Ecopetrol Announces Its Results for the First Quarter of 2013
May 03, 2013 at 19:23 PM EDT
BOGOTA, Colombia, May 3, 2013 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its unaudited financial results, both consolidated and unconsolidated, for the first quarter of 2013, prepared and filed in Colombian pesos (COP$) in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica, RCP) of Colombia's General Accounting Office.
Some figures in this release are presented in U.S. dollars (US$) where indicated. The exhibits in this release have been rounded to one digit. Figures presented in COP$ billion are equivalent to COP$1 thousand million. Some 2012 figures have been reclassified to be comparable to those of 2013.
In the opinion of Ecopetrol S.A.'s CEO Javier Gutierrez:
"Among our highlights for the first quarter of 2013 was the growth in production of 6%, which set a new record of almost 791 thousand barrels of oil equivalent per day, driven by the largest fields.
In exploration, we had three discoveries in Colombia, two through Ecopetrol and one through our subsidiary Hocol. We also placed competitive bids for 6 blocks of the Lease Sale 227 round in the United States, strengthening our exploratory portfolio in the Gulf of Mexico (U.S.).
In transport, we successfully completed the transfer of hydrocarbon transport and logistics assets to our affiliate Cenit, which commenced operations under the new business model on April 1, 2013. Additionally there was a significant progress in the construction of the Bicentenario pipeline.
Our operation continues having favorable HSE (health, safety and environment) standards maintaining the trend of recent years.
As for our financial results, our margins and returns remain competitive despite the lower crude prices which were partially offset by higher production and sales volumes.
Also, the risk rating agency Fitch upgraded our company's risk outlook from stable to positive.
Finally, on March 21 we held the shareholder general meeting which approved a dividend of COP$291 per share (ordinary dividend of COP$255 and an extraordinary dividend of COP$36) to be paid out in one installment to the minority shareholders starting April 15, 2013.
The complete report is available in www.ecopetrol.com.co
 Thousands of barrels of oil equivalent per day
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
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.
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SOURCE Ecopetrol S.A.