Form
20-F
|
x |
Form
40-F
|
o
|
Yes
|
o
|
No
|
x |
Yes
|
o
|
No
|
x |
Yes
|
o
|
No
|
x |
Ecopetrol S.A. | |||
|
By:
|
/s/ Adriana M. Echeverri | |
Name: | Adriana M. Echeverri | ||
Title: | Chief Financial Officer |
Consolidated
Balance Sheets
|
F-3
|
Consolidated
Statements of Financial, Economic, Social and Environmental
Activities
|
F-4
|
Consolidated
Statements of Changes in Shareholders’ Equity
|
F-5
|
Consolidated
Statements of Cash Flows
|
F-6
|
Notes
to Consolidated Financial Statements
|
F-7
|
September 30
2009
|
December 31
2008
|
|||||||
(Unaudited)
|
||||||||
(In millions of Colombian pesos)
|
||||||||
Assets
|
||||||||
Current
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 6,386,247 | $ | 2,113,803 | ||||
Investments
(Note
2)
|
1,126,012 | 3,749,919 | ||||||
Accounts
and notes receivable, net
|
4,295,174 | 5,877,282 | ||||||
Inventories,
net (Note
3)
|
1,953,039 | 1,611,296 | ||||||
Advances
and deposits
|
2,854,918 | 2,248,122 | ||||||
Pension
plan assets
|
- | 80,263 | ||||||
Prepaid
expenses
|
46,550 | 24,215 | ||||||
Total
current assets
|
16,661,940 | 15,704,900 | ||||||
Non-current
assets:
|
||||||||
Investments (Note
2)
|
2,861,000 | 8,688,320 | ||||||
Accounts
and notes receivable, net
|
473,980 | 194,912 | ||||||
Property, plant and
equipment, net (Note
4)
|
15,775,447 | 8,077,488 | ||||||
Natural and
environmental resources, net (Note
5)
|
7,596,886 | 8,054,049 | ||||||
Deferred
charges (Note
6)
|
1,654,717 | 1,595,683 | ||||||
Other
assets
|
3,103,585 | 1,207,099 | ||||||
Revaluations
|
5,574,979 | 5,179,961 | ||||||
Total
assets
|
$ | 53,702,534 | $ | 48,702,412 | ||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Financial
obligations (Note
7)
|
$ | 287,055 | $ | 281,026 | ||||
Accounts payable and
related parties (Note
8)
|
7,266,657 | 1,708,647 | ||||||
Taxes payable (Note
9)
|
1,811,005 | 3,906,468 | ||||||
Labor and pension
plan obligations (Note
10)
|
146,724 | 129,658 | ||||||
Estimated
liabilities and provisions
|
1,011,155 | 673,973 | ||||||
Total
current liabilities
|
10,522,596 | 6,699,772 | ||||||
Long-term
liabilities
|
||||||||
Financial
obligations (Note
7)
|
5,629,692 | 5,473 | ||||||
Labor and pension
plan liabilities (Note
10)
|
2,464,667 | 2,164,787 | ||||||
Estimated
liabilities and provisions
|
2,557,838 | 2,542,791 | ||||||
Other
long-term liabilities
|
2,339,752 | 2,426,921 | ||||||
Total
liabilities
|
23,514,545 | 13,839,744 | ||||||
Minority
interest
|
887,686 | 242,951 | ||||||
Shareholders’
equity
|
29,300,303 | 34,619,717 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 53,702,534 | $ | 48,702,412 | ||||
Memorandum
accounts
|
$ | 135,663,943 | $ | 118,874,631 |
Nine month period ended September 30,
|
||||||||
2009
|
2008
|
|||||||
(In millions of Colombian pesos, except for the
net income per share expressed in pesos )
|
||||||||
Revenue
|
||||||||
Local
sales
|
$ | 10,764,356 | $ | 17,708,018 | ||||
Foreign
sales
|
10,654,058 | 9,480,246 | ||||||
Total
revenue
|
21,418,414 | 27,188,264 | ||||||
Cost
of sales
|
14,514,307 | 13,825,354 | ||||||
Gross
Income
|
6,904,107 | 13,362,910 | ||||||
Operating
Expenses
|
||||||||
Administration
|
453,573 | 324,491 | ||||||
Selling
|
956,724 | 1,129,129 | ||||||
Operating
income
|
5,493,810 | 11,909,290 | ||||||
Non-operating
income (expenses):
|
||||||||
Financial
income , net
|
273,691 | 2,347,378 | ||||||
Pension
expenses
|
(331,137 | ) | (785,798 | ) | ||||
Inflation
gain
|
16,772 | 30,331 | ||||||
Other
expenses, net
|
(543,446 | ) | (197,229 | ) | ||||
Income
before provision for income tax and minority interest
|
4,909,690 | 13,303,972 | ||||||
Income
tax
|
1,507,719 | 3,732,215 | ||||||
Minority
interest
|
8,604 |
-
|
||||||
Net
income
|
$ | 3,410,575 | $ | 9,571,757 | ||||
Net
income per share
|
$ | 84.27 | $ | 236.50 |
Subscribed
and paid-in
capital
|
Additional paid-
in capital
|
Legal and other
reserves
|
Incorporated
Institutional
equity
|
Surplus from
equity method
|
Surplus from
revaluation
|
Public
accounting
application
effect
|
Retained
earnings
|
Total Equity
|
||||||||||||||||||||||||||||
Balance
as of December 31, 2007
|
$ | 10,113,334 | $ | 3,850,814 | $ | 1,910,686 | $ | 108,730 | $ | (2,271 | ) | $ | 5,647,382 | $ | - | $ | 5,179,792 | $ | 26,808,467 | |||||||||||||||||
Distribution
of dividends ($115 per share)
|
- | - | 4,415 | - | - | - | - | (4,658,755 | ) | (4,654,340 | ) | |||||||||||||||||||||||||
Subscribed
capital receivable and additional paid-in capital
|
4,358 | 689,836 | - | - | - | - | - | - | 694,194 | |||||||||||||||||||||||||||
Appropriation
to reserves
|
- | - | 517,639 | - | - | - | - | (517,639 | ) | - | ||||||||||||||||||||||||||
Adjustment
in translation of foreign subsidiaries
|
- | - | - | - | 137,573 | - | - | (3,398 | ) | 134,175 | ||||||||||||||||||||||||||
Addition
to incorporated institutional equity
|
- | - | - | 2,667 | - | - | - | - | 2,667 | |||||||||||||||||||||||||||
Surplus
from revaluation
|
- | - | - | - | - | (79,784 | ) | - | - | (79,784 | ) | |||||||||||||||||||||||||
Net
income
|
- | - | - | - | - | - | - | 9,571,757 | 9,571,757 | |||||||||||||||||||||||||||
Balance
as of September 30, 2008
|
$ | 10,117,692 | $ | 4,540,650 | $ | 2,432,740 | $ | 111,397 | $ | 135,302 | $ | 5,567,598 | $ | - | $ | 9,571,757 | $ | 32,477,136 | ||||||||||||||||||
Balance
as of December 31, 2008
|
$ | 10,117,791 | $ | 4,679,276 | $ | 2,432,740 | $ | 112,179 | $ | 1,481,103 | $ | 5,179,961 | $ | (1,013,010 | ) | $ | 11,629,677 | $ | 34,619,717 | |||||||||||||||||
Distribution
of dividends ($220 per share)
|
- | - | - | - | - | - | - | (8,902,913 | ) | (8,902,913 | ) | |||||||||||||||||||||||||
Subscribed
capital receivable and additional paid-in capital
|
- | 20,676 | - | - | - | - | - | - | 20,676 | |||||||||||||||||||||||||||
Addition
to additional paid-in capital - Execution of
warranties
|
- | 14,387 | - | - | - | - | - | - | 14,387 | |||||||||||||||||||||||||||
Surplus
from revaluation
|
- | - | - | - | - | 335,424 | - | - | 335,424 | |||||||||||||||||||||||||||
Devaluation
in property, plant and equipment
|
- | - | - | - | - | 2,272 | - | 2,272 | ||||||||||||||||||||||||||||
Appropriation
to legal reserve
|
- | - | 1,163,072 | - | - | - | - | (1,163,072 | ) | - | ||||||||||||||||||||||||||
Appropriation
to investment reserves
|
- | - | 1,563,692 | - | - | - | - | (1,563,692 | ) | - | ||||||||||||||||||||||||||
Adjustment
in translation of foreign subsidiaries
|
- | - | - | - | (199,835 | ) | - | - | - | (199,835 | ) | |||||||||||||||||||||||||
Net
income
|
- | - | - | - | - | - | - | 3,410,575 | 3,410,575 | |||||||||||||||||||||||||||
Balance
as of September 30, 2009
|
$ | 10,117,791 | $ | 4,714,339 | $ | 5,159,504 | $ | 112,179 | $ | 1,281,268 | $ | 5,515,385 | $ | (1,010,738 | ) | $ | 3,410,575 | $ | 29,300,303 |
Nine month period ended
September 30
|
||||||||
2009
|
2008
|
|||||||
Operating
activities
|
||||||||
Cash
received from customers
|
$ | 22,107,197 | $ | 22,296,774 | ||||
Cash
from interest income
|
780,451 | 1,345,074 | ||||||
Assets
and liabilities acquisition
|
(2,623,954 | ) | (705,520 | ) | ||||
Interest
expense and other payments
|
(10,823 | ) | (541 | ) | ||||
Cash
paid to suppliers and contractors
|
(5,614,081 | ) | (3,911,614 | ) | ||||
Payment
of hydrocarbon purchases and
other contributions
|
(3,106,877 | ) | (4,463,045 | ) | ||||
Payment
of income, sales and equity taxes
|
(4,452,905 | ) | (2,606,082 | ) | ||||
Payment
of salaries, fringe benefits and social security
|
(872,555 | ) | (587,105 | ) | ||||
Payment
of retirement pensions and transfers to trust funds
|
- | (351,910 | ) | |||||
Net
cash provided by operating activities
|
6,206,453 | 11,016,031 | ||||||
Investing
activities
|
||||||||
Net
decrease (increase) in investments
|
8,451,226 | (2,217,583 | ) | |||||
Excess
between purchase price and acquiree’s net assets book
value
|
(1,987,543 | ) | (685,615 | ) | ||||
Investments
in natural resources
|
(1,430,201 | ) | (1,284,131 | ) | ||||
Additions
to property, plant, equipment and natural resources
|
(5,509,102 | ) | (1,833,999 | ) | ||||
Net
cash used in investing activities
|
(475,620 | ) | (6,021,328 | ) | ||||
Financing
activities
|
||||||||
Payment
of dividends
|
(6,207,181 | ) | (2,327,170 | ) | ||||
Increase
(decrease) of financial obligations
|
4,713,729 | (3,569 | ) | |||||
Subscribed
capital receivable and additional paid-in capital –
capitalization
|
35,063 | 694,194 | ||||||
Net
cash used in financing activities
|
(1,458,389 | ) | (1,636,545 | ) | ||||
Net
increase in cash and cash equivalents
|
4,272,444 | 3,358,158 | ||||||
Cash
and cash equivalents at the beginning of the period
|
2,113,803 | 3,749,899 | ||||||
Cash
and cash equivalents at the end of the period
|
$ | 6,386,247 | $ | 7,108,057 |
Nine month period ended on September 30,
|
||||||||
2009
|
2008 | |||||||
(In millions of Colombian pesos)
|
||||||||
Cash and cash equivalents
detail
|
||||||||
Cash
|
$ | 2,783 | $ | 265 | ||||
Banks
and savings entities
|
5,820,713 | 4,044,128 | ||||||
Special
and in-transit Funds
|
157,211 | 2,005,455 | ||||||
Temporary
investments
|
405,540 | 1,058,209 | ||||||
Total
Cash and cash equivalents
|
$ | 6,386,247 | $ | 7,108,057 |
Net
income
|
$ | 3,410,575 | $ | 9,571,757 | ||||
Adjustments
to reconcile net income to cash provided by operating
activities:
|
||||||||
Depreciation
of property, plant and equipment
|
1,081,023 | 491,270 | ||||||
Amortization
of natural and environmental resources
|
1,304,753 | 734,478 | ||||||
Amortization
of facility abandonment cost
|
160,922 | 114,125 | ||||||
Amortization
of deferred charges
|
182,544 | 70,051 | ||||||
Deferred
income tax
|
229,876 | 24,758 | ||||||
Amortization
of retirement pensions
|
263,253 | 855,330 | ||||||
Income
from financial interest
|
113,348 | - | ||||||
Inflation
gain
|
(16,103 | ) | (30,331 | ) | ||||
Provision
for expenses
|
225,238 | 343,025 | ||||||
Provisions
reduction
|
(203,717 | ) | (387,636 | ) | ||||
Adjustment
in traslation of subsidiaries
|
(209,343 | ) | 140,202 | |||||
Subsidies
|
219,195 | (3,382,038 | ) | |||||
Decrease
(increase) in accounts receivable
|
1,318,719 | (37,126 | ) | |||||
Decrease
(increase) in inventories
|
(267,041 | ) | (654,519 | ) | ||||
Decrease
(increase) in pension plan assets
|
80,263 | (342,094 | ) | |||||
Decrease
(increase) in advances and deposits
|
(606,794 | ) | (406,983 | ) | ||||
Decrease
(increase) in paid expenses
|
(22,334 | ) | (8,646 | ) | ||||
Decrease
(increase) in deferred charges
|
(1,789,489 | ) | 403,530 | |||||
Decrease
(increase) in other assets
|
(973,211 | ) | (29,016 | ) | ||||
(Decrease)
increase in accounts payable
|
3,505,973 | 2,530,678 | ||||||
(Decrease)
increase in taxes payable
|
(2,095,464 | ) | 1,208,813 | |||||
(Decrease)
increase in labor obligations
|
53,694 | (702,397 | ) | |||||
(Decrease)
increase in estimated liabilities and provisions
|
354,036 | 470,030 | ||||||
(Decrease)
increase in other liabilities
|
(113,463 | ) | 71,565 | |||||
(Decrease)
increase in incorporated institutional equity
|
- | 2,635 | ||||||
Net
cash provided by operating activities
|
$ | 6,206,453 | $ | 11,016,031 |
Subsidiaries
|
Participation
September 30,
2009 Percentage
Ecopetrol
|
Participation
December 31,
2008
Percentage
Ecopetrol
|
Activity
|
Subsidiaries
|
||||
Global
Energy
|
100
|
-
|
Ecopetrol
America Inc.
|
|||||
Ecopetrol
Oleo é Gas do Brasil Ltda.
|
100
|
100
|
||||||
Ecopetrol
del Perú S.A.
|
100
|
100
|
Exploration,
production, transportation, storage, distribution and selling of
hydrocarbons, by-products and products, as well as research, development
and selling of energy sources
|
-
|
||||
HOCOL
|
100
|
-
|
Oleoducto
de
Colombia
S.A.
|
|||||
Black
Gold Re Ltd.
|
100
|
100
|
Manage
all business associated with the total or partial, direct or indirect
execution of insurance and reinsurance of Ecopetrol’s and of its affiliate
and/or subsidiary company risks.
|
-
|
||||
Andean
Chemicals Ltd.
|
100
|
100
|
Manage
all business associated with Ecopetrol’s, Propilco’s, Reficar and
Bioenergy, its affiliate companies’ operations.
|
Bioenergy
S.A.
