Ecopetrol announced its non audited unconsolidated and consolidated financial results for the fourth quarter and full year 2009 in Colombian pesos (COP$), prepared and filed in accordance with the Regimen de Contabilidad Publica (Regime of Public Accounting or RCP) of the National Accounting Office.
* Results for the fourth quarter of 2009 as compared to results for the fourth quarter of 2008
Javier Gutierrez, Chief Executive Officer of Ecopetrol, said, "I am very pleased with 2009's results. We ended the year with great achievements in the execution of our growth strategy: we strengthened our balance of reserves, ending the year with 1,878 mm BOE, a 35.5% increase when compared to 2008, we increased the Group's production by 17%, made advances in the development of key projects, including the expansion of our heavy crude transportation capacity and the fuel hydro-treatment project and started to deliver cleaner diesel, which shows our commitment to improving the quality of air and the environment."
Gutierrez added, "Our Group grew with the acquisition of four companies, the expansion of our international activity with 25 new exploration blocks outside Colombia, and our commercial operation was strengthened with the increase of crude and product exports to Europe, Africa and Asia.
"Additionally, the strength of our financial results allowed us to raise COP$ 5.4 trillion in the Colombian and international markets in order to finance our capex investments. Our company continues to have strong cash flow generation, as well as a solid capital structure. These strengths were one of the elements considered by Moody's when rating our international bonds as investment grade."
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