US$ 66.8 /Bl (6,7) 51.1 20 10
118 175
Dic US$ 66/Bl 60.1 8.7 122 152
5
4
100 105 102
US$ 42.4 /Bl 94
3 88
(10,3)
138 64
32.1 116
91 76 91
3, 689/US$ 64
3,175/US$ 38
2019 2020 2019 2020 Jan Feb Mar Apr May Jun Jul
Jan-May Jan-May Jan-May Jan-May

Brent - Peso Brent Exchange Rate Historic Brent Crudes Products Spread Gasoline Diesel Jet

7
 Facing this new challenge

COP 3.5 Tn >US$ 130 M We maintain investments

OPEX
REVENUE Commercial in strategic projects
(COMMERCIAL) Strategy
Optimization
Enhanced Oil Recovery Technologies
COSTS
AND
EXPENSES Gas Opportunities
INVESTMENT
PLAN
Digital Transformation

US$ 2.5 - 3.0 Bn

FINANCING CAPEX Renewable Energy
AND CASH 2020
De-carbonization roadmap
US$ 3.1 Bn
Financing
We exceeded previously Unconventional Integral Research
announced efficiency Pilot Projects*
targets
* In unconventional reservoirs 8
Creating value to society

13.7
US$ B
Contributed in 2019

8.0 0.5 0.3 0.9 3.9

US$ Bn US$ Bn US$ Bn US$ Bn US$ Bn

Republic of
Shareholders Community* Employees* Suppliers*
Colombia

Salaries
Dividends Social & Environmental Variable Compensation Local
Taxes Dividends Investment Benefits** Procurement
Royalties Training

US$ 18 Mm allocated to respond to the pandemic in communities where we operate

*Ecopetrol S.A. figures. **Includes: Health and Safety, Education, Loans, Savings and Investments. Calculated with an average exchange rate for 2019 of 3,281 COP/US$. 9
Corporate governance practices
BOARD OF DIRECTORS

 +20 years of experience in international business,  Former Vice President of Capital Markets and Corporate
public policy, and public & private project finance Development at Bancolombia Group
 Former Executive Director of the Inter-American  Former board member of Cementos Argos, Compañía  Strong corporate
Development Bank Nacional de Chocolates, Conavi, SUAM, among others
governance practices
 Chairman of the Bogota Chamber of Commerce, and Sergio Restrepo Isaza  B.A. in Management from EAFIT Unversity of Medellín,
board member of Teléfónica and Pragma Independent Board Member with an MBA from Stanford University — Commitment to
Luis G. Echeverri Vélez
Independent Board  B.A. in Law from University of Medellin and MSc in  +30 years of senior management experience in the transparency
Member Agricultural Economics from Cornell Colombian banking industry, including President of Banco
Colpatria and Scotiabank Group — Multiple venues to look for
 +40 years of experience in the global technology
 Founding member of the Colombian Institute of Corporate guidance or whistleblowing
industry
Governance
 Former Microsoft’s World President for emerging — Robust AML standards to
Luis Perdomo Maldonado  B.A. in Management from the CESA School of Advanced
markets, and VP of Sales, Marketing & Support
Independent Board Member Studies in Administration prevent money laundering
 Independent director of the Executive Council of
Centene Corp.  Former President of the Colombian Agriculture Association and terrorism financing
Orlando Ayala Lopez (SAC), Founder and Director of Corporación Colombia
Independent Board  BSc in Information Systems Administration at Jorge — Increased independent
Internacional (CCI), President of the Agrarian Fund, and
Member Tadeo Lozano University in Bogota
President of the newspaper El Espectador directors: from 4 in 2008 to
 General Secretary of the Ministry of Finance and  Former Minister of Agriculture and Co-Director of Banco de 8 in 2019
Public Credit la República
 Former Managing Director of Fogafin and President Carlos Gustavo Cano Sanz  Member of the Group on Earth Observations Global Water — Minority governance
of the National Hydrocarbons Agency Independent Board Member Sustainability (GEOGLOWS) in the United States ensured through an elected
 Board member at Fiduciaria La Previsora S.A., board member
Central de Inversiones S.A. and Gecelca S.A. E.S.P
 Former Dean of the Faculty of Engineering at Universidad
 B.A. in Law from Sergio Arboleda University and — No director with ministerial
Surcolombiana, Principal, and Professor.
PhD candidate from San Pablo CEU University of rank following OECD
German Quintero Rojas  BSc in Chemical Engineer and MSc in Public Health from
Board Member Madrid recommendations
Universidad Nacional de Colombia,
Hernando Ramírez Plazas
 Former Chairman of Avianca, Alianza Summa Independent Board Member  New corporate governance
(Avianca-Aces-Sam) and Aces S.A. model underpins the
 Former General Director of the National Planning
 Currently serves as Executive Chairman of Táximo
Ltd., President of Direktio S.A.S., and board member
Department, Advisor for the President, Senior Specialist execution of the business
for the Inter-American Development Bank, among others plan
of Grupo Odinsa S.A., among other corporates
 President of the Cali Chamber of Commerce and board
Juan E. Posada  B.A. in Management from EAFIT University in
member of Cementos Argos, among other corporates
Echeverri Independent Medellín, with an MBA from Pace University in New Esteban Piedrahita Uribe
York  BSc in Economics from Harvard University
Board Member Independent Board Member 10
 Upstream

