Obligation Ecopetrol 6.875% ( US279158AN94 ) en USD

Ecopetrol

96.46 % ▼

Colombie

US279158AN94 ( en USD )

6.875% par an ( paiement semestriel )

28/04/2030

Prospectus brochure de l'obligation Ecopetrol US279158AN94 en USD 6.875%, échéance 28/04/2030

1 000 USD

2 000 000 000 USD

279158AN9

BB+ ( Spéculatif )

Baa3 ( Qualité moyenne inférieure )

29/10/2024 ( Dans 163 jours )

L'Obligation émise par Ecopetrol ( Colombie ) , en USD, avec le code ISIN US279158AN94, paye un coupon de 6.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/04/2030

L'Obligation émise par Ecopetrol ( Colombie ) , en USD, avec le code ISIN US279158AN94, a été notée Baa3 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par Ecopetrol ( Colombie ) , en USD, avec le code ISIN US279158AN94, a été notée BB+ ( Spéculatif ) par l'agence de notation Standard & Poor's ( S&P ).

424B2 1 tm2016944-1_424b2.htm 424B2
CALCULATION OF REGISTRATION FEE

Proposed Maximum Proposed Maximum
Amount of
Title of Each Class of Securities to be
Amount to be
Offering Price
Aggregate Offering
Registration
Registered
Registered(1)
Per Unit(1)
Price(1)
Fee(1)
6.875% Notes due 2030
U.S.$2,000,000,000
99.112%
U.S.$1,982,240,000
U.S.$257,294.75

________________
(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended. The total registration fee due for this
offering is U.S.$257,294.75.

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225381

PROSPECTUS SUPPLEMENT
(To prospectus dated June 1, 2018)

ECOPETROL S.A.

US$2,000,000,000 6.875% Notes due 2030

The 6.875% notes due 2030 (the "notes") will constitute our general senior, unsecured and unsubordinated obligations and will rank pari
passu, without any preferences among themselves, with all of our other present and future senior, unsecured and unsubordinated obligations that
constitute our External Indebtedness (as defined in the accompanying prospectus). Although we are 88.49% owned by the Republic of Colombia,
or the "Nation", the Nation is not liable for our obligations under the notes. The notes will be issued only in registered form in minimum
denominations of US$1,000 and integral multiples of US$1,000 in excess thereof.

The notes will mature on April 29, 2030 and will bear interest at the rate of 6.875% per annum. Interest on the notes will be payable on
April 29 and October 29 of each year, beginning on October 29, 2020. We may redeem any of the notes, in whole or in part, at any time or from
time to time prior to their maturity, at the redemption prices set forth in "Description of the Notes--Optional Redemption". Upon the occurrence
of a change of control repurchase event as set forth in "Description of the Notes--Certain Covenants--Repurchase of Notes upon a Change of
Control Repurchase Event", we will be required to offer to repurchase the notes from holders at the repurchase price described herein.

We intend to apply to have the notes approved for listing on the New York Stock Exchange, or the "NYSE".

Investing in the notes involves risks. See the "Risk Factors" sections of our Annual Report on Form 20-F for the fiscal year ended
December 31, 2019 (our "2019 Annual Report"), filed on April 1, 2020 with the Securities and Exchange Commission (the "SEC"), and
beginning on page S-7 of this prospectus supplement.

Per Note
Total
Initial price to the public(1) :
99.112%
US$1,982,240,000
Underwriting discount:
0.21%
US$4,200,000
Proceeds, before expenses, to Ecopetrol:
98.902%
US$1,978,040,000
____________
(1)
Plus accrued interest, if any, from April 29, 2020, if settlement occurs after that date.

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Neither the SEC nor any state securities commission has approved or disapproved of the notes or determined if this prospectus supplement
or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The notes will not be authorized by the Colombian Superintendency of Finance (Superintendencia Financiera de Colombia) and will not
be registered under the Colombian National Registry of Securities and Issuers (Registro Nacional de Valores y Emisores) or the Colombia Stock
Exchange (Bolsa de Valores de Colombia), and, accordingly, the notes will not be offered or sold to persons in Colombia except in circumstances
which do not result in a public offering under Colombian law and in compliance with Part 4 of Decree 2555 of 2010.

