Ecopetrol (EC) 6-K Current report (foreign)

Ecopetrol announces its results for the third quarter and the

nine-month period ended September 30, 2012

· The consolidated average production (Ecopetrol S.A. including interests in affiliates and subsidiaries) in the third quarter of 2012 increased by 1.6% compared to the same quarter of 2011.

· Ecopetrol S.A.’s net income for the third quarter was COP$3,247.5 billion, equivalent to COP$78.99 per share.

· Revenues, operating income, EBITDA and net income of Ecopetrol S.A. in the nine-month period ended September 30, 2012, increased by 10.0%, 3.7%, 4.1% and 2.3%, respectively, compared to the first nine months of 2011.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its unaudited financial results, both consolidated and unconsolidated, for the third quarter and first nine months of 2012, 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 report are presented in U.S. dollars (US$) where indicated. The tables shown in the body of this report have been rounded to one digit. Figures presented in COP$ billion are equivalent to COP$ one thousand million.

Ecopetrol S.A. Financial Results Highlights

Unconsolidated
(COP$ Billion)	3Q 2012 *			3Q 2011 *			Var. %			Jan-Sep 2012*			Jan-Sep 2011*			Var %
Total sales		14,228.7			14,133.4			0.7	%		44,470.3			40,438.2			10.0	%
Operating profit		4,913.0			6,273.5			(21.7	)%		17,818.6			17,176.3			3.7	%
Net Income		3,247.5			4,196.7			(22.6	)%		11,266.2			11,015.7			2.3	%
Earnings per share (COP$)		78.99			103.68			(23.8	)%		274.00			272.16			0.7	%
EBITDA		6,231.7			7,157.9			(12.9	)%		21,407.6			20,565.0			4.1	%
EBITDA Margin		44	%		51	%					48	%		51	%

Consolidated
(COP$ Billion)	3Q 2012 *			3Q 2011 *			Var. %			Jan-Sep 2012*			Jan-Sep 2011*			Var. %
Total sales		16,556.7			16,360.3			1.2	%		51,093.8			47,049.9			8.6	%
Operating profit		5,551.3			6,689.1			(17.0	)%		19,250.3			18,445.8			4.4	%
Net Income		3,227.3			4,153.0			(22.3	)%		11,158.2			11,014.5			1.3	%
EBITDA		6,914.6			7,693.3			(10.1	)%		23,150.1			22,218.4			4.2	%
EBITDA Margin		42	%		47	%					45	%		47	%

* Not audited, for illustration purposes only

In the opinion of Ecopetrol S.A.’s CEO, Javier Gutierrez:

“2012 has been a year in which Ecopetrol and its affiliates and subsidiaries have maintained their rate of growth despite facing challenges specific to the current industrial environment and our country. The company has made steady progress quarter after quarter in reaching the goals of our investment plan for 2020.

Among the important accomplishments for this quarter, I would like to highlight the three hydrocarbon discoveries, including one discovery in the Gulf of Mexico, higher production by our affiliates Equion and Savia, the signing of a long-term agreement for the export of heavy crude to India, the improved credit rating profile by Standard & Poors, Ecopetrol’s inclusion for a second consecutive year in the Dow Jones Sustainability World Index, the three technology patents awarded and the continued improvements in the HSE accident indexes.

We believe these accomplishments demonstrate that we are able to adapt to the environment. Our achievements in the quarter, as well as the belief that our operation is strong, give us the confidence we need to continue reporting good results for our nearly 500,000 shareholders.”

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

1

Ecopetrol announces its results for the third quarter and the

nine-month period ended September 30, 2012

Table of contents

I. Financial and operating results		4
a.	Availability of crude and products	4
b.	Ecopetrol S.A. sales volume	5
c.	Crude and product prices	6
d.	Financial results	7
e.	Ecopetrol S.A. cash flow	8
f.	Ecopetrol S.A. segment results	9
g.	Ecopetrol S.A. balance sheet	10
h.	Credit rating	10
II. Consolidated financial results1		11
III. Business aspects		13
a.	Investment plan	13
b.	Exploration	13
c.	Production	15
d.	Refining	16
e.	Transportation	18
f.	Biofuels	19
IV. Organizational consolidation, social corporate responsibility and corporate government		20
a.	Organizational consolidation	20
b.	Corporate responsibility	20
V. Conference calls		21
VI. Exhibits: Ecopetrol S.A.		22
VII. Exhibits: Subsidiaries results		28

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

2

I. Financial and operating results

a. Availability of crude and products

The availability of Ecopetrol S.A. crude and products is summarized in the following produced and purchased volumes:

Ecopetrol S.A. (unconsolidated)

Gross oil and gas production
(MBOED)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		583.6		575.2		1.5	%		586.7		563.5		4.1	%
Natural Gas		108.7		102.3		6.3	%		110.1		99.3		10.9	%
Total		692.3		677.5		2.2	%		696.8		662.8		5.1	%

(-) Royalties
(MBOED)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		87.8		87.5		0.3	%		87.8		86.4		1.6	%
Natural Gas		21.2		22.2		(4.5	)%		21.4		21.1		1.4	%
Total		109.0		109.7		(0.6	)%		109.2		107.5		1.6	%

(=) Net oil and gas production
(MBOED)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crudo		495.8		487.7		1.7	%		498.9		477.1		4.6	%
Gas natural		87.5		80.1		9.2	%		88.7		78.2		13.4	%
Total		583.3		567.8		2.7	%		587.6		555.3		5.8	%

Local Purchase volume (MBOED)*	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		201.4		190.8		5.6	%		198.3		185.0		7.2	%
Products		9.6		7.5		28.0	%		10.1		6.7		50.7	%
Natural Gas		12.8		40.2		(68.2	)%		22.5		37.5		(40.0	)%
Total		223.8		238.5		(6.2	)%		230.9		229.2		0.7	%

Imports volume (MBD)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Products		79.6		80.3		(0.9	)%		91.8		74.3		23.6	%

* Purchased volume includes royalties from Ecopetrol and other companies

The following are highlights of the third quarter:

· Increased purchases of crude: larger purchases of royalties and crude oil diluents from other producers due to Colombia´s higher production.

· Increased purchases of refined products: purchases of more jet fuel from Reficar S.A. in order to meet the increased Colombian demand in 2012 which rose 9.8%, and of naptha diluent given the higher production of heavy crude.

· Decreased purchases of gas: starting January 2012, some gas producers signed commercialization agreements to sell royalties (Decree 2100 of 2011), reducing the availability.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

3

b. Ecopetrol S.A. sales volume

The following is a summary of sales volume:

Ecopetrol S.A. (unconsolidated)

Sales volume

Local sales volume (MBOED)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		11.9		5.1		133.3	%		10.1		3.8		165.8	%
Natural Gas		52.7		71.3		(26.1	)%		57.9		70.7		(18.1	)%
Gasoline		63.1		63.5		(0.6	)%		66.4		65.1		2.0	%
Medium Distillates		115.1		110.5		4.2	%		112.1		108.2		3.6	%
LPG and propane		14.5		17.5		(17.1	)%		15.5		16.4		(5.5	)%
Fuel oil		2.1		0.5		320.0	%		2.0		0.6		233.3	%
Industrial and Petrochemical		13.8		13.9		(0.7	)%		13.9		15.6		(10.9	)%
Total Local Sales		273.2		282.3		(3.2	)%		277.9		280.4		(0.9	)%

Export sales volume (MBOED)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		425.7		429.3		(0.8	)%		441.1		400.0		10.3	%
Products		53.6		55.8		(3.9	)%		53.0		55.8		(5.0	)%
Natural Gas		15.8		28.2		(44.0	)%		23.8		24.4		(2.5	)%
Total Export Sales		495.1		513.3		(3.5	)%		517.9		480.2		7.9	%

Sales to free trade zone (MBOED)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		70.3		74.1		(5.1	)%		70.2		76.1		(7.8	)%
Products		2.9		1.0		190.0	%		3.0		1.9		57.9	%
Natural Gas		6.0		2.2		172.7	%		4.7		2.4		95.8	%
Total sales to free trade zone		79.2		77.3		2.5	%		77.9		80.4		(3.1	)%
Total sales volume		847.5		872.9		(2.9	)%		873.7		841.0		3.9	%

International market (58% of the third quarter of 2012 sales, 68% including sales to Free Trade Zone: Reficar S.A. and Celsia):

The reduction in volume exported by Ecopetrol was primarily the result of:

· Natural gas:

o Lower availability of Guajira gas, which has been used to meet Colombia’s high thermal demand.

o Lower sales volume in accordance with Decree 2100 of 2011 (explained on page # 4).

· Crude: Decreased availability of Castilla, South Blend and Caño Limón mainly due to delays in approval of environmental licenses and constraints in transportation systems.

The following is a summary of the main destinations of crude and product exports (does not include exports of natural gas to Venezuela). Highlights include the increase in crude sales to the United States and Far East, and of products to the Caribbean and Far East.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

4

Export destinations - Crudes
Destination	3Q12			3Q11			Jan-Sep2012			Jan-Sep2011
U.S. Gulf Coast		42.9	%		68.1	%		47.4	%		48.6	%
Far East		14.3	%		6.5	%		16.1	%		15.5	%
Central America		10.3	%		3.3	%		2.5	%		5.5	%
U.S. West Coast		7.7	%		4.8	%		9.0	%		8.6	%
Europe		7.4	%		8.5	%		3.4	%		7.4	%
Other U.S.		5.3	%		0.6	%		0.9	%		2.1	%
U.S. Atlantic Coast		3.9	%		3.9	%		2.8	%		3.4	%
Caribbean		3.2	%		4.3	%		9.4	%		3.3	%
Africa		2.3	%		0.0	%		0.5	%		0.8	%
South America		1.5	%		0.0	%		6.8	%		4.0	%
Canada		1.2	%		0.0	%		1.2	%		0.8	%
		100.0	%		100.0	%		100.0	%		100.0	%

Export destinations - Products
Destination	3Q12			3Q11			Jan-Sep2012			Jan-Sep2011
Caribbean		43.4	%		42.4	%		37.9	%		35.1	%
Far East		17.1	%		7.6	%		15.4	%		4.0	%
U.S. Atlantic Coast		11.2	%		7.7	%		10.3	%		12.3	%
Central America		9.5	%		12.0	%		8.3	%		15.0	%
U.S. West Coast		5.8	%		0.0	%		2.3	%		0.4	%
U.S. Gulf Coast		5.1	%		12.4	%		12.4	%		18.5	%
Africa		4.5	%		2.4	%		5.0	%		0.8	%
South America		2.0	%		3.9	%		1.6	%		4.6	%
Other U.S.		1.4	%		9.7	%		6.8	%		7.0	%
Europe		0.0	%		1.9	%		0.0	%		2.2	%
		100.0	%		100.0	%		100.0	%		100.0	%

Colombian Market (42% of third quarter sales, 32% excluding sales to Free Trade Zone: Reficar S.A. and Celsia):

The decrease in local sales volume in the third quarter of 2012 was primarily the net result of:

1) Lower sales volume of the following products:

· Natural gas: Ecopetrol no longer sold royalties from other producers’ fields (as explained in pg. 4).

· Petrochemicals and industrial products: asphalt sales fell as demand for the product decreased because of a slowdown in paving operations in Colombia.

2) Higher local sales volume of the following products:

· Crude oil: higher demand for blends in the marine fuel market.

