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Press release from PR Newswire

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

Monday, October 29, 2012

Ecopetrol announces its results for the third quarter and the nine-month period ended September 30, 201220:41 EDT Monday, October 29, 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$78.99 per share. -- Revenues, operating income, EBITDA and net income of Ecopetrol S.A. in the nine-month period ended September 30, 2012, increased by 10.0%, 3.7%, 4.1% and 2.3%, respectively, compared to the first nine months of 2011.BOGOTA, Colombia, Oct. 29, 2012 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its unaudited financial results, both consolidated and unconsolidated, for the third quarter and first nine months of 2012, prepared and filed in Colombian pesos (COP$) in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica, RCP) of Colombia's General Accounting Office. (Logo: 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 HighlightsUnconsolidated(COP$ Billion)3Q 2012 *3Q 2011 *Var. %Jan-Sep 2012*Jan-Sep 2011*Var. %Total sales14,228.714,133.40.7%44,470.340,438.210.0%Operating profit4,913.06,273.5(21.7%)17,818.617,176.33.7%Net Income3,247.54,196.7(22.6%)11,266.211,015.72.3%Earnings per share (COP$)78.99103.68(23.8%)274.00272.160.7%EBITDA6,231.77,157.9(12.9%)21,407.620,565.04.1%EBITDA Margin44%51%48%51%Consolidated(COP$ Billion)3Q 2012 *3Q 2011 *Var. %Jan-Sep 2012*Jan-Sep 2011*Var. %Total sales16,556.716,360.31.2%51,093.847,049.98.6%Operating profit5,551.36,689.1( 17.0%)19,250.318,445.84.4%Net Income3,227.34,153.0( 22.3%)11,158.211,014.51.3%EBITDA6,914.67,693.3( 10.1%)23,150.122,218.44.2%EBITDA Margin42%47%45%47%* Not audited, for illustration purposes onlyIn 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 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 RelationsAlejandro GiraldoPhone: +571-234-5190Email: Relations (Colombia)Mauricio TellezPhone: + 571-2345377Fax: +571-2344480Email: Ecopetrol S.A.