Form
20-F
|
x |
Form
40-F
|
o
|
Yes
|
o
|
No
|
x |
Yes
|
o
|
No
|
x |
Yes
|
o
|
No
|
x |
PRESS
RELEASE
|
|
|
·
|
Ecopetrol
S.A.
(“Ecopetrol” or the “Company”) and its affiliated companies had gross
proved
reserves1 of 1,878
MBOE and a reserves replacement rate of 359%2.
|
|
·
|
Ecopetrol´s
group gross crude oil and natural gas production for 2009 increased by 17%
from 447 Mboed to 520.6 Mboed. During the fourth quarter of 2009,
production grew 26.4%* from 455.7 Mboed to 575.9
Mboed.
|
|
·
|
Sales
volumes in 2009 increased by 18.8%
compared to 2008, and by 24%* in the
fourth quarter of 2009.
|
|
·
|
Unconsolidated
operating profit for 2009 was COP$8,083 billion for the full year 2009 and
COP$2,706 billion during the fourth
quarter.
|
|
·
|
Unconsolidated
net profit was COP$5,256 billion, or COP$129.87 per share, for the full
year 2009 and COP$1,691 billion during the fourth
quarter.
|
|
·
|
Consolidated
net profit was COP$5,132 billion for the full year 2009 and COP$1,721
billion during the fourth
quarter.
|
PRESS
RELEASE
|
|
Unconsolidated
|
Unconsolidated
|
Consolidated
|
||||||||||||||||||||||||||||||||||
(COP$
Billion)
|
4Q
2009
|
4Q
2008
|
%
|
2009
|
2008
|
%
|
2009
|
2008
|
%
|
|||||||||||||||||||||||||||
Total
sales
|
8,505.7 | 6,135.9 | 38.6 | % | 27,674.0 | 32,749.4 | (15.5 | %) | 30,404.4 | 33,896.7 | (10.3 | %) | ||||||||||||||||||||||||
Operating
profit
|
2,706.1 | 714.6 | 278.7 | % | 8,083.5 | 12,883.3 | (37.3 | %) | 7,873.4 | 12,657.4 | (37.8 | %) | ||||||||||||||||||||||||
Net
Income
|
1,691.4 | 2,052.3 | (17.6 | %) | 5,256.2 | 11,630.7 | (54.8 | %) | 5,132.1 | 11,629.7 | (55.9 | %) | ||||||||||||||||||||||||
Earnings
per share (COP$)
|
41.79 | 50.71 | (17.6 | %) | 129.87 | 287.37 | (54.8 | %) | ||||||||||||||||||||||||||||
EBITDA
|
2,963.6 | 1,150.9 | 157.5 | % | 10,438.0 | 14,758.9 | (29.3 | %) | 11,429.9 | 14,571.4 | (21.6 | %) | ||||||||||||||||||||||||
EBITDA
Margin
|
35 | % | 19 | % | 38 | % | 45 | % | 38 | % | 43 | % |
PRESS
RELEASE
|
|
Local Sales Volume (mboed)
|
4Q 2009
|
4Q 2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Crude
Oil
|
81.0 | 79.8 | 1.5 | % | 80.1 | 73.7 | 8.6 | % | ||||||||||||||||
Natural
Gas
|
102.8 | 66.2 | 55.2 | % | 78.2 | 68.1 | 14.8 | % | ||||||||||||||||
Gasoline
|
59.2 | 62.5 | (5.2 | %) | 59.1 | 61.6 | (4.1 | %) | ||||||||||||||||
Medium
Distillates
|
101.1 | 89.6 | 12.8 | % | 95.7 | 92.8 | 3.2 | % | ||||||||||||||||
LPG
and fuel oil
|
18.4 | 18.7 | (1.8 | %) | 19.3 | 20.1 | (3.6 | %) | ||||||||||||||||
Industrial
and Petrochemical
|
16.8 | 13.2 | 27.1 | % | 15.3 | 14.2 | 7.5 | % | ||||||||||||||||
Total
Local Sales
|
379.3 | 330.1 | 14.9 | % | 347.7 | 330.5 | 5.2 | % |
Export
Sales Volume (mboed)
|
4Q
2009
|
4Q
2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Crude
Oil
|
281.2 | 167.5 | 67.8 | % | 232.8 | 149.2 | 56.0 | % | ||||||||||||||||
Products
|
45.4 | 56.4 | (19.5 | %) | 49.4 | 50.9 | (3.0 | %) | ||||||||||||||||
Natural
Gas
|
7.5 | 21.4 | (65.0 | %) | 19.9 | 16.4 | 21.2 | % | ||||||||||||||||
Total
Export Sales
|
334.0 | 245.3 | 36.2 | % | 302.0 | 216.5 | 39.5 | % | ||||||||||||||||
Total
Sales Volume
|
713.3 | 575.3 | 24.0 | % | 649.8 | 547.0 | 18.8 | % |
PRESS
RELEASE
|
|
Corporate
group
|
||||||||||||||||||||||||
Gross
oil and gas production*
|
||||||||||||||||||||||||
(mboed)
|
4Q 2009
|
4Q 2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Crude
Oil
|
472.9 | 371.0 | 27.5 | % | 426.04 | 361.6 | 17.8 | % | ||||||||||||||||
Natural
Gas
|
103.0 | 84.7 | 21.6 | % | 94.60 | 85.4 | 10.8 | % | ||||||||||||||||
Total
|
575.9 | 455.7 | 26.4 | % | 520.65 | 447.0 | 17.0 | % |
Ecopetrol
|
||||||||||||||||||||||||
Purchase volume (mboed)
|
4Q 2009
|
4Q 2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Crude
Oil
|
182.6 | 148.0 | 23.4 | % | 168.0 | 143.3 | 17.3 | % | ||||||||||||||||
Products
|
8.7 | 3.0 | 185.3 | % | 8.3 | 3.3 | 146.8 | % | ||||||||||||||||
Natural
Gas
|
39.9 | 33.9 | 17.6 | % | 37.7 | 32.5 | 15.9 | % | ||||||||||||||||
Total
Purchases
|
231.1 | 184.9 | 25.0 | % | 214.0 | 179.1 | 19.5 | % |
Ecopetrol
|
||||||||||||||||||||||||
Imports volume (mbd)
|
4Q 2009
|
4Q 2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Crude
Oil
|
- | - | 0.0 | % | - | 0.9 | (100.0 | %) | ||||||||||||||||
Products
|
42.5 | 29.6 | 43.3 | % | 38.8 | 26.8 | 44.6 | % | ||||||||||||||||
Total
imports
|
42.5 | 29.6 | 43.3 | % | 38.8 | 27.8 | 39.7 | % |
Average price export basket
|
4Q 2009
|
4Q 2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
WTI
(average)
|
76.19 | 58.80 | 29.6 | % | 61.80 | 99.67 | (38.0 | %) | ||||||||||||||||
Export
crude oil basket
|
69.24 | 41.41 | 67.2 | % | 56.17 | 94.88 | (40.8 | %) | ||||||||||||||||
Export
