Ecopetrol announces its results for the third quarter and the nine-month period ended September 30, 2012

Ecopetrol announces its results for the third quarter and the nine-month 
period ended September 30, 2012 
-- The consolidated average production (Ecopetrol S.A. including interests in 
affiliates and subsidiaries) in the third quarter of 2012 increased by 1.6% 
compared to the same quarter of 2011. 
-- Ecopetrol S.A.'s net income for the third quarter was COP$3,247.5 billion, 
equivalent to COP$78.99 per share. 
-- Revenues, operating income, EBITDA and net income of Ecopetrol S.A. in the 
nine-month period ended September 30, 2012, increased by 10.0%, 3.7%, 4.1% and 
2.3%, respectively, compared to the first nine months of 2011. 
BOGOTA, Colombia, Oct. 29, 2012 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: 
EC; TSX: ECP) announced today its unaudited financial results, both 
consolidated and unconsolidated, for the third quarter and first nine months 
of 2012, prepared and filed in Colombian pesos (COP$) in accordance with the 
Public Accountancy Legal Framework (Regimen de Contabilidad Publica, RCP) of 
Colombia's General Accounting Office. 
Some figures in this report are presented in U.S. dollars (US$) where 
indicated. The tables shown in the body of this report have been rounded to 
one digit. Figures presented in COP$ billion are equivalent to COP$ one 
thousand million. 
Ecopetrol S.A. Financial Results Highlights 
(COP$                                     Jan-Sep  Jan-Sep
Billion)     3Q 2012 * 3Q 2011 * Var. %   2012*    2011*    Var. % 
Total sales  14,228.7  14,133.4  0.7%     44,470.3 40,438.2 10.0% 
profit       4,913.0   6,273.5   (21.7%)  17,818.6 17,176.3 3.7% 
Net Income   3,247.5   4,196.7   (22.6%)  11,266.2 11,015.7 2.3% 
Earnings per
share (COP$) 78.99     103.68    (23.8%)  274.00   272.16   0.7% 
EBITDA       6,231.7   7,157.9   (12.9%)  21,407.6 20,565.0 4.1% 
Margin       44%       51%                48%      51% 
(COP$                                     Jan-Sep  Jan-Sep
Billion)     3Q 2012 * 3Q 2011 * Var. %   2012*    2011*    Var. % 
Total sales  16,556.7  16,360.3  1.2%     51,093.8 47,049.9 8.6% 
profit       5,551.3   6,689.1   ( 17.0%) 19,250.3 18,445.8 4.4% 
Net Income   3,227.3   4,153.0   ( 22.3%) 11,158.2 11,014.5 1.3% 
EBITDA       6,914.6   7,693.3   ( 10.1%) 23,150.1 22,218.4 4.2% 
Margin       42%       47%                45%      47% 
* Not audited, for illustration
purposes only 
In the opinion of Ecopetrol S.A.'s CEO, Javier Gutierrez: 
"2012 has been a year in which Ecopetrol and its affiliates and subsidiaries 
have maintained their rate of growth despite facing new challenges specific to 
the current industrial environment and our country. The company has made 
steady progress quarter after quarter in reaching the goals of our investment 
plan for 2020. 
Among the important accomplishments for this quarter, I would like to 
highlight the three hydrocarbon discoveries, including one discovery in the 
Gulf of Mexico, higher production by our affiliates Equion and Savia, the 
signing of a long-term agreement for the export of heavy crude to India, the 
improved credit rating profile by Standard & Poors, Ecopetrol's inclusion for 
a second consecutive year in the Dow Jones Sustainability World Index, the 
three technology patents awarded and the continued improvements in the HSE 
accident indexes. 
We believe these accomplishments demonstrate that we are able to adapt to the 
environment. Our achievements in the quarter, as well as the belief that our 
operation is strong, give us the confidence we need to continue reporting good 
results for our nearly 500,000 shareholders." 
The complete report is available in 
Ecopetrol is Colombia's largest integrated oil & gas company, where it 
accounts for 60% of total production. It is one of the top 50 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 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. 
Contact us for any additional information: 
Investor Relations Alejandro Giraldo Phone: +571-234-5190 Email: 
Media Relations (Colombia) Mauricio Tellez Phone: + 571-2345377 Fax: 
+571-2344480 Email: 
SOURCE: Ecopetrol S.A. 
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