· Medium distillates: increase in demand caused by the Colombia’s higher economic growth:

o Diesel fuel: growth in the mining industry

o Jet fuel: increase in flight frequencies

· Fuel oil: higher volumes produced and available for sale.

c. Crude and product prices

Prices	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
WTI (average) (US$/Bl)		92.2		89.8		2.7	%		96.2		95.5		0.7	%
Brent (average) (US$/Bl)		109.4		112.2		(2.5	)%		112.2		111.6		0.5	%
Export crude oil basket (US$/Bl)		101.4		96.3		5.3	%		104.7		96.6		8.4	%
Crudes sold to free trade zone* (US$/Bl)		106.7		107.4		(0.7	)%		108.9		104.3		4.4	%
Export products basket (US$/Bl)		96.2		98.8		(2.6	)%		99.8		95.9		4.1	%
Products sold to free trade zone* (US$/Bl)		52.2		97.0		(46.2	)%		71.5		111.9		(36.1	)%
Natural gas basket (US$/MMBTU)		6.0		5.3		13.2	%		5.8		4.7		23.4	%
Gas sold to free trade zone* (US$/MMBTU)		5.7		5.3		7.5	%		5.6		4.5		24.4	%

* Free trade zone = Reficar S.A.

Crude oil:

During the third quarter of 2012, the export basket price rose in comparison with the same period last year mainly because of higher crude prices of Castilla, Magdalena and Vasconia.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

5

During the third quarter of the year, the export basket of Ecopetrol crude was indexed to Brent (72%), Maya (24%), Platts No. 6 of 3% USGC (1%) and other (3%).

Products:

Product sales prices to Free Trade Zones declined as a result of the lower propylene price, which was caused by reduced demand for derivatives of this product.

d. Financial results

Unconsolidated Income Statement
(COP$ Billion)	3Q 2012 *			3Q 2011 *			∆ (%)			Jan-Sep 2012*			Jan-Sep 2011*			∆ (%)
Local Sales		4,395.5			4,480.6			(1.9	)%		13,622.5			13,066.6			4.3	%
Export Sales		8,094.8			7,933.9			2.0	%		25,690.6			22,208.8			15.7	%
Sales to free trade zone		1,297.3			1,339.8			(3.2	)%		3,940.3			4,082.9			(3.5	)%
Sales of services		441.1			379.1			16.4	%		1,216.9			1,079.9			12.7	%
Total Sales		14,228.7			14,133.4			0.7	%		44,470.3			40,438.2			10.0	%
Variable Costs		6,654.0			5,651.1			17.7	%		19,576.6			16,816.6			16.4	%
Fixed Costs		2,111.3			1,636.9			29.0	%		5,463.3			4,533.9			20.5	%
Cost of Sales		8,765.3			7,288.0			20.3	%		25,039.9			21,350.5			17.3	%
Gross profit		5,463.4			6,845.4			(20.2	)%		19,430.4			19,087.7			1.8	%
Operating Expenses		550.4			571.9			(3.8	)%		1,611.8			1,911.4			(15.7	)%
Operating Profit		4,913.0			6,273.5			(21.7	)%		17,818.6			17,176.3			3.7	%
Non Operating Loss		(204.4	)		(14.2	)		1,339.4	%		(1,164.4	)		(844.6	)		37.9	%
Income tax		1,461.1			2,062.6			(29.2	)%		5,388.0			5,316.0			1.4	%
Net Income		3,247.5			4,196.7			(22.6	)%		11,266.2			11,015.7			2.3	%
Earnings per share (COP$)		78.99			103.68			(23.8	)%		274.00			272.2			0.7	%
EBITDA		6,231.7			7,157.9			(12.9	)%		21,407.6			20,565.0			4.1	%
EBITDA Margin		44	%		51	%					48	%		51	%

* Not audited, for illustration purposes only

Explanations for the main variations are the following:

Operating revenuefor the third quarter of 2012 increased 1% compared to the same period of 2011, led primarily by a 5.3% increase in crude export prices, offset by a 3.5% decline in export volume and a 3.2% decrease in Colombian sales volume. The lower volumes were due to 1) production constraints mainly in July and August of 2012, and 2) delays in approval of environmental licenses.

Cost of sales in the third quarter of 2012 increased by 20.3% compared to the same quarter of 2011, due primarily to a 29% reduction infixed costs, as a result of: 1) increased maintenance in wells and transport infrastructure, as well as maintenance in the Barrancabermeja refinery (COP$147 billion); 2) higher use of materials (COP$39 billion); and 3) non-capitalized project expenses (COP$73 billion). The increase in utilizations of contracted services (COP$131 billion) came from an increased subsoil activity, field support for new wells (Piedemonte), water management volumes and an increase in BSW (base sediment and water) mainly in the Rubiales and Quifa fields.

Variable cost rose 17.7% in the quarter particularly due to the “one time” reversal on the amortizable petroleum investment charge in the Chichimene field in the third quarter of 2011, amounting to COP$ 618 billion (lower costs of COP$ 410 billion and higher non financial revenues of COP$ 208 billion) which did not affect any other quarter results.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

6

Besides the accounting adjustment, the variations in variable costs are explained by: 1) higher price of purchased hydrocarbons (COP$315 billion), and 2) higher average cost of volume sold in the quarter (COP$417 billion) when adding transportation expenses in the cost allocation process.

Operating expenses fell 3.8% as compared to the same period of 2011, due primarily to the reduction in exploratory and project expenses (fewer dry wells and lower seismic study costs in the third quarter of 2012).

Operating marginin the third quarter of 2012 was 34.5% compared to 44.4% in the same period of 2011. If the “reversal” of the amortizable petroleum investment charge in the Chichimene had not taken place, the margin of the third quarter of 2011 would have been 41.5%.

The highernon-operating lossis explained primarily by 1) provisions from possible additional charges from self-generation and transmission of electric power in the partnership contracts of Cusiana, Cupiagua and Cravo Norte; and 2) lower exchange rate difference loss of COP$ 21 billion (revaluation of the Colombian peso vs. the U.S. dollar).

The following exhibit summarizes the segment net income of companies where Ecopetrol holds interest and whose profit/loss is accounted according to the equity method.

Equity Method: Net income per segment

(COP$ billion)

	3Q 2012		3Q 2011		Jan-Sep 2012			Jan-Sep 2011
Exploration and Production		141.2		22.3		495.1			371.9
Refining		9.1		31.4		(30.6	)		48.9
Transportation		131.8		72.8		180.8			95.4
Corporate		29.1		7.9		76.4			57.0
Total		311.2		134.4		721.8			573.2

The decrease in theincome tax provisionin 2012 compared to the same quarter of 2011 was mainly the result of a 24.8% reduction in pre-tax earnings.

The lower volumes sold and the increase in costs were the drivers of a 22.6% decline in Ecopetrol’snet incomecompared to the second quarter of 2011. If the “one time” adjustment on the amortizable petroleum investment charge in the Chichimene field in the third quarter of 2011 had not taken place, the variation of the net income would had been minus 9.3%.

EBITDA in the third quarter of 2012 was COP$6,231 billion, equivalent to anEBITDA marginof 43.8%.

e. Ecopetrol S.A. cash flow

COP$ Billion	3Q 2012			3Q 2011			Jan-Sep 2012			Jan-Sep 2011
Initial Cash		9,272.4			7,917.0			9,238.0			5,479.0
Cash generated from operations (+)		13,948.1			13,268.0			45,294.9			38,002.0
Cash used in operations (-)		(8,101.5	)		(9,219.0	)		(31,600.6	)		(24,420.0	)
Capex (-)		(2,485.4	)		(2,549.0	)		(5,689.3	)		(7,182.0	)
Acquisitions (-)		-			-			-			(769.0	)
Dividend payments (-)		(3,500.0	)		(1,943.0	)		(8,419.3	)		(3,926.0	)
Equity offering (+)		3.0			235.0			169.8			235.0
New debt (+)		-			-			-			-
Other inflows (+/-)		193.7			236.0			1,110.3			822.0
Fx differences (+)		36.9			163.1			(736.7	)		(132.9	)
Final Cash		9,367.1			8,108.1			9,367.1			8,108.1

*For reporting purposes, balances in dollars are converted monthly to pesos at the average exchange rate. The initial cash position for each quarter is calculated based on the average rate for the first month and the final position is calculated based on the average rate for the last month of the respective quarter. ..

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

7

As of September 30, 2012, Ecopetrol´s balance of cash and portfolio investments amounted to COP$9,367.1 billion (46% denominated in U.S. dollars). Of the outstanding balance, COP$ 2.56 trillion are earmarked to the payment of the third installment of the ordinary dividend, and COP$ 1.34 trillion to the payment of the extraordinary dividend of the Government during the fourth quarter of this year.

f. Ecopetrol S.A. segment results

Quarterly Results by Segment
COP$ Billion	E&P						Refining & Petrochem.						Transportation						Supply and Marketing
	3Q-12			3Q-11			3Q-12			3Q-11			3Q-12			3Q-11			3Q-12			3Q-11
Domestic Sales		3,835.9			3,826.6			4,102.8			4,429.0			643.0			569.4			312.3			214.6
International Sales		5,596.7			5,242.8			816.0			886.2			-			-			2,979.4			3,144.7
Total Sales		9,432.6			9,069.4			4,918.8			5,315.2			643.0			569.4			3,291.7			3,359.3
Operating Income/Loss		4,925.6			5,708.9			(23.1	)		146.9			13.0			165.5			(2.4	)		252.2
Operating Margin		52.2	%		62.9	%		(0.5	)%		2.8	%		2.0	%		29.1	%		(0.1	)%		7.5	%
Net Income/Loss		3,306.2			4,020.5			(94.7	)		(57.0	)		65.1			146.5			(28.9	)		86.7
Net Margin		35.1	%		44.3	%		(1.9	)%		(1.1	)%		10.1	%		25.7	%		(0.9	)%		2.6	%
EBITDA		6,004.1			6,394.1			108.6			264.5			119.6			245.6			(0.6	)		253.7
Ebitda Margin		63.7	%		70.5	%		2.2	%		5.0	%		18.6	%		43.1	%		(0.0	)%		7.6	%

COP$ Billion	E&P						Refining & Petrochem.						Transportation						Supply and Marketing
	Jan-Sep 12			Jan-Sep 11			Jan-Sep 12			Jan-Sep 11			Jan-Sep 12			Jan-Sep 11			Jan-Sep 12			Jan-Sep 11
Domestic Sales	11,401.2			11,141.1			12,657.4			12,442.4			1,901.6			1,676.0			863.5			829.6
International Sales		17,504.4			14,835.2			2,481.5			2,626.2			-			-			9,644.9			8,830.3
Total Sales		28,905.6			25,976.3			15,139.0			15,068.6			1,901.6			1,676.0			10,508.4			9,659.9
Operating Income/Loss		17,288.0			15,811.0			(61.2	)		259.5			409.2			546.6			182.4			559.5
Operating Margin		59.8	%		60.9	%		(0.4	)%		1.7	%		21.5	%		32.6	%		1.7	%		5.8	%
Net Income/Loss		11,449.8			10,656.4			(452.9	)		(208.9	)		251.9			408.9			17.3			159.3
Net Margin		39.6	%		41.0	%		(3.0	)%		(1.4	)%		13.2	%		24.4	%		0.2	%		1.6	%
EBITDA		20,201.1			18,613.3			318.0			605.4			696.5			782.2			192.0			564.2
Ebitda Margin		69.9	%		71.7	%		2.1	%		4.0	%		36.6	%		46.7	%		1.8	%		5.8	%

Note: The report by segment is based on transfer prices between business units, using as reference export parity prices. In line with the change in methodology, in 2011 a reclassification took place for the transportation segment, by which transportation services from third parties were allocated directly to the corresponding segment and were not booked as revenue for the transportation segment. Other figures of 2011 were also reclassified forreporting purposes.

