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Investor Presentation – Ecopetrol S.A.

Ecopetrol S.A. · Sep 1, 2014 · 50 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 September 2014
  2. Investor Presentation – Ecopetrol S.A. – slide 2
    Agenda 1. Overview 2. Upstream 3. Midstream 4. Downstream 5. Financials 3
  3. Investor Presentation – Ecopetrol S.A. – slide 3
    Overview
  4. Investor Presentation – Ecopetrol S.A. – slide 4
    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…
  5. Investor 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. Investor 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. Investor Presentation – Ecopetrol S.A. – slide 7
    Integrated Operations With International Presence Ecopetrol - Subsidiaries & Affiliates Key Operating Metrics Direct Market Share in Entities 2Q-2014 Colombia Exploratory area: Exploration acreage: 37% 22.5 MM ha Proved reserves:…
  8. Investor 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. Investor 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. Investor 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. Investor 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. Investor 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. Investor Presentation – Ecopetrol S.A. – slide 13
    Upstream
  14. Investor 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. Investor 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. Investor 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. Investor 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. Investor 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. Investor 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. Investor Presentation – Ecopetrol S.A. – slide 20
    Upstream: Main Projects in Llanos Basin Castilla Chichimene 20 drilling rigs by 4Q 2014 6 drilling rigs by 3Q 2014 and 8 rigs by 2Q 2015 Oil handling capacity of 170 mbod by 1Q 2015 Oil handling capacity of 80 mbod by 4Q 2014 and and…
  21. Investor Presentation – Ecopetrol S.A. – slide 21
    Upstream: 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…
  22. Investor Presentation – Ecopetrol S.A. – slide 22
    Upstream: 2014 Secondary Recovery Pilots BASIN MAIN FIELDS MILESTONES 2014 1Q 2Q 3Q 4Q Tisquirama - San Roque (WF) Mid Galan (WF) Magdalena Casabe (CEOR) Yarigui (CEOR) Santa Clara (WF) Brisas (WF) South Palo Grande (CEOR)…
  23. Investor Presentation – Ecopetrol S.A. – slide 23
    Upstream: Chemical Enhanced Oil Recovery and Water Flooding Pilots San Francisco Field CEOR Pilot San Francisco Field CEOR Pilot Galan Field WF Pilot WF = Water flooding, CEOR = Chemical enhanced oil recovery 24
  24. Investor Presentation – Ecopetrol S.A. – slide 24
    Upstream: Tertiary - Thermal Recovery in Heavy Oil Fields Pilots Scheduled in Colombia: 2012 - 2020 Teca-Cocorna 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 onwards Chichimene Quifa Quifa Air Chichimene Injection Other…
  25. Investor Presentation – Ecopetrol S.A. – slide 25
    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…
  26. Investor Presentation – Ecopetrol S.A. – slide 26
    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…
  27. Investor Presentation – Ecopetrol S.A. – slide 27
    Midstream
  28. Investor Presentation – Ecopetrol S.A. – slide 28
    Midstream Overview Cenit Overview Highlights 2011 2013 Cenit: Ecopetrols subsidiary specialized in Midstream Transported volumes increased by 14% and Logistics Diversified network of crude and product pipelines 100% owned by…
  29. Investor Presentation – Ecopetrol S.A. – slide 29
    Downstream
  30. Investor Presentation – Ecopetrol S.A. – slide 30
    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…
  31. Investor Presentation – Ecopetrol S.A. – slide 31
