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Press release from CNW Group

Ecopetrol S.A. Announces Results for the Third Quarter and the Nine-Month Period Ended September 30, 2011

Monday, October 24, 2011

Ecopetrol S.A. Announces Results for the Third Quarter and the Nine-Month Period Ended September 30, 201120:01 EDT Monday, October 24, 2011 << - Corporate Group production for the nine-month period ended September 30, 2011 was 18.5% higher than in the same period of 2010. Production for the third quarter of the year grew by 15.7% compared to the third quarter of the previous year. - Revenues, operating income, EBITDA and net income for Ecopetrol S.A. during the nine-month period ended Sept. 30 of 2011 grew by 52.3%, 94.6%, 74.6% and 96.6%, respectively, compared to the same period of 2010. - Net income for Ecopetrol S.A. during the nine-month period ended September 30, 2011 was COL$11,015.7 billion, equivalent to COL$272.16 per share. >>BOGOTA, Colombia, Oct. 24, 2011 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) (the "Company") announced today unaudited financial results, both consolidated as well as unconsolidated, for the third quarter and nine-month period ended September 30, 2011, prepared and filed in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica - RCP) of the Colombian General Accounting Office, in Colombian pesos (COL$). << (Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO ) Highlights of Ecopetrol S.A.'s Financial Results >>The table below sets forth the highlights of Ecopetrol's financial results for the periods indicated Unconsolidated << Jan-Sep Jan-Sep (COP$ Billion) 3Q 2011 * 3Q 2010 * % 2011* 2010* % -------------- --------- --------- --- ------- ------- --- Total sales 14,067.7 8,586.6 63.8% 40,288.9 26,461.6 52.3% Operating profit 6,214.0 2,865.8 116.8% 17,041.5 8,757.3 94.6% Net Income 4,196.7 1,702.3 146.5% 11,015.7 5,604.1 96.6% Earnings per share (COP$) 103.68 42.06 272.16 138.46 EBITDA 7,092.3 3,952.1 79.5% 20,415.8 11,694.3 74.6% EBITDA Margin 50% 46% 51% 44% >> << Consolidated Jan-Sep Jan-Sep (COP$ Billion) 3Q 2011 * 3Q 2010 * % 2011* 2010* % -------------- --------- --------- --- -------- -------- --- Total sales 16,294.5 9,892.2 64.7% 46,900.6 30,324.2 54.7% Operating profit 6,625.6 2,833.4 133.8% 18,292.9 8,927.3 104.9% Net Income 4,152.8 1,789.6 132.1% 11,014.5 5,444.9 102.3% EBITDA 7,627.7 4,033.0 89.1% 22,069.1 12,067.3 82.9% EBITDA Margin 47% 41% 47% 40% >> << * Not audited, for illustration purposes only >>The CEO of Ecopetrol, Javier Gutierrez, stated: "We had a very active quarter. In the July-September period, the company again reached historically high operating and financial results. Operationally I highlight the oil findings in the Cano Sur Block, the new production record, the growth in transportation infrastructure and the progress in the modernization projects of our refineries.Between July 27th and August 17th, we undertook the second round of our primary share offering exclusively in Colombia to Colombian investors, part of the capitalization process. We had outstanding results given the adverse international capital markets situation. The proceeds of the offering were COL$2.4 trillion to be used to fund our Capex plan. 219,054 Colombian investors acquired shares in the offering increased our shareholder base up to 521.540.Finally, in September we reached an important milestone for our corporate social responsibility strategy: We are now part of the Dow Jones Sustainability World Index (DJSIW). With this accomplishment Ecopetrol is now part of the select group of the top 10% of companies with the best sustainability performance out of a group of 2,500 public companies listed in the Dow Jones world index. This milestone came four years ahead of schedule, as Ecopetrol had initially envisioned becoming a part of the DJSI by year 2015. << Full report is available in www.ecopetrol.com.co Contact information: >>Investor Relations Director Alejandro Giraldo Telephone: +571-234-5190 Fax: +571-234-5628 E-mail: investors@ecopetrol.com.co << >>Media Relations (Colombia) Jorge Mauricio Tellez Telephone: +571-234-4329 Fax: +571-234-4480 E-mail: mauricio.tellez@ecopetrol.com.co << >>For further information: Web Site: http://www.ecopetrol.com.co