products basket
|
68.40 | 41.19 | 66.0 | % | 52.47 | 80.82 | (35.1 | %) |
PRESS
RELEASE
|
|
Income Statement (COP$ Billion)
|
4Q 2009
|
4Q 2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Local
Sales
|
4,113.0 | 3,775.9 | 8.9 | % | 14,441.8 | 20,254.7 | (28.7 | %) | ||||||||||||||||
Export
Sales
|
4,124.1 | 2,096.7 | 96.7 | % | 12,248.4 | 11,573.0 | 5.8 | % | ||||||||||||||||
Sales
of services
|
268.6 | 263.3 | 2.0 | % | 983.8 | 921.7 | 6.7 | % | ||||||||||||||||
Total
Sales
|
8,505.7 | 6,135.9 | 38.6 | % | 27,674.0 | 32,749.4 | (15.5 | %) | ||||||||||||||||
Variable
Costs
|
2,950.5 | 2,701.5 | 9.2 | % | 11,401.5 | 12,482.1 | (8.7 | %) | ||||||||||||||||
Fixed
Costs
|
2,172.8 | 2,025.9 | 7.3 | % | 6,029.1 | 5,572.6 | 8.2 | % | ||||||||||||||||
Cost
of Sales
|
5,123.3 | 4,727.4 | 8.4 | % | 17,430.6 | 18,054.7 | (3.5 | %) | ||||||||||||||||
Gross
profit
|
3,382.4 | 1,408.5 | 140.1 | % | 10,243.3 | 14,694.7 | (30.3 | %) | ||||||||||||||||
Operating
Expenses
|
676.3 | 693.9 | (2.5 | %) | 2,159.8 | 1,811.4 | 19.2 | % | ||||||||||||||||
Operating
Profit
|
2,706.1 | 714.6 | 278.7 | % |
8,083.5
|
12,883.3 | (37.3 | %) | ||||||||||||||||
Non
Operating Profit/(Loss)
|
(455.5 | ) | 1,988.8 | (122.9 | %) | (881.1 | ) | 3,121.6 | (128.2 | %) | ||||||||||||||
Income
tax
|
559.2 | 651.1 | (14.1 | %) | 1,946.2 | 4,374.2 | (55.5 | %) | ||||||||||||||||
Net
Income
|
1,691.4 | 2,052.3 | (17.6 | %) | 5,256.2 | 11,630.7 | (54.8 | %) | ||||||||||||||||
Earnings
per share (COP$)
|
$ | 41.79 | $ | 50.71 | (17.6 | %) | $ | 129.87 | $ | 287.37 | (54.8 | %) | ||||||||||||
EBITDA
|
2,963.6 | 1,150.9 | 157.5 | % | 10,438.0 | 14,758.9 | (29.3 | %) | ||||||||||||||||
EBITDA
Margin
|
35 | % | 19 | % | 38 | % | 45 | % |
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
December
31,
|
September
30,
|
|||||||||||
Balance Sheet (COP$
Billion)
|
2009
|
2009
|
%
|
|||||||||
Current
Assets
|
9,596.5 | 14,242.3 | (32.6 | %) | ||||||||
Long
Term Assets
|
43,495.9 | 37,383.9 | 16.3 | % | ||||||||
Total
Assets
|
53,092.4 | 51,626.2 | 2.8 | % | ||||||||
Current
Liabilities
|
6,772.0 | 9,918.5 | (31.7 | %) | ||||||||
Long
Term Liabilities
|
13,617.2 | 12,262.8 | 11.0 | % | ||||||||
Total
Liabilities
|
20,389.2 | 22,181.2 | (8.1 | %) | ||||||||
Equity
|
32,703.2 | 29,445.0 | 11.1 | % | ||||||||
Total
Liabilities and Shareholders´ Equity
|
53,092.4 | 51,626.2 | 2.8 | % | ||||||||
Memorandum
accounts
|
138,150.6 | 134,943.3 |
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
E&P
|
Refining
|
Transportation
|
Sales and Marketing
|
Corporate
|
Ecopetrol
|
|||||||||||||||||||||||||||||||||||||||||||
4Q 2009
|
2009
|
4Q 2009
|
2009
|
4Q 2009
|
2009
|
4Q 2009
|
2009
|
4Q 2009
|
2009
|
4Q 2009
|
2009
|
|||||||||||||||||||||||||||||||||||||
Domestic
Sales
|
2,786.5 | 9,706.9 | 3,123.1 | 10,974.6 | 588.5 | 2,106.9 | 1,266.9 | 4,373.8 | (3,383.4 | ) | (11,736.7 | ) | 4,381.6 | 15,425.6 | ||||||||||||||||||||||||||||||||||
International
Sales
|
1,803.3 | 5,744.5 | 566.9 | 1,944.7 | - | - | 1,754.4 | 4,559.7 | - | - | 4,124.6 | 12,248.9 | ||||||||||||||||||||||||||||||||||||
Total
Sales
|
4,589.8 | 15,451.4 | 3,689.9 | 12,919.4 | 588.5 | 2,106.9 | 3,021.3 | 8,933.5 | (3,383.4 | ) | (11,736.7 | ) | 8,506.2 | 27,674.5 | ||||||||||||||||||||||||||||||||||
Operating
Revenues
|
2,646.3 | 7,975.0 | (88.4 | ) | (493.1 | ) | 165.0 | 553.5 | 38.3 | 133.2 | (55.7 | ) | (84.7 | ) | 2,705.5 | 8,083.9 | ||||||||||||||||||||||||||||||||
Net
Income
|
1,945.5 | 5,707.1 | (103.9 | ) | (489.0 | ) | 90.2 | 291.2 | 38.7 | 132.2 | (279.2 | ) | (385.4 | ) | 1,691.4 | 5,256.2 |
PRESS
RELEASE
|
|
|
·
|
Field
Production Revaluation: 572 million
BOE
|
|
·
|
2009
Acquisitions: 108.5 million BOE
|
|
·
|
New
Discoveries : 63 million BOE
|
|
·
|
Price
Variation: Negative 61 million BOE
|
PRESS
RELEASE
|
|
Company price
|
SEC price
|
|||||||||||||||||||||||
Oil
Million
|
Gas
Billion
|
Equiv.
Oil
|
Oil
Million
|
Gas
Billion
|
Equiv.
Oil
|
|||||||||||||||||||
BALANCE
|
Bbls
|
scf
|
Million Bbls
|
Bbls
|
scf
|
Million Bbls
|
||||||||||||||||||
Proved
reserves 2008
|
986 | 2,743 | 1,474 | 953 | 2,425 | 1,385 | ||||||||||||||||||
Production/Sales
2009
|
155 | 196 | 190 | 155 | 196 | 190 | ||||||||||||||||||
2008
Adjustments
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Additions
|
433 | 434 | 510 | 538 | 811 | 682 | ||||||||||||||||||
Proved
reserves 2009
|
1,263 | 2,980 | 1,793 | 1,336 | 3,040 | 1,878 | ||||||||||||||||||
Reserves
Replacement Ratio (%)
|
279 | % | 221 | % | 269 | % | 347 | % | 413 | % | 359 | % | ||||||||||||
Proved
reserves increase (%)
|
28 | % | 9 | % | 22 | % | 40 | % | 25 | % | 36 | % |
SEC price
|
||||||||||||
Oil
Million
|
Gas
Billion
|
Equiv.
