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Q4 2009 Earnings Call – Ecopetrol S.A.

Ecopetrol S.A. · Feb 17, 2010 · 28 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. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 1
    Financial and Operating Results Fourth quarter and full year 2009 February 17, 2010 1
  2. Q4 2009 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. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 3
    MANAGEMENT PARTICIPANTS IN TODAYS CONFERENCE CALL Javier Gutierrez, Chief Executive Officer Adriana Echeverri, Chief Financial Officer Nelson Navarrete, EVP of Exploration & Production Pedro Rosales, EVP of Downstream Camilo…
  4. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 4
    AGENDA 2009 Highlights Financial results for the fourth quarter and full year Outlook for 2010 4
  5. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 5
    2009 HIGHLIGHTS: SIGNIFICANT PROGRESS IN OUR STRATEGY 1P gross reserves of 1,88 mn BOE* and RRI of 359% Groups production increase of 17%** , year average production of 521 MBOED E&P Acquisition of 50% of Savia (Petrotech), and of…
  6. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 6
    INVESTMENT PLAN 2009 Capex 2008 Vs Capex 2009 (USD Bn) Key Projects in Capex plan 2009 (USD mn) Project Capex 6.31 Rubiales - Pirir 248 Castilla 244 La Cira Infantas 130 Production Apiay 105 4.82 2.36 Casabe 91 Other 1.370 38%…
  7. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 7
    UPSTREAM HIGHLIGHTS FOR 2009 Increase of exploratory activity manly in Brazil, Peru and the US Gulf Coast Increase in number of blocks international operation 1P Reserves Balance (bn BOE) Exploration U.S. Gulf Coast: 22 blocks RRI*…
  8. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 8
    DURING 2009 WE STRENGTHENED OUR E&P PORTFOLIO Colombia US Gulf Coast Production Exploration Ecopetrol Production Exploration Ecopetrol Production 500 MBOED Total blocks 53 K2 (9.2% interest) Total blocks 101 Heavy crudes 169…
  9. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 9
    DOWNSTREAM HIGHLIGTS IN 2009 94% progress in hydro-treatment project Cleaner fuels Km of pipelines Refining Estimated potential configuration and construction savings of USD 911 millions from integration of Cartagena and B/meja…
  10. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 10
    DOWNSTREAM PROGRESS: CONSOLIDATION AND GROWTH POTENTIAL Refining and petro-chemicals Transportation Propilco (polypropilene) Reficar Heavy crude oil transportation system Ecopetrol supplied 30% Basic engineering phase Oleoducto…
  11. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 11
    ORGANIZATIONAL CONSOLIDATION 2009 HIGHLIGHTS IN 2009 Five-year collective bargaining agreement signed with labor unions Accident frequency rate HR (accidents / million labor hours) 6.8% improvement in workplace employees survey…
  12. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 12
    AGENDA 2009 Highlights Financial results for the fourth quarter and full year Outlook for 2010 12
  13. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 13
    FINANCIAL RESULTS* Total Revenue (COP tn) Costs and Expenses (Cop tn) Operating Profit (COP tn) 19.9 19.6 35 32.7 20 12.9 27.7 18 30 16 25 14 8.1 20 12 10 15 8 8.5 5.8 6.7 7.4 6 5.4 5.1 10 6.1 5.1 4.1 4.6 2.1 2.2 2.7 4 1.0 5…
  14. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 14
    LIFTING, REFINING AND TRANSPORTATION COSTS Lifting costs (USD/BOE) 8.3 7.2 7.2 5.2 3.3 2005 2006 2007 2008 2009 Refining costs (USD/Bl) Transportation costs (USD cents/Bl-km)* 0.43 0.42 5.8 6.0 0.40 0.35 3.9 4.5…
  15. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 15
    FINANCIAL RESULTS Ecopetrol - Return on Assets (ROA) Ecopetrol - Return on Equity (ROE) 40% 39% 37% 34% 24% 21% 26% 26% 20% 22% 22%24% 23% 18% 18% 12% 12% 16% 17%16%16% 9% 10% 9% 9% 11% 10% 19% 8% 7% 9% 9% 1Q06 2Q06…
  16. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 16
    SEGMENT RESULTS Sales (COP Trillion) 16.6 17.9 15.4 12.9 2008 4Q09 2009 8.9 4.6 3.7 1.7 2.1 2.8 3.0 0.6 -3.4 -6.3 -11.7 E&P Refining Transportation Sales and marketing Corporate Net Income (COP Trillion) 9.20 5.70…
  17. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 17
    BALANCE SHEET AND CASH FLOW: FLEXIBLE CAPITAL STRUCTURE AND STRONG CASH FLOW GENERATION Assets* Dec/09 (COP Trillion) Liabilities* Dec/09 (COP Trillion) 53.1 Other short term 4.4 Other short term Accounts receivable 3.9 2.3…
  18. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 18
    AGENDA 2009 Highlights Financial results for the fourth quarter and full year Outlook for 2010 18
  19. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 19
    CAPEX PLAN 2010 USD 6,925 mn Uses Sources* 20 exploratory wells 13 in Colombia 7 abroad Financing needs of up to US3.5 Exploration 4 in US GoM billion for Ecopetrol USD 951 mn 2 in Brazil 1in Peru Financing alternatives are:…
  20. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 20
    OUTLOOK FOR 2010 Ecopetrols production growth of 12% and Groups production growth of 15% E&P Maintain exploration activity in Colombia and increase international drilling activity Increase profitability of the refining business…
  21. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 21
    ENERGY FOR THE FUTURE Ecopetrol S.A. All rigths reserved. The reproduction of this presentation is forbidden without the writen consent of Ecopetrol S.A. 21
  22. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 22
    CAPEX 2005 2009 (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…
  23. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 23
    PRODUCTION Average production (MBOED) 521 6 15 500 447 376 385 399 2005 2006 2007 2008 2009 Petrotech Hocol Ecopetrol * Does not include acquisitions that will be analyzed on a case by case basis 23
  24. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 24
    EXPLORATION Seismic Activity (Kms) 6,789 4,584 4,654 3,081 2,668 2005 2006 2007 2008 2009 24
  25. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 25
    1P RESERVES BALANCE 1P reserves balance Dec-09 (Ecopetrol Corporate Group) including royalties SEC Standard ECP Prices SEC Standard and Price Oil Gas Equivalent Oil Gas Equivalent million million oil million million oil bbls Scf…
  26. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 26
    RESERVES BALANCE (SEC) MBOE CORPORATE GROUP 1P NET PROVED RESERVES BALANCE (SEC) CORPORATE GROUP Previous 1P Current 1P Production Variation MBOE - Eq Year IRR: 98% 65% 46% 351% 26
  27. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 27
    REFINING MARGIN USD per barrel 11.4 10.6 8.9 1,2 3.5 2005 2006 2007 2008 2009 27
  28. Q4 2009 Earnings Call – Ecopetrol S.A. – slide 28
    ACCIDENTS ( accidents / mn labor hours) 5.8 2.6 1.8 1.7 1.2 2005 2006 2007 2008 2009 28

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