-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
AA4jlJIWyVJeSW2XXwtGJ8KsOqg6rJp5VsHiP8POQ3RzPYNpRHSuZVpIsstH/pmw
zjTss28o15L3MsgVkUvcPA==
x
x
x
x
Ecopetrol
S.A.
/s/ Adriana
M. Echeverri
Name:
Adriana
M. Echeverri
Title:
Chief
Financial Officer
Q3
2009
Q3
2008
7,370.0
9,966.3
(26.1
)%
19,168.3
26,613.4
(28.0
)%
2,224.2
4,016.1
(44.6
)%
5,377.4
12,168.6
(55.8
)%
1,193.5
3,928.4
(69.6
)%
3,564.8
9,578.4
(62.8
)%
29.49
97.06
(69.6
)%
88.08
236.66
(62.8
)%
3,037.6
4,583.6
(33.7
)%
7,474.4
13,783.0
(46.0
)%
41
%
46
%
39
%
52
%
Q3
2009
Q3
2008
76.6
67.2
14.0
%
79.8
71.7
11.3
%
77.4
74.8
3.5
%
69.8
68.7
1.6
%
57.8
59.5
(2.9
)%
59.1
61.4
(3.7
)%
98.5
98.0
0.5
%
93.9
93.9
0.0
%
18.9
21.0
(10.0
)%
19.7
20.5
(3.9
)%
16.1
15.0
7.3
%
14.8
15.9
(6.9
)%
345.3
335.5
2.9
%
337.1
332.1
1.5
%
Q3
2009
Q3
2008
248.0
154.9
60.1
%
216.4
143.0
51.4
%
40.3
51.3
(21.4
)%
50.7
49.0
3.5
%
23.1
16.5
40.0
%
24.1
14.8
62.9
%
311.4
222.7
39.8
%
291.3
206.8
40.8
%
656.7
558.2
17.6
%
628.4
538.9
16.6
%
Q3
2009
Q3
2008
164.1
149.7
9.6
%
163.1
141.7
15.1
%
7.3
0.7
942.9
%
8.1
3.5
131.4
%
38.6
33.1
16.6
%
36.9
32.0
15.3
%
210.0
183.5
14.4
%
208.1
177.2
17.4
%
-
(100.0
)%
-
1.2
(100.0
)%
41.5
30.2
37.4
%
37.5
25.9
44.8
%
41.5
33.1
25.4
%
37.5
27.1
38.4
%
414.1
368.5
12.4
%
395.0
359.7
9.8
%
100.3
87.0
15.3
%
91.9
85.9
7.0
%
514.4
455.5
12.9
%
486.9
445.6
9.3
%
68.3
118.0
(157.9
)%
57.0
113.3
(49.7
)%
63.2
102.1
(161.9
)%
50.7
99.7
(49.2
)%
61.2
92.0
(166.5
)%
47.7
83.6
(43.0
)%
3,736.4
6,093.3
(38.7
)%
10,328.6
16,478.8
(37.3
)%
3,385.9
3,654.6
(7.4
)%
8,124.3
9,476.2
(14.3
)%
247.6
218.3
13.4
%
715.4
658.4
8.7
%
7,370.0
9,966.3
(26.1
)%
19,168.3
26,613.4
(28.0
)%
3,191.1
4,102.9
(22.2
)%
8,451.0
10,052.8
(15.9
)%
1,439.5
1,375.2
4.7
%
3,856.3
3,274.5
17.8
%
4,630.6
5,478.1
(15.5
)%
12,307.4
13,327.3
(7.7
)%
2,739.4
4,488.2
(39.0
)%
6,860.9
13,286.1
(48.4
)%
515.2
472.1
9.1
%
1,483.5
1,117.5
32.8
%
2,224.2
4,016.1
(44.6
)%
5,377.4
12,168.6
(55.8
)%
(588.9
)
1,377.8
(142.7
)%
(425.6
)
1,132.9
(137.6
)%
441.8
1,465.5
(69.9
)%
1,387.0
3,723.1
(62.7
)%
1,193.5
3,928.4
(69.6
)%
3,564.8
9,578.4
(62.8
%
$
29.49
$
97.06
(69.6
)%
$
88.08
$
236.66
(63.0
)%
3,037.60
4,583.60
(33.7
)%
7,474.40
13,783.00
(46.0
)%
41
%
46
%
39
%
52
%
14,242.3
14,053.5
1.3
%
37,383.9
36,056.1
3.7
%
51,626.2
50,109.6
3.0
%
9,918.5
12,728.5
(22.1
)%
12,262.8
9,204.1
33.2
%
22,181.2
21,932.6
1.1
%
29,445.0
28,177.0
4.5
%
51,626.2
50,109.6
3.0
%
134,943.3
135,399.7
Q3-09
Q2-09
Q3-09
Q2-09
Q3-09
Q2-09
Q3-09
Q2-09
Q3-09
Q2-09
Q3-09
Q2-09
2,595.5
2,512.0
3.3
%
2,870.5
2,614.2
9.8
%
510.8
519.1
(
1.6
)%
1,107.9
1,054.1
5.1
%
(3,100.5
)
(3,029.2
)
2.4
%