Oil
|
||||||||||
Bbls
|
scf
|
Million Bbls
|
||||||||||
|
||||||||||||
Proved
reserves 2009
|
1,123 | 2,329 | 1,538 |
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
Refinery
runs
|
||||||||||||||||||||||||
Mbod
|
4Q 2009
|
4Q 2008
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Barrancabermeja
|
229,2 | 232,1 | (1,3 | )% | 217,1 | 232,1 | (6,5 | )% |
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
|
·
|
For
the second year in a row, Ecopetrol was ranked as number one in the Merco corporate
reputation survey (Corporate Reputation Monitor), which evaluates the
corporate responsibility efforts and results of Colombia´s largest
corporations.
|
|
·
|
Ecopetrol
was ranked second among 20 of the State-owned industrial and commercial
companies (including mixed economy companies) in the area of corporate
transparency, according to Corporacion Transparencia por
Colombia.
|
|
·
|
Ecopetrol
joined to the United Nations’ Global Compact Initiative and committed
itself to support global principles in respect to human rights, labor,
environment and anti-corruption.
|
PRESS
RELEASE
|
|
|
·
|
Ten
projects were selected to benefit from a COP$2,500 million grant from
Ecopetrol´s National Biodiversity Program, in partnership with the
Ministry of Housing, Territory Development and the
Environment.
|
|
·
|
The
Company made advances in its evaluation of the 2006-2007 emissions
inventories, as part of its environmental
initiatives.
|
PRESS
RELEASE
|
|
(COP$ Billion)
|
4Q 2009*
|
4Q 2008*
|
%
|
2009
|
2008
|
%
|
||||||||||||||||||
Local
Sales
|
2,896.5 | 3,626.3 | (20.1 | )% | 12,945.5 | 20,675.9 | (37.4 | )% | ||||||||||||||||
Export
Sales
|
5,691.8 | 2,818.4 | 102.0 | % | 16,345.9 | 12,298.7 | 32.9 | % | ||||||||||||||||
Sales
of services
|
397.7 | 263.7 | 50.8 | % | 1,113.1 | 922.1 | 20.7 | % | ||||||||||||||||
Total
Sales
|
8,986.0 | 6,708.4 | 34.0 | % | 30,404.4 | 33,896.7 | (10.3 | )% | ||||||||||||||||
Variable
Costs
|
2,957.0 | 2,902.5 | 1.9 | % | 12,743.3 | 13,424.3 | (5.1 | )% | ||||||||||||||||
Fixed
Costs
|
2,434.8 | 2,356.5 | 3.3 | % | 7,162.7 | 5,660.1 | 26.5 | % | ||||||||||||||||
Cost
of Sales
|
5,391.8 | 5,259.0 | 2.5 | % | 19,906.0 | 19,084.4 | 4.3 | % | ||||||||||||||||
Gross
profit
|
3,594.2 | 1,449.4 | 148.0 | % | 10,498.4 | 14,812.3 | (29.1 | )% | ||||||||||||||||
Operating
Expenses
|
1,214.7 | 872.3 | 39.3 | % | 2,625.0 | 2,154.9 | 21.8 | % | ||||||||||||||||
Operating
Profit
|
2,379.5 | 577.1 | 312.3 | % | 7,873.4 | 12,657.4 | (37.8 | )% | ||||||||||||||||
Non
Operating Profit/(Loss)
|
(38,4 | ) | 2,130.2 | (101.8 | )% | (622.5 | ) | 3,353.8 | (118.6 | )% | ||||||||||||||
Income
tax
|
606.3 | 649.8 | (6.7 | )% | 2,114.0 | 4,382.0 | (51.8 | )% | ||||||||||||||||
Minority
interest
|
13.4 | (0.5 | ) | 4.8 | (0.5 | ) | ||||||||||||||||||
Net
Income
|
1,721.4 | 2,058.0 | (16.4 | )% | 5,132.1 | 11,629.7 | (55.9 | )% | ||||||||||||||||
EBITDA
|
3,327.8 | 865.0 | 284.7 | % | 11,429.9 | 14,571.4 | (21.6 | )% | ||||||||||||||||
EBITDA
Margin
|
37 | % | 13 | % | 38 | % | 43 | % |
PRESS
RELEASE
|
|
Sales volume (tons)
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Polypropylene
|
86,779 | 86,279 | 390,394 | 374,774 | ||||||||||||
Polypropylene
marketing for COMAI
|
2,120 | 2.468 | 8,988 | 9,852 | ||||||||||||
Total
|
88,899 | 88,747 | 399,382 | 384,626 |
PRESS
RELEASE
|
|
Income
Statement
|
||||||||||||||||
(COP$ Billion)
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Local
Sales
|
125.2 | 154.5 | 483.0 | 660.3 | ||||||||||||
Export
Sales
|
131.6 | 132.9 | 557.7 | 707.2 | ||||||||||||
Total
Sales
|
256.8 | 287.5 | 1,040.7 | 1,367.4 | ||||||||||||
Variable
Costs
|
204.7 | 249.0 | 807.6 | 1,125.9 | ||||||||||||
Fixed
Costs
|
24.9 | 24.5 | 100.6 | 97.7 | ||||||||||||
Cost
of Sales
|
229.5 | 273.5 | 908.2 | 1,223.6 | ||||||||||||
Gross
profit
|
27.2 | 14.0 | 132.5 | 143.9 | ||||||||||||
Operating
Expenses
|
19.6 | 21.9 | 86.8 | 92.1 | ||||||||||||
Operating
Profit
|
7.7 | (7.9 | ) | 45.7 | 51.8 | |||||||||||
Non
Operating Profit/(Loss)
|
1.0 | (1.7 | ) | 9.4 | 16.3 | |||||||||||
Income
tax
|
2.3 | (6.2 | ) | 7.4 | 14.8 | |||||||||||
Minority
interest
|
- | - | - | - | ||||||||||||
Net
Income/Loss
|
6.3 | (3.3 | ) | 47.7 | 53.3 |
Balance
Sheet
|
||||||||
COP$ Billion
|
2009
|
2008
|
||||||
Current
Assets
|
452.0 | 527.2 | ||||||
Long
Term Assets
|
531.2 | 432.3 | ||||||
Total
Assets
|
983.2 | 959.5 | ||||||
Current
Liabilities
|
325.5 | 373.2 | ||||||
Long
Term Liabilities
|
29.1 | 26.4 | ||||||
Total
Liabilities
|
354.7
|
399.6 | ||||||
Equity
|
628.6 | 559.9 | ||||||
Total
Liabilities and Shareholders´ Equity
|
983.2 | 959.5 |
PRESS
RELEASE
|
|
Sales
Volume (Mbd)
|
4Q 2009
|
4q 2008
|
2009
|
2008
|
||||||||||||
Local
|
44.35 | 36.91 | 42.75 | 39.45 | ||||||||||||
International
|
40.07 | 50.24 | 38.17 | 39.99 | ||||||||||||
Total
|
84.42 | 87.15 | 80.91 | 79.44 |
Refinery
run (Mbd)
|
4Q
2009
|
4q
2008
|
2009
|
2008
|
||||||||||||
|
78.31 | 78.33 | 78.92 | 78.01 |
Income
Statement
|
||||||||||||||||
(COP$ Billion)
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Local
Sales
|
618.3 | 681.1 | 2,164.7 | 3,144.2 | ||||||||||||
Export
Sales
|
550.5 | 529.9 | 1,782.4 | 2,407.5 | ||||||||||||
Sales
of services
|
7.4 | 7.2 | 26.9 | 31.3 | ||||||||||||
Total
Sales
|
1,176.2 | 1,218.2 | 3,973.9 | 5,582.9 | ||||||||||||
Cost
of Sales
|
(1,177.2 | ) | (1,177.7 | ) | (4,002.2 | ) | (5,541.9 | ) | ||||||||
Gross
profit
|
(1.0 | ) | 40.5 | (28.3 | ) | 41.0 | ||||||||||
Operating
Expenses
|
(27.6 | ) | (12.9 | ) | (67.5 | ) | (47.3 | ) | ||||||||
Operating
Profit
|
(28.6 | ) | 27.6 | (95.7 | ) | (6.3 | ) | |||||||||
Non
Operating income
|
26.9 | 184.9 | 211.2 | 344.0 | ||||||||||||
Non
Operating expenses
|
(12.8 | ) | (207.2 | ) | (235.4 | ) | (350.9 | ) | ||||||||
Non
Operating Profit/(Loss)
|
14.1
|
(22.2 | ) | (24.2 | ) | (6.9 | ) | |||||||||
Income
tax
|
6.8 | (4.5 | ) | (10.5 | ) | (18.2 | ) | |||||||||
Minority
interest
|
- | - | - | - | ||||||||||||
Net
Income/Loss
|
