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Q4 2010 Earnings Call – Ecopetrol S.A.

Ecopetrol S.A. · Mar 1, 2011 · 29 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 2010 Earnings Call – Ecopetrol S.A. – slide 1
    Ecopetrol S.A. FINANCIAL AND OPERATING RESULTS Fourth quarter and year 2010 March 1, 2011
  2. Q4 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. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 3
    MANAGEMENT PARTICIPANTS IN TODAYS CONFERENCE CALL Javier Gutierrez Camilo Marulanda Chief Executive Officer VP of Growth and Strategy Adriana Echeverri Hector Castao Chief Financial Officer VP of Production Hector Manosalva…
  4. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 4
    AGENDA 1 Highlights for 2010 Financial results for the fourth quarter and year 2 2010 3 Outlook for 2011 4
  5. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 5
    HIGHLIGHTS IN 2010 Higher exploratory success Production growth Reserves increase A3 and stratigraphic wells Corporate Group Production Corporate Group drilled by Ecopetrol S.A. (MBOED) Net 1P Reserves Balance* (MMBOE) % Exploratory…
  6. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 6
    STRATEGIC PLAN Higher organic investment* BP Colombia acquisition Capex 2011-2020 (US mn) Production 5,416 6% 122 7% Exploration 272 7% 3,943 522 US80 55% Refining 143 617 bn 25% 473 Petroche. 8 814 517 51% interest of…
  7. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 7
    UPSTREAM Higher exploratory success Production growth Reserves increase A3 and stratigraphic wells Corporate Group Corporate Group Production drilled by Ecopetrol S.A. (MBOED) Net 1P Reserves Balance (MMBOE) % Exploratory success…
  8. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 8
    DOWNSTREAM Better fuel quality Higher transportation capacity Start production of biodiesel Diesel Quality* Transported Volumes Biodiesel Production (sulphur content: parts per million) (thousand barrels per day) (tons) Regulation…
  9. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 9
    SALES VOLUMES Sales growth by destination Higher crude and gas sales Market diversification Total Sales Sales by Product Crude Exports Destinations (mboed) (mboed) 719 650 719 5% 6% 650 6% 356 302 237 6% Crude 37% 33% 239…
  10. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 10
    ORGANIZATIONAL CONSOLIDATION Higher standars of operations Increase in savings Higher social investment Barrels spilled from operations Supply chain savings Social Investment (barrels) (COP billion) (COP billion.) 7,533 1,024 159…
  11. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 11
    AGENDA 1 Highlights for 2010 2 Financial results for the fourth quarter and year 2010 3 Outlook for 2011 11
  12. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 12
    FINANCIAL RESULTS OF ECOPETROL S.A.* Total Revenue Costs and Expenses Operating Profit (COP trillion) and (COP trillion) (COP trillion) Operating Margin (%) 36.7 44% 23.5 36% 27.7 37% 33% 19.6 9% 32% 29% 30% 60% 11% 44% 66%…
  13. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 13
    SEGMENT FINANCIAL RESULTS OF ECOPETROL S.A.* 22.7 15.1 Total Sales 6.6 7.8 4.2 (COP trillion) 0.77 3.0 2.2 E&P Refining Transportation Sales and Marketing 4Q-2010 2010 8.4 Net Income 2.7 0.54 0.22 -0.25 0.19 (COP…
  14. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 14
    CASH FLOW AND BALANCE SHEET OF ECOPETROL S.A.* Initial Sources Uses Final 1.0 1.4 43.1 35.9 Cash Flow 2010 24.8 4.8 7.6 5.6 (COP trillion) 3.7 1.2 0.2 Assets Liabilities Debt Ratios 66.1 1.6 4.8 Cash and cash…
  15. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 15
    CORPORATE GROUP FINANCIAL RESULTS % Revenue Net Income 2010 Total Results Company Ecopetrol (COP bn) (COP bn) Hocol 100 2,474 233 Savia 50 321* 47* EXPLORATION Ecopetrol America 100 93 -543 & PRODUCTION Ecopetrol Brasil 100 0…
  16. Q4 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. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 17
    CAPEX PLAN 2011 FOR ECOPETROL S.A.* Capex 2011 (US million) Contingent** Approved 1,729 392 8,545 1,283 1,807** 21% 3,848 6,738 79% 1,293 Exploration Production Refining and Transportation Other Total Petrochemical 37…
  18. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 18
    OUTLOOK 2011 EXPLORATION 37 exploratory wells (30 in Colombia and 7 international) PRODUCTION Corporate Group average production of 750 MBOED (+ 22% vs. 2010) TRANSPORTATION Consolidation of the Crudes Evacuation Program REFINING…
  19. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 19
    INVESTOR RELATIONS Phone: (+ 571) 234 5190 Email investorsecopetrol.com.co Website www.ecopetrol.com.co 19
  20. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 20
    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. 20
  21. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 21
    INVESTMENT PLAN USD mn 8,545 Contingent* Acquisitions 1,807 Other Investments 6,305 6,031 392 Transportation 615 1,026 Refining and Petrochemical 4,824 2,363 643 Production 1,049 1,238 814 Exploration 151 103 613 617…
  22. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 22
    OPERATIONAL RESULTS OF ECOPETROL S.A.* Production (MBOED) Sales (MBOED) Refinery Runs B/meja (MBOD) 597.3 609.0 758.0 553.2 559.3 579.5 713.3 708.1 738.3 726.2 718.5 540.4 498.7 98.4 97.9 649.8 99.5 94.9 97.6 100.3 92.9 334.0…
  23. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 23
    GROUPS PRODUCTION Thousand barrel of oil equivalent per day (MBOED) 615.9 1.9 520.6 7.5 27.0 1.0 17.4 6.2 579.5 498.7 447 376 385 399 2005 2006 2007 2008 2009 2010 Ecopetrol Hocol Savia K2 23
  24. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 24
    RESERVES BALANCE MBOE CORPORATE GROUP SEC AFTER ROYALTIES 1P RESERVES BALANCE SEC AFTER ROYALTIES 193% X% IRR 1800 359% 1,714 1600 1,538 98% 65% 1400 46% 1,253 1,210 1200 1,137 MMBLS - Eq 1000 800 600 400 200 0…
  25. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 25
    SALES VOLUMES Local Sales Exports 719 547 650 475 302 356 Total Sales 216 148 (mboed) 327 331 348 363 2007 2008 2009 2010 Crude Oil Products Natural Gas 356 302 7 37.5 20 Exports 216 49 16 (mboed) 148 51 312 53 233…
  26. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 26
    ACCIDENT RATE Rate of accidents ( accidents / million of man - hours) 5.8 2.6 1.8 1.7 1.6 1.2 2005 2006 2007 2008 2009 2010 26
  27. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 27
    OPERATING COSTS 7.2 8.3 8.0 Lifting Cost 7.2 (USD/BOE)* 5.2 2006 2007 2008 2009 2010 5.8 6.0 Refining Cost 4.5 5.7 (USD/Bl) 3.5 2006 2007 2008 2009 2010 Transportation 0.44 Cost (cents USD 0.43 0.42 0.35 0.40…
  28. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 28
    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% 13% (ROA) 9% 9% 40% 39% 37% 34% 26% 26% 28% 22% 22% 24% 23% Return on Equity 16% 18% 17% 16% 16% 23%…
  29. Q4 2010 Earnings Call – Ecopetrol S.A. – slide 29
    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…

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