3,984.2
3,670.1
8.6
%
1,810.7
1,579.2
14.7
%
455.6
526.7
(
13.5
)%
0.0
0.0
0.0
%
1,119.6
909.4
23.1
%
0.0
0.0
0.0
%
3,386.0
3,015.3
12.3
%
4,406.2
4,091.2
7.7
%
3,326.1
3,140.9
5.9
%
510.8
519.1
(
1.6
)%
2,227.6
1,963.5
13.5
%
(3,100.5
)
(3,029.2
)
2.4
%
7,370.2
6,685.3
10.2
%
2,408.3
1,995.2
20.7
%
(323.5
)
(98.5
)
228.5
%
86.3
137.7
(
37.3
)%
24.0
148.5
(
83.8
)%
30.2
(50.6
)
(
159.6
)%
2,225.3
2,132.3
4.4
%
1,584.9
1,421.3
11.5
%
(496.2
)
(77.7
)
538.5
%
(24.0
)
87.9
(
127.3
)%
5.1
140.1
(
96.4
)%
124.4
(809.6
)
(
115.4
)%
1,194.2
762.0
56.7
%
6,920.4
7,851.6
1,518.4
3,106.9
(8,353.3
)
11,044.0
3,941.2
1,377.8
0.0
2,805.3
0.0
8,124.3
10,861.6
9,229.4
1,518.4
5,912.2
(8,353.3
)
19,168.3
5,328.7
(404.7
)
388.5
94.9
(29.1
)
5,378.4
3,761.6
(385.1
)
201.0
93.5
(105.5
)
3,565.4
Q3
2009
Q3
2008
3,361.5
6,471.0
(48.1
)%
10,049.0
17,049.6
(41.1
)%
5,292.5
3,530.2
49.9
%
10,654.1
9,480.2
12.4
%
247.8
218.3
13.5
%
715.4
658.4
8.7
%
8,901.8
10,219.5
(12.9
)%
21,418.4
27,188.3
(21.2
)%
4,456.5
4,181.5
6.6
%
9,786.3
10,521.8
(7.0
)%
1,615.1
1,511.8
6.8
%
4,728.0
3,303.6
43.1
%
6,071.6
5,693.3
6.6
%
14,514.3
13,825.4
5.0
%
2,830.2
4,526.2
(37.5
)%
6,904.1
13,362.9
(48.3
)%
499.9
789.8
(36.7
)%
1,410.3
1,453.6
(3.0
)%
2,330.3
3,736.4
(37.6
)%
5,493.8
11,909.3
(53.9
)%
(689.5
)
1,641.1
(142.0
)%
(584.1
)
1,394.7
(141.9
)%
532.4
1,470.7
(63.8
)%
1,507.7
3,732.2
(59.6
)%
(1.4
)
-
0.0
%
(8.6
)
-
0.0
%
1,109.8
3,906.8
(71.6
)%
3,410.6
9,571.8
(64.4
)%
3,212.4
4,659.6
(
31.1
)%
8,102.0
13,706.4
(
40.9
)%
36
%
46
%
38
%
50
%
99,675
98,126
303,615
288,496
783,896
1,079,980
38,028
59,733
41,401
56,682
898,976
1,123,826
336,856
560,452
562,122
563,374
41.8
38.1
42.2
40.3
36.2
37.3
37.5
36.5
78.0
75.4
79.7
76.8
81.3
78.9
80.4
78.1
2,470,724
2,809,788
(50,606
)
(607,883
)
(90,135
)
(134,781
)
3,027,790
3,192,133
516,297
693,898
2,511,493
2,498,235
61
70
62
72
295
259
279
250
196
168
191
156
225
190
225
174
509,063
502,123
47,756
47,022
(48,419
)
36,397
1,657,617
2,052,706
39,997
214,071
1,617,621
1,838,635
3Q - 2009
3Q - 2008
23.76
19.07
23.62
17.81
1.52
0.62
1.44
0.21
25.28
19.69
25.07
18.02
3Q - 2009
3Q - 2008
0
169
500
693
0
3
3
8
318
124
76
662
206
457
3Q - 2009
3Q - 2008
11.0
11.2
10.9
11.1
2.7
3.1
1.9
2.6
0.5
0.0
0.3
0.0
14.3
14.3
13.1
13.7
3Q - 2009
3Q - 2008
3,585
450
7,586
1,601
0
1
1
3
134
22
25
398
49
349
2 In the
earnings report for the third quarter of 2008, average quarterly production of
441 thousand BOED was reported. However, once the production oversight reports
were revised, the figure was adjusted to 455.5 thousand BOED. The difference
does not affect the total production reported for 2008.
