SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES
EXCHANGE ACT OF 1934
July 2010
Commission
File Number: 333-153452
ECOPETROL
S.A.
(Exact
name of registrant as specified in its Charter)
Carrera 7
No. 37 – 69
BOGOTA –
COLOMBIA
(Address
of registrant’s principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
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Form
20-F
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x
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Form
40-F
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o
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
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Yes
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o
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No
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x
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
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Yes
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o
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No
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x
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Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
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o
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No
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x
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If
“Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
N/A
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PRESS
RELEASE
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 |
Ecopetrol
S.A. extends its Strategic Plan until 2020
--
Approved production goal of 1.0 million barrels a day by 2015. Production for
2020 expected to be 1.3 million barrels a day.
--
Total investments estimated in US$80 billion; 79% for exploration and
production.
--
Strategy includes strengthening transport network, upgrading refineries and
increasing petrochemical and biofuel activities.
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Company hopes to be one of the 30 largest oil companies in the world by
2020.
--
Production goals set in "clean barrels", which means the production of crude
without accidents or environmental incidents and in harmony with interested
parties
BOGOTA,
Colombia, On July 9, 2010, the Board of Directors of Ecopetrol S.A. (NYSE: EC,
BVC: ECOPETROL, BVL: EC) approved the 2011-2020 strategic plan for the companies
comprising the Ecopetrol Corporate Group.
The
2011-2020 strategic plan for the Ecopetrol Corporate Group was prepared from the
perspective of new business targets, with a focus on sustainable development and
a clear market orientation, resulting in profit-linked value goals.
According
to the strategic plan, the Ecopetrol Corporate Group will operate in accordance
with the following strategic guidelines: Profitable Growth, Organizational
Consolidation and Corporate Responsibility. For 2020, the Group has committed to
obtaining results in the economic, social and environmental areas that will
allow the Group to meet the expectations of not only Ecopetrol’s shareholders
but those of other interested parties as well.
The
strategic plan calls for a production goal of 1.0 million barrels of clean crude
equivalent per day by 2015, while also foreseeing increased efforts to reach 1.3
million barrels of clean crude equivalent per day by 2020. By "clean barrels",
the Group means the production of crude without accidents or environmental
incidents and in harmony with interested parties. Regarding human talent, the
plan sets as one of its goals to continue developing the skills of
employees.
To be
able to meet the goals called for in the new 2011-2020 strategic plan, an
estimated investment of US$80 billion will be needed. Of this amount, 79% will
be allocated to exploration and production activities, with the remaining 21%
destined to refining, transport, marketing and biofuel areas.
The
investment in exploration and production will help the Group (i) increase its
exploratory activity, including offshore blocks and new areas (frontier), (ii)
continue its development of heavy crude, natural gas and unconventional
hydrocarbons, and (iii) make better use of conventional field
production.
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PRESS
RELEASE
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The plan
also focuses on developing transport projects to address the current increased
hydrocarbon production, and according to official estimates is expected to
continue rising in the upcoming years. In refining the goal is to complete the
upgrades and expansions of the Group’s refineries in Barrancabermeja and
Cartagena. Regarding the petrochemical sector, the plan focuses on
developing current business lines and the analysis of new market opportunities,
while in biofuels the goal is to reach a production of 450 thousand tons by
2015.
Projects
included in the plan meet a required return on capital employed (ROCE) of 20%
for upstream, 10%-12% for transportation, and 11% for refining.
The
2011-2020 strategic plan calls for Ecopetrol to keep strengthening and
integrating the businesses in which it participates in a profitable, sustainable
and responsible manner.
The
2011-2020 strategic plan also sets forth the following goal for the Ecopetrol
Corporate Group: through its
continued focus on petroleum, gas, petrochemicals and alternate fuels, the
Ecopetrol Corporate Group aims to become one of the 30 leading companies in the
oil industry by 2020, becoming known for its international positioning,
innovation and commitment to sustainable development.
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The
following table summarizes the profitability goals of the Ecopetrol
Corporate Group as set forth in the 2011-2020 Strategic Plan:
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||||||
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Current
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Goal
2011
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Goal
2015
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Goal
2020
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Equivalent
Production
(MBOED)
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586
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871
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1,000
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1,300
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Incorporation of
Reserves
1P (MBOE)
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2008-2010 (e)
1,800
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2008-2015
3,200
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2008-2020
6,000
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Bogota,
Colombia – July 14 of 2010
------------------------------------------
Ecopetrol
is Colombia’s largest integrated oil company and is among the top 40 oil
companies in the world and the four largest oil companies in Latin America.
Besides Colombia, where it accounts for 60% of total production, the Company is
involved in exploration and production activities in Brazil, Peru and the United
States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most
of the network of oil and multiple purpose pipelines in the country, and it is
considerably increasing its participation in
biofuels.
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PRESS
RELEASE
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This release contains
forward-looking statements relating to the prospects of the business, estimates
for operating and financial results, and those related to growth prospects of
Ecopetrol. These are merely projections and, as such, are based exclusively on
the expectations of management concerning the future of the business and its
continued access to capital to fund the Company’s business plan. Such
forward-looking statements depend, substantially, on changes in market
conditions, government regulations, competitive pressures, the performance of
the Colombian economy and the industry, among other factors; therefore, they are
subject to change without prior notice.
Contact
us for any additional information:
Investor
Relations
Alejandro
Giraldo
Phone:
+571-234-5190
Email:
investors@ecopetrol.com.co
Media
Relations (Colombia)
Mauricio
Téllez
Phone: +
571-2345377
Fax:
+571-2344480
Email:
mtellez@ecopetrol.com.co
Website:
www.ecopetrol.com.co
Date: July 14,
2010
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Ecopetrol
S.A.
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By:
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/s/ Adriana
M. Echeverri
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Name:
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Adriana
M. Echeverri
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Title:
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Chief
Financial Officer
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