(7.7 | ) | 0.8 | (130.4 | ) | (31.4 | ) |
Balance
Sheet
|
||||||||
COP$ Billion
|
2009
|
2008
|
||||||
Current
Assets
|
997.3 | 1,492.4 | ||||||
Long
Term Assets
|
2,046.3 | 1,618.3 | ||||||
Total
Assets
|
3,043.5 | 3,110.6 | ||||||
Current
Liabilities
|
572.1 | 508.4 | ||||||
Long
Term Liabilities
|
0.4 | 0.6 | ||||||
Total
Liabilities
|
572.5 | 509.0 | ||||||
Equity
|
2,471.0 | 2,601.6 | ||||||
Total
Liabilities and Shareholde
|
3,043.5 | 3,110.6 |
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
Transported volumes (Mbod)
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Cusiana-Porvenir
|
57.9 | 69.0 | 60.5 | 71.5 | ||||||||||||
Porvenir-Vasconia
|
373.7 | 262.2 | 303.1 | 253.0 | ||||||||||||
Vasconia-Coveñas
|
237.4 | 182.7 | 202.5 | 162.9 | ||||||||||||
Coveñas-Export
Port
|
268.0 | 212.9 | 239.5 | 183.9 |
Income Statement
|
||||||||||||||||
(COP$ Billion)
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Sales
of services
|
196.8 | 193.9 | 705.9 | 696.0 | ||||||||||||
Total
Sales
|
196.8 | 193.9 | 705.9 | 696.0 | ||||||||||||
Variable
Costs
|
(3.7 | ) | (2.1 | ) | (8.8 | ) | (7.0 | ) | ||||||||
Fixed
Costs
|
(157.6 | ) | (158.0 | ) | (579.1 | ) | (566.0 | ) | ||||||||
Cost
of Sales
|
(161.2 | ) | (160.0 | ) | (587.9 | ) | (573.0 | ) | ||||||||
Gross
profit
|
35.6 | 33.8 | 117.9 | 123.0 | ||||||||||||
Operating
Expenses
|
(15.1 | ) | (21.1 | ) | (49.6 | ) | (63.3 | ) | ||||||||
Operating
Profit
|
20.5 | 12.7 | 68.3 | 59.7 | ||||||||||||
Non
Operating Profit/(Loss)
|
53.0 | 15.6 | 18.3 | 86.0 | ||||||||||||
Income
tax
|
(4.6 | ) | (4.2 | ) | (18.3 | ) | (38.2 | ) | ||||||||
Minority
interest
|
- | - | - | - | ||||||||||||
Net
Income
|
48.4 | 11.4 | - | 47.8 |
Balance Sheet
|
||||||||
COP$ Billion
|
2009
|
2008
|
||||||
Current
Assets
|
499.4 | 309.6 | ||||||
Long
Term Assets
|
1,256.0 | 1,625.8 | ||||||
Total
Assets
|
1,755.5 | 1,935.4 | ||||||
Current
Liabilities
|
43.3 | 82.2 | ||||||
Long
Term Liabilities
|
2.3 | 3.1 | ||||||
Total
Liabilities
|
45.5 | 85.3 | ||||||
Equity
|
1,710.0 | 1,850.1 | ||||||
Total
Liabilities and Shareholders´ Equity
|
1,755.5 | 1,935.4 |
PRESS
RELEASE
|
|
Income Statement
|
||||||||
(COP$ Billion)
|
4Q 2009
|
2009
|
||||||
Local
Sales
|
23.73 | 23.73 | ||||||
Total
Sales
|
23.73 | 23.73 | ||||||
Variable
Costs
|
- | - | ||||||
Fixed
Costs
|
11.21 | 11.21 | ||||||
Cost
of Sales
|
11.21 | 11.21 | ||||||
Gross
profit
|
12.52 | 12.52 | ||||||
Operating
Expenses
|
19.34 | 19.34 | ||||||
Operating
Profit
|
(6.83 | ) | (6.83 | ) | ||||
Non
Operating Profit/(Loss)
|
19.25 | 19.25 | ||||||
Income
tax
|
- | - | ||||||
Minority
interest
|
- | - | ||||||
Net
Income/Loss
|
12.42 | 12.42 |
Balance Sheet
|
||||
COP$ Billion
|
2009
|
|||
Current
Assets
|
205.39 | |||
Long
Term Assets
|
1,160.51 | |||
Total
Assets
|
1,365.89 | |||
Current
Liabilities
|
180.58 | |||
Long
Term Liabilities
|
777.66 | |||
Total
Liabilities
|
958.24 | |||
Equity
|
407.65 | |||
Total
Liabilities and Shareholders´ Equity
|
1,365.89 |
PRESS
RELEASE
|
|
Production (Mboed)
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Crude
oil
|
25.01 | 18.70 | 23.70 | 17.05 | ||||||||||||
Natural
gas
|
1.36 | 1.52 | 1.16 | 0.54 | ||||||||||||
Total
|
26.38 | 20.22 | 24.87 | 17.59 |
Exploration activity
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Seismic
(KM equivalent)
|
680 | 314 | 853 | 1.195 | ||||||||||||
Wells
|
0 | 4 | 3 | 15 |
Income Statement
|
||||
(COP$ Billion)
|
2009
|
|||
Local
Sales
|
37.5 | |||
Export
Sales
|
1,851.1 | |||
Total
Sales
|
1,888.5 | |||
Variable
Costs
|
362.2 | |||
Fixed
Costs
|
1,045.4 | |||
Cost
of Sales
|
1,407.6 | |||
Gross
profit
|
481.0 | |||
Operating
Expenses
|
122.4 | |||
Operating
Profit
|
358.5 | |||
Non
Operating Profit/(Loss)
|
456.6 | |||
Income
tax
|
126.0 | |||
Minority
interest
|
- | |||
Net
Income/Loss
|
330.6 |
PRESS
RELEASE
|
|
Balance Sheet
|
||||
COP$ Billion
|
2009
|
|||
Current
Assets
|
933.7 | |||
Long
Term Assets
|
967.6 | |||
Total
Assets
|
1,901.3 | |||
Current
Liabilities
|
503.7 | |||
Long
Term Liabilities
|
105.0 | |||
Total
Liabilities
|
608.7 | |||
Equity
|
1,292.6 | |||
Total
Liabilities and Shareholders´ Equity
|
1,901.3 |
Production (Mboed)
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Crude
oil
|
11.2 | 11.1 | 11.0 | 11.1 | ||||||||||||
Natural
gas
|
2.2 | 2.2 | 2.0 | 2.5 | ||||||||||||
Other
|
1.3 | - | 0.5 | - | ||||||||||||
Total
|
14.7 | 13.3 | 13.5 | 13.6 |
Exploration activity
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Seismic
(KM equivalent)
|
3,463.0 | 461.0 | 11,049.0 | 2,062.0 | ||||||||||||
Wells
|
1 | - | 2 | 3 |
PRESS
RELEASE
|
|
Income Statement
|
||||||||||||||||
US$ million
|
4Q 2009
|
4Q 2008
|
2009
|
2008
|
||||||||||||
Local
Sales
|
77.5 | 48.5 | 235.5 | 357.3 | ||||||||||||
Sales
of services
|
1.0 | 4.6 | 2.8 | (15.2 | ) | |||||||||||
Total
Sales
|
78.5 | 53.1 | 238.3 | 342.2 | ||||||||||||
Cost
of Sales
|
59.3 | 47.5 | 163.6 | 142.8 | ||||||||||||
Gross
profit
|
19.2 | 5.6 | 74.7 | 199.4 | ||||||||||||
Operating
Expenses
|
6.5 | 21.8 | 34.7 | 45.8 | ||||||||||||
Operating
Profit
|
12.7 | (16.2 | ) | 40.1 | 153.7 | |||||||||||
Non
Operating Profit/(Loss)
|
16.1 | 46.2 | 0.6 | 11.6 | ||||||||||||
Income
tax
|
16.2 | 45.8 | 16.2 | 45.9 | ||||||||||||
Employee
profit sharing
|
2.8 | 8.0 | 2.8 | 8.0 | ||||||||||||
Deferred
taxes
|
(1.1 | ) | 1.9 | (1.1 | ) | 2.0 | ||||||||||
Minority
interest
|
- | - | - | - | ||||||||||||
Net
Income/Loss
|
(1.8 | ) | (9.5 | ) | 22.7 | 109.4 |
Balance Sheet
|
||||||||
US$ million
|
2,009
|
2,008
|
||||||
Current
Assets
|
132.8 | 156.1 | ||||||
Long
Term Assets
|
210.7 | 231.3 | ||||||
Total
Assets
|
343.5 | 387.4 | ||||||
Current
Liabilities
|
42.3 | 76.2 | ||||||
Long
Term Liabilities
|
- | - | ||||||
Deferred
taxes
|
14.9 | 16.0 | ||||||
Total
Liabilities
|
57.2 | 92.2 | ||||||
Equity
|
286.3 | 295.2 | ||||||
Total
Liabilities and Shareholders´ Equity
|
343.5 | 387.4 |
In
Spanish
February
17, 2010
10:30
a.m. Bogota
|
In
English
February
17, 2010
12 p.m.