The underwriters expect that the notes will be ready for delivery only in book-entry form through the facilities of The Depository Trust
Company for the accounts of its participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking,
société anonyme, against payment in New York, New York on or about April 29, 2020.

Joint Book-Running Managers

Goldman Sachs & Co. LLC
J.P. Morgan
Scotiabank

The date of this prospectus supplement is April 24, 2020.

TABLE OF CONTENTS

Prospectus Supplement

Page
ABOUT THIS PROSPECTUS SUPPLEMENT
S-ii
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
S-iii
SUMMARY
S-1
THE OFFERING
S-5
RISK FACTORS
S-7
USE OF PROCEEDS
S-11
EXCHANGE RATES AND CONTROLS
S-12
CAPITALIZATION
S-13
DESCRIPTION OF THE NOTES
S-15
TAXATION
S-29
UNDERWRITING
S-33
ENFORCEMENT OF CIVIL LIABILITIES
S-39
WHERE YOU CAN FIND MORE INFORMATION
S-41
INCORPORATION BY REFERENCE
S-41
LEGAL MATTERS
S-42
EXPERTS
S-42

Prospectus

Page
ABOUT THIS PROSPECTUS
ii
WHERE YOU CAN FIND MORE INFORMATION
iii
FORWARD-LOOKING STATEMENTS
iv
THE COMPANY
1
RISK FACTORS
2
RATIO OF EARNINGS TO FIXED CHARGES
3
OFFER STATISTICS AND EXPECTED TIMETABLE
4
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CAPITALIZATION AND INDEBTEDNESS
5
REASONS FOR THE OFFER AND USE OF PROCEEDS
7
INTERESTS OF EXPERTS AND COUNSEL
8
THE OFFER AND LISTING
9
ADDITIONAL INFORMATION
12
DESCRIPTION OF THE SECURITIES
14
LEGAL MATTERS
43
EXPERTS
43
DOCUMENTS ON DISPLAY
43

S-i

ABOUT THIS PROSPECTUS SUPPLEMENT

This document is in two parts. The first is this prospectus supplement, which describes the specific terms of this offering. The second
part, the accompanying prospectus, gives more general information, some of which may not apply to this offering. This prospectus supplement also
adds to, updates and changes information contained in the accompanying prospectus. If the description of the offering varies between this
prospectus supplement and the accompanying prospectus, you should rely on the information in this prospectus supplement. The accompanying
prospectus is part of a shelf registration statement that we filed with the SEC on June 1, 2018. Under the shelf registration process, from time to
time, we may offer and sell debt securities, guaranteed debt securities, ordinary shares or preferred shares, or any combination thereof, in one or
more offerings.

In this prospectus supplement we use the terms "Ecopetrol," "we," "us," and "our" and similar words to refer to Ecopetrol S.A., a
Colombian mixed economy company, and its consolidated subsidiaries, unless the context requires otherwise. References to "securities" include
any security that we might offer under this prospectus supplement and the accompanying prospectus. References to "US$", "$" and "dollars" are to
United States dollars. References to "COP$" and "pesos" are to Colombian pesos.

We have not authorized anyone to provide any information or to make any representation other than those contained or incorporated by
reference in this prospectus supplement, the accompanying prospectus or in any free writing prospectus that we have prepared. We take no
responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are not making an offer
of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in this prospectus
supplement, the accompanying prospectus, the documents incorporated by reference herein or in any free writing prospectus is accurate as of any
date other than the respective dates of such documents. Our business, financial condition, results of operations and prospects may have changed
since such dates.

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD
NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EUROPEAN ECONOMIC
AREA (THE "EEA"). FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A
RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU AS AMENDED ("MIFID II"); (II) A
CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2016/97/EU (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT
QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A
QUALIFIED INVESTOR AS DEFINED IN REGULATION 2017/1129 (EU) (AS AMENDED OR SUPERSEDED, THE "PROSPECTUS
REGULATION"). CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014
(AS AMENDED, THE "PRIIPS REGULATION") FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM
AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE
NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL
UNDER THE PRIIPS REGULATION. THIS PROSPECTUS SUPPLEMENT HAS BEEN PREPARED ON THE BASIS THAT ANY
OFFER OF NOTES IN ANY MEMBER STATE OF THE EEA WILL BE MADE PURSUANT TO AN EXEMPTION UNDER THE
PROSPECTUS REGULATION FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR OFFERS OF NOTES. THIS
PROSPECTUS SUPPLEMENT IS NOT A PROSPECTUS FOR THE PURPOSES OF THE PROSPECTUS REGULATION.

