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Consolidated statement of cash flows - COP ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flow in operating activities:      
Net profit for the period $ 35,199,480 $ 17,630,554 $ 2,737,853
Adjustments to reconcile the net profit to net cash provided by operating activities:      
Income tax expense 18,963,938 8,795,263 2,038,661
Depreciation, depletion, and amortization 12,128,991 10,159,922 9,324,538
Loss (gain) foreign exchange, net 124,650 31,726 (346,774)
Realization of other comprehensive income from the sale of a joint venture 0 (361,728) 0
Finance cost of loans and borrowings 5,517,417 3,095,224 2,384,342
Finance cost of post-employment benefits and abandonment costs 2,003,687 1,043,728 872,987
Write off of exploratory assets and dry wells 1,032,164 486,408 448,132
Loss on disposal of non-current assets 379,985 61,846 246,317
Gain on revaluation of assets in Guajira association [1] 0 0 (1,284,372)
Gain on acquisition of participations and interests [1] 0 0 (86,026)
Gain on loss of control [2] 0 0 (65,695)
Impairment loss of current assets 101,871 83,773 34,416
Impairment loss of non-current assets 287,999 33,351 633,156
Gain on fair value adjustment of financial assets (77,082) (7,431) (43,948)
Loss on hedging transactions with derivatives (553) 19,485 0
Share of profit of associates and joint ventures (768,422) (426,164) (76,336)
Net gain on the sale of assets held for sale (279,635) (3,840) (5,635)
Hedge ineffectiveness 6,625 24,496 9,779
Realized loss on foreign exchange cash flow hedges 1,143,287 249,978 193,374
Movements in provisions 715,831 714,839 412,609
Net change in operational assets and liabilities:      
Trade and other receivables (28,471,881) (9,457,451) 678,349
Inventories (2,831,729) (2,980,134) 716,077
Trade and other payables 3,690,068 3,117,982 (2,550,411)
Tax assets and liabilities (3,100,744) (2,448,882) (1,256,889)
Provisions for employee benefits (355,645) (222,356) 465,062
Provisions and contingencies (1,004,167) (878,576) (442,794)
Other assets and liabilities 589,729 (523,090) (392,843)
Cash flow in operating activities 44,995,864 28,238,923 14,643,929
Income tax paid (8,761,294) (5,702,902) (5,457,225)
Net cash provided by operating activities 36,234,570 22,536,021 9,186,704
Cash flow in investing activities:      
Investment in joint ventures (329,377) (44,735) 0
Acquisition of subsidiaries, net of acquired cash 0 (8,951,587) 0
Investment in property, plant, and equipment (8,767,716) (6,117,588) (5,032,317)
Investment in natural and environmental resources (11,962,544) (6,733,028) (5,994,462)
Acquisitions of intangibles (1,147,510) (444,346) (90,082)
Proceeds from sales of other financial assets 1,301,394 1,282,903 2,107,856
Interests received 965,952 266,116 299,246
Dividends received 1,471,134 206,048 157,241
Proceeds from sales of non-current assets 373,634 17,986 23,713
Net cash used in investment activities (18,095,033) (20,518,231) (8,528,805)
Cash flow in financing activities:      
Proceeds from borrowings 16,844,029 24,666,792 13,805,403
Repayment of borrowings (16,409,494) (11,267,540) (5,003,885)
Interest payments (5,492,251) (3,333,555) (2,345,683)
Lease payments (434,555) (336,030) (350,539)
Payment of restitution of equity to minority shareholders (84,824) 0 0
Dividends paid (13,356,947) (2,771,287) (8,734,351)
Net cash (used) provided in financing activities (18,934,042) 6,958,380 (2,629,055)
Exchange difference in cash and cash equivalents 1,645,657 491,428 (22,294)
Net increase (decrease) in cash and cash equivalents 851,152 9,467,598 (1,993,450)
Cash and cash equivalents at the beginning of the year 14,549,906 5,082,308 7,075,758
Cash and cash equivalent at the end of the year $ 15,401,058 $ 14,549,906 $ 5,082,308
[1] Results in the acquisition of Guajira in 2020: Ecopetrol S.A. $1,284,372 and Hocol $86,026. For Ecopetrol S.A. it corresponds to the revaluation of the assets that it already had in the Guajira association and for Hocol it corresponds to the Bargain obtained from the acquisition of the 43% stake.
[2] Recognition in 2020 of the disposal of net assets due to the loss of control due to the opening of the judicial liquidation process of Bioenergy S.A.S. and Bioenergy Zona Franca S.A.S. $65,570 and liquidation process of ECP Oil and Gas Germany GmbH COP$125.