Bogota
|
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
PRESS
RELEASE
|
|
COP$ Million
|
December 31,
|
December 31,
|
||||||||||||||||||||||||||
Q4-09
|
Q4-08*
|
%
|
Q3-09
|
2009
|
2008
*
|
%
|
||||||||||||||||||||||
Income
|
||||||||||||||||||||||||||||
Local
Sales
|
4,113,008 | 3,775,862 | 8.9 | % | 3,736,434 | 14,441,804 | 20,254,702 | (28.7 | )% | |||||||||||||||||||
Export
Sales
|
4,124,082 | 2,096,748 | 96.7 | % | 3,385,940 | 12,248,369 | 11,572,989 | 5.8 | % | |||||||||||||||||||
Sale
of Services
|
268,618 | 263,278 | 2.0 | % | 247,647 | 983,818 | 921,652 | 6.7 | % | |||||||||||||||||||
Total
Income
|
8,505,708 | 6,135,888 | 38.6 | % | 7,370,021 | 27,673,991 | 32,749,343 | (15.5 | )% | |||||||||||||||||||
Cost
of Sales
|
- | |||||||||||||||||||||||||||
Variable
Costs
|
- | |||||||||||||||||||||||||||
Purchase
of Hydrocarbons
|
2,410,852 | 1,676,560 | 43.8 | % | 1,979,904 | 7,506,985 | 8,778,164 | (14.5 | )% | |||||||||||||||||||
Amortization
and Depletion
|
783 | 225,088 | (99.7 | )% | 530,033 | 1,354,674 | 1,087,583 | 24.6 | % | |||||||||||||||||||
Imported
products
|
677,132 | 192,455 | 251.8 | % | 605,998 | 2,251,983 | 2,552,231 | (11.8 | )% | |||||||||||||||||||
Inventories
|
(110,048 | ) | 388,872 | (128.3 | )% | (65,002 | ) | (126,642 | ) | (227,236 | ) | 44.3 | % | |||||||||||||||
Other
|
(28,217 | ) | 218,528 | (112.9 | )% | 140,199 | 414,537 | 291,331 | 42.3 | % | ||||||||||||||||||
Fixed
Costs
|
0.0 | % | $ | 0 | ||||||||||||||||||||||||
Depreciation
|
167,076 | 167,518 | (0.3 | )% | 158,983 | 639,793 | 642,830 | (0.5 | )% | |||||||||||||||||||
Contracted
Services
|
579,033 | 525,576 | 10.2 | % | 371,622 | 1,625,937 | 1,482,645 | 9.7 | % | |||||||||||||||||||
Maintenance
|
378,509 | 364,614 | 3.8 | % | 221,867 | 900,554 | 821,489 | 9.6 | % | |||||||||||||||||||
Labor
Costs
|
265,553 | 228,492 | 16.2 | % | 240,383 | 872,595 | 734,089 | 18.9 | % | |||||||||||||||||||
Transportation
Cost for Refineries
|
173,548 | 161,498 | 7.5 | % | 188,873 | 723,209 | 581,945 | 24.3 | % | |||||||||||||||||||
Other
|
609,059 | 578,194 | 5.3 | % | 257,774 | 1,267,019 | 1,309,637 | (3.3 | )% | |||||||||||||||||||
Total
Cost of Sales
|
5,123,280 | 4,727,395 | 8.4 | % | 4,630,634 | 17,430,644 | 18,054,708 | (3.5 | )% | |||||||||||||||||||
Gross
Profits
|
3,382,428 | 1,408,493 | 140.1 | % | 2,739,387 | 10,243,347 | 14,694,635 | (30.3 | )% | |||||||||||||||||||
Operating
Expenses
|
||||||||||||||||||||||||||||
Administration
|
164,738 | 126,321 | 30.4 | % | 146,866 | 528,676 | 366,097 | 44.4 | % | |||||||||||||||||||
Selling
expenses
|
235,553 | 220,001 | 7.1 | % | 200,502 | 845,506 | 809,472 | 4.5 | % | |||||||||||||||||||
Exploration
and Projects
|
276,015 | 347,542 | (20.6 | )% | 167,829 | 785,628 | 635,784 | 23.6 | % | |||||||||||||||||||
Operating
Income
|
2,706,122 | 714,629 | 278.7 | % | 2,224,190 | 8,083,537 | 12,883,282 | (37.3 | )% | |||||||||||||||||||
Non
Operating Income (expenses)
|
||||||||||||||||||||||||||||
Financial
Income
|
993,416 | 4,887,913 | (79.7 | )% | 1,645,756 | 7,217,180 | 13,164,177 | (45.2 | )% | |||||||||||||||||||
Financial
Expenses
|
(1,070,366 | ) | (3,273,121 | ) | 67.3 | % | (1,827,099 | ) | (6,867,407 | ) | (9,293,891 | ) | 26.1 | % | ||||||||||||||
Non
Financial Income
|
278,526 | 671,504 | (58.5 | )% | 119,279 | 718,359 | 1,243,257 | (42.2 | )% | |||||||||||||||||||
Non
Financial Expenses
|
(657,076 | ) | (297,520 | ) | 120.9 | % | (526,803 | ) | (1,949,262 | ) | (1,991,914 | ) | 2.1 | % | ||||||||||||||
Income
before income tax
|
2,250,622 | 2,703,405 | (16.7 | )% | 1,635,323 | 7,202,407 | 16,004,911 | (55.0 | )% | |||||||||||||||||||
Provision for
Income Tax
|
559,180 | 651,103 | (14.1 | )% | 441,803 | 1,946,175 | 4,374,195 | (55.5 | )% | |||||||||||||||||||
Minority
interest
|
- | - | 0.0 | % | - | |||||||||||||||||||||||
Net
Income
|
1,691,442 | 2,052,302 | (17.6 | )% | 1,193,520 | 5,256,232 | 11,630,716 | (54.8 | )% | |||||||||||||||||||
EBITDA
|
2,963,597 | 1,150,941 | 157.5 | % | 3,037,569 | 10,438,034 | 14,758,939 | (29.3 | )% | |||||||||||||||||||
EBITDA
MARGIN
|
35 | % | 19 | % | 41 | % | 38 | % | 45 | % | ||||||||||||||||||
EARNINGS
PER SHARE
|
$ | 41.79 | $ | 50.71 | (17.6 | )% | $ | 29.49 | $ | 129.87 | $ | 287.37 | (54.8 | )% |
