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Press release from PR Newswire

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 201109:20 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$168.48 per share.BOGOTA, Colombia, July 21, 2011 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") announced its unaudited financial results today, both consolidated as well as unconsolidated, for the second quarter and first half of 2011, prepared and filed in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica - RCP) of the Colombian General Accounting office, in Colombian pesos (COP$).(Logo:  http://photos.prnewswire.com/prnh/20090209/ARM001LOGO )Highlights of Ecopetrol's financial resultsUnconsolidated (Ecopetrol S.A.)(COP$ Billion)2Q 2011 *2Q 2010 *%As of June 30 2011*As of June 30 2010*%Total sales13,821.99,133.251.3%26,221.117,874.846.7%Operating profit5,450.52,693.2102.4%10,827.35,891.483.8%Net Income3,414.31,805.089.2%6,819.03,901.774.8%Earnings per share (COP$)84.3644.60168.4896.40EBITDA6,834.23,635.788.0%13,323.47,742.172.1%EBITDA Margin49%40%51%43%* Not audited, for illustration purposes onlyConsolidated (Ecopetrol S.A. and Affiliates)(COP$ Billion)2Q 2011 *2Q 2010 *%As of June 30 2011*As of June 30 2010*%Total sales16,218.210,214.458.8%30,605.820,432.149.8%Operating profit5,988.42,543.4135.4%11,667.16,159.989.4%Net Income3,751.31,767.0112.3%6,861.63,721.384.4%Earnings per share (COP$)EBITDA7,571.03,579.6111.5%14,441.48,034.479.7%EBITDA Margin47%35%47%39%* Not audited, for illustration purposes onlyEcopetrol'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.coEcopetrol 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 SOURCE Ecopetrol S.A.