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June 2015 Investor Presentation Update – Ecopetrol S.A.

Ecopetrol S.A. · Jun 18, 2015 · 48 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. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 1
    ECOPETROL S.A. Investor Presentation March 2015
  2. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 2
    Agenda 1. Overview 2. Upstream 3. Midstream 4. Downstream 5. Financials 3
  3. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 3
    Overview
  4. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 4
    Ecopetrol: Key Investment Highlights 1 Largest company in Colombia, representing 25% of the Market Capitalization of the entire Colombian stock market (1) Essential Part of Essential source of revenue to the Colombian government…
  5. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 5
    Ecopetrol: Key Investment Highlights (Contd) 4 Production increased by 1.7x between 2008 and 2014 Positive 1P reserves 22% sustained growth between 2010 and 2014; reserve replacement ratio of Operating Track 146% in 2014 above peer…
  6. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 6
    Colombia: Stable, Favorable Regulatory and Fiscal Environment Colombia: Positive Macroeconomic Environment Favorable Oil & Gas Tax Regime in Global Context High real GDP growth, projected at 4.8 % for 2014 and 4.5% for Colombias tax…
  7. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 7
    Integrated Operations with International Presence Ecopetrol - Subsidiaries & Affiliates Key Operating Metrics Direct Market Share in Entities 2014 Colombia Exploratory area: Exploration acreage: 35% 18.6 MM ha Proved reserves:…
  8. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 8
    Colombias O&G growth trend Crude oil production Exploratory wells drilled (A3) MBOD No. of wells CAGR: 12.4% CAGR: 6.5% 1.010 990 126 131 915 944 112 115 113 785 99 671 588 525 529 531 70 75 56 35 2005 2006 2007…
  9. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 9
    Leading Company in Colombia and One of the Largest in LatAm Top 5 Colombian Companies by Revenue Top 5 Colombian Companies by Investment 2014 US bn 2014 US bn 34,56 7,86 8,96 2,15 6,48 5,88 5,73 0,99 0,47 0,45 Market…
  10. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 10
    Financial Metrics Comparison Market Capitalization Revenue Growth 2014 US bn 2008 2014 CAGR 388,4 15,2% 12,1% 229,4 216,0 210,9 3.6%* 117,1 116,8 94,3 85,0 63,8 55,9 36,0 (1) -0,4% -1,4% -1,4% -1,8% NM -2,5% -3,2% -4,6% *…
  11. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 11
    2008-2014 Highlights 1.7x growth in production Upstream 1.8x growth in 1P reserves and 1.7x growth in revenues average RRR of 179% Financials High EBITDA margins Investment grade rating New model in transportation & logistics…
  12. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 12
    Upstream
  13. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 13
    Operational Metrics Production Growth Reserve Replacement Ratio (2) 2008 2014 CAGR 3-Year Average, % (2012 2014) 9,1% (1) 131% 129% 120% (1) (1) 112% 111% 107% 3,4% (1) 97% 95% 94% 90% 2,5% 80% 0,2% 0,2% (0%) (1%) (1%) (2%)…
  14. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 14
    Diversified and Growing Resource Base Original Oil & Gas in Place: Ecopetrol + Partners in Colombia(1) bn boe 58.6% 53.3 Produced 9.8 19.7 2.7 1P Reserves Resources 4.7 33.6 36.1 Remaining Oil 2007 2007-2014 Revisions +…
  15. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 15
    1P Reserves 1P Reserves 2010-2014 2014 Highlights mmboe + 5.7% in proved reserves vs 2013 +22% 2,084 Reserves/production of 8.6 years (8.1 in 2013) 1,972 1,857 1,877 1,714 2010-2014 sustained growth: +22% Reserves replacement ratio…
  16. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 16
    Increase in Proved Reserves 1P Reserves (1) Balance: 2007 2014 (2) Sources of Addition: 2008 - 2014 mmboe Extensions (3) RRR 2008 - 2014: 164% and 2,084 discoveries 34% Revisions 619 1.210 Gas 2,300 52% 353 2.300 mmboe 1.426…
  17. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 17
