Ecopetrol Announces Its Results for the Fourth Quarter and Full Year 2012

Ecopetrol Announces Its Results for the Fourth Quarter and Full Year 2012 
-- In 2012 the average production (Ecopetrol S.A. including interests in 
affiliates and subsidiaries) was 754.0 mboed[1], an increase of 4.1% compared 
to the average production in 2011. 
-- Ecopetrol S.A.'s net income for 2012 was COP$14,972.9 billion, equivalent 
to COP$364.16 per share. This is the second highest annual net income in the 
company's history. 
-- In 2012 revenues increased 5.4% compared to 2011 and EBITDA was 
COP$27,572.6 billion. 
BOGOTA, Colombia, Feb. 15, 2013 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: 
EC; TSX: ECP) announced today its financial results, both consolidated and 
unconsolidated, for the fourth quarter and full year 2012, prepared and filed 
in Colombian pesos (COP$) in accordance with the Public Accountancy Legal 
Framework (Régimen de Contabilidad Pública, RCP) of Colombia's General 
Accounting Office. 
(Logo: ) 
Some figures in this release are presented in U.S. dollars where indicated. 
The exhibits in the release have been rounded to one digit. Figures presented 
in COP$ billion are equivalent to COP$1 one thousand million. 
Ecopetrol S.A. Financial Results 
(COP$     4Q 2012  3Q 2012* Var. % 4Q 2011  Var. %  2012*    2011     Var.
Billion)  *                        *        **                        % 
Total     15,054.4 14,228.7 5.8%   16,054.2 (6.2%)  59,524.6 56,492.3 5.4%
Operating 5,037.9  4,913.0  2.5%   7,045.3  (28.5%) 22,856.4 24,351.6 (
profit                                                                6.1%) 
Net       3,706.8  3,247.5  14.1%  4,432.6  (16.4%) 14,972.9 15,448.1 (
Income                                                                3.1%) 
Earnings                                                              (
per share 90.15    78.99    14.1%  107.81   (16.4%) 364.16   379.97   4.2%)
EBITDA    6,165.0  6,231.7  (      7,474.0  (17.5%) 27,572.6 28,130.3 ( 
                        1.1%)                                     2.0%) 
EBITDA    41%      44%             47%              46%      50%
(COP$     4Q 2012  3Q 2012* Var. % 4Q 2011  Var. %  2012*    2011     Var.
Billion)  *                        *        **                        % 
Total     17,758.2 16,556.7 7.3%   18,917.7 ( 6.1%) 68,852.1 65,967.6 4.4%
Operating 4,956.0  5,551.3  (      7,427.2  (       24,206.4 25,873.0 (
profit                      10.7%)          33.3%)                    6.4%) 
Net       3,620.8  3,227.3  12.2%  4,437.9  (       14,779.0 15,452.4 (
Income                                      18.4%)                    4.4%) 
EBITDA    6,124.7  6,914.6  (      8,018.0  (       29,274.8 30,236.4 ( 
                        11.4%)          23.6%)                    3.2%) 
EBITDA    34%      42%             42%              43%      46%
* Not audited, for illustration
purposes only 
** Between 4Q 2012 and 4Q
Some figures of 2011 were reclassified to
be comparable with 2012 
In the opinion of Ecopetrol S.A.'s CEO, Javier Gutierrez: 
"2012 was quite challenging for Ecopetrol. Various circumstances related to 
operations and the overall environment were addressed in order to attain 
growth and positive results for our shareholders. The strategic plan for 
profitable and sustainable growth is making progress on every front. 
Ecopetrol achieved various important milestones in each segment of our 
business in 2012: 
In E&P we highlight the discoveries of hydrocarbons in the Gulf of Mexico 
(U.S.), the new exploratory blocks granted in Colombia and in the Gulf of 
Mexico (U.S.), the progress in the offshore strategy along Colombia's Atlantic 
coast, the growth in production of the Chichimene field, the 109% Reserves 
Replacement Ratio and the launch of our strategy in unconventional reservoir 
In transport and logistics we highlight the incorporation of our affiliate 
Cenit specialized in hydrocarbon transport and logistics in Colombia, the 
expansion of transport systems, and the progress in the infrastructure 
integrity and reliability plans. 
In marketing we reached record export volumes, with increases in crude oil and 
products to the Far East. 
In refining, during December we began delivering throughout Colombia ultra low 
sulphur diesel, with the highest quality standards in Latin America. 
In finance, our rating outlook was upgraded by Standard & Poor's, and 
competitive results were achieved compared to the oil industry, despite the 
challenges we faced but in a favorable price environment. 
Finally, we continue with consistent improvement in HSE (health, safety and 
environment), we obtained 21 patents, and continue to be included in the Dow 
Jones world sustainability index for a second consecutive year." 
The full report is available in 
[1] Thousands of barrels of oil equivalent per day 
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:  Website: 
SOURCE: Ecopetrol S.A. 
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-0- Feb/16/2013 00:22 GMT
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