• Ecopetrol S.A average debt/equity ratio for 2022 was 0.88, a 6.02% increase from 2021.
• Ecopetrol S.A average debt/equity ratio for 2021 was 0.83, a 6.41% increase from 2020.
• Ecopetrol S.A average debt/equity ratio for 2020 was 0.78, a 30% increase from 2019.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.