Some of the market and industry data contained or incorporated by reference in this prospectus supplement are based on independent
industry publications or other publicly available information, while other information is based on internal studies. Although we believe that these
independent sources and our internal data are reliable as of their respective dates, the information contained in them has not been independently
verified. As a result, you should be aware that the market and industry data contained in this prospectus supplement, and beliefs and estimates
based on such data, may not be reliable.

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S-ii

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein contain both
historical and forward-looking statements. All statements that are not based on historical fact are, or may be deemed to be, forward-looking
statements. Forward-looking statements are not guarantees of future performance and reflect our current expectations concerning future results,
events, objectives, plans and goals and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may
cause our actual results, performance or achievements to differ. These risks, uncertainties and other factors include, among others: changes in
international crude oil and natural gas prices; the results of drilling and exploration activities; future production rates; import and export activities;
liquidity, cash flow and uses of cash flow; projected capital expenditures; dates by which certain areas will be developed or will come on-stream;
allocation of capital expenditures to exploration and production activities; competition; limitations on our access to sources of financing; significant
political, economic and social developments in Colombia and other countries where we do business; military operations, terrorist acts, wars or
embargoes; regulatory developments, including regulations related to climate change; natural disasters; pandemics and other health events,
technical difficulties; the impact of any accidents occurring in our facilities or transportation network; the effect of lawsuits, regulatory
examinations and investigations and other legal proceedings on our financial condition, results of operations or cash flows; and other factors
described in our news releases and filings with the SEC, including our 2019 Annual Report and in the section entitled "Risk Factors" beginning on
page S-7 of this prospectus supplement. The forward-looking statements included or incorporated by reference in this prospectus supplement and
the accompanying prospectus are made only as of the dates of the respective documents, and we do not have any obligation to publicly update any
forward-looking statements to reflect subsequent events or circumstances.

S-iii

SUMMARY

This section summarizes key information contained elsewhere, or incorporated by reference, in this prospectus supplement and the
accompanying prospectus and is qualified in its entirety by the more detailed information and financial statements included elsewhere, or
incorporated by reference, in this prospectus supplement and the accompanying prospectus. You should carefully review the entire
prospectus supplement, including the risk factors, the financial statements and the notes related thereto and the other documents
incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision.
Summaries in this prospectus supplement and the accompanying prospectus of certain documents that are filed as exhibits to the
registration statement of which this prospectus supplement is a part are qualified in their entirety by reference to such documents.

Overview

We are the only vertically-integrated crude oil and natural gas company and the largest company in Colombia as measured by
revenue, profit, assets and shareholders' equity. For the years ended December 31, 2017, 2018 and 2019, we had total revenue of COP$56.0
trillion, COP$68.6 trillion and COP$71.5 trillion, operating income of COP$16.2 trillion, COP$22.5 trillion and COP$21.0 trillion, and net
income attributable to our shareholders of COP$7.2 trillion, COP$11.4 trillion and COP$13.7 trillion, respectively. We are engaged in a
broad range of oil and gas related activities, which cover the following areas of our operations:

·
Exploration and Production--encompasses crude oil and natural gas exploration and production and natural gas transportation
activities. It also includes purchase of crude oil and gas from Agencia Nacional de Hidrocarburos and other third parties for
resale. At December 31, 2019, we were the largest participant in the Colombian hydrocarbons industry with approximately
62% of crude oil production and approximately 62% of natural gas production (in each case according to calculations made by
Ecopetrol based on information from the Ministry of Mines and Energy of Colombia).

·
Refining and Petrochemicals--encompasses oil refining and producing a full range of refined products including gasoline,
diesel, jet fuel, liquefied petroleum gas and heavy fuel oils, among others, which are sold inter-company and to third parties
locally and abroad. Additionally, this segment includes investments in four domestic petrochemical companies that produce
aromatics, cyclohexane, paraffin waxes, lube base oils, solvents and other petrochemical products.

·
Transportation--encompasses the transportation of crude oil and refined products, excluding natural gas. Our subsidiary,
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Cenit, directly owns 45% of the total crude oil pipeline shipping capacity in Colombia. When aggregated with the crude oil
pipelines in which Cenit owns a controlling interest, Cenit owns, directly or indirectly, 82% of the oil pipeline shipping
capacity in Colombia.