Exploration and Production:

Revenues for the segment in the third quarter of 2012 exceeded those of the same quarter of 2011 owing largely to higher prices of crude. Despite the higher revenues, the segment’s operating and net results were lower primarily due to 1) the higher amortization and depletion costs, and 2) the higher hydrocarbon transported volumes.

Refining:

Although the Barrancabermeja refinery operation was stable and reliable throughout the quarter, the segment’s results in the third quarter of 2012 fell below those of the third quarter of 2011, due primarily to: 1) a reduction in refining margins as the result of lower selling prices of Colombian fuels, and 2) higher cost of feeds.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

8

Transportation:

The transportation segment posted higher revenue in the third quarter of the year than in the same period of 2011. However operating results were lower due to: 1) maintenance turnaround as part of the Integrity Program of storage facilities and pipelines; and 2) increased investments. The earnings of the affiliates had a positive impact on net results.

Supply and Market:

In the third quarter of 2012, revenues were lower than the same period a year ago due to a reduction in crude export volume. Operating and net results were lower primarily because of: 1) the increased costs of imported diluents; and 2) higher costs of transporting using tank trucks for purchased crude and diluent.

g. Ecopetrol S.A. balance sheet

Unconsolidated Balance Sheet
(COP$ Billion)	September 30, 2012		June 30, 2012		∆ (%)
Current Assets		17,886.2		15,534.2		15.1	%
Long Term Assets		72,625.6		71,172.6		2.0	%
Total Assets		90,511.8		86,706.8		4.4	%
Current Liabilities		20,347.7		20,028.7		1.6	%
Long Term Liabilities		16,403.3		16,207.7		1.2	%
Total Liabilities		36,751.0		36,236.4		1.4	%
Equity		53,760.8		50,470.4		6.5	%
Total Liabilities and Shareholders		90,511.8		86,706.8		4.4	%
Debit Memorandum accounts		127,453.9		127,360.7
Credit Memorandum accounts		119,556.9		111,986.0

The main variation inassetswas due to a COP$1,842 billion increase in cash and cash equivalents, and short-term investments as a result of the operational cash generation.

As of the end of September 2012,liabilitiesincreased 1.4% compared to June of 2012, principally due to the COP$1,396 billion rise in the income tax provision, and accounts payable registration from the share subscription of Cenit Transporte y Logística de Hidrocarburos S.A.S.. Both increases were partially offset by the COP$3,500 billion July dividend payment.

Financial obligations accounted for 15.4% of total liabilities. The breakdown is the following: 1) a loan facility with Colombian banks with an outstanding balance ofCOP$1,776 billion;2) Dollar denominated bonds for US$1.5 billion; 3) internal public debt bonds for COP$1.0 trillion; and 4) Gibraltar Gas Plant contract (BOMT) with a balance of COP$60.2 billion.

The 6.5% growth in equity is primarily the result of the net income in the third quarter of 2012.

h. Credit rating

In August, the credit rating agency Standard & Poor’s revised its corporate credit and debt rating outlook on Ecopetrol S.A. from stable to positive, and affirmed its BBB- investment grade rating.

The improvement in Ecopetrol’s corporate rating outlook by Standard & Poor’s is consistent with the agency’s decision on August 15 to upgrade the Republic of Colombia’s outlook from stable to positive.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

9

The Standard & Poor’s report mentions that Ecopetrol’s rating is based on its stand-alone risk profile as well as the high likelihood that the Colombian government would provide the Company timely, sufficient and extraordinary support in case of financial distress. The improvement in the outlook reflects the possibility that the company’s credit rating would increase if the sovereign were to be upgraded.

II. Consolidated financial results¹

The following are Ecopetrol’s consolidated financial statements:

Consolidated Income Statement
(COP$ Billion)	3Q 2012 *			3Q 2011 *			∆ (%)			Jan-Sep 2012*			Jan-Sep 2011*			∆ (%)
Local Sales		5,335.4			5,399.6			(1.2	)%		16,283.4			15,699.0			3.7	%
Export Sales		10,632.4			10,579.5			0.5	%		33,227.4			30,071.4			10.5	%
Sales of services		588.9			381.2			54.5	%		1,583.0			1,279.5			23.7	%
Total Sales		16,556.7			16,360.3			1.2	%		51,093.8			47,049.9			8.6	%
Variable Costs		7,641.9			6,826.6			11.9	%		22,786.3			20,258.6			12.5	%
Fixed Costs		2,587.4			2,058.1			25.7	%		6,743.2			5,760.9			17.1	%
Cost of Sales		10,229.3			8,884.7			15.1	%		29,529.5			26,019.5			13.5	%
Gross profit		6,327.4			7,475.6			(15.4	)%		21,564.3			21,030.4			2.5	%
Operating Expenses		776.1			786.5			(1.3	)%		2,314.0			2,584.6			(10.5	)%
Operating Profit		5,551.3			6,689.1			(17.0	)%		19,250.3			18,445.8			4.4	%
Non Operating Loss		(565.3	)		(267.9	)		111.0	%		(1,865.8	)		(1,595.1	)		17.0	%
Income tax		1,595.5			2,191.7			(27.2	)%		5,850.6			5,716.0			2.4	%
Minority interest		163.2			76.5			113.3	%		375.7			120.2			212.6	%
Net Income		3,227.3			4,153.0			(22.3	)%		11,158.2			11,014.5			1.3	%
EBITDA		6,914.6			7,693.3			(10.1	)%		23,150.1			22,218.4			4.2	%
EBITDA Margin		42	%		47	%					45	%		47	%

* Not audited, for illustration purposes only

The highest individual contributions tototal sales (before eliminations) among affiliates during the third quarter of 2012 came from the Cartagena Refinery, with COP$1,755.8 billion; Hocol with COP$906.9 billion; Equión with COP$586.1 billion; Propilco S.A. with COP$349.2 billion; and Ocensa S.A. with COP$234.6 billion.

The affiliates with the highestnet income were Equión, with COP$202.5 billion, ODL, with COP$164.6 billion, and Hocol, with COP$122.8 billion. The highest net losses were reported by Ecopetrol América Inc., with COP$71.8 billion, Ecopetrol Oleo e Gas do Brasil, with COP$13.6 billion, and, Reficar, with COP$11.7 billion.

¹For purposes of consolidation of the third quarter of 2012, in addition to Ecopetrol’s results, those of the following subsidiaries have been included:

Ecopetrol Oleo e Gas Do Brasil, Ecopetrol America Inc, Ecopetrol del Peru S.A., Hocol, Bioenergy S.A., Andean Chemicals Limited, ECP Global Energy, Propilco S.A., Comai, ODL Finance S.A., Black Gold Re Ltd., Ecopetrol Pipelines Limited, Oleoducto de Colombia, Ocensa S.A., Reficar S.A., Oleoducto Bicentenario, Ecopetrol Capital A.G., Equión Energía Limited, Ecopetrol Global Capital SLU, Cenit Transporte and Logística de Hidrocarburos S.A.S. (“Cenit”).

The consolidated financial statements for the third quarter of 2011 include the following affiliates: Ecopetrol Oleo e Gas Do Brasil, Ecopetrol America Inc, Ecopetrol del Peru S.A., Hocol, Bioenergy S.A., Andean Chemicals Limited, ECP Global Energy, Propilco S.A., Comai, ODL Finance S.A., Black Gold Re Ltd., Ecopetrol Transportation Company, Oleoducto de Colombia, Ocensa S.A., Reficar S.A., Oleoducto Bicentenario, Ecopetrol Capital A.G., Ecopetrol Transportation Investments Ltd., Equión Energía Limited (since January 24, 2011) and Ecopetrol Global Capital SLU.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

10

Ecopetrol del Perú, Ecopetrol Oleo & Gas do Brasil, Ecopetrol América and Bioenergy have not yet reported earnings either because they are in the pre-operating stage or are carrying out exploratory activities that have not yielded production (except for Ecopetrol América). A majority of the affiliates in the crude and product transport business generate earnings for the group by lowering transport costs.

By means of the equity participation method, Invercolsa contributed COP$ 15.2 billion, and Transgas de Occidente, COP$0.1 billion, while Serviport posted a loss of COP$ 0.1 billion.

EBITDA for the third quarter of 2012 was COP$6,914.6 billion,primarily asthe result of the increase in sales cost, which represents anEBITDA margin of 42%.

Consolidated Balance Sheet
(COP$ Billion)	September 30, 2012		June 30, 2012		Δ (%)
Current Assets		23,255.5		19,949.8		16.6	%
Long Term Assets		77,365.2		76,991.7		0.5	%
Total Assets		100,620.7		96,941.5		3.8	%
Current Liabilities		21,544.7		22,072.6		(2.4	)%
Long Term Liabilities		23,123.2		22,352.8		3.4	%
Total Liabilities		44,667.9		44,425.4		0.5	%
Equity		53,328.6		50,058.0		6.5	%
Minority interest		2,624.2		2,458.0		6.8	%
Total Liabilities and Shareholders´ Equity		100,620.7		96,941.5		3.8	%
Debit Memorandum accounts		133,899.1		133,394.9
Credit Memorandum accounts		124,074.6		116,494.6

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

11

III. Business aspects

a. Investment plan

Ecopetrol´s capex:

Capex (US$ million)
Business Segment	3Q 2012		Allocation by segment			3Q 2011		Δ (%)
Exploration		120.0		8.8	%		28.0		328.6	%
Production		840.1		61.6	%		807.7		4.0	%
Refining and Petrochemicals		86.3		6.3	%		76.5		12.8	%
Transportation		203.2		14.9	%		255.2		(20.4	)%
Supply and marketing		1.5		0.1	%		0.5		200.0	%
Subsidiaries		79.9		5.9	%		152.4		(47.6	)%
Acquisitions		0.3		0.0	%		18.7		(98.4	)%
Corporate		31.7		2.3	%		19.7		60.9	%
Total		1,363.0		100.0	%		1,358.7		0.3	%

Investments in the third quarter of 2012 were very similar to investments in the same period last year. However there was a 328.6% increase in the exploration segment due to the approval of more environmental licenses allowing: 1) drilling more exploratory wells, and 2) higher exploratory activity, mainly stratigraphic wells and seismic programs, primarily in the offshore.

b. Exploration

Exploration in Colombia:

Ecopetrol S.A.:

Drilling in Colombia (A3/A2 and Stratigraphic)
Ecopetrol S.A.

	3Q- 2012				Jan-Sep 2012
Type of well	Number of wells	Hydrocarbon  Presence *	In evaluation	Dry	Number of wells	Hydrocarbon  Presence *	In evaluation	Dry
A3/A2	4	2	1	1	6	4	1	1
Stratigraphic	7	7	0	0	15	9	0	6**
Total	11	9	1	1	21	13	1	7

* Geological success; ** No geological success

During the third quarter of 2012, 7 appraisal wells (A1) were drilled, bringing the total to 24 wells (A1) from January to September 2012.

The following is a summary of wells drilled during the third quarter of 2012:

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

13 

Drilling summary (A3/A2 and Stratigraphic): 3Q-2012
Ecopetrol S.A.

	Type of well	Basin	Block	Well	Result
1	A3	VMM	PLAYÓN	AULLADOR-1	Hydrocarbon presence*
2	A3	LLA	CAÑO SUR	EMBRUJO-1 ST2**	Hydrocarbon presence*
3	A3	LLA	CAÑO SUR	RETO-1	Dry
4	A3	OFFSHORE	RC5	MAPALE-1	Under evaluation
5	Stratigraphic	LLA	CAÑO SUR	CUMANDAY-1	Hydrocarbon presence*
6	Stratigraphic	LLA	CAÑO SUR	CSE - X-12	Hydrocarbon presence*
7	Stratigraphic	LLA	CAÑO SUR	CSE-X-3	Hydrocarbon presence*
8	Stratigraphic	LLA	CAÑO SUR	CSE-X-4	Hydrocarbon presence*
9	Stratigraphic	LLA	CAÑO SUR	CSE X-14	Hydrocarbon presence*
10	Stratigraphic	LLA	CAÑO SUR	CSE X-11	Hydrocarbon presence*
11	Stratigraphic	LLA	CAÑO SUR	CSE X-9A	Hydrocarbon presence*

* Geological success

** Initially reported as an A1 well to the Ministry of Mines and Energy of Colombia but is in the process of being reclassified as A3 given the discovery of a new structure.