4 In the
earnings report for the third quarter of 2008, a refining cash cost of
USD$4.73/barrel was reported for the period from January to September of 2008,
which was calculated at the exchange rate used by Ecopetrol for budgeting in
that period (COP$/USD$ 2,053.95). The amount included in this report was
calculated at the representative rate for the real market for the period from
January to September 2008, which was COP$/USD$ 1,858.4.
3.736.434
6.093.301
-39
%
3.438.558
10.328.613
16.478.841
-37
%
3.385.940
3.654.649
-7
%
3.015.286
8.124.287
9.476.241
-14
%
247.647
218.319
13
%
231.665
715.383
658.373
9
%
7.370.021
9.966.269
-26
%
6.685.509
19.168.283
26.613.455
-28
%
1.954.898
2.880.100
-32
%
1.769.551
5.096.133
7.309.867
-30
%
530.033
344.224
54
%
429.339
1.353.891
862.495
57
%
628.336
1.090.032
-42
%
510.166
1.574.851
2.359.776
-33
%
(65.002
)
(258.698
)
75
%
(191.597
)
(16.594
)
(616.108
)
97
%
142.867
47.282
202
%
156.891
442.754
136.802
224
%
158.983
149.558
6
%
162.104
472.717
475.312
-1
%
371.622
437.647
-15
%
301.072
1.046.904
1.117.485
-6
%
221.867
128.054
73
%
235.232
522.045
296.459
76
%
240.383
277.974
-14
%
176.530
607.042
660.138
-8
%
188.873
146.561
29
%
201.207
549.661
420.447
31
%
257.774
235.363
10
%
250.064
657.960
304.640
116
%
4.630.634
5.478.097
-15
%
4.000.559
12.307.364
13.327.313
-8
%
2.739.387
4.488.172
-39
%
2.684.950
6.860.919
13.286.142
-48
%
146.866
95.337
54
%
123.044
363.938
239.776
52
%
200.502
228.235
-12
%
185.729
609.953
589.471
3
%
167.829
148.488
13
%
243.862
509.613
288.242
77
%
2.224.190
4.016.112
-45
%
2.132.315
5.377.415
12.168.653
-56
%
1.645.756
4.645.293
-65
%
1.430.584
6.223.765
8.276.264
-25
%
(1.827.099
)
(2.857.257
)
36
%
(2.147.555
)
5.797.042
6.020.771
-4
%
119.279
62.305
91
%
117.871
439.833
571.751
-23
%
(526.803
)
(472.571
)
-11
%
(431.231
)
1.292.186
1.694.392
-24
%
1.635.323
5.393.882
-70
%
1.101.984
4.951.785
13.301.505
-63
%
441.803
1.465.465
-70
%
339.975
1.386.995
3.723.091
-63
%
1.193.520
3.928.417
-70
%
762.009
3.564.790
9.578.414
-63
%
3.037.569
4.583.560
-34
%
2.807.640
7.474.437
13.782.981
-46
%
41
%
46
%
42
%
39
%
51
%
$
29,49
$
97,06
-70
%
$
18,83
$
88,08
$
236,66
-63
%
3,361,491
6,471,008
-48
%
3,500,327
10,048,973
17,049,645
-41
%
5,292,486
3,530,206
50
%
3,544,496
10,654,058
9,480,246
12
%
247,829
218,319
14
%
231,666
715,383
658,373
9
%
8,901,806
10,219,533
-13
%
7,276,489
21,418,414
27,188,264
-21
%
2,660,045
3,058,318
-13
%
1,716,256
5,829,569
7,309,867
-20
%
569,576
344,224
65
%
499,277
1,463,372
862,495
70
%
964,901
933,191
3
%
424,803
2,019,117
2,702,935
-25
%
(99,681
)
(280,934
)
-65
%
(191,597
)
(51,273
)
(638,344