History

We were formed in 1951 by the Colombian government as Empresa Colombiana de Petróleos and began operating the crude oil
fields at La Cira-Infantas, the oldest Colombian oil field, where production started in 1918, and the pipeline that connected that field with
the Barrancabermeja refinery and the port of Cartagena. In 1961, we assumed the direct operation of the Barrancabermeja refinery and
continued its transformation into an industrial complex. In 1974, we acquired the Cartagena refinery, which had been in operation since
1957. Pursuant to Decree 0062 of 1970, we were transformed into a governmental, industrial and commercial company.

In 2003 pursuant to Decree Law 1760, the Agencia Nacional de Hidrocarburos - National Hydrocarbons Agency (the ANH) was
created and our public role as administrator and regulator of the national hydrocarbons resources was transferred to the ANH. Our organic
structure was modified and we became Ecopetrol S.A., a public stock-holding corporation, one hundred percent state-owned, and continued
the development of exploration and production activities in a competitive basis with autonomy over our business decisions. Since 2006,
according to Law 1118, we have been evolving from a wholly state-owned entity to a mixed-economy company with private capital. This
process has resulted in a substantial change in the legal framework to which we are subject and in the nature of our relationship with the
Nation, as our controlling shareholder. As of March 23, 2018, pursuant to our amended bylaws, our duration as a company is 100 years.

Our address is Carrera 13 No. 36-24 Bogota, Colombia and our telephone number is +571 234 4000. Our website is
www.ecopetrol.com.co. Information included on or accessible through our website does not constitute a part of this prospectus supplement or
the accompanying prospectus.

S-1

Our Strategic Plan

Ecopetrol and its subsidiaries' (the "Ecopetrol Group") 2020 - 2022 Business Plan (the "Plan") is aligned with the strategic
priorities of achieving profitable and sustainable growth, having strict capital discipline and cash flow protection, taking into consideration
the challenges posed by energy transition, climate change, respect for the environment and biodiversity, the protection and responsible use of
water, and the inclusion of an innovation and technology component, leveraging the integrated value generation for the Ecopetrol Group.

The Plan includes investments between US$13 and US$17 billion, most of which will be invested in Colombia, aimed at
continuing towards reserves and production growth, the search and development of investment opportunities to leverage portfolio
diversification, and ensuring the continuity of the operations. Furthermore, the Plan provides for increased operational sustainability with
specific goals of decarbonization, increased use of renewable energy and digital transformation. The Plan is based on a Brent price of
US$57/Bl.

Investments in growth (58%) are focused on continuing the profitable development of existing assets and addressing the transition
to gas. Investments in operational continuity (26%) are aimed at preserving the value of the assets and providing reliability and integrity to
the operation, and the remaining (16%) of investments will boost innovation and technology and decarbonization goals.

Some of the most relevant operational goals of the Plan are expected to: (i) reach organic production levels of between 745 - 800
thousand barrels of oil equivalent per day, (ii) maintain the replacement rate of organic reserves above 100%, without price effect, (iii)
realize throughput between 370 - 420 thousand barrels per day for the integrated refining system, (iv) achieve between 1.10 - 1.25 million
barrels per day of volumes transported, in line with the expected country's production and demand for liquid fuels, (v) reduce emissions
between 1.8 and 2.0 million metric tons of carbon dioxide equivalent (MmtCO2e) in 2020 and (vi) install approximately 300 Megawatts of
renewable energy sources.

Upstream

The Plan allocates 83% of total investments to the upstream segment, prioritizing the development of the Ecopetrol Group's
position in strategic assets such as the Piedemonte and Rubiales fields as well as others in the Middle Magdalena Valley and key regions
such as Brazil and the Permian Basin. Furthermore, the maturation and development of improved recovery activities will continue. The Plan
allocates 72% of upstream investments on projects in Colombia while the remainder will be invested in further developing the Ecopetrol
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Group's international operations.

In terms of exploration, the Plan provides for drilling more than 30 exploratory wells located in the most relevant basins, focused
mostly in Colombia and implementing an important seismic survey program. Additionally, the Ecopetrol Group expects to continue with the
evaluation and development of the offshore gas discoveries made in the Colombian Caribbean through investments totaling US$200 million.