PRESS
RELEASE
|
|
COP$ Million
|
December 31,
|
December 31,
|
||||||||||||||||||||||||||
Q4-09
|
Q4-08 **
|
%
|
Q3-09
|
2009
|
2008 **
|
%
|
||||||||||||||||||||||
Income
|
||||||||||||||||||||||||||||
Local
Sales
|
2,896,486 | 3,626,254 | (20.1 | )% | 3,361,491 | 12,945,459 | 20,675,899 | (37.4 | )% | |||||||||||||||||||
Export
Sales
|
5,691,798 | 2,818,424 | 101.9 | % | 5,292,486 | 16,345,856 | 12,298,670 | 32.9 | % | |||||||||||||||||||
Sale
of Services
|
397,692 | 263,727 | 50.8 | % | 247,829 | 1,113,075 | 922,100 | 20.7 | % | |||||||||||||||||||
Total
Income
|
8,985,976 | 6,708,405 | 34.0 | % | 8,901,806 | 30,404,390 | 33,896,669 | (10.3 | )% | |||||||||||||||||||
Cost
of Sales
|
||||||||||||||||||||||||||||
Variable
Costs
|
||||||||||||||||||||||||||||
Purchase
of Hydrocarbons
|
2,658,955 | 1,468,297 | 81.1 | % | 2,660,045 | 8,488,524 | 8,778,164 | (3.3 | )% | |||||||||||||||||||
Amortization
and Depletion
|
11,546 | 225,088 | (94.9 | )% | 569,576 | 1,474,918 | 1,087,583 | 35.6 | % | |||||||||||||||||||
Imported
products
|
720,564 | 768,052 | (6.2 | )% | 964,901 | 2,739,681 | 3,470,987 | (21.1 | )% | |||||||||||||||||||
Inventories
|
(3,769 | ) | (523,865 | ) | 99.3 | % | (99,681 | ) | (55,042 | ) | (239,033 | ) | 77.0 | % | ||||||||||||||
Other
|
(430,309 | ) | 964,962 | (144.6 | )% | 361,667 | 95,255 | 326,618 | (70.8 | )% | ||||||||||||||||||
Fixed
Costs
|
- | - | 0.0 | % | ||||||||||||||||||||||||
Depreciation
|
235,703 | (447,206 | ) | 152.7 | % | 441,920 | 1,239,846 | 670,279 | 85.0 | % | ||||||||||||||||||
Contracted
Services
|
662,878 | 816,290 | (18.8 | )% | 369,474 | 1,741,399 | 1,482,645 | 17.5 | % | |||||||||||||||||||
Maintenance
|
605,415 | 831,553 | (27.2 | )% | 284,409 | 1,274,618 | 831,553 | 53.3 | % | |||||||||||||||||||
Labor
Costs
|
278,485 | 331,379 | (16.0 | )% | 253,347 | 918,264 | 751,826 | 22.1 | % | |||||||||||||||||||
Transportation
Cost for Refineries
|
139,192 | 581,945 | (76.1 | )% | 137,049 | 637,029 | 581,945 | 9.5 | % | |||||||||||||||||||
Other
|
513,106 | 242,587 | 111.5 | % | 128,898 | 1,351,581 | 1,341,869 | 0.7 | % | |||||||||||||||||||
Total
Cost of Sales
|
5,391,766 | 5,259,082 | 2.5 | % | 6,071,605 | 19,906,073 | 19,084,436 | 4.3 | % | |||||||||||||||||||
Gross
Profits
|
3,594,210 | 1,449,323 | 148.0 | % | 2,830,201 | 10,498,317 | 14,812,233 | (29.1 | )% | |||||||||||||||||||
Operating
Expenses
|
||||||||||||||||||||||||||||
Administration
|
208,764 | 134,567 | 55.1 | % | 167,060 | 662,336 | 382,101 | 73.3 | % | |||||||||||||||||||
Selling
expenses
|
160,948 | 113,388 | 41.9 | % | 123,736 | 566,510 | 860,023 | (34.1 | )% | |||||||||||||||||||
Exploration
and Projects
|
844,971 | 624,309 | 35.3 | % | 209,087 | 1,396,132 | 912,751 | 53.0 | % | |||||||||||||||||||
Operating
Income
|
2,379,527 | 577,059 | 312.4 | % | 2,330,318 | 7,873,339 | 12,657,358 | (37.8 | )% | |||||||||||||||||||
Non
Operating Income (expenses)
|
||||||||||||||||||||||||||||
Financial
Income
|
1,873,170 | 5,102,957 | (63.3 | )% | 3,513,002 | 15,568,920 | 13,341,200 | 16.7 | % | |||||||||||||||||||
Financial
Expenses
|
(1,651,026 | ) | (3,349,083 | ) | 50.7 | % | (3,789,805 | ) | (15,073,087 | ) | (9,239,948 | ) | 63.1 | % | ||||||||||||||
Non
Financial Income
|
392,702 | 595,501 | (34.1 | )% | 131,279 | 876,608 | 1,246,704 | (29.7 | )% | |||||||||||||||||||
Non
Financial Expenses
|
(653,218 | ) | (219,202 | ) | 198.0 | % | (543,935 | ) | (1,994,936 | ) | (1,994,110 | ) | 0.0 | % | ||||||||||||||
- | - | 0.0 | % | |||||||||||||||||||||||||
Income
before income tax
|
2,341,155 | 2,707,232 | (13.5 | )% | 1,640,859 | 7,250,844 | 16,011,204 | (54.7 | )% | |||||||||||||||||||
Provision
for Income Tax
|
606,310 | 649,768 | (6.7 | )% | 532,408 | 2,114,029 | 4,381,982 | (51.8 | )% | |||||||||||||||||||
Minority
interest
|
13,366 | (455 | ) | 3,037.6 | % | (1,414 | ) | 4,761 | (455 | ) | 1,146.4 | % | ||||||||||||||||
Net
Income
|
1,721,479 | 2,057,919 | (16.3 | )% | 1,109,865 | 5,132,054 | 11,629,677 | (55.9 | )% | |||||||||||||||||||
EBITDA
|
3,327,844 | 865,000 | 284.7 | % | 3,212,357 | 11,429,867 | 14,571,418 | (21.6 | )% | |||||||||||||||||||
EBITDA
MARGIN
|
37 | % | 13 | % | 36 | % | 38 | % | 43 | % |
PRESS
RELEASE
|
|
Ecopetrol S.A.