Hocol S.A.:

Drilling in Colombia (A3/A2 and Stratigraphic)
Hocol S.A.

	3Q- 2012				Jan-Sep 2012
Type of well	Number of wells	Hydrocarbon  Presence *	Under evaluation	Dry	Number of wells	Hydrocarbon  Presence *	Under evaluation	Dry
A3/A2	1	0	0	1	6	3	0	3
Stratigraphic	1	1	0	0	11	4	0	7**
Total	2	1	0	1	17	7	0	10

* Geological success; ** No Geological success

The following is a summary of wells drilled during the third quarter of 2012:

Drilling summary (A3/A2 and Stratigraphic): 3Q-2012
Hocol S.A.

	Type of well	Basin	Block	Well	Result
1	A3/A2	VIM	Perdices	Granate W1	Dry
2	Stratigraphic	LLA	CPO 16	8	Hydrocarbon presence*

* Geological success

Equión S.A.:

During the third quarter, the exploratory well Mapale-1 was drilled on Colombia’s Atlantic Coast and was under evaluation as of Septermber 30.

International exploration:

Ecopetrol del Brasil

During the third quarter, three exploration blocks were acquired in the Santos basin (BM-S-63, BM-S-71 and BM-S-72) with a pending approval by the National Petroleum Agency (Agencia Nacional de Petróleo, ANP). The well Sabiá was also drilled on block BM-S-72 but did not show evidence of hydrocarbons (to be expensed in the fourth quarter), and as of september 30 the Canário well (on block BM-S-63) was being drilled.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

14 

Ecopetrol América Inc:

During the third quarter, the exploratory well Parmer was drilled, located in deep waters of the U.S. Gulf Coast of Mexico, showing evidence of hydrocarbons. At the end of the quarter, drilling had begun on the Dalmatian and Candy Bars wells, both located in the U.S. Gulf Coast of Mexico.

Savia:

During the third quarter, affiliate Savia Perú evaluated the results of the exploratory well Colan-1, which showed presence of hydrocarbons but was determined to be commercially unsuccessful.

c. Production

Total production (Ecopetrol S.A. including interests in affiliates and subsidiaries)

Production

Ecopetrol S.A. gross oil and gas
production (mboed)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		583.6		575.2		1.5	%		586.7		563.5		4.1	%
Natural Gas*		108.7		102.3		6.3	%		110.1		99.3		10.9	%
Total		692.3		677.5		2.2	%		696.8		662.8		5.1	%

Hocol (mboed)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		23.4		30.5		(23.3	)%		25.6		30.4		(15.8	)%
Natural Gas		0.1		0.6		(83.3	)%		0.3		0.5		(40.0	)%
Total		23.5		31.1		(24.4	)%		25.9		30.9		(16.2	)%

Savia (mboed)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		6.1		5.7		7.0	%		6.1		5.8		5.2	%
Natural Gas		1.6		1.1		45.5	%		1.4		1.1		27.3	%
Total		7.7		6.8		13.2	%		7.5		6.9		8.7	%

Equion (mboed)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		10.4		8.2		26.8	%		10.8		7.8		38.5	%
Natural Gas		7.7		6.4		20.3	%		7.2		6.2		16.1	%
Total		18.1		14.6		24.0	%		18.0		14.0		28.6	%

Ecopetrol America-K2 (mboed)	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		1.3		1.4		(7.1	)%		1.7		1.7		0.0	%
Natural Gas		0.2		0.1		100.0	%		0.2		0.1		100.0	%
Total		1.5		1.5		0.0	%		1.9		1.8		5.6	%

Ecopetrol including affiliates and
subsidiares	3Q 2012		3Q 2011		∆ (%)			Jan-Sep 2012		Jan-Sep 2011		∆ (%)
Crude Oil		624.8		621.0		0.6	%		630.9		609.2		3.6	%
Natural Gas		118.3		110.5		7.1	%		119.2		107.2		11.2	%
Total Group's production		743.1		731.5		1.6	%		750.1		716.4		4.7	%

* Gas production includes white products

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

15 

Production of Ecopetrol S.A.:

Production per type of crude*
	3Q 2012		3Q 2011		Δ (%)			Jan-Sep2012		Jan-Sep2011		Δ (%)
Light crudes		57.7		60.4		-4.5	%		61.2		60.0		2.0	%
Medium crudes		229.2		226.6		1.1	%		227.7		231.6		-1.7	%
Heavy crudes		296.7		288.2		2.9	%		297.7		271.9		9.5	%
Total		583.6		575.2		1.5	%		586.6		563.5		4.1	%

*Does not include subsidiary companies

Production of heavy crude oil accounted for 51% of total crude production. The following is a summary of the production of the main fields (Ecopetrol’s interest):

Ecopetrol´s production in main fields
(mboed)
	3Q 2012		3Q 2011		Δ (%)			2012		Jan-Sep2011		Δ (%)
Castilla		108.4		115.4		(6.0	)%		110.5		110.8		(0.3	)%
Rubiales		99.2		98.5		0.6	%		99.2		91.5		8.4	%
Guajira		58.4		62.2		(6.0	)%		59.9		63.1		(5.0	)%
Chichimene		42.6		28.3		50.5	%		43.2		24.6		75.8	%
Caño Limon		35.4		50.9		(30.6	)%		33.0		50.3		(34.5	)%
Mature fields (Magd. Valley)		28.9		16.2		78.4	%		30.1		15.3		96.6	%
Casabe		24.3		18.5		30.9	%		22.9		17.7		29.5	%
La Cira-Infantas		22.9		20.0		15.0	%		21.7		19.2		12.8	%
Apiay and other		22.1		22.6		(2.2	)%		21.2		22.4		(5.2	)%
Other heavy crude		15.4		15.5		(0.6	)%		16.1		15.0		7.4	%

Lifting costs of Ecopetrol S.A.:

Lifting cost per barrel produced for Ecopetrol S.A. in the period January-September 2012 was US$10.78 (based on the methodology approved by the U.S. Securities and Exchange Commission, which does not include royalties in the calculation of cost per barrel), an increase of US$1.28 per barrel compared to the same period last year, as a net result of:

· Higher costs: +US$1.64 per barrel

1. High price clauses in joint venture agreements (windfall profit clauses).

2. Management and disposal of waters, due to the increase in total fluid levels and environmental restrictions.

3. Increased industrial services owing to initiatives for the reactivation of wells.

4. Increased maintenance to improve equipment reliability.

· Revaluation of the Colombian peso vs. the U.S. dollar: +US$0.16 per barrel

· Lower costs associated with the higher volume produced: -US$0.52 per barrel

d. Refining

Barrancabermeja Refinery:

										Jan-Sep			Jan-Sep
Barrancabermeja Refinery	3Q 2012			3Q 2011			Δ (%)			2012			2011			Δ(%)
Refinery runs* (mbod)		235.7			226.8			3.9	%		218.1			228.8			(4.7	)%
Utilization factor (%)		83.4	%		78.5	%		6.2	%		75.8	%		81.3	%		(6.8	)%

* Includes volumes used in the refinery, not total volumes received.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

16 

Both crude throughputs and the utilization factor at the refinery increased during the third quarter of 2012 compared to the same period of last year, due to mechanical reliability, and no major maintenance was required.

The modernization project was 12.3% complete as of the end of the third quarter. The other milestone was the start of the contract for the upgrade of the U-250 crude unit.

The master plan for industrial services reached a 52.2% progress as of the end of the third quarter, including five new compressors and seven refurbished compressors.

Costs and margins of the Barrancabermeja Refinery:

The refinery’s operating cash cost for the period January-September 2012 was US$6.18 per barrel, US$0.84 per barrel higher than the same period of last year, which was the result of higher costs generated by:

· Scheduled turnarounds during the first semester of the year and a higher use of industrial services: +US$0.48 per barrel

· Lower throughput due to maintenance during the first quarter of 2012: +US$0.27 per barrel

· Revaluation of the Colombian peso vs. the U.S. dollar: +US$0.09 per barrel

								Jan-Sep		Jan-Sep
Barrancabermeja Refinery	3Q 2012		3Q 2011		Δ (%)			2012		2012		Δ (%)
Refining Margin (USD/bl)		13.9		15.7		(11.3	)%		11.0		13.3		(17.4	)%

Gross refining margin in third quarter 2012 decreased compared to the same period of last year due to higher refinery’s feedstock price (higher export prices of Ecopetrol´s crude, used as index for the feedstock).

Reficar S.A. (Cartagena Refinery):

										Jan-Sep			Jan-Sep
Cartagena Refinery	3Q 2012			3Q 2011			Δ (%)			2012			2011			Δ (%)
Refinery runs* (mbod)		74.2			75.1			(1.2	)%		73.6			76.9			(4.3	)%
Utilization factor ()%		78.6	%		83.0	%		(5.3	)%		66.8	%		84.0	%		(20.5	)%

* Includes volumes used in the refinery, not total volumes received

In the third quarter of 2012, the throughput and utilization factor decreased due to operating restrictions on the crude unit.

								Jan-Sep		Jan-Sep
Cartagena Refinery	3Q 2012		3Q 2011		Δ (%)			2012		2012		Δ (%)
Refining Margin (USD/bl)		5.7		11.5		(50.4	)%		5.6		9.4		(40.4	)%

The gross refining margin for the third quarter of 2012 decreased compared to the same period of last year due to a higher price of the refinery’s crude feedstock as a consequence of: 1) of a larger share of light crude, and 2) rising export prices of Ecopetrol, which are the used as index for the feedstock.

The expansion and modernization project reached a 71% progress as of September 30, 2012. The progress in each of the work streams was the following:

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

17 

·	Detailed engineering:	97.2%
·	Procurement	92.6%
·	Module construction:	100.0%
·	Construction (begun on October 2011):	31.3%

The project is expected to be finished during the first half of 2014.

e. Transportation

Transported volumes:

								Jan-Sep		Jan-Sep
Transported volumes (mbod)	3Q 2012		3Q 2011		Δ (%)			2012		2011		Δ (%)
Crude		873.5		930.9		(6.2	)%		895.2		912.0		(1.8	)%
Refined Products		305.8		292.5		4.5	%		303.4		283.2		7.1	%
Total		1,179.3		1,223.4		(3.6	)%		1,198.6		1,195.2		0.3	%

During the third quarter of 2012, a lower volume of crude was transported in comparison with the same period of 2011, mainly as a result of: 1) reduced flow along the Apiay–Porvenir, Rubiales–Monterrey and Santiago–El Porvenir pipelines due to the emergency situation at the Porvenir station in August, suspending the operation of Segment II of Ocensa; 2) reduction in pumping in the 20” Vasconia–GRB Pipeline due to a flow restriction caused by a defect that affected discharge pressure; and 3) lower availability of the Caño Limón–Coveñas and Transandino systems.

The following are highlights of the third quarter of 2012:

· Products: Increase in the capacity to transport solvent in the Sebastopol and Apiay product pipeline (from 53 to 90 mbod).

