• Ecopetrol S.A average ebitda margin for 2023 was 43.37%, a 1.88% decline from 2022.
• Ecopetrol S.A average ebitda margin for 2022 was 44.2%, a 19.69% decline from 2021.
• Ecopetrol S.A average ebitda margin for 2021 was 36.93%, a 4.38% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.