|
Ecopetrol S.A. and Subsidiaries
|
|||||||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
September 30, *
|
|
||||||||||||||||||||
COP$ Million
|
2009
|
2009
|
%
|
2009
|
2009
|
%
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current
Assets
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
2,286,996 | 5,599,125 | (59.2 | )% | 3,562,119 | 6,386,247 | (44.2 | )% | ||||||||||||||||
Investments
|
384,329 | 685,105 | (43.9 | )% | 462,258 | 1,126,012 | (58.9 | )% | ||||||||||||||||
Accounts
and notes receivable
|
2,550,251 | 3,717,350 | (31.4 | )% | 2,969,120 | 4,295,176 | (30.9 | )% | ||||||||||||||||
Other
|
4,374,917 | 4,240,749 | 3.2 | % | 5,124,291 | 4,854,505 | 5.6 | % | ||||||||||||||||
Total
Current Assets
|
9,596,493 | 14,242,329 | (32.6 | )% | 12,117,788 | 16,661,940 | (27.3 | )% | ||||||||||||||||
Non
Current Assets
|
0.0 | % | ||||||||||||||||||||||
Investments
|
10,087,993 | 8,989,920 | 12.2 | % | 3,710,739 | 2,861,001 | 29.7 | % | ||||||||||||||||
Accounts
and notes receivable
|
1,353,935 | 1,271,983 | 6.4 | % | 226,781 | 238,990 | (5.1 | )% | ||||||||||||||||
Property,
plant and equipment, net
|
11,696,921 | 9,929,143 | 17.8 | % | 16,782,503 | 15,775,446 | 6.4 | % | ||||||||||||||||
Natural
and environmental properties, Net
|
9,325,116 | 6,846,906 | 36.2 | % | 11,155,381 | 7,596,885 | 46,8 | % | ||||||||||||||||
Other
|
11,031,963 | 10,345,957 | 6.6 | % | 11,566,325 | 10,568,272 | 9.4 | % | ||||||||||||||||
Total
Non Current Assets
|
43,495,928 | 37,383,909 | 16.3 | % | 43,441,729 | 37,040,594 | 17.3 | % | ||||||||||||||||
Total
Assets
|
53,092,421 | 51,626,238 | 2.8 | % | 55,559,517 | 53,702,534 | 3.5 | % | ||||||||||||||||
Liabilities
and Equity
|
||||||||||||||||||||||||
Current
Liabilities
|
||||||||||||||||||||||||
Financial
obligations
|
134,908 | 112,623 | 19.8 | % | 437,081 | 287,056 | 52.3 | % | ||||||||||||||||
Accounts
payable and related parties
|
3,421,264 | 7,354,758 | (53.5 | )% | 3,280,232 | 7,266,657 | (54.9 | )% | ||||||||||||||||
Estimated
liabilities and provisions
|
957,432 | 720,364 | 32.9 | % | 1,154,415 | 1,011,155 | 14.2 | % | ||||||||||||||||
Other
|
2,258,367 | 1,730,721 | 30.5 | % | 2,598,485 | 1,957,728 | 32.7 | % | ||||||||||||||||
Total
Current Liabilities
|
6,771,971 | 9,918,466 | (31.7 | )% | 7,470,213 | 10,522,596 | (29.0 | )% | ||||||||||||||||
Long
Term Liabilities
|
||||||||||||||||||||||||
Financial
obligations
|
5,286,545 | 5,103,200 | 3.6 | % | 5,714,354 | 5,629,692 | 0,0 | % | ||||||||||||||||
Labor
and pension plan obligations
|
2,660,943 | 2,427,337 | 9.6 | % | 2,669,331 | 2,464,668 | 8.3 | % | ||||||||||||||||
Estimated
liabilities and provisions
|
3,331,867 | 2,475,242 | 34.6 | % | 3,411,977 | 2,557,838 | 33.4 | % | ||||||||||||||||
Other
|
2,337,862 | 2,256,984 | 3.6 | % | 2,782,374 | 2,339,751 | 18.9 | % | ||||||||||||||||
Total
Long Term Liabilities
|
13,617,217 | 12,262,763 | 11.0 | % | 14,578,036 | 12,991,949 | 12.2 | % | ||||||||||||||||
Total
Liabilities
|
20,389,188 | 22,181,229 | (8.1 | )% | 22,048.249 | 23,514,545 | (6,2 | )% | ||||||||||||||||
Minoritary
Interest
|
941,311 | 887,686 | 6.0 | % | ||||||||||||||||||||
Equity
|
32,703,233 | 29,445,009 | 11.1 | % | 32,569,957 | 29,300,303 | 11.2 | % | ||||||||||||||||
Total
Liabilities and Shareholders' Equity
|
53,092,421 | 51,626,238 | 2.8 | % | 55,559,517 | 53,702,534 | 3.5 | % | ||||||||||||||||
Memorandum
Accounts **
|
138,150,625 | 134,943,313 | 140,136,272 | 135,663,946 |
PRESS
RELEASE
|
|
As of December 31,
|
As of December 31,
|
|||||||||||||||||||||||||||
COP$ million
|
4Q 2009
|
4Q 2008
|
%
|
3Q 2009
|
2009
|
2008
|
%
|
|||||||||||||||||||||
Cash
flow provided by operating activities:
|
||||||||||||||||||||||||||||
Net
income
|
1,691,442 | 2,052,302 | (17.6 | )% | 1,193,520 | 5,256,232 | 11,630,716 | (54.8 | )% | |||||||||||||||||||
Adjustments
to reconcile net income to cash provided by operating
activities:
|
||||||||||||||||||||||||||||
Depreciation,
depletion and amortization
|
1,237,729 | 733,961 | 68.6 | % | 597,660 | 2,890,743 | 3,242,115 | (10.8 | )% | |||||||||||||||||||
Provisions
|
137,928 | (478,514 | ) | 128.8 | % | 427,390 | 238,693 | (782,769 | ) | 130.5 | % | |||||||||||||||||
Net
changes in operating assets and liabilities:
|
||||||||||||||||||||||||||||
Accounts
and notes receivable
|
798,272 | 10,192,963 | (92.2 | )% | 1,204,911 | 1,131,982 | 6,197,470 | (81.7 | )% | |||||||||||||||||||
Inventories
|
(97,304 | ) | 392,428 | (124.8 | )% | (81,582 | ) | (137,716 | ) | (225,865 | ) | 39.0 | % | |||||||||||||||
Deferred
and other assets
|
(72,166 | ) | (370,799 | ) | 80.5 | % | (423,243 | ) | (2,788,093 | ) | (757,692 | ) | 268.0 | % | ||||||||||||||
Accounts
payable and related parties
|
(1,237,270 | ) | (1,855,707 | ) | 33.3 | % | 92,925 | 1,633,738 | 646,365 | 152.8 | % | |||||||||||||||||
Taxes
payable
|
513,565 | (230,141 | ) | 323.2 | % | (168,826 | ) | (1,771,648 | ) | 988,347 | (279.3 | )% | ||||||||||||||||
Labor
obligations
|
(518,231 | ) | (8,544,454 | ) | 93.9 | % | 410,456 | 15,100 | (9,246,938 | ) | 100.2 | % | ||||||||||||||||
Estimated
liabilities and provisions
|
218,374 | (1,251,507 | ) | 117.4 | % | (262,174 | ) | 10,499 | (746,794 | ) | 101.4 | % | ||||||||||||||||
Cash
provided by operating activities
|
2,672,339 | 640,532 | 317.2 | % | 2,991,037 | 6,479,530 | 10,944,955 | (40.8 | )% | |||||||||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||||||
Purchase
of investment securities
|
(3,331,893 | ) | (82,319 | ) | 3,947.5 | % | (2,075,607 | ) | (7,939,870 | ) | (27,801,568 | ) | 71.4 | % | ||||||||||||||
Redemption
of investment securities
|
2,776,424 | (111,669 | ) | 2,586.3 | % | 1,841,823 | 12,630,117 | 24,442,990 | (48.3 | )% | ||||||||||||||||||
Investment
in natural and environmental resources - R
|