· Crude oil: Completion of assembly and connection of the pumping units at the Paramo Station in preparation for their operation. These units will increase the Transandino System’s (OTA) capacity from 45 to 60 mbod.

Bicentenario Oil Pipeline:

General progress in project implementation was 59.4% by the end of the third quarter of the year (includes the Araguaney–Banadía line, Coveñas stations, and storage). The process of filling the Araguaney-Banadía Pipeline is expected to begin in the first half of 2013.

CENIT S.A.:

During the quarter, progress was made on two work streams:

1. Transfer of Ecopetrol’s shares in Ocensa, ODC, ODL, OBC and Serviport to CENIT.

2. Definition and implementation of logistical components required by the operation (hiring of personnel and IT solutions).

CENIT is expected to begin operations during the first quarter of 2013.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

18 

Transportation costs:

The barrel/kilometer transport cost for the period January-September 2012 was COP$9.10/BKM, an increase of COP$2.03/BKM compared to the same period last year, mostly due to:

· Higher costs of COP$2.09/BKM associated with: 1) the higher volumes of drag reducing agents; 2) maintenance turnaround to assure infrastructure reliability and integrity aimed at mitigating the effects of the harsh weather; 3) higher depreciations from new revamped systems, as well as new oil and multipurpose pipelines; 4) higher costs of studies and start-up projects to improve the management of existing infrastructure integrity.

· Lower costs of COP$0.06/BKM from higher volumes transported

f. Biofuels

Ecodiesel Colombia S.A.:

Biodiesel production in the third quarter of 2012 increased to 27,904 tons, 6.1% higher than production in the third quarter of last year as a result of: 1) optimization of raw material (CPO), and 2) the higher utilization factor of the plant.

Bioenergy S.A.:

As of September 30, 2012, the Bioenergy project reached a 56.2% progress (56.6% in its industrial component and 55.3% in its agricultural component).

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

19 

IV. Organizational consolidation, social corporate responsibility and corporate government

a. Organizational consolidation

Health, Safety and Environment (HSE) performance:

HSE Index	3Q 2012		3Q 2011		Jan-Sep2012		Jan-Sep2011
Accident frequency index (accidents per million labor hours)		0.65		0.86		0.85		1.04
Environmental incidents*		5		13		23		30

* The number of incidents could change after the end of the quarter given that accidents and incidents could be reclassified depending on the final result of the investigations.

It’s important to highlight the historical minimum figure of the accident frequency index during the quarter.

Science and technology:

The following are the major milestones in the third quarter of 2012:

· Ecopetrol was granted a patent by the Superintendence of Industry and Trade of Colombia for the technology invention “Intelligent tool for the detection of boreholes and interpretation of online data”.

· Ecopetrol S.A. was granted two patents by the Russian government for inventing the following technologies designed for theft reduction: 1) “Tool for the safe removal of valves installed on pipelines”, and 2) “Feeder equipment and procedure for plugging fluid transport pipeline bypasses based on such equipment”.

b. Corporate responsibility

Social investments:

During the first nine months of the year, COP$104,4 million was invested in developing social investment agreements, allocated as follows: 1) COP$40,1 million for education and culture, 2) COP$15,2 million for citizens and democracy; and 3) COP$49,1 million for regional competitiveness.

Dow Jones Sustainability Index:

For a second consecutive year, Ecopetrol S.A. was included in the Dow Jones Sustainability World Index. Ecopetrol is among the top 10% of companies with the best sustainability performance out of the 2,500 companies trading on stock exchanges, including four Colombian companies. The social, economic and environmental areas received higher scores in the 2012 assessment.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

20 

V. Conference calls

Ecopetrol’s management will host two webcasts to review results for the third quarter of 2012:

Spanish	English
October 30, 2012	October 30, 2012
1:30 p.m. Bogota	3:00 p.m. Bogota
2:30 p.m. New York / Toronto	4:00 p.m. New York / Toronto

The webcast will be available on Ecopetrol’s websitewww.ecopetrol.com.co

Please access the site 10 minutes beforehand in order to download the necessary software. A copy of the webcast will remain available for one year following the live event.

About Ecopetrol S.A.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) is the largest company in Colombia based on revenue, profits, assets and net equity. Ecopetrol is the only Colombian vertically integrated crude oil and natural gas company with operations in Colombia, Brazil, Peru and the U.S. Gulf Coast. Its affiliates include the following companies: Propilco, Black Gold Re Ltd., Ecopetrol Oleo e Gas do Brasil Ltda., Ecopetrol America Inc., Ecopetrol del Perú S.A., Hocol, Equión Energía Limited, Andean Chemicals Limited, COMAI, Bioenergy S.A., ODL Finance S.A., ECP Global Energy, Ecopetrol Transportation Company, Ocensa S.A., Oleoducto de Colombia, Refinería de Cartagena, Ecopetrol Transportation Investment, Ecopetrol Capital AG, Oleoducto Bicentenario de Colombia S.A.S., and Cenit Transport and Logistics of Hydrocarbons S.A.S . (“Cenit”). Ecopetrol S.A. is one of the 50 largest oil companies in the world and one of the four main oil companies in Latin America. The company is majority owned by the Republic of Colombia (88.5)%, and its shares trade on the Bolsa de Valores de Colombia S.A. (BVC) under the ticker “ECOPETROL”, the New York Stock Exchange (NYSE) under the ticker “EC”, and the Toronto Stock Exchange (TSX) under the ticker “ECP”. The company divides its operations into four business segments as follows: 1) Exploration and Production, 2) Transport, 3) Refining & Petrochemicals, and 4) Supply and Marketing.

For more information on Ecopetrol, please visitwww.ecopetrol.com.co

Forward-looking statements

This news release contains forward-looking statements related to the prospects of the business, estimates for operating and financial results, and growth forecasts of Ecopetrol. These are projections, and, as such, are solely based on the expectations of management concerning the future of the company and its continued access to capital to finance the company’s business plan. Such forward-looking statements depend, essentially, on changes in market conditions, government regulations, competitive pressures, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.

Contact information:

Investor Relations Director

Alejandro Giraldo

Telephone: +571-234-5190

E-mail:investors@ecopetrol.com.co

Media relations (Colombia)

Jorge Mauricio Tellez

Telephone: + 571-234-4329

E-mail:mauricio.tellez@ecopetrol.com.co

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

21 

VI. Exhibits: Ecopetrol S.A.

Unaudited Income Statement

Ecopetrol S.A.

COP$ Million
	3Q 2012*			3Q 2011*			Δ(%)			2Q 2012*			Jan-Sep 2012*			Jan-Sep 2011*			Δ(%)
Income
Local Sales		4,395,549			4,480,550			(1.9	)%		4,630,116			13,622,450			13,066,576			4.3	%
Export Sales		8,094,825			7,933,934			2.0	%		8,463,542			25,690,558			22,208,842			15.7	%
Sales to free trade zone		1,297,320			1,339,827			(3.2	)%		1,295,342			3,940,270			4,082,861			(3.5	)%
Sale of Services		441,097			379,099			16.4	%		407,131			1,216,947			1,079,865			12.7	%
Total Income		14,228,791			14,133,410			0.7	%		14,796,131			44,470,225			40,438,144			10.0	%
Cost of Sales
Variable Costs
Purchase of Hydrocarbons		3,371,585			3,056,687			10.3	%		3,424,619			10,354,054			8,926,318			16.0	%
Amortization and Depletion		867,518			486,979			78.1	%		822,164			2,417,969			2,247,065			7.6	%
Imported products		1,413,346			1,581,397			(10.6	)%		1,887,354			5,154,701			4,392,357			17.4	%
Hydrocarbon Transportation Services (1)		491,696			438,372			12.2	%		503,186			1,507,389			1,241,434			21.4	%
Inventories and other		509,820			87,686			481.4	%		(151,077	)		142,463			9,378			1,419.1	%
Fixed Costs
Depreciation		335,018			288,993			15.9	%		312,210			948,458			845,976			12.1	%
Contracted Services		756,493			625,779			20.9	%		716,081			2,084,702			1,730,009			20.5	%
Maintenance		415,454			268,086			55.0	%		328,492			964,441			725,078			33.0	%
Labor Costs		253,222			232,497			8.9	%		262,938			758,294			652,508			16.2	%
Other		351,074			221,521			58.5	%		201,902			707,403			580,376			21.9	%
Total Cost of Sales		8,765,226			7,287,997			20.3	%		8,307,869			25,039,874			21,350,499			17.3	%
Gross Profits		5,463,565			6,845,413			(20.2	)%		6,488,262			19,430,351			19,087,645			1.8	%
Operating Expenses
Administration		149,130			161,272			(7.5	)%		152,097			452,318			453,097			(0.2	)%
Selling expenses (3)		286,816			207,114			38.5	%		147,913			689,838			557,444			23.8	%
Exploration and Projects		114,481			203,495			(43.7	)%		186,996			469,620			900,797			(47.9	)%
Operating Income/Loss		4,913,138			6,273,532			(21.7	)%		6,001,256			17,818,575			17,176,307			3.7	%
Non Operating Income (expenses)
Financial Income		646,260			1,295,202			(50.1	)%		1,307,117			3,212,712			3,463,650			(7.2	)%
Financial Expenses		(553,117	)		(1,310,734	)		57.8	%		(1,212,166	)		(3,199,755	)		(4,030,572	)		20.6	%
Interest expenses		(94,198	)		(55,532	)		69.6	%		(122,802	)		(272,609	)		(124,848	)		118.4	%
Non Financial Income		127,009			288,424			(56.0	)%		204,290			500,188			748,345			(33.2	)%
Non Financial Expenses		(641,488	)		(365,940	)		75.3	%		(613,097	)		(2,126,679	)		(1,474,378	)		44.2	%
Results from Subsidiaries		311,150			134,341			131.6	%		(33,349	)		721,765			573,179			25.9	%
Income before income tax		4,708,754			6,259,293			(24.8	)%		5,531,249			16,654,197			16,331,683			2.0	%
Provision for Income Tax		1,461,105			2,062,581			(29.2	)%		1,855,770			5,388,017			5,315,963			1.4	%
Minority interest
Net Income		3,247,649			4,196,712			(22.6	)%		3,675,479			11,266,180			11,015,720			2.3	%
EBITDA		6,231,682			7,157,924			(12.9	)%		7,056,603			21,407,574			20,565,038			4.1	%
EBITDA MARGIN		44	%		51	%					48	%		48	%		51	%
EARNINGS PER SHARE		78.99			103.68			(23.8	)%		89.39			274.00			272.16			0.7	%

* Not audited, for illustration purposes only

(1) For comparisons, were tranfered from commercial expenses the following: in 3Q-2011 COP$137 billion and in the first half of 2011 COL$317.3 billion corresponds to hydrocarbon transport.