Bioenergy S.A
-
ZONA FRANCA |
||||
ODL
Finance S.A.
|
65
|
65
|
Design,
construct, operate, sell, exploit and be the direct or indirect owner of
crude oil pipeline systems for hydrocarbon transportation of private use
in Colombia.
|
ODL
S.A.
ODL
- Colombia
Branch
office
|
||||
Ecopetrol
Transportation Company
|
100
|
100
|
Transportation
Company of crude oil
|
|||||
Propilco
S.A.
|
100
|
100
|
Production
and selling of polypropylene resin
|
Comai
S.A.
|
||||
Oleoducto
Central S.A.
|
60
|
35.29
|
Transportation
Company of crude oil
|
|||||
Refinería
de Cartagena S.A.
|
100
|
49
|
Refinery
|
|||||
Oleoducto
de Colombia S. A.
|
|
65.57
|
|
43.85
|
|
Transportation
Company of crude oil
|
|
|
·
|
Investments,
|
|
·
|
Property,
plant and equipment,
|
|
·
|
Intangibles,
|
|
·
|
Retirement
pensions and
|
|
·
|
Provisions.
|
|
·
|
Representation
on the Board of Directors or equivalent regulatory organ of the associated
entity.
|
|
·
|
Participation
in policy-making processes.
|
|
·
|
Important
transactions between the investor and the associated
entity.
|
|
·
|
Exchange
of officers, or
|
|
·
|
Supply
of essential technical information.
|
•
|
Crude
oil and natural gas inventories for the Company’s own production, at
production costs.
|
•
|
Crude
oil purchased at acquisition costs, including transportation and delivery
costs incurred.
|
•
|
Finished
goods inventory, at total production costs at each
refinery.
|
•
|
Work
in progress inventory, at production
costs.
|
•
|
Raw
material inventory, at weighted average
cost.
|
%
|
||||
Buildings
and pipelines
|
5 | |||
Plants
and equipment
|
10 | |||
Transportation
equipment
|
20 | |||
Computers
|
33.3 |
b.
|
Property,
Plant and Equipment
|
September 30, 2009
|
December 31, 2008
|
|||||||
Current
|
||||||||
Fixed
yield
|
||||||||
Investment
Funds administered by third parties (1)
|
$ | 185,311 | $ | 2,077,218 | ||||
Bonds
and securities of private or foreign entities (1)
|
133,759 | 1,099,487 | ||||||
Trust
Funds
|
357,422 | 326,941 | ||||||
Bonds
issued by the Colombian Government
|
120,825 | 224,053 | ||||||
Specific
destination Fund
|
- | 10,212 | ||||||
Treasury
Securities – TES
|
- | 6,970 | ||||||
Time
deposits
|
307,619 | 5,038 | ||||||
Hedge
instruments
|
21,076 | - | ||||||
Total
Current
|
$ | 1,126,012 | $ | 3,749,919 | ||||
Long
Term
|
||||||||
Variable yield -
Shares (2)
|
733,076 | 2,404,695 | ||||||
Fixed
yield
|
||||||||
Bonds
and securities of foreign entities
|
1,074,629 | 5,094,596 | ||||||
Bonds
issued by the Colombian Government
|
579,617 | 754,054 | ||||||
Fund
for legal contingencies
|
363,030 | 378,461 | ||||||
Treasury
Securities- TES
|
87,224 | 56,529 | ||||||
Other
investment
|
23,439 | - | ||||||
Less: allowance
for investments
|
(15 | ) | (15 | ) | ||||
Total
Long term
|
$ | 2,861,000 | $ | 8,688,320 |
(1)
|
Balance
includes resources received from a subordinated company for delegated
management. As of September 2009 resources for an amount of US$839
deposited in three investments funds were
collected.
|
(2)
|
A
summary of long-term investments of variable yield as of September 30,
2009, valued under the cost method, is set forth
below:
|
Number of
shares and/or
quotas
|
Participation
percentage
|
Valuation date
|
Historical
Cost
|
Intrinsic
Market
Value
|
Revaluations
(provisions)
|
||||||||||||||||
NON
STRATEGIC
|
|||||||||||||||||||||
Empresa
de Energía de Bogotá
|
6,310,980 | 7.35 |
August
2009
|
$ | 169,421 | $ | 489,924 | $ | 320,503 | ||||||||||||
Interconexión
Eléctrica S.A
|
58,925,480 | 5.48 |
September 2009
|
69,549 | 718,891 | 649,342 | |||||||||||||||
Propaise
S. A.
|
18,744,883 | 0.99 |
September
2009
|
30 | 15 | (15 | ) | ||||||||||||||
Total
non-strategic
|
239,000 | 1,208,830 | 969,830 | ||||||||||||||||||
STRATEGIC
|
|||||||||||||||||||||
Sociedad
Portuaria de Olefinas
|
249,992 | 49.99 |
September
2009
|
250 | 339 | 89 | |||||||||||||||
Zona
Franca de Cartagena S. A.
|
244 | 8.18 |
September
2009
|
239 | 509 | 271 | |||||||||||||||
Sociedad
Portuaria del Dique
|
10 | 0.5 |
September
2009
|
- | 1 | 1 | |||||||||||||||
Total
strategic
|
489 | 849 | 361 | ||||||||||||||||||
TOTAL
|
$ | 239,489 | $ | 1,209,679 | $ | 970,191 |
STRATEGIC
|
Number of
shares and/or
quotas
|
Participation
percentage
|
Valuation
date
|
Historical
Cost
|
Adjusted cost
|
Equity method
effect
|
|||||||||||||||
SIGNIFICANT
INFLUENCE
|
|||||||||||||||||||||
Serviport
S. A.
|
53,714,116 | 49.00 |
August,
2009
|
$ | 2,081 | $ | 7,256 | $ | 5,175 | ||||||||||||
Ecodiesel
Colombia S. A.
|
7,750,000,000 | 50.00 |
August,
2009
|
7,750 | 7,861 | 111 | |||||||||||||||
Offshore
International Group (1)
|
250 | 50.00 |
August,
2009
|
404,664 | 335,080 | (69,584 | ) | ||||||||||||||
Invercolsa
S.A (2)
|
889,410,047 | 31.76 |
August, 2009
|
60,282 | 143,390 | 83,108 | |||||||||||||||
Total
|
$ | 474,777 | $ | 493,587 | $ | 18,810 |
(1)
|
Offshore International
Group
|
(2)
|
Invercolsa S.
A.
|
Company
|
Economic Activity
|
Net result for the
nine month period
ended September
30, 2009
|
Net result for the
year ended December
31, 2008
|
|||||||
Interconexión
Eléctrica S. A.
|
Operation,
maintenance, transmission and sale of electrical power.
|
$ | 292,203 | $ | 179,495 | |||||
Empresa
de Energía de Bogotá S. A. E.S.P (1)
|
Electrical
energy power transmission
|
674,469 | 230,756 | |||||||
Invercolsa
S. A. (1)
|
Investments
in energy sector companies including activities inherent to the industry
and commerce of hydrocarbons and mining.
|
44,684 | 111,773 | |||||||
Oleoducto
de Colombia S. A
|
Construction
and operation of a pipeline system, which terminal is the Coveñas
embarkation port, Municipality of Tolú, Colombia.
|
(5,013 | ) | (23,862 | ) | |||||
Serviport
S. A. (1)
|
Rendering
to the public in general of the necessary services for loading and
unloading support of crude oil ships, supply of equipment for the same
purpose, load inspections and measurements.
|
524 | (500 | ) | ||||||
Ecodiesel
Colombia S. A. (1)
|
Construction
and operation of plants for the production of bio-fuels and oleo-chemicals
and their mixes with hydrocarbon derivative fuels, in addition to the
production and distribution of them.
|
217 | 76 | |||||||
Offshore
International Group (1) (2)
|
Exploration,
production, transportation, storage, distribution and selling of
hydrocarbons, by-products and products as well as research, development,
and selling of energy sources.
|
57,891 | - |
(1)
|
Information
available as of August 2009
|
(2)
|
Calculation
based on the annual average of the Market Exchange Rate as of August,
equal to $2,246
|
Maturity
|
1 - 3 Years
|
3 - 5 Years
|
>5 Years
|
Total
|
||||||||||||
Private
Bonds
|
$ | 19,461 | $ | - | $ | - | $ | 19,461 | ||||||||
Bonds
and securities of foreign entities
|
905,850 | 97,054 | 52,264 | 1,055,168 | ||||||||||||
Bonds
issued by the Colombian Government
|
292,454 | 184,338 | 102,826 | 579,618 | ||||||||||||
Treasury
Securities - TES
|
27,003 | 57,323 | 2,897 | 87,223 | ||||||||||||
Fund
for legal contingences
|
121,933 | 218,990 | 45,531 | 386,454 | ||||||||||||
$ | 1,366,701 | $ | 557,705 | $ | 203,518 | $ | 2,127,924 |
Maturity
|
1 - 3 Years
|
3 - 5 Years
|
>5 Years
|
Total
|
||||||||||||
Private
Bonds
|
$ | 4,145,510 | $ | 757,805 | $ | 191,281 | $ | 5,094,596 | ||||||||
Bonds
and securities issued by the Colombian Government
|
144,180 | 442,297 | 167,577 | 754,054 | ||||||||||||
Treasury
Securities – TES
|
31,317 | 13,863 | 11,349 | 56,529 | ||||||||||||
Fund
for legal contingences
|
131,250 | 159,726 | 87,485 | 378,461 | ||||||||||||
$ | 4,452,257 | $ | 1,373,691 | $ | 457,692 | $ | 6,283,640 |
3.
|
Inventories,
net
|
September 30, 2009
|
December 31, 2008
|
|||||||
Finished
Products:
|
||||||||
Crude
Oil
|
$ | 549,310 | $ | 602,210 | ||||
Fuels
|
541,478 | 465,388 | ||||||
Petrochemicals
|
94,640 | 108,352 | ||||||
Natural
gas
|
- | 41 | ||||||
Purchased
Products:
|
||||||||
Fuel
|
97,823 | 132,295 | ||||||
Crude
oil
|
26,824 | 35,568 | ||||||
Petrochemicals
|
7,130 | 31,934 | ||||||
Raw
Materials:
|
||||||||
Crude
oil
|
217,752 | 96,970 | ||||||
Petrochemicals
|
31,330 | 29,596 | ||||||
In
process Products:
|
||||||||
Fuels
|
265,931 | 203,328 | ||||||
Petrochemicals
|
12,232 | 3,826 | ||||||
In
transit inventories
|
27 | 11,279 | ||||||
Materials
for the production of assets
|
120,516 | 9,907 | ||||||
In
transit materials
|
26,998 | 5,922 | ||||||
Other
materials
|
- | 2,144 | ||||||
Total
|
1,991,991 | 1,738,760 | ||||||
Less:
allowance for inventories
|
(38,952 | ) | (127,464 | ) | ||||
Total
|
$ | 1,953,039 | $ | 1,611,296 |
September 30, 2009
|
December 31, 2008
|
|||||||
Initial
balance
|
$ | 127,464 | $ | 80,971 | ||||
(Decrease)
increase to allowance
|
(88,512 | ) | 46,493 | |||||
Ending
balance
|
$ | 38,952 | $ | 127,464 |
|
4.
