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nvestor Presentation – Ecopetrol S.A.

Ecopetrol S.A. · May 31, 2014 · 46 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. nvestor Presentation – Ecopetrol S.A. – slide 1
    ECOPETROL S.A. Investor Presentation May 2014
  2. nvestor Presentation – Ecopetrol S.A. – slide 2
    Agenda 1. Overview 2. Upstream 3. Midstream 4. Downstream 5. Financials 3
  3. nvestor Presentation – Ecopetrol S.A. – slide 3
    Overview
  4. nvestor Presentation – Ecopetrol S.A. – slide 4
    Ecopetrol: Key Investment Highlights 1 Largest company in Colombia, representing 35% of the Market Capitalization of the entire Colombian stock market (1) Essential Part of Essential source of revenue to the Colombian government…
  5. nvestor Presentation – Ecopetrol S.A. – slide 5
    Ecopetrol: Key Investment Highlights (Contd) 4 Production increased by 1.8x between 2008 and 2013 Exceptional 1P reserves increased by 1.7x since 2008; reserve replacement ratio well above peer average Operating Track New reserves…
  6. nvestor Presentation – 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 over 4% for the next few years Colombias…
  7. nvestor Presentation – Ecopetrol S.A. – slide 7
    Integrated Operations With International Presence Ecopetrol - Subsidiaries & Affiliates Key Operating Metrics Direct Market Share in Entities 2013 Colombia Exploratory area: Exploration acreage: 37% 22.5 MM ha Proved reserves:…
  8. nvestor Presentation – Ecopetrol S.A. – slide 8
    Leading Company in Colombia and One of the Largest in LatAm Top 5 Colombian Companies by Revenue Top 5 Colombian Companies by Investment 2013 US bn 2013 US bn 37.7 7.6 2.1 7.8 7.0 6.9 6.4 1.5 1.1 1.0 Market Capitalization of…
  9. nvestor Presentation – Ecopetrol S.A. – slide 9
    Competitive Financial Metrics within the Global Oil & Gas Industry Market Capitalization (1) Revenue Growth US bn 2008 2013 CAGR 439 18.9% 16.9% 261 238 224 6.8% 161 141 103 99 1.7% 1.1% 1.0% 1.0% 96 93 75 NM (2) (0.3%)…
  10. nvestor Presentation – Ecopetrol S.A. – slide 10
    Significantly Lower Leverage than Other Majors with Better Credit Ratings Total Debt / EBITDA 2013 4.1x 1.2x 1.3x 1.4x 1.5x 0.9x 0.9x 1.0x 1.0x 0.4x 0.5x Aa1 / AA / N.R. Aa1 / AA / N.R. Aa2 / AA- / AA Aa1 / AA / AA Baa2 / BBB /…
  11. nvestor Presentation – Ecopetrol S.A. – slide 11
    2008-2013 Highlights 1.8x growth in production 2.1x growth in revenues Upstream 1.7x growth in 1P reserves and High operational, net income average RRR of 167% Financials and EBITDA margins Strong cash flow generation 2.3x growth…
  12. nvestor Presentation – Ecopetrol S.A. – slide 12
    Cash Flow Funded 2014-2020 Capex Plan Focused on Upstream Total: US68.5bn Total: US68.5bn Other 0.2 0% Downstream 6.5 10% Equity 7.5 11% Midstream 6.1 9% Debt 9.6 14% Upstream 55.7 81% Cash Generation 51.4 75% Uses…
  13. nvestor Presentation – Ecopetrol S.A. – slide 13
    Upstream
  14. nvestor Presentation – Ecopetrol S.A. – slide 14
    Leading Operational Metrics within the Global Oil & Gas Industry Production Growth Reserve Replacement Ratio (2) 2008 2013 CAGR 3-Year Average, % (2011 2013) 12.0% 151% 143% 137% 130% 129% 128% 120% 115% 112% 3.5% 103% 100% 0.5%…
  15. nvestor Presentation – Ecopetrol S.A. – slide 15
    Diversified and Growing Resource Base Original Oil & Gas in Place: Ecopetrol + Partners in Colombia(1) bn boe Tertiary 3 Primary Recovery 1 1.5 X 49.1 Recovery (Thermal (Infill Recovery: Produced 9.0 drilling: 15.5 2.3) 2.6 1P…
  16. nvestor Presentation – Ecopetrol S.A. – slide 16
