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
October
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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 |
FITCH
RATINGS RAISES OUTLOOK FOR ECOPETROL S.A. FROM STABLE TO POSITIVE
Ecopetrol
S.A. announced today that the credit rating agency Fitch Ratings published a
report on October 15 in which it raised the company’s rating outlook from Stable
to Positive, maintaining the long-term foreign and local currency ratings at BB+
and BBB-, respectively.
According
to the Fitch Ratings report, the improved outlook for Ecopetrol S.A. follows
that of the Republic of Colombia, which also went from Stable to
Positive.
As
highlighted by the rating agency report, the Ecopetrol rating reflects a solid
financial profile, increases in production and adequate levels of reserves. The
company’s growth strategy and capital investments are considered aggressive;
nonetheless, the rating agency expects the company to maintain a financial
profile and credit metrics consistent with the assigned rating while it
implements its growth strategy. The rating also reflects the close link with the
Republic of Colombia, which owns 89.9% of the company and appoints the majority
of board members in accordance with established corporate governance
practices.
The
report is available at www.fitchratings.com
Bogota,
October 19 - 2010
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Ecopetrol
is Colombia’s largest integrated oil & gas company, where it accounts for
60% of total production. It is one of the top 40 oil companies in the world and
the fourth largest oil company in Latin America. The Company is also involved in
exploration and production activities in Brazil, Peru and the United States Gulf
Coast, and owns the main refineries in Colombia, most of the network of oil and
multiple purpose pipelines in the country, petrochemical plants, and it is
entering into the biofuels business.
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.
Dirección de Relacionamiento con el
Inversionista Tel: 2345190 – Fax: 2345648 investors@ecopetrol.com.co
www.ecopetrol.com.co
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PRESS
RELEASE
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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: October 19, 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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