|
Property,
Plant and Equipment, net
|
September 30, 2009
|
December 31, 2008
|
|||||||
Plant
and equipment
|
$ | 13,960,789 | $ | 11,291,735 | ||||
Construction
in progress (1)
|
7,192,414 | 3,435,379 | ||||||
Pipelines,
networks and lines
|
11,819,147 | 4,081,579 | ||||||
Buildings
|
1,843,091 | 1,194,298 | ||||||
Equipment
on deposit and in transit
|
1,010,954 | 949,724 | ||||||
Transportation
equipment and other fixed assets
|
362,920 | 286,864 | ||||||
Computer
equipment
|
307,143 | 281,037 | ||||||
Land
|
316,679 | 76,660 | ||||||
Total
|
36,813,137 | 21,597,276 | ||||||
Accumulated
depreciation
|
(19,920,031 | ) | (12,426,330 | ) | ||||
Allowance
for property, plant and equipment
|
(1,117,659 | ) | (1,093,458 | ) | ||||
Total
|
$ | 15,775,447 | $ | 8,077,488 |
(1)
|
The
most representative amounts correspond to infrastructure projects such as
the Barrancabermeja fuel hydro treatment plant, Campo Castilla development
project in Meta, heavy crude oil transportation pipeline Apiay –
Porvenir, construction of the naphtha pipeline between
Tocancipá and Castilla and well drilling for the development of reserves
in La Cira.
|
|
5.
|
Natural
and Environmental Resources, net
|
September 30, 2009
|
December 31, 2008
|
|||||||
Amortizable
crude oil investments
|
$ | 15,015,422 | $ | 13,727,384 | ||||
Less:
Accumulated amortization
|
(8,774,708 | ) | (7,007,255 | ) | ||||
6,240,714 | 6,720,129 | |||||||
Plugging
and abandonment, dismantling of facilities
|
||||||||
and
environmental recovery costs
|
1,914,057 | 1,965,902 | ||||||
Less:
Accumulated amortization
|
(1,232,951 | ) | (1,091,504 | ) | ||||
681,106 | 874,398 | |||||||
Reservoirs
and appraisals (1)
|
701,590 | 701,590 | ||||||
Less:
Accumulated depletion
|
(600,944 | ) | (580,132 | ) | ||||
100,646 | 121,458 | |||||||
Exploration
in progress
|
574,420 | 338,064 | ||||||
Total
|
$ | 7,596,886 | $ | 8,054,049 |
(1)
|
These
reserves were received from the reversions of concession contracts for
$520,218 currently administered by Gerencia Sur and $181,372 by Magdalena
Medio.
|
|
6.
|
Deferred
charges
|
September 30, 2009
|
December 31, 2008
|
|||||||
Deferred
income tax
|
$ | 1,274,172 | $ | 1,285,648 | ||||
Other
deferred charges (net)
|
319,723 | 235,720 | ||||||
Charges
of deferred monetary correction, net
|
60,822 | 66,279 | ||||||
Deferred
reinsurance
|
- | 8,036 | ||||||
$ | 1,654,717 | $ | 1,595,683 |
|
7.
|
Financial
Obligations
|
September 30, 2009
|
December 31, 2008
|
|||||||
Short
term
|
||||||||
Interest
payable – Loans from local banks
|
$ | 71,710 | $ | - | ||||
Interest
payable – Foreign credit - Bonds
|
40,913 | - | ||||||
Obligations
incurred by subsidiaries
|
174,432 | 281,026 | ||||||
Total
|
287,055 | 281,026 | ||||||
Long-term
|
||||||||
Loans
from local banks (1)
|
2,220,200 | - | ||||||
Foreign
credit – Bonds (2)
|
2,883,000 | - | ||||||
Obligations
incurred by subsidiaries
|
526,492 | 5,473 | ||||||
Total
|
$ | 5,629,692 | $ | 5,473 |
(1)
|
Corresponds
to the disbursement of the syndicated loan that comprised eleven local
banks issued in an amount of $2,220,200 destined to finance the company’s
investment plans.
|
Participating banks
|
Loan Amount
|
|||
Bancolombia
|
$ | 750,000 | ||
Davivienda
|
450,000 | |||
Banco
de Bogotá
|
232,000 | |||
Banco
Agrario
|
196,700 | |||
BBVA
|
180,000 | |||
Banco
de Occidente
|
100,000 | |||
Banco
Popular
|
118,000 | |||
Banco
Santander
|
60,000 | |||
Banco
comercial AV VILLAS
|
50,000 | |||
Banco
de Crédito
|
63,500 | |||
Colmena
|
20,000 | |||
Total
|
$ | 2,220,200 |
Company
|
Amount
|
|||
Oleoducto
Central S.A.
|
$ | 1,110,035 | ||
Refinería
de Cartagena S.A.
|
1,274,796 | |||
Polipropileno
del Caribe S.A.
|
279,409 | |||
Total
|
$ | 2,664,240 |
(2)
|
On
July 23, 2009 the company issued U.S.$ 1.5 billion, 7.625% unsecured and
unsubordinated Notes due 2019 (the “Notes”) under Rule 144A/Regulation S,
with registration rights before the Securities and Exchange Commission of
the United States of America (the “SEC”). The Notes were issued pursuant
to an Indenture dated as of July 23, 2009 (the “Indenture”) between the
Company and The Bank of New York Mellon, as
trustee.
|
|
·
|
require
the Company to duly and punctually pay interest on the Notes at the rate
of 7.625% per year on January 23 and July 23 of each year, beginning on
January 23, 2010;
|
|
·
|
require
the Company to duly and punctually pay principal on the Notes on the
maturity date of July 23, 2019;
|
|
·
|
limit
the ability of the Company and its material subsidiaries to incur any
lien, except for certain permitted liens, to secure the payment of public
external indebtedness of the Company or any of its material subsidiaries,
except in cases where the Notes are secured equally and ratably with (or
prior to) such indebtedness (but only for so long as such indebtedness is
so secured); and
|
|
·
|
require
the Company to make an offer to purchase all or any portion of outstanding
Notes held by holders upon the occurrence of a Change of Control
Repurchase Event (as defined in the
Indenture).
|
|
8.
|
Accounts
payable and related parties
|
September 30, 2009
|
December 31, 2008
|
|||||||
Dividends
payable
|
2,941,801 | 2,158 | ||||||
Suppliers
|
2,423,914 | 386,237 | ||||||
Advances
from Partners
|
638,204 | 532,833 | ||||||
Related
parties
|
- | 19,002 | ||||||
Deposits
received from third parties
|
510,045 | 397,731 | ||||||
Purchase
of hydrocarbons from the Agencia Nacional de Hidrocarburos -
ANH
|
532,058 | 210,056 | ||||||
Reimbursement
of exploratory costs
|
69,523 | 120,627 | ||||||
Other
payables
|
151,111 | 40,003 | ||||||
Total
|
7,266,657 | 1,708,647 |
|
9.
|
Taxes
payable
|
September 30, 2009
|
December 31, 2008
|
|||||||
Income
tax and other taxes
|
$ | 1,495,795 | $ | 3,618,553 | ||||
Special
tax and surcharge on gasoline (1)
|
97,180 | 92,935 | ||||||
Income
and VAT withholdings
|
91,709 | 129,737 | ||||||
Industry
and commerce and other minor taxes
|
54,300 | 20,917 | ||||||
Sales
tax payable
|
72,021 | 44,326 | ||||||
Total
|
$ | 1,811,005 | $ | 3,906,468 |
(1)
|
This
tax is levied on sales and/or consumption of regular and premium gasoline
and diesel. The funds collected for this tax are paid to the National
Treasury Office of the Ministry of Finance. The special tax is paid on the
basis of the percentage participation of each beneficiary in the national
monthly consumption of regular and premium
gasoline.
|
September 2009
|
December 2008
|
|||||||
Current
income tax provision
|
$ | 1,277,353 | $ | 3,742,887 | ||||
Income
tax of previous periods
|
490 | - | ||||||
Deferred
income tax – Asset and Liability
|
229,876 | (10,672 | ) | |||||
$ | 1,507,719 | $ | 3,732,215 |
10.
|
Labor
and pension plan obligations
|
September 2009
|
December 2008
|
|||||||
Current
|
||||||||
Vacations
|
$ | 53,002 | $ | 37,593 | ||||
Bonuses
and allowances
|
51,392 | 40,773 | ||||||
Severance
(1)
|
37,102 | 32,391 | ||||||
Interest
on severance
|
2,148 | 2,996 | ||||||
Pension
bonds issued and interest
|
1,876 | 848 | ||||||
Others
|
791 | 2,566 | ||||||
Salaries
and pensions payable(2)
|
413 | 12,491 | ||||||
Total
current
|
146,724 | 129,658 | ||||||
Long
term
|
||||||||
Retirement
pensions and other benefits (3)
|
2,377,801 | 2,082,072 | ||||||
Retirement
pensions joint operations
|
77,869 | 75,215 | ||||||
Pension
bonds issued and interest
|
8,997 | 7,500 | ||||||
Total
long-term
|
2,464,667 | 2,164,787 | ||||||
Total
|
$ | 2,611,391 | $ | 2,294,445 |
(1)
|
Increase
is the result of hiring of 400 new employees in Ecopetrol
S.A.
|
(2)
|
The
$12,078 decrease results mainly from temporary payroll payment of
employees at refineries and due to the settlement of fixed-term contracts
in January 2009, which were pending as of December 31,
2008.
|
(3)
|
Corresponds
to the actuarial reserve amount for health and education for Ecopetrol
S.A.; amount not commutated.
|
11.
|
Contingencies
|
Proceeding
|
Claim
|
Amount of the
Provision
|
||||
Foncoeco
(*)
|
Profit
participation fund of the employees and ex employees of Ecopetrol
S.A.
|
$ | 140,583 | |||
Municipality
of Arauca
|
Class
Action. Contributions to the solidarity and redistribution of income fund
as a consequence of the generation of electricity, according to the Law
142 of 1994.
|
121,051 | ||||
Department
of Tolima
|
Class
Action for the recalculation of royalties with 20% specified in Law 141 of
1994.
|
82,287 | ||||
Universidad
de Cartagena y Junta Especial de la Estampilla
|
Constitutional
Action in which the Universidad de Cartagena requests the compliance
action for the payment of the stamp on operations carried out in
Bolivar, especially in Cartagena de Indias port.
|
75,000 | ||||
Municipality
of Melgar
|
Class
Action requesting the recovery to the Department of Tolima of the amounts
not collected regarding royalties corresponding to the Guandó
well.
|
40,351 | ||||
Benigno
Sánchez Núñez y otros
|
Class
action due to cracking and landslides that destroyed the farms due to
underground explosions within the program of San Luis 95.
|
10,000 | ||||
Consorcio
Protécnica Ltda (En Liquidación) - Constructora Kepler S. A. De
C.V.
|
Time
over run in construction said to be Ecopetrol’s fault that altered the
economic and financial equilibrium of the contract against the contracting
consortium
|
10,000 |
12.
|
SUBSEQUENT
EVENTS
|
|
·
|
1P gross reserves of 1,88 mn BOE
(SEC technical standard and price), and replacement ratio of
359%
|
|
·
|
Gross reserves 35.5% increase
compared to 2008
|
|
·
|
98% of total reserves audited by
three independent firms
|
|
·
|
Reserves-to-production ratio of
9.9 years, outstanding given the 17% increase in
production
|
September 30, 2009
|
September 30, 2008
|
|||||||
Consolidated
net income under Colombian Government Entity GAAP
|
$ | 3,410,575 | $ | 9,571,757 | ||||
Investment
securities
|
||||||||
a.
Unrealized gain (loss)
|
879,055 | (566,152 | ) | |||||
b.
Impairment
|
(16,214 | ) | 187,024 | |||||
Investments
in non-marketable securities:
|
||||||||
a.
Equity method
|
245,267 | 417,352 | ||||||
b.
Variable Interest Entity (VIE)
|
70,391 | 59,065 | ||||||
Deferred
charges
|
(93,488 | ) | 1,965 | |||||
Employee
benefit plans
|
(1,586,790 | ) | (1,355,336 | ) | ||||
Provisions
– allowances and contingencies
|
3,586 | (172,221 | ) | |||||
Deferred
income taxes
|
453,688 | 493,919 | ||||||
Revenue
recognition
|
||||||||
a.
Cost of sales – Over and Under
|
(62,400 | ) | 52,553 | |||||
b.
Other income – exchange losses
|
- | 7,540 | ||||||
Inflation
adjustment
|
65,154 | 75,715 | ||||||
Inventories
|
49,593 | (55,574 | ) | |||||
Lease
accounting
|
(71,996 | ) | 12,908 | |||||
Property,
plant and equipment:
|
||||||||
a.
Interest
|
9,611 | - | ||||||
b.
Impairment
|
(6,136 | ) | (121,765 | ) | ||||
c.
Capitalized expenses
|
13,042 | (9,106 | ) | |||||
Depreciation,
Depletion and Amortization
|
(54,689 | ) | (14,053 | ) | ||||
Asset
retirement obligations
|
286,560 | (35,623 | ) | |||||
Equity
contributions:
|
||||||||
a.
Incorporated institutional equity
|
18,922 | 21,534 | ||||||
b.
Reversion of concession rights contributed as capital
|
20,813 | 13,892 | ||||||
Business
combinations
|
||||||||
a.
Goodwill
|
101,988 | 26,139 | ||||||
b.
Fair value adjustments to assets and liabilities acquired
|
1,078,537 | 15,295 | ||||||
Consolidated
Ecopetrol’s net income under U.S. GAAP
|
$ | 4,815,069 | $ | 8,626,828 |
September 30, 2009
|
December 31, 2008
|
|||||||
Consolidated
shareholders’ equity under Colombian Government Entity
GAAP
|
$ | 29,300,303 | $ | 34,619,717 | ||||
Investment
securities
|
||||||||
Investments
in non-marketable securities:
|
||||||||
a.
