Ecopetrol Announces Change in Accounting Methodology for its Statement of Cash Flows
February 03, 2010 at 16:00 PM EST
BOGOTA, Feb. 3 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC) Pursuant to current standards issued by the Contaduria General de la Nacion (National Accounting Office), as of December 31, 2009 Ecopetrol S.A. ("Ecopetrol" or the "Company") will apply the indirect method in its statement of cash flows instead of the direct method which had been used prior to such date. This change makes local accounting standards consistent with U.S. GAAP. Furthermore, the new methodology will not have any financial impact on the Company and is in accordance with local and international accounting standards.
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: Investor Relations Alejandro Giraldo Phone: +571-234-5190 Email: firstname.lastname@example.org Media Relations (Colombia) Mauricio Tellez Phone: +571-234-5377 Fax: +571-234-4480 Email: email@example.com Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.