Exhibit 12.1

ECOPETROL S.A.

Computation of Ratios of Earnings to Fixed Charges

The following table sets forth Ecopetrol’s consolidated ratio of earnings to fixed charges for the years ended December 31, 2008, 2007, 2006, 2005 and 2004 and for the nine-month periods ended September 30, 2009 and 2008, in accordance with Colombian Government Entity GAAP (express in millions of pesos).

	For the year ended December 31,															For the period ended September 30,
Period	2008			2007			2006			2005			2004			2009			2008
	Consolidated, audited															Consolidated, unaudited
Pre-tax income before minority interest		16,011,204			7,065,304			4,891,142			4,288,331			2,916,389			4,909,690			13,303,972
Income from equity investees		(110,824	)		(881	)		-			-			-			(18,801	)		(12,561	)
Loss from equity investees		185,606			115			-			-			-			-			-
Dividends from unconsolidated subsidiaries		(39,468	)		(25,387	)		(36,093	)		(29,525	)		(41,245	)		(31,687	)		(39,468	)
Pre-tax income before adjustments for minority interests and income (loss) from equity investees		16,046,518			7,039,151			4,855,049			4,258,806			2,875,144			4,859,202			13,251,943
Fixed Charges		46,896			23,523			25,668			26,074			29,088			131,459			15,590
Pre-tax income before adjustments for minority interests and income (loss) from equity investees plus fixed charges		16,093,414			7,062,674			4,880,717			4,284,880			2,904,232			4,990,661			13,267,533
Fixed Charges
Interest Expenses		19,376			1,021			6,994			6,737			14,686			113,348			541
Estimated  interest within rental expense		27,520			22,502			18,674			19,337			14,402			18,110			15,049
Total Fixed Charges		46,896			23,523			25,668			26,074			29,088			131,459			15,590
Ratio of Earnings to fixed charges		343.17			300.24			190.15			164.34			99.84			37.96			851.05

Source: Ecopetrol’s financial statements.

The following table sets forth Ecopetrol’s consolidated ratio of earnings to fixed charges for the years ended December 31, 2008, 2007 and 2006 and for the nine-month periods ended September 30, 2009 and 2008, in accordance with U.S. GAAP (express in millions of pesos).

	Consolidated
	For the year ended December 31,									For the period ended September 30,
Period	2008			2007			2006			2009			2008
	Consolidated, audited									Consolidated, unaudited
Pre-tax income before minority interest		13,427,443			8,710,648			7,765,863			6,300,728			12,322,796
Income from equity investees		(401,340	)		(748,159	)		(22,483	)		(314,537	)		(652,233	)
Loss from equity investees		-			-			-			-			-
Dividends from unconsolidated subsidiaries		(39,468	)		(25,387	)		(36,093	)		(31,687	)		(39,468	)
Pre-tax income before adjustments for minority interests and income (loss) from equity investees		12,986,635			7,937,102			7,707,287			5,954,504			11,631,095
Fixed Charges		92,082			69,246			79,715			182,388			59,392
Pre-tax income before adjustments for minority interests and income (loss) from equity investees plus fixed charges		13,078,717			8,006,348			7,787,002			6,136,892			11,690,487
Fixed Charges
Interest Expenses		75,228			54,783			68,881			165,545			44,343
Interest Capitalized		-			1,228			1,635			-			-
Estimated  interest within rental expense		16,854			13,235			9,199			16,843			15,049
Total Fixed Charges		92,082			69,246			79,715			182,388			59,392
Ratio of Earnings to fixed charges		142.03			115.62			97.69			33.65			196.83

Source: Ecopetrol’s financial statements.

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