In order to make comparisons, from 2011 onwards reclassifications were done within the cost of sales

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

22 

Unaudited Income Statement

Ecopetrol Consolidated

COP$ Million
	3Q-2012*			3Q-2011 *			Δ (%)			2Q-2012*			Jan-Sep 2012*			Jan-Sep 2011*			Δ(%)
Income
Local Sales		5,335,365			5,399,588			(1.2	)%		5,590,008			16,283,352			15,698,961			3.7	%
Export Sales		10,632,363			10,579,496			0.5	%		10,406,605			33,227,421			30,071,432			10.5	%
Sale of Services		588,946			381,206			54.5	%		512,607			1,583,044			1,279,454			23.7	%
Total Income		16,556,674			16,360,290			1.2	%		16,509,220			51,093,817			47,049,847			8.6	%
Cost of Sales
Variable Costs
Purchase of Hydrocarbons		3,991,916			3,757,229			6.2	%		3,452,230			11,957,341			10,907,171			9.6	%
Amortization and Depletion		994,921			616,134			61.5	%		976,666			2,871,457			2,633,746			9.0	%
Imported products		2,004,988			2,254,830			(11.1	)%		2,574,184			6,980,939			6,123,618			14.0	%
Hydrocarbon Transportation Services		155,842			149,278			4.4	%		377,385			780,987			627,349			24.5	%
Inventories and other		494,275			49,152			905.6	%		(15,473	)		195,596			(33,284	)		687.7	%
Fixed Costs
Depreciation		495,400			453,905			9.1	%		470,067			1,414,485			1,344,630			5.2	%
Contracted Services		772,412			601,128			28.5	%		723,556			2,115,451			1,650,352			28.2	%
Maintenance		507,081			358,242			41.5	%		391,739			1,217,251			1,025,548			18.7	%
Labor Costs		275,825			308,669			(10.6	)%		264,920			793,189			830,220			(4.5	)%
Other		536,727			336,178			59.7	%		325,768			1,202,808			910,111			32.2	%
Total Cost of Sales		10,229,387			8,884,745			15.1	%		9,541,042			29,529,504			26,019,461			13.5	%
Gross Profits		6,327,287			7,475,545			(15.4	)%		6,968,178			21,564,313			21,030,386			2.5	%
Operating Expenses
Administration		210,919			227,910			(7.5	)%		218,458			684,145			773,192			(11.5	)%
Selling expenses		316,099			246,962			28.0	%		197,996			783,942			646,763			21.2	%
Exploration and Projects		249,087			311,640			(20.1	)%		366,665			845,951			1,164,601			(27.4	)%
Operating Income/Loss		5,551,182			6,689,033			(17.0	)%		6,185,059			19,250,275			18,445,830			4.4	%
Non Operating Income (expenses)
Financial Income		35,947			4,191,432			(99.1	)%		2,012,010			3,984,027			6,668,981			(40.3	)%
Financial Expenses		66,783			(4,255,792	)		(101.6	)%		(1,911,282	)		(3,783,414	)		(7,205,515	)		47.5	%
Interest expenses		(137,064	)		(93,019	)		47.4	%		(175,415	)		(415,243	)		(236,382	)		75.7	%
Non Financial Income		155,253			282,012			(44.9	)%		242,122			574,413			782,391			(26.6	)%
Non Financial Expenses		(686,231	)		(392,556	)		74.8	%		(586,685	)		(2,225,538	)		(1,604,579	)		38.7	%
Income before income tax		4,985,870			6,421,110			(22.4	)%		5,765,809			17,384,520			16,850,726			3.2	%
Provision for Income Tax		1,595,481			2,191,670			(27.2	)%		2,009,931			5,850,569			5,715,990			2.4	%
Minority interest		163,234			76,484			113.4	%		98,737			375,713			120,163			212.7	%
Net Income		3,227,155			4,152,956			(22.3	)%		3,657,141			11,158,238			11,014,573			1.3	%
EBITDA		6,914,600			7,693,295			(10.1	)%		7,456,278			23,150,113			22,218,370			4.2	%
EBITDA MARGIN		42	%		47	%					45	%		45	%		47	%

Notes

* According to the Public Accounting Framework, Colombian companies only have the obligation to consolidate their financial statements at the end of each fiscal year. Therefore, the quarterly figures in this report are not audited and they do not constitute a formal consolidation of Ecopetrol's financial statements though they do adjust to the methodology defined for this purpose.

This statement is not audited

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

23 

Balance Sheet

Unaudited

	Ecopetrol S.A.							Ecopetrol Consolidated
	September 30, 2012		June 30, 2012		Δ(%)			September 30, 2012		June 30, 2012		Δ (%)
COP$ Million
Assets
Current Assets
Cash and cash equivalents		4,722,551		4,063,131		16.2	%		7,156,467		5,958,773		20.1	%
Investments		1,783,845		600,592		197.0	%		1,895,316		620,557		205.4	%
Accounts and notes receivable		4,356,640		3,964,621		9.9	%		5,481,692		4,983,644		10.0	%
Inventories		2,586,242		2,723,353		(5.0	)%		3,088,542		3,165,111		(2.4	)%
Other		4,436,959		4,182,511		6.1	%		5,633,436		5,221,695		7.9	%
Total Current Assets		17,886,237		15,534,208		15.1	%		23,255,453		19,949,780		16.6	%
Non Current Assets
Investments		19,659,144		18,619,650		5.6	%		4,589,264		6,253,321		(26.6	)%
Accounts and notes receivable		1,533,390		1,597,526		(4.0	)%		621,291		440,354		41.1	%
Property, plant and equipment, net		20,848,404		20,422,903		2.1	%		33,604,752		32,216,830		4.3	%
Natural and environmental properties, Net		13,993,004		13,935,851		0.4	%		16,844,097		16,456,955		2.4	%
Resources delivered to administration		310,509		292,287		6.2	%		321,666		321,666		0.0	%
Other		16,281,103		16,304,410		(0.1	)%		21,384,171		21,302,575		0.4	%
Total Non Current Assets		72,625,554		71,172,627		2.0	%		77,365,241		76,991,701		0.5	%
Total Assets		90,511,790		86,706,835		4.4	%		100,620,694		96,941,481		3.8	%
Liabilities and Equity
Current Liabilities
Financial obligations		446,902		448,892		(0.4	)%		1,887,481		921,243		104.9	%
Accounts payable and related parties		12,641,532		13,752,469		(8.1	)%		10,801,855		13,888,744		(22.2	)%
Estimated liabilities and provisions		1,698,572		1,467,326		15.8	%		2,525,520		2,264,872		11.5	%
Other		5,560,697		4,360,013		27.5	%		6,329,839		4,997,754		26.7	%
Total Current Liabilities		20,347,703		20,028,700		1.6	%		21,544,695		22,072,613		(2.4	)%
Long Term Liabilities
Financial obligations		5,209,607		5,239,811		(0.6	)%		10,876,029		9,962,701		9.2	%
Labor and pension plan obligations		3,477,345		3,384,102		2.8	%		3,486,082		3,392,839		2.7	%
Estimated liabilities and provisions		4,089,402		3,998,027		2.3	%		4,205,364		4,110,787		2.3	%
Other		3,626,970		3,585,794		1.1	%		4,555,697		4,886,495		(6.8	)%
Total Long Term Liabilities		16,403,324		16,207,734		1.2	%		23,123,172		22,352,822		3.4	%
Total Liabilities		36,751,027		36,236,434		1.4	%		44,667,867		44,425,435		0.5	%
Minoritary Interest									2,624,208		2,458,035		6.8	%
Equity		53,760,763		50,470,401		6.5	%		53,328,619		50,058,011		6.5	%
Total Liabilities and Shareholders' Equity		90,511,790		86,706,835		4.4	%		100,620,694		96,941,481		3.8	%
Memorandum Debtor Accounts *		127,453,882		127,360,652					133,899,071		133,394,876
Memorandum Creditor Accounts *		119,556,865		111,986,030					124,074,616		116,494,600

Notes

* Under Colombian GAAP, these accounts represent facts or circumstances from which rights or obligations could derive and affect the Company, however, these accounts are not

included in the Balance Sheet

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

24 

Unaudited Cash Flow Statement

Ecopetrol S.A.

COP$ million	3Q 2012 *			3Q 2011 *			∆ (%)			2Q 2012 *			Jan-Sep 2012*			Jan-Sep 2011*			∆ (%)
Cash flow provided by operating activities:
Net income		3,247,649			4,196,712			(22.6	)%		3,675,480			11,266,180			11,015,720			2.3	%
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		1,462,408			1,088,944			34.3	%		1,456,323			4,134,889			3,667,228			12.7	%
Net provisions		256,217			(13,545	)		1,991.6	%		109,310			489,943			(61,029	)		902.8	%
Disposal of property, plant and equipment		13			1,921			(99.3	)%		(36	)		127			2,320			(94.5	)%
Loss for disposal of property, plant and equipment		-			-			0.0	%		-			-			-			0.0	%
Loss for disposal of natural and environmental resources		-			-			0.0	%		-			3,490			-			0.0	%
Loss for disposal of other assets		78			20			290.0	%		-			78			288			(72.9	)%
Income (loss) from equity method on affiliated companies		(311,149	)		(134,340	)		131.6	%		33,348			(721,765	)		(573,179	)		25.9	%
Net changes in operating assets and liabilities:
Accounts and notes receivable		(577,331	)		(1,619,376	)		64.3	%		(959,449	)		(357,023	)		(3,679,862	)		90.3	%
Inventories		137,954			59,917			130.2	%		(84,014	)		(178,789	)		(188,276	)		5.0	%
Deferred and other assets		152,040			(169,525	)		189.7	%		(89,003	)		547,183			(1,712,166	)		132.0	%
Accounts payable and related parties		102,380			(366,410	)		127.9	%		(497,657	)		1,798,607			2,146,728			-16.2	%
Taxes payable		1,166,604			1,602,787			(27.2	)%		(4,771,670	)		(2,220,898	)		3,482,061			(163.8	)%
Labor obligations		31,917			31,218			2.2	%		28,097			17,654			20,080			(12.1	)%
Estimated liabilities and provisions		(228,424	)		35,810			(737.9	)%		(68,270	)		(411,968	)		(57,880	)		611.8	%
Cash provided by operating activities		5,440,356			4,714,133			15.4	%		(1,167,541	)		14,367,708			14,062,033			2.2	%
Cash flows from investing activities:
Payment for purchase of Companies, net of cash acquired		(2,300	)		(55,809	)		95.9	%		-			(2,300	)		(868,954	)		99.7	%
Purchase of investment securities		(1,157,185	)		(71,606	)		1516.0	%		(444,395	)		(8,472,896	)		(9,657,535	)		12.3	%
Redemption of investment securities		1,556,177			(1,150,681	)		235.2	%		4,400,585			8,414,398			7,384,942			13.9	%
Sale of property, plant and equipment		-			-			0.0	%		-			-			-			0.0	%
Investment in natural and environmental resources		(796,721	)		(785,202	)		(1.5	)%		(1,009,181	)		(2,347,903	)		(2,179,718	)		7.7	%
Additions to property, plant and equipment		(825,278	)		(1,808,792	)		54.4	%		(834,476	)		(2,851,333	)		(4,369,621	)		34.7	%
Net cash generated by investing activities		(1,225,307	)		(3,872,090	)		68.4	%		2,112,533			(5,260,034	)		(9,690,886	)		45.7	%
Cash flows from financing activities:
Financial obligations		(56,074	)		151,475			(137.0	)%		(173,986	)		(301,376	)		(53,367	)		464.7	%
Received from associates - capitalization		-			478,467			(100.0	)%		-			-			478,494			(100.0	)%
Dividends		(3,499,555	)		(1,994,449	)		75.5	%		(4,919,777	)		(8,386,790	)		(3,915,703	)		114.2	%
Net cash used in financing activities		(3,555,629	)		(1,364,507	)		160.6	%		(5,093,763	)		(8,688,166	)		(3,490,576	)		148.9	%
Net increase (decrease) in cash and cash equivalents		659,420			(522,464	)		226.2	%		(4,148,771	)		419,508			880,571			(52.4	)%
Cash and cash equivalents at the beginnig of the year		4,063,131			2,995,118			35.7	%		8,211,902			4,303,043			1,592,083			170.3	%
Cash and cash equivalents at the end of the year		4,722,551			2,472,654			91.0	%		4,063,131			4,722,551			2,472,654			91.0	%

NOTES:

* Not audited, for illustration purposes only.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

