Ecopetrol Announces Results for the Third Quarter of 2010 and the Nine-Month Period Ended September 30, 2010
October 26, 2010 at 20:00 PM EDT
BOGOTA, Colombia, Oct. 26 /PRNewswire-FirstCall/ --
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") announced today its unaudited unconsolidated and consolidated financial results for the third quarter of 2010 and the nine-month period ended September 30, 2010, prepared and filed in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica – RCP) of the Colombian General Accounting Office and in Colombian pesos (COL$)
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.
Ecopetrol's CEO, Javier Gutierrez, said: "The third quarter's results were very important for our strategic plan. Beside the production growth above 16%, the discovery of hydrocarbons in two exploratory wells and the acquisition of a 51% interest in BP in Colombia are evidence that we are headed in the right direction to strengthen our E&P business.
The start in operations of the hydro-treatment plant which allows us to supply cleaner fuels with the highest international standards, the advances in the structuring of the Oleoducto Bicentenario project, and the beginning of production and transportation of biodiesel were also relevant facts during the quarter. As we had anticipated, today we are reporting important achievements. Another important milestone was the listing of the company's ADR on the Toronto Stock Exchange, allowing us to continue strengthening our presence in the international capital markets. With this new instrument, Canadian investors with growing interest in Colombia and Ecopetrol are now able to follow our results and strategy more closely.
In summary, it was a positive quarter for the Company, which gives us confidence in achieving the goals for 2010, and accomplishing the objectives set for 2015 and 2020."
See the full report on Ecopetrol's website: http://www.ecopetrol.com.co
SOURCE Ecopetrol S.A.