In relation to unconventional reservoirs, the maturation of the initiatives associated with the Comprehensive Research Pilot Project
(Proyectos Piloto de Investigación Integral or PPII as per its Spanish acronym) in the Middle Magdalena Valley Basin will continue, and
development activities in the Permian Basin in Texas increase.

Downstream

The Plan allocates 11% of investments to the downstream segment, focusing on the use and optimization of the current
infrastructure. To this end, we plan to conduct major maintenance and technological updates at the Cartagena and Barrancabermeja
refineries as well as implement the Cartagena refinery interconnection project. We also plan to expand the Esenttia plant by 70 thousand tons
of polypropylene per year. A gross refining margin of between US$10 - US$15 per barrel is expected, with periods of significant volatility.

In an effort to move forward with the production of cleaner fuels for the country, the investments made during the 2020 - 2022
period will consolidate the quality of domestic diesel to be between 10 to 15 ppm of sulphur and reduce the sulphur in gasoline to a
maximum of 50 ppm. Moreover, we anticipate initiating a project designed to reach levels of below 10 ppm in both fuels in the medium
term. We already report this quality level for domestic diesel, including the diesel used by mass transport systems such as Transmilenio in
Bogotá.

S-2

Midstream

The Plan includes allocating 5% of investments to this segment, focused on improving efficiency and synergies in the
transportation system as well as capturing investment opportunities in multi-purpose pipelines associated with the increase in domestic fuel
demand. To this end, we foresee investments totaling US$300 million. This segment is expected to continue to be an important cash
generator.

Technology and Innovation

In terms of technology, our efforts will focus on realizing the feasibility of enhanced oil recovery and unconventional hydrocarbons
projects in an effective, environmentally and socially sustainable manner, increasing flexibility and logistical efficiency for the
transportation of heavy crudes and increasing energy efficiency, among others. Additionally, we plan to complete the ten key projects on our
digital agenda that seek to maximize production, improve the commercialization and refining margin, and digitize financial management.

Emission reduction and water management

In line with the Ecopetrol Group's objectives of reducing the carbon emissions associated with its operations, as well as reducing
the vulnerability of its operation and infrastructure to climate change, the Plan allocates between US$320 and US$430 million for
investments in projects that help reduce carbon emissions between 200 and 400 kilotons of carbon dioxide equivalents (KtCO2e), in order to
reach an annual reduction of between 1.8 and 2.0 million of tons of carbon dioxide equivalents (MtCO2e) in 2022.

In order to enhance integrated water management, wastewater reuse, water security and water governance, the Plan allocates
investments of between US$100 and US$150 million in wastewater treatment and final water disposal wells and to provide potable water
and sanitation to 900,000 people in 32 prioritized municipalities.

Social and Environmental Investment

The Plan expects to allocate between US$350 and US$400 million in funds to our socio-environmental program, designed to help
close socioeconomic gaps in Colombia and boost sustainable community development and wellbeing. The priority areas for the socio-
environmental investment program are public and community infrastructure, public services, education, sports and health, rural development
and business entrepreneurship.
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The Plan seeks to maintain leveraging metrics in line with our investment grade rating and competitive vis-à-vis industry peers.

The Plan emphasizes our commitment to a safe and sustainable operation, while protecting the environment and the communities in
the areas where we operate, and ensuring the satisfaction of our employees, conditions that will help create shared prosperity and
constructive dialogue with all our stakeholders.

Our long term growth prospects may depend on our ability to successfully implement and achieve the goals of our new strategy.
See "Risk Factors--Risks Related to Our Business--Achieving our long-term growth depends on our ability to execute our strategic plan
specifically, the discovery and/or successful development of additional reserves" of our 2019 Annual Report.

S-3

2020 Investment Plan

Consistent with the Plan, in November 2019, our Board of Directors approved between US$4.5 and US$5.5 billion for the 2020
investment plan at US$57/Bl Brent. The Ecopetrol Group plans to produce between 745 and 760 thousand barrels of oil equivalent per day
during 2020. We expect to allocate 78% percent of these investments to projects in Colombia and the remainder to positioning and
developing the Ecopetrol Group's operations in the United States, Mexico and Brazil.

