Ecopetrol S.A. Announces Results for the Second Quarter and First Half of 2010
-- Production for the Ecopetrol Business Group was 593.9 mboed in second quarter and 589.3 mboed for the first half of the year, an increase of 14.5% and 17.1% compared to the same periods of 2009.
-- Net income for the second quarter of 2010 of COL$1.8 trillion with a 136.8% increase over the second quarter of 2009; EBITDA of COL$3.6 trillion for the second quarter of 2010 with a 29% increase over the same period in 2009, with an EBITDA margin of 40%. Net income for the first half of 2010 amounted to COL$3.9 trillion.
-- Revised and expanded strategic plan for 2020 was presented calling for a production goal of 1.3 "clean" mmboed.
BOGOTA, Colombia, July 28 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC) ("Ecopetrol" or the "Company") announced today its unaudited unconsolidated and consolidated financial results for the second quarter and first half of 2010, prepared and filed in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica -RCP) of the Colombian General Accounting office, in Colombian pesos (COL$).
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This current report on Form 6-k is hereby incorporated by reference into the Company's registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission on February 12, 2010.
The table below sets forth the highlights of Ecopetrol's financial results for the periods indicated:
Highlights of Ecopetrol's financial results |
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Unconsolidated |
Consolidated |
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(COP$ Billion) |
2Q 2010 |
2Q 2009 |
% |
As of June 2010 |
As of June 2009 |
% |
2Q 2010 |
2Q 2009 |
% |
As of June 2010 |
As of June 2009 |
% |
|
Total sales |
9,133.1 |
6,685.6 |
36.6% |
17,874.8 |
11,798.3 |
51.5% |
10,214.3 |
7,276.5 |
40.4% |
20,432.1 |
12,516.6 |
63.2% |
|
Operating profit |
2,693.1 |
2,132.4 |
26.3% |
5,891.4 |
3,153.3 |
86.8% |
2,543.4 |
2,100.9 |
21.1% |
6,160.0 |
3,163.5 |
94.7% |
|
Net Income |
1,805.0 |
762.1 |
136.8% |
3,901.7 |
2,371.4 |
64.5% |
1,767.1 |
692.1 |
155.3% |
3,721.4 |
2,300.7 |
61.8% |
|
Earnings per share (COP$) |
44.60 |
18.83 |
96.40 |
58.59 |
|||||||||
EBITDA |
3,635.7 |
2,807.6 |
29.5% |
7,742.1 |
4,436.9 |
74.5% |
3,579.6 |
3,134.1 |
14.2% |
8,034.4 |
4,889.7 |
64.3% |
|
EBITDA Margin |
40% |
42% |
43% |
38% |
35% |
43% |
39% |
39% |
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Ecopetrol's CEO, Javier Gutierrez, said, "The second quarter was positive for the company operationally, financially and strategically. In terms of operations, key investments have allowed us to continue to increase production, improve our transportation infrastructure, and continue upgrading and expanding our refineries. In addition, the national and international outlook remains favorable, allowing us to strengthen and diversify markets for our crude oil and products.
"In the financial area, I would like to emphasize that our results for the first half of the year greatly exceeded those of the same period of 2009, with earnings of COL$3.9 trillion and EBITDA at COL$7.7 trillion, a 64% and 74% increase, respectively, over a year ago.
"Strategically, we presented an expanded plan that calls for production of 1.3 million barrels by 2020." Gutierrez continued, "In summary, we are on the right path toward reaching the goals of our strategic plan and generating value for our shareholders."
See the full report on Ecopetrol's website: http://www.ecopetrol.com.co
Bogota, Colombia -- July 28, 2010
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Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
Contact us for any additional information: |
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Investor Relations |
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Alejandro Giraldo |
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Phone: +571-234-5190 |
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Email: [email protected] |
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Media Relations (Colombia) |
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Mauricio Tellez |
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Phone: + 571-2345377 |
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Fax: +571-2344480 |
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Email: [email protected] |
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Website: www.ecopetrol.com.co |
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SOURCE Ecopetrol S.A.
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