    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%…
  32. Investor Presentation – Ecopetrol S.A. – slide 32
    Financials
  33. Investor Presentation – Ecopetrol S.A. – slide 33
    Sales Growth Driven by Exports Total Sales (1) Destination of Crude Oil Exports mboed mboed (% of total) US / barrel Sales Growth: 1.9x 99.7 99.1 102.6 98.5 Other 72.0 96.7* 448 63.0 61.8 881 923 908 U.S. 857 733 Asia 650 475…
  34. Investor Presentation – Ecopetrol S.A. – slide 34
    Income Statement: Ecopetrol Consolidated (1) US bn (2) 2008 2009 2010 2011 2012 2013 LTM2Q14 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 14.3 Operating Income 6.4 3.7 6.8 14.0 13.5 11.7…
  35. Investor Presentation – Ecopetrol S.A. – slide 35
    Balance Sheet: Ecopetrol Consolidated US bn (1) 2008 2009 2010 2011 2012 2013 2Q14 Total Assets 23.9 27.2 35.9 47.5 64.4 68.6 72.9 Total Debt 2.6 3.0 4.7 4.5 7.8 11.5 14.4 Net Debt (0.2) 3.0 2.7 1.0 3.3 6.9 9.7 Total Liabilities…
  36. Investor Presentation – Ecopetrol S.A. – slide 36
    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 1.0x 27.4% Syndicated 4%…
  37. Investor Presentation – Ecopetrol S.A. – slide 37
    Conclusion
  38. Investor Presentation – Ecopetrol S.A. – slide 38
    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…
  39. Investor Presentation – Ecopetrol S.A. – slide 39
    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…
  40. Investor Presentation – Ecopetrol S.A. – slide 40
    Investor Relations Phone + 571 234 5190 Email investorsecopetrol.com.co Website www.ecopetrol.com.co 41
  41. Investor Presentation – Ecopetrol S.A. – slide 41
    Appendix
  42. Investor Presentation – Ecopetrol S.A. – slide 42
    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…
  43. Investor Presentation – Ecopetrol S.A. – slide 43
    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)…
  44. Investor Presentation – Ecopetrol S.A. – slide 44
    Income Statement: Ecopetrol S.A. (1) US bn (2) 2008 2009 2010 2011 2012 2013 2Q14 LTM Total Revenues 16.6 12.9 19.3 30.6 33.1 33.4 32.7 Gross Income 7.5 4.8 8.1 14.5 14.3 12.9 11.9 Operating Income 6.5 3.8 7.0 13.2 12.7 10.5 9.5…
  45. Investor Presentation – Ecopetrol S.A. – slide 45
    Balance Sheet: Ecopetrol S.A. US bn (1) 2008 2009 2010 2011 2012 2013 2Q14 Total Assets 23.0 26.0 34.0 43.9 56.9 59.1 62.5 Total Debt (2) 2.3 2.7 3.5 3.2 3.1 6.4 8.5 Net Debt (0.2) 1.5 2.6 0.9 0.1 4.4 6.4 Total Liabilities 9.9 10.0…
  46. Investor Presentation – Ecopetrol S.A. – slide 46
    Income Statement: Ecopetrol S.A.(1) COP bn 2008 2009 2010 2011 2012 2013 2Q14 LTM Total Revenues 32,749.3 27,674.0 36,661.2 56,492.3 59,524.6 62,514.3 63,138.1 Gross Income 14,694.6 10,243.4 15,422.6 26,704.6 25,706.8 24,078.8…
  47. Investor Presentation – Ecopetrol S.A. – slide 47
    Balance Sheet: Ecopetrol S.A. COP bn 2008 2009 2010 2011 2012 2013 2Q14 Total Assets 51,626.2 53,092.4 65,126.0 85,251.2 100,648.0 114,041.2 117,543.9 Total Debt (1) 5,215.8 5,421.5 6,614.2 6,171.6 5,475.6 12,320.3 16,078.5 Net Debt…
  48. Investor Presentation – Ecopetrol S.A. – slide 48
    Income Statement: Ecopetrol Consolidated COP bn 2008 2009 2010 2011 2012 2013 2Q14 LTM Total Revenues 33,896.7 30,404.4 41,968.3 65,967.5 68,852.0 70,428.7 72,098.6 Gross Income 14,812.2 10,498.3 16,009.3 29,262.9 28,316.5 27,874.4…
  49. Investor Presentation – Ecopetrol S.A. – slide 49
    Balance Sheet: Ecopetrol Consolidated COP bn 2008 2009 2010 2011 2012 2013 2Q14 Total Assets 53,702.5 55,559.5 68,769.4 92,277.4 113,879.6 132,428.0 137,130.8 Total Debt 5,916.7 6,151.4 8,912.9 8,801.5 13,705.9 22,198.6 27,047.1 Net…
  50. Investor Presentation – Ecopetrol S.A. – slide 50
    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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