However, on March 16, 2020, we announced a set of actions to address current challenging market conditions, which have resulted,
among other matters, in a significant decline in the Brent crude price as compared to the end of 2019 (a 52% decline as of April 10, 2020),
due to external shocks including the strong increase in the supply of oil and the spread of the novel strain of coronavirus infection ("COVID-
19"). These measures are part of an intervention plan that aims for us to timely and orderly adapt to changing market conditions.

The first stage of this plan includes the following actions:

i.
Effective immediately, a COP$2 trillion cutback in costs and expenses to strengthen our competitiveness, including austerity
measures, prioritization of operational and administrative activities, and control over operational expenses, such as travel
restrictions, sponsorships and involvement in events, among others.

ii.
Implementation of new commercial strategies to maximize the value of the crudes and products sold by the Ecopetrol Group.

iii. A US$1.2 billion decrease in the 2020 investment plan so that the new range of the investment plan is now US$3.3 - 4.3 billion.
The measures adopted aim to intervene in investment opportunities in the early stages, seeking to preserve production and cash
flow and maintain the integrity and reliability of investments, including social investment commitments already made.

iv. Regarding the Earnings Distribution Proposal reported to the market on March 2, 2020 the Board of Directors proposed a new
payment scheme consisting of the following: a first payment of 100% of the dividend to minority shareholders and 14% of the
dividend to the majority shareholder, to be made on April 23, 2020, and the payment of the remaining 86% of the dividend to the
majority shareholder to be disbursed during the second half of 2020.

The Ecopetrol Group plans to produce between 745 and 760 thousand barrels of oil equivalent per day during 2020, subject to
market conditions and the evolution of the current COVID-19 situation.

We will continue to monitor market developments to determine the need to launch subsequent stages of the intervention plan,
seeking to optimize the balance between decisive responses under current market conditions and preservation of our long-term value.

See "Strategy and Market Overview--Our Corporate Strategy--2020 Investment Plan" in the 2019 Annual Report for further
information on the 2020 Investment Plan.

Environmental, Social and Governance (ESG) Strategies and Initiatives

Ecopetrol has historically complied with applicable regulation on environmental, social and corporate governance subjects and the
Ecopetrol Group is committed to a sustainable development agenda. In 2019, in recognition of the new global corporate tendencies and the
focus on Environmental, Social and Governance (ESG) issues by the market, we decided to implement standards and recommendations of
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sustainability in order to achieve higher transparency in our disclosure of financially material ESG information. In this respect, we plan to
work with our stakeholder groups to fulfill five of the United Nations Sustainable Development Goals (SDGs). During 2019, our
environmental strategies included, among others, decarbonization projects and integrated management of water resources to incorporate
efficient water management into our supply chain. The latter is based on operational efficiency in water management, sustainability and
water security in the environment, and water planning and governance.

We expect our commitment to sustainable development to continue in 2020 through the continuation of our ESG initiatives and the
implementation of ESG standards in our financial and accounting reporting, as long as market prices allow us to direct resources to such
objective. For additional information on this and our other ESG initiatives, see "Business Overview--Environmental, Social and Governance
(ESG) Strategies and Initiatives--Corporate Responsibility and --Environmental Sustainability" in our 2019 Annual Report.

S-4

THE OFFERING

The following is a brief summary of certain terms of the notes. For a more complete description of the terms of the notes, including
the covenants and events of default contained in the indenture, see "Description of the Notes" in this prospectus supplement and
"Description of the Debt Securities" in the accompanying prospectus.

Issuer
Ecopetrol S.A.

The Notes
US$2,000,000,000 aggregate principal amount of 6.875% notes due April 29, 2030.

Maturity
April 29, 2030.

Interest
The notes will bear interest from April 29, 2020, the date of original issuance of the notes at the rate of
6.875% per annum, payable semiannually in arrears on each interest payment date.

Interest Payment Dates
April 29 and October 29 of each year, commencing on October 29, 2020.

Repurchase of Notes upon a
We are required to make an offer to purchase all or any portion of notes outstanding held by holders
Change of Control Repurchase
upon the occurrence of a Change of Control Repurchase Event (as defined in "Description of the Debt
Event
Securities" in the accompanying prospectus) at a purchase price in cash equal to 101% of the principal
amount of the notes so purchased, plus accrued and unpaid interest thereon and any Additional Amounts
(as defined below) to but excluding the date of such purchase. See "Description of the Notes--Certain
Covenants--Repurchase of Notes upon a Change of Control Repurchase Event" and "Risk Factors--Risk
factors related to the notes--We may not be able to repurchase the notes upon a change of control
repurchase event".