(1,492,768 | ) | (519,824 | ) | 187.2 | % | (592,436 | ) | (2,885,430 | ) | (1,792,085 | ) | 61.0 | % | ||||||||||||||
Additions
to property, plant and equipment
|
(1,288,033 | ) | (1,731,241 | ) | 25.6 | % | (939,905 | ) | (4,426,141 | ) | (3,565,240 | ) | 24.1 | % | ||||||||||||||
Net
cash used in investing activities
|
(3,336,270 | ) | (2,445,053 | ) | 36.4 | % | (1,766,125 | ) | (2,621,324 | ) | (8,715,903 | ) | 69.9 | % | ||||||||||||||
Cash
flows financing activities:
|
||||||||||||||||||||||||||||
Financial
obligations
|
284,814 | - | 3,317,172 | 5,388,014 | - | |||||||||||||||||||||||
Proceeds
from financial obligations
|
(79,184 | ) | - | 112,623 | 33,439 | (3,569 | ) | |||||||||||||||||||||
Proceeds
from issuance of shares
|
5,981 | 138,727 | (95.7 | )% | 29,664 | 41,044 | 832,919 | (95.1 | )% | |||||||||||||||||||
Dividends
paid
|
(2,939,612 | ) | (2,327,170 | ) | 26.3 | % | (2,938,156 | ) | (8,903,953 | ) | (4,654,340 | ) | 91.3 | % | ||||||||||||||
Net
cash used in financing activities
|
(2,728,001 | ) | (2,188,443 | ) | 24.7 | % | 521,303 | (3,441,456 | ) | (3,824,990 | ) | 10.0 | % | |||||||||||||||
Net
increase in cash and cash equivalent
|
(3,312,129 | ) | (3,671,326 | ) | 9.8 | % | 1,702,385 | 416,750 | (1,595,938 | ) | 126.1 | % | ||||||||||||||||
Cash
and cash equivalent at beginnig of year
|
5,599,125 | 5,541,572 | 1.0 | % | 3,896,740 | 1,870,246 | 3,466,184 | (46.0 | )% | |||||||||||||||||||
Cash
and cash equivalent at end of year
|
2,286,996 | 1,870,246 | 22.3 | % | 5,599,125 | 2,286,996 | 1,870,246 | 22.3 | % |
PRESS
RELEASE
|
|
As of December 31,
|
As of December 31,
|
|||||||||||||||||||||||||||
COP$ million
|
4Q 2009 *
|
4Q 2008 *
|
%
|
3Q 2009 *
|
2009
|
2008
|
%
|
|||||||||||||||||||||
Cash
flow provided by operating activities:
|
||||||||||||||||||||||||||||
Net
income
|
1,721,479 | 2,057,919 | (16.3 | )% | 1,109,865 | 5,132,054 | 11,629,677 | (55.9 | )% | |||||||||||||||||||
Adjustments
to reconcile net income to cash provided by operating
activities:
|
||||||||||||||||||||||||||||
Depreciation,
depletion and amortization
|
1,003,484 | 198,597 | 405.3 | % | 1,172,048 | 3,629,604 | 3,276,169 | 10.8 | % | |||||||||||||||||||
Provisions
|
49,208 | 16,193 | 203.9 | % | 216,512 | 238,247 | (782,769 | ) | 130.4 | % | ||||||||||||||||||
Net
changes in operating assets and liabilities:
|
||||||||||||||||||||||||||||
Accounts
and notes receivable
|
401,147 | 254,820 | 57.4 | % | 1,626,752 | 2,030,376 | 5,946,536 | (65.9 | )% | |||||||||||||||||||
Inventories
|
(78,869 | ) | 469,323 | (116.8 | )% | (17,273 | ) | (291,819 | ) | (237,710 | ) | 22.8 | % | |||||||||||||||
Deferred
and other assets
|
(208,691 | ) | 9,764,482 | (102.1 | )% | 2,698,116 | (1,408,834 | ) | (865,556 | ) | 62.8 | % | ||||||||||||||||
Accounts
payable and related parties
|
(1,646,201 | ) | (1,884,313 | ) | 12.6 | % | 1,814,682 | 1,536,580 | 423,182 | 263.1 | % | |||||||||||||||||
Taxes
payable
|
622,018 | (220,466 | ) | 382.1 | % | (143,587 | ) | (1,473,446 | ) | 988,828 | (249.0 | )% | ||||||||||||||||
Labor
obligations
|
(16,010 | ) | (8,553,552 | ) | 99.8 | % | 418,009 | 37,684 | (9,246,210 | ) | 100.4 | % | ||||||||||||||||
Estimated
liabilities and provisions
|
(82,969 | ) | (1,172,965 | ) | 92.9 | % | (2,768,693 | ) | (24,809 | ) | (697,407 | ) | 96.4 | % | ||||||||||||||
Cash
provided by operating activities
|
1,764,596 | 930,038 | 89.7 | % | 6,126,431 | 9,405,637 | 10,434,740 | (9.9 | )% | |||||||||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||||||
Payment
for purchase of Companies, net of cash acquired
|
144,077 | 1,254,647 | (88.5 | )% | - | (1,082,580 | ) | (1,275,049 | ) | 15.1 | % | |||||||||||||||||
Purchase
of investment securities
|
(3,331,893 | ) | (82,319 | ) | 3,947.5 | % | (2,075,607 | ) | (7,939,870 | ) | (27,801,568 | ) | 71.4 | % | ||||||||||||||
Redemption
of investment securities
|
3,651,552 | (2,991,657 | ) | 222.1 | % | 700,446 | 15,917,196 | 27,054,516 | (41.2 | )% | ||||||||||||||||||
Investment
in natural and environmental resources - Reserves
|
(2,187,386 | ) | (507,954 | ) | 330.6 | % | (575,849 | ) | (3,613,355 | ) | (1,469,648 | ) | 145.9 | % | ||||||||||||||
Additions
to property, plant and equipment
|
(933,996 | ) | (1,731,241 | ) | 46.1 | % | (4,084,040 | ) | (9,237,307 | ) | (5,236,336 | ) | 76.4 | % | ||||||||||||||
Efectivo
neto usado en las actividades de inversión
|
(2,657,646 | ) | (4,058,524 | ) | 34.5 | % | (6,035,050 | ) | (5,955,916 | ) | (8,728,085 | ) | 31.8 | % | ||||||||||||||
Cash
flows financing activities:
|
||||||||||||||||||||||||||||
Minority
interest
|
53,625 | (1 | ) | 644,735 | 698,360 | 242,950 | 187.5 | % | ||||||||||||||||||||
Financial
obligations
|
366,536 | - | 3,593,973 | 6,140,588 | 106,942 | 5,642.0 | % | |||||||||||||||||||||
Proceeds
from financial obligations
|
21,205 | - | - | 21,205 | 128,778 | (83.5 | )% | |||||||||||||||||||||
Proceeds
from issuance of shares
|
5,981 | 138,725 | (95.7 | )% | 29,664 | 41,044 | 832,919 | (95.1 | )% | |||||||||||||||||||
Dividends
paid
|
(2,584,866 | ) | (2,327,170 | ) | 11.1 | % | (3,275,110 | ) | (8,902,602 | ) | (4,654,340 | ) | 91.3 | % | ||||||||||||||
Net
cash used in financing activities
|
(2,137,519 | ) | (2,188,446 | ) | 2.3 | % | 993,262 | (2,001,405 | ) | (3,342,751 | ) | 40.1 | % | |||||||||||||||
Net
increase in cash and cash equivalent
|
(2,824,128 | ) | (4,994,254 | ) | 43.5 | % | 1,084,643 | 1,448,316 | (1,636,096 | ) | 188.5 | % | ||||||||||||||||
Cash
and cash equivalent at beginnig of year
|
6,386,247 | 7,108,057 | (10.2 | )% | 5,301,604 | 2,113,803 | 3,749,899 | (43.6 | )% | |||||||||||||||||||
Cash
and cash equivalent at end of year
|
3,562,119 | 2,113,803 | 68.5 | % | 6,386,247 | 3,562.119 | 2.113.803 | 68.5 | % |
Ecopetrol S.A. | |||
|
By:
|
/s/ Adriana M. Echeverri | |
Name: | Adriana M. Echeverri | ||
Title: | Chief Financial Officer |