)
-92
%
361,667
126,725
185
%
293,749
525,564
284,832
85
%
-
-
0
%
441,920
141,042
213
%
339,643
1,004,143
484,171
107
%
369,474
529,519
-30
%
301,072
1,078,521
1,117,485
-3
%
284,409
26,071
991
%
235,232
669,203
299,984
123
%
253,347
405,449
-38
%
176,530
639,779
666,355
-4
%
137,049
111,932
22
%
201,207
497,837
420,447
18
%
128,898
297,789
-57
%
688,589
838,475
315,127
166
%
6,071,605
5,693,326
7
%
4,684,761
14,514,307
13,825,354
5
%
2,830,201
4,526,207
-37
%
2,591,728
6,904,107
13,362,910
-48
%
167,060
175,741
-5
%
186,084
453,572
324,491
40
%
123,736
465,555
-73
%
44,570
405,563
840,887
-52
%
209,087
148,488
41
%
260,131
551,160
288,242
91
%
2,330,318
3,736,423
-38
%
2,100,943
5,493,812
11,909,290
-54
%
3,513,002
4,605,871
-24
%
6,981,821
13,695,750
8,238,243
66
%
(3,789,805
)
(2,719,625
)
-39
%
(7,757,423
)
(13,422,061
)
(5,890,865
)
128
%
131,279
104,456
26
%
149,617
483,906
651,203
-26
%
(543,935
)
(349,567
)
-56
%
(441,267
)
(1,341,718
)
(1,603,899
)
-16
%
-
-
0
%
1,640,859
5,377,558
-69
%
1,033,691
4,909,689
13,303,972
-63
%
532,408
1,470,689
-64
%
348,656
1,507,719
3,732,214
-60
%
(1,414
)
-
0
%
(7,241
)
(8,605
)
-
0
%
1,109,865
3,906,869
-72
%
692,276
3,410,575
9,571,758
-64
%
3,212,357
4,659,618
-31
%
3,134,115
8,102,023
13,706,418
-41
%
36
%
46
%
43
%
38
%
50
%
5.599.125
3.896.740
44
%
6.386.247
5.301.604
20
%
685.105
1.140.016
(40
)%
1.126.012
1.585.977
(29
)%
3.717.350
5.443.632
(32
)%
4.295.176
5.945.625
(28
)%
4.240.749
3.573.116
19
%
4.854.505
4.268.444
14
%
14.242.329
14.053.504
1
%
16.661.940
17.101.650
(3
)%
0
%
8.989.920
8.417.755
7
%
2.861.001
2.025.875
41
%
1.271.983
1.375.948
(8
)%
238.990
215.407
11
%
9.929.143
9.102.311
9
%
15.775.446
13.742.146
15
%
6.846.906
7.019.129
(2
)%
7.596.885
8.924.336
(15
)%
10.345.957
10.140.914
2
%
10.568.272
10.302.129
3
%
37.383.909
36.056.057
4
%
37.040.594
35.209.893
5
%
51.626.238
50.109.561
3
%
53.702.534
52.311.543
3
%
112.623
21.328
428
%
287.056
187.184
53
%
7.354.758
10.199.989
(28
)%
7.266.657
3.118.050
133
%
720.364
643.986
12
%
1.011.155
824.027
23
%
1.730.721
1.863.240
(7
)%
1.957.728
7.942.303
(75
)%
9.918.466
12.728.543
(22
)%
10.522.596
12.071.564
(13
)%
5.103.200
1.764.700
189
%
5.629.692
-
0
%
2.427.337
2.316.441
5
%
2.464.668
2.352.369
5
%
2.475.242
2.729.043
(9
)%
2.557.838
2.820.608
(9
)%
2.256.984
2.393.874
(6
)%
2.339.751
6.003.109
(61
)%
12.262.763
9.204.058
33
%
12.991.949
11.176.086
16
%
22.181.229
21.932.601
1
%
23.514.545
23.247.650
1
%
887.686
957.495
(7
)%
29.445.009
28.176.960
5
%
29.300.303
28.106.398
4
%
51.626.238
50.109.561
3
%
53.702.534
52.311.543
3
%
134.943.313
135.399.679
135.663.946
136.651.843
3.896.740