    Upstream Strategy 1 Increase Recovery Factor in existing fields Primary Recovery EOR / IOR (Enhanced Oil Recovery / Improved Oil Recovery) 1 Increase Recovery Factor 2 Exploration Colombia: Llanos Orientales 2 Exploration…
  18. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 18
    Recovery Factor Program 1 Increase Recovery Factor 1 Increase Primary Recovery Recovery Factor EOR / IOR (Enhanced Oil Recovery / Improved Oil Recovery) 2 Exploration 3 Highlights up to 2014 Strategy Unconventional 21 pilots…
  19. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 19
    Improved Recovery Initiated Improved Recovery Pilots in 2014 2014 Highlights Incorporation of 34 million barrels of 1P reserves through improved recovery BASIN FIELDS 1Q 2Q 3Q 4Q Reached 2014 goal: 13 pilots initiated Galn (WF)…
  20. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 20
    Tertiary Recovery (Thermal recovery in heavy oil fields) Pilots in Colombia: Teca-Cocorn 2013 2014 2015 2016 2017 2018 2019 2020 2021 onwards Chichimene Air Injection Chichimene Other fields Steam Injection Teca-Cocorn Pilot…
  21. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 21
    Exploration in Colombia and Abroad 2 Exploration 1 Increase Colombia: International: Recovery Factor Llanos Orientales Brazil 2 Exploration Caribbean Offshore US GoM Caguan-Putumayo 3 Unconventional Sustained activity in other…
  22. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 22
    Unconventional Hydrocarbons in Colombia 3 Unconventional 1 Increase Assessment of potential Recovery Factor Joint ventures with strategic partners with ample shale expertise 2 Exploration Highlights 2011 2014 3 Unconventional ANH…
  23. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 23
    Midstream
  24. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 24
    Midstream Overview Cenit Overview Highlights 2011 2014 Cenit: Ecopetrols subsidiary specialized in Midstream and Expansions in pipeline, storage and port capacity Logistics enabling transport of increasing production, especially of…
  25. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 25
    Downstream
  26. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 26
    Refining Modernization to Improve Profitability Ecopetrol holds 100% of the refining capacity in Colombia, which makes it a self-sufficient vertically integrated company Pre-Modernization Future (1) Reficar (Cartagena) Capacity 80…
  27. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 27
    Refining Modernization to Improve Profitability Feedstock: Increase processing of heavy Output : Maximize Gasoline and Mid Dists. crudes reduces the cost production to increase revenues 165 mbd 165 mbd 7% 20% LPG 19% 54%…
  28. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 28
    Financials
  29. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 29
    Sales Growth Driven by Exports Total Sales (1) Destination of Crude Oil Exports mboed mboed (% of total) Sales Growth: 1.9x US / barrel 99,7 99,1 102,6 98,5 Other 86.2 (3) 463 72,0 U.S. 63,0 61,8 857 881 923 913 733 Asia 547…
  30. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 30
    Income Statement: Ecopetrol Consolidated (1) US bn (2) 2008 2009 2010 2011 2012 2013 2014 Total Revenues 17.2 14.1 22.1 35.7 38.3 37.7 34.5 Gross Income 7.5 4.9 8.4 15.8 15.8 14.9 11.9 Operating Income 6.4 3.7 6.8 14.0 13.5 11.7 8.3…
  31. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 31
    Cash Flow: Ecopetrol Consolidated US bn (1) 2008 2009 2010 2011 2012 2013 2014 Initial Cash Balance 1.9 0.9 1.7 1.9 3.5 4.5 4.6 (+/-) Net cash from operations 5.3 4.3 7.6 12.5 11.8 9.4 8.8 (-) Capex (3.4) (6.0) (5.4) (7.9) (8.6)…
  32. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 32
    Balance Sheet: Ecopetrol Consolidated US bn (1) 2008 2009 2010 2011 2012 2013 2014 Total Assets 23.9 27.2 35.9 47.5 64.4 68.6 59.4 Total Debt 2.6 3.0 4.7 4.5 7.8 11.5 14.9 Net Debt -0.2 3.0 2.7 1.0 3.3 6.9 11.6 Total Liabilities 10.5…
  33. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 33
