Ecopetrol S.A. Announces Results for the First Quarter of 2011

-- Corporate Group's production increased 17.1% compared to first quarter 2010.

-- Revenues, operating income, EBITDA and net income of Ecopetrol S.A. increased by 41.8%, 68.1%, 58% and 62.4%, respectively, compared to the first quarter of last year.

-- Net income of Ecopetrol S.A. reached COL$3.4 trillion, equivalent to COL$84.12 per share.

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Ecopetrol S.A.

May 04, 2011, 08:00 ET

BOGOTA, Colombia, May 4, 2011 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") announced today its unaudited consolidated and unconsolidated financial results for the first quarter of 2011, prepared and filed in accordance with the Regimen de Contabilidad Publica - RCP (Public Accounting Regime) of the National Accounting Office of Colombia, in Colombian pesos (COP$).

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Ecopetrol S.A. Financial Highlights
	Unconsolidated			Consolidated
(COP$ Billion)	1Q 2011 *	1Q 2010 *	%	1Q 2011 *	1Q 2010 *	%
Total sales	12,399.2	8,741.6	41.8%	14,387.7	10,217.8	40.8%
Operating profit	5,376.7	3,198.2	68.1%	5,678.8	3,616.6	57.0%
Net Income	3,404.6	2,096.6	62.4%	3,110.3	1,954.3	59.2%
Earnings per share (COP$)	84.12	51.80
EBITDA	6,489.3	4,106.5	58.0%	6,870.4	4,454.7	54.2%
EBITDA Margin	52%	47%		48%	44%

* Not audited

The CEO of Ecopetrol, Javier Gutierrez, stated: "The results of the first quarter of 2011 were very positive for all the business segments of our corporate group. It was an exceptional quarter. Our team faced new external factors such as the harsh rain season that proved our operating capacity under challenging circumstances. We disclosed hydrocarbons presence in three wells in Colombia and one in Peru, and achieved a record average production level of 686 thousand barrels per day for the quarter. On January 24 we formally incorporated Equion Energy, our most recent acquisition, as part of our corporate group.

Increasing transportation capacity is one of our priorities, required to sustain production growth. During the quarter we finalized several infrastructure projects for crude transportation which increased capacity by 22%, and for product transportation which increased capacity by 27% when compared to the first quarter of 2010.

Due to higher product margins, refining segment's operating profitability increased significantly together with a 16% growth in sales volume.

Our financial results for the quarter were stronger than what we anticipated. Net income amounted to COL$3.4 trillion and Ebitda reached COL$6.5 trillion, leveraged by higher prices.

It is worth highlighting that Standard and Poor's increased Ecopetrol's credit rating to investment grade. This new rating is positive given the impact on the financing cost and future terms when funding our investment plan.

In summary, the first quarter of 2011 was full of activity and challenges, rewarded by outstanding results that we proudly disclose today to our shareholders"

Full report is available in our website www.ecopetrol.com.co

Investor Relations Manager:
Alejandro Giraldo
Phone: +571-234-5190
Bogota, Colombia
E-mail: [email protected]

Investor Relations Analyst:
Claudia Trujillo
Phone: +571-234-5190
Bogota, Colombia
E-mail: [email protected]

Investor Relations Analyst:
David Garzon
Phone: +571-234-5109
Bogota, Colombia
E-mail: [email protected]

SOURCE Ecopetrol S.A.