Optional Redemption
At any time prior to January 29, 2030 (three months prior to the maturity date of the notes), we may
redeem the notes in whole or in part, at any time or from time to time, at our option, on at least 10 days'
but not more than 60 days' notice, at a redemption price equal to the greater of (1) 100% of the principal
amount of the notes to be redeemed and (2) the sum of the present values of each remaining scheduled
payment of principal and interest thereon (exclusive of interest accrued to the date of redemption)
discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate (as defined below) plus 50 basis points, plus accrued and unpaid
interest on the principal amount of the notes to be redeemed and any Additional Amounts to but
excluding the date of redemption.

At any time on or after January 29, 2030 (three months prior to the maturity date of the notes), we may
redeem the notes in whole or in part, at any time and from time to time, on not less than 10 nor more
than 60 days' notice, at a redemption price equal to 100% of the principal amount of the notes being
redeemed, plus accrued and unpaid interest on the principal amount of the notes to be redeemed and any
Additional Amounts to but excluding the date of redemption. See "Description of the Notes--Optional
Redemption."

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S-5

Withholding Tax Redemption
In the event that, as a result of certain changes in law affecting Colombia or any political subdivision or
taxing authority thereof or therein, we become obliged to pay Additional Amounts, the notes will be
redeemable, as a whole but not in part, at our option at any time at 100% of their principal amount plus
accrued and unpaid interest, if any. See "Description of the Notes--Optional Redemption--Withholding
Tax Redemption".

Ranking
The notes will constitute our general senior, unsecured and unsubordinated obligations and will rank pari
passu, without any preferences among themselves, with all of our other present and future senior,
unsecured and unsubordinated obligations that constitute our External Indebtedness (as defined in
"Description of the Debt Securities" in the accompanying prospectus). As of December 31, 2019, we had
indebtedness of COP$32,359 billion, all of which was unsecured debt, which we recognize in our
consolidated financial statements at its amortized cost, which corresponds to the present value of cash
flows, discounted at the effective interest rate.

Use of Proceeds
We expect the net proceeds from the sale of the notes will be approximately US$1,978,040,000 (after
giving effect to underwriters' discounts but before expenses). We intend to use the net proceeds for
general corporate purposes, including but not limited to financing our investment plan in the 2020-2021
period.

Further Issues
We may from time to time, without notice to or the consent of the holders of the notes, create and issue
additional debt securities having the same terms (except for the issue date, the public offering price and the
first interest payment date) and ranking equally and ratably with the notes offered hereby in all respects, as
described under "Description of the Notes--General". Any additional debt securities having such similar
terms, together with the notes offered hereby, will constitute a single series of securities under the
indenture.

Denomination and Form
We will issue the notes in the form of one or more fully registered global notes registered in the name of a
nominee of The Depository Trust Company ("DTC"). Beneficial interests in the notes will be represented
through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and
indirect participants in DTC. Clearstream Banking, société anonyme and Euroclear Bank, S.A./ N.V., as
operator of the Euroclear System, will hold interests on behalf of their participants through their respective
U.S. depositaries, which in turn will hold such interests in accounts as participants of DTC. Except in the
limited circumstances described in this prospectus supplement, owners of beneficial interests in the notes
will not be entitled to have notes registered in their names, will not receive or be entitled to receive notes in
definitive form and will not be considered holders of notes under the indenture. The notes will be issued
only in minimum denominations of US$1,000 and integral multiples of US$1,000 in excess thereof.

Taxation
For a summary of certain United States federal tax and Colombian tax considerations relating to the
purchase, ownership and disposition of the notes, see "Taxation--U.S. Federal Income Tax Considerations"
and "Taxation--Certain Colombian Tax Considerations", respectively.

Trustee
The Bank of New York Mellon.

Listing
We intend to have the notes approved for listing on the NYSE.

Governing Law
New York.

Risk Factors
Investing in the notes involves risks. See the "Risk Factors" sections of our 2019 Annual Report and
beginning on page S-7 of this prospectus supplement for a description of certain risks you should consider
before investing in the notes.