    Reserve Replacement Ratio Well Above Peer Average 1P Reserves Balance (1) (2) Reserve Replacement Ratio (2) mmboe 3-Year Average, % (2011 2013) Peers Average: 117% Gas 151% 1,972 143% Oil 1,857 1,877 137% 1,714 128% 129% 130%…
  17. nvestor Presentation – Ecopetrol S.A. – slide 17
    Increase in Proved Reserves 1P Reserves (1) Balance: 2007 2013 (2) Sources of Addition: 2008 - 2013 mmboe Extensions RRR (3) 2008 - 2013: 164% and discoveries Revisions 1,972 38% 48% 538 1,210 Gas 1,945 353 1,945 mmboe 1,434 Oil…
  18. nvestor Presentation – Ecopetrol S.A. – slide 18
    Upstream Strategy Focused on Sustainable Growth 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…
  19. nvestor Presentation – Ecopetrol S.A. – slide 19
    Recovery Factor Growth 1 Increase Recovery Factor 1 Increase Primary Recovery Recovery Factor EOR / IOR (Enhanced Oil Recovery / Improved Oil Recovery) 2 Exploration Highlights 2011 2014 Strategy 2014 2020 3 Unconventional…
  20. nvestor Presentation – Ecopetrol S.A. – slide 20
    High Exploration Potential 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…
  21. nvestor Presentation – Ecopetrol S.A. – slide 21
    Unconventional Hydrocarbon Strategy in Colombia 3 Unconventional 1 Increase Assessment of potential Recovery Factor Joint ventures with strategic partners with ample shale expertise 2 Exploration 3 Highlights 2011 2013…
  22. nvestor Presentation – Ecopetrol S.A. – slide 22
    Midstream
  23. nvestor Presentation – Ecopetrol S.A. – slide 23
    Midstream Overview Cenit Overview Highlights 2011 2013 Cenit: Ecopetrols subsidiary specialized in Midstream Transported volumes increased by 15% and Logistics Diversified network of crude and product pipelines 100% owned by…
  24. nvestor Presentation – Ecopetrol S.A. – slide 24
    Downstream
  25. nvestor Presentation – Ecopetrol S.A. – slide 25
    Modernizing Our Refineries Ecopetrol holds 100% of the refining capacity in Colombia, which makes it a self-sufficient vertically integrated company Current Future Reficar (Cartagena) Capacity 80 mbd 165 mbd Increase load Nelson…
  26. nvestor Presentation – Ecopetrol S.A. – slide 26
    Refining Modernization to Improve Profitability Feedstock: Increase processing of heavy Output : Maximize Gasoline and Mid Dists. crudes reduces the cost production to increase revenues 80 mbd 165 mbd 80 mbd 165 mbd Reficar 7%…
  27. nvestor Presentation – Ecopetrol S.A. – slide 27
    Financials
  28. nvestor Presentation – Ecopetrol S.A. – slide 28
    Sales Growth Driven by Exports Total Sales (1) Destination of Crude Oil Exports mboed mboed (% of total) US / barrel Sales Growth: 2.0x 100 99 103 99 472 94 Other 63 62 72 881 923 972 U.S. 857 733 Asia 99 (21%) 650 556 475…
  29. nvestor Presentation – Ecopetrol S.A. – slide 29
    Income Statement: Ecopetrol Consolidated (1) US bn (2) 2008 2009 2010 2011 2012 2013 LTM1Q14 Total Revenues 17.2 14.1 22.1 35.7 38.3 37.7 37.9 Gross Income 7.5 4.9 8.4 15.8 15.8 14.9 15.0 Operating Income 6.4 3.7 6.8 14.0 13.5 11.7…
  30. nvestor Presentation – Ecopetrol S.A. – slide 30
    Cash Flow: Ecopetrol Consolidated US bn (1) 2008 2009 2010 2011 2012 2013 LTM1Q14 Initial Cash Balance 1.9 0.9 1.7 1.9 3.5 4.5 3.9 (+/-) Net cash from operations 5.3 4.3 7.6 12.5 11.8 9.4 9.0 (-) Capex (3.4) (6.0) (5.4) (7.9) (8.6)…
  31. nvestor Presentation – Ecopetrol S.A. – slide 31
    Balance Sheet: Ecopetrol Consolidated US bn (1) 2008 2009 2010 2011 2012 2013 1Q14 Total Assets 23.9 27.2 35.9 47.5 64.4 68.6 68.3 Total Debt 2.6 3.0 4.7 4.5 7.8 11.5 11.6 Net Debt (0.2) 3.0 2.7 1.0 3.3 6.9 6.8 Total Liabilities…
  32. nvestor Presentation – Ecopetrol S.A. – slide 32
