Ecopetrol Highlights 1Q Results

Ecopetrol announced its unaudited results for the first quarter of 2010, prepared and filed in accordance with the Regime of Public Accounting (Regimen de Contabilidad Publica or RCP) of the National Accounting Office, in Colombian pesos (COP$).

  • We experienced a 27% increase in our group's production compared to the first quarter of 2009, the greatest increase since the beginning of our growth strategy.
  • Our income, operating profit and Ebitda kept growing. Ebitda margin is the highest in the last seven quarters and operating margin is the highest in the last six quarters.
  • Organic investment increased 31% compared to the first quarter of 2009 and our estimated financing needs for fiscal year 2010 decreased.

Ecopetrol's CEO, Javier Gutierrez, commented, "We are very proud of our financial and operating results for the first quarter of 2010. The aggregate production of the corporate group increased 27% when compared to the first quarter of 2009, reaching an average of 586.4 Mboed. Additionally, our revenues were 71% higher in the first quarter of 2010 as compared to the first quarter of 2009, driven largely by an increase in oil prices. Net income amounted to COP$2.1 trillion. Ebitda and operational margins were the highest in seven and six quarters respectively."

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