Equity method
|
(98,653 | ) | (991,927 | ) | ||||
b.
Variable Interest Entity (VIE)
|
- | (320,600 | ) | |||||
c.
Valuation surplus
|
(969,845 | ) | (616,951 | ) | ||||
Exchange
of non-monetary assets
|
662,374 | 662,374 | ||||||
Deferred
charges
|
(98,638 | ) | (7,133 | ) | ||||
Employee
benefit plans
|
(884 | ) | (563,814 | ) | ||||
Provisions
– allowance and contingencies
|
187,438 | 183,852 | ||||||
Deferred
income taxes
|
484,673 | 470,044 | ||||||
Revenue
recognition:
|
||||||||
a.
Cost of sales – Over and Under
|
(51,416 | ) | 10,984 | |||||
Inflation
adjustment
|
(798,342 | ) | (863,496 | ) | ||||
Inventories
|
(16,977 | ) | (66,570 | ) | ||||
Lease
accounting
|
372,127 | 444,117 | ||||||
Property,
plant and equipment:
|
||||||||
a.
Interest
|
49,379 | 39,768 | ||||||
b.
Revaluation of property, plant and equipment and public accounting
effect
|
(3,536,458 | ) | (3,505,449 | ) | ||||
c.
Impairment
|
(303,455 | ) | (297,319 | ) | ||||
d.
Capitalized expenses
|
(542,642 | ) | (555,684 | ) | ||||
e.
Exchange difference
|
(217,535 | ) | (217,535 | ) | ||||
Depreciation,
Depletion and Amortization
|
(874,875 | ) | (820,184 | ) | ||||
Asset
retirement obligations
|
262,505 | (24,054 | ) | |||||
Equity
contributions:
|
||||||||
a.
Incorporated institutional equity
|
(41,289 | ) | (60,907 | ) | ||||
b.
Reversion of concession rights contributed as capital
|
(100,646 | ) | (121,459 | ) | ||||
Business
combinations
|
||||||||
a.
Goodwill
|
152,720 | 48,471 | ||||||
b.
Fair value adjustments to assets and liabilities acquired
|
(117,087 | ) | (20,510 | ) | ||||
Consolidated
shareholders’ equity of Ecopetrol under US GAAP
|
$ | 23,702,777 | $ | 27,425,735 |
September 30, 2009
|
December 31, 2008
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 6,571,644 | $ | 4,812,595 | ||||
Investments
|
909,322 | 1,345,760 | ||||||
Accounts
and notes receivable, net
|
3,939,818 | 5,891,412 | ||||||
Inventories
|
1,842,866 | 1,569,165 | ||||||
Advances
and deposits
|
1,488,355 | 887,634 | ||||||
Prepaid
expenses
|
45,561 | 25,492 | ||||||
Deferred
income taxes
|
604,372 | 2,027,113 | ||||||
Direct
finance lease
|
- | 80,263 | ||||||
Total
current assets
|
15,401,938 | 16,639,434 | ||||||
Investments
|
3,578,982 | 7,506,851 | ||||||
Accounts
and notes receivable, net
|
238,989 | 194,912 | ||||||
Restricted
assets
|
380,522 | 388,892 | ||||||
Property,
plant and equipment, net
|
14,494,127 | 7,696,192 | ||||||
Natural
and environmental resources, net
|
6,859,540 | 6,456,158 | ||||||
Goodwill
|
2,435,095 | 627,610 | ||||||
Deferred
charges and other assets
|
1,836,242 | 793,339 | ||||||
Deferred
income taxes
|
2,169,377 | - | ||||||
Total
Assets
|
$ | 47,394,812 | $ | 40,303,388 | ||||
Liabilities
and shareholders’ equity
|
||||||||
Current
liabilities:
|
||||||||
Financial
obligations
|
$ | 287,055 | $ | 281,841 | ||||
Accounts
payable and related parties
|
7,500,677 | 1,834,041 | ||||||
Capital
lease liability
|
98,885 | 102,657 | ||||||
Taxes
payable
|
489,079 | 2,570,886 | ||||||
Labor
and pension plan obligations
|
147,249 | 340,537 | ||||||
Estimated
liabilities and provisions
|
793,184 | 677,214 | ||||||
Total
current liabilities
|
9,316,129 | 5,807,176 | ||||||
Financial
obligations, long-term
|
5,629,692 | 5,473 | ||||||
Accounts
payable, long-term
|
200,754 | 279,882 | ||||||
Capital
lease liability
|
266,850 | 388,591 | ||||||
Pension
plan obligation and other labor obligations, long-term
|
2,465,552 | 2,518,307 | ||||||
Deferred
income tax, long-term
|
1,128,837 | 833,399 | ||||||
Estimated
liabilities and provisions
|
2,079,538 | 1,748,014 | ||||||
Other
long-term liabilities
|
467,061 | 478,039 | ||||||
Total
non-current liabilities
|
12,238,284 | 6,251,705 | ||||||
Total
liabilities
|
21,554,413 | 12,058,881 | ||||||
Non-controlling
interest
|
2,137,622 | 818,772 | ||||||
Shareholders’
equity of Ecopetrol
|
23,702,777 | 27,425,735 | ||||||
Total
Equity
|
25,840,399 | 28,244,507 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 47,394,812 | $ | 40,303,388 |
September 30, 2009
|
September 30, 2008
|
|||||||
Revenue:
|
||||||||
Local
sales
|
$ | 10,646,721 | $ | 17,765,146 | ||||
Foreign
sales
|
10,289,829 | 9,480,245 | ||||||
Total
revenue
|
20,936,550 | 27,245,391 | ||||||
Cost
of sales
|
(13,418,352 | ) | (13,325,560 | ) | ||||
7,518,198 | 13,919,831 | |||||||
Operating
expenses:
|
||||||||
Administration
|
(2,122,626 | ) | (1,619,203 | ) | ||||
Selling
|
(942,878 | ) | (944,533 | ) | ||||
Operating
income
|
4,452,694 | 11,356,095 | ||||||
Non-operating
income, net
|
1,848,034 | 966,701 | ||||||
Income
before income tax and minority interest
|
6,300,728 | 12,322,796 | ||||||
Income
tax:
|
||||||||
Current
income tax
|
(1,284,945 | ) | (3,843,548 | ) | ||||
Deferred
income tax
|
(289,050 | ) | 255,878 | |||||
(1,573,995 | ) | (3,587,670 | ) | |||||
Net
income
|
4,726,733 | 8,735,126 | ||||||
Less:
Net loss (income) attributable to Non-controlling interest
|
88,336 | (108,298 | ) | |||||
Net
Income attributable to Ecopetrol S.A.
|
$ | 4,815,069 | $ | 8,626,828 | ||||
Earnings
per share (Basic and diluted)
|
$ | 118.97 | $ | 213.15 |
September 30,
2009
|
September 30,
2008
|
|||||||
Cash
flow provided by operating activities:
|
||||||||
Net
income
|
$ | 4,815,069 | $ | 8,626,828 | ||||
Adjustments
to reconcile net income to cash provided by operating
activities:
|
||||||||
Equity
method in non-marketable securities
|
(56,203 | ) | (469,129 | ) | ||||
Depreciation,
depletion and amortization
|
2,120,572 | 2,288,337 | ||||||
Impairment
|
371,526 | 121,653 | ||||||
Provisions
|
34,296 | (47,743 | ) | |||||
Deferred
income tax
|
289,050 | (255,878 | ) | |||||
Exchange
loss
|
(987,469 | ) | (479,459 | ) | ||||
Non-controlling
interest
|
(88,336 | ) | 108,298 | |||||
Net
changes in operating assets and liabilities:
|
||||||||
Accounts
and notes receivable
|
767,373 | (3,944,311 | ) | |||||
Inventories
|
(117,874 | ) | (404,011 | ) | ||||
Deferred
and other assets
|
(2,014,561 | ) | (2,092,367 | ) | ||||
Accounts
payable and related parties
|
5,773,802 | 4,954,409 | ||||||
Taxes
payable
|
(4,043,022 | ) | 779,539 | |||||
Labor
obligations
|
1,373,020 | 488,902 | ||||||
Estimated
liabilities and provisions
|
48,783 | 879,945 | ||||||
Net
cash provided by operating activities
|
8,286,027 | 10,555,012 | ||||||
Cash
flows from investing activities:
|
||||||||
Payment
for purchase of Companies, net of cash acquired
|
(1,154,618 | ) | - | |||||
Purchase
of investment securities
|
(4,607,977 | ) | (21,719,249 | ) | ||||
Redemption
of investment securities
|
3,150,326 | 18,468,988 | ||||||
Investment
in natural and environmental resources
|
(1,098,533 | ) | (744,499 | ) | ||||
Additions
to property, plant and equipment
|
(4,012,485 | ) | (1,631,288 | ) | ||||
Net
cash used in investing activities
|
(7,723,287 | ) | (5,626,048 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Non-controlling
interest
|
1,407,186 | (141,592 | ) | |||||
Payment
of financial obligations
|
(303,513 | ) | 34,975 | |||||
Proceeds
from financial obligations
|
5,774,052 | 390,557 | ||||||
Proceeds
from issuance of shares
|
35,063 | 694,194 | ||||||
Dividends
paid
|
(6,207,181 | ) | (2,327,170 | ) | ||||
Net
cash provided by (used in) financing activities
|
705,607 | (1,349,036 | ) | |||||
Effect
of exchange rate changes on cash
|
(490,702 | ) | 107,346 | |||||
Net
increase in cash and cash equivalents
|
1,759,049 | 3,472,581 | ||||||
Cash
and cash equivalents at beginning of period
|
4,812,595 | 8,007,282 | ||||||
Cash
and cash equivalents at end of period
|
$ | 6,571,644 | $ | 11,479,863 |
Common Stock
|
||||||||||||||||||||||||||||||||||||
Millions
of
shares
|
Value
|
Additional
paid-in-
capital
|
Comprehensive
Income (loss)
|
Retained
earnings
|
Accumulated
other
comprehensive
loss
|
Ecopetrol's
Equity
|
Non-Controlling
Interest
|
Total Equity
|
||||||||||||||||||||||||||||
Balance
at December 31, 2007
|
40,473 | 10,113,334 | 3,607,929 | $ | 8,269,100 | (999,332 | ) | 20,991,031 | 571,597 | $ | 21,562,628 | |||||||||||||||||||||||||
Purchase
Of subsidiary shares non controlling interest
|
||||||||||||||||||||||||||||||||||||
Business
Combination
|
- | - | - | - | - | - | - | 8,718 | - | |||||||||||||||||||||||||||
Issuance
of company shares
|
- | 4,457 | 828,462 | - | - | - | 832,919 | 217,378 | 1,050,297 | |||||||||||||||||||||||||||
Distribution
of dividends
|
- | - | - | - | (4,654,340 | ) | - | (4,654,340 | ) | $ | (141,634 | ) | (4,795,974 | ) | ||||||||||||||||||||||
Other
contributions
|
- | - | - | - | (23,742 | ) | - | (23,742 | ) | 139,566 | 115,824 | |||||||||||||||||||||||||
Comprehensive
income:
|
- | |||||||||||||||||||||||||||||||||||
Net
income
|
- | - | - | $ | 8,841,883 | 8,841,883 | - | 8,841,883 | 6,256 | 8,848,139 | ||||||||||||||||||||||||||
Other
Comprehensive income, net of tax:
|
- | |||||||||||||||||||||||||||||||||||
Unrealized
earnings on investment securities, net of tax effect of
$303,895
|
- | - | - | 617,002 | - | - | 617,002 | - | 617,002 | |||||||||||||||||||||||||||
Amortization
of actuarial loss, net of tax effect of $302,050
|
- | - | - | 613,251 | - | - | 613,251 | - | 613,251 | |||||||||||||||||||||||||||
Translation
adjustment
|
- | - | - | 207,731 | - | - | 207,731 | 16,890 | 224,621 | |||||||||||||||||||||||||||
Total
other comprehensive income
|
- | - | - | 1,437,984 | - | 1,437,984 | - | - | - | |||||||||||||||||||||||||||
Comprehensive
income
|
- | - | - | $ | 10,429,288 | - | - | - | - | - | ||||||||||||||||||||||||||
Balance
at December 31, 2008
|
40,473 | 10,117,791 | $ | 4,436,391 | - | 12,432,901 | 438,652 | 27,425,735 | 818,771 | 28,244,506 | ||||||||||||||||||||||||||
Business
Combinations
|
- | 1,254,890 | 1,254,890 | |||||||||||||||||||||||||||||||||
Issuance
of company shares
|
- | - | 35,063 | - | - | - | 35,063 | - | 35,063 | |||||||||||||||||||||||||||
Distribution
of dividends
|
- | - | - | - | (8,902,913 | ) | - | (8,902,913 | ) | (101,685 | ) | (9,004,598 | ) | |||||||||||||||||||||||
Net
income
|
- | - | - | $ | 4,815,069 | 4,815,069 | - | 4,815,069 | (88,336 | ) | 4,726,733 | |||||||||||||||||||||||||
Other
Comprehensive income, net of tax:
|
||||||||||||||||||||||||||||||||||||
Unrealized
losses on investment securities, net of tax effect of
$(337,272)
|
- | - | - | (684,765 | ) | - | - | (684,765 | ) | - | (684,765 | ) | ||||||||||||||||||||||||
Amortization
of actuarial gain, net of tax effect of $ 709,407
|
- | - | - | 1,440,313 | - | - | 1,440,313 | - | 1,440,313 | |||||||||||||||||||||||||||