    Strong Credit Profile Ecopetrol is Currently Rated Baa2/BBB/BBB and Has Received 3 Upgrades since 2007 Total Debt / EBITDA Total Debt / Total Capitalization Diversified Sources of Funding (1) Local Other 0.8x 0.8x 25.2% Syndicated…
  33. nvestor Presentation – Ecopetrol S.A. – slide 33
    Conclusion
  34. nvestor Presentation – Ecopetrol S.A. – slide 34
    Ecopetrol: Key Investment Highlights 1 Largest company in Colombia, representing 35% of the Market Capitalization of the entire Colombian stock market (1) Essential Part of Essential source of revenue to the Colombian government…
  35. nvestor Presentation – Ecopetrol S.A. – slide 35
    Ecopetrol: Key Investment Highlights (Contd) 4 Production increased by 1.8x between 2008 and 2013 Exceptional 1P reserves increased by 1.7x since 2008; reserve replacement ratio well above peer average Operating Track New reserves…
  36. nvestor Presentation – Ecopetrol S.A. – slide 36
    Investor Relations Phone + 571 234 5190 Email investorsecopetrol.com.co Website www.ecopetrol.com.co 37
  37. nvestor Presentation – Ecopetrol S.A. – slide 37
    Appendix
  38. nvestor Presentation – Ecopetrol S.A. – slide 38
    Financial Obligations: Ecopetrol S.A. (1) Issued / Outstanding: COP1.84 tn (May 2013) / COP1.84 tn 1 2013 Local Maturity: 12 years (including 3-year grace period) Syndicated Loan Interest rate: DTF + 2.5% anticipated quarterly rate…
  39. nvestor Presentation – Ecopetrol S.A. – slide 39
    Financial Obligations: Subsidiaries Issued: COP800 bn (May 2010) Issued: COP500 bn (Oct 2009) Local Outstanding: COP640 bn Outstanding: COP300 bn ECs Share 65.00% Commercial Maturity: 7 years (including 2-year grace period)…
  40. nvestor Presentation – Ecopetrol S.A. – slide 40
    Income Statement: Ecopetrol S.A. (1) US bn (2) 2008 2009 2010 2011 2012 2013 1Q14 LTM Total Revenues 16.6 12.9 19.3 30.6 33.1 33.4 33.5 Gross Income 7.5 4.8 8.1 14.5 14.3 12.9 12.5 Operating Income 6.5 3.8 7.0 13.2 12.7 10.5 10.0…
  41. nvestor Presentation – Ecopetrol S.A. – slide 41
    Balance Sheet: Ecopetrol S.A. US bn (1) 2008 2009 2010 2011 2012 2013 1Q14 Total Assets 23.0 26.0 34.0 43.9 56.9 59.1 58.8 Total Debt (2) 2.3 2.7 3.5 3.2 3.1 6.4 6.3 Net Debt (0.2) 1.5 2.6 0.9 0.1 4.4 3.9 Total Liabilities 9.9 10.0…
  42. nvestor Presentation – Ecopetrol S.A. – slide 42
    Income Statement: Ecopetrol S.A.(1) COP bn 2008 2009 2010 2011 2012 2013 1Q14 LTM Total Revenues 32,749.3 27,674.0 36,661.2 56,492.3 59,524.6 62,514.3 63,484.2 Gross Income 14,694.6 10,243.4 15,422.6 26,704.6 25,706.8 24,078.8…
  43. nvestor Presentation – Ecopetrol S.A. – slide 43
    Balance Sheet: Ecopetrol S.A. COP bn 2008 2009 2010 2011 2012 2013 1Q14 Total Assets 51,626.2 53,092.4 65,126.0 85,251.2 100,648.0 114,041.2 115,657.0 Total Debt (1) 5,215.8 5,421.5 6,614.2 6,171.6 5,475.6 12,320.3 12,447.9 Net Debt…
  44. nvestor Presentation – Ecopetrol S.A. – slide 44
    Income Statement: Ecopetrol Consolidated COP bn 2008 2009 2010 2011 2012 2013 1Q14 LTM Total Revenues 33,896.7 30,404.4 41,968.3 65,967.5 68,852.0 70,428.7 71,945.0 Gross Income 14,812.2 10,498.3 16,009.3 29,262.9 28,316.5 27,874.4…
  45. nvestor Presentation – Ecopetrol S.A. – slide 45
    Balance Sheet: Ecopetrol Consolidated COP bn 2008 2009 2010 2011 2012 2013 1Q14 Total Assets 53,702.5 55,559.5 68,769.4 92,277.4 113,879.6 132,428.0 134,504.9 Total Debt 5,916.7 6,151.4 8,912.9 8,801.5 13,705.9 22,198.6 22,838.8 Net…
  46. nvestor Presentation – Ecopetrol S.A. – slide 46
    Sep 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.

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