    Investment 2015* Investment (US million) Allocation Key Projects Production Production of 760 thousand boed 7,860 US 4,185 mm Investments for the development of fields mainly in the Llanos Orientales region Development of fields in…
  34. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 34
    2015 Costs and Expenses Optimization Budget Reduction* 5,0% 3,3% 3,7% Compras Purchasede ofCrudos Crudes 5,2% 45.5% Compras Purchasedeofdiluyente y productos diluent and products Mantenimiento de Subsuelo Subsoil and…
  35. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 35
    Credit Profile Ecopetrol is currently rated Baa2 (Moodys)/BBB (S&P) /BBB (Fitch) and has received 3 upgrades since 2007 Total Debt / EBITDA Total Debt / Total Capitalization Sources of Funding (1) Other Local Bonds 1.3x 32,9% 0,5%…
  36. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 36
    Primary equity offerings and shareholders Primary Equity Offerings of Ecopetrol Ecopetrols market float (BVC, NYSE and TSX) (February 28/2015) US 2.8 bn Foreign inv. 10.1% and ADRs 20.0% Retail inv. 2.3% US 3.4% 1.3 bn…
  37. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 37
    Dividends Dividends per share (COP) and payout ratio Extraordinary Dividend Ordinary Dividend Payout Ratio 300 291 37 36 260 225 33 105 145 133 115 263 255 91 227 145 133 115 115 91 2008 2009 2010 2011 2012 2013…
  38. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 38
    Investor Relations Phone + 571 234 5190 Email investorsecopetrol.com.co Website www.ecopetrol.com.co 39
  39. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 39
    Appendix
  40. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 40
    (1) Financial Obligations: Ecopetrol S.A. Issued / Outstanding: COP1.84 tn (May 2013) / COP1.84 tn Amortization: semiannual 2013 Local Syndicated 1 Maturity: 12 years (including 3-year grace period) Loan Interest rate: DTF + 2.5%…
  41. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 41
    Financial Obligations: Subsidiaries Issued: COP800 bn (Aug 2013) Issued: COP500 bn (Oct 2009) Outstanding: COP640 bn Outstanding: COP200 bn ECs Share Local Commercial Maturity: 7 years (including 2-year grace period) Maturity: 7 years…
  42. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 42
    Income Statement: Ecopetrol S.A. (1) US bn (2) 2008 2009 2010 2011 2012 2013 2014 Total Revenues 16.6 12.9 19.3 30.6 33.1 33.4 29.0 Gross Income 7.5 4.8 8.1 14.5 14.3 12.9 9.2 Operating Income 6.5 3.8 7.0 13.2 12.7 10.5 6.8…
  43. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 43
    Balance Sheet: Ecopetrol S.A. US bn (1) Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Total Assets 23.0 26.0 34.0 43.9 56.9 59.1 50.4 Total Debt (2) 2.3 2.7 3.5 3.2 3.1 6.4 9.5 Net Debt -0.2 1.5 2.6 0.9 0.1 4.4 8.6 Total…
  44. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 44
    Income Statement: Ecopetrol S.A.(1) COP bn 2008 2009 2010 2011 2012 2013 2014 Total Revenues 32,749 27,674 36,661 56,492 59,525 62,514 58,093 Gross Income 14,695 10,243 15,423 26,705 25,707 24,079 18,427 Operating Income 12,883…
  45. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 45
    Balance Sheet: Ecopetrol S.A. COP bn Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Total Assets 51,626 53,092 65,126 85,251 100,648 114,041 120,584 Total Debt (1) 5,216 5,422 6,614 6,172 5,476 12,320 22,747 Net Debt (383) 3,135…
  46. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 46
    Income Statement: Ecopetrol Consolidated COP bn 2008 2009 2010 2011 2012 2013 2014 Total Revenues 33,897 30,404 41,968 65,968 68,852 70,429 68,925 Gross Income 14,812 10,498 16,009 29,263 28,317 27,874 23,871 Operating Income…
  47. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 47
    Balance Sheet: Ecopetrol Consolidated COP bn Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Total Assets 53,703 55,560 68,769 92,277 113,880 132,428 142,181 Total Debt 5,917 6,151 8,913 8,802 13,706 22,199 35,649 Net Debt (470)…
  48. June 2015 Investor Presentation Update – Ecopetrol S.A. – slide 48
    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.

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