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Q3 2010 Earnings Call – Ecopetrol S.A.

Ecopetrol S.A. · Oct 27, 2010 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 1
    Ecopetrol S.A. FINANCIAL AND OPERATING RESULTS Third quarter 2010 October 27, 2010
  2. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 2
    DISCLAIMER This document was prepared by Ecopetrol S.A. with the purpose of providing the market and interested parties certain financial and other information of the Company. This document may include strategy discussions and…
  3. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 3
    MANAGEMENT PARTICIPANTS IN TODAYS CONFERENCE CALL Javier Gutirrez Camilo Marulanda Chief Executive Officer EVP of Growth and Strategy Adriana Echeverri Mauricio Echeverry Chief Financial Officer General Counsel Hector…
  4. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 4
    AGENDA 1 Highlights for the third quarter 2010 2 Financial results for the third quarter 2010 3 Outlook for the fourth quarter 2010 4
  5. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 5
    IMPORTANT PROGRESS OF THE STRATEGY DURING THE THIRD QUARTER 2010: Presence of natural gas in Colombia in Oripaya 1 well New discoveries Presence of hydrocarbon in Brazil in the Itauna well Sustained production growth Groups…
  6. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 6
    CAPEX PLAN: 46% GROWTH* ORGANIC INVESTMENT (JAN-SEP 2010) Organic Investments (USD mn) Acquisition of BPs Colombian assets 3,364 Partners Ecopetrol 51% 107 Talisman Energy 49% 3% 171 5% 288 9% Value US1,750 mn 2,311 + US145 mn…
  7. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 7
    UPSTREAM: EXPLORATORY SUCCESS AND SOLID PRODUCTION GROWTH Corporate Group Production Highligts of the quarter (MBOED) 632.1 543.0 1.9 Natural gas presence in Oripaya 1 well in Colombia 1.3 7.5 25.4 7.2 25.7 Hydrocarbon presence…
  8. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 8
    DOWNSTREAM: EXPANDING AND UPGRADING OUR INFRASTRUCTURE Highligts of the quarter Gross refining margin (USD/Bl) Start of operation of diesel and gasoline hydrotreatment Refining plants in B/meja refinery 7.29 4.74 Petro Finished…
  9. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 9
    SALES VOLUMES: EXPORTS GROWTH AND DIVERSIFICATION OF DESTINATIONS Product Local Sales Exports 724 650 Crude 248 Total Sales 302 347 724 375 Natural gas (mboed) 348 377 101 Products 2009 Jan-Sep 2010 Destinations Crude Products…
  10. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 10
    ORGANIZATIONAL CONSOLIDATION: SKILL DEVELOPMENT, INCREASE IN SOCIAL INVESTMENT, AND PROCUREMENT SAVINGS Highligts of the quarter Events for stakeholders Initiatives for development of technical, organizational HR and leadership…
  11. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 11
    AGENDA 1 Highlights for the third quarter 2010 2 Financial results for the third quarter 2010 3 Outlook for the fourth quarter 2010 11
  12. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 12
    FINANCIAL RESULTS* Total Revenue (COP tn) Costs and Expenses (COP tn) Operating Profit (COP tn) and Operating Margin (%) 9.1 8.7 8.6 37% 8.5 32% 33% 7.4 6.4 60% 5.8 5.7 30% 30% 5.1 5.5 8% 67% 3.2 2.9 40% 2.2 2.7 2.7 25%…
  13. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 13
    SEGMENT FINANCIAL RESULTS* 5.3 5.4 5.5 3.9 3.5 3.5 2.6 2.7 1.7 Total Sales 0.72 0.73 0.79 (COP Tn) E&P Refining Transportation Sales and Marketing 1Q-2010 2Q-2010 3Q-2010 2.0 1.9 1.8 Net Income 0.2 0.1 (COP Tn) -0.2 -0.2…
  14. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 14
