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Investor Presentation – Ecopetrol S.A.

Ecopetrol S.A. · Nov 1, 2014 · 39 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. Investor Presentation – Ecopetrol S.A. – slide 1
    ECOPETROL S.A. Investor Presentation November 2014
  2. Investor Presentation – Ecopetrol S.A. – slide 2
    Ecopetrol: Key Investment Highlights 1 Largest company in Colombia, representing 31% of the Market Capitalization of the entire Colombian stock market (1) Essential Part of Essential source of revenue to the Colombian government…
  3. Investor Presentation – Ecopetrol S.A. – slide 3
    Ecopetrol: Key Investment Highlights (Contd) 4 Production increased by 1.8x between 2008 and 2013 Positive 1P reserves increased by 1.7x since 2008; reserve replacement ratio above peer average Operating Track New reserves mainly…
  4. Investor Presentation – Ecopetrol S.A. – slide 4
    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…
  5. Investor Presentation – Ecopetrol S.A. – slide 5
    Colombias O&G growth trend Crude oil production Exploratory wells drilled (A3) MBOD No. of wells 1.007 1.008 126 131 915 944 112 115 785 99 671 588 525 529 531 70 75 75 56 35 2005 2006 2007 2008 2009 2010…
  6. Investor Presentation – Ecopetrol S.A. – slide 6
    Integrated Operations with International Presence Ecopetrol - Subsidiaries & Affiliates Key Operating Metrics Direct Market Share in Entities Jan Sept-2014 Colombia Exploratory area: Exploration acreage: 37% 22.5 MM ha Proved…
  7. Investor Presentation – Ecopetrol S.A. – slide 7
    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…
  8. Investor Presentation – Ecopetrol S.A. – slide 8
    Financial Metrics Market Capitalization (1) Revenue Growth US bn 2008 2013 CAGR 401 18,9% 16,9% 247 234 227 6,8% 134 1,7% 1,1% 1,0% 1,0% 95 94 87 79 75 64 (2) (0,3%) (1,5%) NM (3,7%) EBITDA per Produced BOE ROIC 2013…
  9. Investor Presentation – Ecopetrol S.A. – slide 9
    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…
  10. Investor Presentation – Ecopetrol S.A. – slide 10
    Operational Metrics 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% 0,1% (0,1%) (0,3%) (0,5%) (0,7%) NM (1)…
  11. Investor Presentation – Ecopetrol S.A. – slide 11
    Diversified and Growing Resource Base Original Oil & Gas in Place: Ecopetrol + Partners in Colombia(1) bn boe Tertiary 3 Primary +46% Recovery 1 49,1 Recovery (Thermal (Infill Recovery: Produced 9,0 drilling: 15,5 2.3) 2,6 1P…
  12. Investor Presentation – Ecopetrol S.A. – slide 12
    Reserve Replacement Ratio 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% 27% 120% 1.538 26% 27%…
  13. Investor Presentation – Ecopetrol S.A. – slide 13
    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…
  14. Investor Presentation – Ecopetrol S.A. – slide 14
    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…
  15. Investor Presentation – Ecopetrol S.A. – slide 15
    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…
  16. Investor Presentation – Ecopetrol S.A. – slide 16
    Secondary (Non Thermal) Recovery in Producing Fields Schedule 2013 - 2020 Phase 1: Feasibility 20 15 2 GAS/WAG 12 3 9 1 CEOR 2 10 9 9 WF Non Thermal Projects 2013-2020 (pilots and implementation) 2 2013 2014 2015 2016 2017…
  17. Investor Presentation – Ecopetrol S.A. – slide 17
    Secondary Recovery Pilots (Non Thermal) Pilots per Region in 2014 Schedule (as of Sep 30) 1Q 2Q 3Q 4Q Highlights Mid Mag & 2 1 2 5 Catatumbo Beginning of six pilots in 2014 3Q: Two pilots started 4 Palo Grande (CEOR) South 1…
  18. Investor Presentation – Ecopetrol S.A. – slide 18
    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…
  19. Investor Presentation – Ecopetrol S.A. – slide 19
    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…
  20. Investor Presentation – Ecopetrol S.A. – slide 20
    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…
  21. Investor Presentation – Ecopetrol S.A. – slide 21
    Midstream Overview Cenit Overview Highlights 2011 2014 Cenit: Ecopetrols subsidiary specialized in Midstream and Transported volumes increased by 14% Logistics Diversified network of crude and product pipelines 100% owned by…
  22. Investor Presentation – Ecopetrol S.A. – slide 22
    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…
  23. Investor Presentation – Ecopetrol S.A. – slide 23
