The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Ecopetrol S.A. Announces Results for the Second Quarter and the First Half of 2011

Thursday, July 21, 2011

Ecopetrol S.A. Announces Results for the Second Quarter and the First Half of 201109:21 EDT Thursday, July 21, 2011 << - Corporate Group production for the first half of 2011 was 19.9% higher than in the same period of 2010. Production for the second quarter of 2011 grew by 22.3% compared to the second quarter of the previous year. - Revenues, operating income, EBITDA and net income for Ecopetrol S.A. during the first half of 2011 grew by 46.7%, 83.8%, 72.1% and 74.8%, respectively, compared to the first half of the previous year. - Net income of Ecopetrol S.A. during the first half of 2011 amounted to COL$6,819.0 billion, equivalent to COL$168.48 per share. >>BOGOTA, Colombia, July 21, 2011 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") announced its unaudited financial results today, both consolidated as well as unconsolidated, for the second quarter and first half of 2011, prepared and filed in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica - RCP) of the Colombian General Accounting office, in Colombian pesos (COP$). << (Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO ) Highlights of Ecopetrol's financial results >> Unconsolidated (Ecopetrol S.A.) << (COP$ Billion) 2Q 2011 * 2Q 2010 * % -------------- --------- --------- --- Total sales 13,821.9 9,133.2 51.3% Operating profit 5,450.5 2,693.2 102.4% Net Income 3,414.3 1,805.0 89.2% Earnings per share (COP$) 84.36 44.60 EBITDA 6,834.2 3,635.7 88.0% EBITDA Margin 49% 40% >> << As of June As of June (COP$ Billion) 30 30 % -------------- 2011* 2010* --- ----- ----- Total sales 26,221.1 17,874.8 46.7% Operating profit 10,827.3 5,891.4 83.8% Net Income 6,819.0 3,901.7 74.8% Earnings per share (COP$) 168.48 96.40 EBITDA 13,323.4 7,742.1 72.1% EBITDA Margin 51% 43% >> << * Not audited, for illustration purposes only >> Consolidated (Ecopetrol S.A. and Affiliates) << (COP$ Billion) 2Q 2011 * 2Q 2010 * % -------------- --------- --------- --- Total sales 16,218.2 10,214.4 58.8% Operating profit 5,988.4 2,543.4 135.4% Net Income 3,751.3 1,767.0 112.3% Earnings per share (COP$) EBITDA 7,571.0 3,579.6 111.5% EBITDA Margin 47% 35% >> << As of June As of June (COP$ Billion) 30 30 % -------------- 2011* 2010* --- ----- ----- Total sales 30,605.8 20,432.1 49.8% Operating profit 11,667.1 6,159.9 89.4% Net Income 6,861.6 3,721.3 84.4% Earnings per share (COP$) EBITDA 14,441.4 8,034.4 79.7% EBITDA Margin 47% 39% >> << * Not audited, for illustration purposes only >>Ecopetrol's CEO, Javier Gutierrez, stated: "In the first half of 2011 we had historically high financial and operating results. We made investments to maintain high rates of production growth, to keep improving our transportation infrastructure, to move forward with consolidation of our business group and to work on the modernization projects of our refineries. Moreover, we kept stable operations despite external factors, such as a harsh rain season."Company operations grew significantly. Ecopetrol's exports in the first half of 2011 grew by 36.8% when compared to the first half of 2010, driven by our commercial efforts and the expansion of our infrastructure. I would like to highlight that as an important step in the diversification of markets for our crudes, in June we loaded - in record time - the first tanker with two million barrels of crude headed for China."With regard to financial management I would highlight not only the excellent financial results for the first half of the year, but also that, as of June 28, 2011, we have received investment grade ratings from Standard & Poors, Fitch and Moody's." << The complete version of this report is available in www.ecopetrol.com.co Ecopetrol Contacts: >>Investor Relations OfficerAlejandro GiraldoPhone: +571-234-4988Bogota, ColombiaE-mail: investors@ecopetrol.com.co << >>Investor Relations Analyst:Claudia TrujilloPhone: +571-234-5190Bogota, ColombiaE-mail: investors@ecopetrol.com.co << >>Investor Relations Analyst:David GarzonPhone: +571-234-5109Bogota, ColombiaE-mail: investors@ecopetrol.com.co << Website: www.ecopetrol.com.co >>For further information: Web Site: http://www.ecopetrol.com.co