25 

Unaudited Cash Flow Statement

Ecopetrol Consolidated

COP$ million	3Q 2012 *			3Q 2011 *			∆ (%)			2Q 2012 *			Jan-Sep 2012*			Jan-Sep 2011*			∆ (%)
Cash flow provided by operating activities:
Net income		3,227,155			4,152,954			(22.3	)%		3,657,140			11,158,238			11,014,573			1.3	%
Adjustments to reconcile net income to cash provided by operating activities:
Minority interest		163,234			-			100	%		98,737			375,713			-			100	%
Depreciation, depletion and amortization		1,738,912			1,389,785			25.1	%		1,823,454			5,146,127			4,578,912			12.4	%
Net provisions		261,764			(6,933	)		3,875.6	%		115,315			505,673			(52,382	)		1,065.4	%
Disposal of property, plant and equipment		-			-			0.0	%		-			-			-			0.0	%
Loss for disposal of property, plant and equipment		13			1,921			(99.3	)%		(36	)		127			2,320			(94.5	)%
Loss for disposal of natural and environmental resources		(3,412	)		-			(100.0	)%		-			3,490			-			100.0	%
Loss for disposal of other assets		3,490			20			17,350.7	%		-			78			288			(72.9	)%
Income (loss) from equity method on affiliated companies		(15,224	)		(8,675	)		75.5	%		(31,611	)		(68,759	)		(88,220	)		22.1	%
Net changes in operating assets and liabilities:
Accounts and notes receivable		(954,023	)		(1,256,620	)		(24.1	)%		(1,238,555	)		(2,921,059	)		(3,125,414	)		6.5	%
Inventories		78,077			(28,881	)		370.3	%		(130,480	)		(320,274	)		(411,419	)		22.2	%
Deferred and other assets		48,745			55,058			(11.5	)%		(167,193	)		180,555			(550,588	)		132.8	%
Accounts payable and related parties		(2,222,230	)		(4,316	)		51,388.2	%		(16,347	)		127,031			2,614,100			(95.1	)%
Taxes payable		1,261,123			1,821,745			(30.8	)%		(4,673,081	)		(2,430,485	)		2,262,971			(207.4	)%
Labor obligations		39,681			47,036			(15.6	)%		38,067			9,977			40,311			(75.2	)%
Estimated liabilities and provisions		(434,251	)		(344,467	)		26.1	%		(654,436	)		(487,425	)		252,426			(293.1	)%
Cash provided by operating activities		3,193,053			5,818,627			(45.1	)%		(1,179,026	)		11,279,007			16,537,878			(31.8	)%
Cash flows from investing activities:
Payment for purchase of Companies, net of cash acquired		-			(55,809	)		(100.0	)%		-			-			(868,954	)		100.0	%
Purchase of investment securities		(1,159,485	)		(71,606	)		(1,519.3	)%		(444,395	)		(8,475,196	)		(9,657,535	)		12.2	%
Redemption of investment securities		3,873,231			(879,199	)		540.5	%		4,700,983			11,048,488			7,769,130			42.2	%
Sale of property, plant and equipment		-			-			0.0	%		-			-			-			0.0	%
Investment in natural and environmental resources		(1,198,543	)		(1,026,393	)		16.8	%		(1,171,691	)		(3,911,387	)		(3,359,230	)		16.4	%
Additions to property, plant and equipment		(1,869,633	)		(2,969,425	)		37.0	%		(2,136,508	)		(5,154,355	)		(7,225,287	)		28.7	%
Net cash used in investing activities		(354,430	)		(5,002,432	)		(92.9	)%		948,389			(6,492,450	)		(13,341,876	)		51.3	%
Cash flows financing activities:
Minority interest		2,939			128,403			(97.7	)%		(430	)		(4,136	)		734,381			(100.6	)%
Financial obligations		1,855,686			(117,505	)		1,679.2	%		718,315			4,175,208			48,626			8,486.4	%
Received from associates - capitalization		-			478,467			(100.0	)%		-			-			478,494			(100.0	)%
Dividends		(3,499,555	)		(1,994,449	)		75.5	%		(4,919,777	)		(8,386,790	)		(3,915,703	)		114.2	%
Net cash used in financing activities		(1,640,930	)		(1,505,084	)		9.0	%		(4,201,892	)		(4,215,718	)		(2,654,202	)		58.8	%
Net increase (decrease) in cash and cash equivalents		1,197,694			(688,889	)		273.9	%		(4,432,529	)		570,839			541,800			5.4	%
Cash and cash equivalents at the beginnig of the year		5,958,773			4,957,467			20.2	%		10,391,302			6,585,628			3,726,778			76.7	%
Cash and cash equivalents at the end of the year		7,156,467			4,268,578			67.7	%		5,958,773			7,156,467			4,268,578			67.7	%

Notes

* According to the Public Accounting Framework, Colombian companies only have the obligation to consolidate their financial statements the end of each fiscal year, therefore the quarterly figures in this report are not audited and they do not constitute a formal consolidation of Ecopetrol's financial statement, though they do adjust to the methodology defined for this purpose.

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

26 

Calculation and Reconciliation of EBITDA

Ecopetrol S.A.

COP$ Millions	3Q 2012 *			3Q 2011 *			∆ (%)			2Q 2012*			Ene-Sep 2012*			Ene-Sep 2011*			∆ (%)
EBITDA CALCULATION
Operating income		4,913,138			6,273,532			-21.7	%		6,001,256			17,818,575			17,176,307			3.7	%
Plus: Depreciations, depletions and amortizations		1,318,544			884,392			49.1	%		1,055,347			3,588,999			3,388,731			5.9	%
UNCONSOLIDATED EBITDA		6,231,682			7,157,924			-12.9	%		7,056,603			21,407,574			20,565,038			4.1	%
RECONCILIATION NET INCOME TO EBITDA
Net Income		3,247,649			4,196,712			-22.6	%		3,675,480			(3,212,712	)		11,015,720			2.3	%
Depreciations, depletions and amortizations		1,318,544			884,392			49.1	%		1,055,347			3,472,364			3,388,731			5.9	%
Financial income		(646,260	)		(1,295,202	)		-50.1	%		(1,307,117	)		(500,188	)		(3,463,650	)		-7.2	%
Financial expenses		647,315			1,366,266			-52.6	%		1,334,968			2,126,679			4,155,420			-16.4	%
Non financial income		(127,009	)		(288,424	)		-56.0	%		(122,647	)		(500,188	)		(748,345	)		-33.2	%
Non financial expenses		641,488			365,940			75.3	%		531,454			2,126,679			1,474,378			44.2	%
Results in subsidiaries		(311,150	)		(134,341	)		131.6	%		33,348			(721,765	)		(573,179	)		25.9	%
Provision for income tax		1,461,105			2,062,581			-29.2	%		1,855,770			5,388,017			5,315,963			1.4	%
UNCONSOLIDATED EBITDA		6,231,682			7,157,924			-12.9	%		7,056,603			21,407,574			20,565,038			4.1	%

Ecopetrol Consolidated

COP$ Millions	3Q 2012 *			3Q 2011 *			∆ (%)			2Q 2012*			Ene-Sep 2012*			Ene-Sep 2011*			∆ (%)
EBITDA CALCULATION
Operating income		5,551,182			6,689,032			-17.0	%		6,185,059			19,250,275			18,445,830			4.4	%
Plus: Depreciations, depletions and amortizations		1,583,182			1,180,633			34.1	%		1,481,535			4,564,505			4,277,688			6.7	%
Minority interest		(219,764	)		(176,370	)		24.6	%		(210,316	)		(664,667	)		(505,147	)		31.6	%
CONSOLIDATED EBITDA		6,914,600			7,693,295			-10.1	%		7,456,278			23,150,113			22,218,370			4.2	%
RECONCILIATION NET INCOME TO EBITDA
Net income		3,227,155			4,152,955			-22.3	%		3,657,141			11,158,238			11,014,573			1.3	%
Depreciations, depletions and amortizations		1,583,182			1,180,633			34.1	%		1,505,722			4,564,505			4,277,688			6.7	%
Financial income		(20,724	)		(4,191,433	)		-99.5	%		(1,980,444	)		(3,913,870	)		(6,668,981	)		-41.3	%
Financial expenses		70,282			4,348,811			-98.4	%		2,086,743			4,197,258			7,441,897			-43.6	%
Non financial income		(170,477	)		(282,011	)		-39.5	%		(267,950	)		(644,570	)		(782,391	)		-17.6	%
Non financial expenses		686,231			392,556			74.8	%		556,714			2,226,937			1,604,579			38.8	%
Minority interest on net income		163,234			76,485			113.4	%		98,737			375,713			120,163			212.7	%
Provision for income taxes		1,595,481			2,191,670			-27.2	%		2,009,931			5,850,569			5,715,990			2.4	%
Minority interest on Ebitda		(219,764	)		(176,370	)		24.6	%		(210,316	)		(664,667	)		(505,147	)		31.6	%
CONSOLIDATED EBITDA		6,914,600			7,693,295			-10.1	%		7,456,278			23,150,113			22,218,370			4.2	%

* Not audited, for illustration purposes only

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

27 

VII. Exhibits: Subsidiaries results

Note: The financial statements of subsidiaries are not audited.

Exploration and Production

1. Hocol

Income Statement

(COP$ Billion)	3Q 2012			3Q 2011			Jan-Sep 2012			Jan-Sep 2011
Local Sales		0.6			3.3			3.3			6.2
Export Sales		906.3			905.9			2,912.2			2,694.4
Total Sales		906.9			909.2			2,915.5			2,700.6
Variable Costs		569.8			574.5			1,921.3			1,670.4
Fixed Costs		102.8			117.9			315.7			322.8
Cost of Sales		672.6			692.4			2,237.0			1,993.1
Gross profit		234.3			216.8			678.5			707.4
Operating Expenses		54.5			54.6			168.6			110.3
Operating Profit		179.8			162.2			509.9			597.1
Profit/(Loss) before taxes		183.0			171.5			546.0			634.3
Income tax		60.2			57.2			160.4			207.2
Net Income/Loss		122.8			114.3			385.6			427.1
TOTAL EBITDA *		222.2			243.1			703.5			820.4
EBITDA margin		25	%		27	%		24	%		30	%
EBITDA to EC GROUP**		222.2			243.1			703.5			820.4

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
(COP$ Billion)	As of September 30, 2012		As of June 30, 2012
Current Assets		996.3		1,059.9
Long Term Assets		1,711.2		1,628.5
Total Assets		2,707.5		2,688.4
Current Liabilities		674.1		485.0
Long Term Liabilities		153.6		148.6
Deferred taxes		-		-
Total Liabilities		827.7		633.6
Equity		1,879.8		2,054.8
Total Liabilities and Shareholders´ Equity		2,707.5		2,688.4

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

28 

2. Savia Peru

Income Statement
US$ million	3Q 2012			3Q 2011			Jan-Sep 2012			Jan-Sep 2011
Local Sales		111.7			107.8			351.9			308.6
Export Sales		-			-			-			-
Sales of services		-			(5.6	)		-			-
Total Sales		111.7			102.2			351.9			308.6
Variable Costs		28.6			24.4			86.7			108.9
Fixed Costs		33.4			13.6			90.0			40.0
Cost of Sales		62.0			38.1			176.7			148.9
Gross profit		49.6			64.1			175.2			159.7
Operating Expenses		17.5			29.5			52.9			54.5
Operating Profit		32.1			34.6			122.3			105.2
Profit/(Loss) before taxes		32.1			34.6			122.3			105.2
Income tax		9.9			3.8			34.4			14.6
Employee profit sharing		-			-			-			-
Deferred taxes		1.4			12.9			4.7			20.9
Minority interest		-			-			-			-
Net Income/Loss		20.8			17.9			83.3			69.8
TOTAL EBITDA *		56.7			49.5			202.5			143.0
EBITDA margin		51	%		48	%		58	%		46	%
EBITDA to EC GROUP***		-			-			-			-