Photo: Rubiales Field 11

Progress in the incorporation of resources
MATURITY OF DISCOVERIES EXPLORATORY ACTIVITY 1Q20

Andina Flamencos Bullerengue Arrecife Esox

Norte
Under Production In production Planned In production
commercial testing and testing and production testing 2020
OBIWAN-1
study appraisal appraisal plan testing and and appraisal
plans 2020 appraisal plan AGUAS BLANCAS 24 GATO DO MATO-4****
2020 2020 2021-2022
NAFTA-1

2019 2020 2021+ LIRIA YW-12

ANTILLAS-1***

LORITO A1
OLINI OESTE-1
Cosecha Jaspe Andina Boranda Drilling**(5)

Commerciality Drilled (4)

Commercially Commercially Testing 2020
viable and viable and requested to the and appraisal LORITO ESTE-1 Under evaluation (1)

transferred to transferred to ANH* plan Dry(1)

production production 2021
Temporarily suspended (2)

• Production in extensive tests 1Q20: 347 mboe (3,810 boed)

• Planned drilling of Saturno-1well in 2020 (Santos basin - Brazil) **Drilling suspended because of COVID-19
*** Well operated at risk-only by Perenco
• Implementation of "Digital Petrotechnical" project ****Began drilling in Q1 20. Pending completion of entry procedures for
* National Hydrocarbon Agency
ECP in the project 12
Focus on profitable production
5 4 1 5 735 ~5
730 ~27
~8
mboed

~14
~1-21 660 - 680

Q4 19
4Q19 Operative Field reversion Acquisitions 2019 Security events Q1 20
1Q20 Lower activity Profitability criteria Reduced Other (operating, Natural gas Estimated
2Q20
performance COVID-19 Capex/ non security events) demand* Q2 20
Estimated
operated

Efficiency of Fields

Production Breakeven < 30 US$/Bl

MEASURES
Breakeven (US$/Bl)

Price/Bl
Review of transportation schemes

Cost efficiency

Aggregated volume of crude oil (%) Reallocation of crude to refineries

* Gas demand depending on the resumption of the economic activity in Colombia 13

Gas continues as strategic priority

~ 10% Upstream Income Lower self-consumption: due to lower

$ Demand contracted at fixed prices

throughput in refineries and closing of
fields
Force Majeure

Demand Protection: sector measures to

5.4%

mboed
Q1 mitigate impact on customers Current
Results Vol. 131 138 Materialize Upsides: commercial strategy
to meet thermal power sector demand with Challenges
surpluses
1Q
1Q 2019
19 1Q
1Q2020
20

Strategic progress in gas agenda

Portfolio Integrated vision Investments

Hocol receives from Chevron Chuchupa Operational continuity assured in Invercolsa´s Gas investment plan is maintained
and Ballena fields in La Guajira integration process

31
14 mboed

Total production potential

The energy of the transition 14

Unconventional potential in the Middle Magdalena
Ecopetrol prepares for PPIR
Middle
150 km 2019 2020 2021 2022
Magdalena
Valley (MMV) State Council Regulatory Preparation, planning and execution of
Clarification Framework PPIR
MME