    Refining Modernization to Improve Profitability (Contd) 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%…
  24. Investor Presentation – Ecopetrol S.A. – slide 24
    Sales Growth Driven by Exports Total Sales (1) Destination of Crude Oil Exports mboed 99.1 Sales Growth: 91% 1400US / barrel 99.7 72.0 102.6 98.5 110,0 mboed (% of total) 90.4 (3) 1200 61.8 90,0 63.0 881 923 1000 908 857 70,0 800…
  25. Investor Presentation – Ecopetrol S.A. – slide 25
    Income Statement: Ecopetrol Consolidated (1) US bn (2) 2008 2009 2010 2011 2012 2013 3Q14 LTM Total Revenues 17,2 14,1 22,1 35,7 38,3 37,7 37,3 Gross Income 7,5 4,9 8,4 15,8 15,8 14,9 13,9 Operating Income 6,4 3,7 6,8 14,0 13,5 11,7…
  26. Investor Presentation – Ecopetrol S.A. – slide 26
    Cash Flow: Ecopetrol Consolidated US bn (1) 2008 2009 2010 2011 2012 2013 LTM3Q14 Initial Cash Balance 1.9 0.9 1.7 1.9 3.5 4.5 6.1 (+/-) Net cash from operations 5.3 4.3 7.6 12.5 11.8 9.4 8.5 (-) Capex (3.4) (6.0) (5.4) (7.9) (8.6)…
  27. Investor Presentation – Ecopetrol S.A. – slide 27
    Balance Sheet: Ecopetrol Consolidated US bn (1) 2008 2009 2010 2011 2012 2013 Sept. 2014 Total Assets 23,9 27,2 35,9 47,5 64,4 68,6 69,0 Total Debt 2,6 3 4,7 4,5 7,8 11,5 15,2 Net Debt -0,2 3 2,7 1 3,3 6,9 10,0 Total Liabilities 10,5…
  28. Investor Presentation – Ecopetrol S.A. – slide 28
    Credit Profile: Ecopetrol Consolidated 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) 30% 1,2 x…
  29. Investor Presentation – Ecopetrol S.A. – slide 29
    Primary equity offerings and ownership Primary Equity Offerings Ownership (Sep 30/2014) US 2.8 bn Foreign 10.1% 20.0% inv. and ADRS 1.7% Pension Funds US Colombia 1.3 bn Other 4.3% 2.0% Float: 11.5% 1.4% 8.5%…
  30. Investor Presentation – Ecopetrol S.A. – slide 30
    Dividends Dividends per share (COP) and payout ratio Extraordinary Dividend Ordinary Dividend Payout Ratio 300 291 37 36 260 225 33 105 145 115 91 263 255 227 145 115 115 91 2008 2009 2010 2011 2012 2013 2014…
  31. Investor Presentation – Ecopetrol S.A. – slide 31
    Investor Relations Phone 571 + 234 5190 Email investorsecopetrol.com.co Website www.ecopetrol.com.co 38
  32. Investor Presentation – Ecopetrol S.A. – slide 32
    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) Loans: Syndicated Loan Interest rate: DTF + 2.5% anticipated quarterly…
  33. Investor Presentation – Ecopetrol S.A. – slide 33
    Financial Obligations: Subsidiaries Issued: COP800 bn (May 2010) Issued: COP500 bn (Oct 2009) Local Outstanding: COP640 bn Outstanding: COP300 bn ECs Share Maturity: 7 years (including 2-year grace period) Maturity: 7 years 65.00%…
  34. Investor Presentation – Ecopetrol S.A. – slide 34
    Income Statement: Ecopetrol S.A. (1) US bn (2) 2008 2009 2010 2011 2012 2013 3Q14 LTM Total Revenues 16,6 12,9 19,3 30,6 33,1 33,4 31,8 Gross Income 7,5 4,8 8,1 14,5 14,3 12,9 11,2 Operating Income 6,5 3,8 7 13,2 12,7 10,5 8,6…
  35. Investor Presentation – Ecopetrol S.A. – slide 35
    Balance Sheet: Ecopetrol S.A. US bn (2) Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Sept. 2014 Total Assets 23 26 34 43,9 56,9 59,1 58,9 Total Debt (2) 2,3 2,7 3,5 3,2 3,1 6,4 9,6 Net Debt -0,2 1,5 2,6 0,9 0,1 4,4 6,8 Total…
  36. Investor Presentation – Ecopetrol S.A. – slide 36
    Income Statement: Ecopetrol S.A.(1) COP bn 2008 2009 2010 2011 2012 2013 3Q14 LTM Total Revenues 32.749 27.674 36.661 56.492 59.525 62.514 61.500 Gross Income 14.695 10.243 15.423 26.705 25.707 24.079 21.650 Operating Income 12.883…
  37. Investor Presentation – Ecopetrol S.A. – slide 37
    Balance Sheet: Ecopetrol S.A. COP bn Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Sept. 2014 Total Assets 51.626 53.092 65.126 85.251 100.648 114.041 119.487 Total Debt (1) 5.216 5.422 6.614 6.172 5.476 12.320 19.390 Net Debt (383) 3.135…
  38. Investor Presentation – Ecopetrol S.A. – slide 38
    Income Statement: Ecopetrol Consolidated COP bn 2008 2009 2010 2011 2012 2013 3Q14 LTM Total Revenues 33.897 30.404 41.968 65.968 68.852 70.429 72.063 Gross Income 14.812 10.498 16.009 29.263 28.317 27.874 26.916 Operating Income…
  39. Investor Presentation – Ecopetrol S.A. – slide 39
    Balance Sheet: Ecopetrol Consolidated COP bn Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Sept. 2014 Total Assets 53.703 55.560 68.769 92.277 113.880 132.428 139.866 Total Debt 5.917 6.151 8.913 8.802 13.706 22.199 30.746 Net Debt…

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