Translation
adjustment
|
- | - | - | (425,725 | ) | - | - | (425,725 | ) | 253,982 | (171,743 | ) | ||||||||||||||||||||||||
Total
other comprehensive income
|
- | - | - | 329,823 | - | 329,823 | - | - | - | |||||||||||||||||||||||||||
Comprehensive
income
|
- | - | - | $ | 5,144,892 | - | - | - | - | - | ||||||||||||||||||||||||||
Balance
at September 30, 2009
|
40,473 | $ | 10,117,791 | $ | 4,471,454 | $ | - | $ | 8,345,057 | $ | 768,475 | $ | 23,702,777 | $ | 2,137,622 | $ | 25,840,399 |
September 2009
|
||||||||||||
Before-Income Tax
|
(Income Tax
Expense)
|
Net of Income
Tax
|
||||||||||
Amount
|
Or Benefit
|
Amount
|
||||||||||
Unrealized
loss on securities available for sale
|
$ | (26,961 | ) | $ | 8,897 | $ | (18,064 | ) | ||||
Pension
liability - net unamortized actuarial loss
|
1,599,277 | (527,761 | ) | 1,071,516 | ||||||||
Cumulative
translation adjustment
|
(284,977 | ) | - | (284,977 | ) | |||||||
Other
comprehensive income (loss)
|
$ | 1,287,339 | $ | (518,864 | ) | $ | 768,475 |
December 2008
|
||||||||||||
Before-Income Tax
|
(Income Tax
Expense)
|
Net Of Income
Tax
|
||||||||||
Amount
|
Or Benefit
|
Amount
|
||||||||||
Unrealized
loss on securities available for sale
|
$ | 995,076 | $ | (328,375 | ) | $ | 666,701 | |||||
Pension
liability - net unamortized actuarial loss
|
(550,443 | ) | 181,646 | (368,797 | ) | |||||||
Cumulative
translation adjustment
|
140,748 | - | 140,748 | |||||||||
Other
comprehensive income (loss)
|
$ | 585,381 | $ | (146,729 | ) | $ | 438,652 |
Aggregated
Fair Value
|
Gross Unrealized
Holding Gains
|
Gross Unrealized
Holding Losses
|
Gross
Recognized
Losses
|
Cost
Basis
|
||||||||||||||||
As of September 30,
2009 (
in millions of Colombian pesos)
|
||||||||||||||||||||
Short-term
Investments - Available for Sale Securities:
|
||||||||||||||||||||
Securities issued or
secured by Colombian government
|
$ | 119,272 | $ | 1,392 | $ | (10,803 | ) | $ | (10,803 | ) | $ | 139,321 | ||||||||
Securities issued or
secured by government sponsored enterprise
|
147,401 | 5,178 | - | (655 | ) | 142,878 | ||||||||||||||
Securities issued or
secured by financial entities
|
234,101 | 467 | (11,539 | ) | (5,113 | ) | 250,286 | |||||||||||||
Other debt
securities
|
15,791 | 432 | - | - | 15,359 | |||||||||||||||
Total
Short-term Investments Classified as Available for Sale
|
516,565 | 7,469 | (22,342 | ) | (16,406 | ) | 547,844 | |||||||||||||
Long-term
Investments - Available for Sale Securities:
|
||||||||||||||||||||
Securities issued or
secured by Colombian government
|
792,162 | 35,221 | (24,371 | ) | (12,594 | ) | 793,906 | |||||||||||||
Securities issued or
secured by government sponsored enterprise
|
- | - | - | - | - | |||||||||||||||
Securities
issued or secured by financial entities
|
711 | - | (59 | ) | - | 770 | ||||||||||||||
Securities issued or
secured by government USA
|
1,144,248 | 787 | (83,404 | ) | (30,723 | ) | 1,257,588 | |||||||||||||
Other debt
securities
|
1,771 | - | (558 | ) | (577 | ) | 2,906 | |||||||||||||
Total
Long-term Investments Classified as Available for Sale
|
1,938,892 | 36,008 | (108,392 | ) | (43,894 | ) | 2,055,170 | |||||||||||||
Total Available for
Sale
|
$ | 2,455,457 | $ | 43,477 | $ | (130,734 | ) | $ | (60,300 | ) | $ | 2,603,014 |
Aggregated
Fair
Value
|
Gross
Unrecognized
Holding
Gains
|
Gross Unrecognized
Holding
Losses
|
Net
Carrying
Amount
|
|||||||||||||
Long-term
Investments- Held to Maturity Securities
|
||||||||||||||||
Securities issued or
secured by Colombian government
|
$ | 125,673 | $ | 3,783 | $ | (4,878 | ) | $ | 126,768 | |||||||
Securities issued or
secured by government USA
|
10,303 | 368 | - | 9,935 | ||||||||||||
Other debt
securities
|
19,385 | - | (30,357 | ) | 49,742 | |||||||||||
Total Long-term
Investments Classified as Held to Maturity
|
$ | 155,361 | $ | 4,151 | $ | (35,235 | ) | $ | 186,445 |
Aggregated
Fair
Value
|
Gross
Unrealized
Holding
Gains
|
Gross
Unrealized
Holding
Losses
|
Gross Recognized
Losses |
Cost
Basis
|
||||||||||||||||
As
of December 31, 2008
|
||||||||||||||||||||
Short-term
Investments - Available for Sale Securities:
|
||||||||||||||||||||
Securities
issued or secured by Colombian government
|
$ | 239,819 | $ | 17,825 | $ | (5,559 | ) | $ | - | $ | 227,553 | |||||||||
Securities
issued or secured by government sponsored enterprise
|
989,949 | 148,808 | (4,158 | ) | - | 845,299 | ||||||||||||||
Securities
issued or secured by financial entities
|
92,535 | 13,026 | - | - | 79,509 | |||||||||||||||
Other
debt securities
|
23,457 | 3,175 | - | - | 20,282 | |||||||||||||||
Total
Short-term Investments classified as Available for Sale
|
1,345,760 | 182,834 | (9,717 | ) | - | 1,172,643 | ||||||||||||||
Long-term
Investments - Available for Sale Securities:
|
||||||||||||||||||||
Securities
issued or secured by Colombian government
|
821,342 | 123,957 | (6,259 | ) | - | 724,733 | ||||||||||||||
Securities
issued or secured by government sponsored enterprise
|
2,515,761 | 427,156 | (215 | ) | (390 | ) | 2,110,413 | |||||||||||||
Securities
issued or secured by financial entities
|
596,792 | 110,263 | (64 | ) | 487,898 | |||||||||||||||
Securities
issued or secured by government USA
|
2,169,197 | 35,436 | (27,653 | ) | - | 2,161,414 | ||||||||||||||
Other debt
securities
|
1,452 | 144 | - | (95 | ) | 1,403 | ||||||||||||||
Total
Long-term Investments classified as Available for Sale
|
6,104,544 | 696,956 | (34,191 | ) | (485 | ) | 5,485,861 | |||||||||||||
Total Available for
Sale
|
$ | 7,450,304 | $ | 879,790 | $ | (43,908 | ) | $ | (485 | ) | $ | 6,658,505 |
Aggregated
Fair
Value
|
Gross
Unrecognized
Holding
Gains
|
Gross
Unrecognized
Holding
Losses
|
Net
Carrying
Amount
|
|||||||||||||
Long-term
Investments- Held to Maturity Securities
|
||||||||||||||||
Securities
issued or secured by Colombian government
|
$ | 132,133 | $ | 993 | $ | (2,533 | ) | $ | 133,693 | |||||||
Securities
issued or secured by government USA
|
12,436 | 1,129 | - | 11,307 | ||||||||||||
Other
debt securities
|
35,829 | 1,733 | - | 34,096 | ||||||||||||
Total
Long-term Investments Classified as Held to Maturity
|
$ | 180,398 | $ | 3,855 | $ | (2,533 | ) | $ | 179,096 |
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Cost Basis
|
Fair Value
|
Cost Basis
|
Fair Value
|
|||||||||||||
Due
in one year or less
|
$ | 547,843 | $ | 516,564 | $ | - | $ | - | ||||||||
Due
in one year to five years
|
1,932,736 | 1,838,201 | 76,734 | 43,494 | ||||||||||||
Due
in five years to ten years
|
122,435 | 100,692 | 109,711 | 111,867 | ||||||||||||
Total
|
$ | 2,603,014 | $ | 2,455,457 | $ | 186,445 | $ | 155,361 |
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Cost Basis
|
Fair Value
|
Cost Basis
|
Fair Value
|
|||||||||||||
Due
in one year or less
|
$ | 1,172,644 | $ | 1,345,759 | $ | 60,254 | $ | 63,986 | ||||||||
Due
in one year to five years
|
5,157,100 | 5,765,696 | 118,842 | 116,412 | ||||||||||||
Due
in five years to ten years
|
328,761 | 338,849 | - | - | ||||||||||||
Total
|
$ | 6,658,505 | $ | 7,450,304 | $ | 179,096 | $ | 180,398 |
September
2009
|
September
2008
|
|||||||
Proceeds
from sales
|
$ | 7,146,322 | $ | 6,152,234 | ||||
Gains
|
23,301 | 13,868 | ||||||
Losses
|
3,984 | 7,847 |
Less
than 12 months
|
More
than 12 months
|
|||||||||||||||
Gross Unrealized Loss
|
Market Value
|
Gross Unrealized Loss
|
Market Value
|
|||||||||||||
September
30, 2009
|
$ | (22,342 | ) | $ | 292,118 | $ | (108,392 | ) | $ | 1,349,430 | ||||||
December
31, 2008
|
$ | (27,867 | ) | $ | 1,258,847 | $ | (16,041 | ) | $ | 268,894 |
a)
|
the
length of time and the extent to which the market value of the security
has been less than cost;
|
b)
|
the
financial condition and near-term prospects of the issuer, including any
specific events which influence the operations of the issuer (such as
changes in technology that may impair the earnings potential of the
investment, or the discontinuance of a segment of a business that may
affect the future earnings potential);
and
|
c)
|
the
intent and ability of the Company to retain its investment in the issuer
for a period of time that allows for any anticipated recovery in market
value.
|
Credit Rating Agency
|
Short-term
Credit Rating
|
Long-Term
Credit Rating
|
||
Standard
& Poor’s
|
A-1
|
A
|
||
Moody’s Investors Services
|
P-1
|
A2
|
||
Fitch
Ratings
|
|
F-1
|
|
A
|
a.
|
Equity
Method
|
·
|
Reversion
of valuations and allowances for losses recorded under
RCP
|
·
|
Reversion
of inflation adjustments recorded under
RCP
|
·
|
Inclusion
of share of earnings or losses under U.S. GAAP, net of intercompany
eliminations.
|
·
|
Inclusion
of share in other comprehensive income under U.S.
GAAP.
|
Company
|
Company
|
Percentage Of
Voting
Interest
|
Equity Calculated
under
US GAAP
|
Equity Under
RCP
|
Assets Under
RCP
|
Liabilities Under
RCP
|
Investment
Under US
GAAP
Equity
Method
|
|||||||||||||||||||||
Invercolsa
S.A.
|
32 | % | 203,275 | 451,338 | 494,316 | 42,978 | 44,684 | $ | 64,570 | |||||||||||||||||||
Serviport
|
49 | % | 3,392 | 14,808 | 17,952 | 3,144 | 525 | 1,662 | ||||||||||||||||||||
Ecodiesel
S.A.
|
50 | % | 7,574 | 15,723 | 83,282 | 67,559 | 217 | 3,787 | ||||||||||||||||||||
Offshore
International Group
|
50 | % | 670,160 | 670,160 | 764,287 | 94,127 | 57,891 | 335,080 | ||||||||||||||||||||
$ | 405,099 |
Company
|
Percentage of
Voting Interest
|
Equity
Calculated
Under
U.S. GAAP
|
Equity Under
RCP
|
Assets Under
RCP
|
Liabilities
Under
RCP
|
Net Income
(Loss) Under
RCP
|
Investment
Under US
GAAP
Equity
Method
|
|||||||||||||||||||||
Oleoducto
de Colombia S.A.
|
44 | % | $ | 36,906 | $ | 117,158 | $ | 134,944 | $ | 17,786 | $ | (3,943 | ) | $ | 16,183 | |||||||||||||
Invercolsa
S.A.
|
32 | % | 193,801 | 472,147 | 473,064 | 917 | 45,051 | 61,551 | ||||||||||||||||||||
Serviport
|
49 | % | 2,722 | 12,802 | 15,737 | 2,935 | (467 | ) | 1,334 | |||||||||||||||||||
Refinería
de Cartagena S.A.
|
49 | % | 2,796,272 | 2,600,838 | 3,140,512 | 539,674 | (32,178 | ) | 1,370,171 | |||||||||||||||||||
Ecodiesel
S.A.
|
50 | % | 15,680 | 15,680 | 48,751 | 33,071 | 177 | 7,840 | ||||||||||||||||||||
$ | 1,457,079 |
Assets
|
$ | 989,436 | ||
Liabilities
|
157,512 | |||
Equity
|
831,924 | |||
Total
Revenues
|
502,123 | |||
Cost
Sales
|
261,328 | |||
Operating
Income
|
240,795 | |||
Income
before income tax
|
263,763 | |||
Net
income
|
$ | 167,369 |
Investment
|
Number of
Shares
|
Participation
Percentage
|
Cost
|
|||||||||
Interconexión
Eléctrica S.A.