3.175.542
23
%
4.905.199
1.870.246
3.466.184
(46
)%
8.671.222
8.793.816
(1
)%
6.566.615
20.169.393
22.241.873
(9
)%
263.471
649.243
(59
)%
288.492
760.107
1.340.736
(43
)%
-
(202
)
100
%
-
-
(541
)
100
%
(3.238.647
)
(2.165.972
)
(50
)%
(5.955.380
)
(9.667.127
)
(5.129.467
)
(88
)%
(1.388.126
)
(1.287.183
)
(8
)%
(402.532
)
(2.589.496
)
(4.463.033
)
42
%
(1.169.390
)
(640.662
)
(83
)%
(2.486.032
)
(4.227.217
)
(2.606.082
)
(62
)%
(257.433
)
(189.240
)
(36
)%
(331.020
)
(816.250
)
(586.953
)
(39
)%
-
(107.338
)
100
%
-
-
(351.910
)
100
%
2.881.097
5.052.462
(43
)%
(2.319.857
)
3.629.410
10.444.623
(65
)%
(73.423
)
(358.227
)
80
%
4.290.176
5.455.059
(3.626.430
)
250
%
(592.436
)
(811.108
)
27
%
(1.116.212
)
(1.392.662
)
(1.833.999
)
24
%
(939.905
)
(551.385
)
(70
)%
(600.772
)
(3.138.107
)
(1.272.261
)
(147
)%
(1.605.764
)
(1.720.720
)
7
%
2.573.192
924.290
(6.732.690
)
114
%
(2.938.156
)
(1.163.585
)
(153
)%
(3.026.185
)
(5.964.341
)
(2.327.170
)
(156
)%
29.664
197.873
(85
)%
(4.522
)
35.063
694.194
(95
)%
3.335.544
-
0
%
1.768.913
5.104.457
(3.569
)
143.122
%
427.052
(965.712
)
144
%
(1.261.794
)
(824.821
)
(1.636.545
)
50
%
1.702.385
2.366.030
(28
)%
(1.008.459
)
3.728.879
2.075.388
80
%
5.599.125
5.541.572
1
%
3.896.740
5.599.125
5.541.572
1
%
5.301.604
3.417.599
55
%
5.340.425
2.113.803
3.749.899
(44
)%
10.424.773
8.829.360
18
%
9.657.739
25.030.363
22.296.774
12
%
280.627
653.581
(57
)%
290.919
780.451
1.345.074
(42
)%
194.583
-
0
%
191.736
680.952
-
100
%
(10.823
)
(202
)
(5.258
)%
-
(10.823
)
(541
)
(1.901
)%
(2.931.707
)
(2.208.090
)
(33
)%
(8.191.103
)
(11.521.276
)
(5.302.749
)
(117
)%
(1.905.516
)
(1.287.195
)
(48
)%
(314.361
)
(3.106.877
)
(4.463.045
)
30
%
(1.370.976
)
(640.662
)
(114
)%
(2.510.134
)
(4.452.905
)
(2.606.082
)
(71
)%
(300.963
)
(189.392
)
(59
)%
(342.477
)
(872.555
)
(587.105
)
(49
)%
-
(107.338
)
100
%
-
-
(351.910
)
100
%
4.379.998
5.050.062
(13
)%
(1.217.681
)
6.527.330
10.330.416
(37
)%
(1.363.854
)
949.901
(244
)%
5.262.934
5.146.320
(2.217.583
)
332
%
(575.849
)
(573.316
)
(0
)%
(654.698
)
(1.430.201
)
(1.284.131
)
(11
)%
(1.750.897
)
(770.477
)
(127
)%
(2.625.049
)
(5.509.102
)
(1.833.999
)
(200
)%
(3.690.600
)
(393.892
)
(837
)%
1.983.187
(1.792.983
)
(5.335.713
)
66
%
(3.275.110
)
(1.163.585
)
(181
)%
(3.042.626
)
(6.317.736
)
(2.327.170
)
(171
)%
43.001
197.873
(78
)%
(4.522
)
48.400
694.194
(93
)%
3.627.354
-
0
%
2.242.821
5.807.433
(3.569
)
162.819
%
395.245
(965.712
)
141
%
(804.327
)
(461.903
)
(1.636.545
)
72
%
1.084.643
3.690.458
(71
)%
(38.821
)
4.272.444
3.358.158
27
%
6.386.247
7.108.057
(10
)%
5.301.604
6.386.247
7.108.057
(10
)%
GI([!X*9S`"],C