-- Corporate Group's production increased 17.1% compared to first quarter
-- 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$84.12 per share.
BOGOTA, Colombia, May 4, 2011 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") announced today its unaudited consolidated and unconsolidated financial results for the first quarter of 2011, prepared and filed in accordance with the Regimen de Contabilidad Publica - RCP (Public Accounting Regime) of the National Accounting Office of Colombia, in Colombian pesos (COP$).
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Ecopetrol S.A. Financial Highlights
(COP$ 1Q 2010
Billion) 1Q 2011 * * % 1Q 2011 * 1Q 2010 * %
--------- --------- -------- --- --------- --------- ---
sales 12,399.2 8,741.6 41.8% 14,387.7 10,217.8 40.8%
profit 5,376.7 3,198.2 68.1% 5,678.8 3,616.6 57.0%
Income 3,404.6 2,096.6 62.4% 3,110.3 1,954.3 59.2%
(COP$) 84.12 51.80
EBITDA 6,489.3 4,106.5 58.0% 6,870.4 4,454.7 54.2%
Margin 52% 47% 48% 44%
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 GiraldoPhone: +571-234-5190Bogota, ColombiaE-mail: firstname.lastname@example.org
Investor Relations Analyst:Claudia TrujilloPhone: +571-234-5190Bogota, ColombiaE-mail: email@example.com
Investor Relations Analyst:David GarzonPhone: +571-234-5109Bogota, ColombiaE-mail: firstname.lastname@example.org
SOURCE Ecopetrol S.A.
For further information: Web Site: http://www.ecopetrol.com.co