|
58,925,480 |
6
|
$ | 124,113 | ||||||||
Empresa
de Energía de Bogotá S.A. E.S.P
|
6,310,980 |
7
|
151,932 | |||||||||
Total
|
$ | 276,045 |
Investment
|
Number of
Shares
|
Participation
Percentage
|
Cost
|
|||||||||
Interconexión
Eléctrica S.A.
|
58,925,480 |
6
|
$ | 124,113 | ||||||||
Empresa
de Energía de Bogotá S.A. E.S.P
|
6,310,980 |
7
|
151,932 | |||||||||
Colombia
Telecomunicaciones
|
100 |
-
|
1 | |||||||||
Total
|
$ | 276,046 |
For the period ended September 30,
|
||||||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Pension
|
Other
Benefits
|
Total
|
Pension
|
Other
Benefits
|
Total
|
|||||||||||||||||||
Service
cost
|
$ | 15,845 | $ | 17,340 | $ | 33,185 | $ | 43,468 | $ | 15,412 | $ | 58,880 | ||||||||||||
Interest
cost
|
778,183 | 322,653 | 1,100,836 | 645,782 | 590,879 | 1,236,661 | ||||||||||||||||||
Expected
Return on plan assets
|
(760,049 | ) | (7,175 | ) | (767,225 | ) | (274,906 | ) | (59,104 | ) | (334,010 | ) | ||||||||||||
Amortization
of net (gain) or loss
|
1,494,068 | 1,494,068 | 202,673 | 107,503 | 310,176 | |||||||||||||||||||
Net
periodic pension cost under U.S. GAAP - (gain) or loss
|
33,978 | 1,826,886 | 1,860,864 | 617,017 | 654,690 | 1,271,707 | ||||||||||||||||||
Net
periodic pension cost under Colombian GAAP (gain) or loss
|
91,775 | (365,850 | ) | (274,075 | ) | 304,015 | (220,386 | ) | 83,629 | |||||||||||||||
Difference
to be recognized under U.S. GAAP
|
$ | 125,753 | $ | 1,461,036 | $ | 1,586,789 | $ | 921,032 | $ | 434,304 | $ | 1,355,336 |
September 30,
2009
|
December
31, 2008
|
|||||||||||||||
Pension
Plans
|
Other
Benefits
|
Pension
Plans
|
Other
Benefits (1)
|
|||||||||||||
Reconciliation
of project benefit obligation
|
||||||||||||||||
Project
benefit obligation as of January 1
|
$ | (8,910,139 | ) | $ | (3,838,042 | ) | $ | (8,602,489 | ) | $ | (2,865,655 | ) | ||||
Cost
of service
|
(15,845 | ) | (17,340 | ) | (57,957 | ) | (20,549 | ) | ||||||||
Cost
of interest
|
(778,183 | ) | (322,653 | ) | (861,042 | ) | (787,838 | ) | ||||||||
Actuarial
gain (loss)
|
408,473 | (40,124 | ) | 116,506 | (341,386 | ) | ||||||||||
Benefit
payments
|
392,976 | 143,111 | 494,843 | 177,386 | ||||||||||||
Projected
benefit obligation
|
(8,902,717 | ) | (4,075,048 | ) | (8,910,139 | ) | (3,838,042 | ) | ||||||||
Reconciliation of plan
assets(3):
|
||||||||||||||||
Fair
value of plan assets as of January 1
|
8,501,667 | 1,671,124 | 7,815,380 | 1,680,294 | ||||||||||||
Reclasification
between plan assets
|
- | - | 216,553 | (216,553 | ) | |||||||||||
Actual
return on plan assets
|
885,803 | 88,460 | 964,577 | 207,383 | ||||||||||||
Benefits
paid
|
(392,976 | ) | - | (494,843 | ) | - | ||||||||||
Fair
value of plan assets
|
8,994,494 | 1,759,584 | 8,501,667 | 1,671,124 | ||||||||||||
Projected
benefit obligation
|
(513,295 | ) | (3,309,668 | ) | (479,318 | ) | (1,545,629 | ) | ||||||||
Amounts
recognized in other comprehensive (income) loss
|
(605,072 | ) | (994,204 | ) | 70,846 | (621,289 | ) | |||||||||
Net
liability
|
91,777 | (2,315,464 | ) | (408,472 | ) | (2,166,918 | ) | |||||||||
Less:
Net liability under RCP
|
91,777 | (2,314,580 | ) | - | (2,011,576 | ) | ||||||||||
Net
effect under pension plan and other benefits
|
$ | - | $ | (884 | ) | $ | (408,472 | ) | $ | (155,342 | ) |
September 30, 2009
|
December 31, 2008
|
|||||||||||||||
Pension Plans
|
Other Benefits
|
Pension Plans
|
Other Benefits (1)
|
|||||||||||||
The
classification of the net liability in the balance sheet is as
follows:
|
||||||||||||||||
Current
portion
|
$ | 91,777 | $ | (148,449 | ) | $ | - | $ | (210,294 | ) | ||||||
Long-term
portion
|
- | (2,161,307 | ) | (408,472 | ) | (1,956,624 | ) | |||||||||
Net
liability
|
$ | 91,777 | $ | (2,166,918 | ) | $ | (408,472 | ) | $ | (2,166,918 | ) |
|
September 30, 2009
|
December 31, 2008
|
||||||
Long
term liability
|
||||||||
Pension
|
$ | - | $ | 408,472 | ||||
Healt
|
1,910,794 | 1,586,115 | ||||||
Education
|
250,513 | 365,169 | ||||||
Bonds
|
- | 5,340 | ||||||
Total
long term liability
|
$ | 2,161,307 | $ | 2,365,096 |
September 30, 2009
|
December 31, 2008
|
|||||||
Other
Comprehensive income
|
||||||||
Actuarial
income (loss)
|
||||||||
|
||||||||
Pension
|
$ | (605,072 | ) | $ | 70,849 | |||
Health
|
736,004 | (1,747,418 | ) | |||||
Education
|
29,376 | (464,764 | ) | |||||
Bonds
|
(1,759,585 | ) | 1,590,890 | |||||
|
||||||||
Total
other comprehensive income (loss)
|
(1,599,277 | ) | (550,443 | ) | ||||
Deferred
income tax effect
|
(527,761 | ) | 181,646 | |||||
Total
|
$ | (1,071,516 | ) | $ | (368,797 | ) |
September
2009
|
September
2008
|
|||||||
Income
taxes based on net income
|
$ | 1,402,077 | $ | 3,909,741 | ||||
Income
tax effects based on items of Other Comprehensive Income:
|
||||||||
Pension
Plan Liability
|
(709,407 | ) | (81,639 | ) | ||||
Available-for-sale
securities
|
337,272 | (126,253 | ) | |||||
$ | 1,029,942 | $ | 3,701,849 |
September
2009
|
September
2008
|
|||||||
Current
|
$ | 1,284,945 | $ | 3,843,548 | ||||
Deferred
|
289,050 | (255,878 | ) | |||||
$ | 1,573,995 | $ | 3,587,670 |
September 2009
|
September 2008
|
|||||||
Nominal
income tax
|
33.00 | % | 33.00 | % | ||||
Non
– taxable income
|
(2.87 | )% | (1.60 | )% | ||||
Non
– deductible expenses
|
3.21 | % | 1.07 | % | ||||
OCI
Adjustments
|
(3.49 | )% | (0.86 | )% | ||||
Others
|
(1.10 | )% | (1.49 | )% | ||||
Exempt
revenue
|
(0.01 | )% | (2.46 | )% | ||||
Exchange
difference
|
(3.68 | )% | 1.32 | % | ||||
Effect
of foreing profit taxed other rate
|
(0.08 | )% | 0.13 | % | ||||
Effective
income tax under U.S. GAAP
|
24.98 | % | 29.11 | % |
September 2009
|
September 2008
|
|||||||
Deferred
income tax expense (exclusive of the effects of other
components below):
|
||||||||
Accounts
payable
|
$ | 30,641 | $ | 27,949 | ||||
Inventories,
principally due to inflation adjustments
|
57,976 | (63,038 | ) | |||||
Property,
plant and equipment, principally due to DD&A and
inflation adjustments
|
(392,737 | ) | 614,757 | |||||
Deferred
charges
|
30,352 | (3,174,292 | ) | |||||
Financial
obligation, principally due to capitalized leasing
|
41,418 | 4,996 | ||||||
Monetary
Correction and other
|
(102,638 | ) | (529,783 | ) | ||||
Investment
|
(17,286 | ) | 451,909 | |||||
Estimated
liabilities and provisions
|
133,481 | (207,580 | ) | |||||
Accounts
and notes receivable
|
10,510 | (7,552 | ) | |||||
Net
operating loss (*)
|
(314,889 | ) | - | |||||
Labor
obligations
|
173,448 | 2,717,866 | ||||||
Deferred
Income
|
8,269 | (166,147 | ) | |||||
Natural
and environmental properties due to inflation adjustments
and capitalized expenses
|
(124,739 | ) | (24,150 | ) | ||||
Valuation
Allowance
|
105,467 | 2,063 | ||||||
Additional
tax discount on the acquisition of productive assets according to EITF 98
- 11
|
708,726 | 231,439 | ||||||
Other
|
313,184 | 71,514 | ||||||
661,185 | (50,049 | ) | ||||||
Amortization
of actuarial loss recorded in OCI
|
(709,407 | ) | (81,639 | ) | ||||
Unrealized
loss in available for sale securities
|
337,272 | (126,253 | ) | |||||
Increase
(decrease) in beginning-of-the-year balance of the
valuation allowance for deferred income tax
assets
|
- | 2,063 | ||||||
$ | 289,050 | $ | (255,878 | ) |
September 30, 2009
|
December 31,2008
|
|||||||
Deferred
income tax assets:
|
||||||||
Inventories,
principally due to inflation adjustments
|
$ | 21,674 | $ | 79,650 | ||||
Investments
|
298,028 | 1,598,571 | ||||||
Accounts
and notes receivable
|
2,170 | 12,686 | ||||||
Deferred
income
|
148,201 | 156,470 | ||||||
Property,
plant and equipment, principally due to DD&A and inflation
adjustments
|
1,325,765 | 933,028 | ||||||
Deferred
charges
|
147,669 | 178,021 | ||||||
Financial
obligation, principally due to capitalized leasing
|
120,694 | 162,112 | ||||||
Pension
obligations
|
12,611 | 186,059 | ||||||
Accounts
payable
|
82,951 | 113,592 | ||||||
Net
operating loss
|
314,889 | - | ||||||
Others
|
- | 4 | ||||||
Estimated
liabilities and provisions
|
545,985 | 679,466 | ||||||
Total
gross deferred income tax assets
|
3,020,636 | 4,099,658 | ||||||
Less
valuation allowance
|
115,613 | 10,146 | ||||||
Net
deferred income tax assets
|
2,905,023 | 4,089,513 | ||||||
Deferred
income tax liabilities:
|
||||||||
Accounts
and notes receivable
|
- | (6 | ) | |||||
Natural
and environmental properties due to inflation adjustments
and capitalized expenses
|
(56,272 | ) | (181,011 | ) | ||||
Monetary
Correction and other
|
(387,572 | ) | (490,210 | ) | ||||
Investments
|
(906,743 | ) | (2,224,572 | ) | ||||
Other
|
(208,184 | ) | - | |||||
Total
deferred income tax liabilities
|
(1,558,771 | ) | (2,895,799 | ) | ||||
Net
deferred income tax assets
|
$ | 1,346,252 | $ | 1,193,714 |
September 2009
|
December 31, 2008
|
|||||||
Balance
at beginning of period
|
$ | 1,320,058 | $ | 980,082 | ||||
liabilities
incurred in the current period
|
83,855 | 25,092 | ||||||
Liabilities
revised
|
220,777 | 122,005 | ||||||
Liabilities
settled
|
(5,448 | ) | (3,120 | ) | ||||
Accretion
|
(163,243 | ) | 195,191 | |||||
Balance
at end of period
|
$ | 1,455,999 | $ | 1,320,058 |
Name
of the
Acquiree
|
Acquisition
Date
|
Percent
of the
voting
equity
interests acquired
|
Description
of the Acquiree
Business
|
Ecopetrol’s
reasons for the
business
combination
|
||||
Oleoducto
Central S.A. Ocensa S.A.
|
December
1994, date of incorporation of Ocensa S.A.
