Ecopetrol Announces Results for the Fourth Quarter and Full Year 2010
February 28, 2011 at 19:00 PM EST
BOGOTA, Colombia, Feb. 28, 2011 /PRNewswire/ --
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) (“Ecopetrol” or the “Company”) announced today its unconsolidated and consolidated financial results for the fourth quarter and audited full year 2010 results, prepared and filed in accordance with the Regimen de Contabilidad Publica (Public Accounting Regime - RCP) of the National Accounting Office of Colombia and in Colombian pesos (COP$).
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 president Javier Gutierrez stated:
"2010 was a year of major challenges, but also one of tremendous satisfaction. In exploratory activities, hydrocarbons were discovered in 10 exploratory wells in Colombia and one in Brazil, development programs helped boost business group production to 615.9 MBOED, in line with our strategic plan forecast, and we saw a significant increase of 11.4% in proven reserves to 1,714 million barrels equivalent. All of this has strengthened our exploration and production, making it increasingly more robust for fueling the downstream business. The Colombian operations of BP, acquired recently in partnership with Talisman, became part of the Business Group in 2011 under the new name Equion, in order to continue strengthening the segment.
In refining, our most important achievement was completion of the hydro-treatment plant at the Barrancabermeja refinery, which will ensure that the country continues to produce the highest quality of refined fuels. This not only constitutes a major industrial accomplishment, but also symbolizes our genuine interest in the environment and people, who, since January of 2010, have enjoyed cleaner air in their cities.
Making sure the growth of the hydrocarbons transport network keeps pace with the extraordinary increases in the country's production has been a huge challenge. We are very proud to have been able to increase the business group's crude oil extraction capacity by 420 thousand barrels a day in 2010 as we continue efforts, along with other Colombian production companies, to build the Bicentennial Oil Pipeline, whose 120 thousand barrel capacity in 2011 will be a major break for us.
These excellent operating results are essentially the materialization of all of these efforts, which, in the present favorable price environment, are reflected in higher sales, EBITDA and better margins compared to 2009.
Finally, we can proudly say that witnessing the accomplishment of our goals in 2010 gave us the confidence to extend our strategic plan to the year 2020, establishing ambitious goals for each business segment, with an investment budget of 80 billion dollars for 2011-2020. I am confident that these goals will also be met."
Full report is available in www.ecopetrol.com.co
SOURCE Ecopetrol S.A.