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Q1 2009 Earnings Call – Ecopetrol S.A.

Ecopetrol S.A. · May 14, 2009 · 26 slides

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Slides

  1. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 1
    FINANCIAL AND OPERATING RESULTS FOR THE FIRST QUARTER 2009 May 14th, 2009 1
  2. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 2
    MANAGEMENT PARTICIPANTS IN TODAYS CONFERENCE CALL Javier Gutierrez, Chief Executive Officer Adriana Echeverri, Chief Financial Officer Nelson Navarrete, EVP of Exploration & Production Alvaro Vargas, EVP of Growth and Strategy…
  3. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 3
    FIRST QUARTER 2009 HIGHLIGHTS Oil and gas production increased 6.3%, in line with the objectives for the year Successful execution of strategic plan, important strategic acquisitions amounting to more than USD 2.0 billion across…
  4. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 4
    2009 STRATEGIC GOALS Increase average production up to 457 MBOED during the year, reaching 500 MBOED in December Execute the investment plan of USD 6.2 Billion Create value for our shareholders within a difficult economic and…
  5. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 5
    2009 STRATEGIC GOALS Increase average production up to 457 MBOED during the year, reaching 500 MBOED in December Execute the investment plan of USD 6.2 Billion Create value for our shareholders within a difficult economic and…
  6. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 6
    GROWTH IN PRODUCTION Oil and gas production increased by 6.3%* in 1Q-09 Production (MBOED) 2003-2009 458 447 431 367 367 376 385 399 85 82 72 84 75 61 65 69 316 325 362 347 376 292 306 311 2003 2004 2005 2006 2007 2008…
  7. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 7
    REFINERY OPERATIONS Refinery runs and utilization in Barrancabermeja Refinery (MBOD and Utilization %) 232 230 232 (93%) (93%) 228.5 227 (92%) 223 224 (97%) (91%) (89%) (90%) 213.4 (94%) 2003 2004 2005 2006 2007 2008…
  8. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 8
    2009 STRATEGIC GOALS Increase average production up to 457 MBOED during the year, reaching 500 MBOED in December Execute the investment plan of USD 6.2 Billion Create value for our shareholders within a difficult economic and…
  9. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 9
    INVESTMENT PLAN 2009 CAPEX Budget (USD bn) Projects by segment Progress in Q1 2009 Executed 1Q Plan 2009 1.000 seismic kilometers Domestic exploration 26 Blocks GoM (US) International exploration in South 2 Blocks in Peru Petrobras…
  10. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 10
    HIGHLIGHTS OF INVESTMENT PLAN Local projects International projects E&P: Refining: GoM (US) Reficar 26 Blocks Transportation: Ocensa E&P: Hocol E&P: Fuerte Norte Fuerte Sur E&P: Petrobras Energa de Peru E&P: Petro…
  11. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 11
    RECENT ACQUISITIONS Closing Acquisition Overview Strategic importance Value date - Petro-tech Peruana Offshore 50/50 Partnership with - Offshore E & P (11 blocks) Feb-09 USD 450 mn (Jan-09) KNOC -12 MBOED production * E&P - 1P…
  12. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 12
    STRATEGIC ACQUISITIONS (1/2) Exploration & Production Petro-Tech Peruana (Offshore International Group) One of the largest oil and gas companies in Peru Strongly positioned in offshore hydrocarbon exploration and production. 11…
  13. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 13
    STRATEGIC ACQUISITIONS (2/2) Refining Refinera de Cartagena Increases refining capacity according to the 2015 goal of 650.000 barrels Potential synergies between the modernization processes of Barrancabermeja and Cartagena…