March
17, 2009
|
Direct
35.29%
Indirect
24.71%
|
Construction
and operation of a pipeline system, which connects the Cusiana field with
the Coveñas port in the Municipality of Tolú,
Colombia
|
Synergies
and economies of scale expected.
|
||||
Refinería
de Cartagena S.A.
|
October
11, 2006, date of incorporation of Refinería de Cartagena
|
48.99%
|
Construction
and operation of refineries, refining of hydrocarbons, production, selling
and distribution of crude oil, natural gas and
by-products.
|
To
assure the execution of the project of extension and modernization of the
refinery.
|
||||
May
27, 2009
|
51.00%
|
To
obtain the goal of produce 650.000 BPD of refined
products.
|
||||||
Hocol
Petroleum Limited
|
May
27, 2009
|
100%
|
Hocol
Petroleum Limited is the wholly owner of Hocol Limited that owns a 100
percent of Homcol Cayman Inc. and Hocol S.A. This later entity owned
21.72% of Oleoducto de Colombia S.A.
|
The
transaction is part of the expansion plan in the exploration and
production areas, where the main focus is centralized in Colombia,
furthermore this acquisition will contribute to the production goal of
Ecopetrol to achieve one million barrels of oil equivalent in
2015
|
||||
Oleoducto
de Colombia S.A.
|
|
May
27, 2009
|
|
Direct
43.85%
Indirect
21,72%
|
|
Construction
and operation of a pipeline system, that connects the Vasconia terminal
with the Coveñas port.
|
|
Following
the Hocol acquisition, Ecopetrol became the owner of 65% of the total
share of Oleoducto de Colombia S.A.. This participation is direct (43.5%)
and indirect (21.7%) through Hocol’s share in the
company.
|
Oleoducto Central
S.A. Ocensa S.A.
|
Refinería
de
Cartagena
S.A.
|
Hocol
Petroleum
Limited
|
Oleoducto
de
Colombia
S.A.
|
|||||||||||||
Consideration:
|
||||||||||||||||
Cash
|
$ | 998,903 | $ | 1,206,497 | $ | 1,628,275 | $ | 27,156 | ||||||||
Contingent
consideration arrangement
|
- | - | 22,274 | - | ||||||||||||
Fair
value of total consideration transferred
|
998,903 | 1,206,497 | 1,650,549 | 27,156 | ||||||||||||
Fair
value of Ecopetrol's equity interest in acquires held before the business
combination
|
1,410,451 | 1,159,182 | - | 54,512 | ||||||||||||
2,409,354 | 2,365,679 | 1,650,549 | 81,668 | |||||||||||||
Recognized
amounts of identifiable assets acquired and liabilities
assumed:
|
||||||||||||||||
Financial
assets
|
453,118 | 991,542 | 588,556 | 28,702 | ||||||||||||
Inventory
|
- | 324,173 | 15,562 | - | ||||||||||||
Property,
plant, and equipment
|
1,429,179 | 1,436,033 | 679,160 | 195,545 | ||||||||||||
Identifiable
intangible assets
|
62,108 | - | 865,330 | - | ||||||||||||
Other
assets
|
453,329 | 80,745 | 38,052 | 567 | ||||||||||||
Financial
liabilities assumed
|
(23,832 | ) | (476,921 | ) | (226,185 | ) | 12,071 | |||||||||
Other
liabilities assumed
|
(89,688 | ) | (85,979 | ) | (237,146 | ) | 5,881 | |||||||||
Total
identifiable net assets acquired
|
2,284,214 | 2,269,593 | 1,723,329 | 242,766 | ||||||||||||
Non controlling
interest in acquires
|
(1,586,258 | ) | (1 | ) | - | (42,801 | ) | |||||||||
Goodwill
(Gain on acquisition)
|
$ | 1,711,398 | $ | 96,087 | $ | (72,780 | ) | $ | (118,297 | ) |
Exploration
&
Production
|
Refining
Activities
|
Transporting
|
Market
and
Supply
|
Corporate
|
Eliminations
|
Total
|
||||||||||||||||||||||
Current
assets
|
||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 349,532 | $ | 320,951 | $ | 148,880 | $ | 1 | $ | 5,566,886 | $ | - | $ | 6,386,249 | ||||||||||||||
Accounts
and notes receivable
|
1,564,277 | 880,879 | 339,279 | 100,303 | 2,065,595 | (655,159 | ) | 4,295,174 | ||||||||||||||||||||
Inventories
|
612,029 | 1,174,391 | 35,639 | 283,052 | - | (152,072 | ) | 1,953,039 | ||||||||||||||||||||
Investments
|
- | 307,770 | 133,137 | - | 870,415 | (185,311 | ) | 1,126,012 | ||||||||||||||||||||
Other
current assets
|
1,913,175 | 614,535 | 146,570 | 42,718 | 190,654 | (6,186 | ) | 2,901,466 | ||||||||||||||||||||
4,439,013 | 3,298,526 | 803,505 | 426,073 | 8,693,550 | (998,728 | ) | 16,661,939 | |||||||||||||||||||||
Investments
in unconsolidated companies
|
1,750,192 | 625,649 | 518,186 | 7,861 | 1,359,461 | - | 4,261,349 | |||||||||||||||||||||
Property,
plant and equipment, net
|
13,867,339 | 4,959,346 | 4,408,581 | 11,069 | 125,999 | - | 23,372,333 | |||||||||||||||||||||
Other
non current assets
|
3,664,849 | 1,666,341 | 966,292 | 40,662 | 4,055,677 | (986,909 | ) | 9,406,912 | ||||||||||||||||||||
Non
Current assets
|
19,282,380 | 7,251,336 | 5,893,058 | 59,592 | 5,541,137 | (986,909 | ) | 37,040,594 | ||||||||||||||||||||
Total
assets
|
$ | 23,721,393 | $ | 10,549,862 | $ | 6,696,563 | $ | 485,665 | $ | 14,234,687 | $ | (1,985,637 | ) | $ | 53,702,533 | |||||||||||||
Accounts
payable
|
$ | (1,956,142 | ) | $ | (1,539,951 | ) | $ | (724,890 | ) | $ | (485,418 | ) | $ | (3,367,677 | ) | $ | 807,422 | $ | (7,266,657 | ) | ||||||||
Financial
obligations ST
|
(10,087 | ) | (163,530 | ) | (815 | ) | - | (112,623 | ) | - | (287,055 | ) | ||||||||||||||||
Other
Current Liabilities
|
(848,111 | ) | (1,398,646 | ) | (441,020 | ) | (26,006 | ) | (255,100 | ) | - | (2,968,884 | ) | |||||||||||||||
Current
Liabilities
|
(2,814,340 | ) | (3,102,127 | ) | (1,166,726 | ) | (511,424 | ) | (3,735,401 | ) | 807,422 | (10,522,596 | ) | |||||||||||||||
Financial
obligations LT
|
(423 | ) | (6,067 | ) | (520,003 | ) | - | (5,103,200 | ) | - | (5,629,692 | ) | ||||||||||||||||
Other
non Current Liabilities
|
(3,423,314 | ) | (1,244,701 | ) | (175,492 | ) | (8,918 | ) | (3,588,866 | ) | 1,079,035 | (7,362,257 | ) | |||||||||||||||
Non
current liabilities
|
(3,423,737 | ) | (1,250,768 | ) | (695,494 | ) | (8,918 | ) | (8,692,066 | ) | 1,079,035 | (12,991,949 | ) | |||||||||||||||
Total
Liabilities
|
(6,238,077 | ) | (4,352,895 | ) | (1,862,220 | ) | (520,342 | ) | (12,427,467 | ) | 1,886,457 | (23,514,545 | ) | |||||||||||||||
Minority
interest
|
- | (11,104 | ) | (876,582 | ) | - | - | 0 | (887,686 | ) | ||||||||||||||||||
Equity
|
(17,483,316 | ) | (6,185,862 | ) | (3,957,761 | ) | 34,678 | (1,807,220 | ) | 99,179 | (29,300,302 | ) | ||||||||||||||||
Total
liabilities and equity
|
$ | (23,721,393 | ) | $ | (10,549,862 | ) | $ | (6,696,563 | ) | $ | (485,665 | ) | $ | (14,234,687 | ) | $ | 1,985,637 | $ | (53,702,533 | ) | ||||||||
Capital
expenditures
|
$ | 3,390,758 | $ | 1,206,613 | $ | 2,236,012 | $ | 5,326 | $ | 100,594 | $ | - | $ | 6,939,303 | ||||||||||||||
Goodwill
|
$ | 1,415,112 | $ | 625,649 | $ | 518,186 | $ | - | $ | - | $ | - | $ | 2,558,947 |
Exploration
&
Production
|
Refining
Activities
|
Transporting
|
Market
and
Supply
|
Corporate
|
Total
|
|||||||||||||||||||
Current
assets
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 29,621 | $ | 25,702 | $ | 205,423 | $ | 1 | $ | 1,853,056 | $ | 2,113,803 | ||||||||||||
Accounts
and notes receivable
|
889,324 | 713,242 | 108,034 | 3,195 | 4,163,487 | 5,877,282 | ||||||||||||||||||
Inventories
|
695,998 | 514,696 | 1,609 | 312,697 | 86,296 | 1,611,296 | ||||||||||||||||||
Investments
|
- | - | - | - | 3,749,919 | 3,749,919 | ||||||||||||||||||
Other
current assets
|
1,311,415 | 567,679 | 224,437 | 1,573 | 247,496 | 2,352,600 | ||||||||||||||||||
2,926,358 | 1,821,319 | 539,503 | 317,466 | 10,100,254 | 15,704,900 | |||||||||||||||||||
Investments
in unconsolidated companies
|
636,010 | 1,307,996 | 48,221 | 7,790 | 404,678 | 2,404,695 | ||||||||||||||||||
Property,
plant and equipment, net
|
11,532,444 | 2,624,998 | 1,858,477 | 13,260 | 102,358 | 16,131,537 | ||||||||||||||||||
Pension
Plan assets
|
- | - | - | - | - | - | ||||||||||||||||||
Other
non current assets
|
3,748,875 | 2,256,078 | 884,312 | 37,319 | 7,534,696 | 14,461,280 | ||||||||||||||||||
Non
Current assets
|
15,917,329 | 6,189,072 | 2,791,010 | 58,369 | 8,041,732 | 32,997,512 | ||||||||||||||||||
Total
assets
|
$ | 18,843,687 | $ | 8,010,391 | $ | 3,330,513 | $ | 375,835 | $ | 18,141,986 | $ | 48,702,412 | ||||||||||||
Accounts
payable
|
$ | (751,117 | ) | $ | (532,743 | ) | $ | (287,843 | ) | $ | (3,280 | ) | $ | (133,664 | ) | $ | (1,708,647 | ) | ||||||
Other
Current Liabilities
|
(2,818,830 | ) | (1,171,709 | ) | (327,960 | ) | (9,907 | ) | (662,719 | ) | (4,991,125 | ) | ||||||||||||
Current
Liabilities
|
(3,569,947 | ) | (1,704,452 | ) | (615,803 | ) | (13,187 | ) | (796,383 | ) | (6,699,772 | ) | ||||||||||||
Non
current liabilities
|
(3,133,747 | ) | (173,241 | ) | (191,295 | ) | (8,360 | ) | (3,633,329 | ) | (7,139,972 | ) | ||||||||||||
Total
Liabilities
|
(6,703,694 | ) | (1,877,693 | ) | (807,098 | ) | (21,547 | ) | (4,429,712 | ) | (13,839,744 | ) | ||||||||||||
Minority
Interest
|
- | (8,682 | ) | (234,269 | ) | - | - | (242,951 | ) | |||||||||||||||
Equity
|
(12,139,993 | ) | (6,132,698 | ) | (2,523,415 | ) | (354,288 | ) | (13,712,274 | ) | (34,619,717 | ) | ||||||||||||
Total
liabilities and equity
|
$ | (18,843,687 | ) | $ | ( 8,010,391 | ) | $ | (3,330,513 | ) | $ | (375,835 | ) | $ | (18,141,986 | ) | $ | ( 48,702,412 | ) | ||||||
Capital
expenditures
|
$ | 4,911,487 | $ | 776,080 | $ | 939,996 | $ | 7,549 | $ | 69,483 | $ | 6,704,595 | ||||||||||||
Goodwill
|
$ | - | $ | 668,614 | $ | - | $ | - | $ | - | $ | 668,614 |
Period ended
September 30, 2009
|
||||||||||||||||||||||||||||
Exploration
&
Production
|
Refining
Activities
|
Transportation
|
Market
and
Supply
|
Corporate
|
Eliminations
|
Total
|
||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||
Local
sales
|
$ | 571,321 | $ | 8,870,985 | $ | 1,145,183 | $ | 2,977,175 | $ | 6,116 | $ | (2,806,425 | ) | $ | 10,764,355 | |||||||||||||
Foreign
sales, net
|
5,246,489 | 2,593,284 | - | 2,805,267 | 9,018 | - | 10,654,058 | |||||||||||||||||||||
Inter-segment
net operating revenues
|
1,261,014 | 6,733,330 | 22,277 | 342,806 | - | (8,359,427 | ) | - | ||||||||||||||||||||
Total
Revenue
|
7,078,824 | 18,197,599 | 1,167,460 | 6,125,248 | 15,134 | (11,165,852 | ) | 21,418,413 | ||||||||||||||||||||
Cost
of sales
|
4,026,926 | 12,853,120 | 931,453 | 5,495,042 | 399 | (11,402,199 | ) | 11,904,741 | ||||||||||||||||||||
Depreciation,
depletion and amortization
|
1,759,893 | 293,966 | 555,263 | 445 | - | - | 2,609,567 | |||||||||||||||||||||
Selling
|
607,778 | 160,679 | 61,021 | 368,276 | 33,633 | (274,664 | ) | 956,723 | ||||||||||||||||||||
Administration
expenses
|
173,731 | 141,829 | 114,339 | 24,491 | 340 | (1,157 | ) | 453,573 | ||||||||||||||||||||
Costs
and expenses
|
6,568,328 | 13,449,594 | 1,662,076 | 5,888,254 | 34,372 | (11,678,020 | ) | 15,924,604 | ||||||||||||||||||||