S-6

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RISK FACTORS

You should consider carefully all of the information set forth in this prospectus supplement, in the accompanying prospectus and any
documents incorporated by reference herein and, in particular, the risk factors described below, and in our 2019 Annual Report before deciding to
invest in the notes. The risk factors described below and in our 2019 Annual Report are not the only ones we face. Additional risks and
uncertainties that we are unaware of, or that we currently deem immaterial, may also become important factors that affect us.

Risk factors related to our business

Recent global developments in oil supply as well as the COVID-19 pandemic will negatively impact our first quarter results in a
material way.

As described in our 2019 Annual Report, the disagreement on production cuts between the Organization of the Petroleum Exporting
Countries (OPEC) and Russia since the beginning of March 2020, followed by the decision of Saudi Arabia to reduce its sale oil prices and
increase its production to gain market share, have to date negatively impacted the international reference prices for crude oil and refined products
in 2020. Furthermore, as a result of the COVID-19 pandemic and measures put in place to slow its spread, including the imposition of quarantines
and medical screenings, travel restrictions and the suspension of certain activities, we have seen and expect to continue to see substantial
uncertainty in macro-economic conditions with regards to lower prices and demand for oil, gas and related products. These recent global
developments have resulted in a significant drop in Brent crude prices. As our business depends substantially on international prices for crude oil
and refined products, while our results of operations were in line with our expectations for the months of January and February 2020, the sharp
decrease in oil prices in March 2020 will negatively impact our results of operations and business prospects for the first quarter of 2020 in a
material way in comparison to the first quarter of 2019, in each case based on our financial results under current reporting standards as in effect in
Colombia ("Colombian IFRS"), which are the accounting standards we use for local reporting purposes and is not directly comparable to our
financial information presented in our 2019 Annual Report under International Financial Reporting Standards ("IFRS") issued by the International
Accounting Standards Board ("IASB"). For a description of the differences between Colombian IFRS and IFRS, see the section entitled "Financial
Review--Summary of Differences between Internal Reporting Policies and IFRS" in our 2019 Annual Report.

In particular, we currently estimate that our consolidated gross profit, consolidated operating income, and consolidated net income (before
impairment) for the first quarter of 2020 will be lower in the range of 32% 36%, 43% 47% and 52% 65%, respectively, as compared to the
same line items in the first quarter of 2019, as reported under Colombian IFRS. In addition to the crude oil price drop, our results were affected by
(i) higher operating costs as a result of the increase in exploration and production activity, prior to the implementation of the optimization measures
we announced in March 2020, (ii) the impact of the depreciation of the Colombian peso to U.S. dollar exchange rate on the financial interest due
on debt in foreign currency and (iii) the volatility in the capital markets driving down the mark-to-market valuation of our financial portfolio. We
are also currently estimating that our first quarter results will reflect an increase in our impairment of non-current assets in the range of COP$1,150
COP$1,250 billion, before income tax, driven primarily by the expected short-term decrease in cash flow from such non-current assets given the
oil price environment. At this time, we cannot forecast the duration of the effects of COVID-19 on our business or when international prices for
crude oil and refined products will stabilize. Our future business results will be affected by the extent and duration of these conditions and the
effectiveness of responsive actions that we and others take, including (i) our actions to reduce capital and operating expenses, (ii) in respect of oil
supply, any cooperation between OPEC member countries, and (iii) in respect of COVID-19, new information that may emerge concerning the
severity and duration of the outbreak, the pace of vaccine development, and the actions by national and international government authorities to
contain the outbreak or treat its impact, among other things. We will continue to monitor market developments and evaluate the impacts of
decreased demand on our production levels as well as impacts on project development and future production. As the situation develops, we may
need to (i) make further downward adjustments to our 2020 Investment Plan than those described in "Summary--2020 Investment Plan," and (ii)
make downward adjustments to our production target of between 745 and 760 thousand barrels of oil equivalent per day during 2020. Any such
changes may eventually lead to changes in our 2020-2022 Business Plan.

S-7

Risk factors related to the notes

The notes are effectively subordinated to the existing and future liabilities of our subsidiaries.

The notes will constitute our general senior, unsecured and unsubordinated obligations and will rank pari passu, without any preferences
among themselves, with all of our other present and future senior unsecured and unsubordinated obligations that constitute our External
Indebtedness. The notes are not secured by any of Ecopetrol's assets. Any future claims of secured lenders with respect to Ecopetrol's assets
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