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
	As of
	September 30,		As of June
US$ million	2012		30, 2012
Current Assets		226.9		233.6
Long Term Assets		641.5		604.5
Total Assets		868.5		838.1
Current Liabilities		194.0		173.9
Long Term Liabilities		145.5		156.0
Deferred taxes		-		-
Total Liabilities		339.5		329.9
Equity		529.0		508.2
Total Liabilities and Shareholders´		868.5		838.1

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

29 

3. Equión

Income Statement
(COP$ Billion)	32Q 2012			3Q 2011			Jan-Sep 2012			Jan-Sep 2011
Local Sales		47.0			43.3			148.6			96.9
Export Sales		539.1			431.8			1,511.0			1,295.5
Sales of services		-			1.0			-			2.6
Total Sales		586.1			476.1			1,659.6			1,395.0
Variable Costs		268.8			256.2			658.1			704.6
Fixed Costs		47.9			34.8			120.9			88.1
Cost of Sales		316.7			291.0			779.0			792.7
Gross profit		269.4			185.1			880.6			602.2
Operating Expenses		14.3			22.1			46.9			147.3
Operating Profit		255.1			163.0			833.7			455.0
Profit/(Loss) before taxes		268.5			151.4			887.0			334.9
Income tax		66.0			63.9			283.6			174.6
Net Income/Loss		202.5			87.5			603.4			160.3
TOTAL EBITDA *		321.0			198.0			1,020.7			548.3
EBITDA margin		55	%		42	%		62	%		39	%
EBITDA to EC GROUP**		163.8			101.0			520.6			279.6

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
	As of September		As of June 30,
(COP$ Billion)	30, 2012		2012
Current Assets		1,491.4		1,217.1
Long Term Assets		2,313.6		2,246.1
Total Assets		3,805.0		3,463.2
Current Liabilities		812.3		658.0
Long Term Liabilities		181.3		202.3
Total Liabilities		993.6		860.3
Equity		2,811.4		2,602.9
Total Liabilities and Shareholders´ Equity		3,805.0		3,463.2

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

30 

Refining and Petrochemical

1) Propilco

Sales volume (tons)	3Q 2012		3Q 2011		Jan-Sep 2012		Jan-Sep 2011
Polypropylene		113,342		95,591		306,003		283,061
Polypropylene marketing for COMAI		2,562		3,549		7,946		8,622
Polyethylene marketing		3,576		-		9,021		-
Total		119,480		99,140		322,969		291,684

Income Statement
(COP$ Billion)	3Q 2012			3Q 2011			Jan-Sep 2012			Jan-Sep 2011
Local Sales		152.5			189.4			473.2			551.5
Export Sales		196.7			190.7			559.3			591.8
Total Sales		349.2			380.2			1,032.5			1,143.3
Variable Costs		277.0			326.5			845.2			959.5
Fixed Costs		28.3			26.5			82.6			78.6
Cost of Sales		305.3			352.9			927.8			1,038.1
Gross profit		43.9			27.2			104.7			105.2
Operating Expenses		28.4			25.3			81.8			74.0
Operating Profit		15.5			1.9			22.9			31.2
Profit/(Loss) before taxes		22.4			8.0			36.5			34.9
Income tax		(1.1	)		1.2			(2.0	)		4.9
Minority interest		-			-			-			-
Net Income/Loss		23.5			6.8			38.5			30.0
TOTAL EBITDA *		29.30			14.68			61.90			69.53
EBITDA margin		8	%		4	%		6	%		6	%
EBITDA to EC GROUP**		29.3			14.7			61.9			69.5

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
	As of
	September 30,		As of June 30,
COP$ Billion	2012		2012
Current Assets		640.0		663.7
Long Term Assets		505.1		508.0
Total Assets		1,145.1		1,171.7
Current Liabilities		362.5		401.5
Long Term Liabilities		115.3		126.6
Total Liabilities		477.8		528.1
Equity		667.3		643.6
Total Liabilities and Shareholders´ Equity		1,145.1		1,171.7

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

31 

2. Reficar

Sales Volume (MBD)	3Q 2012		3Q 2011		Jan-Sep 2012		Jan-Sep 2011
Local		47.2		43.4		45.6		42.2
International		51.7		57.1		52.0		55.4
Total		98.9		100.5		97.6		97.6

Income Statement
(COP$ Billion)	3Q 2012**			3Q 2011**			Ene-Sep 2012			Ene-Sep 2011
Local Sales		920.8			871.3			2,486.2			2,292.3
Export Sales		835.0			1,060.0			2,567.9			2,758.9
Total Sales		1,755.8			1,931.2			5,054.1			5,051.2
Variable Costs		1,672.4			1,820.0			4,981.3			4,729.8
Fixed Costs		70.5			61.2			197.6			169.9
Cost of Sales		1,742.9			1,881.2			5,178.9			4,899.7
Gross profit		12.9			50.0			(124.8	)		151.5
Operating Expenses		16.4			28.6			96.7			100.5
Operating Profit		(3.5	)		21.4			(221.5	)		51.0
Non Operating income		46.3			46.0			339.0			137.6
Non Operating expenses		(53.4	)		(38.5	)		(178.0	)		(143.2	)
Profit/(Loss) before taxes		(10.6	)		28.9			(60.5	)		45.4
Income tax		1.1			1.3			3.0			3.5
Minority interest		-			-			-			-
Net Income/Loss		(11.7	)		27.6			(63.5	)		42.0
TOTAL EBITDA *		(22.10	)		50.82			(161.60	)		137.07
EBITDA margin		-0.7	%		1.4	%		-1.3	%		0.8	%
EBITDA to EC GROUP***		(22.1	)		50.8			(161.6	)		137.1

* Total EBITDA of the company under COLGAAP

** The quarter corresponds to June-August

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
	As of August 31,		As of May 30,
COP$ Billion	2012		2012
Current Assets		1,653.3		1,528.9
Long Term Assets		8,153.1		7,308.5
Total Assets		9,806.4		8,837.4
Current Liabilities		1,487.5		1,472.0
Long Term Liabilities		5,823.1		4,856.6
Total Liabilities		7,310.6		6,328.6
Equity		2,495.8		2,508.8
Total Liabilities and Shareholders´ Equity		9,806.4		8,837.4

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

32 

Transport

1.  Ocensa

Transported volumes (thousand barrels per day)	3Q 2012		3Q 2011		Jan-Sep 2012		Jan-Sep 2011
Cusiana-Porvenir		158.2		174.9		163.8		144.4
Porvenir-Vasconia		558.5		574.8		583.4		554.9
Vasconia-Coveñas		383.0		379.0		400.3		355.5
Coveñas-Export Port		367.4		405.2		409.9		356.9

Income Statement
(COP$ Billion)	3Q 2012			3Q 2011			Jan-Sep 2012			Jan-Sep 2011
Sales of services		234.6			226.0			744.3			718.6
Total Sales		234.6			226.0			744.3			718.6
Cost of Sales		172.5			176.4			492.2			517.1
Gross profit		62.1			49.6			252.1			201.4
Operating Expenses		18.2			14.2			55.3			45.6
Operating Profit		43.9			35.4			196.8			155.8
Profit/(Loss) before taxes		30.6			62.6			71.2			96.5
Income tax		4.2			1.3			6.9			4.0
Minority interest		-			-			-			-
Net Income/Loss		26.4			61.3			64.3			92.5
TOTAL EBITDA *		143.7			140.8			491.4			472.2
EBITDA margin		61	%		62	%		66	%		66	%
EBITDA to EC GROUP**		121.8			84.5			416.7			283.3

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
	As of
	September 30,		As of June 30,
COP$ Billion	2012		2012
Current Assets		855.8		872.7
Long Term Assets		3,588.2		3,657.6
Total Assets		4,444.0		4,530.3
Current Liabilities		321.8		330.3
Long Term Liabilities		712.0		816.0
Total Liabilities		1,033.8		1,146.3
Equity		3,410.2		3,384.0
Total Liabilities and Shareholders´ Equity		4,444.0		4,530.3

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

33 

2.  ODL

	3Q 2012		3Q 2011		Jan-Sep 2012		Jan-Sep 2011
Transported volumes (thousand barrels per day)		205.7		213.9		215.9		203.9

Income Statement
							Jan-Sep			Jan-Sep
(COP$ Billion)	3Q 2012			3Q 2011			2012			2011
Sales of services		168.1			121.3			395.7			257.8
Total Sales		168.1			121.3			395.7			257.8
Variable Costs		18.0			16.1			51.9			40.2
Fixed Costs		65.7			50.9			177.4			118.5
Cost of Sales		83.7			67.0			229.3			158.6
Gross profit		84.4			54.3			166.4			99.2
Operating Expenses		5.0			3.7			14.5			10.2
Operating Profit		79.4			50.6			151.9			88.9
Profit/(Loss) before taxes		166.2			53.6			198.3			72.3
Income tax		1.6			1.1			5.1			3.2
Minority interest		-			-			-			-
Net Income/Loss		164.6			52.5			193.2			69.1
TOTAL EBITDA *		109.3			69.1			246.5			147.6
EBITDA margin		65	%		57	%		62	%		57	%
EBITDA to EC GROUP**		71.0			44.9			160.2			95.9

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
	As of
	September		As of June 30,
COP$ Billion	30, 2012		2012
Current Assets		310.50		315.10
Long Term Assets		2,064.30		1,958.40
Total Assets		2,374.80		2,273.50
Current Liabilities		113.00		171.90
Long Term Liabilities		1,391.00		1,395.30
Total Liabilities		1,504.00		1,567.20
Equity		870.80		706.30
Total Liabilities and Shareholders´ Equity		2,374.8		2,273.50

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

34 

Biofuels

Ecodiesel

Sales volume (thousand barrels equivalent per day)	3Q 2012		3Q 2011		Jan-Sep2012		Jan-Sep2011
Biodiesel		0.044		0.042		0.043		0.038
Glycerin		0.005		0.005		0.005		0.005
Total		0.049		0.047		0.049		0.042

Income Statement
(COP$ Billion)	3Q 2012			3Q 2011			Jan-Sep 2012			Jan-Sep 2011
Domestic sales		119.5			75.8			254.8			219.2
Sales of services		-			-			-			-
Total Sales		119.5			75.8			254.8			219.2
Variable Costs		103.3			71.0			219.8			203.1
Fixed Costs		-			-			-			-
Cost of Sales		103.3			71.0			219.8			203.1
Gross profit		16.3			4.8			35.0			16.1
Operating Expenses		2.7			3.0			17.2			10.0
Operating Profit		13.6			1.8			17.9			6.0
Profit/(Loss) before taxes		7.90			-4.20			12.20			-
Income tax		0.1			-			0.1			-
Minority interest		-			-			-			-
Net Income		7.84			-4.20			12.14			0.00
TOTAL EBITDA *		(0.69	)		5.55			15.54			9.80
EBITDA margin		-1	%		7	%		6	%		4	%
EBITDA to EC GROUP***		-			-			-			-

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
	As of
	September
COP$ Billion	30, 2012		As of May 30, 2012
Current Assets		59.3		57.4
Long Term Assets		82.1		76.6
Total Assets		141.4		134.0
Current Liabilities		53.6		112.0
Long Term Liabilities		54.3		-
Total Liabilities		107.9		111.96
Equity		33.5		22.0
Total Liabilities and Shareholders´ Equity		141.4		134.0

Dirección de Relacionamiento con el Inversionista Tel: 2345190, correo electrónico: investors@ecopetrol.com.co
www.ecopetrol.com.co

35