Unconventional
Colombia
Unconventional MMV Basin 7 - 12 bboe
50 km Potential 4 - 7.4 bboe 8 - 100 TCF

All horizons
1.1 - 1.3 bboe
Anchor Play
0.4 - 0.5 bboe

Prospective Area Ecopetrol´s Area Production in the MMV basin could be

1.3 m acres ~730 k acres estimated at ~ 330 mboed in 2030

15
 Midstream

Photo: Oleoducto de Los Llanos 16

 Stability and flexibility amid a challenging environment
Transported volumes (mbd) Revenue (COP Tn) EBITDA (COP Tn)

1,137 1,136
1,071 1,068 3.18 2.57 2.49
3.05
260 263 2.73 2.19
266 272 2.50 1.94

805 796 877 873

78% 80% 84% 78%

1Q 17 1Q 18 1Q 19 1Q 20 1Q 17 1Q 18 1Q 19 1Q 20 1Q 17 1Q 18 1Q 19 1Q 20
Products Crude EBITDA margin

2020 Milestones

Growth Opportunities
Refined Products

47% Support demand Protect market share and

growth increase reliability
through strategic
investments

Strategic storage in the 47% share of Relief measures agreed

transport network supports the Group ’s EBITDA upon provide liquidity Maximize synergies
continuity of E&P operations in 1Q 20 to oil producers between segment companies
Figures calculated with the average exchange rate of each quarter. 17
 Downstream

Photo: Reficar 18
Adapting operations to demand
Sales Volume (MBD) Throughput (MBD)
Barrancabermeja Cartagena
Gasoline Diesel Jet
1Q 20
-21% -44%
-23% 350 345 367 365
138 161 165 34 35 305
116 131
90 195 199 219 215
20 165
154 146 149 150 140
Jan 20 Feb 20 Mar 20 Jan 20 Feb 20 Mar 20 Jan 20 Feb 20 Mar 20 1Q 19 1Q 20 Jan 20 Feb 20 Mar 20

Gross Refining Margin Growth Opportunities

11.5 Barrancabermeja Cartagena

10.5 11.0 10.3 10.0 10.6 9.9 Increase of Asset optimization and
(US$/Bl)

8.4 8.9 conversion capacity higher value of gasoline

6.6 components

Maximize synergies
1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 between refineries
Barrancabermeja Cartagena
19
 CONFIDENTIAL INFORMATION
Resultados
Financials
Excepcionales

20
1Q20 KPI´s reflect changing market conditions
Gross EBITDA 1Q 20
EBITDA Margin (%)
Debt/EBITDA* COP 5.3 Tn
34.9% 1.6x % by segment
E&P
45.4 46.1 1.6 6.4% 5.3% 3.0% 5.4%
43.9 Midstream
34.9 1.2 1.2 1.2 28.3% 32.2% 34.9%
47.3% Downstream

65.3% 62.5% 62.1%

47.3%

2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 2018 2019 Q1 19 Q1

1Q 1Q 20

EBITDA*/Bl Net Income

ROACE (%)*
Break Even**
12.2% 22.2 US$/Bl
39.6
39.7 US$/Bl
14.3 14.1 35.8 35.8
13.1 12.2
37.4 39.7
22.2 29.9 33.6

2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20

*Last 12 months
** Without impairments effect. 21
Robust cash position to face volatility
Cashflow
COP Tn
2.6 3.5
12.1
0.6 1.5 11.7
0.4

Cash balance 2019* Cash flow from Capex Debt Dividends Other** Cash balance Q1 20*
operations
Ecopetrol Ocensa ODL Bicentenario Invercolsa Financing
Nuevo Endeudamiento
Maturity profile
11.9
COP Tn
2.7
6.8 8.2 8.1
6.0 -
-
5.1 -
3.7
1.5 8.1
2.1 -
1.6 1.7
0.2 0.4 0.1 0.1 0.3
- - - - -
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2040 2043 2045

*Includes: Cash and Cash Equivalents and Other Current and Non-Current Financial Assets. ** Includes variation between periods of Other Current and Non-Current Financial Assets 22
 Continued focus on cost efficiency
Lifting Cost Refining Cash Cost

