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Q1 2011 Earnings Call – Ecopetrol S.A.

Ecopetrol S.A. · May 5, 2011 · 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. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 1
    FINANCIAL AND OPERATING RESULTS First quarter 2011 May 5, 2011
  2. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 2
    DISCLAIMER This document may include strategy discussions and forward-looking statements regarding the probable development of Ecopetrols Business. Said projections and statements include references to estimates or expectations of the…
  3. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 3
    MANAGEMENT PARTICIPANTS IN TODAYS CONFERENCE CALL Javier Gutirrez Pedro Rosales Enrique Velsquez Chief Executive Officer EVP of Downstream VP of Exploration Camilo Marulanda Alvaro Castaeda Adriana Echeverri VP of Growth and VP of…
  4. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 4
    AGENDA 1 Highlights for the first quarter 2011 2 Financial results for the first quarter 2011 3 Outlook for the second quarter and year 2011 4
  5. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 5
    HIGHLIGHTS FOR THE FIRST QUARTER 2011 A new production record was reached, continued increasing transport capacity, and financial results were strong. Production growth Higher evacuation capacity Higher Income and Ebitda Corporate…
  6. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 6
    INVESTMENT PLAN FOR THE FIRST QUARTER 2011 Capex rose by 134% due to higher investment in E&P, new business and acquisitions. Higher investment (US million) 1,883 12 57 75 118 242 Corporate and other Exploration 321 Refining…
  7. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 7
    EXPLORATION AND PRODUCTION Four discoveries in Colombia, one discovery in Peru, and production growth of 17%. Discoveries in Colombia Production Growth Well Nunda * Corporate Group Production Location Dep. Huila (thousand barrels…
  8. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 8
    TRANSPORTATION Increased evacuation capacity of 22% for crudes and 27% for products. Higher evacuation capacity Key projects of transport infrastructure expansion Crude evacuation capacity (thousand barrels per day) Coveas port…
  9. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 9
    REFINING Higher through-put in order to produce cleaner fuels, and increased profitability . Through-put increase at the Higher refining margin Barrancabermeja refinery at the Barrancabermeja refinery Refinery through-put Gross…
  10. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 10
    SALES AND MARKETING The exports volumes increased 44% and price of crude export basket rose US17/bl. Sales volumes growth Higher prices of crude, products and gas Total sales Prices of crude, products, and gas (thousand barrels of…
  11. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 11
    AGENDA 1 Highlights for the first quarter 2011 2 Financial results for the first quarter 2011 3 Outlook for the second quarter and year 2011 11
  12. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 12
    FINANCIAL RESULTS OF ECOPETROL S.A.* Revenue, income and Ebitda increased significantly. Total Revenue Costs and Expenses Operating Profit (COP trillion) (COP trillion) (COP trillion) and Operating Margin (%) 37% 12.4 33% 44% 44%…
  13. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 13
    SEGMENT FINANCIAL RESULTS OF ECOPETROL S.A.* Positive Ebitda in all business segments. 8.0 1Q-2010 1Q-2011 5.2 4.6 3.6 Total Sales 0.9 2.0 2.8 0.7 (COP trillion) E&P Refining Transportation Sales and Marketing 3.2 1Q-2010…
  14. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 14
    CASH FLOW AND BALANCE SHEET OF ECOPETROL S.A.* Standard & Poors upgraded our rating to investment grade (BBB- / stable). Initial Sources Uses Final 11.1 0.2 16.8 8.5 5.5 5.9 Cash Flow 1.6 0.8 0.02 1Q 2011 (COP trillion) Initial…
  15. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 15
    CORPORATE GROUP FINANCIAL RESULTS Groups financial results were also stronger. Total Revenue Net Income (COP tn) and Net Margin (%) Ebitda (COP trillion) and Ebitda Margin (%) (COP trillion) 14.4 23% 48% 11.6 19% 44% 41% 21%…
  16. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 16
    FINANCIAL RESULTS OF SUBSIDIARIES Ebitda* Net Income* Company 1Q 2010 1Q 2011 1Q 2010 1Q 2011 Hocol 197 337 100 186 Savia 37** 53** 19** 28** EXPLORATION Ecopetrol Amrica -9 5 -27 -29 & PRODUCTION Ecopetrol Brasil -4 -4 -4 4…
  17. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 17
    AGENDA 1 Highlights for the first quarter 2011 2 Financial results for the first quarter 2011 3 Outlook for the second quarter and year 2011 17
  18. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 18
    OUTLOOK FOR THE SECOND QUARTER AND YEAR 2011 EXPLORATION Drilling of 37 exploratory wells in 2011 PRODUCTION Average Corporate Group production of 750 MBOED in 2011 Crude evacuation program TRANSPORTATION Increase capacity of ODL…
  19. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 19
    INVESTOR RELATIONS Phone (+ 571) 234 5190 Email investorsecopetrol.com.co Website www.ecopetrol.com.co 19
  20. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 20
    Para uso restringido en Ecopetrol S.A. Todos los derechos reservados. Ninguna parte de esta presentacin puede ser reproducida o utilizada en ninguna forma o por ningn medio sin permiso explcito de Ecopetrol S.A.
  21. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 21
    OPERATIONAL RESULTS OF ECOPETROL S.A.* Production (MBOED) Sales (MBOED) Through-put at the B/meja refinery (MBD) 634.1 597.3 609.0 551.3 559.3 97.1 824.2 98.4 97.9 726.2 758.0 99.3 94.9 708.1 738.3 360.5 457.9 317.6 362.6…
  22. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 22
    CORPORATE GROUP PRODUCTION Thousand barrels of oil equivalent day (MBOED) 686.2 2.0 615.9 11.5 7.3 1.9 586.0 31.3 520.6 7.5 1.9 27.0 7.3 1.0 25.5 14.7 6.2 634.1 579.5 551.3 498.7 447 376 385 399 2005 2006 2007…
  23. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 23
    RESERVES BALANCE MBOE CORPORATE GROUP SEC AFTER ROYALTIES 1P RESERVES BALANCE SEC AFTER ROYALTIES CORPORATE GROUP 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…
  24. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 24
    SALES VOLUMES Local Sales Exports 824 719 708 547 650 475 458 302 356 318 Total Sales 216 148 (MBOED) 327 331 348 363 390 366 2007 2008 2009 2010 1Q2010 1Q2011 Crude Products Natural Gas 458 356 21 318 51 Exports 302 7…
  25. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 25
    OPERATIONAL COSTS Lifting Cost 8.3 8.0 6.5 7.2 7.2 6.3 (USD/BOE)* 5.2 2006 2007 2008 2009 2010 1T 2010 1Q 1T1Q 2011 ** 2011** Refining Cost 5.8 6.0 5.7 5.5 (USD/Bl) 4.5 4.9 3.5 2006 2007 2008 2009 2010 1Q2010 1T…
  26. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 26
    RETURN ON ASSETS AND EQUITY 24% 21% 20% 18% 19% Return on 9% 10% 9% 9% 12% 12% 15% 13% 12% 13% 11% 10% Assets 8% 7% 9% 9% (ROA) 40% 39% 37% 34% 35% 26% 26% 28% Return on 22% 18% 22% 24% 23% 23% 16% 17% 16% 16%…
  27. Q1 2011 Earnings Call – Ecopetrol S.A. – slide 27
    DEBT PROFILE OF ECOPETROL S.A.* Outstanding: COL 2.2 trillion Syndicated Term: 7 years (including 2yr. grace period) Loan Interest rate: DTF + 4% T.A. Amortization: Semiannual Outstanding: US1.5 billion Coupon 7.625%…

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