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Ecopetrol Announces Its Results for the Fourth Quarter and Full Year 2012

-- In 2012 the average production (Ecopetrol S.A. including interests in affiliates and subsidiaries) was 754.0 mboed[1], an increase of 4.1% compared to the average production in 2011.

BOGOTA, Colombia, Feb. 15, 2013 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its financial results, both consolidated and unconsolidated, for the fourth quarter and full year 2012, prepared and filed in Colombian pesos (COP$) in accordance with the Public Accountancy Legal Framework (Régimen de Contabilidad Pública, RCP) of Colombia's General Accounting Office.

(Logo: )

Some figures in this release are presented in U.S. dollars where indicated. The exhibits in the release have been rounded to one digit. Figures presented in COP$ billion are equivalent to COP$1 one thousand million.

Ecopetrol S.A. Financial Results


(COP$ Billion)

4Q 2012 *

3Q 2012*

Var. %

4Q 2011 *

Var. % **



Var. %

Total sales









Operating profit








( 6.1%)

Net Income








( 3.1%)

Earnings per share (COP$)








( 4.2%)




( 1.1%)





( 2.0%)








(COP$ Billion)

4Q 2012 *

3Q 2012*

Var. %

4Q 2011 *

Var. % **



Var. %

Total sales





( 6.1%)




Operating profit



( 10.7%)


( 33.3%)



( 6.4%)

Net Income





( 18.4%)



( 4.4%)




( 11.4%)


( 23.6%)



( 3.2%)







* Not audited, for illustration purposes only

** Between 4Q 2012 and 4Q 2011

Some figures of 2011 were reclassified to be comparable with 2012

In the opinion of Ecopetrol S.A.'s CEO, Javier Gutierrez:

"2012 was quite challenging for Ecopetrol. Various circumstances related to operations and the overall environment were addressed in order to attain growth and positive results for our shareholders. The strategic plan for profitable and sustainable growth is making progress on every front.

Ecopetrol achieved various important milestones in each segment of our business in 2012:

In E&P we highlight the discoveries of hydrocarbons in the Gulf of Mexico (U.S.), the new exploratory blocks granted in Colombia and in the Gulf of Mexico (U.S.), the progress in the offshore strategy along Colombia's Atlantic coast, the growth in production of the Chichimene field, the 109% Reserves Replacement Ratio and the launch of our strategy in unconventional reservoir hydrocarbons.

In transport and logistics we highlight the incorporation of our affiliate Cenit specialized in hydrocarbon transport and logistics in Colombia, the expansion of transport systems, and the progress in the infrastructure integrity and reliability plans. 

In marketing we reached record export volumes, with increases in crude oil and products to the Far East.

In refining, during December we began delivering throughout Colombia ultra low sulphur diesel, with the highest quality standards in Latin America.

In finance, our rating outlook was upgraded by Standard & Poor's, and competitive results were achieved compared to the oil industry, despite the challenges we faced but in a favorable price environment.

Finally, we continue with consistent improvement in HSE (health, safety and environment), we obtained 21 patents, and continue to be included in the Dow Jones world sustainability index for a second consecutive year."

The full report is available in

[1] Thousands of barrels of oil equivalent per day

Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.

Contact us for any additional information:
Investor Relations
Alejandro Giraldo
Phone: +571-234-5190
Email: [email protected]  
Media Relations (Colombia)
Mauricio Tellez
Phone: + 571-2345377
Fax: +571-2344480
Email: [email protected]

SOURCE Ecopetrol S.A.

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