8.7 8.6 8.2 5.0

7.7 7.1 - 7.8 4.8 4.8 4.5
US$/Bl

US$/Bl
2017 2018 2019 1Q20 2020 (e) 2017 2018 2019 1Q20

Efficiencies in operational processes (Energy, Subsurface and Operational efficiencies and capture of synergies between both
Dilution) and entry of new production facilities refineries

Transported Barrel Cost Total Cost*

3.3 3.3 3.3 36.9 35.4

34.8
2.9 30.8

US$/Bl
US$/Bl

19.0 – 22.0

2017 2018 2019 1Q20 2017 2018 2019 1Q20 2020 (e)

Following the premises of the business transformation plan and

Costs and expenses optimization
OPEX cuts

* Includes: Cost of Transport, Operational Expenses, Operational Costs. Calculated over Barrels Sold. 23
Short-term financial framework
@ 30 - 40 US$/Bl

CASH PROTECTION CAPITAL DISCIPLINE RESILIENCE / FLEXIBILITY

Sustainable Production CAPEX Cash Flow

@ <US$ 30 /Bl US$ 2.5 – 3.0 Bn Breakeven
Previous US$ 4.5 - 5.5 Bn ~US$ 26 /Bl
OPEX Optimizations Net Income
Staggered Sanction Breakeven
COP 3.5 - 4.5 Tn
Price
<US$ 30 /Bl
US$ 37 /Bl
Debt
Average 2020 - 2022
+US$ 3.1 Bn
US$ 50 /Bl
2023+
Dividends Payable 2H 2020
COP 5.5 Tn
24
2020 Perspectives
@ 30 – 40 US$/Bl

Our priorities:
2Q 2020 (e) 2020 (e)
Commitment to life

Production
660 - 680 664 - 710 Adapting to a new reality
(mboed)

Transported Cash protection and capital

800 - 1,000 850 - 1,100
Volume (mbd) discipline

Crude Differential
- 9.0 / - 13.0 - 9.0 / - 11.0 Strategic imperatives remain
(US$/Bl)

Throughput (mbd) 215 - 240 285 - 320

Social & De-carbonization Innovation and

Environmental 1.8- 2.0 MtCO2e Technology
COP 300 Bn by 2022 US$92 Mn
in 2020 in 2020

25
 Head of Capital Markets: Juan Pablo Crane
juan.crane@ecopetrol.com.co

Investor Relations Officer: Lina María Contreras

lina.contreras@ecopetrol.com.co

Investor Relations Team: Adriana Baptiste

Investor adriana.baptiste@ecopetrol.com.co

Investor
Relations Luisa Marcella Mosquera
luisa.mosquera@ecopetrol.com.co

relations contact
team Vanessa Toro
vanessa.toro@ecopetrol.com.co

information Claudia Trujillo

claudia.trujillo@ecopetrol.com.co

María Alejandra Vélez

mariaal.velez@ecopetrol.com.co

Email: investors@ecopetrol.com.co

26
27
Definitions
Acronym Definition
bboe Billion barrels of oil equivalent
Bl Barrel
boed Barrels of oil equivalent per day
CAGR Compound Annual Growth Rate
CEOR Chemical Enhanced Oil Recovery
CFFO Cash Flow From Operations
EOR Enhanced Oil Recovery
ESG Environmental, Social and Governance
Gbtud Giga BTU per day
GHG Greenhouse Gas
HCIIP Hydrocarbons Initially In Place
JV Joint Venture
KtCO2e Thousand Metric Tons of Carbon Dioxide equivalent
mbd Thousand barrels per day
mboe Thousand barrels of oil equivalent
mboed Thousand barrels of oil equivalent per day
Mbtu Million BTU
Mmboe Million barrels of oil equivalent
mm3 Million Cubic Meters
MtCO2e Million Metric Tons of Carbon Dioxide equivalent
MW Megawatts
NFE Near Field Exploration
PPIR Pilot Projects for Integral Research
PPM Parts Per Million
ROACE Return on Average Capital Employed
RRR Reserves Replacement Ratio
SOGI Sexual Orientation and Gender Identity
TCF Trillion Cubic Feet
TRIF Total Recordable Case Frequency
US$ B Billion dollars
US$ M Million dollars

28