  14. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 14
    2009 STRATEGIC GOALS Increase the production up to 500 MBOED in December 2009 and produce an average of 457 MBOED during the year. Execute the investment plan of USD 6.2 Billion Create value for our shareholders within a…
  15. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 15
    REFERENCE PRICES Prices 140 130 120 Falta calcular el promedio 110 de las canastas para el 100 1er Q 2008 para incluir en USD/Bl 90 los remarks 80 70 60 WTI Avg price 1Q 09 of USD 43.1/Bl 50 40 Basket of ECP exported…
  16. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 16
    SALE VOLUME TRENDS, DOMESTIC & INTERNATIONAL Total Q1 sales increased by 16.2%. International sales accounted for 44.2%, up from 36.0% in 2008 Total sales volume (MBOED) 595.3 547 512.5 474 44.2% 448 462 420 433 36.0% 263.3…
  17. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 17
    OPERATING RESULTS (1/2) Total revenues (COP Trillion) Operating costs and expenses (COP Trillion) 7.22 7.23 4.09 4.18 5.24 3.46 3.46 5.11 2008-1Q 2009-1Q 2008-1Q 2009-1Q 2008-1Q 2009-1Q 2008-1Q 2009-1Q Non Consolidated Non…
  18. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 18
    OPERATING RESULTS (2/2) Non operating revenues (COP Trillion) Net income(COP Trillion) 2.29 2.29 1.19 1.17 1.61 1.61 2008-1Q 2009-1Q 2008-1Q 2009-1Q 2008-1Q 2009-1Q 2008-1Q 2009-1Q Consolidated Consolidated Consolidated…
  19. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 19
    SALES EVOLUTION Total sales (COP Trillion) 7.22 7.23 2.46 2.47 34.2% 34.1% 5.11 5.24 1.72 33.7% 1.82 34.7% 65.8% 4.76 65.9% 4.76 65.3% 3.39 66.3% 3.42 2008-1Q Non 2009-1Q Non 2008-1Q Consolidated 2009-1Q…
  20. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 20
    COSTS OF SALES Cost of sales (COP Trillion) 3.68 3.76 3.15 3.15 1.09 1.17 31.1% 0.93 29.6% 0.93 29.5% 29.5% 68.9% 2.59 2.59 2.22 70.4% 2.22 70.5% 70.5% 2008-1Q 2009-1Q 2008-1Q 2009-1Q No Consolidated No…
  21. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 21
    LIFTING, REFINING AND TRANSPORTATION COSTS Lifting costs (USD/BOE) 8.30 7.20 5.20 5.51 5.44 3.30 2005 2006 2007 2008 2008-1Q 2009-1Q Refining costs (USD/Bl) Transportation costs (USD cents/Bl-km)* 5.70 0.40 0.43…
  22. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 22
    SG&A EXPENSES SG&A Expenses (COP Trillion) 0.41 0.42 0.31 0.31 0.32 0.32 76.2% 78.0% 0.24 77.4% 0.24 77.4% 23.8% 0.09 22.0% 22.6% 0.10 0.07 22.6% 0.07 2008-1Q 2009-1Q 2008-1Q 2009-1Q Non Consolidated Non…
  23. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 23
    NON OPERATING RESULTS 1Q 2009 consolidated (COP Trillion) 1Q 2009 non consolidated (COP Trillion) 0.11 0.11 0.20 0,20 0.25 0.20 1.87 1.82 3.20 3.15 1.17 1.22 Revenues Expenses Profit (Loss) Revenues Expenses Profit…
  24. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 24
    SEGMENT RESULTS Domestic sales (COP Trillion) International sales (COP trillion) 2.37 0.78 1.81 0.55 0.49 0.94 0.40 E&P Refining Transport Sales and Corporate E&P Refining Sales and Marketing marketing -2.22 2009-1Q…
  25. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 25
    BALANCE SHEET Strong balance sheet and capacity to fund growth Balance Sheet Consolidated (COP Trillion) 14.08 28.9% 26.80 49.1% 21.3 44.3% 21.3 50.5% 48.7 54.53 19.37 59.3% 42.14 48.11 16.96 64.8% 17.96 64.2% 32.66 34.62…
  26. Q1 2009 Earnings Call – Ecopetrol S.A. – slide 26
    2009 OUTLOOK Production average of 500 MBOED in December 2009 Fully execute the investment plan for 2009 Bond issuance in the capital markets 27

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