Operating
income
|
510,496 | 4,748,005 | (494,616 | ) | 236,994 | (19,238 | ) | 512,168 | 5,493,809 | |||||||||||||||||||
Other
non-operating income (expenses)
|
(149,450 | ) | (50,549 | ) | (96,362 | ) | (9,264 | ) | (244,625 | ) | 23,576 | (526,674 | ) | |||||||||||||||
Other
expenses, net
|
(230,957 | ) | (121,773 | ) | (164,980 | ) | 61,983 | (148,666 | ) | 20,273 | (584,120 | ) | ||||||||||||||||
Income
before income taxes and minority interest
|
279,539 | 4,626,232 | (659,596 | ) | 298,977 | (167,904 | ) | 532,441 | 4,909,689 | |||||||||||||||||||
Income
tax (expense) benefits
|
(1,558,927 | ) | 120,799 | (92,562 | ) | (24,060 | ) | 47,031 | - | (1,507,719 | ) | |||||||||||||||||
Minority
interest
|
- | 168 | 8,437 | - | - | - | 8,605 | |||||||||||||||||||||
Net
income for the period
|
$ | (1,279,388 | ) | $ | 4,747,199 | $ | (743,721 | ) | $ | 274,917 | $ | (120,873 | ) | $ | 532,441 | $ | 3,410,575 |
Period
ended September 30, 2008
|
||||||||||||||||||||||||||||
Exploration
&
Production
|
Refining
Activities
|
Transportation
|
Market
and
Supply
|
Corporate
|
Eliminations
|
Total
|
||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||
Local
sales
|
$ | 474,401 | $ | 12,467,363 | $ | 531,206 | $ | 4,230,550 | $ | 4,497 | $ | - | $ | 17,708,017 | ||||||||||||||
Foreign
sales, net
|
3,802,410 | 2,069,090 | - | 3,596,276 | 12,470 | - | 9,480,246 | |||||||||||||||||||||
Inter-segment
net operating revenues
|
11,566,939 | 1,107,776 | 767,439 | 117,812 | - | (13,559,966 | ) | - | ||||||||||||||||||||
Total
Revenue
|
$ | 15,843,750 | 15,644,229 | 1,298,645 | 7,944,638 | 16,967 | (13,559,966 | ) | 27,188,263 | |||||||||||||||||||
Cost
of sales
|
3,039,391 | 15,020,557 | 658,543 | 7,124,175 | 3,513 | (13,559,966 | ) | 12,286,213 | ||||||||||||||||||||
Depreciation,
depletion and amortization
|
1,176,803 | 220,550 | 140,087 | 406 | - | - | 1,575,974 | |||||||||||||||||||||
Selling
|
410,608 | 118,949 | 20,195 | 458,433 | 24,921 | - | 994,978 | |||||||||||||||||||||
Administration
expenses
|
91,579 | 89,170 | 53,343 | 13,267 | 174 | - | 247,533 | |||||||||||||||||||||
Costs
and expenses
|
$ | 4,718,381 | 15,449,226 | 872,168 | 7,596,281 | 28,608 | (13,559,966 | ) | 15,104,698 | |||||||||||||||||||
Operating
income
|
11,125,369 | 195,003 | 426,477 | 348,357 | (11,641 | ) | - | 12,083,565 | ||||||||||||||||||||
Financial
(expenses) income, net
|
(30,895 | ) | 133,513 | 35,246 | 202,676 | 2,006,841 | - | 2,347,381 | ||||||||||||||||||||
Pension
expenses
|
- | - | (4,582 | ) | - | (781,217 | ) | - | (785,799 | ) | ||||||||||||||||||
Other
non-operating (expenses) income
|
(334,429 | ) | (148,899 | ) | 85,101 | (13,122 | ) | 70,173 | - | (341,176 | ) | |||||||||||||||||
Other
expenses, net
|
$ | (365,324 | ) | (15,386 | ) | 115,765 | 189,554 | 1,295,797 | - | 1,220,406 | ||||||||||||||||||
Income
before income taxes and minority interest
|
10,760,045 | 179,617 | 542,242 | 537,911 | 1,284,156 | - | 13,303,971 | |||||||||||||||||||||
Income
tax expenses
|
(3,023,151 | ) | (79,664 | ) | (151,776 | ) | (150,564 | ) | (327,058 | ) | - | (3,732,213 | ) | |||||||||||||||
Minority
interest
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Net
income for the period
|
$ | 7,736,894 | $ | 99,953 | $ | 390,466 | $ | 387,347 | $ | 957,098 | $ | - | $ | 9,571,758 |
Zone
|
Products
|
Value
|
Participation
|
|||||||
Colombia
|
Crude
oil, Refined, Petrochemicals and natural gas
|
$ | 10,614,942 | 49.6 | % | |||||
United
States of America
|
Crude
oil, Refined and Petrochemicals
|
7,370,083 | 34.4 | % | ||||||
Asia
|
Crude
oil, Refined and Petrochemicals
|
1,159,265 | 5.4 | % | ||||||
South
America
|
Crude
oil, Refined, Petrochemicals and natural gas
|
476,677 | 2.2 | % | ||||||
Central
America and Caribbean
|
Crude
oil, Refined and Petrochemicals
|
966,335 | 4.5 | % | ||||||
Europe
|
Crude
oil, Refined and Petrochemicals
|
830,797 | 3.9 | % | ||||||
Other
|
Petrochemicals
|
314 | 0.0 | % | ||||||
$ | 21,418,413 | 100.0 | % |
Zone
|
Products
|
Value
|
Participation
|
|||||||
Colombia
|
Crude
oil, Refined, Petrochemicals and natural gas
|
$ | 17,283,807 | 63.6 | % | |||||
United
States of America
|
Crude
oil, Refined and Petrochemicals
|
6,549,267 | 24.1 | % | ||||||
Asia
|
Crude
oil, Refined and Petrochemicals
|
817,849 | 3.0 | % | ||||||
South
America
|
Crude
oil, Refined, Petrochemicals and natural gas
|
599,739 | 2.2 | % | ||||||
Central
America and Caribbean
|
Crude
oil, Refined and Petrochemicals
|
771,657 | 2.8 | % | ||||||
Europe
|
Crude
oil, Refined and Petrochemicals
|
1,165,431 | 4.3 | % | ||||||
Other
|
Petrochemicals
|
513 | 0.0 | % | ||||||
$ | 27,188,263 | 100.0 | % |
Local
Sales
|
Production
|
Refining
Activities
|
Transportation
|
Market
and
Supply
|
Corporate
|
Eliminations
|
Total
|
|||||||||||||||||||||
Medium
distillates
|
$ | 17,337 | $ | 4,124,758 | $ | - | $ | - | $ | - | $ | - | $ | 4,142,095 | ||||||||||||||
Gasolines
|
- | 2,535,801 | - | - | - | 2,535,801 | ||||||||||||||||||||||
Crude
Oil
|
- | - | - | 2,558,861 | - | (2,269,945 | ) | 288,916 | ||||||||||||||||||||
Other
products
|
161,673 | 1,203,940 | - | - | - | 1,365,613 | ||||||||||||||||||||||
Services
|
33,820 | 55,069 | 1,145,183 | 52,205 | 6,116 | (513,355 | ) | 779,039 | ||||||||||||||||||||
Natural
Gas
|
347,266 | - | - | 366,109 | - | (23,125 | ) | 690,250 | ||||||||||||||||||||
L.P.G.
|
11,224 | 296,805 | - | - | - | 308,029 | ||||||||||||||||||||||
Diesel
and gasoline subsidies
|
- | 115,387 | - | - | - | 115,387 | ||||||||||||||||||||||
Plastic
and rubber
|
- | 539,225 | - | - | - | 539,225 | ||||||||||||||||||||||
Total
local sales
|
$ | 571,320 | $ | 8,870,985 | $ | 1,145,183 | $ | 2,977,175 | $ | 6,116 | $ | (2,806,425 | ) | $ | 10,764,355 |
Foreign
Sales
|
Production
|
Refining
Activities
|
Transportation
|
Market
and
Supply
|
Corporate
|
Eliminations
|
Total
|
|||||||||||||||||||
Crude
oil
|
$ | 4,957,290 | $ | - | $ | - | $ | 2,731,754 | $ | - | $ | 7,689,044 | ||||||||||||||
Fuel
oil
|
- | 1,557,481 | - | - | - | 1,557,481 | ||||||||||||||||||||
Gasolines
|
- | 333,402 | - | 69,865 | - | 403,267 | ||||||||||||||||||||
Naftas
|
- | 52,636 | - | - | - | 52,636 | ||||||||||||||||||||
Jet
fuel
|
- | 158,015 | - | - | - | 158,015 | ||||||||||||||||||||
Natural
Gas
|
289,199 | - | - | 3,648 | - | 292,847 | ||||||||||||||||||||
Plastic
and rubber
|
- | 239,664 | - | - | - | 239,664 | ||||||||||||||||||||
Other
products and services
|
- | 252,086 | - | - | 9,018 | 261,104 | ||||||||||||||||||||
Total
foreign sales
|
$ | 5,246,489 | $ | 2,593,284 | $ | - | $ | 2,805,267 | $ | 9,018 | $ |
-
|
$ | 10,654,058 |
Local Sales
|
Production
|
Refining
Activities
|
Transportation
|
Market and
Supply
|
Corporate
|
Total
|
||||||||||||||||||
Medium
distillates
|
$ | 14,830 | $ | 4,437,231 | $ | - | $ | - | $ | - | $ | 4,452,061 | ||||||||||||
Gasolines
|
- | 2,661,209 | - | - | - | 2,661,209 | ||||||||||||||||||
Crude
Oil
|
- | - | - | 3,885,680 | - | 3,885,680 | ||||||||||||||||||
Other
products
|
107,821 | 904,207 | - | - | - | 1,012,028 | ||||||||||||||||||
Services
|
13,188 | 52,867 | 531,206 | 56,615 | 4,497 | 658,373 | ||||||||||||||||||
Natural
Gas
|
319,866 | - | - | 288,255 | - | 608,121 | ||||||||||||||||||
L.P.G.
|
15,330 | 462,374 | - | - | - | 477,704 | ||||||||||||||||||
Diesel
and gasoline subsidies
|
3,366 | 3,378,672 | - | - | - | 3,382,038 | ||||||||||||||||||
Plastic
and rubber
|
- | 570,803 | - | - | - | 570,803 | ||||||||||||||||||
Total
local sales
|
$ | 474,401 | $ | 12,467,363 | $ | 531,206 | $ | 4,230,550 | $ | 4,497 | $ | 17,708,017 |
Sales
of products by Segment September 30, 2008
|
||||||||||||||||||||||||
Foreign Sales
|
Production
|
Refining
Activities
|
Transportation
|
Market and
Supply
|
Corporate
|
Total
|
||||||||||||||||||
Crude
oil
|
$ | 3,622,559 | $ | - | $ | - | $ | 3,594,395 | $ | - | $ | 7,216,954 | ||||||||||||
Fuel
oil
|
- | 1,738,024 | - | - | - | 1,738,024 | ||||||||||||||||||
Gasolines
|
- | 161,174 | - | - | - | 161,174 | ||||||||||||||||||
Naftas
|
- | - | - | - | - | - | ||||||||||||||||||
Jet
fuel
|
- | - | - | - | - | - | ||||||||||||||||||
Natural
Gas
|
179,850 | - | - | 1,881 | - | 181,732 | ||||||||||||||||||
Plastic
and rubber
|
- | - | - | - | - | - | ||||||||||||||||||
Other
products
|
1 | 169,892 | - | - | 12,470 | 182,362 | ||||||||||||||||||
Total
foreign sales
|
$ | 3,802,410 | $ | 2,069,090 | $ | - | $ | 3,596,276 | $ | 12,470 | $ | 9,480,246 |
September 30, 2009
|
December 31, 2008
|
|||||||||||||||
Carrying
|
Carrying
|
|||||||||||||||
amount
|
Fair Value
|
amount
|
Fair Value
|
|||||||||||||
Financial
assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 6,571,644 | $ | 6,571,644 | $ | 4,812,595 | $ | 4,812,595 | ||||||||
Investment
securieties
|
2,917,947 | 3,481,640 | 7,905,445 | 8,201,004 | ||||||||||||
Accounts/Notes
Receivable
|
4,565,202 | 4,512,275 | 6,086,324 | 6,086,633 | ||||||||||||
Financial
Liabilities:
|
||||||||||||||||
Financial
Obligations
|
$ | 5,916,747 | $ | 5,916,747 | $ | 287,314 | $ | 287,314 | ||||||||
Accounts
Payable
|
4,759,615 | 4,759,648 | 2,113,923 | 2,113,923 | ||||||||||||
Capital
Iease
|
- | - | 483,880 | 428,671 |
Level
1.
|
Observable
inputs such as quoted prices in active markets;
|
Level
2.
|
Inputs,
other than the quoted prices in active markets, that are observable either
directly or indirectly; and
|
Level
3.
|
Unobservable
inputs in which there is little or no market data, which require the
reporting entity to develop its own
assumptions.
|
September
30, 2009
|
||||||||||||||||
Fair
|
||||||||||||||||
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Financial
assets:
|
||||||||||||||||
Marketable
securities
|
943,025 | 718,891 | ||||||||||||||
Investment
securities
|
2,538,615 | 2,591,433 | 19,385 | 151,931 | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Financial
Obligations
|
5,916,747 | 5,916,747 |
(1)
|
Market
approach – The Company uses prices and other relevant
information generated by market transactions involving identical
or comparable assets or liabilities. These estimated fair values could
change significantly based on future market
conditions.
|
Balance
as of september 2008
|
- | |||
Additions
|
151,931 | |||
Translation
|
- | |||
Retreats
|
- | |||
Maturity
|
- | |||
Valuation
|
- | |||
Balance
as of september 2009
|
151,931 |
September
30,
2009
|
September
30,
2008
|
|||||||
Number
of shares
|
40,472,512,588 | 40,472,512,588 | ||||||
Net
income
|
4,815,069 | 8,626,828 | ||||||
Earning
per share
|
0.00011897 | 0.000213153 |