    CASH FLOW AND BALANCE SHEET Initial Sources Uses Final 17.0 -6.1 8.7 0.4 Cash Flow* -1.5 -1.2 7.9 - 0.2 Jul-Sep -1.2 6.8 2010 (COP Tn) Initial cash Operations Others Cash Operations Capex Dividends FX Loss Acquisitions Ending…
  15. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 15
    CORPORATE GROUP FINANCIAL RESULTS : THIRD QUARTER 2010 % Revenues Net Income Company Ecopetrol (COP bn) (COP bn) Hocol 100 681* 36* Savia 50 81* 15* EXPLORATION Ecopetrol Amrica 100 25* -17* & PRODUCTION Ecopetrol Brasil 100 0…
  16. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 16
    AGENDA 1 Highlights for the third quarter 2010 2 Financial results for the third quarter 2010 3 Outlook for the fourth quarter 2010 16
  17. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 17
    OUTLOOK FOURTH QUARTER 2010 23 exploratory wells drilled in 2010 18 in Colombia Exploration 5 international Aprox. 15,500 kms of seismeic for 2010 Estimated Groups 2010 average production of 615 mboed Production Start of operation…
  18. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 18
    ENERGY FOR THE FUTURE Ecopetrol S.A. All rights reserved. The re production of this presentation is forbidden without the written authorization of Ecopetrol S.A. 18
  19. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 19
    OPERATING RESULTS* Production (MBOED) Sales (MBOED) Refinery Runs B/meja (MBOD) 597.3 713.3 738.3 726.2 656.7 708.1 553.2 559.3 542.1 514.4 98.4 16% 99.8 99.5 94.9 334.0 319.5 360.5 362.6 50% 100.3 311.4 229.2 232.3 442.3…
  20. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 20
    INVESTMENT PLAN USD mn 6,925* 387 6,305 735 Acquisitions Organizational consolidation 4,824 2,363 1294 Transport Refining and Petrochemical 1,238 Production 151 Exploration 103 613 571 517 435 3,558 1,760 1,255…
  21. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 21
    GROUPS PRODUCTION Thousand barrel of oil equivalent per day (MBOED) 632.1 593.9 586.4 1.9 7.5 2 25.4 7.6 6.4 26 26.2 521 6 15 597.3 552.9 559.3 500 447 376 385 399 2005 2006 2007 2008 2009 1Q-2010 2Q-2010…
  22. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 22
    RESERVES BALANCE MBOE CORPORATE GROUP SEC AFTER ROYALTIES IRR: 98% 65% 46% 351% 22
  23. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 23
    ACCIDENT RATE Rate of accidents ( accidents / million of man - hours) 5.8 2.6 1.8 1.7 1.5 1.2 2005 2006 2007 2008 2009 Jan-Sep 2010 23
  24. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 24
    RETURNS ON ASSETS AND EQUITY 24% 21% 20% 18% 12% 12% 15% Return on Assets 9% 10% 9% 8% 7% 9% 11% 10% 13% 12% (ROA) 9% 9% 40% 39% 37% 34% 26% 26% 28% 22% 22% 24% 23% Return on Equity 16% 18% 17% 16% 16% 23% 21%…
  25. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 25
    OPERATING COSTS 7,2 8,3 Lifting Cost 7,2 6,4 7,3 (USD/BOE)* 5,2 2006 2007 2008 2009 Jan-Sep Jan-Sep 2009 2010 5,8 6,0 Refining Cost 4,5 5,6 5,5 (USD/Bl) 3,5 2006 2007 2008 2009 Jan-Sep Jan-Sep 2009 2010…
  26. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 26
    DEBT PROFILE OF ECOPETROL S.A. (DOES NOT INCLUDE SUBSIDIARIES) Amount: COL 2.2 tn Syndicated Term: 7 years, includes 2 of grace Loan Interest rate: DTF + 4% T.A. Amortization: Semiannual Amount: US1,500 mn Coupon: 7.625% Issue…
  27. Q3 2010 Earnings Call – Ecopetrol S.A. – slide 27
    SALES VOLUMES Local Sales Exports 650 724 547 475 Total Sales 302 347 148 216 (mboed) 327 331 348 377 2007 2008 2009 Jan-Sep 2010 Crude oil Products Natural gas 347 302 2 20 51 Exports 216 49 16 (mboed) 148 51 294 53…

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